Headline: Rosneft Supports Construction of a Large Cultural Centre in Yakutia
The foundation stone laying ceremony of the Multifunctional Cultural Centre took place in the administrative centre of Botuobuya village in the Tas-Yuryakh district of Yakutia. Rosneft and the Republic of Sakha signed a financing agreement for its construction at the IX Eastern Economic Forum.
Aysen Nikolaev, the head of the Sakha Republic, attended the ceremony and thanked the oil company for helping to implement the project, which is very important for the Republic.
Rosneft actively supports social projects aimed at creating favourable living conditions in the regions where it operates. The Company pays great attention to cultural and educational projects.
The centre will become the focal point of the village’s social and cultural life. The 1,533-square-metre building houses a cinema-concert hall equipped with ergonomic seating and state-of-the-art sound, lighting and video technology. The centre will also house an exhibition hall, a library, a reading room and a billiards room, as well as spaces for creative and folklore activities. There is a multipurpose sports hall for basketball, volleyball, mini-football and other activities.
The project also involves equipping the building with modern heating, water supply and ventilation systems. The building’s architecture combines modern solutions with national traditions.
Rosneft focuses on supporting educational, social, cultural and outreach projects in Yakutia. A new building for the Small Academy of Sciences, complete with a boarding school for 100 children, has opened in the village of Chapayevo in the Khangalassky District. The building was constructed and equipped by Rosneft. The Academy has become a hub for research and project activities involving schoolchildren from across the Far East region. A training centre called the ‘Factory of Oil and Gas Full Cycle Processes’ was established on the basis of the Regional Technical College in the town of Mirny for the practical training of oil and gas industry specialists.
In the village of Tas-Yuryakh, oil workers have created a comfortable environment for local residents by renovating the school rooms for robotics, 3D modelling and the school press centre. In addition, the school boasts a TV studio, a language laboratory, a history museum and a local history museum with exhibitions and educational displays, as well as a modern stadium and a children’s playground.
For reference:
Rosneft is represented in Yakutia by Taas-Yuryakh Neftegazodobycha, the enterprise responsible for developing the Srednebotuobinskoye oil and gas condensate field. The enterprise is one of Rosneft’s three largest production assets in Eastern Siberia. It is responsible for developing 11 licence blocks, including the Central Block and the Kurungsky licence block of the Srednebotuobinskoye oil and gas condensate field.
Department of Information and Advertising Rosneft April 18, 2025
Updated key information relating to the share consolidation:
Date on which the terms and conditions of the share consolidation was made public: 11 April 2025;
Share consolidation ratio: 100 old shares give 1 new share;
Last day including right: 3 July 2025;
Ex-date: 4 July 2025;
Record date: 7 July 2025; and
Date of approval: 11 April 2025
In connection with the share consolidation, the Company’s shares will be transferred to a new ISIN. Please find below the updated key information for the change of ISIN:
Issuer: IDEX Biometrics ASA
Old ISIN: NO0013107490
New ISIN: NO0013536078
Date of ISIN change: 4 July 2025.
Rounding rules: If the share consolidation (reverse split) does not result in whole shares (fractional shares), the Board has in place an authorization from the 11 April 2025 Extraordinary General Meeting in the Company to carry out a share capital increase to the extent necessary to make the total number of shares in the Company dividable by the share consolidation ratio (i.e. dividable by 100).
Date of approval: 11 April 2025
About IDEX Biometrics:
IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. For more information, visit www.idexbiometrics.com
About this notice:
This notice was issued by Kristian Flaten, CFO, on 18 June 2025 at 17:22 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5-8 of the Norwegian Securities Trading Act (STA) and released in accordance with section 5-12 of the STA.
On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bonds in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bonds must be received by the Central Bank before 14:00 on the Settlement Date, and the Bonds will be delivered in electronic form on the same day. Article 6 of the General Terms of Auction for Treasury bonds applies for the right to purchase an additional 10%.
RIBER reaffirms its strategic roadmap at the Annual General Meeting held on June 18, 2025
Bezons, June 18, 2025 – 5:45 PM – RIBER, a global market leader for molecular beam epitaxy (MBE) equipment for the semiconductor industry, held its Annual General Meeting today, chaired by Mrs. Annie Geoffroy, Chairwoman of the Company’s Board of Directors.
All of the resolutions submitted to the vote were approved, including:
The approval of the statutory and consolidated financial statements for the 2024 financial year.
The appropriation of 2024 earnings and the distribution of a cash payout based on reimbursing part of the issue premium for €0.08 per share. The ex-dividend date will be June 23, 2025, followed by payment on June 25, 2025.
The approval of the Statutory Auditors’ special report on related-party agreements.
The authorizations granted to the Board of Directors to carry out transactions on the Company’s shares and to reduce the share capital by canceling treasury shares.
A clear, forward-looking strategy
During the Annual General Meeting, Annie Geoffroy reviewed RIBER’s performance and reaffirmed the relevance of its strategic roadmap. Built on a culture of excellence, continuous innovation, strong customer focus, and an agile organization, this strategy positions RIBER at the forefront of major transformations in the semiconductor industry, including the emergence of silicon-based integrated photonics (PICs).
Several examples of the Company’s innovation momentum were shared, particularly the exclusive preview of ROSIE (Riber Oxide Silicon Epitaxy), an advanced platform designed for oxide growth on 300 mm wafers and fully compatible with SEMI standards.
Representing a genuine technological breakthrough, ROSIE paves the way for automated production of epiwafers tailored to the new integration needs of advanced materials in microelectronics. The platform targets several fast-growing markets:
ultra-fast optical communications, particularly the Datacom / Telecom segments,
optical computing,
photonic quantum technologies.
This structuring project is now entering its industrialization phase, following the signature of a strategic partnership with the Novo Nordisk Foundation Quantum Computing Programme (NQCP). The agreement includes the qualification of the ROSIE process for depositing functional oxides on silicon, as well as the sale of the platform’s first unit, scheduled for delivery in the second half of 2025.
This strategic milestone highlights RIBER’s ambition to become an integral part of silicon fab production lines and reflects the industry’s recognition of the Company’s technological expertise, particularly from a global quantum research leader.
A confirmed roadmap and strengthened outlook
In conclusion, Annie Geoffroy emphasized the strength of RIBER’s strategic positioning: “Our strategy is guiding us with clarity and relevance. In a high-potential semiconductor sector, we are continuing to grow, driven by solid commercial momentum for our MBE equipment. At the same time, we are enhancing our growth and diversification potential with the industrial rollout of ROSIE and the emergence of new commercial opportunities in silicon-based integrated photonics.“
The Company would like to thank all the shareholders who took part in the General Meeting. Quorum conditions and full voting results will be published shortly on the Company’s website:www.riber.com
About RIBER
Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels. Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductors that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing. RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954). www.riber.com
Headline: Strengthen business resilience with Windows 365 and Azure Virtual Desktop
Build a future-ready IT strategy with secure, scalable cloud solutions
In the face of today’s complex and interconnected work ecosystems, resilience isn’t just a safeguard; it’s a strategic imperative for IT leaders driving sustainable transformation. True resilience means building an environment that proactively minimizes disruptions through robust systems, secured architectures and operational foresight. Resilience means an organization can anticipate, respond and recover swiftly, maintaining continuity without compromise. Security plays a foundational role in this approach.
That’s why cloud-powered solutions such as Windows 365 and Azure Virtual Desktop are essential; they empower organizations to build resilience from the ground up. By enabling secure and scalable Windows experiences, these services help minimize disruptions, support flexible work and protect business continuity. Whether it’s seamless access to apps and data or built-in security and compliance, customers rely on these solutions to stay productive and protected, no matter where or how they work.
Building on that foundation, we’re introducing new experiences across Windows 365 and Azure Virtual Desktop, each designed to strengthen organizational resilience through simplified, secured and flexible Windows solutions.
And to make it easier for organizations to take the first step, new customers can take advantage of a limited-time 20% discount on all Windows 365 plans. Visit Windows 365 todayto take advantage of the 20% promotional offer.
Introducing Windows 365 Reserve: uninterrupted access, secured and ready when users need it
Unexpected disruptions such as a lost, stolen, delayed or malfunctioning device can bring productivity to a halt and lead to considerable financial and operational losses. A recent study, which surveyed 1,000 ITDMs across a range of industries, highlighted the impact on business operations caused by device thefts and resulting data breaches. Seventy-six percent of those surveyed reported having been impacted by incidents of device theft in the last two years, with 33% reporting they were subjected to legal or regulatory consequences due to compromised data and 32% citing disruption to employee productivity. 1
With Windows 365 Reserve, a new offering from Microsoft, employees can have instant access to a temporary, pre-configured Cloud PC when their primary device is unavailable. Windows 365 Reserve provides a secure, cloud-hosted Windows desktop that looks and feels like a physical PC, and is accessible from any device, anywhere, so employees can continue being productive.
Device disruptions are more than an inconvenience — they’re a business risk that can lead to lost revenue, delayed service and reduced employee productivity.
Windows 365 Reserve helps mitigate these risks by enabling:
Business continuity during device loss, theft, delivery delays or outages
Temporary access for onboarding, remote work delays or testing new OS/app configurations
Faster recovery from disruptions, reducing downtime and IT burden
Windows 365 Reserve isn’t your traditional virtual desktop infrastructure (VDI) solution — it’s a modern, secured and scalable offering designed for any type of worker across the entire organization to stay uninterrupted and productive, without the hassle or cost of managing cumbersome loaner PCs, temporary backup PC solutions or legacy VDI access. Each Reserve Cloud PC is preloaded with Microsoft 365 apps,2 corporate settings and security policies — ensuring data protection and compliance. IT teams can manage both physical and Cloud PCs — including these new Reserve Cloud PCs — through Microsoft Intune, streamlining endpoint oversight and reducing complexity. And because users can connect to their Reserve Cloud PC within minutes from any device using the Windows App or a browser to access the Windows 11 experience, there is minimal disruption to their workflow and business continuity.
Windows 365 Reserve will soon be available for preview. Complete this form or contact your Microsoft account team to express interest in participating in the preview.
Windows 365 Cloud Apps: app streaming without the full desktop
Now in private preview, Windows 365 Cloud Apps let organizations deliver secure access to individual apps hosted on Cloud PCs, without requiring a dedicated Cloud PC for every user. Windows 365 Cloud Apps are a great fit for enterprise customers whether they’re experienced with VDI or just starting their cloud journey. They also give IT teams more flexibility to support a range of user needs and scenarios, while maintaining centralized control. Organizations can use Windows 365 Cloud Apps to:
Streamline app delivery for frontline, seasonal or remote workers
Provide information workers with the line of business apps they require
Simplify management with Windows 365 and Microsoft Intune integration
Accelerate migration from on-premises VDI to the cloud
Windows 365 Cloud Apps will soon be available for preview. Complete this form or contact your Microsoft account team to express interest in participating in the preview.
Windows 365 Link: purpose-built Cloud PC device gets even better
Windows 365 Link — the first Cloud PC device purpose-built by Microsoft for Windows 365 — became generally available in select markets in April 2025 and is expanding to more markets later this year. To make the experience of using Windows 365 Link even better, we are excited to introduce the following updates:
Connection Center: access multiple Cloud PCs with ease
The Connection Center makes accessing multiple Cloud PCs from a Windows 365 Link simple and intuitive. For users with more than one Cloud PC and no default set, the Connection Center prompts them to choose the Cloud PC they want to use right at sign-in. This means less confusion and more control.
The Connection Center also empowers users with self-service tools to reboot, restore and manage their Cloud PCs without needing IT support. If something goes wrong, people can quickly access troubleshooting options — minimizing downtime and boosting productivity.
This experience is now generally available, and starting mid-July, the Connection Center can also be launched from the Ctrl+Alt+Delete screen, making it even more accessible.
Connection Center showing multiple Cloud PCs after sign-in
Enhanced multi-monitor support for a more flexible Windows 365 Link experience
For users who rely on multiple monitors to stay productive, Windows 365 Link now offers expanded display settings — available in preview. Users can easily configure duplicate or extend monitors, giving them the flexibility to mirror their screen or expand their workspace across displays.
