Category: Taxation

  • MIL-OSI USA: Senator Marshall: The Reconciliation Bill Will Give Us More Prosperity and Security

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins Newsmax to Discuss the Iran and Israel Conflict and the Reconciliation Package in the Senate.
    Washington – On Tuesday night, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Ed Henry on Newsmax’s The Briefing to discuss the President’s handling of the Iran and Israel conflict, the President’s push for peace worldwide, and what the Senate is doing to pass the reconciliation package. 

    Click HERE or on the image above to watch Senator Marshall’s full remarks.
    On CNN’s Iran Aftermath Report
    “I think it’s more lies from fake news. But you know, the proof will be in the pudding, and we’ll see what the pictures are in a week or two. I think it would take a year just to remove the rubble to get to where this facility once was. I just can’t imagine. …14 bombs we dropped, these were all a direct strike, the likes of which we’ve never seen. These are 30,000 pounds each – I’m going to bet on the United States Air Force. They know what they’re doing. It was a direct strike. I bet we got our mission done. We’ll wait for the final pictures here.”
    On President Trump being the ‘Peace President’:
    “President Trump is the most transparent President in history. This morning, we knew exactly where he was. He didn’t have to send an aide to go tell Bibi to knock it off – he told him in front of the whole world, and that’s who President Trump is.
    “I think that the regime in Iran is more worried about regime change than they are about nuclear weapons in the future. I think that’s what their big fear is. They’re trying to save face as well. And here’s President Trump offering another olive branch. He wants peace. He cares about the Iranian people who have been tortured and murdered by their government for decades as well. So, I think it’s another master class in negotiations by President Trump.
    “Look, we’re tired of the killing. That’s all I can say, we’re tired of the killing here. We’re tired of the killing in Gaza. We’re tired of the killing in Ukraine. President Trump wants to end all that, and when that happens, the economy, the world economy, will improve if we can get all these wars back under control.”
    On Democrats’ hypocrisy on foreign precision strikes:
    “And this is what I was talking about earlier, going from Trump obsession to Trump psychosis. And this is what you have, that they are dissociated from truth, from reality. The President has a constitutional duty to protect this nation. Iran was one week away from having a nuclear warhead – they had enough 60% enriched uranium to build 10 atomic bombs. The President had a duty to protect us. That’s what he did.
    “You pointed this out early, the hypocrisy of Obama, who did similar things. Clinton did similar things. President Nixon, of course, as well. So, this is psychosis. Thank God for President Trump that this is not phasing him, it’s not slowing him down. He’s going to do the right thing. I even saw some polling recently, 90% of Republicans support how President Trump has handled all this – I think he’s growing stronger, more popular. The United States is respected more. This is what peace through strength looks like.”
    On the next steps in the reconciliation process:
    “Like you said, President Trump’s done his job. Now it’s time for us to do our job. This bill is not perfect, but it’s going to prevent the largest tax increase for hard-working, middle-income families in the history of our country. It’s going to build 2000 miles of barrier. It’s going to give us border security funding for four years – we’re going to run out of funding very soon to secure the border. It’s going to give our military pay raises, make the military stronger for the next four years as well.
    “You know, some things that people aren’t talking about out there that I think are very important… this is going to defund Planned Parenthood. It’s going to allow us to purchase short-barreled rifles again. It’s going to give more flexibility with 529 education plans and with Pell Grants as well. … There are so many good things in this. It’s going to increase your Child Tax Credits to $2200 – If we don’t do this, it would be $1,000. So, there are so many great things in this bill. It’s going to be a rising tide that floats all boats. It’s going to give us more prosperity and security. We don’t have a choice – we need to get it done.”

    MIL OSI USA News

  • MIL-OSI Africa: International Monetary Fund (IMF) Executive Board Concludes the 2025 Article IV Consultation with Libya

    Source: Africa Press Organisation – English (2) – Report:

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    The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Libya.[1] The Executive Board’s decision was taken on a lapse-of-time basis.

    Real GDP growth is estimated to have declined to around 2 percent in 2024 from 10 percent in 2023, driven by a contraction in the hydrocarbon sector. At the same time, non-hydrocarbon growth remained robust on the back of sustained government spending. Both the current and the fiscal accounts have swung from a surplus in 2023 to a deficit in 2024. Reported inflation remained low.

    The outlook continues to be dominated by developments in the oil sector. Real GDP growth is projected to rebound in 2025, primarily driven by an expansion of oil production, before moderating to about 2 percent over the medium term. Non-hydrocarbon growth is set to remain between 5 and 6 percent in the medium term, supported by sustained government spending. The current account is slated to post a small surplus in 2025 (0.7 percent of GDP) before turning into a small deficit over the medium term, as oil prices remain subdued. The fiscal balance is projected to remain in deficit—albeit at a much lower level than in 2024—under the weight of continued large government spending.

    Risks are tilted to the downside. Domestic risks stem from political instability, potentially evolving into active conflict, disrupting oil production and exports, and preventing progress on much-needed economic reforms. The economy is exposed to global downside risks through its heavy dependence on oil exports and a large import bill.

    Executive Board Assessment[2]

    Economic activity and fiscal and external accounts are poised to remain heavily dependent on developments in the oil sector and subject to downside risks. Following a rebound in oil production, economic growth is expected to be in double digits in 2025, before moderating over the medium term. Despite the expected increase in oil exports, the current account and fiscal balances are set to remain in deficit over most of the forecast horizon, weighed down by the projected softening of oil prices and large fiscal spending. The outlook is subject to downside risks, including the potential intensification of domestic political tensions, which could disrupt oil production and exports, and adverse global economic and geopolitical developments, which would put additional downward pressure on oil prices. To mitigate these risks, accelerating reforms aimed at restraining fiscal spending and diversifying the economy away from oil will be crucial.    

    Controlling expenditure will be key to ensure sustainability and to achieve intergenerational equity. The authorities should remain steadfast in their efforts to agree on a unified budget that outlines priority spending and enhances the transparency and credibility of government fiscal operations. Until such an agreement is reached, pressures to increase spending on salaries and subsidies should be resisted. Over the medium term, a sizable adjustment will be required to set the fiscal position on a sustainable trajectory and preserve intergenerational equity. The adjustment should be carefully designed to rationalize current spending, particularly wages and energy subsidies, and mobilize non-oil revenues, while maintaining capital expenditures at levels that support economic diversification.

    A well-designed monetary and exchange rate policy framework will be essential to help manage economic cycles and mitigate the depreciation pressures. Introducing a well-defined policy rate will enhance the CBL’s capacity in smoothing the economic cycle and alleviating pressures on the dinar and provide a benchmark for the pricing of credit by both conventional and Islamic banks. Phasing out the foreign exchange tax alongside other exchange restrictions in line with Libya’s Article VIII obligations will reduce distortions, lower economic agents’ need to resort to the parallel market and help unify the exchange rate.

    Reforms are needed to reinforce the banking sector’s contribution to economic activity. Impediments to a more active role by banks in the economy remain pervasive. Introducing well-designed savings plans will help to reduce cash hoarding, expand banks’ deposit base, establish bank-customer relationships, and support the provision of credit to the private sector. Enhancing transparency and accountability within the banking sector and promoting financial literacy among the public would foster confidence in banks and increase their footprint in Libya’s economy. Strengthening the AML/CFT framework, including by aligning it with international standards, will be paramount to support the stability of correspondent banking relationships and to ensure that Libyan banks’ operations remain uninterrupted.

    Structural and governance reforms would foster the emergence of a diversified, sustainable, and private sector-led economy. Forging a comprehensive reform program aimed at reducing dependence on oil revenues should be at the top of the authorities’ agenda. Key elements of the reform program should promote a more active engagement of the private sector in economic activity, including by enhancing the business environment and access to finance and introducing labor market measures that encourage private sector employment. Taking decisive actions to tackle corruption, strengthen governance, and enhance the rule of law will support economic diversification further.

    There is a need to enhance data provision and statistical capacity. Data gaps continue to significantly hamper staff’s ability to conduct analysis and provide policy advice. There is a need for the authorities to implement the technical assistance recommendations in the areas of national accounts and external sector statistics, and monetary and financial statistics, and improve data collection and reporting.

    (Main Export: Crude Oil)

    Est.

    Proj.

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    (Annual percentage change, unless otherwise indicated)

    National income and prices

    Real GDP (at market price)

    28.3

    -8.3

    10.2

    1.9

    16.1

    4.4

    1.6

    1.7

    1.9

    2.2

    Nonhydrocarbon

    5.9

    7.9

    -0.6

    14.3

    2.9

    5.9

    4.2

    4.4

    4.8

    5.3

    Hydrocarbon

    45.0

    -17.0

    17.8

    -5.5

    25.6

    3.6

    0.0

    0.0

    0.0

    0.0

    Nominal GDP in billions of Libyan dinars 1/

    159.0

    208.2

    211.9

    234.3

    251.2

    254.2

    265.5

    277.9

    292.0

    306.6

    Nominal GDP in billions of U.S. dollars 1/

    35.2

    43.3

    44.0

    48.4

    47.2

    47.7

    49.8

    52.2

    54.8

    57.6

    Per capita GDP in thousands of U.S. dollars

    5.2

    6.4

    6.4

    7.0

    6.8

    6.8

    7.0

    7.3

    7.5

    7.8

    GDP deflator

    90.4

    42.7

    -7.6

    3.6

    -3.3

    -3.1

    2.8

    2.9

    3.1

    2.8

    CPI inflation

      Period average

    2.9

    4.5

    2.4

    2.1

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

      End of period

    3.7

    4.1

    1.8

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    (In percent of GDP)

    Central government finances

    Revenues

    79.5

    85.8

    73.6

    69.8

    67.9

    61.1

    58.5

    56.6

    54.5

    52.4

    Of which: Hydrocarbon

    78.1

    83.9

    71.6

    55.4

    62.1

    59.2

    56.7

    54.7

    52.6

    50.4

    Expenditure and net lending

    64.7

    62.2

    65.4

    94.8

    73.2

    64.6

    61.8

    59.5

    57.1

    54.8

    Of which: Capital expenditures

    10.9

    8.4

    8.7

    34.6

    20.1

    12.8

    12.1

    11.4

    11.0

    10.9

    Overall balance

    14.8

    23.6

    8.2

    -25.1

    -5.3

    -3.5

    -3.3

    -2.9

    -2.7

    -2.5

    Overall balance (in billions of U.S. dollars)

    5.2

    10.2

    3.6

    -12.1

    -2.5

    -1.7

    -1.6

    -1.5

    -1.5

    -1.4

    Nonhydrocarbon balance

    -63.3

    -60.3

    -63.4

    -80.5

    -67.5

    -62.7

    -60.0

    -57.6

    -55.2

    -52.9

    (Annual percentage change unless otherwise indicated)

    Money and credit

    Base Money

    2.8

    -16.9

    47.9

    6.6

    36.8

    9.0

    9.2

    10.0

    10.2

    16.7

    Currency in circulation

    -20.0

    -1.4

    37.6

    13.3

    10.5

    2.2

    1.5

    5.0

    5.0

    5.0

    Money and quasi-money

    -20.3

    12.0

    28.3

    12.2

    4.0

    4.5

    4.5

    5.0

    5.0

    5.0

    Net credit to the government (Libyan Dinar, billion)

    -94.1

    -114.9

    -110.9

    -128.8

    -130.4

    -121.4

    -112.7

    -104.6

    -96.8

    -89.3

    Credit to the economy (% of GDP)

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    (In billions of U.S. dollars, unless otherwise indicated)

    Balance of payments

    Exports

    25.9

    32.1

    30.9

    28.4

    32.0

    31.3

    31.6

    32.0

    32.5

    32.9

    Of which: Hydrocarbon

    24.5

    30.0

    28.8

    26.3

    29.9

    29.1

    29.2

    29.7

    30.3

    29.9

    Imports

    17.0

    17.2

    17.7

    21.6

    21.9

    20.5

    20.6

    20.8

    21.0

    21.2

    Current account balance

    5.7

    10.0

    8.0

    -2.0

    0.3

    -0.3

    -0.2

    -0.2

    -0.1

    -0.1

    (As percent of GDP)

    16.1

    23.2

    18.3

    -4.2

    0.7

    -0.5

    -0.4

    -0.3

    -0.3

    -0.1

    Capital Account (including E&O)

    -7.0

    -5.3

    -3.8

    6.5

    -2.8

    -1.4

    -1.4

    -1.4

    -1.3

    -1.3

    Overall balance 2/

    1.1

    4.7

    4.3

    4.5

    -2.5

    -1.7

    -1.6

    -1.5

    -1.5

    -1.4

    Reserves

    Gross official reserves

    69.4

    74.1

    78.4

    82.9

    81.1

    79.4

    77.8

    76.3

    74.8

    73.4

    In months of next year’s imports

    32.2

    32.8

    34.2

    29.6

    31.0

    32.3

    31.5

    30.5

    29.6

    28.8

    Gross official reserves in percentage of Broad Money

    317.0

    318.2

    261.3

    250.3

    262.9

    246.4

    230.9

    215.6

    201.4

    188.2

    Total foreign assets

    79.7

    84.2

    88.5

    93.6

    91.6

    89.7

    87.9

    86.2

    84.5

    82.9

    Exchange rate

    Official exchange rate (LD/US$, period average)

    4.5

    4.8

    4.8

    4.8

    Parallel market exchange rate (LD/US$, period average)

    5.1

    5.1

    5.2

    6.9

    Parallel market exchange rate (LD/US$, end of period)

    5.0

    5.2

    6.1

    6.4

    Crude oil production (millions of barrels per day – mbd)

    1.2

    1.0

    1.2

    1.1

    1.4

    1.5

    1.5

    1.5

    1.5

    1.5

     Of which: Exports

    1.0

    0.8

    1.0

    0.9

    1.1

    1.2

    1.2

    1.2

    1.2

    1.2

    Crude oil price (US$/bbl) 3/

    64.4

    89.6

    75.0

    73.6

    66.9

    62.4

    62.7

    63.6

    64.3

    64.9

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

    1/ Nominal GDP data are at market prices.

    2/ Includes revaluation of gold holdings of U$10.5 billion in 2024.

    3/ The crude oil price was adjusted for Libya up to 2024.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    – on behalf of International Monetary Fund (IMF).

    MIL OSI Africa

  • MIL-OSI USA: Americans are Counting on Congress to Pass the One Big Beautiful Bill

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Yesterday, House GOP Leadership invited constituents from each of their districts to discuss how the One Big Beautiful Bill will benefit every industry, and every profession, in every district in America. Fox News’ Liz Elkind spoke with those constituents; read their testimonies below.

    “I believe that our tax rates in Louisiana for small businesses will jump up to around 43.4%. I mean, that’s literally half of what we’re working for,”  Louisiana resident and small business owner Toni McAllister said. “So what will we be working for to pay taxes?”

    Read the full article here or below:

    EXCLUSIVE: Toni McAllister is a prominent voice in Louisiana’s logging industry, but as she told Fox News Digital on Tuesday, she is also “a mom and a wife” from a middle-class family.

    She is one of four Americans from across the country invited by House GOP leaders to Capitol Hill to promote President Donald Trump’s “one big, beautiful bill.”

    It is a vast piece of legislation aimed at advancing Trump’s priorities on taxes, immigration, energy, defense and the national debt – which is taking Herculean political maneuvering to pass.

    On Tuesday, House Speaker Mike Johnson, R-La., and other leaders pivoted from promoting it themselves, instead inviting their four guests to talk about their support for the bill, and what is at stake if it does not pass by the end of this year.

    “I believe that our tax rates in Louisiana for small businesses will jump up to around 43.4%. I mean, that’s literally half of what we’re working for. So what will we be working for to pay taxes?” McAllister told Fox News Digital.

    She is the executive director of the Louisiana Logger’s Association, a trade group representing loggers in the Bayou State. In addition to that, however, McAllister said she was concerned about a tax hike for her family if the bill is not passed.

    “I’m just a regular middle-class family. And in Louisiana, the average tax hike would be around $1,300. That’s a month of groceries. That’s anything extra that we can do with our kids. $1,300 is a lot of money,” she said.

    Projections released by the House GOP show that under the lower chamber’s version of the bill, an average family could see an additional $1,300 in tax relief, while a failure to pass it could lead to a $1,700 tax hike.

    Republicans are aiming to use the bill to extend Trump’s 2017 Tax Cuts and Jobs Act, as well as implement a host of new policies like eliminating taxes on tipped and overtime wages.

    Retired Sheriff James Stuart said those latter measures, which Trump campaigned on in 2024, will be critical to law enforcement recruitment in Minnesota.

    “One of the most persistent struggles of agencies across the country is retention and recruitment. No tax on overtime will increase take-home pay for our peace offices, which will boost morale and ease burdens for them and their families,” Stuart, who is also executive director of the Minnesota Sheriff’s Association, told Fox News Digital.

    However, Paul Danos, the head of a family-owned offshore energy service company in Gray, Louisiana, told Fox News Digital that Republicans’ energy policies are also critical for his business.

    “If this bill doesn’t pass, then we find ourselves where we were in the last administration, with that lack of predictability around lease sales,” Danos said.

    “Those multibillion-dollar investments that are creating jobs, that are providing safe and affordable energy here in the US, are jeopardized. We start having to depend on other nations for our oil and gas.”

    That, he argued, would lead to higher prices for everyone.

    Sam Palmeter, who leads engineering at Laser Marking Technologies, one of the last two laser technology companies owned and operated in America, said he and others in Michigan were “tired of brain drain,” hoping Trump’s bill could reverse that and revitalize manufacturing in the region.

    “We won’t grow, and we won’t provide as many jobs in the industrial manufacturing and engineering space,” Palmeter said.

    “And that’s sad, because there’s nothing that makes me more proud than hiring a local kid…So he’s working 13 miles from home. He doesn’t have to leave his family and everything to exercise that degree.”

    It is not yet clear if their arguments or others in favor of Trump’s bill will have any effect, however.

    The legislation has been met with Republican critics in the House and Senate, while GOP leaders have styled it as the best possible path forward for a conservative policy overhaul while they control Congress and the White House.

    While the dissent is coming from a relatively small number of Republicans, it could be enough to derail the legislation – both House and Senate GOP leaders are grappling with razor-thin margins of just a few votes.

    Trump recently ordered lawmakers to remain in Washington, D.C., until the bill is passed – despite a planned recess next week for the Fourth of July holiday.

    The bill passed the House by one vote last month, and a modified version is expected to get a Senate vote sometime this week. Both the House and Senate must pass identical products before they can be sent to Trump’s desk.

    ###

    MIL OSI USA News

  • MIL-OSI Africa: South Africa: National Assembly Approves the Public Pension and Related Payments Bill


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    The National Assembly, during its hybrid plenary sitting yesterday, approved the Public Sector Pension and Related Payments Bill.

    The Bill, introduced by the Minister of Finance as part of the 2025 Budget, proposes that public sector-related pension, post-retirement medical and other benefits in terms of statutory and collective agreement obligations become direct charges against the National Revenue Fund (NRF).

    This means the Bill will make it easier for the government to pay pensions and medical benefits to retired public servants, such as former presidents, Members of Parliament, military veterans, and other government employees. Instead of using the National Treasury’s budget, these payments will now be made directly from the NRF – the central account for government funds.

    The current payment system makes it difficult for National Treasury to pay the benefits, as there are administrative requirements to track which department each retired claimant worked in, causing delays and complications. The new Bill will fix this by simplifying how and where the payments come from.

    In line with the requirements of the Money Bills Amendment Procedure and Related Matters Act, the Standing Committee on Appropriations held public hearings and submissions were received from key stakeholders, including the Financial and Fiscal Commission, which supported the Bill’s intent but raised concerns regarding fiscal transparency and the clear delineation of responsibilities between the government, the Government Employees Pension Fund and public servants.

    The Parliamentary Budget Office agreed with the Bill and said Parliament should always have a chance to approve any changes. The Congress of South African Trade Unions fully supported the Bill, saying it protects pensions and respects worker agreements.

