Category: Economy

MIL-OSI USA: Bean Applauds Passage of Bill to Uplift and Empower Northeast Floridians

Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

WASHINGTON—Member of the House Ways and Means Committee, U.S. Congressman Aaron Bean (FL-04) released the following statement after the House voted on the final passage of H.R. 1, the One Big Beautiful Bill Act.

Upon final passage, Congressman Bean said: “Hardworking taxpayers deserve a government that works for you, and the One Big Beautiful Bill ensures you can keep more of what you earn. We are locking in permanent tax cuts and protecting the financial strength of Northeast Florida’s families, businesses, and seniors. But its impact goes far beyond our region—it’s a blueprint for restoring prosperity across the nation. This Independence Day, America will celebrate not only its founding, but its future.”

KEY BACKGROUND

Major Wins in the One Big Beautiful Bill:

The typical family will get up to $10,900 in additional take-home pay.
Workers will see increased wages up to $7,200.
Households earning less than $ 100,000 get at least a 12 percent tax cut compared to today. People who make over $1 million annually, will pay a greater share of the tax burden than they do now.
Up to 7.2 million jobs protected and created, and 1 million new jobs annually by small businesses.
No tax on tips, overtime pay, car loan interest, and tax relief for seniors will put more money annually in Americans’ pockets, specifically $1,300 per tipped worker, and up to $1,400 for hourly workers.
Locks in and further boosts the doubled Child Tax Credit to $2,200 for more than 40 million American families.
Locks in and further boosts the doubled Standard Deduction, increasing it to $31,500 for families.
Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
Supports working families and small businesses by expanding access to the childcare credit and making permanent the paid leave tax credit. Enhances the Adoption tax credit and indexes it for inflation to help more families experience the joy of adoption, and grows the child and dependent care credit as well as FSAs.
Puts American families in control of their health care by expanding health savings accounts.
Eliminates fraud and waste in Obamacare and blocks access to taxpayer-funded health benefits for illegal immigrants.
Starts building financial security for America’s children at birth with the creation of new Trump savings accounts.

The legislation passed 218 to 214, underscoring House Republicans’ steady push to deliver economic freedom for everyday Americans, families, seniors, and small business owners.

###

MIL-OSI USA: Bean Applauds Passage of Bill to Uplift and Empower Northeast Floridians

Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

WASHINGTON—Member of the House Ways and Means Committee, U.S. Congressman Aaron Bean (FL-04) released the following statement after the House voted on the final passage of H.R. 1, the One Big Beautiful Bill Act.

Upon final passage, Congressman Bean said: “Hardworking taxpayers deserve a government that works for you, and the One Big Beautiful Bill ensures you can keep more of what you earn. We are locking in permanent tax cuts and protecting the financial strength of Northeast Florida’s families, businesses, and seniors. But its impact goes far beyond our region—it’s a blueprint for restoring prosperity across the nation. This Independence Day, America will celebrate not only its founding, but its future.”

KEY BACKGROUND

Major Wins in the One Big Beautiful Bill:

The typical family will get up to $10,900 in additional take-home pay.
Workers will see increased wages up to $7,200.
Households earning less than $ 100,000 get at least a 12 percent tax cut compared to today. People who make over $1 million annually, will pay a greater share of the tax burden than they do now.
Up to 7.2 million jobs protected and created, and 1 million new jobs annually by small businesses.
No tax on tips, overtime pay, car loan interest, and tax relief for seniors will put more money annually in Americans’ pockets, specifically $1,300 per tipped worker, and up to $1,400 for hourly workers.
Locks in and further boosts the doubled Child Tax Credit to $2,200 for more than 40 million American families.
Locks in and further boosts the doubled Standard Deduction, increasing it to $31,500 for families.
Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
Supports working families and small businesses by expanding access to the childcare credit and making permanent the paid leave tax credit. Enhances the Adoption tax credit and indexes it for inflation to help more families experience the joy of adoption, and grows the child and dependent care credit as well as FSAs.
Puts American families in control of their health care by expanding health savings accounts.
Eliminates fraud and waste in Obamacare and blocks access to taxpayer-funded health benefits for illegal immigrants.
Starts building financial security for America’s children at birth with the creation of new Trump savings accounts.

The legislation passed 218 to 214, underscoring House Republicans’ steady push to deliver economic freedom for everyday Americans, families, seniors, and small business owners.

###

MIL-OSI USA: Kaptur Defends Ohio’s Working Families, Seniors, Veterans, Votes No On “One Big Bonanza for Billionaires Bill”

Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

Washington, DC – Congresswoman Marcy Kaptur (OH-09) voted against H.R. 1, citing its severe impact on working families, seniors, veterans, and the regional economy of Northwest Ohio. The bill prioritizes tax breaks for the ultra-wealthy while enacting the most damaging cuts to health care, food assistance, and infrastructure investment in recent history. The nonpartisan Congressional Budget Office has said that this legislation will add $3.4 Trillion to the US Debt.

“This bill is callously cruel — an immoral transfer of wealth from the working class to the ultra-rich. It strips health care from 17 Million Americans, kills Millions of good-paying jobs, and adds Trillions to the national debt, all while handing tax breaks to Billionaires. I came to Washington to fight for Northwest Ohio — not to rubber-stamp the destruction of our hospitals, energy jobs, and food assistance,” said Congresswoman Marcy Kaptur (OH-09)

Unprecedented Cuts to Health Care

The bill strips health coverage from nearly 17 million Americans, including 216,000 residents of Ohio’s 9th Congressional District. It cuts more than $1 Trillion from Medicaid, Medicare, and the Affordable Care Act, placing children, seniors, and people with disabilities at heightened risk. The legislation also increases out-of-pocket costs for individuals earning as little as $1,300 per month and could force vulnerable individuals out of long-term care facilities.

These provisions are expected to destabilize already struggling rural hospitals and increase reliance on emergency rooms — further burdening a fragile healthcare system and leaving Millions in medical debt.

Massive Reductions in Food Assistance

The bill reduces funding for the Supplemental Nutrition Assistance Program (SNAP) for our seniors, veterans, and children by $186 Billion over 10 years, jeopardizing access for 316,000 Ohioans — nearly one in four residents. It also freezes benefit levels despite rising grocery costs, representing an estimated $18 Million monthly loss to local grocers and food retailers.

The legislation imposes new administrative red tape that will disproportionately affect older adults, low-wage earners, and those with unstable employment.

Rollback of Clean Energy and Infrastructure Investment

The legislation repeals key clean energy tax credits and incentives that spurred over $500 Billion in US investment and supported thousands of Ohio jobs. Households in the 9th District will likely see an average $400 increase in annual electricity bills, while the elimination of energy efficiency and residential clean energy credits means the loss of over $150 Million in tax relief to Ohioans in 2023 alone.

Construction labor and infrastructure development are also under threat, with an estimated 1.75 Million jobs and over 3 Billion work hours at risk nationwide — equivalent to $148 Billion in lost wages and benefits.

A Misguided and Regressive Economic Strategy

This legislation comes at a time when the national debt — now over $36 Trillion — is largely the result of previous tax cuts, costly wars, and financial crises. Rather than addressing the structural causes of debt, this bill adds $3.4 Trillion to the debt, while slashing services that millions of Americans depend on, and shielding the wealthiest from fiscal responsibility.

Congresswoman Kaptur voted no to protect the people of Northwest Ohio from a bill that will deepen inequality, hollow out public services, and erode the dignity of working people across the country.

You can find Congresswoman Kaptur’s remarks during final House Floor debate by clicking here. You can find video of Kaptur’s opening statement and amendments offered on clean energy cuts, and protecting taxpayer data at the Social Security Administration, in the House Budget Committee markup by clicking the individual links. You can find a link to analysis of the legislation by the nonpartisan Congressional Budget Office by clicking here.

# # #

MIL-OSI Russia: Islamic Republic of Mauritania: IMF Executive Board Completes Fourth Reviews of the Extended Arrangement under the Extended Credit Facility and the Extended Fund Facility Arrangement and Third Review of the Resilience and Sustainability Facility Arrangement

Source: IMF – News in Russian

July 3, 2025

The Executive Board of the International Monetary Fund (IMF) concluded the Fourth Reviews of Mauritania’s Extended Credit Facility and the Extended Fund Facility arrangements, and the Third Review under the Resilience and Sustainability Facility Arrangement. The decisions allow for an immediate disbursement of SDR 36.16 million (about US$ [49.2] million).
Rule-based fiscal consolidation, supported by robust tax collection, and flexibilization of the exchange rate —alongside ongoing reforms to monetary operations and banking supervision—have strengthened the Mauritanian economy resilience, amid heightened global uncertainties and regional security risks.
A strong reform agenda, including the recent adoption by the parliament of key anti-corruption laws, should bolster governance and help promote private sector investments.

Washington, DC: The IMF Executive Board completed today the Fourth Reviews under the 42‑month blended Extended Credit Facility arrangement (ECF) and the Extended Fund Facility arrangement (EFF), and the Third Review under the Resilience and Sustainability Facility arrangement (RSF). The ECF/EFF were approved by the IMF Executive Board in January 2023 (see PR 23/15) and the RSF was approved in December 2023 (see PR23/465). The completion of the reviews allows for the immediate disbursement of SDR 36.16 million (about US$ 49.8 million) of which SDR 6.44 million (about US$ 8.9 million) under the ECF/EFF and SDR 29.72 million (about US$ 40.9 million) under the RSF, bringing the cumulative disbursements to SDR 125.9 million (about US$ 166.5 million).

The Mauritanian economy has proven resilient, notwithstanding heightened global uncertainty and increasing regional security risks, with economic activity estimated to have decelerated slightly to 5.2 percent in 2024. Following a further deceleration to 4.0 percent in 2025, growth is expected to remain favorable in the medium term, supported by the government infrastructure drive and by private investment. Inflation is expected to remain contained within the Central Bank’s target. The reforms in the areas of governance, monetary and financial sector, investment policies, and vocational training are expected to support efforts to diversify the economy away from the extractive industries.

Program performance has been strong, with all end-December 2024 quantitative targets met, and most of the structural benchmarks under the ECF/EFF implemented. Reforms under the RSF are also progressing.

At the conclusion of the Executive Board’s discussion, Mr. Okamura, Deputy Managing Director and Chair stated:

“Program performance under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements has been strong. Supported by the authorities’ prudent and well-calibrated policies, Mauritania’s economy continued to grow in 2024, albeit at a slower pace than in 2023, while inflation decreased. The fiscal performance, including the implementation of a fiscal anchor, is supporting the authorities’ medium-term goal of stabilizing debt. The current account widened in 2024, but international reserves remained at comfortable levels.”

“The authorities’ prudent fiscal stance, underpinned by the fiscal anchor, helps insulate public spending from commodity price volatility and contributes to stabilizing debt. Continuing with this prudent fiscal policy, and complementing it with reforms in tax policy and administration, would create fiscal space for social spending and public investment while safeguarding the credibility of the medium-term budget framework.”

“With inflation easing, the Central Bank of Mauritania has begun lowering interest rates. Effective liquidity management, supported by continued development of monetary policy instruments, helps anchor inflation expectations while fostering the development of domestic debt markets. Continued reforms to deepen the foreign exchange market would enhance exchange rate flexibility and resilience to external shocks. Strengthening the banking sector’s resilience requires close monitoring of financial sector trends and consistent enforcement of prudential regulations.”

