David X. Sullivan, United States Attorney for the District of Connecticut, announced that JOSE DELROSARIO-CANELA, also known as “Domi,” 39, of Waterbury, was sentenced today by U.S. District Judge Michael P. Shea in Hartford to 32 months of imprisonment, followed by three years of supervised release, for his participation in a Waterbury drug trafficking ring.
According to court documents and statements made in court, the FBI’s Waterbury Safe Streets Gang Task Force and other law enforcement agencies investigated two drug trafficking organizations based in the city of Waterbury. One organization operated in the area of William Street and the other operated in the area of Maple Avenue. The investigation, which included court-authorized wiretaps on multiple phones, video surveillance, GPS tracking of vehicles, and numerous controlled purchases of narcotics, revealed that the two organizations distributed cocaine, crack, and fentanyl through a network of sellers. The organizations shared sources of supply and worked together to further their operations.
During the investigation, law enforcement made two controlled purchases of crack cocaine from Delrosario-Canela, one of the main street-level distributors for the Maple Avenue organization.
Seventeen individuals were charged with federal offenses as a result of the investigation. Delrosario-Canela and several codefendants were arrested on November 29, 2023. In association with the arrests, investigators executed multiple search warrants and seized approximately 700 grams of crack cocaine, more than 900 vials (“caps”) of crack, approximately 200 grams of loose fentanyl, more than 1,600 dose bags of fentanyl/heroin, two stolen firearms, numerous rounds of ammunition, and more than $39,000 in cash.
Delrosario-Canela has been detained since his arrest. On February 11, 2025, he pleaded guilty to conspiracy to distribute and to possess with intent to distribute controlled substances.
The FBI’s Waterbury Safe Streets Gang Task includes members from the FBI, the Waterbury Police Department, the Naugatuck Police Department, and the Connecticut Department of Correction. The DEA, U.S. Marshals Service, Homeland Security Investigations (HSI), Connecticut State Police, Wolcott Police Department, and Meriden Police Department have assisted the investigation.
This case is being prosecuted by Assistant U.S. Attorneys Natasha Freismuth and Shan Patel through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
U.S. Attorney Sullivan thanked the Waterbury State Attorney’s Office for its cooperation in the investigation and prosecution of this case.
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
Growth slowed in 2024 due to weak hydrocarbon exports. The main economic challenge is to translate hydrocarbon wealth into more diversified, sustainable, and inclusive growth.
A more market-based strategy, reforms to the monetary and exchange rate frameworks, increased public spending efficiency, and enhanced governance and transparency would support the transition to a more diversified and robust economy.
Further improvements in the availability, quality, and reliability of economic statistics would help inform policy makers and increase transparency and credibility.
Washington, DC: An International Monetary Fund (IMF) mission led by Ms. Anna Bordon visited Ashgabat during May 21-June 3, 2025. The purpose of the visit was to review the country’s economic landscape, including its financial developments, economic outlook, risks, and policies aimed at promoting diverse, inclusive, and sustainable growth. The mission met with senior government officials, representatives of the private and financial sectors, and the diplomatic community. At the end of the visit, Ms. Bordon issued the following statement:
“Economic activity moderated in 2024, and inflation softened in recent months. IMF staff estimate that growth slowed to 3.0 percent in 2024 from 4.5 percent in 2023, owing to weak hydrocarbon exports. Inflation decelerated from 3.8 percent at end 2024 to 1.1 percent in March 2025 owing to a sharp slowdown in food inflation combined with deflation in non-food items and low inflation in services. Credit growth and monetary conditions have been tighter since the second half of 2023, while the parallel market exchange rate has remained broadly stable. The current account surplus narrowed from 5.9 percent of GDP in 2023 to 4.4 percent in 2024.
“Looking ahead the economy is expected to expand at around 2.3 percent in 2025 and over the medium term. Hydrocarbon exports growth is expected to be negative in 2025, but to gradually pick up to around 2 percent over the medium term while non-hydrocarbon growth is expected to remain subdued, given the challenging business environment, investment inefficiencies, significant real exchange rate overvaluation, and protectionism. Inflation is projected to pick up gradually over the medium term due to looser monetary conditions, returning to its recent historical average of 8 percent, which is primarily fueled by the long-standing policy of increasing public sector wages and pensions by 10 percent annually. The external position is projected to gradually deteriorate, shifting from a surplus to a deficit, driven by lower hydrocarbon prices, declining oil exports, and an overvalued currency. Rising wages are also expected to fuel import demand, further weakening the trade balance. Risks to the outlook remain tilted to the downside.
“The nonhydrocarbon primary balance improved in 2024, with higher revenues more than offsetting an increase in capital spending. Looking ahead, the deficit is anticipated to narrow further over the medium term, with capital spending expected to moderate. To leverage this positive trajectory, it is crucial for Turkmenistan to focus its spending on enhancing physical and human capital. This will require improving spending efficiency and public investment management, transitioning towards performance-based public wage increases, and reforming state-owned enterprises (SOEs).
“Strengthening fiscal reporting and public financial management (PFM) should be a top priority. Turkmenistan should expedite the implementation of medium-term budgeting, establishment of a single treasury account, and the expansion of fiscal reporting coverage. Reforming SOEs is also pivotal in managing fiscal risks, enhancing fiscal transparency, and fostering private sector development by reducing the state footprint.
“The Central Bank of Turkmenistan (CBT) should focus on price and financial stability. Until recently, the CBT had typically kept monetary policy loose to support the government’s long-term development objectives. Since the second half of 2023, however, CBT net lending to banks has slowed considerably, owing to SOE repayments. Going forward, commercial bank lending for development purposes, if needed, should be supported by the state budget, and not by the CBT. The CBT should also modernize its central bank operations and accelerate its efforts to strengthen financial regulation, supervision, and crisis management.
“Unifying the exchange rates would support Turkmenistan’s diversification objectives and reduce economic distortions and governance vulnerabilities. Turkmenistan should consider a significant upfront adjustment of the official exchange rate combined with sufficiently tight macroeconomic policies, a clear communication strategy, and enhanced social benefits to protect the most vulnerable. Post-adjustment, the devalued official exchange rate can remain the monetary anchor, with the CBT ready to provide FX to meet demand. Exchange restrictions on current international transactions should also be eliminated, to create a level-playing field, improve efficiency, and alleviate FX shortages. The adjustment measures and supporting reforms need to be sequenced carefully, while recognizing inherent uncertainties.
“Turkmenistan is adequately prioritizing economic diversification. A pre-requisite for diversification is macroeconomic stability, including as a core element the unification of the exchange rates and elimination of exchange restrictions. Moving away from a centrally planned economy will require continued efforts to liberalize prices and reduce the state footprint to allocate resources more efficiently. A more market-oriented economy will also require improving governance, skills, infrastructure, digitalization, and logistics while accelerating the efforts toward WTO accession.
“Further improvements in the availability, quality, and reliability of economic statistics would help inform policy makers and increase transparency and credibility.
“The IMF team is grateful to the authorities and other stakeholders for their warm hospitality and insightful and candid discussions.”
Turkmenistan: Selected Economic and Financial Indicators, 2022–26
Broad money, incl. foreign currency deposits at CBT
-2.6
-2.5
10.1
5.3
6.7
External sector
(In percent of GDP, unless otherwise indicated)
Exports of goods (In millions of US$)
14,727
12,963
12,168
11,218
11,068
Imports of goods (In millions of US$)
7,188
7,401
7,665
8,407
9,085
Current account balance
9.7
5.9
4.4
2.1
0.4
Foreign direct investment
2.0
0.9
0.4
0.0
0.0
Total public sector external debt
7.9
5.8
3.6
3.3
3.1
Memorandum items:
Nominal GDP (in millions of manat)
198,371
219,848
240,363
251,884
268,110
Nominal GDP (in millions of US$)
56,677
62,814
68,675
71,967
76,603
Sources: Turkmen authorities; and Fund staff estimates and projections.
1/ Staff uses its own GDP estimates given that the narrative underlying the official GDP growth estimates is hard to reconcile with other available data. In particular, official GDP growth is extremely stable, despite shocks, including the pandemic.
2/ Excluding receipts from government bond issuance and privatization proceeds.
3/ Includes domestic state government debt and external public and publicly guaranteed debt.
A California man pleaded guilty yesterday to obstructing the IRS’s efforts to collect hundreds of thousands of dollars in unpaid taxes.
The following is according to court documents and statements made in court: Gabriel David Guerrero, a resident of Los Angeles County, is a real estate broker who did not timely file individual income tax returns for many years. After the IRS assessed taxes against Guerrero and attempted to collect them him, Guerrero took steps to conceal his income and assets from the IRS. For example, he made extensive use of cash and cashier’s checks; submitted a false form to the IRS that significantly understated his income; and used a nominee bank account to deposit income.
He is scheduled to be sentenced on Sept. 15 and faces a maximum penalty of three years in prison. Guerrero also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Bilal A. Essayli for the Central District of California made the announcement.
IRS Criminal Investigation is investigating the case.
Trial Attorneys Robert Kemins and Christopher Gerace of the Tax Division along with Assistant U.S. Attorney Steven Arkow for the District of Central District of California are prosecuting the case.
Source: United States of America – The White House (video statements)
Invest America CEO Brad Gerstner, Robinhood CEO Vlad Tenev, Uber CEO Dara Khosrowshahi, and Rep. French Hill attended President Trump’s roundtable at the White House to discuss the Trump Account initiative and the One Big Beautiful Bill.
“We’re incredibly thankful for President Trump for his support of these initiatives that are going to Main Street in America and helping everyday people succeed.”
As climate change and disrupted weather patterns impact countries around the world, leaders must act to mitigate the negative effects on public health.
Leaders from six western countries and Japan will soon gather in Kananaskis, Alta., for the Group of Seven (G7) meeting from June 15 to 17, 2025. In the lead-up to this meeting, the Royal Society of Canada hosted the Science 7 (S7). This is an engagement meeting of the leading academies of the G7 member countries.
Following discussion and deliberation, three statements aimed at advancing science for society were published, entitled Advanced Technologies and Data Security, Sustainable Migration and Climate Action and Health Resilience.
One of us (Sharon Straus) oversaw the S7 statement on Climate Action and Health Resilience. This statement draws attention to the health impacts of climate change and recommends several mitigation strategies.
Wide-ranging health impacts
Experts on health and climate change have outlined the growing impact of delayed climate action. The data are clear. Extreme weather events such as heat, floods, droughts and wildfires are having wide-ranging health impacts.
In the 10 years between 2014-2023, there was a 167 per cent increase in heat-related deaths in those aged 65 years and older compared with the 10 years between 1990-99. Extreme weather events also directly impact food and water security, as well as infectious diseases and chronic diseases.
The health consequences of climate change are not only the result of environmental factors. Of equal importance are recent decisions eliminating funding for programs that mitigate the risks of climate change.
Consider for example, the multiple threats to recent progress in eliminating malaria. The World Malaria Report published in December 2024 by the World Health Organization estimated that 2.2 billion malaria cases and 12.7 million malaria deaths were averted between 2000 and 2023.
Now, many countries anticipate a malaria resurgence. Antimalarial drug resistance, mosquito resistance to insecticides, changes in temperature and humidity affecting mosquito survival and the emergence of new mosquito species linked to climate change — combined with the recent abrupt funding freeze from the United States — are leading to a perfect storm.
Economic impact of climate change
The economic burden of climate change, which includes more health-care use, lost productivity, adaptation and mitigation expenses — to say nothing of the costs of rebuilding — is massive.
Much of that burden is borne by those who live in low- and middle-income countries (80 per cent of the world’s population) and who are the lowest contributors to carbon dioxide emissions.
To put this in perspective, in 2021, the United Nations Environment Program estimated the costs of annual adaptation for vulnerable countries at US$70 billion and predicted this would increase to US$140-300 billion by 2030.
In addition to the costs of adaptation aimed at reducing vulnerability to climate change, there are the costs associated with losses resulting from climate change. The 2024 Lancet Countdown estimated that the average annual economic losses due to extreme weather-related events reached US$227 billion between 2019-2023. This value exceeds the gross domestic product of approximately 60 per cent of the world’s economies.
What about Canada?
In Canada, warming is happening at twice the global rate with resulting heat, wildfires and floods. There is also evidence of significant impacts on mental health and chronic diseases, leading to an increased need for health care.
Indigenous communities, older adults and those who have experienced homelessness are disproportionately impacted by climate change. Indigenous Peoples, especially those living in remote and northern areas, are particularly vulnerable.
Currently there are 37 long-term and 40 short-term drinking water advisories in First Nations communities across Canada. The lack of safe, clean drinking water can exacerbate climate-related food and water insecurity and lead to infectious disease transmission.
Climate change costs health-care systems more each year. The Canadian Institute for Climate Choices recently estimated that health-related hospitalizations will increase by 21 per cent by mid-century. Our health systems are not prepared for this.
In addition, the costs of death and reduced quality of life from heat-related climate change is estimated to rise between $3 billion and $3.9 billion by the middle of this century. Factoring in other impacts such as those from air pollution, flooding and wildfires, the total estimated costs are in the tens to hundreds of billions.
S7’s recommendations
The S7 statement on Climate Action and Health Resilience includes seven recommendations. Addressing the disproportionate impact of climate change on populations who are particularly vulnerable and investing in innovative solutions are among them. Particularly critical are societal and political innovations that involve affected communities, including Indigenous communities.
The S7’s climate and health resilience recommendations include:
Developing and optimizing climate change mitigation strategies to transform health and social services (such as early warning infectious disease systems and biomonitoring).
Developing new regulations nationally and internationally to transform health, public health and social services, increasing their readiness and safeguarding health from climate change impact.
