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  • MIL-OSI United Kingdom: Urgent warning to pet owners as toxic chemicals found in fake flea treatments

    Source: United Kingdom – Executive Government & Departments

    Press release

    Urgent warning to pet owners as toxic chemicals found in fake flea treatments

    Pet owners urged to be wary of dangerous fake treatments discovered on e-commerce sites.

    Main developments are:

    • urgent government warning issued after toxic insecticide discovered in counterfeit flea treatments – one cat required emergency surgery after severe poisoning

    • fake pet medicines lack essential ingredients while containing dangerous chemicals that trigger vomiting, seizures and potential death

    • warning signs include poor packaging, spelling mistakes, unusual smells and suspiciously low prices

    • new figures show three quarters of consumers wrongly believe fake goods are of similar quality to genuine products

    • pet owners should only buy from trusted sources and immediately report suspicious products

    The Intellectual Property Office (IPO) and Veterinary Medicine Directorate (VMD) are urging pet owners to take caution when purchasing common medicines, including common flea treatments and wormers. 
     
    The alert comes after toxic pesticide traces were found in a fake flea treatment that caused a pet cat to become seriously ill, prompting the owner to have the product tested. Laboratory tests confirmed the presence of Pirimiphos-methyl, a dangerous insecticide toxic to cats. 
     
    Officials are urging pet owners to recognise signs of counterfeit products, avoid using suspicious items, and know how to report concerns.  

    Counterfeit animal medicines deliberately copy the appearance, packaging and branding of genuine veterinary products to deceive pet owners. Like all counterfeits, they are illegal to sell in the UK.   

    These fakes typically lack proper active ingredients, making them ineffective. Worse still, they may also contain harmful substances, causing severe reactions including vomiting, muscle tremors, breathing difficulties, seizures and potentially death.

    Pet owners seeking bargains, or a quick purchase online may unknowingly purchase these dangerous counterfeits.  
     
    The VMD and IPO are urging owners to check for warning signs including poor packaging, spelling errors, missing information, and unusual smells. 

    Last year alone, the VMD issued 122 seizure notices for the selling of unauthorised animal medicines and supplements, preventing around 18,000 illegal items from reaching consumers. 

    After purchasing what appeared to be genuine FRONTLINE ® flea treatment online for his cat, Smokey, Alan Wall from Preston was devastated when Smokey became very unwell. The condition was so severe that Smokey required emergency intestinal surgery to survive. This was followed by a week-long stay at the veterinary surgery and significant bills to support his recovery.

    Alan Wall said:

    Smokey is more than just a pet, he’s a member of our family. When he became ill after using what we believed was a genuine flea treatment, we were terrified. Watching him suffer, not knowing whether he would pull through, was heartbreaking. It’s taken a huge emotional toll on all of us. Without the support of our vets and the extensive surgery they performed we know Smokey wouldn’t be with us today. We want to warn other pet owners about these fake products so that no one else has to endure what we’ve been through.

    Images of Smokey the cat – receiving treatment, and when healthier

    A Veterinary Medicines Directorate Veterinary Surgeon and Efficacy Assessor, Dr Heilin-Anne Leonard-Pugh, explains:

    Pirimiphos-methyl is toxic to cats. Exposure to this insecticide can prevent the cat’s body from breaking down a substance called acetylcholine, leading to an overstimulation of the cat’s nervous system. This can cause symptoms such as vomiting, uncoordinated gait, muscle tremors, weakness, paralysis, increased sensitivity to touch, difficulty breathing, restlessness, urinary incontinence, low heart rate and seizures. In some cases, even death can sadly occur. If you suspect your pet has been exposed to a counterfeit medicine, seek veterinary advice immediately.  

    Sue Horseman from Bristol also purchased what appeared to be FRONTLINE® flea treatment online for her cat, but quickly became suspicious that the product wasn’t genuine.  
     
    Sue explained that the product was difficult to open and had a distinct smell of white spirit and paraffin, whereas the genuine flea treatment has no smell.  When she reported this to Trading Standards, experts confirmed that the treatment was a counterfeit. 

    While the online platform has removed the seller, they had already managed to sell 211 batches of suspected counterfeit pet medicines and supplements, including fake FRONTLINE Flea and Tick Treatment and PRO PLAN FortiFlora Probiotic Sachets for dogs and cats. 
     
    New counterfeit goods research (Wave 4) shows that counterfeit goods of all types are frequently purchased via global e-commerce websites. The figures also show that in 2024, nearly-one-in-five (17%) consumers unknowingly purchased goods later found to be fake, with 60% of purchasers also saying that ‘ease of purchasing’ influenced their decision.  Saving money is a strong motivator for buying fakes, with around three quarters (72%) of purchasers saying price was an important factor in their decision. Worryingly, around three-quarters (72%) wrongly believed the products would be of a similar quality to the genuine item.

    The IPO’s Deputy Director of Enforcement Helen Barnham, said:

    We are a nation of animal lovers, and criminals dealing in counterfeits are targeting pet owners with complete disregard for the animal’s wellbeing.  This can have some distressing consequences, as they may contain toxic chemicals that are harmful to our pets. We are urging pet owners to be vigilant when purchasing any type of animal treatment, and beware of any offers that ‘look too good to be true’.   

    Counterfeiting is anything but a victimless crime and this latest discovery confirms this. If you suspect that any goods offered for sale may be counterfeit, you should always report this to your local Trading Standards or Crimestoppers Online.

    Caroline Allen, RSPCA Chief Veterinary Officer said: 

    We are very concerned about counterfeit vet treatments on sale which can be highly toxic to pets and we would always urge pet owners to seek professional veterinary advice if they have any health concerns.  

    We appreciate financial pressures can lead to some owners to look for cheaper treatments online but they could be unwittingly putting their beloved pets in serious danger by inadvertently buying these counterfeit goods and would urge them to take on board this government advice.

    Nina Downing, Vet Nurse from PDSA, a vet charity and a leading authority on pet health in the UK, said:

    Counterfeit veterinary medicines can pose a serious threat to our pets ‘ health and wellbeing. While legitimate medications play a vital role in keeping our pets healthy, counterfeit products can cause severe harm or even be fatal. These fake medicines may contain incorrect ingredients or dangerous substances that can make pets extremely ill – leading to symptoms like twitching, swelling, breathing difficulties, vomiting, diarrhoea, collapse, coma and even death.

    We always recommend that you only give your pet medication which has been prescribed by your vet. When fulfilling a prescription online, source them from reputable companies that are on the Register of online retailers, brought to you by the Veterinary Medicines Directorate. If you suspect your pet is reacting badly to any medication, contact your vet immediately.

    When examining the counterfeit FRONTLINE® flea treatment, experts from the University of Bath also identified telling packaging flaws. Most notably, the label used ‘GATTI’ (Italian for cats) instead of the English ‘CAT’, alongside multiple spelling errors – common indicators of counterfeit products.

    Image: Packaging featuring spelling mistakes and mixed languages

    Pet owners should check the packaging and always be cautious of third-party sellers when shopping on e-commerce sites for any type of pet medication. 

    The IPO and VMD are offering advice for consumers to help spot fake animal medicines, and what to do if they believe they may have purchased them or seen them offered for sale.

    How to identify fake animal medicines online:

    1. Warning signs of fake medicines. Look out for: 

    • poor quality or damaged packaging
    • spelling or grammar errors
    • missing leaflets or expiry dates
    • instructions not provided in English
    • suspicious smell, colour or texture
    • poor quality tablets, capsules, vials or pipettes – homemade appearance

    Be wary of any retailer selling prescription only products without asking for your prescription. This is illegal. 

    All online sellers of prescription only animal medicines must be registered with the VMD. If in any doubt, you can check retailers on the VMD’s Register of Online Retailers.

    2. Always shop safely online. Be cautious of:

    • heavily discounted goods and flash sales. Question the price if much cheaper than elsewhere. Whether buying online or in person, always think about the price
    • a seller asking for sensitive information or requesting payment by bank transfer
    • fake websites and social media profiles. These can contain original brand names – confirm the website is authentic and check seller details and reviews before purchasing
    • any deal or offer that looks ‘too good to be true’ 

    What you can do

    If you have you been personally affected by a poisoning case, you should report through the Veterinary Poisons Information Service (VPIS) questionnaire. 

    If you see these goods being offered for sale, whether on a website, social media post or on the high street, contact your local Trading Standards or Crimestoppers online or by calling 0800 555 111. 

    If you encounter suspicious veterinary medicines or retailers, please also report them to the VMD Enforcement Team. (You can do so anonymously if preferred): 

    Additional information

    1. All veterinary medicines sold in the UK must be authorised. If the brand looks unfamiliar, ensure its authorised before purchasing. To know if the medicine is UK- approved, you should look for English labelling and a valid Marketing Authorisation number (e.g. Vm 12345/4001). You can check if the medicine you are buying is authorised in the UK by searching the VMD’s Product Information Database.

      Using ant unauthorised medicine poses a serious risk to the welfare of your pet. These medicines have not been assessed by the Veterinary Medicines Directorate and their safety, quality and efficacy cannot be guaranteed.  

    2. Online retailers of low-risk, general sale veterinary medicines that can be sold by anyone without a prescription (known as AVM-GSL medications) don’t need to register. When buying these medicines always shop from a trusted source. 

    3. The Intellectual Property Office (IPO) is the UK government body responsible for responsible for intellectual property (IP) rights including patents, designs, trade marks and copyright. IPO is an executive agency, sponsored by the Department for Science, Innovation and Technology.  

    4. The Veterinary Medicines Directorate (VMD) is an executive agency of the Department for Environment, Food and Rural Affairs (DEFRA) and the UK Competent Authority for veterinary medicines regulation. The VMD protects public health, animal health, and the environment and promotes animal welfare by assuring the safety, quality, and efficacy of veterinary medicines.  

    5. The IPO regularly conducts research to understand consumer behaviour in relation to the purchasing of and attitudes toward counterfeit goods. The most recent Counterfeit Goods Research report (published Tuesday 17 May 2025) show the main motivations for those who purchase counterfeits: 

    • similar/ the same quality – 72.3%
    • wanting to reduce spending/outgoings - 72%
    • the real product was out of your budget/ price range - 70.9%
    • the fake product was cheaper  – 72%
    • hearing from family or friends that the ‘fake’ products were good - 64.8%
    • similar/the same design – 64.6%
    • being able to purchase ‘fake’ or counterfeit products easily – 60.5%

    Updates to this page

    Published 26 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Growth and local jobs top of the agenda as Cardiff Capital Region Investment Zone advances

    Source: United Kingdom – Government Statements

    Press release

    Growth and local jobs top of the agenda as Cardiff Capital Region Investment Zone advances

    Investment Zone to drive innovation and growth in advanced manufacturing, digital and technology sectors

    • Zone will develop semiconductor hub in Newport and science and tech park in Cardiff as part of the government’s transformative Industrial Strategy announced today
    • Expected to attract £500m private sector investment and create 4000 new jobs as part of the government’s Plan for Change

    The Cardiff Capital Region Investment Zone has taken a major step forward with the announcement of its industrial and key sites, giving a huge boost to regional investment and job creation.

    The Investment Zone – a joint initiative between the UK and Welsh Governments – will drive innovation and growth across the advanced manufacturing and digital and technology sectors, with a focus on the region’s world-class compound semiconductor cluster. 

    Backed by £160m of UK Government funding, the Zone will develop the semiconductor hub in Newport, where key businesses including KLA, IQE and Vishay are located, and develop a science and technology park to become the focus point for R&D activity and investment in Cardiff. 

    The Investment Zone – one of two planned for Wales – is expected to attract £500m of private sector investment, create 4000 new jobs and unlock 3m square feet of manufacturing, R&D and innovation capacity. 

    UK Minister for Building Safety, Fire and Local Growth Alex Norris said: 

    Unleashing the potential of our cities and regions is at the heart of the Industrial Strategy and the Plan for Change. 

    The Cardiff Capital Region Investment Zone Investment Zone, which we’re backing with £160m of funding, will build on the region’s industrial strengths to shape an exciting future for local people – creating new skilled jobs and driving economic growth locally and across Wales.

    Welsh Secretary Jo Stevens said:

    This step forward for the Cardiff Capital Region Investment Zone is a huge boost for the world-class business and industry within the area.

    It will drive growth, create 4,000 jobs and build on the talent and expertise that already exists in this part of Wales.

    Working alongside Welsh Government we are building the economy of the future and delivering for working people across the country.

    Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: 

    The Cardiff and Newport Investment Zone marks a transformative step forward for South East Wales and demonstrates our firm commitment to establishing the region as a global powerhouse in compound semiconductors.

    We will continue working closely with the South East Wales Corporate Joint Committee and the UK Government to build on the region’s strengths, attract significant private investment, strengthen regional partnerships and deliver real benefits that people across Wales will feel in their everyday lives.

    Cllr Mary Ann Brocklesby, Leader, Monmouthshire Council, and Chair, Cardiff Capital Region said: 

    This is a tremendous step forward for the Investment Zone. We look forward to building upon our strong industrial base and world-class research in semiconductors to drive innovation in emerging technologies, and fast-growing markets, whilst working together with UK and Welsh Government.

