Category: Economy

MIL-OSI: Oxbridge / SurancePlus Commences Strategic Review of Potential Digital Asset Treasury and SurancePlus Carve Out

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, June 23, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), a leader in digitizing reinsurance securities as tokenized real-world assets (RWAs), together with its subsidiary SurancePlus, today announced an update to its previously announced strategic business review to maximize shareholder value.

The Company is actively reviewing a range of strategic initiatives for the company or its Web3 subsidiary, SurancePlus Holdings—including a potential carve-out and Nasdaq listing of SurancePlus Holdings, as well as a potential financing transactions to support a digital asset treasury initiative and explore related M&A opportunities.

Jay Madhu, CEO of Oxbridge, stated: “We view these strategic initiatives as potentially transformative opportunities that could unlock significant value for our shareholders while positioning both Oxbridge and SurancePlus for accelerated growth in their respective markets. A separate listing for SurancePlus would provide dedicated access to Web3 and digital asset investors, while our treasury strategy could strengthen our balance sheet and create new revenue streams.”

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

Company Contact:

Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

The MIL Network –

June 24, 2025
MIL-OSI: Oxbridge / SurancePlus Commences Strategic Review of Potential Digital Asset Treasury and SurancePlus Carve Out

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, June 23, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), a leader in digitizing reinsurance securities as tokenized real-world assets (RWAs), together with its subsidiary SurancePlus, today announced an update to its previously announced strategic business review to maximize shareholder value.

The Company is actively reviewing a range of strategic initiatives for the company or its Web3 subsidiary, SurancePlus Holdings—including a potential carve-out and Nasdaq listing of SurancePlus Holdings, as well as a potential financing transactions to support a digital asset treasury initiative and explore related M&A opportunities.

Jay Madhu, CEO of Oxbridge, stated: “We view these strategic initiatives as potentially transformative opportunities that could unlock significant value for our shareholders while positioning both Oxbridge and SurancePlus for accelerated growth in their respective markets. A separate listing for SurancePlus would provide dedicated access to Web3 and digital asset investors, while our treasury strategy could strengthen our balance sheet and create new revenue streams.”

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

Company Contact:

Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

The MIL Network –

June 24, 2025
MIL-OSI: Oportun Issues Letter to Stockholders Detailing CEO Raul Vazquez’s Record of Proven Leadership
Source: GlobeNewswire (MIL-OSI)

Urges stockholders to vote “FOR” Mr. Vazquez and Carlos Minetti on the GREEN proxy card

SAN CARLOS, Calif., June 23, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today issued a letter to stockholders detailing the experience and proven leadership record of its Director candidate and CEO Raul Vazquez, who has driven Oportun’s growth and transformation and is successfully executing a strategy to deliver improved operational performance and stockholder value.

The Board of Directors strongly urges all Oportun stockholders to vote “FOR” Oportun’s two highly qualified nominees, Mr. Vazquez and Carlos Minetti, using the GREEN proxy card or GREEN voting instruction form. The letter to stockholders and other important information related to the Annual Meeting can be found at VoteForOportun.com.

The full text of the letter to stockholders follows:

Dear Fellow Stockholders,

This year’s Annual Meeting of Stockholders of Oportun Financial Corporation is fast approaching. The meeting will be held on July 18, 2025, and you can vote online or by mail using the instructions on the enclosed GREEN proxy card.

At this year’s Annual Meeting, stockholders have an important choice to make. One of Oportun’s stockholders, Findell Capital Management, LLC, is seeking to remove Oportun’s CEO, Raul Vazquez, from the Board of Directors and replace him with someone who we believe is far less qualified.

This would be a serious mistake. Mr. Vazquez has valuable skills, experience and institutional knowledge that make him an exceptional CEO and effective Board member. He has a proven track record of leading large operations while driving technological innovation and fostering high-performance cultures, both at Oportun and in prior roles, and he has played a vital role in setting Oportun’s new strategic direction and driving the Company’s growth and transformation. He is deeply committed to Oportun’s success, and as a top ten Oportun stockholder who has made significant out-of-pocket stock purchases beyond his executive compensation plan, his interests are firmly aligned with those of stockholders.

Mr. Vazquez Has a Track Record of Effective Leadership

Before joining Oportun, Mr. Vazquez spent nine years with Walmart Inc., where he held a variety of senior leadership roles. Walmart, like Oportun, serves a diverse customer base, with particular strength among value-conscious and lower-to-middle income households.

As EVP and President of Walmart West, Mr. Vazquez oversaw a division generating more than $60 billion in revenue and comprising more than 1,000 stores across 23 states. As CEO of Walmart.com, he led a period of significant growth where he helped shape and scale Walmart’s global e-commerce strategy, transforming the platform into the most visited brick-and-mortar retailer website.

Mr. Vazquez Has Driven Oportun’s Growth and Transformation

Mr. Vazquez was appointed CEO of Oportun in 2012. As the oldest son of Mexican immigrants, he has a deep personal connection to Oportun’s core customer and a strong belief in the Company’s mission to empower hardworking individuals to build better futures. Joining Oportun represented an opportunity to bring his deep expertise in retail, operations and digital innovation as well as his people-centered leadership approach to an industry where he believed he could make a meaningful difference.

At the time, Oportun was struggling to raise debt and equity from external sources at the levels necessary to maintain its market position and continue operations.

Amid these challenges, Mr. Vazquez took swift and decisive action, crafting a strategic plan to revitalize and scale the business. Under his leadership, Oportun transformed from a small, regional lender reliant on a network of physical retail locations into a national, digitally-driven company positioned for sustained growth and profitability. Mr. Vazquez also has led the Company’s expansion from two states to 41 states and into adjacent products, including secured loans and savings products. Together, these initiatives have enabled the Company to grow its loan portfolio from $100 million in 2012 to approximately $3 billion today.

When macroeconomic conditions shifted abruptly and unexpectedly in early 2022, Mr. Vazquez worked proactively with the Board to strengthen and reposition the Company by reducing costs, streamlining operations and realigning strategic priorities. Importantly, these initiatives were developed independently of Findell and were announced two months before the Board had any knowledge that Findell was a stockholder.

These vital actions to reposition the Company, and our focus on execution, are delivering improved financial performance. In 2024, Oportun returned to originations growth, delivered improved credit metrics and reduced its operating expense ratio. That strong momentum continued during the first quarter of this year and, supported by a more efficient cost structure and stronger credit performance, we believe Oportun is well-positioned to deliver strong financial results in 2025. Importantly, this progress has been recognized by the market, with total stockholder returns significantly outperforming both peers and the broader markets over recent time periods.

Other Organizations Have Recognized Mr. Vazquez’s Leadership and Qualifications

Under Mr. Vazquez’s leadership, Oportun has received national recognition by leading publications for its innovation and impact:
- Oportun has consistently been recognized as a top workplace, including by the San Francisco Chronicle for the past seven years and by regional and national publications for the past ten years;
- Fast Company named Oportun one of the World’s Most Innovative Companies and a Top Ten Most Innovative Company in 2020;
- TIME magazine included Oportun on its list of “50 Businesses Inventing the Future” in 2018;
- Mr. Vazquez was honored as the EY Entrepreneur of The Year® 2018 National Award winner in the Financial Services category.
In 2013, Mr. Vazquez joined the Board of Directors of Staples, Inc., and in 2016 he was appointed to the Board of Directors of Intuit, a global financial technology company with a market capitalization of more than $200 billion. The Chairs of both public companies have praised Mr. Vazquez for his leadership experience, strategic vision, and deep understanding of the consumer:

“Raul brings a nice range of financial services, retail, technology and community development expertise… With a great reputation as a game changer, Raul’s vast experience across local, regional, state, federal and international levels of engagement and diverse perspective will be of great value to our board.”

Intuit
Brad Smith, Former Chairman and CEO
May 4, 2016

“[Raul] is a multi-channel veteran with deep digital expertise and leadership experience in retail, marketing and operations. His global e-commerce perspective would be particularly valuable as we focus on rapidly increasing online sales as part of our strategic reinvention.”

Staples
Ron Sargent, Former Chairman CEO
April 4, 2013

Beyond his public board experience, Mr. Vazquez previously served on the Board of the National Association for Latino Community Asset Builders, the Consumer Financial Protection Bureau’s Consumer Advisory Board, and as Chair of the Federal Reserve Board’s Community Advisory Council.

Replacing Mr. Vazquez with Findell’s Candidate Would be a Mistake

As part of its annual evaluation process, the Board, which includes two individuals recommended by Findell, recently completed a comprehensive review of Mr. Vazquez’s performance. Following that review, the Board unanimously concluded that Mr. Vazquez is the best person to lead the Company forward. Supplanting the Board’s unanimous judgment and removing Mr. Vazquez from the Board – especially at a time when the Company’s performance is improving and its momentum is building – would be a mistake.

In our view, Findell’s candidate, Warren Wilcox, is no substitute for Mr. Vazquez. Mr. Wilcox has no public company CEO experience, limited experience serving low- and middle-income customers and has not served on a public company board in over a decade. Replacing Mr. Vazquez with Mr. Wilcox would jeopardize the continuity, leadership and business insight needed to continue our progress and momentum. With all of Oportun’s proxy peers and approximately 97% of Russell 3000 boards including the company’s CEO¹, removing Mr. Vazquez would also be highly unusual and send a disruptive message to employees, stockholders and other stakeholders.

We Ask for Your Support

We encourage you to visit VoteForOportun.com to learn more about the Company’s progress and our plan to ensure that our strong momentum continues. We believe you will reach the same conclusion as our Board: that Mr. Vazquez is the right leader for Oportun and that his reelection is the best way to protect and enhance stockholder value.

We urge stockholders to support Oportun’s CEO, Mr. Vazquez, and Oportun’s other nominee, Carlos Minetti, by voting for each of them on the GREEN proxy card today.

Sincerely,
The Oportun Financial Corporation Board of Directors

If you have any questions about how to vote your shares, please call the firm assisting us with the solicitation of proxies:

INNISFREE M&A INCORPORATED
(877) 800-5195 (toll-free from the U.S. and Canada) or
+1 (412) 232-3651 (from other countries)

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Cautionary Statement on Forward-Looking Statements

Certain statements in this communication are “forward-looking statements”. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this communication, including statements as to our future performance, financial position and our strategic initiatives, and the Annual Meeting, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the year ended December 31, 2024, as well as our subsequent filings with the SEC. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Innisfree M&A Incorporated
Scott Winter / Gabrielle Wolf / Jonathan Kovacs
(212) 750-5833

Media Contact
FGS Global
John Christiansen / Bryan Locke
Oportun@fgsglobal.com

______________________
¹ Source: Bloomberg

The MIL Network –
June 24, 2025
MIL-OSI: Topnotch Crypto Unveils Exclusive XRP Cloud Mining Contracts with Instant Rewards and Flexible Terms
Source: GlobeNewswire (MIL-OSI)

New York, June 23, 2025 (GLOBE NEWSWIRE) — As the XRP community eagerly awaits significant price movements, Topnotch Crypto, a leading innovator in cloud mining solutions, today announced the launch of its new suite of XRP cloud mining contracts. Designed to provide immediate value and flexible earning opportunities, these contracts allow XRP holders to generate consistent daily income, regardless of market volatility.

Despite continued anticipation for XRP to reach new highs, the asset has demonstrated periods of consolidation. Topnotch Crypto’s new XRP cloud mining contracts offer a strategic avenue for investors to maximize their holdings by earning passive income during these phases.

“We understand the patience and dedication of the XRP community,” said a spokesperson for Topnotch Crypto. “Our new XRP cloud mining contracts are tailored to empower holders, offering a straightforward and efficient way to earn predictable returns daily, turning waiting periods into earning opportunities. We are committed to providing top-notch solutions that align with the evolving needs of the crypto market.”

Harnessing the Power of XRP Cloud Mining with Topnotch Crypto

Topnotch Crypto’s cloud mining platform removes the traditional barriers to cryptocurrency mining, such as expensive hardware, technical complexities, and high electricity costs. Utilizing advanced infrastructure and AI-driven optimization, Topnotch Crypto simulates yield through a fully remote and streamlined process.

Key Features of Topnotch Crypto’s XRP Cloud Mining Contracts:
- No Hardware, No Hassle: Participate in XRP mining without the need for specialized equipment or technical expertise.
- Daily Payouts: Receive mining rewards credited directly to your account every day, ensuring predictable cash flow.
- Robust Security: Benefit from Topnotch Crypto’s industry-leading security protocols, safeguarding your assets with utmost care.
- Flexible Contract Options: Choose from a variety of short-term and long-term contracts designed to suit diverse investment strategies and risk appetites.
Diverse Plans for Every Investor Profile:

Topnotch Crypto offers a range of XRP cloud mining contracts, catering to both new and experienced investors:
- Classic contract: suitable for novices to try, short cycle, experience the complete process.
- Steady contract: balance income and cycle, suitable for users who want stable accumulation.
- Advanced contract: suitable for long-term coin holders, get higher computing power configuration and better income.
- Click here to view complete contract details
These flexible options provide XRP holders with a practical approach to stay engaged in the ecosystem and generate steady returns as the token builds momentum.

Why Choose Topnotch Crypto for XRP Mining?
- 100% Remote Access: Activate and manage your mining plans from anywhere, anytime, with just an internet connection.
- Advanced AI Optimization: Our proprietary AI ensures optimized yield and profitability, even during market fluctuations.
- Transparent Daily Rewards: Enjoy clear and predictable XRP payouts that enhance your portfolio’s cash flow and mitigate volatility risks.
- Dedicated Support: Access a responsive customer support team ready to assist with any queries.
Getting Started with Topnotch Crypto is Simple:
1. Register a platform account and you will receive $15, and you will receive a $0.6 reward for daily sign-in
2. Select Your Contract: Browse our range of XRP cloud mining contracts and choose the one that fits your goals.
3. Start Earning: Activate your chosen plan and begin receiving daily XRP rewards automatically.
Topnotch Crypto is committed to making cryptocurrency mining accessible and profitable for everyone. Our platform is built on a foundation of security, efficiency, and user-centric design, allowing users to mine leading cryptocurrencies without the need for expensive rigs or in-depth technical knowledge.

Don’t wait for the next XRP rally to start earning. Explore the future of XRP mining with Topnotch Crypto today at https://topnotchcrypto.com

About Topnotch Crypto:

Topnotch Crypto is a pioneering force in the cloud-based cryptocurrency mining industry, dedicated to democratizing access to passive income opportunities. With a focus on secure, AI-powered, and environmentally conscious infrastructure, Topnotch Crypto empowers users worldwide to mine popular cryptocurrencies through an intuitive and efficient platform.

More information:

Official website: https://topnotchcrypto.com

APP download: https://topnotchcrypto.com/xml/index.html#/app

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining involves risks, including the potential loss of principal. It is strongly recommended that you perform your own due diligence and consult with a professional financial advisor before making any investment or trading decisions in cryptocurrencies and securities.