Providing economic and regulatory incentives to foster adaptation and resiliency of health systems.
Investing in innovative solutions (including vaccine development for emerging diseases, wastewater surveillance) to mitigate climate change and its health risks.
The G7 summit is an opportunity to centre climate change discussions and act on the S7 recommendations. Bold investment in innovations that address the health challenges resulting from climate change will benefit us all and drive new economic activity and resilience.
Climate change is a health issue, a social justice issue and an economic issue, and the time to act is now. Scientists, policymakers, clinicians and the public must work together.
Sharon E. Straus receives research funding from the Canadian Institutes of Health Research and the Public Health Agency of Canada. She is a Fellow of the Royal Society of Canada.
Françoise Baylis is a Fellow of the Royal Society of Canada.
The bans will prevent Israel’s Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir from travelling to New Zealand.
“Our action today is not against the Israeli people, who suffered immeasurably on October 7 and who have continued to suffer through Hamas’ ongoing refusal to release all hostages. Nor is it designed to sanction the wider Israeli government.
“Rather, the travel bans are targeted at two individuals who are using their leadership positions to actively undermine peace and security and remove prospects for a two-state solution.
“New Zealand is a long-standing supporter of the two-state solution. Ministers Smotrich and Ben-Gvir have severely and deliberately undermined that by personally advocating for the annexation of Palestinian land and the expansion of illegal settlements, while inciting violence and forced displacement.
“New Zealand’s consistent and historic position has been that Israeli settlements in the occupied Palestinian territories are a violation of international law. Settlements and associated violence undermine the prospects for a viable two-state solution.”
Today’s targeted sanctions are consistent with New Zealand’s approach to other foreign policy issues, Mr Peters says.
“New Zealand has also targeted travel bans on politicians and military leaders advocating violence or undermining democracy in other countries in the past, including Russia, Belarus and Myanmar.”
The international community is overwhelmingly in favour of a future Palestinian state as part of a negotiated two-state solution, Mr Peters says.
“The crisis in Gaza has made returning to a meaningful political process all the more urgent. New Zealand will continue to advocate for an end to the current conflict and an urgent restart of the Middle East Peace Process.”
After a strong recovery in 2024, growth is expected to moderate in 2025, amid global and election-related uncertainty, and thereafter to remain close to potential. Inflation is expected to remain close to the midpoint of the target band. The financial system is sound. Risks are tilted to the downside given elevated external uncertainty, but Peru has ample buffers to cope with shocks.
Meeting the 2025 fiscal deficit target would require additional efforts in a pre-election year. In the medium term, further fiscal consolidation measures should be identified to comply with the fiscal rule deficit targets and debt ceiling. Introducing both spending and revenue measures would make the consolidation more balanced and credible.
Structural reforms are urgently required to lift potential growth, including updating the fiscal decentralization framework to help boost investments in the critical mineral sector. Enhanced efforts are needed to curb the low but rising level of insecurity, reform labor and tax regulations that impose excessive costs for formalizing or growing a business, enhance the independence and integrity of judicial bodies and tools to combat corruption impunity, build resilience to natural disasters, and embrace the opportunities of digital technologies and artificial intelligence.
Washington, DC: On June 5, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV consultation[1] with Peru and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]
The economy has recovered from consecutive natural disaster shocks and social turmoil. Inflation is firmly within the target band, owing to the central bank’s early and decisive monetary tightening followed by cautious easing. The financial sector remained sound and profitable. The current account surplus further improved, underpinned by strong terms of trade. However, the fiscal position weakened. A relative political stability persists but pre-election tensions are rising. Lingering political uncertainty weighs on economic prospects and dents the appetite for structural reforms to boost potential growth.
Growth is expected to moderate to 2.8 percent in 2025. A favorable momentum in private consumption and elevated public investment would support continued growth, but pre-election tensions would weigh on the private investment recovery while the impact of the first-round effects of the tariffs and global growth slowdown would be negative, although relatively moderate. Inflation is expected to remain within the target band of 1-3 percent. The current account balance is envisaged to remain in a surplus of 1.7 percent of GDP in 2025, with low external financing and debt rollover risks.
Evolving risks are dominated by the potential for larger adverse impacts on global growth and commodity prices, due to prolonged trade policy uncertainty and financial market volatility, but Peru has ample buffers to cope with shocks. In the short term, key domestic risks include an intensification of political uncertainty, social unrest over security concerns, and weather-related shocks. Key external risks include trade policy uncertainty, tighter financial conditions, and commodity price volatility. Recent government initiatives to accelerate private sector involvement in public investment projects and streamline burdensome regulations could help revive private investment. Peru’s macroeconomic resilience is reinforced by very strong buffers including low public debt, abundant international reserves, and access to international capital markets on favorable terms.
Executive Board Assessment
After a strong recovery, growth is expected to moderate, amid global policy uncertainty and pre-election tensions, and thereafter to remain close to potential. With a closed output gap and firmly anchored inflation expectations, headline inflation would remain within the target band. The current account balance is envisaged to remain in a surplus, only gradually returning to a deficit in the medium term—stabilizing at its norm, of about 1.5 percent of GDP—as private investment recovers and terms of trade normalize. The external position in 2024 was stronger than the level implied by medium-term fundamentals and desirable policies, due to strong terms of trade and a recovery in traditional exports. Risks are tilted to the downside given elevated external uncertainty, but Peru has ample buffers to cope with shocks. Very strong macroeconomic policies and institutional policy frameworks remain in place.
A broadly neutral monetary policy stance is appropriate. Inflation expectations are approaching 2 percent, and the output gap is closed. However, given heightened external uncertainty, monetary policy should remain data dependent. Continued exchange rate flexibility should be allowed to help cushion the impact of external shocks.
Meeting the 2025 fiscal deficit target will require additional efforts in a pre-election year. The 2025 budget envisages a deficit of 2.2 percent of GDP, consistent with the revised fiscal rule target. A tax revenue rebound from the economic recovery and one-off factors will help reduce the deficit in 2025, but additional efforts of about 0.4 percent of GDP will be needed to secure fiscal rule compliance. Additional spending control measures would make this year’s consolidation plans more credible and balanced. In May 2025, the authorities announced initiatives to improve spending efficiency, but further efforts will be needed to comply with this year’s target.
A combination of spending restraint and revenue-raising measures would be needed to comply with the medium-term fiscal targets. To comply with the fiscal rule deficit target of 1 percent of GDP by 2028 and the debt ceiling of 30 percent of GDP by 2035, the authorities’ medium-term consolidation plan envisages a reduction of current spending by about 0.4 percent of GDP per year between 2026 and 2028. Identifying both revenue and spending measures—including efforts to streamline tax expenditures; strengthen tax administration; and control wages, discretionary transfers, and inefficient public investment—would secure a balanced and gradual consolidation. In the absence of measures, public debt would gradually rise over the medium term, while remaining relatively low compared to peers. Legislative initiatives bearing fiscal costs, proposals that erode the tax base, and excessive reliance on private participation schemes would complicate the attainment of fiscal targets. Reforms to significantly reduce Petroperú’s costs and enhance its transparency and governance are also needed to safeguard fiscal credibility.
Systemic risks are limited, but authorities should continue to proactively contain financial vulnerabilities. Banks are profitable, with ample liquidity and capital buffers. While elevated for small- and medium-sized firms, NPLs are expected to continue improving and would support the growth of credit. The authorities should continue to be vigilant of pockets of vulnerability, particularly in corporate loans.
Focused macroprudential policies could reduce financial vulnerabilities from remaining dollarized credit. While the aggregate value of unhedged dollar credit is low, unhedged dollar credit tends to be riskier and concentrated in large- and medium-sized companies in the construction, commerce, and manufacturing sectors. The authorities’ regulation to introduce higher risk weighting in 2026 will help alleviate vulnerabilities from unhedged dollar credit. To ensure the stability of dollar funding for financial institutions, the authorities could consider introducing currency-specific NSFR requirements to complement the existing currency-specific LCR limits.
Policy efforts are needed to revive the domestic capital market. It is critical to maintain the prohibition of future pension withdrawals, as approved in the recent pension reform, to protect the functioning of the domestic capital market, decrease financing costs, and lower the risks of old-age poverty. Measures to broaden the investor base through retail investment products could play a significant role in attracting funds back into the securities market.
Financial resilience would be strengthened by addressing remaining regulatory gaps. The revised Basel III risk-weight framework and improving the activation criteria for the countercyclical capital buffer (CCyB) will help enhance the effectiveness of the entire regulatory framework. Completing the evaluation of recovery plans for domestic systemically important banks and expanding to the financial group level and their resolution planning will eliminate uncertainty under potential systemic events by facilitating orderly crisis management.
Updating the fiscal decentralization framework, along other needed structural reforms, could help boost investments in the critical mineral sector and increase potential growth. A US$64 billion pipeline of mining investment projects has been mostly stalled for many years due to bureaucratic complexity and social conflicts. Unlocking these projects and channeling the additional fiscal revenues could permanently boost potential growth. Updating the fiscal decentralization framework, including redesigning natural resource revenue-sharing formulas, to improve public spending efficiency and generate high-impact public investments could help ensure that mining dividends translate into greater development. Enhanced efforts are also needed to curb the low but rising level of insecurity, reform labor and tax regulations that impose excessive costs for formalizing or growing a business, enhance the independence and integrity of judicial bodies and tools to combat corruption impunity, build resilience to natural disasters, and embrace the opportunities of digital technologies and artificial intelligence. The OECD accession process provides a clear roadmap for other critical reforms to boost the business climate, reduce informality, and reform the civil service.
Sources: National authorities; UNDP Human Development Indicators; and IMF staff estimates/projections.
1/ Defined as the percentage of households with total spending below the cost of a basic consumption basket.
2/ Corresponds to depository corporations.
3/ Foreign currency stocks are valued at end-of-period exchange rates.
4/ Short-term debt is defined on a residual maturity basis and includes amortization of medium and long-term debt.
5/ Adjusted by the economic cycle and commodity prices, and for non-structural commodity revenue. The latter uses as equilibrium commodity prices, a moving average estimate that takes 5 years of historical prices and 3 years of forward prices according to the IMF’s World Economic Outlook.
6/ Includes local currency debt held by non-residents and excludes global bonds held by residents.
7/ Includes repayment certificates and government guaranteed debt.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
Source: United States House of Representatives – Congressman Steve Cohen (TN-09)
House the bill is being co-led by Representatives Jake Auchincloss, Adriano Espaillat, Valerie Foushee and Dina Titus
WASHINGTON — Representative Steve Cohen (TN-9), a senior member of the House Transportation and Infrastructure Committee, and Senator Edward J. Markey of Massachusetts, a member of the Senate Commerce, Science, and Transportation Committee, today reintroduced theComplete Streets Act, which would transform America’s public roads. The bill would require states to direct a portion of their federal highway funding toward the creation of a Complete Streets Program. A “Complete Street” provides safe and accessible transportation options for children, seniors, and people with disabilities by prioritizing infrastructure for pedestrians, bicyclists, and public transit users. The bill would also require that future construction projects on public roads are designed for the safety of all its road users.
“In recent years, we have seen a dramatic increase in the number of pedestrians killed by vehicles, especially in Memphis. Our country is seeing a national safety crisis on our roads. We need streets that can accommodate all means of transportation, from foot traffic and strollers to bicycles, scooters, cars, light trucks and 18-wheelers. TheComplete Streets Act will transform communities and make it safer for everyone to make ‘complete’ use of our roadways and adjacent infrastructure,” said Congressman Cohen.
“The skyrocketing number of pedestrian and cyclist deaths in our country is a crisis. This moment calls for us to ensure our roads are designed with safety – not speed – as our top priority,” said Senator Markey.“I am grateful for Representative Cohen’s partnership to ensure we prioritize roadway safety and accessibility over a reliance on fast, fossil-fueled vehicles. Let’s build complete streets and complete communities and accelerate into a safer, more accessible future for all.”
TheComplete Streets Act, is being co-led by Representatives Jake Auchincloss of Massachusetts, Adriano Espaillat of New York, Valerie Foushee of North Carolina, and Dina Titus of Nevada. It is being cosponsored by Senators Richard Blumenthal of Connecticut, Raphael Warnock of Georgia, Brian Schatz of Hawaii and Martin Heinrich of New Mexico.
Representative Auchincloss made the following statement:
“Cities should be built for humans, not cars. Walkable streets are safer, better for business, and more enjoyable for children and families. Promoting walkability should be a bipartisan priority for the next infrastructure bill.”
Representative Titus made the following statement:
“Tragically, 2024 was the deadliest year on Clark County roads with almost 300 traffic fatalities. As we work to connect communities through investments in transportation projects, we must also create safe roadways for all motorists and pedestrians. The Complete Streets Act promotes safety, accessibility, and climate-friendly infrastructure while helping communities build safe streets through projects like protected bicycle lanes, wider sidewalks, and more accessible roadway.”
Representative Foushee made the following statement:
“Whether by car, bus, bike, or on foot, every person deserves to feel safe while traveling on our roadways. I’m proud to join my colleagues in introducing the Complete Streets Act, which will help build safer, more inclusive streets that serve all road users. By investing in our transportation infrastructure, we can give our cities and towns the tools they need to prevent traffic-related injuries and fatalities, reduce emissions, and improve the quality of life for all within our communities.”
Representative Espaillat made the following statement:
“Traffic violence is a public health crisis, and we remain committed to ensuring the highest standards for New Yorkers,” said Rep. Espaillat. “Street safety is critical to the overall health and wellness of our families and communities as we continue to build on the progress made thus far to ensure pedestrians, bicyclists, public transit users, and drivers are safe during their everyday travels. The Complete Streets Act bolsters our efforts to ensuring the safety and wellbeing of residents during the planning and development phases of routes throughout our communities.”
