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Category: Business

  • MIL-OSI Russia: Regions of Russia and China signed 120 cooperation agreements

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    China has been Russia’s leading trading partner for over 10 years. Despite global market fluctuations and sanctions pressure, bilateral cooperation continues to strengthen, showing significant positive results. This was stated by Dmitry Volvach, Deputy Minister of Economic Development of Russia, during the plenary session of the fifth Russian-Chinese Forum on Interregional Cooperation, which was held as part of the ninth Russian-Chinese EXPO in parallel with the INNOPROM industrial exhibition in Yekaterinburg. In total, the Russian-Chinese portfolio includes more than 80 investment projects worth more than $200 billion.

    According to the Federal Customs Service of Russia and the General Administration of Customs of the People’s Republic of China, in 2024, trade turnover between the countries reached a historical maximum, increasing by 7.5%. In January-April 2025, these figures will remain the same. “On the instructions of the presidents of our countries, by 2030, our goal is to scale the volume of mutual trade to 300 billion dollars. In this regard, we are actively working to implement the Russian-Chinese Economic Cooperation Plan until 2030,” Dmitry Volvach emphasized.

    In recent years, Russian-Chinese cooperation has reached a new level, thanks to the large-scale implementation of infrastructure projects, especially in the energy and transport and logistics sectors. Among the largest infrastructure projects of Russia and China, the Deputy Minister named the construction of two gas complexes in the village of Ust-Luga in the Leningrad Region, which will produce up to 144 million tons of liquefied natural gas by 2035. More than 120 cooperation agreements have been concluded between Russian regions and Chinese provinces. In 2024, 311 joint events were held, and in 2025 – already 96. A list of 86 joint projects worth $ 201 billion has been approved. Among the key ones are the creation of the Bely Rast terminal and logistics complex in the Moscow Region and the development of the Dry Port in the Sverdlovsk Region.

    The Deputy Minister emphasized the great tourism potential of Russia and China. In the first quarter of 2025, the total tourist flow increased by 20%. To further increase it, the visa regime is being simplified: it is planned to increase the period of stay with an electronic visa from 16 to 30 days. Work is also underway to reduce the minimum composition of a tourist group from five to three people and increase the visa-free period from 15 to 21 days.

    Russia is actively promoting tourism products under the Discover Russia brand, and the restoration of air traffic is contributing to the growth of passenger traffic. “We are confident that in the near future we will reach pre-pandemic indicators and reach new heights,” Dmitry Volvach emphasized.

    The world’s first cross-border cable car between Khabarovsk and Heihe, which will open in 2026, will also be a significant infrastructure project. Zhang Hanhui, Ambassador of the People’s Republic of China to Russia, in his welcoming address to the forum participants, noted: “In recent years, the mechanism of cooperation between the regions of Russia and China has been continuously improved. Recently, the fifth meeting of the Yangtze-Volga Regional Cooperation Council and the meeting of the co-chairs of the Intergovernmental Commission on Cooperation between Northeast China and the Russian Far East were successfully held in Russia. Exchanges between regional delegations of the two countries have become closer, and interaction between enterprises is developing according to the principle of “mutual striving to meet halfway.”

    The forum was also attended by Deputy Governor of the Sverdlovsk Region Vasily Kozlov, Vice Governor of Heilongjiang Province Han Shengjian, Minister of Industry and Trade of the Republic of Tatarstan Oleg Korobchenko, Deputy Secretary General of the People’s Government of Liaoning Province Sun Wei, Deputy Governor of the Tomsk Region Vasily Potemkin, President of OPORA RUSSIA Alexander Kalinin and Vice President of Xuanyuan Corporation Jiao Jian.

    “We expect that joint work within the Forum and other events of the EXPO business program will contribute to the accelerated development of interregional cooperation between Russia and China, because interregional cooperation is the basis for further development of mutual trade, entails mutual cooperation in the market of production, investment and tourism resources. Together, we continue to do one big thing – we strive to create all the necessary conditions for the formation of a fair and multipolar world order, strengthening stability and security,” Dmitry Volvach summed up.

    Representatives of 35 Russian regions and over 300 Chinese companies took part in the forum. Businessmen and heads of government bodies from 18 Chinese provinces arrived in Russia.

    The EXPO business program included discussions on issues of scientific and technical sphere, trade and investment, support of export and urban environment, development of medicine, as well as youth business cooperation. During the INNOPROM exhibition, a contact exchange on key areas of cooperation was held.

    The INNOPROM exhibition was attended by delegations of business circles and government bodies from more than 50 countries. National expositions were presented by Belarus, Kazakhstan, Kyrgyzstan, Uzbekistan, China, India and others.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Russia: Action plan on responsible treatment of animals approved

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Order of June 27, 2025 No. 1706-r

    The government has approved an action plan for the comprehensive implementation of the President’s instructions and directions on responsible treatment of animals. The order to this effect has been signed.

    Document

    Order of June 27, 2025 No. 1706-r

    We are talking about improving regulatory frameworks in the area of animal welfare.

    In particular, the plan envisages the development and submission to the Government of a number of draft federal laws. They will provide for the regulation of activities related to the maintenance and breeding of domestic and wild animals, the introduction of a system for responding to citizens’ requests about animals causing harm to life and health or the threat of causing it, mechanisms for stimulating voluntary sterilization, vaccination and marking by owners of their domestic animals.

    In addition, the draft federal laws will concern the specifics of ownership and disposal of stray animals by organizations and municipalities, including issues of their transfer to new owners, the procedure for transferring animals to shelters when it is impossible to keep them any longer, and in the case of improper treatment of animals, their removal from owners and placement in shelters.

    The Ministry of Natural Resources and Environment will work on the development of the draft laws together with the Ministry of Economic Development, the Ministry of Finance, the Ministry of Agriculture, the Ministry of Emergency Situations, the Ministry of Internal Affairs, the Ministry of Digital Development, and Rosprirodnadzor. The deadline for implementing this work is July 2025 – May 2026.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Russia: Denis Manturov took part in the final board meeting of the Ministry of Industry and Trade

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Denis Manturov took part in the final board meeting of the Ministry of Industry and Trade of Russia on the sidelines of the Innoprom-2025 exhibition

    First Deputy Prime Minister Denis Manturov took part in a meeting of the final board of the Ministry of Industry and Trade on the sidelines of the Innoprom-2025 exhibition, where the main results of activities in 2024 were summed up and promising areas for industrial development in 2025 were outlined. The event was attended by the head of the Ministry of Industry and Trade Anton Alikhanov, acting governor of the Sverdlovsk region Denis Pasler, governor of the Smolensk region Vasily Anokhin, president of the RSPP Alexander Shokhin, and rector of the Bauman Moscow State Technical University Mikhail Gordin.

    Opening the meeting, Denis Manturov noted that the key priority of the Ministry and the economic block of the Government is the task of achieving technological sovereignty and leadership in strategic sectors, outlined by the President of Russia.

    “It is necessary to ensure the unconditional implementation of the activities of national projects of technological leadership. We have already said that, despite the difficult budget, all the goals of 2030 are mandatory to achieve. This concerns not only quantitative indicators, but also applied results. I mean the renewal of the machine tool fleet, the development of all types of transport, the introduction of new materials and low-tonnage chemical products to the market. In the same vein – providing advanced technologies and equipment to the Russian energy sector, agriculture, healthcare system and tourism,” said Denis Manturov.

    The First Deputy Prime Minister outlined the importance of work to provide the manufacturing industry with personnel, including through expanding the participation of industrial companies in the Advanced Engineering Schools and Professionalism projects. In addition, it is necessary to develop industry competence centers and engineering centers at universities.

    Speaking about the military-industrial complex, Denis Manturov noted that today the complex is going through the second wave of technological re-equipment in 15 years. Particular attention should be paid to the compliance of the “Development of the Military-Industrial Complex” program with the tasks that will be included in the new state armament program. In addition, it is necessary to give additional impetus to military-technical cooperation with friendly countries.

    Another important area is the development of the trade sector, the fastest growing segment of which today is the online trade market. Over the past year, it grew by 40%, and now the share of online trade in retail is already 15%.

    “Considering that this direction has been established and strengthened, it is time to align the rules of e-commerce with the regulation of traditional retail. In general, it is important for us that both marketplaces, and large networks, and small retail outlets increase the share of sales of goods from domestic manufacturers. In view of this, it is necessary to bring to practical implementation the idea of the gradual introduction of the so-called Russian shelf mechanism,” Denis Manturov emphasized.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Submissions: Iran-Israel war casts long shadow over global markets as strategic uncertainty persists, says GlobalData

    Source: GlobalData

    The Iran-Israel war casts a long shadow over global markets, with the ceasefire offering only a temporary pause in hostilities rather than a path to resolution.

    Strategic uncertainty continues to loom large, raising critical questions about the motivations behind Israel’s military actions and the future of Iran-Israel relations.

    From disrupted oil flows and rising inflation to shaken investor confidence, the economic and geopolitical repercussions are already being felt across regions and sectors, says GlobalData, a leading data and analytics company.