We have also added intuitive controls to adjust resolution, scale and orientation — all fully integrated into the Cloud PC settings. That means they can personalize their display setup directly from the familiar Display Settings menu, just like on a local PC.
With these latest updates, Windows 365 Link makes it even easier to work more efficiently, multitask seamlessly and tailor your Cloud PC experience to meet your unique workflows.
Accessing display settings for Windows 365 Link
Making sign-in even easier with NFC reader support
We have heard from customers that using near-field communication (NFC) readers helps streamline the Windows sign-in experience — especially in environments where speed and security are critical. That is why, based on your feedback, we introduced preview support for NFC readers for FIDO2 security keys with the launch of Windows 365 Link in April 2025. Today, we’re excited to announce that NFC reader support is now generally available. Users can simply tap their FIDO2 security key on a USB NFC reader and enter their PIN to sign in. This enhancement helps organizations improve both security posture and user productivity, especially in shared device or frontline scenarios. To learn more, check out the documentation.
To purchase Windows 365 Link for desk-based and frontline users in your organization, contact your Microsoft account team or select resellers in Australia, Canada, Germany, Japan, New Zealand, the United Kingdom and the United States. We continue to expand availability to new markets, including Denmark, France, India, Netherlands and Sweden, with Switzerland anticipated later this year.
Cross-region Disaster Recovery is available for Windows 365 Frontline
Disaster recovery is a critical consideration for any IT desktop strategy. When it comes to virtualization, most organizations consider disaster recovery a primary objective. Since its introduction, Windows 365 has provided robust business continuity and disaster recovery options. Whether for compliance requirements, natural disasters, technical failure or human error, putting greater distance between your primary and backup environments can add an extra sense of security and peace of mind to any IT desktop strategy.
On July 1, 2024, we introduced Cross-region Disaster Recovery, an add-on feature for Windows 365 Enterprise that creates “snapshots” of Cloud PCs. These snapshots are placed in customer-defined, geographically distant locations, and they can be recovered to Cloud PCs running in the selected location during a disaster recovery event.
Today, we are excited to announce Cross-region Disaster Recovery is available in public preview as an add-on for Windows 365 Frontline. Now, in addition to Windows 365 Enterprise users, any user assigned to a dedicated Windows 365 Frontline Cloud PC will also be shielded against regional outages. If you’re interested in signing up for the public preview, please use this form. To learn more, read Cross-region Disaster Recovery in Windows 365 | Microsoft Learn.
Secure by default: New security settings for Windows 365 Cloud PCs
New default security settings are available for new and newly reprovisioned Cloud PCs. These updates mean Cloud PCs are more secure by default and include:
Disabling select redirections, such as USB and clipboard, making it easier for organizations to protect their data
Enabling additional security controls, including virtualization-based security, to better protect against credential theft and kernel-level exploits
These updates are part of Microsoft’s commitment to making our products more secure by default, one of the core principles of our Secure Future Initiative.
Powering high-performance scenarios: GPU support now available in HP Anyware for Windows 365
We’re expanding our collaboration with HP Anyware to support GPU-enabled Windows 365 Enterprise Cloud PCs, now in preview. This integration brings the power of PC-over-IP (PCoIP) — a protocol known for delivering high-definition, low-latency performance — to Windows 365, making it ideal for graphics-intensive workloads such as 3D modeling, video editing and data visualization.
With HP Anyware for Windows 365, users can securely access their Cloud PCs through a familiar digital workspace, while IT admins benefit from simplified deployment and management with Intune — no additional gateways or network reconfiguration required.
To learn more or join the public preview of HP Anyware for Windows 365 GPU-enabled Enterprise Cloud PCs, contact your Microsoft account team or sign up to be notified.
Bridge legacy and modern app delivery: App-V support now available for App attach in Azure Virtual Desktop
Microsoft Application Virtualization (App-V) for Windows is now supported by App attach in Azure Virtual Desktop and is generally available, marking a major step forward in application delivery for virtual environments.
Organizations can incorporate existing App-V packages into the App attach framework without repackaging. This capability streamlines the transition to Azure Virtual Desktop by preserving investments in legacy applications while enabling more modern and scalable delivery.
The time for this update is critical, as App-V enters a phase of extended support. By bridging the gap between legacy application virtualization and modern desktop infrastructure, App attach combines continuity with innovation to help teams maintain stability while evolving their cloud strategy. To learn more about App-V support in App attach and to find information about partner solution integration with App attach visit our Azure Virtual Desktop documentation pages.
Windows App updates: better Microsoft Teams, printing and remote access
The Windows App is your gateway to securely connect to Windows on any device across Windows 365, Azure Virtual Desktop, Remote PC, Remote Desktop Services, Microsoft Dev Box and more. Available on Windows, macOS, iOS, iPadOS,3 web browsers and now Android,4 it brings a unified, modern experience across platforms, making it easier than ever to access your Cloud PCs, virtual machines (VMs) and remote resources anywhere on any device. With the latest updates, we are excited to announce several new capabilities that will enhance your experience and productivity.
Better Microsoft Teams performance on mobile: in public preview for Windows App on Android and iOS/iPadOS
Building on last year’s Teams optimizations for Windows App on Windows, new exclusive optimizations for the Windows App on Android and iOS/iPadOS will soon be available in the newest versions of Windows App. These enhancements improve audio and sound quality in Teams, reducing issues and enhancing the overall user experience. Learn more.
New Remote App launcher in Windows App on web
People connecting to Windows App via the web can access the Remote App launcher directly from the toolbar inside the web client. The Remote App launcher can be used to launch additional apps from the same workspace without switching between tabs, making app discovery and launching apps more seamless.
New printing capabilities in Windows App on web
Windows App on web now supports new printing capabilities for locally attached printers on Windows 365 and Azure Virtual Desktop. Users can easily print documents directly to their locally attached printers, streamlining the printing process and eliminating extra steps between viewing and printing documents.
Native access to remote sessions in Windows App on web
You can now utilize the Windows App on web to access Windows 365 and Azure Virtual Desktop remote sessions natively. By simply selecting the “Connect in desktop app” option from the dropdown menu, you can open the desktop version of the Windows App.
Users can also access their desktops and apps using direct launch URLs in Windows App on web. Learn more.
Resilience starts with the right tools so organizations can stay agile, secured and ready
Organizational resilience isn’t just convenient; it’s an essential approach to remain functional, flexible, prepared and competitive. With the latest enhancements to Windows 365 and Azure Virtual Desktop, Microsoft is enabling organizations to safeguard business continuity, navigate disruptions with confidence and maintain control. Now is the time to explore how these innovations can help strengthen your resilience strategy.
Get 20% off Windows 365 today
Microsoft is currently offering a 20% discount on all Windows 365 plans for the first 12 months for new customers, making it an even more compelling option for those looking to transition smoothly. Visit Windows 365 today to take advantage of the 20% promotional offer.*
* Notice: Microsoft reserves the right to discontinue this promotion, and to modify these policies and the promotion’s terms and conditions at any time.
This offer runs from May 1 to Oct. 31, 2025, and is for customers not currently subscribing to Windows 365. Transactions must be processed through Microsoft’s operations center before 11:00 p.m. Pacific Time on Oct. 31, 2025. This offer is non-transferable and cannot be combined with any other offer or discount on Windows 365. This offer is available only once per customer. The discount price will be in effect for the duration of the purchase commitment. Purchases made prior to the effective date of the offer are not eligible. Taxes, if any, are the sole responsibility of the recipient.
Source: Study Highlights Prevalence of Device Theft and the Impacts on Businesses in U.S. and Europe. April 22, 2025; Methodology: study conducted by market research firm, Vanson Bourne on behalf of Kensington Computer Products Group; Survey size: 1,000 IT decision-makers.
Microsoft 365 subscription is required.
macOS and iPadOS are trademarks of Apple Inc., registered in the U.S. and other countries and regions. IOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.
The African Energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3 in Cape Town – will host an Energy Finance Track, dedicated to exploring the opportunities, challenges and emerging trends across Africa’s investment environment. The Energy Finance Track – hosted across the three-day main conference agenda – covers a variety of topics and aims to reduce risk perception, identify strategic investment avenues while exploring innovative finance models that drive projects forward in Africa.
The Energy Finance Track features a suite of companies, all of which will tackle strategic topics. These include African and global national oil companies, global energy and intelligence firms, energy and technology service providers, downstream regulators, upstream operators, African E&P firms, renewable energy developers, and many more. From access to finance to investment risks to Merger & Acquisition (M&A) activity, regional projects and development finance, the track will support decision-making and deal-signing in Africa’s energy sector.
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visitwww.AECWeek.comfor more information about this exciting event.
Africa’s energy sector continues to witness a surge in investment, as both operators and financiers expand their portfolios across the continent. In 2025, capital expenditure across the continent is projected to hit $43 billion, rising to $54 billion by 2030. Onshore projects are expected to represent the lion’s share of expenditure at 56%, while natural gas is estimated to draw the majority of capital by 2030, accounting for over 60% of hydrocarbon investment during this period. Deepwater exploration is also on the rise, particularly in frontier markets such as Namibia and Ivory Coast. Financing exploration and production projects remains a key challenge, however, as the global capital pool continues to decline. The AEW: Invest in African Energies Energy Finance Track will address this challenge, with panels geared towards exploring innovative strategies to raise capital for oil and gas projects. Sessions include Reducing Barriers to Entry in African Energy Investments; Financing Upstream Projects for Domestic Energy Security; Sourcing International and African Capital for the Acquisition and Development of Marginal and Undeveloped Fields; and African Equity Risk Premium.
Africa’s M&A landscape has also proven to be dynamic in recent years, with future projections showing a positive growth trajectory as companies seeks new investment and partnership opportunities across the continent. Driven by rising capital expenditure, a surge in exploration and a focus on frontier basins across the continent, M&A activity continues to grow in Africa. Amid this growth, the Energy Finance Track will address strategies for supporting future M&A activity. Sessions on Strategic Financing for M&A and Navigating Risk and Insurance in African M&A, will examine identified risk and liabilities between buyers and sellers and how access to capital, regulatory hurdles and shifting investment trends are impacting Africa’s M&A landscape.
Beyond oil and gas, Africa’s renewable energy and power landscape is on track for significant growth, as countries diversify their energy systems and seek to support broader economic growth. With over 600 million people living without access to electricity across the continent, African countries are accelerating the pace and development of power infrastructure, from generation to transmission to storage. Yet, financing challenges remain. The International Energy Agency projects that to meet the continent’s energy access, climate and development goals, Africa requires annual energy investments to more than double to over $240 billion by 2030. Key sectors include energy access, power systems and emerging industries such as clean energy technologies.
The Energy Finance Track will unpack the role innovative financing mechanisms and regional collaboration plays in achieving the continent’s energy and development goals. Sessions on Intra-Africa Commodities Trading and Financing Cross-Border Pipelines and Shared Infrastructure Projects will explore how increased regional trade can serve as a catalyst for economic development in Africa. Additionally, sessions on Integrated Energy Projects: Is Financing Easier and Energy Finance Strategies: Lessons Across Africa will examine how blended finance, public-private partnership models and development finance can support energy development.
“The AEW: Invest in African Energies 2025 Energy Finance Track offers a unique opportunity for African financiers to gain insight into emerging opportunities across the continent. At the same time, the track offers project developers, governments and public institutions the chance to explore new methods of financing, while addressing critical challenges to energy development,” stated Oré Onagbesan, AEW: Invest in African Energies Program Director.
Distributed by APO Group on behalf of African Energy Chamber.
ROCHESTER, N.Y., June 18, 2025 (GLOBE NEWSWIRE) — American Power Company (APC), a pioneer in AI-driven battery manufacturing optimization, has been awarded a $100,000 SuperBoost grant from the National Science Foundation Energy Storage Engine in Upstate New York. The funding will accelerate the development of APC’s AI-powered cell formation optimization model, designed to improve lithium-ion battery performance, reduce production time and lower manufacturing costs.
The formation cycling process — the precise charge-discharge sequence that activates a newly assembled battery — plays a crucial role in determining a battery’s efficiency, longevity and energy density. However, current methods remain slow and costly. APC’s project will integrate artificial intelligence and active learning techniques to refine this process, offering a pathway to faster, more cost-effective and higher-performing battery production.