Under theComplete Streets Act, eligible local and regional entities can use funds from their state’s Complete Streets Program for technical assistance and capital funding to build safe street projects such as sidewalks, bike lanes, crosswalks, and bus stops. The legislation would also phase in a requirement for states to incorporate Complete Streets elements into all new construction and reconstruction.
The legislation is endorsed by the National Complete Streets Coalition, Transportation for America, Advocates for Highway and Auto Safety, GreenLatinos, People for Bikes and the League of American Bicyclists.
Senator Markey and Representative Cohen first introduced theComplete Streets Actin 2019. Elements of theComplete Streets Act were incorporated into theInfrastructure Investment and Jobs Act which was signed into law in 2021.
Source: The Conversation – Africa – By Scott Firsing, Senior Research Associate, University of South Africa
The African Space Agency was officially inaugurated in Cairo’s Space City in April 2025. The event marked a milestone in a process that had been in the works since the early 2000s. Drawing inspiration from the European Space Agency, it unites African Union (AU) member states to harness space technology for development. This is in line with the AU’s Agenda 2063, aimed at advancing Africa into a prosperous future.
foster partnerships with international space agencies like the European Space Agency and others.
Over 20 African countries operate space programmes and more than 65 African satellites have been launched. It is my view as a global space diplomacy expert that the agency can help ensure that Africa isn’t a bystander in the space economy. This sector is projected to be worth US$1.8 trillion by 2035.
The space agency positions Africa to address pressing challenges and take advantage of opportunities in the global space economy. These include using satellite data, boosting connectivity, driving economic growth, fostering global partnerships and training future leaders.
Five benefits
Valuable eyes in the sky
Space assets, particularly Earth observation satellites, offer a number of advantages. The continent faces significant climate risks like droughts, fires and floods. This is particularly problematic as the agricultural sector is approximately 35% of Africa’s GDP and employs about half of its people across over 1 billion hectares of arable land.
Satellite data optimises crop yields, supports climate-resilient farming, and enhances sustainable fisheries and port modernisation. Nigeria’s National Space Research and Deveopment Agency, for example, has used satellites like the NigSat-2 to monitor crop health and predict yields.
Beyond agriculture, satellites assist in project planning in cities across Africa. Kenya uses a satellite to track urban development trends and enhance municipal urban planning capacities.
Satellites also keep an eye on Africa’s resource-abundant territories while tackling problems like armed conflict, deforestation, and illegal migration and mining.
The African Space Agency will help provide access to AI-enhanced satellite data. This will enable even nations with constrained resources to tackle local needs. For instance, Côte d’Ivoire’s first locally made satellite, launched in 2024, shows how African nations are building their own capabilities.
By making it easier to share data, the African Space Agency also positions the continent to generate revenue in the global space data market. That fuels innovation.
Enhancing connectivity and enabling cutting-edge technology
Africa’s digital divide is stark. Only 38% of its population was online in 2024, compared to the global average of 68%. The African Space Agency aims to bridge this gap through satellite-based communications. This technology can deliver broadband to remote regions where cell towers and undersea cables are impractical.
Connectivity enables education, e-commerce and telemedicine.
Satellite services, like those provided by SpaceX’s Starlink in 21 African countries, will drive digital inclusion. In turn this promises to reduce unemployment and help entrepreneurs.
The African Space Agency is also positioning Africa to embrace new space technologies. Examples include Japan’s 2025 demonstration of beaming solar power from space, following a US achievement in 2023.
This could revolutionise energy access. Space-based solar power captures solar energy in orbit via satellite and transmits it as microwaves to Earth. This offers a solution to Africa’s energy poverty. It could provide reliable power to remote areas without extensive grid infrastructure.
The African Space Agency’s role in coordinating satellite launches and data sharing will make these technologies more accessible and cost-effective.
Driving economic growth and innovation
Africa’s space sector, now worth over US$20 billion, is growing rapidly. The industry has seen an increase of private companies and investor support, moving beyond sole dependence on government funding. Investment is being fuelled by 327 NewSpace firms, a term used for the new emerging commercial space industry in nations such as Egypt, Nigeria, and South Africa. These firms often excel in satellite communication, Earth observation and component manufacturing.
But many African nations lack resources. The agency will lower barriers by fostering collaboration, coordinating national space programmes, and reducing duplication.For example, the African Space Agency’s efforts to streamline satellite development and launches will spur local manufacturing and tech hubs.
This means that smaller economies will be able to participate.
Strengthening regional and global connections
Africa’s space sector relies on partnerships with space agencies and commercial space companies based in the “space powers”. These include the US, Russia, China, France, India, Italy, Japan, Israel and the United Arab Emirates. These institutions provide launch services, satellite development and ground stations.
An example is Senegal’s GaindeSAT-1A, a CubeSat launched in 2024 via America’s SpaceX with French collaboration.
Meanwhile, countries like South Africa are exploring local rocket programmes to enhance the agency’s self-reliance. Africa’s space ground stations are already located across the continent, supporting the European Space Agency and commercial missions. They will soon host a deep space ground station for America’s National Aeronautics and Space Administration.
Funding remains a challenge. African nations allocated just US$426 million to space programmes in 2025. That’s less than 1% of global spending. The European Space Agency has an US$8 billion budget.
However, initiatives like the €100 million Africa-EU Space Partnership Programme (2025–2028) aim to boost Africa’s space sovereignty and innovation.
The agency’s vision extends beyond Earth, with an eye on the Moon. Some members, notably Angola, Nigeria and Rwanda, have already signed the US-led Artemis Accords for lunar exploration. For their part Egypt and South Africa are collaborating with China and Russia on the International Lunar Research Station.
A skilled workforce is critical to Africa’s space industry. The Africa Space Agency Space City plans to host a training academy. It will build on Egypt’s programmes in space project management, satellite design, and orbital simulation.
Partnerships like the Africa-EU programme offer scholarships, while private initiatives, such as the Pathways to Space programme by Boeing and the Future African Space Explorers STEM Academy, engage students in 63 schools in Ethiopia, Nigeria, and Tanzania.
– 5 benefits Africa’s new space agency can deliver – https://theconversation.com/5-benefits-africas-new-space-agency-can-deliver-258098
The African Space Agency was officially inaugurated in Cairo’s Space City in April 2025. The event marked a milestone in a process that had been in the works since the early 2000s. Drawing inspiration from the European Space Agency, it unites African Union (AU) member states to harness space technology for development. This is in line with the AU’s Agenda 2063, aimed at advancing Africa into a prosperous future.
foster partnerships with international space agencies like the European Space Agency and others.
Over 20 African countries operate space programmes and more than 65 African satellites have been launched. It is my view as a global space diplomacy expert that the agency can help ensure that Africa isn’t a bystander in the space economy. This sector is projected to be worth US$1.8 trillion by 2035.
The space agency positions Africa to address pressing challenges and take advantage of opportunities in the global space economy. These include using satellite data, boosting connectivity, driving economic growth, fostering global partnerships and training future leaders.
Five benefits
Valuable eyes in the sky
Space assets, particularly Earth observation satellites, offer a number of advantages. The continent faces significant climate risks like droughts, fires and floods. This is particularly problematic as the agricultural sector is approximately 35% of Africa’s GDP and employs about half of its people across over 1 billion hectares of arable land.
Satellite data optimises crop yields, supports climate-resilient farming, and enhances sustainable fisheries and port modernisation. Nigeria’s National Space Research and Deveopment Agency, for example, has used satellites like the NigSat-2 to monitor crop health and predict yields.
Beyond agriculture, satellites assist in project planning in cities across Africa. Kenya uses a satellite to track urban development trends and enhance municipal urban planning capacities.
Satellites also keep an eye on Africa’s resource-abundant territories while tackling problems like armed conflict, deforestation, and illegal migration and mining.
The African Space Agency will help provide access to AI-enhanced satellite data. This will enable even nations with constrained resources to tackle local needs. For instance, Côte d’Ivoire’s first locally made satellite, launched in 2024, shows how African nations are building their own capabilities.
By making it easier to share data, the African Space Agency also positions the continent to generate revenue in the global space data market. That fuels innovation.
Enhancing connectivity and enabling cutting-edge technology
Africa’s digital divide is stark. Only 38% of its population was online in 2024, compared to the global average of 68%. The African Space Agency aims to bridge this gap through satellite-based communications. This technology can deliver broadband to remote regions where cell towers and undersea cables are impractical.
Connectivity enables education, e-commerce and telemedicine.
Satellite services, like those provided by SpaceX’s Starlink in 21 African countries, will drive digital inclusion. In turn this promises to reduce unemployment and help entrepreneurs.
The African Space Agency is also positioning Africa to embrace new space technologies. Examples include Japan’s 2025 demonstration of beaming solar power from space, following a US achievement in 2023.
This could revolutionise energy access. Space-based solar power captures solar energy in orbit via satellite and transmits it as microwaves to Earth. This offers a solution to Africa’s energy poverty. It could provide reliable power to remote areas without extensive grid infrastructure.
The African Space Agency’s role in coordinating satellite launches and data sharing will make these technologies more accessible and cost-effective.
Driving economic growth and innovation
Africa’s space sector, now worth over US$20 billion, is growing rapidly. The industry has seen an increase of private companies and investor support, moving beyond sole dependence on government funding. Investment is being fuelled by 327 NewSpace firms, a term used for the new emerging commercial space industry in nations such as Egypt, Nigeria, and South Africa. These firms often excel in satellite communication, Earth observation and component manufacturing.
But many African nations lack resources. The agency will lower barriers by fostering collaboration, coordinating national space programmes, and reducing duplication.For example, the African Space Agency’s efforts to streamline satellite development and launches will spur local manufacturing and tech hubs.
This means that smaller economies will be able to participate.
Strengthening regional and global connections
Africa’s space sector relies on partnerships with space agencies and commercial space companies based in the “space powers”. These include the US, Russia, China, France, India, Italy, Japan, Israel and the United Arab Emirates. These institutions provide launch services, satellite development and ground stations.
An example is Senegal’s GaindeSAT-1A, a CubeSat launched in 2024 via America’s SpaceX with French collaboration.
Meanwhile, countries like South Africa are exploring local rocket programmes to enhance the agency’s self-reliance. Africa’s space ground stations are already located across the continent, supporting the European Space Agency and commercial missions. They will soon host a deep space ground station for America’s National Aeronautics and Space Administration.
Funding remains a challenge. African nations allocated just US$426 million to space programmes in 2025. That’s less than 1% of global spending. The European Space Agency has an US$8 billion budget.
However, initiatives like the €100 million Africa-EU Space Partnership Programme (2025–2028) aim to boost Africa’s space sovereignty and innovation.
The agency’s vision extends beyond Earth, with an eye on the Moon. Some members, notably Angola, Nigeria and Rwanda, have already signed the US-led Artemis Accords for lunar exploration. For their part Egypt and South Africa are collaborating with China and Russia on the International Lunar Research Station.
A skilled workforce is critical to Africa’s space industry. The Africa Space Agency Space City plans to host a training academy. It will build on Egypt’s programmes in space project management, satellite design, and orbital simulation.
Partnerships like the Africa-EU programme offer scholarships, while private initiatives, such as the Pathways to Space programme by Boeing and the Future African Space Explorers STEM Academy, engage students in 63 schools in Ethiopia, Nigeria, and Tanzania.
Scott Firsing does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United States Senator for Maine Angus King
WASHINGTON, D.C. — Today, U.S. Senators Angus King (I-ME) and Lisa Murkowski (R-AK) introduced legislation that would lay the groundwork to boost the workforce, energy and shoreside infrastructure, food security, and economies of coastal communities in Maine and across the country. The Working Waterfronts Act, which is also co-sponsored by Senator Susan Collins (R-ME), is comprised of more than a dozen provisions, would support efforts to mitigate the impacts of climate change and strengthen federal conservation research projects. Included in the legislation is Senator King’s Fishing Industry Credit Enhancement Act which would allow businesses that provide direct assistance to fishing operations — like gear producers or cold storage — to access loans from the Farm Credit System (FCS) that are already offered to service providers for farmers, ranchers and loggers.
“Maine’s coastal communities are changing. From a warming climate to an evolving economy, the Gulf of Maine faces both historic opportunities and challenges that will define our state’s success for generations,” said Senator King. “The Working Waterfronts Act would provide Maine’s working waterfronts up and down the coast with the necessary financial, energy and infrastructure resources to adapt to the rapidly shifting dynamics of natural disasters affecting economic and tourism operations. It would also help support the necessary workforce to sustain our coastal businesses. Thanks to my colleagues for working with me to ensure our waterfronts have the necessary tools and resources to thrive for years to come.”
“One of my priorities this Congress was reintroducing the Working Waterfronts Act, a comprehensive and collective effort to harness the potential of the blue economy for Alaska’s coastal communities,” said Senator Murkowski. “With 66,000 miles of coastline, it is vital Alaska strengthens our shoreside infrastructure and supports workforce development to ensure the sustainability and growth of our fisheries, tourism, and mariculture sectors. This legislation will provide essential resources for alternative energy initiatives, improve community processing facilities, and promote safety and wellness in the maritime workforce. Together, we can build a resilient future for our coastal communities while addressing climate change and preserving our precious marine ecosystems.”
“The men and women who make their living in Maine’s blue economy face growing challenges, including rising costs, workforce shortages, and changing ocean conditions,” said Senator Collins. “This bipartisan legislation would help address these issues by improving shoreside infrastructure, supporting the next generation of maritime workers, and investing in ocean ecosystem maintenance to ensure that Maine’s coastal communities remain strong for years to come.”
Bill Highlights:
Investing in Energy and Shoreside Infrastructure
Tax Credits for Marine Energy Projects supports projects that produce electricity from waves, tides, and ocean currents.