“Decisive implementation of structural reforms is essential to support higher, more inclusive and diversified, private-sector-led growth. Priorities include operationalizing recent governance reforms, strengthening accountability and transparency, developing human capital, promoting financial inclusion, and enhancing the business climate.”

“Effective implementation of the ECF and EFF arrangements, along with intensified reform efforts under the Resilience and Sustainability Facility, will help Mauritania address its medium- and long-term challenges and secure additional financing. These programs aim to maintain adequate international reserves, strengthen macroeconomic policy frameworks, and promote sustainable growth, thereby supporting the country’s climate agenda, human capital development, and poverty reduction.”

Mauritania: Selected Economic Indicators, 2020–25

		2020	2021	2022	2023	2024		2025
						3rd Review	Est.	Projections

National accounts and prices	(Annual change in percent)
Real GDP		-0.4	0.7	6.8	6.5	4.6	5.2	4.0
Real extractive GDP		7.1	-19.2	18.3	9.4	-0.5	3.2	-1.0
Real non-extractive GDP		-1.7	6.0	3.8	5.9	5.7	5.6	5.1
Consumer prices (end of period)		1.8	5.7	11.0	1.6	3.0	1.5	3.5

Central government operations	(in percent of nonextractive GDP, unless otherwise indicated)
Revenues and grants		20.8	22.7	25.0	22.5	24.1	22.5	25.6
Nonextractive		16.6	16.2	18.2	17.0	18.9	18.1	19.9
Taxes		10.9	11.7	13.4	12.6	14.3	14.1	15.5
Extractive		2.1	4.2	5.1	3.7	3.4	3.2	3.8
Expenditure and net lending		18.5	20.8	28.7	25.0	25.4	23.9	26.1
Of which: Current		12.0	13.0	17.2	16.4	15.5	15.1	14.4
Capital		6.6	7.8	11.5	8.7	9.8	8.8	11.7
Primary balance (excl. grants)		1.2	0.5	-4.5	-3.3	-2.1	-1.6	-1.5
Overall balance (in percent of GDP)		2.2	1.9	-3.7	-2.5	-1.2	-1.4	-0.5
Public sector debt (in percent of GDP)		56.5	52.4	48.5	46.4	44.3	42.1	41.2

External sector
Current account balance (in percent of GDP)		-6.8	-8.6	-14.9	-8.8	-7.7	-9.5	-6.2
Excl. externally financed extractive capital goods imports		2.2	1.0	-0.8	-0.3	-1.4	-1.4	-0.2
Gross official reserves (in millions of US$, eop)		1,542	2,347	1,877	2,032	2,039	1,921	1846
In months of prospective non-extractive imports		6.7	8.2	6.2	6.4	6.5	6.4	5.9
External public debt (in millions of US$)		4,113	4,204	3,970	3,959	3921	3,980	4050
In percent of GDP		49.1	45.8	42.3	40.0	36.3	36.3	34.5

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Mayada Ghazala

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

https://www.imf.org/en/News/Articles/2025/07/03/pr25240-mauritania-imf-comp-4th-rev-of-ext-arr-under-ecf-and-eff-arr-and-3rd-rev-of-rsf-arr

MIL OSI

MIL OSI Russia News –

MIL-OSI USA: Letlow Statement on Passage of Trump Agenda

Source: United States House of Representatives – Congresswoman Julia Letlow (LA-05)

WASHINGTON, D.C. – Congresswoman Julia Letlow released the following statement on congressional passage of President Trump’s One Big Beautiful Bill.

“With passage of President Trump’s pro-family agenda, we have provided tax relief for the middle class and saved every American from a tax increase. Our working families and seniors will see new relief through a bigger child tax credit, eliminating taxes on tips, and a tax cut for retirees on Social Security. Our farmers will have much-needed certainty with the reauthorization of key Farm Bill policies, updated reference prices for commodities, and lower taxes. Now that we have extended the Trump Tax Cuts and supported Louisiana’s families and our economy, I will continue to advocate for my district as the Big Beautiful Bill is implemented.”

Highlights of the One Big Beautiful Bill:

Permanently extends the 2017 Trump Tax Cuts, protecting American families from an average $1,700 tax hike.
No taxes on tips up to $25,000 annually.
No taxes on overtime pay up to $12,500 annually.
Permanently extends the doubled standard deduction for middle class families and provides an additional $1,500 deduction.
Permanently extends the doubled child tax credit and provides an additional $400 for a family of four.
Provides tax relief for retirees on Social Security through an added $6,000 tax deduction for low and middle-income seniors.
Strengthens tax incentives for paid leave and child care under the Child and Dependent Care Tax Credit and Flexible Spending Arrangements.
Permanently extends the 20% small business deduction for family-owned farms and other small businesses.
Updates reference prices for farm commodities.
Provides new enforcement resources to support the Trump Administration’s border security efforts.

###

MIL-OSI USA: The One, Big, Beautiful Bill delivers on President Trump’s promises to the American people. It secures massive tax cuts for American families and businesses, complete border security, a supercharged economy, and accountability in taxpayer-funded programs,

Source: United States House of Representatives – Representative Dale Strong (Alabama)

WASHINGTON – Today, Representative Dale W. Strong (AL-05) issued the following statement after final passage of the One Big Beautiful Bill Act.

“The One, Big, Beautiful Bill delivers on President Trump’s promises to the American people. It secures massive tax cuts for American families and businesses, complete border security, a supercharged economy, and accountability in taxpayer-funded programs, while reducing out-of-control government spending,” said Representative Dale Strong.

“From our space, defense, and manufacturing sectors to our working families, farmers, and small business owners — all of North Alabama will benefit from President Trump’s Big Beautiful Bill,” continued Strong.

ALABAMA WINS

Marshall Space Flight Center

$4.1 billion for two Space Launch System rockets for the Artemis IV and V missions through Fiscal Year 2029
$20 million for Orion and integration of Orion with SLS
$100 million for construction and infrastructure projects at Marshall Space Flight Center

Rural Healthcare

Locks in Alabama’s 6% hospital provider tax rate
$50 billion national fund to support rural health through 2030, with $500 million in funding for Alabama in formula dollars alone

Farmers and Agriculture

Delivers much-needed enhancements in the farm safety net – including higher reference prices that reflect the current agricultural economy
Expands access to more affordable crop insurance while making it more responsive to risk

National Defense

$25 billion for the Golden Dome which Redstone Arsenal will play a significant role in supporting
$150 billion for defense spending through 2034, including $19 billion to restock America’s arsenal

Tax Cuts for Families and Small Businesses

Prevents a 22% tax hike for the average worker
Take-home pay for a family of 4 increases by $7,600-$10,900 per year
No tax on tips, overtime pay, and made in America car loan interest
Additional tax relief for seniors

AMERICA FIRST WINS

Border Security Investments

701 miles of primary wall and construction, and 900 miles of river barriers
Increases funding to ICE for transportation and mass deportation operations
3,000 new Border Patrol agents, 5,000 new Office of Field Operations customs officers

Restores Fiscal Sanity

Cuts waste, fraud abuse of programs to preserve them for people who truly need them
Implements work requirements for able-bodied Americans without young dependents to receive SNAP and Medicaid
Ends Medicaid benefits for 1.4 million illegal immigrants
Repeals Biden-era Green New Deal agenda

MIL-OSI USA: Rep. Young Kim Secures Historic Tax Cuts for Working Families

Source: United States House of Representatives – Representative Young Kim (CA-39)

Washington, DC – Today, U.S. Representative Young Kim (CA-40) voted in favor of the Senate Amendment to H.R. 1, which secures historic tax cuts for working families in California’s 40^th District and across the nation.

Rep. Kim stood up to the White House and House leadership to secure an increase of the cap on state and local tax (SALT) deductions to $40,000 for individuals and families making less than $500,000 a year, allowing working Californians and Americans to keep more of their hard-earned money. She also fought to remove the cap on SALT deductions for small businesses, preventing a 2% tax increase.

In addition to increasing the SALT cap, the bill makes life more affordable for working Americans, middle-class families, and small businesses by:

Extending middle-class tax cuts signed into law through the Tax Cuts and Jobs Act in 2017 to avoid a 17% tax hike for the average CA-40 family;
Permanently increasing the Child Tax Credit to $2,200 per child;
Exempting individuals from a tax on qualified tips for up to $25,000 for the next four years;
Providing relief to seniors by increasing the Social Security tax deduction to $6,000 per individual;
Creating a $12,500 overtime pay deduction; and,
Supporting financial literacy by creating a pilot program to give newborns a $1,000 tax-advantaged investment account.

“For too long, middle-class Americans, working families, and small businesses I represent have been hurting from high taxes, rising prices, and skyrocketing living costs made worse by out-of-touch policies from Sacramento and Washington,” said Rep. Young Kim. “This bill lowers taxes and provides relief to put money back in the pockets of everyday Americans. I will keep fighting to make life affordable for California’s 40^th District and ensure our communities are great places to live, raise families, and start businesses.”

“This bill takes important steps to ensure federal dollars are used as effectively as possible and to strengthen Medicaid and SNAP for our most vulnerable citizens who truly need it. I will keep working to get our country back on the right track and protect the American dream for future generations,” she continued.

“Over the last seven years, the 20% Small Business Tax Deduction has helped America’s small businesses grow and hire,” said NFIB California State Director John Kabateck. “Rep. Young Kim understands the importance of the Small Business Deduction and has been a leading voice in Congress to make it permanent.”

According to the U.S. Chamber of Commerce, nearly 25,000 small and pass-through businesses across Rep. Kim’s district will see an increase of approximately $21,906,300 in their qualified business income deduction through the bill’s passage.

The bill also invests in America’s future by:

Modernizing our air traffic control system to ensure safe and efficient air travel;
Boosting our shipbuilding capabilities, investing in our military, and improving quality of life for troops;
Bolstering border security funding to increase border technologies and support our border patrol and CBP officers; and,
Supporting educational opportunities by protecting access to the Pell Grant program.

MIL-OSI: USCB Financial Holdings, Inc. To Announce Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 03, 2025 (GLOBE NEWSWIRE) — USCB FINANCIAL HOLDINGS, INC. (the “Company”) (NASDAQ: USCB) will report financial results for the quarter ended June 30, 2025 after the market closes on Thursday, July 24, 2025.

A conference call to discuss quarterly results will also be held with Chairman, President, and CEO, Luis de la Aguilera, Chief Financial Officer, Robert Anderson, and Chief Credit Officer, William Turner, details which are provided below.

Live Conference Call and Audio Webcast

Date: Friday, July 25, 2025
Time: 11:00am Eastern Time
Dial-in: (833) 816-1416 (toll free in the U.S.)
Passcode: USCB Financial Holdings Call

A live audio webcast of the call will be available with the press release and slides on the investor relations page of the Company’s website at https://investors.uscenturybank.com/. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the internet broadcast.

A replay of the webcast will be archived on the investor relations page shortly after the conference call has ended.

About USCB Financial Holdings, Inc.

USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the state of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information or to find a U.S. Century Bank banking center near you, please call (305) 715-5200 or visit www.uscentury.com.

Contacts:

Investor Relations
InvestorRelations@uscentury.com

Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com

MIL-OSI: USCB Financial Holdings, Inc. To Announce Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 03, 2025 (GLOBE NEWSWIRE) — USCB FINANCIAL HOLDINGS, INC. (the “Company”) (NASDAQ: USCB) will report financial results for the quarter ended June 30, 2025 after the market closes on Thursday, July 24, 2025.

