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Category: Business

  • MIL-OSI Submissions: OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact

    Source: OPEC Fund

    18 June 2025 – Highlights:  

    – Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter
     – A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years 
    – At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania’s development priorities.
    June 18, 2025: The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum, which took place in Vienna, Austria brought together more than 600 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.
    The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.
    OPEC Fund President Abdulhamid Alkhalifa said: “The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.”
    As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.
    Deepening Country Partnerships for Long-term Impact: New country-level agreements and cooperation frameworks include:  
    – A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
    – A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund.
    – A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector.
    – Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector.
    Scaling up Private Sector Support : The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:
    – In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
    – A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth.
    New Trade Finance Initiative: At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies.
    Advancing global cooperation: The Forum also featured new agreements to deepen multilateral cooperation:
    – A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region.
    – The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
    – A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.
    Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. 
    The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).
    About the OPEC Fund
    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.  

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – Fed holds rates – markets turn to Powell’s successor amid Trump rant – deVere Group

    Source: deVere Group

    June 18 2025 – The Federal Reserve has held interest rates steady—resisting mounting pressure from President Trump to cut—and investors are now preparing for what may come next: a pro-Trump successor at the helm of the world’s most powerful central bank.

    Global financial advisory giant deVere Group says the central bank’s decision is the right one, warning that cutting too soon could have backfired badly and pushed long-term borrowing costs higher, not lower.

    Nigel Green, CEO of deVere Group, says: “Trump wants a full-point rate cut to offset the damage from his own tariffs. But if the Fed delivers prematurely, markets will punish that kind of political submission. Long yields could spike, and the cost of capital could rise across the board.”

    May inflation data shows some easing—headline CPI dipped to 2.4% and core to 2.8%—but it is not enough for the Fed to justify a move. Wage growth remains resilient, household consumption is firm, and services inflation is still uncomfortably sticky.

    “The Fed is right to stay on hold,” says Nigel Green. “The disinflation trend is fragile, the tariff shock is still working its way through, and rate cuts in this environment would send the wrong message.”

    Tensions hit a new peak on Wednesday morning, just hours before the central bank’s decision, when President Trump launched a personal attack on Fed Chair Jerome Powell during an impromptu press briefing on the South Lawn of the White House.

    Speaking beside a new row of flagpoles unveiled as part of a symbolic national display ahead of what the president described as a “potential war with Iran,” Trump again blamed the Fed for slowing the economy and accused Powell of incompetence.

    “We’re doing well. Well as a country, if the Fed would ever lower rates, you know, we’d buy debt for a lot less,” he told reporters. “Do you ever have a guy that’s not a smart person and you’re dealing with him and you have to deal? He’s not a smart guy.”

    deVere points to sharp movements in the yield curve as a warning sign. The 2-year/30-year spread is now at its widest since early 2022. Investors are demanding more compensation to hold long-dated Treasuries amid growing concern about inflation credibility, surging debt issuance, and the creeping politicisation of the Fed.

    “What we’re seeing now is a re-pricing of long-term risk,” says Green. “If the Fed signals it’s willing to bow to political pressure, it damages its ability to anchor expectations—and yields will move accordingly.”

    The decision to hold comes against the backdrop of Trump’s increasingly aggressive demands for looser monetary policy and his influence over the next central bank leadership decision. Powell’s term

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – Fed holds rates – markets turn to Powell’s successor amid Trump rant – deVere Group

    Source: deVere Group

    June 18 2025 – The Federal Reserve has held interest rates steady—resisting mounting pressure from President Trump to cut—and investors are now preparing for what may come next: a pro-Trump successor at the helm of the world’s most powerful central bank.

    Global financial advisory giant deVere Group says the central bank’s decision is the right one, warning that cutting too soon could have backfired badly and pushed long-term borrowing costs higher, not lower.

    Nigel Green, CEO of deVere Group, says: “Trump wants a full-point rate cut to offset the damage from his own tariffs. But if the Fed delivers prematurely, markets will punish that kind of political submission. Long yields could spike, and the cost of capital could rise across the board.”

    May inflation data shows some easing—headline CPI dipped to 2.4% and core to 2.8%—but it is not enough for the Fed to justify a move. Wage growth remains resilient, household consumption is firm, and services inflation is still uncomfortably sticky.

    “The Fed is right to stay on hold,” says Nigel Green. “The disinflation trend is fragile, the tariff shock is still working its way through, and rate cuts in this environment would send the wrong message.”

    Tensions hit a new peak on Wednesday morning, just hours before the central bank’s decision, when President Trump launched a personal attack on Fed Chair Jerome Powell during an impromptu press briefing on the South Lawn of the White House.

    Speaking beside a new row of flagpoles unveiled as part of a symbolic national display ahead of what the president described as a “potential war with Iran,” Trump again blamed the Fed for slowing the economy and accused Powell of incompetence.

    “We’re doing well. Well as a country, if the Fed would ever lower rates, you know, we’d buy debt for a lot less,” he told reporters. “Do you ever have a guy that’s not a smart person and you’re dealing with him and you have to deal? He’s not a smart guy.”

    deVere points to sharp movements in the yield curve as a warning sign. The 2-year/30-year spread is now at its widest since early 2022. Investors are demanding more compensation to hold long-dated Treasuries amid growing concern about inflation credibility, surging debt issuance, and the creeping politicisation of the Fed.

    “What we’re seeing now is a re-pricing of long-term risk,” says Green. “If the Fed signals it’s willing to bow to political pressure, it damages its ability to anchor expectations—and yields will move accordingly.”

    The decision to hold comes against the backdrop of Trump’s increasingly aggressive demands for looser monetary policy and his influence over the next central bank leadership decision. Powell’s term

    MIL OSI – Submitted News –

  • MIL-OSI Australia: National Australia Bank pays $751,200 in penalties for alleged breaches of Consumer Data Right Rules

    Source: Australian Ministers for Regional Development

    National Australia Bank Limited (NAB) has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right (CDR) Rules.

    The infringement notices relate to alleged failures by NAB to disclose, or accurately disclose, credit limit data in response to four separate requests made by different CDR accredited providers on behalf of consumers.

    The CDR is an economy-wide data sharing program that empowers Australians to leverage the data businesses hold about them for their own benefit.

    For the CDR to be effective it is critical that the data which a consumer has consented to be shared is accurate, up-to-date, complete and in the required format. 

    “Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don’t provide accurate data, consumers can’t take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching,” ACCC Deputy Chair Catriona Lowe said.

    In this case, a failure to provide accurate information in relation to credit card limits impacted the service a number of fintechs provided to consumers, including some fintechs who offer mortgage broking tools using CDR data. These tools are designed to provide consumers with faster, simpler and more secure loan applications which better leverage their own data. 

    NAB’s payment of these penalties is the highest amount paid for alleged contraventions of the CDR Rules to date. NAB cooperated with the ACCC’s investigation and has rectified the data quality issues identified.

    Data holders in the banking sector have had several years to understand and implement their CDR obligations. As the CDR continues to mature, data quality within the CDR remains a priority conduct area for the ACCC. In the second half of 2024, CDR participants reported to the ACCC that over 530,000 consumers successfully used CDR products and services across the banking and energy sectors, representing an increase of 135 per cent from the previous six months. During the same period, approximately 582 million consumer data requests were made. 

    “All CDR participants are reminded that failure to comply with the CDR rules will result in scrutiny by the ACCC and may result in enforcement action,” Ms Lowe said.

    Notes to editors

    The payment of a penalty specified in an infringement notice is not an admission of a contravention of the CDR rules.

    The ACCC can issue an infringement notice when it has reasonable grounds to believe a person or business has contravened certain provisions of the CDR rules.

    More information on the obligations of data holders can be found in the Compliance guide for data holders.

    At the time of the alleged conduct the penalty amount for each infringement notice was fixed at $187,800 for a listed corporation. Since 7 November 2024, the penalty has been increased to $198,000 for each infringement notice.

    Background

    CDR gives consumers the right to safely transfer data about themselves from data holders to accredited persons, potentially to access new products and services, including better deals on everyday products and services.

    CDR is an economy-wide reform that is being rolled out sector by sector. The CDR has been rolled out to banking (from July 2020) and energy (from November 2022), with the non-bank lending sector to follow from mid-2026.

    The transfer of consumer data occurs between data holders and accredited persons, or accredited providers. The Australian Government has designed and oversees the system to ensure it is safe and secure for consumers. Accredited providers must go through a rigorous process to become accredited by the Data Recipient Accreditor (currently the ACCC) to provide services to consumers using CDR data. A list of current providers (along with further information about CDR) is available on the CDR website.

    The ACCC, together with its co-regulator, the Office of the Australian Information Commissioner, is responsible for ensuring CDR participants, including accredited providers and data holders, comply with their CDR obligations.

    The Treasury leads CDR policy, including development of rules and advice to government on which sectors CDR should apply to in the future. Within Treasury, the Data Standards Body develops the standards that prescribe how data is shared under CDR.

    MIL OSI News –

  • MIL-OSI: NuVista Receives TSX Approval for the Renewal of its Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 18, 2025 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (TSX:NVA, “NVA” or the “Corporation”) announces that the Toronto Stock Exchange (the “TSX”) has approved the renewal of the Corporation’s normal course issuer bid (the “2025 NCIB”).

    Normal Course Issuer Bid Renewal

    Pursuant to the 2025 NCIB, NuVista may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 16,398,617 common shares of the Corporation. The 2025 NCIB will become effective on June 23, 2025 and will terminate on June 22, 2026 or such earlier time as the 2025 NCIB is completed or terminated at the option of NuVista.

    NuVista has completed its minimum $100 million share repurchase target for the year, underscoring its commitment to disciplined growth and returning capital to shareholders. NuVista currently believes that the best method for return of capital to shareholders is through share repurchases. For the remainder of the year, at least 75% of incremental free adjusted funds flow will be allocated to additional share buybacks. We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns.

    The maximum number of common shares to be purchased pursuant to the 2025 NCIB represents 10% of the public float, as of June 12, 2025. Purchases pursuant to the 2025 NCIB will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of common shares that can be purchased pursuant to the 2025 NCIB is subject to a daily maximum of 195,945 common shares (which is equal to 25% of the average daily trading volume of 783,783 from December 1, 2024 to May 31, 2025) with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. The price that NuVista will pay for any common shares under the 2025 NCIB will be the prevailing market price on the TSX at the time of such purchase.

    NuVista has entered into an automatic share purchase plan (“ASPP”) with a broker to facilitate repurchases of its common shares. Under the Corporation’s ASPP, the broker may repurchase shares under the normal course issuer bid during the Corporation’s self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties’ written agreement. Outside of these blackout periods, common shares may be purchased under the 2025 NCIB in accordance with management’s discretion.