Fishing Vessel Alternative Fuels Pilot Program provides resources to help transition fishing vessels from diesel to alternative fuel sources such as electric or hybrid, and funds research and development of alternative fuel technologies for fishing vessels.
Rural Coastal Community Processing and Cold Storage Grant increases support for community infrastructure such as cold storage, cooperative processing facilities, and mariculture/seaweed processing facilities by establishing a competitive grant program through the Department of Commerce for rural and small-scale projects.
Working Waterfronts Development Act establishes a grant program for infrastructure improvements for facilities benefitting commercial and recreational fishermen, mariculturists, and the boatbuilding industry.
Boosting Maritime Workforce Development and Blue Economy
Fishing Industry Credit Enhancement Act strengthens financial support for fishery operations by expanding Farm Credit eligibility to fishing industry support businesses.
Maritime Workforce Grant Program establishes a Maritime Workforce Grant Program, directing the Maritime Administrator to award competitive grants supporting entities engaged in recruiting, educating, or training the maritime workforce.
Fishing Industry Safety, Health, and Wellness Improvement (FISH Wellness) Act expands the Coast Guard and CDC’s National Institute for Occupational Safety and Health (NIOSH) Fishing Safety Research and Training (FRST) Grant Program to include projects supporting behavioral health in addition to the projects currently supported dedicated to occupational safety research and training.
Ocean Regional Opportunity and Innovation Act establishes at least one ocean innovation cluster in each of the five domestic NOAA Fisheries regions, as well as the Great Lakes and Gulf of Mexico regions. The ocean cluster model fosters collaboration between different sectors – including public, private, and academic – within a geographic region to promote economic growth and sustainability in the Blue Economy.
Supporting Sustainable and Resilient Ecosystems
Coastal Communities Ocean Acidification Act enhances collaboration on ocean acidification research and monitoring through ongoing mechanisms for stakeholder engagement on necessary research and monitoring. This provision would also establish two Advisory Board seats for representatives from Indian Tribes, Native Hawaiian organizations, Tribal organizations, and Tribal consortia affected by ocean acidification and coastal acidification.
Vegetated Coastal Ecosystem Inventory establishes an interagency working group for the creation and maintenance of a comprehensive national map and inventory detailing vegetated coastal and Great Lakes ecosystems. This inventory encompasses habitat types, species, ecosystem conditions, ownership, protected status, size, salinity and tidal boundaries, carbon sequestration potential, and impacts of climate change.
Marine Invasive Species Research and Monitoring provides resources and tools to mitigate the impact of invasive species and help limit their spread by authorizing research and monitoring grants for local, Tribal, and regional marine invasive prevention work. This includes training, outreach, and equipment for early detection and response to invasions.
Senator King is a longtime supporter of working waterfronts and small businesses. He previously introduced the bipartisan Providing Resources for Emergency Preparedness and Resilient Enterprises (PREPARE) Act to reauthorize the Small Business Administration’s (SBA) Pre-Disaster Mitigation Pilot Program, which would give small businesses the opportunity to take out low-interest loans for the purpose of proactively implementing mitigation measures that protect their property from future disaster-related damage. He also led a bipartisan bill to provide working waterfronts with a 30 percent tax credit on up to $1 million in mitigation expenses, adjusted for inflation annually. In 2024, he was named a Hero of Main Street for his support of small businesses across Maine.
Senator Collins has consistently fought to strengthen Maine’s working waterfronts. Earlier this year, she successfully pushed the Department of Commerce to restore full funding for Maine Sea Grant, ensuring continued support for coastal research and marine industries in Maine. She secured $15 million in federal funding in the 2024 funding package to help coastal communities recover from storm damage and to launch a new grant program at the Economic Development Administration for working waterfronts. She previously introduced the bipartisan Working Waterfront Preservation Act to create a $20 million annual grant program to support working waterfronts nationwide.
Orlando, FL – U.S. District Judge John C. Antoon II has sentenced Thomas Gaffney (59, Melbourne) to five years in federal prison for conspiracy to commit wire fraud. The court also entered an order of forfeiture in the amount of $487,750, which represents the amount of proceeds the defendant obtained from the wire fraud conspiracy. Gaffney pled guilty on January 23, 2025.
According to court documents, between 2018 and 2021, Gaffney and others co-operated VerdeGroup as an investment fraud scheme. In furtherance of this scheme, Gaffney solicited investors primarily though advertisements for VerdeGroup in various local and national newspapers across the country.
The advertisements solicited would-be investors to provide funds for private loans to fund businesses engaging in legal marijuana cultivation, technologies, and pharmaceuticals in states where doing so was legal under state law. In exchange, investors were promised a 12% annual return on their investment.
The statements in these advertisements were false and fraudulent. In reliance on the information in the advertisements, investors called the listed number and spoke, most often, with co-conspirator-1. In concert with and at the direction of Gaffney, co-conspirator-1 would repeat and add to the false and fraudulent information about VerdeGroup and the state of its business to entice victims to invest with VerdeGroup. Once a victim expressed an interest in investing, co-conspirator-1 or Gaffney would send promotional materials to the victim about VerdeGroup, including brochures and a term sheet with instructions for how to invest with VerdeGroup. Co-conspirator-2 received the investments from the victims and then remitted the funds to the defendant and other co-conspirators.
After victims invested with VerdeGroup, Gaffney and co-conspirator-1 continued to make false and fraudulent statements to investors about how their money was being used and the state of VerdeGroup. Instead of using the money to fund private business loans as promised, VerdeGroup never provided any loans to any businesses or individuals. Rather, the conspirators used a small portion of the money to make the “Ponzi” type payments to investors. The rest of the funds were used for the personal benefit of Gaffney and his co-conspirators. Specifically, Gaffney received $487,750 as proceeds of the scheme. He used this money to pay for personal expenses, including cruises and expensive jewelry. He also used a significant portion of the funds to cover costs at a pizza restaurant that he helped operate.
This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Amanda S. Daniels.
Montgomery, Ala. – Today, Acting United States Attorney Kevin Davidson announced the arrest of a second man in connection with the March 10, 2025, robbery of a Montgomery, Alabama dry-cleaning business. On May 22, 2025, a criminal complaint was filed in the United States District Court in Montgomery charging 57-year-old Spencer Thomas, a resident of Prattville, Alabama, with armed robbery and carjacking. Law enforcement arrested Thomas on May 27, 2025, after locating him in Las Vegas, Nevada. Thomas’s charging documents were unsealed late last week.
Thomas is the second individual charged in the case. Previously, 58-year-old Zedekiah Sykes was also indicted on charges of armed robbery and carjacking.
The arrests follow a joint investigation by the Federal Bureau of Investigation (FBI), Montgomery Police Department, Alabama Law Enforcement Agency (ALEA), and the Metro Area Crime Suppression (MACS) Unit, with assistance from the Montgomery County District Attorney’s Office. Thomas is scheduled to be arraigned in Montgomery on June 17, 2025. Zedekiah Sykes’ trial is currently set for August 11, 2025.
A criminal complaint and indictment are merely accusations. All defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
If convicted on all charges, Thomas and Sykes each face up to 25 years in federal prison. There is no parole in the federal system. The cases are being prosecuted by Assistant United States Attorneys T. Paul Markovits and Brandon W. Bates.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
MINNEAPOLIS, June 10, 2025 (GLOBE NEWSWIRE) — LoCorr Funds, a leader in low-correlating alternative investments, is pleased to announce the hiring of industry veteran John A. Norris to accelerate the distribution of LoCorr investment strategies and solutions through financial intermediaries. With over two decades of experience in private wealth management, Norris brings deep knowledge along with a proven track record of driving growth and fostering strong relationships with partner firms.
In this role, Norris will be responsible for enhancing existing relationships with LoCorr’s broker-dealer partners, as well as expanding distribution through new selling agreements, and placement in models and on recommended lists.
“We are thrilled to welcome John to LoCorr,” said Kevin Kinzie, CEO of LoCorr Funds. “John’s depth of experience distributing alternative investments will be instrumental as we continue to expand our distribution platform and product placements.”
Previously, Norris served as Director of Investor Relations for Crowd Street Capital, where he focused on investor fundraising and relationship management. Before that, he spent 18 years with Black Creek Capital Markets (now Ares Management Corporation) as Director of National Sales, leading equity capital raising and focusing on key broker-dealer distribution partners to expand and strengthen home office relationships.
In addition, LoCorr has welcomed two new internal wholesalers, Drew Dean and Brody Munger, to further strengthen the firm’s distribution efforts with financial advisors. Both support the broader sales team.
About LoCorr Funds LoCorr Funds is a leading provider of low-correlating investment strategies, founded on the belief that non-traditional investment strategies with low correlation to stocks and bonds can reduce risk and help increase portfolio returns. LoCorr offers investment solutions that not only provide the potential for positive returns in rising or falling markets but also help to achieve diversification in investment portfolios. LoCorr Funds is headquartered in Excelsior, MN. For more information, please visit www.LoCorrFunds.com or call 1.888.628.2887.
For additional information, contact: Jenny Brookfield, 952-767-6906
Past performance does not guarantee future results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. Correlation measures how much the returns of two investments move together over time. Diversification does not assure a profit nor protect against loss in a declining market.
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. Theprospectuscontains this and other important information about the investment company, and it may be obtained by calling 1.855.LCFUNDS, or visiting www.LoCorrFunds.com. Read it carefully before investing.
The LoCorr Funds are distributed by Quasar Distributors, LLC.
SINGAPORE, June 10, 2025 (GLOBE NEWSWIRE) — As Bitcoin surges past the $100,000 mark, analysts and investors are forecasting a new bull market filled with high volatility. In this market environment, savvy traders are turning to high-leverage futures trading to maximize profits with smaller capital. Recognizing this shift, BexBack has stepped up its efforts to help traders capitalize on the bull market with powerful promotional offers. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency futures trading, offering unparalleled opportunities for both new and seasoned investors.
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About BexBack
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WILMINGTON, Del., June 10, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (OTCQB: ONFOP) (“Onfolio” or the “Company”) today announced the official launch of its Referral Partner Program to support the rapid growth of its Generative Engine Optimization (GEO) business. The program offers recurring income and long-term upside to professionals who refer clients to Pace Generative LLC, Onfolio’s GEO subsidiary, which helps businesses gain visibility in AI-generated answers from tools like ChatGPT, Gemini, Claude, Grok, and Perplexity. For Onfolio, the program should help to capture the demand and scale revenues significantly faster.
Generative Engine Optimization (GEO) is a fast-emerging discipline that positions businesses inside AI-generated responses, rather than simply helping them rank in traditional search engines. When prospective clients ask tools like ChatGPT, “Who’s the best cosmetic surgeon in Miami?” or “Which estate planning firm in NYC is most reputable?”, GEO helps to determine whether a business is mentioned in that real-time answer.
“With the way people now search for trusted services, the brands that show up in AI answers will win the next decade,” said Dominic Wells, CEO of Onfolio. “Our mission is to ensure that great companies don’t get left behind – and our referral partners will be essential to helping us scale that impact.”
“AI is now the first stop for answers,” Wells continued. “If a company isn’t cited, it’s not just ranked lower, it’s invisible. GEO addresses that. And our referral program allows trusted professionals to help their clients while building a new revenue stream for themselves.”
For more information about Pace Generative LLC, visit www.pacegenerative.com. For more information about our referral program, visit www.pacegenerative.com/partner or contact Michael Carwile at partners@pacegenerative.com
About Onfolio Holdings Inc.
Onfolio acquires, operates, and scales a diversified portfolio of digital companies. The Company focuses on businesses with strong cash flows, long-term growth potential, and experienced leadership—or those that can be effectively managed by Onfolio’s in-house team. By targeting under-optimized businesses with untapped potential, Onfolio adds value through operational expertise, strategic guidance, and advanced technologies. For more information, visit www.onfolio.com.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A “Risk Factors” in our most recent Form 10-K and Form 10-Q, other risks to which our Company is subject, and various other factors beyond the Company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Company Contact: Investor Communications Onfolio Holdings Inc. Investors@Onfolio.com
HENDERSON, Nev., June 10, 2025 (GLOBE NEWSWIRE) — Nika Pharmaceuticals, Inc. (OTCQB:NIKA), based in Colorado, focused on cures for life-threatening diseases, today announced that Dimitar Savov, CEO, will present live at the Life Sciences Virtual Investor Frum hosted by VirtualInvestorConferences.com, on June 11th, 2025
DATE: June 11th TIME: 1:00 PM ET LINK:REGISTER HERE Available for 1×1 meetings: June 12th-17th between 09:00am ET and 11:30am ET
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
On May 19, 2025, NIKA published a market analysis for the countries of Ukraine, Syria, Jordan, Iraq, UAE, where NIKA has exclusive distribution agreements and has estimated a total of around €656 million in potential revenue.
NIKA’s partner company, Nika Europe, has made the second $195,554 payment for the vial production line and is currently finalizing the details of the clean rooms design in order to start construction. The production facility is expected to be completed in H2, 2025.
On April 11, 2025, Nika Pharmaceuticals, Inc. published a report on the therapeutic effect and potential economic impact of ITV-1, which can be found here.
On July 11, 2024 Nika Pharmaceuticals, Inc. signed an exclusive distribution agreement for the Republic of Nigeria. Under the terms, NIKA will receive €1,980 per each set of ITV-1 with two sets necessary for each treatment, which could result in €7.9 billion revenue.
About Nika Pharmaceuticals, Inc.