    Ramnivas Mundada, Director of Economic Research and Companies at GlobalData, comments: “While Israel framed its offensive as a pre-emptive strike against a perceived existential danger posed by Iran’s nuclear ambitions, this justification is contested. The region now faces a period of strategic uncertainty, with multiple potential outcomes. 

    For Israel to translate its military successes into lasting strategic gains, it must effectively curtail Iran’s nuclear ambitions, long-range ballistic missile arsenal, and regional influence. Given its aggressive strategy and low risk tolerance, it is unlikely to settle for anything less than ensuring that Iran poses no long-term challenge to its security.”

    The war has severely impacted Iran’s oil and gas sector, with airstrikes causing significant damage to critical facilities, including the South Pars gas field and various refineries. This destruction has disrupted production and exacerbated existing energy shortages, raising concerns about long-term economic stability.

    Against this backdrop, GlobalData has lowered Iran’s economic growth forecast for 2025 from 3.1% in March to a mere 0.3% in June. Additionally, the inflation rate projection has been revised upward from 32.3% to 47.5%, highlighting the increasing instability in the region and its detrimental effects on Iran’s economic outlook.

    The war has also led to increased volatility in the Iranian stock market, with the TEDPIX index contracting by 2.1% year-to-date as of 2 July 2025. Investor uncertainty has been fueled by rising oil prices, which surged from $59.2 per barrel on 5 June to a high of $74.4 per barrel by 22 June.

    The Iran-Israel war has significantly affected multiple sectors, particularly the ready-made garment (RMG) industry, which faces challenges from rising oil prices and loss of competitiveness. Fast-moving consumer goods (FMCG) companies are bracing for increased costs due to oil price volatility impacting packaging and raw materials.

    Moreover, the war has highlighted the interconnectedness of global supply chains, with key chokepoints like the Strait of Hormuz at risk. Disruptions in shipping routes and increased military activity have led to extended transit times and rising fuel costs, affecting global trade and logistics. The broader implications of the war underscore the urgent need for stability in the region, as the ripple effects extend far beyond the immediate combatants.

    Mundada concludes: “Israel’s military actions, framed as a response to an imminent nuclear threat, appear to be more complex and reflect a desire to assert military dominance in the region. As both nations navigate this precarious situation, the potential for renewed war looms large, underscoring the need for vigilance and adaptability from stakeholders in the region and beyond. The economic repercussions for Iran, coupled with the ongoing geopolitical uncertainties, suggest that the path to lasting peace will be fraught with challenges.”

    Notes

    Quotes provided by Ramnivas Mundada, Director of Economic Research and Companies at GlobalData
    The information is based on GlobalData’s Macroeconomic Database, “Country Analytics Overview – GlobalData”

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Universities – Game of Rivals: E-sports Study Finds Winning Formula – UoA

    Source: University of Auckland (UoA)

    As Saudi Arabia kicks off the 2025 Esports World Cup with a US $70 million prize pool and an opening-night concert by Post Malone, researcher Dr Kenny Ching (University of Auckland) says the most successful squads may well be built on past rivalries.

    By analysing esports teams, Ching and co-authors Enrico Forti (Manhattan College) and Evan Rawley (University of Connecticut) find that people who’ve competed against each other in the past make better teammates.

    Their study evaluates millions of randomly formed teams in the global multiplayer game Defense of the Ancients 2 (DOTA 2).

    Players in DOTA 2 are frequently reshuffled into new teams, offering the chance to measure how different team compositions influence success, says Ching, an avid gamer himself.

    “Defense of the Ancients is a high-pressure game where two teams of five players battle head-to-head.

    “With millions of active players and a professional circuit that sells out stadiums, it’s one of the most competitive and team-oriented games in the esports world.”

    The large-scale study finds that teammates who’ve competed against one another in the past, gaining what the researchers call ‘competitive familiarity’, perform significantly better than those who haven’t.

    So why might past rivalry make for better teamwork?

    Ching says competition, especially high-stakes public competition, offers insights into how people think, react, and strategise.

    “When those same individuals become teammates, those insights can be used to improve coordination and decision-making.

    “Competing against a person builds familiarity. Things that might be overlooked when on the same team might be more clearly noticed and remembered during competition.”

    One professional player quoted in the study, Su ‘Super’ Peng, described how competition helped him “feel” his opponent’s style of play, allowing for a deeper understanding once they were on the same team.

    “Competitive familiarity is surprisingly common in organisational life,” says Ching. “It happens when companies merge, poach talent from competitors, or bring rival teams together for product development.”

    Real-world examples where organisations harness rivalry to drive innovation and learning include Samsung, where competition between some internal teams is encouraged before bringing them together to develop new products.

    Cybersecurity and tech companies sometimes form ‘red teams’ of internal contrarians who mimic rival attackers to identify weaknesses. And sports teams frequently pay big bucks to bring former adversaries into the fold.

    Ching’s paper, published in Organization Science, includes a few ideas to harness the benefits of competition: Rotating employees through competing teams, staging internal competitions and encouraging former rivals to co-lead projects.

    “Esports provides a unique lens into how teams form, adapt and compete under pressure,” he says. “Just as people learn to work better together through collaboration, they can also learn and have better outcomes through competition.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: WATCH: Padilla Pushes for Additional Federal Disaster Aid on Six-Month Anniversary of Los Angeles Fires

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Pushes for Additional Federal Disaster Aid on Six-Month Anniversary of Los Angeles Fires

    WATCH: Padilla details important progress made in aftermath of devastating LA fires, criticizes major FEMA cuts

    LOS ANGELES, CA — Today, U.S. Senator Alex Padilla (D-Calif.), co-chair of the bipartisan Senate Wildfire Caucus, joined Governor Gavin Newsom, First Partner Jennifer Siebel Newsom, and federal, state, and local leaders to recognize the six-month anniversary of the devastating firestorms that hit Los Angeles in January, as well as the progress made and steps being taken to rebuild and restore impacted Southern California communities. Padilla vowed to keep fighting to secure additional disaster assistance for California and blasted the Trump Administration for dismantling key federal disaster programs.

    Fueled by wind gusts of up to 100 miles per hour, the Los Angeles County fires earlier this year burned more than 40,000 acres — an area over three times the size of Manhattan. The fires destroyed over 16,000 structures, forced tens of thousands of residents to evacuate, and took at least 30 lives.

    Months later, the fastest disaster cleanup in American history is substantially complete, with the Federal Emergency Management Agency (FEMA), U.S. Army Corps of Engineers, Small Business Administration, and Environmental Protection Agency among the federal entities helping Los Angeles communities rebuild. Household Hazardous Waste (HHM) has been removed from 100 percent of EPA-deferred properties, and the Army Corps has cleared over 9,000 lots of fire ash and debris in the Eaton and Palisades burn zones.

    However, Padilla emphasized that more aid is needed to help Los Angeles communities recover, highlighting that “Mother Nature does not discriminate — natural disasters can impact any state, any region in the country, regardless of your political leanings,” as underscored by the tragic flash floods in Texas that have taken more than 80 lives. As California enters peak fire season, Padilla criticized the Trump Administration for their plans to completely dismantle FEMA, diverting critical firefighting crews from the California National Guard away from their core missions, and targeting immigrants and day laborers who work in essential sectors for rebuilding Los Angeles.

    Representatives Judy Chu (D-Calif.-28) and Brad Sherman (D-Calif.-32) also spoke at the press conference. Key excerpts from Senator Padilla’s remarks are available below.

    Key Excerpts:

    • “It’s hard to believe it’s been six months. Los Angeles has been through a lot. Our country has been through a lot. Our communities are going through a lot, but if the teamwork of this year to date is any indicator, I know we’ll continue to get through. We’re going to get through, and we’ll be stronger and more resilient than ever in so many ways.”
    • “Our hearts go out as Californians to the people in Texas who have suffered so much this last weekend, those who have lost loved ones because of the flash floods, and those that are just so anxious, waiting to account for missing friends and family. It is an absolute reminder that Mother Nature does not discriminate. Natural disasters can impact any state, any region in the country, regardless of your political leanings. Californians have risen up and stood for other Californians who stood up for neighbors across the country time and time again, and I know we will continue to do so after this tragedy.”
    • “When I described to my colleagues that, yes, this was more than three times the size of Manhattan that was burned, it is truly unprecedented. When the fires broke out, we saw so many first responders, local law enforcement, fire department personnel, and others quickly jump to the scene, and through mutual aid, so many from throughout the state and throughout the country come to the aid of Southern California. I don’t know if we’ll ever be able to quantify how many lives were saved as a result. How many properties were saved as a result? And so six months later, we continue to say thank you, ­­thank you, thank you.”
    • “This is the time to be investing more in FEMA and empowering FEMA, not attacking FEMA or threatening to eliminate FEMA because the people of Texas are relying on FEMA as we speak. We’ve come to appreciate FEMA even more. Again, no region of the country is immune.”
    • “And this is also the time, as California has done for so long, to respect and honor the contributions of so many immigrants in our communities, because many of them work in construction. They’re the construction workers that we need to continue the rebuilding process for our communities. This is absolutely not the time to threaten or terrorize construction workers and their families in our community.”
    • “I’m proud to represent California. California will always answer the call to help our neighbors. … I’ll continue to fight for the communities of Pasadena, Altadena, the Palisades and others that have been impacted this year.”