A conference call to discuss quarterly results will also be held with Chairman, President, and CEO, Luis de la Aguilera, Chief Financial Officer, Robert Anderson, and Chief Credit Officer, William Turner, details which are provided below.

Live Conference Call and Audio Webcast

Date: Friday, July 25, 2025
Time: 11:00am Eastern Time
Dial-in: (833) 816-1416 (toll free in the U.S.)
Passcode: USCB Financial Holdings Call

A live audio webcast of the call will be available with the press release and slides on the investor relations page of the Company’s website at https://investors.uscenturybank.com/. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the internet broadcast.

A replay of the webcast will be archived on the investor relations page shortly after the conference call has ended.

About USCB Financial Holdings, Inc.

USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the state of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information or to find a U.S. Century Bank banking center near you, please call (305) 715-5200 or visit www.uscentury.com.

Contacts:

Investor Relations
InvestorRelations@uscentury.com

Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com

MIL-OSI Economics: Bahrain Sees Robust Pipeline of Financial Institutions: 16 New Financial Institutions Licensed, 52 in Progress Surge of new financial institutions Reinforces Bahrain’s Regional Financial Hub Status

Source: Central Bank of Bahrain

Bahrain Sees Robust Pipeline of Financial Institutions: 16 New Financial Institutions Licensed, 52 in Progress Surge of new financial institutions Reinforces Bahrain’s Regional Financial Hub Status

Published on 3 July 2025

Manama, Bahrain – 3 July 2025: The Central Bank of Bahrain (CBB) has reported a significant increase in financial institution licensing, with 16 new financial firms approved and 52 additional applications underway from early 2024 through mid-2025.

This surge highlights Bahrain’s growing appeal as a destination for digital-first financial services, with nearly 75% of the 68 applications coming from international applicants. The influx is expected to create over 850 jobs initially, with more opportunities anticipated as newly licensed firms scale their operations.

The license applications span a diverse range of categories, including wholesale banks, payments, investment services, insurance, and crypto-asset services. This diverse portfolio reasserts Bahrain as a hub for financial innovation and solidifies its reputation as a competitive launchpad for regional and international firms.

Notably, 16 applicants have been licensed during this period, including two wholesale banks, with additional bank license applications currently in the pipeline. The CBB continues to work closely with the remaining applicants to support them in meeting the licensing requirements.

Commenting on this, H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain said, “This increase in licensing applications reflects the CBB’s dual mandate of ensuring stability while fostering growth, and underscores the strength of our regulatory framework and the Kingdom’s unique ability to attract innovation without compromising financial stability. This achievement is the result of close collaboration with our partners across government and industry, and reaffirms Bahrain’s role as a gateway for regional and global growth in financial services.”

Central to this success is the CBB’s unified regulatory model, which provides licensees with a single point of contact across all financial sub-sectors. This model eliminates conflicting requirements from multiple authorities, streamlines compliance, and offers consistent oversight.

The announcement was made during the FS Horizons: Doubling Down on Digital event, hosted in partnership with the Bahrain Economic Development Board, where industry leaders gathered to highlight Bahrain’s advancements in digital banking, payments infrastructure, and talent development.

MIL-OSI USA: Rep. Moore Votes “Yes” on One Big Beautiful Bill – Legislation Headed to President’s Desk

Source: United States House of Representatives – Representative Riley Moore (WV-02)

Washington, D.C. – Today, the House of Representatives passed the final amended version of H.R. 1, the One Big Beautiful Bill Act. Congressman Riley M. Moore voted “Yes” on the legislation.

Congressman Moore issued the following statement:

“In November, the American people gave President Trump a mandate for change after years of mass migration, inflation, and progressive insanity. They demanded secure borders, lower costs, and a return to commonsense. The One Big Beautiful Bill delivers on that America First agenda. I proudly voted ‘Yes’ on this historic legislation.

“This bill provides the largest border security investment in America’s history – $175 billion to finish the wall, hire thousands of new ICE and Border Patrol agents, and conduct mass deportations – giving the President every tool he needs to restore our national sovereignty. We also provide the largest tax cut in American history – no tax on tips, no tax on overtime, and 88% of seniors will pay no taxes on Social Security.

“The bill also embraces fossil fuels to power our economy, reindustrialize the heartland, and beat China in the AI arms race. It fully defunds Planned Parenthood, invests in a 21st century military, increases and makes permanent the Child Tax Credit, permanently extends important business tax credits – including the Section 199A deduction – and cuts spending by more than $1.35 trillion.

“President Trump’s signature legislation is a huge win for the American people that puts our nation on the path to a new Golden Age. I can’t wait to see the President sign the One Big Beautiful Bill on Independence Day.”

###

MIL-OSI USA: Newhouse Statement on Passage of H.R. 1

Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

Headline: Newhouse Statement on Passage of H.R. 1

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (WA-04) released the following statement upon final House passage of the Senate-amended H.R. 1. The legislation, which passed 218-214 now goes to President Trump’s desk to be signed into law.

“At the start of this Congress, we made a commitment to reduce government spending, keep taxes low for hard working Americans, and make reforms to federal assistance programs to ensure their long-term sustainability. This is by no means a perfect bill, but it delivers on our commitment while benefiting farmers, families, and small business owners across central Washington.

H.R.1 prevents the largest tax hike in American history, increases the Child Tax Credit, and unleashes American energy production to lower costs and reduce inflation. It makes the largest-ever investment in border security and makes our nation safer by strengthening our military. I was able to secure continued investment in our current and future nuclear energy fleet, which is vital to the Tri-Cities and the surrounding region.

We include major portions of the Farm Bill to deliver critical assistance for our farmers and ranchers, including my long-time priority of doubling the Market Access Program and Foreign Market Development Program to open new markets for our ag exports. I worked with House Leadership not once, but twice, to successfully prevent the sale of our public lands in this bill.

We are protecting Medicaid and SNAP for those who truly need it by requiring part-time work requirements for able bodied adults without dependents and establishing a $50 billion fund for our rural hospitals. By reducing improper payments to deceased individuals and defunct providers, we are ensuring there are more funds for the low-income individuals, families, and seniors who rely on the program. I am committed to keeping our rural hospitals open, and I will utilize my position on the House Appropriations Committee to do just that.

Working families, small businesses, rural hospitals, and farmers across Central Washington have been at the top of my mind throughout this process. For weeks since we first passed H.R. 1, I have heard from my constituents about the legislation’s benefits and downsides, and I have truly given serious thought to the legislation. This was a hard, thoroughly considered vote that I believe will benefit the people of my district.”

The following are provisions in H.R. 1 that Rep. Newhouse worked to secure.

Market Access for Farmers and Ranchers

Doubles funding for the Market Access Program and Foreign Market Development Program to give Central Washington producers the upper hand in global markets.

Nuclear Energy Tax Credits Preservation

Protects the small nuclear reactor project in Richland.
Allows advanced nuclear projects to utilize the Production Tax Credit (45Y) and Investment Tax Credits (48E) once they have commenced construction.
Maintains the Nuclear Power Production Tax Credit (45U) through 2031 for existing nuclear reactors.

Protections for Rural Hospitals

Commitments that funds from the Rural Health Transformation program will support rural hospitals in Washington state.

H.R. 1 delivers an economy that is pro-growth, pro-worker, pro-family, and pro-business:

Makes the 2017 tax cuts permanent, preventing the largest tax hike in American history on the middle class.
Removes taxes on tips, overtime pay, and Social Security for seniors.
Makes permanent the 20 percent Small Business Tax Deduction, delivering $250 million in GDP growth and 5,000 jobs to Washington’s Fourth District annually.

H.R. 1 makes historic investments into the agriculture industry:

Increases the coverage level and affordability of certain crop insurance policies used by specialty crop producers.
Provides more affordable crop insurance for beginning farmers and ranchers for the first ten years of farming.
Expands access to standing disaster programs and conservation programs.
Improves the livestock programs to be more responsive to drought and predation and expands producer eligibility for the tree assistance program.

H.R. 1 makes the largest investment into border security in American history:

Funds over 700 miles of border wall at the southwest border.
Funds 3,000 new Border Patrol agents and 5,000 new Customs and Border Protection officers.
Invests in cutting-edge technology to combat the flow of fentanyl across the border.

H.R. 1 makes common-sense reforms to Medicaid to ensure the program’s long-term sustainability:

Work requirements for able-bodied adults without dependents to work, volunteer, or pursue further education 80 hours per month to receive benefits.
Prevents illegal immigrants from receiving taxpayer-funded benefits.
Ensures the program will continue to efficiently serve eligible participants who truly need it.
Establishes the Rural Health Transformation Program at $50 billion to states and to covered facilities including a wide array of small, rural, and Medicare-dependent hospitals, rural health clinics, community mental health centers, opioid treatment programs, and more.

H.R. 1 reforms the Supplemental Nutrition Assistance Program (SNAP) to support recipients and end abuse of the program:

Saves taxpayers nearly $200 billion through reforms to SNAP that ensure the program works the way Congress intended by reinforcing work, rooting out waste, and instituting long-overdue accountability incentives to control costs.
Implements modest state cost-share for SNAP to ensure states manage program resources responsibly.
Incentivizes correcting error rates in SNAP payments by allowing states with an error rate below six percent to be exempt from paying the cost-share for benefits.

###

MIL-OSI USA: ‘Shameful, Dangerous, and Unforgivable’ | Pingree Statement on Final Passage of Trump’s Megabill

Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

Today, after the U.S. House passed the One Big Beautiful Bill Act without any Democratic support, Maine First District Congresswoman Chellie Pingree released the following statement:

Today, the House passed the most harmful, heartless, and regressive bill I’ve seen in my time in Congress. It’s difficult to overstate the scale of devastation this legislation will unleash on families across the country.

This bill represents one of the largest wealth transfers in American history—cutting more than $1 trillion from Medicaid and putting health care for millions of people at risk. It slashes SNAP benefits by nearly $300 billion, threatening food security for working families and children. The burden this will put on states, whose budgets are already strained—particularly with respect to health care and food security—is enormous and will almost certainly lead to higher state and local taxes. And they’re doing it all to hand more than $1 trillion in tax breaks to billionaires and corporations, adding $3.3 trillion to the national deficit. They’re willing to sacrifice the health and wellbeing of hardworking Americans, struggling families, and marginalized communities to make the rich ever richer. It’s deeply immoral and needlessly cruel.

And let’s not forget the absurd political vendettas and pet projects tucked in the bill, like raising taxes on clean energy, showering the oil and gas industry with subsidies, building the President’s so-called ‘Garden of Heroes’, and moving the Space Shuttle Discovery to Texas. It hands ICE over $75 billion—more than we spend in a year on the Marine Corps or medical research–to create a sprawling, secretive deportation force and a vast network of detention centers, enriching private prison companies while subjecting immigrant communities to unfathomable fear and suffering.

The impact of this legislation here in Maine will be devastating. Tens of thousands could lose access to health care and food assistance. We’re already seeing the closure of hospitals and clinics across the state. This bill puts even more pressure on our state’s already strained health infrastructure. And immigrants in our communities—many of whom have already survived unimaginable hardship and who contribute actively to our communities and local economies—will be forced to live in even greater fear of being detained or disappeared.

That Speaker Johnson chose to keep the procedural rule vote open for hours last night while holdouts made backroom deals with the President on their own pet issues, forcing debate on the bill into the dead of night, underscores the chaos that has defined this process from the very beginning.