Nika Pharmaceuticals, Inc. (NIKA) is a pharmaceutical company, specializing in the treatment of HIV/AIDS, Hepatitis B and C, Rheumatoid Arthritis, Cancer, Diabetes, and all diseases, for which strengthened cell immunity is of vital importance. NIKA’s intellectual property includes six drugs in injection form – two of which have successfully undergone clinical trials with good treatment results – four drugs in tablet form, and eleven dietary supplements. NIKA’s goal is to not only achieve corporate profits, but to provide better and easier access to life-saving medicinal drugs and useful dietary supplements. Find more on www.nikapharmaceuticals.com.
Forward-looking Statement:
This press release contains forward-looking statements. Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward- looking statements.” These forward-looking statements generally are identified by the words “believes,” “expects,” “anticipates,”” estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.
About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS: Nika Pharmaceuticals, Inc. Name Clifford P. Redekop Title Corporate Secretary Phone (702) 326-3615 Email cliffredekop@gmail.com
Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
HOUSTON, June 10, 2025 (GLOBE NEWSWIRE) — American National Insurance Company announces the launch of its innovative Smart Start Accumulator Series, a series of single premium fixed indexed annuities designed to provide clients with the opportunity for significant growth by maximizing accumulation potential from day one.
The series, which includes Smart Start Accumulator and Smart Start Accumulator Plus, leverages Nobel Prize-winning research to offer easy-to-understand portfolio allocation options based on their individual risk tolerance and retirement goals1. A conservative, moderate, and aggressive portfolio option is available along with a custom allocation option. This helps policyholders confidently navigate their financial future with a strategy that meets their individual needs.
One of the key features of the Smart Start Accumulator Series is the Best Entry Window, which sets all the selected index starting values at their lowest point in the initial 90-day period, which can help clients maximize their first-year growth potential. Additionally, the Smart Start Accumulator Plus offers premium enhancement options that can provide an immediate boost to the annuity’s value. Clients choose the enhancement level that best suits their savings goals and financial strategy.
“We are proud to bring practical financial solutions that help our clients build a secure future with confidence,” said Chad Ferrell, Senior Vice President and Chief of Annuity Distribution at American National. “By integrating strategic indexing options and enhancement features, this series empowers individuals to make smart investment choices that align with their long-term financial goals while minimizing exposure to unnecessary risks.”
The series also includes various strategies for interest crediting based on market index performance, including the S&P 500® Value Cap2, S&P 500® Dynamic Intraday TCA Index2, S&P MARC 5% Excess Return Index2, Invesco QQQ Portfolio Plus Index3, and Morningstar® Global Wide Moat VC 7 Index4.
For more information, please visit AmericanNational.com.
ABOUT AMERICAN NATIONAL
Founded in 1905 and based in Galveston, Texas, American National Insurance Company (American National) is dedicated to being a source of certainty for millions of Americans through a comprehensive range of wealth protection, retirement, and insurance products and services. American National combines our expertise and resources to cater to the diverse needs of our clients, guiding them towards financial security and peace of mind. For more information, visit our website at AmericanNational.com.
Annuities, life insurance and other products and services are written through multiple companies. Property and casualty insurance is written through American National Property And Casualty Company, Springfield, Missouri, and affiliates. In New York, business is written through Farm Family Casualty Insurance Company, United Farm Family Insurance Company, and American National Life Insurance Company of New York, Glenmont, New York. Not all products and services are available in all states. Not all companies are licensed in all states. Each company has financial responsibility only for the products and services it issues.
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1 Markowitz, H.M. (1959). Portfolio Selection: Efficient Diversification of Investments. New York: John Wiley & Sons. (reprinted by Yale University Press, 1970, ISBN 978-0-300-01372-6; 2nd ed. Basil Blackwell, 1991, ISBN 978-1-55786-108-5). “Nobel Prize”. Encyclopedia Britannica. 2007. Archived from the original on 29 April 2015.
2 The S&P MARC 5% Index, S&P 500®Index, and S&P 500® Dynamic Intraday TCA Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by American National Insurance Company. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by American National Insurance Company. American National Insurance Company’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MARC 5% Index, S&P 500®Index, and S&P 500® Dynamic Intraday TCA Index.
3 Invesco Indexing LLC (“Licensor”) has licensed the Index to American National Insurance Company to be used as a component of certain fixed index annuity products (the “Products”). The Index may be calculated by a third party or contain third-party data, each third-party provider and Licensor are collectively “Licensor Parties”. The Products are not sponsored, operated, endorsed, sold, or promoted by Licensor Parties. The Index, the proprietary data therein, and related trademarks, are intellectual property licensed from Licensor, and may not be copied, used, or distributed without Licensor’s prior written approval. The Products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by Licensor Parties. Licensor Parties make no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall Licensor Parties have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.
4 The Morningstar Indexes are the exclusive property of Morningstar, Inc. Morningstar, Inc., its affiliates and subsidiaries, its direct and indirect information providers and any other third party involved in, or related to, compiling, computing or creating any Morningstar Index (collectively, “Morningstar Parties”) do not guarantee the accuracy, completeness and/or timeliness of the Morningstar Indexes or any data included therein and shall have no liability for any errors, omissions, or interruptions therein. None of the Morningstar Parties make any representation or warranty, express or implied, as to the results to be obtained from the use of the Morningstar Indexes or any data included therein.
Form Series: FIA25; ICC25 (Forms may vary by state). When a person buys this annuity, the person is not buying an ownership interest in any stock or index. Not FDIC/NCUA insured / Not a deposit / Not insured by any federal government agency / No bank/CU guarantee / May lose value.
The Securities and Exchange Commission today announced that Natasha Vij Greiner, Director of the Division of Investment Management, will depart the agency effective July 4, 2025, after more than 23 years of public service.
“Natasha’s steadfast leadership and strong judgment have been invaluable assets to the SEC throughout her long and distinguished career,” said SEC Chairman Paul S. Atkins. “I am grateful for her strategic counsel since I’ve become Chairman. Her unwavering commitment to the agency’s mission and her ability to navigate complex regulatory landscapes with clarity will have a lasting effect.”
The Division of Investment Management’s work is critical to ensuring that investors have access to high-quality investment opportunities from which they can make well-informed investing decisions. It has primary responsibility for administering the Investment Company Act of 1940 and the Investment Advisers Act of 1940, which includes overseeing investment companies (e.g., mutual funds, closed-end funds, business development companies, unit investment trusts, variable insurance products, and exchange-traded funds) and investment advisers.
“As I reflect on my 23 years at the SEC, I am filled with gratitude for the incredible journey across the divisions of Investment Management, Enforcement, Examinations, and Trading and Markets,” said Ms. Greiner. “It has been an extraordinary privilege to serve in various capacities at the SEC, culminating as Director of the Division of Investment Management. Throughout my tenure, I have witnessed firsthand the dedication and integrity of the staff that define this remarkable agency.”
Ms. Greiner was named Director of the Division of Investment Management in March 2024. She previously served as Deputy Director of the Division of Examinations and as the National Associate Director of the Investment Adviser/Investment Company examination program, which includes the Private Funds Unit, and was the Associate Director of the Home Office IA/IC examination program.
She began her SEC career in the Division of Examinations (formerly OCIE) as a broker-dealer examiner and has served in a variety of roles across the agency, including Acting Chief Counsel and Assistant Chief Counsel in the Division of Trading and Markets, where she provided legal and policy advice to the Commission on rules affecting market participants and the operation of the securities markets. Before that, Ms. Greiner worked in the Division of Enforcement, including in its Asset Management Unit, where she investigated possible violations of the federal securities laws and litigated matters in federal district court and administrative proceedings.
Throughout her career at the SEC, Ms. Greiner has been consistently recognized for her outstanding achievements and efforts. She received the Chairman’s Award for Excellence in 2015 and again in 2018, and she received the Chairman’s Award for Serving the Interests of Main Street Investors in 2019.
Ms. Greiner received her J.D. from The Catholic University of America, Columbus School of Law and graduated cum laude with a B.S. degree from James Madison University.
Source: United Kingdom – Executive Government & Departments 3
Press release
UK and partners unite to sanction ministers inciting West Bank violence
UK sanctions Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich in response to their repeated incitements of violence against Palestinian communities, alongside partners Australia, Canada, New Zealand and Norway
UK sanctions Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich today, in response to their repeated incitements of violence against Palestinian communities
alongside partners Australia, Canada, New Zealand and Norway, the UK calls for immediate action against extremist settlers
measures announced today demonstrate UK commitment to challenging those inciting hatred and violence
As Palestinian communities in the West Bank continue to suffer from severe acts of violence by extremist Israeli settlers which also undermine a future Palestinian state, the United Kingdom has joined Australia, Canada, New Zealand and Norway in stepping up the international response.
In their personal capacity, Israeli government ministers Itamar Ben-Gvir and Bezalel Smotrich are now sanctioned for their repeated incitement of violence against Palestinian civilians, effective immediately.
The UK has made clear in public and private to the Netanyahu government that Israel must cease expansion of illegal settlements which undermine a future Palestinian state, clamp down on settler violence, and condemn inflammatory and extremist statements from both individuals.
The measures announced by international partners today demonstrate commitment to ensuring the individuals are held accountable for encouraging and inciting human rights abuses.
Foreign Secretary David Lammy, along with the Foreign Ministers of Australia, Canada, New Zealand and Norway said in a joint statement:
We are steadfastly committed to the two-state solution and will continue to work with our partners towards its implementation. It is the only way to guarantee security and dignity for Israelis and Palestinians and ensure long term stability in the region, but it is imperilled by extremist settler violence and settlement expansion.
Itamar Ben-Gvir and Bezalel Smotrich have incited extremist violence and serious abuses of Palestinian human rights. These actions are not acceptable. This is why we have taken action now – to hold those responsible to account.
We will strive to achieve an immediate ceasefire in Gaza, the immediate release of the remaining hostages by Hamas which can have no future role in the governance of Gaza, a surge in aid and a path to a two-state solution.
As of April 2025, extremist settlers have carried out over 1,900 attacks against Palestinian civilians since January last year. The UK is committed to protecting the viability of a two-state solution and human rights, including by challenging those inciting violence.
In a joint statement with partners, the UK reiterated its commitment to continuing “a strong friendship with the people of Israel based on shared ties, values and commitment to [its] security and future.”
The Foreign Secretary was also clear that the UK will “continue to work with the Israeli Government and a range of partners” to deliver long-term peace and security.
Alongside partners Australia, Canada, New Zealand and Norway, the UK is clear that the rising violence and intimidation by Israeli settlers against Palestinian communities in the West Bank must stop. Measures today cannot be seen in isolation from events in Gaza where Israel must uphold International Humanitarian Law.
The UK and partners support Israel’s security and will continue to work with the Israeli Government to strive to achieve an immediate ceasefire in Gaza. Hamas must release the hostages immediately, and there must be a path to a two-state solution with Hamas having no role in future governance.
Background
Individuals and entities sanctioned today:
Itamar BEN-GVIR (hereafter “BEN-GVIR”) – is an involved person within the meaning of the Global Human Rights Sanctions Regulations 2020 on the basis of the following ground: BEN-GVIR is responsible for, engaging in, inciting, promoting and/or supporting activity which amounts to a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment, in particular acts of aggression and violence against Palestinian individuals in the West Bank. BEN-GVIR is now subject to an asset freeze, travel ban, and director disqualification. BEN-GVIR is Minister for National Security but is sanctioned in his personal capacity.
Bezalel Yoel SMOTRICH (hereafter “SMOTRICH”) – is an involved person within the meaning of the Global Human Rights Sanctions Regulations 2020 on the basis of the following ground: SMOTRICH is responsible for engaging in, inciting, promoting and/or supporting activity which amounts to a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment, in particular acts of aggression and violence against Palestinian individuals in the West Bank. SMOTRICH is now subject to an asset freeze, travel ban, and director disqualification. SMOTRICH is Minister for Finance and Additional Minister of Defence but is sanctioned in his personal capacity.
asset freeze: where an asset freeze applies, in summary, it is generally prohibited within the UK, and for UK persons outside the UK, to:
o Deal with funds or economic resources, owned, held or controlled by a designated person
o Make funds or economic resources available, directly or indirectly, to, or for the benefit of, a designated person
o Engage in actions that, directly or indirectly, circumvent the financial sanctions prohibitions
director disqualification sanctions: Where director disqualification sanctions apply, it will be an offence for a person designated for the purpose of those sanctions to act as a director of a company or to take part in the management, formation or promotion of a UK company
travel ban: an individual subject to a travel ban will be an excluded person under section 8B of the Immigration Act 1971, meaning that they must be refused leave to enter or to remain in the United Kingdom
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
An IMF staff team visited Syria for the first time since 2009, to assess the economic and financial conditions in Syria and discuss with the authorities their economic policy and capacity building priorities to support the recovery of the Syrian economy.
Amidst enormous challenges, the Syrian authorities are determined to rehabilitate Syria’s economy. In the near term, it is critical to restore public confidence and macro-economic stability through the pursuit of sound fiscal and monetary policies and create conditions for the private sector to lead Syria’s development and growth.
Syria will need substantial international assistance to support the authorities’ efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure. This not only includes concessional financial support, but also extensive capacity development assistance.
Damascus, Syria: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Damascus from June 1–5, 2025, to assess the economic and financial conditions in the country, discuss the authorities’ policy priorities, and develop a roadmap for capacity building to assist the formulation and implementation of economic policies. At the conclusion of the mission, Mr. van Rooden issued the following statement:
“Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size. Some six million people fled the country, mostly to neighboring countries, and an additional seven million were displaced internally. Output has plummeted, real incomes have fallen sharply, and poverty rates are high. State institutions have been weakened, the delivery of basic services has been disrupted, and large parts of the country’s infrastructure have been damaged or destroyed. Humanitarian and reconstruction needs are very large. There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees.