The ability to optimize battery formation cycling has broad implications for the energy storage sector. By reducing the formation cycle time from multiple days to just hours, APC’s AI-driven solution could significantly cut production costs and enable faster scaling of lithium-ion gigafactories worldwide. With an initial focus on lithium iron phosphate (LFP) pouch cells, the project will use the RIT Battery Development Center to conduct experimental validation and process refinement.
“Battery cell formation is a well-known bottleneck in lithium-ion cell production,” said Lincoln Miara, CTO of American Power Company. “Our AI-driven approach has the potential to drastically reduce cycle times while enhancing battery quality. With the support of the NSF Energy Storage Engine in Upstate New York, we’re developing a scalable solution that will optimize global battery production.”
The SuperBoost program, a core initiative of the Energy Storage Engine, is designed to fast-track the commercialization of transformative battery technologies. By reducing the time-to-market from over five years to under two years, the program connects startups with funding, infrastructure and industry partnerships to support rapid technology deployment.
SuperBoost funding has already accelerated numerous groundbreaking projects, and AI-driven manufacturing is a particularly critical area of focus as the industry looks to scale battery production efficiently.
Fernando Gómez-Baquero, translation pillar director for the NSF Energy Storage Engine in Upstate New York, emphasized that APC’s innovation aligns directly with the Engine’s mission to enhance U.S. battery manufacturing capabilities. “The SuperBoost program is about advancing technologies that make energy storage manufacturing more efficient, scalable and cost-effective. American Power Company’s AI-powered approach to formation cycling will help streamline production while improving battery performance, a critical step in strengthening U.S. battery supply chains.”
Bridging the gap between laboratory research and commercial-scale production is a defining goal of the Engine’s strategy. Meera Sampath, CEO of the NSF Energy Storage Engine in Upstate New York, noted the broader industry impact of AI-driven innovation in battery production. “This is exactly the type of technology needed to advance the next generation of lithium-ion battery production,” she said. “By supporting innovations in AI-driven manufacturing, we are helping companies like APC optimize production workflows and accelerate the adoption of cutting-edge battery solutions.”
With this funding, American Power Company is set to refine its AI-driven formation model, pilot real-world applications, and bring a next-generation battery manufacturing optimization tool to market. The project aligns with the Engine’s broader mission to position upstate New York as a global leader in battery technology, manufacturing, and commercialization.
AboutAmericanPowerCompany
American Power Company is revolutionizing lithium-ion battery manufacturing with AI- powered optimization models that enhance energy efficiency, reduce production costs, and improve battery performance. By leveraging machine learning and experimental validation, APC develops advanced manufacturing solutions that drive innovation in the EV, energy storage and consumer electronics sectors. Learn more at www.americanpower.ai.
About the NSF Energy Storage Engine in Upstate New York
The NSF Energy Storage Engine in Upstate New York, led by Binghamton University, is a National Science Foundation-funded, place-based innovation program. The coalition of 40+ academic, industry, nonprofit, state, and community organizations includes Cornell University, Rochester Institute of Technology, Syracuse University, Griffiss Institute, Launch-NY and NY-BEST as core partners. The Engine advances next-gen battery technology development and manufacturing to drive economic growth and bolster national security. Its vision is to transform upstate New York into America’s Battery Capital.
ROCHESTER, N.Y., June 18, 2025 (GLOBE NEWSWIRE) — American Power Company (APC), a pioneer in AI-driven battery manufacturing optimization, has been awarded a $100,000 SuperBoost grant from the National Science Foundation Energy Storage Engine in Upstate New York. The funding will accelerate the development of APC’s AI-powered cell formation optimization model, designed to improve lithium-ion battery performance, reduce production time and lower manufacturing costs.
The formation cycling process — the precise charge-discharge sequence that activates a newly assembled battery — plays a crucial role in determining a battery’s efficiency, longevity and energy density. However, current methods remain slow and costly. APC’s project will integrate artificial intelligence and active learning techniques to refine this process, offering a pathway to faster, more cost-effective and higher-performing battery production.
The ability to optimize battery formation cycling has broad implications for the energy storage sector. By reducing the formation cycle time from multiple days to just hours, APC’s AI-driven solution could significantly cut production costs and enable faster scaling of lithium-ion gigafactories worldwide. With an initial focus on lithium iron phosphate (LFP) pouch cells, the project will use the RIT Battery Development Center to conduct experimental validation and process refinement.
“Battery cell formation is a well-known bottleneck in lithium-ion cell production,” said Lincoln Miara, CTO of American Power Company. “Our AI-driven approach has the potential to drastically reduce cycle times while enhancing battery quality. With the support of the NSF Energy Storage Engine in Upstate New York, we’re developing a scalable solution that will optimize global battery production.”
The SuperBoost program, a core initiative of the Energy Storage Engine, is designed to fast-track the commercialization of transformative battery technologies. By reducing the time-to-market from over five years to under two years, the program connects startups with funding, infrastructure and industry partnerships to support rapid technology deployment.
SuperBoost funding has already accelerated numerous groundbreaking projects, and AI-driven manufacturing is a particularly critical area of focus as the industry looks to scale battery production efficiently.
Fernando Gómez-Baquero, translation pillar director for the NSF Energy Storage Engine in Upstate New York, emphasized that APC’s innovation aligns directly with the Engine’s mission to enhance U.S. battery manufacturing capabilities. “The SuperBoost program is about advancing technologies that make energy storage manufacturing more efficient, scalable and cost-effective. American Power Company’s AI-powered approach to formation cycling will help streamline production while improving battery performance, a critical step in strengthening U.S. battery supply chains.”
Bridging the gap between laboratory research and commercial-scale production is a defining goal of the Engine’s strategy. Meera Sampath, CEO of the NSF Energy Storage Engine in Upstate New York, noted the broader industry impact of AI-driven innovation in battery production. “This is exactly the type of technology needed to advance the next generation of lithium-ion battery production,” she said. “By supporting innovations in AI-driven manufacturing, we are helping companies like APC optimize production workflows and accelerate the adoption of cutting-edge battery solutions.”
With this funding, American Power Company is set to refine its AI-driven formation model, pilot real-world applications, and bring a next-generation battery manufacturing optimization tool to market. The project aligns with the Engine’s broader mission to position upstate New York as a global leader in battery technology, manufacturing, and commercialization.
AboutAmericanPowerCompany
American Power Company is revolutionizing lithium-ion battery manufacturing with AI- powered optimization models that enhance energy efficiency, reduce production costs, and improve battery performance. By leveraging machine learning and experimental validation, APC develops advanced manufacturing solutions that drive innovation in the EV, energy storage and consumer electronics sectors. Learn more at www.americanpower.ai.
About the NSF Energy Storage Engine in Upstate New York
The NSF Energy Storage Engine in Upstate New York, led by Binghamton University, is a National Science Foundation-funded, place-based innovation program. The coalition of 40+ academic, industry, nonprofit, state, and community organizations includes Cornell University, Rochester Institute of Technology, Syracuse University, Griffiss Institute, Launch-NY and NY-BEST as core partners. The Engine advances next-gen battery technology development and manufacturing to drive economic growth and bolster national security. Its vision is to transform upstate New York into America’s Battery Capital.
Humanitarian needs are rising around the world. At the same time, major donors such as the US and the UK are pulling back support, placing increasing strain on already overstretched aid systems.
Global humanitarian needs have quadrupled since 2015, driven by new conflicts in Sudan, Ukraine and Gaza. Added to these are protracted crises in Yemen, Somalia, South Sudan, and DR Congo, among others. Yet donor funding has failed to keep pace, covering less than half of the requested US$50 billion in 2024, leaving millions without assistance.
As funding shortfalls widen, humanitarian agencies increasingly face tough choices: reducing the scale of operations, pausing essential services, or cancelling programmes altogether. Disruptions to aid delivery have become a routine feature of humanitarian operations.
Yet few rigorous studies have provided hard evidence of the consequences for affected populations.
A recent study from one of the world’s largest refugee camps in Kenya fills this gap.
Our research team from the University of Oxford and the University of Antwerp was already studying Kakuma camp and then had an opportunity to see what happened when aid was cut. We observed the impact of a 20% aid cut that occurred in 2023.
The study reveals that cuts to humanitarian assistance had dramatic impacts on hunger and psychological distress, with cascading effects on local credit systems and prices of goods.
Kakuma refugee camp
Kakuma is home to more than 300,000 refugees, who mostly came from South Sudan (49%), Somalia (16%), and the Democratic Republic of Congo (DRC) (10%). They have been housed here since 1992. With widespread poverty, lack of income opportunities, and aid making up over 90% of household income, survival in the camp hinges on humanitarian support from UN organisations.
When the research began in late 2022, most refugees in Kakuma received a combination of in-kind and cash transfers from the World Food Programme. Transfers were worth US$17 per person per month, barely enough to cover the bare essentials: food, firewood and medicine.
Over the span of a year, the research team tracked 622 South Sudanese refugee households, interviewing them monthly to monitor how their living conditions evolved in response to the timing and level of aid they received. We also gathered weekly price data on 70 essential goods and conducted more than 250 in-depth interviews with refugees, shopkeepers, and humanitarian staff to understand the broader impacts.
Then came the cut. In July 2023, assistance was reduced by 20%, just as the research team was conducting its eighth round of data collection. This sudden reduction in humanitarian aid created a rare opportunity to assess the effects of an aid cut on both recipients and the markets they depend on.
Consequences of aid cut
The 20% cut in humanitarian aid had cascading effects, affecting not just hunger, but local credit systems, prices, and well-being.
1. Hunger got worse. As a Somali refugee interviewed by the researchers put it: “After the aid reduction, the lives of refugees become hard. That was the money sustaining them. […] Things are insufficient, and hunger is visible.”
Food insecurity was already widespread before the cut, with more than 90% of refugees classified as food insecure. Average caloric intake stood below 1,900 kcal per person per day – well under the World Food Programme’s 2,100 kcal target and about half the average daily calorie supply available to a US citizen.
Food insecurity further increased following the aid cut, with caloric intake falling by 145 kcal, a 7% decrease. The share of households eating one meal or less increased by 8 percentage points, from about 29% to 37%. At the same time, dietary diversity narrowed, indicating that households tried to mitigate the negative impacts of the aid cut by reducing the variety of foods they consumed.
2. Credit collapsed. As a refugee shopkeeper of Ethiopian origin reported: “When we give out credit we have a limit; since the aid is reduced, the credit is also reduced.”
Cash assistance in Kakuma is delivered through aid cards, which refugees routinely use as collateral to access food on credit. When transfers are delayed or unexpected expenses arise, refugees hand over their aid cards as a guarantee to trusted shopkeepers, allowing them to borrow food against next month’s aid.
But when assistance was cut, the value of this informal collateral plummeted. Retailers, fearing default, reduced lending or refused lending altogether. Informal credit from shopkeepers shrank by 9%. Many refugees reported being refused food on credit or having to repay past debt before receiving any new goods.
3. Households liquidated assets. With no access to credit, households began selling off possessions and drawing down food reserves. The average value of household assets fell by over 6% after the aid cut.
4. Psychological distress increased. The aid cut reduced self-reported sleep quality and happiness, indicating that reductions in aid go beyond physical impacts and also have psychological effects.
5. Prices fell. With reduced expenditure and purchasing power, the demand for food dropped, and food prices went down, partially offsetting the negative effects of the aid cut.
First, aid in contexts like Kakuma should not be treated as optional or discretionary, but as a structural necessity. It is the backbone of daily life. Mechanisms are needed to protect it from abrupt donor withdrawals.
Second, informal credit is not peripheral, it is central to economic life in refugee settings. In many camps, shopkeepers act as retailers and de facto financial institutions. When aid transfers serve as both income and collateral, cutting them risks collapsing this fragile credit system. Cash transfer programmes must therefore be designed with these dynamics in mind.
Olivier Sterck receives research funding from the IKEA Foundation, the World Bank, and The Research Foundation – Flanders (FWO).
Vittorio Bruni is affiliated with Oxford University
The Nigerian economy grew at a robust rate of 3.4% in 2024, the highest it has been since 2019 (except 2021 when the COVID rebound occurred).
This should have been cheering news, worthy of firecrackers and champagne-popping. Rather it came with a catch: the country’s poverty profile worsened.
In its annual review of the country, the World Bank applauded Nigeria for its economic reforms. These include the removal of fuel subsidies, liberalisation of the foreign exchange market and maintenance of a contractionary monetary policy. This is a policy of raising interest rates, reducing money supply and increasing borrowing costs to rein in inflation.
But the bank also drew attention to the fact that the country’s poverty profile has become grim. About 31% of Nigerians lived in poverty prior to the COVID-19 epidemic. Since then, an additional 42 million have become poor, increasing the poverty rate to about 46% in 2024.
Poverty is even worse in Nigeria’s rural communities: 75.5% live on US$2.15 or less per day (based on 2017 prices). The average poverty rate for sub-Saharan African countries was 36.5% in 2024 and 0.8% for East Asia and the Pacific.
Nigeria’s poverty rate would have been higher if the multidimensional poverty index had been used. In addition to income, the index considers access to education, health, decent housing, nutrition, sanitation, electricity and water. Access to these critical services has worsened for many Nigerians, despite improvements in macroeconomic stability.
A challenge for policy makers is how to translate impressive macroeconomic outcomes into high-paying jobs, lower poverty rates and access to health, good sanitation, education, electricity and affordable housing. The question is even more acute for people in rural areas.
As an economist who has studied the Nigerian economy for over four decades and lived in a rural community, I believe Nigeria needs a radical shift in its economic policy approach.
One major step should be a change in the country’s growth drivers. Oil, information and communications technology and finance are the major drivers of growth in Nigeria.
These sectors are not employment-intensive, and they require skills that most Nigerians don’t have. Because of the lack of employment opportunities in these sectors, most Nigerians gravitate towards the informal sector, which accounts for about 90% of employment in the country.
By continuing to urge Nigerians to be patient for economic reforms to have a positive impact on their living conditions, the Tinubu administration appears to assume that improvements in macroeconomic performance will eventually manifest in lower unemployment and poverty rates. This notion of “trickle-down economics” is misconceived and illusory.
The government needs to intentionally create transmission mechanisms through which economic growth and macroeconomic stability can raise living standards.
Fostering growth with development
Concerted efforts will be needed to target poverty in general, and rural poverty in particular.
Five key policies could get Nigeria closer to this goal:
Building productive capacities: People who live in rural areas in Nigeria are eager to work and full of creative ideas and entrepreneurial spirit. But they lack the resources and opportunity to fully unleash their potential.
Building their productive capacities would entail giving them access to basic education, technical and managerial skills, and other productive resources such as tools, equipment, finance and land. The government should identify the comparative advantage of different rural communities, and put in place policies that encourage those communities to use their comparative advantage and distinctive competencies.
Opportunity to diversify incomes: In developed countries, many people hold multiple jobs. Most rural dwellers in Nigeria, however, rely on agriculture as their only source of livelihood.
Because of limited access to inputs and modern technology, and outdated agricultural practices, their productivity is often very low. Their low income makes it difficult to save and invest in education, health and housing.
Non-agricultural activities, especially manufacturing, need to be located in rural communities, to give rural dwellers the opportunity to diversify their income sources.
Agriculture-led industrial strategy: This would involve the location of manufacturing plants close to the sources of agricultural raw materials.
Nigerian manufacturers locate their factories in urban areas. The result of urban-biased development strategy in Nigeria has been the lack of employment opportunities in rural communities, and a decline in the rural population, from about 85% in 1960 to 46% in 2023.
Moving manufacturing to rural areas would require massive investment in infrastructure such as electricity, water, roads and health services.
Ending patriarchy and male domination: Women disproportionately bear the burden of rural poverty in Nigeria. A study in rural south-east Nigeria found that the poverty rate among women was 98%, compared to 85% for men. Men are often given preference regarding access to land, education, skills acquisition and financial inclusion.
Women are also imbued with the responsibility of caring for children, the elderly and the sick, as well as household chores. This leaves them with little time for paid work or opportunities to acquire marketable skills.
Ability to absorb shocks and vulnerability: Rural poverty is often exacerbated by shocks and vulnerability such as extreme weather conditions, attacks by insurgents and other criminal groups, and illness. With no safety nets, and little or no saving, most rural dwellers are unable to withstand shocks.
The Tinubu administration plans to disburse N25,000 (about US$17) each to 60 million Nigerians. But these kinds of support are too small, non-pervasive, irregular and unpredictable.
Nigeria could do well to borrow from the Indian model of an institutionalised safety net.
India issues “ration cards” to eligible households. The cards enable poor people to purchase essential food items such as grains, milk, eggs, cooking oil and bread at subsidised prices from designated stores.
Nigeria could finance this kind of programme with a special tax on oil companies and financial institutions, which frequently post huge after-tax profits.
China has had an impressive record of poverty reduction. Using the US$1.90 poverty line, China’s poverty rate decreased from 88.1% in 1981 to 0.3% in 2018.
The fall in rural poverty is even more dramatic, from 96% in 1980 to 1% in 2019.
This reduction was accomplished in stages, starting with an increase in agricultural productivity. It then shifted focus to the development of non-agricultural sectors of the economy, including manufacturing. These sectors were able to draw surplus labour from the agricultural sector, giving them skills that led to higher wages and poverty alleviation.
The World Bank in its report noted that addressing pressing social and humanitarian challenges remains critical to ensuring inclusive and sustainable growth in Nigeria.
Cash transfers and social assistance programmes could provide temporary relief for the poor in rural communities. But a long-term solution is to build their productive capacities and transform rural communities in ways that provide opportunities for income diversification.
Stephen Onyeiwu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – Africa – By Stephen Onyeiwu, Professor of Economics & Business, Allegheny College
The Nigerian economy grew at a robust rate of 3.4% in 2024, the highest it has been since 2019 (except 2021 when the COVID rebound occurred).
This should have been cheering news, worthy of firecrackers and champagne-popping. Rather it came with a catch: the country’s poverty profile worsened.
In its annual review of the country, the World Bank applauded Nigeria for its economic reforms. These include the removal of fuel subsidies, liberalisation of the foreign exchange market and maintenance of a contractionary monetary policy. This is a policy of raising interest rates, reducing money supply and increasing borrowing costs to rein in inflation.
But the bank also drew attention to the fact that the country’s poverty profile has become grim. About 31% of Nigerians lived in poverty prior to the COVID-19 epidemic. Since then, an additional 42 million have become poor, increasing the poverty rate to about 46% in 2024.
Poverty is even worse in Nigeria’s rural communities: 75.5% live on US$2.15 or less per day (based on 2017 prices). The average poverty rate for sub-Saharan African countries was 36.5% in 2024 and 0.8% for East Asia and the Pacific.
Nigeria’s poverty rate would have been higher if the multidimensional poverty index had been used. In addition to income, the index considers access to education, health, decent housing, nutrition, sanitation, electricity and water. Access to these critical services has worsened for many Nigerians, despite improvements in macroeconomic stability.
A challenge for policy makers is how to translate impressive macroeconomic outcomes into high-paying jobs, lower poverty rates and access to health, good sanitation, education, electricity and affordable housing. The question is even more acute for people in rural areas.
As an economist who has studied the Nigerian economy for over four decades and lived in a rural community, I believe Nigeria needs a radical shift in its economic policy approach.
One major step should be a change in the country’s growth drivers. Oil, information and communications technology and finance are the major drivers of growth in Nigeria.
These sectors are not employment-intensive, and they require skills that most Nigerians don’t have. Because of the lack of employment opportunities in these sectors, most Nigerians gravitate towards the informal sector, which accounts for about 90% of employment in the country.
By continuing to urge Nigerians to be patient for economic reforms to have a positive impact on their living conditions, the Tinubu administration appears to assume that improvements in macroeconomic performance will eventually manifest in lower unemployment and poverty rates. This notion of “trickle-down economics” is misconceived and illusory.
The government needs to intentionally create transmission mechanisms through which economic growth and macroeconomic stability can raise living standards.
Fostering growth with development
Concerted efforts will be needed to target poverty in general, and rural poverty in particular.
Five key policies could get Nigeria closer to this goal:
Building productive capacities: People who live in rural areas in Nigeria are eager to work and full of creative ideas and entrepreneurial spirit. But they lack the resources and opportunity to fully unleash their potential.
Building their productive capacities would entail giving them access to basic education, technical and managerial skills, and other productive resources such as tools, equipment, finance and land. The government should identify the comparative advantage of different rural communities, and put in place policies that encourage those communities to use their comparative advantage and distinctive competencies.
Opportunity to diversify incomes: In developed countries, many people hold multiple jobs. Most rural dwellers in Nigeria, however, rely on agriculture as their only source of livelihood.
Because of limited access to inputs and modern technology, and outdated agricultural practices, their productivity is often very low. Their low income makes it difficult to save and invest in education, health and housing.
Non-agricultural activities, especially manufacturing, need to be located in rural communities, to give rural dwellers the opportunity to diversify their income sources.
Agriculture-led industrial strategy: This would involve the location of manufacturing plants close to the sources of agricultural raw materials.
Nigerian manufacturers locate their factories in urban areas. The result of urban-biased development strategy in Nigeria has been the lack of employment opportunities in rural communities, and a decline in the rural population, from about 85% in 1960 to 46% in 2023.
Moving manufacturing to rural areas would require massive investment in infrastructure such as electricity, water, roads and health services.
Ending patriarchy and male domination: Women disproportionately bear the burden of rural poverty in Nigeria. A study in rural south-east Nigeria found that the poverty rate among women was 98%, compared to 85% for men. Men are often given preference regarding access to land, education, skills acquisition and financial inclusion.
Women are also imbued with the responsibility of caring for children, the elderly and the sick, as well as household chores. This leaves them with little time for paid work or opportunities to acquire marketable skills.
Ability to absorb shocks and vulnerability: Rural poverty is often exacerbated by shocks and vulnerability such as extreme weather conditions, attacks by insurgents and other criminal groups, and illness. With no safety nets, and little or no saving, most rural dwellers are unable to withstand shocks.
The Tinubu administration plans to disburse N25,000 (about US$17) each to 60 million Nigerians. But these kinds of support are too small, non-pervasive, irregular and unpredictable.
Nigeria could do well to borrow from the Indian model of an institutionalised safety net.
India issues “ration cards” to eligible households. The cards enable poor people to purchase essential food items such as grains, milk, eggs, cooking oil and bread at subsidised prices from designated stores.
Nigeria could finance this kind of programme with a special tax on oil companies and financial institutions, which frequently post huge after-tax profits.
China has had an impressive record of poverty reduction. Using the US$1.90 poverty line, China’s poverty rate decreased from 88.1% in 1981 to 0.3% in 2018.
The fall in rural poverty is even more dramatic, from 96% in 1980 to 1% in 2019.
This reduction was accomplished in stages, starting with an increase in agricultural productivity. It then shifted focus to the development of non-agricultural sectors of the economy, including manufacturing. These sectors were able to draw surplus labour from the agricultural sector, giving them skills that led to higher wages and poverty alleviation.
The World Bank in its report noted that addressing pressing social and humanitarian challenges remains critical to ensuring inclusive and sustainable growth in Nigeria.
Cash transfers and social assistance programmes could provide temporary relief for the poor in rural communities. But a long-term solution is to build their productive capacities and transform rural communities in ways that provide opportunities for income diversification.
– Nigeria’s economy is growing but rural poverty is rising: 5 key policies to address the divide – https://theconversation.com/nigerias-economy-is-growing-but-rural-poverty-is-rising-5-key-policies-to-address-the-divide-257152
Humanitarian needs are rising around the world. At the same time, major donors such as the US and the UK are pulling back support, placing increasing strain on already overstretched aid systems.
Global humanitarian needs have quadrupled since 2015, driven by new conflicts in Sudan, Ukraine and Gaza. Added to these are protracted crises in Yemen, Somalia, South Sudan, and DR Congo, among others. Yet donor funding has failed to keep pace, covering less than half of the requested US$50 billion in 2024, leaving millions without assistance.
As funding shortfalls widen, humanitarian agencies increasingly face tough choices: reducing the scale of operations, pausing essential services, or cancelling programmes altogether. Disruptions to aid delivery have become a routine feature of humanitarian operations.
Yet few rigorous studies have provided hard evidence of the consequences for affected populations.
A recent study from one of the world’s largest refugee camps in Kenya fills this gap.
Our research team from the University of Oxford and the University of Antwerp was already studying Kakuma camp and then had an opportunity to see what happened when aid was cut. We observed the impact of a 20% aid cut that occurred in 2023.
The study reveals that cuts to humanitarian assistance had dramatic impacts on hunger and psychological distress, with cascading effects on local credit systems and prices of goods.
Kakuma refugee camp
Kakuma is home to more than 300,000 refugees, who mostly came from South Sudan (49%), Somalia (16%), and the Democratic Republic of Congo (DRC) (10%). They have been housed here since 1992. With widespread poverty, lack of income opportunities, and aid making up over 90% of household income, survival in the camp hinges on humanitarian support from UN organisations.
When the research began in late 2022, most refugees in Kakuma received a combination of in-kind and cash transfers from the World Food Programme. Transfers were worth US$17 per person per month, barely enough to cover the bare essentials: food, firewood and medicine.
Over the span of a year, the research team tracked 622 South Sudanese refugee households, interviewing them monthly to monitor how their living conditions evolved in response to the timing and level of aid they received. We also gathered weekly price data on 70 essential goods and conducted more than 250 in-depth interviews with refugees, shopkeepers, and humanitarian staff to understand the broader impacts.
Then came the cut. In July 2023, assistance was reduced by 20%, just as the research team was conducting its eighth round of data collection. This sudden reduction in humanitarian aid created a rare opportunity to assess the effects of an aid cut on both recipients and the markets they depend on.
Consequences of aid cut
The 20% cut in humanitarian aid had cascading effects, affecting not just hunger, but local credit systems, prices, and well-being.
1. Hunger got worse. As a Somali refugee interviewed by the researchers put it: “After the aid reduction, the lives of refugees become hard. That was the money sustaining them. […] Things are insufficient, and hunger is visible.”
Food insecurity was already widespread before the cut, with more than 90% of refugees classified as food insecure. Average caloric intake stood below 1,900 kcal per person per day – well under the World Food Programme’s 2,100 kcal target and about half the average daily calorie supply available to a US citizen.
Food insecurity further increased following the aid cut, with caloric intake falling by 145 kcal, a 7% decrease. The share of households eating one meal or less increased by 8 percentage points, from about 29% to 37%. At the same time, dietary diversity narrowed, indicating that households tried to mitigate the negative impacts of the aid cut by reducing the variety of foods they consumed.
2. Credit collapsed. As a refugee shopkeeper of Ethiopian origin reported: “When we give out credit we have a limit; since the aid is reduced, the credit is also reduced.”
Cash assistance in Kakuma is delivered through aid cards, which refugees routinely use as collateral to access food on credit. When transfers are delayed or unexpected expenses arise, refugees hand over their aid cards as a guarantee to trusted shopkeepers, allowing them to borrow food against next month’s aid.
But when assistance was cut, the value of this informal collateral plummeted. Retailers, fearing default, reduced lending or refused lending altogether. Informal credit from shopkeepers shrank by 9%. Many refugees reported being refused food on credit or having to repay past debt before receiving any new goods.
3. Households liquidated assets. With no access to credit, households began selling off possessions and drawing down food reserves. The average value of household assets fell by over 6% after the aid cut.
4. Psychological distress increased. The aid cut reduced self-reported sleep quality and happiness, indicating that reductions in aid go beyond physical impacts and also have psychological effects.
5. Prices fell. With reduced expenditure and purchasing power, the demand for food dropped, and food prices went down, partially offsetting the negative effects of the aid cut.
First, aid in contexts like Kakuma should not be treated as optional or discretionary, but as a structural necessity. It is the backbone of daily life. Mechanisms are needed to protect it from abrupt donor withdrawals.
Second, informal credit is not peripheral, it is central to economic life in refugee settings. In many camps, shopkeepers act as retailers and de facto financial institutions. When aid transfers serve as both income and collateral, cutting them risks collapsing this fragile credit system. Cash transfer programmes must therefore be designed with these dynamics in mind.
– What happens when aid is cut to a large refugee camp? Kenyan study paints a bleak picture – https://theconversation.com/what-happens-when-aid-is-cut-to-a-large-refugee-camp-kenyan-study-paints-a-bleak-picture-259055
Source: Moscow Government – Government of Moscow –
A “University of Entrepreneurs” will appear in Moscow. It will start working on September 1, 2025. This is a joint project Department of Entrepreneurship and Innovative Development of the City of Moscow, the Agency for Strategic Initiatives (ASI) and the ANO “Human Capital Development”. The key element in it will be workshops of famous Russian businessmen, where they, using scientific developments and the infrastructure of partner universities, will work together with students and research staff to create new business projects.
During the session “Interaction of Science, Business and the State as the Basis of Russia’s Technological Sovereignty” held on June 18 at the St. Petersburg International Economic Forum, organized by the Moscow Government and ASI, experts discussed how to translate scientific knowledge and university research into working business products and what models of interaction between all parties – the state, the business sector and universities – allow this to be done effectively.
Leading representatives of business, science and government took part in the dialogue. Among them was the head of the Department of Entrepreneurship and Innovative Development of the City of Moscow Kristina Kostroma, General Director of the ANO “University of Entrepreneurs” Grigory Gorchakov, Rector of the Moscow Institute of Physics and Technology Dmitry Livanov and others.
“The potential of modern universities allows them to become full-fledged participants in the innovative transformation that our country is actively experiencing today. Thanks to research and high-tech projects, universities are becoming centers for generating ideas and innovative solutions. The University of Entrepreneurs, which is based on the symbiosis of business and science, will allow fundamental projects to quickly find application in the real sector of the economy, creating an opportunity for the formation of start-ups and the commercialization of scientific developments,” noted Kristina Kostroma.
The experts also discussed the development strategy and the plan for implementing the university’s program for 2025. The main focus was on approaches to overcoming the difficulties of coordination between universities, the scientific community and business when introducing technological products to the market. The participants considered the mechanisms of effective interaction necessary for the successful launch and implementation of projects aimed at achieving technological sovereignty.
Following the discussion, the Chairman of the Board of Directors of the Aquarius Group of Companies, Alexey Kalinin, presented a manifesto on the interaction of science, business and the state, initiated by the ANO University of Entrepreneurs and the Gorki International Business School. The document emphasizes that the creation and development of a technology business, as well as the achievement of technological sovereignty, should be based not only on commercial and innovative components, but also on the common value guidelines of all participants in the process.
“This platform is critically important for discussing approaches to coordinating the efforts of universities, science and entrepreneurs. Each of these groups has its own characteristics and interests. Our task is to create conditions under which these interests will be taken into account, which will ensure a high-quality contribution to science and the subsequent transformation of scientific developments into technologies in demand by the market. The presentation of the manifesto is an important step in the formation of this cooperation based on common values,” said Alexander Vaino, Director of the Young Professionals direction of the ASI, member of the Supervisory Board of the University of Entrepreneurs program.
Twenty entrepreneurs — market leaders — have already confirmed their participation in the project. They include Andrey Krivenko (JSC VkusVill, agrotechnologies), Mikhail Goncharov (JSC Teremok, foodtech), Andrey Davidyuk (co-founder of Motorika) and others. The University of Entrepreneurs will become a place for business where entrepreneurs will have direct access to the best developments of leading Russian universities, scientific infrastructure, laboratories, and intellectual capital.
The result of the interaction of the “University of Entrepreneurs” with business will be the launch of hundreds of technological startups, the integration of scientific developments into business practice and the formation of a sustainable ecosystem. In this environment, entrepreneurs will gain access to promising ideas, and students will gain invaluable practical experience and opportunities to scale their developments to the level of a market product, contributing to the strengthening of Russia’s technological sovereignty.
After the session, a ceremonial signing of cooperation agreements took place between the ANO “University of Entrepreneurs” and eight leading universities of the country. Among them are the Moscow Institute of Physics and Technology, the Skolkovo Institute of Science and Technology, the National Research University “Higher School of Economics”, the National Research Nuclear University “Moscow Engineering Physics Institute”, the National University of Science and Technology “MISIS”, the Plekhanov Russian University of Economics, the First Moscow State Medical University named after I.M. Sechenov and the Central University. As part of the signed agreements, a project was created where scientists, business teams and students will develop innovative solutions for key sectors of the Russian economy.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening delivered congratulatory remarks at the Canada Day 2025 Reception hosted by the Mission of Canada to ASEAN and the Embassy of Canada in Jakarta. In his remarks, Dr. Kao highlighted the achievements made in the 48 years of ASEAN-Canada Dialogue Relations and expressed ASEAN’s appreciation for Canada’s support for ASEAN’s Community building efforts. Dr. Kao also reaffirmed ASEAN’s commitment to working closely with Canada to advance the ASEAN-Canada ties into a more substantive, meaningful and mutually beneficial relationship.
Download the full congratulatory remarks here.
The post Secretary-General of ASEAN delivers remarks at the Canada Day 2025 Reception appeared first on ASEAN Main Portal.
The focus on traditional industries and natural resources to build Nova Scotia’s economy is an important and necessary step forward for all Nova Scotians.
Fisheries and Aquaculture Minister Kent Smith has issued a letter to the five current finfish aquaculture licence holders in the province as well as a licence applicant asking them to identify how they contribute positive benefits to their communities and the province.
“We have a shared responsibility to ensure that Nova Scotia and Nova Scotians benefit from the natural resources we are blessed with,” said Minister Smith. “Resource development must be done responsibly, safely and with a commitment to provide defined community and social benefits.”
The letter asks the companies to articulate the social and economic benefits they bring to the communities where they operate. This will be a new requirement in regulations that will apply to all marine finfish licence holders.
The benefits may include projects or programs such as employee development programs, annual spending at local businesses, corporate and municipal taxes, investments in local infrastructure and support for local community groups.
Minister Smith will be attending the Aqua Nor conference in Trondheim, Norway, in August to promote Nova Scotia’s farmed seafood and to learn about the advanced technology opportunities to support the aquaculture sector.
Quick Facts:
in 2023, Nova Scotia’s aquaculture sector was valued at $120 million, employing almost 800 people
finfish aquaculture accounted for 89 per cent ($108 million) of the value
salmon has been sustainably farmed in Nova Scotia for more than 40 years
salmon is consistently the most consumed seafood in Canada
DENVER, June 18, 2025 (GLOBE NEWSWIRE) — BACXN has officially launched its “Global Partnership Expansion Plan,” with the first batch of strategic agreements already signed with several technology and infrastructure partners from Singapore, Switzerland, and the United Arab Emirates. This move marks the BACXN entry into a new stage of platform globalization and demonstrates its dual-track strategy of “deep cultivation + synergy” within the global Web3 ecosystem.
In the rapidly converging world of digital finance and blockchain, no platform can build an ecosystem in isolation. Truly vital projects are always deeply rooted in the global open network. BACXN has always upheld the philosophy of “connecting the world, building the future together,” actively forging close partnerships with leading enterprises, academic institutions, and technology innovation teams across multiple countries to drive both technological innovation and practical applications forward in unison.
Since its inception, the platform has established deep collaborations with organizations such as Polygon, the Ethereum Foundation, MIT Blockchain Lab, and the National University of Singapore. Through joint research and development, hackathons, and academic cooperation, BACXN continuously absorbs cutting-edge achievements, transforming exploratory thinking into momentum for product evolution. The platform-led “Digital Inclusion Program” and “Blockchain Education Initiative” are both carried out with multilateral support, combining technological exploration with social value.
To further accelerate the integration of technology and business, BACXN has established Labs and a Ventures Fund, focusing on key areas such as privacy computing, cross-chain communication, RWA (Real World Assets), and decentralized identity. Labs provides engineering support and resource collaboration, while Ventures assists partner projects with funding and market networks to enable rapid validation and real-world deployment. Several innovative projects have already moved from concept to commercialization through this system, with deployments in ecosystems like Sui, TON, and Ethereum.
On the global operations front, BACXN has achieved localized user access by collaborating with local industry leaders, payment channel providers, and Web3 infrastructure companies. In Southeast Asia, the Middle East, and Europe, the platform is advancing the standardization and popularization of user experience through a “joint expansion” strategy, accelerating the transition from Web3 awareness to practical usage.
BACXN firmly believes that the next stage of digital finance does not belong to any single player, but to a global network woven by cooperation, connection, and trust. Looking forward, we will continue to work openly and pragmatically with visionary partners to jointly build a trustworthy, accessible, and mutually beneficial digital asset world.
Disclaimer: This press release is provided byBACXN. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
DENVER, June 18, 2025 (GLOBE NEWSWIRE) — BACXN has officially launched its “Global Partnership Expansion Plan,” with the first batch of strategic agreements already signed with several technology and infrastructure partners from Singapore, Switzerland, and the United Arab Emirates. This move marks the BACXN entry into a new stage of platform globalization and demonstrates its dual-track strategy of “deep cultivation + synergy” within the global Web3 ecosystem.
In the rapidly converging world of digital finance and blockchain, no platform can build an ecosystem in isolation. Truly vital projects are always deeply rooted in the global open network. BACXN has always upheld the philosophy of “connecting the world, building the future together,” actively forging close partnerships with leading enterprises, academic institutions, and technology innovation teams across multiple countries to drive both technological innovation and practical applications forward in unison.
Since its inception, the platform has established deep collaborations with organizations such as Polygon, the Ethereum Foundation, MIT Blockchain Lab, and the National University of Singapore. Through joint research and development, hackathons, and academic cooperation, BACXN continuously absorbs cutting-edge achievements, transforming exploratory thinking into momentum for product evolution. The platform-led “Digital Inclusion Program” and “Blockchain Education Initiative” are both carried out with multilateral support, combining technological exploration with social value.
To further accelerate the integration of technology and business, BACXN has established Labs and a Ventures Fund, focusing on key areas such as privacy computing, cross-chain communication, RWA (Real World Assets), and decentralized identity. Labs provides engineering support and resource collaboration, while Ventures assists partner projects with funding and market networks to enable rapid validation and real-world deployment. Several innovative projects have already moved from concept to commercialization through this system, with deployments in ecosystems like Sui, TON, and Ethereum.
On the global operations front, BACXN has achieved localized user access by collaborating with local industry leaders, payment channel providers, and Web3 infrastructure companies. In Southeast Asia, the Middle East, and Europe, the platform is advancing the standardization and popularization of user experience through a “joint expansion” strategy, accelerating the transition from Web3 awareness to practical usage.
BACXN firmly believes that the next stage of digital finance does not belong to any single player, but to a global network woven by cooperation, connection, and trust. Looking forward, we will continue to work openly and pragmatically with visionary partners to jointly build a trustworthy, accessible, and mutually beneficial digital asset world.
Disclaimer: This press release is provided byBACXN. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
MOUNTAIN VIEW, Calif., June 18, 2025 (GLOBE NEWSWIRE) — ThoughtSpot, the Agentic Analytics Platform company, today announced Gartner Inc. has positioned the company in the Leaders quadrant in the 2025 Gartner® Magic Quadrant™ for Analytics and BI Platforms. A complimentary copy of the report can be found here.
We believe the 2025 Gartner Magic Quadrant arrives amidst a transformative period, characterized by a rapid surge in demand for trusted generative AI solutions that customers can rely on. Business, data, and product leaders are faced with the challenge of scaling efficiently, sparking innovation and delivering differentiated experiences – or risk being left behind. Traditional BI tools characterized by static charts and standalone dashboards that require the user to go and find the insight are long over. We’re now in a world where self-service is delivering the experience it always meant to be.
ThoughtSpot’s recognition as a Leader in this dynamic landscape of GenAI analytics we feel is a testament to how our agentic analytics platform is connecting users with accessible, governed, transparent AI-powered insights embedded directly in their flow of work. We believe the recognition underscores ThoughtSpot’s unwavering commitment to redefining how the world gets insights, empowering businesses to drive decisions on data and AI at scale.
Customers like Capital One, Comcast, Lyft, and Klaviyo are turning to ThoughtSpot as an innovative business partner they can trust to deliver value in their GenAI analytics strategies.
As reviewed on Gartner Peer Insights™ by customers across industries and roles:
“ThoughtSpot has been an excellent choice for our business users who may not be technically savvy, but have mastery of their data. This tool allows them to drill down into levels of detail quickly and easily to help them understand how the business is performing, detect anomalies, and perform data-driven strategic planning,” said a VP of data engineering at $30B insurance firm; source.
“We wanted the best natural language search BI tool that leverages generative AI and helps both technical and non-technical business users access their data and get their questions answered. We were able to successfully implement a production analytics offering within 4 months from contract signing, which was incredible including we were able to keep the team optimised… Spotter is tech that’s best in class, drill down on visuals was also really important to always be able to access the underlying data,” said the data product manager at an IT Services company; source.
“We are incredibly proud to be recognized as a Leader in the 2025 Gartner Magic Quadrant as the industry fully embraces the transformative power of AI-powered analytics – a shift that legacy BI solutions simply weren’t built for,” said Ketan Kharkanis, CEO at ThoughtSpot. “ThoughtSpot has surged in driving Agentic Analytics for the market, enabling customers across the Fortune 500 to agile startups in operationalizing data and AI at scale with connected insights that meet you where you are. Our robust platform supports data teams in preparing AI ready data in Analyst Studio, equips business users with a conversational data experience that takes them from insight to action, and allows product builders and developers to effortlessly create smart apps and intelligent experiences. As a trusted partner, we empower our customers to unlock unprecedented value and drive their businesses forward with confidence. This continued recognition is a testament to our relentless pursuit of innovation, from pioneering search-driven analytics to now leading the industry with agentic analytics.”
Key Business Achievements
The report publication follows a year of exceptional growth and innovation for ThoughtSpot, including:
The launch of Spotter, an agentic AI analyst, built for every business user and transforming the way users proactively derive actionable and meaningful insights from their data.
The expansion of the ThoughtSpot platform with the introduction of Analyst Studio, the creator space that empowers data teams to get data ready for AI and analytics, manage cloud costs, seamlessly switch between ad-hoc analysis and advanced data science, and focus on driving strategic impact—all within a unified, flexible, and integrated platform.
ThoughtSpot announced two additional agentic capabilities including ThoughtSpot Agentic MCP Server, allowing users to bring the power of the world’s leading Agentic Analytics Platform to any AI agent or application that supports MCP and the introduction of ThoughtSpot’s Agentic Semantic Layer designed for the AI era. This advanced semantic layer acts as the intelligent bridge between your data and the business logic that drives decision-making.
Rapid expansion of ThoughtSpot’s global presence with significant growth in Japan, ANZ and across EMEA. These key regions are pivotal to continued growth and helping leading organizations across the globe with AI-powered data-driven decision making.
These milestones are underpinned by ThoughtSpot posting significant fiscal growth in Fiscal Year 2024, closing with 40% year-over-year SaaS growth and more than doubling its monthly active users.
Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables companies to get the most from market analysis in alignment with their unique business and technology needs.
Gartner, Magic Quadrant for Analytics and Business Intelligence Platforms, Anirudh Ganeshan, Edgar Macari, Jamie O’Brien, Kurt Schlegel, Christopher Long, June 16, 2025.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About ThoughtSpot ThoughtSpot is the Agentic Analytics Platform that empowers every enterprise to transform insights into action. Our mission is to create a more fact-driven world by delivering a platform where anyone can effortlessly explore any data, ask any question, and uncover actionable insights faster—leading to growth, better business outcomes, and efficiency in their organizations. Agentic AI combined with ThoughtSpot’s intuitive natural language search, every user can confidently discover proactive insights from their business data creating real-time decisioning with impact. The platform’s unified capabilities, along with our agentic AI analyst, Spotter, ensures insights are connected and pervasive, enabling users to create precise, transparent, personalized, and actionable insights with enterprise grade trust, security, and scale. Accessible via the web and mobile app, ThoughtSpot ensures intelligent decision-making happens seamlessly, wherever and whenever needed. For organizations looking to drive value, ThoughtSpot Embedded provides a low-code solution to integrate AI-powered analytics directly into products and services that make every application an intelligent experience, driving data monetization and boosting user engagement for customers. Industry leaders like NVIDIA, Toyota, Hilton Worldwide, Capital One and Matillion rely on ThoughtSpot to transform how their employees and customers take advantage of data to create better business outcomes. Try ThoughtSpot today and experience the new era of analytics.
PR Contact: Lindsay Noonan Director of Communications, ThoughtSpot press@thoughtspot.com
MOUNTAIN VIEW, Calif., June 18, 2025 (GLOBE NEWSWIRE) — ThoughtSpot, the Agentic Analytics Platform company, today announced Gartner Inc. has positioned the company in the Leaders quadrant in the 2025 Gartner® Magic Quadrant™ for Analytics and BI Platforms. A complimentary copy of the report can be found here.
We believe the 2025 Gartner Magic Quadrant arrives amidst a transformative period, characterized by a rapid surge in demand for trusted generative AI solutions that customers can rely on. Business, data, and product leaders are faced with the challenge of scaling efficiently, sparking innovation and delivering differentiated experiences – or risk being left behind. Traditional BI tools characterized by static charts and standalone dashboards that require the user to go and find the insight are long over. We’re now in a world where self-service is delivering the experience it always meant to be.
ThoughtSpot’s recognition as a Leader in this dynamic landscape of GenAI analytics we feel is a testament to how our agentic analytics platform is connecting users with accessible, governed, transparent AI-powered insights embedded directly in their flow of work. We believe the recognition underscores ThoughtSpot’s unwavering commitment to redefining how the world gets insights, empowering businesses to drive decisions on data and AI at scale.
Customers like Capital One, Comcast, Lyft, and Klaviyo are turning to ThoughtSpot as an innovative business partner they can trust to deliver value in their GenAI analytics strategies.
As reviewed on Gartner Peer Insights™ by customers across industries and roles:
“ThoughtSpot has been an excellent choice for our business users who may not be technically savvy, but have mastery of their data. This tool allows them to drill down into levels of detail quickly and easily to help them understand how the business is performing, detect anomalies, and perform data-driven strategic planning,” said a VP of data engineering at $30B insurance firm; source.
“We wanted the best natural language search BI tool that leverages generative AI and helps both technical and non-technical business users access their data and get their questions answered. We were able to successfully implement a production analytics offering within 4 months from contract signing, which was incredible including we were able to keep the team optimised… Spotter is tech that’s best in class, drill down on visuals was also really important to always be able to access the underlying data,” said the data product manager at an IT Services company; source.
“We are incredibly proud to be recognized as a Leader in the 2025 Gartner Magic Quadrant as the industry fully embraces the transformative power of AI-powered analytics – a shift that legacy BI solutions simply weren’t built for,” said Ketan Kharkanis, CEO at ThoughtSpot. “ThoughtSpot has surged in driving Agentic Analytics for the market, enabling customers across the Fortune 500 to agile startups in operationalizing data and AI at scale with connected insights that meet you where you are. Our robust platform supports data teams in preparing AI ready data in Analyst Studio, equips business users with a conversational data experience that takes them from insight to action, and allows product builders and developers to effortlessly create smart apps and intelligent experiences. As a trusted partner, we empower our customers to unlock unprecedented value and drive their businesses forward with confidence. This continued recognition is a testament to our relentless pursuit of innovation, from pioneering search-driven analytics to now leading the industry with agentic analytics.”
Key Business Achievements
The report publication follows a year of exceptional growth and innovation for ThoughtSpot, including:
The launch of Spotter, an agentic AI analyst, built for every business user and transforming the way users proactively derive actionable and meaningful insights from their data.
The expansion of the ThoughtSpot platform with the introduction of Analyst Studio, the creator space that empowers data teams to get data ready for AI and analytics, manage cloud costs, seamlessly switch between ad-hoc analysis and advanced data science, and focus on driving strategic impact—all within a unified, flexible, and integrated platform.
ThoughtSpot announced two additional agentic capabilities including ThoughtSpot Agentic MCP Server, allowing users to bring the power of the world’s leading Agentic Analytics Platform to any AI agent or application that supports MCP and the introduction of ThoughtSpot’s Agentic Semantic Layer designed for the AI era. This advanced semantic layer acts as the intelligent bridge between your data and the business logic that drives decision-making.
Rapid expansion of ThoughtSpot’s global presence with significant growth in Japan, ANZ and across EMEA. These key regions are pivotal to continued growth and helping leading organizations across the globe with AI-powered data-driven decision making.
These milestones are underpinned by ThoughtSpot posting significant fiscal growth in Fiscal Year 2024, closing with 40% year-over-year SaaS growth and more than doubling its monthly active users.
Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables companies to get the most from market analysis in alignment with their unique business and technology needs.
Gartner, Magic Quadrant for Analytics and Business Intelligence Platforms, Anirudh Ganeshan, Edgar Macari, Jamie O’Brien, Kurt Schlegel, Christopher Long, June 16, 2025.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About ThoughtSpot ThoughtSpot is the Agentic Analytics Platform that empowers every enterprise to transform insights into action. Our mission is to create a more fact-driven world by delivering a platform where anyone can effortlessly explore any data, ask any question, and uncover actionable insights faster—leading to growth, better business outcomes, and efficiency in their organizations. Agentic AI combined with ThoughtSpot’s intuitive natural language search, every user can confidently discover proactive insights from their business data creating real-time decisioning with impact. The platform’s unified capabilities, along with our agentic AI analyst, Spotter, ensures insights are connected and pervasive, enabling users to create precise, transparent, personalized, and actionable insights with enterprise grade trust, security, and scale. Accessible via the web and mobile app, ThoughtSpot ensures intelligent decision-making happens seamlessly, wherever and whenever needed. For organizations looking to drive value, ThoughtSpot Embedded provides a low-code solution to integrate AI-powered analytics directly into products and services that make every application an intelligent experience, driving data monetization and boosting user engagement for customers. Industry leaders like NVIDIA, Toyota, Hilton Worldwide, Capital One and Matillion rely on ThoughtSpot to transform how their employees and customers take advantage of data to create better business outcomes. Try ThoughtSpot today and experience the new era of analytics.
PR Contact: Lindsay Noonan Director of Communications, ThoughtSpot press@thoughtspot.com
Interoil published its Annual Report 2024 on 13 June 2025. The ESEF file which was attached then did not include the Independent Auditor’s Report. The correct and complete ESEF file is attached hereto. For ease of reference and for completeness, the original Annual Report 2024 which was published on 13 June is also included here.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
SANDY, Utah, June 18, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is pleased to announce the promotion of Musheer Alambath to Senior Vice President of Internal Audit, effective June 1, 2025. In this newly created role, Alambath will continue to drive the credit union’s audit strategy and risk management framework as Mountain America advances its ambitious growth strategy and member-driven mission.
“Musheer has demonstrated outstanding leadership and strategic foresight since joining Mountain America last year,” said Sterling Nielsen, president and CEO of Mountain America Credit Union. “As we evolve to meet the needs of our growing membership, his promotion reflects our commitment to building a resilient, forward-thinking organization. Musheer’s expertise ensures we continue delivering exceptional experiences for our members.”
Alambath joined Mountain America in October 2024 as vice president of internal audit, tasked with building a scalable audit function. Within eight months, he established a strong team, launched an audit framework, and improved internal governance.
With over 20 years of experience, Alambath is a certified public accountant and has led audit teams across North America, Europe, and the Middle East. He began his career at a major UAE bank, earning six promotions, including vice president, while auditing key operations.
A Sloan Fellow from Stanford Graduate School of Business, he holds a master’s degree in management. Alambath serves on the board of the Institute of Internal Auditors (IIA) in the U.S. and Toronto and is a noted speaker on financial innovation and regulation.
“I’m honored to step into this new role at such a pivotal moment in Mountain America’s journey,” said Alambath. “Our growth demands not just scale, but smart governance. I’m excited to continue building a strong internal audit function that enables agility, enhances transparency, and supports sustainable growth for our members and communities.”
This strategic appointment reflects Mountain America’s ongoing commitment to organizational excellence, innovation, and stewardship as it continues expanding its impact and reach.
For more information about Mountain America, visit macu.com.
About Mountain America Credit Union
With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure cutting-edge mobile banking, more than 100 branches across its multistate region, and over 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.
TORONTO, June 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose” or “Purpose Investments”), Canada’s leading digital asset ETF manager and the firm behind the world’s first spot Bitcoin ETF, today announceda management fee holiday for its newly launchedPurpose XRP ETF. Effective immediately, the ETF’s management fee will be fully waived until February 1, 2026.
The Purpose XRP ETF offers investors spot exposure to XRP – the native token of the XRP Ledger, a decentralized blockchain built to enable fast, low-cost global payments. It is the only XRP ETF in Canada offering CAD-hedged units and is designed to help investors access digital assets securely and transparently through a regulated vehicle.
“XRP’s real-world utility and global relevance continue to drive interest, and we want to make it even easier for Canadian investors to access this digital asset via ETF,” said Vlad Tasevski, Chief Innovation Officer at Purpose. “By fully waiving the management fee until early 2026, we’re reinforcing our commitment to simple and effective access to novel digital asset solutions that help investors cut through complexity.”
All units of the ETF – CAD-hedged (TSX: XRPP), CAD non-hedged (TSX: XRPP.B), and USD (TSX: XRPP.U) – are included in the fee holiday. Additionally, to provide investors long-term confidence, following the fee holiday period ending in February 2026, the fund’s total Management Expense Ratio (MER) will be capped at 0.89%*.
To learn more about the Purpose XRP ETF and the full lineup of Purpose’s digital asset solutions, please visit purposeinvest.com/crypto.
About Purpose Investments
Purpose Investments is an asset management company with over $24 billion in assets under management, focused on client-centric innovation across ETFs and investment funds. Purpose is a division of Purpose Unlimited, an independent financial technology company led by entrepreneur Som Seif.
For further information, please email us at info@purposeinvest.com.
Media inquiries: Keera Hart keera.hart@kaiserpartners.com 905-580-1257
*The MER cap is implemented at the discretion of Purpose Investments and is subject to change at any time.
Commissions, trailing commissions, management fees and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Copies of the Prospectus may be obtained from purposeinvest.com. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed; their values change frequently, and past performance may not be repeated. Crypto assets can be extremely volatile, and there is no guarantee that the amount invested will be returned to you.
Certain statements in this document may be forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend on or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are, by their nature, based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose Investments believes to be reasonable assumptions, Purpose Investments cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.
Source: People’s Republic of China – State Council News
NANJING, June 18 — Chinese Premier Li Qiang has urged efforts to promote innovation and expand effective demand to propel sustained improvement in the economy.
Li made the remarks during an inspection tour from Monday to Wednesday in east China’s Jiangsu Province. During the tour, he underlined efforts to foster a strong atmosphere for starting businesses and making achievements, and to stimulate vitality for high-quality development in the process of deepening reform and opening up.
While inspecting a local machinery company, Li called for actively applying technologies such as artificial intelligence and clean energy to promote the upgrade of the construction machinery industry in line with the global trend.
Efforts should focus on aligning innovation with industry needs, advancing major original breakthroughs and technological innovations, and accelerating both industrialization and market applications, Li said.
He also stressed the need to carry out in-depth basic research, promote cross-disciplinary integration and innovation, and strengthen cooperation to secure the leading position in future sci-tech and industrial development.
At a local home appliance company, Li learned about the effects of the country’s consumer goods trade-in program, and urged the company to make good use of relevant policies to unleash consumption potential.
Noting that the country’s market is vast and continuously growing, Li said that China welcomes enterprises from all countries to invest and start businesses here.
“We will further increase policy support and service guarantees to create a favorable environment for foreign-funded enterprises to develop and thrive in China,” he said.
During the tour, Li also underlined efforts to better leverage the role of the China-Europe Railway Express and cross-border e-commerce to enhance economic and trade exchanges between China and Central Asia, expand their cooperation areas, and promote mutual benefit in the high-quality joint construction of the Belt and Road.
Jiangsu has a solid economic foundation, and also has higher development requirements, Li said, urging the province to better leverage its economic strength to make more contributions to the overall development of the country.
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.
The fourth OPEC Fund Development Forum (https://OPECFund.org) concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 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).
Distributed by APO Group on behalf of OPEC Fund.
Media Contact: Basak Pamir OPEC Fund for International Development Head of Outreach & Multimedia B.Pamir@opecfund.org +431511564174 Telephone: +43-1-515 64-0 Fax: +43-1-513 92 38 www.OPECFund.org
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.
This is puzzling. Canadians didn’t opt for Conservative Pierre Poilievre, considered by some to be an oil and gas industry mouthpiece, in the last federal election. Instead, voters gave Carney’s Liberals a minority government.
But it’s unclear how a country grappling with abysmal air quality due to wildfires fuelled by global warming will benefit from further global fossil fuel development and its related emissions.
Canada is warming faster than most of the globe. Its leaders should be laser-focused on mitigating climate change by reducing fossil fuel use to the greatest extent possible, as soon as possible.
Vacant urban land could be revitalized and existing industrial parks could boost their economic output and circular trade by building stronger partnerships to share resources, reduce waste and cut emissions.
Canada would benefit economically and environmentally by building on existing expertise and expanding successful sustainability strategies to achieve economic, environmental and social goals.
But by continuing to invest in fossil fuels, Canada misses out on opportunities to diversify trade and boost economic competitiveness.
The secret to China’s success
Real diversification makes Canada less vulnerable to economic shocks, like the ones caused by the tariffs imposed by United States President Donald Trump.
That’s seemingly why Trump is so fixated on China. China today is a serious competitor to the U.S. after making smart trade and economic decisions and forging its own path, disregarding American pressure to remain a mere follower.
Investing in its huge Belt and Road Initiative, China also aligned itself with the United Nations Sustainable Development Goals. It’s building diplomatic bridges with many Belt and Road countries in southeast Asia as Trump’s America alienates its partners, pulling out of the Paris Agreement and cutting foreign aid.
As another one of the America’s mistreated partners, Canada was poised to forge its own path under Carney. Instead, Carney is supporting American oil and gas by encouraging Canadian pipeline projects.
Clean innovation is the path forward
Canadian oil and gas is a concentrated industry controlled by a wealthy few, primarily Americans. More pipelines would therefore mean more sales of fossil fuels to other countries, with the beneficiaries mostly American.
Fossil fuel investments reduce Canada’s diversification because the resources used to further these projects could go elsewhere — toward clean diversification. With almost unlimited clean economy options across many sectors, clean diversification would broaden Canada’s economic and trade portfolios and reduce American control.
This is International Business 101, and would make the Canadian economy more competitive through innovation, while reducing the country’s climate risk.
My recent research shows that clear, decisive choices like those made in California will be key to Canada’s future success. Canada must make choicesaligned with goals — a core principle of strategic management.
My research also suggests Canada must restructure its energy industry to focus on renewable energy innovation while reducing fossil fuel reliance. Increased renewable energy innovation, as seen in patent numbers, leads to higher GDP.
Do Canadian taxpayers truly want to keep funding an outdated, polluting industry that benefits a wealthy few, or invest in clean industries that boost Canada’s economy, create better jobs and protect the environment? To differentiate Canada from the United States, it would make sense to choose the latter.
Carney’s support for pipelines may have stemmed from Alberta Premier Danielle Smith’s implicit support for Alberta sovereignty. She made veiled threats to Canada at a critical juncture, when Trump was making repeated assertions about annexing Canada.
Banks that felt pressure to at least recognize sustainable finance during the Joe Biden administration joined Carney’s Net-Zero Banking Alliance.
But as soon as Trump came to power a second time and walked away from the Paris Agreement, many American banks abandoned the alliance. Canadian banks followed suit, and Carney remarkably missed another moment to show Canadian leadership by stopping their exit.
In fact, Carney seems to have abandoned his own organization to appease Trump as the president made multiple 51st state threats. The prime minister had the chance to differentiate Canada and demonstrate his own leadership. Instead, he seems to have easily turned his back on his principles under pressure from Trump.
Deborah de Lange receives funding from SSHRC and ESRC. She is affiliated with The Liberal Party of Canada and The Writers’ Union of Canada.
The Buildings Department, in its capacity as the Building Authority, will study the written judgment to be handed down by the Court of First Instance together with its legal team, and prepare for the appeal hearing with full effort concerning the granting of an interim stay of execution of the authority’s decision to remove Aggressive Construction Co. Ltd (ACCL) from the register of general building contractors.
The Development Bureau said the authority refused the registration renewal application of ACCL on May 22 and decided to remove its name from the register of general building contractors on June 20.
The company appealed against the decision and applied for a stay of execution of the decision, and the Court of First Instance of the High Court today granted a temporary stay of execution of the decision. The hearing of the appeal and application for stay of execution is tentatively scheduled for August 26 and 27.
The bureau noted that if there are still construction activities on the project sites undertaken by ACCL during the period pending further hearings, the project owners concerned will act in accordance with the contracts and continue to monitor the construction sites and the performance of the contractor.
If the contractor’s performance fails to meet the contractual requirements, the project owners will handle the matter in accordance with the contract and reserve the right to take follow-up actions, the bureau said, adding that the Buildings Department and project owners will step up monitoring and surprise inspections to safeguard site safety.
Since the performance of ACCL in respect of the public works project of the Chai Wan Government Complex was far below the contractual requirements, the Government as the project owner has terminated the contract in accordance with the contractual mechanism and taken over the construction site on June 15.
The Government will endeavour to arrange in the near term for a new contractor to take over and finish the remaining works, the bureau added.
A delegation of 10 overseas government officials today completed their three-day visit to Hong Kong, having met senior officials of the Hong Kong Special Administrative Region and toured the city’s major cultural and innovation and technology facilities to deepen their understanding of the city’s advantages and development opportunities.
The visit was arranged by the Ministry of Foreign Affairs, which invited officials from 10 countries across Africa and Asia. These countries comprise Cambodia, Indonesia, Laos, Mauritania, Morocco, Nepal, Pakistan, Qatar, Sri Lanka and Tunisia.
During the trip, the delegation met Acting Financial Secretary Michael Wong, Deputy Chief Secretary Cheuk Wing-hing and Deputy Secretary for Justice Cheung Kwok-kwan to obtain a better understanding of Hong Kong’s distinctive advantage of enjoying the strong support of the motherland while being closely connected to the world under the “one country, two systems” principle.
The delegation learnt of Hong Kong’s important roles as a “super connector” and a “super value-adder”, serving as a bridge between the Mainland and the rest of the world.
They also met Secretary for Financial Services & the Treasury Christopher Hui, Under Secretary for Commerce & Economic Development Bernard Chan and Under Secretary for Innovation, Technology & Industry Lillian Cheong as well as representatives of a number of relevant institutions.
Additionally, they toured the Science Park and West Kowloon Cultural District to find out about the city’s latest developments and opportunities in finance, trade, innovation and technology, and arts and culture.
overnor Kathy Hochul and Cayuga Milk Ingredients today marked the grand opening of a two-phase, $270 million expansion project in the Town of Aurelius, Cayuga County, allowing the company to better assist their clients and create opportunities for New York State dairy farmers. The state-of-the-art facility will also allow the company to more than double its workforce, adding up to 150 new jobs to the existing workforce of 100 employees. The State is supporting this transformative project through a $4 million capital grant and up to $4 million made available through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Cayuga Milk Ingredients is a farmer-owned dairy processor, producing premium milk and innovative dairy ingredients for customers across the globe. This announcement comes as the State celebrates Dairy Month this June.
“Cayuga Milk Ingredients’ continued expansion in Cayuga County marks another exciting chapter in New York’s agricultural success story,” Governor Hochul said. “New York’s dairy industry serves as a crucial economic engine for our state, and our support for this project reinforces our commitment to those efforts and to our hard-working dairy farmers, further cementing our position as one of the nation’s top dairy producers.”
Phase one of the expansion at the Eagle Drive facility included the purchase and installation of an ultra-high temperature (UHT)/aseptic low acid packaging system and a new reverse osmosis filtration system. The second phase included the addition of machinery and equipment, and the expansion of the facility’s wastewater treatment plant.
At the facility, Cayuga Milk Ingredients (CMI) monitors all aspects of product integrity, offering a high level of traceability and sustainability, combining innovative manufacturing technology with a focus on reducing their environmental impact. With a vertically integrated model and state-of-the-art processing capabilities, they transform high-quality milk into value-added products including high-protein milk, powders, and ultrafiltered dairy ingredients. CMI is committed to advancing sustainable agriculture, supporting the well-being of its farmers, employees and cows, and delivering exceptional ingredients for the future of food.
CMI processes over 1.5 billion pounds of premium quality milk from 22 family-owned dairy farms within the region. The farmer-owners are recognized globally for their higher level of commitment in animal welfare, environmental sustainability, and worker wellness all based around a culture of continuous improvement.
CMI is also actively focused on reducing their environmental impact. The advanced processing at the state-of-the-art production facility, which incorporates ultrafiltration and cutting-edge industry technologies, has positioned the company as a unique leader in the global foods market, setting them ahead of the curve for quality manufacturing standards.
Cayuga Milk Ingredients and Cayuga Marketing CEO Brian Linney said, “Cayuga Milk Ingredients is proud to be a key player in New York’s dairy industry, with the investment in our new aseptic and extended shelf-life fluid dairy production facility driving long term growth in our community with more than 150 new permanent jobs, as well as another 350+ jobs during facility construction. We are grateful for the support of Governor Hochul in this project expansion as we work to ensure the continued success and longevity of the agricultural industry in New York State.”
Governor Hochul remains laser focused on supporting New York’s dairy farmers. Earlier this month, the Governor announced nearly $21.6 million had been awarded to 103 farms across the state through the Dairy Modernization Grant Program to support New York’s dairy industry. The funding will help New York’s dairy farmers and dairy cooperatives invest in new equipment, expand storage capacity, and strengthen their operations, particularly as they face extreme weather events, providing a critical boost to New York’s dairy industry.
Since taking office, Governor Hochul has made significant strides in expanding the dairy manufacturing sector in New York. In the last few years, New York has celebrated investments across the state, including a $650 million fairlife production plant in Webster, a $518 million Great Lakes Cheese packaging and manufacturing facility in Franklinville, and a $30 million expansion to the Agri-Mark cheese manufacturing facility in Chateaugay, helping New York continue to be the leading producer of milk in the Northeast. Most recently, the Governor announced Chobani will build a 1.4 million square foot, $1.2 billion facility in Rome, Oneida County, capable of producing over one-billion pounds of high-quality dairy products per year. There are currently nearly 300 world-recognized dairy processing plants across New York.
New York State has roughly 3,000 dairy farms that produce over 16 billion pounds of milk annually, making New York the nation’s fifth-largest dairy state. The dairy industry is the state’s largest agricultural sector, contributing significantly to the state’s economy by generating nearly half of the state’s total agricultural receipts and providing some of the highest economic multipliers. New York’s unique and talented dairy producers and processors contribute significantly to the state’s agriculture industry, economy and the health of our communities.
New York State Agriculture Commissioner Richard A. Ball said, “New York is a dairy state, through and through. We have thousands of dedicated dairy farmers, producing some of the very best products in the world, and we rank as number one for yogurt, sour cream, cream cheese, and more. I thank the Governor for her commitment to uplifting New York’s dairy community, from the on-farm grants announced earlier this month to investing millions in processing capacity across the State over the years, with the help of our partners at Empire State Development. Together, we are building a strong foundation to support our farmers and boost our agricultural economy.”
Empire State Development President, CEO and Commissioner Hope Knight said, “We’re excited to mark this major milestone with Cayuga Milk Ingredients, a project that will continue to fill the region’s economic glass to the brim with top-quality jobs that support Upstate dairy farmers. This successful company is putting down roots thanks to our unmatched agribusiness infrastructure that ensures New York State remains a leader in dairy production.”
State Senator Rachel May said, “The dairy industry in Cayuga County is thriving, and Cayuga Milk Ingredients is at the forefront of this growth. With its impressive multi-million-dollar expansion, the company will continue to be a catalyst for economic growth in our community for years to come, creating many well-paying jobs for residents. I appreciate Governor Hochul’s support for this important project and our dairy farmers in Central New York.”
Cayuga County Legislature Chairman Jonathan Anna said, “We applaud Governor Kathy Hochul and Cayuga Milk Ingredients on the grand opening of this transformative $270 million expansion project in the Town of Aurelius. This significant investment represents a bold step forward for Cayuga County’s dairy industry — as the number one dairy producing county in the state this project continues to support not only innovation and global competitiveness but also our local communities and family farms. As a farmer-owned cooperative, Cayuga Milk Ingredients exemplifies the spirit of collaboration and agricultural excellence that defines our county. The creation of up to 150 new jobs and the expansion of cutting-edge processing capabilities are a testament to what can be achieved when public and private sectors work together. We are also grateful for the State’s strategic support through the $4 million capital grant and the Excelsior Jobs Program, which ensures job growth and long-term economic impact to our region. During Dairy Month, this announcement reminds us of the strength, resilience, and essential contributions of our dairy farmers and processors. Congratulations to all involved in making this project a reality. Cayuga County looks forward to seeing Cayuga Milk Ingredients continue to thrive and lead the way in delivering premium dairy products to consumers not only locally but around the world.”
For additional information about Cayuga Milk Ingredients, visit: https://www.cmingredients.com/.
Accelerating Economic Development in Central NY Today’s announcement complements “CNY Rising,” the region’s comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy. More information is available here.
About Empire State Development Empire State Development is New York’s chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state’s 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state’s world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
NEWPORT BEACH, Calif., June 18, 2025 (GLOBE NEWSWIRE) — PMGC Capital LLC (“PMGC Capital”), a wholly owned subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB), today issued a public statement urging Alaunos Therapeutics, Inc. (NASDAQ: TCRT) to accept and act upon the term sheet previously facilitated through a leading Wall Street Bank.
As disclosed in PMGC Capital’s May 14, 2025 press release, available on the PMGC Holdings website, PMGC Capital holds a significant ownership position in Alaunos and continues to act in the best interest of all shareholders.
The proposed financing sent to the board on 5/25/2025, introduced by PMGC Capital and led by a leading wall street bank, represents a compelling, value-aligned opportunity for Alaunos. The bank recently behind many Leading Treasury Strategy transactions that has since garnered widespread institutional attention and market momentum.
“We believe this term sheet offers Alaunos a timely and strategic path forward,” said Braeden Lichti, “This is one of the cleanest financing offers we’ve seen for a micro-cap company,” said Braeden Lichti, CEO of Northstrive Companies Inc., Manager of PMGC Capital, “It’s non-toxic, well-structured, and provides the company with substantial capital while potentially creating massive value for shareholders. The board should not miss this opportunity.”
PMGC Capital remains committed to working constructively with Alaunos’ Board and management to maximize long-term value and urges them to engage directly with the bank while the opportunity remains actionable.
We commend Alaunos Therapeutics for maintaining a clean capital structure and exercising prudent financial stewardship during challenging market conditions. PMGC Capital looks forward to collaborating with the Alaunos’ leadership to pursue initiatives that align with its shared objective of enhancing long-term shareholder value.
About PMGC Capital LLC A multi-strategy investment firm focused on direct investments, strategic lending, and acquiring undervalued companies and assets across diverse markets. Our mission is to identify and seize high-potential opportunities, delivering sustainable growth and maximizing returns on capital.
About PMGC Holdings Inc. PMGC Holdings Inc. (“PMGC Holdings”) is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding potential strategic opportunities and the expected benefits thereof. These statements are based on current expectations and involve risks and uncertainties that may cause actual results to differ materially. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in the Company’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of PMGC Holdings’ Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.