Equity benchmarks opened on a strong note on Tuesday, buoyed by easing geopolitical tensions in West Asia and positive cues from global markets. The rally followed an announcement by U.S. President Donald Trump declaring a ceasefire between Iran and Israel.
The BSE Sensex rose 756.5 points, or 0.92%, to 82,653.33 in early trade, while the NSE Nifty climbed 229 points, or 0.92%, to 25,200.90. Broad-based buying was seen across sectors, with auto, IT, PSU banks and financial services stocks leading the gains.
Analysts noted that the de-escalation in West Asia is likely to reduce volatility in crude oil and equity markets. “The sharp reactions in the crude oil and stock markets suggest the geopolitical situation is limping back to normalcy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Nifty Bank index gained 557.25 points, or 0.99%, to trade at 56,616.60. The Nifty Midcap 100 rose 411 points, or 0.71%, to 58,617.80, while the Nifty Smallcap 100 was up 123.05 points, or 0.67%, at 18,443.95.
Aakash Shah, Technical Research Analyst at Choice Broking, said the recovery in the Nifty and Bank Nifty indicates buying interest at lower levels, but added that a breakout above 25,200 and 56,300 respectively would be needed for a sustained rally. “Given the current environment of heightened volatility, investors should remain cautiously optimistic,” he said.
In the Sensex pack, Adani Ports, M&M, UltraTech Cement, L&T, Titan, SBI, Asian Paints, Bajaj Finance and Bajaj Finserv were among the top gainers. NTPC, BEL and Trent were trading in the red.
On the institutional front, foreign institutional investors (FIIs) were net sellers on June 23, offloading equities worth ₹1,874.38 crore. In contrast, domestic institutional investors (DIIs) bought stocks worth ₹5,591.77 crore.
Asian markets mirrored the optimism, with indices in Bangkok, Tokyo, Shanghai, Seoul, Hong Kong and Jakarta trading in positive territory.
Overnight in the U.S., the Dow Jones closed at 42,581.78, up 374.96 points (0.89%). The S&P 500 gained 0.96% to end at 6,025.17, while the Nasdaq advanced 0.94% to 19,630.97.
Source: Australian Petroleum Production & Exploration Association
Headline: Media release: Vic Government’s rethink on gas ban recognises Victorians want choice – Australian Energy Producers
The Victorian Government’s partial backdown on its proposed ban on new gas appliances is welcome acknowledgment that Victorians want choice for their homes and businesses, but more needs to be done to address gas shortfalls facing the state, Australian Energy Producers Victorian Director Peter Kos said.
“This is a welcome and pragmatic shift from the wider gas appliance ban the Victorian Government proposed earlier this year, which would have increased costs for households and businesses, stifled crucial gas investment and left Victorians facing higher energy bills and reduced energy security,” Mr Kos said.
“It shows the Government has heard the clear message from households and industry that gas remains vital to Victoria’s energy security and that Victorians want to keep using gas.
“However, the plan to force homes off gas hot water and banning gas connections in new commercial developments further adds to the Government’s mixed messages on gas and does not address the urgent need for more gas supply to avoid structural shortfalls forecast for Victoria from 2029.”
Mr Kos said Victoria’s gas industry is committed to bringing new supply to market, but needs evidence-based energy policy that recognises the long-term role of gas in Victoria’s energy mix to encourage investment in new gas exploration and development.
“Victoria has vast untapped gas reserves in Gippsland and the Otway Basin. The Government should work with industry to unlock this opportunity and ensure Victorians continue to have reliable and affordable energy,” Mr Kos said.
Australian Energy Producers’ submission to the draft Regulatory Impact Statement highlighted the critical role of gas in Victoria’s energy mix, with over 2 million homes and businesses connected to the gas network. The natural gas industry employs over 40,000 Victorians and contributes $22 billion to the Victorian economy each year.
Source: United States Senator for Kentucky Rand Paul
FOR IMMEDIATE RELEASE:
June 20th, 2025
Contact: Press_Paul@paul.senate.gov, 202-224-4343
Dr. Rand Paul Introduces “End the Fed’s Big Bank Bailout Act”
WASHINGTON, D.C. — U.S. Senator Rand Paul (R-KY) introduced the End the Fed’s Big Bank Bailout Act, legislation to prohibit the Federal Reserve from paying interest on balances held at Federal Reserve banks by or on behalf of depository institutions.
“Our country is over $36 trillion in debt,” said Dr. Paul. “But no one pays attention to the hundreds of billions of dollars the Federal Reserve unnecessarily paid to banks to NOT lend money to consumers.”
Until 2008, the Federal Reserve paid no interest to banks on reserve balances. That changed after the financial crisis, when Congress authorized the payments as a tool to control the money supply. From 2008 to 2016, interest payments averaged just $5 billion annually. But with the Fed’s rate now above 4 percent, these payments have exploded.
“In 2022, the Fed paid $60 billion to banks. In 2023, the Fed payments to banks rose to over $176 billion. And in 2024, the Fed’s subsidy to banks rose to about $186 billion. The Fed has been operating at a loss since September 2022,” Dr. Paul continued. “While the Fed no longer has profits and ceased returning those profits to the taxpayers by remitting those funds to the Treasury, it still, to this very day, pays what has amounted to hundreds of billions of dollars to banks.”
The End the Fed’s Big Bank Bailout Act amends Section 19 of the Federal Reserve Act to eliminate the Fed’s authority to make these interest payments. Senator Paul argues this simple change could save more than a trillion dollars over the next decade.
“At a time of persistent and self-imposed worsening losses at the Fed, the manipulators of the American economy continue to pay banks to do nothing but have their funds sit in a safe,” said Dr. Paul. “How can anybody, especially the populist Republicans and the entire Democratic Caucus, defend such a subsidy when supposed income inequality and the national debt is at the top of the political agenda?”
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
MINSK, June 24 /Xinhua/ — The National Bank of Belarus will raise the refinancing rate from 9.5 percent to 9.75 percent from June 25. This decision was made at a meeting of the board of the National Bank of the country dedicated to the development of the situation in the economy and monetary sphere. The relevant information was published by the press service of the Belarusian National Bank on Monday.
As noted by the National Bank of Belarus, despite the continued positive dynamics of economic growth, the macroeconomic imbalance caused by the widening gap between the growth rates of labor productivity and wages is increasing. As a result of the increase in wages, consumption increases, leading to a significant increase in consumer imports. Income growth increases the creditworthiness of citizens, which, in turn, leads to increased demand for imported durable goods. The increase in consumer imports for the four months of 2025 amounted to 14.5 percent, which also indicates the risks of increased pressure on the current account balance of the balance of payments.
At the same time, there is a stable liquidity surplus in the banking system and an annual growth of the money supply at a level above 15 percent. Given the emerging high inflation trajectory, the Board of the National Bank of Belarus considers it necessary to make decisions aimed at increasing the attractiveness of savings in the economy and, as a consequence, the growth of the resource base for investment activity.
“In order to mitigate the above risks and stimulate investment activity, a decision was made to increase the refinancing rate by 25 basis points to 9.75 percent per annum from June 25, 2025, and the rates on permanently available liquidity support operations /overnight credit, overnight SWAP/ and bilateral liquidity support operations /lombard loans at a fixed rate and SWAP transactions/ by 25 basis points to 11.25 percent per annum,” said Roman Golovchenko, Chairman of the Board of the National Bank of Belarus. –0–
Source: People’s Republic of China – State Council News
European stock markets were bullish in the first half of the year as investors in the United States increasingly turned to European capital markets in an effort to diversify, German media reported on Monday.
According to the German news agency DPA, European stock markets have outpaced their U.S. counterparts in terms of growth, an unseen development in years.
Despite the sluggish economy, the German stock markets have grown strongly and the benchmark DAX index has soared by 16 percent since the beginning of this year. Stock exchanges in Spain and Italy also recorded double-digit growth, in contrast to the moderate growth of less than two percent in the U.S. markets.
Analysts from Munich Alliance and Deutsche Bank, cited by DPA, pointed to indications of capital shifting from the United States to Europe. They attributed this trend to investor concerns over the uncertainty sparked by erratic U.S. trade policies and the depreciation of the U.S. dollar.
European Central Bank President Christine Lagarde also noted the trend during the monetary policy press conference earlier this month, highlighting growing investor confidence in Europe.
“We perceive a serious momentum to improve, to change, to simplify, to streamline, and to encourage and … welcome capital into Europe,” Lagarde said.
24 June, Jerusalem – As international focus shifts to the escalating conflict between Israel and Iran, Israeli forces have ramped up their activities in the West Bank. Increased military operations in Jenin, Nablus, and Tulkarem governorates, along with additional troop deployments, have led to heightened restrictions on Palestinians. Médecins sans Frontières (MSF) warns that these actions exacerbate the already dire situation for Palestinians in the West Bank, who face significant barriers to accessing healthcare and essential services, especially since October 2023. MSF urges an immediate halt to measures that contribute to forced displacement and a system of annexation, including prolonged military presence, movement restrictions, demolitions, excessive use of force, and denial of basic services.
“On June 13 the Israeli forces raided my village in Tulkarem, they took over two residential buildings and turned them into military barracks, displacing the people who were living there. Since then, they have been patrolling the village regularly, conducting investigations, interrogations, arrests, searches, and detentions.” Karim*, MSF staff member
“Over the past week, West Bank communities have seen their lives further controlled by an occupying power while the world looks away. This cannot continue.” Simona Onidi, project coordinator Jenin and Tulkarem.
On 13 June, the day the escalations started, the Israeli authorities blocked all major Israeli checkpoints and road gates entrances to Hebron for four days. This forced people seeking medical care to cross between areas on foot, forcing critically ill people to walk long distances, taking the risk of being shot at, or being prevented from crossing at all.
“On 14 June, I tried to take my brother from Bethlehem to a medical appointment in Hebron – a trip that should take 25 minutes. But due to the new Israeli restrictions, all main entrances and exits were closed. It took us three hours, and in the end, despite being very ill, he had to walk through a closed checkpoint on foot, like many others, which is not safe.” Oday Al-Shobaki, communications officer.
MSF has suspended mobile clinics in Hebron and Nablus that provide mental health, sexual reproductive care, and basic healthcare due to these checkpoint closures and security concerns from the intensified military operations. In Jenin and Tulkarem, mobile clinics had to adapt working hours, running on some days, not others, because of Israeli forces’ presence in nearby villages. This has forced patients to rely on phone consultations.
Military operations and violent raids by the Israeli army have been going on for years in the West Bank. 2022 saw a then-record number of Palestinian deaths due to violence by Israeli forces or settlers. Since October 2023, Israeli forces have increased the number of coercive measures and use of extreme physical violence against Palestinians in the occupied West Bank including severe movement restrictions, military raids, and systemic barriers to essential services.
In January 2025, the Israeli forces began the ‘Iron Wall’ military operation in northern West Bank, which is still ongoing. Violently emptying well-established camps and preventing any return. More than 42,000 people have been forcibly displaced and left without stable homes and with limited access to food, water, and medical care.
“This latest wave of restrictions and violence over the last week, seems to be an opportunity for Israeli forces to entrench control, deepen the fragmentation of Palestinian communities and further the system that the International Court of Justice has described as amounting to racial segregation and apartheid. We urge third states to move beyond words of condemnation and put real pressure on Israeli authorities to end excessive force and lift movement restrictions blocking access to essential services and humanitarian aid, scaling up support for displaced and isolated communities across the West Bank.” Simona Onidi, project coordinator, Jenin and Tulkarem.
(*name changed.)
MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au
For years, Samsung has designed its devices around what people need: better performance, sharper cameras, and smarter ways to stay connected. But today, the shift isn’t just about what devices can do – it’s also about how people interact with them. As AI rapidly becomes the new user interface, it’s redefining how we interact with our devices. No longer just a collection of apps and tools, the smartphone is evolving into smart companions that understands user intent and responds in real time. This transformation moves us from reaction to anticipation – where, as AI becomes the UI, intent becomes instant.
This future is already unfolding, and the best of Galaxy AI1 and Samsung craftsmanship is set to be unveiled. Galaxy devices are being reimagined around this new AI-powered interface, supported by breakthrough hardware built to unlock its full potential.
On July 9, Samsung Electronics will host Unpacked in Brooklyn, New York – a borough with an extraordinary spirit and a distinctive history. Brooklyn is where visionary thinking and bold ideas shape the future, so it’s only fitting that Samsung unveils the latest and greatest additions to the Galaxy portfolio in a place known for its culture, creativity, and collaboration. The event will be streamed live on Samsung.com, Samsung Newsroom, and Samsung’s YouTube channel beginning at 10 a.m. ET, 3 p.m. BST, and 4 p.m. CET.
Stay tuned and make sure to visit samsungmobilepress.com for all upcoming teasers, trailers and updates ahead of Unpacked 2025 and head over to Samsung.com to learn more about Reserve offers – including how you can earn a $50 Samsung Credit towards the latest Galaxy device.2
UK Government honours exceptional exporters with Made in the UK, Sold to the World Awards
Twelve exceptional UK-based SMEs have been named today as winners of the Department for Business and Trade’s 2025 Made in the UK, Sold to the World Awards.