    By aligning our efforts with the region’s unique assets and fostering collaboration across sectors, we aim to create a dynamic environment where new ideas thrive, investment is attracted, and meaningful impact is delivered to people and places across the region.

    The news comes as part of the Industrial Strategy announcement today (Monday).

    As set out in the strategy, advanced manufacturing and digital and technology are two key growth-driving sectors.

    The news follows the confirmation of the industrial and geographic focuses of two Investment Zones in Scotland earlier this month, and the Wrexham and Flintshire Investment Zone earlier this year.

    ENDS

    Updates to this page

    Published 26 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Saudi Arabia: Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    June 26, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. 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 Executive Board for discussion and decision.

    Washington, DC: Saudi Arabia’s economy has demonstrated strong resilience to shocks, with non-oil economic activities expanding, inflation contained, and unemployment reaching record-low levels. While lower oil proceeds and investment-linked imports led to the emergence of twin deficits, external and fiscal buffers remain ample. A higher-than-budgeted fiscal stance in 2025 remains appropriate to prevent procyclicality that could exacerbate the growth impact of lower oil prices. Addressing strong credit growth and associated funding pressures will be crucial in mitigating risks to systemic financial stability. Given the current heightened global uncertainty, continued efforts on structural reform are essential to sustain non-oil growth and drive economic diversification.

    RECENT ECONOMIC DEVELOPMENTS[1]

    Saudi Arabia’s economy has been resilient to shocks. In 2024, non-oil real GDP grew by 4.2 percent, primarily driven by private consumption and non-oil private investment, with retail, hospitality, and construction leading growth. Repeated extensions of the OPEC+ production cuts have kept oil output at 9 million barrels per day (mb/d)—the lowest level since 2011— resulting in a 4.4 percent decline in oil GDP and an overall real growth rate of 1.8 percent. The composite PMI indicates sustained activity in Q1 2025, with the latest Q1 GDP estimate showing non-oil activities expanding by 4.9 percent year-on-year.

    The labor market’s strong momentum continues. The unemployment rate for Saudi nationals has declined to a record low of 7 percent in 2024, surpassing the original Vision 2030 target, which has now been revised down to 5 percent. The improvement is broad-based, with both youth and female unemployment halved over a four-year period. Private sector employment surged by 12 percent on average in 2024, while public sector hiring continued to slow, reflecting a redeployment to non-government entities.

    Inflation is contained as rent inflation decelerates. Despite a small pick-up to 2.3 percent in April 2025, headline inflation remains low, helped by high real interest rates. Declining prices for transport and communication helped offset housing rent inflation, which has decelerated for the 6th consecutive month to 8.1 percent y-o-y (the lowest annual rise since February 2023). Real wages have remained stable, albeit with some pickup for highly skilled workers.   

    The current account shifted to a narrow deficit, transitioning from a surplus of 2.9 percent of GDP in 2023 to a deficit of 0.5 percent of GDP in 2024. This shift mainly reflects a decline in oil export proceeds, higher imports of machinery and equipment, and stronger remittance outflows—factors that more than offset a surge in tourism inflows. The current account deficit has been financed through external borrowing and reduced FX asset accumulation. As a result, the Saudi Central Bank’s (SAMA) net foreign assets (NFA) holdings stabilized at $415 billion by end-2024—equivalent to 15 months of imports and 187 percent of the IMF’s reserve adequacy metric. 

    While spending overruns increased the overall fiscal deficit, the fiscal stance—as measured by the non-oil primary balance—showed a slight improvement in 2024. Additional expenditures related to project financing—partly linked to an accelerated implementation of Vision 2030—and flat oil revenue widened the overall fiscal deficit to 2.5 percent of GDP, approximately 0.8 percentage points above the budgeted target. However, driven by stronger non-oil revenue, the non-oil primary deficit improved, decreasing by 0.6 percentage points of GDP in 2024 compared to 2023. Central government debt rose to 26.2 percent of GDP as Saudi Arabia became the largest emerging market dollar debt issuer in 2024. However, Saudi Arabia remains amongst the lowest indebted nation globally and net debt is relatively low at approximately 17 percent of GDP.

    ECONOMIC OUTLOOK AND RISKS

    Robust domestic demand—including from government-led projects—will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook. Non-oil real GDP growth is projected at 3.4 percent in 2025, about 0.8 percentage points lower than in 2024. This reflects the continued implementation of Vision 2030 projects through public and private investment, as well as strong credit growth, which would help sustain domestic demand and mitigate the impact of lower oil prices. The direct impact of rising global trade tensions is limited, as oil products—comprising 78 percent of Saudi Arabia’s goods exports to the U.S. in 2024—are exempt from U.S. tariffs, while non-oil exports to the U.S. only account for 3.4 percent of Saudi Arabia’s total non-oil exports. Over the medium term, domestic demand—including momentum ahead of Saudi Arabia’s hosting of large-scale international events—is expected to push non-oil growth closer to 4 percent in 2027 before stabilizing at 3.5 percent by 2030. Supported by the OPEC+ production cut phase-out schedule, overall GDP growth will accelerate to 3.5 percent in 2025 and 3.9 percent in 2026 before stabilizing at approximately 3.3 percent over the medium term.

    Inflation would remain anchored around 2 percent, supported by a credible peg to the U.S. dollar, domestic subsidies, and an elastic supply of expatriate labor, notwithstanding a projected moderate positive output gap over the medium term. Imported inflation from increased tariffs worldwide is expected to remain contained.

    The external position will weaken. Investment-linked imports and remittance outflows from an expanding expatriate labor force are expected to widen the current account deficit, which is projected to peak at about 3.9 percent of GDP by 2027 before converging to about 3.4 percent of GDP in 2030. Rising non-oil exports and robust inbound tourism will have a partial offsetting effect. The deficit will be increasingly financed through deposit drawdowns, less FX asset accumulation abroad, and external borrowing. International reserve coverage would remain adequate at about 11-12 month import coverage over the medium term, with foreign assets held by the Public Investment Fund (PIF) and other government-related entities offering strong additional buffers.

    Risks to the outlook are mainly to the downside. Weaker oil demand, driven by heightened uncertainty, an escalation of global trade tensions, and deepening geoeconomic fragmentation could dampen oil proceeds. This, in turn, would lead to higher fiscal deficits and debt and costlier financing. An abrupt decrease in spending by the government (including projects recalibration below its baseline) or a slowdown in reform implementation in response to lower oil prices could further hinder private investment growth. Conversely, higher-than-expected oil production/prices and accelerated implementation of reforms could yield stronger or earlier-than-expected growth dividends.

    POLICIES

    Fiscal Policy

    The 2025 fiscal stance—resulting in a deficit twice the budget target—remains appropriate. Given past overruns and the ongoing transformational projects tied to Vision 2030, staff anticipates higher current expenditures than budgeted. Combined with lower oil prices and minimal performance-linked dividends from Aramco, this will bring the overall fiscal deficit to 4.3 percent of GDP. However, this outcome still represents a 3.6 percentage points of non-oil GDP improvement in the non-oil primary balance, effectively frontloading part of the adjustment required by 2030 to uphold intergenerational equity. Given the upfront adjustment and ample fiscal buffers available, staff believes that additional spending restraint in 2025—triggered by lower-than-budgeted oil prices—is not necessary as it would make fiscal policy procyclical and exacerbate the impact on growth.

    Over the medium term, the overall fiscal deficit is expected to narrow. After peaking at 4.3 percent of GDP in 2025, it will decline to approximately 3.3 percent of GDP by 2030, driven by ongoing wage bill containment and spending efficiency measures. Under this baseline scenario, the non-oil primary deficit would shrink by about 4.2 percent of non-oil GDP from 2025 to 2030. The fiscal deficit would primarily be financed by borrowing, including through debt issuances, syndicated loans or facilities from export credit agencies, leading to an increase in the public debt-to-GDP ratio to about 42 percent by 2030.

    A gradual fiscal consolidation will remain necessary over the medium term to achieve intergenerational equity. To avoid disruptive adjustments and build buffers, an additional 3.3 percent of non-oil GDP must be generated over the 2026-30 period, mainly through:

    • Non-oil revenue mobilization. Plans to increase the tax rate on underdeveloped land, introduce a tax on vacant land, and broadening the VAT base (e.g., for e-commerce transactions) are welcome. Additional efforts—including through new tax policy measures and continued efforts to strengthen revenue administration—would be needed. The temporary tax penalty waiver introduced repeatedly since Covid, should not be renewed when it expires in June as it fuels moral hazard and could undermine compliance.
    • Removing energy subsidies. Staff welcomes the ongoing energy price adjustments—including a doubling of diesel prices since January 2024—which combined with lower international oil prices have reduced fuel subsidies to 3½ percent of GDP (down from 5½ percent in 2022). With retail fuel prices closer to international oil prices and the envisaged scaling up of the well-targeted Damaan social support program, efforts should be accelerated to reduce energy subsidies, including by removing the cap on gasoline prices.
    • Rationalizing other spending. The mission welcomes ongoing spending reviews—including recent assessments on project execution by various government entities—to identify areas for potential savings and efficiency gains. Further rationalization should prioritize reducing current expenditures with a low fiscal multiplier, while preserving medium-term, growth-enhancing infrastructure plans. Greater transparency on how spending prioritization and recalibration aligns with the authorities’ announced investment plans will support investor confidence.

    Given the high global uncertainty, staff welcomes the authorities’ contingency planning to safeguard fiscal sustainability in the event of a severe shock. In a scenario where oil prices decline significantly, a more aggressive fiscal consolidation strategy would be necessary. Identifying and prioritizing projects that can be extended or cut, if further adjustments are required, represents a prudent approach to maintaining fiscal sustainability. Staff recommends a partial drawdown of fiscal buffers in the event of a temporary oil price shock, which would help smooth the transition to a steady state and mitigate the impact of short-term oil price fluctuations.

    Sustaining the authorities’ ongoing efforts to strengthen fiscal institutions will be crucial in supporting the fiscal adjustment and Saudi Arabia’s Vision 2030 objectives. Enhancing the Medium-Term Fiscal Framework remains a priority, particularly through better integration of its multiyear projections into annual budget preparations to align spending ceilings with fiscal forecasts, including commitments from multi-year contracts. Operationalizing and ensuring compliance with an expenditure-based fiscal rule would help anchor the fiscal stance over the medium term.

    Prudent debt management and a proper sovereign asset liability management (SALM) framework becomes increasingly important in a lower oil price environment. The mission encourages the authorities to assess the complex trade-offs between making greater use of central government deposits (currently at around 9¼ percent of GDP) and new bond issuances. The mission also supports the ongoing efforts toward operationalizing a comprehensive SALM framework to enhance the oversight of sovereign balance sheet exposures, which publication alongside the budget statement would support the drive for greater transparency and provide additional tools for fiscal policy analysis and formulation. Additionally, contingent liabilities—such as financing obligations for giga projects, debt guarantees, and Public-Private Partnerships—should be closely monitored.

    Monetary and Exchange Rate Policy

    SAMA has continued to refine its liquidity management framework to help reduce  overall liquidity volatility. Bank funding conditions in Saudi Arabia are influenced by persistently strong double-digit credit growth, with periodic spikes in the SAIBOR-SOFR spread reflecting episodes of liquidity pressures. SAMA’s standard market-based monetary operations should continue to remain focused on smoothing short-term liquidity imbalances without fueling asset/credit growth. The recent data-sharing arrangement between SAMA and the Ministry of Finance regarding expected government transactions is anticipated to improve the accuracy of liquidity forecasting and should be effectively implemented. Additionally, further enhancements to the reserve requirement framework would strengthen effective liquidity management and monetary policy transmission.

    The currency peg to the U.S. dollar remains appropriate. It has provided a credible anchor for monetary policy and is backed by ample external buffers. With an open capital account, it is essential that SAMA’s policy rate continues to align with the Fed’s policy rate.

    Financial Sector Policies

    The banking sector remains resilient, demonstrating strong capitalization and profitability despite rising funding costs. As of end-2024, the sector’s solvency ratio stood at 19.6 percent. Despite higher funding costs—driven by the increasing share of time and saving deposits—bank profitability is high, with an average return on assets of 2.2 percent in 2024. Non-performing loans have reached their lowest levels since 2016, reinforcing overall financial stability. Liquidity indicators are adequate and within regulatory thresholds, although the ratio of liquid assets to short-term liabilities has been declining, and the regulatory loan-to-deposit ratio has been on an upward trend.

    Strong credit growth is leading to funding pressures and a change in the funding mix of Saudi banks. As credit growth—mostly to corporates and for mortgages—outpaces deposit growth, banks diversify their liabilities by increasing reliance on other forms of financing, especially external borrowings in the form of bonds, bilateral or syndicated loans, and certificates of deposit. High external borrowing turned banks’ Net Foreign Assets (NFA) negative in 2024 for the first time since 1993. This trend is expected to continue in the near term as several banks are in the process of securing additional external funding. However, banks’ exposure to foreign exchange risk remains low.