Leader Jeffries’ extraordinary floor speech today laid bare just how dangerous and damaging this bill truly is, and how Republicans are betraying the people they represent. Meanwhile, it’s clear from the President’s own comments that he doesn’t even know what’s in his signature legislation, or that it will kick 17 million people off their health care. The ignorance and apathy on display is staggering.

This bill is not about helping everyday Americans. It’s an assault on the working class, a gift to the ultra-wealthy, a climate disaster, and a ticking time bomb for the economy.

It’s shameful. It’s dangerous. And it’s unforgivable.

###

MIL-OSI USA: REP LIEU VOTED NO ON TRUMP BILL TO CUT MEDICARE AND MEDICAID

Source: United States House of Representatives – Congressman Ted Lieu (33 District of California)

WASHINGTON – Today, Congressman Ted W. Lieu (D-Los Angeles County) issued the following statement after voting against Donald Trump’s Big Ugly Bill, H.R. 1. The bill passed the House 218-214 and will now be signed into law. In California, more than 2.3 million people will lose health insurance and 368,000 could lose access to food assistance because of this bill.

“Republicans just passed the Big Ugly Bill. The bill cuts approximately $1 trillion from Medicaid. The bill results in cuts of $500 billion to Medicare. The bill will kick 17 million Americans off their health care. The bill also cuts essential anti-hunger programs, increases utility bills, defunds Planned Parenthood, and blows a $4.5 trillion hole in the federal deficit. Why did Republicans go through all this trouble? To give tax breaks to billionaires.

“I will not mince words: this is an absolute betrayal. A betrayal of hardworking Americans who are struggling with the high cost of living in Trump’s terrible economy. A betrayal of children, seniors, and veterans who rely on Medicaid, Medicare and anti-hunger programs. A betrayal of everyone who believes our government should help our communities thrive, not make Americans sicker, hungrier, and poorer.

“All 212 House Democrats voted no. We fought back against this bill every way we could. We assembled on the Capitol steps to call on four Republicans to stand up with us, I joined my colleagues to go live on social media to speak about how the American people will be harmed, and I demanded Republicans reverse their cuts to Medicaid and anti-hunger programs on the House Floor. Democratic Leader Hakeem Jeffries broke a record by speaking on the House Floor for nearly nine hours straight to delay the vote and share real stories of Americans who will be hurt by the Republican bill.

“All we needed was four Republicans to do the right thing and protect their constituents. Instead, they voted to betray the American people. My heart breaks for the Americans who will be harmed by this bill. What Republicans did is shameful. This is a distressing moment in our nation’s history. But I will not stop fighting for you. House Democrats are in this for the long haul – we will not be silent, and we will keep doing everything we can to fight against the Republican attacks on everyday people.”

###

MIL-OSI USA: Rep. Mike Levin Votes “Hell No” on the Big Ugly Bill

Source: United States House of Representatives – Representative Mike Levin (CA-49)

July 03, 2025

Washington, D.C.—Today, Rep. Mike Levin (CA-49) released the following statement after voting “Hell No” on the Republicans’ Big Ugly Bill that will kick millions of Americans off their health insurance, cut food assistance, and raise energy prices:

“I’ve been saying it for months – this is the worst bill that the House has voted on during my time in Congress.

“I’ve made sure my Republican colleagues know exactly what their vote in support of this legislation means. The numbers are dire. Health care coverage ripped away from 17 million Americans. Food assistance for 42 million threatened. Home electricity bills increasing over $400 dollars a year.

“However, we must all remember the consequences of the bill go far beyond statistics. During a visit to a community health care clinic in Encinitas, I heard from a father whose children with autism will suffer when Medicaid is gutted. At one of my town halls, a single mom from Oceanside who works in our local schools shared how her children with special needs are dependent on every SNAP dollar they receive. During that same town hall, a community member involved with San Diego Community Power explained exactly how this bill’s provisions meant to boost Big Oil will drive up our electric bills, particularly as tens of millions of families across the country already struggle to keep the lights on.

“These terrible consequences aren’t a secret; Mike Johnson and House Republicans have heard the same stories. They know that people will die just so that they can finance tax breaks for their ultrawealthy donors. It’s shameful that they’re so eager to bow to Donald Trump that they don’t care what they’re doing to working families.”

###

MIL-OSI Africa: South Africa: Select Committee on Public Infrastructure Welcomes the Department’s Bold Reform Agenda for Infrastructure and Job Creation

Source: APO – Report:

.

The Select Committee on Public Infrastructure and Minister in the Presidency has welcomed the Department of Public Works and Infrastructure’s strategic and annual performance plans for the 2025/26 financial year.

The Chairperson of the committee, Mr Rikus Badenhorst, described the plans as a clear and credible turning point for infrastructure-led development in South Africa. He said: “This is not a mere tweak of the department, but a fundamental shift in how it understands and executes its core mandate. Minister Macpherson agenda marks a critical departure towards a department that is a catalyst for infrastructure-led growth, a partner in job creation, and a driver of economic recovery.”

Following a detailed presentation by the Minister of the department, Mr Dean Macpherson, the committee affirmed its support for the department’s renewed vision to serve as a catalyst for economic recovery, job creation, and inclusive growth. The plans are strongly aligned to the National Development Plan and Medium-Term Strategic Framework, and reflect an earnest commitment to reform, delivery and measurable impact.

At the centre of this renewed vision is the repositioning of the Expanded Public Works Programme (EPWP) from a temporary job relief measure to a structured, skills-based employment pipeline. With a R7.2 billion allocation over the MTEF period, this reform aims to transform the EPWP into a credible contributor to long-term, dignified employment.

Mr Badenhorst said the shift from welfare to workforce is one of the most important interventions in restoring both human dignity and economic resilience, remarked. “We will monitor its implementation with keen interest,” emphasised Mr Badenhorst.

The committee also welcomed the department’s strategic focus on urban regeneration, repurposing hijacked and underutilised buildings, and optimising state assets for greater public value, particularly within inner-city precincts. This renewed developmental posture is essential to reversing years of stagnation, inefficiency and fiscal wastage.

Minister Macpherson was frank in his assessment of the department’s historic shortcomings, including systemic inefficiencies, audit deficiencies, and skills shortages. The committee commended the Minister’s openness, and noted the department’s new risk management framework as a strong response, particularly its intention to clamping down on tender irregularities, tighten controls on lease agreements, and combat collusion in the supply chain.

Committee members posed rigorous questions during the session, including queries about the R589 million allocation for infrastructure support, the need to strengthen capacity in the EPWP, and concerns about the alignment of budget allocations with strategic intent. Particular attention was given to the transition to digital systems and its impact on job security, as well as the Department’s plans to reduce its lease portfolio and address the long-standing maintenance backlog across government buildings.

In response, the department indicated its commitment to prudent asset management, exploring alternative ownership models, and ensuring that modernisation does not come at the expense of employment or service continuity.

Mr Badenhorst said to Minister Macpherson: “It is clear that you bring political will to the table. This committee will match it with rigorous oversight, constructive engagement, and institutional support. Together, we can turn this department, and indeed South Africa, into a construction site of progress.”

The committee reaffirmed its commitment to supporting the department’s reform trajectory, underscoring the centrality of infrastructure to the nation’s economic and social recovery.

– on behalf of Republic of South Africa: The Parliament.

MIL OSI Africa –

MIL-OSI Africa: International Monetary Fund (IMF) Executive Board Completes the Second Reviews Under the Extended Credit Facility and the Resilience and Sustainability Facility Arrangements with the Republic of Madagascar

Source: APO – Report:

.

The IMF Executive Board completed the Second Reviews under the Extended Credit Facility (ECF) arrangement and the Resilience and Sustainability Facility (RSF) arrangement for the Republic of Madagascar, allowing for an immediate disbursement of SDR 77.392 million (about US$107 million).
Madagascar’s performance under the ECF and RSF has been satisfactory. The recent adoption of a recovery plan for the public utilities company (JIRAMA) and the continued implementation of the automatic fuel price adjustment mechanism will release space for critical development needs while helping improve energy supply.
Recent weather-related events, reduction in official development assistance (ODA) and the U.S tariff hike risk setting Madagascar back; they constitute a wakeup call.

The Executive Board of the International Monetary Fund (IMF) completed today the Second Reviews under the 36-month Extended Credit Facility (ECF) arrangement and under the 36-month Resilience and Sustainability Facility (RSF) arrangement. The ECF and RSF arrangements were approved by the IMF Executive Board in June 2024 (see PR24/232). The authorities have consented to the publication of the Staff Report prepared for this review.[1]

The completion of the reviews allows for the immediate disbursement of SDR 36.66 million (about US$50 million) under the ECF arrangement and of SDR 40.732 million (about US$56 million) under the RSF arrangement.

Madagascar has been hit by a myriad of shocks this year, including weather-related events and the dual external shock of ODA reduction (by about 1 percent of GDP) and U.S. tariff hike (47 percent initially). These developments would take a toll on growth, considering the country’s high dependence on external financial support and the exposure of its vanilla sector and textile industry to the U.S. market. Growth in 2025 would be lower-than-previously expected at 4 percent.

The current account deficit widened to 5.4 percent of GDP in 2024, due to continued weak performance in some mining subsectors; it is expected to widen further (to 6.1 percent of GDP) this year, amidst challenging prospects in the textile industry and the vanilla sector.

Program performance has been satisfactory, with all end-December 2024 quantitative performance criteria and three out of four indicative targets having been met. M3 growth was within the bands of the Monetary Policy Consultation Clause. All but one structural benchmark for the review period were also met. On the RSF front, a new forest carbon framework that promotes private sector participation in the reforestation was adopted and the National Contingency Fund for disaster risk management was operationalized.

At the conclusion of the Executive Board discussion, Mr. Nigel Clarke, Deputy Managing Director, and Acting Chair, made the following statement:

“Performance improved gradually over the first half year of the program, following delays related to mayoral elections; all but one of the end-December 2024 quantitative targets were met, and notable progress was achieved in the structural reform agenda. Recent weather-related and external shocks call for spending reprioritization, deliberate contingency planning in budget execution, and letting the exchange rate act as a shock absorber.

“The recent adoption of a recovery plan for the public utilities company (JIRAMA) is a step in the right direction. Its swift implementation will help address pervasive disruptions in the provision of electricity to households and businesses, while limiting calls on the State budget. The continued implementation of the automatic fuel pricing mechanism will also help contain fiscal risks with targeted measures to support the most vulnerable.

“Pressing ahead with domestic revenue mobilization efforts and enhancing public financial management and the public investment process remain key to fiscal sustainability. Early preparations for the 2026 budget will allow for stronger buy-in from domestic stakeholders; the budget should be anchored in a well-articulated medium-term fiscal strategy that accounts for the implementation of JIRAMA’s recovery plan and creates space for critical development spending.

“While inflation has receded slightly from its January peak, the central bank (BFM) should not loosen monetary policy until inflation is on a firm downward path. Further improvements in liquidity management, forecasting and communication will strengthen the implementation of the BFM’s interest-based monetary policy framework. Maintaining a flexible exchange rate will help absorb external shocks.

“A swift implementation of the authorities’ anti-corruption strategy (2025-2030), together with a homegrown action plan for implementing key recommendations from the IMF Governance Diagnostic Assessment (GDA), will improve transparency and the rule of law, support the authorities fight against corruption and protect the public purse.

“The authorities’ continued commitment to their reform agenda under the Resilience and Sustainability Facility (RSF) will support climate adaptation in Madagascar and complement the Extended Credit Facility (ECF) in fostering overall socio-economic resilience.”