Twelve SMEs announced as winners of the 2025 Made in the UK, Sold to the World Awards
Now in their third year, the awards celebrate outstanding small businesses achieving exporting success
Winning entries highlight the UK’s strength in sustainability and AI innovation
From ethical metal recycling to AI-driven edtech and digital identity, twelve exceptional UK-based SMEs have been named today as winners of the Department for Business and Trade’s (DBT) 2025 Made in the UK, Sold to the World Awards.
Now in their third year, the awards celebrate the international growth of the UK’s most dynamic small businesses. While the awards naturally reflect the sectoral diversity of British innovation, this year’s winners signal a global appetite for UK leadership in two high-growth areas: sustainability and artificial intelligence. From Osbit’s offshore wind infrastructure to Twin Science’s gamified climate action kits and ubloquity’s AI-enhanced trade platform, British SMEs are exporting solutions to tackle some of the world’s most urgent challenges.
Gareth Thomas, Minister for Services, Small Businesses and Exports, said:
The innovation and entrepreneurship shown by the businesses entering the Made in the UK, Sold to the World Awards demonstrate the best of British business.
When small businesses export, the whole economy benefits. By celebrating the outstanding international trade achievements of UK SMEs, we hope to encourage more businesses to get on the exporting ladder and take the best of Britain to markets around the world.
This year’s winners were chosen from hundreds of entries across 12 sector-focused categories, including two new areas—Digital & Technology and Export Services—introduced to reflect evolving global opportunities. Each category includes one winner and up to three highly commended businesses.
In the Digital & Technology category, Porotech stood out for its AR and AI-powered wearables, with 90% of revenue from exports and partnerships with Amazon, Microsoft and Foxconn. Twin Science & Robotics, winner in Education & EdTech, exports to over 40 countries and has seen 70% annual revenue growth through its STEM kits focused on AI, robotics and climate literacy.
Sustainability also remains a major theme across the winners. Osbit, winner in Low Carbon Energy, delivers mission-critical offshore wind technology, with 65% of revenue from exports. Meanwhile, Avon Specialty Metals, recognised in Advanced Manufacturing & Construction, recycles high-performance metals and alloys and has grown international sales by 192% over three years.
Winners like Gerald McDonald & Company (Agriculture, Food & Drink) and LIMB-art (Healthcare) underscore the global demand for British-made, high-quality products. From innovative prosthetics to premium fruit derivatives, these SMEs prove that exporting drives resilience, expansion and innovation.
This year’s winners will receive a bespoke promotional package, including a one-year membership to the Chartered Institute of Export & International Trade, a working capital masterclass with Lloyds Bank, an invitation to the winners’ reception in London, professional photography of their business, bespoke promotion on DBT channels and a digital badge, certificate and trophy to commemorate their achievements.
By creating jobs, driving innovation and exporting world-class British products and services, these businesses are making a vital contribution to the Government’s mission to go further and faster for economic growth as part of its Plan for Change.
A key part of this mission is supporting SMEs to grow, scale and enter global markets—recognising that when more businesses trade internationally, the entire UK economy benefits. Exporting supports a fifth of UK employment1, paying on average 7% higher wages2 and delivering 21% higher productivity for goods exporters3.
To help achieve its mission, the Government recently revamped the Board of Trade to boost SME exports and will soon launch its Trade Strategy. This will set out its approach to maximising export opportunities, including those arising from recently signed agreements with India, the US and the EU.
2025 Winners of the Made in the UK, Sold to the World Awards:
Advanced Manufacturing & Construction – Avon Specialty Metals (Gloucester): Selling to 20+ countries with exporting accounting for 31% of revenue from sustainable alloy/metal recycling and AI-driven processing
Agriculture, Food & Drink – Gerald McDonald and Company Ltd (Basildon, Essex): World’s largest supplier of premium Japanese yuzu juice, exporting to 4 continents
Consultancy & Professional Services – Champions Speakers (Loughborough): Exporting to 66 countries, 122% growth in two years
Creative Industries – Luminous Show Technology (Exeter): Special effects hardware used in Harry Potter and the Commonwealth Games, with 35% export revenue
Digital & Technology – Porotech (Cambridge): 90% export revenue; cutting-edge AR and AI display tech
Education & EdTech – Twin Science & Robotics Ltd (London): STEM tools used in 40+ countries, 93% export revenue
Financial Services & FinTech – Ozone Financial Technology Ltd (London): Exports to 15 countries; 77% of revenue from international markets
Healthcare – LIMB-art (Conwy, Wales): Stylish prosthetics sold in 10 countries; 30% of revenue from exports
Infrastructure & Engineering – Maritime Developments Limited (Aberdeen): 92% export revenue from offshore energy tech
Low Carbon Energy – Osbit (Riding Mill, Northumberland): Bespoke offshore wind equipment exported to 9 countries
Retail & Consumer Goods – Jenolite UK Ltd (Biggleswade, Bedfordshire): Iconic rust removal brand exporting to 50+ countries, with £2.9M in export revenue
Export Services – ubloquity (Scarva, Northern Ireland): AI, blockchain and digital identity solutions empowering businesses to scale globally
2025 Highly Commended Businesses:
Advanced Manufacturing & Construction – Bespoke Stairlifts (Huddersfield), Delta-Xero Distribution Ltd (Fareham), John King Chains (Leeds)
NAB today announced the appointment of Pete Steel as Group Executive, Digital, Data & Artificial Intelligence.
In this new role reporting to NAB Group Chief Executive Officer, Andrew Irvine, Mr Steel will lead the bank’s digital, data and AI teams and initiatives to deliver better experiences for customers. He will also be accountable for design, customer onboarding and NAB’s digital bank ubank.
“Digital, data and AI are critical enablers for the delivery of our strategic ambition of customer-centricity and now is the right time to have an executive solely accountable and focussed on accelerating our progress in these areas,” Mr Irvine said.
“Pete’s deep experience in using digital and technology solutions to deliver for customers and driving commercial outcomes will be a valuable addition to my Executive Leadership Team.”
Mr Steel is Managing Director, Customer Engagement, at Lloyds Banking Group in the UK, leading a division of approximately 16,000 people responsible for consumer sales and service, digital, artificial intelligence, personalisation, branches, call centres and advisers.
Prior to joining Lloyds, he founded fintech startup Expertli and served as a Senior Adviser on digital transformation at Boston Consulting Group. Previously, he spent 16 years at CBA in executive roles including Group Chief Digital Officer.
Mr Steel will start at NAB on January 5, 2026, subject to regulatory approvals and on completing his employment at Lloyds.
Following these changes, Group Chief Operating Officer Les Matheson will continue to have responsibility for several of NAB’s key strategic priorities including Business-led Technology Modernisation, Payments, Customer Experience, Group Marketing and Enterprise Simplification.
Not for distribution to United States news wire services or for dissemination in the United States.
TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Bitcoin Treasury Corporation (“Bitcoin Treasury” or the “Corporation”), further to its press releases dated May 22, 2025, May 30, 2025, and June 17, 2025, is pleased to announce that it has completed the previously announced amalgamation, pursuant to which 2680083 Alberta Ltd. (“268”) and Bitcoin Treasury Corporation (pre-amalgamated entity) (“BTCT”) have amalgamated and will continue as one corporation, that will carry on the business of BTCT (the “Transaction”). The Corporation is also pleased to announce that a listing application in respect of the Corporation has been submitted to the TSX Venture Exchange (the “TSXV”) to list the common shares of the Corporation (the “Bitcoin Treasury Shares”). Listing of the Bitcoin Treasury Shares is subject to the TSXV providing final approval thereof (the “Listing”).
Concurrent Financing
The Corporation is also pleased to announce that, further to its press release dated May 30, 2025 and prior to the close of the Transaction, BTCT closed a concurrent brokered private placement of 8,407,350 equity subscription receipts and 25,000 convertible debenture subscription receipts (the “Convertible Debenture Subscription Receipts”) at a price of $1,000 per Convertible Debenture Subscription Receipt and a non-brokered private placement of 1,166,000 equity subscription receipts (the “Equity Subscription Receipts”) at a price of $10.00 per Equity Subscription Receipt for aggregate gross proceeds of $120,733,500 (collectively, the “Concurrent Financing”). Canaccord Genuity and Stifel acted as co-lead agents, together with National Bank Financial Markets, BMO Capital Markets, CIBC Capital Markets, Wellington-Altus, Greenhill, a Mizuho affiliate, Research Capital, Haywood Securities, ATB Capital Markets, Independent Trading Group, Richardson Wealth and Ventum Capital Markets (collectively, the “Agents”) in connection with the Concurrent Financing.
Prior to the close of the Transaction, each Equity Subscription Receipt was converted into one common share of BTCT (“BTCT Share”) and each Convertible Debenture Subscription Receipt was converted into one convertible debenture of BTCT (“BTCT Convertible Debenture”) on a one for one basis.
In connection with the closing of the Concurrent Financing and as consideration for their services, BTCT paid to the Agents cash fees of $5,979,000.
Share Consolidation
Immediately prior to the completion of the Transaction, 268 completed a consolidation of the common shares of 268 (“268 Shares”) based on a ratio of one (1) post-consolidation common share for each 51.66712593 pre-consolidation common shares, resulting in an aggregate of 74,999 268 Shares.
The Transaction
Pursuant to the amended and restated amalgamation agreement between 268 and BTCT dated June 16, 2025, among other things, (i) 268 and BTCT have amalgamated pursuant to the provisions of the Business Corporations Act (Alberta); (ii) each holder of BTCT Shares received one Bitcoin Treasury Share in exchange for each BTCT Share held by such holder and the BTCT Shares were cancelled by the Corporation; (iii) each holder of BTCT Convertible Debentures or warrants of BTCT (the “BTCT Convertible Securities”) received one convertible debenture in the Corporation or one warrant of the Corporation, as the case may be, in exchange for each BTCT Convertible Security held by such holder and the BTCT Convertible Securities were cancelled by the Corporation; (iv) each holder of 268 Shares received one Bitcoin Treasury Share in exchange for each 268 Share held by such holder and the 268 Shares were cancelled by the Corporation; and (v) the Corporation adopted the equity incentive plan of BTCT.
Bitcoin Treasury Share Offering
Upon final approval from the TSXV of the Listing and the TSXV’s issuance of a “list and halt” bulletin, the Corporation intends to complete a brokered offering of up to 426,650 Bitcoin Treasury Shares at a price of $10.00 per Bitcoin Treasury Share (the “Offered Shares”). This, combined with the Concurrent Financing, will provide aggregate gross proceeds of $125,000,000. The Offered Shares will be issued after the Bitcoin Treasury Shares commence trading on the TSXV, and such Bitcoin Treasury Shares shall immediately be halted. Such Offered Shares will be eligible for investment in RRSPs, RESPs, RRIFs, RDSPs, TFSAs, FHSAs and DPSPs, but will be subject to a statutory hold period of four months plus one day from the date the Offered Shares are issued, in accordance with applicable Canadian securities laws. The offering of the Offered Shares is expected to close on or about the week of June 23, 2025. In connection with the closing of the Offered Shares and as consideration for their services, BTCT anticipates a payment to the Agents a cash commission of $178,950.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the Listing of Bitcoin Treasury Shares; the offering of Offered Shares; the anticipated closing date of the Offered Share offering; receipt of a TSXV list and halt bulletin; the anticipated Agents fees relating to the Offered Share offering; expectations related to Bitcoin and its use in the future; and future development plans of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: ability to close the Bitcoin Treasury Share Offering on the proposed terms or at all, the synergies expected from the Transactionnot being realized; business integration risks; the Corporation’s operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; BTCT operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of BTCT; evolving cryptocurrency regulatory requirements and the impact on BTCT’s business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation’s business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the Bitcoin Treasury Shares; market price of the Bitcoin Treasury Shares; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation’s business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the amalgamation agreement may be terminated by 268 or BTCT in certain circumstances; there can be no certainty that all conditions precedent to the Transaction will be satisfied; BTCT and 268 may incur costs even if the Transaction is not completed; the requirements that accompany being a publicly traded company may put a strain on the Corporation’s resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; uncertainty of use of proceeds; liquidity risk; leverage risk; and share price fluctuations.
Although management of BTCT believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and BTCT does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management’s estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.
Completion of the Listingis subject to a number of conditions, including but not limited to, TSXV acceptance.
Investors are cautioned that, except as disclosed in the filing statement filed on June 17, 2025, any information released or received with respect to the Transactionmay not be accurate or complete and should not be relied upon.
The TSXV has neither approved nor disapproved the contents of this news release.
OAKDALE, Calif., June 23, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that Mariam Shah has joined the bank as Vice President, Branch Manager of the Lodi Branch which is located at 31 South School Street and is slated to open later this summer.