    Addressing strong credit growth and associated funding pressures would help mitigate risks to systemic financial stability. The mission welcomes SAMA’s ongoing efforts to review its existing prudential toolkits to counter risks stemming from persistent double-digit credit growth amid a credit-to-deposit growth gap and the increased resort to short-term external wholesale funding. As loan demand is expected to remain high relative to deposit-based funding, setting prudential requirements commensurate with the evolving risks is essential. In that regard, the mission welcomes the introduction in May 2025 of a 100 basis points countercyclical capital buffer, which will be effective within a year. Vulnerabilities would be further mitigated by: (i) narrowing loan-to-value and debt burden ratios, which remain elevated relative to international standards; and (ii) tightening loan-to-deposit ratio to discourage excessive short-term foreign exchange funding. The mission welcomes SAMA’s proactive approach to monitoring the Liquidity Coverage Ratio and Net Stable Funding Ratio in foreign currency and encourages consideration of setting these ratios as regulatory requirements, should circumstances warrant.

    SAMA’s continued efforts to enhance regulatory and supervisory frameworks are commendable. The new Banking Law has been submitted for legislative approval, a risk-based supervisory framework is being refined, and a monitoring system has been introduced for large construction and infrastructure projects. Additionally, SAMA’s bank resolution function is being operationalized. The authorities have also made good progress in establishing a crisis management framework that includes an emergency liquidity assistance framework, which should be completed without undue delay. Furthermore, improvements in enhancing the effectiveness of AML/CFT supervision—including through thematic inspections—are welcome.

    Deepening the capital market is essential to help diversify funding and reduce reliance on bank financing. Although the capital market remains dominated by the large government-related issuers and the trading volumes are low, the recent and ongoing initiatives, such as the Investment Law that came into effect in February 2025 and the ongoing pension and savings reforms, should improve market liquidity and increase foreign participation in the Saudi capital markets. Greater use of asset-backed securities will create a new asset class and contribute to expanding funding in the banking system. The deepening of the domestic capital markets would also help improve the monetary policy transmission mechanism.

    Structural Policies

    The current environment of heightened uncertainty underscores the importance of continued structural reform efforts to sustain non-oil growth and economic diversification. Since 2016, Saudi Arabia has implemented significant and wide-ranging reforms, particularly in business regulations, governance, labor and capital markets. Several new laws that took effect in 2025—including the updated Investment Law, Labor Law amendments, and the new Commercial Registration Law—will enhance contractual certainty for investors and businesses, while also supporting productivity gains.

    The reform momentum should continue irrespective of oil price developments. Ongoing work to strengthen the anti-corruption framework—including by building on the recent Ultimate Beneficial Ownership Rules and By Laws of Nazaha—remains crucial. Equally important is enhancing human capital by aligning the skills of Saudi nationals with evolving labor market needs, improving access to finance and fostering digitalization, all of which are key to advancing the Kingdom’s economic diversification goals that are further enhanced with the integration of AI in government services. In addition to stronger fiscal institutions, pursuing these reforms will help Saudi Arabia build further resilience to oil price volatility.

    Targeted interventions through industrial policies should complement—not replace— structural reforms and must avoid crowding out private sector investment. Interventions by the PIF and public entities should continue to focus on areas where private investment is limited, market failures exist, or where they can play a catalytic role in attracting private capital, rather than potentially displacing domestic and foreign investors.  Industrial Policies should have clear exit criteria, claw-back mechanisms, and sunset clauses, to ensure they do not remain in place beyond their intended objective.

    **************************

    The mission team would like to thank the Saudi Arabian authorities and the people they met outside the government sector for their close collaboration, candid and informative discussions, and warm hospitality.

    [1] Numbers referred in percent of GDP are based on the authorities’ new rebasing GDP published in May 2025. The new methodological update is generally consistent with international best practices and the UN’s system of national accounts,

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/25/saudi-arabia-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Making Electronic Devices Faster, More Powerful, and Better at Staying Cool

    Source: US State of Connecticut

    When electronic devices overheat, they can slow down, malfunction, or stop working altogether. This heat is mainly caused by energy lost as electrons move through a material—similar to friction in a moving machine.

    Most devices today use silicon (Si) as their semiconductor material. However, engineers are increasingly turning to alternatives like gallium nitride (GaN) for longer lifetime use and higher performance. This includes products such as LEDs, compact laptop chargers, and 5G phone networks. For even more extreme applications—such as high-voltage systems or harsh environments—researchers are exploring ultrawide bandgap (UWBG) materials like gallium oxide (Ga2O3), aluminum gallium nitride (AlGaN), and even diamond.

    Pictured in center, Georges Pavlidis, assistant professor of mechanical engineering, and School of Mechanical, Aerospace, and Manufacturing Engineering Ph.D. candidates Francis Vásquez, at left, and Dominic Myren, are co-authors of a “Perspectives” paper published in Applied Physics Letters. Together, they’re exploring thermal management strategies in ultra side bandgap semiconductor devices. (Sarah Richmond/UConn Photo)

    The key difference between these materials lies in their electronic bandgap—the energy needed to get electrons to flow through the material. Wider bandgaps allow companies to reduce the size of their electronics and make them more electrically efficient.

    “UWBG materials can resist up to 8,000 volts and can operate at temperatures over 200 °C (392°F), making them promising for the next generation of electronics in the energy, health, and communication sectors,” explains Georges Pavlidis, assistant professor of mechanical engineering.

    While these materials offer promising advantages, they also come with challenges. They’re currently expensive, difficult to manufacture, and their thermal behavior is hard to measure precisely. As electronics become more powerful and in smaller dimensions, the heating in the device becomes more localized and can generate a heat flux greater than the sun, Pavlidis explains.

    “Chip manufacturers need new methods to measure temperature in smaller dimensions,” he says.

    Pavlidis, along with UConn’s School of Mechanical, Aerospace, and Manufacturing Engineering Ph.D. candidates Dominic Myren and Francis Vásquez, collaborated with colleagues from the U.S. Naval Research Laboratory over the past year to tackle the challenge of measuring the heat output. Their work resulted in a “Perspectives” paper published in Applied Physics Letters.

    “A ‘Perspectives’ paper is intended to be an outline of what’s coming soon, get people excited about what’s coming, and encourage other researchers to start looking into similar topics,” says Myren, a National Defense Science and Engineering Graduate Fellow who has seven years of industrial R&D experience in fuel systems, internal combustion, and engine controls and holds patents related to electromagnetic actuators and engine controls. “The push right now is for the development of thermal management strategies in wide and ultra-wide bandgap semiconductor devices. We have a lot of open questions, and we’re working hard on them over in Dr. Pavlidis’ lab, but the cross pollination of ideas is how academic circles thrive.”

    Titled “Emerging Thermal Metrology for Ultrawide Bandgap Semiconductor Devices,” the co-authors discuss the pros and cons of using UWBG material for semiconductors, and outline several innovative techniques for measuring temperature at the microscale. These methods could help engineers design faster, more powerful electronic devices—without the risk of overheating.

    After the paper ran online in late May, the co-authors received an unexpected note from the editors at Applied Physics Letters. “[We] felt that your article is noteworthy, and have chosen it to be promoted as an Editor’s Pick. It will be posted on the journal homepage, and a badge will be displayed next to the title.”

    “It is no small feat for a publication to be chosen as an Editor’s Pick in the highly regarded Applied Physics Letters that publishes more than 2,000 articles a year,” says JC Zhao, dean of the UConn College of Engineering. “I congratulate Professor Pavlidis and his group on this recognition and I am very proud of their accomplishment.”

    Members of the Pavlidis Lab prepare to measure the heat produced by a GaN-on-diamond transistor. This advanced semiconductor technology combines gallium nitride (GaN) with a diamond substrate to improve thermal management in electronic devices. “We shine light through the microscope and it reflects off the sample and travels up to the camera. That’s how we measure temperature,” Pavlidis explains. (Sarah Richmond/UConn Photo)

    Vásquez’s particular research interests are thermal management for high-power and radio-frequency (RF) power electronics. In Pavlidis’s lab, he enjoys the combination of research and meaningful application where the group solves real challenges in electronics and photonics that directly impact energy efficiency, reliability, and performance.

    “What makes the experience truly special is the lab culture,” Vásquez says. “Professor Pavlidis is incredibly supportive and patient, especially when we hit difficult knowledge to explain, and he always encourages us to stay curious. His approach pushes us to explore new ideas, test them rigorously, and think about how our work can translate into real-world innovations. It’s that mix of intellectual freedom and high standards to make an impact that keeps me excited every day in the lab.”

    In the paper, the researchers explore several options to measure temperature in UWBG devices. They suggest using optical methods like Raman spectroscopy and thermoreflectance, which use light to measure temperature dependent properties. Electrical methods use electric signals to detect temperature, and scanning probe methods, like scanning thermal microscopy, touch the surface to feel the heat.

    The researchers also describe exciting new ideas, like combining thermal images created from different colors of light to see heat in nitride-based devices, or measuring how light is absorbed in material defects to calculate the temperature in gallium oxide electronics. They’re even working on a new kind of microscope that can see very tiny heat patterns using deep ultraviolet light.

    “These proposed methods provide a solution to measuring the peak temperature in future electronics which is the primary indicator of when the device will fail. Providing the industry with accurate metrology will lower the barrier to commercialization and enable engineers to develop new thermal management strategies,” Pavlidis says.

    The group’s research is supported by Microelectronics Commons, a program specifically created to commercialize UWBG devices for power electronics. The Commons program established the Northeast Microelectronics Coalition Hub, a network of more than 200 organizations, academic institutions, commercial and defense companies, and federally funded centers concentrated in eight northeast states. The idea for the paper stemmed from a project Pavlidis worked on last summer as an Office of Naval Research Fellow.

    Moving forward, Pavlidis—who was promoted to a Senior Member of Institute of Electrical and Electronics Engineers (IEEE) this month—aims to work with semiconductor partners in developing affordable strategies to reduce the temperature in power electronics. By pushing the resolution limits of temperature measurements, the lab plans to extend their methods to improve other technologies such as quantum computing and photonic circuits. They’ve already worked with colleagues at the University of Maryland to design photonic hardware for next-generation data storage. (View the study in this May 2025 Nature Conversations paper.)

    “We hope our work has laid the foundation for the thermal design of the next generation of UWBG devices,” Pavlidis says.

    MIL OSI USA News –

  • MIL-OSI: Reliance Global Group Highlights Strong Q1 Results from Spetner Associates

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, NJ, June 26, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance,” “we,” “us,” “our” or the “Company”) today highlighted the strong preliminary unaudited financial results of Spetner Associates, Inc. (“Spetner”) for the first quarter ended March 31, 2025. As previously announced, Reliance has entered into a definitive agreement to acquire Spetner, and the transaction continues to advance toward closing.

    Spetner’s Q1 2025 Financial Highlights (Unaudited):

    • Revenue increased by more than 95% year-over-year to approximately $5.16 million, compared with $2.64 million in Q1 2024.
    • Operating income margin grew by 29% year-over-year to 74% from 46% in Q1 2024.
    • Net income grew by 220% to approximately $2.98 million, more than triple the approximately $0.9 million reported for Q1 2024.
    • Cash flows from operating activities increased by 112% to $2.6 million, more than double the $1.2 million generated in Q1 2024.

    Ezra Beyman, CEO of Reliance Global Group, commented, “We’re thrilled with Spetner’s impressive first quarter results, illustrating full alignment with our strategy of acquiring and integrating high-performing cash-generating synergistic insurance distribution platforms. Combined with Reliance’s scalable operating model and technology-driven platform, the combined organization will be well positioned to generate consistent significant profits, returns and cash flows.”

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance.  In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

    • Our expectation that the acquisition of Spetner Associates, Inc. will close as planned or at all and continue to advance toward completion, including obtaining any necessary regulatory or shareholder approvals;
    • Our objective to acquire and integrate high-performing, cash-generating synergistic insurance distribution platforms that align with our scalable, technology-driven model to drive shareholder value;
    • Our intention to pursue disciplined, accretive growth opportunities across the InsurTech and insurance agency sectors; and
    • Other statements regarding our plans, strategies, expectations and intentions concerning future operations, financial performance, and service offerings of either us, Spetner or the potentially combined company thereof.

    These forward-looking statements are based on a number of assumptions, including the assumptions that: the LOI will not be terminated prior to execution of definitive purchase agreements; due diligence and documentation negotiations will proceed without material adverse findings; the Fortman sale and the Spetner acquisition will both close as expected; our revenue and EBITDA projections for Spetner are attainable; integration risks will be managed successfully; and there will be no material adverse changes in market, economic or regulatory conditions affecting our businesses. There can be no assurance that any of these assumptions will prove correct.

    There are numerous risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These include, among others: the risk that the Fortman buyer may withdraw or renegotiate the terms of the LOI; delays or failure to complete either the Fortman sale or the Spetner acquisition; unanticipated liabilities or integration challenges in connection with Spetner; our inability to realize the projected revenue or EBITDA benefits; competition in the InsurTech and agency brokerage industry; changes in insurance regulation or Nasdaq listing requirements; general economic or financial market conditions; and the other risks and uncertainties described in the “Risk Factors” section of our Registration Statement on Form S-1 and our periodic reports filed with the Securities and Exchange Commission.

    You should carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, and the other reports we have filed or will file with the SEC for a more complete discussion of risks and uncertainties. tExcept as required by law, Reliance Global Group, Inc. disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com 

    The MIL Network –

  • MIL-OSI: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 26, 2025 (GLOBE NEWSWIRE) — Krane Funds Advisors, LLC (“KraneShares”), a global asset management firm recognized for its innovative investment solutions, celebrated the launch of the KraneShares Global Humanoid and Embodied Intelligence Index ETF (Ticker: KOID). The historic event featured the first-ever humanoid robot to ring the iconic Nasdaq Opening Bell.

