Source: Scotland – City of Aberdeen
The North East Scotland Pension Fund’s unaudited Annual Accounts for the financial year 2024/25 are now available for inspection until 14 July 2025.
The accounts provide information which can help the public assess how the Pension Fund has performed during the year and understand its position as at 31 March 2025.
A copy of the accounts is available in the Council and Democracy page of Aberdeen City Council’s website.
Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, June 23 (Xinhua) — China has called on the international community to step up efforts to help de-escalate the Israeli-Iranian conflict and prevent regional turmoil from further affecting global economic growth, Foreign Ministry spokesperson Guo Jiakun said Monday.
The Chinese diplomat made this statement at a regular departmental press conference, commenting on the report that the Iranian parliament had come to the conclusion that it was necessary to close the Strait of Hormuz, but the final decision rests with the country’s Supreme National Security Council.
The Persian Gulf and its surrounding waters are an important route for international trade in goods and energy, Guo Jiakun stressed, adding that maintaining security and stability in the region is in the common interests of the international community. -0-
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
FUZHOU, June 23 (Xinhua) — The China Coast Guard (CCG) in east China’s Fujian Province conducted regular patrols in waters off Kinmen for law enforcement purposes on Monday, the China Coast Guard’s regional bureau said.
Zhu Anqing, spokesman for the BOC’s East China Sea Bureau, said the Fujian agency had organized the formation of a fleet since early June to strengthen regular patrols and inspections in waters adjacent to Kinmen, including special law enforcement operations related to the summer fishing moratorium.
These measures have an effective impact on strengthening control in the relevant waters, protecting the legitimate rights and interests, as well as the safety of life and property of Chinese fishermen, including those from Taiwan. This effectively guarantees the normal order of navigation and fishing activities in the Xiamen-Jinmen waters, Zhu Anqing said. -0-
Source: Government of Canada News (2)
June 23, 2025 – Bath, Ontario – Correctional Service Canada
On June 17, 2025, as a result of the vigilance of staff members, a package containing contraband was seized at Bath Institution, a medium security federal institution.
The seized package included “shatter” (cannabis concentrate), with a total estimated institutional value of $52,000.
The Correctional Service of Canada (CSC) uses a number of tools to prevent drugs from entering its institutions. These tools include ion scanners and detector dogs to search buildings, personal property, inmates, and visitors.
CSC has heightened measures to prevent contraband and unauthorized items from entering its institutions in order to help ensure a safe and secure environment for everyone. CSC also works in partnership with the police to take action against those who attempt to introduce contraband or unauthorized items into correctional institutions.
CSC has set up a telephone tip line for all federal institutions so that it may receive additional information about activities relating to security at CSC institutions. These activities may be related to drug use or trafficking that may threaten the safety and security of visitors, inmates, and staff members working at CSC institutions.
The toll-free number, 1‑866‑780‑3784, helps ensure that the information shared is protected and that callers remain anonymous.
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Source: US State of New York Federal Reserve
Thank you for the invitation to join you today.1 As the Federal Reserve’s Vice Chair for Supervision, I am responsible for, among other things, leading the Board’s Division of Supervision and Regulation in its work to promote the safe and sound operation of the U.S. banking system. While this includes the specific activities of bank supervision and regulation, the financial system reaches far beyond the banking system. Regulators must also monitor the effects of activities that extend outside this perimeter, for example activities that have migrated from banks to non-banks, or when there are broader market implications of regulatory actions and their potential effects on financial stability. Regulations should not be created in a static world of “set it and forget it.”
Today, my remarks will focus specifically on how the passage of time—with underlying changes in the composition of the economy and the financial system, interest rate shifts, and patterns and preferences of banking and financial activity—can lead to unintended policy application and unexpected consequences. Regulators should consider these broader evolving dynamics as they craft regulations to endure beyond today’s circumstances.
Typically, these effects are not contemplated in the scope of the usual cost-benefit analysis, as shifts occur over time after a new rule or regulation is implemented or enacted. But shifts can, in effect, become new policy choices with consequences that can pose significant issues.
One shift in particular is that of the supplementary leverage ratio increasingly becoming the binding capital constraint for the largest banks in the United States. The U.S. banking system includes two basic types of capital requirements: risk-based requirements that impose a capital “charge” based on the underlying risk of a particular activity, and leverage-based requirements that do not differentiate based on the risk characteristics of underlying assets. And while leverage-based capital requirements are generally intended to operate as a backstop to risk-based requirements, changes in the financial system and the broader economy can alter this relationship between capital requirements. This shift in the nature of leverage-based capital requirements, from backstop to binding constraint, was not driven by a deliberate policymaking process, but rather by the maintenance of a high level of reserves in the banking system, as well as the introduction of liquidity requirements that compelled banks to replace loans with high-quality liquid assets.2
Monetary Policy and Economic OutlookBefore turning to the main theme of my remarks, I would like to give a brief update on my outlook for the economy and monetary policy.
At the Federal Open Market Committee (FOMC) meeting last week, the Committee voted to maintain the target range for the federal funds rate at 4-1/4 to 4‑1/2 percent and to continue to reduce the Federal Reserve’s securities holdings. I supported this decision because the data shows a solid labor market and I would like to see further confirmation that inflation is close to our 2 percent target on a sustained basis.
If inflation remains near its current level or continues to move closer to our target, or if the data show signs of weakening in labor market conditions, it would be appropriate to consider lowering the policy rate, moving it closer to a neutral setting.
At this point, we have not seen significant economic impacts from trade developments or other factors, and the U.S. economy has continued to be resilient despite some slowing in economic growth. Private domestic final purchases (PDFP) growth slowed to a moderate pace in the first quarter, even as activity was partly boosted by a pull-forward of spending on motor vehicles and high-tech equipment ahead of the implementation of tariffs. Although the pull-forward of spending appears to be unwinding, retail and motor vehicle sales through May provide further evidence that PDFP has softened so far this year.
The labor market appears to remain solid, with payroll employment rising about 140,000 per month, on average, in April and May, only slightly below the average monthly gains over the past two quarters. This pace of job gains appears consistent with the unemployment rate remaining at a low 4.2 percent through May, which is roughly unchanged since the middle of last year.
The labor market appears to be stable near estimates of full employment, with layoffs remaining low. The number of job openings relative to job seekers has moved roughly sideways since the middle of last year at, or a touch below, the pre-pandemic level. And the labor market no longer appears to be especially tight or a significant source of inflation pressures, as most wage growth measures have slowed closer to a pace consistent with 2 percent inflation.
Turning to inflation, we have seen a welcome return to further moderation of personal consumption expenditures (PCE) inflation over the past three months. The May consumer and producer price reports suggest that 12-month core PCE inflation stood at 2.6 percent in May, down meaningfully from its elevated reading of 2.9 percent at the end of last year. Similar to the past two years, elevated monthly inflation readings in January and February have been followed by low readings as we move into the spring.
On a 12-month basis, core PCE goods inflation has picked up somewhat since last December, but this has been more than offset by a considerable slowing in core PCE services inflation. It appears that any upward pressure from higher tariffs on goods prices is being offset by other factors and that the underlying trend in core PCE inflation is moving much closer to our 2 percent target than is currently apparent in the data. With housing services inflation on a sustained downward trajectory, and other core services inflation already consistent with 2 percent inflation, only core goods inflation remains somewhat elevated likely reflecting limited passthrough from tariffs.
With economic growth slowing, it is possible that recent softness in aggregate demand could be starting to translate into weaker labor market conditions. While still strong, the labor market appears to be less dynamic, with modest hiring rates, layoffs edging up from low levels, and job gains concentrated in just a few industries. With inflation on a sustained trajectory toward 2 percent, softness in aggregate demand, and signs of fragility in the labor market, I think that we should put more weight on downside risks to our employment mandate going forward.
Despite progress on lowering inflation, there are potential upside risks if negotiations result in higher tariffs or if firms raise goods prices independent of any tariff pass-through. Although we have not seen evidence of disruptive impacts on supply chains, changes in global trade patterns could lead to an increase in prices for goods and services. The current conflict in the Middle East or other geopolitical tensions could also lead to higher commodity prices.
I am certainly attentive to these inflation risks, but I am not yet seeing a major concern, as some retailers seem unwilling to raise prices for essentials due to high price sensitivity among low-income consumers and as supply chains appear to be largely unaffected so far.
Measures of policy and economic uncertainty have receded from recent highs, and measures of consumer and business sentiment have also improved in recent weeks after having dropped considerably. These developments reinforce my view that concerns will subside as more clarity emerges on trade policy. Businesses appear to be resuming investment and hiring decisions, as they feel increasingly confident that less favorable trade outcomes are unlikely to occur.
I remain focused on how new policies evolve and whether future data releases will provide perspective about their economic impacts. On trade policy, I expect that negotiations will ultimately result in lower tariff rates than are currently in place, consistent with the resumption of financial market optimism. Further, should we see effects on inflation this year, I expect that increased slack in the economy will limit this to a small, one-off impact.
Small and one-off price increases this year should translate only into a small drag on real activity. I also expect that less restrictive regulations, lower business taxes, and a more friendly business environment will likely boost supply and largely offset any negative effects on economic activity and prices.
In considering the risks to achieving our dual mandate, I fully supported the revised characterization of uncertainty and the balance of risks in our most recent monetary policy statement, pointing to the diminished uncertainty and removing the emphasis on risks to both sides of our mandate. In my view, it was appropriate to recognize that the balance of risks has shifted. In fact, the data have not shown clear signs of material impacts from tariffs and other policies. I think it is likely that the impact of tariffs on inflation may take longer, be more delayed, and have a smaller effect than initially expected, especially because many firms front-loaded their stocks of inventories. And, all considered, ongoing progress on trade and tariff negotiations has led to an economic environment that is now demonstrably less risky. The change in our monetary policy statement appropriately incorporates this shift in the balance of risks as well as the rapid improvement in many measures of uncertainty.
As we think about the path forward, it is time to consider adjusting the policy rate. As inflation has declined or come in below expectations over the past few months, we should recognize that inflation appears to be on a sustained path toward 2 percent and that there will likely be only minimal impacts on overall core PCE inflation from changes to trade policy. We should also recognize that downside risks to our employment mandate could soon become more salient, given recent softness in spending and signs of fragility in the labor market.
Before our next meeting in July, we will have received one additional month of employment and inflation data. If upcoming data show inflation continuing to evolve favorably, with upward pressures remaining limited to goods prices, or if we see signs that softer spending is spilling over into weaker labor market conditions, such developments should be addressed in our policy discussions and reflected in our deliberations. Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market. In the meantime, I will continue to carefully monitor economic conditions as the Administration’s policies, the economy, and financial markets continue to evolve.