Shah brings over a decade of banking experience to her new role, including the past three years as a Branch Manager at another financial institution. She will oversee daily branch operations and focus on building new business relationships within the Lodi community. “We are excited to welcome Mariam to Oak Valley and the Lodi community,” said Julie DeHart, Executive Vice President, Retail Banking Group. “Her banking experience, leadership abilities, and strong communication skills will be instrumental in strengthening client relationships and driving the growth of our branch.”
Shah holds a Bachelor of Science degree in Business Administration and Management from Georgia College and State University. She is a former member of the Pleasant Hill Chamber of Commerce and currently resides in Tracy. Outside of work, she enjoys outdoor activities, hiking, beach trips, participating in holiday charity events, and visiting family.
Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The Lodi Branch will be the bank’s 19th location.
For more information, call 1-866-844-7500 or visit www.ovcb.com.
STORM LAKE, Iowa – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Committee on Agriculture, led a roundtable discussion on her bipartisan Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) that will expand opportunities for first-time farmers and small to mid-size manufacturers.
The legislation will modernize the Internal Revenue Service’s (IRS) rules for Industrial Development Bonds (IDBs) and First-Time Farmer Bonds (Aggie Bonds) and provide new financing opportunities for beginning farmers and small-scale manufacturers. Iowa leads the nation in use of Aggie Bonds, but the rules for IDBs and Aggie Bonds have not been updated in nearly 30 years.
“It’s time to cut the red tape and give our farmers, small manufacturers, and rural lenders room to grow. My bipartisan MAMBA legislation’s commonsense updates will do that by driving new investment and making it easier for beginning farmers and manufacturers to access capital and grow their businesses,” said Senator Ernst. “Iowa leads the nation in using Aggie Bonds, and I appreciate the folks who joined me to share their insights as I work to get this bill across the finish line.”
Download photos from the event here.
Today, Ernst was joined by:
Tammy Nebola, Ag Development Program Specialist, Iowa Finance Authority
Jayme Ungs, Iowa Ag Development Division Board Member, Peoples Bank
Kevin Boyle, Iowa Ag Development Division Board Member, Templeton Savings Bank
Eric Weuve, Organizer of the Iowa Bankers Association Ag Lending Program, Iowa State Extension
Makayla Gallentine, Advocacy and Policy Coordinator, Iowa Bankers Association
Mike Gathman, CEO, Community Bankers of Iowa
Ernst’s MAMBA legislation has earned overwhelming support:
“We applaud Senator Ernst for introducing the Modernizing Agricultural and Manufacturing Bonds Act,” said David Howard, Policy Development Director at the National Young Farmers Coalition. “Access to land–the number one challenge for this new generation of farmers and ranchers–is inextricably linked to credit accessibility. Aggies bonds provide a win-win mechanism that affords tax free interest to private agricultural lenders, on lower interest loans made to beginning farmers. This proposed legislation will make several commonsense updates to this important credit accessibility tool.”
“We are thrilled that MAMBA has been reintroduced in the U.S. Senate with bipartisan support. With our country facing great economic opportunity, it has become clear that investments in farmers and manufacturers are necessary to strengthen the United States’ global competitiveness. By updating the 40-year-old rules around agricultural and manufacturing bonds, MAMBA allows for the innovative financing tools necessary to invest in local communities by expanding and growing American manufacturing and farming,” said Toby Rittner, President & CEO of the Council of Development Finance Agencies. “Senators Ernst and Warner have been great champions of farmers and manufacturers and the development finance industry as a whole, and I am thankful for their commitment to those key pillars of the U.S. economy.”
“The BDA supports the reintroduction of the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA). This commonsense and bipartisan legislation will embolden small manufacturers and first-time farmers in a time when investment in rural America is needed more than ever,” said the Bond Dealers of America. “It has been over 30 years since these bonds have been modernized, causing stagnation in these respective industries. We call on Congress to advance this overdue legislation.”
“The Independent Community Banks of America (ICBA) supports the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) and applauds its introduction by Senators Ernst and Warner. This legislation modernizes industrial development bonds and first-time farmer bonds by updating, for the first time in 30 years, the Internal Revenue Code’s treatment of IDBs for small manufacturers and aggie bonds for beginning farmers,” said Rebeca Romero Rainey, ICBA President and CEO. “These changes allow community banks to better serve these market segments that are vitally important to our local rural economies by providing customers more flexible and larger financing and lower-cost credit options.”
“MAMBA will support the flow of investment to small and medium-size manufacturing companies across the American heartland, bringing the program of Industrial Development Bonds and Aggie Bonds into the 21st Century,” said Julius Krein, Chair of the Board of Directors of the New American Industrial Alliance. “NAIA encourages the reindustrialization of the American economy at all levels and in all sectors, especially in financing the development of productive capacity.”
Read the full bill – supported by Senators Mark Warner (D-Va.) and Cindy Hyde-Smith (R-Miss.) – here.
WASHINGTON – Support continues to pour in from small manufacturers in Iowa and across the country for Senator Joni Ernst’s (R-Iowa) Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) manufacturing loans.
Senate Committee on Small Business and Entrepreneurship Chair Ernst’s bill will continue to fuel the great manufacturing boom happening under President Trump and ensure that “Made in America” becomes the norm instead of the exception.
Here is some of the praise for the bill:
Ceilley Pallets (Waterloo, Iowa)
“I think we as a community have the potential to once again be a manufacturing powerhouse in the Cedar Valley, as well as serving throughout the United States. I am optimistic that if stewarded properly, the additional resources available to small businesses will supercharge innovation, collaboration, production, education, and flourishing of our businesses, and workforce,” said Kevin Taylor, owner.
The bill has previously earned high marks from groups across Iowa.
Iowa Association of Business and Industry
“Iowa’s manufacturers are ready to grow, invest, and lead in the future of American manufacturing – but access to capital is critical. The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally. ABI applauds Senator Ernst and Chairman Williams for their leadership and commitment to strengthening U.S. manufacturing,” said Nicole Crain, President.
Iowa Bankers Association
“The Iowa Bankers Association thanks Senator Joni Ernst for her leadership in proposing the Made in America Manufacturing Finance Act. Bank leaders in Iowa have advocated for increasing the loan limits in these SBA programs with the goal of driving more investment in communities across the state of Iowa. Manufacturing is an important piece of Iowa’s economy, and Iowa banks are proud partners in helping small businesses grow and expand. This proposed legislation will make the work of our Iowa banks even more impactful,” said Adam Gregg, President.
Cedar Rapids Metro Economic Alliance
“Manufacturing is a cornerstone of our region’s economic vitality. By increasing access to capital for small manufacturers, the Made in America Manufacturing Finance Act empowers businesses to expand, innovate and compete globally—while reinforcing our domestic supply chains. We commend Senator Ernst for her leadership as Chair of the Senate Small Business Committee and her commitment to addressing the financial needs of small manufacturers in today’s economy,” said Barbra Solberg.
Greater Burlington Partnership
“Increasing loan limits for small manufacturers strengthens the backbone of our local economy. This bipartisan effort will give more Iowa businesses the tools they need to expand operations, invest in new technology, and create quality jobs right here at home. As the cost of doing business continues to rise, we support the recommended increases in borrowing to accommodate our manufacturing businesses,” said Amy O’Brien, CEO.
Additional praise has poured in from across the country:
Better Team USA Corp (Clifton, N.J.)
“This important legislation, particularly the provision to double the maximum 7(a) loan amount for small manufacturers from $5 million to $10 million, will play a crucial role in fostering growth, expanding manufacturing capabilities, reshoring jobs to the US. I believe that this bill will provide the necessary capital injection to help small businesses like mine scale operations, compete effectively in the global market, and contribute to rebuilding U.S. supply chains,” said Martin Di Battista, President.
IngniteLI, The Manufacturing Consortium of Long Island (Hauppauge, N.Y.)
“On behalf of Ignite Long Island, which represents more than 3,200 manufacturing companies across Suffolk and Nassau Counties, I want to express strong support for the bipartisan proposal to increase the SBA 7(a) loan cap from $5 million to $10 million. This change would directly benefit small and mid-sized manufacturers in our region – many of whom face growing capital needs as they invest in equipment, workforce, and facility upgrades to remain competitive in today’s economy. Raising the 7(a) loan threshold would unlock greater access to flexible, long-term financing for expansion, automation, reshoring, and defense readiness – all of which are key priorities for Long Island’s industrial base,” said Jamie Moore, President.
Marotta Controls (Montville, N.J.)
“Marotta Controls encourages the Congress and the Administration to raise the SBA manufacturing loan limit to $10 Million. This would enable Marotta Controls to meaningfully increase our manufacturing capacity to support the Defense Industrial Base (DIB),” said Patrick Marotta, President and Chief Executive Officer.
Sly Drinks (Phoenix, Ariz.)
“America wants to build manufacturing here. If the Administration wants to build manufacturing facilities, then we need the SBA to raise the cap from 5M to 10M, reduce the equity requirements for the SBA loans on small business owners, and help small businesses like ours build manufacturing in America right here and now, and for future generation,” said Dr. Amy Czyz, Co-Founder.
Long Island Bio (Bayport, N.Y.)
“We at Long Island Bio, which represents the Pharmaceutical, Biotechnology, Nutraceutical, and Medical Device manufacturers of Long Island, express strong support for the bipartisan proposal to increase the SBA 7(a) loan cap from $5 million to $10 million. Raising the 7(a) loan threshold would unlock greater access to flexible, long-term financing for expansion, automation, reshoring, and training – all of which are key priorities for our industry segment, and all of Long Island’s industrial base,” said Tom Mariner, Executive Director.
GSE Dynamics (Hauppauge, N.Y.)
“GSE Dynamics, a federally certified woman owned small business fully supports the bipartisan bill – Made in America Manufacturing Finance Act of 2025. Revitalizing manufacturing is a bipartisan issue – if we all agree on strengthening US manufacturing then we can strengthen our national security, and we strengthen our middle class.”
Beauty Society (North Las Vegas, Nev.)
“As a company that proudly manufacturers our products in the United States, we believe strongly in the power of domestic production – not only as a means to ensure product quality and supply chain control, but also as a strategic advantage over competitors that primarily rely on imported goods. The proposed shift from $5 million to $10 million in loan guarantees would be a transformative change – one that could accelerate growth for small- and mid-sized manufacturers across the country,” said Jeannie Lorin, Founder and CEO.
Polk & Associates Construction (Brentwood, Tenn.)
“The reality of scaling a construction or manufacturing firm requires significant capital for equipment, materials, skilled labor and the working capital that allows us to execute contracts on time and with excellence. Raising the SBA loan limit to $10 million would unlock new potential for us and many others across the country. It would remove one of the more persistent barriers to growth, access to affordable capital, and create sustainable cash flow that supports scaling operations, hiring more workers, and investing in innovation,” said Reggie Polk, President and CEO.
L & H Industrial (Gillette, Wyo.)
“We strongly support the increase in SBA loan guarantees from $5 million to $10 million. This shift will allow manufacturers to confidently invest in reshoring operations, scale advanced capabilities, and bring more jobs and production back home. Access to capital remains one of the most critical levers in rebuilding America’s industrial base” said Mike Wandler, President and CEO.
Kinematica USA (Bohemia, N.Y.)
“As a proud small business owner providing technology to Pharma, Food and Cosmetic Industries, I fully support the Made in America Manufacturing Finance Act and the proposed increase in SBA 7(a) and 504 loan limits from $5 million to $10 million. This legislation sends a strong and timely message: America is serious about rebuilding its manufacturing base and empowering entrepreneurs to invest boldly in our domestic future,” said Andreas Niens, Chief Visionary Officer.
LV Iron & Steel (Sunrise Manor, Nev.)
“We were very encouraged by the discussion around the increase in lending limits, moving from $5 million to $10 million, and the potential this holds for the continued growth of our steel business and our forthcoming expansion. We anticipate that this increased access to capital and other valuable SBA resources designed to support cash flow and foster growth will be instrumental in propelling our business forward,” said Traci Aguilar, Founder.
RUTHERFORD, N.J., June 23, 2025 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (the “Company”) (NASDAQ: BLFY), announced that the Company’s Board of Directors has authorized the adoption of its sixth stock repurchase program to repurchase up to 1,082,533 shares of the Company’s common stock, which is approximately 5% of its outstanding common stock. The new program commenced on June 20, 2025.
Since announcing its first stock repurchase program on July 20, 2022, through the completion of the fifth stock repurchase program, the Company has repurchased 7,798,723 shares, or 27.3% of its common shares, at a weighted average price of $10.09. The Company’s tangible book value per share was $14.81 as of March 31, 2025.
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.
James D. Nesci, President and CEO of the Company, remarked that “We are happy to announce our sixth repurchase program. We have been successful in our prior repurchase programs, which have allowed us to repurchase shares at a significant discount to tangible book value. We believe that share repurchases are a prudent use of capital and are pleased to have the strong capital position that allows us the ability to purchase our stock and provide value to our shareholders.”
About Blue Foundry Bancorp
Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.
Forward Looking Statements
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.
Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected, including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Contact Information
Elyse D. Beidner Investor Relations BlueFoundryBank.com ebeidner@bluefoundrybank.com 201-939-5000
In 59 of 85 Russian regions, prices in May rose less than in April, and in 6 regions they fell. According to the Bank of Russia, in 41 regions, the price increase, excluding seasonality, was close to 4% or lower on an annualized basis.