“The authorities are keen to restore economic growth and improve people’s living standards, and they intend to pursue sound economic policies. In this regard, the mission’s discussions focused on near-term policy and institution building priorities, including: (i) adopting a budget for the remainder of 2025, identifying available domestic and external resources and ensuring that priority spending needs are met, including the government payroll, basic health and education services, and assistance to the most vulnerable segments of the population; (ii) improving revenue mobilization, by modernizing the tax and customs regime, and by strengthening tax and custom administration, bringing both under the purview of the finance ministry; (iii) strengthening public financial management to improve budget execution and monitoring; (iv) empowering the central bank to ensure price stability and restore confidence in the national currency and adopting a monetary policy framework suited to achieve this; (v) rehabilitating the payment and banking systems, while enhancing the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime, to improve transaction efficiency, rebuild confidence in banks and restart financial intermediation, and allow reconnection with the international financial system; (vi) addressing immediate obstacles to market-based private sector development and improving the investment climate; and (vii) enhancing data collection, processing and dissemination, separate from economic planning, to ensure adequate data to support policy formulation and assessment.
“The authorities will need strong international support for their efforts. This includes financial support at highly concessional terms—given Syria’s financing and external sustainability constraints—and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems. While the years of conflict and displacement have weakened administrative capacity, staff at the finance ministry and central bank demonstrated strong commitment and solid understanding.
“The mission reaffirmed the IMF’s commitment to supporting Syria in these efforts. Based on the findings of the mission, IMF staff is developing a detailed roadmap for policy and capacity building priorities for key economic institutions, notably the finance ministry, central bank, and statistics agency. Staff will coordinate closely with other development partners in formulating this roadmap and ensuring effective support to the Syrian authorities, also considering constraints in absorptive capacity.
“The staff team is grateful to the authorities for the candid and constructive discussions, and for their warm hospitality during this mission, the first in 16 years. The team met with Minister of Finance Yisr Barnieh, Governor of the Central Bank of Syria Abdulkader Husrieh, other senior officials, and representatives of the private sector and state-owned banks.”
MIAMI, June 10, 2025 (GLOBE NEWSWIRE) — MCQ Markets, an emerging leader in the automotive alternative asset investment space, is proud to announce the official launch of its new entity, McQueen Garage. A dynamic new division designed to operate as a high-velocity auto trading platform providing investors exposure to high-performing, investment-grade luxury and exotic vehicles using the Dogecoin Blockchain.
In its first major milestone, McQueen Garage successfully completed the sale of a 2021 Maybach S580, generating an 8.8% return in just five days. The Black/Silver Metallic S580, with just 12,904 kilometers on the dash, showcases how expertly selected collector vehicles can rival traditional asset classes in returns, especially during periods of economic uncertainty.
McQueen Garage was developed in response to growing investor demand for short-hold, high-return automotive trades. Like its parent platform, MCQ Markets, the division focuses on liquidity-driven strategies that leverage the performance of collector cars, an asset class that has outpaced more conventional markets. According to Knight Frank, the collector car index has surged 185% over the past decade, exceeding returns from the S&P 500, fine art, wine, watches, and even real estate.
Backed by a team with a verified 60.13% ROI on past automotive trades, McQueen Garage operates on a wholesale model, sourcing and selling vehicles within days rather than months or years. The company is targeting $40 million in total trades over the next 12 months.
As MCQ Markets as a whole moves toward digital asset integration, McQueen Garage is accepting Dogecoin as a form of payment. This aligns with MCQ Markets’ broader vision to tokenize iconic cars. Plans are underway to launch a tokenized auto fund in Q1 2026, which will bring liquidity and accessibility to the world of car collecting through blockchain technology.
“With McQueen Garage, we’re unlocking a new era of speed, liquidity, and return potential in car trading,” said Curt Hopkins, CEO of MCQ Markets. “Backed by the Dogecoin Blockchain, what we’re creating is more than a garage, it’s a gateway to the future of automotive investing.”
Through its main platform, MCQMarkets.com, the company continues to offer fractional ownership in rare, investment-grade vehicles such as their sold-out Lamborghini Countach and the newly listed 2012 Lexus LFA, which is one of only 500 units ever produced. Originally priced at $375K, a recent LFA sale reached $951K, a staggering 154.57% value increase.
MCQ Markets is empowering a new generation of investors to diversify through luxury vehicles and invest alongside renowned racing legends Romain Grosjean and Patricio O’Ward.
To explore live offerings and learn more about MCQ Garage and MCQ Markets, visit www.MCQMarkets.com.
About MCQ Markets MCQ Markets is redefining luxury asset ownership by making exotic automobiles attainable through its innovative fractional ownership model. The platform serves both passionate enthusiasts and seasoned investors, democratizing luxury ownership and allowing more individuals to invest in assets that were previously out of reach. For more information, please visit: https://on.mcqmarkets.com/pr
Investments contain a high degree of risk. You should carefully review the MCQ Markets offering circular before deciding to invest, a copy of which is available on the Securities and Exchange Commission’s website, linked here: https://www.sec.gov/Archives/edgar/data/2025795/000149315224023512/partiiandiii.htm. The mentioned individual, Lindsay Brewer, is a paid ambassador of MCQ Markets, receiving equity-based compensation.
WESTLAKE, Texas, June 10, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc., (NASDAQ: GSHD), a rapidly growing, independent personal lines insurance agency, has appointed Angie Kervin as Chief Human Resources Officer (CHRO). With more than two decades of experience leading human capital strategies across large, distributed workforces, Kervin will spearhead Goosehead’s efforts to enhance its HR capabilities, further solidifying its position as an industry leader.
“Angie’s deep expertise and track record of driving innovation and excellence position her perfectly to lead our HR efforts,” said Mark Miller, President and Chief Executive Officer of Goosehead Insurance. “Our ability to attract, develop and retain exceptional human capital has always been a cornerstone of our success. Angie’s strategic vision and leadership will further enhance this advantage, helping us push boundaries and foster a dynamic, forward-thinking culture that drives growth and excellence at every level.”
Kervin is an accomplished HR leader, having served most recently as Executive Vice President and CHRO at Vestis. She previously held numerous progressive leadership roles during her tenure at Vestis/Aramark Uniform Services, including Senior Vice President and CHRO, and Vice President, Human Resources. Earlier in her career, Kervin gained valuable experience managing large-scale HR initiatives at Kohl’s, Sports Authority, Party City and Footaction USA, all of which have prepared her to lead human capital strategies tailored for high-growth companies like Goosehead.
“I am thrilled to join Goosehead Insurance and contribute to the company’s continued success,” said Kervin. “I look forward to working with the team to create and implement human capital strategies that will grow and nurture top talent while supporting Goosehead’s commitment to innovation and client excellence.”
Positioning Goosehead for Continued Growth
Kervin’s appointment reflects Goosehead Insurance’s commitment to aligning its people strategy with its ambitious business goals. The CHRO role will focus on:
Developing innovative HR programs to attract, develop and retain top talent.
Strengthening the high-performance culture with an emphasis on our principles of meritocracy and servant leadership.
Leveraging advanced technologies and data-driven decision-making to enhance workforce productivity.
Building on and enhancing Goosehead’s HR infrastructure to support aggressive, long-term growth in personal lines insurance.
“Angie embodies the innovative spirit and operational excellence that drive Goosehead forward. Her leadership is well-suited to accelerate our ability to meet today’s workforce challenges while staying positioned at the forefront of the insurance industry,” added Miller.
Kervin holds a Bachelor of Business Administration degree from the University of North Texas and is thrilled to return to Texas with her family as she takes on this exciting new chapter.
About Goosehead Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at:www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
MIAMI, June 10, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, announced the Varonis Model Context Protocol (MCP) Server — a powerful new way to access and orchestrate the Varonis Data Security Platform using AI clients like ChatGPT, Claude, and GitHub Copilot.
The Varonis MCP Server marks the next evolution for data security — transforming Varonis into an AI-agnostic engine that turns simple prompts into powerful, automated outcomes.
Customers can ask deep research questions about their data security posture or automate powerful workflows with prompts such as:
“Get the last three high-severity alerts from Varonis and update any related ServiceNow tickets with the details.”
“Run a Varonis remediation to remove all stale guest accounts that haven’t accessed data in over 180 days.”
“Build a compliance report that lists all databases and tables throughout AWS and Azure that contain employee PII.”
“Automation is at the heart of everything we do,” said Varonis Co-Founder and CEO Yaki Faitelson. “The Varonis MCP Server marks another leap forward in our agentic AI vision — giving our customers access to Varonis’ real-time data security insights and automated remediation from their own AI tools, IDEs, agent builders, and terminals.”
With Athena AI embedded in the Varonis UI and agentic AI underpinning many of the platform’s automated features, Varonis continues to redefine what’s possible with AI-powered data security. Together, these capabilities give organizations a decisive edge in preventing data breaches and simplifying compliance.
About Varonis Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.
Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.
Varonis protects data first, not last. Learn more at www.varonis.com.
Investor Relations Contact: Tim Perz Varonis Systems, Inc. 646-640-2112 investors@varonis.com
News Media Contact: Rachel Hunt Varonis Systems, Inc. 877-292-8767 (ext. 1598) pr@varonis.com
BOISE, Idaho, June 10, 2025 (GLOBE NEWSWIRE) — The importance of high-performance memory has never been greater, fueled by its crucial role in supporting the growing demands of AI training and inference workloads in data centers. Micron Technology, Inc. (Nasdaq: MU), today announced the shipment of HBM4 36GB 12-high samples to multiple key customers. This milestone extends Micron’s leadership in memory performance and power efficiency for AI applications. Built on its well-established 1ß (1-beta) DRAM process, proven 12-high advanced packaging technology and highly capable memory built-in self-test (MBIST) feature, Micron HBM4 provides seamless integration for customers and partners developing next-generation AI platforms.
A leap forward As use of generative AI continues to grow, the ability to effectively manage inference becomes more important. Micron HBM4 features a 2048-bit interface, achieving speeds greater than 2.0 TB/s per memory stack and more than 60% better performance over the previous generation.1 This expanded interface facilitates rapid communication and a high-throughput design that accelerates the inference performance of large language models and chain-of-thought reasoning systems. Simply put, HBM4 will help AI accelerators respond faster and reason more effectively.
Additionally, Micron HBM4 features over 20% better power efficiency compared to Micron’s previous-generation HBM3E products, which first established new, unrivaled benchmarks in HBM power efficiency in the industry.2 This improvement provides maximum throughput with the lowest power consumption to maximize data center efficiency.2
Generative AI use cases continue to multiply, and this transformative technology is poised to deliver significant benefits to society. HBM4 is a crucial enabler, driving quicker insights and discoveries that will foster innovation in diverse fields such as healthcare, finance and transportation.
“Micron HBM4’s performance, higher bandwidth and industry-leading power efficiency are a testament to our memory technology and product leadership,” said Raj Narasimhan, senior vice president and general manager of Micron’s Cloud Memory Business Unit. “Building on the remarkable milestones achieved with our HBM3E deployment, we continue to drive innovation with HBM4 and our robust portfolio of AI memory and storage solutions. Our HBM4 production milestones are aligned with our customers’ next-generation AI platform readiness to ensure seamless integration and volume ramp.”
Intelligence Accelerated: Micron’s role in the AI revolution For nearly five decades, Micron has pushed the boundaries of memory and storage innovation. Today, Micron continues to accelerate AI by delivering a broad portfolio of solutions that turn data into intelligence, fueling breakthroughs from the data center to the edge. With HBM4, Micron reinforces its position as a critical catalyst for AI innovation and a reliable partner for our customers’ most demanding solutions.
Micron plans to ramp HBM4 in calendar year 2026, aligned to the ramp of customers’ next-generation AI platforms. For more information on Micron HBM4, visit https://www.micron.com/products/memory/hbm.
Additional resources:
About Micron Technology, Inc. Micron Technology, Inc. is an industry leader in innovative memory and storage solutions, transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
The Company announces that an application has been made for the admission of 1096 Ordinary Shares of 26 1/4 pence each in the Company (the “Shares”) to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange (“Admission”), in connection with the vesting of awards under the Intermediate Capital Group Omnibus Plan 2020. Admission of the Shares is expected on 13 June 2025. The Shares shall rank equally with the existing issued shares of the Company.
Following Admission, there will be a total of 294,371,321 Ordinary shares in issue, of which 3,733,333 are held in Treasury. Therefore, the total number of voting rights in the Company will be 290,637,988.
The above figure 290,637,988 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Analyst / Investor enquiries:
Chris Hunt Shareholder Relations, ICG +44 (0) 20 3545 2020
Andrew Lewis Company Secretary, ICG +44 (0) 20 3545 1344
The Narendra Modi Government has completed eleven years in the Centre. As has been the trend in the past, the government is now going to the people to request an honest assessment of their work. The mobile app of Prime Minister Narendra Modi hosts a Jan Man Survey, which has witnessed over 500,000 participants in the 26 hours since it was published.
Aimed at collecting public feedback on the Modi government’s performance as it completes one year of its third term, the survey reflects strong citizen engagement through its user-friendly interface on the NaMo App.
Covering key areas like governance, economic reforms, infrastructure, and social welfare schemes, it seeks to understand public priorities and opinions on government initiatives. BJP leaders hailed the overwhelming participation as a testament to the trust in PM Narendra Modi’s leadership, emphasizing the survey’s role in fostering participatory and responsive governance.
The NaMo App, a flagship platform for the party, facilitates this outreach with features like updates on schemes, PM Modi’s speeches, and interactive campaigns. A majority of the participants are from Uttar Pradesh (over 140,000), followed by Maharashtra and Tamil Nadu (over 60,000 responses). More than 40,000 responses were received from Gujarat. The questions encompass the achievements of the Modi Government, and also how they impact the lives of 140 Crore citizens.