It is important to note that monetary policy is not on a preset course. At each FOMC meeting, my colleagues and I will make our decisions based on the incoming data and the implications for and risks to the outlook, guided by the Fed’s dual-mandate goals of maximum employment and stable prices. I will also continue to meet with a broad range of contacts as I assess the appropriateness of our monetary policy stance.
Bringing inflation in line with our price-stability goal is essential for sustaining a healthy labor market and fostering an economy that works for everyone in the longer run.
Policy Shifts and Unintended ConsequencesIn my responsibilities over bank regulation and supervision at the Federal Reserve, I intend to apply a pragmatic approach. We will review data and evidence, identify problems that need to be resolved, and develop efficient solutions to address those identified issues.3 While the regulatory authority of the Federal Reserve is primarily related to the banking system, the consequences of banking regulation and supervisory efforts are not limited to the banking system. Bank regulation and supervision affect how financial activities are conducted, the cost and availability of credit and financial services, and even what types of entities provide those services. While it is important to consider the consequences of regulatory actions as they evolve over time, in cases where regulation may create or exacerbate financial stability risks, we must examine whether those risks are justified by the safety and soundness benefits of the regulation.
Bank-affiliated broker-dealers play a critical role in U.S. capital markets, including in Treasury market intermediation activities. Today I will discuss the lessons we have learned about how bank regulatory requirements, specifically leverage ratios in the United States, can have unintended consequences. Leverage ratio impacts on bank-affiliated broker-dealers can have broader impacts, including market impacts like those observed in Treasury market intermediation activities. Once we’ve identified “emerging” unintended consequences—issues that were not contemplated during the development of a regulatory approach—we must consider how to revisit earlier regulatory and policy decisions.
As I will discuss in greater detail shortly, regulators must act quickly to address the growing problems with increasingly binding leverage ratios. In 2021, in connection with the expiration of temporary, emergency changes to the supplementary leverage ratio (SLR), the Federal Reserve committed to “soon” inviting public comment on potential modifications.4 Over four years later, a proposal has not been issued, and problems with Treasury market intermediation continue to emerge. The time has come for the federal banking agencies to revisit leverage ratios and their impacts on the Treasury markets.
Looking at the Data: Treasury Market FunctioningAs a first step in this pragmatic approach, it is important to look at what the data says about Treasury market functioning. This is a necessary first step before we determine whether there are issues or problems that can be addressed through adjustments to bank regulatory requirements.
A review of Treasury market data provides a history of growing issues with Treasury market functioning. In recent years, U.S. policy debates have highlighted the need to take preventative measures to ensure smooth market functioning. One issue that continues to persist is low levels of Treasury market liquidity as the Board’s semiannual Financial Stability Report noted.5 In addition, some dealers experienced balance sheet pressure in intermediating record volumes of Treasury market transactions in the spring, at a time when reports from market participants also indicated reduced demand from other Treasury investors.6
A survey of market participants from the Fed’s most recent Financial Stability Report noted that more than a quarter of respondents cited Treasury market functioning as a risk to the U.S. financial system and the broader global economy. This was an increase from the same survey conducted last fall when 17 percent of those surveyed cited Treasury market functioning as a risk.7
Recent changes to Treasury market clearing activities from the Securities and Exchange Commission’s central clearing requirement for U.S. Treasuries were implemented to improve Treasury market functioning. Once fully implemented, these changes may improve market functioning. The Federal Reserve’s Standing Repo Facility may also help to promote smooth functioning in the Treasury market. But it is unclear how the ongoing increases in the volume of Treasury issuance, the volume of Treasury securities outstanding, and changes to the Fed’s balance sheet over time, may also affect market liquidity.
Treasury markets have experienced stress events as recently as the September 2019 repo market stress, and the so-called “dash for cash” in March of 2020. In early April, we also saw strains in Treasury cash markets. Although markets continued to function, there were unexpected moves in Treasury yields, with an initial drop in yields followed by a sharp increase that seems to have been driven in part by the unwinding of the swap spread trade by leveraged investors in response to declining swap spreads.
We do not know exactly what circumstances may lead to a future stress event or how it will manifest, and continuing to impose unwarranted limits on dealers’ intermediation capacity could exacerbate a future stress event in this critical market. But we do know that these events have raised concerns about the resilience of U.S. Treasury markets. Therefore, we should continue to actively monitor indicators of market functioning. Recent trends in both market liquidity indicators and survey responses suggest that this problem has persisted and may be becoming more severe. Low liquidity can create more volatility in prices, exacerbate the effects of market shocks, and threaten market functioning.
Identifying the Problem: Looking Beyond Treasury Market IntermediationLarge bank-affiliated primary dealers play a vital role in the intermediation of U.S. Treasury markets. These dealers are subject to, not insulated from, the effect of banking regulation. While many factors can affect market liquidity, including the growing volume of Treasury issuance, Treasury market saturation, and interest rate volatility, we must consider whether some of the pressure is a byproduct of bank regulation. Due to the role of large banks in the intermediation of Treasury markets, there is a direct link between banking regulation and Treasury market liquidity, particularly when it comes to the growth of “safe” assets in the banking system and the increase in leverage-based capital requirements becoming the binding capital constraint on some large banks. In 2018, the Federal Reserve along with the Office of the Comptroller of the Currency (OCC) proposed significant changes to the enhanced supplementary leverage ratio (eSLR) that applies to the largest banks.8 These revisions were never finalized, but the intent behind them was to return the eSLR to its traditional role as a backstop capital requirement instead of what has become a substantial balance sheet constraint.
The proposed change was designed to promote resilience in the banking system and to protect financial stability, while also maximizing credit availability and economic growth throughout the credit cycle.9 During the COVID-19 pandemic, the Federal Reserve addressed constraints on the ability of U.S. banks to support efficient Treasury market functioning by temporarily excluding Fed reserves and Treasuries from the denominator of the SLR.10
The central role of bank-affiliated broker-dealers in Treasury market intermediation has led us to take a close look at bank regulatory requirements to clarify how these requirements, particularly their calibration, may impact Treasury market functioning. Although designed to address low risk activities, like Treasury market intermediation, leverage ratios have become increasingly binding as a bank capital constraint as market conditions change.
While issues around the use of leverage ratios require close examination, a solid capital foundation in the banking system is critical to support safety and soundness and financial stability. Revisiting the calibration of leverage ratios to ensure that they remain backstops instead of creating binding constraints, especially in times of stress, should not be interpreted as a critique of the role of capital in a robust regulatory and supervisory framework.
But to be clear, the consequences of an overly restrictive leverage ratio go well beyond just Treasury market intermediation, and impact a wide range of low-risk activities. Leverage capital requirements do not differentiate between the risk of different asset classes or exposures.
However, in periods when bank balance sheets are expanding—like the significant deposit inflows during COVID-19—leverage capital requirements can unintentionally become the binding constraint on both banks and their affiliates. This increases the amount of required capital as bank balance sheets grow, regardless of the underlying risk. When constrained in this way, bank-affiliated primary dealers may pull back on the market intermediation of low-risk assets like U.S. Treasuries. A binding leverage capital requirement can create perverse incentives for banks to shift their balance sheets into higher risk assets, since doing so could generate larger returns without requiring additional capital. This is simply a cause and effect of overly restrictive leverage capital.
The fact of leverage ratios becoming increasingly binding is evident in simple metrics like the ratio of risk-weighted assets to total leverage exposure. These are, respectively, the denominators of risk-based capital ratios and the SLR. Shortly after the SLR was adopted in the U.S. in the mid-2010s, this ratio stood at 48 percent in the aggregate for the eight largest U.S. banks, the global systemically important banks (G-SIBs). Since then, the ratio of risk-weighted assets to total leverage exposure has declined and currently stands at 40 percent, primarily due to higher reserves and other types of high-quality liquid assets on bank balance sheets. This downward trend results in the SLR increasingly becoming the binding constraint and reflects banks’ growing holdings of high-quality liquid assets, most of which carry a risk weight of zero under risk-based capital ratios but have a 100 percent weighting under leverage capital ratios.
Efficient SolutionsOne example of the SLR’s unintended consequence is the erosion of liquidity in U.S. Treasury markets because it is driven, in part, by leverage ratio requirements increasingly becoming the binding constraints on the largest U.S. banks. This example also illustrates the necessity of evaluating tradeoffs in regulation and speaks to a larger issue with the calibration of leverage.
The banking regulators are uniquely positioned to both analyze and remediate components of the bank regulatory framework that may disrupt banks’ participation in low-risk, but economically critical activities. This includes the exacerbation of Treasury market illiquidity. Treasury markets play a critical role in the U.S. and global financial systems, and we should be proactive in addressing the unintended consequences of bank regulation, while ensuring the framework continues to promote safety, soundness, and financial stability.11 We should start by addressing potential constraints on Treasury market functioning before issues arise, lessening impacts from stress, and mitigating the need to intervene in future market events.
On Wednesday, the Board is scheduled to consider specific amendments to the eSLR, which is the requirement that applies at both the holding company and bank levels of the largest U.S. banks. While I do not want to front-run the proposal, I will note that the proposal’s goal is to address a long-identified—and growing—problem with the calibration of this leverage requirement. The proposal would solicit public comment on the impacts of this miscalibration, potential fixes, and work to develop an appropriate and effective solution. This proposal takes a first step toward what I view as long overdue follow-up to review and reform what have become distorted capital requirements. This proposal, while meaningful, addresses only one element of the capital framework. More work on capital requirements remains, especially to consider how they have evolved and whether changes in market conditions have revealed issues that should be addressed.
In a few weeks, on July 22, the Federal Reserve will host a conference to bring together a wide range of thought leaders to discuss the U.S. bank capital framework, including the design and calibration of leverage ratios. Fixing the design and calibration of leverage capital requirements will not resolve every issue with U.S. Treasury market functioning. But, simple reforms to return leverage ratio requirements to their traditional role as a capital backstop could improve Treasury market functioning by building resilience in advance of future stress events. And this could reduce the chances that we would need to intervene in Treasury markets should a future stress event arise. While we know well the issues created by the eSLR, there are many potential improvements that could address other issues within the capital framework.
As I have noted previously, a broader set of reforms could include amending not only the leverage capital ratio, but also G-SIB surcharge requirements. We should also reconsider capital requirements for a wider range of banks, including the SLR’s application to banks with more than $250 billion in assets, Tier 1 leverage requirements, and the calibration of the community bank leverage ratio.
The unintended shift over time in the eSLR increasingly becoming a binding capital constraint demonstrates that we need to think about regulatory policies in a dynamic way based on the evolution in the banking and financial systems, and the broader economy.