The growth of food prices has slowed in 49 regions. Fruit and vegetable products and sugar have become noticeably cheaper, and the prices of pasta and cereals have continued to decline.
Non-food products fell in price in 41 regions, with the biggest decline being in the price of appliances and electronics.
The rate of price growth has decreased most noticeably in the services sector. Price dynamics have slowed in 65 regions, mainly due to transport services.
According to Rosstat, annual inflation in Russia fell to 9.9% in May. In the vast majority of regions (66), it also slowed down. The Bank of Russia will continue to reduce inflation, maintaining high rates in the economy. According to our forecast, annual inflation will return to 4% in 2026.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
PORTSMOUTH, N.H., June 23, 2025 (GLOBE NEWSWIRE) — Service Ventures, an independent investment arm of Service Credit Union, has officially launched to allow the credit union to drive its mission of improving members’ financial well-being while also helping their experience.
Service Ventures invests in solutions that empower credit unions to deliver exceptional member experiences. The firm seeks partnerships with startups that share a commitment to enhancing service, accessibility, and operational excellence across the credit union landscape.
In its early stage, Service Ventures has already made strategic investments in several innovative companies, including member engagement platform Larky, deposit management solution Modern FI CUSO, conversational AI assistant Posh AI, and wealth technology company WealthCabinet. More information on each of these companies can be found at service.vc/portfolio.
Service Ventures is led by General Partner Brian Regan. Before joining Service Ventures in 2024, Brian co-founded Strake, a cloud optimization company. Prior to that, Brian worked for VMWare’s Security Business Unit, where he focused on mergers and acquisitions, partnerships, and business planning initiatives.
“Service Ventures will fuel the next generation of companies that help credit unions better serve their members,” Regan said. “We’re focused on ethical, member-first solutions and are excited to bring visionary founders into the fold of opportunity within the cooperative banking space.”
About Service Ventures
Service Ventures is the independent venture capital arm of Service Credit Union, a $6+ billion financial institution serving more than 350,000 members worldwide. Service Ventures invests in innovative financial technology companies that align with the credit union philosophy of people helping people and fosters partnerships that drive meaningful impact across the financial services landscape.
About Service Credit Union
Service Credit Union is dedicated to providing a banking experience that improves our members’ lives and the communities in which they live. Established in 1957 to provide affordable credit to the Pease Air Force Base community, and now the largest credit union in New Hampshire, with over $6 billion in assets and 50 branch locations in the New England Region and Germany, we continue to provide a better future to our members all over the world. To learn more about Service Credit Union, please visit www.servicecu.org.
SAN DIEGO, June 23, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for May 2025.
Total advisory and brokerage assets at the end of May were $1.85 trillion, an increase of $66.6 billion, or 3.7%, compared to the end of April 2025.
Total organic net new assets for May were $6.5 billion, translating to a 4.4% annualized growth rate. This included $1.0 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $7.5 billion, translating to a 5.0% annualized growth rate.
Total client cash balances at the end of May were $49.2 billion, a decrease of $2.6 billion compared to the end of April 2025. Net buying in May was $13.5 billion.
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”) and LPL Enterprise, LLC (“LPL Enterprise”), both registered investment advisers and broker-dealers. Member FINRA/SIPC.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
His Excellency President Adama Barrow has joined other regional leaders at the Ordinary Session of Economic Community of West African States (ECOWAS) Heads of State and Government in the capital city of Nigeria, Abuja.
The Summit reviewed the State of the Community, economic cooperation, security and broader sub-regional developments.
President Bola Ahmed Tinubu chaired the Summit and reaffirmed Nigeria’s continuous commitment to ECOWAS regional peace and security responses. He took pride in the completion of the ECOWAS military logistics depot in Lungi, Sierra Leone, and called for the ECOWAS Standby Force concept to be translated into reality to serve as a regional counter-terrorism pillar. Response to external security threats in the sub-region require effective collaborations among ECOWAS member states and partners.
President Tinubu commended ECOWAS for implementing fundamental policies such as common external tariff, protocol on free movement of goods, services and people to stimulate development and cooperation. Moreover, he called for an enabling environment to empower private sectors, remove trade barriers and create necessary conditions for investment, entrepreneurship and innovation to flourish.
As President Tinubu concluded his tenure at the 67th ECOWAS Summit, he handed over the Emblem to the newly elected Chair of ECOWAS Authority of Heads of State and Government H.E. Maada Bio, President of the Republic of Sierra Leone.
Delivering his inaugural speech, President Bio promised to prioritize four key areas, namely: restoring constitutional order and deepening democracy, revitalizing regional security cooperation, unlocking economic integration and building institutional credibility.
Other speakers included H.E. Leonardo Santos Simão, Special Representative of the UN Secretary-General for West Africa and the Sahel (UNOWAS), and H.E. Amb. Bankole Adeoye, Commissioner Political Affairs, Peace and Security of the African Union Commission.
Distributed by APO Group on behalf of Office of The President- Republic of the Gambia.
Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) joined Senate Banking Committee Chairman Tim Scott (R-South Carolina) in an effort to strengthen national security by ensuring the Committee on Foreign Investment in the United States (CFIUS) can effectively review foreign land purchases near sensitive military, intelligence and national laboratory sites.
“We must protect sensitive military and government sites from foreign adversaries pursuing intelligence activities on our own land,” said Senator Crapo. “Idaho has multiple military installations and the acclaimed Idaho National Laboratory conducting vital research, development and training of critical national security efforts right here in our backyard, and increasing accountability about land sales around these sites is of utmost importance.”
The Protect Our Bases Act, introduced by Senators Crapo, Scott, Mike Rounds (R-South Dakota), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana), Bill Hagerty (R-Tennessee), Katie Britt (R-Alabama), Pete Ricketts (R-Nebraska), Jim Banks (R-Indiana), Kevin Cramer (R-North Dakota), Bernie Moreno (R-Ohio) and Dave McCormick (R-Pennsylvania), would require CFIUS member agencies to annually update records of the military, intelligence and national laboratory facilities that should be designated as sensitive sites for national security purposes.
“The Chinese Communist Party’s efforts to infiltrate and surveil all parts of the U.S national security apparatus requires vigilance from our national security agencies. This legislation will enhance the review of foreign real estate transactions near critical national security installations, helping ensure CFIUS has the information it needs to protect our homeland and keep our nation safe,” said Chairman Scott.
“We must address the growing threat from the Chinese Communist Party and other hostile regimes trying to get close to our most sensitive military and intelligence sites,” said Senator Tillis. “The Protect Our Bases Act ensures the Committee on Foreign Investment in the United States has the most up-to-date information on key U.S. national security locations so dangerous land purchases can be blocked well before they become security risks.”
“Ensuring the safety and security of our military and government installations is a national priority,” said Senator Hagerty. “For too long, foreign adversaries have tried to exploit America’s open real estate market and rule of law in an attempt to gain strategic footholds. The Protect Our Bases Act gives our nation the tools to identify who is buying land near sensitive sites and stop transactions that could put the security of Americans at risk.”
“As threats from our foreign adversaries, including the Chinese Communist Party, Iran and Russia, continue to escalate, it’s paramount that we secure our intelligence,” said Senator Britt. “Allowing CFIUS to review foreign land purchases near sensitive military and government sites is just common sense. Proud to join this legislation that takes a crucial step toward strengthening our national security and safeguarding our strategic advantages.”
“There’s no reason why America’s adversaries should be able to buy land next to our military bases,” said Senator Ricketts. “Farmland adjacent to sensitive sites should remain in the hands of American farmers and ranchers, not Communist China. This commonsense bill will help to protect our troops, prevent espionage and counter our adversaries.”
BACKGROUND:
In 2022, Fufeng Group, a Chinese company with ties to the Chinese Communist Party, announced it would purchase land near Grand Forks Air Force Base in North Dakota. CFIUS determined that it could not evaluate the transaction for national security risks because the U.S. Department of Defense had not listed the base as a sensitive site for national security purposes. Although the City of Grand Forks ultimately blocked the transaction, the incident demonstrated a significant flaw in the review process of foreign land purchases. CFIUS relies on its member agencies to provide updated information on sensitive military, intelligence and national laboratory sites in order to properly assess the security risk of foreign investment in our country. If CFIUS member agencies do not appropriately update their site lists, CFIUS cannot ensure an accurate review.
In addition to requiring agencies represented on CFIUS to provide updated records of the military, intelligence and national laboratory facilities that should be sensitive sites on an annual basis, the Protect Our Bases Act makes these records easier for CFIUS to use for national security reviews and requires CFIUS to submit an annual report to Congress certifying the completion of such reviews and the accuracy of its real estate listings.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
An International Monetary Fund (IMF) mission led by Mr. Alexander Culiuc visited Guatemala City during June 10-20, 2025 for the 2025 Article IV consultation. At the end of the visit, the mission issued the following statement:
Prudent macroeconomic management has supported Guatemala’s resilience, delivering low inflation, robust policy buffers and a sustained current account surplus. With rising external uncertainty and mounting risks, stronger, more inclusive growth and poverty reduction can be achieved by accelerating reform implementation and enhancing policy coordination.
Raising private investment from current low levels requires complementary public inputs—infrastructure, educated and healthy labor force, security—which can only be adequately delivered by simultaneously raising public spending and improving its quality.
Improving quality and efficiency of spending entails better budget formulation, targeting, execution and control, and swift implementation of the anti-corruption agenda. We welcome the authorities’ efforts in this regard.
In the short term, existing fiscal space enables financing higher levels of spending with debt, with greater reliance on domestic borrowing.
In the medium term, raising revenues—primarily via comprehensive tax policy reform—would revert deficits to around 2 percent of GDP to preserve debt sustainability while maintaining priority spending at adequate levels.
Other structural and governance reforms pursued by the authorities, including in the financial and labor sectors—particularly urgent in the case of the AML/CFT law—will help support private sector growth. Continued commitment to dialogue and consensus-building can sustain progress on key legislative initiatives.
Recent Economic Developments, Outlook, and Risks
Guatemala’s economy remains resilient despite rising external risks and domestic challenges. Real GDP grew by 3.7 percent in 2024, supported by strong private consumption. Inflation has eased significantly, with headline inflation falling to 1.7 percent in May 2025, while core inflation remains near 4 percent, and inflation expectations are well anchored. The current account surplus narrowed to 2.9 percent of GDP in 2024 as imports picked up, while remittances stabilized at 19 percent of GDP and international reserves reached US$27.1 billion. Public debt remains low—under 27 percent of GDP—and Guatemala is now only one notch below investment grade. Banguat kept its policy rate unchanged at 4.5 percent since the 25bps cut in November 2024.
Guatemala endeavors an investment-biased fiscal expansion. The August 2024 supplementary budget prioritized infrastructure and social spending and targeted a deficit of 2.7 percent of GDP; the realized deficit was significantly lower at 1 percent of GDP. The 2025 budget continues this expansionary approach, with a further increase in infrastructure and social allocations. While the original budget targeted a deficit of 3.2 percent of GDP, a supplementary budget, specifying carryovers from 2024 and one-off pension payments, raised the budget deficit to a notably high 3.8 percent of GDP.
The outlook for 2025 is encouraging; sustaining the growth momentum over the medium term will require steadfast policy implementation. Real GDP growth is projected at 3¾ percent in 2025, with the fiscal impulse expected to help cushion the effects of softening global demand and high uncertainty. Beyond 2025, growth is projected to slightly exceed 3½ percent, although an acceleration in public infrastructure execution and structural reforms could push both actual and potential growth higher in the outer projection years. Headline inflation is expected to gradually converge toward the monetary policy target, while the fiscal deficit is projected to remain elevated by historical standards at just below 3 percent of GDP through the medium term. The current account surplus is expected to narrow and eventually close, while public debt is projected to climb above 30 percent of GDP in the medium term.
The balance of risks is tilted to the downside. On the domestic front, there is a risk that ongoing political tensions could impede progress on legislative initiatives. Nonetheless, important progress has been made over the past year—including the approval of the 2025 budget and the competition law—demonstrating the capacity for reform even in a complex environment. Externally, intensified and/or protracted global trade disputes would weigh further on investment sentiment, although Guatemala is somewhat better positioned to weather additional trade shocks than some regional peers. Further changes in U.S. migration policy—including the proposed 3.5 percent excise tax on remittances—could disrupt remittance-supported consumption. On the upside, lower net emigration also offers a window to boost domestic employment if accompanied by targeted efforts to expand job opportunities in the formal private sector.
Fiscal Policy
The 2025 expansionary fiscal stance is appropriate, as private demand is projected to soften in the remainder of the year. Structural bottlenecks and recently strengthened anti-corruption controls are likely to limit the execution of capital spending, with the deficit projected at around 2½ percent of GDP, well below the revised budget of 3.8 percent. The historically high (1.3 percent of GDP) transfers to Departmental Development Councils (CODEDEs) require close oversight and monitoring amidst concerns of elevated risks of misallocation and inefficient use. The authorities’ ongoing multi-institutional efforts to strengthen the transparency, accountability, monitoring of CODEDEs transfers and capacity of municipalities are welcome and should be sustained.
A combination of revenue and expenditure reforms is needed in the medium term. Authorities should seek ways of reverting fiscal deficits closer to historical levels (around 2 percent of GDP) without jeopardizing the much-needed surge in public infrastructure and social spending. The tax authority (SAT) has made commendable steps in strengthening compliance through the rollout of mandatory electronic invoicing, enhanced border enforcement to combat smuggling, and more robust audits of high-income individuals and large corporations. Efforts to improve mobilization—in line with the now-public 2024 TADAT report—should continue and be complemented in the medium term by comprehensive tax policy reforms. On the expenditure side, strengthening institutional capacity for systematic expenditure reviews and embedding the National Development Plan into annual and multi-year budgets would align public spending with strategic priorities. A new Public Procurement law—currently under consideration—could alleviate bottlenecks in the execution of capital spending. Improved targeting in social programs would further increase their effectiveness. Strengthening the Medium-Term Fiscal Framework and multiannual budget planning underpinned by realistic, sector-informed projections will bolster confidence—including of market participants—in fiscal sustainability.
A well-calibrated financing strategy would help the macro-policy mix. While solid creditworthiness enables the government to borrow externally on favorable terms, greater reliance on domestic financing under a sound medium term debt management strategy (MTDS) would (i) reduce real appreciation pressures (which already weigh on Guatemala’s external competitiveness), (ii) help develop the domestic financial market, (iii) reduce currency risks, and (iv) lower costs of monetary policy operation incurred by Banguat to maintain price stability. The mission also encourages the Ministry of Finance to consolidate domestic issuances, introduce shorter-maturity instruments to help develop the yield curve, and regularly publish the MTDS and annual borrowing plans.
Monetary and Exchange Policies
The current monetary policy stance is broadly appropriate, but there is scope to further strengthen monetary policy transmission. The ex-ante real policy rate is at 1 percent, within the estimated range for the neutral real rate (1–2 percent). Given prevailing uncertainty regarding the inflationary impact of recent U.S. tariff measures and potential disruptions to global supply chains, there’s scope in maintaining the current policy stance and waiting for greater clarity before making further adjustments. Estimated passthrough of the policy rate to deposit rates has recently increased. More can be done, including by advancing financial market development and competition and reducing reliance on reserve requirements for liquidity management. These efforts should be underpinned by improvements in the legal framework and market infrastructure supporting monetary policy operations.
Banguat’s response to large remittances inflows is appropriate and requires closer coordination with MinFin to address ensuing sterilization costs. Banguat’s FX participation rule delivers a reasonable balance between enabling higher consumption and maintaining external competitiveness. The resulting external position is stronger than fundamentals and desirable policies, but this positive current account gap should be closed by raising investment. On the flip side, Banguat’s policy necessarily relies on costly liquidity sterilization operations to keep inflation in check. While recent international financial conditions have been supportive of Banguat’s profitability, these costs could be further reduced through higher reliance on domestic debt to finance the budget, and closer coordination with MinFin on liquidity management. In the long term, ensuring Banguat’s financial strength will require consistent enforcement of legal provisions mandating budget to cover central bank losses.
Financial Sector
Maintaining financial stability requires continued close monitoring of the system. Guatemala’s banking system remains sound, with solid capital and liquidity buffers and strong profitability. The authorities have made important progress in bolstering the regulatory and supervisory framework through enhanced credit risk regulations, more robust stress testing, broader regulatory coverage, and the inclusion—on a voluntary basis—of savings and credit cooperatives in the Credit Risk Information System. These efforts should be reinforced by expanding risk-based supervision and strengthening oversight of fintech and digital financial services. Adopting revisions to the 2002 Law on Banks and Financial Groups, transitioning to International Financial Reporting Standards, advancing the draft Secondary Market Law, approving the e-money law and continued implementation of other elements of the financial inclusion strategy are needed.
Governance and Structural Agenda
Strengthening governance and advancing structural reforms are critical to fostering inclusive growth and restoring public trust. Key legislative priorities include the adoption of a revised AML/CFT Law aligned with international standards, the Beneficial Ownership Law, the Public Procurement Law and the Law for the Protection of Whistleblowers to ensure secure reporting channels and legal safeguards. With GAFILAT mutual evaluation expected in 2027, further delays with the AML/CFT law could complicate Guatemala’s path to investment grade. Institutional progress—such as the creation of the National Commission Against Corruption and the rollout of probity offices across executive institutions—should be consolidated through a medium-term anti-corruption strategy. Accelerating infrastructure investment through amendments to the law on Partnerships for Development of Economic Infrastructure, and a new law on ports is essential to close persistent gaps and crowd in private investment. Continued efforts to formalize the economy and improve the business environment will help prepare the economy for the impact of lower net emigration on the labor market.
The mission wishes to thank the Guatemalan authorities for their cooperation and openness in the exchanges throughout our visit and wishes them every success in their efforts to move the country towards a new equilibrium characterized by high, inclusive and sustainable growth.
WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast issued the following statement after the House voted in favor of a bill sponsored by Rep. Tim Burchett (R-TN) to ensure no more U.S. tax dollars fall into the hands of the Taliban after the Biden administration paid the terrorist regime millions of dollars following the disastrous withdrawal from Afghanistan.
“This bill makes sure not a single penny of American taxpayer money ends up in the hands of the Taliban—not directly, not through back doors, and not via weak-willed foreign governments or shady NGOs,” Chairman Mast said. “If you’re funding the Taliban, you’re no friend of the United States.”
This issue has been a key focus for House Republicans since last Congress when lawmakers were made aware that weekly cash shipments of nearly $40 million were being sent to Afghanistan’s Taliban-controlled Central Bank.
Additionally, the Special Inspector General for Afghanistan Reconstruction reported in May 2024 that more than $10 million had been paid to the Taliban in the form of taxes since they took over Afghanistan in August 2021. Secretary of State Antony Blinken later admitted that around $10 million had been paid to the Taliban in the form of taxes after testifying before the committee in December 2024.
Republicans, led by Rep. Burchett, introduced H.R. 6586 last Congress to oppose financial and material support from falling into the hands of the Taliban. The measure passed unanimously both in committee and on the House floor, but Senate Democrats refused to bring the bill up for final passage.
This Congress, Republicans introduced H.R. 260 – No Tax Dollars for Terrorist Act which builds upon H.R. 6586 to ensure no U.S. taxpayer dollars end up in the hands of the Taliban.
The bill advanced to the House floor during the House Foreign Affairs Committee’s first full committee markup of the 119th Congress.
“I would like to thank Chairman Mast and the entire House Foreign Affairs Committee for their tireless work on this legislation,” Rep. Burchett said. “We are one step closer to ensuring that US dollars stop flowing to terrorist organizations.”
The measure now proceeds to the Senate for final passage.
Cabo Verde’s economy continues on a strong recovery path, according to the latest Cabo Verde Economic Update 2025, released today by the World Bank. Real GDP in Cabo Verde grew by 7.3% in 2024, supported by robust tourism activity and a modest recovery in agriculture. However, while the country has made notable strides – particularly in macroeconomic management, debt reduction, and poverty alleviation – key vulnerabilities remain. These include reliance on tourism, exposure to external shocks, and fiscal pressures from state-owned enterprises (SOEs).
The report, titled Unlocking Women’s Economic Potential, analyses the country’s economic growth projections, highlights progress on poverty alleviation, and outlines the structural reforms needed to ensure sustained and inclusive growth. The report also includes a special topic, focused on leveraging women’s economic potential.
“Cabo Verde’s recovery is a testament to the resilience of its people and institutions. But to transform this rebound into lasting and inclusive prosperity, bold reforms are needed – particularly to improve SOE governance, support women’s economic participation, and diversify the economy,” said Indira Campos, World Bank Resident Representative for Cabo Verde.
The report notes that inflation dropped to 1% in 2024 – its lowest level in recent years – helping to bring poverty down to 14.4% ($3.65 a day 2017PPP line). Public investment execution increased, debt levels continued to decline, and the current account posted a surplus for the first time in four years.
Looking ahead, GDP growth is projected at 5.9% in 2025, with poverty expected to fall further. However, the report warns that global uncertainties, commodity price shocks, and climate risks could affect the pace of growth and reform. Among the recommendations, the report calls for accelerated efforts to improve SOE performance, prudence in creating new ventures, and for maintaining fiscal discipline while investing in high-impact projects.
The report highlights the critical need for policies to ensure growth is inclusive. Despite progress in education and health, Cabo Verdean women continue to face labor market barriers. The report finds that closing gender gaps in employment and earnings could boost GDP by up to 12.2% in the long-term.
To achieve this, the report recommends:
Expanding access to childcare and flexible work arrangements.
Promoting women’s skills in science, technology, engineering, and mathematics (STEM), as well as in technical and vocational education and training.
Tackling employer discrimination and transforming social norms.
“By aligning reform efforts with inclusive policies, Cabo Verde has a unique opportunity to strengthen resilience, empower more citizens – especially women – and build a more sustainable and equitable future,” said Anna Carlotta Massingue, Senior Country Economist.
Distributed by APO Group on behalf of The World Bank Group.
The Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) held its Sixty-Seventh Ordinary Session, today, 22 June 2025, in Abuja, Nigeria.
During the Session, the Heads of State considered the report of the 94th Ordinary Session of the Council of Ministers, and reports on the State of the Community, the Security and Political Situations in the Region, among others.
H.E. Dr. Omar Alieu Touray, President of the ECOWAS Commission, warmly welcomed ECOWAS leaders while paying tribute to Nigeria’s leadership and hospitality under H.E. President Bola Ahmed Tinubu’s Chairmanship of the Authority.
Dr. Touray highlighted ECOWAS’s achievements over the past 50 years, reaffirming its standing as Africa’s most advanced Regional Economic Community despite ongoing challenges. He stressed that dialogue with the three member states that have withdrawn is progressing positively, and he called for stronger support for the region’s private sector to drive sustainable growth, job creation, and deeper integration. He paid tribute to ECOWAS’s Founding Fathers for laying the foundation for unity and regional cooperation.
In his opening statement, H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria and Chair of the Authority of ECOWAS Heads of State and Government, reflected on ECOWAS’s remarkable achievements for the past 50 years while urging leaders to confront persistent security threats. He emphasized that no single country could tackle terrorism, violent extremism, and cross-border crimes alone, and called for stronger coordination, political will, and decisive collective action to safeguard peace and stability across West Africa.
“While celebrating our achievements over the past 50 years, we must also confront the challenges that continue to impede our aspirations; like the security threats, violent extremism and other cross-border crimes that continue to widen and deepen in their intensity. No single Nation
can address these challenges alone. We must rethink coordination, amplify political will, and prioritise a collective approach to security. We must act decisively on the fight against terrorism to serve as instrument for peace and stability for our region”, he stressed.
H.E. Leonardo Santos Simão, Special Representative of the UN Secretary-General for West Africa and the Sahel (UNOWAS), in his statement, conveyed the UN Secretary-General’s warm greetings and reiterated the United Nations’ commitment to supporting peace, security, and regional integration in West Africa. He highlighted the UN’s active diplomatic engagement across the region and underscored the urgent need for collective action against terrorism, which remains the most significant threat to stability.
In his message, H.E. Mahmoud Ali Youssouf, Chairperson of the African Union Commission, delivered by H.E. Ambassador Bankole Adeoye, Commissioner for Political Affairs, Peace and Security of the African Union Commission, conveyed heartfelt congratulations to ECOWAS leaders and citizens on the 50th anniversary of ECOWAS. He celebrated ECOWAS’s legacy as a symbol of unity, resilience, and regional integration since its founding in 1975.
Looking ahead, the AU Chairperson urged a united and coordinated response to pressing challenges, including terrorism, violent extremism, and unconstitutional changes of government, while deepening efforts to tackle poverty and inequality. He reaffirmed the AU’s unwavering support for ECOWAS and called for a people-centred Community where youth and women lead regional transformation through innovation, technology, and quality education.
The Authority of ECOWAS Heads of State and Government at the end of the Summit elected H.E. Julius Maada Bio, President of the Republic of Sierra Leone as the Chairman of the Authority to replace H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, whose tenure came to an end. A communique will be issued at the end of the Summit.
Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Jerusalem – As international focus shifts to the escalating conflict between Israel and Iran, Israeli forces have ramped up their activities in the West Bank, Palestine. Increased military operations in Jenin, Nablus, and Tulkarem governorates, along with additional troop deployments, have led to heightened restrictions on Palestinians. Médecins sans Frontières (MSF) warns that these actions exacerbate the already dire situation for Palestinians in the West Bank, who face significant barriers to accessing healthcare and essential services, especially since October 2023. MSF urges an immediate halt to measures that contribute to forced displacement and a system of annexation, including prolonged military presence, movement restrictions, demolitions, excessive use of force, and denial of basic services.