    “We are thrilled to bring the first humanoid to ring the opening bell at Nasdaq to celebrate our Global Humanoid ETF: KOID,” said Jonathan Krane, CEO of KraneShares. “This event is a testament to the rapid advancements in robotics and artificial intelligence that could transform our world.”

    Humanoid robots are already demonstrating impressive performance in human tasks in both factory and home settings. The Morgan Stanley Global Humanoid Model projects that there could be 1 billion humanoids and $5 trillion in annual revenue by 2050.1

    “Today’s historic bell ringing by a humanoid robot marks a new era for investing in robotics and AI,” said Giang Bui, Head of Equities and ETFs at Nasdaq. “Nasdaq is proud to support KraneShares and the launch of KOID as we celebrate innovation at the heart of global finance.”

    The humanoid robot featured in the bell-ringing ceremony is the Unitree G1 Ultimate, supplied by RoboStore, the official partner of Unitree. RoboStore has been collaborating with Unitree for several years to drive the distribution and development of robotics within the U.S. education system.

    “Robotics, especially humanoids, are on the verge of widespread adoption. The people accelerating this shift include educators and research teams like OpenMind, a Stanford-based group developing open-source robotics software,” said Teddy Haggerty, a representative from RoboStore. “Our goal at RoboStore is to get this technology into the hands of major universities, empowering the next generation of innovators.”

    RoboStore and OpenMind jointly customized the robot, named “Iris,” for the occasion. Iris runs on OM1, OpenMind’s open-source operating system for embodied artificial intelligence, demonstrating advanced autonomy and human interaction. OM1 is set to be integrated into educational curricula nationwide through RoboStore’s programs.

    The Nasdaq Opening Bell Ringing by a Humanoid Robot was a first for the exchange and a testament to the growing impact of robotics across industries.

    For more information on the KraneShares Global Humanoid and Embodied Intelligence Index ETF (Ticker: KOID), please visit https://kraneshares.com/koid or consult your financial advisor.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Alternatives. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Citations:

    1. “Humanoids: 1bn Robots and $5tn Revenues by 2050, China is in Pole Position” Morgan Stanley Research, 4/28/2025.

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting www.kraneshares.com/koid. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

    AI-exposed companies face profitability challenges due to high research costs, competition, IP reliance, and regulatory risk. Product failures or safety concerns could be detrimental. Identifying AI companies accurately is complex. Tech firms face risks of product failure, obsolescence, regulatory impact, and uncertain profitability due to technological advancements and government policies. Certain tech investments may lack current profitability and future success is uncertain. The Fund is subject to non-U.S. issuers risk, which may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, are typically subject to different investor protection standards than U.S. issuers, and the economic instability of the non-U.S. countries. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

    Neither MerQube, Inc. nor any of its affiliates (collectively, “MerQube”) is the issuer or producer of KraneShares Global Humanoid & Embodied Intelligence Index ETF (the “Fund”) and MerQube has no duties, responsibilities, or obligations to investors in The Fund. The index underlying the The Fund is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC and its affiliates. Such index is calculated using, among other things, market data or other information (“Input Data”) from one or more sources (each a “Data Provider”). MerQube® is a registered trademark of MerQube, Inc. These trademarks have been licensed for certain purposes by Krane Funds Advisors, LLC and its affiliates in its capacity as the issuer of the The Fund. The Fund is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in The Fund particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, MerQube Global Humanoid and Embodied Intelligence Index, or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares of The Fund or to any member of the public, of any kind, including regarding the ability of the MerQube Global Humanoid and Embodied Intelligence Index to track market performance or any asset class. The MerQube Global Humanoid and Embodied Intelligence Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC and its affiliates or the The Fund. MerQube and Data Providers have no obligation to take the needs of Krane Funds Advisors, LLC and its affiliates or the owners of The Fund into consideration in determining, composing or calculating the MerQube Global Humanoid and Embodied Intelligence Index. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of The Fund or the timing of the issuance or sale of The Fund or in the determination or calculation of the equation by which The Fund is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of The Fund. There is no assurance that investment products based on the MerQube Global Humanoid and Embodied Intelligence Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.

    NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC AND ITS AFFILIATES, OWNERS OF THE THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO “MERQUBE” AND/OR “DATA PROVIDER” SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY.

    Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration.

    A large number of shares of the Fund are held by a single shareholder or a small group of shareholders. Redemptions from these shareholders can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders. KOID is non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ceb61dcd-df25-411a-a2fb-a19d618441cc

    The MIL Network –

  • MIL-OSI: Syncfusion® Drives AI-Powered Automation in Its Customer Support Platform, BoldDesk®

    Source: GlobeNewswire (MIL-OSI)

    RESEARCH TRIANGLE PARK, N.C., June 26, 2025 (GLOBE NEWSWIRE) — Syncfusion®, Inc., the enterprise technology provider of choice, today announced significant updates to BoldDesk®, its customer service and help desk ticketing platform. This release includes new, AI-driven automation features that shorten response time, reduce manual work, and give developers greater control over customer-support data.

    “BoldDesk began as an in-house project built by our own engineers to organize the daily support queue, and that personal experience shapes every iteration,” said Daniel Jebaraj, CEO of Syncfusion. “The latest enhancements focus on harnessing AI to do the busywork, while preserving the transparency, governance, and open-API flexibility support teams expect.”

    These enhancements advance the BoldDesk Team’s goal to leverage AI for everyday support tasks and streamline agent workflows without adding complexity. The release centers on three themes: action-oriented AI; frictionless ticketing; and unified, omnichannel data. New features include:

    • AI actions execute tasks for you: Copilot can cancel orders, update licenses, and call external APIs directly from a ticket or chat.
    • AI-suggested replies in notifications: The AI can insert a context-aware suggestion into the automatic email sent to customers when they submit a ticket.
    • Live chat speeds up conversations: AI-written summaries and subject lines and service-level agreement (SLA) timers help agents close chats faster.
    • Drag-and-drop ticket forms: Group fields, preview attachments, and share links so agents reach the correct info faster.
    • No-code workflows gain safeguards: New business-hour conditions and execution logs improve workflows. A new draft mode lets admins test automations before launch.
    • Deeper integrations: Two-way Salesforce sync, new voice apps, and ticket automerging bring omnichannel context into a single view.
    • Usage dashboards and new languages: AI-specific analytics, persistent layouts, and six additional UI languages show ROI and support global teams.

    In addition to these updates, BoldDesk continues to deliver its signature value: unlimited agents for a single flat fee, ticket resolutions up to three times faster than siloed inboxes, and a centralized workspace that scales with growing teams. BoldDesk customers can enable these new features today from the platform’s admin center. For more information, visit bolddesk.com.

    About Syncfusion, Inc.
    Headquartered in the technology hub of Research Triangle Park, N.C., Syncfusion, Inc.® delivers an award-winning ecosystem of developer control suites, embeddable BI platforms, and business software. Syncfusion was founded in 2001 with a single software component and a mission to support businesses of all sizes—from individual developers and start-ups to Fortune 500 enterprises. Though its pilot product, the Essential Studio® suite, has grown to over 1,900 developer controls, its mission remains the same. With offices in the U.S., India, and Kenya, Syncfusion prioritizes the customer experience by providing feature-rich solutions to help developers and enterprises solve complex problems, save money, and build high-performance, robust applications.

    Contact: Brittany Kearns
    Phone: 571-271-7211
    Email: brittany@crossroadsb2b.com

    The MIL Network –

  • MIL-OSI: Syncfusion® Drives AI-Powered Automation in Its Customer Support Platform, BoldDesk®

    Source: GlobeNewswire (MIL-OSI)

    RESEARCH TRIANGLE PARK, N.C., June 26, 2025 (GLOBE NEWSWIRE) — Syncfusion®, Inc., the enterprise technology provider of choice, today announced significant updates to BoldDesk®, its customer service and help desk ticketing platform. This release includes new, AI-driven automation features that shorten response time, reduce manual work, and give developers greater control over customer-support data.

    “BoldDesk began as an in-house project built by our own engineers to organize the daily support queue, and that personal experience shapes every iteration,” said Daniel Jebaraj, CEO of Syncfusion. “The latest enhancements focus on harnessing AI to do the busywork, while preserving the transparency, governance, and open-API flexibility support teams expect.”

    These enhancements advance the BoldDesk Team’s goal to leverage AI for everyday support tasks and streamline agent workflows without adding complexity. The release centers on three themes: action-oriented AI; frictionless ticketing; and unified, omnichannel data. New features include:

    • AI actions execute tasks for you: Copilot can cancel orders, update licenses, and call external APIs directly from a ticket or chat.
    • AI-suggested replies in notifications: The AI can insert a context-aware suggestion into the automatic email sent to customers when they submit a ticket.
    • Live chat speeds up conversations: AI-written summaries and subject lines and service-level agreement (SLA) timers help agents close chats faster.
    • Drag-and-drop ticket forms: Group fields, preview attachments, and share links so agents reach the correct info faster.
    • No-code workflows gain safeguards: New business-hour conditions and execution logs improve workflows. A new draft mode lets admins test automations before launch.
    • Deeper integrations: Two-way Salesforce sync, new voice apps, and ticket automerging bring omnichannel context into a single view.
    • Usage dashboards and new languages: AI-specific analytics, persistent layouts, and six additional UI languages show ROI and support global teams.

    In addition to these updates, BoldDesk continues to deliver its signature value: unlimited agents for a single flat fee, ticket resolutions up to three times faster than siloed inboxes, and a centralized workspace that scales with growing teams. BoldDesk customers can enable these new features today from the platform’s admin center. For more information, visit bolddesk.com.

    About Syncfusion, Inc.
    Headquartered in the technology hub of Research Triangle Park, N.C., Syncfusion, Inc.® delivers an award-winning ecosystem of developer control suites, embeddable BI platforms, and business software. Syncfusion was founded in 2001 with a single software component and a mission to support businesses of all sizes—from individual developers and start-ups to Fortune 500 enterprises. Though its pilot product, the Essential Studio® suite, has grown to over 1,900 developer controls, its mission remains the same. With offices in the U.S., India, and Kenya, Syncfusion prioritizes the customer experience by providing feature-rich solutions to help developers and enterprises solve complex problems, save money, and build high-performance, robust applications.

    Contact: Brittany Kearns
    Phone: 571-271-7211
    Email: brittany@crossroadsb2b.com

    The MIL Network –

  • MIL-OSI: American Rebel Light Beer Sees Explosive E-Commerce Growth as Free Shipping Promo Drives Patriotic Sales Surge Ahead of July 4th

    Source: GlobeNewswire (MIL-OSI)

    Online Orders Soar as American Rebel Beer Ships to Over 40 States; Free Shipping Available Through June 30

    NASHVILLE, TN, June 26, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel, proudly reports explosive online sales growth fueled by enhanced digital marketing, optimized checkout performance, and a limited-time Free Shipping offer celebrating the Fourth of July and the 250th Birthday of the U.S. Army.

    American Rebel Light Beer launched its online direct to consumer option earlier this year through shop.americanrebelbeer.com, that expanded availability to over 40 U.S. states, giving patriotic Americans nationwide the opportunity to enjoy what the company calls “America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.”

    Patriotic Reach, Real Results: 22.9 Million Digital Impressions Drive Explosive Growth at AmericanRebelBeer.com

    In late May, American Rebel implemented major improvements to the online checkout process after onboarding e-commerce experts to map the user experience and identify where sales were stalling. That analysis led to the introduction of Flat Rate Shipping, which sparked an immediate lift in order volume. Encouraged by this success, and in celebration of Independence Day, the company launched a Free Shipping offer through June 30, 2025 – driving massive engagement and accelerating repeat orders.

    During this campaign period American Rebel generated a combined 22.9 million digital impressions across Facebook, Google, and Taboola – demonstrating exceptional consumer engagement and marketing reach across top-tier platforms. This digital expansion is translating into powerful, measurable business outcomes at americanrebelbeer.com

    Key highlights from the most recent performance period include:

    • Gross Online Sales surged 1100% driven by explosive customer demand.
    • Average Order Value (AOV) increased 14% to $59.62.
    • Conversion rates rose 1100%, signaling highly qualified traffic and improved customer targeting.
    • Orders climbed 1000%, marking a significant uptick in new and repeat purchases.
    • Website traffic jumped 4500%, amplifying visibility and brand discovery.
    • 48-pack beer sales soared 2900%, indicating a strong shift toward bulk purchases.
    • 24-pack (16oz) sales rose 801%, further validating product-market fit.
    • RCR (Repeat Customer Rate) improved by 72.7%, a clear indicator of growing customer satisfaction and long-term loyalty.

    We’re Not Just Selling Beer – We’re Building America’s Brand

    “This level of performance demonstrates what we’ve always believed – American Rebel Light Beer (“Rebel Light”) resonates with patriotic American consumers,” said Andy Ross, CEO of American Rebel Holdings. “We’re not just selling beer; we’re building a patriotic brand that people are proud to support. We’re building a brand rooted in freedom, faith, and love for country. Our customers aren’t just buying a beer, they’re standing for something, and the numbers speak for themselves – we are scaling, we are converting, and we are winning.”