    Under the previous normal course issuer bid (the “2024 NCIB”), pursuant to which NuVista was approved to repurchase up to 14,234,451 common shares, NuVista repurchased 11,234,200 common shares at a weighted average price paid per share of $12.76. The term of the 2024 NCIB has expired and no further shares may be purchased thereunder.

    As of the close of business on June 12, 2025, the Corporation had 197,400,294 common shares issued and outstanding and a public float of 163,986,173 common shares. All common shares acquired under the 2025 NCIB will be cancelled.

    This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

    About NuVista

    NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. NuVista’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin. This play has the potential to create significant shareholder value due to the high-value condensate volumes associated with the natural gas production and the large scope of this resource play. The common shares of NuVista trade on the TSX under the symbol NVA. Learn more at www.nuvistaenergy.com

    Forward-Looking Information

    This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to NuVista’s intentions with respect to the 2025 NCIB, including the return of capital to shareholders, the timing for beginning purchases of common shares under the 2025 NCIB and the effects of repurchases of common shares under the 2025 NCIB. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of NuVista which have been used to develop such statements and information but which may prove to be incorrect. Although NuVista believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because NuVista can give no assurance that such expectations will prove to be correct. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and NuVista does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

    FOR FURTHER INFORMATION CONTACT:

    Mike J. Lawford Ivan J. Condic
    President and CEO VP, Finance and CFO
    (403) 538-1936  (403) 538-1945

    The MIL Network –

  • MIL-OSI: NuVista Receives TSX Approval for the Renewal of its Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 18, 2025 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (TSX:NVA, “NVA” or the “Corporation”) announces that the Toronto Stock Exchange (the “TSX”) has approved the renewal of the Corporation’s normal course issuer bid (the “2025 NCIB”).

    Normal Course Issuer Bid Renewal

    Pursuant to the 2025 NCIB, NuVista may purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 16,398,617 common shares of the Corporation. The 2025 NCIB will become effective on June 23, 2025 and will terminate on June 22, 2026 or such earlier time as the 2025 NCIB is completed or terminated at the option of NuVista.

    NuVista has completed its minimum $100 million share repurchase target for the year, underscoring its commitment to disciplined growth and returning capital to shareholders. NuVista currently believes that the best method for return of capital to shareholders is through share repurchases. For the remainder of the year, at least 75% of incremental free adjusted funds flow will be allocated to additional share buybacks. We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns.

    The maximum number of common shares to be purchased pursuant to the 2025 NCIB represents 10% of the public float, as of June 12, 2025. Purchases pursuant to the 2025 NCIB will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of common shares that can be purchased pursuant to the 2025 NCIB is subject to a daily maximum of 195,945 common shares (which is equal to 25% of the average daily trading volume of 783,783 from December 1, 2024 to May 31, 2025) with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. The price that NuVista will pay for any common shares under the 2025 NCIB will be the prevailing market price on the TSX at the time of such purchase.

    NuVista has entered into an automatic share purchase plan (“ASPP”) with a broker to facilitate repurchases of its common shares. Under the Corporation’s ASPP, the broker may repurchase shares under the normal course issuer bid during the Corporation’s self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties’ written agreement. Outside of these blackout periods, common shares may be purchased under the 2025 NCIB in accordance with management’s discretion.

    Under the previous normal course issuer bid (the “2024 NCIB”), pursuant to which NuVista was approved to repurchase up to 14,234,451 common shares, NuVista repurchased 11,234,200 common shares at a weighted average price paid per share of $12.76. The term of the 2024 NCIB has expired and no further shares may be purchased thereunder.

    As of the close of business on June 12, 2025, the Corporation had 197,400,294 common shares issued and outstanding and a public float of 163,986,173 common shares. All common shares acquired under the 2025 NCIB will be cancelled.

    This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

    About NuVista

    NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. NuVista’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin. This play has the potential to create significant shareholder value due to the high-value condensate volumes associated with the natural gas production and the large scope of this resource play. The common shares of NuVista trade on the TSX under the symbol NVA. Learn more at www.nuvistaenergy.com

    Forward-Looking Information

    This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to NuVista’s intentions with respect to the 2025 NCIB, including the return of capital to shareholders, the timing for beginning purchases of common shares under the 2025 NCIB and the effects of repurchases of common shares under the 2025 NCIB. Forward-looking statements or information are based on a number of material factors, expectations or assumptions of NuVista which have been used to develop such statements and information but which may prove to be incorrect. Although NuVista believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because NuVista can give no assurance that such expectations will prove to be correct. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and NuVista does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

    FOR FURTHER INFORMATION CONTACT:

    Mike J. Lawford Ivan J. Condic
    President and CEO VP, Finance and CFO
    (403) 538-1936  (403) 538-1945

    The MIL Network –

  • MIL-OSI Russia: Review: BRICS Cooperation Space Constantly Expands – SPIEF Participants

    Translation. Region: Russian Federal

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

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

    St. Petersburg, June 18 (Xinhua) — The cooperation space between the BRICS countries is constantly expanding, especially after the expansion of the association began in 2024. This was stated on Wednesday by participants of the St. Petersburg International Economic Forum (SPIEF) at the session “BRICS and Partners: Creating a Joint Business Future.”

    Director of the Beijing-Moscow International Trade and Economic Center Ma Shuang noted that China has a long-term strategy for building relations with the BRICS countries. Among the areas that have the greatest potential for joint investment and opening up new markets, she named information technology and the Internet.

    Vice President of the India-South Africa Chamber of Commerce Lebohan Zulu stressed that the main barrier to increasing cooperation among BRICS countries is the legacy of the unipolar world system, which is expressed in the dominance of one currency in the world market, and the insufficient development of international transport and logistics networks. In her opinion, work in these areas, as well as the development of e-commerce platforms, can open up a huge number of prospects and opportunities for BRICS members and partners.

    According to Anna Nesterova, Chairperson of the Board of Directors of Global Rus Trade and Chairperson of the Russian Part of the BRICS Women’s Business Alliance, the expansion of the association has demonstrated broad interest in it among countries around the world. She believes that education and the involvement of more and more women in entrepreneurial activity are relevant areas for the development of cooperation in BRICS. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Carter helps secure Critical Funding for Savannah-Hilton Head International Airport

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter helps secure Critical Funding for Savannah-Hilton Head International Airport

    Carter helps secure Critical Funding for Savannah-Hilton Head International Airport

    Washington, June 18, 2025

    SAVANNAH- Rep. Earl L. “Buddy” Carter (R-GA) today announced $11.4 million in Department of Transportation grants for the Savannah/Hilton Head International Airport.

    Combined, the three grants provide $1.3 million to update the existing airport master plan, $3.7 million to construct a new taxiway, and $6.4 million to expand the existing general aviation apron.  

    “The Savannah/Hilton Head International Airport is a crown jewel of Georgia’s First Congressional District. These funds will help the airport improve its already stellar operations, connecting the world to our beautiful coast and providing best-in-class service for all passengers,” said Rep. Carter.

    “It is great to hear that we will be receiving these three grants to help pay for necessary airfield infrastructure projects at our airport as we continue to grow. These grants will help us facilitate aircraft movements to our new air cargo complex and our expanding Business/General Aviation campus in the Southeast Quadrant of the airport,” said Greg Kelly, A.A.E., Executive Director, Savannah Airport Commission

    MIL OSI USA News –

  • MIL-OSI New Zealand: Economy – RBNZ Bulletin: Reflections on 35 Years of Flexible Inflation Targeting – Lessons from the RBNZ Research Conference

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    19 June 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua hosted a research conference on 6-7 March 2025 commemorating “35 Years of Flexible Inflation Targeting – Challenges and Opportunities”.

    This Bulletin summarises the key themes and insights that emerged during the conference.

    The conference marked a significant historical milestone. Reflecting on the decades leading to inflation targeting, Governor Christian Hawkesby described how New Zealand experienced high and volatile inflation when monetary policy was set under the direction of the Government, not an independent central bank.

    Reforms undertaken from 1988 set out, in the words of the then Minister of Finance, Roger Douglas, to “ensure that future politicians don’t interfere with the primary objective of the Reserve Bank”.

    In March 1990, when the Minister of Finance and the Reserve Bank Governor signed the first Policy Targets Agreement (PTA), the Reserve Bank of New Zealand became the first central bank to have a numerical target for inflation specified in its monetary policy mandate. (ref. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f7a74960f1&e=f3c68946f8 )

    Against this backdrop, 35 years after the first PTA, the research conference aimed to understand the inflation targeting experience across central banks, the challenges, and the opportunities to refine monetary policy frameworks and strategies in the post-pandemic world.
     
    Read the Bulletin: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=78cd896bea&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI: Carbon Streaming Announces Annual General Meeting Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 18, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today held its annual general meeting of shareholders (the “Meeting”), where each of the five nominees proposed as directors and listed in the Company’s management proxy circular dated May 6, 2025 were elected as directors.  

    A total of 16,029,044 common shares were voted in respect of the election of directors at the Meeting, representing approximately 30.32% of the votes attached to all outstanding common shares.

    At the Meeting, the shareholders of the Company also approved the appointment of Deloitte LLP as auditor and authorized the directors to fix their remuneration.

    The detailed results of the vote for the election of directors are set out below: 

    Nominee Outcome of Vote Voted Voted (%)
    Marcel de Groot Approved 12,531,540 For
    2,499,687 Withheld    		 83.370%
    16.630%
    Olivier P. Garret Approved 12,518,740 For
    2,512,487 Withheld    		 83.285%
    16.715%
    Marin Katusa Approved 12,585,416 For
    2,445,811 Withheld    		 83.728%
    16.272%
    Alice Schroeder Approved 12,517,415 For
    2,513,812 Withheld    		 83.276%
    16.724%
    Sam Wong Approved 13,937,826 For
    1,093,401 Withheld    		 92.726%
    7.274%
           

    For complete voting results on all matters approved at the Meeting, please see the Company’s Report of Voting Results dated June 18, 2025 available on SEDAR+ at www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Neither Cboe Canada Inc. nor its Market Regulator (as that term is defined in the Listing Manual of Cboe Canada Inc.) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Annual General Meeting Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 18, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today held its annual general meeting of shareholders (the “Meeting”), where each of the five nominees proposed as directors and listed in the Company’s management proxy circular dated May 6, 2025 were elected as directors.  

    A total of 16,029,044 common shares were voted in respect of the election of directors at the Meeting, representing approximately 30.32% of the votes attached to all outstanding common shares.

    At the Meeting, the shareholders of the Company also approved the appointment of Deloitte LLP as auditor and authorized the directors to fix their remuneration.