    While the Standing Committee supports the Bill, it raised its concern with a clause that says if Parliament does not approve or reject changes to the list of benefits within three months, those changes will automatically become law. The committee does not agree with this and asked the Minister of Finance to remove that clause in the next round of changes.

    The committee further recommended that the Minister of Finance report back to Parliament in writing on the concerns raised and that the committee should be kept informed and involved in all future decisions about these pensions.

    The NA adopted the Bill and it will now be sent to the National Council of Provinces for concurrence.

    Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa

  • MIL-OSI USA: Cortez Masto, Rosen Secure Close to $34 Million to Support Nevada’s Rural Communities

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) announced that the Department of the Interior (DOI) has awarded $33,801,823 to Nevada counties under the Payments of Lieu of Taxes (PILT) program. PILT payments support government services – including firefighting, law enforcement, road construction, and public education – primarily in rural counties.

    “Nevada’s rural communities rely on PILT funding to complete projects and carry out critical services,” said Senator Cortez Masto. “I am pleased to announce this funding – close to a million more than last year – to ensure local governments across the Silver State can continue to deliver for families that call our rural counties home.”

    “I’m committed to making sure that Nevada receives its fair share of federal funding to help support local law enforcement, bolster public education, and fund critically-needed infrastructure repairs,” said Senator Rosen. “I’m proud to have helped secure more than $33 million in PILT funding this year to support rural communities across Nevada so they can afford essential services that benefit our state and help Nevadans succeed.”

    PILT payments are federal payments to local governments that help offset losses in property taxes due to non-taxable federal lands within those governments’ boundaries. PILT payments help local governments carry out vital services including firefighting and police protection, construction of public schools and roads, and search-and-rescue operations. The payments are made annually for tax-exempt federal lands administered by the Bureau of Land Management, the National Park Service, the U.S. Fish and Wildlife Service (all agencies of the DOI), the U.S. Forest Service (part of the U.S. Department of Agriculture), federal water projects, and some military installations. A full breakdown of the FY2025 PILT payments by county is available here.

    Senator Cortez Masto is fighting to expand the PILT program for low-population counties to secure even more funding for Nevada’s rural communities in the future. In March, she introduced the bipartisan Small County PILT Parity Act, which would allow counties with populations under 5,000 to receive increased PILT payments to create parity with larger counties where per capita funding increases as population decreases. In Nevada, five counties would qualify for increased funding under that bill: Esmeralda, Eureka, Lincoln, Mineral, and Storey.

    Senators Cortez Masto and Rosen are champions for Nevada’s rural communities, working across the aisle to deliver for families. They have also ensured rural Nevada communities have better access to federal funds and services through the Rural Partners Network. In the Bipartisan Infrastructure Law, they secured funding for rural schools and over $460 million for broadband. Cortez Masto also made sure the law included her legislation to help rural counties with internet access at local schools and streamline federal broadband funding to improve internet access for rural areas. Cortez Masto has led legislation to support key tourism and outdoor industries in every corner of Nevada through economic development.

    MIL OSI USA News

  • MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation with Libya

    Source: IMF – News in Russian

    June 25, 2025

    • The continued political division and widespread fragilities have hindered the authorities’ capacity to control public expenditure and enact necessary reforms
    • The outlook is dominated by developments in the oil sector, and the country remains exposed to global downside risks
    • Controlling expenditure will be key to ensure sustainability and to achieving intergenerational equity

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Libya.[1] The Executive Board’s decision was taken on a lapse-of-time basis.

    Real GDP growth is estimated to have declined to around 2 percent in 2024 from 10 percent in 2023, driven by a contraction in the hydrocarbon sector. At the same time, non-hydrocarbon growth remained robust on the back of sustained government spending. Both the current and the fiscal accounts have swung from a surplus in 2023 to a deficit in 2024. Reported inflation remained low.

    The outlook continues to be dominated by developments in the oil sector. Real GDP growth is projected to rebound in 2025, primarily driven by an expansion of oil production, before moderating to about 2 percent over the medium term. Non-hydrocarbon growth is set to remain between 5 and 6 percent in the medium term, supported by sustained government spending. The current account is slated to post a small surplus in 2025 (0.7 percent of GDP) before turning into a small deficit over the medium term, as oil prices remain subdued. The fiscal balance is projected to remain in deficit—albeit at a much lower level than in 2024—under the weight of continued large government spending.

    Risks are tilted to the downside. Domestic risks stem from political instability, potentially evolving into active conflict, disrupting oil production and exports, and preventing progress on much-needed economic reforms. The economy is exposed to global downside risks through its heavy dependence on oil exports and a large import bill.

    Executive Board Assessment[2]

    Economic activity and fiscal and external accounts are poised to remain heavily dependent on developments in the oil sector and subject to downside risks. Following a rebound in oil production, economic growth is expected to be in double digits in 2025, before moderating over the medium term. Despite the expected increase in oil exports, the current account and fiscal balances are set to remain in deficit over most of the forecast horizon, weighed down by the projected softening of oil prices and large fiscal spending. The outlook is subject to downside risks, including the potential intensification of domestic political tensions, which could disrupt oil production and exports, and adverse global economic and geopolitical developments, which would put additional downward pressure on oil prices. To mitigate these risks, accelerating reforms aimed at restraining fiscal spending and diversifying the economy away from oil will be crucial.    

    Controlling expenditure will be key to ensure sustainability and to achieve intergenerational equity. The authorities should remain steadfast in their efforts to agree on a unified budget that outlines priority spending and enhances the transparency and credibility of government fiscal operations. Until such an agreement is reached, pressures to increase spending on salaries and subsidies should be resisted. Over the medium term, a sizable adjustment will be required to set the fiscal position on a sustainable trajectory and preserve intergenerational equity. The adjustment should be carefully designed to rationalize current spending, particularly wages and energy subsidies, and mobilize non-oil revenues, while maintaining capital expenditures at levels that support economic diversification.

    A well-designed monetary and exchange rate policy framework will be essential to help manage economic cycles and mitigate the depreciation pressures. Introducing a well-defined policy rate will enhance the CBL’s capacity in smoothing the economic cycle and alleviating pressures on the dinar and provide a benchmark for the pricing of credit by both conventional and Islamic banks. Phasing out the foreign exchange tax alongside other exchange restrictions in line with Libya’s Article VIII obligations will reduce distortions, lower economic agents’ need to resort to the parallel market and help unify the exchange rate.

    Reforms are needed to reinforce the banking sector’s contribution to economic activity. Impediments to a more active role by banks in the economy remain pervasive. Introducing well-designed savings plans will help to reduce cash hoarding, expand banks’ deposit base, establish bank-customer relationships, and support the provision of credit to the private sector. Enhancing transparency and accountability within the banking sector and promoting financial literacy among the public would foster confidence in banks and increase their footprint in Libya’s economy. Strengthening the AML/CFT framework, including by aligning it with international standards, will be paramount to support the stability of correspondent banking relationships and to ensure that Libyan banks’ operations remain uninterrupted.

    Structural and governance reforms would foster the emergence of a diversified, sustainable, and private sector-led economy. Forging a comprehensive reform program aimed at reducing dependence on oil revenues should be at the top of the authorities’ agenda. Key elements of the reform program should promote a more active engagement of the private sector in economic activity, including by enhancing the business environment and access to finance and introducing labor market measures that encourage private sector employment. Taking decisive actions to tackle corruption, strengthen governance, and enhance the rule of law will support economic diversification further.

    There is a need to enhance data provision and statistical capacity. Data gaps continue to significantly hamper staff’s ability to conduct analysis and provide policy advice. There is a need for the authorities to implement the technical assistance recommendations in the areas of national accounts and external sector statistics, and monetary and financial statistics, and improve data collection and reporting.

    Libya: Selected Economic and Financial Indicators, 2021-2030

    (Main Export: Crude Oil)

                             
               

    Est.

    Proj.

         

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    (Annual percentage change, unless otherwise indicated)

             

    National income and prices

             

    Real GDP (at market price)

       

    28.3

    -8.3

    10.2

    1.9

    16.1

    4.4

    1.6

    1.7

    1.9

    2.2

    Nonhydrocarbon

       

    5.9

    7.9

    -0.6

    14.3

    2.9

    5.9

    4.2

    4.4

    4.8

    5.3

    Hydrocarbon

       

    45.0

    -17.0

    17.8

    -5.5

    25.6

    3.6

    0.0

    0.0

    0.0

    0.0

    Nominal GDP in billions of Libyan dinars 1/

       

    159.0

    208.2

    211.9

    234.3

    251.2

    254.2

    265.5

    277.9

    292.0

    306.6

    Nominal GDP in billions of U.S. dollars 1/

       

    35.2

    43.3

    44.0

    48.4

    47.2

    47.7

    49.8

    52.2

    54.8

    57.6

    Per capita GDP in thousands of U.S. dollars

       

    5.2

    6.4

    6.4

    7.0

    6.8

    6.8

    7.0

    7.3

    7.5

    7.8

    GDP deflator

       

    90.4

    42.7

    -7.6

    3.6

    -3.3

    -3.1

    2.8

    2.9

    3.1

    2.8

    CPI inflation

             

      Period average

       

    2.9

    4.5

    2.4

    2.1

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

      End of period

       

    3.7

    4.1

    1.8

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    (In percent of GDP)

                           

    Central government finances

             

    Revenues

       

    79.5

    85.8

    73.6

    69.8

    67.9

    61.1

    58.5

    56.6

    54.5

    52.4

    Of which: Hydrocarbon

       

    78.1

    83.9

    71.6

    55.4

    62.1

    59.2

    56.7

    54.7

    52.6

    50.4

    Expenditure and net lending

       

    64.7

    62.2

    65.4

    94.8

    73.2

    64.6

    61.8

    59.5

    57.1

    54.8

    Of which: Capital expenditures

       

    10.9

    8.4

    8.7

    34.6

    20.1

    12.8

    12.1

    11.4

    11.0

    10.9

    Overall balance

       

    14.8

    23.6

    8.2

    -25.1

    -5.3

    -3.5

    -3.3

    -2.9

    -2.7

    -2.5

    Overall balance (in billions of U.S. dollars)

       

    5.2

    10.2

    3.6

    -12.1

    -2.5

    -1.7

    -1.6

    -1.5

    -1.5

    -1.4

    Nonhydrocarbon balance

       

    -63.3

    -60.3

    -63.4

    -80.5

    -67.5

    -62.7

    -60.0

    -57.6

    -55.2

    -52.9

    (Annual percentage change unless otherwise indicated)

             

    Money and credit

             

    Base Money

       

    2.8

    -16.9

    47.9

    6.6

    36.8

    9.0

    9.2

    10.0

    10.2

    16.7

    Currency in circulation

       

    -20.0

    -1.4

    37.6

    13.3

    10.5

    2.2

    1.5

    5.0

    5.0

    5.0

    Money and quasi-money

       

    -20.3

    12.0

    28.3

    12.2

    4.0

    4.5

    4.5

    5.0

    5.0

    5.0

    Net credit to the government (Libyan Dinar, billion)

       

    -94.1

    -114.9

    -110.9

    -128.8

    -130.4

    -121.4

    -112.7

    -104.6

    -96.8

    -89.3

    Credit to the economy (% of GDP)

       

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

    (In billions of U.S. dollars, unless otherwise indicated)

             

    Balance of payments

             

    Exports

       

    25.9

    32.1

    30.9

    28.4

    32.0

    31.3

    31.6

    32.0

    32.5

    32.9

    Of which: Hydrocarbon

       

    24.5

    30.0

    28.8

    26.3

    29.9

    29.1

    29.2

    29.7

    30.3

    29.9

    Imports

       

    17.0

    17.2

    17.7

    21.6

    21.9

    20.5

    20.6

    20.8

    21.0

    21.2

    Current account balance

       

    5.7

    10.0

    8.0

    -2.0

    0.3

    -0.3

    -0.2

    -0.2

    -0.1

    -0.1

    (As percent of GDP)

       

    16.1

    23.2

    18.3

    -4.2

    0.7

    -0.5

    -0.4

    -0.3

    -0.3

    -0.1

    Capital Account (including E&O)

       

    -7.0

    -5.3

    -3.8

    6.5

    -2.8

    -1.4

    -1.4

    -1.4

    -1.3

    -1.3

    Overall balance 2/

       

    1.1

    4.7

    4.3

    4.5

    -2.5

    -1.7

    -1.6

    -1.5

    -1.5

    -1.4

    Reserves

             

    Gross official reserves

       

    69.4

    74.1

    78.4

    82.9

    81.1

    79.4

    77.8

    76.3

    74.8

    73.4

    In months of next year’s imports

       

    32.2

    32.8

    34.2

    29.6

    31.0

    32.3

    31.5

    30.5

    29.6

    28.8

    Gross official reserves in percentage of Broad Money

       

    317.0

    318.2

    261.3

    250.3

    262.9

    246.4

    230.9

    215.6

    201.4

    188.2

    Total foreign assets

       

    79.7

    84.2

    88.5

    93.6

    91.6

    89.7

    87.9

    86.2

    84.5

    82.9

    Exchange rate

             

    Official exchange rate (LD/US$, period average)

       

    4.5

    4.8

    4.8

    4.8

    Parallel market exchange rate (LD/US$, period average)

       

    5.1

    5.1

    5.2

    6.9

    Parallel market exchange rate (LD/US$, end of period)

       

    5.0

    5.2

    6.1

    6.4

    Crude oil production (millions of barrels per day – mbd)

       

    1.2

    1.0

    1.2

    1.1

    1.4

    1.5

    1.5

    1.5

    1.5

    1.5

     Of which: Exports

       

    1.0

    0.8

    1.0

    0.9

    1.1

    1.2

    1.2

    1.2

    1.2

    1.2

    Crude oil price (US$/bbl) 3/

       

    64.4

    89.6

    75.0

    73.6

    66.9

    62.4

    62.7

    63.6

    64.3

    64.9

                             

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

    1/ Nominal GDP data are at market prices.

    2/ Includes revaluation of gold holdings of U$10.5 billion in 2024.

    3/ The crude oil price was adjusted for Libya up to 2024.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    https://www.imf.org/en/News/Articles/2025/06/25/pr-25217-libya-imf-executive-board-concludes-the-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: New Jersey CPA Pleads Guilty to Conspiring with Others to Defraud the United States

    Source: US State of California

    Defendant Promoted Fraudulent Syndicated Conservation Easement Tax Shelters to Clients

    A New Jersey Certified Public Accountant (CPA) pleaded guilty yesterday to conspiring to defraud the United States by promoting fraudulent tax shelters to his high-income clients.

    According to court documents and statements made in court, between 2018 and 2019, Ofer Gabbay, a CPA, of Paramus, New Jersey, conspired with others, including Jack Fisher, James Sinnott, and their assistant Kate Joy to promote fraudulent syndicated conservation easement tax shelters to their clients. These tax shelters facilitated high-income taxpayers in claiming unwarranted and inflated charitable contribution tax deductions in connection with the donation of a conservation easement over land. To carry out the scheme, Gabbay and others instructed clients to provide backdated checks, agreements and other documents to support the unwarranted tax deductions. Gabbay then prepared false tax returns for his participating clients.

    Fisher and Sinnott were sentenced to 25 year and 23 years in prison, respectively, for their roles in the scheme. Joy remains a fugitive.

    Gabbay faces a maximum penalty of five years in prison. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Senior Litigation Counsel Richard Rolwing and Trial Attorney Parker Tobin of the Tax Division are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI Security: New Jersey CPA Pleads Guilty to Conspiring with Others to Defraud the United States

    Source: United States Attorneys General

    Defendant Promoted Fraudulent Syndicated Conservation Easement Tax Shelters to Clients

    A New Jersey Certified Public Accountant (CPA) pleaded guilty yesterday to conspiring to defraud the United States by promoting fraudulent tax shelters to his high-income clients.

    According to court documents and statements made in court, between 2018 and 2019, Ofer Gabbay, a CPA, of Paramus, New Jersey, conspired with others, including Jack Fisher, James Sinnott, and their assistant Kate Joy to promote fraudulent syndicated conservation easement tax shelters to their clients. These tax shelters facilitated high-income taxpayers in claiming unwarranted and inflated charitable contribution tax deductions in connection with the donation of a conservation easement over land. To carry out the scheme, Gabbay and others instructed clients to provide backdated checks, agreements and other documents to support the unwarranted tax deductions. Gabbay then prepared false tax returns for his participating clients.

    Fisher and Sinnott were sentenced to 25 year and 23 years in prison, respectively, for their roles in the scheme. Joy remains a fugitive.

    Gabbay faces a maximum penalty of five years in prison. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Senior Litigation Counsel Richard Rolwing and Trial Attorney Parker Tobin of the Tax Division are prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: New Jersey CPA Pleads Guilty to Conspiring with Others to Defraud the United States

    Source: United States Attorneys General

    Defendant Promoted Fraudulent Syndicated Conservation Easement Tax Shelters to Clients

    A New Jersey Certified Public Accountant (CPA) pleaded guilty yesterday to conspiring to defraud the United States by promoting fraudulent tax shelters to his high-income clients.

    According to court documents and statements made in court, between 2018 and 2019, Ofer Gabbay, a CPA, of Paramus, New Jersey, conspired with others, including Jack Fisher, James Sinnott, and their assistant Kate Joy to promote fraudulent syndicated conservation easement tax shelters to their clients. These tax shelters facilitated high-income taxpayers in claiming unwarranted and inflated charitable contribution tax deductions in connection with the donation of a conservation easement over land. To carry out the scheme, Gabbay and others instructed clients to provide backdated checks, agreements and other documents to support the unwarranted tax deductions. Gabbay then prepared false tax returns for his participating clients.

    Fisher and Sinnott were sentenced to 25 year and 23 years in prison, respectively, for their roles in the scheme. Joy remains a fugitive.

    Gabbay faces a maximum penalty of five years in prison. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Senior Litigation Counsel Richard Rolwing and Trial Attorney Parker Tobin of the Tax Division are prosecuting the case.

    MIL Security OSI

  • MIL-OSI: IBFD Expands Access to Critical Tax Research for over 11,500 Institutions in Low- and Middle-income Countries through New Partnership with Research4Life

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, June 25, 2025 (GLOBE NEWSWIRE) — The International Bureau of Fiscal Documentation (IBFD) has joined Research4Life as a contributing publisher, providing free or low-cost access to a selection of its leading tax publications for eligible institutions in low- and middle-income countries.

    Fostering Inclusivity, Diversity, and Equity in Scholarly Communication

    Research4Life supports more than 11,500 institutions across over 125 countries, working to empower research, teaching, and policymaking through equitable access to high-quality academic content. Since its establishment, Research4Life has facilitated access to millions of peer-reviewed sources across various disciplines, strengthening academic and professional communities around the world. By joining this global initiative, IBFD reinforces its commitment to fostering sound tax policy and capacity-building worldwide. As part of the partnership, Research4Life users will gain access to IBFD’s World Tax Journal, International Tax Studies Journal, and its extensive Open Archive Books collection, all recognized as authoritative resources in the field of international taxation.

    “Joining Research4Life as a contributing publisher is a natural step for IBFD.” said Belema Obuoforibo, Director of the IBFD Knowledge Centre, and Member of the IBFD Executive Board. “Our books and journals are trusted by tax researchers and practitioners around the world to support their work and deepen their expertise. This partnership opens the door for a wider audience, particularly in low- and middle-income countries, to access and apply our resources meaningfully in their own research and practice. We are proud to support Research4Life’s mission to ‘foster inclusivity, diversity, and equity in scholarly communication’.”

    Promoting Global Tax Education and Research

    This partnership is part of IBFD’s broader mission to promote global tax education and research, furthering efforts to make specialized tax knowledge accessible in underserved regions. The impact of this initiative is far-reaching. A university in a developing country, for example, may now have access to IBFD’s tax publications, enabling faculty members and students to develop informed research and recommendations that strengthen tax systems and drive economic growth. Similarly, policymakers in developing economies can leverage IBFD’s research to support fair taxation and improve compliance measures, fostering sustainable fiscal governance.