    American Rebel’s performance is not only accelerating consumer sales but also establishing a strong foundation for long-term shareholder value through proven demand, smart digital investments, and expanding distribution opportunities.

    American Rebel Holdings, Inc. (NASDAQ: AREB) operates as a consumer brand company rooted in American values, offering American Rebel Light Beer and related merchandise across a growing national footprint. America’s Patriotic Brand™ continues to gain traction across the lifestyle, beverage, and digital commerce sectors.

    American Rebel Beer Shipping Now to 40+ States

    American Rebel Light Beer is available for home delivery in the following states:
    AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MO, MT, NC, NV, NH, NJ, NM, NY, OH, OK, OR, PA, RI, TX, VT, WA, WV, WI, WY

    The Free Shipping promotion, available through Monday, June 30, allows customers to stock up ahead of Independence Day. American Rebel encourages fans to order directly at shop.americanrebelbeer.com and celebrate freedom with every sip.

    About American Rebel Light Beer

    American Rebel Light is more than just a beer – it’s a celebration of freedom, passion, and quality. Brewed with care and precision, our light beer delivers a refreshing taste that’s perfect for every occasion.

    Since its launch in September 2024, American Rebel Light Beer has rolled out in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri, North Carolina, Florida, Indiana and now Virginia and is adding new distributors and territories regularly. For more information about the launch events and the availability of American Rebel Beer, please visit americanrebelbeer.com or follow us on our social media platforms (@americanrebelbeer).

    American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

    For more information about American Rebel Light Beer follow us on social media @AmericanRebelBeer.

    For more information, visit americanrebelbeer.com.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebelbeer.com. For investor information, visit americanrebel.com/investor-relations.

    Watch the American Rebel Story as told by our CEO Andy Ross visit The American Rebel Story

    Media Inquiries:
    Matt Sheldon
    Matt@Precisionpr.co
    917-280-7329

    American Rebel Holdings, Inc.
    info@americanrebel.com
    ir@americanrebel.com

    American Rebel Beverages, LLC
    Todd Porter, President
    tporter@americanrebelbeer.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of our continued sponsorship of high profile events, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: American Rebel Light Beer Sees Explosive E-Commerce Growth as Free Shipping Promo Drives Patriotic Sales Surge Ahead of July 4th

    Source: GlobeNewswire (MIL-OSI)

    Online Orders Soar as American Rebel Beer Ships to Over 40 States; Free Shipping Available Through June 30

    NASHVILLE, TN, June 26, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel, proudly reports explosive online sales growth fueled by enhanced digital marketing, optimized checkout performance, and a limited-time Free Shipping offer celebrating the Fourth of July and the 250th Birthday of the U.S. Army.

    American Rebel Light Beer launched its online direct to consumer option earlier this year through shop.americanrebelbeer.com, that expanded availability to over 40 U.S. states, giving patriotic Americans nationwide the opportunity to enjoy what the company calls “America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.”

    Patriotic Reach, Real Results: 22.9 Million Digital Impressions Drive Explosive Growth at AmericanRebelBeer.com

    In late May, American Rebel implemented major improvements to the online checkout process after onboarding e-commerce experts to map the user experience and identify where sales were stalling. That analysis led to the introduction of Flat Rate Shipping, which sparked an immediate lift in order volume. Encouraged by this success, and in celebration of Independence Day, the company launched a Free Shipping offer through June 30, 2025 – driving massive engagement and accelerating repeat orders.

    During this campaign period American Rebel generated a combined 22.9 million digital impressions across Facebook, Google, and Taboola – demonstrating exceptional consumer engagement and marketing reach across top-tier platforms. This digital expansion is translating into powerful, measurable business outcomes at americanrebelbeer.com

    Key highlights from the most recent performance period include:

    • Gross Online Sales surged 1100% driven by explosive customer demand.
    • Average Order Value (AOV) increased 14% to $59.62.
    • Conversion rates rose 1100%, signaling highly qualified traffic and improved customer targeting.
    • Orders climbed 1000%, marking a significant uptick in new and repeat purchases.
    • Website traffic jumped 4500%, amplifying visibility and brand discovery.
    • 48-pack beer sales soared 2900%, indicating a strong shift toward bulk purchases.
    • 24-pack (16oz) sales rose 801%, further validating product-market fit.
    • RCR (Repeat Customer Rate) improved by 72.7%, a clear indicator of growing customer satisfaction and long-term loyalty.

    We’re Not Just Selling Beer – We’re Building America’s Brand

    “This level of performance demonstrates what we’ve always believed – American Rebel Light Beer (“Rebel Light”) resonates with patriotic American consumers,” said Andy Ross, CEO of American Rebel Holdings. “We’re not just selling beer; we’re building a patriotic brand that people are proud to support. We’re building a brand rooted in freedom, faith, and love for country. Our customers aren’t just buying a beer, they’re standing for something, and the numbers speak for themselves – we are scaling, we are converting, and we are winning.”

    American Rebel’s performance is not only accelerating consumer sales but also establishing a strong foundation for long-term shareholder value through proven demand, smart digital investments, and expanding distribution opportunities.

    American Rebel Holdings, Inc. (NASDAQ: AREB) operates as a consumer brand company rooted in American values, offering American Rebel Light Beer and related merchandise across a growing national footprint. America’s Patriotic Brand™ continues to gain traction across the lifestyle, beverage, and digital commerce sectors.

    American Rebel Beer Shipping Now to 40+ States

    American Rebel Light Beer is available for home delivery in the following states:
    AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MN, MO, MT, NC, NV, NH, NJ, NM, NY, OH, OK, OR, PA, RI, TX, VT, WA, WV, WI, WY

    The Free Shipping promotion, available through Monday, June 30, allows customers to stock up ahead of Independence Day. American Rebel encourages fans to order directly at shop.americanrebelbeer.com and celebrate freedom with every sip.

    About American Rebel Light Beer

    American Rebel Light is more than just a beer – it’s a celebration of freedom, passion, and quality. Brewed with care and precision, our light beer delivers a refreshing taste that’s perfect for every occasion.

    Since its launch in September 2024, American Rebel Light Beer has rolled out in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri, North Carolina, Florida, Indiana and now Virginia and is adding new distributors and territories regularly. For more information about the launch events and the availability of American Rebel Beer, please visit americanrebelbeer.com or follow us on our social media platforms (@americanrebelbeer).

    American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

    For more information about American Rebel Light Beer follow us on social media @AmericanRebelBeer.

    For more information, visit americanrebelbeer.com.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebelbeer.com. For investor information, visit americanrebel.com/investor-relations.

    Watch the American Rebel Story as told by our CEO Andy Ross visit The American Rebel Story

    Media Inquiries:
    Matt Sheldon
    Matt@Precisionpr.co
    917-280-7329

    American Rebel Holdings, Inc.
    info@americanrebel.com
    ir@americanrebel.com

    American Rebel Beverages, LLC
    Todd Porter, President
    tporter@americanrebelbeer.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of our continued sponsorship of high profile events, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Richtech Robotics’ AI-Driven Robot ADAM Invited to Support Event by the United States Space Force Historical Foundation

    Source: GlobeNewswire (MIL-OSI)

    Company’s AI-powered robot, ADAM, will serve space themed cocktails to attendees of the Invite-Only VIP Legacy of Launch event

    LAS VEGAS, June 26, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada-based provider of AI-driven service robots, announces that its cutting-edge robot, ADAM, will be featured at the Legacy of Launch 75th Anniversary event, taking place on July 24, 2025 in the Kennedy Space Center Shuttle Room, which is located at the Kennedy Space Center Visitor Complex.

    This invitation-only VIP event is a rare and transformative moment that will seamlessly unite history, celebration, and vision. Designed to honor the extraordinary achievements of the past 75 years, the mission of the Legacy of Launch is to ignite a global passion for space by honoring past achievements, celebrating present advancements, and inspiring future exploration. Through education, preservation, and immersive experiences, it aims to ensure that every generation dares to dream, innovate, and reach beyond our planet.

    As part of this landmark celebration of the Legacy of Launch campaign, Richtech Robotics’ AI-driven robot, ADAM, has been invited to demonstrate the powerful potential of artificial intelligence and robotics in shaping tomorrow’s world. With real-world deployments already underway in the hospitality and entertainment industries, ADAM’s ability to serve space-themed cocktails underscores the Company’s commitment to pioneering technologies that enhance human experiences through state-of-the-art innovation.

    As robotics and AI technologies continue to evolve, the potential for ADAM, and its industrial counterpart Titan, to support space-related applications represents an exciting new vertical for the Company to explore more deeply in the years ahead.

    “We are honored to participate in such a historic event and showcase how ADAM represents the future of intelligent automation—an embodiment of innovation that complements the legacy we are celebrating,” said Matt Casella, President of Richtech Robotics.

    Richtech Robotics has deployed over 400 robot solutions across the U.S. including in restaurants, retail stores, hotels, healthcare facilities, casinos, senior living homes, and factories. Current clients include Texas Rangers’ Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and more.

    About Richtech Robotics

    Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com and connect with us on X (Twitter), LinkedIn, and YouTube.

    Forward Looking Statements

    Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the performance of Richtech Robotics’ products.

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the performance of ADAM and the success of Clouffee & Tea. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K, filed with the SEC on January 14, 2025, as amended on February 7, 2025 and March 4, 2025 and other public filings with the SEC. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

    Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotics assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

    Media: 
    Timothy Tanksley
    Director of Marketing
    Richtech Robotics, Inc
    press@richtechrobotics.com
    702-534-0050

    The MIL Network –

  • MIL-OSI: Richtech Robotics’ AI-Driven Robot ADAM Invited to Support Event by the United States Space Force Historical Foundation

    Source: GlobeNewswire (MIL-OSI)

    Company’s AI-powered robot, ADAM, will serve space themed cocktails to attendees of the Invite-Only VIP Legacy of Launch event

    LAS VEGAS, June 26, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada-based provider of AI-driven service robots, announces that its cutting-edge robot, ADAM, will be featured at the Legacy of Launch 75th Anniversary event, taking place on July 24, 2025 in the Kennedy Space Center Shuttle Room, which is located at the Kennedy Space Center Visitor Complex.

    This invitation-only VIP event is a rare and transformative moment that will seamlessly unite history, celebration, and vision. Designed to honor the extraordinary achievements of the past 75 years, the mission of the Legacy of Launch is to ignite a global passion for space by honoring past achievements, celebrating present advancements, and inspiring future exploration. Through education, preservation, and immersive experiences, it aims to ensure that every generation dares to dream, innovate, and reach beyond our planet.

    As part of this landmark celebration of the Legacy of Launch campaign, Richtech Robotics’ AI-driven robot, ADAM, has been invited to demonstrate the powerful potential of artificial intelligence and robotics in shaping tomorrow’s world. With real-world deployments already underway in the hospitality and entertainment industries, ADAM’s ability to serve space-themed cocktails underscores the Company’s commitment to pioneering technologies that enhance human experiences through state-of-the-art innovation.

    As robotics and AI technologies continue to evolve, the potential for ADAM, and its industrial counterpart Titan, to support space-related applications represents an exciting new vertical for the Company to explore more deeply in the years ahead.

    “We are honored to participate in such a historic event and showcase how ADAM represents the future of intelligent automation—an embodiment of innovation that complements the legacy we are celebrating,” said Matt Casella, President of Richtech Robotics.

    Richtech Robotics has deployed over 400 robot solutions across the U.S. including in restaurants, retail stores, hotels, healthcare facilities, casinos, senior living homes, and factories. Current clients include Texas Rangers’ Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and more.

    About Richtech Robotics

    Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com and connect with us on X (Twitter), LinkedIn, and YouTube.

    Forward Looking Statements

    Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the performance of Richtech Robotics’ products.

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the performance of ADAM and the success of Clouffee & Tea. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K, filed with the SEC on January 14, 2025, as amended on February 7, 2025 and March 4, 2025 and other public filings with the SEC. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

    Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotics assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

    Media: 
    Timothy Tanksley
    Director of Marketing
    Richtech Robotics, Inc
    press@richtechrobotics.com
    702-534-0050

    The MIL Network –

  • MIL-OSI: NordVPN remains the only VPN with certified phishing protection

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 26, 2025 (GLOBE NEWSWIRE) — The cybersecurity feature Threat Protection Pro™, included in the leading VPN application NordVPN, has once again been recognized as one of the top tools for detecting phishing websites in an independent test conducted by AV-Comparatives.

    “Phishing websites are one of the biggest threats to internet users worldwide. They steal personal data, login credentials, and financial information from unsuspecting users before redirecting them or disappearing entirely. We put our greatest effort into protecting our customers from the consequences caused by these sites,” says Domininkas Virbickas, product director at Threat Protection.

    AV-Comparatives, an independent testing lab, conducted an extensive test between May 15-28, 2025, to evaluate the effectiveness of various cybersecurity products in detecting and blocking phishing websites. The company certified 10 solutions against 228 phishing URLs and 200 clean ones to see how well they could protect users. NordVPN’s Threat Protection Pro™ detected 90% of phishing websites.