Table. Madagascar: Selected Economic Indicators


	2022	2023	2024	2025	2026

	Est.			Proj.
	(Percent change; unless otherwise indicated)
National Account and Prices
GDP at constant prices	4.2	4.2	4.2	4.0	4.0
GDP deflator	9.6	7.5	7.6	8.3	7.0
Consumer prices (end of period)	10.8	7.5	8.6	8.3	7.3

Money and Credit
Broad money (M3)	13.8	8.6	14.6	13.7	8.7

	(Growth in percent of beginning-of-period money stock (M3))
Net foreign assets	0.8	18.2	9.8	1.5	1.4
Net domestic assets	13.0	-9.7	4.8	12.2	7.4
of which: Credit to the private sector	9.8	0.7	5.6	6.0	6.2

	(Percent of GDP)
Public Finance
Total revenue (excluding grants)	9.5	11.5	11.4	11.2	12.0
of which: Tax revenue	9.2	11.2	10.9	10.7	11.7
Grants	1.3	2.3	2.3	0.7	0.4

Total expenditures	16.2	17.9	16.2	15.7	16.5
Current expenditure	10.8	10.9	9.6	9.7	9.5
Capital expenditure	5.4	7.0	6.6	6.0	7.0

Overall balance (commitment basis)	-5.5	-4.2	-2.6	-3.9	-4.1
Domestic primary balance1	-1.8	-0.3	1.3	0.3	1.4
Primary balance	-4.9	-3.5	-1.9	-2.9	-3.0

Total financing	4.7	4.2	2.7	4.3	4.3
Foreign borrowing (net)	2.4	3.0	2.6	3.5	3.7
Domestic financing	2.2	1.2	0.1	0.8	0.5
Fiscal financing need2	0.0	0.0	0.0	0.0	0.0

Savings and Investment
Investment	21.8	19.9	22.2	23.1	24.2
Gross national savings	16.8	15.9	16.9	17.0	18.2

External Sector
Exports of goods, f.o.b.	23.0	19.5	14.8	13.5	13.2
Imports of goods, c.i.f.	33.8	28.0	26.4	25.7	25.5
Current account balance (exc. grants)	-6.6	-6.3	-8.1	-6.8	-6.4
Current account balance (inc. grants)	-5.4	-4.1	-5.4	-6.1	-6.0

Public Debt	50.0	52.7	50.3	50.9	52.2
External Public Debt (inc. BFM liabilities)	36.1	37.8	36.7	38.5	40.4
Domestic Public Debt	13.9	14.8	13.6	12.4	11.7

	(Units as indicated)
Gross official reserves (millions of SDRs)	1,601	1,972	2,189	2,297	2,337
Months of imports of goods and services	4.2	5.7	6.2	6.2	6.0
GDP per capita (U.S. dollars)	529	533	569	596	621

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

1. Primary balance excl. foreign-financed investment and grants.

2. A negative value indicates a financing gap to be filled by budget support or other financing still to be committed or identified.

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

– on behalf of International Monetary Fund (IMF).

MIL OSI Africa –

MIL-OSI: Surgent CPE Announces First-to-Market CPE Webinars Covering One Big Beautiful Bill Act (OBBBA) Tax Reform

Source: GlobeNewswire (MIL-OSI)

Industry-leading courses provide timely analysis of major new tax law for accounting and finance professionals

RADNOR, Pa., July 03, 2025 (GLOBE NEWSWIRE) — Surgent CPE, a recognized leader in continuing professional education for accounting and finance professionals, announced today the immediate availability of two new CPE webinars providing in-depth coverage of the One Big Beautiful Bill Act (OBBBA) just moments after the House’s passage of the bill and its advancement to the president’s desk.

OBBBA represents the most sweeping tax law since the 2017 Tax Cuts and Jobs Act, and Surgent’s new offerings give professionals a practical, expert-led opportunity to understand both the individual and business tax impacts of the legislation.

“We know that timely, practical CPE is mission-critical when landmark legislation like the One Big Beautiful Bill Act changes the tax landscape,” said Elizabeth Kolar, executive vice president and managing director of Surgent. “Our new webinars ensure professionals can quickly get up to speed, confidently advise clients, and earn valuable CPE credits at the same time.”

Two Distinct, In-Depth OBBBA CPE Webinars

Overview and Analysis of the New Tax Law: Part 1 – Focus on Individual Taxation (NEW1): Provides detailed coverage of all new OBBBA provisions impacting individual taxpayers, including state and local taxes (SALT), overtime, tips, new deductions, credits, and more.
Overview and Analysis of the New Tax Law: Part 2 – Focus on Business Taxation (NEW2): Examines business-related provisions such as the Qualified Business Income deduction, bonus depreciation, Paid Family and Medical Leave enhancements, business interest changes, and much more.

Each live, instructor-led session is worth four CPE credits and may be taken independently. Both webinars are included in Surgent’s Unlimited PLUS subscription or are available for purchase individually.

“OBBBA will affect tax planning for years to come. Practitioners need more than just the basics—they need real-world insight into how the provisions will impact their clients,” said Nick Spoltore, vice president of tax and advisory content at Surgent. “Our expert team is committed to going beyond the surface, delivering first-to-market, actionable content as new laws become reality.”

Webinar Details

Surgent will continue to provide practitioners with timely updates and clarifications as additional guidance and regulations emerge.

For more information or to register for the new OBBBA CPE webinars, visit SurgentCPE.com.

About Surgent Accounting & Financial Education
Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is a provider of high-impact education that accounting, tax, and financial professionals need throughout their careers. For most of the company’s 40-year history, Surgent has been a trusted provider of continuing professional education (CPE), continuing education (CE), and skill-based training that professionals need to maintain their credentials and stay current on industry changes. More recently, Surgent became one of the fastest-growing certification exam review providers, offering predictive AI-based courses that help learners pass accounting and finance credentialing exams faster. Learn more at Surgent.com.

About KnowFully Learning Group
The KnowFully Learning Group provides continuing professional education, exam preparation courses and education resources to the accounting, finance and healthcare sectors. KnowFully’s suite of learning solutions helps learners become credentialed, satisfy required credit hours to maintain credentials and stay informed on the latest trends and critical changes in their industries over the course of their careers. The company provides exam preparation and continuing education for accounting, finance and tax professionals headlined by the Surgent Accounting & Financial Education brand. KnowFully’s healthcare education brands include American Fitness Professionals & Associates, ChiroCredit, freeCE, Impact EMS Training, Online CE, PharmCon, Rx Consultant and Psychotherapy.net. For more information, please visit KnowFully.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08e065d2-75f9-41cd-a539-706963db7ed9

MIL-OSI: Linkage Global Inc Announces First Half 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

TOKYO, July 03, 2025 (GLOBE NEWSWIRE) — Linkage Global Inc (“Linkage Cayman”, or the “Company”), a cross-border e-commerce integrated services provider headquartered in Japan, today announced its unaudited financial results for the six months ended March 31, 2025.

First Half 2025 Selected Financial Metrics

Total revenues decreased by approximately $1.30 million to approximately $3.50 million for the six months ended March 31, 2025, compared to approximately $4.80 million for the same period of 2024.
Gross profit increased by approximately $1.99 million to $2.70 million for the six months ended March 31, 2025, from approximately $0.71 million for the same period of 2024. Cross-border sales margin improved from 12.70% to 21.31%, while integrated e-commerce services margin rose from 50.67% to 93.56% during the same period.
Net loss increased from approximately $1.41 million for the six months ended March 31, 2024 to approximately $3.09 million for the six months ended March 31, 2025.

First Half 2025 Financial Results

Revenues

Total revenues declined by approximately $1.30 million, or 27.02%, from approximately $4.80 million for the six months ended March 31, 2024, to approximately $3.50 million for the same period of 2025, mainly due to a sharp drop in cross-border sales.

Revenues from cross-border sales fell by approximately $3.74 million, or 82.35%, from approximately $4.54 million for the six months ended March 31, 2024 to approximately $0.80 million for the six months ended March 31, 2025. EXTEND, our Japanese subsidiary, contributed $0.43 million or 12.32% of total revenue, down 87.66% year-over-year. This decline was driven by poor market response to its 3C electronics product strategy. In response, the Company shifted focus to higher-margin, fully managed e-commerce services and reallocated staff accordingly. The cross-border business is now being restructured, with new product selections and the Company plans to explore TikTok store and livestream sales in Japan.

Revenues from Integrated e-commerce services surged by $2.44 million, or 930.08%, from approximately $0.26 million to $2.70 million for the six months ended March 31, 2025, largely due to the launch of fully managed e-commerce operations in 2025. This new model, contributing $2.59 million in revenue and $2.46 million in gross profit, involves end-to-end store management for merchants, with fees based on gross merchandize volume (GMV).

Revenues from digital marketing dropped from approximately $0.13 million for the six months ended March 31, 2024 to approximately $0.08 million for the six months ended March 31, 2025, after ending the Google partnership in January 2025 and beginning deregistration in April. Revenues from training and consulting, TikTok agent services declined by $0.10 million, or 75.25%, from $0.13 million to $0.03 million.

Cost of Revenues

Cost of revenues fell 80.34%, from approximately $4.09 million for the six months ended March 31, 2024, to approximately $0.80 million for the same period in 2025. This was mainly due to a sharp drop in cross-border sales costs, which declined $3.33 million, or 84.09%, from $3.96 million to $0.63 million, reflecting reduced procurement in line with lower sales. In contrast, costs for integrated e-commerce services rose $0.04 million, or 34.55%, from $0.13 million to $0.17 million. Of this, $0.13 million was related to the new fully managed e-commerce business, primarily covering staff salaries. Commission costs declined due to the termination of related services.

Gross Profit

Gross profit increased by approximately $1.99 million, or 280.57%, from approximately $0.71 million to approximately $2.70 million, mainly driven by the new fully managed e-commerce business, which contributed $2.46 million in profit with a 95.12% margin. The high margin was due to low operating costs, mostly staff salaries, with no enterprise resource planning development expenses in the current period as they were previously recognized. Cross-border sales margin improved from 12.70% to 21.31% due to a shift toward higher-margin products. Integrated e-commerce services margin rose from 50.67% to 93.56%, also driven by the new business model.

Operating Expenses

Operating expenses rose by 91.01%, from approximately $2.27 million to approximately $4.34 million, mainly due to higher general and administrative expenses, which increased 123.94%, from $1.74 million to $3.90 million for the six months ended March 31, 2025, which was primarily attributable to the allowance for credit loss, stock-based compensation and post-IPO financial and legal consulting fees.

Selling and marketing expenses dropped 31.15%, from approximately $0.23 million to approximately $0.16 million, due to lower freight and advertising costs, as well as lower marketing and promotion expenses.

Research and development expenses declined 7.87%, from approximately $0.30 million to approximately $0.27 million, as ERP development staff shifted to operational roles and their salaries were reclassified under business costs.

Other Expenses

Other expenses mainly include non-operating income and interest expenses, net. Non-operating income rose from $998 to approximately $0.39 million. Net interest expenses increased significantly from approximately $0.06 million to approximately $1.50 million, mainly due to the issuance of $10 million in convertible bonds in October 2024, with an actual interest rate of 42.52%, generating $1.56 million in interest expenses during the reporting period.

Income Tax (Provision)/Benefit

Income tax (provision) /benefit decreased by approximately $0.56 million, from approximately $0.02 million of tax benefit for the six months ended March 31, 2024 to approximately $0.34 million of tax expenses for the six months ended March 31, 2025. This decrease was primarily attributable to net profit for the fully managed e-commerce operation services with a tax rate of 16.5%.