Over the past decade, India’s counter-terrorism approach has shifted from strategic restraint to proactive retaliation, emphasizing zero tolerance for terrorism.
Key developments include the 2019 amendment to the Unlawful Activities (Prevention) Act, empowering the National Investigation Agency to designate individuals as terrorists, and high-profile operations like Balakot and Operation Sindoor, targeting terror infrastructure in Pakistan. Enhanced intelligence coordination, deradicalization efforts, and international cooperation, particularly with the U.S., have bolstered India’s multi-pronged strategy against diverse terror threats.
Clearly, the citizens feel far more safer today than before. India’s response to terrorism has been complemented by stellar diplomacy, and the responses and sentiment of the diaspora are a testament to this achievement of the government.
Prime Minister Narendra Modi’s welfare policies have significantly transformed rural India, uplifting millions through targeted schemes. The Pradhan Mantri Awas Yojana (PMAY) has provided over 4 crore pucca houses, ensuring dignified living for rural families, particularly empowering women as homeowners.
The Ujjwala Yojana has delivered clean cooking fuel to 10 crore households, reducing health risks from smoke and enhancing women’s safety and convenience.
The Jal Jeevan Mission has brought piped water to millions, improving health and reducing the burden on women fetching water. Financial inclusion via the Jan Dhan Yojana has integrated over 53 crore people into the banking system, enabling access to credit and insurance. The PM-KISAN scheme, disbursing ₹3.68 lakh crore to 11 crore farmers, has bolstered agricultural livelihoods.
The Swachh Bharat Mission has made villages open defecation-free, improving sanitation and dignity, especially for girls. Ayushman Bharat has offered free healthcare to millions, easing financial burdens. These initiatives, coupled with rural electrification and road connectivity, have reduced poverty, with over 250 million lifted out of it, fostering vibrant, self-reliant villages and aligning with Modi’s vision of inclusive growth.
Under Prime Minister Narendra Modi’s leadership, India’s digital infrastructure has undergone a transformative overhaul, positioning the country as a global digital powerhouse.
The Digital India initiative, launched in 2015, has driven unprecedented connectivity and digital inclusion. The BharatNet project has connected over 2.5 lakh gram panchayats with high-speed broadband, bridging the rural-urban digital divide.
The expansion of 4G and ongoing 5G rollout by 2025 has made India’s telecom network one of the world’s largest, with over 1.2 billion mobile subscribers.
The Unified Payments Interface (UPI), handling over 50% of global digital transactions by volume, has revolutionized payments, empowering small businesses and rural economies. Aadhaar, linking 1.3 billion citizens, has streamlined welfare delivery, ensuring transparency and reducing leakages.
Initiatives like DigiLocker and e-Governance platforms have digitized services, enhancing accessibility for millions. The National Digital Health Mission is creating a robust digital healthcare ecosystem. Investments in data centers and cybersecurity, alongside policies promoting digital literacy, have empowered citizens, with 80% internet penetration by 2025.
These efforts have spurred innovation, created millions of jobs, and attracted global tech investments, aligning with Modi’s vision of a self-reliant, digitally empowered India driving inclusive growth and global competitiveness.
The Jan Man Survey intends to capture the sentiment across the nation when it comes to this overall transformation of the country. As the government completes eleven years, people will have a lot to talk about, a lot to look back at, and a lot to look forward to. For the Modi Government, the task is cut out. Ushering in changes and reforms that take India towards the goal of a ten trillion-dollar economy.
(Tushar Gupta is a Delhi-based journalist and a political commentator)
Headline: ICC joins Business Call to Action to accelerate global cooperation for our oceans
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As the largest business association in the world, the International Chamber of Commerce is proud to be a convener of this important call to action, bringing the voice of the global business community to the United Nations Ocean Conference.
The call is convened by an unprecedented coalition of business networks, supported by signatories, including 80 businesses with a combined turnover of over €$600 billion and 2 million employees. In anticipation of the upcoming 2025 United Nations Ocean Conference in Nice, France,the call builds on the experience of leading businesses and organisations already advancing a sustainable blue economy. It emphasises the intrinsic connection between land and sea, highlighting the contribution and interdependencies between coastal and marine environment and the United Nations Sustainable Development Goals.
This call is directed at all economic actors, whether directly or indirectly connected to the ocean, and includes:
A call to action for businesses to expedite maintaining ocean health through business actions, such as contributions to ocean science, monitoring and reducing environmental impacts, incorporating ocean considerations into their climate and nature roadmaps and investing in blue solutions.
A call to action for policy makers to pursue ambitious science-driven policies and measures that stimulate sustainable business action and to jointly address land and ocean for enhanced global resilience
With this Business Call to Action, companies and business networks urge policymakers to:
Agree to adopt and implement international agreements: champion strong, sustainable outcomes for existing and upcoming ocean-related agreements,
Invest in ocean science and support strong science-policy interfaces,
Acknowledge and embed into policies the links between ocean, nature and climate,
Help all actors to collectively adapt to sea-level rise,
Develop robust and innovative finance mechanisms,
Raise awareness to encourage all actors to care for the ocean, even those based on land.
This business declaration is still open to new signatories. For information on signing this declaration please contact
The Business Call to Action is convened by global and leading business networks including International Chamber of Commerce (ICC), United Nations Global Compact (UNGC), World Economic Forum (WEF), We Mean Business Coalition (WMB), Business for Nature (BfN), Mouvement des Entreprises de France (MEDEF), UN Global Compact Network France and Association française des Entreprises pour l’Environnement (EpE).
Source: United Kingdom – Executive Government & Departments
Scientists comment on news that the UK government is investing in a nuclear plant at the Sizewell C site and a small modular reactor programme.
Prof Patrick Regan, Professor of Nuclear Metrology, University of Surrey, said:
“The announcement that the UK government has committed £14.2bn of investment to build European Pressurized Reactors (EPRs) at the Sizewell C site will contribute to the UK tackling the delicate balance between ever-increasing secure energy requirements and our commitment to achieving net-zero. The EPRs planned at Sizewell C represent Generation 3+ technology and build on more than 70 years of operational reactor experience worldwide to provide the cleanest, safest and most efficient form of nuclear power yet.
“This large investment, however, brings with it the obvious need to produce and maintain a highly skilled, expert workforce related to all phases of the Sizewell C project. Science and Engineering Apprentice, Graduate and Post-Graduate training in areas such as chemical engineering, material science, nuclear physics & radiochemistry, environmental monitoring, radiation measurement and health physics will be key in enabling ‘life-long’ UK-based careers in this industry, in line with such a far horizon project. This is a long-term investment in the UK’s national infrastructure, and it needs a skilled workforce to ensure its ultimate success.”
Dr Phil Johnstone, Principal Research Fellow, University of Sussex Science Policy Research Unit, Patron of Nuclear Information Service, Member of Sussex Energy Group, and Member of Nuclear Consultation Group:
Is this a good move?
“The decision on Sizewell C is a bad move. It will likely lead to increasing costs for UK electricity consumers and represents a significantly slower means of combatting climate change than alternative options. The announcement comes alongside the decision to select submarine reactor manufacturer Rolls Royce as the winning bidder to develop Small Modular Reactors. These are part of the same underlying goal: to sustain the UK military nuclear industrial base via subsidies from civil nuclear power, with democratic scrutiny of this strategy almost entirely absent.”
Prof Andy Stirling, professor of science and technology policy at the University of Sussex Science Policy Research Unit:
Is this a good move (or not) when it comes to energy and fossil fuels?
“It is well acknowledged behind the scenes (but denied in public), that this move is more intended to support the kind of nuclear industrial base needed for military than for climate reasons. Nuclear power stations like Sizewell C are so slow and expensive compared to renewables and storage strategies, that they erode rather than enhance climate action.”
What does this mean for UK energy production? Is there overspeculation?
“This will make UK energy production needlessly more expensive, less secure and less effective in climate terms, than if the same money had been spent on renewables and energy storage.”
What does the science say?
“On this as on many other policy issues, what counts as ‘the science’ is more uncertain and context-dependent than any side typically implies. If either nuclear advocates or critics claim their arguments to be uniquely or unequivocally science-based then that is a sign that they are seeking to mislead.”
Dr Sarah Darby, Emerita Research Fellow, Energy Programme, Environmental Change Institute, University of Oxford, said:
“The argument that building Sizewell C will be markedly cheaper and quicker than Hinkley C is weak. Hinkley C is ‘first of a kind’ in the UK but has the same design as Olkiluoto in Finland and Flamanville in France. These two have been, respectively, over 10 years late and almost four times over budget [1] and over 12 years late and over four times over budget in real terms [2,3]. Neither is yet working reliably [4,5].
“The unfinished Hinkley C was reported by EdF last year as already 90% over budget and 7 years late – and EdF do not expect it to be finished before 2029-31.
“In the light of these figures from three power plants of the same design as SZC, Ed Miliband’s forecast of a 10-year build time looks wildly optimistic. Where cost and complexity are concerned, there is the additional concern about the SZC site being on a flood-prone and eroding coastline, with sea levels on the rise.
“EdF are now wholly owned by the French government, following their extreme financial difficulties, and it is unclear whether they will take any stake at all in SZC. This is hardly a vote of confidence in the prospects of their own design.
“The argument that nuclear build helps with climate goals is similarly weak. New nuclear would arrive too late to assist – renewables already supply over half of UK generation [6] – and are on the rise. The massive sums involved are money not spent on quicker and more effective moves towards energy transition. Bloomberg NEF’s latest assessment of energy transition investment trends* refers to renewables, energy storage, electric vehicles, and power grids as ‘proven, commercially scalable [and with] established business models’, yet categorises nuclear power as an ‘emerging’ technology, with investment held back by lack of affordability and technology maturity [7].
“Nuclear is being presented by the Government as complementary to renewables, for ‘when the sun doesn’t shine and the wind doesn’t blow’. But what we need for these times – and for times of abundant renewable supply – is flexibility from storage and demand-side response, not large-scale inflexible power plants that cannot easily be turned down or up and that can be shut down at a moment’s notice [5,8].
“As so often, the debate is focused on supply rather than demand – what we use energy for. The government are citing figures of a doubling of demand by 2050 that are certainly not set in stone and likely to be exaggerated. AI demands are the new kid on the block but, as DeepSeek has shown, they need not be nearly as high as is often made out. There is still plenty of scope to improve energy security through energy efficiency, allied with storage and demand-side response, without compromising quality of life [9].
“Successive governments have already sunk £6.4bn of taxpayers’ money into Sizewell C, but this is no reason to compound the error. A further £14.2bn is substantial but falls a long way short of the £40bn ‘overnight’ cost estimated by the FT [10]. Further, this £40bn estimate does not take into account the costs of capital, decommissioning and disposal of waste. The last of these is itself a topic of major concern to the Public Accounts Committee [11].
“It is not too late to avoid a FID for Sizewell C and to steer funding in more productive directions, including modernisation of the electricity grid, energy efficient buildings and transport systems, and storage. Such investment could create jobs and improve living conditions around the country.”
Stephanie Baxter, Head of Policy, Institution of Engineering and Technology, said:
“The £14.2 billion of funding announced today for the development of Sizewell C, alongside selecting Rolls-Royce SMR as the preferred bidder to develop the UK’s first small modular reactors, marks an important step forward towards nuclear playing a significant role in the UK’s energy mix.
“Nuclear infrastructure, both large and small, will be needed in our energy system if the UK is to have a secure, affordable and sustainable energy system for 2030 and beyond. However, the Government must also take a whole system view of the wider energy system to ensure new nuclear infrastructure compliments other energy generation and distribution resources currently deployed and being developed.
“Significant infrastructure projects such as these rely on long-term stability – in the supply chain, regulations and the skills pipeline. That is why today’s announcements must be backed up by clear plans for delivery, including engagement with local communities.
“These ambitions will also not be met without the skilled engineering and technician workforce that will be critical to delivering and maintaining new nuclear infrastructure.
“Great British Energy must work closely with Skills England to ensure that these plans are backed by a long-term workforce strategy to deliver skilled job opportunities across the country – both by training up new workers in schools and colleges, and upskilling/reskilling the existing workforce through flexible funding in the Growth and Skills Levy.”
Will Davis, Nuclear Expert and a Member of the Institution of Engineering and Technology’s Sustainability and Net Zero Policy Centre, said:
“Today’s announcements are a clear demonstration of the government’s long-term commitment to low-carbon energy security, extending beyond the 2030 clean power target and taking concrete steps toward achieving net zero by 2050.
“To meet our net zero ambitions, we must significantly scale up electricity generation – by two to three times current levels – and this will only be possible through large-scale projects like Sizewell C and the Small Modular Reactor (SMR) programme.
“While these developments are both welcome and necessary, the UK nuclear industry must address its ongoing credibility challenges around delivering projects on time and within budget. Unlike the UK’s Hinkley Point C, nuclear projects in countries like China and the UAE have avoided major delays. Learning from these international examples is essential if we are to attract private investment and reduce reliance on gas-fired power stations.
“The selection of a preferred bidder for the SMR fleet is a long-awaited milestone – over a decade in the making – and we’re pleased to see it finally progressing.
“The clarification of roles between Great British Energy and Great British Energy – Nuclear, with NESO overseeing the critical upgrades to our national electricity infrastructure is welcomed. These upgrades are vital and must be properly funded, not treated as an afterthought.
“With the announcements on Sizewell C and SMRs, we urge the government to clarify its position on future gigawatt-scale nuclear projects, such as the previously proposed development at Wylfa.
“New nuclear power stations require a high-tech supply chain and a highly skilled workforce. Investment in key manufacturers like Sheffield Forgemasters is encouraging, but broader supply chain investment hinges on project certainty – contracts must be signed.