    Last year, NordVPN became the first VPN service provider to be approved by AV-Comparatives for anti-phishing protection, and this year we got tested again to remain the only VPN provider with such certification.

    To be approved by AV-Comparatives for Anti-Phishing Protection, at least 85% of the phishing URLs used must be detected and blocked, without causing any false alarms with legitimate online banking and related sites.

    How to recognize phishing websites and protect yourself

    While Threat Protection Pro™ is a powerful safeguard, phishing attacks are always evolving. Practicing good cyber hygiene is just as important.

    Here are a few simple tips to stay safe online:

    • Verify the URL. Always check the URL in your browser’s address bar. Look for variations in the domain name that might indicate it’s a fake site. Did it send you to a subpage, even though you should be on the homepage? Does it have a suspicious prefix?
    • Read the text carefully. If you have even the slightest suspicion, go over the email or message once more. Was it unsolicited? Is it urging you to do something, trying to induce panic? Does it have any typos or other mistakes?
    • Enable two-factor authentication (2FA). 2FA adds an extra layer of security by requiring an additional authentication step, like a one-time code sent to your phone, before you can log in. Even if a hacker gets your password, they won’t be able to access your account without this second factor.
    • Check the website’s protocol. Ensure that the website you’re on uses the HTTPS protocol. Legitimate websites prioritize security and will have a padlock icon in the address bar, but a website with a spoofed URL might only use HTTP.

    NordVPN’s Threat Protection Pro™ is available with every subscription, helping users browse more securely every day.

    ABOUT NORDVPN

    NordVPN is the world’s most advanced VPN service provider, chosen by millions of internet users worldwide. One of NordVPN’s key features is Threat Protection Pro™, a tool that blocks malicious websites, trackers, and ads and scans downloads for malware. For more information, visit https://nordvpn.com.

    More information: vilius.kardelis@nordsec.com

    The MIL Network –

  • MIL-OSI Africa: R378 million secured for water security in eThekwini

    Source: South Africa News Agency

    R378 million secured for water security in eThekwini

    A funding package of R378 million has been secured to assist the City of eThekwini with reducing significant water loss.

    This is part of the work of the Presidential eThekwini Working Group (PeWG), Minister in The Presidency Khumbudzo Ntshavheni announced on Thursday at a post Cabinet media briefing.

    This stride coincides with a 30% reduction in sewer and water repair backlogs in the city.

    Addressing members of the media in Cape Town, the Minister said Cabinet was updated on the workings of the PeWG during its meeting on Wednesday.

    The PeWG is a multi-stakeholder mechanism to address critical service delivery, infrastructure, and socio-economic challenges within the eThekwini Metropolitan Municipality, with the goal of positioning the city as an investment and tourism hub.

    “Domestic travel to eThekwini is also on the rebound, increasing by 33% year-on-year and contributing over R17.4 billion in economic value. International tourist arrivals also rose by 9.8%, bringing in R3.3 billion,” Ntshavheni said.

    The working group was established by President Cyril Ramaphosa in April 2024 to respond to the challenges of the municipality and to accelerate support from national and provincial government to rebuild the municipality.

    It operates across three spheres of government and includes representatives from the private sector and labour. – SAnews.gov.za

    nosihle

    MIL OSI Africa –

  • MIL-OSI Africa: Cabinet briefed on ongoing recovery efforts in the EC

    Source: South Africa News Agency

    Cabinet briefed on ongoing recovery efforts in the EC

    Cabinet was, at its ordinary meeting on Wednesday, updated on ongoing recovery efforts in the Eastern Cape and KwaZulu-Natal, following the recent devastating floods. 

    At a national level, the National Joint Flood Coordination Committee, as well as the Interministerial Committee of Disaster Management have been activated and have met on several occasions to assess the situation and decide on how to support the affected provinces.

    Briefing the media on Thursday in Cape Town, Minister in the Presidency Khumbudzo Ntshavheni said the National Disaster Management Centre and respective provincial and municipal disaster management centres continue to provide reports on assessments and response measures.

    “The immediate priority remains to provide emergency shelter and relief materials needed by affected communities to stabilise the situation,” Ntshavheni said. 

    She said work also continues to restore basic services such as water, sanitation and electricity. “This includes ensuring that those affected obtain identity (ID) documents and temporary ID certificates to access essential services”.

    “An assessment of damage to homes and infrastructure and a plan for reconstruction is under way. Once completed, it will allow for the preparation of a comprehensive rehabilitation programme,” Ntshavheni said.

    The Eastern Cape Provincial Government has confirmed that the official death toll from the recent floods has risen to 101, following additional recoveries by search teams.

    The numbers are likely to increase, as there are still individuals who have been reported missing by their families and search operations continue in the affected areas.

     The provincial government has extended heartfelt condolences to the families who have lost their loved ones and “are now left with a profound and multifaceted impact on their lives”. – SAnews.gov.za

    Edwin

    MIL OSI Africa –

  • MIL-OSI Russia: Sobyanin: 18 thousand Muscovites became owners of apartments under the renovation program this year

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    More than 18 thousand Muscovites received new housing under the renovation program in 2025. Sergei Sobyanin spoke about this in his telegram channel.

    “From January to June, over 20 residential complexes were completed in Moscow – twice as many as in the same period last year. One of them is a new building at 5 Ilimskaya Street. There are 230 apartments with a total area of over 13 thousand square meters, including apartments for people with disabilities,” the Moscow Mayor specified.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin 

    The house with glazed balconies and loggias has baskets for air conditioners. The facades are decorated in natural shades. The spacious entrance hall has a stroller room and a concierge room.

    The courtyard underwent comprehensive landscaping, CCTV cameras were installed, sports and children’s playgrounds were equipped, as well as a recreation area.

    Since the beginning of 2025, almost all new buildings in the city have been built with the help of prefab technologies. The method allows to reduce construction time by 30-50 percent. The service life of such buildings is 100 years or more. The houses meet all the standards of modern and high-quality housing.

    The first floors of new buildings are designed as non-residential — pharmacies, shops, leisure centers and other social and household facilities are opened there. All residential complexes under the renovation program are built taking into account the criteria of a barrier-free environment. Wide passages in entrances, vestibules and elevator halls are located on the same level, without high steps, and pedestrian passages in the courtyard are designed so that it is comfortable for both parents with strollers and people with disabilities to move around.

    The service is available for participants in the renovation program “Moving Assistance”. City residents are provided with free services of movers and a car for transporting things. Since the beginning of the year, more than 4.5 thousand families have used the service.

    “In total, this year we plan to build about two million square meters of housing under the renovation program. This will allow us to provide new apartments to about 70 thousand city residents,” the Moscow Mayor added.

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Sergei Sobyanin instructed increase the pace implementation of the program twice.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12998050/

    MIL OSI Russia News –

  • MIL-OSI Security: Two drug kingpins jailed for life following Met EncroChat investigation

    Source: United Kingdom London Metropolitan Police

    Two men have been jailed for life for importing and dealing a tonne of cocaine and plotting a murder.

    The Met’s investigation uncovered the two men’s plan to commit a murder, as well as their role in delivering millions of pounds worth of drugs across the capital and beyond.

    The evidence of the offences were identified after officers trawled through thousands of messages on encrypted communication service EncroChat.

    Thought to be impenetrable by law enforcement, Met officers accessed chats between James Harding and Jayes Kharouti.

    It was identified that James Harding, 34 (01.01.1991), of Alton, Hampshire, was the head of a sophisticated organised drug dealing network, turning over an estimated £5 million profit in just 10 weeks. Harding resided in Dubai at the time of his arrest.

    Detective Chief Inspector Jim Casey, who led the investigation, said:

    “This sentencing shows the severity of the crimes the duo committed.

    “Following one of the largest EncroChat investigations in the Met’s history, I am pleased that both criminals are serving the time they deserve.

    “Not only did they have a detailed plan to kill, their conspiracy to import and deal drugs harmed a number of our communities in London and across the country.

    “This sends a clear message to other potential offenders: we will investigate and we will put you before the courts.”

    Harding was found guilty by the jury of conspiracy to supply Class A drugs and conspiracy to commit murder on Tuesday, 24 June at The Old Bailey, following a seven-week trial.

    He was sentenced to life at The Old Bailey on Thursday, 26 June, and will have to serve a minimum of 32 years’ imprisonment.

    Kharouti, 39, (09.02.1986) of Depot Road, Epsom, previously admitted to his role in supplying drugs on Friday, 8 November 2024 at The Old Bailey. He was also found guilty of conspiracy to commit murder alongside Harding on Tuesday, 24 June at the same court.

    He was sentenced to life at The Old Bailey on Thursday, 26 June, and will have to serve a minimum of 26 years’ imprisonment.

    Chats on the encrypted messaging site unveiled they both spoke, in detail, about their plan to kill a suspected drug courier from a ‘rival crime network’.

    This case is part of a wider operation to take down those who utilised EncroChat, after the National Crime Agency (NCA) passed information onto the Met after European agencies cracked the encrypted communications platform.

    So far, Met investigations have led to more than 5,000 years-worth of prison sentences for criminals on the site.

    The investigation

    Following the thorough investigation into a series of conversations on EncroChat, the Met discovered Harding used the handle “thetopsking”, while Kharouti used “besttops”. They used the platform to confidently communicate with each other about their vast criminal enterprise.

    The Met spent hundreds of hours reviewing and analysing these messages. Among them were clear conspiracies to carry out a murder of a rival drug gang member with detailed plans, involving recruiting paid hitmen, arranging firearms and getaway vehicles. They had also discussed times, dates and locations.

    This was on top of plans to coordinate deliveries of hundreds of kilograms of cocaine across the country, manage their vast finances and discuss security threats.

    The court heard that approximately 50 importations were made into the UK, with a total weight of one tonne, between April and June 2020.

    This allowed Harding to live a lavish lifestyle in the United Arab Emirates, where he conducted his criminal enterprise.

    The arrests

    Harding was arrested on Monday, 27 December 2021 at Geneva Airport, Switzerland. On Friday, 27 May 2022, he was extradited from Switzerland to the UK when he was arrested by Met officers.

    Kharouti’s home was searched in 2020 after he was linked to the messages. Police found a handset with the same number he gave to Harding. He fled the country shortly after this, before being found in Turkey and extradited back to the UK.

    MIL Security OSI –

  • MIL-OSI: Palomar and Neptune Partner to Accelerate Growth in U.S. Flood Insurance Market

    Source: GlobeNewswire (MIL-OSI)

    ~ Palomar to Appoint Neptune as Exclusive Managing General Agent for Flood Insurance ~

    LA JOLLA, Calif. and ST. PETERSBURG, Fla., June 26, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (“Palomar” NASDAQ: PLMR), a leading specialty insurer, and Neptune Flood (“Neptune”), the largest provider of private flood insurance in the United States, today announced a strategic partnership under which Neptune will become Palomar’s exclusive managing general agent for flood insurance.

    Palomar will continue its longstanding commitment to the private flood insurance market while gaining access to Neptune’s AI-based technology powered by data science and machine learning. The partnership enables both companies to advance their shared mission to deliver a robust technology driven alternative to the National Flood Insurance Program and make flood coverage more accessible to customers nationwide.

    “Neptune’s technology and underwriting capabilities make them an ideal partner as we continue to grow in the flood insurance space,” said Jon Christianson, President of Palomar. “Together, we are expanding flood insurance availability with a streamlined and scalable solution that delivers strong value to our policyholders and partners.”

    “Neptune is excited to add Palomar to our panel of top-tier carriers,” said Trevor Burgess, Chairman and Chief Executive Officer of Neptune Flood. “We look forward to welcoming Palomar’s flood customers to the Neptune platform and to increasing access to flood insurance nationwide.”

    Through the seamless transition, Palomar’s agents will gain access to Neptune’s platform, offering a streamlined quoting and binding experience with enhanced coverage options.

    About Palomar

    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

    To learn more, visit PLMR.com.

    Follow Palomar on LinkedIn: @PLMRInsurance

    About Neptune

    With nearly 250,000 policies in force, Neptune is the largest private flood insurance provider in the United States, revolutionizing the industry with AI-driven underwriting and data science-driven machine learning technology. Neptune simplifies the flood insurance process, offering instant, affordable, and comprehensive coverage in minutes, without the delays and complexities of traditional insurance. Neptune is committed to closing the flood insurance gap and making coverage accessible nationwide.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact

    Media Inquiries
    Lindsay Conner
    1-551-206-6217
    lconner@plmr.com

    Investor Relations:
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com

    Neptune Media:
    Loren Pomerantz
    loren@combined-forces.com
    917-902-0219

    Source: Palomar Holdings, Inc.

    The MIL Network –

  • MIL-OSI Russia: GCRR PRC: China has confidence and potential to maximally cushion external economic shocks

    Translation. Region: Russian Federal

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

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

    BEIJING, June 26 (Xinhua) — China has the confidence and capacity to maximally cushion the negative impact of external shocks on its economy and promote sustainable and healthy economic development, Li Chao, an official with the National Development and Reform Commission (NDRC), said at a press conference on Thursday.

    The external environment is becoming increasingly complex, severe and unpredictable, posing challenges to the stable growth of the global economy and trade, she said. All of this could affect the sustainable functioning of China’s economy, she added.