Net Loss

As a result, net loss increased by approximately $1.68 million, or 119.62%, from approximately $1.41 million to approximately $3.09 million.

About Linkage Global Inc

Linkage Global Inc is a holding company incorporated in the Cayman Islands with no operations of its own. Linkage Cayman conducts its operations through its operating subsidiaries in Japan, Hong Kong, and mainland China. As a cross-border e-commerce integrated services provider headquartered in Japan, through its operating subsidiaries, the Company has developed a comprehensive service system comprised of two lines of business complementary to each other, including (i) cross-border sales and (ii) integrated e-commerce services. For more information, please visit www.linkagecc.com.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual reports on Form 20-F and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Investor Relations

WFS Investor Relations Inc.

Connie Kang, Partner

Email: ckang@wealthfsllc.com

Tel: +86 1381 185 7742


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND SEPTEMBER 30, 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	As of March 31, 2025			As of September 30, 2024
	USD
ASSETS
Current assets
Cash and cash equivalents		328,081			2,000,732
Accounts receivable, net		6,405,486			6,302,696
Inventories, net		35,675			66,331
Deposits paid to media platforms		—			482,650
Prepaid expenses and other current assets, net		1,625,517			2,689,581
Amount due from related parties		1,243,450			—
Short-term loan to third party		8,993,306			410,000
Interest receivable from loan to third party		386,261			—
Total current assets		19,017,776			11,951,990

Non-current assets
Property and equipment, net		50,594			85,807
Right-of-use assets, net		516,167			653,730
Total non-current assets		566,761			739,537
TOTAL ASSETS		19,584,537			12,691,527

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		324,069			624,723
Accrued expenses and other current liabilities		303,413			236,813
Short-term debts		—			32,810
Current portion of long-term debts		243,557			428,702
Contract liabilities		208,483			533,625
Amounts due to related parties		—			314,544
Lease liabilities – current		203,600			231,978
Convertible notes		7,884,325			964,865
Interest payable of convertible notes		1,555,689			—
Income tax payable		850,866			1,017,619
Total current liabilities		11,574,002			4,385,679

Non-current liabilities
Long-term debts		734,023			839,560
Lease liabilities – non-current		334,973			441,504
Total non-current liabilities		1,068,996			1,281,064
Total liabilities		12,642,998			5,666,743

Commitments and contingencies (Note 21)

Shareholders’ equity
Class A ordinary shares (par value of US$0.0025 per share; 998,000,000 ordinary shares authorized, 3,080,000 and 2,150,000 ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively) *		7,700			5,375
Class B ordinary shares (par value of US$0.0025 per share; 2,000,000 ordinary shares authorized, 700,000 and nil ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively) *		1,750			—
Additional paid in capital		8,564,021			5,591,596
Treasury Shares		(500	)		—
Statutory reserve		11,348			11,348
Retained earnings		(1,474,142	)		1,613,217
Accumulated other comprehensive loss		(168,638	)		(196,752	)
Total shareholders’ equity		6,941,539			7,024,784
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		19,584,537			12,691,527


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	For the six months ended March 31,
	2025			2024
	USD
Revenues		3,501,947			4,798,363
Cost of revenues		(804,142	)		(4,089,486	)
Gross profit		2,697,805			708,877

Operating expenses
General and administrative expenses		(3,904,027	)		(1,743,309	)
Selling and marketing expenses		(157,637	)		(228,956	)
Research and development expenses		(274,371	)		(297,811	)
Total operating expenses		(4,336,035	)		(2,270,076	)
Operating loss		(1,638,230	)		(1,561,199	)

Other expenses
Interest expenses, net		(1,496,504	)		(60,726	)
Other non-operating income		387,816			998
Total other expenses		(1,108,688	)		(59,728	)

Loss before income taxes		(2,746,918	)		(1,620,927	)
Income tax (provision)/ benefit		(340,441	)		215,161
Net loss		(3,087,359	)		(1,405,766	)
Net loss attributable to the Company’s ordinary shareholders		(3,087,359	)		—
Other comprehensive income/(loss)
Foreign currency translation adjustment		28,114			(10,107	)
Total comprehensive loss attributable to the Company’s ordinary shareholders		(3,059,245	)		(1,415,873	)

Loss per ordinary share attributable to ordinary shareholders
Basic and Diluted*		(0.90	)		(0.67	)
Weighted average number of ordinary shares outstanding
Basic and Diluted*		3,415,533			2,084,890


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	For the six months ended March 31,
	2025			2024
	USD
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		(3,087,359	)		(1,405,766	)

Adjustments to reconcile net loss to net cash used in operating activities:
Effect of exchange rate changes		202,551			1,184
Allowance for credit loss		1,344,218			568,229
Interest payable of convertible notes		1,555,689			—
Interest receivable from loan to third party		(386,261	)		—
Stock-Based Compensation		1,209,000			—
Depreciation		22,205			40,959
Amortization of lease right-of-use assets		114,791			110,229
Inventory provision		4,328			2,203
Deferred tax benefits		—			(216,713	)
Changes in operating assets and liabilities:
Accounts receivable, net		(1,649,559	)		(725,166	)
Prepaid expenses and other current assets, net		(261,232	)		(3,233,957	)
Inventories, net		26,328			539,517
Accounts payable		(300,654	)		(320,628	)
Contract liabilities		(325,142	)		25,350
Accrued expenses and other current liabilities		66,600			(5,188	)
Amounts due from related parties		341,426			—
Amounts due to related parties		(314,238	)		(16,189	)
Tax payable		(166,753	)		928,135
Operating lease liabilities		(134,909	)		(103,326	)
Net cash used in operating activities		(1,738,971	)		(3,811,127	)

Cash flow from investing activities
Repayments of loan to a related party		(99,876	)		—
Loan to third party		(8,640,000	)		—
Net cash used in investing activities		(8,739,876	)		—

Cash flow from financing activities
Proceeds from issuance of Class A ordinary shares upon the completion of IPO		—			5,356,792
Proceeds from Issuance of convertible notes		9,002,368			—
Proceeds from short-term debts		—			132,258
Repayments of short-term debts		(32,810	)		(33,726	)
Repayments of long-term debts		(124,959	)		(179,420	)
Repayments of other long-term debts		(108,037	)		(878,962	)
Payments of listing expenses		—			(150,606	)
Net cash provided by financing activities		8,736,562			4,246,336
Effect of exchange rate changes		69,634			(58,969	)
Net change in cash and cash equivalents		(1,672,651	)		376,240
Cash and cash equivalents, beginning of the period		2,000,732			1,107,480
Cash and cash equivalents, end of the period		328,081			1,483,720

Supplemental disclosures of cash flow information:
Income tax paid		—			150,124
Interest expense paid		33,056			65,901

Supplemental disclosures of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities		155,160			147,083

MIL-OSI: Linkage Global Inc Announces First Half 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

TOKYO, July 03, 2025 (GLOBE NEWSWIRE) — Linkage Global Inc (“Linkage Cayman”, or the “Company”), a cross-border e-commerce integrated services provider headquartered in Japan, today announced its unaudited financial results for the six months ended March 31, 2025.

First Half 2025 Selected Financial Metrics

Total revenues decreased by approximately $1.30 million to approximately $3.50 million for the six months ended March 31, 2025, compared to approximately $4.80 million for the same period of 2024.
Gross profit increased by approximately $1.99 million to $2.70 million for the six months ended March 31, 2025, from approximately $0.71 million for the same period of 2024. Cross-border sales margin improved from 12.70% to 21.31%, while integrated e-commerce services margin rose from 50.67% to 93.56% during the same period.
Net loss increased from approximately $1.41 million for the six months ended March 31, 2024 to approximately $3.09 million for the six months ended March 31, 2025.

First Half 2025 Financial Results

Revenues

Total revenues declined by approximately $1.30 million, or 27.02%, from approximately $4.80 million for the six months ended March 31, 2024, to approximately $3.50 million for the same period of 2025, mainly due to a sharp drop in cross-border sales.

Revenues from cross-border sales fell by approximately $3.74 million, or 82.35%, from approximately $4.54 million for the six months ended March 31, 2024 to approximately $0.80 million for the six months ended March 31, 2025. EXTEND, our Japanese subsidiary, contributed $0.43 million or 12.32% of total revenue, down 87.66% year-over-year. This decline was driven by poor market response to its 3C electronics product strategy. In response, the Company shifted focus to higher-margin, fully managed e-commerce services and reallocated staff accordingly. The cross-border business is now being restructured, with new product selections and the Company plans to explore TikTok store and livestream sales in Japan.

Revenues from Integrated e-commerce services surged by $2.44 million, or 930.08%, from approximately $0.26 million to $2.70 million for the six months ended March 31, 2025, largely due to the launch of fully managed e-commerce operations in 2025. This new model, contributing $2.59 million in revenue and $2.46 million in gross profit, involves end-to-end store management for merchants, with fees based on gross merchandize volume (GMV).

Revenues from digital marketing dropped from approximately $0.13 million for the six months ended March 31, 2024 to approximately $0.08 million for the six months ended March 31, 2025, after ending the Google partnership in January 2025 and beginning deregistration in April. Revenues from training and consulting, TikTok agent services declined by $0.10 million, or 75.25%, from $0.13 million to $0.03 million.

Cost of Revenues

Cost of revenues fell 80.34%, from approximately $4.09 million for the six months ended March 31, 2024, to approximately $0.80 million for the same period in 2025. This was mainly due to a sharp drop in cross-border sales costs, which declined $3.33 million, or 84.09%, from $3.96 million to $0.63 million, reflecting reduced procurement in line with lower sales. In contrast, costs for integrated e-commerce services rose $0.04 million, or 34.55%, from $0.13 million to $0.17 million. Of this, $0.13 million was related to the new fully managed e-commerce business, primarily covering staff salaries. Commission costs declined due to the termination of related services.

Gross Profit

Gross profit increased by approximately $1.99 million, or 280.57%, from approximately $0.71 million to approximately $2.70 million, mainly driven by the new fully managed e-commerce business, which contributed $2.46 million in profit with a 95.12% margin. The high margin was due to low operating costs, mostly staff salaries, with no enterprise resource planning development expenses in the current period as they were previously recognized. Cross-border sales margin improved from 12.70% to 21.31% due to a shift toward higher-margin products. Integrated e-commerce services margin rose from 50.67% to 93.56%, also driven by the new business model.

Operating Expenses

Operating expenses rose by 91.01%, from approximately $2.27 million to approximately $4.34 million, mainly due to higher general and administrative expenses, which increased 123.94%, from $1.74 million to $3.90 million for the six months ended March 31, 2025, which was primarily attributable to the allowance for credit loss, stock-based compensation and post-IPO financial and legal consulting fees.

Selling and marketing expenses dropped 31.15%, from approximately $0.23 million to approximately $0.16 million, due to lower freight and advertising costs, as well as lower marketing and promotion expenses.

Research and development expenses declined 7.87%, from approximately $0.30 million to approximately $0.27 million, as ERP development staff shifted to operational roles and their salaries were reclassified under business costs.

Other Expenses

Other expenses mainly include non-operating income and interest expenses, net. Non-operating income rose from $998 to approximately $0.39 million. Net interest expenses increased significantly from approximately $0.06 million to approximately $1.50 million, mainly due to the issuance of $10 million in convertible bonds in October 2024, with an actual interest rate of 42.52%, generating $1.56 million in interest expenses during the reporting period.