“On 13 June the Israeli forces raided my village in Tulkarem,” says Karim,* an MSF staff member in the West Bank. “They took over two residential buildings and turned them into military barracks, displacing the people who were living there. Since then, they have been patrolling the village regularly, conducting investigations, interrogations, arrests, searches, and detentions.”
“Over the past week, West Bank communities have seen their lives further controlled by an occupying power while the world looks away,” says Simona Onidi, project coordinator Jenin and Tulkarem. “This cannot continue.”
On 13 June, the day the escalations started, the Israeli authorities blocked all major Israeli checkpoints and road gates entrances to Hebron for four days. This forced people seeking medical care to cross between areas on foot, pushing critically ill people to walk long distances, taking the risk of being shot at, or being prevented from crossing at all.
“On 14 June, I tried to take my brother from Bethlehem to a medical appointment in Hebron – a trip that should take 25 minutes,” says Oday Al-Shobaki, MSF communications officer in the West Bank. “But due to the new Israeli restrictions, all main entrances and exits were closed. It took us three hours, and in the end, despite being very ill, he had to walk through a closed checkpoint on foot, like many others, which is not safe.”
MSF has suspended mobile clinics in Hebron and Nablus that provide mental health, sexual reproductive care, and basic healthcare due to these checkpoint closures and security concerns from the intensified military operations. In Jenin and Tulkarem, mobile clinics had to adapt working hours, running on some days, not others, because of Israeli forces’ presence in nearby villages. This has forced patients to rely on phone consultations.
Military operations and violent raids by the Israeli army have been going on for years in the West Bank. 2022 saw a then-record number of Palestinian deaths due to violence by Israeli forces or settlers. Since October 2023, Israeli forces have increased the number of coercive measures and use of extreme physical violence against Palestinians in the occupied West Bank, including severe movement restrictions, military raids, and systemic barriers to essential services.
In January 2025, the Israeli forces began the ‘Iron Wall’ military operation in northern West Bank, which is still ongoing. Violently emptying well-established camps and preventing anyone from returning, more than 42,000 people have been forcibly displaced and left without stable homes, and with limited access to food, water, and medical care.
“This latest wave of restrictions and violence over the last week, seems to be an opportunity for Israeli forces to entrench control, deepen the fragmentation of Palestinian communities, and further the system that the International Court of Justice has described as amounting to racial segregation and apartheid,” says Onidi. “We urge third states to move beyond words of condemnation and put real pressure on Israeli authorities to end excessive force and lift movement restrictions blocking access to essential services and humanitarian aid, and scaling up support for displaced and isolated communities across the West Bank.”
*name changed to protect our colleague’s identity.
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Headline: Reliable quantum computing requires progress across the full stack, from error correction to hardware. With new 4D codes reducing error rates 1,000x, and our co-designed quantum system with Atom Computing, we’re bringing utility-scale quantum closer than ever. Read more about the latest quantum advances we announced today.
Reliable quantum computing requires progress across the full stack, from error correction to hardware. With new 4D codes reducing error rates 1,000x, and our co-designed quantum system with Atom Computing, we’re bringing utility-scale quantum closer than ever. Read more about the latest quantum advances we announced today: https://lnkd.in/gGiG8QT6
Headline: Fred Smith shaped the world of commerce and logistics as we know it today. His vision, leadership and relentless drive to innovate won’t be forgotten. Rest in peace, Fred.
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Headline: New Mu language model powers the agent in Windows Settings
We are excited to introduce our newest on-device small language model, Mu. This model addresses scenarios that require inferring complex input-output relationships and has been designed to operate efficiently, delivering high performance while running locally. Specifically, this is the language model that powers the agent in Settings, available to Windows Insiders in the Dev Channel with Copilot+ PCs, by mapping natural language input queries to Settings function calls.
Mu is fully offloaded onto the Neural Processing Unit (NPU) and responds at over 100 tokens per second, meeting the demanding UX requirements of the agent in Settings scenario. This blog will provide further details on Mu’s design and training and how it was fine-tuned to build the agent in Settings.
Model training Mu
Enabling Phi Silica to run on NPUs provided us with valuable insights about tuning models for optimal performance and efficiency. These informed the development of Mu, a micro-sized, task-specific language model designed from the ground up to run efficiently on NPUs and edge devices.
Encoder-Decoder Architecture compared to Decoder-only Architecture
Mu is an efficient 330M encoder–decoder language model optimized for small-scale deployment, particularly on the NPUs on Copilot+ PCs. It follows a transformer encoder–decoder architecture, meaning an encoder first converts the input into a fixed-length latent representation, and a decoder then generates output tokens based on that representation.
This design yields significant efficiency benefits. The figure above illustrates how an encoder-decoder reuses the input’s latent representation whereas a decoder-only must consider the full input + output sequence. By separating the input tokens from output tokens, Mu’s one-time encoding greatly reduces computation and memory overhead. In practice, this translates to lower latency and higher throughput on specialized hardware. For example, on a Qualcomm Hexagon NPU (a mobile AI accelerator), Mu’s encoder–decoder approach achieved about 47% lower first-token latency and 4.7× higher decoding speed compared to a decoder-only model of similar size. These gains are crucial for on-device and real-time applications.
Mu’s design was carefully tuned for the constraints and capabilities of NPUs. This involved adjusting model architecture and parameter shapes to better fit the hardware’s parallelism and memory limits. We chose layer dimensions (such as hidden sizes and feed-forward network widths) that align with the NPU’s preferred tensor sizes and vectorization units, ensuring that matrix multiplications and other operations run at peak efficiency. We also optimized the parameter distribution between the encoder and decoder – empirically favoring a 2/3–1/3 split (e.g. 32 encoder layers vs 12 decoder layers in one configuration) to maximize performance per parameter.
Additionally, Mu employs weight sharing in certain components to reduce the total parameter count. For instance, it ties the input token embeddings and output embeddings, so that one set of weights is used for both representing input tokens and generating output logits. This not only saves memory (important on memory-constrained NPUs) but can also improve consistency between encoding and decoding vocabularies.
Finally, Mu restricts its operations to those NPU-optimized operators supported by the deployment runtime. By avoiding any unsupported or inefficient ops, Mu fully utilizes the NPU’s acceleration capabilities. These hardware-aware optimizations collectively make Mu highly suited for fast, on-device inference.
Packing performance in a tenth the size
Mu adds three key transformer upgrades that squeeze more performance from a smaller model:
Dual LayerNorm (pre- and post-LN) – normalizing both before and after each sub-layer keeps activations well-scaled, stabilizing training with minimal overhead.
Rotary Positional Embeddings (RoPE) – complex-valued rotations embed relative positions directly in attention, improving long-context reasoning and allowing seamless extrapolation to sequences longer than those seen in training.
Grouped-Query Attention (GQA) – sharing keys / values across head groups slashes attention parameters and memory while preserving head diversity, cutting latency and power on NPUs.
Training techniques such as warmup-stable-decay schedules and the Muon optimizer were used to further refine its performance. Together, these choices deliver stronger accuracy and faster inference within Mu’s tight edge-device budget.
We trained Mu using A100 GPUs on Azure Machine Learning, taking place over several phases. Following the techniques pioneered first in the development of the Phi models, we began with pre-training on hundreds of billions of the highest-quality educational tokens, to learn language syntax, grammar, semantics and some world knowledge.
To continue to enhance accuracy, the next step was distillation from Microsoft’s Phi models. By capturing some of the Phi’s knowledge, Mu models achieve remarkable parameter efficiency. All of this yields a base model that is well-suited to a variety of tasks – but pairing with task-specific data along with additional fine-tuning through low-rank adaption (LoRA) methods, can dramatically improve the performance of the model.
We evaluated Mu’s accuracy by fine-tuning on several tasks, including SQUAD, CodeXGlue and Windows Settings agent (which we will talk more about later in this blog). For many tasks, the task-specific Mu achieves remarkable performance despite its micro-size of a few hundred million parameters.
When comparing Mu to a similarly fine-tuned Phi-3.5-mini, we found that Mu is nearly comparable in performance despite being one-tenth of the size, capable of handling tens of thousands of input context lengths and over a hundred output tokens per second.
Task Model
Fine-tuned Mu
Fine-tuned Phi
SQUAD
0.692
0.846
CodeXGlue
0.934
0.930
Settings Agent
0.738
0.815
Model quantization and model optimization
To enable the Mu model to run efficiently on-device, we applied advanced model quantization techniques tailored to NPUs on Copilot+ PCs.
We used Post-Training Quantization (PTQ) to convert the model weights and activations from floating point to integer representations – primarily 8-bit and 16-bit. PTQ allowed us to take a fully trained model and quantize it without requiring retraining, significantly accelerating our deployment timeline and optimizing for efficiently running on Copilot+ devices. Ultimately, this approach preserved model accuracy while drastically reducing memory footprint and compute requirements without impacting the user experience.
Quantization was just one part of the optimization pipeline. We also collaborated closely with our silicon partners at AMD, Intel and Qualcomm to ensure that the quantized operations when running Mu were fully optimized for the target NPUs. This included tuning mathematical operators, aligning with hardware-specific execution patterns and validating performance across different silicon. The optimization steps result in highly efficient inferences on edge devices, producing outputs at more than 200 tokens/second on a Surface Laptop 7.
Mu running a question-answering task on an edge device, using context sourced from Wikipedia: (https://en.wikipedia.org/wiki/Microsoft)
Notice the fast token throughputs and ultra-fast time to first token responses despite the large amount of input context provided to the model.
By pairing state-of-the-art quantization techniques with hardware-specific optimizations, we ensured that Mu is highly effective for real-world deployments on resource-constrained applications. In the next section, we go into detail on how Mu was fine-tuned and applied to build the new Windows agent in Settings on Copilot+ PCs.
Model tuning the agent in Settings
To improve Windows’ ease of use, we focused on addressing the challenge of changing hundreds of system settings. Our goal was to create an AI-powered agent within Settings that understands natural language and changes relevant undoable settings seamlessly. We aimed to integrate this agent into the existing search box for a smooth user experience, requiring ultra-low latency for numerous possible settings. After testing various models, Phi LoRA initially met precision goals but was too large to meet latency targets. Mu, with the right characteristics, required task-specific tuning for optimal performance in Windows Settings.
While baseline Mu in this scenario excelled in terms of performance and power footprint, it incurred a 2x precision drop using the same data without any fine-tuning. To close the gap, we scaled training to 3.6M samples (1300x) and expanded from roughly 50 settings to hundreds of settings. By employing synthetic approaches for automated labelling, prompt tuning with metadata, diverse phrasing, noise injection and smart sampling, the Mu fine-tune used for Settings Agent successfully met our quality objectives. The Mu model fine-tune achieved response times of under 500 milliseconds, aligning with our goals for a responsive and reliable agent in Settings that scaled to hundreds of settings. The below image shows how the experience is integrated with an example showing the mapping from a natural use language query to a Settings action being surfaced by the UI.
Screenshot demonstrating the agent in Settings
To further address the challenge of short and ambiguous user queries, we curated a diverse evaluation set combining real user inputs, synthetic queries and common settings, ensuring the model could handle a wide range of scenarios effectively. We observed that the model performed best on multi-word queries that conveyed clear intent, as opposed to short or partial-word inputs, which often lack sufficient context for accurate interpretation. To address this gap, the agent in Settings is integrated into the Settings search box, enabling short queries that don’t meet the multi-word threshold to continue to surface lexical and semantic search results in the search box, while allowing multi-word queries to surface the agent to return high precision actionable responses.
Managing the extensive array of Windows settings posed its own challenges, particularly with overlapping functionalities. For instance, even a simple query like “Increase brightness” could refer to multiple settings changes – if a user has dual monitors, does that mean increasing brightness to the primary monitor or a secondary monitor?
To address this, we refined our training data to prioritize the most used settings as we continue to refine the experience for more complex tasks.
What’s ahead
We welcome feedback from users in the Windows Insiders program as we continue to refine the experience for the agent in Settings.
As we’ve shared in our previous blogs, these breakthroughs wouldn’t be possible without the support of efforts from the Applied Science Group and our partner teams in WAIIA and WinData that contributed to this work, including: Adrian Bazaga, Archana Ramesh, Carol Ke, Chad Voegele, Cong Li, Daniel Rings, David Kolb, Eric Carter, Eric Sommerlade, Ivan Razumenic, Jana Shen, John Jansen, Joshua Elsdon, Karthik Sudandraprakash, Karthik Vijayan, Kevin Zhang, Leon Xu, Madhvi Mishra, Mathew Salvaris, Milos Petkovic, Patrick Derks, Prateek Punj, Rui Liu, Sunando Sengupta, Tamara Turnadzic, Teo Sarkic, Tingyuan Cui, Xiaoyan Hu, Yuchao Dai.
Headline: AI at Work: Harvard’s Karim Lakhani on how AI is shifting from tool to ‘teammate’
Harvard Business School Professor Karim Lakhani doesn’t just have theories about AI transforming work—he studies how it’s actually happening.
In a groundbreaking paper called “The Cybernetic Teammate,” he and his co-authors showed how individuals working with AI can be as effective as entire teams working without it. He is also rapidly evolving Harvard’s MBA program for the age of AI, which includes the launch of a new required course called Data Science and AI for Leaders.
When I hosted Karim for a conversation at the Microsoft 365 Community Conference last month in Las Vegas, he raised a provocative question: will AI drive the marginal cost of expertise down toward zero? As AI democratizes access to specialized knowledge across domains, it follows that expertise will shift from being rare and costly to abundant and accessible. “This will dramatically impact the nature of our organizations and strategy,” he told me, “because what are companies but bundles of expertise? And all of us invest to become deep experts in a domain.”
Here’s our conversation about organizations and leadership in the AI era (edited and condensed for clarity).
It’s a pleasure to talk with one of my friends about where AI is going and what it means for leaders. Karim, I want to start with that “Cybernetic Teammate” study, done with Procter & Gamble. Could you give us the backstory?
KARIM LAKHANI: The institute I run at Harvard, the Digital Data Design Institute, is looking at generative AI like a new “drug” in the economy. We don’t know its efficacy, the right doses, the side effects, or the right diet to follow while using it. We don’t know how actual work will transform with the introduction of this technology, so we run the equivalent of “clinical trials”—randomized controlled trials.
Victor Aguilar, head of research and development for Procter & Gamble, wanted to understand how generative AI could radically transform the innovation process at P&G. In innovation, there’s often this interaction between R&D and commercial people: R&D comes up with the technical ideas, but the commercial team asks, “is there a market for this or not?” The best practice is to have them collaborate in a team.
We designed this study of 758 professionals as what we call a two-by-two design: We had commercial and marketing folks work on challenges given by their business leaders—one group working without AI and one with AI. We also tested individuals under the same conditions. Then we randomized who was in which treatment and had them solve their problems with those tools.
Let’s talk about the results. This is the study that showed an individual equipped with AI could perform at least as well as—and sometimes outperform—entire teams of people without AI. It’s a landmark finding. Can you tell us about that?
LAKHANI: What does a teammate provide? They provide you with functional expertise, help you with coordination, and give you a sense of camaraderie. We measured these three elements remotely using Microsoft Teams as the platform.
The first finding was that when you look at pure performance, the quality of the ideas being created, individuals with AI were as good as a team without AI—and often as good as a team with AI. That was remarkable from our perspective.
The other interesting thing we saw was that individuals without AI tended to veer toward their functional expertise: marketing people gave marketing-based solutions, R&D people offered R&D-based solutions. But individuals with AI produced balanced solutions—comparable to the balanced solutions we saw from teams. That was a big moment for us.
Were there any other surprises in how people used AI, reframed their work, or wanted to use it going forward?
LAKHANI: We had done various studies before showing the productivity effects of AI, in terms of both quality and time. The time compression was actually quite remarkable. Teams normally experience a time penalty [because coordination takes time]. But with AI, that time penalty disappeared.
That was a big surprise. Another surprise was how people felt while using AI. They reported more positive emotions and fewer negative ones as they were doing the work.
The big aha for us was that AI shifted from being a tool to a teammate. This is unprecedented. We now have intelligence and expertise on tap.
I imagine what’s on people’s minds is, “I get it. I understand where the technology is…but what does this mean for me? What do I do as a leader?” What advice might you have for the group?
LAKHANI: Do you remember debates about whether we should have Wi-Fi in our offices? I’m sure some of you participated in them. The question maybe went up to your boards. Or remember the question, “Should employees have browsers? Access to global information?”
Those things didn’t fundamentally change the nature of work. But intelligence on demand, expertise on demand—these technologies are about work itself. You need to drive as much organizational transformation as technical transformation. We often say it’s 30% tech, 70% organization. Staple yourselves to your HR teams. Or have Copilot teach you the things about HR that you should know. It creates great tutorials, as you know. That’s the first thing.
Second: People are worried—really worried—about these technologies. That’s part of the conversation you need to have. How do we have an abundance mindset around this? What are the capability unlocks? Again, these are things that technology leaders have not typically been asked about. But you need to own it and engage in a conversation with your leaders and teammates about it.
Third: This type of change has to come from the top. I came up in the era of Wired magazine and Fast Company in the 1990s, when the internet came to workplaces. Fast Company was all about change agents. But change agents get massacred in most corporations. Why? Because if there’s no top-down buy-in, the change agents die on the vine. The key for us here is to make sure our top leaders understand this and see AI as a work and business technology, not as an information technology. Leaders in companies need to “do AI” (use Copilot as a thought partner all the time, build their own agents) as much as they “talk AI.”
Is there any last concept or idea that you feel has been left unsaid?
LAKHANI: Well, if I was good at predicting the future, I would be in the stock market, not academia. I tend to be very much an empiricist: I’ll come in with a discovery mindset, we’ll run the experiment, and then we’ll get the facts. But I’d love to offer a framing around this intelligence view.
I decided to become an academic in the 1990s when I discovered open-source software. We’re at the same juncture now. This stuff works in practice, but our management theories or economic theories don’t know how to handle this kind of technology.
Think back to the ‘90s again, when the browser became available. What did the browser and the internet really do? Essentially, they lowered the marginal cost of information transmission. If you go on a Teams call today with a global or national team, you don’t think twice about all the videos that are coming in. Thirty years ago, every one of us would have needed a camera operator, a sound operator, a satellite truck uplink, and a downlink. This would be prohibitively expensive. But today, the marginal cost of information transmission has gone down to zero, and we can seamlessly connect with anyone or any device globally.
In this moment, we’re predicting the same thing for expertise: the marginal cost of expertise is going to zero.
The clinical trials with our collaborative partners (Boston Consulting Group and P&G) are pointing in this direction, and this will dramatically impact the nature of our organizations and strategies. Because what are companies but bundles of expertise? We have finance, marketing, sales, R&D, and brand. You have all this expertise. As that cost of expertise drops, what a company does—what all of our roles are—is all up for invention and reinvention.
The direction of this change is up to all of us. We can’t just be the receivers of it; we have to understand what’s happening and then set the direction for ourselves and our companies.
Listen to Karim Lakhani’s recent appearance on the WorkLab podcast. For more insights about AI and the future of work, subscribe to this newsletter
Today marks a historic milestone as we, the leaders of the European Union and Canada, met to renew our enduring commitment and take a pivotal step to further reinforce the strategic partnership between the European Union and Canada. Our strong partnership is deeply rooted in trust and common values and shaped by a shared history of human connection and robust economic ties. Most importantly, our partnership is grounded in the core values we share: democracy, human rights, the rule of law, and open, rules-based markets. In a rapidly changing world marked by geopolitical uncertainty, shifting economic dynamics, and the accelerating impacts of climate change, this partnership is more important than ever.
We stand united in our objective to forge a new ambitious and comprehensive partnership that responds to the needs of today and will evolve to meet the challenges and opportunities of the future. This marks the beginning of a long-term effort that will help us promote shared prosperity, democratic values, peace and security. To do this, we have decided to further build on existing ties and launch a process that will move Canada and the EU closer together and that lays out immediate and long-term actions outlined in an ambitious agenda at the end of this document. We also agreed today on an EU-Canada Security and Defence Partnership.
Our citizens are looking for responses to the unprecedented challenges we face. This is why it is more important than ever to work together to promote our shared values and the rules-based international order. We will also pursue our common interests, while continuing to promote and deepen our vibrant trade and investment relationship, and our strong people-to-people contacts. We will stand together even more firmly in support of peace, stability, and prosperity in the world, including in Ukraine, the Middle East and the Indo-Pacific.
We confirm our unwavering commitment to the rules-based international order with the United Nations and its charter at its core. The EU and Canada will continue to cooperate closely in promoting international peace and security. Our commitment to sustainable development remains a key pillar of our relationship. We will continue to be key partners in promoting democracy, human rights and fundamental freedoms, gender equality and the rule of law globally. We will take further action to ensure respect for the rights of women and girls, and to end to all forms of discrimination, including against LGBTI persons. We will continue supporting the implementation of the UN Pact for the Future and the ambitious reforms sought under the UN80 Initiative. We reaffirm our steadfast support for the independent functioning of the international criminal justice system, particularly the International Criminal Court. We condemn threats to the independent functioning of the ICC, including measures against individual officials.
We are determined to continue working together in responding to the growing challenges to the international economic and trade order. We reiterate our mutual commitment to sustainable, fair and open trade, grounded in the rule of law and in respect for internationally agreed trade rules, as embodied by the World Trade Organization. This is essential to maintain global economic stability and to safeguard our supply chain resilience.
We reaffirm our resolute condemnation of Russia’s war of aggression against Ukraine, which constitutes a manifest violation of the UN Charter and international law. Our commitment to ensuring a comprehensive, just and lasting peace in Ukraine that respects Ukraine’s sovereignty and territorial integrity within its internationally recognized borders is unshakeable. We reaffirm our unwavering commitment to providing continued political, financial, economic, humanitarian, military and diplomatic support to Ukraine and its people for as long as it takes and as intensely as needed, in full respect of the security and defence policy of certain EU Member States and taking into account the security and defence interests of all EU Member States. We support the conclusion of a just and lasting peace agreement, in full compliance with the principles of the UN Charter and international law, and join the call for a full, unconditional ceasefire of at least 30 days, which Ukraine has unilaterally committed to. We will continue to support the International Coalition for the Return of Ukrainian Children co-chaired by Ukraine and Canada, and we reiterate our urgent call on Russia and Belarus to immediately ensure the safe return of all unlawfully deported and transferred Ukrainian children. We will continue our close coordination of efforts to provide military equipment and training to the Ukrainian Armed Forces —including through the work of the EU Military Assistance Mission (EUMAM Ukraine) and Operation UNIFIER.
We will increase pressure on Russia, including through further sanctions and taking measures to prevent their circumvention, and by ensuring that Russian sovereign assets remain immobilized until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by this war. We are committed to ensuring full accountability for war crimes and other serious crimes committed in connection with Russia’s war of aggression, including by the establishment of a Special Tribunal for the Crime of Aggression against Ukraine. We also remain committed to supporting Ukraine’s repair, recovery and reconstruction including through the Ukraine Donor Platform and in-country coordination mechanisms. We welcome Canada’s continued support, through the extension of an expert deployment to the Ukraine Donor Platform. The Ukraine Recovery Conference in Rome in July 2025 will be particularly relevant in that context.[1]
We also reaffirm our continued support for the Republic of Moldova’s sovereignty and territorial integrity, enhancing the country’s resilience in dealing with the consequences of Russia’s war of aggression against Ukraine and the hybrid activities by Russia to undermine Moldova, in particular in the run-up to the Parliamentary elections.
In relation to the situation and latest developments in the Middle East, we reaffirm our commitment to an immediate and permanent ceasefire in Gaza, the release of all hostages, and the resumption of unimpeded humanitarian aid at scale into Gaza in line with humanitarian principles, in order to address the catastrophic humanitarian situation on the ground. We reiterate our strong condemnation of the escalation in the West Bank, including East Jerusalem, following increased settler violence, the expansion of settlements, which are illegal under international law, and Israel’s military operation. We emphasize the importance of pursuing a lasting and sustainable peace based on the implementation of the two-state solution. We see no role for Hamas in the future governance of Gaza.
We express our deepest concern at the dangerous escalation following Israeli strikes on Iran, and Iran’s response. We reiterate our strong commitment to peace and stability in the Middle East, including the security of Israel, and call on all sides to show restraint and abide by international law. We have been consistently clear that Iran can never have a nuclear weapon. A diplomatic solution remains the best way to address concerns over Iran’s nuclear program. The EU and Canada stand ready to contribute to a negotiated deal, which imposes verifiable constraints on Iran’s nuclear program, with the International Atomic Energy Agency in charge of monitoring and verification. We also remain committed to addressing Iran’s destabilizing behaviour, including its nuclear proliferation risks, military support for Russia’s war of aggression in Ukraine, backing of regional armed groups, transnational repression, and systematic human rights violations.
Security in the Euro-Atlantic and Indo-Pacific regions is increasingly interconnected. We reaffirm our shared interest in maintaining peace and stability in the Indo-Pacific, including in the East and South China Seas and across the Taiwan Strait. We will continue working with regional partners, including ASEAN, to uphold a free, open and secure Indo-Pacific region based on international law. We continue to be deeply concerned by DPRK’s ongoing nuclear weapons and ballistic missile programs and condemn Russia-DPRK military cooperation, which violates UN Security Council resolutions and undermines international security.
We will continue deepening our cooperation and dialogue, together with partners from around the world, to address key regional issues, in particular in relation to the broader Middle East – notably Lebanon and Syria. We will also continue engaging with each other on issues related to Africa, and Latin America and the Caribbean, including Haiti. We will stay engaged in fragile and conflict-affected countries, facing instability or in complex settings, to support populations, in particular the most vulnerable.
The Arctic will remain an area of close collaboration to foster peace and security, stability, and sustainable economic development, in particular of the blue economy, in full respect of the interests, priorities and rights of Indigenous Peoples in line with the United Nations Declaration on the Rights of Indigenous Peoples.