    Craig West, Principal Associate of IBFD Academic, emphasized the significance of the collaboration: “At IBFD, our mission is to promote and disseminate the understanding of cross-border taxation at the highest level. Through Research4Life, academics in supported regions can now access high-quality research on international tax matters – enhancing their work, encouraging engagement with IBFD, and contributing fresh perspectives to our platforms. We look forward to sharing knowledge and learning from these communities in return.”

    Now Available in the GOALI Collection

    The selection of IBFD’s publications are available within Research4Life’s ‘GOALI’ collection, which focuses on academic and peer-reviewed journals, publications and databases on law and social sciences. Institutions subscribed to Research4Life can now explore IBFD’s tax resources to strengthen research and policymaking efforts worldwide.

    Looking ahead, IBFD remains committed to expanding the accessibility of specialized tax research and continuing to support initiatives that promote fair and effective tax policy. This partnership marks a significant milestone in IBFD’s efforts, and the organization looks forward to exploring further ways to enhance global tax education and research collaboration. Learn more at www.IBFD.org.

    About IBFD

    The International Bureau of Fiscal Documentation (IBFD) is a leading independent, non-profit organization specializing in tax research and education. With its high-quality research, training and information services, IBFD serves governments, international organizations, academia and the business sector in over 150 countries. www.ibfd.org

    About Research4Life

    Research4Life is a partnership of five UN agencies, WHO, FAO, UNEP, WIPO, ILO, Cornell and Yale Universities, the International Association of Scientific, Technical & Medical Publishers and over 200 international publishers. Research4Life‘s mission is to build an inclusive, diverse and equitable scholarly communications environment by delivering free or low-cost access and user-focused training and resources to researchers in low- and middle-income countries. https://www.research4life.org

    The MIL Network

  • MIL-OSI Global: Trump administration aims to slash funds that preserve the nation’s rich architectural and cultural history

    Source: The Conversation – USA – By Michael R. Allen, Visiting Assistant Professor of History, West Virginia University

    The iconic ‘Walking Man’ Hawkes sign in Westbrook, Maine, was added to the National Register of Historic Places in 2019. Ben McCanna/Portland Portland Press Herald via Getty Images

    President Donald Trump’s proposed fiscal year 2026 discretionary budget is called a “skinny budget” because it’s short on line-by-line details.

    But historic preservation efforts in the U.S. did get a mention – and they might as well be skinned to the bone.

    Trump has proposed to slash funding for the federal Historic Preservation Fund to only $11 million, which is $158 million less than the fund’s previous reauthorization in 2024. The presidential discretionary budget, however, always heads to Congress for appropriation. And Congress always makes changes.

    That said, the Trump administration hasn’t even released the $188 million that Congress appropriated for the fund for the 2025 fiscal year, essentially impounding the funding stream that Congress created in 1976 for historic preservation activities across the nation.

    I’m a scholar of historic preservation who’s worked to secure historic designations for buildings and entire neighborhoods. I’ve worked on projects that range from making distressed neighborhoods in St. Louis eligible for historic tax credits to surveying Cold War-era hangars and buildings on seven U.S. Air Force bases.

    I’ve seen the ways in which the Historic Preservation Fund helps local communities maintain and rehabilitate their rich architectural history, sparing it from deterioration, the wrecking ball or the pressures of the private market.

    A rare, deficit-neutral funding model

    Most Americans probably don’t realize that the task of historic preservation largely falls to individual states and Native American tribes.

    The National Historic Preservation Act that President Lyndon B. Johnson signed into law in 1966 requires states and tribes to handle everything from identifying potential historic sites to reviewing the impact of interstate highway projects on archaeological sites and historic buildings. States and tribes are also responsible for reviewing nominations of sites in the National Register of Historic Places, the nation’s official list of properties deemed worthy of preservation.

    However, many states and tribes didn’t have the capacity to adequately tackle the mandates of the 1966 act. So the Historic Preservation Fund was formed a decade later to alleviate these costs by funneling federal resources into these efforts.

    The fund is actually the product of a conservative, limited-government approach.

    Created during Gerald Ford’s administration, it has a revenue-neutral model, meaning that no tax dollars pay for the program. Instead, it’s funded by private lease royalties from the Outer Continental Shelf oil and gas reserves.

    Most of these reserves are located in federal waters in the Gulf of Mexico and off the coast of Alaska. Private companies that receive a permit to extract from them must agree to a lease with the federal government. Royalties from their oil and gas sales accrue in federally controlled accounts under the terms of these leases. The Office of Natural Resources Revenue then directs 1.5% of the total royalties to the Historic Preservation Fund.

    Congress must continually reauthorize the amount of funding reserved for the Historic Preservation Fund, or it goes unfunded.

    Boston’s Fenway Park was added to the National Register of Historic Places in 2012, making it eligible for preservation grants and federal tax incentives.
    Winslow Townson/Getty Images

    Despite bipartisan support, the fund has been threatened in the past. President Ronald Reagan attempted to do exactly what Trump is doing now by making no request for funding at all in his 1983 budget. Yet the fund has nonetheless been reauthorized six times since its inception, with terms ranging from five to 10 years.

    The program is a crucial source of funding, particularly in small towns and rural America, where privately raised cultural heritage funds are harder to come by. It provides grants for the preservation of buildings and geographical areas that hold historical, cultural or spiritual significance in underrepresented communities. And it’s even involved in projects tied to the nation’s 250th birthday in 2026, such as the rehabilitation of the home in New Jersey where George Washington was stationed during the winter of 1778-79 and the restoration of Rhode Island’s Old State House.

    Filling financial gaps

    I’ve witnessed the fund’s impact firsthand in small communities across the nation.

    Edwardsville, Illinois, a suburb of St. Louis, is home to the Leclaire Historic District. In the 1970s, it was added to the National Register of Historic Places. The national designation recognized the historic significance of the district, protecting it against any adverse impacts from federal infrastructure funding. It also made tax credits available to the town. Edwardsville then designated LeClaire a local historic district so that it could legally protect the indelible architectural features of its homes, from original decorative details to the layouts of front porches.

    Despite the designation, however, there was no clear inventory of the hundreds of houses in the district. A few paid staffers and a volunteer citizen commission not only had to review proposed renovations and demolitions, but they also had to figure out which buildings even contributed to LeClaire’s significance and which ones did not – and thus did not need to be tied up in red tape.

    The Allen House is one of approximately 415 single-family homes in the Leclaire neighborhood in Edwardsville, Ill.
    Friends of Leclaire

    Edwardsville was able to secure a grant through the Illinois State Historic Preservation Office thanks to a funding match enabled by money disbursed to Illinois via the Historic Preservation Fund.

    In 2013, my team created an updated inventory of the historic district, making it easier for the local commission to determine which houses should be reviewed carefully and which ones don’t need to be reviewed at all.

    Oil money better than no money

    The historic preservation field, not surprisingly, has come out strongly against Trump’s proposal to defund the Historic Preservation Fund.

    Nonetheless, there have been debates within the field over the fund’s dependence on the fossil fuel industry, which was the trade-off that preservationists made decades ago when they crafted the funding model.

    In the 1970s, amid the national energy crisis, conservation of existing buildings was seen as a worthy ecological goal, since demolition and new construction required fossil fuels. To preservationists, diverting federal carbon royalties seemed like a power play.

    But with the effects of climate change becoming impossible to ignore, some preservationists are starting to more openly critique both the ethics and the wisdom of tapping into a pool of money created through the profits of the oil and gas industry. I’ve recently wondered myself if continued depletion of fossil fuels means that preservationists won’t be able to count on the Historic Preservation Fund as a long-term source of funding.

    That said, you’d be hard-pressed to find a preservationist who thinks that destroying the Historic Preservation Fund would be a good first step in shaping a more visionary policy.

    For now, Trump’s administration has only sown chaos in the field of historic preservation. Already, Ohio has laid off one-third of the staffers in its State Historic Preservation Office due to the impoundment of federal funds. More state preservation offices may follow suit. The National Council of State Historic Preservation Officers predicts that states soon could be unable to perform their federally mandated duties.

    Unfortunately, many people advocating for places important to their towns and neighborhoods may end up learning the hard way just what the Historic Preservation Fund does.

    Michael R. Allen is a member of the Advisor Leadership Team of the National Trust for Historic Preservation.

    ref. Trump administration aims to slash funds that preserve the nation’s rich architectural and cultural history – https://theconversation.com/trump-administration-aims-to-slash-funds-that-preserve-the-nations-rich-architectural-and-cultural-history-258889

    MIL OSI – Global Reports

  • MIL-OSI Global: Grover Norquist’s lasting influence on the GOP and US economic policy

    Source: The Conversation – USA – By Gibbs Knotts, Professor of Political Science, Coastal Carolina University

    Grover Norquist, president of Americans for Tax Reform, speaks on Capitol Hill on Nov. 7, 2017. Alex Wong/Getty Images

    In the “one, big, beautiful bill,” President Donald Trump has called for substantial decreases in federal domestic spending. However, a schism emerged between Republican lawmakers during the budget debates in Congress.

    Some Republicans in blue states called for a tax increase for the wealthiest Americans, prompting longtime anti-tax advocate Grover Norquist to call the increase an “incredibly destructive idea economically, and very foolish politically.”

    As he has done since the 1980s, Norquist demonstrated his influence over the GOP. Since Trump’s second inauguration, he has appeared in several high-profile news stories about the budget, including a Washington Post article where he said, “Tax cuts are income to Americans and a loss to the bureaucracy.”

    Ultimately, the tax increase was defeated, and the Trump budget proposal passed the House on May 22, 2025.

    Norquist praised the leadership from Speaker Mike Johnson and Majority Leader Steve Scalise, saying taxpayers owe them “bigly for managing a narrow Republican House Majority that was united and committed to reducing taxes on the American people.”

    As scholars of U.S. politics, we examined Norquist’s emergence, traced debates about the scope and size of the American government and assessed Norquist’s relevance in the Donald Trump era, where he continues to wield considerable sway in the Republican Party.

    The conscience of a conservative

    In 1960, a slim, 123-page book changed the trajectory of American conservative thought.

    The Conscience of a Conservative,” written by Barry Goldwater, laid out the premise that an expansive federal bureaucracy was the root evil of government.

    Four years later, Ronald Reagan launched his political career with a speech supporting Goldwater. His words echoed Goldwater: “No government ever voluntarily reduces itself in size … a government bureau is the nearest thing to eternal life we’ll ever see on this earth.”

    Reagan ended the speech by noting, “You and I have a rendezvous with destiny.” Goldwater wouldn’t manifest that destiny, but Reagan, 16 years later, took this vision of fiscal conservatism to the White House.

    By the 1980s, Goldwater’s limited government creed had become part of Republican dogma. Government wasn’t just bloated, according to Reagan. It was, as he noted, the problem. The Reagan presidency ushered in the doctrine of supply-side economics, which rests on the premise that tax cuts are key to stimulating economic growth.

    Norquist’s emergence

    Into this landscape stepped a young Norquist.

    He had cut his teeth at the National Taxpayer’s Union, a fiscally conservative taxpayer advocacy group. Then, in 1981, he became the executive director of the College Republican National Committee.

    In the first issue of CR Report, a college Republican newsletter, Norquist’s position as executive director was announced, and he provided a list of suggested readings. Among the titles he recommended were Goldwater’s “Conscience,” Milton Friedman’s “Capitalism and Freedom” and Friedrich Hayek’s “The Road to Serfdom.”

    In 1985, Norquist founded Americans for Tax Reform to support his tax reduction efforts. As Norquist noted, “The tax issue is one thing everyone agrees on.”

    He and his organization effectively institutionalized a permanent tax revolt in Congress supported by his “Taxpayer Protection Pledge,” a promise made starting in 1986 to oppose all efforts to increase marginal tax rates or reduce deductions or credits.

    The pledge became a litmus test for fiscally conservative GOP candidates and cemented the party’s anti-tax stance.

    Feeling this pressure, GOP nominee George H.W. Bush delivered his famous line, “read my lips, no new taxes,” at the 1988 Republican National Convention. Those six words were repeatedly used by primary challenger Pat Buchanan and Bush’s opponent in the general election, Bill Clinton, to raise questions about Bush’s honesty – since he made a pledge that he was unable to keep.

    Newt Gingrich, speaker of the House of Representatives, holds up a copy of the ‘Contract With America’ during a speech on the steps of the U.S. Capitol in April 1995.
    Richard Ellis/AFP via Getty Images

    With Clinton in the White House in 1994, Norquist helped House Minority Whip Newt Gingrich write the “Contract with America” to legislate fiscal conservatism. Weaponizing government shutdowns and setting a more confrontational tone, congressional Republicans successfully rolled back welfare programs, reduced the size of government and cut taxes.

    In 1995, they came two votes shy in the Senate of approving an amendment to the Constitution that would have required the federal budget to be balanced – with no borrowing – every year.

    Anti-tax conservatism in the 21st century

    In 2001, Norquist told a reporter at The Nation: “My goal is to cut government in half in twenty-five years to get it down to the size where we can drown it in the bathtub.”

    This objective would have to wait during the George W. Bush presidency. Resulting in part from the Sept. 11 terrorist attacks, the Bush administration saw dramatic expansions of federal power and spending in homeland security, defense and Medicare, as well as a large increase in the budget deficit.

    The tea party movement, a fiscally conservative political group, was formed in response to these Bush-era increases and two signature programs of the Barack Obama administration: the massive stimulus package, the American Recovery and Reinvestment Act, and his signature health care reform, the Affordable Care Act.

    Norquist reveled in renewed attention to tax policies and the size of government, urging readers of The Guardian to “join the Tea Party movement.”

    Norquist’s continuing legacy

    For more than four decades, Norquist has been a relentless advocate for fiscal conservatism. He is the living embodiment of an ideological thread that stretches from Goldwater to Reagan to Gingrich to current GOP leadership.

    Grover Norquist waits for the arrival of President Donald Trump in the East Room of the White House on March 21, 2019.
    AP Photo/Evan Vucci

    The ongoing debates about the Trump budget are just the latest example of Norquist’s influence. He continues to play an active role in debates about the federal budget and still has considerable sway with Republicans.

    However, Norquist’s uncompromising stance on taxes has coincided with increases in federal spending, surging budget deficits and increased national debt.

    That additional debt is accumulating because many Republicans have adopted his anti-tax position while simultaneously increasing defense budgets, maintaining or expanding entitlement spending and lowering taxes on the wealthiest Americans.

    Nevertheless, Norquist continues to be the fiscal conscience of the Republican Party. Politicians come and go. Powerful ideas, and those who champion them, endure.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Grover Norquist’s lasting influence on the GOP and US economic policy – https://theconversation.com/grover-norquists-lasting-influence-on-the-gop-and-us-economic-policy-256978

    MIL OSI – Global Reports

  • MIL-OSI Economics: REPORT: Energy Storage Market Continues Strong Growth in Q1 2025

    Source: American Clean Power Association (ACP)

    Headline: REPORT: Energy Storage Market Continues Strong Growth in Q1 2025

    HOUSTON/WASHINGTON, D.C. June 25, 2025 — According to the new U.S. Energy Storage Monitor developed by Wood Mackenzie and the American Clean Power Association (ACP), the American energy storage market experienced record growth in Q1 2025—amidst current policy uncertainty.
    The U.S. energy storage market added more than 2 GW across all segments in Q1 2025, marking the highest Q1 on record. The utility-scale segment led the way with more than 1.5 GW of new capacity, representing a significant 57% increase compared to Q1 2024.
    “Surging energy demand is putting the electric grid under strain. The energy storage market is responding to help keep the lights on and support this unprecedented growth in an affordable and reliable way,” said John Hensley, ACP SVP of Markets and Policy Analysis. “Policy uncertainty is now one of the most significant risks that remains on the horizon as we tackle a balanced approach to allowing our economy to expand while maintaining the energy reliability that Americans deserve.”
    New horizons in the market
    The report shows there is a growing appetite across the country for deployment of grid-scale energy storage, as utilities, regulators, and communities further integrate the technology into their resource planning. In Q1 of 2025, states such as Indiana highlighted the geographic diversification that continues to take place as the market expands beyond early adopters such as Texas and California.
    The growing market in Indiana is made possible due to factors such as land availability and clear state permitting guidelines.

    Indiana added 256 MW of new storage to the grid in Q1 2025, effectively quadrupling its operational storage capacity.
    Indiana has more than 10 GW of new storage active in the interconnection queue—the fifth largest storage queue in the country.

    “We’re now seeing significant deployment of energy storage resources in emerging markets like Indiana, while states across the Southwest like Nevada and Arizona continue to expand their energy storage portfolio,” said ACP Vice President of Energy Storage, Noah Roberts. “Energy storage was the second most deployed resource in Q1 2025, demonstrating its unique ability to be quickly built to address critical reliability needs.”
    The residential storage market also saw significant year-over-year (YoY) growth, installing a record-breaking 458 MW in Q1. California and Puerto Rico accounted for 74% of this growth, while new markets like Illinois are beginning to emerge.
    A moment of policy uncertaintyThe total 5-year utility-scale capacity forecast remains strong. However, the segment is at risk for a potential 29% contraction in 2026 due to policy uncertainty.
    The community-scale, commercial, and industrial (CCI) segment has seen a 42% reduction in its five-year outlook, struggling with tariff uncertainty and slower-than-anticipated transition to NEM 3.0 projects in California.
    The report cautions that potential changes to current tax credits could significantly impact the industry’s overall growth. If access to the Investment Tax Credit (ITC) is severely reduced as proposed in the reconciliation bill passed by the House, it could lead to a 27% reduction in buildout over the forecast period. (Note: this report was developed before the U.S. Senate Finance Committee released its version of the reconciliation bill on June 16.)
    Distributed storage would be the most impacted segment, with a potential 46% drop from the base case over the next 5 years. Utility-scale installations would decrease by 16 GW over the next 5 years if the tax provisions are changed.
    In the near term, the report projects that 15 GW/49 GWh of energy storage capacity will be installed across all segments in 2025. The utility-scale segment is expected to grow 22% YoY in 2025.
    As the market evolves, continued innovation, supportive policies, and strategic planning will be crucial to navigate the changing landscape and capitalize on the immense potential of energy storage in the U.S. energy transformation.
    “The Q1 2025 results demonstrate the demand for energy storage in the US to serve a grid with both growing renewables and growing load. However, the industry stands at a crossroads, with potential policy changes threatening to disrupt this momentum,” said Allison Weis, Global Head of Energy Storage at Wood Mackenzie. “It’s crucial that policymakers understand the importance of stable, supportive policies for the continued expansion of energy storage.”
    Purchase the full report at ACP’s website.
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    Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources. Today, our team of over 2,000 experts operate across 30 global locations, inspiring customers’ decisions through real-time analytics, consultancy, events and thought leadership. Together, we deliver the insight they need to separate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com.

    MIL OSI Economics

  • MIL-OSI United Kingdom: Plans for UK to become sustainable finance capital of the world

    Source: United Kingdom – Government Statements

    Press release

    Plans for UK to become sustainable finance capital of the world

    Energy Secretary Ed Miliband outlines plans to support banks and large companies in developing climate transition plans.

    • Government welcomes views on supporting banks and large companies to set out their climate transition plans  
    • Energy Secretary announces plans will “help unlock billions in clean energy investment” and grow the economy  
    • delivers on commitment to make the UK the “sustainable finance capital of the world” as part of the Plan for Change

    To help “unlock billions in clean energy investment”, the Energy Secretary Ed Miliband has today outlined plans to support banks and large companies in developing climate transition plans when addressing the Climate and Innovation Forum as part of London Climate Action Week (25 June).  

    The UK is consistently ranked first in the world for sustainable finance, and 70% of FTSE 100 companies have already voluntarily developed many of the key elements of a transition plan. Widespread transition planning will help provide long-term certainty and clarity to help scale the sustainable finance industry as part of our modern industrial policy. 