Other examples of regulations that must take into account the impact of economic growth and inflation include elements of the G-SIB surcharge, as well as regulatory thresholds that define the broader categories of banks. Thresholds like the $10 billion definition of a “community bank” and the $700 billion in total assets and $75 billion for cross-jurisdictional activity separating Category II and III banks determine which regulatory requirements apply to each group.
One way to prevent the original calibration from becoming divorced from the foundational policy decisions over time is to index the relevant G-SIB surcharge coefficients and regulatory thresholds to nominal gross domestic product. While approaches like indexing thresholds and requirements can make our regulations more robust and durable over time, we should also acknowledge the essential role of supervision as a tool to promote safety and soundness, and financial stability. Just as our capital requirements are intended to operate in a complementary manner, so do regulation and supervision act in a complementary way.
These are only a handful of relevant examples, but they are representative of an effective approach to regulatory reform. Regulations should not be created in a static world of “set it and forget it.” The economy evolves over time, as do the banking and financial systems and the needs of businesses and consumers.
Increasingly, regulators are expected to conduct a more thorough and detailed analysis as part of the ordinary rulemaking process, which includes a proposal’s costs and benefits. Yet, over time, we tend to devote fewer resources to the work of conducting maintenance of our regulations. Maintenance of the regulatory system should include reviewing the basis for earlier policy decisions, considering whether the policies embedded in regulations have been distorted over time through market developments, and examining whether emerging issues in the market should lead to further review and revision.
Closing ThoughtsThank you for the opportunity to join you today and to provide my views on the U.S. economic outlook and current regulatory proposals. In the United States, regulatory policy objectives are prescribed by law, and bank regulators focus primarily on promoting the safe and sound operation of U.S. banks, and financial stability. Despite this limited purpose, we must understand the consequences of regulations, which can extend well beyond the banking system. Recent trends—including providing more fact-based and analytical support for proposals—are a positive step in achieving responsible regulation.
But we need a broad commitment to follow the approach I have just described. We must consider relevant data and information, identify the source of any problems or opportunity for greater efficiency, and then develop targeted and effective policy solutions and approaches.
1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. See 12 CFR 249.3; 249.20 (defining categories of high-quality liquid assets based on asset characteristics). Return to text
3. See Michelle W. Bowman, “Taking a Fresh Look at Supervision and Regulation (PDF),” (speech at the Georgetown University McDonough School of Business, Psaros Center for Financial Markets Policy, Washington, D.C., June 6, 2025). Return to text
4. Board of Governors of the Federal Reserve System, “Federal Reserve Board Announces that the Temporary Change to its Supplementary Leverage Ratio (SLR) for Bank Holding Companies Will Expire as Scheduled on March 31,” press release, March 19, 2021, (“To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications. The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.”). Return to text
5. See Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington, D.C., April 2025), 10–11. Return to text
6. Board of Governors, Financial Stability Report, at 32. Return to text
7. See Board of Governors, Financial Stability Report, at 3. Return to text
8. See Office of the Comptroller of the Currency and Federal Reserve System (2018), “Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding Companies,” Federal Register, vol. 83 (April 19), pp. 17317–27. Return to text
9. See Office of the Comptroller of the Currency and Federal Reserve System (2018), “II. Revisions to the Enhanced Supplementary Leverage Ratio Standards,” Federal Register, vol. 83 (April 19), p. 17319, paragraph 3: “Leverage capital requirements should generally act as a backstop to the risk-based requirements. If a leverage ratio is calibrated at a level that makes it generally a binding constraint through the economic and credit cycle, it can create incentives for firms to reduce participation in or increase costs for low-risk, low-return businesses.” Return to text
10. See, for example, Federal Reserve System (2020), “Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio (PDF),” Federal Register, vol. 85, (April 14), pp. 20578–79. Return to text
11. For more information, see the press release in note 4 indicating that the Board would seek comment on changes to the SLR. Return to text
Source: International Atomic Energy Agency – IAEA
Fire trucks and an emergency response helicopter are positioned to provide support during a national nuclear emergency exercise in Romania in October 2023. (Photo: C. Torres Vidal/IAEA)
The International Atomic Energy Agency (IAEA) and Romania will launch tomorrow, 24 June, the world’s largest and most complex international nuclear emergency exercise, simulating a severe accident at Romania’s Cernavodă Nuclear Power Plant.
Such exercises are held every three to five years and are based on simulated events hosted by IAEA Member States.
Over two days, more than 75 countries and 10 international organizations will take part in the ConvEx-3 (2025)—a full-scale exercise designed to test global readiness for a nuclear or radiological emergency with cross-border consequences. Participation will occur both on-site in Romania and remotely from other countries.
As nuclear use expands globally, its success hinges on strong safety standards and constant vigilance, said IAEA Director General Rafael Mariano Grossi. “This exercise is a clear demonstration of the international community’s commitment to protect people and the environment by working together, across borders and systems, when every minute counts.”
“Hosting ConvEx-3 is both a responsibility and an opportunity for Romania,” said Cantemir Ciurea-Ercău, President, National Commission for Nuclear Activities Control (CNCAN). “Two decades after we hosted the first ConvEx-3, we are proud to again contribute to strengthening global nuclear emergency preparedness. In today’s interconnected world, effective preparedness must transcend borders—this exercise reflects our shared commitment to safety, cooperation and transparency.”
Romania, bordering five countries, last hosted such an exercise in 2005. Cernavodă is the country’s only nuclear power plant, situated roughly 160 kilometres east of Bucharest, close to the Black Sea. During the 36-hour exercise, participants will simulate real-time decisions, emergency communications and international coordination under the Convention on Early Notification of a Nuclear Accident (Early Notification Convention) and the Convention on Assistance in the Case of a Nuclear Accident or Radiological Emergency (Assistance Convention). These will include protective actions such as simulated evacuation and iodine distribution, public outreach and communication, medical response coordination, and the management of food and trade restrictions based on radiological assessments.
The IAEA will activate its Incident and Emergency Centre (IEC) and test critical tools like the Unified System for Information Exchange (USIE), a secure platform for designated contact points from IAEA Member States, and the International Radiation Monitoring System (IRMIS) platform. Member States will also activate their national emergency centres, request or offer assistance, share monitoring data, and coordinate cross-border protective actions and messaging to their populations.
The ConvEx-3 (2025) was developed by SNN Nuclearelectrica and CNCAN, with international coordination by the Inter-Agency Committee on Radiological and Nuclear Emergencies (IACRNE), which includes the World Health Organization, World Meteorological Organization, European Commission, Food and Agriculture Organization of the United Nations, INTERPOL and others.
About Convention Exercises
Convention Exercises, or ConvEx, are held to test the operational arrangements of the Early Notification Convention and the Assistance Convention. The goal is to evaluate and further improve the international framework for emergency preparedness and response. ConvEx are prepared at three levels of complexity:
Photos from the ConvEx-3 will be made available here.
Source: Office of United States Attorneys
Defendants Kidnapped Two Women, Demanded Ransom, Instigated Shootout in Charlottesville’s Belmont Neighborhood
CHARLOTTESVILLE, Va. – A Texas man, who conspired to kidnap and transport aliens and held multiple victims for ransom before instigating a deadly shootout in a quiet, Charlottesville neighborhood, pled guilty recently to federal charges as part of Operation Take Back America.
Ricardo Franco Ordaz, 26, of Cedar Creek, Texas, pled guilty to one count of conspiracy to kidnap and one count of transporting an alien resulting in death. At sentencing, Ordaz faces a maximum possible penalty of life in prison.
“Human trafficking and human smuggling generate violence and are real threats to our community and the Justice Department will take all appropriate steps to hold accountable those who attempt to profit off of others trying to enter the country illegally,” Acting United States Attorney Zachary T. Lee said today. “This case serves as an example of the deadly consequences that can occur when individuals use human beings as currency. I am grateful to the Department of Homeland Security and our state and local partners for their work to bring this case to justice.”
According to court documents, in early January of 2023, Ordaz, his co-defendant Jordan Perez, and other co-conspirators, kidnapped multiple victims and held them for ransom, knowing these individuals had entered the United States illegally.
As part of the scheme, Ordaz arranged to pick up two victims from an area near the United States-Mexico border and bring them to a house near Austin, Texas. Once there, Ordaz, and others, held both victims against their will and under armed guard, then called and messaged the victims’ families and friends demanding cash ransom in exchange for their release.
Ordaz exchanged one of the victims in Texas for $5,000 cash, and on January 8, 2023, Perez and a co-conspirator transported another victim to Charlottesville, Virginia, where they arranged to exchange that victim for $10,000 in cash.
During the exchange, when it was revealed that the full $10,000 ransom was not available, an argument and shootout ensued, during which Perez, and another coconspirator, brandished firearms that resulted in the death of one of the kidnappers.
Perez is scheduled to go to trial in December 2025.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
Homeland Security Investigations in Harrisonburg investigated the case with assistance from the Charlottesville Police Department, Albemarle County Police Department, and HSI Austin, Texas.
Assistant U.S. Attorney Sally J. Sullivan is prosecuting the case.
Source: Office of United States Attorneys
Defendants Kidnapped Two Women, Demanded Ransom, Instigated Shootout in Charlottesville’s Belmont Neighborhood
CHARLOTTESVILLE, Va. – A Texas man, who conspired to kidnap and transport aliens and held multiple victims for ransom before instigating a deadly shootout in a quiet, Charlottesville neighborhood, pled guilty recently to federal charges as part of Operation Take Back America.
Ricardo Franco Ordaz, 26, of Cedar Creek, Texas, pled guilty to one count of conspiracy to kidnap and one count of transporting an alien resulting in death. At sentencing, Ordaz faces a maximum possible penalty of life in prison.
“Human trafficking and human smuggling generate violence and are real threats to our community and the Justice Department will take all appropriate steps to hold accountable those who attempt to profit off of others trying to enter the country illegally,” Acting United States Attorney Zachary T. Lee said today. “This case serves as an example of the deadly consequences that can occur when individuals use human beings as currency. I am grateful to the Department of Homeland Security and our state and local partners for their work to bring this case to justice.”
According to court documents, in early January of 2023, Ordaz, his co-defendant Jordan Perez, and other co-conspirators, kidnapped multiple victims and held them for ransom, knowing these individuals had entered the United States illegally.
As part of the scheme, Ordaz arranged to pick up two victims from an area near the United States-Mexico border and bring them to a house near Austin, Texas. Once there, Ordaz, and others, held both victims against their will and under armed guard, then called and messaged the victims’ families and friends demanding cash ransom in exchange for their release.
Ordaz exchanged one of the victims in Texas for $5,000 cash, and on January 8, 2023, Perez and a co-conspirator transported another victim to Charlottesville, Virginia, where they arranged to exchange that victim for $10,000 in cash.