    Recall that in the first quarter of 2025, China’s GDP grew by 5.4 percent year-on-year, accelerating from the 5 percent growth rate recorded for the whole of 2024. China has set a target of 5 percent economic growth this year.

    She also noted that existing support measures continue to operate, and new measures are being introduced. In particular, large-scale equipment modernization and the program of replacing old consumer goods with new ones under the trade-in scheme are playing an increasingly significant role in the country in stabilizing investments, stimulating consumption, promoting economic transformation and raising people’s living standards, she noted.

    According to her, thanks to this program, sales of home appliances, furniture and communication devices have grown rapidly, and this year the sales volume of goods under the program exceeded 1.4 trillion yuan (about 195.48 billion US dollars).

    The Chinese government has earmarked 300 billion yuan to issue ultra-long-term special government bonds to support the consumer goods trade-in program in 2025, with the first two tranches of funds totaling 162 billion yuan issued in January and April, Li Chao said, adding that the third batch of funding will be released in July. -0-

    MIL OSI Russia News –

  • MIL-OSI: Dimensional Fund Advisors Ltd. : Form 8.3 – WAREHOUSE REIT PLC – Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		    
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree    		 Warehouse REIT plc  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure    		 25 June 2025  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”    		 YES
    TRITAX BIG BOX REIT PLC    		  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 1 ordinary (GB00BD2NCM38)  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 2,172,298 0.51 %      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 2,172,298 0.51 %      
       
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    		  
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    		  
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
             
       
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (b) Agreements, arrangements or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 26 June 2025  
    Contact name Thomas Hone  
    Telephone number +44 20 3033 3419  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Africa: Let UN lead peaceful dispute resolution in Israel, Iran conflict

    Source: South Africa News Agency

    The South African government has called for the immediate de-escalation of hostilities between Israel and the Islamic Republic of Iran.

    The two countries traded air strikes earlier this month.

    Speaking during a media briefing on the outcomes of a Cabinet meeting held on Wednesday, Minister in the Presidency Khumbudzo Ntshavheni said Cabinet was “deeply concerned about escalation of hostilities between Israel and the Islamic Republic of Iran, along with airstrikes by the United States of America”.

    “The ongoing attacks by both countries has led to loss of lives, casualties and destruction to property. Cabinet calls for an urgent de-escalation of hostilities, restraint and full compliance with international law by all parties to prevent further human suffering.

    “Cabinet further calls on the USA, Israel and Iran to create room for constructive dialogue and give the United Nations the opportunity to lead the peaceful resolution of dispute, including the inspection and verification of Iran’s status on uranium enrichment, as well as its broader nuclear capacity.

    “The world cannot afford the balkanisation of Iran, by the sheer size of its population, geographic location and mineral resources.

    “As a continent, we in Africa are still suffering the consequences of the balkanisation of Libya 14 years later, with the escalation of terrorism across the continent,” she said.

    Turning to issues in the Caribbean, Ntshavheni said Cabinet had registered concern on the ongoing gang violence in Haiti.

    “Cabinet is concerned about the Haiti’s worsening situation and asserts that a multifaceted approach is needed to strengthen governance, improving law enforcement, and promoting economic development through regional and international cooperation prioritising Haitian interests,” she said.

    Group of 7 (G7)

    Cabinet reflected on the G7 Leaders’ Summit held in Canada last week.

    President Cyril Ramaphosa participated in the G7 Summit Outreach Session.

    “President Ramaphosa used the opportunity of the G7 to urge for greater cooperation between the G7 and the G20 and mobilise support for reforms in the international institutions of global governance such as the UN Security Council and the global financial system.

    “The President’s participation in the G7 clearly points out that South Africa does not hold an anti-West policy position, but we are ready to work with everyone to pursue South Africa’s national interests and to advance the African Agenda,” she said.

    SANDF soldiers

    Regarding the return of South African soldiers from the Democratic Republic of Congo, Ntshavheni said Cabinet was briefed on the process to bring them home.

    “Cabinet was updated on the phased arrival of South African National Defence Force (SANDF) troops from the eastern Democratic Republic of Congo (DRC) following the SADC decision to terminate the SAMIDRC intervention.

    “About 1 718 SANDF troops have now arrived in the country, and more are expected to arrive over the next few weeks.

    “Cabinet reaffirmed South Africa’s continued commitment to a peaceful, stable and prosperous Southern African region and commended the efforts by the SANDF troops to contribute towards restoring peace, security and stability in the DRC,” she said. – SAnews.gov.za

    MIL OSI Africa –

  • President Droupadi Murmu to lead ‘MSME Day 2025’ celebrations in New Delhi

    Source: Government of India

    Source: Government of India (4)

    President of India, Droupadi Murmu, will preside over the ‘MSME Day 2025 – Udyami Bharat’ celebrations on June 27 at Vigyan Bhawan, New Delhi. The event will witness participation from micro, small, and medium enterprises (MSMEs) across the country.
     
    The day will serve as a platform to acknowledge the vital role of the MSME sector in driving economic growth and job creation while introducing forward-looking initiatives aimed at building a resilient and future-ready business ecosystem.
     
    To mark the silver jubilee of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), the President will release a commemorative postage stamp. Over the past 25 years, CGTMSE has extended more than 1.18 crore credit guarantees amounting to ₹9.80 lakh crore. In the financial year 2024–25 alone, a record ₹3 lakh crore worth of guarantees were approved, underlining its significance in supporting small businesses.
     
    President Murmu will also unveil the Ministry of MSME’s new Online Dispute Resolution (ODR) Portal. Designed to address the challenge of delayed payments, the portal will allow Micro and Small Enterprises to resolve disputes efficiently and cost-effectively from their preferred location. The initiative aims to free up blocked capital and boost business competitiveness by ensuring timely access to justice.
     
    Another key highlight of the event will be the launch of MSME Hackathon 5.0 and the announcement of results for Hackathon 4.0. The Hackathon is part of the MSME Champions Scheme’s Incubation component, which promotes innovation and the adoption of advanced technologies within the sector. Through registered Host Institutes, the scheme supports innovators with grants of up to ₹15 lakh per selected idea, helping nurture start-ups aligned with the vision of Atmanirbhar Bharat.
     
    In addition, the President will release MSME Patrika, an in-house journal offering updates and insights on MSME-related issues and opportunities, intended to foster experience sharing within the sector. A booklet titled Know Your Lender will also be launched to help MSMEs make informed credit decisions and better understand their financial rights.

  • MIL-OSI: OTC Markets Group Welcomes ITAFOS INC. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 26, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced ITAFOS INC. (TSX-V: IFOS; OTCQX: ITFS), a phosphate and specialty fertilizer company, has qualified to trade on the OTCQX® Best Market. ITAFOS INC. upgraded to OTCQX from the Pink® market.

    ITAFOS INC. begins trading today on OTCQX under the symbol “ITFS.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

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

    About ITAFOS INC.
    Itafos is a phosphate and specialty fertilizer company. Itafos’ businesses and projects are as follows: Conda – a vertically integrated phosphate fertilizer business located in Idaho, US with production capacity as follows: -approximately 550kt per year of monoammonium phosphate (“MAP”), MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”); and -approximately 27kt per year of hydrofluorosilicic acid (“HFSA”); Arraias – a vertically integrated phosphate fertilizer business located in Tocantins, Brazil with production capacity as follows: -approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”); and -approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity); Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau; and Santana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil.

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

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

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

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

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: Abaxx Announces Digital Title Pilot to Unlock the Collateral Value of Physical Commodities Through its Integrated Market Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced it intends to conduct a pilot transaction to finance margin with physical gold using its ID++ Technology to create real-time digital documents of title.

    This pilot will demonstrate the use of Abaxx’s Private Digital Title, a cryptographically-secured document of title for physical gold held at Abaxx Spot, to finance cash margin requirements for a gold futures position. By unlocking the collateral value of real-world assets, the initiative advances Abaxx’s broader effort to modernize collateralization and increase capital efficiency across commodity markets, including the unique ability to move real-time collateral privately through a federated network.

    Abaxx’s Private Digital Title Pilot Highlights

    • Demonstrates the integration of Abaxx Exchange and Clearing, Abaxx Spot, and ID++ Technology, activating the full stack of Abaxx infrastructure to address inefficiencies in commodity markets and supply-chain risk management.
    • Lays the groundwork for expanding the pool of high quality liquid asset (“HQLA”) collateral to include physically-held commodities and for netting physical and financial positions, reducing capital costs and inefficiencies in risk management.
    • Operates across the full commodity transaction lifecycle with integrated counterparty verification that keeps transaction data private from unrelated intermediaries and public ledger records, removing a key barrier to token adoption in global commodity markets.
    • Leverages Verifiable Credentials to issue legally-enforceable digital documents of title, preserving confidentiality, improving collateral mobility, and aligning with global legal standards like the United Nations Commission on International Trade Law’s (UNCITRAL) Model Law on Electronic Transferable Records (MLETR).

    “For decades, innovations in payment systems have accelerated the velocity of money while the immense value of physical assets has remained locked in slow, analog workflows,” said Josh Crumb, CEO of Abaxx Technologies. “What stablecoins and modern payment rails are to bank money, Abaxx is to physical collateral. We are building the tools to free your physical assets. This pilot will be the first end-to-end demonstration of our smarter markets architecture, where regulated market infrastructure and decentralized financial technology work together to turn physical commodities into dynamic, real-time financial instruments at the heart of financial clearing systems.”

    A New Framework for Digital Collateral

    Abaxx’s vision is to re-engineer the relationship between physical assets and financial risk management. To support this transformation, the Company has developed multi-layered market infrastructure designed to connect physical assets to financial workflows, anchored by a regulated futures exchange and clearinghouse, a spot market for physically-allocated gold, and Abaxx’s proprietary ID++ Technology and suite of console apps, including Verifier+, Abaxx Messenger, and Abaxx Sign.

    This infrastructure addresses two persistent challenges for commodity producers, traders, and financiers: limited collateral mobility and the high cost of managing basis and counterparty risk. It seeks to expand the pool of high-quality collateral to include real-world assets and creates the potential to reduce capital and operational costs by enabling the netting of physical and financial positions.

    Legal ownership of physical assets is digitized using Verifiable Credentials as documents of title, unlike tokenization models that rely on centralized issuance or new legal constructs. Abaxx’s approach is designed to reduce legal and operational friction, shorten onboarding timelines, and enable more flexible, direct use of physical commodities as collateral without compromising confidentiality or enforceability.

    The intended result is a system where physical assets support a flexible credit facility, transforming inventory from untapped collateral into a real-time financial resource.

    About the Pilot

    This pilot represents the first application of Abaxx’s Private Digital Title across the Company’s integrated exchange, clearing, and spot market infrastructure. It is intended to demonstrate how a cryptographically-secured Private Digital Title can act as a document of title for physical gold and finance the margin requirements of a gold futures position, replacing traditional warehouse receipts with a legally-enforceable digital document of title.

    As part of this framework, Abaxx’s Private Digital Title can embed legal terms and asset history, including attributes such as its provenance or environmental footprint, directly to the asset’s digital identity, supporting evolving market expectations around traceability.

    By increasing the pool of eligible collateral, increasing collateral mobility, and enhancing transparency, the initiative targets a $47 billion opportunity in gold trade finance¹ and lays the foundation for broader applications across commodity markets.

    Join the Working Group

    This pilot transaction is planned to take place in 4Q2025. Interested parties, including clearing firms, brokers, traders, custodians, banks, and technologists who would like to participate in our working group are invited to contact us at digitaltitle@abaxx.tech for more information.

    ¹ Source: ICC Trade Register Summary Report: Global Risks in Trade Finance, International Chamber of Commerce, November 2023.

    About Abaxx Technologies
    Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

    In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.

    Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

    Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

    For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “believe”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “could”, “target”, “purpose”, “goal”, “objective”, “ongoing”, “potential”, “likely” or the negative thereof or similar expressions.

    In particular, this press release contains forward-looking statements including, without limitation, statements regarding the potential results, benefits and market impact of the pilot transaction, the Company’s business strategies, plans, and objectives, the development of new markets and products, expectations regarding Abaxx’s partnerships, demand for Abaxx’s products and market adoption and regulatory approvals. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI: Dimensional Fund Advisors Ltd. : Form 8.3 – TRITAX BIG BOX REIT PLC – Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		    
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree    		 TRITAX BIG BOX REIT PLC  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure    		 25 June 2025  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”    		 YES
    Warehouse REIT plc    		  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 1 ordinary (GB00BG49KP99)  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 29,004,767 1.17 %      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 29,004,767

    *

    		 1.17 %      
    * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 83,742 shares that are included in the total above.  
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    		  
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    		  
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
    1p ordinary (GB00BG49KP99) Sale 31,951 1.4678 GBP  
    1p ordinary (GB00BG49KP99) Sale 204,677 1.4725 GBP  

    There was a Transfer Out of -5,643 shares of 1p ordinary

    		  
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (b) Agreements, arrangements or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 26 June 2025  
    Contact name Thomas Hone  
    Telephone number +44 20 3033 3419  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Dimensional Fund Advisors Ltd. : Form 8.3 – TRITAX BIG BOX REIT PLC – Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		    
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree    		 TRITAX BIG BOX REIT PLC  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure    		 25 June 2025  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”    		 YES
    Warehouse REIT plc    		  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 1 ordinary (GB00BG49KP99)  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 29,004,767 1.17 %      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 29,004,767

    *

    		 1.17 %      
    * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 83,742 shares that are included in the total above.  
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    		  
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    		  
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
    1p ordinary (GB00BG49KP99) Sale 31,951 1.4678 GBP  
    1p ordinary (GB00BG49KP99) Sale 204,677 1.4725 GBP  

    There was a Transfer Out of -5,643 shares of 1p ordinary

    		  
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (b) Agreements, arrangements or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 26 June 2025  
    Contact name Thomas Hone  
    Telephone number +44 20 3033 3419  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-Evening Report: ‘Don’t surrender’ to Indonesian pressure over West Papua, Bomanak warns MSG

    Asia Pacific Report

    A West Papuan independence movement leader has warned the Melanesian Spearhead Group after its 23rd leaders summit in Suva, Fiji, to not give in to a “neocolonial trade in betrayal and abandonment” over West Papua.

