Source: Asia Development Bank
This paper examines how households in the Kyrgyz Republic, Tajikistan, and Uzbekistan adapt their cooling strategies to power outages and increasing temperatures. It highlights the importance of reliable power and the potential of solar panels to meet summer energy demands.
Source: Government of India
Source: Government of India (4)
The Indian benchmark indices opened over 400 points up on Wednesday amid positive global cues, as buying was seen in the IT, auto and pharma sectors in the early trade.
At around 9.25 am, Sensex was trading 445.6 points or 0.54 per cent up at 82,500.73 while the Nifty added 130.15 point or 0.52 per cent at 25,174.50
According to analysts, a significant feature of the recent market trend has been its resilience despite major challenges like the West Asian crisis.
“Even during the short India-Pakistan conflict, the market has been resilient. A significant contributor to this resilience has been FII buying during the crisis,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Nifty Bank was up 31.25 points or 0.06 per cent at 56,493.15. The Nifty Midcap 100 index was trading at 58,867.80 after adding 245.40 points or 0.42 per cent. Nifty Smallcap 100 index was at 18,617.85 after climbing 165.10 points or 0.89 per cent.
Meanwhile, in the Sensex pack, Titan, UltraTech Cement, Trent, HCL Tech, Adani Ports, Tech Mahindra, Tata Steel, PowerGrid, Hindustan Unilever Limited and L&T were the top gainers. Kotak Mahindra Bank, ICICI Bank, BEL, and Axis Bank were the top losers.
Interestingly, foreign institutional investors (FIIs) have been selling as the Mideast crisis blows over. On the other hand, domestic institutional investors (DIIs) have been sustained buyers in the market, thanks to the continuing inflows into mutual funds, said experts.
This will impart resilience to the market even when FIIs sell on valuation concerns, they added.
FIIs were net sellers on June 24, selling equities worth Rs 5,266.01 crore. Meanwhile, DIIs remained buyers, purchasing equities worth Rs 5,209.60 crore.
In the Asian markets, Japan, China, Seoul and Hong Kong were trading in green. Whereas Bangkok and Jakarta were trading in red.
In the last trading session, Dow Jones in the US closed at 42,581.78, up 507.24 points, or 1.19 per cent. The S&P 500 ended with a gain of 67.01 points, or 1.11 per cent, at 6,025.17 and the Nasdaq closed at 19,630.97, up 281.56 points, or 1.43 per cent.
(IANS)
Source: Asia Development Bank
Concerns with eligibility criteria
Some of these relate to the inclusion of households not facing economic hardship and the exclusion of families living in poverty. There’s a need to refine the current criteria to better identify households experiencing temporary financial difficulties, even if they own certain assets.
Challenges in data verification
Another area for improvement in Aswesuma is the difficulty officials face in verifying household information related to eligibility. For example, errors may occur during data collection if households withhold accurate information about their poverty status to qualify for benefits or are unable to recall details correctly. These inaccuracies can reduce the program’s effectiveness by excluding people who genuinely need help and undermining efforts to create a more objective social protection system.
Improving follow-up and monitoring
Better data collection methods during follow-ups with Aswesuma recipients would help improve the criteria. This would allow the program to monitor households’ economic conditions and track improvements resulting from cash transfers. The main goal of these transfers is to help participants move out of poverty by improving their living situations. Therefore, follow-up assessments should document any changes and measurable outcomes related to food insecurity or poverty levels. These outcomes should go beyond the current Aswesuma indicators to better reflect improvements in well-being.
Addressing chronic and transient poverty
Ongoing updates to Aswesuma should also improve its ability to target people experiencing both chronic and transient poverty. Chronic poverty refers to long-term deprivation, often passed down through generations, while transient poverty involves short-term income or spending losses, even when long-term resources are sufficient to stay above the poverty line (Duclos et al., 2078). The current deprivation score mainly focuses on chronic poverty, emphasizing household assets and housing conditions (13 of the 22 indicators are based on multidimensional measurements).
Gaps in coverage and food insecurity
While addressing chronic poverty is important, it’s also necessary to consider temporary poverty. A large portion of the population (households ineligible for Aswesuma but who experienced food insecurity in the past 12 months) remains underserved. Of the 20% of the population that faced food insecurity, nearly 40% are not eligible for Aswesuma.
Expanding the framework for vulnerability
Given the current economic climate, with rising costs and income losses, measures of temporary poverty could help identify both long-term and short-term hardship, regardless of assets or housing. Including data on household members’ recent employment experiences, especially job loss, could offer a more complete picture of who needs support. The amount of cash transferred is unlikely to directly improve indicators related to household assets or other long-term poverty markers, as those require larger investments in education, health, and infrastructure (Lipton and Ravallion, 1995).
Climate vulnerability and regional differences
Climate vulnerability also adds complexity to household conditions. Although it’s difficult to measure, including it would help the program reach more at-risk groups in Sri Lanka.
The current set of indicators can also be improved by accounting for both visible and hidden factors that influence household selection. The relevance of indicators varies by region and demographics. For example, vehicle use and electricity consumption depend on the availability of alternatives, which differ across the country. Rural households may lack access to transportation or electricity not because of poverty, but because those services aren’t available. Regional adjustments in how deprivation is measured could lead to more accurate assessments of poverty in both rural and urban areas.
Asset ownership and agricultural work
Asset indicators like ownership of agricultural machinery or land are influenced by both observable and hidden factors, including the decision to work in agriculture. This suggests a need for additional support programs, such as insurance for agricultural workers. In some areas, deprivation in agriculture-related indicators may actually reflect higher well-being, depending on location and market access.
Labor market impacts and conditional transfers
Finally, the program’s impact on labor market outcomes should be considered. The study predicts a drop in labor force participation for both men and women under various scenarios. This aligns with economic theory, which suggests that higher non-labor income reduces the need for paid work (Garganta et al., 2017). However, building resilience through employment is key to long-term poverty reduction. In some cases, transfers tied to employment have shown fewer negative, or even positive, effects on labor participation (Berlinski et al., 2024). While cash transfers are helpful for addressing food insecurity, exploring conditional transfers that encourage work and self-reliance is important for helping people move out of poverty.
Source: Asia Development Bank
Concerns with eligibility criteria
Some of these relate to the inclusion of households not facing economic hardship and the exclusion of families living in poverty. There’s a need to refine the current criteria to better identify households experiencing temporary financial difficulties, even if they own certain assets.
Challenges in data verification
Another area for improvement in Aswesuma is the difficulty officials face in verifying household information related to eligibility. For example, errors may occur during data collection if households withhold accurate information about their poverty status to qualify for benefits or are unable to recall details correctly. These inaccuracies can reduce the program’s effectiveness by excluding people who genuinely need help and undermining efforts to create a more objective social protection system.
Improving follow-up and monitoring
Better data collection methods during follow-ups with Aswesuma recipients would help improve the criteria. This would allow the program to monitor households’ economic conditions and track improvements resulting from cash transfers. The main goal of these transfers is to help participants move out of poverty by improving their living situations. Therefore, follow-up assessments should document any changes and measurable outcomes related to food insecurity or poverty levels. These outcomes should go beyond the current Aswesuma indicators to better reflect improvements in well-being.
Addressing chronic and transient poverty
Ongoing updates to Aswesuma should also improve its ability to target people experiencing both chronic and transient poverty. Chronic poverty refers to long-term deprivation, often passed down through generations, while transient poverty involves short-term income or spending losses, even when long-term resources are sufficient to stay above the poverty line (Duclos et al., 2078). The current deprivation score mainly focuses on chronic poverty, emphasizing household assets and housing conditions (13 of the 22 indicators are based on multidimensional measurements).
Gaps in coverage and food insecurity
While addressing chronic poverty is important, it’s also necessary to consider temporary poverty. A large portion of the population (households ineligible for Aswesuma but who experienced food insecurity in the past 12 months) remains underserved. Of the 20% of the population that faced food insecurity, nearly 40% are not eligible for Aswesuma.
Expanding the framework for vulnerability
Given the current economic climate, with rising costs and income losses, measures of temporary poverty could help identify both long-term and short-term hardship, regardless of assets or housing. Including data on household members’ recent employment experiences, especially job loss, could offer a more complete picture of who needs support. The amount of cash transferred is unlikely to directly improve indicators related to household assets or other long-term poverty markers, as those require larger investments in education, health, and infrastructure (Lipton and Ravallion, 1995).
Climate vulnerability and regional differences
Climate vulnerability also adds complexity to household conditions. Although it’s difficult to measure, including it would help the program reach more at-risk groups in Sri Lanka.
The current set of indicators can also be improved by accounting for both visible and hidden factors that influence household selection. The relevance of indicators varies by region and demographics. For example, vehicle use and electricity consumption depend on the availability of alternatives, which differ across the country. Rural households may lack access to transportation or electricity not because of poverty, but because those services aren’t available. Regional adjustments in how deprivation is measured could lead to more accurate assessments of poverty in both rural and urban areas.
Asset ownership and agricultural work
Asset indicators like ownership of agricultural machinery or land are influenced by both observable and hidden factors, including the decision to work in agriculture. This suggests a need for additional support programs, such as insurance for agricultural workers. In some areas, deprivation in agriculture-related indicators may actually reflect higher well-being, depending on location and market access.
Labor market impacts and conditional transfers
Finally, the program’s impact on labor market outcomes should be considered. The study predicts a drop in labor force participation for both men and women under various scenarios. This aligns with economic theory, which suggests that higher non-labor income reduces the need for paid work (Garganta et al., 2017). However, building resilience through employment is key to long-term poverty reduction. In some cases, transfers tied to employment have shown fewer negative, or even positive, effects on labor participation (Berlinski et al., 2024). While cash transfers are helpful for addressing food insecurity, exploring conditional transfers that encourage work and self-reliance is important for helping people move out of poverty.
US Senate News:
Source: United States Senator Kevin Cramer (R-ND)
Bill funds modernization of PARCS Radar in Cavalier
***Click here for photos.***
WASHINGTON, D.C. – As the United States’ adversaries have developed and deployed next-generation missile delivery systems; the threat of such strategic weapons has become more complex. Despite this, the U.S. missile defense policy has been severely limited to only staying ahead of rogue threats and accidental or unauthorized missile launches.
In the face of these emerging and pressing threats, missile defense plays an essential role in identifying, tracking, deterring, and defeating adversary missiles and other threats against the nation. To improve the missile defense capabilities of the United States, U.S. Senator Kevin Cramer (R-ND), chair of the Senate Armed Services Committee (SASC) Airland Subcommittee and co-chair of the Defense Modernization Caucus, was joined by fellow SASC member U.S. Senator Dan Sullivan (R-AK) in introducing the Ground and Orbital Launched Defeat of Emergent Nuclear Destruction and Other Missile Engagements (GOLDEN DOME) Act of 2025. U.S. Representative Mark Messmer (R-IN-08) introduced a companion measure in the House.
Click here to watch
The bill is a sweeping legislative initiative to modernize and expand U.S. missile defense capabilities across all domains to protect the homeland against ballistic, cruise and hypersonic missiles, and drone threats. Specifically, it focuses on enhancing the all-domain awareness of the U.S missile defense system, bolstering the capacity of U.S. missiles and drones to defend against threats from rogue nations as well as near-peer nations, and accelerating the development of new capabilities to keep pace with future threats, particularly from hypersonics and cruise missiles.
The GOLDEN DOME Act complements President Donald Trump’s executive order directing the implementation of a next-generation missile defense shield for the nation. The president nominated Vice Chief of Space Operations General Michael Guetlein to lead the implementation of the system.
“Our adversaries have developed more advanced long-range weapons over the last couple of decades, posing a significant threat to our national security,” said Cramer. “We have to act in order to defend against the evolving and complex threat landscape. Senator Sullivan and I introduced the GOLDEN DOME Act to build a layered missile defense system, which protects our homeland from catastrophic attacks from modern missiles. Our bill puts the legislative muscle behind President Trump’s executive order to support his innovative vision of protecting our great nation from current and future threats. The Golden Dome is great for America, great for North Dakota, and great for Alaska. The time is now to prioritize the defense of the United States by modernizing our missile defense infrastructure.”