    Video of Senator Padilla’s remarks is available here and can be downloaded here.

    Senator Padilla has fought relentlessly to secure and protect access to desperately needed disaster relief aid for families in Southern California. In the immediate aftermath of the Los Angeles fires, Padilla and Senator Adam Schiff (D-Calif.) led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla, Schiff, and Representatives Ken Calvert (R-Calif.-41) and Zoe Lofgren (D-Calif.-18) also led the entire bipartisan California Congressional delegation in urging Senior Congressional leadership to provide additional disaster relief funding and resources to help Los Angeles County communities rebuild. Padilla previously delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.

    Padilla has introduced more than 10 bills to help prevent and respond to future wildfires, including the Senate version of the Fix Our Forests Act, bipartisan legislation to combat catastrophic wildfires, restore forest ecosystems, and make federal forest management more efficient and responsive. Padilla highlighted the legislation after joining federal and state emergency officials for a tour of the Pacific Palisades fire recovery area led by FEMA. Padilla also visited Altadena earlier this year, joining Senator Cory Booker (D-N.J.), FEMA, local leaders, and representatives from the Small Business Administration, Environmental Protection Agency, and the U.S. Army Corps of Engineers for a tour and briefing on cleanup and recovery efforts in the aftermath of the Eaton Fire.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Completes the Fourth Review under the Extended Credit Facility Arrangement with Ghana

    Source: IMF – News in Russian

    July 7, 2025

    • The IMF Executive Board today completed the fourth review of Ghana’s 36-month Extended Credit Facility Arrangement. This allows for the immediate disbursement of about US$367 million (SDR 267.5 million).
    • Notwithstanding higher-than-expected growth and significant further improvement in Ghana’s external position last year, program performance deteriorated markedly at end-2024. This reflected pre-election fiscal slippages; inflation above program targets—though recent data point to renewed rapid disinflation; and reforms delays.
    • Faced with a significant deterioration in program performance, the new authorities have responded decisively to secure achievement of the program targets and keep the structural reform agenda on track. Among other important steps, they enacted a strong budget and public financial management reforms; tightened monetary policy; and adjusted electricity prices.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the fourth review of the US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board in May 2023. Completion of the fourth ECF review allows for an immediate disbursement of about US$367 million (SDR 267.5 million), bringing Ghana’s total disbursements under the arrangement to about US$2.3 billion.

    Growth in 2024 and the first quarter of 2025 was higher than expected, reflecting robust activity in the mining, agricultural, ICT, manufacturing, and construction sectors. The external sector has seen considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, the accumulation of international reserves has far exceeded the ECF-supported program targets.

    Notwithstanding these achievements, Ghana’s performance under the IMF-supported program deteriorated significantly at end-2024. Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded program targets—though recent data points to renewed rapid disinflation. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors.

    The new authorities have adopted strong corrective measures to address the fiscal impact of 2024 slippages and ensure the fiscal program remains on track, including achievement of a 1½ percent of GDP fiscal primary surplus in 2025. This will be achieved through additional revenue mobilization and expenditure rationalization—while protecting the vulnerable from the impact of policy adjustment. Several public financial management reforms will ensure alignment of spending commitments to available resources—including by strengthening budget controls and undertaking a comprehensive audit of payables accumulated end-2024.

    Looking ahead, preserving the integrity of the fiscal policy adjustment is predicated on timely and continued efforts to further strengthen revenue administration, bolster public financial management, and improve State-Owned Enterprises (SOEs) management—including by decisively tackling challenges in the energy and cocoa sectors.

    The Bank of Ghana (BoG) has tightened its monetary policy stance to sustain a continued reduction in inflation and has been successful in rebuilding international reserves. The BoG has implemented risk containment measures to support banking system stability. It appropriately intensified monitoring and escalated measures at weak, undercapitalized banks to promote timely recapitalization; strengthen risk management frameworks and practices, including to reduce NPLs; and ensure effective governance. Looking ahead, the authorities are committed to sustaining their efforts to bolster financial stability.  

    Ambitious structural reforms to help create an environment more conducive to private sector investment, and to enhance governance and transparency remain key to boosting the economy’s potential and underpinning sustainable job creation.

    The Ghanaian authorities have also continued to make headway on their public debt restructuring. The Memorandum of Understanding (MoU) with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework has been signed by all parties, and the focus is now on finalizing the bilateral agreements to implement the MoU. The authorities are also pursuing good-faith efforts toward reaching agreements with other commercial creditors on debt treatments that are in line with program parameters and the comparability of treatment principles.

    Against the backdrop of these policy actions and the progress on debt restructuring, Ghana’s credit rating has been upgraded by key international credit rating agencies.

    Going forward, staying the course of macroeconomic policy adjustment and reforms is essential to fully and durably restore macroeconomic stability and debt sustainability, while fostering a sustainable increase in economic growth and poverty reduction.

    Following the Executive Board discussion on Ghana, Deputy Managing Director Bo Li issued the following statement:

    “Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the program on track. Combined with ongoing reform efforts and an improved external position, the corrective measures are set to support Ghana in reaching the goals of economic stabilization, rebuilding resilience, and fostering higher and more inclusive growth.

    “The authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages. They have passed a 2025 budget consistent with the program’s objectives and enacted an enhanced fiscal responsibility framework. Looking ahead, staying the course of fiscal adjustment and completing the debt restructuring are key to ensure fiscal sustainability. This should be supported by continued efforts to enhance domestic revenue mobilization and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets. Improving tax administration, strengthening expenditure controls, and improving SOEs’ efficiency are of the essence to underpin durable adjustment. In this context, forcefully addressing the challenges in the energy sector and addressing related arrears are critical to contain fiscal risks.

    “The authorities have made significant strides toward rebuilding international reserves and taken steps to bring inflation down. The Bank of Ghana should maintain an appropriately tight monetary stance until inflation returns to its target, reduce its footprint in the foreign exchange market, and allow for greater exchange rate flexibility, including by adopting a formal internal FX intervention policy framework.

    “The authorities have taken intensified actions to address undercapitalized banks. Looking ahead, further strengthening financial sector stability requires fully implementing the plan to strengthen NIB, finalizing the reform strategy to support state-owned banks’ viability and sustainability, and developing contingency plans to address weak banks that fail to recapitalize. Stepped-up efforts to improve the crisis management and resolution framework, enhance financial-sector safety nets, and address legacy issues at the specialized deposit-taking institutions are also important.”

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Actual

    Prel.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

     

    (annual percentage change, unless otherwise indicated)

    National accounts and prices

    		              

    GDP at constant prices

    3.1

    5.7

    4.0

    4.8

    4.9

    5.0

    5.0

    5.0

    Non-extractive GDP

    3.3

    5.1

    3.6

    4.6

    5.0

    5.0

    5.0

    5.0

    Extractive GDP

    1.7

    9.4

    7.0

    5.9

    4.7

    4.9

    5.0

    5.0

    Real GDP per capita

    1.2

    3.7

    2.1

    2.9

    3.1

    3.2

    3.2

    3.3

    GDP deflator

    40.1

    25.4

    17.0

    7.8

    6.8

    6.9

    7.6

    7.8

    Consumer price index (end of period)

    23.2

    23.8

    12.0

    8.0

    8.0

    8.0

    8.0

    8.0

    Consumer price index (annual average)

    39.2

    22.9

    17.3

    9.3

    8.0

    8.0

    8.0

    8.0

     

    (percent of GDP, unless otherwise indicated)

    Central government budget

    		              

    Revenue

    15.2

    15.9

    15.9

    16.6

    16.8

    16.9

    17.0

    17.0

    Expenditure (commitment basis) 1

    18.5

    23.2

    18.7

    18.7

    18.6

    18.9

    19.2

    19.6

    Overall balance (commitment basis) 1

    -3.4

    -7.3

    -2.8

    -2.1

    -1.8

    -2.0

    -2.2

    -2.6

    Primary balance (commitment basis)

    -0.3

    -3.3

    1.5

    1.5

    1.5

    1.5

    1.5

    1.0

    Non-oil primary balance (commitment basis)

    -1.7

    -5.0

    0.4

    0.4

    0.3

    0.2

    0.1

    -0.4

    Public debt (gross)

    79.1

    70.2

    66.0

    62.3

    59.5

    56.6

    53.8

    51.9

    Domestic debt

    37.1

    33.8

    29.2

    27.5

    26.1

    25.2

    24.1

    23.6

    External debt

    42.0

    36.4

    36.8

    34.8

    33.4

    31.4

    29.7

    28.3

     

    (annual percentage change, unless otherwise indicated)

    Money and credit

    		              

    Credit to the private sector (commercial banks)

    10.7

    26.3

    24.7

    17.0

    16.1

    16.3

    17.0

    19.2

    Broad money (M2+)

    38.7

    31.9

    23.4

    13.0

    12.1

    12.3

    13.0

    16.1

    Velocity (GDP/M2+, end of period)

    3.4

    3.4

    3.4

    3.4

    3.4

    3.4

    3.4

    3.3

    Base money

    29.7

    47.8

    16.2

    -1.1

    12.7

    12.7

    14.8

    9.8

    Policy rate (in percent, end of period)

    30.0

    27.0

    N.A.

    N.A.

    N.A.

    N.A.

    N.A.

    N.A.

     

    (US$ million, unless otherwise indicated)

    External sector

    		              

    Current account balance (percent of GDP)

    -1.6

    1.1

    1.8

    1.4

    1.5

    1.3

    1.1

    0.5

    BOP financing gap 2

    3,364

    13,741

    9,124

    3,659

    0

    0

    0

    0

    IMF

    600

    1,320

    720

    360

    0

    0

    0

    0

    World Bank

    27

    390

    886

    487

    0

    0

    0

    0

    AfDB

    60

    0

    44

    0

    0

    0

    0

    0

    Debt Restructuring Related Flows 2

    2,677

    12,031

    7,474

    2,812

    0

    0

    0

    0

    Gross international reserves (program) 3

    3,661

    6,404

    8,366

    7,926

    9,585

    11,358

    13,614

    14,948

       in months of prospective imports

    1.5

    2.6

    3.3

    3.0

    3.5

    3.9

    4.5

    4.8
                   

    Memorandum items:

    		              

    Nominal GDP (billions of GHc)

    887

    1,176

    1,431

    1,617

    1,812

    2,034

    2,299

    2,602

    Population Growth Rate (percentage) 4

    1.9

    1.9

    1.8

    1.8

    1.8

    1.7

    1.7

    1.7

    Sources: Ghanaian authorities; and Fund staff estimates and projections.

          1 Projections assume full debt restructuring.

    2 Additional financing needed to gradually bring reserves to at least 3 months of imports by 2026. The large 2024-2026 financing gaps result from debt restructuring accounting, with both debt deferral and the nominal value of the debt exchanges included here.

    3 Excludes oil funds, encumbered assets, and pledged assets.

    4 United Nations, World Population Prospects 2022

    Ghana: Selected Economic and Financial Indicators, 2023–30

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/07/07/pr-25242-ghana-imf-completes-the-4th-review-under-the-ecf-arrange

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Extending the Modification of the Reciprocal Tariff Rates

    US Senate News:

    Source: US Whitehouse
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, I hereby determine and order:
    Section 1.  Background.  In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat to the national security and economy of the United States that has its source in whole or substantial part outside the United States.  I declared a national emergency with respect to that threat, and to deal with that threat I imposed additional ad valorem duties that I deemed necessary and appropriate.Section 4(c) of Executive Order 14257 provides that, “[s]hould any trading partner take significant steps to remedy non-reciprocal trade arrangements and align sufficiently with the United States on economic and national security matters, I may further modify the [Harmonized Tariff Schedule of the United States] to decrease or limit in scope the duties imposed under this order.” In Executive Order 14266 of April 9, 2025 (Modifying Reciprocal Tariff Rates To Reflect Trading Partner Retaliation and Alignment), I determined that it was necessary and appropriate to temporarily suspend, for a period of 90 days, application of the additional ad valorem rate of duties for products of the foreign trading partners listed in Annex I to Executive Order 14257, except with respect to the People’s Republic of China (PRC), and to instead impose on articles of all such trading partners an additional ad valorem rate of duty of 10 percent, subject to the terms of Executive Order 14257, as amended.  I made this determination in light of the “sincere intentions” and willingness of these trading partners to address the national and economic security concerns of the United States.  This 90-day suspension expires at 12:01 a.m. eastern daylight time on July 9, 2025.  I have determined, based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. eastern daylight time on August 1, 2025.  With respect to the PRC, the separate tariff suspension effectuated by Executive Order 14298 of May 12, 2025 (Modifying Reciprocal Tariff Rates To Reflect Discussions With the People’s Republic of China), remains in effect and is unaltered by this order.
    Sec. 2.  Tariff Modifications.  The Harmonized Tariff Schedule of the United States (HTSUS) shall be modified, effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on July 9, 2025, by suspending headings 9903.01.43 through 9903.01.62 and 9903.01.64 through 9903.01.76, and subdivisions (v)(xiii)(1)-(9) and (11)-(57) of U.S. note 2 to subchapter III of chapter 99 of the HTSUS, until 12:01 a.m. eastern daylight time on August 1, 2025.
    Sec. 3.  Implementation.  The Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, as applicable, in consultation with the Secretary of State, the Secretary of the Treasury, the Assistant to the President for Economic Policy, the Senior Counselor for Trade and Manufacturing, the Assistant to the President for National Security Affairs, and the Chair of the International Trade Commission, are directed and authorized to take all necessary actions to implement and effectuate this order, consistent with applicable law, including through temporary suspension or amendment of regulations or notices in the Federal Register and by adopting rules, regulations, or guidance, and to employ all powers granted to the President by IEEPA, as may be necessary to implement this order.  Each executive department and agency shall take all appropriate measures within its authority to implement this order.
    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:(i)   the authority granted by law to an executive department, agency, or the head thereof; or(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.(d)  The costs for publication of this order shall be borne by the Office of the United States Trade Representative.
    DONALD J. TRUMP
    THE WHITE HOUSE,    July 7, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Extending the Modification of the Reciprocal Tariff Rates

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, I hereby determine and order:

    Section 1.  Background.  In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat to the national security and economy of the United States that has its source in whole or substantial part outside the United States.  I declared a national emergency with respect to that threat, and to deal with that threat I imposed additional ad valorem duties that I deemed necessary and appropriate.
    Section 4(c) of Executive Order 14257 provides that, “[s]hould any trading partner take significant steps to remedy non-reciprocal trade arrangements and align sufficiently with the United States on economic and national security matters, I may further modify the [Harmonized Tariff Schedule of the United States] to decrease or limit in scope the duties imposed under this order.” 
    In Executive Order 14266 of April 9, 2025 (Modifying Reciprocal Tariff Rates To Reflect Trading Partner Retaliation and Alignment), I determined that it was necessary and appropriate to temporarily suspend, for a period of 90 days, application of the additional ad valorem rate of duties for products of the foreign trading partners listed in Annex I to Executive Order 14257, except with respect to the People’s Republic of China (PRC), and to instead impose on articles of all such trading partners an additional ad valorem rate of duty of 10 percent, subject to the terms of Executive Order 14257, as amended.  I made this determination in light of the “sincere intentions” and willingness of these trading partners to address the national and economic security concerns of the United States.  This 90-day suspension expires at 12:01 a.m. eastern daylight time on July 9, 2025.  
    I have determined, based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. eastern daylight time on August 1, 2025.  With respect to the PRC, the separate tariff suspension effectuated by Executive Order 14298 of May 12, 2025 (Modifying Reciprocal Tariff Rates To Reflect Discussions With the People’s Republic of China), remains in effect and is unaltered by this order.

    Sec. 2.  Tariff Modifications.  The Harmonized Tariff Schedule of the United States (HTSUS) shall be modified, effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on July 9, 2025, by suspending headings 9903.01.43 through 9903.01.62 and 9903.01.64 through 9903.01.76, and subdivisions (v)(xiii)(1)-(9) and (11)-(57) of U.S. note 2 to subchapter III of chapter 99 of the HTSUS, until 12:01 a.m. eastern daylight time on August 1, 2025.

    Sec. 3.  Implementation.  The Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, as applicable, in consultation with the Secretary of State, the Secretary of the Treasury, the Assistant to the President for Economic Policy, the Senior Counselor for Trade and Manufacturing, the Assistant to the President for National Security Affairs, and the Chair of the International Trade Commission, are directed and authorized to take all necessary actions to implement and effectuate this order, consistent with applicable law, including through temporary suspension or amendment of regulations or notices in the Federal Register and by adopting rules, regulations, or guidance, and to employ all powers granted to the President by IEEPA, as may be necessary to implement this order.  Each executive department and agency shall take all appropriate measures within its authority to implement this order.

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department, agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
    (d)  The costs for publication of this order shall be borne by the Office of the United States Trade Representative.

    DONALD J. TRUMP

    THE WHITE HOUSE,
        July 7, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Hassan, Shaheen, Pappas Deliver Remarks and Congratulate New Citizens from Over 40 Different Countries at U.S. Naturalization Ceremony

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    (Portsmouth, NH) – Today, U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) and U.S. Congressman Chris Pappas (NH-01) attended and delivered remarks congratulating new citizens from over 40 different countries at a U.S. Naturalization ceremony at the Strawbery Banke Museum.

    Photos from today’s event can be found here.

    “At every point in our history, America has been shaped by immigrants from every corner of the world and every sector of society,” said Senator Shaheen. “I was honored to be a part of today’s naturalization ceremony in Portsmouth, and I congratulate each and every new citizen on this momentous event in their lives.”

    “It was a privilege to join today’s naturalization ceremony at Strawbery Banke and to welcome and celebrate America’s newest citizens,” said Senator Hassan. “Ceremonies like the one held today are an opportunity for American citizens, new and old, to recommit ourselves to supporting and defending the ideals of freedom, self-government, and the rule of law as embodied by our Constitution.”