    The government’s clean energy superpower mission is already delivering economic growth, with net zero sectors growing 3 times faster than the overall economy last year, according to CBI Economics. Since July, over £40 billion of private investment has also been announced into the UK’s clean energy industries – creating good jobs for working people and driving long-term growth.  

    As part of the government’s Plan for Change, the government wants to help stimulate billions of pounds a year of private investment to deliver the government’s clean energy superpower mission and make the UK the “sustainable finance capital of the world”.  

    To support this growth, the government will take forward recommendations from last year’s Transition Finance Market Review to consult on transition plan requirements in order to catalyse the growing transition finance market. The design of any future transition plan requirements will be aligned with the Prime Minister’s commitment to reduce regulatory compliance costs by 25%. 

    Energy Secretary Ed Miliband said: 

    This government is determined to make the UK the sustainable finance capital of the world as we seize the huge economic opportunities provided by clean energy. 

    Through our clean energy superpower mission and industrial strategy, we can win this global race and accelerate investment into these sectors – growing the economy, turbocharging the transition to net zero and delivering on our Plan for Change. 

    Our plans will transform our leading financial services sector into a global hub for green investment.

    Minister for Competition and Markets Justin Madders said:  

    We want to work with businesses to develop a “common sense” sustainable reporting framework that is transparent, clear and proportionate for those investing in the UK. 

    These measures will enhance competition in the sustainability assurance sector, helping to deliver on our Plan for Change and kickstart economic growth.

    Rt Hon Lord Alok Sharma KCMG, Chair of the UK Transition Finance Council said: 

    A clear message from the Transition Finance Market Review was that high quality disclosure and information are vital for investors and a pre-condition to a flourishing sustainable and transition finance market.  

    I therefore very much welcome the government taking forward recommendations from the Review to consult on corporate transition plan requirements.  

    The UK can become the pre-eminent global financial centre for raising transition finance, but this is a time-limited opportunity, and that is why it will be vital to move quickly from consultation to implementation.

    The government is publishing 3 consultations on: 

    • how to take forward the government’s commitment on transition planning to support the market to invest in sectors that will deliver the clean energy superpower mission
    • new UK Sustainability Reporting Standards to provide clear, comparable information for investors on sustainability related financial risks and opportunities to enable them to make informed investment decisions
    • the development of a voluntary registration regime for the providers of assurance of sustainability reporting, supporting growth in this important sector

    Transition planning means businesses set out a roadmap that outlines how they intend to adapt and transform their operations, strategies, and business models to align with their climate goals. 

    This is a vital part of the government’s commitment to secure Britain’s position as the sustainable finance capital of the world and will help businesses and investors seize the opportunities from the clean energy transition.  

    A recent survey of financial institutions conducted by South Pole found that 84% of UK-based financial institutions find companies with transition plans more attractive to invest in. 

    Supporting British industry and creating good, skilled jobs up and up down the country is core to the government’s industrial strategy and plan to grow the economy, ensuring businesses can take advantage of the transition to new low carbon technologies as they reduce their emissions. This will allow UK industry to remain competitive globally and support the millions of manufacturing jobs in regions across the UK – as well as future-proofing existing sectors, and increasing economic resilience to climate impacts. 

    Alistair Phillips-Davies, Chief Executive at SSE plc said: 

    SSE has long been a firm supporter of credible, transparent transition planning. As an early adopter of climate transition plans, we’ve seen first-hand how they can build investor confidence and accelerate progress toward net zero. 

    We welcome the UK Government’s ambition to become the sustainable finance capital of the world and fully support the work of the Transition Plan Taskforce and the Transition Finance Market Review. 

    As the UK’s clean energy champion, we want to see the UK remain the best place in the world to attract transition finance and deliver the investment needed for a just and ambitious energy transition.

    Rachel Solomon Williams, Executive Director of the Aldersgate Group, said: 

    The Aldersgate Group welcomes today’s announcement as a significant step forward in creating a first-in-class green regulatory framework. 

    Using the feedback from these consultations to develop clear financial guardrails will help strengthen the transparency, interoperability, and credibility of climate-related financial disclosures. This is essential to support the measures in the government’s Modern Industrial Strategy, unlocking private sector investment in the UK’s low carbon economy.  

    We are particularly pleased to see the consultation on how best to take forward the government’s commitment on transition planning. Climate transition plans are a vital tool to help real economy companies integrate climate into strategic and operational decision-making, while also enabling financial institutions to align capital allocation, stewardship, and risk management with the transition to net zero.

    James Alexander, CEO of UK Sustainable Investment and Finance Association (UKSIF), said:  

    We welcome the government’s commitment to bringing forward the consultation on climate transition plans for banks and large companies. These are essential for enhancing growth and global competitiveness as the UK and other countries decarbonise.  

    Further dialogue between the government and industry on the UK Sustainability Reporting Standards is also very encouraging. We look forward to ministers taking forward these commitments, which will help future-proof our economy over the coming years.

    Heather McKay, Programme Lead, UK Sustainable and Resilient Finance at E3G, said:  

    The delivery of the government’s growth mission relies on ensuring Britain is a world-class destination for green and transition finance.  

    The clean economy is our ticket to a high-growth future, and credible transition plans – as part of a future-fit regulatory regime – are fundamental to unlocking the investment required to seize this opportunity.  

    The release of this highly anticipated consultation package is a welcome step towards turning this vision into reality.

    Claudine Blamey, Chief Sustainability Officer at Aviva, said:  

    We welcome this consultation as an important next step in understanding how transition planning is rolled out across the UK economy, helping businesses understand the steps needed to transition, supporting a greener, more prosperous future.

    Andrew Ninian, Director for Stewardship, Risk and Tax at the Investment Association, said:  

    We want the UK to remain at the forefront of sustainable finance. Ensuring that reporting standards are focused on the issues that impact the financial performance of companies is vital to achieve this.  

    Transition planning should enable investors to understand how climate risks and opportunities affect a company’s value and how they are adapting their business strategy to reduce their climate impact, in order to provide a sustainable future and grow the UK economy.  

    International comparability is also key, and with companies already preparing for reporting in line with ISSB, endorsing the standards will allow investors in UK companies to fully understand their long-term sustainability risks and simplify reporting expectations in the UK and globally.

    Ian Bhullar, Director, Sustainability Policy, UK Finance said: 

    The financial services industry backs proportionate, internationally aligned sustainability reporting. Many firms have already published transition plans and use their customers’ plans to make low-carbon financing decisions.  

    Better reporting by a range of companies will provide information that lenders and investors can use to increase green finance flows. UK Finance welcomes these consultations and will work with government to ensure they support growth in the UK economy.

    Faith Ward, Chief RI Officer, Brunel Pension Partnership said: 

    I hugely welcome the HMG announcements today. Having been deeply involved in supporting the International Sustainability Standards Board and Transition Plan Taskforce, I am delighted to see the UK take this vital step to regain its leadership role as global centre for green finance. 

    Investors want to allocate capital to growing businesses that are taking action to address climate and sustainability risks – and that are looking to business opportunities so that they deliver financially over the long term. They need globally consistent reporting on climate and sustainability actions, alongside critical insights into corporate plans for the transition.

    Bruno Gardner, Head of Climate Change and Nature, Phoenix Group said: 

    As a long-term investor, policy developments that provide greater certainty around the net zero transition enhance the UK’s role as the leading centre of sustainable finance.  

    Transition plans are critical to helping investors like Phoenix Group manage the risks of climate change and direct capital towards companies that are best equipped to navigate the transition to net zero, ensuring the best outcomes for our customers.  

    We welcome all three consultations and the government’s engagement with the private sector, which is a significant step towards giving investors greater policy certainty and enabling us to being net-zero by 2050.

    Notes to editors   

    DESNZ analysis of Bloomberg New Energy Finance (BNEF) data showed that global investment into low carbon sectors amounted to £1.6 trillion in 2024, with total investment in UK low carbon sectors representing 1.8% of GDP, the second highest share within the G7.

    Updates to this page

    Published 25 June 2025

    MIL OSI United Kingdom

  • MIL-OSI: AGF Management Limited Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 25, 2025 (GLOBE NEWSWIRE) —

    • Reported quarterly adjusted diluted earnings per share of $0.39
    • Total assets under management and fee-earning assets of $53.5 billion
    • Declared quarterly dividend per share to 12.5 cents

    AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2025.

    AGF reported total assets under management and fee-earning assets1 of $53.5 billion compared to $53.8 billion as at February 28, 2025 and $47.8 billion as at May 31, 2024.

    “We remain focused and continue to deliver despite ongoing economic and political uncertainty, supported by a long-term perspective that has enabled us to stay resilient and strategically positioned for sustained growth across our three business lines,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “As we look to the second half of the year, we are confident that our disciplined approach will allow us to respond to market shifts, deliver consistent results and drive long-term success.”

    AGF’s mutual fund gross sales were $1,148 million for the quarter compared to $1,568 million in the previous quarter and $934 million in the prior year quarter. Retail mutual fund2 net sales were $65 million compared to $342 million in the previous quarter and net redemptions of $112 million in the prior year quarter.

    “Through a challenging environment, we experienced our fourth consecutive quarter of positive retail mutual fund and mutual fund net sales outpacing the industry,” said Judy Goldring, President and Head of Global Distribution, AGF. “These results and our recent Wealth Professional Award for Mutual Fund Provider of the Year are a testament to our evolving and innovative product lineup as well as our dedication to delivering exceptional value to our clients.”

    1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
    2 Retail mutual fund net sales (redemptions) are calculated as reported mutual fund net sales (redemption) less non-recurring institutional net sales (redemptions) in excess of $5 million invested in our mutual funds.
       

    Financial and Key Business Highlights:

    • Adjusted EBITDA3 for the three months ended May 31, 2025 was $39.5 million, compared to $47.9 million for the three months ended February 28, 2025 and $37.0 million for the comparative prior year period.
    • Net management, advisory and administration fees3 for the three months ended May 31, 2025 was $83.8 million, compared to $85.2 million for the three months ended February 28, 2025 and $81.2 million for the comparative prior year period.
    • Adjusted revenue from AGF Capital Partners3 for the three months ended May 31, 2025 was $14.6 million, compared to $23.6 million for the three months ended February 28, 2025 and $12.0 million for the comparative prior year period. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
    • Adjusted selling, general and administrative costs3 for the three months ended May 31, 2025 was $59.5 million, compared to $63.6 million for the three months ended February 28, 2025 and $60.0 million for the comparative prior year period. The decrease in adjusted SG&A from prior quarter is driven by lower performance-based compensation, timing of expenses and market environment.
    • Adjusted net income attributable to equity owners3 for the three months ended May 31, 2025 was $26.0 million ($0.39 adjusted diluted EPS), compared to $32.1 million ($0.48 adjusted diluted EPS) for the three months ended February 28, 2025 and $23.6 million ($0.35 adjusted diluted EPS) for the comparative prior year period.
    • At the 2025 Wealth Professional Awards, AGF was named Mutual Fund Provider of the Year. The firm was also honoured as an Excellence Awardee in the Employer of Choice category.
    • In May, AGF Investments Inc. announced proposed changes to the investment objectives of AGF Short-Term Income Class and AGF Global Sustainable Growth Equity Fund, subject to securityholder approval at special meetings to be held on or about June 26, 2025.
    • This quarter, AGF Investments Inc announced lower management and administration fees and risk ratings for certain funds. These changes build on the firm’s commitment to continually reviewing its product line-up to ensure its offerings are responsive to market trends and competitively priced.
                                 
      Three months ended Six months ended
        May 31,     Feb. 28,     May 31,     May 31,     May 31,
    (in millions of Canadian dollars, except per share data)   2025     2025     2024     2025     2024
                                 
    Revenues                            
    Management, advisory and administration fees $ 119.5   $ 122.8   $ 116.4   $ 242.3   $ 225.0
    Trailing commissions and investment advisory fees   (35.7)     (37.6)     (35.2)     (73.3)     (68.9)
    Net management, advisory and administration fees3 $ 83.8   $ 85.2   $ 81.2   $ 169.0   $ 156.1
    Deferred sales charges   1.0     1.2     1.9     2.2     3.9
    Adjusted revenue from AGF Capital Partners3   14.6     23.6     12.0     38.2     36.4
    Other revenue (loss)3   (0.4)     1.5     1.9     1.1     3.6
    Total adjusted net revenue3   99.0     111.5     97.0     210.5     200.0
                                 
    Selling, general and administrative   62.8     67.8     68.2     130.6     126.1
    Adjusted selling, general and administrative3   59.5     63.6     60.0     123.1     113.5
                                 
    EBITDA3   36.2     44.2     26.6     80.4     71.7
    Adjusted EBITDA3   39.5     47.9     37.0     87.4     86.5
                                 
    Net income – equity owners of the Company   24.3     30.9     18.1     55.2     48.6
    Adjusted net income – equity owners of the Company3   26.0     32.1     23.6     58.1     57.3
                                 
    Diluted earnings per share   0.36     0.46     0.27     0.82     0.73
                                 
    Adjusted diluted earnings per share3   0.39     0.48     0.35     0.87     0.86
                                 
    Free cash flow3   24.0     31.6     23.7     55.6     44.9
                                 
    Dividends per share   0.125     0.115     0.110     0.365     0.225
                                 
                                 
      Three months ended
        May 31,     Feb. 28,     Nov. 30,     Aug. 31,     May 31,
    (in millions of Canadian dollars)   2025     2025     2024     2024     2024
                                 
    Mutual fund assets under management (AUM)4 $ 30,975   $ 31,167   $ 30,662   $ 28,104   $ 26,961
    ETFs and SMA AUM   2,771     2,913     2,537     2,128     1,800
    Segregated accounts and sub-advisory AUM   6,448     6,529     6,977     6,430     6,313
    Total AGF Investments AUM   40,194     40,609     40,176     36,662     35,074
    AGF Private Wealth AUM   8,568     8,623     8,567     8,186     8,026
    AGF Capital Partners AUM   2,600     2,468     2,752     2,774     2,663
    Total AUM $ 51,362   $ 51,700   $ 51,495   $ 47,622   $ 45,763
    AGF Capital Partners fee-earning assets5   2,112     2,142     2,111     2,080     2,081
    Total AUM and fee-earning assets5 $ 53,474   $ 53,842   $ 53,606   $ 49,702   $ 47,844
                                 
    Mutual fund net sales (redemptions)4   18     258     5     14     (112)
    Retail mutual fund net sales (redemptions)2   65     342     14     19     (112)
    Average daily mutual fund AUM4   29,770     30,853     29,173     27,542     26,604
    3 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
    4 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
    5 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
       

    For further information and detailed financial statements for the second quarter ended May 31, 2025, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

    Conference Call

    AGF will host a conference call to review its earnings results today at 11 a.m. ET.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/m4th2gij. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

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

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

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

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    About AGF Capital Partners

    AGF Capital Partners is AGF’s multi-boutique alternatives business with Affiliate Managers across both private assets and alternative strategies across both private assets and alternative strategies. Clients benefit from the specialized investment expertise of Affiliate Managers1 combined with the organizational support and breadth of resources of AGF Management Limited (AGF). With over 18 years average experience, AGF Capital Partners Affiliate Managers including, Kensington Capital Partners Limited, New Holland Capital, LLC and AGF SAF Private Credit, manage approximately C$13.7 billion* in alternative AUM and fee earning assets on behalf of institutional and retail clients. Affiliate Manager AUM may not be consolidated into AGF Management Limited’s reported AUM.

    *U.S. AUM converted FX rate at May 31, 2025 (1.38)

    The term ‘Affiliate Manager’ refers to any partner regardless of relationship structures or revenue sharing agreements. The form of AGF’s structured partnership interests in Affiliate Managers differs from Affiliate Manager to Affiliate Manager. The structure of the relationship with a particular Affiliate Manager, or the revenue that AGF agrees to share in, may change. Affiliate Managers only provide investment advisory services or offer products in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF Management Limited shareholders, analysts and media, please contact:

    Nick Smerek
    VP, Financial Planning & Analysis
    416-865-4337, InvestorRelations@agf.com

    Caution Regarding Forward-Looking Statements

    This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2024 Annual MD&A.

    The MIL Network

  • MIL-OSI USA: Office of the Governor – News Release – Governor Green Amends Intent-to-Veto List

    Source: US State of Hawaii

    Office of the Governor – News Release – Governor Green Amends Intent-to-Veto List

    Posted on Jun 24, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI
    KA MOKU ʻĀINA O HAWAIʻI

     
    JOSH GREEN, M.D.
    GOVERNOR
    KE KIAʻĀINA

     

    GOVERNOR GREEN AMENDS INTENT-TO-VETO LIST 
     

    FOR IMMEDIATE RELEASE
    June 24, 2025

    HONOLULU – Governor Josh Green, M.D., today added SB 935, Relating to Government, to the 2025 Intent-to-Veto list transmitted to Legislative leadership by the statutorily required June 24 deadline. SB 935 is one of the more complex pieces of legislation to emerge from the 2025 session. By including this bill on the list, it allows the Governor to have the time to make an informed and well-researched decision. The addition of the bill brings the number of bills on the Intent-to-Veto list to 20, as compared to the record number of bills Governor Green has signed from the past session.

    Again, Governor Green is not required to veto every bill indicated on the Intent-to-Veto list, but cannot veto a bill that is not included. The release of this list provides additional time to continue ongoing discussions with key stakeholders concerning implementation and impact. Due to the record-setting number of bills enrolled to the governor this legislative session, potential changes to the state’s federal funding and reduced revenue projections from the Council on Revenues, additional time to analyze bills will ensure each bill is given the nuanced, thoughtful consideration it deserves. Governor Green has until July 9 to issue final vetoes. All other bills will become law by July 9.

    “Let me be clear: of the 320 bills passed by the Legislature this session, 20 are on our Intent-to-Veto list,” said Governor Green. “Our team has completed a review of every measure and the overwhelming majority of legislation will become law. Each bill on today’s list is based on thorough legal and fiscal analysis, and as always, was guided by what will best serve the people of Hawai‘i, protect our resources and strengthen our future.”

    To date, Governor Green has signed more than 200 bills into law benefiting the people and ‘āina of Hawai‘i, with core themes including environmental stewardship, educational access and success, as well as public safety. These represent key focus areas so far; additional bills awaiting signature will build upon this foundation to address state priorities. The remaining bills are on track to become law by July 9.

    Over 300 bills were reviewed by state departments and agencies, the Attorney General and the Governor in the last month. The Governor has until July 9 to issue final vetoes from the list, to sign them into law, or to allow them to become law without his signature.

    The following bills are being considered for vetoes, line-item vetoes, or reductions. Note that line-item vetoes only apply to fiscal bills.

    Fiscal Bills:

    HB126: RELATING TO PROPERTY FORFEITURE

    Bill Description: Increases transparency and accountability surrounding property forfeiture. Clarifies which property is subject to forfeiture. Amends the authorized disposition of forfeited property and the proceeds thereof. Requires the Attorney General to adopt rules necessary to carry out the purpose of the Hawaiʻi Omnibus Criminal Forfeiture Act. Repeals language that requires the Hawaiʻi Omnibus Criminal Forfeiture Act to be construed liberally.

    Veto Rationale: Asset forfeiture serves as a powerful deterrent against and punishment for criminal activity. The one-year deadline to return seized property for which the owner has not been charged with a covered offense, significantly weakens the efficacy of this dual deterrent and punishment. Many covered offenses, including felonies, often involve complex investigations that extend beyond a year, rendering this bill’s one-year deadline for law enforcement to file charges unrealistic. Seized property can serve as critical evidence in investigations, and its return before an investigation’s completion would severely hamper the investigation as well as the administration of justice at large.

    HB300: RELATING TO THE STATE BUDGET

    Bill Description: Appropriates funds for the operating and capital improvement budget of the Executive Branch for fiscal years 2025-2026 and 2026-2027.

    Veto Rationale: Potential shifts in federal funding, coupled with recent projections from the Hawaiʻi Council on Revenues, require the state to reevaluate its budget to ensure essential services and priorities remain supported. Specific line-item reductions based on program feasibility, stability, and sustainability will help the state enter the fiscal year with a balanced budget and sound financial plan.