During the exchange, when it was revealed that the full $10,000 ransom was not available, an argument and shootout ensued, during which Perez, and another coconspirator, brandished firearms that resulted in the death of one of the kidnappers.
Perez is scheduled to go to trial in December 2025.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
Homeland Security Investigations in Harrisonburg investigated the case with assistance from the Charlottesville Police Department, Albemarle County Police Department, and HSI Austin, Texas.
Assistant U.S. Attorney Sally J. Sullivan is prosecuting the case.
Source: Office of United States Attorneys
Defendants Allegedly Distributed Illegal Drugs on Dark Web’s “WallStreetBets” Vendor Account
ATHENS, Ga. – Seven Georgia residents are charged by federal indictment with allegedly conspiring to ship thousands of parcels containing fentanyl and methamphetamine across the United States and in the Middle District of Georgia utilizing the dark web vendor account “WallStreetBets.” The final defendants were arraigned in federal court this week following arrests and seizures resulting from the ongoing investigation.
The following defendants are charged with one count of conspiracy to distribute fentanyl and methamphetamine and face a maximum of life in prison: Steven Ehizojie Oboite, 32, of Conyers, Georgia; Eric Xavier Bechet, 31, of Dunwoody, Georgia; Jabari Ayinde Cooper, 29, of Atlanta, Georgia; Rashad Cortese Kinloch, 28, of Dunwoody; Myron Ned Stodghill, 31, of Fairburn, Georgia; Reginald Tyrone Douglas, 31, of Dunwoody; and Joshua Jamal Charles, 25, of Atlanta.
Stodghill and Cooper were arraigned before U.S. Magistrate Judge Charles Weigle on June 18; the remaining defendants had arraignment hearings between May 22 and June 12. The indictment was returned by a federal grand jury on May 14 and was unsealed on May 19. All defendants were remanded to federal custody except Cooper and Kinloch, who were released on bond.
Search warrants were executed on May 19 at locations in the metro Atlanta area, with federal agents seizing the following: approximately five kilograms of fentanyl-based powder; approximately one kilogram of cocaine; a pill press with multiple die casts and molds; six firearms; several pounds of marijuana; approximately 200 pills; two cold cryptocurrency wallets; a Jeep Wrangler; and a Tesla Model S.
The indictment alleges that a dark web vendor controlled by Oboite and Bechet called WallStreetBets—first operating on the White House Market on the dark web as WallStreetBets and later operating on the Darkode Market on the dark web as WallStreetBet—began distributing large quantities of fentanyl, methamphetamine and other controlled substances sometime before March 2021 by shipping parcels of the illegal drugs from Georgia to many other locations within the United States, including in the Middle District of Georgia. The “Previous Vendor Feedback” section on the Darkode Market reported 2,777 previous sales with a 95% vendor rating for WallStreetBets/WallStreetBet.
The WallStreetBets packages shared common characteristics like padded or bubble-wrap lined mailing envelopes of varying colors; prepaid shipping labels generated by a third-party postage provider that accepts cryptocurrency as a form of payment; the sender’s name was a business name that did not exist; the return address was the address of seemingly random single-family residences or apartment complexes in Georgia; and the packages typically contained pieces of candy in addition to the controlled substances. The WallStreetBets/WallStreetBet vendor page offered pills for sale that were purported to be oxycodone, Adderall and Percocet, in addition to crystal methamphetamine and fentanyl-based powders.
The indictment alleges that Oboite and Bechet controlled the WallStreetBets/WallStreetBet vendor accounts across several dark web markets, including Darkode, Bohemia and Dark Matter. It is alleged that Oboite and Bechet obtained illegal drugs on behalf of WallStreetBets from several sources, including Stodghill. Oboite and Bechet directed co-conspirators Cooper, Kinloch, Douglas and Charles to package the orders, print shipping labels and ship the parcels via the United States Postal Service to customer addresses throughout the United States, including addresses in the Middle District of Georgia. The indictment alleges that the seven co-conspirators shipped thousands of packages containing illegal drugs.
If anyone has information about this case, including potential overdoses related to purchases made from WallStreetBets, they are urged to contact the FBI Atlanta Field Office at 770-216-3000.
The FBI and the United States Postal Inspection Service (USPIS) are investigating the case, with assistance from the IRS, the Drug Enforcement Administration (DEA), the Georgia Bureau of Investigation (GBI) and the Athens-Clarke County Police. This case is being investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, the Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI.
Assistant U.S. Attorney Daniel Peach is prosecuting the case for the Government.
An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.
Source: Office of United States Attorneys
Defendants Allegedly Distributed Illegal Drugs on Dark Web’s “WallStreetBets” Vendor Account
ATHENS, Ga. – Seven Georgia residents are charged by federal indictment with allegedly conspiring to ship thousands of parcels containing fentanyl and methamphetamine across the United States and in the Middle District of Georgia utilizing the dark web vendor account “WallStreetBets.” The final defendants were arraigned in federal court this week following arrests and seizures resulting from the ongoing investigation.
The following defendants are charged with one count of conspiracy to distribute fentanyl and methamphetamine and face a maximum of life in prison: Steven Ehizojie Oboite, 32, of Conyers, Georgia; Eric Xavier Bechet, 31, of Dunwoody, Georgia; Jabari Ayinde Cooper, 29, of Atlanta, Georgia; Rashad Cortese Kinloch, 28, of Dunwoody; Myron Ned Stodghill, 31, of Fairburn, Georgia; Reginald Tyrone Douglas, 31, of Dunwoody; and Joshua Jamal Charles, 25, of Atlanta.
Stodghill and Cooper were arraigned before U.S. Magistrate Judge Charles Weigle on June 18; the remaining defendants had arraignment hearings between May 22 and June 12. The indictment was returned by a federal grand jury on May 14 and was unsealed on May 19. All defendants were remanded to federal custody except Cooper and Kinloch, who were released on bond.
Search warrants were executed on May 19 at locations in the metro Atlanta area, with federal agents seizing the following: approximately five kilograms of fentanyl-based powder; approximately one kilogram of cocaine; a pill press with multiple die casts and molds; six firearms; several pounds of marijuana; approximately 200 pills; two cold cryptocurrency wallets; a Jeep Wrangler; and a Tesla Model S.
The indictment alleges that a dark web vendor controlled by Oboite and Bechet called WallStreetBets—first operating on the White House Market on the dark web as WallStreetBets and later operating on the Darkode Market on the dark web as WallStreetBet—began distributing large quantities of fentanyl, methamphetamine and other controlled substances sometime before March 2021 by shipping parcels of the illegal drugs from Georgia to many other locations within the United States, including in the Middle District of Georgia. The “Previous Vendor Feedback” section on the Darkode Market reported 2,777 previous sales with a 95% vendor rating for WallStreetBets/WallStreetBet.
The WallStreetBets packages shared common characteristics like padded or bubble-wrap lined mailing envelopes of varying colors; prepaid shipping labels generated by a third-party postage provider that accepts cryptocurrency as a form of payment; the sender’s name was a business name that did not exist; the return address was the address of seemingly random single-family residences or apartment complexes in Georgia; and the packages typically contained pieces of candy in addition to the controlled substances. The WallStreetBets/WallStreetBet vendor page offered pills for sale that were purported to be oxycodone, Adderall and Percocet, in addition to crystal methamphetamine and fentanyl-based powders.
The indictment alleges that Oboite and Bechet controlled the WallStreetBets/WallStreetBet vendor accounts across several dark web markets, including Darkode, Bohemia and Dark Matter. It is alleged that Oboite and Bechet obtained illegal drugs on behalf of WallStreetBets from several sources, including Stodghill. Oboite and Bechet directed co-conspirators Cooper, Kinloch, Douglas and Charles to package the orders, print shipping labels and ship the parcels via the United States Postal Service to customer addresses throughout the United States, including addresses in the Middle District of Georgia. The indictment alleges that the seven co-conspirators shipped thousands of packages containing illegal drugs.
If anyone has information about this case, including potential overdoses related to purchases made from WallStreetBets, they are urged to contact the FBI Atlanta Field Office at 770-216-3000.
The FBI and the United States Postal Inspection Service (USPIS) are investigating the case, with assistance from the IRS, the Drug Enforcement Administration (DEA), the Georgia Bureau of Investigation (GBI) and the Athens-Clarke County Police. This case is being investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, the Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI.
Assistant U.S. Attorney Daniel Peach is prosecuting the case for the Government.
An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.
Source: United Nations (video statements)
The Smurfs are joining forces with the United Nations ActNow campaign and the United Nations Children’s Fund (UNICEF) to encourage people, especially children, to Speak Up & Speak Out to empower themselves and others, and to create a blueprint for a better world. Rihanna, Hannah Waddingham, Billie Lourd and Amy Sedaris want you to know that everyone – every child – has the right to be treated fairly, and to speak up and be heard! Our voices all matter and we are loudest when we speak together. So, #ActNow! For more information, visit https://www.un.org/en/actnow. #ActNow
Source: Africa Press Organisation – English (2) – Report:
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The International Monetary Fund (IMF) Resident Representative, Mrs. Aissatou Diallo called on the Minister for Foreign Affairs and Tourism, Mr. Sylvestre Radegonde as part of her farewell tour this Monday 23rd June 2025 at Maison Quéau de Quinssy.
Among the issues discussed was the forecasted growth in the Tourism sector in the coming months. Minister Radegonde explained that one main challenge encountered was air connectivity which was often a deterrent to potential visitors.
During their meeting, Mrs. Diallo described Seychelles as a success story in the IMF, saying that the country has consistently performed at a high level throughout their programmes and that it was considered to be a role model. She described her 3-year tenure as one which was productive and rewarding.
Minister Radegonde personally thanked Mrs. Diallo for the work done during her tenure as the first IMF Resident Representative and wished her much success in her upcoming posting.
– on behalf of Ministry of Foreign Affairs and Tourism, Republic of Seychelles.
Source: Africa Press Organisation – English (2) – Report:
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Ten years ago, the ICT Association of Uganda (ICTAU) was a small, volunteer-run organization with limited capacity. It had one staff member, a working board, and little visibility among decision-makers. Uganda’s tech sector was expanding, but ICTAU lacked the structure and support needed to keep up.
With stronger governance and support from the NTF V FastTrackTech project in Uganda, ICTAU is now shaping policy, supporting start-ups, and building a more inclusive digital economy.
A decade ago, coordination among tech companies was weak. Many worked in isolation, unaware of the benefits of joining a larger network. Governance was also a challenge. Without a professional secretariat or strong leadership, the association could not consistently deliver value to its members.
Gideon Nkurunungi, who joined ICTAU in 2022 and became CEO the next year, says that early on, the association had little influence. ‘We didn’t have proper systems in place. Most members weren’t active. We weren’t running events or engaging in policy discussions. There was potential, but no structure to realise it.’