    “At today’s naturalization ceremony we welcomed our newest American citizens and reflected on the profound impact that immigrants have on New Hampshire and in our country. Immigrants come to work hard and seek freedom, opportunity, and security, and immigration renews the spirit of our nation,” said Congressman Pappas. “I was honored to join these patriotic Americans and congratulate them on taking the oath of citizenship.”

    MIL OSI USA News –

  • MIL-OSI: Hut 8 Schedules Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 07, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced it will release financial results for the second quarter of 2025 before the market opens on August 7, 2025. The Company will host a conference call and webcast to review the results on the same day at 8:30 a.m. ET.

    Conference Call and Webcast Details

    Date: Thursday, August 7, 2025
    Time: 8:30 a.m. ET

    Investors can join the live webcast here. Analysts can register here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Hut 8 Schedules Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 07, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced it will release financial results for the second quarter of 2025 before the market opens on August 7, 2025. The Company will host a conference call and webcast to review the results on the same day at 8:30 a.m. ET.

    Conference Call and Webcast Details

    Date: Thursday, August 7, 2025
    Time: 8:30 a.m. ET

    Investors can join the live webcast here. Analysts can register here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Hut 8 Schedules Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 07, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced it will release financial results for the second quarter of 2025 before the market opens on August 7, 2025. The Company will host a conference call and webcast to review the results on the same day at 8:30 a.m. ET.

    Conference Call and Webcast Details

    Date: Thursday, August 7, 2025
    Time: 8:30 a.m. ET

    Investors can join the live webcast here. Analysts can register here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Announces Rebalancing of Multi-Asset Funds for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 07, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, offering more than 30 crypto investment products, and manager of Grayscale® Decentralized Finance (DeFi) Fund (OTCQB: DEFG) (DeFi Fund), Grayscale® Smart Contract Fund (GSC Fund), and Grayscale® Decentralized AI Fund (AI Fund), today announced the updated Fund Component weightings for each product in connection with their respective second quarter 2025 reviews.

    In accordance with the CoinDesk DeFi Select Index methodology, Grayscale has adjusted DEFG’s portfolio by selling the existing Fund Components in proportion to their respective weightings, and using the cash proceeds to purchase Ondo (ONDO). As a result of the rebalancing, ONDO was added to DEFG. At the end of the day on July 3, 2025, DEFG’s Fund Components were a basket of the following assets and weightings*:

    • Uniswap (UNI), 34.01%
    • Aave (AAVE), 30.74%
    • Ondo (ONDO), 18.22%
    • MakerDAO (MKR), 6.69%
    • Curve (CRV), 5.30%
    • Lido (LDO), 5.04%

    In accordance with the CoinDesk Smart Contract Platform Select Capped Index methodology, Grayscale has adjusted GSC Fund’s portfolio by selling Polkadot (DOT) and existing Fund Components in proportion to their respective weightings, and using the cash proceeds to purchase Hedera (HBAR) and existing Fund Components in proportion to their respective weightings. As a result of the rebalancing, DOT was removed from GSC Fund and HBAR was added to GSC Fund. At the end of the day on July 3, 2025, GSC Fund’s Fund Components were a basket of the following assets and weightings*:

    • Ether (ETH), 30.22%
    • Solana (SOL), 29.87%
    • Cardano (ADA), 18.57%
    • Sui (SUI), 8.78%
    • Avalanche (AVAX), 6.76%
    • Hedera (HBAR), 5.80%

    In accordance with AI Fund methodology, Grayscale has adjusted AI Fund’s portfolio by selling existing Fund Components in proportion to their respective weightings, and using the cash proceeds to purchase existing Fund Components in proportion to their respective weightings. At the end of the day on July 3, 2025, AI Fund’s Fund Components were a basket of the following assets and weightings**:

    • Bittensor (TAO), 29.10%
    • NEAR Protocol (NEAR), 28.41%
    • Render (RENDER), 17.34%
    • Filecoin (FIL), 16.38%
    • The Graph (GRT), 8.77%

    None of DEFG, GSC, or AI Fund generate any income, and all regularly distribute Fund Components to pay for ongoing expenses. Therefore, the amount of Fund Components represented by shares of each fund gradually decreases over time.

    For more information, please visit grayscale.com.

    This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

    *The compositions of DEFG, and GSC Fund are evaluated on a quarterly basis to remove existing Fund Components or to include new Fund Components, in accordance with the index methodologies established by the Index Provider. Holdings and weightings of each Fund are subject to change. Investors cannot directly invest in an index.

    **The composition of the AI Fund is evaluated on a quarterly basis to remove existing Fund Components or to include new Fund Components, in accordance with the fund methodology established by Grayscale as the Manager of the Fund. Holdings and weightings of the AI Fund are subject to change.

    About Grayscale® Decentralized Finance Fund

    DeFi Fund seeks to provide investors with exposure to a selection of industry-leading decentralized finance platforms through a market cap-weighted portfolio designed to track the CoinDesk DeFi Select Index. DeFi Fund holds some of the largest and most liquid digital assets that meet certain trading and custody requirements and are classified in the DeFi sector defined by CoinDesk Digital Asset Classification Standard (DACS); the weightings of each Fund Component change daily and are published around 4:00 p.m. NY-time. Additional information on the CoinDesk DeFi Select Index methodology can be found at: https://www.coindesk.com/indices/dfx/.

    DeFi Fund’s investment objective is for its Shares to reflect the value of Fund Components held by the DeFi Fund, less its expenses and other liabilities. To date, the DeFi Fund has not met its investment objective and the Shares quoted on OTCQB have not reflected the value of Fund Components held by the DeFi Fund, less the DeFi Fund’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, with variations that have at times been substantial.

    About Grayscale® Smart Contract Fund

    GSC Fund seeks to provide investors with exposure to a selection of industry-leading Smart Contract Platforms through a market cap-weighted portfolio subject to a weightings cap, designed to track the CoinDesk Smart Contract Platform Select Capped Index. GSC Fund holds some of the largest and most liquid digital assets that meet certain trading and custody requirements, and are classified in the Smart Contract Platform sector defined by CoinDesk Digital Asset Classification Standard (DACS); the weightings of each Fund Component change daily and are published around 4:00 p.m. NY-time.

    Grayscale intends to attempt to have shares of this product quoted on a secondary market. However, there is no guarantee this will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in this product should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators such as the SEC, FINRA or other regulatory bodies may have regarding the product. As a result, shareholders of this product should be prepared to bear the risk of investment in the shares indefinitely.

    Smart contracts are a new technology and ongoing development may magnify initial problems, cause volatility on the networks that use smart contracts and reduce interest in them, which could have an adverse impact on the value of digital assets that deploy smart contracts.

    Extreme volatility of trading prices that many digital assets have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the products and the shares could lose all or substantially all of their value.

    Grayscale Investments Sponsors, LLC (“Grayscale Investments”) is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products sponsored or managed by Grayscale are registered under the Investment Company Act of 1940.

    About Grayscale® Decentralized AI Fund

    AI Fund seeks to provide investors with exposure to protocols building Decentralized AI services, protocols building solutions to centralized AI-related problems, and infrastructure and resources critical to AI technology development.

    Grayscale intends to attempt to have shares of this new product quoted on a secondary market. However, there is no guarantee this will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in this product should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators such as the SEC, FINRA or other regulatory bodies may have regarding the product. As a result, shareholders of this product should be prepared to bear the risk of investment in the shares indefinitely.

    Decentralized AI is a new technology and ongoing development may magnify initial problems, cause volatility on the networks that use decentralized AI and reduce interest in them, which could have an adverse impact on the value of digital assets that rely on decentralized AI.

    Extreme volatility of trading prices that many digital assets have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the products and the shares could lose all or substantially all of their value.

    About Grayscale Investments®

    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –

  • MIL-OSI Canada: Minister Sidhu meets with Alberta counterpart and industry leaders to discuss trade, innovation and investment

    Source: Government of Canada News (2)

    July 7, 2025 – Calgary, Alberta – Global Affairs Canada

    The Honourable Maninder Sidhu, Minister of International Trade, spent 3 days in Calgary, Alberta, working with provincial leaders and business representatives to strengthen trade and investment opportunities for Canadian businesses.

    On Thursday, July 3, Minister Sidhu met with Joseph Schow, Alberta’s Minister of Jobs, Economy, Trade and Immigration. They discussed how the federal and provincial governments can work together to advance trade diversification and promotion, including through Team Canada trade missions.

    Minister Sidhu delivered remarks at the Canada-United Arab Emirates (UAE) Business Council board meeting, highlighting recent progress in the growing Canada-UAE trade relationship.

    On Friday, July 4, the Minister toured local facilities that are at the forefront of using advanced technologies. At Carbon Upcycling Technologies, he saw world-leading carbon-capture and conversion technology in action. He then toured Carbonova, an innovative company that turns greenhouse gases into valuable products for a range of industries. The Minister also visited De Havilland Aircraft of Canada Limited’s leading manufacturing facility and saw first-hand their proud Canadian operations, including the production of aircraft headed to the EU and Colombia. He then led a round-table discussion with aerospace and defence industry leaders.