    HB302: RELATING TO CANNABIS
    Bill Description: Part I: Authorizes DOH to inspect qualifying patient medical records held by the physician, advanced practice registered nurse, or hospice provider who issued a written certification for the qualifying patient. Amends and adds definitions for purposes of the medical use of cannabis law. Clarifies the conditions of use for the medical use of cannabis. For purposes of issuing written certifications, authorizes the establishment of a provider-patient relationship via telehealth and limits the maximum amount of fees that can be assessed by providers. Authorizes the sale of hemp products and accessories for the medical use of cannabis at retail dispensing locations, except in waiting rooms. Clarifies transportation requirements for certain inter-dispensary sales of cannabis and manufactured cannabis products. Part II: Establishes criminal penalties for the unlicensed operation of a medical cannabis dispensary. Part III: Authorizes expenditures from the Medical Cannabis Registry and Regulation Special Fund to fund programs for the mitigation and abatement of nuisances related to illegal cannabis and hemp products and medical cannabis dispensaries and appropriates funds from the Special Fund to the AG’s Drug Nuisance Abatement Unit for these purposes, including establishing positions. Part IV: Beginning 1/1/2028, prohibits the cultivation of cannabis without a cannabis cultivator license issued by DOH.

    Veto Rationale: This administration remains committed to Hawai‘i’s existing medical cannabis program and supports efforts to expand access to medical cannabis for any medical condition. Although this bill’s authorization of medical cannabis certifications via telehealth expands access to medical cannabis, provisions authorizing the inspection of patients’ medical records without warrant constitute a grave violation of privacy. Given that the federal government classifies cannabis as a Schedule I substance, patients’ reasonable fears of repercussions based upon information gained from inspection of their personal medical records may deter patients from participating in the medical cannabis program.

    HB496: RELATING TO MĀMAKI TEA

    Bill Description: Prohibits the use of certain words and misleading Hawaiian imagery, place names, and motifs on the label of a consumer package that contains or includes tea or dried leaves from the plant Pipturus albidus, unless 100% of the tea or dried leaves were cultivated, harvested, and dried in the state. Appropriates funds for a Measurement Standards Inspector position.

    Veto Rationale: While the intent of this measure is to ensure consumer protection and reliable Made in Hawai‘i labeling, the bill imposes overly strict labeling requirements that could harm small businesses and māmaki producers who responsibly blend leaves from multiple sources. Prohibiting the labeling of products composed of less than 100% māmaki tea as “māmaki” ignores the economic contributions of and impacts to producers who mix or process māmaki with other herbs, undermining producers who support local māmaki farmers while meeting broader demand.

    HB796: RELATING TO TAX CREDITS

    Bill Description: Requires that income tax credits existing on 12/31/2025 or established or renewed after 12/31/2025 include a five-year sunset or an annual one-third reduction, beginning with the sixth year of the credit.

    Veto Rationale: This bill would have a significant long-term impact on income tax credits across a variety of industries, including film and television, research, and renewable energy. These tax credits are critical to supporting economic development and diversification, particularly within growing and emerging sectors. Categorically sunsetting income tax credits will not only disincentivize future investors from doing business in Hawai‘i, but will destabilize existing businesses that currently rely upon these tax credits.

    HB1369: RELATING TO TAXATION

    Bill Description: Amends and repeals certain exemptions under the general excise tax and use tax laws.

    Veto Rationale: The amendments to the general excise tax and use tax contained in this bill would impact sugarcane producers, commercial fishing vessels and securities exchanges. Removing the specific tax exemptions afforded to these entities would provide little financial benefit to the state while harming, in particular, sugarcane producers.

    SB583: RELATING TO NAMING RIGHTS

    Bill Description: Allows the naming rights of the Stadium Facility and Convention Center Facility to be leased to any public or private entity. Requires any revenues derived from advertising or marketing in or on the Stadium Facility or Convention Center Facility to be deposited into the appropriate special fund of the facility. Authorizes the display of the name of any entity that leased the naming rights to a stadium operated by the Stadium Authority on the exterior of the stadium.

    Veto Rationale: Pursuant to section 14, article III, of the Hawai‘i State Constitution, each bill may only contain one subject, which must pertain to the bill’s title. The exemption of concessions in the stadium facility and Convention Center from typical concession procurement procedures may violate section 14, article III, of the Hawai‘i State Constitution since the exemption appears to fall outside the titular scope of the bill, naming rights.

    SB589: RELATING TO RENEWABLE ENERGY

    Bill Description: Requires the Public Utilities Commission to establish an installation goal for customer-sited distributed energy resources in the state. Requires the Public Utilities Commission to establish tariffs to achieve the installation goal and for grid services programs, microgrids and community-based renewable energy. Ensures that certain levels of compensation are provided for solar and energy storage exports from customer-sited distributed energy resources as part of grid service programs and requires the Public Utilities Commission to establish grid service compensation values. Clarifies when a person who constructs, maintains, or operates a new microgrid is not considered a public utility. Authorizes wheeling of renewable energy and requires the Public Utilities Commission to establish policies and procedures to implement wheeling and microgrid service tariffs.

    Veto Rationale: Maintaining Hawai‘i’s leadership in clean energy through established goals and initiatives remains a priority. The Public Utilities Commission has already opened or plans to open proceedings relating to microgrid services tariffs and customer-sited distributed energy resources and grid services. The mandates contained in this bill therefore risk duplication and delay of already existing efforts.

    Non-Fiscal Bills:

    HB235: RELATING TO TRAFFIC SAFETY

    Bill Description: Requires the Department of Transportation, after the City and County of Honolulu educates the public and adjusts any systems, to expand the use of photo red light imaging detector systems and automated speed enforcement systems to locations on the North Shore of O‘ahu.

    Veto Rationale: The Department of Transportation has developed specific criteria for the selection of communities within which to implement traffic safety systems. This criteria incorporates data-driven crash, citation and traffic volume metrics, which ensure communities are chosen based on need and potential for greatest impact. Ignoring this criteria in favor of legislatively mandated location selection threatens the integrity of the photo red light imaging detector system and automated speed enforcement system programs.

    HB800: RELATING TO GOVERNMENT

    Bill Description: Provides for the transfer of certain parcels in the Liliha Civic Center area and Iwilei Fire Station area from various state agencies to the City and County of Honolulu. Provides for the transfer of the parcel of land upon which Ali‘i Tower is sited from the City and County of Honolulu to the Department of Land and Natural Resources. Exempts the lands transferred to the Department of Land and Natural Resources from the definition of public lands for purposes of Chapter 171, HRS.

    Veto Rationale: The land transfers provided in the bill would negatively impact the City and County of Honolulu, which relies upon Ali‘i Tower’s land lease revenues and office spaces. Additionally, the state would face indeterminate additional costs, as Ali‘i Tower’s age likely necessitates capital improvements and ongoing maintenance. Although the intent of this bill is to reduce the state’s reliance on private commercial office space, no analysis exists identifying the amount of office space the acquisition of Aliʻi Tower would provide the state.

    HB958: RELATING TO TRANSPORTATION

    Bill Description: Establishes safe riding behaviors for electric bicycles. Prohibits the operation of high-speed electric devices in certain locations. Establishes labeling and signage requirements for electric bicycles. Prohibits the operation of a moped or electric motorcycle in certain locations. Amends the definition of “bicycle” for purposes of county vehicular taxes. Defines “electric bicycle” in place of “low-speed electric bicycle.” Defines “electric micro-mobility device” and requires the same regulations as electric foot scooters to apply to electric micro-mobility devices. Prohibits a person under the age of 16 from operating a class 3 electric bicycle. Authorizes a person under the age of 14 to operate class 2 electric bicycles under supervision. Prohibits a person from riding a class 3 electric bicycle on a sidewalk. Authorizes a person to ride a class 1 or class 2 electric bicycle on a sidewalk under certain circumstances. Prohibits a person from operating a bicycle or electric foot scooter under the age of 18 without a helmet. Repeals the requirement that moped drivers use bicycle lanes and substitutes the term “motor-driven cycle” with the term “motor scooter.”

    Veto Rationale: While mopeds and motorcycles are exempt from the prohibition established within this bill, on “high-speed electric devices” driving on public roadways, electric cars are not exempt. Such a prohibition would likely violate the Commerce Clause and Equal Protection Clause of the United States Constitution and conflict with the administration’s commitment to reducing greenhouse gas emissions.

    HB1296: RELATING TO THE MAJOR DISASTER FUND

    Bill Description: Establishes timely notice and reporting requirements to the Legislature by the Governor regarding the transfer of appropriations to the Major Disaster Fund. Effective 7/1/2025. Sunsets 7/1/2026.

    Veto Rationale: The administration is committed to the transparent, efficient management of state funds. During times of emergency, flexibility and the quick release of funds is necessary to respond to rapidly changing situations. This bill disrupts the delicate balance between reporting requirements facilitating government transparency and fiscal flexibility undergirding efficient response and recovery efforts. Placing additional administrative oversight over funds expended for emergencies jeopardizes public safety.

    SB15: RELATING TO HISTORIC PRESERVATION

    Bill Description: Amends the definition of “historic property” to require that the property is over 50 years old and meets the criteria for inclusion in the Hawaiʻi Register of Historic Places. Excludes proposed projects on existing residential property and proposed projects that are in nominally sensitive areas from the State’s Historic Preservation Program review, under certain circumstances.

    Veto Rationale: Exempting proposed projects on any existing residential property from historic preservation review fails to consider properties that have never undergone such a review and may contain historically significant artifacts or iwi kūpuna. This categorical exclusion increases the risk for desecration of iwi kūpuna and historical resources. Although Governor Green supports amending the historic preservation review process to facilitate housing production, a more nuanced approach to protecting iwi kūpuna is needed, such as that advanced in SB 1263.

    SB31: RELATING TO PROPERTY

    Bill Description: Authorizes a person who discovers a recorded discriminatory restrictive covenant to take certain actions, without liability, to invalidate the covenant. Defines discriminatory restrictive covenant.

    Veto Rationale: By enabling any person, including those without any interest in the specified real property, to record a statement that a real property’s title includes a discriminatory restrictive covenant, this bill provides a statutorily authorized mechanism for the circulation of disinformation. This disinformation has the potential to negatively affect the marketability of a property. Because the person who recorded the statement claiming a discriminatory restrictive covenant exists is waived of any liability, no recourse is available to those who suffer financial loss due to inaccurate claims concerning their property’s title.

    SB38: RELATING TO HOUSING

    Bill Description: Requires the Hawaiʻi Housing Finance and Development Corporation to provide counties with an opportunity to comment on certain housing development projects. Prohibits the legislative body of a county from imposing stricter conditions than the Hawaiʻi Housing Finance and Development Corporation, stricter area median income requirements, or a reduction in fee waivers to housing development proposals that would increase the cost of the project.

    Veto Rationale: County councils have expressed concerns that this bill hampers their ability to work with developers to modify housing projects to reflect the specific needs of their communities. While the administration supports measures intended to facilitate the production of affordable housing, further dialogue with the counties on this measure’s implementation is required.

    SB66: RELATING TO HOUSING

    Bill Description: Establishes procedures and requirements for single-family and multifamily housing project applicants to apply for an expedited permit, including requirements for completeness of expedited permit applications, duties of licensed professionals and the counties during construction, and applications for owner-builder exemptions. Takes effect 7/1/2026. Sunsets 6/30/2031.

    Veto Rationale: By allowing any qualified professional to determine a project’s impact on historical resources, this bill permits a project proponent to evaluate and determine the impact of its own projects on historical resources. This is a conflict of interest that allows for self-serving determinations, undermines the authority and purpose of regulatory agencies’ independent evaluations, and increases risk to iwi kūpuna.

    SB104: RELATING TO CORRECTIONS

    Bill Description: Beginning 7/1/2026, restricts the use of restrictive housing in state-operated and state-contracted correctional facilities, with certain specified exceptions. Establishes a restrictive housing legislative working group to develop and recommend more comprehensive laws, policies and procedures regarding restrictive housing for members of vulnerable populations by 1/8/2027. Requires the Hawaiʻi Correctional System Oversight Commission to review restrictive housing placements on an annual basis. Authorizes the Department of Corrections and Rehabilitation, by 12/1/2027, to implement policies and procedures recommended by the restrictive housing working group related to committed persons. Requires interim and final reports to the Legislature and Hawaiʻi Correctional System Oversight Commission.

    Veto Rationale: The Department of Corrections and Rehabilitation has policies in place governing the use of restrictive housing. These policies and procedures comply with National Institute of Corrections and American Correctional Association standards. Rather than improve the health and safety of those in the department’s care, the implementation of certain requirements proposed in this bill will jeopardize the safety, security and good governance of the department’s facility, negatively impacting inmates. In lieu of this measure and to address stakeholders’ concerns, the department is working with the Hawaiʻi Correctional Systems Oversight Commission to amend its policies and procedures.

    SB447: RELATING TO A DEPARTMENT OF HEALTH PILOT PROGRAM

    Bill Description: Establishes a Hiring Pilot Program within the Department of Health, which includes an amended hiring procedure for delegated position classifications, certain flexibilities regarding minimum qualifications for positions having a salary range at or below SR-10, the ability to directly hire certain individuals into a civil service position if certain conditions are met, and the authority to make certain temporary appointments at the merited civil service pay scale without step limitation. Applies to recruitments initiated before 7/1/2028. Requires annual reports to the Legislature. Sunsets 7/1/2028.

    Veto Rationale: The governor strongly supports efforts to streamline the state’s hiring process to address our workforce vacancies, especially those in our state’s public health sector. However, this bill conflicts with state civil service law, undermining the state’s merit-based civil service system. Disparities in hiring, classification and compensation throughout the state are expected to occur should this bill become law.

    SB1102: RELATING TO THE AIRCRAFT RESCUE FIRE FIGHTING UNIT

    Bill Description: Specifies the appointment processes and terms for the Fire Chief of the Hawaiʻi State Aircraft Rescue Fire Fighting Unit of the Airports Division of the Department of Transportation.

    Veto Rationale: The appointment process proposed in the bill is inconsistent with the selection process for other department leadership positions. Further, due to the need to obtain legislative approval for the appointment of the Fire Chief, following the appointment process contained in this bill may delay the appointment of this critical leadership position, impacting airport operations, safety and readiness.

    # # #

    Media Contacts:  
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Office: 808-586-0120
    Email: [email protected] 

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Special traffic and transport arrangements for Kai Tak Sports Park concerts on June 27 to 29

    Source: Hong Kong Government special administrative region

    Special traffic and transport arrangements for Kai Tak Sports Park concerts on June 27 to 29

    The Transport Department (TD) today (June 25) said that, to facilitate the holding of concerts at the Kai Tak Sports Park (KTSP) on the evenings of June 27 to 29, special traffic and transport arrangements will be implemented to provide convenience for spectators to travel to and from the KTSP. Concertgoers from the Mainland are urged to purchase tickets in advance, plan their journeys early and use the MTR or cross-boundary coach services. During the event period, as the traffic in the vicinity of the KTSP is expected to be heavy, concertgoers should opt for public transport, avoid driving or taking private cars (including cross-boundary private cars). The TD has co-ordinated with local and cross-boundary public transport operators to strengthen their services during dispersal. The MTR will enhance the interval between trains of the Tuen Ma Line (TML). Franchised bus companies will provide a total of 11 special bus routes at the Sung Wong Toi Road Pick-up/Drop-off Area (PUDOA) to Lok Ma Chau (San Tin) Public Transport Interchange (PTI), the Hong Kong-Zhuhai-Macao Bridge (HZMB) Hong Kong Port and Airport, and major districts across the territory. In addition, the KTSP will arrange cross-boundary coach services during dispersal to facilitate travellers’ return to the Mainland via the Lok Ma Chau/Huanggang (LMC/HG) Port, the HZMB and the Shenzhen Bay Port. Passengers should purchase tickets in advance. On-site ticket 25/06/2025, 11:06 Special traffic and transport arrangements for Kai Tak Sports Park concerts on June 27 to 29 https://www.info.gov.hk/gia/general/202506/25/P2025062400590p.htm 1/3 sales will not be available during dispersal. They should refer to the operators’ website (Eternal East Bus: www.myeebus.com/eebusfans; CTG Bus: m.hkctgbus.com/#/layout/home) for the latest ticket information. For taxi services, the Kai Tak Stadium Taxi PUDOA will be open for taxi pick-up and drop-off. The Sung Wong Toi Road PUDOA will be open for taxi drop-off only during admission (4pm to 7pm) and suspended from taxi pick-up/drop-off during dispersal. The expected waiting time will be longer amid an outflux of spectators and passengers’ patience is appreciated. Concertgoers who plan to return to the Mainland on the same day after the concert should pay special attention that, if they use the Lo Wu Control Point, they should catch the last relevant MTR TML train departing from Sung Wong Toi Station at 10.59pm and Kai Tak Station at 11.01pm, followed by interchanging at Tai Wai Station on the East Rail Line (ERL) to Lo Wu Station. Travellers should plan their journeys ahead and arrive at the station platform in advance. Travellers who opt for LMC/HG Port (operating 24 hours daily) may also take the ERL to Sheung Shui Station and then KMB route No. 276B or N73, or take the special bus route No. SP12 directly at the Sung Wong Toi Road PUDOA to the Lok Ma Chau (San Tin) PTI, and transfer to the LMC-HG crossboundary shuttle bus (Yellow Bus) for their journey to the Mainland. A spokesman for the TD said that, as a large number of travellers may use the LMC/HG Port after the concert, and concerts will also be held at AsiaWorld-Expo on the evening of June 28, the Port is expected to be very busy. Travellers’ patience is appreciated. To ensure the smooth operation 25/06/2025, 11:06 Special traffic and transport arrangements for Kai Tak Sports Park concerts on June 27 to 29 https://www.info.gov.hk/gia/general/202506/25/P2025062400590p.htm 2/3 of public transport services, dedicated public transport lanes will be arranged at the LMC/HG Port after midnight during the event period when necessary for the smooth operation of the Yellow Bus and crossboundary coach services as well as effective dispersal of a large number of crossboundary travellers. Other cross-boundary private cars and their passengers are expected to have a longer clearance time. The TD has steered operators to reserve standby vehicles and manpower to meet passengers’ demand. Spectators are advised to heed the real-time information via the on-site broadcast and the “Easy Leave” platform (easyleave.police.gov.hk) as well as the latest traffic news through the TD’s website (www.td.gov.hk), the “HKeMobility” mobile application and radio and television broadcasts. Ends/Wednesday, June 25, 2025 Issued at HKT 10:00 NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: UK to provide hundreds of air defence missiles for Ukraine with money from seized Russian assets

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK to provide hundreds of air defence missiles for Ukraine with money from seized Russian assets

    The UK will boost Ukraine’s air defence with 350 missiles using funds from seized Russian assets, helping to protect Ukrainians from Putin’s attacks.

    • UK to provide 350 ASRAAM air defence missiles using £70m of funding raised from the interest on seized Russian assets 
    • The new package of missiles can be used with UK-provided air defence launchers, helping to protect Ukrainian citizens from Russian missile and drone attacks 
    • Comes as the Prime Minister and Defence Secretary visit The Hague for an annual summit of NATO leaders, with de-escalation in the Middle East and support for Ukraine topping the agenda 

    The UK will boost Ukraine’s air defence with 350 missiles using funds from seized Russian assets, helping to protect Ukrainians from Putin’s attacks.

    The ASRAAM missiles can be fired using the RAVEN Ground Based Air Defence System supplied by the UK to Ukraine, with five more RAVEN systems due for imminent delivery, bringing the total to 13.  

    Initially used as air-to-air missiles fired from fighter jets, RAF engineers adapted ASRAAM in just three months to be launched from the back of a UK designed and built truck, working with a British defence industry team from MBDA UK, based in Bolton. 

    The UK, together with allies, is stepping up its support for Ukraine – providing £4.5 billion of military support this year – more than ever before.  This support is vital to European security but is also supporting economic growth across the UK, supporting the Prime Minister’s Plan for Change and delivering a defence dividend across the UK.