The MIL Network –
June 24, 2025
MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company
Source: GlobeNewswire (MIL-OSI)
- ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
- Equity investors have immediate exposure to bitcoin based on structure of financing transactions
- Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public
New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

“The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

“From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

Terms of the Proposed Business Combination and Financing Transactions

The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Advisors

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

About ProCap BTC, LLC and ProCap Financial, Inc.

ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

About Columbus Circle Capital I
Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

About Cohen & Company

Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/. J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management.

About Clear Street

Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

Additional Information and Where to Find It

ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Media Contacts

Ebony Lewkovitz
ebony@edencommunications.com

Larissa Bundziak
larissa@edencommunications.com

IR@ColumbusCircleCap.com

The MIL Network –
June 24, 2025
MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company
Source: GlobeNewswire (MIL-OSI)
- ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
- Equity investors have immediate exposure to bitcoin based on structure of financing transactions
- Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public
New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

“The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

“From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

Terms of the Proposed Business Combination and Financing Transactions

The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Advisors

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

About ProCap BTC, LLC and ProCap Financial, Inc.

ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

About Columbus Circle Capital I
Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

About Cohen & Company

Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/. J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management.

About Clear Street

Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

Additional Information and Where to Find It

ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

Media Contacts

Ebony Lewkovitz
ebony@edencommunications.com

Larissa Bundziak
larissa@edencommunications.com

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The MIL Network –
June 24, 2025
MIL-OSI Europe: OSCE organizes study trip to Poland for representatives of the General Prosecutor’s Office

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: OSCE organizes study trip to Poland for representatives of the General Prosecutor’s Office

Meeting between the delegation from the General Prosecutor’s Office of Uzbekistan and the State Labour Inspection of Poland (OSCE) Photo details

From 16 to 20 June, the OSCE Project Co-ordinator in Uzbekistan (PCUz) organized a study visit to Poland for a delegation from the General Prosecutor’s Office of the Republic of Uzbekistan to gain insights into Poland’s policies, legislative frameworks and best practices in reducing the shadow economy.
During their visit to Poland, the delegation engaged with a range of institutions, including the Ministry of Finance, the State Labour Inspection and the Central Anti-Corruption Bureau. Meetings with labour inspectors, prosecutors, anti-corruption bodies and financial regulatory authorities focused on detecting informal employment, evaluating informal economy, improving enforcement mechanisms and strengthening interagency co-ordination.
The delegation explored digital tools for economic monitoring, such as electronic reporting and real-time data exchange systems, as well as customs controls to prevent illicit trade. They also examined how Poland’s Social Insurance Institution uses data and incentives to promote formal employment.
The study visit provided valuable insights into Poland’s integrated approach to tackling the shadow economy through regulation, technology and institutional co-operation. The visit continues the PCUz’s support for Uzbekistan’s good economic governance reforms.

MIL OSI Europe News –

June 24, 2025
MIL-OSI United Kingdom: Clean energy future to be ‘built in Britain’
Source: United Kingdom – Executive Government & Departments

Press release

Clean energy future to be ‘built in Britain’

Government publishes its Clean Energy Industries Sector Plan to ensure the clean energy revolution is built in Britain.
Government publishes landmark plan to capture the immense jobs and growth opportunities of the clean energy economy

Plan will double down on Britain’s strengths as a coastal nation and scientific superpower, bringing jobs to industrial heartlands and coastal communities through Plan for Change

Further £700 million for Great British Energy to invest in clean energy supply chains and ensure the clean energy revolution is built in Britain

Communities across Britain will benefit from good jobs and investment in the clean energy economy, as the government today (Monday 23 June) publishes its Clean Energy Industries Sector Plan to ‘build it in Britain’.

Clean energy is the economic opportunity of the twenty-first century, and thanks to the government’s clean energy mission, investment is booming in the UK, with over £40 billion of private investment in clean energy announced since July.

This landmark plan, developed with industry, trade unions, and workers across all regions of the country, sets the UK on a path to unleash the tidal wave of jobs and investment that clean energy can bring, with the government targeting at least a doubling of current investment levels across our frontier Clean Energy Industries to over £30 billion per year by 2035.

It comes after the Spending Review confirmed the biggest programme of investment in homegrown energy in UK history – from launching a golden age of nuclear with funding to build Sizewell C nuclear power station on the Suffolk coast and small modular reactors, to £9.4 billion for carbon capture industries.

Energy Secretary Ed Miliband said:

This government is doubling down on Britain’s clean power strengths as we build this new era of clean energy abundance, helping deliver good jobs, energy security and lower household bills.

The UK’s pitch is clear – build it in Britain. Power the world.

Great British Energy Chief Executive Dan McGrail said:

Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.

We are working closely with businesses across the clean energy sector to invest in areas of strategic need and will get funding out as fast as possible to get new projects off the ground.

As part of this plan, Great British Energy will have an additional £700 million to help build manufacturing facilities here at home for key components for the clean power revolution like floating offshore platforms, electric cables, and cutting-edge hydrogen infrastructure. This builds on Great British Energy’s initial £300 million for offshore wind supply chains, which the Energy Secretary confirmed last week has already catalysed a further £700 million from industry and The Crown Estate. With today’s additional funding, this brings total public and private funding in clean energy supply chains to £1.7 billion. This investment will unlock thousands of jobs, kickstarting growth in coastal communities and industrial towns, and secure a cleaner, more independent energy future for Britain.

Lucy Yu, CEO and founder of the Centre for Net Zero, has also been announced as the government’s Clean Energy AI Champion – helping to drive the adoption of AI across the UK’s clean energy sector and accelerate the net zero transition.

The Clean Industry Bonus – the financial reward scheme for offshore wind developers to invest in homegrown, cleaner supply chains – could also be expanded to more sectors, such as hydrogen and onshore wind. This will ensure clean energy investment is directed to regions that need it most, including traditional oil and gas communities, ex-industrial areas and coastal communities.

The Industrial Strategy sets out how Britain’s strengths make it the natural home for clean power industries: as a coastal nation, a scientific and innovation superpower, with strengths in high-value manufacturing and a skilled energy workforce to match.

Read the Clean Energy Industries Sector Plan.

Stakeholders

Martin Pibworth, Chief Executive designate at SSE plc, said:

The government’s industrial strategy is a welcome signal of long-term thinking and ambition – doubling down on homegrown energy is the right thing for security, resilience and affordability, making the most of the UK’s competitive geographical and technical advantages in renewables in particular.

It’s exactly the kind of commitment that gives industry the confidence to deliver at pace and scale, and with important decisions on energy policy expected in the weeks ahead, we hope to see a continued focus on unlocking investment that drives growth.

As the UK’s clean energy champion, SSE is investing £17.5 billion over 5 years to 2027 – building the infrastructure, creating high-quality jobs, supporting the supply chain and driving the innovation needed to deliver a net zero economy.

Jon Butterworth, CEO of National Gas, said:

The Industrial Strategy makes clear the scale of economic opportunity within the clean energy sector. As an essential enabler for all growth sectors, we warmly welcome the Clean Energy Industries Sector Plan which will position Britain as a world leader in technologies like hydrogen and carbon capture.

As Britain’s national gas network, we believe technologies like hydrogen and carbon capture will attract major investment, creating highly-skilled jobs across the country, as well as decarbonising our existing industries and bolstering energy security.

We welcome the recent commitments and recognition shown by the government on the role of green gases and Britain’s national gas network and look forward to working in partnership to deliver the clean energy economy of the future.

Steve Foxley, Chief Executive of the Offshore Renewable Energy Catapult, said:

Wind energy is not only a critical enabler of Net Zero as the foundation of our future clean energy system but also a once-in-a-generation industrial growth opportunity. Through clear pathways from research and development to commercialisation and deployment, the UK’s Modern Industrial Strategy will capitalise on our long history of innovation to not only attract critical manufacturing investment, creating thousands of highly skilled jobs the length and breadth of the country, but also ensure our energy security in an otherwise increasingly uncertain world.

Chris Norbury, Chief Executive of E.ON UK

We welcome the government’s bold ambition to put clean energy at the centre of the UK’s industrial strategy. This is a once-in-a-generation opportunity to grow the economy, strengthen energy security and create skilled, secure jobs across the country.

Our £2 billion UK investment plan is already driving forward decarbonisation, digitalisation and green skills, including through our Net Zero Academy and over 1,300 apprenticeships since 2018.

This strategy is a chance to accelerate that progress with the right clarity, long-term investment signals and genuine partnership between government, cities and industry. If we get this right, Britain can lead the world in clean energy and deliver real meaningful benefits to every household and business.

Paul Nowak, General Secretary of the Trades Union Congress (TUC) said:

We welcome the government’s Clean Energy Sector Plan and its clear commitment to creating high-quality, secure jobs – not just any jobs.

The explicit pledge to a new generation of good industrial jobs will strike a chord with workers from Teesside to Merseyside, many of whom felt left abandoned by the last government’s failure to act.

We strongly support the launch of the UK’s first-ever Clean Energy Workforce Strategy – a vital recognition that workers are central to both our economy and the clean energy transition.

By prioritising sectors like nuclear fusion, nuclear fission, and offshore wind, the government is showing a serious commitment to a balanced, resilient energy mix.

The TUC backs the ambition to ‘Build it in Britain. Power the World’ and stands ready to help make it a reality.

Charlotte Brumpton-Childs, National Officer at GMB:

This strategy is a welcome shift, recognising that Britain’s clean energy future must be built here, by skilled workers in secure, union jobs. For too long, energy policy has meant offshoring opportunity and hollowing out industry.

If delivered properly, this plan could help turn that tide. GMB will work to make sure these promises translate into real investment, real jobs, and a just transition that puts working people at the heart of our industrial future.

Sue Ferns, Senior Deputy General Secretary at Prospect union said:

Boosting clean energy is not only an important mission in its own right, it is central to the success of every other sector. It is welcome to see the government doubling down on this mission, focusing investment on key technologies like renewables and nuclear energy, and recognising the key role that trade unions play as partners in this strategy.

Securing the investment is important, but perhaps the biggest challenge in this area is around the workforce. The energy workforce is undergoing an unprecedented transition, which creates opportunities for many but also serious challenges that need to be addressed.

Delivering on this strategy in a way which creates prosperity and supports jobs will require the government’s forthcoming energy workforce plan to be as ambitious as possible and fully backed by all parts of government.

David Hall, VP, Power Systems, Schneider Electric, said:

The Clean Energy Industries Sector Plan will help to provide much needed certainty for businesses and investors. We welcome the recognition of electricity networks as a ‘foundational sector’ and look forward to working with the Government to develop an electricity networks growth plan.

We also welcome the commitment to phasing out SF6 gas – a potent greenhouse gas – from switchgear. Regulatory certainty on this issue is key for manufacturers like Schneider Electric who are committed to invest in our domestic capabilities and support the decarbonisation of the grid.

Schneider Electric is a key supplier of the electrical infrastructure powering the UK’s electricity networks. Over the past two years we have invested almost £50 million to further boost the UK’s domestic supply chain, including investing £42 million to build a brand new factory in Scarborough, North Yorkshire.

Vattenfall’s UK Country Manager, Claus Wattendrup, said:

The government is right to back clean energy as a growth engine for UK jobs and skills. Offshore wind already supports over 50,000 UK jobs and is scaling up fast through initiatives like the Offshore Wind Industrial Growth Plan, and we now await the government’s Onshore Wind strategy to help unlock even more investment, jobs, and energy security.

We must avoid own-goals along the way, however: the benefits of district heating must not be overlooked, whereas zonal pricing in Great Britain risks future investments without cutting bills.

Dhara Vyas, CEO of Energy UK, said:

Energy UK welcomes the government’s new Industrial Strategy and Clean Energy Industries sector plan, which rightly recognise the pivotal role energy will play across the whole economy, powering growth through digitalisation and electrification, boosting regional prosperity and delivering economic security and resilience.

Stable, affordable energy prices will help ensure that the UK remains a competitive place to do business, and in an increasingly uncertain global operating environment, clean power will deliver energy security. Focussing on priority technologies where the UK has global expertise will deliver a strong competitive advantage for our businesses and economy.

We know the investment necessary to decarbonise the economy will mostly be funded by the private sector. Clarity on government policy, removal of the barriers to investment and targeted support are all essential to meet this ambition.

Jane Cooper, Deputy CEO of RenewableUK, said:

Today’s industrial strategy identifies clean energy as one of the sectors with the highest growth opportunity, and we are going to see tens of billions of pounds of new investment in wind energy, grid and hydrogen in the coming years. With that new infrastructure comes a golden opportunity to secure new jobs, manufacturing, innovation and exports, in the growing industrial clusters across the UK, in areas like the Humber, Scotland, South Wales, the South West and Teesside.

There are already nearly 2,000 companies in the UK who have benefitted from contracts to deliver work in the wind energy sector. Collectively, wind energy currently employs 55,000 people, a figure which has risen by a quarter from two years ago. By keeping a laser focus, as this Industrial Strategy does, on unlocking investment, remaining competitive, and supporting UK companies to innovate and grow, the offshore wind supply chain alone could boost the UK economy by £25 billion over the next decade.

The opportunity and vision is there, now government needs to ensure they deliver on the critical aspects of this industrial strategy. Most notably for renewables, that means ensuring the next two contract for difference allocation round are as successful as possible, clearing large volumes of projects in a stable market framework to reduce costs. This is essential if we want to attract investment in the UK’s supply chain, skills and capabilities.

Claire Mack OBE, Chief Executive of Scottish Renewables, said:

Placing clean energy at the heart of the new industrial strategy is a vote of confidence in the enormous economic growth potential of Scotland’s renewable energy industry and supply chain. The scale of opportunity is clear with sectors like offshore wind expected to generate £35 billion for the economy, helping to deliver good jobs and energy security.

Scottish Renewables has been urging the UK government to be bold in removing barriers to investment and we’re pleased to see the ambition outlined in this strategy, including measures to build a grid fit for the future, drive competitive supply chains and grow exports.

In the years ahead, success will be seen in the delivery of new clean energy infrastructure, thriving supply chains and skilled jobs across Scotland. Our industry stands ready to continue meeting that challenge head on.

Olivia Powis, CEO of the Carbon Capture and Storage Association (CCSA), said:

We are delighted to see the Government’s continued commitment to Carbon Capture, Utilisation & Storage (CCUS), including Greenhouse Gas Removals (GGRs), as a frontier industry. This rightly positions CCUS and GGRs as a core pillar in delivering on three vital national objectives: reaching net zero, driving regional growth, and strengthening economic security.

The UK’s CCUS industry stands ready to deliver and is pleased to see government’s prioritisation of cross-border CO₂ transport and storage networks in the North Sea, recognising the significant economic benefits for both UK and EU CCUS projects. This builds on the positive momentum from the recent UK-EU Summit – alongside the support confirmed in the Spending Review.

Following these government commitments, a clear timetable for deployment is essential to secure investment, as well as investment in scaling up supply chains and growing the workforce needed to deliver at pace. With continued partnership between government and industry, CCUS can anchor a new era of sustainable industrial growth – one that revitalises communities, boosts energy resilience and ensures the UK leads in tackling climate change.