Income Tax (Provision)/Benefit

Income tax (provision) /benefit decreased by approximately $0.56 million, from approximately $0.02 million of tax benefit for the six months ended March 31, 2024 to approximately $0.34 million of tax expenses for the six months ended March 31, 2025. This decrease was primarily attributable to net profit for the fully managed e-commerce operation services with a tax rate of 16.5%.

Net Loss

As a result, net loss increased by approximately $1.68 million, or 119.62%, from approximately $1.41 million to approximately $3.09 million.

About Linkage Global Inc

Linkage Global Inc is a holding company incorporated in the Cayman Islands with no operations of its own. Linkage Cayman conducts its operations through its operating subsidiaries in Japan, Hong Kong, and mainland China. As a cross-border e-commerce integrated services provider headquartered in Japan, through its operating subsidiaries, the Company has developed a comprehensive service system comprised of two lines of business complementary to each other, including (i) cross-border sales and (ii) integrated e-commerce services. For more information, please visit www.linkagecc.com.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual reports on Form 20-F and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Investor Relations

WFS Investor Relations Inc.

Connie Kang, Partner

Email: ckang@wealthfsllc.com

Tel: +86 1381 185 7742


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND SEPTEMBER 30, 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	As of March 31, 2025			As of September 30, 2024
	USD
ASSETS
Current assets
Cash and cash equivalents		328,081			2,000,732
Accounts receivable, net		6,405,486			6,302,696
Inventories, net		35,675			66,331
Deposits paid to media platforms		—			482,650
Prepaid expenses and other current assets, net		1,625,517			2,689,581
Amount due from related parties		1,243,450			—
Short-term loan to third party		8,993,306			410,000
Interest receivable from loan to third party		386,261			—
Total current assets		19,017,776			11,951,990

Non-current assets
Property and equipment, net		50,594			85,807
Right-of-use assets, net		516,167			653,730
Total non-current assets		566,761			739,537
TOTAL ASSETS		19,584,537			12,691,527

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		324,069			624,723
Accrued expenses and other current liabilities		303,413			236,813
Short-term debts		—			32,810
Current portion of long-term debts		243,557			428,702
Contract liabilities		208,483			533,625
Amounts due to related parties		—			314,544
Lease liabilities – current		203,600			231,978
Convertible notes		7,884,325			964,865
Interest payable of convertible notes		1,555,689			—
Income tax payable		850,866			1,017,619
Total current liabilities		11,574,002			4,385,679

Non-current liabilities
Long-term debts		734,023			839,560
Lease liabilities – non-current		334,973			441,504
Total non-current liabilities		1,068,996			1,281,064
Total liabilities		12,642,998			5,666,743

Commitments and contingencies (Note 21)

Shareholders’ equity
Class A ordinary shares (par value of US$0.0025 per share; 998,000,000 ordinary shares authorized, 3,080,000 and 2,150,000 ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively) *		7,700			5,375
Class B ordinary shares (par value of US$0.0025 per share; 2,000,000 ordinary shares authorized, 700,000 and nil ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively) *		1,750			—
Additional paid in capital		8,564,021			5,591,596
Treasury Shares		(500	)		—
Statutory reserve		11,348			11,348
Retained earnings		(1,474,142	)		1,613,217
Accumulated other comprehensive loss		(168,638	)		(196,752	)
Total shareholders’ equity		6,941,539			7,024,784
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		19,584,537			12,691,527


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	For the six months ended March 31,
	2025			2024
	USD
Revenues		3,501,947			4,798,363
Cost of revenues		(804,142	)		(4,089,486	)
Gross profit		2,697,805			708,877

Operating expenses
General and administrative expenses		(3,904,027	)		(1,743,309	)
Selling and marketing expenses		(157,637	)		(228,956	)
Research and development expenses		(274,371	)		(297,811	)
Total operating expenses		(4,336,035	)		(2,270,076	)
Operating loss		(1,638,230	)		(1,561,199	)

Other expenses
Interest expenses, net		(1,496,504	)		(60,726	)
Other non-operating income		387,816			998
Total other expenses		(1,108,688	)		(59,728	)

Loss before income taxes		(2,746,918	)		(1,620,927	)
Income tax (provision)/ benefit		(340,441	)		215,161
Net loss		(3,087,359	)		(1,405,766	)
Net loss attributable to the Company’s ordinary shareholders		(3,087,359	)		—
Other comprehensive income/(loss)
Foreign currency translation adjustment		28,114			(10,107	)
Total comprehensive loss attributable to the Company’s ordinary shareholders		(3,059,245	)		(1,415,873	)

Loss per ordinary share attributable to ordinary shareholders
Basic and Diluted*		(0.90	)		(0.67	)
Weighted average number of ordinary shares outstanding
Basic and Diluted*		3,415,533			2,084,890


Linkage Global Inc UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024 (In U.S. dollars, except for share and per share data, or otherwise noted)

	For the six months ended March 31,
	2025			2024
	USD
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		(3,087,359	)		(1,405,766	)

Adjustments to reconcile net loss to net cash used in operating activities:
Effect of exchange rate changes		202,551			1,184
Allowance for credit loss		1,344,218			568,229
Interest payable of convertible notes		1,555,689			—
Interest receivable from loan to third party		(386,261	)		—
Stock-Based Compensation		1,209,000			—
Depreciation		22,205			40,959
Amortization of lease right-of-use assets		114,791			110,229
Inventory provision		4,328			2,203
Deferred tax benefits		—			(216,713	)
Changes in operating assets and liabilities:
Accounts receivable, net		(1,649,559	)		(725,166	)
Prepaid expenses and other current assets, net		(261,232	)		(3,233,957	)
Inventories, net		26,328			539,517
Accounts payable		(300,654	)		(320,628	)
Contract liabilities		(325,142	)		25,350
Accrued expenses and other current liabilities		66,600			(5,188	)
Amounts due from related parties		341,426			—
Amounts due to related parties		(314,238	)		(16,189	)
Tax payable		(166,753	)		928,135
Operating lease liabilities		(134,909	)		(103,326	)
Net cash used in operating activities		(1,738,971	)		(3,811,127	)

Cash flow from investing activities
Repayments of loan to a related party		(99,876	)		—
Loan to third party		(8,640,000	)		—
Net cash used in investing activities		(8,739,876	)		—

Cash flow from financing activities
Proceeds from issuance of Class A ordinary shares upon the completion of IPO		—			5,356,792
Proceeds from Issuance of convertible notes		9,002,368			—
Proceeds from short-term debts		—			132,258
Repayments of short-term debts		(32,810	)		(33,726	)
Repayments of long-term debts		(124,959	)		(179,420	)
Repayments of other long-term debts		(108,037	)		(878,962	)
Payments of listing expenses		—			(150,606	)
Net cash provided by financing activities		8,736,562			4,246,336
Effect of exchange rate changes		69,634			(58,969	)
Net change in cash and cash equivalents		(1,672,651	)		376,240
Cash and cash equivalents, beginning of the period		2,000,732			1,107,480
Cash and cash equivalents, end of the period		328,081			1,483,720

Supplemental disclosures of cash flow information:
Income tax paid		—			150,124
Interest expense paid		33,056			65,901

Supplemental disclosures of non-cash activities:
Obtaining right-of-use assets in exchange for operating lease liabilities		155,160			147,083

MIL-OSI: PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of Third Fiscal Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 03, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) announced that it will report results for the third fiscal quarter ended June 30, 2025 on Monday, August 11, 2025 after the close of the financial markets.

The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday, August 12, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #5487696 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com

MIL-OSI: PennantPark Investment Corporation Schedules Earnings Release of Third Fiscal Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 03, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) announced that it will report results for the third fiscal quarter ended June 30, 2025 on Monday, August 11, 2025 after the close of the financial markets.

The Company will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, August 12, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #3278368 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Investment Corporation
(212) 905-1000
www.pennantpark.com

MIL-OSI: Triumph Announces Schedule for Second Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 03, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) today announced that it expects to release its second quarter financial results and management commentary after the market closes on Wednesday, July 16, 2025. Upon filing, the financial results and commentary will be available on the Company’s IR website at ir.triumph.io.

Aaron P. Graft, Vice Chairman and CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Thursday, July 17, 2025.

The live video conference may be accessed directly through this link, https://triumph-financial-q2-2025-earnings.open-exchange.net/ or via the Company’s IR website at ir.triumph.io through the News & Events, Events & Presentations links. An archive of this video conference will subsequently be available at the same location, referenced above, on the Company’s website.

About Triumph

Triumph (Nasdaq: TFIN) is a financial and technology company focused on payments, factoring, intelligence and banking to modernize and simplify freight transactions. Headquartered in Dallas, Texas, its portfolio of brands includes Triumph, TBK Bank and LoadPay.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

Source: Triumph Financial, Inc.

Investor Relations:
Luke Wyse
Executive Vice President, Head of Investor Relations
lwyse@tfin.com
214-365-6936

Media Contact:
Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
atavackoli@tfin.com
214-365-6930

MIL-OSI Economics: Austria: 2025 Article IV Consultation-Press Release; and Staff Report

Source: International Monetary Fund

Summary

The Austrian economy faces a challenging environment following two successive years of recession. Adverse shocks from high energy prices and the rapid rise in interest rates to curtail subsequent inflation have dragged down domestic and external demand, as have heightened uncertainty and weak sentiment. The downturn in activity has been especially significant in manufacturing, construction, and some services. Despite weak demand, core inflation has been persistent due in part to rapid wage growth. And while strong policy responses helped to cushion the impact of recent shocks, the fiscal deficit and public debt have risen significantly from pre-pandemic levels. Over the medium term, weak productivity and demographic aging pose significant growth and fiscal headwinds. At the same time, Austria retains strong institutions that equip it to deal with these challenges.

MIL OSI Economics –

MIL-OSI USA: Griffith Statement on House Passage of Reconciliation Bill

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

The U.S. House of Representatives voted and passed Senate Amendment to H.R. 1, the budget reconciliation bill. This reconciliation package goes to President Trump to be signed into law. Following passage of the bill, U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“Today, I voted in favor of H.R. 1, the budget reconciliation bill. As with every bill, I weighed the pros and the cons. The positives of the bill clearly outweigh the negatives.

“A tax structure that encourages continued growth in the economy is extremely important. This bill contains a number of continuations of pro-small business policies. It helps protect family-owned farms and family-run businesses.

“In addition, it adds no tax on tips for most of our service-industry employees, including wait staff and hospitality workers. It also exempts wages for overtime work for hourly workers.

“Another significant impact is the increased money to help protect our nation’ s borders.

“The unleashing of American energy potential contained in this bill is significant and will lead to increases in production. Because of this American energy costs are expected to stabilize and even be lower in the coming decade.

“On Medicaid, we strengthened the program for the traditional Medicaid population. That population includes pregnant women, the disabled, the elderly, and the young.

“Opponents criticize the community engagement or “work requirement” provisions for able-bodied Medicaid-expansion recipients. I consider this a strength of the bill. While commonly called “work requirements,” the community engagement provision for able-bodied Medicaid-expansion recipients does not require a recipient to work per se but would require them to contribute to our communities. This engagement only requires an average of 18.5 hours a week. Eligibility can be achieved by participating in educational or substance abuse recovery programs, holding a traditional job, or volunteering for community service. I believe it is only fair to expect those able-bodied Medicaid-expansion recipients to contribute to their communities.

“Accordingly, I supported the bill.”

###

MIL-OSI USA: Grothman Celebrates Historical Wins in the One Big Beautiful Bill

Source: United States House of Representatives – Congressman Glenn Grothman (R-Glenbeulah 6th District Wisconsin)

Congressman Glenn Grothman (WI-06) celebrated major victories today following the House passage of the One Big Beautiful Bill Act, a landmark reconciliation bill that advances President Trump’s America First agenda, delivers crucial tax relief, and reins in waste, fraud, and abuse across the federal government.

The legislation protects Americans from devastating tax increases by making President Trump’s 2017 tax cuts permanent. Without action, families in Wisconsin’s Sixth District were facing an average $1,486 tax hike. By locking in the cuts, this bill protects the paychecks of hardworking Americans and ensures they keep more of their hard-earned money. It also eliminates taxes on tips and overtime pay, delivers additional tax relief for seniors, and strengthens the economy for middle-class families.

In addition to economic relief, the bill strengthens national security by fully funding President Trump’s border wall system and increasing immigration enforcement. It restores commonsense work requirements for able-bodied adults receiving taxpayer-funded benefits, ensuring safety-net programs like Medicaid are preserved for those who truly need them.

The bill includes Congressman Grothman’s FEHB Protection Act, which imposes new verification measures and audits on the Federal Employees Health Benefits program to remove ineligible beneficiaries, a reform projected to save taxpayers more than $2 billion.

It also includes parts of Grothman’s CREATE JOBS Act, including extending the bonus depreciation provisions from the Tax Cuts and Jobs Act, preserving full expensing for research and development investments, and applying neutral cost recovery to manufacturing commercial structures through 2029. These provisions will fuel job creation, support American manufacturing, and foster economic innovation.

“The passage of the One Big Beautiful Bill is a historic victory for Americans, as we’ve avoided the largest tax hike in our nation’s history,” said Grothman. “The American people gave us a mandate after four years of failure under President Biden to revive prosperity in our country. I’m proud to stand with Congressional Republicans and President Trump to deliver a bill that works in the best interests of Americans. The One Big Beautiful Bill strengthens our government programs for the people they were intended to serve, while rooting out the waste, fraud, and abuse that have plagued our systems for far too long. Hardworking Americans will see the benefits of our commonsense conservative policies. I was proud to vote yes to help move America toward further greatness.”

U.S. Rep. Glenn Grothman (R-Glenbeulah) proudly serves the people of Wisconsin’s 6th Congressional District in the U.S. House of Representatives

MIL-OSI USA: U.S. Rep. Castor Statement on Republicans’ Big Ugly Bill That Will Inflict Outsized Harm & Raise Costs on Floridians

Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

WASHINGTON, D.C. – Today, U.S. Rep. Kathy Castor (FL-14) blasted the House Republican “Big Ugly Bill” that will rip health care coverage, food and Pell grants away from tens of millions of Americans, including children, seniors, Veterans and people with disabilities – all to give massive tax breaks to the wealthiest Americans and corporations. The Big Ugly Bill is fiscally irresponsible and morally wrong, as it will also add trillions of dollars to the national debt, leading to higher interest rates and inflation. The Big Ugly Bill is the deepest rollback in health care coverage in history – wiping away gains made over the past decade to cover families under Medicaid, Medicare, and the Affordable Care Act (ACA). It’s an abominable transfer of wealth from the working class to the wealthy that will weaken America and hurt millions of families.

As American families struggle with the high cost of living, President Trump and Congressional Republicans are looting the Treasury and leaving families in the lurch with higher health care premiums, food costs and electric bills.

“The billionaire tax giveaway will hit Floridians harder than any other state, as 3.9 million rely on Medicaid and over 4.7 million rely on Affordable Care Act (ACA) coverage. The GOP bill takes health care away from children, seniors, pregnant and postpartum women, and people with disabilities to fund a massive tax break for billionaires and big corporations. The Big Ugly, no-good, horrible bill will result in an estimated 1.9 million Floridians losing their health care altogether, and soaring premiums for many more. President Trump and Congressional Republicans stick it to working-class Floridians while their wealthiest donors can buy more vacation homes, private jets and luxury vacations. The bill is chock full of special interest side deals and carve-outs – including giveaways for Big Oil and Gas, sweetheart deals for gun manufacturers and their lobbyists, all while cutting Pell Grants and student loans for millions of students,” said Rep. Castor.

“Medicaid, the ACA and SNAP are a lifeline for my neighbors in Florida. Slashing essential care and nutrition assistance means more Floridians will struggle to afford doctor visits, medications, long-term care and critical treatments, or to keep food on the table – essentials needed to stay healthy, keep their heads above water and our country strong.”

Trump and Republicans in Congress did not deviate from the political payback to the oil and gas industry as the Big Ugly Bill slashes initiatives that are lowering costs for American families, including cost-saving clean energy investments from the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA).

“It’s the worst bill I’ve seen in my years in Congress as Tampa Bay’s Congresswoman. Families and hardworking Americans will be left to deal with the harsh economic fallout. I will be there for them and will do everything in my power to repair the damage and fight for an economy that works for everyone, not just the privileged few.”

MIL-OSI USA: U.S. Rep. Castor Statement on Republicans’ Big Ugly Bill That Will Inflict Outsized Harm & Raise Costs on Floridians

Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)

WASHINGTON, D.C. – Today, U.S. Rep. Kathy Castor (FL-14) blasted the House Republican “Big Ugly Bill” that will rip health care coverage, food and Pell grants away from tens of millions of Americans, including children, seniors, Veterans and people with disabilities – all to give massive tax breaks to the wealthiest Americans and corporations. The Big Ugly Bill is fiscally irresponsible and morally wrong, as it will also add trillions of dollars to the national debt, leading to higher interest rates and inflation. The Big Ugly Bill is the deepest rollback in health care coverage in history – wiping away gains made over the past decade to cover families under Medicaid, Medicare, and the Affordable Care Act (ACA). It’s an abominable transfer of wealth from the working class to the wealthy that will weaken America and hurt millions of families.

As American families struggle with the high cost of living, President Trump and Congressional Republicans are looting the Treasury and leaving families in the lurch with higher health care premiums, food costs and electric bills.

“The billionaire tax giveaway will hit Floridians harder than any other state, as 3.9 million rely on Medicaid and over 4.7 million rely on Affordable Care Act (ACA) coverage. The GOP bill takes health care away from children, seniors, pregnant and postpartum women, and people with disabilities to fund a massive tax break for billionaires and big corporations. The Big Ugly, no-good, horrible bill will result in an estimated 1.9 million Floridians losing their health care altogether, and soaring premiums for many more. President Trump and Congressional Republicans stick it to working-class Floridians while their wealthiest donors can buy more vacation homes, private jets and luxury vacations. The bill is chock full of special interest side deals and carve-outs – including giveaways for Big Oil and Gas, sweetheart deals for gun manufacturers and their lobbyists, all while cutting Pell Grants and student loans for millions of students,” said Rep. Castor.

“Medicaid, the ACA and SNAP are a lifeline for my neighbors in Florida. Slashing essential care and nutrition assistance means more Floridians will struggle to afford doctor visits, medications, long-term care and critical treatments, or to keep food on the table – essentials needed to stay healthy, keep their heads above water and our country strong.”

Trump and Republicans in Congress did not deviate from the political payback to the oil and gas industry as the Big Ugly Bill slashes initiatives that are lowering costs for American families, including cost-saving clean energy investments from the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA).

“It’s the worst bill I’ve seen in my years in Congress as Tampa Bay’s Congresswoman. Families and hardworking Americans will be left to deal with the harsh economic fallout. I will be there for them and will do everything in my power to repair the damage and fight for an economy that works for everyone, not just the privileged few.”

MIL-OSI USA: Q&A: Medicaid Reforms Strengthen Safety Net

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
Q: Why did Congress seek fiscal integrity changes to the Medicaid program?
A: Six decades ago, Congress added Title XIX to the Social Security Act that created a health care safety net for low-income individuals and families, with primary emphasis on dependent children and their moms, individuals with disabilities and low-income seniors. Since 1965, state governments administer the public health insurance program with cost-sharing from the federal government. Over the years, eligibility expansions and loopholes accelerated expenditures that placed a greater burden on the federal budget. The federal share of Medicaid spending has increased from 60 percent in 1991 to about 74 percent in 2023. Throughout my service on the Senate Finance Committee, which has legislative and oversight jurisdiction of the Medicaid program, I’ve led bipartisan efforts to ensure the most vulnerable populations are served, particularly child and maternal care — including families with children with complex medical conditions — as well as foster and adopted youth. I’ve also supported efforts to strengthen fiscal accountability measures in this federal safety net, such as the passage of my bipartisan Right Rebate Act. Without robust fiscal integrity, the strings of this safety net would unravel at the seams and put an unsustainable and unfair burden on the taxpayer. Just consider, between 2015 and 2024, the amount of improper federal Medicaid payments reached $560 billion. Some estimates suggest that figure exceeds $1 trillion. Americans deserve better fiscal stewardship over their tax dollars and the program’s intended and most vulnerable recipients deserve to know this safety net is strong enough to meet their health care needs. Every dollar lost to waste and mismanagement is one less health care dollar for nursing home residents, low-income moms and foster youth.
Q: How does the Senate-passed budget bill strengthen the Medicaid program?
A: With fiscal responsibility top of mind, the Senate bill includes integrity measures to help ensure Medicaid continues to serve vulnerable Americans in our local communities. Specifically, common sense measures are designed to reduce duplicate enrollment; ensure deceased individuals and health care providers don’t remain enrolled; reduce payments for erroneous excess provider payments; and require states to check twice yearly if an individual is eligible to be on Medicaid, instead of screening once a year. In addition, stronger oversight will save billions by establishing robust verification for individuals receiving premium tax credits through the federal marketplace created by the Affordable Care Act. If a recipient gets more subsidies than allowed, that excessive subsidy must be returned. Through my oversight of taxpayer dollars, I advised the U.S. Treasury Inspector General last year that excessive payments weren’t being recouped to the federal treasury. I discovered more than 40 percent of excessive federal marketplace subsidy payments ran to the tune of more than $10 billion going back a decade. Clawing back these payments will save tens of billions of dollars.
Also, the bill establishes a $50 billion Rural Health Transformation Program to ensure hospitals, nursing homes, community health care centers and other rural providers can continue serving their communities and improve care. The Rural Health Transformation Program will improve access to care and health outcomes. It also establishes Medicaid work requirements for able-bodied adults age 64 or under, with reasonable exemptions for individuals with disabilities, seniors, pregnant women, children, caregivers and others. Able-bodied adults will have to complete a minimum of 80 hours of work a month by working, job training, going to school or volunteering. In addition, the bill allows states to offer home and community-based services (HCBS) to a broader range of individuals, such as those with developmental disabilities, while ensuring it doesn’t negatively impact those already eligible, and it enables interim HCBS coverage while newly eligible individuals develop their full care plan.
The Senate also prioritizes Medicaid for Americans, not people who broke our laws to enter the country illegally. Our bill ends federal financial support under Medicaid for those who don’t have verified citizenship, nationality or legal immigration status. These program integrity provisions for Medicaid and other health care programs will save over $500 billion, according to a non-partisan Congressional Budget Office (CBO) estimate. Despite orchestrated efforts to mischaracterize our program integrity measures with fearmongering and misinformation, the Senate took a big step to save Medicaid for people the program is intended to serve.