    The detailed results of the vote for the election of directors are set out below: 

    Nominee Outcome of Vote Voted Voted (%)
    Marcel de Groot Approved 12,531,540 For
    2,499,687 Withheld    		 83.370%
    16.630%
    Olivier P. Garret Approved 12,518,740 For
    2,512,487 Withheld    		 83.285%
    16.715%
    Marin Katusa Approved 12,585,416 For
    2,445,811 Withheld    		 83.728%
    16.272%
    Alice Schroeder Approved 12,517,415 For
    2,513,812 Withheld    		 83.276%
    16.724%
    Sam Wong Approved 13,937,826 For
    1,093,401 Withheld    		 92.726%
    7.274%
           

    For complete voting results on all matters approved at the Meeting, please see the Company’s Report of Voting Results dated June 18, 2025 available on SEDAR+ at www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Neither Cboe Canada Inc. nor its Market Regulator (as that term is defined in the Listing Manual of Cboe Canada Inc.) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. announces semi-annual cash dividend of $0.34 per share

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., June 18, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (OTCQX: PSBQ), parent company of Peoples State Bank, is pleased to announce that on June 17, 2025, its Board of Directors declared a regular semi-annual cash dividend of $0.34 per share of the Company’s common stock. The dividend is payable July 31, 2025 to shareholders of record as of July 11, 2025 and represents an increase of 6.3% over the $0.32 per share semi-annual cash dividend declared on December 17, 2024. The current dividend continues a 60-year tradition of cash dividends to PSB shareholders including 32 consecutive years of increased cash dividends declared per share.

    PSB President and CEO Scott M. Cattanach said, “We remain optimistic for continued strong financial performance through the end of 2025 and are pleased to announce a $0.34 per share semi-annual cash dividend to holders of our common stock. We thank our shareholders for their continued support.”

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane county. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com. 

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB and Peoples, and their customers, and other risks. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com 

    The MIL Network –

  • MIL-OSI Security: Homeland Security Warns about the Spike in China-Based Technology Firms’ Smuggling of Signal Jammers

    Source: US Department of Homeland Security

    The Department of Homeland Security issued a warning on the rise in Chinese-manufactured signal jammers to the United States, which pose a threat to public safety and civilian aviation. Customs and Border Protection (CBP) has seen a roughly 830% increase in seizures since 2021, despite Chinese companies’ attempts to subvert inspection.

    Signal jammers can be used to disrupt a range of radio frequency channels, and pose a threat to emergency response, law enforcement and critical infrastructure.

    • South American illegal aliens jam calls to local police during home invasions or bank robberies in Florida, Illinois, Ohio, Pennsylvania, Texas, Vermont, and Virginia.
    • In February 2025, law enforcement in Texas recovered a signal jammer while arresting an illegal alien from Chile.
    • In December 2024, a criminal used a jammer as law enforcement responded to a burglary.

    “Signal jammers have been used by illegal aliens across the country to jam communications during police operations, bank robberies, burglaries, and other dangerous crimes. Under the vigilance of CBP, national security begins at America’s ports. As Chinese manufacturers attempt to smuggle signal jammers, we will continue to seize these tools of terrorism. President Trump and Secretary Noem will always protect America’s critical infrastructure and law enforcement.” – DHS Spokesperson.

    U.S. federal law already prohibits the private import, operation, marketing, or sale of any signal jamming equipment that interferes with law enforcement communications, GPS, or radar. Chinese counterparts could be amenable to cooperation because signal jammers are banned in Beijing for public use.

    ###

    MIL Security OSI –

  • MIL-OSI: Embassy Bancorp, Inc. Announces Annual Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., June 18, 2025 (GLOBE NEWSWIRE) — Embassy Bancorp, Inc. (OTCQX: EMYB) announced today that its Board of Directors has declared an annual cash dividend of $0.48 per share, payable on July 15, 2025, to shareholders of record on June 27, 2025. This represents an over 14% increase over last year’s dividend and our 16th consecutive year of paying a dividend.

    “I’m proud to share our annual dividend and the continued strength of our performance,” said David M. Lobach, Jr., Chairman, President, and Chief Executive Officer. “Our consistent dividend payments reflect not only our financial stability but also our unwavering commitment to delivering long-term value to our shareholders.

    Over the past year, we’ve been honored with several prestigious recognitions. For the 10th consecutive year, we were named Reader’s Choice Best Bank by The Morning Call, serving the Lehigh Valley. We were also recognized as Best Bank and Best Mortgage Company in Lehigh Valley Style Magazine’s Who’s Who in Business. Additionally, we earned a 5-star rating from Bauer Financial and were ranked 45th among the top 100 publicly traded community banks with assets under $2 billion by American Banker Magazine, based on a three-year average return on equity.

    These accolades are a testament to our deep-rooted focus on customer service, community engagement, and the dedication of our exceptional team. As an independent, community-focused bank, we remain committed to our founding vision: to serve the Lehigh Valley with integrity, responsiveness, and a long-term perspective. We believe this positions us well for continued growth and success for all our stakeholders.”

    About Embassy Bancorp, Inc.

    With over $1.7 billion in assets, Embassy Bancorp, Inc. is the parent company of Embassy Bank For the Lehigh Valley, a full-service community bank operating ten branch offices in the Lehigh Valley area of Pennsylvania. As of June 30, 2024, the Federal Deposit Insurance Corporation’s Summary of Deposits indicates that the Bank holds the 4th spot in deposit market share in Lehigh and Northampton Counties combined. For more information, visit www.embassybank.com.

    Safe Harbor for Forward-Looking Statements

    This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

    Contact: Lynne M. Neel (610) 882-8800

    The MIL Network –

  • MIL-OSI: Ring Energy Announces Credit Facility Extension and Amendment

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, June 18, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that the borrowing base was affirmed at $585 million under its $1.0 billion senior secured credit facility (the “Credit Facility”). In addition, the Credit Facility term was extended to June 2029, and Bank of America, N.A. was named as new Administrative Agent.

    KEY HIGHLIGHTS

    • Entered into a Third Amended and Restated Credit Agreement with a borrowing base of $585 million;
    • Extended Credit Facility term 34 months to June 2029, supported by an 11-member banking syndicate;
    • Reflects a 25 basis point reduction in the Applicable Margin pricing grid; and
    • Next regularly scheduled bank redetermination to occur during the fall of 2025.

    Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “Ring has worked to strengthen our balance sheet and improve the quality of assets supporting our Credit Facility. We value the ongoing support from our bank group and are pleased to have Bank of America as our new administrative agent. Despite oil and gas price volatility in 2025, our asset base enabled us to maintain a sufficient borrowing base, with only a slight reduction from last year.  We continue to focus on generating free cash flow through cost reductions, divestitures of non-core assets, and acquiring high-margin, low-break-even assets, using excess cash to reduce debt and create value for stockholders across commodity price cycles.”

    We further expanded our banking relationships by adding Citibank, N.A. to the syndicate which now includes Bank of America, N.A., Citizens Bank, N.A., KeyBanc National Association, Mizuho Bank, Ltd., Truist Bank, U.S. Bank National Association, Cathay Bank, First Horizon Bank, Amegy Bank and Goldman Sachs Lending Partners, LLC.

    About Ring Energy, Inc.

    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects, the Company’s efforts to manage commodity price volatility, and other areas of focus. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

    Contact Information

    Al Petrie Advisors
    Al Petrie, Senior Partner
    Phone: 281-975-2146
    Email: apetrie@ringenergy.com

    The MIL Network –

  • MIL-OSI USA: Secretary of Defense Hegseth Testifies Before Senate Committee on Base Defense, Importance of Air Superiority in Conflicts

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here to download video. Click here for audio.***
    WASHINGTON, D.C. – The Senate Armed Services Committee (SASC) held a hearing today to review the U.S. Department of Defense’s (DOD) budget request for Fiscal Year 2026. During the hearing, members received testimony from Secretary of Defense Pete Hegseth; Chairman of the Joint Chiefs of Staff General Dan Caine; and Bryn Woollacott MacDonnell, who is performing the duties of the Under Secretary of Defense (Comptroller) and Chief Financial Officer.
    U.S. Senator Kevin Cramer, Chairman of the SASC Airland Subcommittee, asked the witnesses about the importance of protecting U.S. military bases from attacks and the strategic role air superiority plays in modern conflicts.
    [embedded content]
    Cramer noted the Obama administration’s nuclear deal with Iran licensed its nuclear aspirations, creating a serious problem still affecting our nation.
    Regarding the ongoing conflict between Israel and Iran, Cramer asked Gen. Caine about the importance of air superiority over Iran and in future fights.
    “Well, sir, we could spend hours talking about the advocacy of air power,” said Gen. Caine. “I think the freedom of maneuver that it creates is a great example of that. If you look at the two theaters right now, with the Israeli Air Force striking at will at this point, over Iran, juxtaposed with the challenges that we’re having with a frozen forward line of troops in Europe, is a great case study of it. You know, the great thinkers, air power thinkers, are looking at the advancement in technologies from both theaters, the advancement of first person view drones and things like that. I think folks are going to have to think clearly about what does the future of air superiority look like, and how does it evolve to make sure that we’re protecting those essential teammates that are on the ground fighting in order to prevent frozen FLOTs, forward lines of troops, in the future.”
    Cramer said there have been two recent examples of covert operations where drones act deep within enemy territory to destroy critical capabilities which were previously considered safe from harm.  
    Ukraine recently conducted a surprise drone attack called “Operation Spider’s Web” against Russia, targeting airfields in multiple regions across the country. The Center for Strategic and International Studies reported this attack showcased Ukraine’s “tactical ingenuity” and “illuminated the broader technological and strategic shifts reshaping modern warfare.” 
    “We’ve seen some pretty spectacular displays of the ability to go […] covertly, deep within the enemy’s territory, and take out some pretty significant assets, both in Russia and in Iran,” said Cramer. “A lot of us fear we’re vulnerable, as well. You spoke very briefly, a reference, I think, in response to one of Senator Gillibrand’s questions about the importance of policy. So, when we talk about the United States itself and our bases here in the country, policy is a bigger challenge than weapons, to be honest. But what about responsibility?”
    Cramer questioned Hegseth about ways DOD is ensuring American military bases are protected from attacks. He also asked which services are responsible for a base’s air defense and for leading the effort on capabilities to counter this kind of attack.
    “Senator, you’re right to ask the question,” said Hegseth. “We met on this very topic two days ago, because you’re right, we’ve already made initial efforts, but I liken it to the effort that was made around IEDs [improvised explosive devices] in Iraq and Afghanistan, where it couldn’t be a service only response. It needed to be across the joint force. It needed to be immediate, and the capabilities had to be prepared to adapt in real time to adjustments the enemy was making, and you saw that in […] counter-IED technology. We need the same type of effort in counter-UAS, not just forward deployed, because right now you do it with what you have, but also at home, considering the authority. So, that is something the Department is doing in real time.” 
    Earlier today, Cramer introduced the Protect Our Bases Act with Senate Banking Committee Chairman Tim Scott (R-SC), which would strengthen national security by ensuring the Committee on Foreign Investment in the United States (CFIUS) can effectively review foreign land purchases near sensitive military, intelligence, and national laboratory sites. 