“The IET continues to support the sector through initiatives like the Nuclear Skills Taskforce. We’re also pleased to see continued investment in STEP, the UK’s prototype fusion power plant. A £2.5 billion commitment is significant and deserves more visibility.
“However, we note the absence of updates on advanced nuclear technologies, which could play a crucial role in decarbonising hard-to-abate sectors such as steelmaking and hydrogen production. We hope to see further clarity on this soon.”
Dr Lewis Blackburn, Lecturer in Nuclear Materials, University of Sheffield, said:
“Today the UK government demonstrated a clear and renewed commitment to nuclear fission as a means to achieve Net Zero, a key goal that was outlined in the 2024 White Paper “Civil Nuclear: Roadmap to 2050”. This comes in the form of an approximately £14B commitment to the Sizewell C project, comprising two EPR (European Pressurised Reactors) delivering a total of 3.2 GWe. The project is forecast to support 70k jobs and produce enough energy to power 6M UK homes. Today’s news also comes alongside an announcement that Rolls-Royce have been identified as the preferred bidder to construct the UK’s first Small Modular Reactors (SMR) – a fleet of smaller fission reactors designed to be built ‘modular’ on a production line, prior to shipping and assembly on-site.
“The UK faces a potential skills challenge in the field of nuclear engineering and projects like Sizewell C and Rolls-Royce SMR offer an exciting opportunity to build a skills pipeline, increasing the number and diversity of people entering the nuclear workforce, and bolstering the supply chain.
“In order for the UK to maintain its international reputation as a leader in civil nuclear, it must continue to invest heavily in new infrastructure, the wider industrial supply chain and R&D. Thus, producing the next generation of nuclear expertise in both the industrial and academic sectors, equipping them with the skills required for the UK to continue to utilise nuclear fission, safely, for generations to come.
“An important aspect of this is ensuring that highly radioactive waste, generated as a by-product of nuclear fission, is not passed onto future generations and is permanently disposed of. In this area, the UK is in the process of siting a geological disposal facility – a dedicated site wherein intermediate and high-level radioactive waste will be isolated from the wider environment permanently. The international consensus in the wider scientific and technical community is that this is the only feasible way to safely manage such wastes, ensuring passive safety. This is the focus of significant R&D in both the technical and academic space.”
Dr Mark Foreman, Associate professor of Nuclear Chemistry / Industrial Materials Recycling, Chalmers University of Technology, Sweden, said:
“Building a new power plant based on light water reactors at Sizewell is a good idea, it will provide a reliable supply of electric power which will help society reduce its dependency on fossil fuels. I hold the view that it will be a safe means of providing for the energy needs of society. Many critics of nuclear power use the example of the Chornobyl accident to argue that all nuclear power plants are unsafe. This is unreasonable, operating the Chornobyl reactor in the same way as it was just before the accident can be thought of as like roller blading along the M1. While running modern (or even a 1980s era) light water reactor is like calmly driving a Volvo equipped with all the latest safety features along the M1.”
Prof Robin Grimes FRS FREng, Professor of materials physics, Imperial College London, said:
“Large plants such as Hinckley, currently under construction and this announced plant at Sizewell are very good at providing constant base load electricity capacity. They are also good for supporting grid stability and providing inertia. Of course they offer generation diversity and energy security. They will offer these benefits for many decades. As we turn to more electricity use to reduce carbon emissions we will need more nuclear electrify. However, large plant are less good at helping with the inherent intermittency of renewables. For this we need the greater flexibility as provided by small modular reactors or the higher temperatures of advanced modular reactors which offer access to more technology options for decarbonisation. I therefore see this announcement as part of the systems approach by which we progress to greater energy security and decarbonisation.”
Prof David Armstrong, Professor of Materials Science and Engineering (Department of Materials), University of Oxford, said:
“This is excellent news for the UK energy landscape. As the UKs aging AGR fleet retires new baseload energy is required. Sizewell C will sit alongside Hinkley Point B to provide sustainable emission free baseload energy complementing the growing wind and solar power and making a significant contribution to UK energy security.”
Dr Iain Staffell, Associate Professor of Sustainable Energy at the Centre for Environmental Policy, Imperial College London, said:
“Today’s decision is an important one, but even with Hinkley C and Sizewell C, the UK’s nuclear capacity in the 2030s will still be below its 1990s peak.
“After a decade of dithering, Sizewell C is a litmus test of the UK’s ability to deliver complex infrastructure on schedule.
“This deal lives or dies on its delivery. Sizewell C must be built on time and on budget, learning from the (many) mistakes from Hinkley Point C and other UK mega-projects.
“Nuclear power offers a strong energy security hedge. Fuel and key parts can be stockpiled, insulating consumers from foreign instability and gas price spikes.
“Sizewell C won’t start generating for nearly a decade if it is built on time, so it only just contributes towards the Government’s 2035 clean-power goal. But, it is building for the long-term, and will deliver carbon-free electricity well into the 2080s.
“People are rightly concerned by the environmental impacts and emissions from the enormous construction project, but compared to the scale of energy production over the next six decades, nuclear remains one of the cleanest power sources we have.
“The upfront cost is undoubtedly high. £14 billion could fund around 10 GW of offshore wind versus just 3.2 GW of nuclear. But, these reactors will run day and night, especially valuable when the wind is not blowing.”
Louis Barson, the Institute of Physics Director of Science, Innovation and Skills said:
“It is good to see this decision made about developing Sizewell C. New nuclear will play a vital role in bringing reliable, secure and affordable power to new markets, decarbonising industry and helping countries meet their net zero commitments – as part of our future low-carbon energy mix.
“But we need to make sure we also pay attention to the desperate need for hundreds of thousands of skilled workers to support both this project and the development of smaller, modular, nuclear reactors.
“Signing off on Sizewell C is only half the picture, we need the nuclear-ready scientific workforce to make it a reality: that means more physics teachers, well-funded physics departments in universities and a healthy pipeline of physics talent.”
Tom Greatrex, Chief Executive, Nuclear Industry Association, said:
On Sizewell C Given Go-Ahead from Government
“This is a momentous day for Sizewell C and for the British nuclear programme. Sizewell C is one of Britain’s most important clean power projects, and will give the country the jobs, the economic growth and the energy security we need to ensure a secure and reliable power supply for the future. This record investment confirms the government is serious about building new nuclear and all the economic benefits that come with it, and will be welcomed in communities the length and breadth of Britain.”
On Rolls-Royce SMR Winning the UK SMR Competition
“This is a hugely significant moment for Rolls-Royce SMR and for the British nuclear programme. These SMRs will provide essential energy security and clean power alongside large scale reactors, all the while creating thousands of well-paid, skilled jobs, opportunities for growth right across the country and significant export potential. We look forward to working with Rolls-Royce SMR and all other potential SMR vendors, including those not successful today, on making Britain the best place to build new nuclear anywhere in the world.”
Prof Mark Wenman, Professor in Nuclear Materials, Imperial College London, said:
“This is a big step forward. Since the 1990s the amount of nuclear energy the UK produces has been steadily declining from around 12 to 4.5 GWe today. Sizewell C will help reverse this trend and further provide the UK with energy security. It will help balance the grid with the increase of renewables, replace fossil fuel plants and protect us against potential blackouts, as recently seen in Spain. Whilst the costs may seem high initially, this needs to be balanced against the fact that these reactors will produce low carbon electricity for 80 or possibly 100 years, 24/7, providing around a tenth of the current UK electricity needs. Once paid for, nuclear reactors produce the cheapest electricity of any kind, so this investment should be seen as future proofing the UK electricity system.”
Prof Adrian Bull,Chair in Nuclear Energy and Society, Dalton Nuclear Institute, University of Manchester, said:
“It’s very welcome news to see the announcements today of Government support for a new wave of nuclear power in this country. We’ve known for decades that reliance on imported gas could ruin the environment – but recent years showed us that it can ruin the economy too. Nuclear gives much-needed resilience against global fossil fuel prices, without emitting the gases that cause climate change, so it’s excellent news that we are going to see new plants – both large and small – built.
“I’m especially pleased that we have finally got over our national phobia of replicating a previous project. We’ve never done that in our UK nuclear fleet before, but the rest of the world learned ages ago that series construction is the route to certainty over the time and budget for such projects. Doing the same things at Sizewell which we have already done at Hinkley Point is much easier than starting from scratch to build a massively complex plant for the first time.
“The announcement of Rolls Royce as the winner of the SMR competition is a welcome sign of progress, but it’s disappointing to see only one winner selected, when we had all anticipated more. Government has long been supporting the Rolls Royce SMR project – with over £200m of public funds provided already – so it was inconceivable they would not be on the podium at the end of the race. Seeing them there alone makes the two years spent by Great British Nuclear on running a competition look like time and effort that could have been better spent.
“Overall though, these nuclear plants – whilst not cheap – will produce reliable, low carbon electricity around the clock and will most likely do so for the best part of a century. This is an investment in our grandchildren’s future as well as helping towards our 2050 climate goal.”
Prof Dame Sue Ion GBE FREng FRS, a Fellow of the Royal Academy of Engineering, said:
“It’s really good news that the Government is finally taking steps to ensure that nuclear energy plays the vital role it should in achieving significant quantities of stable low carbon electricity. Perhaps as importantly, if not more so, is the news that Rolls Royce’s Small Modular Reactor has been selected as the technology of choice to progress the opportunity presented by SMRs. These systems are designed from the outset to be modular, with modern construction techniques using much more factory fabrication, so they will be faster and easier to build.”
Prof Tom Scott, Professor in Materials, University of Bristol, said:
“This is an extremely important strategic step for the UK towards achieving net zero carbon emissions. Nuclear energy is a safe, secure and reliable form of electricity generation. With the lessons learnt from the Hinkley Point C project, and with the experienced workforce and supply chain that has been established because of it, my expectations are high for the delivery of Sizewell C at a much lower cost and shorter timescale.
“The announcement about Government investment in Sizewell C and more excitingly, about the investment in Small Modular Reactors (SMRs), really shows the Government’s understanding and commitment towards nuclear as a key part of the solution towards achieving zero carbon emissions in the UK.
“SMRs offer the potential for providing new nuclear power stations much faster and more cheaply than conventional large-scale light water reactors like Hinkley Point C. Ultimately, the roll-out of SMRs delivered by British companies like Rolls-Royce will help to keep our electricity prices low whilst also generating high-value jobs across the U.K. This is a smart investment for the UK.”
Dr Mark Foreman, Associate professor of Nuclear Chemistry / Industrial Materials Recycling, Chalmers University of Technology, Sweden, said:
“Building a new power plant based on light water reactors at Sizewell is a good idea, it will provide a reliable supply of electric power which will help society reduce its dependency on fossil fuels. I hold the view that it will be a safe means of providing for the energy needs of society. Many critics of nuclear power use the example of the Chornobyl accident to argue that all nuclear power plants are unsafe. This is unreasonable, operating the Chornobyl reactor in the same way as it was just before the accident can be thought of as like roller blading along the M1. While running modern (or even a 1980s era) light water reactor is like calmly driving a Volvo equipped with all the latest safety features along the M1.”
Prof Adrian Bull: “I am a (paid) part time Professor at the Dalton Nuclear Institute, part of the University of Manchester; I am a (paid) consultant for US nuclear communications consultancy Full On Communications; I am an (unpaid) Board member of the Northern Nuclear Alliance; I am an (unpaid) Trustee of the Nuclear Institute; and am also the President-Elect, taking over in Jan 2026.”
Prof Dame Sue Ion: “Sue is Honorary President of the National Skills Academy for Nuclear.” “Sue is also a member of the Nuclear Regulatory Task Force.”
Prof Tom Scott: “In terms of interests, I am Director of the Spur West Nuclear Hub and Professor of Nuclear Materials at the University of Bristol sponsored by the Royal Academy of Engineering and the UK Atomic Energy Authority.
The nuclear hub is a consortium of academic, industrial and governmental partners coalescing around the requirement for research, skills and innovation in the UK nuclear sector.”
Dr Mark Foreman: “I have worked on advanced nuclear reprocessing for years and have also have worked on nuclear reactor safety issues. I have done and supervised research on the chemistry of nuclear accidents.”
Prof Mark Wenman “I have previously received funding for research from EDF Energy, Rolls-Royce, the UK National Nuclear Lab”
Tom Greatrex “The NIA is funded by its 320 member companies from across the civil nuclear industry.”
Dr Iain Staffell “I receive industry funding from a several companies in the UK and European energy sector, I try to keep this balanced so as not to over-represent any one technology or organization. Recent funding sources include: Drax, Octopus, SSE, HM Government, NESO (National Grid), EWE, Aurora, Baringa, Shell, Uniper, SLB, and the World Bank.”
Prof David Armstrong “I’ve had funding from UKAEA, Rolls Royce and EdF for research and students over the last 20 years.”
Prof Robin Grimes “I am a non-executive director of UKAEA and receive research funding from the UK national nuclear laboratory.”
Dr Mark Foreman “I do not currently get any money from the nuclear industry, I do not stand to make any money from the sales of nuclear products / technology. I have not been employed by the nuclear industry. I think that in terms of conflicts of interest I have none.”
Dr Lewis Blackburn“He receives funding from industry via Nuclear Decommissioning Authority, National Nuclear Laboratory, and Nuclear Waste Services”
Stephanie Baxter “No conflicts of interest.”
Will Davis “No conflicts of interest.”
Prof Andy Stirling “no conflicts of interest to declare.”
Dr Phil Johnstone “no conflicts of interest to declare.”
Dr Sarah Darby “I have no conflicts of interest to declare.”
For all other experts, no reply to our request for DOIs was received.