The EU and Canada will continue to be reliable and responsible partners. We reiterate our steadfast commitment to advancing global sustainable development, working with partners across the globe. We are determined to deliver on the 2030 Agenda and its Sustainable Development Goals, together with international partners and in multilateral fora. We look forward to the upcoming 4th International Conference on financing for Development (FfD4), which will take place in Seville from 30 June to 3 July 2025. We will continue to deepen our cooperation and dialogue on humanitarian aid, including on respect for International Humanitarian Law and response to humanitarian crises.
We recognize the existential threat of the interdependent crises of climate change, biodiversity loss, land degradation and pollution. The EU-Canada Green Alliance is our steadfast, joint commitment to ambitious environment and climate action on the global stage. Carbon pricing, carbon removal and industrial decarbonization are key to reaching net-zero and decarbonization goals, while a high integrity carbon market can contribute to enhancing the global ambition. The EU is a dedicated participant in Canada’s Global Carbon Pricing Challenge (GCPC). At COP30, the EU and Canada aim to further promote carbon pricing as a tool to combat climate change, foster innovation and to modernize our industries. COP30 will also be an opportunity to highlight the importance of decarbonizing the transport sector and to promote sustainable transportation solutions. We reiterate our commitment to the swift and full implementation of the goals and targets of the Kunming-Montreal Global Biodiversity Framework, including through the Nature Champions Network.
We agree that the Strategic Partnership Agreement (SPA) and the Canada-EU Comprehensive Economic and Trade Agreement (CETA) are at the core of the EU-Canada relationship. Through these agreements we are developing and deepening our partnership continuously in response to an evolving global context. We will continue to ensure their effective implementation and remain committed to achieving their full ratification. The SPA and CETA have allowed us to boost our cooperation over the past eight years.
We are committed to further enhancing our EU-Canada trade and investment relationship, to advance and diversify our trade, promote our economic security and resilience, create investment opportunities and ensure our long-term security and prosperity. Our relationship is underpinned by CETA and its benefits are clear: bilateral trade has increased by over 65% compared to pre-CETA levels. We welcome the efforts being made to remove barriers to interprovincial trade in Canada and reduce barriers within the EU Single Market as they will further ease trading and doing business for our companies.
Ensuring reliable and sustainable supply chains is a mutual priority and we have a shared interest in diversifying our supply chains and strategic investment. We will foster a closer cooperation on targeted industrial matters driving global competitiveness and strategic autonomy, such as artificial intelligence, quantum technologies, space, cyberspace, aeronautics, biotechnologies, new energies, minerals and critical metals, advanced manufacturing and cleantech. We intend to maintain a secure transatlantic supply chain on key technologies such as artificial intelligence (AI), supercomputers and semiconductors. We welcome the recent announcement of a Canadian strategic nickel project under the EU Critical Raw Materials Act and will work to identify opportunities for co-investment in projects of mutual interest. We welcome the G7 Global Critical Minerals Action Plan agreed under Canada’s Presidency.
We also remain committed to pursuing mutually beneficial collaboration on digital and tech policy issues and bolstering the bilateral digital trade relationship. Through the Canada-EU Digital Partnership, we are already working hand in hand on concrete projects in crucial areas for a robust digital economy, such as research in cutting-edge technologies, and we look forward to Canada hosting the first EU-Canada Digital Partnership Council later this year. We intend to enhance cooperation on AI innovation, including collaboration on AI Factories, to link our high-performance computing infrastructure and to deepen research cooperation in strategic technology areas such as AI and quantum. We also intend to align our frameworks and standards in the regulatory field, to make online platforms safer and more inclusive, to develop trustworthy AI systems and to establish interoperable digital identities and digital credentials to facilitate interactions between our citizens and our businesses.
We have agreed today an EU-Canada Security and Defence Partnership, which provides a coherent, high-level political framework for our joint efforts in this field and will strengthen and widen the scope of cooperation and dialogue between the EU and Canada. We remain committed to continuing our strong cooperation, notably through Canada’s contributions to EU missions and operations, and welcome possible further collaboration on crisis management in the future. Canada will strengthen its defence relationship with the EU by posting a defence representative to the EU. We underscore the value of Canada’s participation in the EU’s Permanent Structured Cooperation (PESCO) projects and look forward to pursuing additional initiatives within this framework. In line with our shared security interests, we attach particular importance to collaboration on defence. For Canada and those EU Member States who are NATO Allies, NATO remains the cornerstone of their collective defence. Our aim will be to help deliver on our capability targets, including through our defence industries, more quickly and economically and with enhanced interoperability in ways that deliver mutual benefit and reinforce the European contribution to NATO. All of the above is without prejudice to the specific character of the security and defence policy of certain EU Member States, and taking into account the security and defence interests of all Member States, in accordance with the EU Treaties. We appreciate Canada’s continued commitment to European security, which includes the largest deployment of Canadian Armed Forces overseas.
Recognizing the importance of the Women, Peace and Security as well as the Youth, Peace and Security agendas, we will continue supporting the full, equal and meaningful participation of women and youth in conflict prevention, mediation, resolution, peacekeeping, peacebuilding, and post-conflict reconstruction. We recognize that an enabling environment, is fundamental to ensuring the safe participation of women, and remain committed to fostering such environments. We will ensure that Women, Peace and Security is integrated in all aspects of cooperation on security and defence. Gender equality is a shared political and security priority, and we will collaborate to counter setbacks against gender equality and the rights of women and girls.
To ensure comprehensive and sustainable progress, Canada and EU senior officials will meet at regular intervals to review progress and identify opportunities to deepen cooperation, in line with existing CETA and SPA consultation mechanisms, and in view of the next EU-Canada Summit.
Annex – The New EU-Canada Strategic Partnership of the Future
Together, we will:
Increase trade flows and promote economic security
Support businesses to grow and diversify markets by fully and effectively implementing CETA.
Modernize our approach to trade by launching work towards a Digital Trade Agreement that would complement CETA.
Create tools for businesses to better support trade diversification, such as facilitating B2B matchmaking, cluster-to-cluster cooperation, and supporting the internationalization of small and medium-sized enterprises (SMEs).
Advance our collaboration in the EU-Canada Economic Security Dialogue. Political and technical exchanges will allow us to identify trends and risks of mutual concern that could affect our economic security, and cooperation on possible policy responses.
Reduce barriers and strengthen agriculture and agrifood trade.
Prepare ourselves for the energy needs of the future, by cooperating more closely and exploring options to work together on more resilient, diversified, reliable energy supply chains, including clean tech value chains, LNG, renewables, safe and sustainable low-carbon hydrogen and other safe and sustainable low-carbon technologies, in view of increasing bilateral trade and strengthening energy security.
Continue the existing cooperation on nuclear technologies, including fuels and fuel cycle services, through the negotiation of a modernized and comprehensive Canada-Euratom Nuclear Cooperation Agreement.
Strengthen labour mobility by facilitating the movement of highly skilled workers, and explore shared interests in exchanging information about immigration partnerships.
Foster competitiveness and resilience through strengthened cooperation in strategic value chains
Launch a new EU-Canada Industrial Policy Dialogue to boost industrial and supply chain cooperation in strategic sectors.
Promote projects and investments that reduce supply chain risks and foster resilience and the competitiveness of our industries and critical goods (e.g. semiconductors), including by promoting projects that abide by environmental, social and governance standards.
Work together closely to ensure security and diversity in the supply of minerals and metals critical to our mutual security and the green and digital transitions, including by exploring new opportunities to facilitate the two-way flow of investment, materials and expertise through the EU-Canada Strategic Partnership on Raw Materials.
Complete the negotiations for a renewed Canada-EU Competition Cooperation Agreement, providing a legal framework to coordinate enforcement activities and share information obtained through investigative powers in full respect of data privacy guarantees in both jurisdictions, as soon as possible.
Deepen regulatory alignment
Identify opportunities for increased regulatory alignment between Canada and the EU, including through advancing work under CETA’s Protocol on the Mutual Acceptance of the Results of Conformity Assessment.
Bolster formal consultative mechanisms on EU and Canadian legislation and regulations, including CETA’s Regulatory Cooperation Forum.
Increase transatlantic security through a new era of EU-Canada security and defence cooperation, including the full implementation of the EU-Canada Security and Defence Partnership
Bolster our bilateral dialogue and operational cooperation in all areas of joint interest in support of peace, security and defence – such as maritime security, cyber issues and hybrid threats.
Advance cooperation on the climate-security nexus and expand joint efforts in maritime security by identifying opportunities for coordinated naval activities.
Expand cooperation on defence capabilities, in particular by creating opportunities for increased defence industrial cooperation.
Secure and protect our democratic institutions by preventing and countering foreign information manipulation and interference (FIMI) through increased cooperation through relevant EU, Canadian and multilateral initiatives, such as the Canada-hosted G7 Rapid Response Mechanism.
Consider Canada’s further participation in EU Permanent Structured Cooperation (PESCO) projects, with an aim towards joint development of capabilities and greater interoperability.
Increase defence procurement cooperation through Canadian collaboration with ReArm Europe/Readiness 2030:
launch work towards a bilateral agreement related to the Security Action for Europe (SAFE) instrument
explore the possibility of establishing an administrative arrangement between Canada and the European Defence Agency
Shape the digital transition and promote exchanges in education and on innovation for technologies of the future
Deepen cooperation in the framework of the EU-Canada Digital Partnership, and hold the first EU-Canada Digital Partnership Council later this year to drive this process forward.
Advance cooperation on AI, cybersecurity, secure digital communication and advanced connectivity, secure and trusted communications infrastructure (including 5G and subsea cables), the transparency and resilience of global tech supply chains, digital identity, quantum science, data spaces, online platforms and fighting FIMI.
Advance regulatory cooperation under the Digital Partnership, notably in AI and cybersecurity, so as to work towards the mutual recognition of AI and cybersecurity product certification including under the CETA Protocol on Conformity Assessment.
Deepen collaboration by leveraging Canada’s association to Horizon Europe, including on high priority topics, and exploring its potential participation in EU’s 10th Framework Programme.
Expand cooperation for access to world-class high-performance computing infrastructure through Horizon Europe.
Support research and industrial collaboration in research security, artificial intelligence, semiconductors, quantum sciences, cyber security, climate change, oceans, circular economy, polar research and researcher mobility and training, including through the Canada-EU Digital Partnership and under the EU-Canada Science and Technology Cooperation Agreement.
Promote and defend the freedom of academic and scientific research and the protection of scientists.
Increase people to people ties, improve mobility and recognition, including in higher education and research through Erasmus+, the European Research Council and the Marie Skłodowska-Curie actions.
Fight climate change and environmental degradation and facilitate the transition to climate neutrality
Support for carbon pricing and industrial decarbonization as priority cooperation areas to combat climate change.
Bolster competitiveness through cooperation on carbon pricing systems and carbon border measures.
Work with international partners to promote the full, swift and effective implementation of the goals and targets of the Kunming-Montreal Global Biodiversity Framework.
Collaborate to achieve an internationally legally binding instrument on plastic pollution covering the full lifecycle of plastics at INC 5.2.
Collaborate on the implementation of the Just Energy Transition Partnerships.
Jointly call for ambitious action to implement the Paris Agreement, in line with efforts to keep the 1.5°C warming goal within reach.
Continue working with other international partners to promote relevant international instruments to combatting climate change, biodiversity loss, and pollution.
Welcome Canada joining the Global Energy Transition Forum launched by the European Commission to deliver on the goals of tripling the world’s renewable energy capacity and doubling the global annual rate of energy efficiency improvement by 2030 in parallel to a transition away from fossil fuels in energy systems.
Work together as co-conveners of the Global Methane Pledge to deliver on the goal of reducing global methane emissions by at least 30% from 2020 levels by 2030.
Advance cooperation on the climate–security nexus by exploring a Climate-Security Dialogue.
Crisis management
Advance public and private investments, notably in sustainable, inclusive, resilient and quality infrastructure, including through our shared G7 commitment under the Partnership for Global Infrastructure Investment and the EU’s Global Gateway strategy. At the same time, we recognize that investments in human development are a key enabling factor for just and sustainable digital and green transitions.
Strengthen cooperation on international crisis response and enhance cooperation on emergency management with the signing of an Administrative Arrangement between the Department of Foreign Affairs, Trade and Development of Canada and the European External Action Service on international cooperation in emergency planning and crisis response.
Respond more effectively to humanitarian crises and explore the possibility of a humanitarian administrative arrangement to align priorities and facilitate coordination.
Build health security and resilience through enhanced partnerships, including an administrative arrangement on medical countermeasures.
Building on the sale of 22 Canadian-built DHC-515 water bombers to the EU and Member States, explore further opportunities to share mutually beneficial technology and expertise in combating disasters.
Justice and Home Affairs
Explore cooperation between Eurojust, the European Public Prosecutor’s Office and the Canadian authorities in the field of criminal justice.
Advance the implementation, ratification and entry into force of the-EU-Canada Passenger Name Record Agreement.
[1]We note the reservations of one Member State regarding the strategic direction of certain EU policies towards Ukraine.