“The escalating missile threats we’ve witnessed from the Iranian terrorist regime and the rapidly evolving missile threats from Russia and China demonstrate why we need to develop a robust, modernized missile defense system to protect the entire country—which the GOLDEN DOME Act will do,” said Sullivan. “The three prongs of successful policy in D.C. are presidential leadership, appropriated funding and comprehensive authorizing legislation. We have all three of these elements behind this historic Golden Dome initiative. President Trump has, for years, going back to his first term, driven the vision of a layered, open architecture missile defense system. Congress is stepping up with a down payment appropriation of $25 billion in the reconciliation bill. And now, we are introducing the GOLDEN DOME Act to cement this vision in law. The GOLDEN DOME Act will incorporate space-based sensors and new intercept technologies, significantly expand and modernize existing infrastructure, like the ground-based missile interceptor fields at Alaska’s Fort Greely and North Dakota’s PARCS radar system, and enhance all-domain awareness to counter, detect, track, and defeat potential missile threats. The great State of Alaska has been—and will continue to be—the cornerstone of our missile defense system. I look forward to working with my colleagues in both the House and the Senate to get this important legislation to President Trump’s desk to better secure the homeland.”
“In a world where hostile adversaries like Russia and China present an ever-present nuclear threat, America must stand ready to prevent nuclear weapons from harming our citizens,” said Messmer. “The Golden Dome Act fulfills President Trump’s initiative to keep America safe with this state of the art missile defense shield.”
The GOLDEN DOME Act strengthens the Space Development Agency’s (SDA) independence and accelerates future tranches, which will likely be operated out of Grand Forks Air Force Base. Among other provisions, the bill requires the acceleration of the modernization and digitization of the Perimeter Acquisition Radar Attack Characterization System (PARCS), located at North Dakota’s Cavalier Space Force Station. PARCS is a single-faced, multi-function, UHF-Band, phased-array radar system, which tracks over half of all earth-orbiting objects. The modernization of PARCS improves detection of intercontinental and sea-launched missile threats, as well as improves space domain awareness capabilities.
This legislation is cosponsored by U.S. Senators John Hoeven (R-N.D.), Tim Sheehy (R-MT), Katie Britt (R-AL), Jim Banks (R-IN), Tom Cotton (R-AR), Marsha Blackburn (R-TN), Tommy Tuberville (R-AL), and Tim Scott (R-SC).
Click here for bill text. Click here for expanded summary.
Source: Reserve Bank of India
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US Senate News:
Source: United States Senator for Louisiana Bill Cassidy
[embedded content]
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) delivered a speech on the U.S. Senate floor highlighting the need to end the Biden-era Risk Rating 2.0 policy and for the National Flood Insurance Program (NFIP) to remain affordable.
“We have a chance to bring down prices on flood insurance in the same way President Trump has brought down all these other prices—gas, eggs, milk, you name it,” said Dr. Cassidy.
“As hurricane season ramps up, the clock is ticking. Let’s act now,” concluded Dr. Cassidy.Background
In June, Cassidy led the charge in demanding the U.S. Federal Emergency Management Agency (FEMA) finally end the Biden-era policy, Risk Rating 2.0, which caused flood insurance premiums to skyrocket.
In May, Cassidy delivered another speech discussing the danger that Risk Rating 2.0 poses to low- and middle-income families’ ability to be enrolled in the program.
In April, Cassidy delivered a speech on the Senate floor calling for the continuation of FEMA’s Building Resilient Infrastructure and Communities (BRIC) grant program, which helps fund pre-disaster mitigation and flood prevention projects in Louisiana and nationwide.
In March, Cassidy delivered a floor speech calling for a long-term extension of NFIP and introduced legislation to extend the program through December 31, 2026. Cassidy also met with the Jefferson Business Council where he discussed his efforts to keep flood insurance affordable and extend NFIP long-term.
In February, Cassidy introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in NFIP a 33% refundable tax credit to combat rising flood insurance premiums. Cassidy also released a report last fall outlining the current state of NFIP and the issues that have led to skyrocketing premiums for millions of homeowners.
Last year, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish in 2023 to talk with residents about their flood insurance premiums, recording the second episode of his Bill on the Hill series.
Cassidy’s remarks as prepared for delivery are below:
Mr. President,
In every single state, there are Americans who rely on the National Flood Insurance Program to protect their home.
Congress has a responsibility to serve ALL Americans, regardless of age, income, or zip code.
Since Biden’s implementation of Risk Rating 2.0, seniors and low- and middle-income homeowners have been left behind.
Earlier this month, I led eight of my Republican colleagues in urging FEMA to end the Biden-era Risk Rating 2.0.
I want to work with him to fix the mess the Biden administration left us in.
Now, I want to share with my colleagues the same case we made in that letter for why we need to act now.
Every year on June 1st, the phrase “Hoping for the best, preparing for the worst” comes to mind.
For the people in my state, it becomes a way of life.
Another hurricane season is upon us.
With a higher Gulf temperature than usual, meteorologists predict 13 to 19 named storms, 6 to 10 hurricanes, and 3 to 5 major hurricanes hitting the U.S. before the year’s end.
Before long, Louisianans will, yet again, be stocking up on non-perishable food items and prescriptions, boarding up the windows, and checking on their neighbors.
They will also be bracing themselves financially.
Louisianans are still trying to get back on their feet after four years of financial distress under the Biden administration.
Now, add the costs for recovery from severe weather damage. Many families just can’t afford it.
That’s why we have NFIP—a program which has provided a safety net for millions in Louisiana and across the country for the last 50 years.
Because of NFIP, the retired couple in Livingston Parish who just paid off their mortgage sleeps better at night knowing they are covered the next time they flood.
The single working mother in Cameron Parish can rest assured knowing there is help available when it comes time to replace the siding and roof tiles, which have been torn loose by torrential winds.
But this program—and the peace of mind of those who rely on it—is being threatened.
Since FEMA, under the Biden Administration, implemented Risk Rating 2.0, premiums have skyrocketed—making desperately needed protection unaffordable for millions. Over 80% of NFIP policyholders in Louisiana saw a spike in their premiums after its implementation in 2021.
The protection that millions so desperately need has become unaffordable.
When I say unaffordable, I’m not talking about a one or two-hundred-dollar increase.
Even that would be too much for a lot of families.
I’m talking about a $1,916 increase for a homeowner in Waggaman, Louisiana.
I’m talking about a $4,500 increase for a homeowner in Gibson, Louisiana.
I’m talking about an $8,256 increase for a homeowner in Belle Chasse, Louisiana.
And there is no end in sight for these 300, 400, 500…one THOUSAND percent increases.
Has FEMA been transparent about these stunning spikes?
No.
In fact, never knowing why their premiums rose in the first place, Americans have no option but to drop their NFIP coverage altogether, leaving them totally vulnerable.
Has Congress been given the opportunity to provide meaningful comment in response?
No, we were stonewalled for years under President Biden. Now with President Trump in charge, I trust there will be more transparency into Risk Rating 2.0 than we’ve ever seen before.
The American people—and certainly Louisianans—made it clear when they elected President Trump that they are ready to end the confusion and high prices of the previous administration.
They were talking about the grocery store, at the gas pump, and yes, about insurance.
NFIP was at the heart of the cost-of-living crisis Americans struggled through under President Biden.
We have a chance to bring down prices on flood insurance in the same way President Trump has brought down all these other prices—gas, eggs, milk, you name it.
I want to work with President Trump and my colleagues to make life affordable again!
As hurricane season ramps up, the clock is ticking. Let’s act now!
With that, I yield.
Source: People’s Republic of China – State Council News
A missile trace is seen from the city of Hebron in the southern West Bank, on June 24, 2025. [Photo/Xinhua]
Israel said on Tuesday it had identified missiles from Iran, shortly after the Israeli authorities said it had accepted a ceasefire proposed by U.S. President Donald Trump.
According to local media reports, Israeli Defense Minister Israel Katz instructed Israeli military to “respond forcefully” after Iranian missile fire.
The latest escalation came shortly after Israeli Prime Minister Benjamin Netanyahu said Tuesday that Israel had accepted a ceasefire proposed by Trump and had achieved its war goals against Iran.
According to a statement by the office of Israeli prime minister, Netanyahu declared that Israel had achieved its goal of removing Iran’s nuclear and ballistic missile threat.
Iran’s Press TV said earlier Tuesday that ceasefire begins following waves of Iranian attacks on Israel.
Trump had earlier announced that a ceasefire between the two sides would begin around 0400 GMT, with Iran expected to halt its operations first.
Iranian Foreign Minister Abbas Araqchi said earlier that there was no “agreement” on a ceasefire between Iran and Israel. However, he suggested Iran would be prepared to halt further retaliation if Israeli attacks stopped by 4 a.m. Tehran time (0030 GMT).
“If Israel stops its illegal aggression against the Iranian people no later than 4 a.m., Iran has no intention of continuing its response afterwards,” Araqchi wrote in a post on X, adding that “the final decision on the cessation of our military operations will be made later.”
Hours earlier, a senior Iranian official told CNN that Tehran had not received any formal ceasefire proposal from the United States and saw no reason to halt hostilities.
“At this very moment, the enemy is committing aggression against Iran, and Iran is on the verge of intensifying its retaliatory strikes, with no ear to listen to the lies of its enemies,” the official was quoted as saying. He added that remarks from U.S. and Israeli leaders would be seen as a “deception” intended to justify further attacks on Iran.
The conflicting narratives raised questions about the implementation and durability of any potential ceasefire. It remained unclear whether the reported deal had been communicated through diplomatic channels, or whether either side intended to follow the terms.
Trump announced Monday evening that Israel and Iran have reached a formal agreement to implement a complete and total ceasefire, marking what he called the end of the “12-Day War.”
In a post on his Truth Social platform Monday, Trump said the ceasefire will initially last 12 hours, during which the opposing sides will maintain a posture of “peace and respect.”
“On the assumption that everything works as it should, which it will,” Trump wrote, “I would like to congratulate both countries … on having the stamina, courage, and intelligence to end what should be called ‘THE 12 DAY WAR.’”
Calling the agreement a breakthrough that “could have saved the Middle East from years of destruction,” Trump ended his announcement with a sweeping message of unity: “God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and GOD BLESS THE WORLD!”
Source: Asia Development Bank
ADB has approved a loan of $350 million to support access to finance for women in Pakistan. The funding will support the second phase of the Women-Inclusive Finance Sector Development Program, which includes a $300 million policy-based loan and a $50 million financial intermediation loan designed to fund credit facilities and guarantees that support women’s entrepreneurship through improving their access to finance.
Source: Oxfam –
Today, EU Foreign Policy Chief, Kaja Kallas, presented a review of the EU-Israel Association Agreement at the meeting of EU Foreign Affairs Ministers. In response, Agnes Bertrand Sanz, Oxfam Humanitarian Expert, said:
“There are moments in history where delay and distraction are not neutral, it is a decision. While EU ministers continue to debate and defer, entire families in Gaza are being buried under rubble and people are being killed while trying to get food.
“The EU and EU countries cannot keep on playing political ping pong or risk losing sight of the crisis in Gaza. Talking is easy. Acting is harder. And every second of delay costs lives.”
EU foreign affairs ministers met today for the Foreign Affairs Council. At the meeting, EU Foreign Affairs Chief, Kaja Kallas, presented a review of the EU-Israel Association Agreement to European Foreign Affairs Ministers.
The EU is Israel’s biggest trading partner.
Article 2 of the EU-Israel Association Agreement states “Relations between the Parties, as well as all the provisions of the Agreement itself, shall be based on respect for human rights and democratic principles, which guides their internal and international policy and constitutes an essential element of this Agreement.” Israel’s well-documented violations of international humanitarian law and human rights, particularly in Gaza and the West Bank, violate Article 2.
Beyond suspending this agreement, Oxfam is calling for a permanent ceasefire, safe and unhindered humanitarian aid, an end to illegal Israeli occupation and a halt in all arm sales and transfers to Israel while there is a risk they are used to commit or facilitate serious violations of international humanitarian or human rights law.
Jade Tenwick | Brussels, Belgium | jade.tenwick@oxfam.org | mobile +32 473 56 22 60 | Personal (WhatsApp only) +32 484 81 22 94
For more information on our work and to see our latest press releases, please visit oxfam.org/eu.
For updates, follow us on Twitter, BlueSky and LinkedIn.
Source: Australian Ministers for Regional Development
The ACCC has issued a determination granting authorisation with conditions to allow the Australian Banking Association Ltd (ABA), major banks, major retailers and supermarkets, Australia Post and other industry participants to collaborate on the future continuity of cash-in-transit services.
The authorisation allows the major banks and retailers to provide financial support to Armaguard and for the parties to discuss, agree and implement operational sustainability and efficiency measures across the services provided by Armaguard’s cash-in-transit business to those banks and retailers.
The authorisation also allows the parties to develop, but not implement, an independent pricing mechanism in respect of their cash services agreements with Armaguard.
“We consider that the conduct would be likely to reduce the risk of disruption to Armaguard’s cash-in-transit services in the immediate future, while the increased sustainability of those services would support ongoing access to cash across Australia,” ACCC Deputy Chair Mick Keogh said.