    While endorsing and acknowledging the “unconditional support” of Melanesian people to the West Papuan cause for decolonisation, OPM chair and commander Jeffrey P Bomanak
    spoke against “surrendering” to Indonesia which was carrying out a policy of “bank cheque diplomacy” in a bid to destroy solidarity.

    Fiji Prime Minister Sitiveni Rabuka took over the chairmanship of the MSG this week from his Vanuatu counterpart Jotham Napat and vowed to build on the hard work and success that had been laid before it.

    He said he would not take the responsibility of chairmanship lightly, especially as they were confronted with an increasingly fragmented global landscape that demanded more from them.

    PNG Prime Minister James Marape called on MSG member states to put West Papua and Kanaky New Caledonia back on the agenda for full MSG membership.

    Marape said that while high-level dialogue with Indonesia over West Papua and France about New Caledonia must continue, it was culturally “un-Melanesian” not to give them a seat at the table.

    West Papua currently holds observer status in the MSG, which includes Papua New Guinea, Solomon Islands, Vanuatu, and Fiji — and Indonesia as an associate member.

    PNG ‘subtle shift’
    PNG recognises the West Papuan region as five provinces of Indonesia, making Marape’s remarks in Suva a “subtle shift that may unsettle Jakarta”, reports Gorethy Kenneth in the PNG Post-Courier.

    West Papuans have waged a long-standing Melanesian struggle for independence from Indonesia since 1969.

    The MSG resolved to send separate letters of concern to the French and Indonesian presidents.

    The OPM letter warning the MSG. Image: Screenshot APR

    In a statement, Bomanak thanked the Melanesians of Fiji, Papua New Guinea, Solomon Islands, Vanuatu and the Kanak and Socialist National Liberation Front (FLNKS) of Kanaky New Caledonia for “unconditionally support[ing] your West Papuan brothers and sisters, subjected to dispossession, enslavement, genocide, ethnocide, infanticide, and ethnic cleansing, [as] the noblest of acts.”

    “We will never forget these Melanesian brothers and sisters who remain faithfully loyal to our cultural identity no matter how many decades is our war of liberation and no matter how many bags of gold and silver Indonesia offers for the betrayal of ancestral kinship.

    “When the late [Vanuatu Prime Minister] Father Walter Lini declared, ‘Melanesia is not free unless West Papua is free,”’ he was setting the benchmark for leadership and loyalty across the entire group of Melanesian nations.

    “Father Lini was not talking about a timeframe of five months, or five years, or five decades.

    “Father Lini was talking about an illegal invasion and military occupation of West Papua by a barbaric nation wanting West Papua’s gold and forests and willing to exterminate all of us for this wealth.

    ‘Noble declaration’
    “That this noble declaration of kinship and loyalty now has a commercial value that can be bought and sold like a commodity by those without Father Lini’s courage and leadership, and betrayed for cheap materialism, is an act of historic infamy that will be recorded by Melanesian historians and taught in all our nations’ universities long after West Papua is liberated.”

    OPM leader Jeffrey Bomanak . . . his letter warns against surrendering to Indonesian control. Image: OPM

    Bomanak was condemning the decision of the MSG to regard the “West Papua problem” as an internal issue for Indonesia.

    “The illegal occupation of West Papua and the genocide of West Papuans is not an internal issue to be solved by the barbaric occupier.

    “Indonesia’s position as an associate member of MSG is a form of colonial corruption of the Melanesian people.

    “We will continue to fight without MSG because the struggle for independence and sovereignty is our fundamental right of the Papuan people’s granted by God.

    “Every member of MSG can recommend to the United Nations that West Papua deserves the same right of liberation and nation-state sovereignty that was achieved without compromise by Timor-Leste — the other nation illegally invaded by Indonesia and also subjected to genocide.”

    Bomanak said the MSG’s remarks stood in stark contrast to Father Lini’s solidarity with West Papua and were “tantamount to sharing in the destruction of West Papua”.

    ‘Blood money’
    It was also collaborating in the “extermination of West Papuans for economic benefit, for Batik Largesse. Blood money!”

    The Papua ‘problem’ was not a human rights problem but a problem of the Papuan people’s political right for independence and sovereignty based on international law and the right to self-determination.

    It was an international problem that had not been resolved.

    “In fact, to say it is simply a ‘problem’ ignores the fate of the genocide of 500,000 victims.”

    Bomanak said MSG leaders should make clear recommendations to the Indonesian government to resolve the “Papua problem” at the international level based on UN procedures and involving the demilitarisation of West Papua with all Indonesian defence and security forces “leaving the land they invaded and unlawfully occupied.”

    Indonesia’s position as an associate member in the MSG was a systematic new colonialisation by Indonesia in the home of the Melanesian people.

    Indonesia well understood the weaknesses of each Melanesian leader and “carries out bank cheque diplomacy accordingly to destroy the solidarity so profoundly declared by the late Father Walter Lini.”

    “No surrender!”

    MSG leaders in Suva . . . Jeremy Manele (Solomon Islands, from left), James Marape (PNG), Sitiveni Rabuka (Fiji), Jotham Napat (Vanuatu), and Roch Wamytan (FLNKS spokesperson). Image: PNG Post-Courier

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Planning Inspectorate publishes Annual Report and Accounts 2024/25

    Source: United Kingdom – Executive Government & Departments

    News story

    Planning Inspectorate publishes Annual Report and Accounts 2024/25

    Progress in planning delivery highlighted in annual performance review

    Today sees the publication of the Planning Inspectorate’s Annual Report and Accounts for 2024/25. 

    The report details performance against our mission to deliver timely, high-quality, and cost-effective planning decisions, recommendations and advice.

    In his foreword Chief Executive Paul Morrison highlights work to improve the ‘flow’ of cases through the system and the importance of engaging with partners as he reflects on the last year and future ambitions.

    He writes:

    Our progress reflects the professionalism and determination of colleagues across the Planning Inspectorate, and the strength of engagement from partners throughout the system.

    We’ve done all of this with an eye on the horizon. The government’s ambitions in this Parliament set a clear and stretching direction. Supporting that agenda will take more than throughput. It will take a planning system that flows, connects, and delivers with confidence.

    This year has shown what’s possible when we align purpose with partnership. We’re not at the finish line, but we are moving, together, in the right direction.

    Highlights from the last year include:

    • We provided 17 national infrastructure applications recommendations to Secretaries of State and gave advice to 80 pre-application Nationally Significant Infrastructure Projects, which provide our communities with roads, railways, reservoirs, and electricity.

    • 28,000 homes (approximately) approved during 2024/25 due to appeal, which would not have been built originally.

    • We found 22 local plans sound, ensuring that the proposals meet citizens’ and businesses’ future needs and giving security to local areas planning their development.

    • We worked with 144 local planning authorities through the householder appeal service pilot, unlocking new functionality for the entire appeals process.

    The Annual Report and Accounts covers the period of April 2024 to March 2025.

    Updates to this page

    Published 26 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Forest Protection and Wildland Firefighter Safety Act Passes Committee

    Source: United States House of Representatives – Congressman Doug LaMalfa 1st District of California

    Washington, D.C.—Today, the House Transportation and Infrastructure Committee passed Congressman LaMalfa’s bill, H.R. 3300, the Forest Protection and Wildland Firefighter Safety Act, out of markup as part of a larger package. This legislation ensures that aerial fire retardant remains available for wildfire suppression efforts without being tied up in Clean Water Act permitting delays. The bill clarifies that federal, state, local, and tribal firefighting agencies do not need a National Pollutant Discharge Elimination System (NPDES) permit to use fire retardant from aircraft when responding to wildfires.

    “Firefighters shouldn’t have to wait on a permit to fight a fire. With wildfire racing toward homes and forests, limiting or delaying the use of fire retardant due to waiting for bureaucracy to permit it is backward logic that gets people hurt and leaves entire landscapes scorched,” said Rep. LaMalfa. “Aerial retardant has been used safely for decades. What these lawsuits and delays really do is handcuff the very people trying to stop disaster. I’m glad to see this bill pass through committee, and I’ll keep working to make sure our firefighters can do their jobs without interference from fringe lawsuits or red tape.”

    Background

    In 2022, an environmental group sued the Forest Service over its use of aerial fire retardant, arguing it should be regulated under the Clean Water Act. A federal court ruled in 2023 that the Forest Service must obtain a NPDES permit from the EPA, but declined to issue an injunction that would have halted the use of retardant during fire season. The permitting process is expected to take years, and if future litigation results in a successful injunction, firefighters could be forced to ground aircraft or fly them with only water—putting lives, forests, and property at serious risk. Additionally, every state, local, and tribal fire agency may eventually need to get their own NPDES permit to use retardant, wasting tax dollars, time, and placing people in jeopardy.

    The Forest Service has made clear in testimony that aerial retardant is a critical part of its integrated wildfire strategy and that current operations already prohibit discharge into waterways or buffer zones. Over the past decade, less than 1% of fire retardant drops have affected waterways.

    The bill builds on existing exemptions in the Clean Water Act for fire control activities and ensures continued use of fire retardants that are approved and listed on the Forest Service’s Qualified Products List.

    Congressman Doug LaMalfa is Chairman of the Congressional Western Caucus and a lifelong farmer representing California’s First Congressional District, including Butte, Colusa, Glenn, Lassen, Modoc, Shasta, Siskiyou, Sutter, Tehama and Yuba Counties.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: LaMalfa, California GOP Delegation Call on Newsom to Halt New Gas Price Hikes

    Source: United States House of Representatives – Congressman Doug LaMalfa 1st District of California

    Washington, D.C.—Congressman Doug LaMalfa (R-Richvale) joined the entire California Republican congressional delegation in sending a letter to Governor Gavin Newsom urging him to immediately suspend a scheduled increase to the state’s gasoline excise tax and pause the implementation of new California Air Resources Board (CARB) regulations projected to significantly raise fuel costs for California drivers.

    Starting July 1, 2025, California is set to raise its gas tax to 61.2 cents per gallon. On the same day, new CARB regulations under the Low Carbon Fuel Standard (LCFS) are set to take effect—regulations estimated by University of Pennsylvania economists to drive fuel prices up by as much as 65 cents per gallon. Combined, these changes will further strain California’s already fragile fuel supply and add more costs for families and businesses across the state.

    “At a time when Californians are already paying $1.44 more per gallon than the national average, the last thing they need is another gas tax hike and a costly new mandate from unelected CARB officials,” said Rep. LaMalfa. “The Phillips 66 refinery is set to close this fall, and Valero’s Benicia facility will follow next spring. Together, those shutdowns will cut California’s refining capacity by over 20 percent. Resulting in less fuel available on the market, higher prices, and more pain for everyone. Instead of addressing this looming supply crisis, the Governor is adding 1.6 cents to the gas tax and letting CARB push through a regulation that is estimated to raise prices by up to 65 cents per gallon. These policies are not just tone-deaf, they’re dangerous to California’s economy. The Governor continues to ignore this reality. Refusing to change course will only make things worse.”

    These price increases come as California faces a looming supply crisis due to the scheduled closures of two major in-state refineries. According to a May 2025 report from the University of Southern California’s Marshall School of Business, the combined shutdown of the Phillips 66 refinery in Los Angeles and the Valero refinery in Benicia could result in a 21% drop in California’s refining capacity. This shortfall is expected to create a gasoline supply deficit of up to 13.1 million gallons per day and push prices as high as $8.43 per gallon by the end of 2026, especially when combined with the effects of new state mandates like the LCFS, Cap-and-Trade expansion, and excise tax increases.

    The USC study also warns that these disruptions will ripple across the economy, impacting air travel, food delivery, agriculture, manufacturing, and healthcare, while placing further pressure on household budgets and reducing state tax revenues at a time when California faces a projected $73 billion budget deficit.

    The California Republican congressional delegation has consistently urged the Governor to suspend the gas tax, address in-state supply constraints, and reject policies that deepen the cost-of-living crisis, but to date continue to be ignored.

    The full text of the letter is available here.

    Congressman Doug LaMalfa is Chairman of the Congressional Western Caucus and a lifelong farmer representing California’s First Congressional District, including Butte, Colusa, Glenn, Lassen, Modoc, Shasta, Siskiyou, Sutter, Tehama and Yuba Counties.

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    MIL OSI USA News –