    During the Calgary Stampede, Minister Sidhu met with members of Canadian Manufacturers & Exporters and the Canadian Chamber of Commerce to discuss key trade priorities, particularly those of interest to Western Canadian business leaders.

    Throughout the trip, Minister Sidhu highlighted the advantages of Canada’s economic resilience and global trade relationships, as well as how the Trade Commissioner Service can help Canadian businesses explore international markets and opportunities. 

    MIL OSI Canada News –

  • MIL-OSI New Zealand: FamilyBoost changes will exacerbate inequity of ECE access

    Source: NZCTU

    The New Zealand Council of Trade Unions Te Kauae Kaimahi is warning that the FamilyBoost changes announced today by Finance Minister Nicola Willis will fail to make early childhood education more affordable for the families who need it most and will instead widen inequities.

    “The Government has missed an opportunity to reflect on the failure of the FamilyBoost scheme and pivot towards improving access and affordability through expanding universal free-fees entitlements and moving towards a quality public ECE system,” said NZCTU Secretary Melissa Ansell-Bridges.

    “FamilyBoost puts an administrative burden on whānau and teachers while failing to deal with the key issues in early childhood education, which include low wages, systemic underfunding, and a private model that results in high profits for big corporates.

    “The changes announced today disproportionately benefit high-income households, who are already much more likely to be able to afford to send their kids to ECE centres. This means the benefit of the scheme will be weighted against those who need it most.

    “Access to quality early childhood education helps ensure that children have the best possible start in life, and no families should be denied that due to costs.

    “The revised scheme does nothing to support the development of new centres or to help low-income groups into ECE provision. Instead, the Government has loaded up its support for higher-income groups, once again demonstrating their priorities,” said Ansell-Bridges.

    MIL OSI New Zealand News –

  • MIL-OSI USA: SBA Relief Still Available to Virginia Small Businesses and Private Nonprofits Affected by Drought and Excessive Heat

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Virginia of the July 15 deadline to apply for low interest federal disaster loans to offset economic losses caused by drought and excessive heat occurring on April 16, 2024.

    The disaster declaration covers the Virginia counties of Accomack, Albemarle, Alleghany, Amelia, Amherst, Appomattox, Augusta, Bath, Bedford City,  Bedford County, Bland, Botetourt, Bristol, Brunswick, Buchanan, Buckingham, Buena Vista, Campbell, Caroline, Carroll, Charles City, Charlotte, Chesapeake, Chesterfield, Colonial Heights, Craig, Culpeper, Cumberland, Danville, Dickenson, Dinwiddie, Emporia, Essex, Fauquier, Floyd, Fluvanna, Franklin City, Franklin County, Fredericksburg, Galax, Giles, Gloucester, Goochland, Grayson, Greene, Greensville, Halifax, Hampton, Hanover, Henrico, Henry, Hopewell, Isle of Wight, James City, King and Queen, King George, King William, Lancaster, Lee, Lexington, Louisa, Lunenburg, Lynchburg, Madison, Martinsville, Mathews, Mecklenburg, Middlesex, Montgomery, Nelson, New Kent, Newport News, Norfolk, Northampton, Northumberland, Norton, Nottoway, Orange, Patrick, Petersburg, Pittsylvania, Poquoson, Portsmouth, Powhatan, Prince Edward, Prince George, Prince William, Pulaski, Radford, Rappahannock, Richmond City, Richmond County, Roanoke County, Rockbridge, Russell, Scott, Smyth, South Boston City, Southampton, Spotsylvania, Stafford, Suffolk, Surry, Sussex, Tazewell, Virginia Beach, Washington, Westmoreland, Williamsburg, Wise, Wythe and York; Harlan, Letcher, and Pike in Kentucky; Charles, Somerset, St. Mary’s, and Worcester in Maryland; Alleghany, Ashe, Camden, Caswell, Gates, Granville, Hertford, Northampton, Person, Rockingham, Stokes, Surry, Vance, and Warren in North Carlina; Johnson and Sullivan in Tennessee; as well as McDowell, Mercer, Mingo, Monroe and Summer in West Virginia.

    Under this declaration SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return economic injury applications is July 15, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Interagency Task Force on Veterans Small Business Development to Host Public Meeting on July 15

    Source: United States Small Business Administration

    WASHINGTON – Today, the U.S. Small Business Administration (SBA) announced that the quarterly Interagency Task Force (IATF) on Veterans Small Business Development meeting will occur on July 15, 2025. The public is encouraged to attend this meeting and hear updates on the status of policies and initiatives that affect veteran-owned businesses.

    “Veterans’ resourcefulness, determination, and grit are just a few of the many traits that make them ideal entrepreneurs,” said Elias Hernandez, Associate Administrator for SBA’s Office of Veterans Business Development. “The IATF meeting opens the door for policy recommendations to be made based on the unique insights of other federal agencies and industry partners to better support America’s veteran small business owners. At the SBA, we’re proud to be leading the charge to help more of our nation’s heroes start – and grow – their small businesses.”

    The IATF independently proposes policy recommendations and offers advice related to veteran- and military spouse-owned small business development to the SBA Administrator, the Associate Administrator for SBA’s Office of Veterans Business Development, Congress, the President, and other U.S. policymakers.

    Tuesday, July 15

    Interagency Task Force (IATF) on Veterans Small Business Development Meeting

    Who: Elias Hernandez, Associate Administrator, Office of Veterans Business
    Development, U.S. Small Business Administration

    SBA Office of Manufacturing and Trade

    SBA Office of Advocacy

    IATF members (Small Business Administration, Departments of Veterans Affairs, Treasury, Defense, and Labor; U.S. General Services Administration; Office of Management and Budget; American Legion; VetForce; National Veteran Small Business Coalition) 

    When: 1-3 p.m. ET

    How: Virtual participants may join using this link: https://bit.ly/IATF-JUL25. Participants who wish to join by phone may do so at +1 206-413-7980 and enter the Conference ID: 278 883 801#

    Public comments and questions are strongly encouraged to be submitted in advance via email by July 14 to veteransbusiness@sba.gov. For technical support, please visit the Microsoft Teams support page. Minutes for both meetings will be available at www.sba.gov/ovbd under the “Federal Advisory Committees” section. 

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI Russia: Georgia’s International Gold and Foreign Exchange Reserves Reach $4.7 Billion

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    Tbilisi, July 7 /Xinhua/ — Georgia’s international gold and foreign exchange reserves increased by USD 103.3 million in June 2025 to USD 4.7 billion, the National Bank of Georgia (NBG) reported on Monday.

    According to the regulator, in the conditions of favorable market conditions, the NBG continues the policy of active replenishment of reserves. In particular, in March, net purchases of foreign currency were made for $101.7 million, in April – for $266.4 million, in May – for $245.4 million. The total volume of net purchases for January-May 2025 amounted to $613.5 million.

    It is noted that as of June 2025, the share of gold in the total volume of Georgia’s international reserves amounted to 16.1 percent /754.4 million dollars/.

    “As a result of the change in the price of gold, the value of monetary gold has increased by 254.4 million US dollars since its acquisition, which underlines the validity of the National Bank’s strategy to diversify reserves,” the Central Bank said in a statement. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: WTF Rings Nasdaq Bell, Preparing to Provide Brokerage Services to AIs

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 07, 2025 (GLOBE NEWSWIRE) — Waton Financial Limited (NASDAQ: WTF) (“Waton” or the “Company”), a holding company registered in the British Virgin Islands and engaged primarily in securities brokerage and fintech services through its Hong Kong subsidiaries, Waton Securities International Limited and Waton Technology International Limited, today commemorated its recent initial public offering by ringing the opening bell at the Nasdaq Stock Market in New York.

    Waton’s ordinary shares began trading on the Nasdaq under the ticker symbol “WTF” on April 1, 2025.

    “This is a defining moment for Waton,” said Mr. Kai Zhou, Chairman of the Board of Waton Financial Limited. “Our Nasdaq listing marks both a recognition of our team’s work and the beginning of a new chapter in our evolution. We remain focused on long-term value creation for our customers, shareholders, and broader society.”

    Launch of a Global AI Strategy

    During the ceremony, Waton Financial Limited introduced its global AI strategy, signaling a long-term vision to transition from a broker-serving model to exploring how it may serve AI-based entities. This strategic initiative aims to evaluate the integration of advanced AI technologies across Waton’s operations, with the goal of evolving how products and services are delivered in an increasingly digitized financial ecosystem.

    “Our aspiration is to become a pioneer in offering brokerage infrastructure that supports AI-driven participants,” said Mr. Kai Zhou, Chairman of the Board of the Company. “We believe AI is emerging as a new category of economic agent, and we are beginning to explore how financial institutions may one day support such entities responsibly, in parallel with human clients.”

    FORWARD-LOOKING STATEMENTS

    Certain statements in this press release constitute “forward-looking statements” within the meaning of federal securities laws, including, but not limited to statements regarding plans, objectives, strategies, future events, performance, and underlying assumptions and other statements that are not historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events, which may affect the Company’s financial condition, operating results, business strategy, and capital needs. Investors can identify these forward-looking statements by words such as “believe,” “plan,” “expect,” “intend,” “should,” “seek,” “estimate,” “will,” “target,” “anticipate,” or similar expressions. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations. While the Company believes the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee these expectations will prove correct and cautions investors that actual results may differ materially from anticipated results, and encourages investors to review the Company’s registration statements and other filings with the U.S. Securities and Exchange Commission for additional factors that could affect its future performance.

    ABOUT WATON FINANCIAL LIMITED (“WATON”)

    Waton Financial Limited is a holding company registered in the British Virgin Islands, conducting business primarily through its wholly-owned subsidiaries in Hong Kong. Waton offers comprehensive financial services, including securities brokerage, asset management, and software licensing to retail and institutional investors. Driven by technology and a customer-centric philosophy, Waton is committed to delivering innovative and reliable financial solutions.

    CONTACTS

    Media Inquiries
    pr@waton.com

    Investor Relations
    ir@waton.com
    Waton Financial Limited

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fb0da1ed-da9c-4b1e-a58c-db19d2b337ae

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9df492d7-3e3c-4b4b-b0b5-92963328759e

    The MIL Network –

  • MIL-OSI: WTF Rings Nasdaq Bell, Preparing to Provide Brokerage Services to AIs

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 07, 2025 (GLOBE NEWSWIRE) — Waton Financial Limited (NASDAQ: WTF) (“Waton” or the “Company”), a holding company registered in the British Virgin Islands and engaged primarily in securities brokerage and fintech services through its Hong Kong subsidiaries, Waton Securities International Limited and Waton Technology International Limited, today commemorated its recent initial public offering by ringing the opening bell at the Nasdaq Stock Market in New York.

    Waton’s ordinary shares began trading on the Nasdaq under the ticker symbol “WTF” on April 1, 2025.

    “This is a defining moment for Waton,” said Mr. Kai Zhou, Chairman of the Board of Waton Financial Limited. “Our Nasdaq listing marks both a recognition of our team’s work and the beginning of a new chapter in our evolution. We remain focused on long-term value creation for our customers, shareholders, and broader society.”

    Launch of a Global AI Strategy

    During the ceremony, Waton Financial Limited introduced its global AI strategy, signaling a long-term vision to transition from a broker-serving model to exploring how it may serve AI-based entities. This strategic initiative aims to evaluate the integration of advanced AI technologies across Waton’s operations, with the goal of evolving how products and services are delivered in an increasingly digitized financial ecosystem.

    “Our aspiration is to become a pioneer in offering brokerage infrastructure that supports AI-driven participants,” said Mr. Kai Zhou, Chairman of the Board of the Company. “We believe AI is emerging as a new category of economic agent, and we are beginning to explore how financial institutions may one day support such entities responsibly, in parallel with human clients.”

    FORWARD-LOOKING STATEMENTS

    Certain statements in this press release constitute “forward-looking statements” within the meaning of federal securities laws, including, but not limited to statements regarding plans, objectives, strategies, future events, performance, and underlying assumptions and other statements that are not historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events, which may affect the Company’s financial condition, operating results, business strategy, and capital needs. Investors can identify these forward-looking statements by words such as “believe,” “plan,” “expect,” “intend,” “should,” “seek,” “estimate,” “will,” “target,” “anticipate,” or similar expressions. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations. While the Company believes the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee these expectations will prove correct and cautions investors that actual results may differ materially from anticipated results, and encourages investors to review the Company’s registration statements and other filings with the U.S. Securities and Exchange Commission for additional factors that could affect its future performance.

    ABOUT WATON FINANCIAL LIMITED (“WATON”)

    Waton Financial Limited is a holding company registered in the British Virgin Islands, conducting business primarily through its wholly-owned subsidiaries in Hong Kong. Waton offers comprehensive financial services, including securities brokerage, asset management, and software licensing to retail and institutional investors. Driven by technology and a customer-centric philosophy, Waton is committed to delivering innovative and reliable financial solutions.

    CONTACTS

    Media Inquiries
    pr@waton.com

    Investor Relations
    ir@waton.com
    Waton Financial Limited

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fb0da1ed-da9c-4b1e-a58c-db19d2b337ae

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9df492d7-3e3c-4b4b-b0b5-92963328759e

    The MIL Network –

  • MIL-OSI: Canoe EIT Income Fund Announces July 2025 Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 07, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the July 2025 monthly distribution of $0.10 per unit. Unitholders of record on July 22, 2025, will receive distributions payable on August 15, 2025.

    About Canoe EIT Income Fund
    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial
    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $20.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    For further information, please contact:
    Investor Relations
    1–877–434–2796
    www.canoefinancial.com
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

    This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network –

  • MIL-OSI: Canoe EIT Income Fund Announces July 2025 Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 07, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the July 2025 monthly distribution of $0.10 per unit. Unitholders of record on July 22, 2025, will receive distributions payable on August 15, 2025.

    About Canoe EIT Income Fund
    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial
    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $20.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    For further information, please contact:
    Investor Relations
    1–877–434–2796
    www.canoefinancial.com
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

    This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network –

  • MIL-OSI: Veritex Holdings, Inc. Announces Dates of Second Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 07, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or “the Company”), the parent holding company for Veritex Community Bank, today announced that it plans to release its second quarter 2025 results after the close of the market on Tuesday, July 22, 2025. The earnings release will be available on the Company’s website, https://ir.veritexbank.com/. The Company will also host an investor conference call to review the results on Wednesday, July 23, 2025 at 8:30 a.m. Central Time.

    Participants may access a live webcast of the conference call through the investor relations section of Veritex’s website, or the hosting website at https://edge.media-server.com/mmc/p/jgbuv92c. Participants may also register via teleconference at: https://register-conf.media-server.com/register/BIb89ce5a5b5dd41f3bb84e30e37241d2f. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial in 15 minutes prior to the start time.

    A replay will be available within approximately two hours after the completion of the call and made accessible for one week. You may access the replay via webcast through the investor relations section of Veritex’s website.

    About Veritex Holdings, Inc.

    Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state-chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

    Source: Veritex Holdings, Inc.

    The MIL Network –

  • MIL-OSI: Rich Sparkle Holdings Limited Announces Pricing of Approximately $5 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 07, 2025 (GLOBE NEWSWIRE) — Rich Sparkle Holdings Limited (NASDAQ: ANPA) (the “Company”), a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong, today announced the pricing of its initial public offering (“Offering”) of 1,250,000 ordinary shares at a public offering price of $4.00 per share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on July 8, 2025 under the ticker symbol “ANPA.”

    The Company expects to receive aggregate gross proceeds of approximately $5 million from this Offering, before deducting underwriting discounts and other related expenses. Proceeds from the Offering will be used for the incorporation of generative AI features into the Company’s service modules; the setting up of new branches and offices in the U.S. and to recruit suitable and appropriate staffs to support the Company’s expansion; potential strategic alliances with other industry players; and working capital and for other general corporate purposes.

    The Offering is being conducted on a firm commitment basis. Eddid Securities USA Inc. acted the underwriter (the “Underwriter”) for the Offering. Loeb & Loeb LLP acted as counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as counsel to the Underwriter in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-285592) and was declared effective by the SEC on June 27, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Eddid Securities USA Inc., 40 Wall Street, Suite 1606, New York, NY 10005. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation, or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Rich Sparkle Holdings Limited

    Rich Sparkle Holdings Limited is a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong. Its service portfolio covers a myriad of deliverables, mainly including listing documents, financial reports, fund documents, circulars and announcements. The Company offers to its customers a wide range of convenient and quality financial printing services, from typesetting, proofreading, translation, design and printing. In addition, it also offered advisory services such as conducting internal control assessment and environmental, social and governance performance evaluation as well as other services including provision of co-working space at its leased office.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Rich Sparkle Holdings Limited
    Matthew Chan, CEO
    mc@anpa.com.hk

    The MIL Network –

  • MIL-OSI: Rich Sparkle Holdings Limited Announces Pricing of Approximately $5 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 07, 2025 (GLOBE NEWSWIRE) — Rich Sparkle Holdings Limited (NASDAQ: ANPA) (the “Company”), a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong, today announced the pricing of its initial public offering (“Offering”) of 1,250,000 ordinary shares at a public offering price of $4.00 per share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on July 8, 2025 under the ticker symbol “ANPA.”

    The Company expects to receive aggregate gross proceeds of approximately $5 million from this Offering, before deducting underwriting discounts and other related expenses. Proceeds from the Offering will be used for the incorporation of generative AI features into the Company’s service modules; the setting up of new branches and offices in the U.S. and to recruit suitable and appropriate staffs to support the Company’s expansion; potential strategic alliances with other industry players; and working capital and for other general corporate purposes.