    The missiles will be funded using £70m worth of interest generated from seized Russian assets under the Extraordinary Revenue Acceleration (ERA) scheme.

    Prime Minister Keir Starmer said:

    “Russia, not Ukraine, should pay the price for Putin’s barbaric and illegal war, so it is only right we use the proceeds from seized Russian assets to ensure Ukraine has the air defence it needs.

    “The security of Ukraine is vital to the security of the UK and the Euro-Atlantic area, and our support will never waiver.

    “My message to President Putin is clear: Russia needs to stop its indiscriminate attacks on innocent Ukrainian people and return to the negotiating table.”

    It comes as the Prime Minister, Defence Secretary and Foreign Secretary join NATO leaders for the Alliance’s annual summit in the Hague, where they will meet counterparts to discuss de-escalation efforts in the Middle East, as well as further military support for Ukraine.  

    Defence Secretary John Healey MP said:  

     “Ukrainians are continuing to fight with huge courage – civilians and military alike. I am committed to ensuring Ukraine has the support they need to put them in the strongest possible position to secure peace.  

    “Russia’s indiscriminate missile and drone attacks on Ukrainian cities show that Putin is not serious about peace, and it’s right that we use funds from seized Russian assets to help Ukraine defend itself from this onslaught. 

    “These air defence missiles will save Ukrainian lives, using equipment developed jointly by British military engineers and our defence industry – showing how we are delivering on our Strategic Defence Review’s commitment to learn lessons from Ukraine.”  

    In March, the Prime Minister announced a historic £1.6 billion deal to provide more than five thousand air defence missiles for Ukraine – creating 200 new jobs and supporting a further 700. Defence supports more than 434,000 skilled jobs in the UK.   

    The UK will also invest a record £350m this year to increase the supply of drones to Ukraine from a target of 10,000 in 2024 to 100,000 in 2025.  

    The UK has sent around 400 different capabilities to Ukraine, with a £150 million package including drones, tanks and air defence systems announced on 12 February 2025, a £225 million package including drones, boats and munitions announced on 19 December 2024, and 650 lightweight multirole missiles announced on 6 September 2024.  

    The UK is absolutely committed to securing a just and lasting peace in Ukraine and are engaging with key allies in support of this effort.

    Updates to this page

    Published 25 June 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Side hustlers urged to get tax returns sorted now

    Source: United Kingdom – Executive Government Non-Ministerial Departments 2

    Press release

    Side hustlers urged to get tax returns sorted now

    HMRC is encouraging anyone with a side hustle to check if they need to complete a Self Assessment tax return for the 2024 to 2025 tax year.

    • If you earn more than £1,000 from additional income, you may need to register for Self Assessment.
    • Filing now means you will know your tax situation sooner and can spread payments over time.
    • HMRC’s digital services make filing quick and easy.

    Anyone earning extra income through a side hustle is being urged to check if they need to register for Self Assessment – and if so, file their tax return now.

    HM Revenue and Customs (HMRC) is encouraging those with additional income streams – from online selling and content creation to dog walking and property rental – to understand their tax obligations and get ahead of the January deadline rush.

    The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets.

    Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on GOV.UK to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference.

    Easy-to-use guides for side hustlers can be found at the  Tax Help for Hustles campaign page on GOV.UK.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

    Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a Self Assessment tax return.

    Filing early puts you in control – you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don’t need to pay immediately when you file – you have until 31 January to settle your tax bill.

    The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026.

    Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software.

    Visit GOV.UK to find out more about Self Assessment and how to file a tax return.

    Further information

    A full list of who needs to complete a tax return and a wide range of help and support is available on GOV.UK.

    Those selling unwanted personal items (not trading) do not usually need to pay tax on this income.

    HMRC is urging customers who meet the MTD for Income Tax £50,000 threshold to sign up to a testing programme  on GOV.UK and start preparing now. Agents can also register their clients  via GOV.UK.

    Information on cryptoassets:

    • you need to make sure your tax return includes any gains or income received in relation to cryptoassets. 
    • Capital Gains Tax may be due if you sold or exchanged any cryptoassets. This includes selling cryptoassets for money, exchanging one type for another, using cryptoassets to make purchases, or gifting them away. 
    • Income Tax and National Insurance Contributions may also be due if you received cryptoassets from employment, or were involved in cryptoasset-related activities that generate income (for example, lending and staking). 
    • new for tax year 2024 to 2025: Dedicated sections are being introduced within the Self Assessment tax return for declaring cryptoassets separately from Capital Gains and Trusts and Estates. 
    • full guidance on cryptoasset taxation can be found on GOV.UK by searching for ‘tax when you sell cryptoassets’.

    According to insight commissioned by HMRC and published in 2023, one in 10 people in the UK are operating in the hidden economy with 65% of these individuals most likely operating side hustles and largely unaware that they should be registered for tax.

    Updates to this page

    Published 25 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: LCQ5: Family offices

    Source: Hong Kong Government special administrative region

    LCQ5: Family offices 
    Question:
     
         According to a consultancy study commissioned by Invest Hong Kong (InvestHK), it was estimated that around 2 700 single family offices were operating in Hong Kong as at end-2023. However, it has recently been reported that quite a number of “fake family offices” have emerged in the market and some of them may even be involved in money laundering or illegal fund-raising activities. In this connection, will the Government inform this Council:
     
    (1) whether it will consider drawing up a clear official definition and establishing a regulatory regime for family offices, and stepping up regulation through legislation or administrative measures to prevent money laundering and other financial crimes; if so, of the specific details; if not, the reasons for that;
     
    (2) whether it has developed corresponding monitoring mechanisms or regulatory measures when considering enhancing the preferential tax regimes for family offices and funds, so as to prevent the relevant regimes from being abused as tax avoidance tools; if so, of the specific details; if not, the reasons for that; and
     
    (3) whether it has plans to provide more systematic training and accreditation schemes for professional talents to meet the demand from family offices for multi-disciplinary professionals, and whether it will regularly assess the effectiveness of the implementation of the policies relating to family offices, including market responses, economic contributions and potential risks; if so, of the specific details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         As an international financial centre and the freest economy in the world, Hong Kong maintains an open market environment. Meanwhile, we also attach great importance to safeguarding the integrity of our financial systems by implementing international standards on anti-money laundering and counter-terrorist financing to deter and detect inward and outward flows of illicit funds.
     
         In consultation with Invest Hong Kong (InvestHK), the Inland Revenue Department (IRD), the Securities and Futures Commission (SFC) and the Hong Kong Academy for Wealth Legacy (HKAWL), my reply to the various parts of the question is as follows:
     
    (1) The Government welcomes all lawful and rule-compliant family offices (FOs) to set up in Hong Kong and respects the private financial arrangement of single FOs. Regarding the regulation of investment activities of FOs, the licensing regime under the Securities and Futures Ordinance is activity-based. Generally speaking, a single FO refers to an arrangement established by members of a single family to manage the family’s assets, investments, and long-term interests. A single FO is required to apply for a licence under the Securities and Futures Ordinance if it carries on a business of regulated activity in Hong Kong, for example, providing asset and wealth management services to clients other than members of the relevant family, and to fulfil relevant code of conduct and statutory requirements applicable to licensed corporations. The above requirements are also applicable to investment companies or multi-FOs. To facilitate the industry’s understanding of the regulatory regime in Hong Kong, the SFC has issued circular on the licensing obligations of FOs and quick reference guides to provide additional guidance.
     
         In addition, professionals of various sectors providing services concerned to FOs will conduct necessary due diligence in compliance with the statutory requirements and relevant guidelines. Among others, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) provides that financial institutions (including banks, SFC-licensed corporations, insurance companies, money services operators, etc.) and designated non-financial businesses and professions (including solicitors, accountants, estate agents, and trust or company service providers) shall conduct customer due diligence, including identifying and verifying the identity of beneficial owners, continuously monitoring the business relationships with customers, as well as maintaining records. When service providers identify any suspicious transactions, they are also under the legal obligation to report to law enforcement agencies.
     
         Our systems and measures for combating money laundering and terrorist financing have all along adhere to international standards and best practices. We will closely monitor the risks related to money laundering and terrorist financing, as well as the developments in international standards, and will keep our systems and measures under constant review so as to safeguard the integrity and stability of Hong Kong’s financial system.
     
    (2) Family-owned investment holding vehicles (FIHVs) managed by single FOs in Hong Kong fulfilling the minimum asset threshold of HK$240 million and substantial activities requirement can enjoy profits tax exemption for qualifying transactions. Currently, a series of anti-avoidance measures have been put in place for the preferential tax regimes for single FOs and funds. For example, a business undertaking for general commercial or industrial purpose is not eligible for tax concessions with a view to avoiding abuse. The tax regimes also contain the anti-round tripping provisions to prevent abuse or round-tripping by resident persons to take advantage of the profits tax exemption via a fund or FIHV. Meanwhile, the general anti-avoidance provisions of the Inland Revenue Ordinance (IRO) are also applicable to the preferential tax regimes for single FOs and funds. Through these provisions, the IRD can address any artificial or fictitious transaction, disposition that is not in fact given effect to and transaction entered into for the sole or dominant purpose of enabling a person to obtain a tax benefit.
     
         To attract more FOs and high-net-worth individuals to choose Hong Kong as a destination for wealth management, we will enhance the preferential tax regimes for funds, single FOs and carried interest, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single FOs, enhancing the tax concession arrangement on the distribution of carried interest by private equity funds, etc.
     
         The Government also proposes to introduce a tax reporting mechanism under the enhanced tax regime for funds to ensure that the funds and special purpose entities meet the relevant tax exemption conditions under the IRO. The Government will continue to closely communicate with the industry on formulating the details of the tax reporting regime, and minimise the compliance burden on funds and special purpose entities under the tax reporting regime.
     
    (3) The Government is committed to expanding the talent pool for wealth management and FOs to support the long-term development of the industry. We have since 2016 implemented the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector to nurture more industry talents. To date, over 4 700 applications for reimbursement of professional training course fees have been approved, and the Programme has provided internship opportunities for over 920 tertiary students, supporting the industry to offer more professional training and learning opportunities, thereby enhancing the professional standards of practitioners. Besides, we have included “management professionals in asset and wealth management (WAM)” and “professionals in compliance in WAM” under the Talent List since 2018 and 2021 respectively, so as to facilitate high-quality talents in these professions to pursue development in Hong Kong.
     
         The Government has also established the HKAWL in 2023 to provide a platform for collaboration, networking, knowledge sharing and talent development, and to provide relevant training for asset owners, wealth inheritors and the FO sector. In 2024-25, the HKAWL organised, co-organised, and participated in over 20 events, enabling asset owners, wealth inheritors and FO practitioners to engage in discussions and exchanges. These events brought together over 3 100 participants.
     
         The Government will maintain close communication with FOs to understand their needs, evaluate the effectiveness of relevant policies and introduce enhancements in a timely manner. For example, the New Capital Investment Entrant Scheme (New CIES) has been well-received by the industry since its launch. As of end-May this year, the New CIES has received over 1 370 applications. The current applications are expected to bring an investment amount of over HK$41 billion into Hong Kong. The Government has also implemented enhancement measures with effect from March 1 this year, allowing investment under the New CIES to be made through an eligible private company wholly owned by the applicant, creating synergy with the tax concession regime for FOs.
     
         According to the research findings of the consultant commissioned by InvestHK and publicised in March 2024, there were around 2 700 single FOs operating in Hong Kong as of end-2023. The number is expected to exceed 3 000 in the near future. Separately, since its establishment in June 2021 up to end-May this year, the dedicated FamilyOfficeHK team of InvestHK has assisted over 190 FOs to set up or expand their business in Hong Kong, and around 150 FOs have indicated that they are preparing or have decided to set up or expand their business in Hong Kong. The performance indicator to attract no less than 200 FOs to establish or expand their operations in Hong Kong by end-2025 as set out in the 2022 Policy Address is likely to be achieved.
     
         Thank you, President.
    Issued at HKT 14:58

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LCQ6: Improve the accessibility of West Kowloon Cultural District

    Source: Hong Kong Government special administrative region

    ​Following is a question by the Hon Yiu Pak-leung and a written reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (June 25):
     
    Question:

    There are views that the road ancillary facilities and experience of walking to the West Kowloon Cultural District (WKCD) are not satisfactory at present, and during festivals, holidays and large-scale activities, congestion often occurs on the roads in the vicinity. On improving the accessibility of the WKCD, will the Government inform this Council:

    (1) as it has been reported that the southern landing facility of the WKCD is expected to come into operation in the fourth quarter of this year, of the specific timetable; of the specific measures in place to expedite the development of waterborne transport there, and whether it has studied developing the area into one of the distribution points for marine tours;

    (2) as some members of the public and tourists have reflected that the current experience of walking from the Xiqu Centre along Austin Road West to the area around the M+ is not satisfactory, whether the authorities will consider prioritising the creation of a pleasant harbourfront promenade from the Xiqu Centre to the WKCD to facilitate access of members of the public and tourists to the area; and

    (3) as there are views that the existing road design of Museum Drive outside the Hong Kong Palace Museum is unsatisfactory and prone to causing traffic congestion, and the authorities are conducting a road network study in the vicinity of Museum Drive, including a study on the construction of additional slip road exits to the West Kowloon Expressway, of the details of the study and whether the relevant works can commence as soon as possible?

    Reply:
     
    President,
     
    The West Kowloon Cultural District (WKCD or the District) is an important strategic cultural infrastructure investment of the Hong Kong Special Administrative Region Government. The WKCD is not only a popular choice for local residents to participate in cultural activities, but also one of the must-visit cultural and creative attractions welcomed by tourists.
     
    The Government and the West Kowloon Cultural District Authority (WKCDA) have always attached great importance to the accessibility of West Kowloon. Currently, there are many public transport services and routes to the WKCD, including the MTR, seven franchised bus routes, five green minibus (GMB) routes as well as Water Taxis.
     
    When large-scale activities such as fireworks displays are held at the WKCD or in its vicinity, the WKCDA will closely liaise with the Police and Transport Department (TD). The Police will implement temporary traffic management measures, including road closures, as needed within the WKCD and its vicinity whereas the TD will co-ordinate with public transport services providers to increase their services. Visitors can walk to the two MTR stations (i.e. Kowloon Station and Austin Station) or nearby places to access public transports when roads in the vicinity are still closed after the activities. During major festivals in the past two years, the said arrangements have been working smoothly.
     
    Having consulted the Transport and Logistics Bureau and the WKCDA, my reply to the question raised by the Hon Yiu Pak-leung is set out below:
     
    (1) The Southern Landing Facility (SLF) located opposite to M+ is expected to complete and open in quarter four of this year (2025). By then, the existing berthing point of Water Taxi at the New Yau Ma Tei Typhoon Shelter will be relocated to this new landing facility. The WKCDA is also liaisng with the TD in actively exploring the introduction of a new ferry route between the WKCD and Central, so as to fully utilise the new landing facility for further improving waterborne transport to and from the WKCD.
     
    The SLF is a public landing facility. The WKCDA is currently formulating the future arrangements for the use of the SLF, including reservation arrangements for berthing public vessels other than Water Taxi, and will maintain close communication with the tourism industry and relevant Government departments to explore ways to maximise the utilisation of the SLF.
     
    (2) The WKCD is situated on a 40-hectare site next to the High Speed Rail Hong Kong West Kowloon Station, the MTR Tuen Ma Line Austin Station as well as the Tung Chung Line Kowloon Station. Citizens and visitors can choose to use the nearest MTR station according to the different arts and cultural facilities in the District they want to visit.
     
    Taking M+ as an example, visitors can use the MTR Kowloon Station and walk about 10 minutes via Elements Shopping Mall and the Art Square Bridge to reach it. As for the Hong Kong Palace Museum (HKPM), visitors can go for Exit E of the MTR Kowloon Station, walk via Nga Cheung Road and the pedestrian footbridge of the former toll plaza of the Western Harbour Crossing to enter the WKCD West Gate, and then walk along the District’s roads to reach the HKPM in 15 minutes. Visitors going to the Xiqu Centre can use the Austin Road Pedestrian Linkage System at Exit E of the MTR Austin Station to reach the destination within 5 minutes on foot.
     
    The development of the WKCD has always adopted the “City Park” design concept. The planning fundamental of the WKCD is pedestrian-oriented with emphasis on its connectivity, encouraging visitors to walk to and from different arts and cultural facilities within the District. For instance, from M+ to the HKPM, visitors can walk for about 10 minutes through the Art Park or along the WKCD Promenade, both of which are places where citizens and tourists love to linger. As for going from Xiqu Centre to M+, since there are still works in progress in the relevant waterfront and Austin Road West section, we recommend citizens to take about 15 to 20 minutes to walk via Austin Station, High Speed Rail Hong Kong West Kowloon Station, Elements, and the Artist Square Bridge at this stage.
     
    If visitors choose to travel between the WKCD and the High Speed Rail Hong Kong West Kowloon Station and MTR Austin Station by public transport, they can take the GMB Route CX1, or take the Kowloon Motor Bus Route W4 on Saturdays, Sundays and public holidays.
     
    (3) The Government and the WKCDA have been exploring various options for improving the road network of the WKCD, including the addition of an exit from Museum Drive to the West Kowloon Highway to improve vehicular accessibility of the northern part of the WKCD. The Government will continue to study with the WKCDA in this regard to meet the development needs of the WKCD.

    Thank you, President.

    MIL OSI Asia Pacific News

  • MIL-OSI: New Jitterbit Partner Program Enables Global Channel to Deliver Enterprise Automation, AI Agents

    Source: GlobeNewswire (MIL-OSI)

    FRANKFURT, Germany, June 25, 2025 (GLOBE NEWSWIRE) — Jitterbit, a global leader in accelerating business transformation for enterprise systems, today announced the global expansion of its partner program and new Jitterbit University partner curricula. Together, they provide solution providers, consulting firms and channel technology partners clear and profitable paths toward delivering end-to-end automation and agentic AI solutions to customers.

    “With the unprecedented focus on AI, channel partners are looking at the value technology provides their customers in a whole new way,” said Jitterbit Chief Revenue Officer Luca Taglioretti. “The advent of agentic AI is their chance to deliver real business improvement to customers faster than ever before. And the new Jitterbit Partner Program was designed from the ground up with these forward-thinking partners in mind.”

    In today’s world of complex, multi-vendor IT environments, it’s imperative that a modern partner ecosystem is designed to train, enable and empower reseller and referral partners to help their customers grow in the AI era.

    “Every enterprise is looking to infuse AI into the parts of their business where it will make the most financial impact,” said Jitterbit President and CEO Bill Conner. “But with a scarcity of skilled coding resources and trusted AI technology, enterprises want solutions and resources that bring business transformation and AI together. Jitterbit’s new partner program offers technology partners real AI solutions, training and certification, and a clear path to accelerate their customers’ businesses today — not 18 or 24 months down the road.”

    Partner Benefits Designed for Quick Growth in Agentic AI, Enterprise Automation

    The new global Jitterbit Partner Program is designed from the ground up to accelerate Jitterbit partners as they provide automation, integration, low-code app development and agentic AI capabilities to a new wave of business technologists.

    The boost to Jitterbit’s channel follows the release of Jitterbit’s new layered AI and low-code Harmony platform, which allows enterprises to democratize automation, design and build end-to-end systems, and even build their own AI agents.

    “If technology partners and resellers are serious about automation and agentic AI, they need to align their strategies with vendors that are building secure, compliant and accountable AI agents the right way,” said Hermann Ramacher, CEO of ADN, a major Jitterbit distributor in Germany. “What’s attractive to ADN is that we can use Jitterbit’s platform to build agents ourselves, or outsource the work to their AI experts. It gives us the ease, speed and flexibility to deliver value for our customers and accelerate our business into the next phase of AI.”