Charlotte Lee, Chief Executive of the Heat Pump Association said:

It is great to see heat pumps, and by association heating systems, being listed as a frontier industry within the plan and identified as one of six areas with the highest growth potential.

With a new Heat Pump Investment Accelerator Competition confirmed, £13.2 billion recently announced for the Warm Homes Plan alongside a clear timeline for the introduction of the Future Homes Standard and a pledge to expand heat networks, it is clear the government are committed to enhancing the UK’s energy security by decarbonising heat from buildings.

Whilst we await the detail within the Warm Homes Plan, this strategy sets clear intentions for the sector, and the HPA will continue to work closely with government to support their missions to break down barriers to investment and deliver nationwide growth.

Clare Jackson, CEO at Hydrogen UK, said

The UK can, and should, lead the world in hydrogen, creating jobs and skills, driving economic growth, and lowering emissions. With hydrogen as a key pillar, the Industrial Strategy and Clean Energy Industries Sector Plan are welcome, positive steps forward to achieving that goal, with strong policy signals and funding to match.

The Clean Energy Industries Sector Plan in particular acknowledges hydrogen’s economic and export potential, and we look forward to working with the government as it puts these strategies into practice.

Dr Emma Guthrie, CEO of the Hydrogen Energy Association (HEA) said:

We welcome the publication of the Clean Energy Industries Sector Plan and the clear recognition of hydrogen as a central pillar in the UK’s clean industrial future.

The commitment to a dedicated hydrogen sector plan – 1 of 8 outlined across key growth industries – provides the clarity and direction that hydrogen investors, innovators and infrastructure providers urgently need.

The extension of the Clean Industry Bonus to hydrogen is a particularly positive step, signalling that government recognises the role hydrogen can play in decarbonising heavy industry and strengthening energy resilience.

The wider Industrial Strategy’s focus on reducing energy costs, accelerating grid connections and supporting frontier technologies reflects many of the priorities the hydrogen industry has long been calling for.

We now look forward to working closely with government and industry to ensure this strategy delivers tangible outcomes – unlocking investment, creating skilled green jobs, and accelerating the transition to a low-carbon economy.

Yselkla Farmer, CEO at BEAMA said:

BEAMA’s members are pleased that our calls for improvements to industrial conditions have been recognised. This long term strategy distinguishes electricity networks and electric heat – uniquely, both represented by BEAMA – as critical sectors for the UK’s economic prosperity. They have the potential to deliver significant benefits to consumers and those seeking excellent employment opportunities in our domestic supply chains.

We are well aligned with the government’s overall vision and objectives for our sector. We are looking forward to keeping the momentum up over the ten years of this strategy, working with government to bring tangible change and hugely increase investment in our members’ markets, with specific benefit to British manufacturing. In addition to some further measures from upcoming policy announcements, this strategy has the potential to build on our existing strengths for an exciting future.

We are especially pleased to see the level of financial support being targeted for BEAMA sectors through GB Energy, the National Wealth Fund and the British Business Bank and our hope is this can help bring forward investment in UK manufacturing to supply the UK’s electrification needs across the grid and in homes. The decision to reduce electricity costs for the IS-8 manufacturing sectors is an incredibly welcome step as we strive to ensure we can compete for investment globally.

Stuart Dossett, Senior Policy Adviser at Green Alliance, said:

As international events threaten to drive up the price of oil and send bills soaring once again, it is vital the government look at how to make the UK energy secure. If we’re successful in doubling the amount of investment in clean energy over the next ten years, as the government proposes today, this will provide the cheap, secure power we need for the rest of the economy to grow. The government is also right to focus on making sure more homegrown renewable energy results in cheaper electricity costs for businesses.

Darren Davidson, Head of UK, Siemens Energy said:

Today’s Industrial Strategy announcement, a 10-year UK government plan focused on partnership with business, is welcome news. As one of the world’s leading energy technology companies Siemens Energy has invested significantly in the UK, and we already employ over 6,500 people working on energy projects across the regions.

The new plan is a significant step forward in helping to create a coherent, strategic policy framework – including funding support – to help strengthen the UK’s industrial base, encourage job creation and deliver the energy transition.

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Published 23 June 2025
MIL OSI United Kingdom –
June 24, 2025
MIL-OSI United Kingdom: Love Portsmouth pop-up shop bows out on a high!
Source: City of Portsmouth

The Love Portsmouth pop-up shop at Gunwharf Quays is celebrating its final weekend of trading, marking the end of a highly successful six-month run. This Portsmouth City Council initiative, delivered in partnership with Love Southsea and supported by Landsec, has exceeded expectations, attracted thousands of visitors and provided a valuable platform for local businesses.

Originally launched in January 2025 for a three-month period, the shop’s popularity led to a three-month extension. In total, over 30 Portsmouth-based businesses have benefited from the opportunity to showcase and sell their products in a premium retail environment.

The shop has been a springboard for innovation and collaboration. Highlights include:
- The launch of The Fossil Thief, a new venture by Staggeringly Good Brewery in collaboration with two more Portsmouth businesses.
- The creation of Ummi Chai, a tea blend created by a collaboration between Tea Mountain and Road from Karachi and Ummi Chai beauty products – a collaboration of Goly Natural and Road from Karachi.
- Exclusive Portsmouth-themed merchandise developed by Love Southsea.
- Serving as the official retail outlet for Portsmouth Pride 2025 merchandise.
Councillor Steve Pitt, Leader of Portsmouth City Council with responsibility for economic development said:

“The Love Portsmouth pop-up has been a fantastic showcase of our city’s entrepreneurial spirit. It’s not only helped small businesses grow but also brought a new energy to our local economy. We’re proud of what’s been achieved and are exploring how we can build on this success to support even more local talent.”

Yvonne Clay, Centre Director at Gunwharf Quays added:

“The Love Portsmouth pop up has been an incredible success over the last six months. The initiative has not only provided a brilliant platform for over 30 local businesses to flourish in a premium retail environment but has also brought a unique energy and diverse offering to our guests. We’re proud to have supported such a valuable project that showcases the vibrant entrepreneurial spirit of Portsmouth.”

The Love Portsmouth shop showcases a curated selection of high-quality goods produced by local Portsmouth businesses including natural skincare by Goly Natural, handcrafted jewellery by Wild Jewellery, quality teas by Tea Mountain, handcrafted luxury candles by Salt and Blossom, sustainable designer fashion by SpottandHerbert, merchandise for Portsmouth Pride 2025 and unique children’s clothing by Little Loves Apparel. Local artists also showcased their work.

Lulu Whitmore, Director of Love Southsea, said:

“Love Portsmouth has been a joy to deliver. The response from the public to buy local and the success of the businesses involved has been fantastic.”

The Love Portsmouth pop up shop was funded through the UK Government’s Shared Prosperity Fund and will close at 6pm on Monday 30 June.

For more information visit rediscoverportsmouth.co.uk/love-portsmouth
MIL OSI United Kingdom –
June 24, 2025
MIL-OSI Russia: Interview with Minister of Industry and Trade Anton Alikhanov to RIA Novosti

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Anton Alikhanov: We are fighting phantom enterprises.

In an interview with RIA Novosti, Minister of Industry and Trade Anton Alikhanov spoke about how pseudo-Russian brands are identified, what measures the state is introducing to ensure product safety in schools and kindergartens, and the fight against illegal goods.

Anton Alikhanov (photo: Ministry of Industry and Trade)

A. Veselova: Anton Andreevich, what is the situation with illegal turnover of products in Russia today?

A. Alikhanov: I would like to start by saying that ten years ago, by decision of the president, a state commission was created to combat illegal turnover of industrial products. It became the main coordinating link in the comprehensive work in the fight against the shadow market. The activities of all industry and regulatory bodies at the federal level are linked through it.

Various tools are used to reduce the circulation of illegal products. But the most effective has become the digital marking and traceability system of goods “Honest Sign”.

This direction is already being implemented in all EAEU countries and in Uzbekistan. In Russia, 31 product categories are monitored from the conveyor to the consumer on a mandatory basis, with 16 being subject to an experiment. The government is also considering further expansion of the system to various products, especially in the food industry and industrial goods. The Honest Sign mobile application is used by almost 28 million consumers, they have checked more than 300 million products and identified 240 thousand violations. All complaints are sent to regulatory authorities.

A. Veselova: What effect on the economy has been recorded in the country from the introduction of labeling?

A. Alikhanov: According to the Federal Tax Service, over the past five years the economic effect has amounted to 1.2 trillion rubles in the form of tax and other revenues to budgets at all levels. More than half of this amount was achieved by whitening the tobacco market – 627 billion rubles. The results in other product groups are also noticeable. In dairy products – 148 billion rubles, in light industry – 143 billion rubles, in the footwear segment – 85 billion rubles, in perfumery – 35 billion rubles.

In addition to increasing state revenues, legal businesses earned an additional 687 billion rubles by increasing their market share. And according to Rosstat data, the profitability of sales has increased for all bona fide market participants. Since the launch of mandatory labeling by 2023, tobacco products have increased by 17.9%, packaged water by 13.1%, footwear by 5.7%, and dairy products by 3.2%. I would like to note that these effects have been achieved without a noticeable impact on the final price for the consumer. According to the Research Institute of the Ministry of Finance, the share of labeling in the cost price is no more than 1%.

A. Veselova: Since April 2024, a permit regime has been in effect for a number of goods in Russia, which checks the quality of the goods through a special QR code; if the product is of poor quality, the system will not allow the buyer to purchase it. How effective is this mechanism? How does the regime protect consumers?

A. Alikhanov: Due to the introduction of a permit regime at store checkouts, sales of 1.2 billion low-quality or illegal goods have been blocked. Among them: beer – 299 million units, milk – 243 million, tobacco – 311 million, in the light industry – 187 million, soft drinks – 110 million. This system already applies to 16 groups of goods and will be expanded this year to non-alcoholic beer, caviar, veterinary drugs, technical rehabilitation equipment and bicycles.

The labeling system allows for batches of unsafe products to be blocked within an hour by decision of regulatory authorities. For example, Rospotrebnadzor, based on research, did this proactively with respect to six million dietary supplements across the country with dangerous levels of lithium, melatonin, and simethicone. Similarly, due to a poisoning incident, sales of a batch of 2.5 million bottles of water were promptly stopped. Thus, we now have a mechanism for quickly stopping sales of products whose quality and safety are in doubt.

It is important that we not only control the products themselves, but also close illegal production facilities, in particular 56 tobacco factories, using control bodies. At the same time, many enterprises left the shadow sector and began to operate according to the law. This is how more than 550 “new” water producers appeared, the number of legal importers of dietary supplements increased tenfold and those who produce them tripled.

A. Veselova: What is happening now in the sphere of state control over industrial products?

A. Alikhanov: State control is one of the key mechanisms for consumer protection. It ensures quality control and product safety in accordance with established requirements at all stages – during production, delivery and circulation.

Today, the safety of certain types of products is confirmed by a certificate or declaration, while there is no further state control over such products. That is, there may be cases when an unscrupulous manufacturer provides the laboratory with a so-called “golden sample” that fully complies with the requirements. This is how he receives a certificate. And the product goes to the market under this certificate, but it does not comply with the requirements. As a result, unsafe products may end up on the shelf.

A. Veselova: Are you developing additional mechanisms to protect consumers in order to prevent unsafe products from entering the market?

A. Alikhanov: We have developed a set of measures with the Ministry of Economic Development. First of all, these are changes to the legislation to restore state control over certain types of industrial products – I believe that it will be effective. This is confirmed by the experiment that Rosstandart is conducting on certain types of construction products and materials. We are talking about cable products, various types of cement, construction and concrete mixtures, as well as heating convectors and radiators. Over two thousand control measures have already been carried out in a year of the experiment.

According to the inspection results, 57% of cases revealed violations of product quality requirements. Such unsafe products are recalled from the market. For example, in St. Petersburg, about 6 thousand tons of dry construction mixtures worth a total of about 104 million rubles were withdrawn from circulation. And such cases are not isolated.

Another significant initiative in this direction was introduced by the State Duma deputies. They proposed to legislatively enshrine the regulation of technical conditions, according to which manufacturers often release their products. We fully support this approach.

A. Veselova: What is the difference between technical conditions and technical regulations? What effect do you expect from fixing technical conditions?

A. Alikhanov: Technical conditions today are a non-public document in which the manufacturer himself defines the requirements for his products. Formally, they should not be lower than the requirements of technical regulations. But technical regulations establish only minimum safety requirements and do not affect quality parameters. Therefore, the requirements of technical conditions may be lower than GOSTs. A simple example: if a manufacturer puts saury in a can labeled “kilka”, this may not violate safety standards or technical conditions. But it absolutely does not meet consumer expectations and, most importantly, violates GOST requirements.

We are confident that the removal of technical specifications from the unregulated zone will increase transparency and ensure fair competition. In addition, it will involve bona fide manufacturers in the national standardization process. Ultimately, this will have a positive effect on the quality of products released into circulation and will increase consumer confidence.

A. Veselova: What additional measures are being taken to protect products from possible attempts at counterfeiting?

A. Alikhanov: We conducted an experiment with the Ministry of Economic Development and the CRPT, following which the government adopted Resolution No. 837, which comes into force on September 1. It strengthens control not only over the availability, but also the content of permits for goods in the labeling system. This will allow us to confirm their relevance and compliance with the declared products. If the documents do not pass the check, the products will not be allowed on the market.

In addition, a ban on sales at the checkout will be introduced if the permits are declared invalid after the products have been put into circulation. We are currently verifying the contents of the documents with the state registers of Rosaccreditation and Rospotrebnadzor. In the future, we will expand the array of data on the products themselves and whether the company has the right to produce them. We are discussing this decision with the member countries of the association and expect a positive decision from the Eurasian Economic Commission.

A. Veselova: How does the ministry combat pseudo-Russian brands? How acute is this issue today?

A. Alikhanov: We are conducting an experiment to identify such manufacturers and phantom enterprises. For example, more than 2.8 thousand shoe manufacturers are registered in the marking system, of which almost 470 are in Moscow. If the system reveals, based on risk indicators, that the activities of such companies deviate from the norm and raise suspicions, then representatives of the CRPT and Rospotrebnadzor conduct an on-site inspection. In fact, they determine whether there is real production or just a legal entity that legalizes illegal products.

The first results showed that 92% of inspections of footwear, consumer goods and dietary supplements were fake enterprises. Their addresses were found to be vacant lots, residential buildings or abandoned buildings. These companies tried to “legalize” products that did not correspond to the declared documents. In some cases, there is reason to believe that these are imports that are registered as products of Russian origin in order to evade customs duties and control.

Based on the results of the experiment, a mechanism was developed to limit the issuance of marking codes to such legal entities and block their products. Before the traceability system appeared, this was impossible to do. For now, we have extended this algorithm to the least regulated industries – footwear, light industry, perfumery, tires and dietary supplements. Then we will cover other product categories.

A. Veselova: Anton Andreevich, there was information on the Internet about the incorrect operation of the marking system in case of unstable Internet operation? Do you know about this, does such a problem really exist?

A. Alikhanov: Since March 1, 2025, an offline mode has been introduced for a number of product groups that require mandatory labeling, which allows checking the product even without the Internet. To do this, a special local module of the system is installed at the checkout, into which a database of labeled products is loaded. When attempting to make a sale, the system first accesses the online database, and if the check fails, for example, due to the lack of Internet, it loads data from the local module. Thus, the system ensures correct operation even during temporary Internet problems.

A. Veselova: Today, more and more people use marketplaces, but it is difficult to check the quality of goods there. What measures do you plan to take in connection with counterfeit products on marketplaces?

A. Alikhanov: In our opinion, it is necessary to strengthen control over marketplaces in order to exclude violations when selling marked goods on the Internet. The draft law “On the platform economy” provides for the obligations of trading platforms to check the registration of the seller, the product and its code in the marking system. If any of these criteria are not met, the offer should not be reflected in the buyer’s search. While such requirements have not yet been enshrined in law, CRPT has entered into agreements with the largest marketplaces: Yandex, Wildberries, SberMegaMarket, Samokat, Ozon, AliExpress and Russian Post. These online platforms have undertaken to independently check customer complaints received through the Honest Sign application and take action against violators. According to the marking system, 95% of complaints were confirmed. In relation to a third of them, marketplaces applied sanctions: fines, blocking goods or warnings. For the rest, sellers received notifications demanding that they eliminate the violations.

A. Veselova: Today, goods from the member states of the Eurasian Economic Union cross customs under a simplified regime. There are frequent cases where goods illegally enter one of these countries and then travel to Russia. Is the Ministry working on measures to strengthen control in such cases?

A. Alikhanov: Our country is the largest market in the EAEU and, of course, there are cases that you mentioned. Often these goods then end up, for example, in the fake production facilities that I mentioned earlier.

To solve the problem, it is necessary, firstly, to harmonize the list of goods that are subject to mandatory labeling. That is, the nomenclature must be uniform in all EAEU countries. This is what we are discussing with our colleagues.

Secondly, it is necessary to ensure regular verification of information from the labeling system with data from the EAEU member states on goods sent to Russia. This also concerns the verification of mirror customs statistics and the country of origin of the goods.

A. Veselova: What effect do you expect from the experiment to control the supply of unsafe and low-quality food products to social institutions?

A. Alikhanov: With the introduction of a permit regime at cash registers and the integration of the marking system with Mercury, counterfeit products were blocked from entering stores. But we see that dubious products have begun to appear in schools and hospitals where there are no cash registers.

In order to set a barrier for it, at the end of last year, we decided at the state commission to start an experiment in the labeling system to control the supply of food products to the social sphere. So far, it covers several regions – Krasnodar, Perm, Stavropol and Khabarovsk Territories, Moscow and Novosibirsk Regions, St. Petersburg. We will complete it by September, having created criteria and a mechanism for stopping this practice. The experiment affects packaged water and dairy products, which are subject to labeling. In the near future, we will make such control mandatory, since we are already seeing successful results.

A. Veselova: What are the prospects for the development of the labeling system in Russia in the future?

A. Alikhanov: The introduction of labeling is advisable for goods that are most sensitive to illegal trafficking. Therefore, the government will systematically expand the range of products, including industrial products. We are conducting experiments on radio electronics, building materials, and radiators. We are working on traceability issues for the raw materials from which these goods are made.

We will scale and develop the labeling system, supplement it with new functionality. That is, we will continue to narrow the opportunities for various tricks that pose a threat to human health and undermine food and economic security.

Source – RIA Novosti.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

June 24, 2025
MIL-OSI Asia-Pac: Working Group on Patriotic Education holds third meeting (with photos)

Source: Hong Kong Government special administrative region

Working Group on Patriotic Education holds third meeting
This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression as well as the victory of the World Anti-Fascist War (80A). The Hong Kong Special Administrative Region (HKSAR) Government places great importance on planning 80A commemorative activities. The Chief Executive clearly stated in last year’s Policy Address that the Government will host a series of commemorative activities to further enhance the public’s spirit of patriotism and sense of national belonging. The Working Group is responsible for co-ordinating the relevant bureaux and departments in organising various commemorative activities.

The Chairman of the CBLPSC and Chief Secretary for Administration, Mr Chan Kwok-ki, said that over the past few months, various bureaux and departments have been formulating proposals and making preparations for different types of commemorative activities. At today’s meeting, the Working Group discussed the content of various commemorative activities and the four core spirits and principles that should be upheld in planning these activities. First, activities should be guided by the core spirit of “remembering history, honouring martyrs, cherishing peace, and creating a great future” and based on correct historical perspectives, so that members of the public can thoroughly understand the history of the War of Resistance and work together to cherish and safeguard peace. Second, Hong Kong’s contributions to the victory in the War of Resistance should be highlighted, along with in-depth research into historical materials about Hong Kong’s wartime history as well as proper restoration and protection of war-related sites. Third, the activities should have a focus on young people, with a view to helping them learn about the history of the War of Resistance and the arduous journey towards national prosperity and strength, thereby fostering their sense of national identity and spirit. Fourth, people from all walks of life should be engaged, including motivating and supporting different community groups to organise commemorative events, and encouraging the public to actively participate in such events.

The Convenor of the Working Group, Dr Starry Lee, said that the four sub-groups under the Working Group had separately held meetings, focusing on putting forward plans and proposals on related commemorative activities across four aspects, namely education; local community; history, politics, economics and culture; and media publicity. The Working Group will continue to work closely with relevant bureaux and departments of the HKSAR Government, aiming to deepen public understanding of the history of the War of Resistance through commemorative activities that are diverse in type and rich in content, and thus make the patriotic spirit take root in Hong Kong.

Currently, preparations for various activities to commemorate the victory in the War of Resistance are progressing steadily. These include an official ceremony at the Hong Kong City Hall Memorial Garden on September 3, the Victory Day of the War of Resistance, to honour the occasion; thematic exhibitions co-organised by the Hong Kong Museum of History and the National Museum of China, as well as the Hong Kong Museum of the War of Resistance and Coastal Defence and the Guangdong Museum of Revolutionary History; educational activities for members of the public, young people and students; and screenings of war-related films. In addition, different community groups have been organising commemorative activities in various forms. The HKSAR Government will announce more details in due course and release information on commemorative events, exhibitions and educational activities through a dedicated webpage to facilitate public viewing and participation.
Issued at HKT 19:42

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

June 24, 2025
MIL-OSI: Market Intelligence on Autopilot: St Mary Capital Delivers Real-Time Feed

Source: GlobeNewswire (MIL-OSI)

LONDON, June 23, 2025 (GLOBE NEWSWIRE) — Global investment firm St Mary Capital has introduced a real-time market intelligence feed. The feature is live and updated across the main asset classes and is focused on allowing clients to track changes in the market as they occur.

The feed provides automatic feeds of the movement of equities, indices, commodities, and crypto-currency. It will help clients to make faster decisions by providing real-time market signals and price alerts. This launch comes as more traders look for simple tools that reduce the time spent searching for key market data.

Helping Traders Stay Focused

The feed was designed to be user-friendly. It puts alerts directly on the user’s dashboard, thereby not requiring traders to refresh pages or move to various platforms so that they are informed. The updates are in an organized and straightforward format.

The clients will also be able to redefine the feed according to their time zone and the asset of their choice. For those who trade across different markets, having everything in one place may make tracking trends less stressful.

The development of the feed followed a period of user testing. The feed is meant to work alongside other tools clients already use. It does not replace charting software or analysis platforms but adds an extra layer of awareness. Users can set it to show updates only for the assets they are actively watching or trading.

Custom Alerts for Real-Time Reactions

Customers have the ability to define alerts regarding price alert or volume activity or market news. This makes the user take immediate action when certain conditions are fulfilled, so they do not require monitoring the screen all the time.

Even during periods of high trading activity, the feed can manage substantial data volumes. The company has confirmed that the system pulls data from multiple sources to keep updates timely and accurate.

The feature is now live on St Mary Capital’s platform. All registered clients can access it as part of their existing services. More updates may be added later based on client feedback.

Looking Ahead

This new feed reflects a move toward more automated trading tools. While the current version focuses on real-time alerts, future versions may include extra features like market sentiment updates or trade suggestions.

St Mary Capital says it will continue to gather client input to guide further improvements.

About St Mary Capital

St Mary Capital is a global investment company offering access to a diverse range of financial instruments, including cryptocurrencies, equities, indices, and commodities. Known for its data-driven approach and personalized account management, St Mary Capital empowers clients with tools, insights, and support to navigate today’s complex financial landscape. With a strong focus on transparency and regulatory alignment, the company continues to be a trusted resource for modern investors worldwide.

Media Contact:
Name:Benjamin Rothwell
Email: office@stmarycapital.com
Website: https://stmarycapital.com/

Disclaimer: This press release is provided by St Mary Capital. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

The MIL Network –

June 24, 2025
India advances carbon pricing reforms to meet climate goals

Source: Government of India

Source: Government of India (4)

India is moving steadily towards establishing a comprehensive carbon pricing ecosystem aimed at meeting its climate and development commitments. With the formal adoption of the Carbon Credit Trading Scheme (CCTS) in July 2024 and increasing alignment with global carbon markets, the country is setting the stage for a structured, rate-based Emissions Trading System (ETS).

According to the World Bank’s State and Trends of Carbon Pricing 2025 report, India has emerged as a notable player among emerging economies—alongside Brazil and Türkiye—in advancing carbon pricing frameworks and climate finance tools.

A Transition to Rate-Based Emissions Trading

Unlike cap-based systems where total emissions are limited, India’s ETS follows a rate-based model. Here, emissions are not capped outright, but each entity is assigned a performance benchmark to limit net emissions relative to output. This model offers greater flexibility, particularly for fast-growing economies like India, by accommodating industrial expansion while maintaining climate discipline.

The national ETS is set to initially cover nine energy-intensive sectors, including cement, steel, and power generation. Facilities outperforming benchmark emission levels will be issued tradable Credit Certificates. The scheme thus rewards efficiency while laying the groundwork for the Indian Carbon Market (ICM).

India’s Ministry of Power approved eight methodologies on March 28, 2025, for generating voluntary carbon credits. These include renewable energy, green hydrogen production, industrial energy efficiency, and mangrove afforestation. This move supports the broader aim of transitioning from existing schemes such as the Perform, Achieve and Trade (PAT) programme to a market-ready, credit-based system.

Emerging Economies in Comparison

Among peer economies, China operates a similar rate-based ETS focused on the power and heavy industrial sectors. Indonesia, too, follows a rate-based structure and has recently expanded its coverage. Brazil stands apart with a cap-based system, legislated in December 2024, covering all sectors barring agriculture. India’s carbon pricing framework is currently in the regulatory phase but is expected to become operational within the next fiscal year.

Voluntary Carbon Market: Expanding the Scope

India is developing a voluntary carbon market to include sectors currently outside the purview of the compliance mechanism. These encompass agriculture, afforestation, and clean cooking initiatives. The objective is to channel private capital towards climate-positive projects through transparent crediting mechanisms and market participation.

The regulatory backbone for this voluntary market is provided by the Energy Conservation (Amendment) Act, 2022. This law empowers the central government to issue carbon credit certificates, thereby legitimising both compliance and voluntary credit markets.

Policy Support and Institutional Framework

Several flagship initiatives are helping fortify India’s carbon market architecture. Among them is the National Green Hydrogen Mission, which aims to produce 5 million metric tonnes of green hydrogen annually by 2030. The mission is closely tied to the carbon credit mechanism through approved methodologies that recognise hydrogen’s potential as a low-emission fuel.

Meanwhile, the PAT scheme—implemented by the Bureau of Energy Efficiency (BEE) since 2012—has achieved a 15–25% reduction in emissions intensity in targeted sectors. It will gradually integrate with the ETS, ensuring a seamless policy transition.

India’s renewable energy ambitions remain central to its climate policy. The government aims to install 500 GW of non-fossil fuel-based power capacity by 2030, with carbon pricing acting as a complementary instrument to accelerate this shift.

Market Readiness and Governance

To strengthen governance, the National Steering Committee for the Indian Carbon Market (NSCICM) has been constituted. It includes representatives from key ministries, state governments, and industry stakeholders. The Committee is responsible for setting targets, issuing guidelines, and ensuring transparency in market operations. It also oversees the development of international trading mechanisms and verifies emission intensity reductions.

The Bureau of Energy Efficiency, functioning under the Ministry of Power, plays a pivotal role as the technical arm of India’s climate governance. Since its inception in 2002, BEE has deployed a combination of regulatory and market-based tools to drive energy efficiency across sectors such as industry, buildings, transport, and agriculture.

Enabling Behavioural Shifts

India’s approach also includes behavioural interventions. Launched as a global movement at COP27, Mission LiFE (Lifestyle for Environment) encourages individuals to adopt climate-friendly daily habits. The mission aims to mobilise one billion people by 2028 and transform 80% of Indian villages and urban bodies into green communities.

Complementing this is the Green Credit Programme (GCP), which was notified in October 2023 under the Environment Protection Act, 1986. GCP promotes tree plantation on degraded forest land, issuing digital credits to participants—ranging from individuals to corporations—who maintain the plantations over a decade. The scheme is designed to expand India’s green cover and incentivise voluntary environmental stewardship.

Towards a Carbon-Conscious Economy

India’s carbon pricing journey is firmly grounded in the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), ensuring that climate action remains equitable and context-specific. With institutional structures now in place and policy backing strong, the country is poised to lead by example in aligning economic development with environmental sustainability.

June 24, 2025

MIL-OSI: AGF Investments Announces June 2025 Cash Distributions for Certain AGF ETFs and ETF Series

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the June 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions, as well as AGF Global Sustainable Growth Equity ETF, which pays quarterly distributions. Unitholders of record on June 30, 2025 will receive cash distributions payable on July 7, 2025.

Details regarding the final “per unit” distribution amounts are as follows:

ETF	Ticker	Exchange	Cash Distribution Per Unit ($)
AGF Enhanced U.S. Equity Income Fund*	AENU	Cboe Canada Inc.	$0.135717
AGF Total Return Bond Fund*	ATRB	Cboe Canada Inc.	$0.094000
AGF Systematic Global Infrastructure ETF	QIF	Cboe Canada Inc.	$0.146216
AGF Global Sustainable Growth Equity ETF	AGSG	Cboe Canada Inc.	$0.142000

*AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

Further information about the AGF ETFs can be found at AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

June 24, 2025

MIL-OSI Africa: 95 dead in Eastern Cape floods, as search and recovery efforts continue

Source: South Africa News Agency

The Eastern Cape Provincial Government has announced that a total of 95 bodies have been recovered across various districts, following the recent floods, including the bodies of two teenage males discovered yesterday afternoon.

This as the search and recovery efforts continue.

“Out of the recovered bodies, 86 have been identified and have been collected by their families and processes are underway for the identification of the remaining bodies,” the provincial government said in a statement on Monday.

The provincial government said it was coordinating the provision of burial support for the victims of the disaster. This includes the storage of the bodies, burial services and transportation of the remains to the area identified by the families for burial.

“The provision of this support has been made possible through support from AVBOB and government is also engaging with other funeral parlours with a view to mobilise support in line with the needs of the family.

“Government has provided support to 26 deceased persons that were buried from Thursday to this weekend,” the provincial government said.

In addition to the burial services, government has provided the following support to the bereaved families:

• The South African Social Security Agency (SASSA) has extended the Social Relief of Distress (SRD) grant, and this includes the provision of financial support towards funeral preparations.

• Grocery hampers donated by Interlink Express.

• The Department of Education has provided financial support of R5000 per deceased learners.

• Various local municipalities are assisting with grave preparation where required.

• Home Affairs emergency and mobile services for bereaved and displaced families.

• The Department of Home Affairs has deployed three mobile offices each in Butterworth and Mthatha.

“Through this intervention, 311 in Mthatha and 145 in Butterworth affected individuals are being assisted to replace their birth certificates and IDs that were lost as a result of the disaster. All six mobile offices will remain on site this week to continue to provide support to the survivors as they rebuild their lives,” the statement said.

Search and recovery efforts

The integrated search and recovery teams have been assisted by the South African National Defence Force (SANDF) members who continue to work tirelessly to locate and recover any remaining bodies.

From Monday, the search and recovery teams will be joined by a team from the North West Provincial Government, increasing the number of teams to four.

The provincial government has welcomed the support of government institutions and non-governmental organisations who have been part of rescue and recovery efforts, including the provision of humanitarian support.

Eastern Cape Acting Premier, Mlungisi Mvoko, has acknowledged the role played by ordinary citizens in continuously cooperating with authorities and providing the necessary assistance during this challenging time.

“The provincial government is committed to speeding up efforts of ensuring that affected communities are supported to rebuild their lives,” the provincial government said. – SAnews.gov.za

MIL OSI Africa –

June 24, 2025
MIL-OSI Russia: Xinjiang Uyghur Autonomous Region has 54 sister cities

Translation. Region: Russian Federal

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

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

BEIJING, June 23 (Xinhua) — Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, and Samarkand, capital of Uzbekistan’s Samarkand Province, established sister city relations following the recently held second China-Central Asia Summit, bringing the number of sister cities of Xinjiang Uygur Autonomous Region to 54 from 16 countries in Asia, Europe, North America and Oceania, the Xinjiang Daily newspaper reported on Monday, citing a source from the Chinese People’s Association for Friendship with Foreign Countries.

According to the report, back in August 2023, the authorities of Urumqi and Samarkand signed an agreement of intent to establish sister city relations, this step is aimed at promoting bilateral cooperation in trade, economy, culture, education, tourism, health care and other fields in various forms in order to stimulate the common prosperity and development of both cities.

To date, sister city relations have been established between Urumqi and 14 cities in 12 countries, including Peshawar in Pakistan, Bishkek in Kyrgyzstan, Almaty in Kazakhstan and Narrandera in Australia.

These facts show Xinjiang’s expanded opening to the outside world, which is also reflected in the region’s foreign trade. According to statistics, in the first five months of this year, Xinjiang traded with 222 countries and regions around the world, with foreign trade turnover amounting to 227.67 billion yuan (about 31.75 billion U.S. dollars), up 22.9 percent year on year. -0-

MIL OSI Russia News –

June 24, 2025
MIL-OSI: Flow Capital Announces US$1.5M Follow-On Investment in Tattle

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV:FW) (“Flow Capital” or the “Company”) is pleased to announce a second follow-on investment of $1.5M in portfolio company, GetTattle Inc. (dba “Tattle”), a global Customer Experience Improvement (“CXI”) software-as-a-service (“SaaS”) platform focused primarily on the restaurant and hospitality sector.

This follow-on round brings Flow Capital’s total investment in Tattle to US$5.5 million, and reaffirms the Company’s strong conviction in Tattle’s team, market opportunity, and long-term trajectory. The additional capital infusion will support Tattle’s continued growth driven by the launch of its AI Coach features, and further expand its presence within core enterprise verticals.

Alongside the recent financing, Tattle announced the appointment of Kevin Quinn to its Board of Directors. Mr. Quinn is a seasoned finance executive and retired Partner and Co-Head of Global Technology Banking at Goldman Sachs, with over 25 years of experience advising and scaling high-growth companies in the technology and consumer sectors. Most recently, he served as a senior advisor to the U.S. Department of Commerce’s CHIPS for America program, an initiative to promote domestic semiconductor innovation and manufacturing.

All growing technology companies seeking covenant-light founder-friendly growth capital are invited to apply for funding directly at www.flowcap.com/get-funding.

About Tattle

Tattle is the leading feedback and guest experience improvement platform built for multi-unit hospitality brands. By seamlessly integrating with the restaurant technology ecosystem, Tattle connects brands with their guests at every touchpoint of the guest journey. Tattle’s AI can instantly translate guest feedback across all ordering channels to generate location-specific action items, and empowers operations, marketing, and training teams to drive measurable improvements in guest satisfaction and revenue. Currently Tattle is active at over 15,000 restaurant locations, including hallmark brands such as Chili’s, CAVA, Hooters, PJ’s Coffee, Mellow Mushroom, and more.

For more information, please visit www.gettattle.com

About Flow Capital

Flow Capital Corp. is a publicly listed provider of flexible growth capital and alternative debt solutions dedicated to supporting high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking $2 to $10 million in capital to drive their continued expansion.
Learn more at www.flowcap.com.

For further information, please contact:

Flow Capital Corp.
Alex Baluta
‎Chief Executive Officer
‎alex@flowcap.com
47 Colborne Street, Suite 303,
‎Toronto, Ontario M5E 1P8

Forward-Looking Information and Statements

Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

The MIL Network –

June 23, 2025
MIL-OSI: Evfarmer Announces Approval of MSB License by the U.S. Financial Crimes Enforcement Network (FinCEN)
Source: GlobeNewswire (MIL-OSI)

DENVER, June 23, 2025 (GLOBE NEWSWIRE) — Evfarmer Capital Limited, a global company specializing in agricultural financial technology, has officially announced its successful registration in the United States and the receipt of a Money Services Business (MSB) license issued by the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Department of the Treasury.

At the same time, Evfarmer plans to use the U.S. market as a strategic hub for expanding its business throughout the Americas.

Obtaining the MSB license marks a significant step forward in Evfarmer’s efforts to build a globally compliant financial operation and lays a strong foundation for its ongoing international development.

“Securing the U.S. MSB license is a major milestone in Evfarmer’s global growth strategy,” said a company spokesperson.
“It reinforces our legitimacy in cross-border financial services and demonstrates our firm commitment to compliance, security, and long-term sustainability.”

Evfarmer is dedicated to empowering global agricultural development through innovation in both finance and technology. The company offers cutting-edge financial services to agricultural enterprises around the world.
Its expansion into the U.S. market signifies not only a new phase of internationalization, but also a reaffirmation of its commitment to operating with transparency and in full regulatory compliance globally.

According to its strategic roadmap, Evfarmer will continue accelerating its global expansion. The next phase will focus on entering key markets across Africa, Asia, and Europe, with plans to establish local branches in multiple countries to help build a global digital agricultural ecosystem.

With the MSB license now in place, Evfarmer is officially a registered and compliant financial service provider under FinCEN regulations. The company has implemented the following compliance frameworks:
- Robust Anti-Money Laundering (AML) policies
- Know Your Customer (KYC) procedures
- Internal risk control and reporting systems
- Compliance audits for third-party agricultural partners
About Evfarmer Capital Limited
Evfarmer Capital Limited is a global leader in agricultural financial technology, dedicated to connecting agricultural supporters with real-world farming projects. The company is building a secure, efficient, and transparent agri-financial ecosystem that empowers both users and agricultural enterprises.

Evfarmer’s headquarters is located at:
20 Fenchurch St, London, United Kingdom, EC3M 3BY
Its official U.S. branch is located at:
5445 DTC Parkway, Greenwood Village, CO 80111, United States

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/f08554bc-3c9d-489b-afda-5603cc819012

https://www.globenewswire.com/NewsRoom/AttachmentNg/30ec1eba-3dd0-4596-9762-1ba9bda1e9f7

The MIL Network –
June 23, 2025
MIL-OSI Global: How emotions rule every stage of the entrepreneurial process

Source: The Conversation – UK – By Florencio Portocarrero, Assistant Professor of Management, Department of Management, London School of Economics and Political Science

tsyhun/Shutterstock

Governments often see entrepreneurs as the engines of innovation, job creation and economic growth. In the UK alone, small and medium enterprises account for 99.8% of the business population and employ more than 16 million people.

However, entrepreneurship is not just a strategic or financial undertaking. It’s primarily an emotional journey. From the spark of an idea to the triumphs and failures of running a business, emotions constantly shape how entrepreneurs think, decide, act and relate to others.

Recent research I led draws on 276 studies to show that emotions don’t just accompany entrepreneurship – they drive it. Far from being distractions, emotions – like passion, fear, anxiety and compassion – and emotional intelligence can make or break a venture. Here are four ways they shape the entrepreneurial journey.

1. The double edge of passion

Ask any entrepreneur what keeps them going through long hours, tight budgets and personal sacrifice, and you’ll probably hear the word “passion”. Passion is one of the most studied emotions in entrepreneurship – for good reason. It fuels creativity, motivates persistence and can inspire others.

Investors are more likely to back passionate founders and employees feel more engaged when their leaders show authentic enthusiasm. Passionate storytelling resonates with customers.

Most of the benefits linked to passion emerge when entrepreneurs choose to pursue ventures that align with their identity and values. This aspect of the emotion is called “harmonious passion”, and it leads to greater wellbeing, better work-life balance and sustained motivation.

But passion also has a darker side, called obsessive passion. This is a type of emotional experience driven by internal pressures (self-worth, for example) or external expectations (status or validation). Entrepreneurs with high levels of obsessive passion often become workaholics, suffer burnout and cannot walk away from their enterprises. This is even the case when their ventures are experiencing sustained failures.

Passion can be a superpower. But like any power, it needs to be wielded with care.

2. Fear and anxiety: not always the enemy

Starting a business is inherently risky. Founders often deal with uncertain markets, fluctuating cash flow and high personal stakes. Unsurprisingly, fear and anxiety are common companions in this journey.

These emotions are often framed negatively, but our research shows that they serve vital functions. Fear can make entrepreneurs more vigilant and help them anticipate challenges. Anxiety can enhance performance under pressure, such as during investor pitches or public launches. These can act like emotional smoke alarms, warning entrepreneurs about potential problems before they spiral.

However, problems arise when these emotions become overwhelming. Chronic fear of failure can prevent entrepreneurs from taking calculated risks. It can lead to perfectionism, decision paralysis or the premature abandonment of promising ideas.

The key is not to suppress fear or anxiety but to manage these emotions. Practices like journaling, peer mentorship and mindfulness training are valuable tools. They can help entrepreneurs reflect and use fear and anxiety constructively rather than letting it control them.

Journaling can be an effective way for entrepreneurs to manage fear – and channel it positively.
Daniel Hoz/Shutterstock

3. Compassion as fuel for social enterprise

Entrepreneurship isn’t always about chasing profits. Many founders launch ventures to address urgent social issues, from poverty and inequality to environmental degradation. These social entrepreneurs are often driven not just by vision but also by compassion.

Our review found that compassion is a defining emotional characteristic of social entrepreneurs. It motivates them to act when others turn away. It helps them connect with communities, earn trust and stay resilient in the face of adversity. Their emotional connection to a mission creates a deep sense of purpose that can carry them through setbacks that might paralyse other entrepreneurs.

This emotional resilience is often overlooked in traditional entrepreneurship education, which tends to emphasise strategy and metrics. But for many mission-driven founders, compassion is the emotional backbone of the business.

4. Emotional intelligence as a business strategy

Emotions don’t just shape how entrepreneurs feel, they affect how others respond to them. Our research points to emotional intelligence, the ability to recognise, understand and regulate emotions, as a critical skill for entrepreneurs.

Founders who demonstrate high emotional intelligence motivate teams better, manage conflict and build trust with stakeholders. They’re more likely to retain talent, adapt under pressure and sustain long-term ventures. Investors, too, respond to emotional cues. A confident and passionate pitch can be more persuasive than a technically perfect but emotionally flat one.

However, there’s a fine line. Too much emotional expression can backfire. Investors may question the founder’s judgement, and teams may interpret it as instability.

The most effective entrepreneurs aren’t the ones who suppress their emotions but those who deploy them strategically. In a world where startups rise and fall on relationships, emotional intelligence is not a soft skill. It’s a core business strategy.

Entrepreneurship is an emotional endeavour. The highs are exhilarating, but the lows can be crushing. While grit and skill matter, our review shows that founders’ emotional agility often determines whether they thrive or burn out.

Innovation should be celebrated and it’s vital to recognise and support entrepreneurs’ emotional experiences. That means building programmes that teach emotional management, creating networks that offer psychological safety and reframing failure not as weakness but as part of the emotional terrain of entrepreneurship.

This article was co-published with LSE Blogs at the London School of Economics.

Florencio Portocarrero does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How emotions rule every stage of the entrepreneurial process – https://theconversation.com/how-emotions-rule-every-stage-of-the-entrepreneurial-process-258439

MIL OSI – Global Reports –

June 23, 2025
MIL-OSI Africa: Central African Republic : African Development Bank Strengthens Capacity to Tackle Illicit Financial Flows and Manage Resource-backed Loans

The African Development Bank Group (www.AfDB.org) has successfully concluded a high-level workshop and policy dialogue aimed at enhancing the Central Africa Republic’s capacity to combat illicit financial flows (IFFs) and improve the governance of resource-backed loans.

Held in Bangui from 10-13 June 2025 under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the four-day event brought together 80 officials from key government ministries, including Finance, Economy, Planning, Environment, Mines and Geology – as well as civil society, the private sector, and local communities.

The sessions were convened by the African Development Institute (ADI) (https://apo-opa.co/4k3PqnO) and the Natural Resources Management and Investment Centre (ECNR) (https://apo-opa.co/3I7F8Wc) as part of the Bank’s GONAT initiative, which supports improved natural resource governance in fragile and transitional states.

High-level panelists included Prof. Richard Filakota, Minister of Economy, Planning and International Cooperation who also serves as the Bank’s Governor for the Central African Republic; Mr. Rufin Benam Beltoungou, Minister of Mines and Geology; and Prof. Chantal Laure Djebebe, Minister and Advisor to the Prime Minister on natural resources.

Illicit financial flows are a major challenge across the continent, draining billions of dollars annually and severely constraining the ability of African countries to mobilize domestic resources for development.

“The Central African Republic is rich in natural resources – gold, diamonds, uranium, copper, forests, among others. However, without enhanced oversight, institutional capacity, and sound strategic planning, these resources can become a source of political instability, illicit activities, and unsustainable debt,” warned Minister Beltoungou.

Workshop participants emphasized the growing use of resource-backed loans – facilities collateralized by natural resources – to finance infrastructure development. While these instruments can unlock critical funding, they also pose risks.