    The Offering is being conducted on a firm commitment basis. Eddid Securities USA Inc. acted the underwriter (the “Underwriter”) for the Offering. Loeb & Loeb LLP acted as counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as counsel to the Underwriter in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-285592) and was declared effective by the SEC on June 27, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Eddid Securities USA Inc., 40 Wall Street, Suite 1606, New York, NY 10005. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation, or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Rich Sparkle Holdings Limited

    Rich Sparkle Holdings Limited is a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong. Its service portfolio covers a myriad of deliverables, mainly including listing documents, financial reports, fund documents, circulars and announcements. The Company offers to its customers a wide range of convenient and quality financial printing services, from typesetting, proofreading, translation, design and printing. In addition, it also offered advisory services such as conducting internal control assessment and environmental, social and governance performance evaluation as well as other services including provision of co-working space at its leased office.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Rich Sparkle Holdings Limited
    Matthew Chan, CEO
    mc@anpa.com.hk

    The MIL Network –

  • MIL-OSI: AC Reports Preliminary June 30 Book Value of $43.20 to $43.40 Per Share

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., July 07, 2025 (GLOBE NEWSWIRE) — Associated Capital Group, Inc. (“AC” or the “Company”) (NYSE:AC), announced today a preliminary range for its second quarter book value of $43.20 to $43.40 per share. This compares to $42.51 per share at March 31, 2025 and $42.14 per share at December 31, 2024.

    AC will be issuing further details on its financial results in August.

    About Associated Capital Group, Inc.
    Associated Capital Group, Inc. (NYSE: AC), based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA”). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars including Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor. We also created Gabelli Principal Strategies Group, LLC (“GPS”) in December 2015 to pursue strategic operating initiatives.

    SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
    Our disclosure and analysis in this press release contain “forward-looking statements”. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

    Ian J. McAdams
    Chief Financial Officer
    (914) 921-5078
    Associated-Capital-Group.com 

    The MIL Network –

  • MIL-OSI: Jennifer Wolfenbarger Joins Franklin Electric as Chief Financial Officer, Bringing Extensive Financial Leadership in Global Operations

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., July 07, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that Jennifer Wolfenbarger has been appointed Chief Financial Officer (CFO) and Chief Accounting Officer. As a core member of the executive leadership team, Wolfenbarger will help shape the company’s financial future by enabling growth and overseeing fiscal accountability for the entire organization.

    Wolfenbarger has served in divisional CFO roles at some of the country’s most recognizable and growth-minded manufacturing companies, including Caterpillar, Stryker and most recently Owens Corning. In her role at Owens Corning, Wolfenbarger oversaw strategic planning, investor relations, compliance and financial reporting for the company’s $4 billion global insulation business. This included 50 manufacturing and distribution sites around the world.

    “Jennifer’s experience is exceptional, and we could not have selected a more well-rounded and dynamic candidate to fill this position,” said Joe Ruzynski, CEO of Franklin Electric. “She is value-driven to the core, and her passion for implementing continuous improvement will be an incredible asset to our people, our shareholders and our customers.”

    Throughout Wolfenbarger’s career, she has lent her financial expertise to her community, serving as the Treasurer on three not-for-profit boards. While at Owens Corning, she was the executive sponsor for the company’s Latin America Women’s Initiative Network, and she often mentors at Indiana University’s Kelley School of Business, providing professional guidance. Her career has taken her to the United Kingdom, Brazil, the Netherlands, Maryland, Michigan, South Carolina, Georgia, Illinois and Ohio. She is excited to be returning to her Indiana roots in her new role and will be relocating to the Fort Wayne area.

    “This is an incredible opportunity to support Franklin Electric’s commitment to growth and innovation,” said Wolfenbarger. “I’m thrilled to work alongside a highly talented and dedicated global team that values collaboration, teamwork, growth and development.”

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    Contact:   Jill Hart
        Franklin Electric Co., Inc.
        260.824.2900

    The MIL Network –

  • MIL-OSI: Franklin Electric Appoints Daniela Williams as Chief Human Resources Officer to Lead Talent and Culture Strategy

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., July 07, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced that Daniela Williams will join its executive leadership team as Chief Human Resources Officer (CHRO), bringing a proven track record of driving growth for global organizations.

    In her new role, Williams will be setting the strategic direction for talent acquisition and management at Franklin Electric, overseeing all aspects of employee relations, compensation, benefits, development and compliance. She will serve on the Company’s executive leadership team, reporting to the CEO.

    “Daniela has a well-established reputation for leading and managing talent at a global scale,” said Joe Ruzynski, CEO of Franklin Electric. “Her expertise spans HR technology, talent development, analytics and global workforce strategy, and she’ll play a critical role in ensuring we are organized to serve our customers well into the future. We are thrilled to have Daniela join Franklin Electric and lead our Human Resource team as we invest in our people and processes to drive our growth initiatives.”

    Williams joins Franklin Electric with an extensive resume of leading people and culture at top automotive supply and manufacturing companies. In her previous role at automotive technology firm Visteon Corporation, Williams oversaw all HR functions and global talent acquisition. She also launched the company’s first Women’s Leadership Program with a focus on accelerating leadership skills across the company to ensure a pipeline of leaders ready to drive the business forward. Throughout her career, she has used her talents to lead outreach efforts, including mentoring programs as well as serving on the Advisory Council for Project Pathways, a STEM program for Detroit public schools.

    “My focus has always been on supporting decisions that contribute to growth, profitability, building great teams, and long‑term success,” said Williams. “Franklin Electric is clearly an organization dedicated to fostering talent, and I’m excited to bring my experience in workforce strategies to this innovative organization.”

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    Contact:   Jill Hart
        Franklin Electric Co., Inc.
        260.824.2900

    The MIL Network –

  • Trump unveils 25% tariffs on goods from Japan, South Korea in letters to leaders

    Source: Government of India

    Source: Government of India (4)

    President Donald Trump said on Monday the U.S. would impose a 25% tariff on imports from Japan and South Korea beginning Aug. 1 as he unveiled the first two of an expected 12 letters to trading partners outlining the new levies they face.

    “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump said in letters to the leaders of the two Asian countries, which he posted on his Truth Social platform.

    Later, Trump also announced the U.S. will impose 25% tariffs on Malaysia and Kazakhstan, 30% on South Africa and 40% on Laos and Myanmar.

    The rate for South Korea is the same as Trump initially announced on April 2, while the rate for Japan is 1 point higher than first announced. A week later, he capped all of the so-called reciprocal tariffs at 10% until July 9 to allow for negotiations. Only two agreements have so far been reached, with Britain and Vietnam.

    There was no immediate response from the Japanese or South Korean embassies on the announcement.

    About12 countries will receive letters from Trump, White House spokeswoman Karoline Leavitt said at a briefing without identifying them. She said Trump would sign an executive order on Monday formally delaying the July 9 deadline to August 1.

    “There will be additional letters in the coming days,” Leavitt said, adding that “we are close” on some deals.

    The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.

    U.S. stocks fell in response, the latest market ruction since Trump unleashed a global trade war on his return to office in January. His moves have repeatedly whipsawed financial markets and sent policymakers scrambling to protect their economies.

    U.S. stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs in the weeks after he put the stiffest levies on hold on April 9.

    The S&P 500 on Monday was down nearly 1%, its biggest drop in three weeks. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1% at mid-afternoon trading and Honda Motor off by 3.8%. The dollar surged against both the Japanese yen and the South Korean won.

    U.S. Treasury Secretary Scott Bessent said earlier on Monday he expected several trade announcements to be made in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal by the deadline.

    Bessent did not say which countries could get deals and what they might contain. Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.

    Countries have scrambled to hammer out deals before the Wednesday deadline. South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many U.S. goods.

    “We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,” Bessent said in an interview with CNBC. “So it’s going to be a busy couple of days.”

    BRICS THREAT

    For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Trump had a “good exchange,” a Commission spokesperson said.

    It was not clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States’ largest trading partner.

    Adding to the pressure, Trump threatened to impose a 17% tariff on EU food and agriculture exports, it emerged last week.

    Trump had said on Sunday the U.S. was close to finalizing several trade pacts and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until Aug. 1, a three-week reprieve.

    He also put members of the developing nations’ BRICS group in his sights as its leaders met in Brazil, threatening an additional 10% tariff on any BRICS countries aligning themselves with “anti-American” policies.

    The new 10% tariff will be imposed on individual countries if they take anti-American policy actions, a source familiar with the matter said.

    The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

    Trump’s comments hit the South African rand.

    EU SEEKS EFFECTIVE APPROACH TO TRUMP

    The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline.

    “We want to reach a deal with the U.S. We want to avoid tariffs,” the spokesperson said at a daily briefing.

    Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rates set out by Trump on April 2. In the EU’s case, that would be 20%.

    Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said. Chancellor Friedrich Merz has repeatedly stressed the need for a quick deal to protect industries vulnerable to tariffs ranging from cars to pharmaceuticals.

    The German spokesperson said the parties should allow themselves “another 24 or 48 hours to come to a decision.”

    Germany’s Mercedes-Benz MBGn.DEsaid on Monday its second-quarter unit sales of cars and vans had fallen 9%, blaming tariffs.

    Russia said BRICS was “a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests.”

    “And this cooperation within BRICS has never been and will never be directed against any third countries,” said Kremlin spokesman Dmitry Peskov.

    (Reuters)