    MIL OSI USA News –

  • MIL-OSI USA: Lankford Urges EPA to Investigate Environmental Risks of Abortion Drug Mifepristone

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford

    WASHINGTON, DC — US Senator James Lankford (R-OK) and Congressman Josh Brecheen (R-OK) are urging the Environmental Protection Agency (EPA) to investigate the environmental and public health risks of the abortion drug mifepristone, warning that its chemical byproducts may be contaminating the nation’s water supply.

    “Federal regulators are rightfully eager to study the health effects of many chemicals in our water and septic systems, but they haven’t examinedthe environmental and public health risks of chemical abortion drugs like mifepristone in those same systems,” said Lankford.  “Scientific research on the health effects of water sources where there are trace amounts of a chemical that is designed to end the life of a child in the womb should not be controversial.”

    “Abortion is one of the defining evils of our time,” said Brecheen. “The Biden-Harris administration worked tirelessly to promote this evil, repeatedly lying about the ‘safety’ of the abortion pill and ignoring legitimate concerns about mifepristone’s widespread availability. We recognize that the greatest tragedy of every abortion is the murder of the innocent. But we are also concerned that activist bureaucrats overlooked real public health risks posed by mifepristone in their crusade to expand abortion access. With chemical abortion now the most common abortion method in America, the public deserves answers about how these potent hormone disruptors affect our water supply and contribute to our nation’s rising infertility rates.”

    Lankford was joined on the letter by Senators Cynthia Lummis (R-WY), Jim Banks (R-IN), and Bernie Moreno (R-OH), and Representatives Andy Harris (R-MD), Robert Aderholt (R-AL), Kat Cammack (R-FL), Chip Roy (R-TX), Diana Harshbarger (R-TN), Andy Biggs (R-AZ), Brandon Gill (R-TX), Richard Hudson (R-NC), Michael Cloud (R-TX), Paul Gosar (R-AZ), Michael Guest (R-MS), Andrew Clyde (R-GA), Eli Crane (R-AZ), Ben Cline (R-VA), Mary Miller (R-IL), Mark Harris (R-NC), Barry Moore (R-AL), Riley Moore (R-WV), Sheri Biggs (R-SC), and Eric Burlison (R-MO).

    View the full text of the letter here or below:

    Dear Administrator Zeldin,

    We commend this administration’s dedication to protecting life and safeguarding public health. In light of these commitments, we write to express our concerns regarding mifepristone and its potential contaminant effects on our nation’s waters. In 2023, medication abortions accounted for more than 60% of all clinician-provided abortions that took place within the US health care system—totaling roughly 648,500 medication abortions.  These numbers do not reflect the unrecorded number of at-home medication abortions that were performed without the oversight of a clinician. It is imperative that the US Environmental Protection Agency (EPA) considers evaluating the potential contaminant effects of this drug as the agency develops the Unregulated Contaminant Monitoring Rule 6 (UCMR 6). 

    Mifepristone is the first step in a two-step drug regimen designed to facilitate an abortion. The drug blocks progesterone, a hormone necessary to support pregnancy and development of the child in the womb. A second drug, misoprostol, is taken 24 to 48 hours later to induce uterine contractions and expel the child and other placental tissue. 

    In 1996, the Center for Drug Evaluation and Research (CDER) issued an environmental assessment for mifepristone stating, “Mifepristone may enter the environment from excretion by patients, from disposal of pharmaceutical waste, or from emissions from manufacturing sites,” but declared that the drug could be “used and disposed of without any expected adverse environmental effects.” However, this assessment was conducted nearly three decades ago, long before the exponential rise in at-home chemical abortions and widespread use of mifepristone. Despite the CDER’s acknowledgement that mifepristone enters the environment, the EPA has yet to review its potential contaminant effects. We request that the EPA study the impact of the “byproducts” of mifepristone, such as the active metabolites that are entering our nation’s water system and threatening access to safe drinking water. 

    Furthermore, mifepristone is a potent progesterone blocker that disrupts hormonal balance in pregnant women to induce abortion. This raises questions about the drug’s potential endocrine-disrupting effects when present in drinking water supplies. If residual amounts of the drug and its metabolites persist in wastewater, prolonged exposure could potentially interfere with a person’s fertility, regardless of sex. We believe it is reckless to allow a known progesterone blocker to be flushed into America’s drinking water without knowing definitively if it impacts fertility rates. 

    The American people deserve to know what contaminants might be present in their drinking water and their potential impacts on public health. We ask for your response to the following questions no later than August 17, 2025. Please provide a separate response to each question, rather than a narrative response.

    • Does the EPA believe mifepristone should be considered for regulation under the Safe Drinking Water Act based on potential health and environmental risks? If not, why? 
    • Has the EPA considered adding mifepristone to UCMR 6? If the agency has not, why? 
      • How does the EPA select which pharmaceuticals are studied under UCMR? 
    • Has the EPA considered adding mifepristone to CCL 6?
    • Has the EPA conducted or reviewed any research on the presence of mifepristone or its metabolites in drinking water supplies? If not, what gaps currently exist that might prevent this kind of assessment? 
    • A recent study of insurance claims revealed that over 10% of women experience sepsis, infection, hemorrhaging, or another serious adverse event within 45 days of an abortion using mifepristone—at least 22 times higher than is reported on the drug label. Is the EPA aware of this study? If so, would this data have an impact on the agency’s consideration of adding mifepristone to CCL 6 or UCMR 6? 
    • Are there existing EPA-approved methods for detecting mifepristone and its active metabolites in water supplies? If not, what resources are needed to develop these testing methods? 
    • Has the EPA assessed whether exposure to mifepristone and its active metabolites could contribute to hormonal imbalances or infertility in both men and women? Why or why not? If so, has the EPA collaborated with other agencies to make these assessments? 
    • How are aquatic species affected by exposure to mifepristone and its active metabolites? 

    Thank you for your attention to this important matter. We look forward to working with you to ensure the health and safety of the American people.  

    Sincerely, 

    Background

    Lankford remains the leading pro-life voice in the Senate, standing firm in defense of life following the Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization to return decisions about abortions to the people’s elected representatives. Every year, Lankford takes to the Senate floor to share his full and unwavering support for life in our nation and to ask his fellow Senators a simple question: when does life begin? 

    In 2024, Lankford led his colleagues in filing an amicus brief in a case before the US Supreme Court challenging the FDA’s deregulation of chemical abortion drugs, including allowing mail-order distribution without doctor oversight.

    You can read the exclusive published in the Daily Wire HERE.

    MIL OSI USA News –

  • MIL-OSI Canada: B.C. secures mandate to negotiate consent-based decision-making process with Tŝilhqot’in Nation for any mining activity at Teẑtan Biny

    The Province has secured a mandate to enter discussions with the Tŝilhqot’in Nation, if and when needed, to set out how the requirement of Tŝilhqot’in consent would be integrated with provincial decision-making for mining projects in the Teẑtan Area in the Interior of British Columbia.

    The Ministry of Indigenous Relations and Reconciliation, Ministry of Mining and Critical Minerals and the Environmental Assessment Office now have the approvals they need to work with the Tŝilhqot’in National Government to negotiate an agreement under the Declaration on the Rights of Indigenous Peoples Act (Declaration Act), if such negotiations are required. This is in addition to recent agreements between the Province and the Tŝilhqot’in Nation requiring Tŝilhqot’in consent for any reviewable mining project to proceed in the Teẑtan Area.

    The Declaration Act Agreement would be negotiated if the Tŝilhqot’in Nation decided in the future to consider any mine in the Teẑtan Area that is a reviewable project under the Environmental Assessment Act. At this time, no specific mining project has been proposed for this area.

    Section 7 of the Declaration Act sets out provisions for negotiating consent-based agreements for the purposes of reconciliation, and for ensuring local governments and others potentially affected by the agreement are engaged during negotiations, including potentially affected First Nations and mineral rights holders.

    The Province has identified the following organizations that will be consulted, including:

    • Cariboo Regional District
    • Mining Association of British Columbia
    • Association for Mineral Exploration
    • overlapping mineral tenure holders
    • Business Council of British Columbia

    The Province will identify any additional entities or interest holders that should be consulted during the negotiation of the Declaration Act Agreement, if and when the Tŝilhqot’in Nation considers a specific mine project.  

    Learn More:

    Tŝilhqot’in National Government: https://tsilhqotin.ca/

    For information on the Declaration Act and Section 7 agreements: https://www2.gov.bc.ca/gov/content/governments/indigenous-people/new-relationship/united-nations-declaration-on-the-rights-of-indigenous-peoples/making-decisions-together

    Read the Teẑtan Biny Gagaghut’i agreement: https://www2.gov.bc.ca/assets/gov/environment/natural-resource-stewardship/consulting-with-first-nations/agreements/teztan_biny_agreement.pdf

    Read the Teẑtan Biny Gagaghut’i agreement summary: https://www2.gov.bc.ca/assets/gov/environment/natural-resource-stewardship/consulting-with-first-nations/agreements/teztan_biny_agreement_summary.pdf

    Read the order in council: https://www.bclaws.gov.bc.ca/civix/document/id/oic/oic_cur/0283_2025

    For more information on the Environmental Assessment Act: https://www2.gov.bc.ca/gov/content/environment/natural-resource-stewardship/environmental-assessments

    Previous agreements between the Province of B.C. and Tŝilhqot’in National Government: https://www2.gov.bc.ca/gov/content/environment/natural-resource-stewardship/consulting-with-first-nations/first-nations-negotiations/first-nations-a-z-listing/tsilhqot-in-national-government  

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI Canada: United in Call for Change: Joint Statement

    Source: Government of Canada regional news

    Released on June 18, 2025

    Premier Danielle Smith and Premier Scott Moe issued the following statement calling for change to federal policies: 

    “Today, Alberta’s and Saskatchewan’s governments came together in Lloydminster to make a unified call for national change.

    “Together, we call for an end to all federal interference in the development of provincial resources by: 

    • Repealing or overhauling the Impact Assessment Act to respect provincial jurisdiction and eliminate barriers to nation building resource development and transportation projects;
    • Eliminating the proposed oil and gas emissions cap;
    • Scrapping the Clean Electricity Regulations;
    • Lifting the oil tanker ban off the northern west coast;
    • Abandoning the net zero vehicle mandate; and
    • Repealing any federal law or regulation that purports to regulate industrial carbon emissions, plastics, or the commercial free speech of energy companies. 

    “The federal government must remove the barriers it created and fix the federal project approval processes so that private sector proponents have the confidence to invest.

    “Starting with additional oil and gas pipeline access to tidewater on the west coast, our provinces must also see guaranteed corridor and port-to-port access to tidewater off the Pacific, Arctic and Atlantic coasts. This is critical for the international export of oil, gas, critical minerals, agricultural and forestry products, and other resources. Accessing world prices for our resources will benefit all Canadians, including our First Nations partners.

    “Canada is facing a trade war on two fronts. The People’s Republic of China’s “anti-discrimination” tariffs imposed on Canadian agri-food products have significant impacts on the West. We continue to call on the federal government to prioritize work toward the removal of Chinese tariffs. Recently announced tariff increases, on top of pre-existing tariffs, by the United States on Canadian steel and aluminum products are deeply concerning. We urge the Prime Minister to continue his work with the US administration to seek the removal of all tariffs currently being imposed by the US on Canada. 

    “Alberta and Saskatchewan agree that the federal government must change its policies if it is to reach its stated goal of becoming a global energy superpower and having the strongest economy in the G7. We need to have a federal government that works with, rather than against, the economic interests of Alberta and Saskatchewan. Making these changes will demonstrate the new Prime Minister’s commitment to doing so. Together, we will continue to fight to deliver on the immense potential of our provinces for the benefit of the people of Saskatchewan and Alberta.”

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: Kennedy, Tim Scott, colleagues introduce bill to protect U.S. secrets from foreign adversaries

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today joined Sen. Tim Scott (R-S.C.) and 10 colleagues in introducing the Protect Our Bases Act, which would strengthen the Committee on Foreign Investment in the United States’ (CFIUS) ability to review foreign land purchases near sensitive military, intelligence and national laboratory sites by requiring member agencies to annually update and review their lists of these sites.

    “The Chinese Communist Party’s land buildup near our most critical military and government facilities poses a grave threat to our national security. The Protect Our Bases Act would help safeguard our nation and fight back against Communist China’s spying on American soil,” said Kennedy.

    “The Chinese Communist Party’s efforts to infiltrate and surveil all parts of the U.S. national security apparatus requires vigilance from our national security agencies. This legislation will enhance the review of foreign real estate transactions near critical national security installations, helping ensure CFIUS has the information it needs to protect our homeland and keep our nation safe,” said Scott.

    Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Katie Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Kevin Cramer (R-N.D.), Bernie Moreno (R-Ohio) and Dave McCormick (R-Pa.) also cosponsored the bill.

    Background: 

    • In 2022, Fufeng Group, a Chinese company with ties to the Chinese Communist Party, announced it would purchase land near Grand Forks Air Force Base in North Dakota. 
    • CFIUS determined that it could not evaluate the transaction for national security risks because the Department of Defense had not listed the base as a sensitive area for national security purposes.
    • Although the City of Grand Forks ultimately blocked the transaction, this incident demonstrated a serious flaw in the review process of foreign land purchases.

    The Protect Our Bases Act would:

    • require agencies represented on CFIUS to provide CFIUS with records of the military, intelligence and national laboratory facilities that should be considered sensitive areas for national security purposes annually.
    • require CFIUS to submit an annual report to Congress certifying the completion of these reviews and detailing the accuracy of its real estate listings.

    Full text of the Protect Our Bases Act is available here.

    MIL OSI USA News –

  • MIL-OSI Russia: B2B platform KIFA and RDIF agree to develop digital trade between China and Russia

    Translation. Region: Russian Federal

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

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

    St. Petersburg, June 18 (Xinhua) — KIFA, a B2B digital trade platform operating in the Eurasian Economic Union (EAEU) and China, and the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, have agreed to partner to jointly develop digital trade between China and Russia and further expand trade between the two countries.

    The corresponding agreement was signed on Wednesday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

    “In the new reality, high technology is becoming one of the key factors for success, and KIFA is proud of its contribution to the modernization of trade and economic relations between China and Russia. Trusting strategic cooperation with RDIF, in turn, will play one of the key roles in this process. Together we will be able to implement ambitious projects aimed at strengthening economic ties between our countries,” said Sun Tianshu, founder of the KIFA B2B platform and Chairman of the Board of Directors of KIFA PJSC.

    “China is the leader in terms of trade turnover with Russia, and a stable system of mutual trade has been built between our countries, including in the field of e-commerce. RDIF is focused on supporting the entry of Russian and Chinese companies into the markets of the two countries, in this regard, the partnership with KIFA is an important stage in the development of digital cross-border trade. Providing entrepreneurs of the two countries with broad opportunities for simple and effective interaction in a digital environment with a transparent process at all stages and gaining access to new large markets will make a significant contribution to the further increase in bilateral trade volumes,” said RDIF CEO Kirill Dmitriev.

    As noted, the development of digital trade between China and Russia and its modernization thanks to advanced tools and the use of artificial intelligence make it possible to achieve more transparent, efficient and convenient processes for each entrepreneur. The expansion of the range of goods and the reduction of costs, in turn, stimulate the growth of trade turnover between China and Russia, which is one of the strategic objectives of bilateral relations.

    KIFA is a leading innovation platform that modernizes cross-border trade through the application of digital technology and artificial intelligence, and creates a new digital trading world between China and Russia. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Mauritius

    Source: IMF – News in Russian

    June 18, 2025

    • The Mauritian economy continues to exhibit resilience with growth at 4.7 percent in 2024 and contained inflation. The growth outlook remains favorable, though risks are to the downside.
    • Mauritius needs to recalibrate the macroeconomic policy mix to rebuild fiscal space. The monetary policy framework needs to be strengthened while continued monitoring of macro-financial risks is essential to maintain financial stability.
    • Advancing key reforms to foster external competitiveness and private sector-led growth while enhancing climate resilience will reduce external imbalances.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Mauritius.[1]

    Mauritius’ economy remains resilient. Real GDP grew by 4.7 percent in 2024, from 5.0 percent in 2023, driven by services, construction, and tourism. Headline inflation (12-month average) declined to
    2.5 percent in March 2025 from 7.0 percent in 2023, helped by easing international food and energy prices and lower fuel excise duties. The external current account deficit widened in 2024 to
    6.5 percent of GDP, mostly reflecting higher imports and freight costs. Gross foreign reserves increased to US$8.5 billion by end-2024, covering almost 12 months of imports. Looking ahead, the country needs to address fiscal and structural challenges, notably the high public debt, significant public investment needs, low productivity, and an ageing society.

    The outlook for growth is favorable. Real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the drought. Over the medium term, growth is expected at around 3.4 percent, reflecting demographic headwinds and labor shortages. Inflation is projected to average 3.6 percent in 2025 and remain within BOM’s target range over the medium term. The external current account deficit is projected to reduce to 4.7 percent of GDP in 2025—reflecting lower oil prices, as exports grow modestly amid the slowdown in global demand—and to increase in 2026 due to subdued exports, but gradually decline thereafter. The primary fiscal deficit (excluding grants) for FY24/25 is projected to worsen by 3.4 ppt of GDP relative to FY23/24, to 6.5 percent of GDP, mostly driven by higher compensation of employees, social benefits, and grants and transfers. The stock of public sector debt is projected at around 88 percent of GDP at end-June 2025, and to gradually decline in the medium term.

    Risks to the outlook are on the downside, including from global uncertainty, tariff wars, higher-than-anticipated fuel and food prices, and extreme climate shocks.

     

    Executive Board Assessment[2]

    The economy has recovered solidly from the pandemic and the outlook is favorable, but fiscal and structural challenges remain. The recovery has been driven by services, construction, and tourism. The medium-term outlook is favorable but held back by demographic headwinds and labor shortages. Mauritius is facing fiscal and structural challenges from high public debt, significant public investment needs for climate, low productivity, and an ageing society. Risks to the outlook are on the downside including from high global uncertainty, highlighting the importance of addressing fiscal and external imbalances to increase the resilience of the economy.

    Fiscal policy should pursue frontloaded growth-friendly consolidation to shore up fiscal credibility, helping rebuild fiscal space while protecting the most vulnerable. Tax revenue should be increased and current and ESFs’ spending contained while safeguarding critical social spending and growth-enhancing capital spending. Pension system reform remains key to support fiscal sustainability, especially given the ageing of Mauritius’ population. Strengthening public financial management, including by streamlining ESFs, will support fiscal consolidation, transparency, and good governance.

    BOM should start to gradually phase out its ownership of MIC and strengthen the implementation of the monetary policy framework by resuming uncapped issuance of 7-Day BOM bills (at the key policy rate). BOM should stand ready to tighten the monetary policy stance should inflationary pressures reemerge. BOM should adopt amendments to the BOM Act, including to ensure fiscal backing, to protect central bank independence. Ministry of Finance and BOM are encouraged to strengthen the commitment on their mutual agreement for BOM independence. Mauritius should continue to rely on exchange rate flexibility and FX purchases when opportunities arise, and in line with the monetary policy framework, to help further build foreign reserves buffers to ensure ability to respond to large external shocks. 

    Mauritius’ external position at end-2024 is assessed as weaker than the level implied by fundamentals and desirable policies, and structural reforms to foster external competitiveness are needed to reduce external imbalances. Steady progress in strengthening the AML/CFT framework is welcome and should be sustained, including provisions related to non-resident and cross-border activity. Financial sector risks should continue to be closely monitored including of the real estate sector. Ongoing efforts to improve external sector statistics, including measurement of the GBCs sector, should be sustained. Statistical gaps and discrepancies should be addressed to improve the quality and credibility of macroeconomic statistics.

    Mauritius should advance structural reforms that boost investment and innovation to secure longer-term private sector-led growth. Priorities include strengthening workers’ skills through better education and narrowing gender gaps as well as advancing climate adaptation efforts to support economic resilience.

     

    Mauritius: Selected Economic Indicators
     
     

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    		  
           

    Est.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    		  
     
                               
     

    (Annual percent change, unless otherwise indicated)

    		    

    National income, prices and employment

    		                          

    Real GDP

    		  

    -14.5

    3.4

    8.7

    5.0

    4.7

    3.0

    3.4

    3.4

    3.4

    3.4

    3.4

    		  

    Real GDP per capita

    		  

    -14.6

    3.6

    8.9

    5.1

    4.9

    3.2

    3.6

    3.6

    3.6

    3.7

    3.8

    		  

    GDP per capita (in U.S. dollars)

    		  

    9,011

    9,087

    10,235

    11,188

    11,883

    12,448

    13,287

    14,183

    15,128

    16,131

    17,190

    		  

    GDP deflator

    		  

    2.6

    3.2

    9.6

    6.6

    3.8

    3.8

    3.7

    3.7

    3.6

    3.6

    3.6

    		  

    Consumer prices inflation (period average)

    		  

    2.5

    4.0

    10.8

    7.0

    3.6

    3.6

    3.6

    3.5

    3.5

    3.5

    3.5

    		  

    Consumer prices inflation (end of period)

    		  

    2.7

    6.8

    12.2

    3.9

    2.9

    3.9

    3.5

    3.5

    3.5

    3.5

    3.5

    		  

    Unemployment rate (percent)

    		  

    9.2

    9.1

    6.8

    6.1

    5.8

    5.9

    5.9

    5.9

    5.9

    5.9

    5.9

    		  
                               
       

    (Annual percent change)

    		    

    External sector

    		                          

    Exports of goods and services, f.o.b.

    		  

    -23.8

    5.2

    45.7

    4.0

    3.0

    1.7

    2.3

    7.1

    6.2

    6.5

    7.4

    		  

    Of which: tourism receipts

    		  

    -73.8

    -23.8

    313.1

    29.7

    6.0

    -4.6

    5.3

    7.7

    8.6

    8.1

    7.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -29.1

    16.0

    32.9

    -0.3

    6.4

    0.7

    4.7

    5.3

    4.9

    4.3

    5.3

    		  

    Nominal effective exchange rate (annual average)

    		  

    -8.0

    -8.0

    3.6

    0.5

    -1.4

    …

    …

    …

    …

    …

    …

    		  

    Real effective exchange rate (annual average)

    		  

    -7.6

    -7.5

    6.2

    1.7

    -0.6

    …

    …

    …

    …

    …

    …

    		  

    Terms of trade

    		  

    5.1

    -12.0

    -5.1

    8.3

    0.0

    2.3

    2.0

    0.7

    0.5

    0.5

    0.4

    		  
                               
             

    Money and credit

    		                          

    Net foreign assets

    		  

    16.4

    18.6

    -3.6

    -0.3

    18.3

    1.5

    2.7

    2.5

    2.1

    2.2

    3.0

    		  

    Domestic credit

    		  

    7.9

    15.6

    13.1

    9.7

    13.7

    7.2

    6.5

    6.3

    6.1

    6.0

    5.9

    		  

    Net claims on government

    		  

    8.8

    34.8

    24.6

    26.1

    31.3

    13.2

    7.7

    6.0

    5.3

    4.5

    3.7

    		  

    Credit to non-government sector

    		  

    2.7

    0.4

    -0.6

    8.0

    8.3

    6.0

    6.9

    7.2

    7.1

    7.1

    7.1

    		  

    Broad money

    		  

    17.7

    8.6

    4.1

    7.8

    12.9

    6.4

    7.6

    8.5

    8.4

    8.4

    7.9

    		  

    Income velocity of broad money (M2)

    		  

    0.8

    0.8

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    		  
                               
       

    (Percent of GDP, unless otherwise indicated)

    		    

    Central government finances 1

    		                          

    Overall borrowing requirement 2

    		  

    -22.1

    -5.5

    -4.7

    -6.1

    -10.4

    -5.4

    -3.7

    -3.4

    -2.9

    -2.4

    -2.0

    		  

    Primary balance (excluding grants) 

    		  

    -16.5

    -4.9

    -2.7

    -3.1

    -6.5

    -3.0

    -1.3

    -0.3

    0.1

    0.4

    0.5

    		  

    Revenues (incl. grants)

    		  

    21.6

    24.2

    24.5

    24.0

    25.7

    27.0

    27.3

    27.5

    27.5

    27.5

    27.4

    		  

    Expenditure, excl. net lending

    		  

    40.4

    31.1

    29.4

    29.7

    35.2

    32.3

    31.2

    30.3

    29.9

    29.4

    28.9

    		  

    Domestic debt of central government

    		  

    67.5

    61.9

    57.3

    58.7

    64.4

    65.8

    65.7

    65.3

    64.5

    64.0

    63.7

    		  

    External debt of central government

    		  

    15.8

    14.0

    13.8

    12.7

    14.8

    14.9

    14.8

    14.7

    14.6

    14.3

    13.9

    		  
                               

    Investment and saving 4

    		                          

    Gross domestic investment

    		  

    18.2

    19.8

    19.8

    20.2

    21.0

    22.0

    22.4

    22.5

    22.5

    22.5

    22.5

    		  

    Public

    		  

    4.1

    4.1

    3.9

    3.9

    3.8

    4.1

    4.2

    4.3

    4.3

    4.3

    4.3

    		  

    Private 3

    		  

    14.1

    15.7

    15.8

    16.3

    17.2

    17.9

    18.2

    18.2

    18.2

    18.2

    18.2

    		  

    Gross national savings

    		  

    11.6

    12.6

    17.1

    22.4

    23.4

    23.8

    25.0

    26.1

    26.5

    26.2

    26.4

    		  

    Public

    		  

    -7.9

    -5.6

    -2.0

    -2.4

    -4.5

    -4.0

    -1.7

    -0.7

    -0.1

    0.4

    0.8

    		  

    Private

    		  

    19.5

    18.2

    19.2

    24.8

    28.0

    27.8

    26.7

    26.8

    26.6

    25.9

    25.6

    		  

    External sector

    		                          

    Balance of goods and services

    		  

    -10.7

    -16.1

    -14.8

    -11.7

    -13.2

    -12.3

    -13.0

    -12.2

    -11.6

    -10.5

    -9.6

    		  

    Exports of goods and services, f.o.b.

    		  

    35.1

    36.7

    47.6

    45.3

    43.9

    42.7

    41.0

    41.2

    41.1

    41.2

    41.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -45.8

    -52.7

    -62.4

    -56.9

    -57.2

    -55.0

    -54.0

    -53.4

    -52.7

    -51.7

    -51.2

    		  

    Current account balance

    		  

    -8.9

    -13.1

    -11.1

    -5.1

    -6.5

    -4.7

    -6.1

    -5.0

    -4.3

    -3.7

    -3.0

    		  

    Capital and financial account

    		  

    3.3

    23.3

    13.4

    -0.9

    14.5

    6.1

    9.1

    6.7

    5.9

    5.2

    4.6

    		  

    Overall balance

    		  

    -4.4

    10.2

    2.8

    -5.5

    7.3

    1.4

    2.9

    1.8

    1.6

    1.5

    1.6

    		  

    Total external debt

    		  

    110.7

    134.0

    132.2

    131.6

    139.2

    128.9

    119.3

    110.8

    102.2

    94.1

    87.1

    		  

    Gross international reserves (millions of U.S. dollars)

    		  

    7,242

    7,805

    7,740

    7,254

    8,510

    8,675

    9,163

    9,475

    9,781

    10,083

    10,420

    		  

    Months of imports of goods and services, f.o.b.

    		  

    14.3

    11.6

    11.6

    10.2

    11.8

    11.6

    11.6

    11.4

    11.3

    11.2

    11.1

    		  
                               

    Memorandum items:

    		                          

    GDP at current market prices (billions of Mauritian rupees)

    		  

    448.9

    478.8

    570.3

    638.3

    694.0

    742.3

    796.0

    853.3

    914.0

    979.0

    1,048.7

    		  

    GDP at current market prices (millions of U.S. dollars)

    		  

    11,408

    11,484

    12,908

    14,101

    14,953

    15,641

    16,662

    17,748

    18,890

    20,082

    21,326

    		  

    Public sector debt, fiscal year (percent of GDP)4

    		  

    91.9

    86.1

    81.8

    81.5

    88.3

    89.1

    88.1

    86.9

    85.3

    83.9

    82.7

    		  
                               

    Foreign and local currency long-term debt rating (Moody’s)

    		  

    Baa1

    Baa2

    Baa3

    Baa3

    Baa3

    Baa3

    …

    …

    …

    …

    …

    		  
                             

    Sources:  Country authorities; and IMF staff estimates and projections.

    		                          

    1GFSM 2001 concept of net lending/net borrowing, includes special and other extrabudgetary funds. Fiscal data reported for fiscal years (e.g, 2019=2019/20).

    		      

    2 Following the GFSM 2014, Sections 5.111.5.116, the transfers from the BOM to the

    Central Government are considered as financing.

    		            

    3  Excludes changes in inventories in 2022 and outer years.

    		                                                                                              

    4 The public debt series has been reclassified starting in the 2024 AIV Mission to allow

    consolidation of central government securities held by non-financial
    public corporations

    		                                                                    
                                                                                                                 

     

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    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/2025/06/18/pr-25204-mauritius-imf-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Sustainable Business – 17th Climate Change & Business Conference: Where Ambition Meets Action

    Source: Sustainable Business Council

    Aotearoa New Zealand’s premier Climate Change and Business Conference returns in 2025, bringing together global and local leaders to accelerate climate action and business innovation.
    The conference is taking place on 8-9 September at the Viaduct Events Centre in Tāmaki Makaurau Auckland. This year’s theme Ambition. Accountability. Action. promises to inspire and challenge business to take meaningful steps toward addressing the impacts of climate change.
    Chief Executive of the Sustainable Business Council (SBC), Mike Burrell, says this year’s conference theme is timely and critical, given the increasingly complex geopolitical environment businesses are navigating.
    “Forward thinking businesses recognise the focus on climate action must remain. The science has never been more urgent or clear – we must continue to pursue better business for a better world, and this year’s conference reflects the need for that ambition to now meet action.”
    The two day-event will offer a unique opportunity to learn from global and domestic leaders and changemakers across business, government, iwi, media and civil society, who are turning climate strategies into solutions and real-world impact.
    The 2025 international speaking line-up includes:
    – Hon. Ralph Regenvanu, MP: Vanuatu’s Minister for Climate Change Adaptation, Energy, Environment, Meteorology, Geo-Hazards and Disaster Management.
    – Prof. Elizabeth Robinson: Acting Dean of the London School of Economics’ Global School of Sustainability.
    – Lord Adair Turner: Chair of the Energy Transitions Commission (a global coalition of companies, NGOs and experts working to achieve a net zero economy by 2040).
    Environmental Defence Society (EDS) Chief Executive Gary Taylor says, “The conference brings together visionaries and leaders in the climate space at a time when serious engagement is needed more urgently than ever, given the profound changes taking place globally.”
    “This event is about having challenging conversations, tackling the gnarliest of climate issues facing our country, and driving real and meaningful change.”
    Attendees will have the opportunity to participate in more than 30 different plenary, workshops and breakout sessions, all designed to equip business leaders with the tools and insights needed to lead out on climate.
    Genesis CEO and Climate Leaders Coalition (CLC) Steering Group Convenor Malcolm Johns says, “As business leaders we are facing a variety of pressures and shifting geopolitical dynamics, but it is imperative that we stay the course, remain focused and maintain our momentum on climate action.”
    “This conference underscores the continuing role business has to play in this journey, and provides a critical platform for leaders to connect, innovate and lead the charge toward securing a resilient net-zero economy.”
    Delivered in partnership between the Environmental Defence Society (EDS), the Sustainable Business Council (SBC) and Climate Leaders Coalition (CLC), the Climate Change and Business Conference is Aotearoa New Zealand’s leading and longest running climate and business event.
    More than 650 people attended the 2024 event in person and online.
    The 2025 event is supported by Foundation Sponsors Westpac NZ and Beca.

    MIL OSI New Zealand News –

  • MIL-OSI: Condor Provides an Operations Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 18, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based, internationally focused energy transition company with active operations in Central Asia is pleased to provide an update.

    UZBEKISTAN

    Production for June has averaged 11,350 boepd to date which is slightly above the first quarter of 2025 average of 11,179 boepd. Production rates in the second quarter of 2025 have been partially restricted due to unplanned downstream infrastructure maintenance at non-Company operated facilities and recent workovers that were focused on data gathering to enhance geologic and reservoir modeling for the upcoming drilling campaign. The resulting second quarter production to-date is 10,332 boepd. Well workover activities have since returned to production-add opportunities and the downstream facilities are fully operational.

    A drilling rig is scheduled to mobilize in July 2025 and begin a multi-well drilling campaign that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. In addition to penetrating the currently producing Jurassic Carbonates, the first well will be a vertical well drilled to the basement rocks to evaluate the deeper under-explored Jurassic Clastics and the potential for a fractured basement play type. The second well is intended to be a horizontal well with up to a 1500-meter lateral section. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

    The Company has also installed and commissioned four in-field flowline water separation systems to remove produced fluids at the field gathering network rather than at the production facilities. This reduces flowline pressure that can lead to higher reservoir flow rates. A fifth in-field flowline unit is being installed and expected to be commissioned in early July 2025. Engineering design work is also ongoing for field compression that could further boost production rates.

    KAZAKHSTAN

    As previously disclosed, the Company has purchased its first modular LNG facility (the “First Facility”) which is capable of producing 48,000 gallons (80 MT) of LNG per day. Fabrication of the First Facility is on track to be completed in the fourth quarter of 2025 and begin LNG production in the second quarter of 2026. The LNG off-taker agreement is expected to be executed shortly.

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG ‘lower carbon fuel’ diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability of well workovers to increase production; the timing and ability to mobilize the drilling rig; the timing and ability to execute a multi-well drilling campaign and the timing and ability to target multiple play types; the timing and ability to evaluate the deeper Jurassic Clastic zones; the timing and ability to penetrate basement rocks and the timing and ability of the basement rocks to be a fractured prospective basement play type; the timing and ability to implement modern stimulation techniques to increase production rates; the timing and ability of the in-field flowline separators to reduce pressure and lead to higher flow rates; the timing and ability to commission the fifth in-field flowline separator; the timing and ability of field compression to boost production rates; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to complete fabrication of the First Facility and begin LNG production; the timing and ability to execute an LNG off-taker agreement; and the timing and ability to fund the various planned activities.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boepd Barrels of oil equivalent per day*
    LNG Liquefied Natural Gas
    MT Metric tonnes

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

  • MIL-OSI USA: ICYMI: Shaheen Presses Hegseth on Protecting American Troops in the Middle East and the Importance of International Agreements, Secures Secretary’s Commitment to Investigate Hiring Delays at Portsmouth Naval Shipyard

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Armed Services Committee, today questioned U.S. Secretary of Defense Pete Hegseth in his first appearance before the Committee since being confirmed to lead the Pentagon in January. As violence escalates in the Middle East and President Trump weighs U.S. involvement, Secretary Hegseth did nothing to reassure the American public that men and women deployed in the Middle East, as well as Americans living abroad, would be protected if the President decides to enter the United States into active hostilities. Following concerns she heard from partners abroad at the Paris Air Show, Shaheen pressed Hegseth on the importance of international agreements like AUKUS (Australia, United Kingdom and U.S.)—which Secretary Hegseth has placed under review—to efforts key to deterring China. Shaheen additionally secured commitment from Secretary Hegseth to raise hiring delays at the Portsmouth Naval Shipyard to the Director of the Office of Personnel Management (OPM) to quickly get public shipyard workers onboarded into the jobs they’ve been hired to do that are integral to national security. Click here to watch the Shaheen’s full remarks and questions.  

    Key Quotes from Shaheen: 

    • On the escalation of violence in the Middle East, Shaheen said: “I understand that we have 40,000 troops deployed in the region, many of whom are in range of Iranian missiles. And it’s been reported that the president is being asked to consider providing the bunker-buster bomb that is required to be carried only by the B-2 bomber and would require a U.S. pilot. That raises real concerns about what retaliation might mean for the safety and stability of the entire region, and our troops and Americans who are in the region.” 
    • On hiring delays at the Portsmouth Naval Shipyard that have been unaddressed by the Secretary, Shaheen said: “Last week, Mr. Secretary, […] you reaffirmed the need for an exemption for the Portsmouth Naval Shipyard to your hiring freeze. […] I’d like to ask you again, because we have not yet heard anything from you or from the Office of Personnel Management about how they’re responding to this. DoD has told us that the Office of Personnel Management needs to review every single new hire, one by one at a time when we need 550 people every year just to keep up with the Navy’s demand for maintenance and on its nuclear submarines. So will you commit to talking to OPM on this issue?” 
    • On the importance of international agreements, Shaheen said: “Six of us on this committee just returned from the largest air show in the world. […] And one of the concerns that I heard from many of the companies that I talked to was about the potential to partner with our allies and partners for innovation, for co-production, and one concern I heard was about the proposed review of the AUKUS agreement. That’s after the Australian government has already contributed half a $1 billion to our submarine industrial base. And American and UK shipbuilders have made capital investments to support the increased demand. So do you disagree with the position that President Trump has taken about AUKUS, that we should move forward? And what is the review expected to produce?” 

    Shaheen pressed Hegseth during a Defense Appropriations Subcommittee hearing last week on the impacts of the administration’s tariffs on steel and aluminum on the defense industrial base, supply chain lead times and our overall military readiness. In a letter to Secretary Hegseth last month, Shaheen raised concerns about how the President’s trade war harms defense supply chains and ultimately weakens America’s military readiness. The Senator expressed how tariffs on imports will increase prices for the Department of Defense’s defense acquisitions – harming its purchasing power and further raising costs on small businesses.   

    Citing national security concerns and a lack of qualifications on the Senate floor, Shaheen announced in January that Hegseth would be the first nominee for Secretary of Defense that she opposed since joining the U.S. Senate Armed Services Committee in 2011.  

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: From the Paris Air Show, Shaheen Pens Wall Street Journal Op-Ed Warning Trump’s Trade Policy Threatens Our National Defense and Global Alliances

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – After co-leading a bipartisan Congressional delegation to the Paris Air Show, U.S. Senator Jeanne Shaheen (D-NH) wrote an opinion piece in the Wall Street Journal warning that President Trump’s trade policy threatens American national defense and global alliances. In her piece, Shaheen argues that the president’s tariff policy threatens our relationships around the globe, exacerbates existing supply chain disruptions and threatens American defense readiness. You can read her op-ed here.

    In part, Shaheen writes: “While Beijing closely watches the war in Ukraine, it has also escalated confrontations in the South China Sea and conducted aggressive military exercises over the Taiwan Strait. In the face of these rising threats, our ability to produce and deliver weapons at scale—coordinated with our allies—is more critical than ever.”

    Shaheen concludes: “The Trump administration’s trade policies have weakened the alliances we rely on. Congress should reassert our leadership by re-examining its moves and exercising congressional oversight. If we’re going to be ready for the challenges ahead, we must treat American trade policy as a core pillar of American national security.”

    The op-ed is available here and in full below:

    Trump’s Tariffs Weaken America’s Military

    Eighty years ago, the U.S. Army Air Forces staged an exhibition beneath the Eiffel Tower. Thousands of Parisians gathered to admire the B-17 Flying Fortress—an American-built aircraft that helped liberate Europe from Nazi occupation. Primitive by today’s standards, those bombers were the product of a national industrial base operating at full capacity. They were deployed by a trans-Atlantic alliance that shared logistics, intelligence and purpose. That model of coordination is what we need now—but it’s being tested by a trade agenda that favors confrontation over cooperation.

    As I co-lead the congressional delegation to this week’s Paris Air Show, the world’s largest defense aerospace expo, I find myself asking: Is the greatest obstacle to America’s security not China or Russia but our own trade policy?

    The U.S. defense industry’s capacity to meet the demand for arms was already stretched thin by the Covid pandemic and conflicts in Gaza and Ukraine. The Trump administration further disrupted supply chains and increased production costs through more than 50 tariff announcements and a patchwork of shifting duties. The imposition of these tariffs has pressured allies to respond in kind. This cycle worsens supply-chain disruptions, driving up costs and causing delays in defense production.

    President Trump imposed 50% tariffs on steel and aluminum earlier this month. Regardless of any exemptions the administration offers, building a modern America-class amphibious assault ship requires 45,000 tons of steel. The net effect of this trade policy will be higher costs across the board, from military aircraft and lightweight armor plating to submarine repairs and shipbuilding.

    Tariffs will also affect small, specialized components like those used in jet engines, night vision systems, and landing gear. When I recently met with a New Hampshire company that makes ball bearings for the aerospace industry, executives told me tariffs have driven up their costs and extended their production time—concerns industry leaders echoed in Paris.

    These delays and rising costs don’t only slow American readiness; they erode our allies’ trust in the U.S. as a dependable partner. The strain is already evident. Although the F-35 fighter jet is “the pinnacle of aerial combat technology,” in Vice President JD Vance’s words, several North Atlantic Treaty Organization allies have signaled they may reconsider participation in the F-35 Joint Strike Fighter program.

    Demand for American-made weapons remains strong, especially from front-line nations like Poland. It is racing to acquire Himars rocket launchers and Abrams tanks. But even as the Trump administration pressures allies to spend more on defense, its trade policies and combative rhetoric are sowing doubt about the reliability of parts, maintenance and pricing. That’s prompting U.S. partners to reassess their long-term defense commitments. President Emmanuel Macron underscored this shift when he said, “My goal is to persuade EU countries that rely on U.S. weapons to choose European alternatives.”

    European leaders have legitimate cause for concern, and their increased defense spending reflects it. Vladimir Putin has reoriented Russia’s economy around the war in Ukraine, churning out more than 1,400 Iskander ballistic missiles a year and at one point signing up 1,000 new recruits a day. His effort is backed by North Korea, Iran and, most significantly, China.

    While Beijing closely watches the war in Ukraine, it has also escalated confrontations in the South China Sea and conducted aggressive military exercises over the Taiwan Strait. In the face of these rising threats, our ability to produce and deliver weapons at scale—coordinated with allies—is more critical than ever.

    The administration argues that reliance on foreign imports undermines American defense readiness and that tariffs will protect U.S. industries. But the defense industrial base has evolved over generations, and restructuring it would take decades—time we simply don’t have.

    Russia, China and Iran may feel distant to many Americans. But for those of us with family who served in World War II—or who confront national-security challenges daily in government service—the risks are clear and they are growing.

    As the B-17 displayed in Paris that summer of 1945 symbolized a robust industrial base united with steadfast allies, today’s defense readiness depends on a similarly coordinated approach—one that can’t thrive amid tariffs that alienate our closest partners.

    We need a smarter, more unified strategy. Tariffs on our closest allies aren’t only damaging our economy, they’re undermining our shared defense readiness. At a minimum, the administration should provide answers on how these tariffs are affecting our defense supply chains. I’ve asked Defense Secretary Pete Hegseth for this information but received no response.

    The Trump administration’s trade policies have weakened the alliances we rely on. Congress should reassert our leadership by re-examining its moves and exercising congressional oversight. If we’re going to be ready for the challenges ahead, we must treat American trade policy as a core pillar of American national security.

    Last week, Shaheen pressed U.S. Secretary of Defense Pete Hegseth on the impacts of the administration’s tariffs on steel and aluminum on the defense industrial base, supply chain lead times and our overall military readiness. The exchange followed a letter sent to Hegseth in April where Shaheen raised concerns about how the President’s trade war harms defense supply chains and ultimately weakens America’s military readiness. The Senator expressed how tariffs on imports will increase prices for the Department of Defense’s defense acquisitions – harming its purchasing power and further raising costs on small businesses.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with the Republic of Uzbekistan

    Source: IMF – News in Russian

    June 18, 2025

    • Uzbekistan’s economic performance has remained strong, with robust growth, narrowing consolidated fiscal and current account deficits, and ample international reserves.
    • Despite elevated external uncertainty, growth is projected to stay robust amid ongoing reforms and strong remittances, while inflation is expected to moderate under tight macroeconomic and macroprudential policies.
    • The priorities ahead are to cement macro-financial stability and continue with the economic reform agenda to reduce the state’s footprint while fostering private sector-led and inclusive growth.

    Washington, DC: On June 16, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Republic of Uzbekistan.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Uzbekistan’s economic performance has remained strong. Real GDP growth stood at 6.5 percent in 2024, underpinned by robust domestic demand, and remained buoyant at 6.8 percent year-on-year in the first quarter of 2025. Inflation had trended downward through end-April 2024 but rose to 10.6 percent year-on-year in May 2024 that saw the implementation of needed energy price reform. By end-April 2025, it has only marginally eased to 10.1 percent. The current account deficit narrowed by 2.6 percentage points of GDP to about 5.0 percent in 2024, driven by strong remittances, rapidly growing non-gold exports, favorable commodity prices, and the unwinding of a one-off spike in imports in 2023. International reserves have remained ample. The consolidated fiscal deficit narrowed by 1.7 percentage points of GDP to 3.2 percent of GDP in 2024, largely on the back of growth-friendly expenditure measures, although borrowing and spending from the broader public sector were higher than anticipated.  

    The outlook remains broadly positive. Despite heightened global trade policy uncertainty, real GDP growth is projected to remain robust under the baseline, at close to 6 percent this year and next, supported by sustained strength in private consumption, investment, and advancement of structural reforms. The latter, continued tight monetary and macroprudential policies, and solidified fiscal discipline are expected to reduce inflation to the Central Bank of Uzbekistan’s (CBU) 5 percent target by end-2027. The external current account deficit is foreseen to stay at or slightly below 5 percent over 2025-26 while international reserves are expected to remain adequate, at 9.2 months of imports by end-2026.

    Downside risks to the outlook include prolonged and deeper trade policy shocks, more volatile commodity prices, tighter external financing, and contingent liabilities from state-owned enterprises and banks, and public-private partnerships. On the upside, opportunities stem from faster implementation of structural reforms, stronger inflows of income and capital, and favorable commodity prices.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Uzbekistan’s positive economic outlook amid continued progress in the transition to a market-oriented economy. Directors noted, however, that significant vulnerabilities persist, including from the still large state footprint in the economy and rising external uncertainty. Against this background, they emphasized the importance of sustaining the momentum in structural and institutional reforms, supported by Fund technical assistance, to entrench macroeconomic stability and maintain robust and resilient growth.

    Directors commended the authorities for the significant fiscal consolidation achieved. They broadly called for reversing the decline in the tax-to-GDP ratio and improving expenditure efficiency to create fiscal space for priority social and development needs. Directors stressed the importance of adhering to external borrowing limits and avoiding government spending procyclicality in response to high gold prices to support inflation reduction. They also advised improving monitoring and management of fiscal risks from SOEs and public-private partnerships and further strengthening PFM and fiscal transparency.

    Directors welcomed the commitment of the Central Bank of Uzbekistan (CBU) to reduce inflation. They agreed that monetary policy should remain data driven and be tightened further if core inflation or inflation expectations do not decline. Directors encouraged the CBU to continue strengthening communication and monetary policy transmission. They also recommended adopting greater exchange rate flexibility and implementing outstanding safeguards recommendations to strengthen central bank governance and independence. 

    Directors called for enhancing bank supervision and regulation to safeguard financial stability, while reducing the state’s role in the financial sector. In this regard, they recommended bolstering the commercial orientation of state banks and their corporate governance, phasing out directed and preferential lending, and expediting and expanding privatization efforts. Directors also advised the authorities to strengthen asset classification, NPL reporting and resolution, and the regulatory, supervisory, crisis management, and AML/CFT frameworks following the recommendations of the country’s first Financial Sector Assessment Program. Additional macroprudential measures could help mitigate risks from rapid growth in microcredit. 

    Directors encouraged deepening and accelerating structural reforms. While welcoming the progress with WTO accession and energy sector reform, they emphasized that it will be essential to complete price and trade liberalization, phase out support to SOEs, and accelerate privatizations while carrying them out in line with international best practices. Directors called on the authorities to make further progress in governance reforms, including improvements in transparency and accountability and the approval of the National Anti-Corruption Strategy. Closing data gaps and improving data quality remain priorities. 

    It is expected that the next Article IV consultation with Uzbekistan will be held on the standard 12-month cycle.

    Uzbekistan: Selected Economic Indicators 2022-2026

    2022

    2023

    2024

    2025

    2026

    Est.

    Proj.

    Proj.

    National income 1/

    Real GDP growth (percent change)

    6.0

    6.3

    6.5

    5.9

    5.8

    Nominal GDP (in trillions of Sum)

    996

    1,204

    1,455

    1,733

    2,005

    GDP per capita (in U.S. dollars)

    2,555

    2,849

    3,113

    3,487

    3,805

    Population (in millions)

    35.3

    36.0

    36.9

    37.7

    38.5

    Prices

    (Percent change)

    Consumer price inflation (end of period) 2/

    12.3

    8.7

    9.8

    8.4

    6.5

    GDP deflator

    14.5

    13.8

    13.3

    12.5

    9.4

    External sector

    (Percent of GDP)

    Current account balance

    -3.2

    -7.6

    -5.0

    -5.0

    -4.8

    External debt

    49.2

    54.5

    56.2

    55.4

    55.2

                     (Level)

    Exchange rate (in sums per U.S. dollar; end of period)

    11,225

    12,339

    12,920

    …

    …

    Real effective exchange rate

    		        

    (ave, 2015 =100, decline = depreciation)

    61.8

    58.8

    55.4

    …

    …

    Government finance

    (Percent of GDP)

    Consolidated budget revenues

    28.8

    26.7

    26.5

    26.3

    26.4

    Consolidated budget expenditures

    32.3

    31.6

    29.7

    29.3

    29.4

    Consolidated budget balance

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Adjusted revenues 3/

    27.7

    25.9

    25.5

    25.3

    25.5

    Adjusted expenditures 3/

    31.3

    29.9

    27.8

    27.3

    27.8

    Adjusted fiscal balance

    -3.7

    -4.0

    -2.3

    -2.0

    -2.3

    Policy-based lending

    -0.1

    0.9

    0.9

    1.0

    0.7

    Overall fiscal balance 3/

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Public debt

    30.5

    32.2

    32.6

    33.3

    33.2

    Money and credit

    (Percent Change)

    Reserve money

    31.4

    4.9

    9.5

    9.2

    8.8

    Broad money

    30.2

    12.2

    30.6

    19.4

    16.3

    Credit to the economy

    21.4

    23.2

    4.0

    19.3

    16.0

    Sources: Country authorities; and IMF staff estimates.

    1/ Incorporates latest revision to national accounts data, which raised the average nominal GDP for 2017-2023 by about 11 percent. 

    2/ The CPI projection incorporates the effect of the announced increases in energy prices in 2024 and 2025.

    3/ IMF staff adjusts budget revenues and expenditures for financing operations, such as equity injections, policy lending, and privatization of state enterprises. The overall fiscal balance until 2021 is more negative than the consolidated budget balance as the latter excluded privatization receipts. Since 2022, there is no difference as the authorities started including all privatization receipts as financing.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Uzbekistan page.

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25206-uzbekistan-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Energy Department Announces New Pathway to Test Advanced Reactors

    Source: US Department of Energy

    WASHINGTON— The U.S. Department of Energy (DOE) today announced the start of a new pilot program to expedite the testing of advanced nuclear reactor designs under DOE authority outside of the national laboratories. In accordance with President Trump’s Executive Order, Reforming Nuclear Reactor Testing at the Department of Energy, DOE issued a Request for Application (RFA) and is seeking qualified U.S. reactor companies interested in constructing and operating their test reactors outside of the national laboratories using the DOE authorization process. Today’s action represents an important step toward streamlining nuclear reactor testing and ensuring at least three reactors achieve criticality by July 4, 2026.  

    “For too long, the federal government has stymied the development and deployment of advanced civil nuclear reactors in the United States,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, we are expediting the development of next-generation nuclear technologies and giving American innovators a new path forward to advance their designs, propelling our economic prosperity and bolstering our national security.” 

    President Trump is committed to re-establishing the United States as a global leader in nuclear energy and securing a reliable, diversified, and affordable energy supply to drive American prosperity and technological advancement. The new reactor pilot program will help to unleash American nuclear energy capabilities, support U.S. jobs and strengthen American innovation. 

    The pilot program builds on current efforts to demonstrate advanced reactors on DOE sites through microreactor testbeds and other projects led by the Department of Defense and private industry. It is specifically designed to foster research and development of nuclear reactors and not demonstrate reactors for commercial suitability. Seeking DOE authorization provided under the Atomic Energy Act will help unlock private funding and provide a fast-tracked approach to enable future commercial licensing activities for potential applicants.   

    DOE will consider advanced reactors that have a reasonable chance to operate by the July 4, 2026 deadline. Applicants will be responsible for all costs associated with designing, manufacturing, constructing, operating, and decommissioning each test reactor. Moreover, applicants will be competitively selected based on a set of criteria, including technological readiness, site evaluations, financial viability, and a detailed plan to achieving criticality.  

    Initial applications are due by July 21, 2025, with subsequent applications allowed on a rolling basis. DOE will sponsor an Industry Day event on June 25, 2025, which will include virtual and in-person attendance. Registration is required and additional information may be found on the FedConnect listing for the RFA. 

    ###

    MIL OSI USA News –

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

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

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network –

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

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

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

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