“Resource-backed loans are loans collateralized by natural resources and can help finance infrastructure such as roads, hospitals, and schools. However, caution is needed in managing repayment conditions, especially when a country lacks full control over its resource accounting,” emphasized Médard Goudozoui, a geological engineer and training beneficiary.

The capacity-building sessions introduced a suite of practical tools and analytical methods for detecting and addressing IFFs in the Central African Republic.

“We explored techniques such as the Partner Country Method, trade misinvoicing, and international indices like the Financial Secrecy Index and the Corruption Perception Index – all of which help identify discrepancies between export declarations and customs records in partner countries,” noted Fanta Mariette Samba-Vomi, a geological engineer and Director of the Mining Cadastre. According to her, such tools are critical in detecting anomalies related to under- or over-valuation of exported resources – as often seen in the gold and diamond sectors in the CAR.

Gender inclusion in governance processes was also featured during the workshop.

“We welcome the GONAT project’s focus on inclusive governance, with a target of at least 40% female participation. As a Bank, we recognize that transformative and sustainable change is only possible when the voices of women and local communities are integrated into policy formulation processes,” said Mamady Souaré, Country Manager of the African Development Bank Group in the Central African Republic.

Echoing this, Alexia Molotouala, Head of Division at the Permanent Secretariat of the Kimberley Process, stated: “Increasing women’s involvement is critical because they play a key role in affected communities. Their participation enhances transparency, fairness, and policy effectiveness. Inclusive governance also promotes social cohesion and sustainable development.”

Dr. Eric Ogunleye, Director of the African Development Institute emphasized the broader impact of the sessions. “It is our firm belief that the knowledge and tools acquired will go a long way in fostering stronger oversight of resource-backed loans and better governance of extractive resources.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Solange Kamuanga-Tossou
Principal Regional Communication Officer
African Development Bank
media@afdb.org

About the GONAT Project:
GONAT is a flagship initiative of the African Development Bank Group. Designed to improve governance in the natural resources sector to facilitate domestic resource mobilization in fragile and transition states, the project specifically targets the Central African Republic, Chad, the Democratic Republic of Congo, Mozambique, Sierra Leone, and Zimbabwe. Natural resource sectors covered under GONAT include oil, gas, minerals, forestry, fisheries, and wildlife.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

MIL OSI Africa –

June 23, 2025
MIL-OSI: TransUnion Appoints Alicia Zuiker Chief Human Resources Officer

Source: GlobeNewswire (MIL-OSI)

CHICAGO, June 23, 2025 (GLOBE NEWSWIRE) — Alicia Zuiker has joined TransUnion (NYSE: TRU) as Executive Vice President, Chief Human Resources Officer (CHRO), effective June 23, 2025.

Zuiker is an accomplished CHRO with deep experience leading global talent strategies across a range of relevant industries including financial services, digital enablement and technology. Her leadership has helped both mature and entrepreneurial companies achieve transformation and growth. In her new role at TransUnion, she will oversee TransUnion’s Human Resources and Communications functions, reporting to TransUnion President and CEO Chris Cartwright and serving on the executive leadership team.

“We have bold aspirations for growth and innovation at TransUnion, and our success starts with our people,” said Cartwright. “Alicia is a powerful addition to our leadership team and our ongoing work to build a Workforce for Good that enables our customers, consumers and company to thrive.”

“TransUnion leverages data and insights to create positive impact for consumers, businesses and economies worldwide,” said Zuiker. “I’m thrilled to join the team and contribute to our culture of innovation and continued business growth.”

Most recently, Zuiker served as Chief People Officer for Lyft. Prior to that, she served as Chief People Officer for Visby Medical and helped Google evolve the people function for Google Cloud. She began her career with 14 years at GE in a series of HR leadership roles. She holds a master’s degree in human resource management from Purdue University and a bachelor’s degree in business administration and psychology from Alma College.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business.

The MIL Network –

June 23, 2025
MIL-OSI: TransUnion Appoints Alicia Zuiker Chief Human Resources Officer

Source: GlobeNewswire (MIL-OSI)

CHICAGO, June 23, 2025 (GLOBE NEWSWIRE) — Alicia Zuiker has joined TransUnion (NYSE: TRU) as Executive Vice President, Chief Human Resources Officer (CHRO), effective June 23, 2025.

Zuiker is an accomplished CHRO with deep experience leading global talent strategies across a range of relevant industries including financial services, digital enablement and technology. Her leadership has helped both mature and entrepreneurial companies achieve transformation and growth. In her new role at TransUnion, she will oversee TransUnion’s Human Resources and Communications functions, reporting to TransUnion President and CEO Chris Cartwright and serving on the executive leadership team.

“We have bold aspirations for growth and innovation at TransUnion, and our success starts with our people,” said Cartwright. “Alicia is a powerful addition to our leadership team and our ongoing work to build a Workforce for Good that enables our customers, consumers and company to thrive.”

“TransUnion leverages data and insights to create positive impact for consumers, businesses and economies worldwide,” said Zuiker. “I’m thrilled to join the team and contribute to our culture of innovation and continued business growth.”

Most recently, Zuiker served as Chief People Officer for Lyft. Prior to that, she served as Chief People Officer for Visby Medical and helped Google evolve the people function for Google Cloud. She began her career with 14 years at GE in a series of HR leadership roles. She holds a master’s degree in human resource management from Purdue University and a bachelor’s degree in business administration and psychology from Alma College.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business.

The MIL Network –

June 23, 2025

MIL-OSI: FactSet Reports Results for Third Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Q3 GAAP revenues of $585.5 million, up 5.9% from Q3 2024.
Organic Q3 ASV of $2,296.9 million, up 4.5% year over year.
Q3 GAAP operating margin of 33.2%, down approximately 350 bps year over year, and adjusted operating margin of 36.8%, down 270 bps year over year.
Q3 GAAP diluted EPS of $3.87, down 5.4% from the prior year, and adjusted diluted EPS of $4.27, down 2.3% year over year.
FactSet appointed Sanoke Viswanathan as CEO, effective early September 2025. He succeeds Phil Snow, who will retire as CEO and Board member. Snow will remain a senior advisor through the end of the calendar year.

NORWALK, Conn., June 23, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its third quarter fiscal 2025 ended May 31, 2025.

Third Quarter Fiscal 2025 Highlights

GAAP revenues increased 5.9%, or $32.8 million, to $585.5 million for the third quarter of fiscal 2025 compared with $552.7 million in the prior year period. Organic⁽¹⁾ revenues grew 4.4% year over year to $577.2 million during the third quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
Annual Subscription Value (“ASV”) was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up 4.5% or $98.5 million year over year⁽²⁾.
Organic ASV increased $22.6 million over the last three months. Please see the “ASV” section of this press release for details.
GAAP operating margin decreased to 33.2% compared with 36.6% for the prior year period. Adjusted operating margin decreased to 36.8% compared with 39.4% in the prior year period. GAAP and adjusted operating margin decreased primarily due to the lapping of both a lower bonus accrual and a one-time payroll tax adjustment that occurred in the prior year, as well as higher annual base salaries from inclusion of recent acquisitions, partially offset by growth in revenues. In addition, GAAP operating margin decreased due to higher amortization of intangible assets.
GAAP diluted earnings per share (“EPS”) decreased 5.4% to $3.87 compared with $4.09 for the same period in fiscal 2024. Adjusted diluted EPS decreased 2.3% to $4.27 compared with $4.37 in the prior year period. The decrease in GAAP diluted EPS and adjusted diluted EPS were mainly driven by higher operating expenses, partially offset by growth in revenues.
Net cash provided by operating activities was $253.8 million for the third quarter of fiscal 2025, an increase of 6.5% compared with the prior year period. Free cash flow increased to $228.6 million for the third quarter of fiscal 2025, compared with $216.9 million for the prior year period, an increase of 5.4%, primarily due to higher operating cash flows.
GAAP effective tax rate for the third quarter of fiscal 2025 increased to 17.5% compared with 17.0% for the third quarter of fiscal 2024. The increase was primarily due to certain discrete items, mainly lower excess tax benefits related to stock-based compensation, as well as a higher overall foreign tax rate, partially offset by lower U.S. tax on foreign earnings.

(1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

(2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

“We are pleased with our third quarter performance, which reflects the execution of our enterprise solution strategy. With a healthy pipeline and increased momentum, we are well-positioned to finish the fiscal year with strength,” said Phil Snow, CEO of FactSet. “As FactSet prepares for its next chapter of leadership, I’m proud of the solid foundation we’ve established, built on innovation, client trust, and industry-leading data and workflow solutions. This platform gives me great conviction in the Company’s continued success.”

Key Financial Measures*

(Condensed and Unaudited)	Three Months Ended
	May 31,
(In thousands, except per share data)	2025			2024			Change
Revenues	$	585,520		$	552,708		5.9	%
Organic revenues	$	577,200		$	552,708		4.4	%
Operating income	$	194,155		$	202,459		(4.1	)%
Adjusted operating income	$	215,313		$	217,960		(1.2	)%
Operating margin		33.2	%		36.6	%
Adjusted operating margin		36.8	%		39.4	%
Net income	$	148,542		$	158,135		(6.1	)%
Adjusted net income	$	163,921		$	168,796		(2.9	)%
EBITDA	$	235,915		$	239,930		(1.7	)%
Diluted EPS	$	3.87		$	4.09		(5.4	)%
Adjusted diluted EPS	$	4.27		$	4.37		(2.3	)%

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

“As anticipated, the second half in fiscal 2025 is showing improved results, with third quarter organic ASV growth accelerating as we meet client demands and execute diligently,” said Helen Shan, FactSet’s CFO. “At the same time, we remain focused on investing in our strategic priorities and are reaffirming our fiscal 2025 guidance to achieve our full year targets.”

Annual Subscription Value (ASV)

ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

ASV was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up $98.5 million from the prior year, for a growth rate of 4.5%. Organic ASV increased $22.6 million over the last three months.

The buy-side and sell-side organic ASV annual growth rates as of May 31, 2025 were each 4.0%. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

Segment Revenues and ASV

ASV from the Americas was $1,513.1 million compared with ASV in the prior year period of $1,415.3 million. Organic ASV from the Americas increased 5.0% to $1,486.0 million. Americas revenues for the quarter increased to $380.5 million compared with $356.5 million in the third quarter of last year. The Americas quarterly organic revenues growth rate was 5.0% over the prior year period.

ASV from EMEA was $581.9 million compared with ASV in the prior year period of $565.0 million. Organic ASV from EMEA increased 2.1% to $575.2 million. EMEA revenues were $145.7 million compared with $141.2 million in the third quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 2.3% over the prior year period.

ASV from Asia Pacific was $240.1 million compared with ASV in the prior year period of $218.8 million. Organic ASV from Asia Pacific increased 7.1% to $235.7 million. Asia Pacific revenues were $59.3 million compared with $55.0 million in the third quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.4% over the prior year period.

Operational Highlights – Third Quarter Fiscal 2025

Client count as of May 31, 2025 was 8,811, a net increase of 166 clients in the past three months, driven by hedge fund, corporate and wealth management clients, and now includes clients from the LiquidityBook acquisition. The count includes clients with ASV of $10,000 and more.
User count was 220,496 as of May 31, 2025, a net increase of 1,355 users in the past three months, driven by an increase in wealth management users. The user count does not reflect the fiscal 2025 acquisitions.
Annual ASV retention was greater than 95% as of May 31, 2025. When expressed as a percentage of clients, annual retention was 91% as of May 31, 2025.
Employee headcount was 12,579 as of May 31, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions and an increase in employees in our Centers of Excellence. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
A quarterly dividend of $41.6 million, or $1.10 per share, was paid on June 18, 2025, to holders of record of FactSet’s common stock at the close of business on May 30, 2025. This represents a 6% increase in the regular quarterly dividend from the $1.04 per share paid in the previous quarter and marks the 26th consecutive year the Company has increased dividends on a stock split-adjusted basis.
FactSet entered into a new credit agreement that includes a term loan of $500 million and a revolving credit facility of $1.0 billion, which remains undrawn. The term loan was used to repay borrowings under the 2022 credit agreement.
FactSet announced that Phil Snow will retire as CEO and a member of the Board, effective early September 2025 and will be succeeded by Sanoke Viswanathan, most recently CEO of International Consumer and Wealth at JPMorgan Chase. Snow will serve as a senior advisor through the end of the calendar year.
FactSet was named Databricks’ Financial Services Data Partner of the Year. FactSet data is available on the Databricks Marketplace to help clients accelerate time to value by eliminating manual data integration and enabling seamless and secure access to FactSet’s industry-leading proprietary and third-party connected data.
After the quarter, CUSIP Global Services announced a collaboration with Aumni, Inc., a JPMorgan company, to expand CUSIP coverage for venture-backed and private equity-owned companies. This expanded coverage provides standardized identifiers for company issuers and their financial instruments, thereby increasing efficiency, accuracy, and security in reporting, settlement, and analytics for venture capital firms, private equity firms, and their investors.

Share Repurchase Program

FactSet repurchased 184,050 shares of its common stock for $80.7 million at an average price of $438.45 during the third quarter of fiscal 2025 under the Company’s share repurchase program. As of May 31, 2025, $106.2 million remained available for share repurchases under this program. Additionally, on June 17, 2025, the Board of Directors of FactSet approved a new share repurchase authorization of up to $400 million, which will be available on September 1, 2025.

Annual Business Outlook

FactSet reaffirms its outlook for fiscal 2025 provided on March 20, 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

Fiscal 2025 Expectations

Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025.
GAAP revenues are expected to be in the range of $2,305 million to $2,325 million.
GAAP operating margin is expected to be in the range of 32.0% to 33.0%.
Adjusted operating margin is expected to be in the range of 36.0% to 37.0%.
FactSet’s annual effective tax rate is expected to be in the range of 17% to 18%.
GAAP diluted EPS is expected to be in the range of $14.80 to $15.40.
Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40.

Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

Conference Call

Third Quarter 2025 Conference Call Details

Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

A replay will be available on the Company’s investor relations website after 1:00 p.m. Eastern Time on June 23, 2025, through June 23, 2026. The earnings call transcript will be available via FactSet CallStreet.

Forward-looking Statements

This press release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about future events and circumstances, industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. Forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those expressed or implied by the forward-looking statements. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. FactSet assumes no duty to and does not undertake to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Future results could differ materially from historical performance.

About Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. GAAP. The Company also refers to and presents certain additional non-GAAP financial measures. These measures include: organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted diluted EPS, and free cash flow. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP at the back of this release.

FactSet uses these non-GAAP financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these non-GAAP financial measures provide useful supplemental information to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and such measures may also facilitate comparisons to historical performance. The Company believes that organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, and adjusted diluted EPS help to fully reflect the underlying economic performance of FactSet. The Company believes that free cash flow is useful to investors because it is an indication of cash flow that may be available to fund investments in future growth initiatives. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. We are not able to reconcile certain forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability.

About FactSet

FactSet (NYSE:FDS | NASDAQ:FDS) supercharges financial intelligence, offering enterprise data and information solutions that power our clients to maximize their potential. Our cutting-edge digital platform seamlessly integrates proprietary financial data, client datasets, third-party sources, and flexible technology to deliver tailored solutions across the buy-side, sell-side, wealth management, private equity, and corporate sectors. With over 47 years of expertise, a presence in 20 countries, and extensive multi-asset class coverage, we leverage advanced data connectivity alongside AI and next-generation tools to streamline workflows, drive productivity, and enable smarter, faster decision-making. Serving more than 8,800 global clients and over 220,000 individual users, FactSet is a member of the S&P 500 dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

Investor Relations:
Kevin Toomey
+1.212.209.5259
Kevin.Toomey@factset.com

Media Relations:
Kelsey Goldsmith
+1.207.712.9726
Kelsey.Goldsmith@factset.com


Consolidated Statements of Income (Unaudited)
	Three Months Ended						Nine Months Ended
	May 31,						May 31,
(In thousands, except per share data)	2025			2024			2025			2024
Revenues	$	585,520		$	552,708		$	1,724,847		$	1,640,869
Operating expenses
Cost of services		280,729			246,986			809,112			753,749
Selling, general and administrative		110,636			103,263			344,753			313,679
Total operating expenses		391,365			350,249			1,153,865			1,067,428

Operating income		194,155			202,459			570,982			573,441

Other income (expense), net
Interest income		1,509			4,568			4,483			10,427
Interest expense		(15,122	)		(16,894	)		(43,438	)		(50,231	)
Other income (expense), net		(594	)		399			(20	)		736
Total other income (expense), net		(14,207	)		(11,927	)		(38,975	)		(39,068	)

Income before income taxes		179,948			190,532			532,007			534,373

Provision for income taxes		31,406			32,397			88,583			86,743
Net income	$	148,542		$	158,135		$	443,424		$	447,630

Basic earnings per common share	$	3.92		$	4.15		$	11.68		$	11.76
Diluted earnings per common share	$	3.87		$	4.09		$	11.53		$	11.58

Basic weighted average common shares		37,907			38,089			37,976			38,069
Diluted weighted average common shares		38,344			38,640			38,457			38,644

Certain prior year figures have been conformed to the current year’s presentation.


Consolidated Balance Sheets (Unaudited)


(In thousands)	May 31, 2025		August 31, 2024
ASSETS
Cash and cash equivalents	$	356,361	$	422,979
Investments		7,684		69,619
Accounts receivable, net of reserves of $13,917 at May 31, 2025 and $14,581 at August 31, 2024		271,851		228,054
Prepaid taxes		61,048		55,103
Prepaid expenses and other current assets		63,534		60,093
Total current assets		760,478		835,848

Property, equipment and leasehold improvements, net		79,627		82,513
Goodwill		1,277,855		1,011,129
Intangible assets, net		1,931,210		1,844,141
Deferred taxes		66,870		61,337
Lease right-of-use assets, net		119,191		130,494
Other assets		103,531		89,578
TOTAL ASSETS	$	4,338,762	$	4,055,040

LIABILITIES
Accounts payable and accrued expenses	$	144,487	$	178,250
Current debt		—		124,842
Current lease liabilities		33,219		31,073
Accrued compensation		98,131		93,279
Deferred revenues		170,897		159,761
Current taxes payable		30,545		40,391
Dividends payable		41,644		39,470
Total current liabilities		518,923		667,066

Long-term debt		1,430,197		1,241,131
Deferred taxes		16,573		8,452
Deferred revenues, non-current		312		1,344
Taxes payable		48,072		40,452
Long-term lease liabilities		157,088		177,521
Other liabilities		12,415		6,614
TOTAL LIABILITIES	$	2,183,580	$	2,142,580

STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	$	2,155,182	$	1,912,460

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,338,762	$	4,055,040

Consolidated Statements of Cash Flows (Unaudited)
	Nine Months Ended
	May 31,
(In thousands)	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	443,424		$	447,630
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		114,972			91,154
Amortization of lease right-of-use assets		23,152			22,846
Stock-based compensation expense		47,154			46,707
Deferred income taxes		3,154			(6,979	)
Other, net		7,428			7,831
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(41,492	)		(7,176	)
Prepaid expenses and other assets		6,699			(14,941	)
Accounts payable and accrued expenses		(49,717	)		17,296
Accrued compensation		3,789			(33,329	)
Deferred revenues		4,955			13,817
Taxes payable, net of prepaid taxes		(19,108	)		(15,992	)
Lease liabilities, net		(30,250	)		(31,687	)
Net cash provided by operating activities		514,160			537,177

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software		(74,840	)		(59,722	)
Acquisition of businesses, net of cash and cash equivalents acquired		(348,255	)		—
Purchases of investments		(4,433	)		(44,936	)
Proceeds from maturity or sale of investments		58,155			—
Net cash provided by (used in) investing activities		(369,373	)		(104,658	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt		803,410			—
Repayments of debt		(742,500	)		(187,500	)
Dividend payments		(118,329	)		(111,297	)
Proceeds from employee stock plans		72,616			83,497
Repurchases of common stock		(193,838	)		(171,918	)
Other financing activities		(20,686	)		(15,690	)
Net cash provided by (used in) financing activities		(199,327	)		(402,908	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,966			(1,911	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(52,574	)		27,700
Cash and cash equivalents at beginning of period		422,979			425,444
Cash, cash equivalents and restricted cash at end of period	$	370,405		$	453,144

Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	356,361		$	453,144
Restricted cash included in Prepaid expenses and other current assets		6,522			—
Restricted cash included in Other assets		7,522			—
Total cash, cash equivalents and restricted cash	$	370,405		$	453,144

Certain prior year figures have been conformed to the current year’s presentation.

Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

Organic Revenues

Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:


(Unaudited)	Three Months Ended
	May 31,
(In thousands)	2025			2024		Change
Revenues	$	585,520		$	552,708		5.9	%
Acquisition revenues		(7,781	)		—
Currency impact		(539	)		—
Organic revenues	$	577,200		$	552,708		4.4	%

Non-GAAP Financial Measures

The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, and adjusted diluted EPS.

Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense.


	Three Months Ended
	May 31,
(in thousands, except per share data)	2025			2024			% Change
Operating income	$	194,155		$	202,459			(4.1	)%
Intangible asset amortization		19,182			16,674
Business acquisitions and related costs		1,976			423
Restructuring/severance		—			(1,596	)
Adjusted operating income	$	215,313		$	217,960			(1.2	)%
Operating margin		33.2	%		36.6	%
Adjusted operating margin⁽¹⁾		36.8	%		39.4	%
Net income	$	148,542		$	158,135			(6.1	)%
Intangible asset amortization		13,943			11,466
Business acquisitions and related costs		1,436			291
Restructuring/severance		—			(1,096	)
Adjusted net income⁽²⁾	$	163,921		$	168,796			(2.9	)%
Net income		148,542			158,135			(6.1	)%
Interest expense		15,122			16,894
Income taxes		31,406			32,397
Depreciation and amortization expense		40,845			32,504
EBITDA	$	235,915		$	239,930			(1.7	)%
Diluted EPS	$	3.87		$	4.09			(5.4	)%
Intangible asset amortization		0.36			0.30
Business acquisitions and related costs		0.04			0.01
Restructuring/severance		—			(0.03	)
Adjusted diluted EPS⁽²⁾	$	4.27		$	4.37			(2.3	)%
Weighted average common shares (diluted)		38,344			38,640

(1)	Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
(2)	For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended May 31, 2025 and May 31, 2024 were taxed at an adjusted tax rate of 27.3% and 31.2%, respectively.

Business Outlook Operating Margin, Net Income and Diluted EPS

(Unaudited)
Figures may not foot due to rounding	Annual Fiscal 2025 Guidance
(In millions, except per share data)	Low end of range			High end of range
Revenues	$	2,305		$	2,325
Operating income	$	761		$	744
Operating margin		33.0	%		32.0	%

Intangible asset amortization		80			81
Other adjustments (net)		12			12
Adjusted operating income	$	853		$	837
Adjusted operating margin^(a)		37.0	%		36.0	%

Net income	$	588		$	567
Intangible asset amortization		66			66
Other adjustments (net)		10			10
Discrete tax items		(4	)		(4	)
Adjusted net income	$	660		$	640

Diluted earnings per common share	$	15.40		$	14.80
Intangible asset amortization		1.73			1.73
Other adjustments (net)		0.30			0.30
Discrete tax items		(0.03	)		(0.03	)
Adjusted diluted earnings per common share	$	17.40		$	16.80

(a)	Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

Free Cash Flow

Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow.


(Unaudited)	Three Months Ended
	May 31,
(In thousands)	2025			2024			Change
Net Cash Provided for Operating Activities	$	253,833		$	238,235			6.5	%
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software		(25,230	)		(21,339	)
Free Cash Flow	$	228,603		$	216,896			5.4	%

Supplementary Schedules of Historical ASV by Client Type

The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

The numbers below do not include professional services or issuer fees.


	Q3’25	Q2’25	Q1’25	Q4’24	Q3’24	Q2’24	Q1’24	Q4’23
% of ASV from buy-side clients	82.3%	82.3%	82.1%	82.0%	82.3%	82.0%	82.0%	81.8%
% of ASV from sell-side clients	17.7%	17.7%	17.9%	18.0%	17.7%	18.0%	18.0%	18.2%

ASV Growth rate from buy-side clients	4.0%	4.1%	4.3%	4.9%	5.3%	5.6%	7.2%	6.9%
ASV Growth rate from sell-side clients	4.0%	2.2%	3.5%	3.8%	3.7%	5.5%	7.6%	9.3%

The following table presents the calculation of organic ASV.


(In millions)	As of May 31, 2025
As reported ASV	$	2,335.1
Currency impact ^(a)		(5.7	)
Acquisition ASV ^(b)		(32.5	)
Organic ASV	$	2,296.9
Organic ASV annual growth rate		4.5	%

(a)	The impact from foreign currency movements.

(b)	Acquired ASV from acquisitions completed within the last 12 months.

The MIL Network –

June 23, 2025

MIL-OSI: OTC Markets Group Welcomes Torex Gold Resources Inc. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Torex Gold Resources Inc. (TSX: TXG; OTCQX: TORXF), an intermediate gold producer based in Canada, has qualified to trade on the OTCQX® Best Market. Torex Gold Resources Inc. upgraded to OTCQX from the Pink® market.

Torex Gold Resources Inc. begins trading today on OTCQX under the symbol “TORXF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

About Torex Gold Resources Inc.
Torex Gold Resources Inc. is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City.

The Company’s principal asset is the Morelos Complex, which includes the producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022.

Torex’s key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking opportunities to acquire assets that enable diversification and deliver value to shareholders.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

June 23, 2025
MIL-OSI Global: African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.

Read more:
African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

In my view they shouldn’t.

Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

Ministers versus the experts

Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

Investment bankers prefer this arrangement as it works in their favour.

Reforms that are needed

Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:
- Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.
- Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.
- Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.
- Gradual delegation: Authority can be shifted, starting with less complex debt instruments.
The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

Their function should shift from operational to institutional oversight and accountability.

Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

Misheck Mutize is affiliated with the African Union – African Peer Review Mechanism as a Lead Expert on credit ratings

– ref. African finance ministers shouldn’t be making bond deals: how to hand over the job to experts – https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017
MIL OSI – Global Reports –
June 23, 2025
MIL-OSI Global: African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.

Read more:
African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

In my view they shouldn’t.

Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

Ministers versus the experts

Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

Investment bankers prefer this arrangement as it works in their favour.

Reforms that are needed

Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:
- Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.
- Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.
- Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.
- Gradual delegation: Authority can be shifted, starting with less complex debt instruments.
The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

Their function should shift from operational to institutional oversight and accountability.

Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

Misheck Mutize is affiliated with the African Union – African Peer Review Mechanism as a Lead Expert on credit ratings

– ref. African finance ministers shouldn’t be making bond deals: how to hand over the job to experts – https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017
MIL OSI – Global Reports –
June 23, 2025
MIL-OSI Russia: “Digital platforms have become a key form of ensuring economic and cultural sovereignty”

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

© Mikhail Varushchev / Roscongress Foundation

HSE Academic Director Yaroslav Kuzminov spoke at the SPIEF-2025 session “In Search of New Sources of Growth: Is a Different Model of Global Financial and Trade Architecture Possible?” The discussion was built around processes in the global economy related to the strengthening of multipolarity and the increasing role of new centers of global growth — states of the Global South and East. The participants discussed the potential and possibilities of a new model of international interaction.

The global economy is often viewed as a dual system consisting of two large blocs, currently led by the United States and China. However, the world is much more complex, noted Yaroslav Kuzminov.

“The collective West is trying to preserve itself as a single market system with single institutions, offering them to the rest of the world, but its foundation – free trade and unconditional protection of private property – is now being subjected to crushing blows from national and bloc protectionism. On the other hand, China, with all its economic and technological power, cannot act as the leader of the second world, it cannot gather around itself, as the United States did in its time or the Soviet Union did, other countries, because it is not free,” he said.

The HSE academic director explained that American and Soviet leadership was based on two pillars: basic defense spending and economic preferences for allies. Now, countries are creating their own economies that are resilient to external influences. This implies the development of domestic production and the diversification of export markets. But this is not enough for sustainable economic growth, especially in the context of the global technological revolutions that are currently taking place.

“The future is very uncertain, it is very difficult to make forecasts. If earlier the source of uncertainty was only future technologies, today it is geopolitical ruptures and geopolitical unions,” noted Yaroslav Kuzminov.

In his opinion, the key argument for future technological power and future economic power is R

“The problem of the center and the periphery arises, and this problem can only be solved by an extremely politically complex pooling of resources, pooling the efforts of different countries, which requires a degree of trust and a level of awareness of the common interest that, in my opinion, is simply impossible to achieve now. In these conditions, almost all technological innovations are developed within national frameworks, and this is where the problem of the “golden nail” arises. The “golden nail” is the problem of a deficit in the scale of the market. We can offer any breakthrough things, but if our market is limited to hundreds of millions of people and we compete with companies that have a market of billions of people, we will still have a “golden nail”. Therefore, it is necessary to single out those companies, those technological areas that correspond to the scale of the politically accessible market, and in other cases talk about localizing transnational companies in their sales markets, setting requirements for these companies to operate in national markets. I would call this the internal rooting of transnational companies ready to work with national jurisdictions,” says Yaroslav Kuzminov.

At the same time, he noted that completely new solutions are not in the sphere of technology, the market is growing not only due to them. First of all, this is logistics: logistics chains have changed, two political zones of rupture have formed between the EU and Russia and in the Middle East. In these conditions, opportunities arise for countries such as Malaysia, Vietnam and India, which act as trade hubs.

The most important elements of global changes are also related to the human capital of the golden billion countries, the HSE scientific director said. If in the countries of the collective West the share of the middle class is decreasing due to the share of families requiring state support, including migrants, then in the countries of Asia and the South it has grown to a third of the population, in Russia it is also about 35%.

The middle class is people who can and want to choose, and who have the income and education to do so. The growth of the middle class leads to the formation of political and cultural innovations that act as economic drivers to the same extent as technological solutions. Middle class consumption acts as an economic driver along with heavy technological innovations.

The second engine is the digital economy, which has received a new lease of life thanks to economically significant digital platforms. “Digital platforms have become a key form of ensuring economic and cultural sovereignty, and countries that underestimate their role will lose strategically,” Yaroslav Kuzminov summed up. The US, China, and Russia have their own platforms and digital ecosystems, he emphasized.

The Global South is more diverse than the Soviet and Western systems of the past, it includes many regions with different levels of development and has not yet formed structurally, believes Andrey Kostin, President and Chairman of the Management Board of VTB Bank. Despite the fact that today the BRICS countries produce no less than the G7 countries, the entire financial infrastructure is controlled by Western countries and has ceased to be effective due to the fact that the balance of power has changed.

“Due to the fact that the South is complex in itself, the internal relations are very difficult, we are still moving slowly. We need to create our own alternative center of the Global South and use settlements in national currencies. Sooner or later we will have to come to some denominator, we will have to create our own financial market infrastructure, because the current financial system meets exclusively the interests of the West. There are calculations that the BRICS countries lose about 30 billion a year on settlements through the dollar system. Perhaps the countries would survive this, but the political pressure that is exerted with the help of the dollar is, of course, unacceptable,” he said.

Deputy Prime Minister of the Russian Federation Alexey Overchuk noted the importance of developing integration in the post-Soviet space. “We strive first and foremost to try to create conditions for reducing the costs of our producers of goods and services here, at home, inside. We started with measures to protect our own market and create a single customs circuit in order to control the market inside, develop relevant technical regulations, standards and reduce barriers as much as possible. And we have largely achieved this: trade within the CIS is developing much faster than trade with countries of the outside world,” he emphasized.

At the same time, work is actively underway to develop international transport corridors to the markets of the Global South and to conclude agreements on free trade zones in order to provide the most comfortable environment for the promotion of Russian goods.

The founder of En Group, Chairman of the Supervisory Board of the P.A. Stolypin Institute for Growth Economics Oleg Deripaska believes that the task of doubling the Russian economy over the next 12 years is quite realistic. To do this, it is necessary, among other things, to create competitive production in aviation and transport power engineering. He called on businesses not to wait for the end of geopolitical tensions, but to actively develop now, in the current conditions.

Russian Finance Minister Anton Siluanov noted that BRICS financiers are currently working in three main areas: the creation of cross-border payment, inter-depository, insurance and reinsurance infrastructure.

The issue of the need to create a BRICS depository infrastructure was raised by Russia during its presidency of the association. However, this issue is not easily resolved. “We see that many countries are wary of investments, of settlements with our country, but I want to say that the question of how profitable it is, how profitable it is, is always at issue here. The desire to earn money solves any problem,” he explained.

Anton Siluanov also spoke in favor of joint recognition of rating agencies within the BRICS framework. The head of the Ministry of Finance noted that partners from China are already very actively applying their rating assessments to business, including in Russia.

In addition, the session was attended by the Minister of Foreign Trade of Qatar Ahmad bin Mohammed Al Sayed, Chairman of the Board of Directors of the African Export-Import Bank Benedict Okey Oramah and President of the Black Sea Trade and Development Bank Serhat Koksal.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

June 23, 2025
MIL-OSI Asia-Pac: Speech by CE at Greenway 2025 – Accelerating Changes (English only) (with photos/video)

Source: Hong Kong Government special administrative region

â€‹Following is the speech by the Chief Executive, Mr John Lee, at Greenway 2025 – Accelerating Changes today (June 23):

Your Excellency Ambassador Harvey Rouse (Ambassador and Head of Office of the European Union to Hong Kong), Mr Iñaki Amate (Chair of the European Chamber of Commerce in Hong Kong), consuls-general, heads of chambers, ladies and gentlemen,

     Good afternoon. It is a great pleasure to join you, once again, at the Greenway forum, the fourth edition, this year under the theme of “Accelerating Changes”. And, as before, it’s organised by the European Union Office to Hong Kong and Macao, and the European Chamber of Commerce in Hong Kong.

     The European Union (EU) has long been one of Hong Kong’s long-standing business partners. Hong Kong takes pride in being home to 1 640 EU (European Union) companies, which makes the EU the largest foreign business community in Hong Kong. Thank you and welcome indeed.

     Alongside business, we come together in so many others areas of mutual interest, from education and cultural exchange to innovation and technology pursuits. And, yes, to the environment – to global warming and all the complexities it entails.

     Because climate change affects us all, it must involve us all. Each and every one of us.

     The World Meteorological Organization’s latest report, published last month, notes that there is a 70 per cent chance that the five-year average warming, for 2025 to 2029, will exceed 1.5 degrees Celsius. That’s up significantly from the 47 per cent chance forecast in its report last year. So from a 47 per cent chance the forecast jumped to 70 per cent.

     Allow me, for the next few minutes, to tell you what Hong Kong is doing to work against the universal threat of climate change, and to achieve climate neutrality.

     Since Hong Kong reached its carbon peak, in 2014, our carbon emissions have dropped by about a quarter. In 2023, our per capita carbon emissions were about 4.58 tonnes. To put that in perspective, it is 60 per cent of the EU’s emissions, so we aren’t doing too badly, and only one quarter of that of the United States.

     Hong Kong is well on its way to cutting its carbon emissions in half by 2035, achieving carbon neutrality before 2050, which is our stated goal.

     Last week, we welcomed the news that Hong Kong is once again one of the world’s top three most-competitive economies. We are dedicated to decarbonising this international financial, shipping and trade centre while keeping up with our competitiveness. And we do that by engineering green transformation through innovation.

     Hong Kong’s prowess in financial services places us, favourably, in becoming Asia’s premier hub for green and sustainable finance. With our financing platforms, we could help to mobilise the capital for climate solutions, while ensuring robust integrity within our financial markets.

     Last year, the total green and sustainable debts issued in Hong Kong exceeded US$84 billion. And the volume of green and sustainable bonds arranged here amounted to US$43 billion. That places us first in the Asian market for seven years in a row, capturing 45 per cent of the region’s total.

     Our regulatory framework is fundamental to creating a sustainable finance ecosystem. The Hong Kong Monetary Authority published the Hong Kong Taxonomy for Sustainable Finance last year, aligning our taxonomy with the two mainstream taxonomies of the Mainland and the European Union. Encompassing economic activities in power generation, transportation, construction, and water and waste management, it will facilitate green finance flows and promote sustainable development.

     Like our economy, Hong Kong’s resolve to green transformation goes beyond finance. Consider green transport, a transformation moving into the fast lane on our roads. The adoption of electric vehicles has been remarkable.

     Just five years ago, Hong Kong was home to about 14 000 electric vehicles. By the end of last year, that number had surged to about 110 000, that’s seven times more.

     Today, seven out of every 10 newly registered private cars in our city are electric. That, ladies and gentlemen, is among the highest growth rates in the world.

     Vehicles, of course, are only one part of a complex equation. An extensive and convenient charging network is the backbone of any electric vehicle revolution.

     Our strategy is people-centric, recognising that the best place to charge is at home or at the workplace. Through our EV-charging at Home Subsidy Scheme, we expect to see charging infrastructure installed in about 140 000 parking spaces in private residential buildings by the 2027-28 financial year. That will enable a smooth and non-disruptive electric vehicle transition for thousands of households.

     As for our world-class public transport system, we have unveiled a clear Green Transformation Roadmap for public buses and taxis.

     Through targeted subsidy schemes, that will fast-track the introduction of about 600 electric buses and 3 000 electric taxis. We are managing the transition in an orderly manner, using incentives rather than penalties, to ensure that our green ambitions don’t translate into additional costs for passengers.

     Our vision for green mobility goes well beyond the road. As one of the world’s premier aviation hubs, we’re looking to the skies, too, to chart the green way to our transport future.

     Sustainable Aviation Fuel, or SAF, is critical to the long-term future of air travel. It’s also essential to ensuring Hong Kong’s continuing leadership in aviation.

     SAF has the potential to reduce life-cycle carbon emissions by more than 80 per cent compared to conventional jet fuel. The Hong Kong SAR (Special Administrative Region) Government is working closely with the Airport Authority to set a clear target for SAF consumption.

     Globally, SAF supply is limited, and the cost remains high. And we see this as an opportunity for Hong Kong to innovate and lead.

     We are exploring a range of supply options, including collaborations with enterprises in the Mainland and internationally. Our goal is to establish a stable and competitive regional supply chain for SAF, taking advantage of our unique position within the Guangdong-Hong Kong-Macao Greater Bay Area. It will accelerate the decarbonisation of our aviation industry and provide greener travel options.

     Our green ambitions also extend to the iconic Victoria Harbour, a vital artery for our city. Our Pilot Scheme for Electric Ferries will shape the future of maritime transport.

     With a commitment of HK$350 million, the Government is subsidising the construction of new electric ferries and their charging infrastructure, allowing operators to test the new green technology in local waters with full support.

     The first two of these pioneering vessels are already navigating Victoria Harbour, following rigorous testing.

     Beyond the local waters, we are greening the vast shipping lanes that connect Hong Kong to the world. Hong Kong is already a top 10 port for vessel refuelling.

     To build on this, we launched an Action Plan on Green Maritime Fuel Bunkering late last year, with the goal of transforming Hong Kong into a leading international centre for green maritime fuel bunkering.

     Industry response has been overwhelmingly positive, with key partners worldwide expressing strong interest in developing the services here. Hong Kong will spearhead the global effort in decarbonising shipping and, in doing so, create new economic opportunities. Something my good friend has already said: “Green actually means business.”

     When it comes to environmental connectivity, I’m pleased to note that EU companies play an important role in Hong Kong’s waste management and recycling facilities.

     And I look forward to the expertise and support of EU companies in the Northern Metropolis, our new engine for growth dedicated to green living, and the area’s long-term green development.

     Ladies and gentlemen, Hong Kong has an iconic skyline. It also holds a treasure of having some 40 per cent of its land pulsing as the city’s green lungs, with country parks breathing life into our metropolis, conservation areas cradling biodiversity little seen in other global financial hubs.

     This is Hong Kong’s defining paradox: where business and ecology coexist in symphony. For us, economic dynamism and environmental stewardship aren’t just compatible – they’re dual engines propelling our future. We balance development with sustainability. And we will do all we can to work with other places, the EU very much included, on the green way forward.

     I look forward to building strong ties with the EU, to finding solutions to climate change, to creating far-reaching opportunities for us all.

     My thanks to the organisers, the European Union Office to Hong Kong and Macao and the European Chamber of Commerce in Hong Kong. I’m grateful, too, to today’s supporting organisations – the Business Environment Council, the Consulate General of Sweden and the Hong Kong General Chamber of Commerce.

     I am certain you will enjoy today’s Greenway forum, and I look forward to our continuing, rewarding, co-operation in the years to come. Thank you.

MIL OSI Asia Pacific News –

June 23, 2025
MIL-OSI: Vanilla Finance Rebrands to Superp, A Meme-Fueled Perp DEX
Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) — Vanilla Finance is entering a new chapter with a new name: Superp. The rebrand comes with a tighter focus. Instead of covering broad derivatives, the project is zeroing in on a high-energy niche that’s picking up steam: perpetuals for meme coins and other on-chain assets that live at the fringes of the mainstream.

The revamped protocol keeps its edge: high-leverage positions on meme coins, up to 10,000x exposure, and a design that eliminates the risk of liquidation. It’s built for traders who aren’t afraid to bet big on cultural trends and fast-moving markets.

Why the Name Change?

The shift from “Vanilla Finance” to “Superp” reflects more than just a name change. The original brand aimed to signal simplicity and accessibility. But the direction has changed. This isn’t about being plain or safe anymore, it’s about building tools for a new kind of trader who thrives in the chaos of crypto culture.

The new name is punchy, distinct, and fits the tone of the ecosystem it wants to serve. More than that, it gives the project space to grow across different chains, communities, and trading styles, without being tied to a brand that no longer fits its mission.

A Trio of Products Powering a Unique Trading Stack

Superp now offers a trio of specialized products, each tailored for a different type of on-chain trader:
- Meme Perp – Built for newly launched tokens, this lets users long or short meme coins as soon as they hit the market. It uses a Total Return Swap (TRS) model to simulate early exposure without the usual constraints.
- Alpha Perp – Targets tokens featured in Binance’s Alpha program. Traders can ride the momentum of trending narratives with leveraged exposure.
- NoLiquid Perp – Designed for blue-chip meme coins, this one replaces the typical liquidation model with a Profit Swap Contract. It gives traders up to 10,000x leverage without the fear of getting wiped out from liquidation.
Together, these offerings form a trading system tailored to on-chain culture—where memes drive markets and users want access to assets that don’t yet appear on the big-name exchanges.

Carving Out a Niche in a $365B Market

The crypto derivatives market is holding steady at around $365 billion in monthly trading volume. Most of that still comes from major tokens, but interest in more exotic assets is growing. Meme coins, in particular, are seeing more structured financial products emerge.

Superp aims to capture this momentum with a lineup that supports risk-tolerant strategies and overlooked tokens. On-chain data shows BNB Chain recently broke past $9 billion in weekly DEX volume, almost double its 2023 peak. That kind of growth signals renewed interest across DeFi.

Already deployed on the BNB Chain, Superp is eyeing broader expansion. The Asia-Pacific region is a natural focus given Binance’s reach there. By listing lower-cap and emerging assets, Superp is making room for a new generation of traders underserved by traditional perps platforms.

What’s Next?

Perp trading is evolving, and Superp plans to stay ahead of the curve. With the rebrand in place and BNB Chain as a launchpad, the team is now prepping a multichain rollout, with Solana as the next stop. It’s a sign of how perp protocols are shifting to match the demands of a multichain DeFi landscape.

About Superp

Superp is the next-generation perpetual DEX tailored for on-chain traders. Formerly known as Vanilla Finance, the platform offers up to 10,000x leverage, zero liquidation risk, and immediate access to any meme token. Built for the bold, Superp is reimagining what is possible in perpetual trading and DeFi.

Website:https://www.superp.xyz/
Twitter: @Superp_xyz
Media Contact: Cameron Michael
Email: media@superp.xyz

Disclaimer: This press release is provided by Superp. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/482b7949-0d05-42a2-924f-8129aaaf9373

The MIL Network –
June 23, 2025
MIL-OSI Africa: African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.

Read more: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

In my view they shouldn’t.

Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

Ministers versus the experts

Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

Investment bankers prefer this arrangement as it works in their favour.

Reforms that are needed

Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:
- Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.
- Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.
- Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.
- Gradual delegation: Authority can be shifted, starting with less complex debt instruments.
The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

Their function should shift from operational to institutional oversight and accountability.

Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

– African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
– https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017

MIL OSI Africa –
June 23, 2025

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Ministers versus the experts

Reforms that are needed

Ministers versus the experts

Reforms that are needed

Ministers versus the experts

Reforms that are needed