“This is a significant public benefit.”
The ACCC considers that, with the conditions set out in this determination, the conduct is likely to result in minimal public detriments.
“This decision will increase future consultation in the cash-in-transit industry,” Mr Keogh said.
“The ABA is now required to ensure that an independent expert will conduct reasonable consultation with stakeholders in the development of an independent pricing mechanism proposal.”
Further information about the ACCC’s final determination is available on the authorisations public register.
The ACCC’s role is to consider requests for exemptions from competition laws that may be breached to enable competitors to collaborate on such arrangements.
ACCC authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010 (Cth).
Broadly, s 91 of the Competition and Consumer Act 2010 (Cth) allows the ACCC to grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.
Cash-in-transit services involve providing cash transport, management, and processing services. These services are provided to banks, retailers, and independent ATM operators.
On 13 June 2023, the ACCC granted merger authorisation to Armaguard and Prosegur Australia to combine their cash distribution, management and other businesses in Australia, and accepted a court-enforceable undertaking, which is a condition of the merger authorisation. Following this merger, Armaguard became the major supplier of cash-in-transit services in Australia.
On 27 May 2024, the ACCC granted authorisation with conditions to the ABA, the Customer Owned Banking Association, banks, retailers and other industry participants to allow them to develop responses to support the distribution of cash across Australia.
On 3 July 2024, the ACCC granted interim authorisation with a condition to allow the ANZ Bank, Commonwealth Bank, National Australia Bank, Westpac, Australia Post, Coles, Wesfarmers and Woolworths (the Funding Parties) to provide financial contributions to Armaguard.
On 12 September 2024, the ACCC revoked the interim authorisation dated 3 July 2024 and granted a new interim authorisation for an expanded range of conduct with 4 conditions.
On 11 December 2024, the ACCC issued a draft determination proposing to grant authorisation with conditions until 30 June 2026. Also on 11 December 2024, the ACCC revoked the interim authorisation with conditions dated 12 September 2024 and granted a new interim authorisation with amended conditions.
On 25 June 2025, the ACCC granted authorisation with 6 conditions which broadly require:
The authorisation made on 25 June 2025 does not extend to the implementation of any pricing proposal. A further application for authorisation of implementation of the pricing proposal is anticipated once agreement between the Funding parties and Armaguard is reached on the proposal.
A separate application lodged by the ABA relating to cash-in-transit sustainability measures and business continuity measures remains before the ACCC for consideration.
Source: GlobeNewswire (MIL-OSI)
DALLAS, June 24, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced it has closed on the financing of a $1.91 million primary capital commitment for Mendoza Ventures Growth Fund III, LP (“Fund”), a fund managed by Mendoza Ventures Growth GP III, L.L.C., LP (“Fund Manager”), an asset manager focused on investing in technology companies where there is an opportunity for innovation, modernization, and disruption.
The transaction represents Ben’s third GP Primary transaction of the fiscal year and fourth since formally launching the program in late 2024. In exchange for an interest in the Fund, the Fund received approximately $1.91 million in stated value of shares of the Company’s Resettable Convertible Preferred Stock (the “Preferred Stock”), which is convertible at the election of the holder into shares of the Company’s Class A common stock, subject to the terms and conditions of the transaction documents. As a result of the transaction, the collateral for the Company’s ExAlt loan portfolio is expected to increase by approximately $1.91 million of interests in alternative assets. Concurrently, the Company also entered into a Preferred Liquidity Provider Program Agreement with the Fund, whereby the Company may facilitate ongoing liquidity solutions for the Fund and its limited partners.
“We are excited to continue recent momentum by completing another GP primary capital transaction, our second transaction with a fund managed by the Fund Manager,” said Beneficient management. “We will continue to pursue additional opportunities that align with our strategic vision and growth objectives.”
Beneficient’s GP Primary Commitment Program is focused on providing primary capital solutions and financing anchor commitments to general partners during their fundraising efforts while immediately deploying capital into our equity. Through the program, Beneficient seeks to help satisfy the up to $330 billion of potential demand for primary commitments to meet fundraising needs.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit www.trustben.com or follow us on LinkedIn.
Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com
Important Information and Where You Can Find It
This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve the issuance of the Company’s Class A common stock upon conversion of the Preferred Stock (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.
INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.
Participants in the Solicitation of Proxies in Connection with Transactions
Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the Transactions and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
Not an Offer of Securities
The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions. The words ”anticipate,” “believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.
Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the Transactions, including obtaining the requisite vote of securityholders, and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Minister of Industry and Trade of Morocco, Ryad Mezzour, in Rabat, on 24 June 2025. They discussed ways to strengthen economic ties under the ASEAN-Morocco Sectoral Dialogue Partnership, including in the areas of trade and investment, digital and green economy, among others.
The post Secretary-General of ASEAN meets with Minister of Industry and Trade of Morocco appeared first on ASEAN Main Portal.
US Senate News:
Source: United States Senator for Alaska Dan Sullivan
06.24.25
WASHINGTON—U.S. Senators Dan Sullivan (R-Alaska) and Kevin Cramer (R-N.D.), and Representative Mark Messmer (R-Ind.)— members of the Senate and House Armed Services Committees—hosted a press conference today with their colleagues announcing the introduction of their legislation, the Ground and Orbital Launched Defeat of Emergent Nuclear Destruction and Other Missile Engagements (GOLDEN DOME) Act. The GOLDEN DOME Act authorizes more than $23 billion to begin developing a modernized, layered homeland missile defense system that can counter, detect, track, and defeat existing and evolving threats as envisioned by President Donald Trump in his January 27, 2025 executive order.
Click here or the image above to watch the full press conference.
“The escalating missile threats we’ve witnessed from the Iranian terrorist regime and the rapidly evolving missile threats from Russia and China demonstrate why we need to develop a robust, modernized missile defense system to protect the entire country—which the GOLDEN DOME Act will do,” said Sen. Sullivan. “The three prongs of successful policy in D.C. are presidential leadership, appropriated funding and comprehensive authorizing legislation. We have all three of these elements behind this historic Golden Dome initiative. President Trump has, for years, going back to his first term, driven the vision of a layered, open architecture missile defense system. Congress is stepping up with a down payment appropriation of $25 billion in the reconciliation bill. And now, we are introducing the GOLDEN DOME Act to cement this vision in law. The GOLDEN DOME Act will incorporate space-based sensors and new intercept technologies, significantly expand and modernize existing infrastructure, like the ground-based missile interceptor fields at Alaska’s Fort Greely and North Dakota’s PARCS radar system, and enhance all-domain awareness to counter, detect, track, and defeat potential missile threats. The great State of Alaska has been—and will continue to be—the cornerstone of our missile defense system. I look forward to working with my colleagues in both the House and the Senate to get this important legislation to President Trump’s desk to better secure the homeland.”
“Our adversaries have developed more advanced long-range weapons over the last couple of decades, posing a significant threat to our national security,” said Sen. Cramer. “We have to act in order to defend against the evolving and complex threat landscape. Senator Sullivan and I introduced the GOLDEN DOME Act to build a layered missile defense system, which protects our homeland from catastrophic attacks from modern missiles. Our bill puts the legislative muscle behind President Trump’s executive order to support his innovative vision of protecting our great nation from current and future threats. The Golden Dome is great for America, great for North Dakota, and great for Alaska. The time is now to prioritize the defense of the United States by modernizing our missile defense infrastructure.”
“In a world where hostile adversaries like Russia and China present an ever-present nuclear threat, America must stand ready to prevent nuclear weapons from harming our citizens,” said Rep. Messmer. “The Golden Dome Act fulfills President Trump’s initiative to keep America safe with this state of the art missile defense shield.”
Specifically, the GOLDEN DOME Act is focused on enhancing the all-domain awareness of the U.S missile defense system, bolstering the capacity of U.S. missiles and drones to defend against threats from rogue nations as well as near-peer nations, and accelerating the development of new capabilities to keep pace with future threats, particularly from hypersonics and cruise missiles.
This legislation is cosponsored in the Senate by Sens. John Hoeven (R-N.D.), Tim Sheehy (R-Mont.), Katie Britt (R-Ala.), Jim Banks (R-Ind.), Tom Cotton (R-Ark.), Marsha Blackburn (R-Tenn.), Tommy Tuberville (R-Ala.), and Tim Scott (R-SC).
The introduction of the GOLDEN DOME Act was also reported on in an exclusive story today by Charles Creitz in Fox News Digital.
‘Golden Dome’ comprehensive weapons defenses in the works as lawmakers make Trump dream a reality
By: Charles Creitz
June 24, 2025
EXCLUSIVE –With the Iran situation intensifying, senators will put forward a bill Tuesday that creates the “Golden Dome” missile defense system modeled off Israel’s Iron Dome that President Donald Trump asked for at the beginning of his term.
Sens. Dan Sullivan, R-Alaska, and Kevin Cramer, R-N.D., came together to craft the Ground & Orbital Launched Defeat of Emergent Nuclear Destruction and Other Missile Engagements (Golden Dome) Act, a $21 billion congressional authorization split among more than two dozen individual defensive strategies.
It comes after Trump ordered in January that a defense system be realized in response to the “threat of attack by ballistic, hypersonic, and cruise missiles, and other advanced aerial attacks.” Trump later confirmed his plan to seek construction of the Golden Dome at a May White House appearance with Sullivan.
“The escalating missile threats we’ve witnessed from the Iranian terrorist regime and the rapidly evolving hypersonic, cruise missile and drone threats from Russia, China, and other adversaries demonstrate why we need to develop a robust, modernized missile defense system to protect the entire country—which the Golden Dome Act will do,” Sullivan told Fox News Digital.
“The three prongs of successful policy in D.C. are presidential leadership, appropriated funding and comprehensive authorizing legislation.”
Trump’s order cited former President Ronald Reagan’s so-called “Star Wars” plan to build laser-based nuclear defense systems against the Soviet Union, while Sullivan and Cramer took a big step Tuesday toward creating something even more comprehensive.
Similar to “Star Wars,” the Golden Dome plan calls for the development and deployment of space-based weapons sensors, as well as research into another orbital component, Proliferated Warfighter Space Architecture.
Sullivan’s state of Alaska is home to some of North America’s most important extant defense systems, particularly at Clear Space Force Base near Fairbanks and Fort Greely in Delta Junction.
The latter is home to Alaska Army National Guard members who provide “operational control and security for the nation’s ground-based interceptors,” according to Alaska Gov. Mike Dunleavy. There are about 80 interceptors at-the-ready at Fort Greely.
The Golden Dome plan builds on such defenses, by creating, maintaining and/or revitalizing other sites as well, including the Cobra Dane – a land-based “passive electronically scanned array” radar system positioned in the Aleutian Chain.
“Alaska is a big part of [missile defense] because the location is sort of perfect,” Trump said. As both the easternmost and westernmost state in the union, Alaska is also the commercial and defensive gateway to Asia, state officials have noted.
…..
“We have to act in order to defend against the evolving and complex threat landscape. Senator Sullivan and I introduced the GOLDEN DOME Act to build a layered missile defense system, which protects our homeland from catastrophic attacks from modern missiles,” Cramer said.
Rep. Mark Messmer, R-Ind., who will lead companion legislation in the House, added that the U.S. “must stand ready to prevent nuclear weapons from harming our citizens.”
Click here to read the full article.
Source: African Development Bank Group
What? Launch of the 2025 Country Focus Reports series. Institutional launch and presentation of the Côte d’Ivoire report.
Who? The African Development Bank
When? Abidjan: 23 June 2025, at 9:15 a.m. GMT / Starting from 24 June: national launches
Source: United Kingdom – Government Statements
Organisations can sign up to the IT Reuse for Good charter on GOV.UK and then work with their chosen charity partner to distribute devices.
Pre-loved tech bridging digital divide under new government charter.
Big names like Deloitte, Vodafone and Three alongside leading charity Good Things Foundation are uniting with government to encourage organisations to donate pre-loved tech to digital excluded Brits.
Organisations can sign up to the IT Reuse for Good charter on gov.uk from today and then work with their chosen charity partner to distribute devices.
The Charter encourages organisations to change how they manage and dispose of IT assets, with the aim of increasing device donations to the 1.5 million people in the United Kingdom who lack access to a basic laptop, tablet and smartphone.
With technology transforming essential services like healthcare access, job applications and housing, government is doubling down on commitment to improve skills and technology access for all – breaking down barriers to opportunity as part of our Plan for Change.
Telecoms Minister Sir Chris Bryant said:
Britain is leading the way when it comes to technological advancements with everyday essentials such as doctor’s appointments and job applications becoming increasingly digital. But to maximise the full potential of technology, we need to bring everyone along with us on this journey.
This Charter represents a significant step forward in our mission to bridge the digital divide and create a more sustainable approach to technology. By working together with industry and charity partners, we’re helping more people access the digital tools they need to improve their lives while reducing harmful electronic waste.
Research also shows that digitally excluded people face higher costs for things like home insurance, train travel and food paying up to 25% more on average than consumers who are online.
The charter sets out principles for organisations to adhere to including ensuring devices are securely wiped, professionally refurbished and fit for purpose so they can be provided free of charge to those who need them.
Ryan, a single father from Essex, struggled without access to a laptop. “Job searching felt impossible,” he said. “I couldn’t keep up and felt like I was falling behind.”
Through a donation from Vodafone’s Great British Tech Appeal to the National Device Bank, an initiative led by Good Things Foundation, Ryan received a laptop that transformed his prospects. “This laptop isn’t just a piece of equipment – it’s a lifeline,” Ryan shares. Now, he can actively search for jobs, attend online training, and build a better future.
“I want my kids to see what’s possible with determination and the right support,” Ryan says.
Helen Milner OBE, CEO of Good Things Foundation, said:
Alongside the government, Vodafone, Three and Deloitte, Good Things Foundation has developed the IT Reuse for Good Charter, tackling the UK’s digital divide and e-waste crisis head-on. With 1.5 million adults lacking essential devices and 1.45 million tons of e-waste discarded yearly, we’re proud to lead the charge for a more inclusive and sustainable future. The Charter builds on the success of our National Device Bank and will be a game-changer, unlocking thousands of devices. We have also launched a Playbook to help businesses to navigate IT reuse for good, and bake it into their organisations.
Richard Houston, Senior Partner and CEO Deloitte UK said:
Since 2021, we’ve donated 20,000 devices to schools and charities through our network of social impact partners. I’m incredibly proud that we have been able to help thousands of people continue education, find employment, and connect with loved ones through technology. Yet I know there is so much more that can be done. I encourage all organisations, whatever size, to consider the role you can play, and together, we can bridge the digital divide.
Rich Marsh, Responsible Business Director at BT Group, said:
As well as being a leader in sustainability for more than 30 years, at BT we’ve seen first-hand the positive impact that digital inclusion projects are having across the UK – supported by our networks, social tariffs and digital skills programs.
We warmly welcome the ‘IT Re-Use for Good’ Charter, which brings these 2 things together and gives a second life to our devices. Now we’re committing to donate even more devices, helping play our part in providing people with the tech they need in today’s digital society.
Signatories must donate their first device within 6 months of signing the charter. Progress will be monitored by self-reporting every 6 months.
Paula Coughlan, Chief People, Communications and Sustainability Officer said:
At Currys, everything we do is to help everyone enjoy amazing technology. Within that, we’re very aware that not everyone can afford or have access to the amazing tech we sell. Through our work to date, it’s clear to see the positive, transformative power of just one digital device for a child or for a family, and how isolating not having access to the digital world really is. That’s why we were founding members of the Digital Poverty Alliance, and why we’re committed to doing everything we can to help make digital poverty a thing of the past. It’s been wonderful to work with Department for Science, Innovation and Technology (DSIT) on this important new Charter and we’re proud to be signatories. The more we can do as a society, as businesses, working together with government with solutions to bridge the digital divide, the more likely we are to really make a difference.
DSIT media enquiries
Email press@dsit.gov.uk
Monday to Friday, 8:30am to 6pm 020 7215 3000
Source: IMF – News in Russian
June 24, 2025
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. 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’s Executive Board for discussion and decision.
Hanoi: An International Monetary Fund (IMF) team, led by Mr. Paulo Medas, held discussions for the 2025 Article IV consultation with the Vietnamese authorities from June 11-24, 2025. The team exchanged views with Deputy Prime Minister Ho Duc Phoc, senior officials of the State Bank of Vietnam (SBV), the Ministry of Finance, the National Assembly, and other government agencies. It also met with representatives from the private sector, think tanks, and other stakeholders.
At the conclusion of the mission, Mr. Medas issued the following statement:
“The Vietnamese economy rebounded strongly in 2024, growing at 7.1 percent backed by robust exports, resilient foreign direct investment (FDI), and supportive policies. This momentum continued into the first quarter of 2025, with economic activity expanding by 6.9 percent (y/y). Inflation remained contained. The current account surplus reached a record 6.6 percent of GDP in 2024.
“The outlook is heavily dependent on the outcome of trade negotiations and is constrained by elevated global uncertainty on trade policies and economic growth. Our projections, in line with the IMF April 2025 World Economic Outlook, assumes high tariffs take effect in the third quarter. In such a scenario, economic growth is projected to slow to 5.4 percent in 2025 and decelerate further in 2026. However, if global trade tensions subside, the economic outlook would improve significantly.
“Downside risks are high. A further escalation in global trade tensions or a tightening of global financial conditions could weaken further exports and investment. Domestically, financial stress could re-emerge from tighter financial conditions and high corporate indebtedness. On the upside, achieving nondiscriminatory trade agreements and successfully implementing planned infrastructure and structural reforms could significantly boost medium-term growth.
“Given the uncertain outlook, policy priorities should focus on preserving macro-financial stability while navigating economic adjustments. Fiscal policy, supported by low level of public debt, should take the lead in cushioning the near-term impact especially under downside scenarios. Accelerated implementation of public investment and strengthening social safety nets would be important.
“Monetary policy has much more limited room and should be decisively focused on anchoring inflation expectations. Allowing the exchange rate flexibility will be critical as the economy adjusts to the external shock. Some monetary easing could be considered if global interest rates decline as expected and inflation falls. Vigilance is needed to monitor and act against inflation pressures arise, including due to external shocks. These challenges underscore the importance of modernizing the monetary policy framework to enhance its effectiveness and anchor stability, including by replacing credit growth limits with an improved prudential framework.
“Further efforts are needed to strengthen financial sector soundness. To bolster banking system resilience, priorities include strengthening bank supervision, build liquidity and capital buffers, and further improving the bank resolution framework.
“The government’s plans for an ambitious reform agenda are very welcome and could boost medium-term growth, but implementation will be key. The government’s focus on institutional reforms to enhance efficiency, strengthen private sector development, and plans to scale up public investment is a major step forward. It will be important to develop and implement concrete reforms to improve key infrastructure (e.g., logistics, energy), functioning of capital markets, education and training, and productivity. To maximize the return on large investments, it is critical to strengthen public investment management and adopt a sound macro-fiscal strategy to preserve the health of public finances. Efforts to strengthen economic governance are essential, including strengthening the AML/CFT regime, and efforts in this regard are welcome. Vietnam’s rapid economic growth is outpacing the development of its economic statistics and urgent efforts are needed to close data gaps to support effective policymaking and risk management.
“The team is grateful to the authorities for their warm hospitality and the candid and insightful discussions.”
PRESS OFFICER: Pavis Devahasadin
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/06/24/pr-25214-vietnam-imf-staff-completes-2025-article-iv-mission
Source: United Kingdom – Executive Government & Departments
Modern Industrial Strategy will make the UK the best country to invest in and grow a business, delivering on the Plan for Change.
UK’s Modern Industrial Strategy
The plan focuses on 8 high growth sectors, including Advanced Manufacturing, Clean Energy Industries, Digital and Technologies, Financial Services and Life Sciences, where there is potential for faster growth.
The modern Industrial Strategy unveiled today, Monday 23 June, sets out a ten-year plan to boost investment, create good skilled jobs and make Britain the best place to do business.
It includes targeted support for the areas of the country and economy that have the greatest potential to grow, while introducing reforms that will make it easier for all businesses to get ahead.
The Strategy’s bold plan of action includes:
Slash electricity costs by up to 25% from 2027 for electricity-intensive manufacturers in growth sectors and foundational industries in their supply chain, bringing costs more closely in line with other major economies in Europe.
Unlocking billions in finance for innovative business, especially for SMEs by increasing British Business Bank financial capacity to £25.6 billion, crowding in tens of billions of pounds more in private capital. The includes an additional £4bn for Industrial Strategy Sectors, crowding in billions more in private capital. By investing largely through venture funds, the BBB will back the UK’s most high-growth potential companies.
Reducing regulatory burdens by cutting the administrative costs of regulation for business by 25% and reduce the number of regulators.
Boosting R&D spending to £22.6bn per year by 2029-30 to drive innovation across the IS-8, with more than £2bn for AI over the Spending Review, and £2.8bn for advanced manufacturing over the next ten years. This will leverage in billions more from private investors. Regulatory changes will further clear the path for fast-growing industries and innovative products such as biotechnology, AI, and autonomous vehicles.
Attracting elite global talent to our key sectors, via visa and migration reforms and the new Global Talent Taskforce. The Taskforce and a £54m Global Talent Fund will support top talent to relocate to the UK.
Deepening economic and industrial collaboration with our partners, building on our Industrial Strategy Partnership with Japan and recent deals with the US, India, and the EU.
Reducing planning timelines and cutting costs for developers, by hiring more planners, streamlining pre-application requirements and combining environmental obligations, removing burdens on businesses as well as accelerating house building.
Revolutionising public procurement and reducing barriers for new entrants and SMEs to bolster domestic competitiveness.
Supporting the UK’s city regions and clusters by increasing the supply of investible sites through a new £600m Strategic Sites Accelerator, enhanced regional support from the Office for Investment, National Wealth Fund, and British Business Bank, and more.
Upskilling the nation with an extra £1.2 billion each year for skills by 2028-29, and delivering more opportunities to learn and earn in our high-growth sectors including new short courses in relevant skills funded by the Growth and Skills Levy and skills packages targeted at defence digital and engineering.
Supporting 5,500 more SMEs to adopt new technology through the Made Smarter programme while centralising government support in one place through the Business Growth Service.
The plan focuses on 8 sectors where the UK is already strong and there’s potential for faster growth: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services. Each growth sector has a bespoke 10-year plan that will attract investment, enable growth and create high-quality, well-paid jobs.
Five sector plans have been published in tandem:
Backing the Advanced Manufacturing sector with up to £4.3 billion in funding, including up to £2.8 billion in R&D over the next five years, with the aim of anchoring supply chains in the UK – from increasing vehicle production to 1.35, to leading the next generation of technologies for zero emission flight.
Doubling investment in Clean Energy Industries by 2035, with Great British Energy helping to build the clean power revolution in Britain with a further £700 million in clean energy supply chains, taking the total funding for the Great British Energy Supply Chain fund to £1 billion.
Maximizing the value of the UK’s Creative Industries through a £380 million boost for film and TV, video games, advertising and marketing, music and visual and performing arts will improve access to finance for scale-ups and increase R&D, skills and exports.
Making the UK the European leader for creating and scaling Digital and Technology businesses, with more than £2 billion to drive the AI Action Plan, including a new Sovereign AI Programme, £187 million for training one million young people in tech skills and targeting R&D investment at frontier technologies such as cyber security in Northern Ireland, semiconductors in Wales and quantum technologies in Scotland.
Ensuring the UK’s Professional and Business Services becomes the world’s most trusted adviser to global industry, revolutionising the sector across the world through adoption of UK-grown AI and working to secure mutual recognition of professional qualifications agreements overseas.
Prime Minister Keir Starmer said:
This Industrial Strategy marks a turning point for Britain’s economy and a clear break from the short-termism and sticking plasters of the past.
In an era of global economic instability, it delivers the long-term certainty and direction British businesses need to invest, innovate and create good jobs that put more money in people’s pockets as part of the plan for change.
This is how we power Britain’s future – by backing the sectors where we lead, removing the barriers that hold us back, and setting out a clear path to build a stronger economy that works for working people. Our message is clear – Britain is back and open for business.
Regarding the launch of the New Industrial Strategy, British Ambassador to Chile, Louise de Sousa, said:
The UK’s modern Industrial Strategy is our ten-year plan to strengthen infrastructure, reduce costs for businesses and simplify regulation.
With a highly skilled workforce and unrivalled global business connectivity, the UK provides an ideal location to scale, invest and grow business, by accessing the G7’s lowest corporation tax and a generous R&D tax.
This being and internation strategy from the start, the plan will provide local businesses, entrepreneurs and innovators the stability and ease needed to make long-term investment decisions, which, in turn will help strengthening the already strong economic ties between UK and Chile.
The Industrial Strategy is a 10-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries – delivering on the UK Government’s Plan for Change.
Source: GlobeNewswire (MIL-OSI)
KALISPELL, Mont. and MOUNT PLEASANT, Texas, June 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NYSE: GBCI) and Guaranty Bancshares, Inc. (“Guaranty”) (NYSE: GNTY), the bank holding company for Guaranty Bank & Trust, N.A., a leading community bank headquartered in Mount Pleasant, Texas, today jointly announced the signing of a definitive agreement, pursuant to which Glacier will acquire Guaranty in an all-stock transaction. The acquisition marks Glacier’s 27th bank acquisition since 2000 and its 13th announced transaction in the past 10 years. As of March 31, 2025, Guaranty had total assets of $3.2 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion.
The boards of Glacier and Guaranty unanimously approved the transaction, which is subject to regulatory approvals, Guaranty shareholder approval, and other customary conditions of closing. The definitive agreement provides that upon closing of the transaction, Guaranty shareholders are to receive 1.0000 share of Glacier stock for each Guaranty share (subject to adjustment under certain circumstances). Based on the closing price of $41.58 for Glacier shares on June 23, 2025, the transaction would result in aggregate consideration of $476.2 million (inclusive of the value to Guaranty stock options) and value of $41.58 per Guaranty share. Upon closing of the transaction, which is anticipated to take place in the fourth quarter of 2025, Guaranty Bank & Trust will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing Glacier’s 18th separate bank division.
“We are thrilled to add Guaranty Bank & Trust to the Glacier family of banks as a new banking Division,” said Randy Chesler, Glacier’s President and CEO. “This is a compelling opportunity to further expand our presence in the Southwest. Guaranty fits strategically and culturally within the unique Glacier business model and will allow us to enter a complementary state with an exceptional demographic profile, strong growth prospects, and a business-friendly operating environment. The Texas economy is estimated to be worth $2.7 trillion, and if Texas were an independent country, its economy would be the 8th largest in the world.” Chesler also noted that “This acquisition continues our long history of consistently adding high quality community banks to our proven banking model and we are very enthusiastic about the future opportunities this partnership will provide.”
“Guaranty Bank & Trust has a 100+ year history of doing business in the State of Texas, and we are pleased to find a partner that emphasizes the relationship banking model that has been core to our success over many decades and through many business cycles,” said Ty Abston, Guaranty’s Chairman and CEO. “The opportunity to join Glacier Bancorp, which is a family of community banks that collectively share our banking philosophy, culture and character, was a perfect opportunity to position Guaranty Bank & Trust for the future. We will continue to grow and invest in our communities and our customers will be dealing with the same familiar faces, led by the same management team, in each of our markets. This partnership gives Guaranty added strength, with the support of a larger balance sheet and the resources to invest in the latest technologies and products to serve our existing and future customers. We are excited to join the Glacier family of banks and look forward to the opportunities and benefits this combination will bring to our clients, employees, communities and shareholders.”
Glacier management will review additional information regarding the transaction on a conference call beginning at 7:00 a.m. Mountain Time on Wednesday, June 25, 2025.
Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BIdfefa202793d4cf9b9b8d5068cef9318
To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/n3vugmow
If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.
A slide presentation to accompany management’s commentary may be accessed from Glacier’s June 24, 2025, Form 8-K filing with the Securities and Exchange Commission (the “SEC”) or at https://www.glacierbancorp.com/news-market-information/annual-reports-presentations.
Glacier was advised in the transaction by Stephens Inc. as financial advisor and Miller Nash LLP as legal counsel. Guaranty was advised by Keefe Bruyette & Woods, A Stifel Company as financial advisor and Norton Rose Fulbright US LLP as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).
Visit Glacier’s website at www.glacierbancorp.com.
About Guaranty Bancshares
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. and has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of March 31, 2025, Guaranty Bancshares, Inc. had total assets of $3.2 billion, total loans of $2.1 billion and total deposits of $2.7 billion.
Visit Guaranty’s website at www.gnty.com.
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the expected closing of the transaction and its timing and the potential benefits of the business combination transaction involving Glacier and Guaranty, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the proposed combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the proposed merger transaction will not close when expected or at all because required regulatory, shareholder or other approvals or conditions to closing are delayed or not received or satisfied on a timely basis or at all; risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and Guaranty operate; uncertainties regarding the ability of Glacier Bank and Guaranty Bank & Trust to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the proposed transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.
Important Information and Where You Can Find It
This communication relates to the proposed merger transaction involving Glacier and Guaranty. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval.
In connection with the proposed merger transaction, Glacier expects to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a Preliminary Proxy Statement of Guaranty and a Preliminary Prospectus of Glacier, as well as other relevant documents concerning the proposed transaction. After the Registration Statement is declared effective, Guaranty will mail a Definitive Proxy Statement/Prospectus to its shareholders. This communication is not a substitute for the Proxy Statement/Prospectus or Registration Statement or for any other document that Glacier or Guaranty may file with the SEC and send to Guaranty’s shareholders in connection with the proposed merger transaction. Shareholders of Guaranty are urged to read carefully the Registration Statement and accompanying Proxy Statement/Prospectus regarding the proposed merger transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Free copies of the Proxy Statement/Prospectus included in the Registration Statement, as well as other filings containing information about Glacier, Guaranty, and the proposed transaction, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Glacier at www.glacierbancorp.com under the tab “SEC Filings” and in the “Investors” section of GNTY’s website, www.gnty.com, under the heading “Financial Information – SEC Filings” or by requesting them in writing or by telephone from Glacier at: Glacier Bancorp, Inc., 49 Commons Loop, Kalispell, Montana 59901, ATTN: Corporate Secretary; Telephone (406) 751-7706 or by requesting them in writing or by telephone from Guaranty at: Guaranty Bancshares, Inc., 16475 Dallas Parkway, Suite 600, Addison, Texas 75001 ATTN: Corporate Secretary; Telephone (888) 572,9881.
Participants in the Solicitation
GBCI and GNTY and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of GNTY in connection with the proposed merger transaction. Information about the directors and executive officers of GBCI is set forth in the proxy statement for GBCI’s 2025 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 12, 2025. Information about the directors and executive officers of GNTY is set forth in the proxy statement for Guaranty’s 2025 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 31, 2025. Additional information regarding the interests of those participants and other persons who may be deemed participants may be obtained by reading the Proxy Statement/Prospectus included in the Registration Statement and other relevant documents regarding the proposed merger transaction filed with the SEC when they become available. Copies of these documents may be obtained free of charge from the sources described above.
CONTACT: Randall M. Chesler
(406) 751-4722
Ron J. Copher
(406) 751-7706
Source: GlobeNewswire (MIL-OSI)
KALISPELL, Mont. and MOUNT PLEASANT, Texas, June 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NYSE: GBCI) and Guaranty Bancshares, Inc. (“Guaranty”) (NYSE: GNTY), the bank holding company for Guaranty Bank & Trust, N.A., a leading community bank headquartered in Mount Pleasant, Texas, today jointly announced the signing of a definitive agreement, pursuant to which Glacier will acquire Guaranty in an all-stock transaction. The acquisition marks Glacier’s 27th bank acquisition since 2000 and its 13th announced transaction in the past 10 years. As of March 31, 2025, Guaranty had total assets of $3.2 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion.
The boards of Glacier and Guaranty unanimously approved the transaction, which is subject to regulatory approvals, Guaranty shareholder approval, and other customary conditions of closing. The definitive agreement provides that upon closing of the transaction, Guaranty shareholders are to receive 1.0000 share of Glacier stock for each Guaranty share (subject to adjustment under certain circumstances). Based on the closing price of $41.58 for Glacier shares on June 23, 2025, the transaction would result in aggregate consideration of $476.2 million (inclusive of the value to Guaranty stock options) and value of $41.58 per Guaranty share. Upon closing of the transaction, which is anticipated to take place in the fourth quarter of 2025, Guaranty Bank & Trust will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing Glacier’s 18th separate bank division.
“We are thrilled to add Guaranty Bank & Trust to the Glacier family of banks as a new banking Division,” said Randy Chesler, Glacier’s President and CEO. “This is a compelling opportunity to further expand our presence in the Southwest. Guaranty fits strategically and culturally within the unique Glacier business model and will allow us to enter a complementary state with an exceptional demographic profile, strong growth prospects, and a business-friendly operating environment. The Texas economy is estimated to be worth $2.7 trillion, and if Texas were an independent country, its economy would be the 8th largest in the world.” Chesler also noted that “This acquisition continues our long history of consistently adding high quality community banks to our proven banking model and we are very enthusiastic about the future opportunities this partnership will provide.”
“Guaranty Bank & Trust has a 100+ year history of doing business in the State of Texas, and we are pleased to find a partner that emphasizes the relationship banking model that has been core to our success over many decades and through many business cycles,” said Ty Abston, Guaranty’s Chairman and CEO. “The opportunity to join Glacier Bancorp, which is a family of community banks that collectively share our banking philosophy, culture and character, was a perfect opportunity to position Guaranty Bank & Trust for the future. We will continue to grow and invest in our communities and our customers will be dealing with the same familiar faces, led by the same management team, in each of our markets. This partnership gives Guaranty added strength, with the support of a larger balance sheet and the resources to invest in the latest technologies and products to serve our existing and future customers. We are excited to join the Glacier family of banks and look forward to the opportunities and benefits this combination will bring to our clients, employees, communities and shareholders.”
Glacier management will review additional information regarding the transaction on a conference call beginning at 7:00 a.m. Mountain Time on Wednesday, June 25, 2025.
Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BIdfefa202793d4cf9b9b8d5068cef9318
To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/n3vugmow
If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.
A slide presentation to accompany management’s commentary may be accessed from Glacier’s June 24, 2025, Form 8-K filing with the Securities and Exchange Commission (the “SEC”) or at https://www.glacierbancorp.com/news-market-information/annual-reports-presentations.
Glacier was advised in the transaction by Stephens Inc. as financial advisor and Miller Nash LLP as legal counsel. Guaranty was advised by Keefe Bruyette & Woods, A Stifel Company as financial advisor and Norton Rose Fulbright US LLP as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).
Visit Glacier’s website at www.glacierbancorp.com.
About Guaranty Bancshares
Guaranty Bancshares, Inc. is the parent company for Guaranty Bank & Trust, N.A. and has 33 banking locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston and Central Texas regions of the state. As of March 31, 2025, Guaranty Bancshares, Inc. had total assets of $3.2 billion, total loans of $2.1 billion and total deposits of $2.7 billion.
Visit Guaranty’s website at www.gnty.com.
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the expected closing of the transaction and its timing and the potential benefits of the business combination transaction involving Glacier and Guaranty, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the proposed combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the proposed merger transaction will not close when expected or at all because required regulatory, shareholder or other approvals or conditions to closing are delayed or not received or satisfied on a timely basis or at all; risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and Guaranty operate; uncertainties regarding the ability of Glacier Bank and Guaranty Bank & Trust to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the proposed transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.
Important Information and Where You Can Find It
This communication relates to the proposed merger transaction involving Glacier and Guaranty. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval.
In connection with the proposed merger transaction, Glacier expects to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a Preliminary Proxy Statement of Guaranty and a Preliminary Prospectus of Glacier, as well as other relevant documents concerning the proposed transaction. After the Registration Statement is declared effective, Guaranty will mail a Definitive Proxy Statement/Prospectus to its shareholders. This communication is not a substitute for the Proxy Statement/Prospectus or Registration Statement or for any other document that Glacier or Guaranty may file with the SEC and send to Guaranty’s shareholders in connection with the proposed merger transaction. Shareholders of Guaranty are urged to read carefully the Registration Statement and accompanying Proxy Statement/Prospectus regarding the proposed merger transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Free copies of the Proxy Statement/Prospectus included in the Registration Statement, as well as other filings containing information about Glacier, Guaranty, and the proposed transaction, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Glacier at www.glacierbancorp.com under the tab “SEC Filings” and in the “Investors” section of GNTY’s website, www.gnty.com, under the heading “Financial Information – SEC Filings” or by requesting them in writing or by telephone from Glacier at: Glacier Bancorp, Inc., 49 Commons Loop, Kalispell, Montana 59901, ATTN: Corporate Secretary; Telephone (406) 751-7706 or by requesting them in writing or by telephone from Guaranty at: Guaranty Bancshares, Inc., 16475 Dallas Parkway, Suite 600, Addison, Texas 75001 ATTN: Corporate Secretary; Telephone (888) 572,9881.
Participants in the Solicitation
GBCI and GNTY and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of GNTY in connection with the proposed merger transaction. Information about the directors and executive officers of GBCI is set forth in the proxy statement for GBCI’s 2025 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 12, 2025. Information about the directors and executive officers of GNTY is set forth in the proxy statement for Guaranty’s 2025 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 31, 2025. Additional information regarding the interests of those participants and other persons who may be deemed participants may be obtained by reading the Proxy Statement/Prospectus included in the Registration Statement and other relevant documents regarding the proposed merger transaction filed with the SEC when they become available. Copies of these documents may be obtained free of charge from the sources described above.
CONTACT: Randall M. Chesler
(406) 751-4722
Ron J. Copher
(406) 751-7706
Source: GlobeNewswire (MIL-OSI)
ARCHBOLD, Ohio, June 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.39 billion at March 31, 2025, today announced that it has approved the Company’s quarterly cash dividend of $0.22125 per share. The second-quarter dividend is payable on July 20, 2025, to shareholders of record as of July 7, 2025.
For over 50 years, F&M has paid a quarterly dividend and has increased its annual dividend for 30 consecutive years reflecting the Company’s long-standing commitment to return capital to shareholders.
About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.
Safe Harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
| Company Contact: | Investor and Media Contact: |
| Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank |
Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
Source: GlobeNewswire (MIL-OSI)
ARCHBOLD, Ohio, June 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.39 billion at March 31, 2025, today announced that it has approved the Company’s quarterly cash dividend of $0.22125 per share. The second-quarter dividend is payable on July 20, 2025, to shareholders of record as of July 7, 2025.
For over 50 years, F&M has paid a quarterly dividend and has increased its annual dividend for 30 consecutive years reflecting the Company’s long-standing commitment to return capital to shareholders.
About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.
Safe Harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
| Company Contact: | Investor and Media Contact: |
| Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank |
Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
US Senate News:
Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, joined Senators Tim Scott (R-SC), Chairman of the Senate Banking Committee, Cynthia Lummis (R-WY), and Thom Tillis (R-NC) in releasing a set of principles for the development of comprehensive market structure legislation. These principles will guide discussions and negotiations as the senators engage with industry participants, legal and academic experts, and government stakeholders on the bill text.
“For too long, a lack of clear regulatory authority has forced digital asset innovation beyond our borders and subjected issuers, exchanges, and developers to crippling uncertainty,” said Senator Hagerty. “By working towards a reasonable, light-touch market structure framework, we can help bolster our nation’s economy and protect American consumers.”
“Since taking over as Chairman, I’ve led a new approach to digital assets regulation, and we’ve delivered results for the industry and the American people,” said Chairman Scott. “We have more work to do, and I look forward to building on the success of the GENIUS Act and advancing market structure legislation here in the Senate. These principles will serve as an important baseline for negotiations on this bill, and I’m hopeful my colleagues will put politics aside and provide long-overdue clarity for digital asset regulation.”
“America desperately needs digital asset legislation that promotes responsible innovation and protects consumers,” said Senator Lummis. “While the European Union and Singapore have established clear regulations, the U.S. continues to sit on the sidelines while the digital asset industry seeks greener pastures. That changes today. I am partnering with Chairman Scott to provide principles for market structure legislation to finally draw the line between a security and a commodity and ensure the U.S. remains at the helm of global financial advancement.”
“As Congress considers a regulatory framework for digital assets, our top priority must be providing legal clarity and certainty without stifling innovation,” said Senator Tillis. “These principles strike the right balance by protecting consumers, promoting innovation, and clearly defining the roles of regulators in a rapidly evolving market.”
The market structure principles state:
Legislation Should Clearly Define the Legal Status of Digital Assets
Jurisdiction Should Be Clearly Allocated Among Regulators
Regulation Should be Modernized to Foster Innovation
Regulation Should Protect Those Who Purchase or Trade Digital Assets
Illicit Finance Measures Should Be Targeted and Pro-Innovation
Federal Financial Regulators Should Welcome Responsible Innovation
Source: US State of Georgia
ATLANTA – Governor Brian P. Kemp and the State Road and Tollway Authority (SRTA) Board of Directors today announced the approval of a record $26.5 million in Georgia Transportation Infrastructure Bank (GTIB) loans and grants that will help fund 13 transportation infrastructure projects across the state. This round of GTIB awards is possible thanks to a $46 million budget enhancement allocated in the AFY 2025 state budget. These investments also mark two additional records for the bank that include the largest combined rural award, totaling $13.3 million, and the largest amount of loans, totaling $15.5 million.
“Thanks to conservative budgeting and strategic funding of our priorities, Georgia is not only the No. 1 state for business we’re also the best state for reliable infrastructure,” said Governor Brian Kemp, Chairman of the SRTA Board. “With this year’s historic rural investment, we’re preserving our competitive edge and reaffirming our commitment to creating opportunity in all parts of our state, especially rural Georgia. I want to thank the General Assembly and the SRTA team for making these awards possible and I look forward to the generational impact they will have on our communities.”
The Mount Vernon Roadway Connectivity project, one of the major rural investments included in this round of awards, will receive a $1.4 million GTIB grant for improvements and repairs to several local roads damaged by Hurricane Helene. Funds will also go toward the paving of a dirt road. This GTIB grant enables critical roadwork to advance more quickly, enhancing safety for this rural community.
The largest GTIB investment for this round is a $4.9 million loan to the Cumberland CID for the Cumberland Sweep Segment C buildout – a 3+ mile path around the core of the Cumberland District. The project will enhance transportation for more than 80,000 office workers, residents and visitors in the Improvement District by constructing the first portion of the Cumberland Sweep, a 0.4-mile shared-use path that connects to the existing pedestrian bridge over I-285 and includes traffic signal upgrades at Galleria Drive and Galleria Parkway.
Another significant loan of $2.4 million along with a $1 million grant was awarded to Barrow County for a new roundabout at State Route 53 (SR 53) at Mulberry Road. This portion of SR 53 connects the cities of Winder, Hoschton, and Braselton, with a combined population of over 40,000. The project will reduce vehicle collisions and improve freight movement. This GTIB investment also accelerates project delivery by three years, resulting in lower overall project costs.
“SRTA is honored and excited to continue investing in Georgia’s transportation network, this year by infusing more state funds than ever into local projects,” said Jannine Miller, Executive Director of the State Road and Tollway Authority. “Rural communities made up 38% of GTIB applications this year, indicating transportation is important in every corner of our state. With the support of Governor Kemp and the General Assembly, GTIB is helping local governments accelerate project delivery and lower long-term costs for Georgia taxpayers.”
Since its inception in 2010, GTIB has awarded $242 million in transformative grants and loans, investing in projects with a combined project value exceeding $1.2 billion, demonstrating the impact of the state’s investment and outstanding partnerships with local governments and community improvement districts over the past 15 years.
From the very first award granted, GTIB has provided strategic state investments in critical transportation projects that enhance mobility in local communities throughout Georgia. Applications are evaluated on a competitive basis, and criteria include transportation, engineering, economic value, matching funds, and project specifics like project phase and feasibility.
Loan applications are also evaluated for creditworthiness and overall project merits. An advisory committee comprised of representatives from state agencies and statewide associations evaluate SRTA staff recommendations and make final recommendations to the SRTA Board. Funds distributed by GTIB are used to support capital improvements.
SRTA began accepting GTIB applications mid-November 2024 and closed the application window on January 14, 2025. Fiscal Year 2025 awardees, project descriptions, and funding amounts are as follows:
Athens-Clarke County
Roadway Reconfiguration
This project will improve the intersection of Hawthorne and Oglethorpe Avenue by realigning it, reconfiguring lanes and adding multimodal options. The improvements will improve safety at the intersection and enhance the City’s sidewalk and bike network.
GTIB Grant Award: $1,700,000
Barrow County
State Route 53 at Mulberry Roundabout
This project will construct a single lane roundabout at the intersection of State Route 53 and Mulberry Road and realign the intersection. The new intersection is expected to improve road safety and freight movement. GTIB investments accelerate this project by three years.
GTIB Loan Award: $2,468,241
GTIB Grant Award: $1,000,000
Cherokee County
Airport Road Spur and Technology Ridge Parkway Project
This project is the second phase of the Technology Ridge Parkway Project to receive funding from GTIB. This phase of the project will construct a new, two-lane roadway connecting the airport to the existing I-575 interchange. The new spur road will allow the County to move forward with plans to extend the runway to 6,000 feet, allowing aircraft to carry more fuel and make longer trips. The project also includes a segment of Technology Ridge Parkway Phase III which provides access to 86 acres owned by the Cherokee Office of Economic Development and adds a roundabout at the intersection of Wes Welker and Airport Drive.
GTIB Loan Award: $2,000,000
City of LaGrange
Project Eagle
This project will construct a new two-lane road, Callaway South Parkway, from the intersection of Pegasus Parkway ending in a roundabout. This improvement provides access to undeveloped parcels in the Callaway South Industrial Park, enabling even greater private investment in the area. Funding for the project will come from GTIB, the City of LaGrange, Troup County, and the Calloway Foundation.
GTIB Grant Award: $1,000,000
City of Mount Vernon
Mount Vernon Roadway Connectivity
This project will pave Carver Street, which is currently a dirt road, and make drainage improvements and repairs on Broad Street, South Railroad Avenue, North Washington Street, and McKinnon Street. The dirt road paving will improve road safety and provide the opportunity to attract industry while the drainage improvements and road repairs will address significant damage caused by Hurricane Helene re-opening roads currently closed to traffic. This City of Mount Vernon is approximately four (4) square miles and home to 1,800 residents.
GTIB Grant Award: $1,406,242
City of Mount Zion
2025 Street Repairs
This project will repave several roads for approximately five miles and realign the intersection of Beaver Pond Road and Bowdon Junction Road to improve safety. This intersection is near the West Georgia Regional Airport which supports economic development providing air transportation to companies including SMI Inc., Honda Lock, and Southwire. The GTIB investment will accelerate the project by four (4) years reducing project costs.
GTIB Loan Award: $487,500
GTIB Grant Award: $162,500
City of Twin City
Paving Improvements
This project will resurface 16 roads for a distance of approximately seven miles. The GTIB investment accelerates the project by several years reducing project costs. Located in Emanual County, City of Twin City is approximately four (4) sq miles and is home to 1,700 residents and George L. Smith, II State Park.
GTIB Grant Award: $700,000
Colquitt County
Resurfacing Improvements
This project will resurface ten roads for a distance of 11 miles in South Georgia’s Colquitt County. Full depth reclamation and replacement of existing culverts will occur where necessary. GTIB investment accelerates project delivery by three (3) years.
GTIB Loan Award: $2,567,430
GTIB Grant Award: $2,000,000
Cumberland CID
Cumberland Sweep Segment C – Galleria Parkway Improvements
This project will build the first section of the Cumberland Sweep project including a shared use path along Galleria Drive from Akers Mill Road to the existing bike/pedestrian bridge over I-285, a distance of just under half-a-mile. Pedestrian lighting will be included along the path and the traffic signal at Galleria Drive and Galleria Parkway will be upgraded. The project improves multimodal travel in one of Atlanta’s biggest activity centers and is funded in partnership with the Cumberland CID, an organization of over 190 commercial property owners fund key infrastructure projects throughout the Improvement District.
GTIB Loan Award: $4,858,435
Dodge County
Dodge County Road Improvement Program
This project will pave Bill Mullis Road from Roddy Highway to SR 87 (3.7 miles), perform full-depth reclamation on Milan Eastman Road from SR 117 to SR 280 (8.2 miles) to repair damage from increased freight traffic and resurface Zion Hill Church from Antioch Church Rd to Coody Road (4.5 miles). By combining these three segments into one project and obtaining GTIB funds, the project will reduce unit costs and accelerate the project timeline by approximately ten years providing substantial project savings.
GTIB Loan Award: $2,429,108
GTIB Grant Award: $2,000,000
Dougherty County
Road and Bridge Infrastructure Improvements
This project will provide design funds to widen and increase the weight capacity of two bridges on Gravel Hill Road to better accommodate truck and agricultural equipment traffic as well as pave and widen four (4) dirt roads which are heavily affected by adverse weather.
GTIB Loan Award: $667,758
GTIB Grant Award: $580,659
Stewart County
Moores Store Road Box Culvert Replacement
This project will replace a double cell box culvert on Moores Store Road at Bussey Creek, resurface the area and improve roadway shoulders and slopes by the creek. These improvements will allow both lanes of the bridge to re-open to traffic and will help minimize damage from future large rain events.
GTIB Grant Award: $250,000
Town of Iron City
Dunham and Broad
This project is consistent with the Seminole County and Cities Comprehensive Plan and will jumpstart downtown revitalization efforts by repaving streets in downtown Iron City – Broad Street from Church Street to Williams Street and Dunham Street. Located in Seminole County, the Town of Iron City is farming community of approximately one (1) sq mile and home to 300 residents.
GTIB Grant Award: $260,325
For more information about the GTIB program, visit www.srta.ga.gov/gtib.