    The first phase of the new global Jitterbit Partner Program delivers resellers and referral partners foundational benefits to scale their automation capabilities:

    • Financial Benefits & Deal Protection: Partners can benefit from competitive product discounts for new unique opportunities through deal registration and annual back-end rebates, ensuring competitive advantages and protected margins. Referral partners receive referral fees.
    • Structured Onboarding & Co-Selling: Jitterbit provides a structured onboarding program to rapidly enable partners within 90 days, complemented by a collaborative co-selling model that encourages early engagement, team-based interactions, and shared opportunities.
    • Go-to-Market Support & Growth: Reseller partners gain access to performance incentive programs, proposal-based MDF, and assigned sales executive leadership to drive joint market initiatives. Joint business plan development and rep-to-rep alignment further foster mutual growth.
    • Complimentary Training & Resources: Free online training and certification curriculum is available for all partners. Initial online product technical training and complimentary sandbox access is available for resellers, ensuring partners are well-equipped to sell and support Jitterbit solutions. Partners also have access to a dedicated support portal and various resources.

    Jitterbit University Delivers Accelerated Path toward Agentic Experience

    Jitterbit’s new partner program includes partner-specific training and certifications within the world-class Jitterbit University. This online learning platform accelerates skills transfer in the fast-moving AI market by offering:

    • Complimentary Training Library: Equip teams with essential skills through a full suite of complimentary training courses.
    • Structured Learning Paths & Certification: Gain expertise and confidence on the Harmony platform with dedicated training paths and a recognized certification program.
    • Collaborate with Jitterbit Experts: Connect and collaborate with the Jitterbit Community, a global network of Jitterbit users and experts.

    Available globally, this expanded enablement resource means Jitterbit’s channel community can quickly answer customer questions across a vast array of topics and use time-proven shortcuts to speed up implementations.

    Design, Source AI Agents within AI-Infused Harmony Platform

    According to a recent Jitterbit survey, 69% of UK and US enterprises are not currently set up to deliver agentic AI — presenting a huge opportunity for those across the IT industry looking to offer these services.

    Rather than relying on ‘off the shelf’ or ‘sameware’ tech offerings to meet this growing demand, enterprises are increasingly turning to Jitterbit Harmony to take full control of their own AI-infused future.

    “The market we operate in is more dynamic and fast-paced than ever before,” said Taglioretti. “Businesses are increasingly relying on technology to drive their success, and the demand for innovative, scalable solutions has reached new heights. Agentic AI is not just a trend — it’s a massive wave of opportunity, and together, we are perfectly positioned to ride it.”

    About Jitterbit
    For organizations ready to modernize and innovate, Jitterbit provides a unified AI-infused low code platform for integration, orchestration, automation, and app development that accelerates business transformation, boosts productivity, and unlocks value. The Jitterbit Harmony platform, including iPaaS, API Manager, App Builder and EDI, future-proofs operations, simplifies complexity and drives innovation for organizations globally. Learn more at www.jitterbit.com and follow us on LinkedIn.

    Media Contact:

    Geoff Blaine
    Jitterbit
    Email: geoff.blaine@jitterbit.com

    The MIL Network

  • MIL-OSI: New Jitterbit Partner Program Enables Global Channel to Deliver Enterprise Automation, AI Agents

    Source: GlobeNewswire (MIL-OSI)

    FRANKFURT, Germany, June 25, 2025 (GLOBE NEWSWIRE) — Jitterbit, a global leader in accelerating business transformation for enterprise systems, today announced the global expansion of its partner program and new Jitterbit University partner curricula. Together, they provide solution providers, consulting firms and channel technology partners clear and profitable paths toward delivering end-to-end automation and agentic AI solutions to customers.

    “With the unprecedented focus on AI, channel partners are looking at the value technology provides their customers in a whole new way,” said Jitterbit Chief Revenue Officer Luca Taglioretti. “The advent of agentic AI is their chance to deliver real business improvement to customers faster than ever before. And the new Jitterbit Partner Program was designed from the ground up with these forward-thinking partners in mind.”

    In today’s world of complex, multi-vendor IT environments, it’s imperative that a modern partner ecosystem is designed to train, enable and empower reseller and referral partners to help their customers grow in the AI era.

    “Every enterprise is looking to infuse AI into the parts of their business where it will make the most financial impact,” said Jitterbit President and CEO Bill Conner. “But with a scarcity of skilled coding resources and trusted AI technology, enterprises want solutions and resources that bring business transformation and AI together. Jitterbit’s new partner program offers technology partners real AI solutions, training and certification, and a clear path to accelerate their customers’ businesses today — not 18 or 24 months down the road.”

    Partner Benefits Designed for Quick Growth in Agentic AI, Enterprise Automation

    The new global Jitterbit Partner Program is designed from the ground up to accelerate Jitterbit partners as they provide automation, integration, low-code app development and agentic AI capabilities to a new wave of business technologists.

    The boost to Jitterbit’s channel follows the release of Jitterbit’s new layered AI and low-code Harmony platform, which allows enterprises to democratize automation, design and build end-to-end systems, and even build their own AI agents.

    “If technology partners and resellers are serious about automation and agentic AI, they need to align their strategies with vendors that are building secure, compliant and accountable AI agents the right way,” said Hermann Ramacher, CEO of ADN, a major Jitterbit distributor in Germany. “What’s attractive to ADN is that we can use Jitterbit’s platform to build agents ourselves, or outsource the work to their AI experts. It gives us the ease, speed and flexibility to deliver value for our customers and accelerate our business into the next phase of AI.”

    The first phase of the new global Jitterbit Partner Program delivers resellers and referral partners foundational benefits to scale their automation capabilities:

    • Financial Benefits & Deal Protection: Partners can benefit from competitive product discounts for new unique opportunities through deal registration and annual back-end rebates, ensuring competitive advantages and protected margins. Referral partners receive referral fees.
    • Structured Onboarding & Co-Selling: Jitterbit provides a structured onboarding program to rapidly enable partners within 90 days, complemented by a collaborative co-selling model that encourages early engagement, team-based interactions, and shared opportunities.
    • Go-to-Market Support & Growth: Reseller partners gain access to performance incentive programs, proposal-based MDF, and assigned sales executive leadership to drive joint market initiatives. Joint business plan development and rep-to-rep alignment further foster mutual growth.
    • Complimentary Training & Resources: Free online training and certification curriculum is available for all partners. Initial online product technical training and complimentary sandbox access is available for resellers, ensuring partners are well-equipped to sell and support Jitterbit solutions. Partners also have access to a dedicated support portal and various resources.

    Jitterbit University Delivers Accelerated Path toward Agentic Experience

    Jitterbit’s new partner program includes partner-specific training and certifications within the world-class Jitterbit University. This online learning platform accelerates skills transfer in the fast-moving AI market by offering:

    • Complimentary Training Library: Equip teams with essential skills through a full suite of complimentary training courses.
    • Structured Learning Paths & Certification: Gain expertise and confidence on the Harmony platform with dedicated training paths and a recognized certification program.
    • Collaborate with Jitterbit Experts: Connect and collaborate with the Jitterbit Community, a global network of Jitterbit users and experts.

    Available globally, this expanded enablement resource means Jitterbit’s channel community can quickly answer customer questions across a vast array of topics and use time-proven shortcuts to speed up implementations.

    Design, Source AI Agents within AI-Infused Harmony Platform

    According to a recent Jitterbit survey, 69% of UK and US enterprises are not currently set up to deliver agentic AI — presenting a huge opportunity for those across the IT industry looking to offer these services.

    Rather than relying on ‘off the shelf’ or ‘sameware’ tech offerings to meet this growing demand, enterprises are increasingly turning to Jitterbit Harmony to take full control of their own AI-infused future.

    “The market we operate in is more dynamic and fast-paced than ever before,” said Taglioretti. “Businesses are increasingly relying on technology to drive their success, and the demand for innovative, scalable solutions has reached new heights. Agentic AI is not just a trend — it’s a massive wave of opportunity, and together, we are perfectly positioned to ride it.”

    About Jitterbit
    For organizations ready to modernize and innovate, Jitterbit provides a unified AI-infused low code platform for integration, orchestration, automation, and app development that accelerates business transformation, boosts productivity, and unlocks value. The Jitterbit Harmony platform, including iPaaS, API Manager, App Builder and EDI, future-proofs operations, simplifies complexity and drives innovation for organizations globally. Learn more at www.jitterbit.com and follow us on LinkedIn.

    Media Contact:

    Geoff Blaine
    Jitterbit
    Email: geoff.blaine@jitterbit.com

    The MIL Network

  • MIL-OSI: NextBillion.ai selects TomTom Orbis Maps to deliver enhanced enterprise-grade solutions globally

    Source: GlobeNewswire (MIL-OSI)

    AMSTERDAM, June 25, 2025 (GLOBE NEWSWIRE) — TomTom (TOM2), the location technology specialist, and NextBillion.ai, a leading provider of AI-powered mapping solutions for enterprise, today announced an expanded partnership to deliver precise route calculations and travel time estimations across mobility, fleet, and logistics industries globally. NextBillion.ai leverages TomTom Orbis Maps within its API-first platform to deliver a powerful optimization and scheduling experience, better optimized routes and advanced integration capabilities.

    NextBillion.ai’s all-in-one API platform prioritizes ease of use, customization and seamless integration across routing, navigation, and tracking use cases. It offers advanced features, such as customizable objective functions, sophisticated task sequencing, and support for over 50 constraints, allowing businesses to navigate their roadmaps with ease.

    The integration of TomTom Orbis Maps into the NextBillion.ai engine equips drivers and field service agents with efficient routing, enabling them to perform deliveries and tasks more effectively. Improved routing and more accurate estimated times of arrival support increased productivity and enhanced safety. Additionally, as TomTom supports truck-specific routing that considers vehicle dimensions, weight, and cargo type, customers are guaranteed efficient and regulation-compliant navigation in all instances.

    “At NextBillion.ai, we’re focused on helping enterprises solve complex mapping and routing challenges at scale,” said Gaurav Bubna, Co-founder, NextBillion.ai. “Integrating TomTom’s Orbis Maps into our platform allows us to offer even greater accuracy, customization, and operational efficiency, empowering our customers to make smarter decisions in real-time.”

    “We are proud to expand our partnership with NextBillion.ai and deliver improved solutions to the mobility and logistics industries,” said Mike Schoofs, Chief Revenue Officer, TomTom. “By combining the advanced capabilities of TomTom Orbis Maps with NextBillion.ai’s API-first platform, we support businesses with more accurate and efficient routing.”

    About TomTom:

    Billions of data points. Millions of sources. Thousands of communities.

    We are the mapmaker bringing it all together to build the world’s smartest map. We provide location data and technology to drivers, carmakers, businesses and developers. Our application-ready maps, routing, real-time traffic, APIs and SDKs empower the dreamers and doers to move our world forward.

    Headquartered in Amsterdam with 3,600 employees around the globe, TomTom has been shaping the future of mobility for over 30 years.

    www.tomtom.com

    About NextBillion.ai:

    NextBillion.ai is a leader in AI-powered routing and route optimization solutions, helping businesses customize, scale, and optimize their routing infrastructure through advanced APIs and tools. Operating globally across diverse industries, including logistics, field services, food delivery, and ride-hailing, NextBillion.ai’s platform processes millions of API calls daily, serving enterprises with tailored mapping solutions designed for their unique business needs.

    nextbillion.ai

    For further information:

    Media Relations

    mediarelations@tomtom.com

    Investor Relations

    ir@tomtom.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/157ecefb-0171-498e-a877-13dd03145f80

    The MIL Network

  • MIL-OSI: NextBillion.ai selects TomTom Orbis Maps to deliver enhanced enterprise-grade solutions globally

    Source: GlobeNewswire (MIL-OSI)

    AMSTERDAM, June 25, 2025 (GLOBE NEWSWIRE) — TomTom (TOM2), the location technology specialist, and NextBillion.ai, a leading provider of AI-powered mapping solutions for enterprise, today announced an expanded partnership to deliver precise route calculations and travel time estimations across mobility, fleet, and logistics industries globally. NextBillion.ai leverages TomTom Orbis Maps within its API-first platform to deliver a powerful optimization and scheduling experience, better optimized routes and advanced integration capabilities.

    NextBillion.ai’s all-in-one API platform prioritizes ease of use, customization and seamless integration across routing, navigation, and tracking use cases. It offers advanced features, such as customizable objective functions, sophisticated task sequencing, and support for over 50 constraints, allowing businesses to navigate their roadmaps with ease.

    The integration of TomTom Orbis Maps into the NextBillion.ai engine equips drivers and field service agents with efficient routing, enabling them to perform deliveries and tasks more effectively. Improved routing and more accurate estimated times of arrival support increased productivity and enhanced safety. Additionally, as TomTom supports truck-specific routing that considers vehicle dimensions, weight, and cargo type, customers are guaranteed efficient and regulation-compliant navigation in all instances.

    “At NextBillion.ai, we’re focused on helping enterprises solve complex mapping and routing challenges at scale,” said Gaurav Bubna, Co-founder, NextBillion.ai. “Integrating TomTom’s Orbis Maps into our platform allows us to offer even greater accuracy, customization, and operational efficiency, empowering our customers to make smarter decisions in real-time.”

    “We are proud to expand our partnership with NextBillion.ai and deliver improved solutions to the mobility and logistics industries,” said Mike Schoofs, Chief Revenue Officer, TomTom. “By combining the advanced capabilities of TomTom Orbis Maps with NextBillion.ai’s API-first platform, we support businesses with more accurate and efficient routing.”

    About TomTom:

    Billions of data points. Millions of sources. Thousands of communities.

    We are the mapmaker bringing it all together to build the world’s smartest map. We provide location data and technology to drivers, carmakers, businesses and developers. Our application-ready maps, routing, real-time traffic, APIs and SDKs empower the dreamers and doers to move our world forward.

    Headquartered in Amsterdam with 3,600 employees around the globe, TomTom has been shaping the future of mobility for over 30 years.

    www.tomtom.com

    About NextBillion.ai:

    NextBillion.ai is a leader in AI-powered routing and route optimization solutions, helping businesses customize, scale, and optimize their routing infrastructure through advanced APIs and tools. Operating globally across diverse industries, including logistics, field services, food delivery, and ride-hailing, NextBillion.ai’s platform processes millions of API calls daily, serving enterprises with tailored mapping solutions designed for their unique business needs.

    nextbillion.ai

    For further information:

    Media Relations

    mediarelations@tomtom.com

    Investor Relations

    ir@tomtom.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/157ecefb-0171-498e-a877-13dd03145f80

    The MIL Network

  • MIL-OSI USA: North Dakota Receives $2 Million in Interior PILT Funds

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. –  The U.S. Department of the Interior (DOI) announcedNorth Dakota will receive $2,093,127 in Payments in Lieu of Taxes (PILT) funding for 2025 to support the costs associated with maintaining vital community services. PILT payments are calculated based on the number of acres of federal land within each county or jurisdiction, and population.
    PILT payments are made for tax-exempt federal lands administered by DOI bureaus, including the Bureau of Land Management, National Park Service, and U.S. Fish and Wildlife Service. In addition, PILT payments cover federal lands administered by the U.S. Department of Agriculture’s U.S. Forest Service, and the U.S. Army Corps of Engineers. In FY24, North Dakota received nearly $2 million from PILT for counties encumbered by non-taxable federal land.

    MIL OSI USA News

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 25, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 25, 2025.

    Bats get fat to survive hard times. But climate change is threatening their survival strategy
    Source: The Conversation (Au and NZ) – By Nicholas Wu, Lecturer in Wildlife Ecology, Murdoch University Rudmer Zwerver/Shutterstock Bats are often cast as the unseen night-time stewards of nature, flitting through the dark to control pest insects, pollinate plants and disperse seeds. But behind their silent contributions lies a remarkable and underappreciated survival strategy: seasonal

    Japanese prime minister’s abrupt no-show at NATO summit reveals a strained alliance with the US
    Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University Japanese Prime Minister Shigeru Ishiba has sent a clear signal to the Trump administration: the Japan–US relationship is in a dire state. After saying just days ago he would be attending this week’s NATO summit at The Hague,

    Why have athletes stopped ‘taking a knee’?
    Source: The Conversation (Au and NZ) – By Ciprian N. Radavoi, Associate Professor in Law, University of Southern Queensland Eli Harold, Colin Kaepernick and Eric Reid of the San Francisco 49ers kneel ahead of a game in 2016. Michael Zagaris/San Francisco 49ers/Getty Images It’s almost a decade since San Francisco 49ers quarterback Colin Kaepernick started

    Nearly half of Kiwis oppose automatic citizenship for Cook Islands, says poll
    By Caleb Fotheringham, RNZ Pacific journalist A new poll by the New Zealand Taxpayers’ Union shows that almost half of respondents oppose the Cook Islands having automatic New Zealand citizenship. Thirty percent of the 1000-person sample supported Cook Islanders retaining citizenship, 46 percent were opposed and 24 percent were unsure. The question asked: The Cook

    Melanesian Spearhead Group leaders discuss Middle East conflict before ceasefire
    RNZ Pacific Papua New Guinea Prime Minister James Marape says the Middle East conflict was one of the discussions of the Melanesian Spearhead Group (MSG) in Suva this week — and Pacific leaders “took note of what is happening”. The Post-Courier reports Marape saying the “12 Day War” between Israel and Iran was based on

    The ancients also had to deal with a cost-of-living crisis. Here’s how they managed
    Source: The Conversation (Au and NZ) – By Konstantine Panegyres, Lecturer in Classics and Ancient History, The University of Western Australia Louis Le Brun, Public domain, via Wikimedia Commons, CC BY Talk to anyone today, and they will probably have something to say about how expensive life has become. While the rate of inflation has

    Video games can help trans players feel seen and safe. It all starts with design
    Source: The Conversation (Au and NZ) – By Phoebe Toups Dugas, Associate Professor of Human-Centred Computing, Monash University Shano Liang There is a comfort in finding and being yourself. Video games offer opportunities for this comfort. They allow people to exist in safe spaces, to develop community, and to explore the self – as well

    How old are you really? Are the latest ‘biological age’ tests all they’re cracked up to be?
    Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University We all like to imagine we’re ageing well. Now a simple blood or saliva test promises to tell us by measuring our “biological age”. And then, as many have done, we can share how “young” we really are on social

    Global rankings fuel hype, but students have more to consider when choosing a uni
    Source: The Conversation (Au and NZ) – By Kylie Message, Professor of Public Humanities and Director of the ANU Humanities Research Centre, Australian National University At this time of year, many year 12 students are seriously turning their minds to the future. Should they go to university next year? If so, which one? June is

    Playful or harmful? David Seymour’s posts raise questions about what’s OK to say online
    Source: The Conversation (Au and NZ) – By Kevin Veale, Senior Lecturer in Media Studies, part of the Digital Cultures Laboratory in the School of Humanities, Media, and Creative Communication, Te Kunenga ki Pūrehuroa – Massey University Hagen Hopkins/Getty Images Deputy Prime Minister and ACT Party leader David Seymour says he is being “playful” and

    Shadow treasurer Ted O’Brien accepts invitation to government’s economic roundtable
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The federal opposition has accepted an invitation from Treasurer Jim Chalmers for shadow treasurer Ted O’Brien to attend the August economic roundtable. The acceptance contrasts with the position taken by former opposition leader Peter Dutton last term. He refused to

    Fiji advocacy group slams Indonesian role in MSG as a ‘disgrace’
    Asia Pacific Report A Fiji-based advocacy group has condemned the participation of Indonesia in the Melanesian Spearhead Group which is meeting in Suva this week, saying it is a “profound disgrace” that the Indonesian Embassy continues to “operate freely” within the the MSG Secretariat. “This presence blatantly undermines the core principles of justice and solidarity

    Will the fragile ceasefire between Iran and Israel hold? One factor could be crucial to it sticking
    Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University Amir Levy/Getty Images After 12 days of war, US President Donald Trump has announced a ceasefire between Israel and Iran that would bring to an end the most dramatic, direct conflict between the two nations in decades. Israel

    Ramzy Baroud: The fallout – winners and losers from the Israeli war on Iran
    COMMENTARY: By Ramzy Baroud, editor of The Palestinian Chronicle The conflict between Israel and Iran over the past 12 days has redefined the regional chessboard. Here is a look at their key takeaways: Israel:Pulled in the US: Israel successfully drew the United States into a direct military confrontation with Iran, setting a significant precedent for

    Iran and Israel agree to a fragile ceasefire. One factor could be crucial to it sticking
    Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University Amir Levy/Getty Images After 12 days of war, US President Donald Trump has announced a ceasefire between Israel and Iran that would bring to an end the most dramatic, direct conflict between the two nations in decades. Israel

    eSafety boss wants YouTube included in the social media ban. But AI raises even more concerns for kids
    Source: The Conversation (Au and NZ) – By Tama Leaver, Professor of Internet Studies, Curtin University Irina WS/Shutterstock Julie Inman Grant, Australia’s eSafety Commissioner, today addressed the National Press Club to outline how her office will be driving the Social Media Minimum Age Bill when it comes into effect in December this year. The bill,

    Trouble getting out of bed? Signs the ‘winter blues’ may be something more serious
    Source: The Conversation (Au and NZ) – By Kelvin (Shiu Fung) Wong, Senior Lecturer in Clinical Psychology, Swinburne University of Technology Justin Paget/Getty Winter is here. As the days grow shorter and the skies turn darker, you might start to feel a bit “off”. You may notice a dip in your mood or energy levels.