Strategic support sparks change
That started to change when ICTAU partnered with the International Trade Centre’s Netherlands Trust Fund V (NTF V) FastTrackTech project.
One of the first areas of support was internal governance. The board expanded to include more diverse expertise, and the organization established a permanent secretariat. This included the creation of the CEO role, which brought in professional leadership for the first time.
NTF V FastTrackTech also helped ICTAU develop programmes focused on start-up support, export readiness, and certification. Members received training in agile and lean start-up methods, connected with international buyers, and exhibited at global events.
Inclusion was another key focus. NTF V FastTrackTech encouraged ICTAU to increase support for women-led and youth-led businesses. This led to the formation of a Women in Tech chapter and more women joining the board.
New spaces for dialogue and networking
The changes quickly produced results. ICTAU launched the National ICT Summit and the CIO breakfast series, both of which created new spaces for dialogue and networking. Members could now meet face to face, showcase products, and exchange ideas. These events also increased the association’s profile with government, donors, and international partners.
ICTAU also began engaging more actively in policy. It hosted roundtables, consulted on draft legislations, and crafted reports on sector trends and challenges. Members had new ways to make their voices heard.
Membership growth followed. The association has grown from around 100 members at the start of the NTF V partnership to over 300 today. These include students, startups, non-governmental organizations, professionals, and larger companies.
‘Members are more involved now. They attend events, ask questions, and share experiences. We’ve become a proper community, not just a database,’ says Nkurunungi.
’Having structure and a clear direction lets us serve more people and deliver better results,’ says Nkurunungi. ‘The work we’re doing now lays the foundation for the next ten years.’
Plans for mentorship
Uganda is one of East Africa’s fastest-growing economies, with a rising wave of fintech, foodtech, software and data startups. Start-ups play a key role in driving economic growth, creating high-value jobs and advancing national development.
Building on the FastTrackTech foundation, ICTAU is planning a series of new initiatives. A startup chapter is being developed to offer more targeted support to early-stage companies. A mentorship programme is also in the pipeline, linking local entrepreneurs with experienced mentors from other regions.
The association will continue its work on policy engagement and certification, aiming to keep members aligned with global standards. Regular events and published insights will remain key features of ICTAU’s work.
‘We’re not treating FastTrackTech as a one-off project,’ says Nkurunungi. ‘It has shaped the way we work, and we’re keeping that approach.’
About the project
The Netherlands Trust Fund V (NTF) (July 2021 – June 2025) is based on a partnership between the Ministry of Foreign Affairs of The Netherlands and the International Trade Centre. The programme supports MSMEs in the digital technologies and agribusiness sectors. Its ambition is two-fold: to contribute to an inclusive and sustainable transformation of food systems, partially through digital solutions, and drive the internationalization of tech start-ups and export of IT&BPO companies in selected Sub-Saharan African countries.
– on behalf of International Trade Centre.
Source: Africa Press Organisation – English (2) – Report:
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The Coca-Cola Company (www.Coca-ColaCompany.com) today announced the results of a comprehensive, Africa-wide socio-economic impact study during the 2025 U.S.-Africa Business Summit in Luanda, Angola.
The study shows that the Coca-Cola system, made up of The Coca-Cola Company and its authorized bottlers, working with a wide network of suppliers, manufacturers, service providers and customers, contributed $10.4 billion in value-added economic activity across its value chain in Africa in 2024.
The Coca-Cola system supported more than 1 million jobs across its value chain on the continent in sectors like retail, agriculture, manufacturing, transport and services. This included 36,800 direct Coca-Cola system jobs, plus 987,000 indirect jobs that are supported across the value chain, meaning the system collectively supported 27 additional jobs for every job it directly creates.
The study, conducted by global consultancy Steward Redqueen, shows that the system invested $4.3 billion in the African economy in 2024 through the purchase of goods and services from local suppliers, representing 83% of its total procurement.
“Our long-standing presence in Africa, working with locally owned bottlers and suppliers, allows us to drive more sustainable growth and contribute to the continent’s development,” said Luisa Ortega, president of the Africa operating unit of The Coca-Cola Company. “Our unique operating model allows us to make a lasting impact in local communities.”
The company’s portfolio in Africa includes a wide range of brands in several beverage categories. Ingredients and packaging used by the Coca-Cola system in Africa are mostly locally sourced, supplied, produced, manufactured and distributed.
“The Coca-Cola Company’s commitment to Africa remains steadfast,” Ortega said. “The Coca-Cola system has announced investments of nearly $1.2 billion on the continent over the next five years, and we are hopeful that stable and predictable policy environments will enable more investments in the months and years ahead. Additionally, the Coca-Cola system will invest nearly $25 million by 2030 to help address critical water-related challenges in local communities in 20 African markets.”
This study highlights the Coca-Cola system’s role in Africa’s long-term growth and driving more sustainable development across the continent. The approach adopted by Steward Redqueen integrates client-provided operational data with trusted third-party economic sources and industry benchmarks. More than just measuring direct contributions, the analysis uncovers economic interlinkages, showing how the Coca-Cola system drives production, generates income, and supports employment across a spectrum of industries and geographies.
Teodora Nenova, Managing Partner at Steward Redqueen added: “Our impact assessment reveals the wide-reaching economic footprint of the Coca-Cola system across Africa. The findings highlight the scale of the Coca-Cola system’s local presence and its ongoing contribution to economic opportunity and livelihoods across the continent.”
– on behalf of Coca-Cola.
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About The Coca-Cola Company:
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.Coca-ColaCompany.com.
Source: Africa Press Organisation – English (2) – Report:
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Agricultural cooperatives let farmers pool their resources so they can get better prices for their produce and access more markets, including international ones.
In Senegal, nearly one-third of mango and onion producers belong to one of 29 new or modernized cooperatives established by the PACAO programme. These cooperatives have forged new links among farmers, businesses that process foods, and exporters who can sell those goods abroad.
Improving these value chains boosts food security, stimulate economic growth, and create sustainable jobs.
‘Before forming our cooperative, we each worked on our own, with no coordination,’ said Cheikh Mbacké Mboup. He’s an agricultural engineer by training with 42 years of experience in farming. ‘This prevented us from pooling our resources and negotiating better prices. We were scattered, and that limited our ability to produce and sell effectively.’
He’s currently serving as the chairman of the Fruit, Vegetable, and Livestock Producers’ Cooperative, known by its French acronym (COOPROFEL). Based about 70 kilometres from the capital Dakar, in Keur Mbir Ndao, the cooperative now has 635 members.
Created in 2007, COOPROFEL overhauled its organizational structure and operations in 2021, with support from the International Trade Centre (ITC) though the Programme of Assitance for Competitiveness in West Africa – Senegal Component (PACAO-Senegal).
It’s one of 29 cooperatives that worked with the programme, bringing together nearly 70,000 producer-members who work with mangoes and onions. These cooperatives alone account for 31% of national onion production and 29% of mango production.
COOPROFEL, which operates in the mango and onion value chains, faced many challenges before teaming up with PACAO-Senegal.
Better organization in value chains
With the programme’s support, COOPROFEL members received training on good agricultural practices, marketing, leadership, communication, organizational management, and financial management. These trainings were complemented by the development of a financial and accounting procedures manual, allowing for better traceability of operations.
Organization is essential to the competitiveness of value chains and improves producers’ access to markets and inputs. Marianne Diattara has been a producer for over 25 years, and is now deputy general treasurer of COOPROFEL.
‘Now, the market is much more accessible. Recently, we took part in major trade fairs organized in Dakar,’ she said.
‘Today, our mangoes are exported to countries like Belgium, Spain, France, the Netherlands, and Morocco. As for onions, the cooperative has helped us better organize our production and sell at higher prices. We now have more stable incomes,’ said Amadou Thiam, Vice President of COOPROFEL.
A business partner of COOPROFEL, Mamadou Ndiaye, Sales Manager at TropicaSem, confirms this success. ‘We’ve been working with COOPROFEL since 2023. Last year, we sold them over 78 tons of seeds. The cooperative is one of our best clients.”
The cooperatives can steer their produces through the value chain so the mangoes and onions can be turned into new products. Those processed goods fetch higher prices than the fresh fruit, creating jobs and growing incomes.
Mangoes are sold fresh but also as purée, jam, smoothies, flour, vinegar, and more. Processed onion products are also found in supermarket shelves across Senegal and in weekly markets.
These products go through several stages: the farmer who harvests them, the cooperative that aggregates and sells them, the factory that processes them, and the distributor who places them on shelves or exports them. By organizing agricultural cooperatives, PACAO-Senegal strengthens a vital link in this chain and facilitates market access for cooperative members.
But the value chain is not just about products. It’s also about people, like Cheikh Mbacké Mboup, Marianne Diattara and Amadou Thiam. It’s about the farmers that PACAO-Sénégal has supported, whose incomes have risen thanks to better organization. It’s about their business partners – customers and suppliers – whose operations have expanded. And it’s about the consumer, who has access to quality local products.
By structuring value chains, PACAO-Sénégal creates a virtuous circle by promoting agricultural cooperative societies.
– on behalf of International Trade Centre.
Source: Samsung
Classrooms lit up with curiosity, corridors buzzed with conversations around innovation, and young students stood confidently pitching bold ideas for a better tomorrow. The recent Samsung Solve for Tomorrow roadshows and open houses have been igniting minds across cities, and Delhi NCR was no exception.
Samsung Solve for Tomorrow, launched on April 29, 2025, is more than just a national innovation challenge. It is a call to action for India’s youth — an invitation to step up, identify real-world issues, and build technology-based solutions that can impact lives. The programme equips students with design thinking tools, mentorship from Samsung leaders and IIT Delhi faculty, investor connects, and prototyping support. It also offers INR 1 crore to the top four winning teams.
As part of the outreach, the Samsung team visited Mamta Modern School in Vikaspuri, Kamal Model Sr. Sec. School in Mohan Garden, DAV Sector 14 in Gurgaon, St. Teresa School in Indirapuram, and WCTM Gurgaon. In these open houses, students interacted with programme facilitators, asked questions, explored case studies from previous seasons, and began shaping their own problem statements.
At the New Delhi leg of the roadshow, the excitement was palpable. Students from schools gathered with ideas ranging from AI-based solutions for senior citizen care to sustainable energy innovations and mental health apps tailored for teens.
Among them was Aarna Kaushal, a class 11 student, who has been deeply moved by the sight of overflowing landfills in her city. Inspired by the programme, she’s now working on a smart segregation system for waste collection. “Samsung Solve for Tomorrow made me feel like someone is finally listening to students like us. I’m not just dreaming anymore — I’m planning, researching and designing,” said Aarna.
For Bhumika Rawal, it was the experience of watching kids around her struggle with dyslexia that sparked an idea. “I want to create a voice-based learning app that helps kids learn at their own pace. The roadshow helped me shape that dream into a project,” said Bhumika, her eyes lit with determination.
The energy in these sessions went beyond pitches and prototypes. Students discussed the importance of inclusion, accessibility, climate responsibility, and rural connectivity. They learnt that ideas don’t have to be perfect to be powerful — they just need to be rooted in purpose.
As the Samsung Solve for Tomorrow roadshows continue to travel across India, they’re not just spreading awareness about the programme — they’re awakening a generation of problem-solvers and change-makers.
India is full of young innovators. Samsung is providing them the tools, the platform, and the confidence to build something meaningful.
With open houses like these, Samsung is doing more than scouting for the next big idea — it’s investing in the next generation of changemakers who believe that solving for tomorrow begins today.
Source: US Government research organizations
The National Institute of Standards and Technology’s (NIST’s) National Construction Safety Team (NCST) has released an extensive video update on its investigation into the June 2021 partial collapse of the Champlain Towers South building in Surfside, Florida. The update reviews the investigation’s history and progress, shares preliminary findings, and highlights potential impacts that this complex investigation could have on building codes and standards.
In the video, investigative lead Judith Mitrani-Reiser and co-lead Glenn Bell explain how the team has determined that some of the hypotheses they are considering for how the failure occurred have a higher likelihood than others. The team has reviewed two dozen hypotheses, relying on extensive physical evidence, imagery, historical records, witness interviews, remote sensing data, laboratory testing, computer modeling and more.
“As we have shared in previous updates, there were many design and construction problems that weakened the building from the start,” said Mitrani-Reiser. “These deficiencies posed many potential failure initiation possibilities both in the pool deck and the tower, and each is being carefully considered so that we can narrow our focus to the most likely ones and seek to rule out others.”
The two experts describe the extensive planning and coordination that helped the team systematically work through analyses, testing and modeling to arrive at its preliminary findings. They note that from NIST’s initial deployment of a preliminary reconnaissance team in the first 48 hours after the collapse, this investigation has relied on collaboration with local authorities and expertise from across the federal government, private industry and academia.
Credit: NIST
Bell walks viewers through three hypotheses with higher likelihood, beginning with the failure of one of the typical slab-column connections in the pool deck. He describes factors that contributed to low margins of safety in the pool deck, including understrength of the building’s original structural design relative to the requirements of the building code. Additionally, he notes that steel reinforcement was not placed where it should have been, leading to significantly diminished strength of the pool deck slab and slab-column connections. He also points to heavy planters that were not in the original design, as well as a rehabilitation of the pool deck decades earlier that added sand and pavers, increasing the load on a system that was already functionally and structurally inadequate. The team also found corrosion of the steel reinforcement in the pool deck concrete, which can weaken the slabs and slab-column connections.
“While there is strong evidence that the collapse initiated in the pool deck, we have not ruled out a failure initiation in the tower,” said Bell. “The fact that the pool deck collapsed before the tower does not preclude the possibility that there was some initiating event in the tower that set off the collapse of the very vulnerable pool deck.”
Some of the design, construction and degradation issues found in the pool deck are also evident in the building tower and present other plausible hypotheses that the team continues to pursue. In addition to the misplacement of steel reinforcement within slabs and columns, some basement columns had prolonged exposure to water due to ponding and flooding in the garage. This can cause corrosion of the steel reinforcement and deteriorate the concrete. The team therefore also considers it a higher likelihood that the collapse was initiated by either the diminished strength of the columns in the tower or the failure of a slab-beam-column joint in the southernmost column line of the east part of the tower, close to where the tower joined the pool deck.
Credit: NIST
The investigation team determined that there is a lower likelihood that the partial collapse was initiated by two potential problems beneath the building: voids known as “karst” or pile failure. Mitrani-Reiser explains how satellite data was used to look for gradual settling or sinking of the ground in the general area of Champlain Towers South. None was seen in the area in the five years before the partial collapse, nor was localized sinking observed near the building in the days leading up to the tragedy.
The team found no evidence of karst in the limestone on which the foundation sits, and careful studies of the limestone showed it has features that actually inhibit the formation of karst. Team members calculated that the foundation pile capacity shown on the design drawings was sufficient to carry the building loads and laboratory and nondestructive testing of pile concrete showed adequate material strength. Finally, the basement slab did not show any distress or trauma that would indicate karst formation or pile failure, such as cracking or sinking.
Bell also notes as a lower likelihood scenario the separation of the pool deck/street-level slab from the south basement wall.
In the past few months, the team has updated the collapse timeline based on interviews and records, modeling results, and new analyses of audio and digital evidence.
Although there is very little video from the night of the collapse, every image was meticulously analyzed to determine its precise perspective and identify clues that could inform the timeline, such as changes to reflections of light on building surfaces, such as a wall.
Mitrani-Reiser describes how team members made a breakthrough by using a novel approach to analyzing videos. They compared the soundwaves of the audio recorded by two videos from different parts of the building to find and correlate patterns of sounds in each video. This helped pinpoint when the videos overlapped in time and provided insight into what was happening in the building by comparing the building’s movement at the same time on two different floors. All audiovisual evidence in NIST’s possession has now been timestamped.
Mitrani-Reiser also notes the importance of social science research to develop carefully crafted interviews that have helped to elicit important memories not reported elsewhere. Information gained in these interviews has helped confirm the collapse timeline, in tandem with the video evidence.
Credit: NIST
“Two clear questions coming out of this investigation are why the design and construction problems were not discovered when Champlain Towers South was built, and how do we evaluate the structural safety of existing buildings?” said Bell.
While the video presentation does not offer recommendations for changes to codes or practice, it does highlight some areas that industry experts could consider. These include how special inspections that are mandated for safety might impact construction quality control by giving builders a false sense of security that someone else will catch their errors later.
Mitrani-Reiser also shares that the investigation found no records from the original construction of the building, and few from its early life, and notes the importance of records retention going beyond initial drawings to include “quality assurance records and, particularly, peer review reports where they exist.”
Finally, Mitrani-Reiser calls on the engineering and construction professions to take seriously the apparent lack of quality control and quality assurance found in the case of Champlain Towers South. She noted that, “this tragic event has revealed flaws in our systems, and quality is at the heart of it.”
The team is finalizing its analysis and has begun drafting its investigation report, which is expected to be completed in 2026.
Source: United Kingdom – Government Statements
The Department for Work and Pensions has announced the appointment of Kirstin Baker as the new Interim Chair of The Pensions Regulator (TPR), effective from 1 August 2025.
Kirstin Baker
Kirstin Baker will succeed Sarah Smart, who has held the post of TPR Chair.
The Pensions Regulator (TPR) is the UK’s statutory body responsible for ensuring the integrity of workplace pensions by making schemes and employers comply with their duties, providing strategic oversight of the pensions market and support innovation to enhance outcomes for savers.
I am pleased to welcome Kirstin Baker as the Interim Chair of The Pensions Regulator (TPR). I look forward to working with her as she brings to bear the wealth of experience from her role as TPR senior independent board member.
I am delighted to take on this interim chair role while a competition is undertaken for the next full-term chair of The Pensions Regulator. I would like to thank Sarah Smart for all the work she has done as TPR chair and look forward to building on this.
Kirstin Baker is currently the Senior Independent member of the TPR Board. She was appointed a Panel Inquiry Chair and Panel Member Non-Executive Director of the Competition and Markets Authority (CMA) Board on 1 September 2018 and is also a member of the Audit and Risk Committee. She stepped down from the board in March 2024 but remains a Panel InquiryChair.
Kirstin had a long career in the civil service and was most recently HM Treasury’s Finance and Commercial Director. Earlier in her career she was part of the senior team leading the Treasury’s response to the banking crisis and was awarded a CBE for this work.
Kirstin Baker appointment starting from 1 August 2025 for a period of up to 9 months.
In her capacity as Interim Chair, Kirstin Baker is entitled to an annual remuneration of £73,840, based on a minimum time commitment of 104 days per annum.
Source: Government of Canada – Prime Minister
“Forty years ago, innocent civilians, including over 250 Canadians, were killed in the bombing of Air India Flight 182. This terrorist attack remains the deadliest attack in our country’s history – one we must never forget.
“As we mark the National Day of Remembrance for Victims of Terrorism, we remember the victims of the Air India bombing and all others who have lost their lives to terrorism.
“Canada will continue to work with our allies and partners, at home and around the world, to better detect, prevent, and respond to the threat of terrorism and violent extremism. We are also increasing funding for national security, defence, and law enforcement, and enhancing intelligence sharing with our allies.
“Canada’s new government unequivocally stands against terrorism, and we will deliver on our mandate of change to keep communities safe.”
Source: US Energy Information Administration
In-brief analysis
June 23, 2025
During summer 2025, from June through September, residential customers in the United States can expect average monthly electricity bills of $178, a slight increase from last summer’s average of $173. We expect a slight decrease in consumption, driven by cooler forecast summer temperatures relative to last summer, which only partially offsets the expected increase in residential electricity prices in most areas of the country.
The number of cooling degree days (CDD), a measure of how hot the temperature is, affects the demand for electricity use for air conditioning. We expect that temperatures will be slightly cooler this summer with a 1% decline in total CDDs compared with summer 2024. The cooler expected weather contributes to slightly less U.S. residential summer electricity consumption, down less than 1% compared with last summer.
Weather remains the main source of uncertainty in our forecasts for summer residential electricity bills. If temperatures end up much hotter than expected, households are likely to face higher-than-expected increases in electricity bills, especially in the southern states.
The impact of electricity consumption patterns and electricity prices on summer electricity bills will vary regionally. New England residential customers will likely experience the largest increase in average monthly electricity expenditures, with a forecast rise of $13 this summer compared with last summer.
In addition to the largest increase in expenditures, the New England and West South Central regions are expected to have the highest overall electricity bills this summer. Residential customers in the West South Central region tend to use a lot of air conditioning in the summer because of hot temperatures and high levels of humidity. Residential bills are higher in New England because the typical price per kilowatthour is higher than in other regions because the cost of natural gas delivered to power generators in that region tends to be higher than other areas of the country.
Residential customers in the South Atlantic and East South Central regions are likely to see small electricity bill increases, in line with last summer. We forecast monthly bills will increase slightly below the U.S. average in both of these regions.
Conversely, in the Mountain region and Pacific region, residential bills are expected to decrease because of lower consumption after near-record temperatures in the West during the summer of 2024. Price increases in those regions are relatively modest compared with recent years. Increased generation from hydropower in the western states this year should reduce the need to supply power from higher-cost natural gas generators.
Principal contributors: Tyler Hodge, Katherine Antonio
Source: GlobeNewswire (MIL-OSI)
NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (the “Company” or “StoneX”; NASDAQ: SNEX), today announced an offering, subject to market conditions and other factors, $625.0 million in aggregate principal amount of Senior Secured Notes due 2032 (the “Notes”) to be issued by its wholly-owned subsidiary, StoneX Escrow Issuer LLC. The Notes and the related Note guarantees will be offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain persons outside the United States pursuant to Regulation S under the Securities Act.
StoneX Escrow Issuer LLC, which was created solely to issue the Notes in connection with the Merger (as defined below), will deposit the gross proceeds of the offering into a segregated escrow account (the “Escrowed Proceeds”) until the date that certain escrow release conditions are satisfied. Upon the closing of the Company’s proposed acquisition (the “Merger”) of R.J. O’Brien (“RJO”), StoneX Escrow Issuer LLC will merge with and into the Company, and the Escrowed Proceeds will be released. The Company will thereupon assume the obligations under the Notes. Upon the closing of the Merger and release of the Escrowed Proceeds, the Company intends to use the proceeds from the offering together with cash on hand to pay the purchase price and related fees, costs, premiums and expenses in connection with Merger.
Until the completion of the Merger, the Notes will not be guaranteed and will be secured only by a senior secured first priority lien on the Escrowed Proceeds. Upon the closing of the Merger, the Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior secured second lien basis by each of the Company’s existing and future subsidiaries that guarantees indebtedness under the Company’s senior secured revolving credit facility and certain other senior indebtedness. The guarantees are subject to release under specified circumstances. Upon the closing of the Merger, the Notes and the related guarantees will be secured on a second priority basis by liens on substantially all of the Company’s and the guarantors’ property and assets, subject to certain exceptions and permitted liens. The liens on the Company’s and the guarantors’ assets that secure the Notes and the related guarantees will be contractually subordinated to the liens on the Company’s and the guarantors’ assets that secure the Company’s and the guarantors’ existing and future first lien obligations, including indebtedness under the Company’s senior secured revolving credit facility, as a result of an intercreditor agreement among the collateral agent for the Notes, the agent for the Company’s senior secured revolving credit facility and the collateral agent for the Company’s existing senior secured notes due 2031. The Notes are expected to pay interest semi-annually, in arrears. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes, the related guarantees or any other security, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offers of the Notes and the related guarantees will be made only by means of a private offering memorandum. The Company gives no assurance that the proposed offering can be completed on any terms or at all.
The offer and sale of the Notes and related guarantees have not been, and will not be, registered under the Securities Act, or the securities laws of any other jurisdiction, and the Notes and related guarantees may not be offered or sold in the United States absent registration or applicable exemptions from registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Statements in this release that are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in StoneX’s public filings with the Securities and Exchange Commission. Forward-looking statements are based on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements about the benefits of the proposed acquisition of RJO, including expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX after the acquisition, the expected timing to close the acquisition, closing of the offering and expected use of proceeds. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the risks related to the proposed acquisition and the integration of RJO as well as the risks and other factors described in StoneX’s periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, StoneX is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If StoneX updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents.
StoneX Group Inc.
Investor inquiries:
Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com
SNEX-G
Source: GlobeNewswire (MIL-OSI)
MALLORCA, Spain, June 23, 2025 (GLOBE NEWSWIRE) — Mize, the global leader in travel fintech solutions, is taking its long-standing alliance with Juniper Travel Technology, one of the world’s top travel technology providers, by integrating its advanced SmartRate product into Juniper Travel Technology’s global platform.
This enhancement gives Juniper Travel Technology connected travel sellers access to SmartRate’s powerful booking optimization capabilities—maximizing margins, reducing booking errors, and improving inventory access, all with zero disruption to existing booking flows.
Transforming Profitability with Intelligent Automation
By applying Mize’s advanced optimization modalities at the booking moment — fully integrated with Juniper Travel Technology’s solutions— travel sellers can increase profitability in real time without impacting the booking flow. This seamless collaboration enhances each reservation by ensuring the best possible rate is selected based on availability and booking conditions, unlocking greater value across both platforms.
With this integration, Juniper Travel Technology connected Clients can:
“Our relationship with Juniper Travel Technology has always been built on a shared commitment to innovation,” said Cristobal Reali, VP of Sales at Mize. “We’re excited to bring SmartRate into the hands of Juniper Travel Technology’s extensive partner network, helping them extract more value from every booking.”
Delivering More Value to Juniper Travel Technology Clients
With this integration, Juniper Travel Technology reinforces its ongoing mission to offer tools that simplify travel tech while driving measurable performance for its global partners.
“This integration builds on the solid foundation we’ve established with Mize over the years,” said Juan Mateos, CEO at Juniper Travel Technology. “Offering SmartRate reinforces our strategy of incorporating best-in-class technologies into our Juniper Travel Technology platform.”
About Mize
Mize is a global travel fintech leader helping companies maximize profitability through smart automation. With solutions like SmartRate, Mize empowers travel platforms to boost margins, recover errors, and simplify operations with no disruption to the customer journey.
https://mize.tech
About Juniper Travel Technology
Juniper Travel Technology is a global travel technology company serving thousands of travel companies across the world. Together with its recently acquired brands—Dome Consulting, IST Cruise Tech, Lleego, RezMagic and Vervotech—Juniper Travel Technology is setting the rules of the travel tech business, helping companies grow faster, connect broader, and operate more efficiently.
https://www.ejuniper.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/556b2a4a-ecd3-4700-881b-a13db46c95a8
Source: GlobeNewswire (MIL-OSI)
Board of Directors Announces Restructuring Plan
Tel Aviv, Israel, June 23, 2025 (GLOBE NEWSWIRE) — ZOOZ Power (Nasdaq and TASE: ZOOZ), a leading provider of flywheel-based power boosters and energy management systems for enabling ultra-fast EV charging solutions, announced today that its board of directors has approved a plan to explore additional strategic alternatives to fully capitalize on its advanced, patented flywheel technology.
Over the past several months, ZOOZ Power has engaged in ongoing discussions with a prominent defense and intelligence electronics company regarding deployment of a robust, repetitive short-duration power booster capable of operating in challenging environments. ZOOZ Power is currently conducting a proof of concept (POC) with this defense company — a collaboration that has the potential to unlock new verticals and significantly broaden the application of its flywheel technology.
As part of the efforts to enhance execution, the board has also approved a company-wide cost reduction and restructuring initiative designed to reduce operating costs by approximately 35%. These cost efficiencies will enable greater business flexibility.
“This POC engagement with a leading defense electronics company validates the versatility and competitive advantage of our flywheel technology in mission-critical environments, beyond our core EV charging systems,” said Erez Zimerman, Chief Executive Officer of ZOOZ Power. “At the same time, our cost reduction and restructuring plan will ensure we are lean, agile, and focused on the areas that we believe are most likely to deliver the highest growth and return.”
About ZOOZ Power
ZOOZ Power is a leading provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations.
ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.
ZOOZ Power’s sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ. For more information, please visit: www.zoozpower.com/
Investor Contact:
Miri Segal – CEO
MS-IR LLC
msegal@ms-ir.com
Media enquiries:
Media@zoozpower.com
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this press release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy, future operations and statements related to the POC engagement with a leading defense electronics company, ZOOZ Power’s cost reduction and restructuring plan, and the results thereof are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by the Company from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the deployment of a robust, repetitive short-duration power booster capable of operating in challenging environments, statements relating to ZOOZ Power’s currently conducted proof of concept (POC) with a defense company, statements relating to the potential results of such POC, including the potential of unlocking new verticals and significantly broaden the application of ZOOZ Power’s flywheel technology, statements relating to the potential versatility and competitive advantage of ZOOZ Power’s flywheel technology in mission-critical environments, beyond its core EV charging systems, statements relating to ZOOZ Power’s company-wide cost reduction and restructuring initiative including the potential results of such initiative, including its potential to reduce operating costs, statements relating to the areas that could deliver the highest growth and return, and conditions in Israel and in the Middle East, including the effect of the evolving nature of the ongoing “Swords of Iron” war, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. Management of ZOOZ Power has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.
Source: GlobeNewswire (MIL-OSI)
DUBAI, United Arab Emirates, June 23, 2025 (GLOBE NEWSWIRE) — Micropolis Holding Co. (“Micropolis” or the “Company”) (NYSE: MCRP), a pioneer in unmanned ground vehicles and AI-driven security solutions, today announced it has changed the legal name of its wholly-owned subsidiary from Micropolis Digital Development FZ-LLC to Micropolis Robotics FZ-LLC. This move is a result of the Company’s growing portfolio of autonomous robotic platforms and corporate milestones, including its collaboration with SEE Holding Ltd at The Sustainable City 2.0 and Memorandum of Understanding with Emirates Steel (EMSTEEL), a leading UAE-based steel and construction materials manufacturer.
“Micropolis designs and produces advanced robotics and AI technologies tailored to our customers’ needs,” said Fareed Aljawhari, Founder & CEO of Micropolis. “This subsidiary renaming better reflects our identity as a robotics company, underscores our expanding market presence, and reinforces our commitment to delivering innovative autonomous solutions.”
About Micropolis Holding Co.
Micropolis is a UAE-based company specializing in the design, development, and manufacturing of unmanned ground vehicles (UGVs), AI systems, and smart infrastructure for urban, security, and industrial applications. The Company’s vertically integrated capabilities cover everything from mechatronics and embedded systems to AI software and high-level autonomy.
For more information please visit www.micropolis.ai.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Micropolis’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
Valter@KCSA.com
Media Contact:
Jessica Starman
media@elev8newmedia.com
Source: GlobeNewswire (MIL-OSI)
SAN JUAN, Puerto Rico and VANCOUVER, British Columbia, June 23, 2025 (GLOBE NEWSWIRE) — This news release is issued by Terren Peizer (“Mr. Peizer”) pursuant to the early warning requirements of Canada’s National Instrument 62-104 and National Instrument 62-103 with respect to proportionate voting shares (“PVS”) and proportionate voting share warrants (“PVS Warrants”) of Inspire Semiconductor Holdings Inc. (the “Issuer”).
Mr. Peizer announces that, through his wholly owned corporation, Humanitario Capital LLC (“Humanitario”), he has acquired PVS and PVS Warrants in connection with a financing (the “Financing”) of units of the Issuer consisting of 315,790 PVS and 315,790 PVS Warrants representing approximately 10.16% of the issued and outstanding subordinate voting shares of the Issuer (“SVS”) on a basic basis and approximately 18.44% of the issued and outstanding SVS on a partially-diluted basis, after giving effect only to the exercise of the PVS Warrants issued to Humanitario.
Following completion of the Financing Humanitario beneficially owned or controlled 1,056,530.74 PVS and 1,056,530 PVS Warrants representing approximately 33.98% of the issued and outstanding SVS on a basic basis and approximately 50.73% of the issued and outstanding SVS on a partially-diluted basis, after giving effect only to the exercise of the PVS Warrants held by Humanitario.
Each PVS is convertible at the option of the holder in 100 SVS pursuant to the Issuer’s articles. Each of the foregoing percentages assumes the conversion of all issued and outstanding PVS to SVS.
Mr. Peizer (through Humanitario) acquired the Shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control, or direction over securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with the transactions described herein, please go to the Issuer’s profile on the SEDAR+ website (www.sedarplus.ca) or contact the Company at invest@inspiresemi.com.
Source: GlobeNewswire (MIL-OSI)
DELAND, Fla., June 23, 2025 (GLOBE NEWSWIRE) — Battery Tender by Deltran, a leading brand in battery charging and portable power accessories, is expanding at Lowe’s stores with three new products. The additions include Charge N Start 1120 Battery Charger and Jump Starter Combo, 800 AMP Jump Starter and Tire Inflator Combo and Power Tender® 15/8/2 AMP Selectable 12V Battery Charger. This expansion brings the total Battery Tender product offering at Lowe’s to seven, making it easier than ever to find reliable battery solutions for vehicle batteries.
“Battery Tender focuses on creating easy-to-use, functional products that solve real problems for our customers,” said Michael Prelec, CEO of Battery Tender. “Our expanded Lowe’s lineup features innovative products that combine multiple functions into single, versatile solutions – giving customers exactly what they need without the complexity. These multi-purpose battery tools make vehicle maintenance effortless and keep them ready for whatever comes next.”
Now Available at Lowe’s:
In addition to the new introductions, Lowe’s offers the following Battery Tender models:
With this expansion, customers have a broader selection of dependable battery chargers and portable power solutions available at their local Lowe’s store or online at Lowes.com.
For more information on these products and the full range of battery management solutions from Battery Tender, visit BatteryTender.com.
About Battery Tender®
Battery Tender® is a leading force in the power management and battery industry, dedicated to crafting cutting-edge charging and maintenance solutions. With a rich legacy spanning over 35 years, our brand has garnered unwavering trust from customers, owing to our steadfast commitment to performance and unmatched product reliability. For more information, visit BatteryTender.com and follow @BatteryTender on social.
Media Contact:
Sierra Moorman
Uproar by Moburst for Battery Tender
sierra.moorman@moburst.com
Source: GlobeNewswire (MIL-OSI)
Cannae Appears to be Manipulating Corporate Machinery to Further Entrench Board During a Contested Election Following Years of Chronic Underperformance
Believes Delay in Holding Annual Meeting Underscores the Need for Board Change
Urges Board to Provide Clarity on Capital Return Plan
DARIEN, Conn., June 23, 2025 (GLOBE NEWSWIRE) — Carronade Capital Master, LP (together with its affiliates, “Carronade Capital”, “our” or “we”), which beneficially owns approximately 3.2 million shares of Common Stock of Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) and is one of the Company’s top shareholders, today issued the following statement calling on Cannae’s Board of Directors (the “Board”) to promptly announce the date of the Company’s 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”):
“Carronade urges Cannae to immediately set and announce the date of its 2025 Annual Meeting, which was last held over a year ago on June 19, 2024. Cannae’s failure to schedule its 2025 Annual Meeting in the midst of a contested election and in a manner consistent with its past annual meetings raises serious doubts about the Board’s supposed ‘significant advancements in governance’. Shareholders deserve an explanation of the corporate purpose and reason for delaying the meeting; absent that, it appears to be another transparent effort to evade accountability, further entrench the current Board and disenfranchise Cannae’s long-suffering shareholders.
“We believe Cannae’s delay in holding its 2025 Annual Meeting is a deliberate attempt to manipulate the corporate machinery and a consequence of this Board’s decision to reincorporate from Delaware to Nevada, a move that was not viewed favorably by Institutional Shareholder Services, Inc., one of the leading proxy advisory firms. By denying shareholders the opportunity to exercise their fundamental right to vote in a normal election cycle, we believe Cannae has once again demonstrated its blatant disregard for commonly accepted corporate governance principles, underscoring the urgent need for Board change and increased accountability.
“Additionally, Cannae should provide greater clarity on its plan to return capital to shareholders following the announced Dun & Bradstreet sale. If the delayed 2025 Annual Meeting is related to the Company’s attempt to enact a tender offer, Carronade believes it is imperative that any such share buyback be executed on terms that are at least as favorable as the 20% premium afforded to Cannae Founder Bill Foley.”
Carronade remains committed to effecting meaningful change to drive shareholder value at Cannae and will continue to seek shareholder representation on the Board at the 2025 Annual Meeting, whenever it is scheduled. Carronade’s four highly qualified and independent nominees are Mona Aboelnaga, Benjamin Duster, Dennis Prieto and Cherie Schaible.
About Carronade Capital
Carronade Capital Management, LP (“Carronade Capital Management”) is a multi-strategy investment firm based in Connecticut with over $2.3 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital Management was founded in 2019 by industry veteran Dan Gropper and is based in Darien, Connecticut. Carronade Capital and its affiliates managed by Carronade Capital Management were launched on July 1, 2020, and the firm employs 15 team members. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Elliott Management Corporation, Fortress Investment Group and Aurelius Capital Management, LP.
Media Contact:
Paul Caminiti / Jacqueline Zuhse
Reevemark
(212) 433-4600
Carronade@reevemark.com
Investor Contacts:
Andy Taylor / Win Rollins
Carronade Capital Management, LP
(203) 485-0880
ir@carronade.com
Pat McHugh
Okapi Partners LLC
(212) 297-0720
info@okapipartners.com
Disclaimers
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Cannae Holdings, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should independently evaluate the proxy materials and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analyses provided herein is intended to assist the reader in evaluating the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are estimates and, unless required by law, are subject to revision without notice.
Certain of the funds(s) and/or account(s) (“Accounts”) managed by Carronade Capital Management, LP (“Carronade Capital Management”) currently beneficially own shares of the Company. Carronade Capital Management in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade Capital Management’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade Capital Management’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade Capital Management, concentration of positions in the portfolios managed by Carronade Capital Management, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade Capital Management may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade Capital Management also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.
Certain Information Concerning the Participants
Carronade Capital Master, LP (“Carronade”), together with the other participants named herein (collectively, “Carronade Capital”), has filed a preliminary proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of Carronade Capital’s highly-qualified director nominees at the 2025 annual meeting of shareholders of the Company.
CARRONADE CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be Carronade, Carronade Capital GP, LLC (“Carronade Capital GP”), Carronade Capital Management, Carronade Capital Management GP, LLC (“Carronade Capital Management GP”), Dan Gropper, Mona Aboelnaga, Benjamin C. Duster, IV, Dennis A. Prieto and Chérie L. Schaible.
As of the date hereof, Carronade beneficially owns directly 3,012,218 shares of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”). Carronade Capital GP, as the general partner of Carronade, may be deemed the beneficial owner of the 3,012,218 shares of Common Stock owned by Carronade. As of the date hereof, 176,809 shares of Common Stock were held in a certain account managed by Carronade Capital Management (the “Managed Account”). Carronade Capital Management, as the investment manager of Carronade, may be deemed the beneficial owner of an aggregate of 3,189,027 shares of Common Stock directly owned by Carronade and held in the Managed Account. Carronade Capital Management GP, as the general partner of Carronade Capital Management, may be deemed the beneficial owner of an aggregate of 3,189,027 shares of Common Stock directly owned by Carronade and held in the Managed Account. As the Managing Member of Carronade Capital Management GP, Mr. Gropper may be deemed the beneficial owner of an aggregate of 3,189,027 shares of Common Stock directly owned by Carronade and held in the Managed Account. As of the date hereof, Ms. Aboelnaga directly beneficially owns 1,400 shares of Common Stock. As of the date hereof, Mr. Duster directly beneficially owns 1,338.329 shares of Common Stock. As of the date hereof, Mr. Prieto directly beneficially owns 1,470 shares of Common Stock. As of the date hereof, Ms. Schaible directly beneficially owns 1,360 shares of Common Stock.
Source: GlobeNewswire (MIL-OSI)
SAN FRANCISCO, June 23, 2025 (GLOBE NEWSWIRE) — Fundbox, the leading provider of embedded capital infrastructure for small businesses, has joined forces with the founding team of Vaya Technologies Inc. As part of the move, Vaya’s co-founders, Ankit Singh and Soham Sen, will take on leadership roles in product and engineering at Fundbox to deliver for their growing suite of partners and to accelerate their development of new credit products.
Founded in 2021, Vaya has built an end-to-end embedded lending platform, enabling more than a dozen vertical SaaS companies across the US to launch white-label capital programs for their small business customers. The startup has also developed innovative technology that uses credit as an incentive to drive product adoption.
“We are looking forward to having the Vaya team onboard. Their expertise in credit infrastructure across geographies, embedded fintech solutions, and vertical SaaS platforms will help Fundbox expand our offerings and better serve our partners globally,” said Prashant Fuloria, CEO, Fundbox.
“Fundbox pioneered embedded credit, and we’re eager to build on the strong foundation the team has established over the years,” said Ankit Singh, Co-founder and Co-CEO, Vaya.
“We’re excited to join Fundbox to scale the embedded lending vision we have built at Vaya and continue empowering the small businesses and vertical SaaS platforms that have always been at the heart of our mission,” said Soham Sen, Co-founder and Co-CEO, Vaya.
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About Fundbox
Fundbox is the pioneer of embedded capital products for SMBs, offering fast, simple access to credit through the tools businesses already use. Since 2013, Fundbox has helped over 150,000 small businesses unlock more than $6 billion in capital. As a leading capital infrastructure provider behind the digital SMB economy, Fundbox is focused on enabling platforms to embed financial tools directly into their user experiences.
For press inquiries, please contact fundbox@avenuez.com
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.
Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.
“Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”
Investment Thesis Highlights:
Valuation & Target:
Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.
Risk Factors:
About Rockcliffe Capital Research
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.
Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.
Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.
Media Contact
Rockcliffe Capital
Research & Markets Division
research@rockcliffe.capital
+1 (416)-642-1967
This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.
Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.
“Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”
Investment Thesis Highlights:
Valuation & Target:
Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.
Risk Factors:
About Rockcliffe Capital Research
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.
Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.
Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.
Media Contact
Rockcliffe Capital
Research & Markets Division
research@rockcliffe.capital
+1 (416)-642-1967
This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.