About the State Road and Tollway Authority (SRTA)
SRTA is a state-level authority created to operate tolled transportation facilities within Georgia and act as the transportation financing arm for the state. SRTA manages the collection of tolls on Georgia’s Express Lanes System through the use of Peach Pass. Since 2010, the Georgia Transportation Infrastructure Bank (GTIB) – a grant and low-interest loan program administered by SRTA – has provided funding for eligible local transportation projects across the state. In 2017, SRTA combined with the Georgia Regional Transportation Authority (GRTA) to jointly provide the services of both state authorities. The GRTA board continues to oversee developments of regional impact, air quality reporting and regional transportation plan approval.
Source: US Whitehouse
Everyday Americans joined top lawmakers to detail how the One Big Beautiful Bill will affect their livelihoods:
Agricultural leaders outlined how the One Big Beautiful Bill will deliver for America’s farmers, ranchers, and producers.
The National Association of Manufacturers launched a new ad campaign to highlight what’s at stake if the Trump Tax Cuts aren’t extended in the One Big Beautiful Bill: “If Congress doesn’t act, manufacturers will be hit with the largest tax increase in U.S. history. Six million jobs could be lost — that’s our neighbors, our communities, our futures.”
Secretary of Energy Chris Wright discussed how the One Big Beautiful Bill ENDS the Biden-era Green New Scam: “It’s going to get rid of these subsidies and distortions that have hurt not just our electricity market, but our broader energy markets … The One Big Beautiful Bill — it is big. There are a lot of things in it, but a lot of them are just cleaning out underbrush and nonsense so it’s easier to build things in our country again, remove the distortions from the energy markets, unleash American businesses to build energy productions of all different kinds — but kinds that work, without subsidies.”
Brian Moynihan, CEO of Bank of America, says extending the Trump Tax Cuts in the One Big Beautiful Bill is a top priority for preventing American jobs from being exported to foreign countries: “These tax rates were meant to get the U.S. competitive on taxes on corporations … Remember back to people were exporting business outside the United States for lower tax rate reasons … All that’s been gone for the last seven or eight years, and so we need to make sure these extend or that will start up again.”
Source: US Federal Emergency Management Agency
Headline: How to Apply for FEMA Assistance in Tennessee After Severe Storms, Straight-Line Winds, Tornadoes and Flooding
How to Apply for FEMA Assistance in Tennessee After Severe Storms, Straight-Line Winds, Tornadoes and Flooding
Tennessee homeowners and renters in nine counties who had uninsured damage or loss caused by the severe storms, straight-line winds, tornadoes and flooding that occurred April 2-24 may be eligible for FEMA disaster assistance
The designated counties include Cheatham, Davidson, Dickson, Dyer, Hardeman, McNairy, Montgomery, Obion and Wilson
FEMA may be able to help with serious needs, rental assistance, basic home repair costs, personal property loss or other disaster-caused needs
There are several ways to apply for FEMA disaster assistance
Go to DisasterAssistance
gov, use the FEMA App for mobile devices or call the FEMA Helpline at 800-621-3362
Lines are open from 6 a
m
to 10 p
m
CT seven days a week and specialists speak many languages
To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube
FEMA’s disaster assistance offers benefits that provide flexible funding directly to survivors
In addition, simplified processes and expanded eligibility allows Tennesseans access to a wider range of assistance and funds for serious needs
What You’ll Need When You ApplyA current phone number where you can be contacted
Your address at the time of the disaster and the address where you are now staying
Your Social Security number
A general list of damage and losses
Banking information if you choose direct deposit
If insured, the policy number or the agent and/or the company name
If you have homeowners, renters or flood insurance, you should file a claim as soon as possible
FEMA cannot duplicate benefits for losses covered by insurance
If your policy does not cover all your disaster expenses, you may be eligible for federal assistance
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Tue, 06/24/2025 – 14:23
Source: US State of North Carolina
Headline: Secretary Dev Sangvai and Partner Organizations Release Impact Statements Regarding Proposals that Threaten SNAP in North Carolina
Secretary Dev Sangvai and Partner Organizations Release Impact Statements Regarding Proposals that Threaten SNAP in North Carolina
hejones1
Governor Josh Stein and governors from 23 other states released a letter to congressional leadership Tuesday, warning of the impact potential changes to the Supplemental Nutritional Assistance Program (SNAP) would have to millions of people across the country, including more than 1.4 million in North Carolina who depend on SNAP to put food on the table. In response, NC Health and Human Services Secretary Dev Sangvai and partner organizations released statements further emphasizing the critical need for this vital food and nutrition program in North Carolina.
Statement from Secretary Dev Sangvai:
“One in six children in North Carolina face food insecurity, unsure of where their next meal will come from. Programs like SNAP are critical in ensuring children and families get the food and nutrition they need to live healthy lives and thrive in school and in their communities. Without healthy food, people are more likely to get sick and end up in the emergency room. Shifting costs to states and local communities makes it more difficult to create a healthier and safer North Carolina and forces state leaders to make hard decisions. These massive cost shifts can’t simply be patched over with state dollars, especially in challenging budget years. We do not have the capacity to fill those gaps, and the people of North Carolina will feel the impact, eroding the health and wellbeing of communities across the state.”
The North Carolina Association of County Departments of Social Services also released this statement in response to the proposals that would also shift costs to North Carolina counties.
“County social services workers in North Carolina are the front-line staff responsible for administering the SNAP program. We see every day how these benefits bridge food security gaps for families with children, individuals with disabilities, the elderly, veterans and others who are working low-wage jobs. Counties pay the cost of the non-federal 50% administrative share in the State’s model. This includes all staffing costs for processing applications, interviewing clients, conducting eligibility verifications, verifying work with employers, etc. Counties also pay the cost of training staff, monitoring their work, following up on payment inaccuracies and fraud. Adding additional requirements to the program drives up administrative costs. Cost savings could be better achieved through simplified regulatory rules and policies, modern technology solutions, and enhanced tools available to do the work.
Cutting SNAP benefits at their base and adding potential additional cuts based on a state’s error rates further harms a county’s ability to recruit and retain qualified staff to administer the program. Complex regulations and policies, outdated automation, and antiquated tools make it challenging to attract the new generation of workers.
These increased costs, along with the lack of a qualified and interested workforce and the increased work requirements, create a situation where it would be difficult for any County to absorb these funding shifts, and cuts would be impossible.”
The North Carolina Association of County Commissioners released this statement regarding the increase in costs to the counties.
“By reducing federal funding and shifting administrative costs to state and local governments, Congress would force North Carolina and its counties to replace tens of millions of dollars in lost revenue, either by generating new funds through increased taxes or redirecting them from other essential programs. Should the state be unwilling or unable to replace the SNAP benefit reductions, individual counties will be forced to choose between diverting funds from their own programs, raising local taxes, or watching their residents go without this important safety net. Local governments are most disadvantaged to replace SNAP funding; the best way to ensure our residents receive this benefit is to preserve federal funding.”
The North Carolina Retail Merchant’s Association released the following statement about the impact to businesses and North Carolina’s economy.
“SNAP is not only essential for millions of families struggling with food insecurity, it also plays a critical role in sustaining local grocery stores, markets, and food retailers across our communities. SNAP benefits help ensure customers can afford nutritious food, which keeps shelves stocked and businesses thriving. Cuts to SNAP would force states to carry unprecedented costs, risking reduced enrollment and less spending at local retailers. This would have ripple effects on jobs and the broader economy, particularly in rural areas.”
Feeding the Carolinas, the association for the North Carolina and South Carolina Feeding America Food Banks, released the following statement regarding impacts to food banks and meal distributions across the state.
“The seven North Carolina food banks, in conjunction with our more than 2,500 distribution partners, provided over 250 million meals to our neighbors in the past year. Even with this significant work, it is critical to understand that SNAP provides 9 meals for every 1 meal that the food banks deliver. In addition, our food banks are serving more than twice the number individuals—children, seniors, families, and veterans—than we assisted just three years ago. Federal cuts that have already taken place have reduced the amount of food we can distribute by millions of pounds. Proposed SNAP cuts and cost shifts to the states will result in decreased food assistance for some of our most vulnerable populations. Food banks will be the next line of response if this comes to fruition and we will not be able to fill the gap. We will have families using their scarce resources to purchase highly processed, unhealthy food, which is in direct opposition to the administration’s goals under Make America Healthy Again. The bottom line is that, if these cuts are made, we will have more hungry children, seniors, and families, and, in the near future, a population with greater health problems and a workforce that is less prepared to keep our communities’ economies strong.”
El gobernador Josh Stein y gobernadores de otros 23 estados enviaron una carta al liderazgo del Congreso el martes, advirtiendo sobre el impacto que tendrían los posibles cambios en el Programa de Asistencia Nutricional Suplementaria (SNAP, por sus siglas en inglés) para millones de personas en todo el país, incluidos más de 1.4 millones en Carolina del Norte que dependen de SNAP para poner comida en la mesa. En respuesta, el Secretario de Salud y Servicios Humanos de Carolina del Norte, Dev Sangvai, y las organizaciones asociadas emitieron declaraciones enfatizando aún más la necesidad crítica de este programa vital de alimentos y nutrición en Carolina del Norte.
Declaración del Secretario Dev Sangvai:
“Uno de cada seis niños en Carolina del Norte se enfrenta a la inseguridad alimentaria, sin saber de dónde vendrá su próxima comida. Los programas como SNAP son fundamentales para garantizar que los niños y las familias reciban los alimentos y la nutrición que necesitan para llevar una vida saludable y prosperar en la escuela y en sus comunidades. Sin alimentos saludables, las personas tienen más probabilidades de enfermarse y terminar en la sala de emergencias. Cambiar los costos a los estados y las comunidades locales hace que sea más difícil crear una Carolina del Norte más saludable y segura y obliga a los líderes estatales a tomar decisiones difíciles. Estos cambios masivos de costos no pueden ser simplemente remendados con dólares estatales, especialmente en años presupuestarios difíciles. No tenemos la capacidad de llenar esos vacíos, y la gente de Carolina del Norte sentirá el impacto, deteriorando la salud y el bienestar de las comunidades en todo el estado”.
La Asociación de Departamentos de Servicios Sociales del Condado de Carolina del Norte también publicó esta declaración en respuesta a las propuestas que también trasladarían los costos a los condados de Carolina del Norte.
“Los trabajadores de servicios sociales del condado en Carolina del Norte son el personal de primera línea responsable de administrar el programa SNAP. Vemos todos los días cómo estos beneficios salvan las brechas de seguridad alimentaria para las familias con hijos, las personas con discapacidad, los ancianos, los veteranos y otras personas que trabajan en empleos de bajos salarios. Los condados pagan el costo de la participación administrativa no federal del 50% en el modelo del Estado. Esto incluye todos los costos de personal para procesar solicitudes, entrevistar a los clientes, realizar verificaciones de elegibilidad, verificar el trabajo con los empleadores, etc. Los condados también pagan el costo de capacitar al personal, monitorear su trabajo, hacer un seguimiento de las inexactitudes de pago y el fraude. Añadir requisitos adicionales al programa aumenta los costos administrativos. El ahorro de costos podría lograrse mejor a través de normas y políticas regulatorias simplificadas, soluciones tecnológicas modernas y herramientas mejoradas disponibles para hacer el trabajo.
Recortando los beneficios de SNAP en su parte básica y agregar posibles recortes adicionales basados en las tasas de error de un estado perjudica aún más la capacidad de un condado para reclutar y retener personal calificado para administrar el programa. Las regulaciones y políticas complejas, la automatización y las herramientas anticuadas hacen que sea difícil atraer a la nueva generación de trabajadores.
Estos mayores costos, junto con la falta de una fuerza laboral calificada e interesada y el aumento de los requisitos de trabajo, crean una situación en la que sería difícil para cualquier condado absorber estos cambios de financiamiento, y los recortes serían imposibles”.
La Asociación de Comisionados del Condado de Carolina del Norte publicó esta declaración sobre el aumento de los costos para los condados.
“Al reducir los fondos federales y transferir los costos administrativos a los gobiernos estatales y locales, el Congreso obligaría a Carolina del Norte y sus condados a reemplazar decenas de millones de dólares en ingresos perdidos, ya sea generando nuevos fondos a través del aumento de impuestos o redirigiéndolos de otros programas esenciales. Si el estado no está dispuesto o no puede reemplazar las reducciones de los beneficios de SNAP, los condados individuales se verán obligados a elegir entre desviar fondos de sus propios programas, aumentar los impuestos locales o ver a sus residentes sin esta importante red de seguridad. Los gobiernos locales están en mayor desventaja para reemplazar los fondos de SNAP; la mejor manera de garantizar que nuestros residentes reciban este beneficio es preservar los fondos federales”.
La Asociación de Comerciantes Minoristas de Carolina del Norte emitió la siguiente declaración sobre el impacto en las empresas y la economía de Carolina del Norte.
“SNAP no solo es esencial para millones de familias que luchan contra la inseguridad alimentaria, sino que también desempeña un papel fundamental en el mantenimiento de las tiendas de comestibles, los mercados y los minoristas de alimentos locales en nuestras comunidades. Los beneficios de SNAP ayudan a garantizar que los clientes puedan comprar alimentos nutritivos, lo que mantiene los estantes abastecidos y las empresas prósperas. Los recortes a SNAP obligarían a los estados a asumir costos sin precedentes, con el riesgo de reducir la inscripción y el gasto en los minoristas locales. Esto tendría un efecto dominó en el empleo y en la economía en general, particularmente en las zonas rurales”.
Feeding the Carolinas, la asociación de los bancos de alimentos Feeding America de Carolina del Norte y Carolina del Sur, publicó la siguiente declaración sobre los impactos en los bancos de alimentos y la distribución de comidas en todo el estado.
“Los siete bancos de alimentos de Carolina del Norte, junto con nuestros más de 2,500 socios de distribución, proporcionaron más de 250 millones de comidas a nuestros vecinos en el último año. Incluso con este importante trabajo, es fundamental comprender que SNAP proporciona 9 comidas por cada comida que entregan los bancos de alimentos. Además, nuestros bancos de alimentos atienden a más del doble de personas (niños, personas mayores, familias y veteranos) que hace solo tres años. Los recortes federales que ya han tenido lugar han reducido la cantidad de alimentos que podemos distribuir en millones de libras. Los recortes propuestos de SNAP y los cambios de costos a los estados resultarán en una disminución de la asistencia alimentaria para algunas de nuestras poblaciones más vulnerables. Los bancos de alimentos serán la siguiente línea de respuesta si esto llega a buen término y no podremos llenar el vacío. Tendremos familias que usarán sus escasos recursos para comprar alimentos altamente procesados y poco saludables, lo que está en oposición directa a los objetivos de la administración bajo Make America Healthy Again. La conclusión es que, si se hacen estos recortes, tendremos más niños, personas mayores y familias con hambre y, en un futuro próximo, una población con mayores problemas de salud y una fuerza laboral menos preparada para mantener fuertes las economías de nuestras comunidades”.
Source: IMF – News in Russian
June 24, 2025
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the fourth review under the Union of the Comoros’ Extended Credit Facility (ECF) arrangement. The Executive Board’s decision allows for an immediate disbursement of SDR 3.56 million (about US$ 4.87 million), bringing the total disbursements so far under the arrangement to about $23.7 million. The 4-year ECF arrangement was approved on June 1, 2023 (See Press Release No. 23/194) with an access of SDR 32.04 million (about US$ 43 million).
In completing the review, the Executive Board also approved the authorities’ requests for (i) waivers of nonobservance of the quantitative performance criteria (QPCs) on tax revenue and the domestic primary balance at end of 2024 and the continuous QPC on the non-accumulation of external arrears and (ii) modifications to the end of December 2025 QPCs on tax revenue and domestic primary balance to reflect corrective actions for missing these QPCs at end-2024.
While there is considerable progress towards the achievement of program objectives, significant and continued effort is required to maintain the reform momentum. The authorities have reiterated their strong commitment to the ECF-supported program and despite recent setbacks. Two of five QPCs were met as of end of December 2024 and 8 of the 11 structural benchmarks (SBs) expected between end of November 2024 and end of May 2025 were also met.
Comoros’ economic reform program supported by the ECF arrangement seeks to reduce fragility and increase economic resilience by building fiscal buffers, reducing debt vulnerabilities, strengthening the financial sector, and enhancing governance. Key policy priorities for the program remain unchanged and include: (i) mobilizing domestic revenue through reforms to strengthen tax and customs administration and streamline tax exemptions; (ii) stabilizing the financial sector including through the restructuring of the state-owned postal bank SNPSF and enhancing the Central Bank’s banking supervision and resolution capacities; and (iii) strengthening governance through PFM and anti-corruption reforms.
Economic conditions remain broadly stable, though risks persist. Growth is estimated at 3.3 percent in 2024 and projected to rise to 3.8 percent in 2025, supported by public investment and recovering private sector credit. Inflation averaged 5 percent in 2024 and reached 7.3 percent (y/y) in March 2025, driven by food price pressures linked to cyclone-related supply disruptions and strong seasonal demand. As a result, average inflation for 2025 has been revised upward from 1.8 to 3.8 percent. Fiscal consolidation was weaker than expected in 2024 largely due to revenue shortfalls, but a stronger adjustment is planned for 2025, supported by corrective measures. The external position remains stable, with the current account deficit estimated at 2.2 percent of GDP and international reserves covering 7.4 months of imports in 2024. Reserves are projected to exceed 8.5 months over the program period.
Following the Executive Board’s discussion, Mr. Nigel Clarke, Deputy Managing Director, and Acting Chair, issued the following statement:
“The Comorian authorities remain committed to their reform agenda under the Extended Credit Facility-supported program, despite setbacks in 2024 linked to a lengthy political transition and external shocks. While the external position remains stable—supported by continued reserve accumulation—economic momentum softened amid elevated food inflation and cyclone-related supply shocks. These challenges highlight Comoros’s structural vulnerabilities as a small, fragile island state with limited fiscal space, weak diversification, and exposure to external and climate risks.
“Fiscal policy continues to focus on a medium-term consolidation agenda to safeguard debt sustainability. Although 2024 fiscal outturns were weaker than expected driven largely by underperformance in tax revenue, the authorities are addressing the revenue shortfalls through corrective measures aimed at strengthening customs enforcement, improving taxpayer compliance, and recovering tax arrears.
“Monetary policy remains focused on preserving external stability through the euro peg, alongside gradual improvements in liquidity management. While inflation remains elevated, the BCC stands ready to tighten its stance if inflation or reserve pressures persist. The central bank has expanded liquidity absorption capacity and begun publishing its operations calendar, with further reforms planned. Progress in financial supervision, resolution planning, and recapitalization—and sound operationalization of the new postal bank (BPC)—will be key to reinforcing financial sector resilience.
“Governance and institutional reforms are progressing, though unevenly. Key achievements include operationalizing the Anti-Corruption Chamber, enhancing fiscal transparency, and adopting budget management regulations. Nonetheless, challenges persist in liquidity forecasting and cash management, accuracy in budget execution reporting, and reform implementation capacity. Strengthening the Treasury Committee, improving SOE oversight, and sustaining the PFM reform strategy remain essential to bolstering fiscal credibility.
“Program implementation has regained momentum following a slowdown in late 2024. Continued engagement with the IMF and donor partners will be essential to safeguard macroeconomic stability, advance reforms, catalyze grants and concessional financing, and address capacity gaps.”
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Comoros Selected Economic Indicators (2024-28) |
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Population (2018, thousands): 856 |
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Main products and exports: Cloves, ylang-ylang, vanilla |
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Key export markets: Asia, European Union |
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2024 |
2025 |
2026 |
2027 |
2028 |
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Est. |
proj. |
proj. |
proj. |
proj. |
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Output |
|
|
|
|
|
|
|
|
|
||
|
Real GDP growth (%) |
3.3 |
3.8 |
4.3 |
4.5 |
4.3 |
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|
Employment |
|
|
|
|
|
|
|
|
|
||
|
Unemployment (%) |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
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|
Prices |
|
|
|
|
|
|
|
|
|
|
|
|
Inflation, period average (%) |
5.0 |
3.8 |
1.7 |
2.1 |
2.1 |
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|
Central government finances |
|
|
|
|
|
|
|
|
|||
|
Revenue and grants (% GDP) |
16.2 |
17.8 |
17.2 |
16.8 |
16.7 |
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|
Expenditure (% GDP) |
19.2 |
19.6 |
18.9 |
18.7 |
18.8 |
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|
Fiscal balance (% GDP) |
-3.6 |
-1.9 |
-1.7 |
-1.9 |
-2.1 |
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|
Public debt (% GDP) |
33.7 |
36.3 |
37.7 |
37.9 |
39.3 |
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Money and Credit |
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|
|
|
|
|
|
|
|||
|
Broad Money (% change) |
5.1 |
6.0 |
5.5 |
7.0 |
5.0 |
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|
Credit to private sector (% change) |
1.6 |
8.7 |
5.2 |
5.7 |
5.5 |
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|
Balance of Payments |
|
|
|
|
|
|
|
|
|||
|
Current account (% GDP) |
-2.2 |
-3.1 |
-4.1 |
-3.6 |
-3.0 |
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|
FDI (% GDP) |
0.4 |
0.6 |
0.6 |
0.6 |
0.6 |
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|
Reserves (months imports) |
7.4 |
7.7 |
8.4 |
7.8 |
9.5 |
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|
External debt (% GDP) |
30.0 |
31.3 |
33.8 |
34.7 |
36.5 |
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Exchange rate |
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|
|
|
|
|
|
|
|
||
|
KMF/US$ (period average) |
449.7 |
… |
… |
… |
… |
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Sources: country authorities; and IMF staff’s estimates. |
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PRESS OFFICER: Pavis Devahasadin
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/06/24/pr25215-comoros-imf-completes-the-fourth-review-under-the-extended-credit-facility-arrangement
Source: European Parliament
Source: European Investment Bank
Luxembourg/Aachen, 26 June 2025. – The European Investment Bank (EIB) has granted financing of €30 million to OLEDWorks, a provider of innovative lighting solutions for the automotive industry, microdisplays, and other specialty lighting applications. The loan aims to support the company’s expansion and product development within the European Union, with a primary focus on automotive clients. Most of the investment will be used at the borrower’s existing site in Aachen, Germany.
OLEDWorks specialises in designing and developing lighting solutions based on organic light-emitting diodes (OLEDs). Its technology offers a combination of high brightness, energy efficiency, and durability. Notably, the company has developed an innovative application for OLED panels in the automotive sector, which represents a first-of-its-kind use case at scale.
The financing provided by the EIB will enable OLEDWorks to strengthen its position as a world leader in multi-stack OLED technology, and to expand its portfolio of automotive customers. It will also allow OLEDWorks to capitalise on the nascent trend of using OLED technologies in the automotive sector, which is expected to gain momentum in the coming years. Furthermore, the financing will help to keep key manufacturing sectors and innovation in Europe, as the lighting industry has largely been delocalised to Asia in recent decades.
“OLEDWorks provides the type of cutting-edge technology that will secure a bright future for Europe and its people,” said EIB Vice President Nicola Beer, who oversees the Bank’s operations in Germany. “The financing provided by the EIB reflects our commitment to supporting innovative companies in strategic sectors. OLEDWorks’ lighting solutions align with our objective of fostering technological advancements on the continent—progress we need if we want Europe to be competitive and green.”
David DeJoy, CEO of OLEDWorks, emphasizes the pivotal role this investment plays in meeting customer needs: “The financing provided by the EIB will allow for expedited technology development and will enable advancements of OLED lighting technology with higher segmentation and display-like capabilities, higher brightness for automotive stop and turn applications, and bendable OLED panels.”
Wolfgang Görgen, Managing Director of OLEDWorks GmbH, adds: ”The technology advancements along with enhanced capacity at our Aachen facility will empower us to respond swiftly to our customers’ demands.”
The EIB support is expected to facilitate OLEDWorks’ growth plans and enable the hiring of some 45 new employees over the next three to four years. The project falls under the InvestEU-supported Future Tech programme loan, which addresses funding gaps and provides adequate risk capital to venture-backed companies in the EU. European small and mid-sized companies often face challenges in accessing non-dilutive financing options for growth investments. Since its establishment in 2016, the EIB’s innovation financing team has addressed the unique funding needs of over 300 fast-growing companies, investing €7 billion in the process.
Background information
About the European Investment Bank
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
About OLEDworks
OLEDWorks is a global leader in the development and production of innovative organic light-emitting diode (OLED) technology. By producing the world’s best-performing OLED panels and combining rapid product innovation, OLEDWorks enriches lighting solutions in automotive, specialty, and microdisplay applications.
The OLEDWorks manufacturing facility is IATF 16949 and ISO 9001, 14001, 45001 certified with full traceability via a factory MES system.
About the InvestEU Programme
The InvestEU programme supports the sustainable recovery of the European Union by leveraging significant private and public funds. It aims to crowd in private investment for strategic priorities such as the European Green Deal and the digital transition. The programme simplifies and enhances funding opportunities for investment projects within the European Union. It consists of the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners utilising the EU budget guarantee of €26.2 billion to mobilise at least €372 billion in additional investment.
©EIB
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