    A carbon levy on global shipping promises to slash emissions. We calculated what that means for Australia’s biggest export
    Source: The Conversation (Au and NZ) – By Michael Brear, Director, Melbourne Energy Institute, The University of Melbourne Costfoto/NurPhoto via Getty Images Moving people and things around the world by sea has a big climate impact. The shipping industry produces almost 3% of global greenhouse gas emissions – roughly the same as Germany – largely

    The war won’t end Iran’s nuclear program – it will drive it underground, following North Korea’s model
    Source: The Conversation (Au and NZ) – By Anthony Burke, Professor of Environmental Politics & International Relations, UNSW Sydney The United States’ and Israel’s strikes on Iran are concerning, and not just for the questionable legal justifications provided by both governments. Even if their attacks cause severe damage to Iran’s nuclear facilities, this will only

    Iran’s internet blackout left people in the dark. How does a country shut down the internet?
    Source: The Conversation (Au and NZ) – By Mohiuddin Ahmed, Senior Lecturer of Computing and Security, Edith Cowan University Dylan Carr/Unsplash In recent days, Iranians experienced a near-complete internet blackout, with local service providers – including mobile services – repeatedly going offline. Iran’s government has cited cyber security concerns for ordering the shutdown. Shutting off

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Cassidy Delivers Floor Speech on Lowering Flood Insurance Rates with Hurricane Season Underway

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    [embedded content]

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) delivered a speech on the U.S. Senate floor highlighting the need to end the Biden-era Risk Rating 2.0 policy and for the National Flood Insurance Program (NFIP) to remain affordable.
    “We have a chance to bring down prices on flood insurance in the same way President Trump has brought down all these other prices—gas, eggs, milk, you name it,” said Dr. Cassidy.
    “As hurricane season ramps up, the clock is ticking. Let’s act now,” concluded Dr. Cassidy.Background
    In June, Cassidy led the charge in demanding the U.S. Federal Emergency Management Agency (FEMA) finally end the Biden-era policy, Risk Rating 2.0, which caused flood insurance premiums to skyrocket.
    In May, Cassidy delivered another speech discussing the danger that Risk Rating 2.0 poses to low- and middle-income families’ ability to be enrolled in the program.
    In April, Cassidy delivered a speech on the Senate floor calling for the continuation of FEMA’s Building Resilient Infrastructure and Communities (BRIC) grant program, which helps fund pre-disaster mitigation and flood prevention projects in Louisiana and nationwide.
    In March, Cassidy delivered a floor speech calling for a long-term extension of  NFIP and introduced legislation to extend the program through December 31, 2026. Cassidy also met with the Jefferson Business Council where he discussed his efforts to keep flood insurance affordable and extend NFIP long-term.
    In February, Cassidy introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in NFIP a 33% refundable tax credit to combat rising flood insurance premiums. Cassidy also released a report last fall outlining the current state of NFIP and the issues that have led to skyrocketing premiums for millions of homeowners.
    Last year, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance to hear from community leaders and advocates on the issue.
    Cassidy traveled St. Bernard Parish in 2023 to talk with residents about their flood insurance premiums, recording the second episode of his Bill on the Hill series.
    Cassidy’s remarks as prepared for delivery are below:
    Mr. President,
    In every single state, there are Americans who rely on the National Flood Insurance Program to protect their home.
    Congress has a responsibility to serve ALL Americans, regardless of age, income, or zip code.
    Since Biden’s implementation of Risk Rating 2.0, seniors and low- and middle-income homeowners have been left behind.
    Earlier this month, I led eight of my Republican colleagues in urging FEMA to end the Biden-era Risk Rating 2.0.
    I want to work with him to fix the mess the Biden administration left us in.
    Now, I want to share with my colleagues the same case we made in that letter for why we need to act now.
    Every year on June 1st, the phrase “Hoping for the best, preparing for the worst” comes to mind.
    For the people in my state, it becomes a way of life.
    Another hurricane season is upon us.
    With a higher Gulf temperature than usual, meteorologists predict 13 to 19 named storms, 6 to 10 hurricanes, and 3 to 5 major hurricanes hitting the U.S. before the year’s end.
    Before long, Louisianans will, yet again, be stocking up on non-perishable food items and prescriptions, boarding up the windows, and checking on their neighbors.
    They will also be bracing themselves financially.
    Louisianans are still trying to get back on their feet after four years of financial distress under the Biden administration.
    Now, add the costs for recovery from severe weather damage. Many families just can’t afford it.
    That’s why we have NFIP—a program which has provided a safety net for millions in Louisiana and across the country for the last 50 years.
    Because of NFIP, the retired couple in Livingston Parish who just paid off their mortgage sleeps better at night knowing they are covered the next time they flood.
    The single working mother in Cameron Parish can rest assured knowing there is help available when it comes time to replace the siding and roof tiles, which have been torn loose by torrential winds. 
    But this program—and the peace of mind of those who rely on it—is being threatened.
    Since FEMA, under the Biden Administration, implemented Risk Rating 2.0, premiums have skyrocketed—making desperately needed protection unaffordable for millions. Over 80% of NFIP policyholders in Louisiana saw a spike in their premiums after its implementation in 2021.
    The protection that millions so desperately need has become unaffordable.
    When I say unaffordable, I’m not talking about a one or two-hundred-dollar increase.
    Even that would be too much for a lot of families.
    I’m talking about a $1,916 increase for a homeowner in Waggaman, Louisiana.
    I’m talking about a $4,500 increase for a homeowner in Gibson, Louisiana.
    I’m talking about an $8,256 increase for a homeowner in Belle Chasse, Louisiana.
    And there is no end in sight for these 300, 400, 500…one THOUSAND percent increases.
    Has FEMA been transparent about these stunning spikes?
    No.
    In fact, never knowing why their premiums rose in the first place, Americans have no option but to drop their NFIP coverage altogether, leaving them totally vulnerable.
    Has Congress been given the opportunity to provide meaningful comment in response?
    No, we were stonewalled for years under President Biden. Now with President Trump in charge, I trust there will be more transparency into Risk Rating 2.0 than we’ve ever seen before. 
    The American people—and certainly Louisianans—made it clear when they elected President Trump that they are ready to end the confusion and high prices of the previous administration.
    They were talking about the grocery store, at the gas pump, and yes, about insurance.
    NFIP was at the heart of the cost-of-living crisis Americans struggled through under President Biden.
    We have a chance to bring down prices on flood insurance in the same way President Trump has brought down all these other prices—gas, eggs, milk, you name it.
    I want to work with President Trump and my colleagues to make life affordable again!
    As hurricane season ramps up, the clock is ticking. Let’s act now!
    With that, I yield. 

    MIL OSI USA News

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation and Second Review of the Policy Coordination Instrument with Tajikistan

    Source: IMF – News in Russian

    June 24, 2025

    • Tajikistan’s strong growth performance has continued into 2025, accompanied by well-contained inflation, a favorable external position and a further reduction in public debt to GDP.
    • Tajikistan’s favorable economic performance creates an opportunity to implement needed reforms to address structural vulnerabilities and support domestic job creation. Broad-based governance and transparency reforms are key to strengthening the business climate to foster more diversified private sector-led growth.
    • The Second Review under the Policy Coordination Instrument with Tajikistan was completed, with all but one of the quantitative targets for the second review met and the reform targets broadly implemented.

    Washington, DC – The Executive Board of the International Monetary Fund (IMF) completed the 2025 Article IV Consultation1 and the Second Review of the Policy Coordination Instrument (PCI)2 with Tajikistan on June 23, 2025. The authorities have consented to the publication of the Staff Report prepared for this consultation.3

    Tajikistan’s twenty-two-month program under the PCI was approved in February 2024. The PCI aims to anchor macroeconomic policies and support structural reform implementation to maintain macro-financial stability and foster more sustainable and inclusive growth. Program implementation remains broadly on track, with all but one of the quantitative targets for the second review met and the reform targets broadly implemented.

    Tajikistan’s strong growth performance has continued into 2025, accompanied by a steady improvement in macroeconomic fundamentals. Large financial inflows have contributed to a favorable external position, with FX reserves amounting to 7 months’ import coverage, while prudent fiscal policy has anchored a continued reduction in public debt to 25 percent of GDP at end-2024. Inflation remains well-contained at 3.6 percent (y/y) in April 2025. The near-term outlook remains positive, but subject to considerable regional uncertainty that could result in a less favorable external environment.

    Tajikistan’s favorable economic performance creates an opportunity to implement needed reforms to address structural vulnerabilities and support domestic job creation. Improving revenue mobilization and spending efficiency is critical to increasing space for development priorities. Monetary policy should remain vigilant and manage liquidity proactively in the context of large foreign exchange inflows and strong credit growth. Broad-based governance and transparency reforms are key to strengthening the business climate to foster more diversified private sector-led growth. 

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

    “Tajikistan’s strong growth performance in recent years has continued into 2025, accompanied by a steady improvement in macroeconomic fundamentals. Large financial inflows have contributed to a favorable external position, while prudent fiscal policy has anchored a continued reduction in public debt. The medium-term outlook remains positive, but subject to considerable regional uncertainty that could result in a less favorable external environment. 

    “The authorities’ economic program under the Policy Coordination Instrument focuses on policies to anchor macroeconomic stability and strengthen resilience against shocks while advancing governance reforms to foster more diversified and inclusive growth. Program implementation remains broadly on track, with most of the quantitative targets for the second review met and the reform targets broadly implemented. 

    “The fiscal deficit target of 2.5 percent of GDP remains an important anchor to keep public debt on a favorable medium-term trajectory. Improved revenue mobilization and spending efficiency are key to increasing fiscal space for social and development projects. The authorities have taken steps to strengthen oversight of state-owned enterprises, but greater efforts are needed to reduce quasi-fiscal losses in the electricity sector. 

    “Inflation remains well contained, but strong credit growth in the context of large financial inflows requires continued vigilance. Greater exchange rate flexibility and proactive liquidity management are essential to help manage financial inflows. The banking system has strengthened its balance sheet in recent years, supporting financial deepening, but strong lending to households warrants careful oversight to ensure prudent lending standards.

    “Tajikistan’s favorable economic performance creates an opportunity to deepen reforms to address structural vulnerabilities and support domestic job creation. Broad-based governance and transparency reforms are key to foster more diversified private sector-led growth. Reform efforts should focus on enhancing anti-corruption frameworks, improving extractive sector transparency, and strengthening institutional oversight.

    Executive Board Assessment4

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Tajikistan’s continued strong economic performance and positive medium‑term outlook. At the same time, amid considerable regional and global uncertainty, the country remains vulnerable to a less favorable external environment, given its reliance on remittances and narrow export base. Against this background, Directors stressed that Tajikistan’s favorable economic performance creates an opportunity to deepen reforms under the PCI to support job creation and improve resilience.

    Directors welcomed the authorities’ commitment to a fiscal deficit anchor of 2.5 percent of GDP to keep public debt on a favorable medium‑term trajectory. They noted that improved revenue mobilization and spending efficiency are key to building buffers and increasing fiscal space for social and development projects. In that context, Directors encouraged the authorities to streamline tax expenditures, strengthen project oversight to enhance the efficiency of public investment, and improve targeting of social assistance. Directors welcomed the authorities’ efforts to develop the domestic debt market and expand the investor base to further deepen the market. 

    Directors noted that inflation remains well contained but cautioned that strong credit growth in the context of large financial inflows requires continued vigilance. Stressing the importance of exchange rate flexibility and proactive liquidity management to help manage these inflows, they encouraged continued efforts to deepen the FX market and strengthen liquidity absorption and monetary policy transmission. Directors also emphasized that strong lending to households warrants careful macroprudential oversight and sound financial sector regulation and supervision. 

    Directors welcomed the authorities’ focus on improved transparency and governance of state‑owned enterprises and noted recent steps to strengthen financial oversight and monitor fiscal risks. While welcoming the corrective measures to address the sizeable accumulation of arrears of the public electricity company, Directors emphasized that greater efforts are needed to improve collection rates for the largest electricity consumers and cost controls to strengthen its financial performance and reduce quasi‑fiscal losses. 

    Directors emphasized the importance of broad‑based governance and transparency reforms to foster more diversified private sector‑led growth. They welcomed the authorities’ focus on strengthening the investment climate and noted that reform efforts should continue to focus on enhancing anti‑corruption and AML/CFT frameworks, improving extractive sector transparency, and strengthening institutional oversight. It will also be important to close data quality gaps.

    It is expected that the next Article IV consultation with Tajikistan will be held on the current 24‑month cycle.

     

     

    Tajikistan: Selected Economic Indicators, 20232030

     

     

     

     

     

     

     

     

     

     

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

     

     

     

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

     

     

    National Accounts

    (percent change)

    Real GDP

    8.3

    8.4

    7.0

    5.0

    4.8

    4.5

    4.5

    4.5

    CPI inflation (end-period)

    3.8

    3.7

    4.5

    5.0

    5.0

    5.0

    5.0

    5.0

     

     

     

     

     

     

     

     

     

    General government finances

    (percent of GDP)

    Revenue and grants

    27.1

    27.9

    28.0

    28.0

    28.2

    27.5

    27.5

    27.5

    Tax revenue

    19.4

    19.0

    19.4

    19.8

    20.1

    20.9

    21.2

    21.4

    Expenditure and net lending

    28.0

    27.7

    30.5

    30.5

    30.7

    30.0

    30.0

    30.0

    Current

    16.7

    17.3

    17.2

    16.8

    16.5

    16.3

    16.3

    16.4

    Capital

    11.4

    10.4

    13.3

    13.7

    14.2

    13.7

    13.6

    13.6

    Overall balance

    -0.9

    0.3

    -2.5

    -2.5

    -2.5

    -2.5

    -2.5

    -2.5

    Total public and publicly guaranteed debt

    29.9

    24.9

    24.7

    24.8

    24.8

    25.6

    26.3

    26.9

     

     

     

     

     

     

     

     

     

    Monetary sector

    (percent change, unless otherwise indicated)

    Broad money

    -0.8

    28.8

    17.0

    11.3

    11.3

    11.3

    11.3

    11.3

    Reserve money

    -5.6

    27.0

    18.2

    10.0

    10.0

    10.0

    10.0

    10.0

    Credit to private sector

    31.9

    27.4

    15.0

    12.0

    11.0

    10.0

    10.4

    10.0

    Refinancing rate (percent, eop)

    10.0

    9.0

     

     

     

     

     

     

     

     

     

    External sector

    (percent of GDP)

    Current account balance

    4.8

    6.2

    2.5

    -0.5

    -1.9

    -2.6

    -2.2

    -2.4

    Trade balance (goods)

    -27.2

    -31.8

    -30.5

    -30.6

    -30.1

    -30.4

    -29.9

    -29.8

    FDI (net)

    0.8

    1.3

    1.3

    1.3

    1.3

    1.3

    1.3

    1.3

    Total public and publicly guaranteed external debt

    26.7

    22.3

    22.2

    22.4

    22.5

    23.1

    23.7

    24.2

     

     

     

     

     

     

     

     

     

    Sources: Data provided by the Tajikistan authorities, and Fund staff estimates. 

    1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board

    2 The PCI is available to all IMF members that do not need Fund financial resources at the time of approval. It is designed for countries seeking to demonstrate commitment to a reform agenda or to unlock and coordinate financing from other official creditors or privateinvestors. (see https://www.imf.org/en/About/Factsheets/Sheets/2017/07/25/policy-coordination-instrument).

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

    4 At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    https://www.imf.org/en/News/Articles/2025/06/25/pr-25216-tajikistan-2025-article-iv-consultation-and-second-review-of-the-pci

    MIL OSI

    MIL OSI Russia News

  • MIL-Evening Report: Nearly half of Kiwis oppose automatic citizenship for Cook Islands, says poll

    By Caleb Fotheringham, RNZ Pacific journalist

    A new poll by the New Zealand Taxpayers’ Union shows that almost half of respondents oppose the Cook Islands having automatic New Zealand citizenship.

    Thirty percent of the 1000-person sample supported Cook Islanders retaining citizenship, 46 percent were opposed and 24 percent were unsure.

    The question asked:

    • The Cook Islands government is pursuing closer strategic ties with China, ignoring New Zealand’s wishes and not consulting with the New Zealand government. Given this, should the Cook Islands continue to enjoy automatic access to New Zealand passports, citizenship, health care and education when its government pursues a foreign policy against the wishes of the New Zealand government?
    • READ MORE: Other Cook Islands reports

    Taxpayers’ Union head of communications Tory Relf said the framing of the question was “fair”.

    “If the Cook Islands wants to continue enjoying a close relationship with New Zealand, then, of course, we will support that,” he said.

    “However, if they are looking in a different direction, then I think it is entirely fair that taxpayers can have a right to say whether they want their money sent there or not.”

    But New Zealand Labour Party deputy leader Carmel Sepuloni said it was a “leading question”.

    ‘Dead end’ assumption
    “It asserts or assumes that we have hit a dead end here and that we cannot resolve the relationship issues that have unfolded between New Zealand and the Cook Islands,” Sepuloni said.

    “We want a resolution. We do not want to assume or assert that it is all done and dusted and the relationship is broken.”

    The two nations have been in free association since 1965.

    Relf said that adding historical context of the two countries relationship would be a different question.

    “We were polling on the Cook Islands current policy, asking about historic ties would introduce an emotive element that would influence the response.”

    New Zealand has paused nearly $20 million in development assistance to the realm nation.

    Foreign Minister Winston Peters said the decision was made because the Cook Islands failed to adequately inform his government about several agreements signed with Beijing in February.

    ‘An extreme response’
    Sepuloni, who is also Labour’s Pacific Peoples spokesperson, said her party agreed with the government that the Cook Islands had acted outside of the free association agreement.

    “[The aid pause is] an extreme response, however, in saying that we don’t have all of the information in front of us that the government have. I’m very mindful that in terms of pausing or stopping aid, the scenarios where I can recall that happening are scenarios like when Fiji was having their coup.”

    In response to questions from Cook Islands News, Cook Islands Prime Minister Mark Brown said that, while he acknowledged the concerns raised in the recent poll, he believed it was important to place the discussion within the full context of Cook Islands’ longstanding and unique relationship with New Zealand.

    “The Cook Islands and New Zealand share a deep, enduring constitutional bond underpinned by shared history, family ties, and mutual responsibility,” Brown told the Rarotonga-based newspaper.

    “Cook Islanders are New Zealand citizens not by privilege, but by right. A right rooted in decades of shared sacrifice, contribution, and identity.

    “More than 100,000 Cook Islanders live in New Zealand, contributing to its economy, culture, and communities. In return, our people have always looked to New Zealand not just as a partner but as family.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz