NewzIntel.com

Category: Trade

  • MIL-OSI: Dogecoin, Cardano In Doubt As New PayFi Star Remittix Soars

    Source: GlobeNewswire (MIL-OSI)

    New York, June 11, 2025 (GLOBE NEWSWIRE) — Projects like Cardano and Dogecoin have earned their stripes on the long road. However, both Cardano and Dogecoin are facing stiff competition from newcomers with legitimate 100x potential, which could ultimately outperform them in 2025 as both big-caps try to cling on to fading glory and a tenuous grasp on the top 10.

    One of those projects poised for a massive run this year is newly-launched PayFi protocol Remittix (RTX), which is being tipped as the “new XRP” thanks to its revolutionary crypto-to-fiat payment gateway looking to flip the script on the $190T cross-border payments industry. Here’s why Remittix can outperform Cardano and Dogecoin this year.

    Cardano bulls eyeing $1

    Cardano has reestablished control above the key $0.72 threshold, an inflection point both technically and psychologically. After briefly dipping below the $0.69 floor, Cardano bulls reclaimed it in early May, triggering a meaningful shift in daily and 4-hour market structure. The decisive break and retest of $0.72 a mid-March swing high during the $1.15 to $0.55 correction signals renewed buyer confidence. Volume trends (OBV) confirm sustained demand, while RSI rebounding off 50 further supports bullish momentum. If momentum holds, a push toward the mid-range ceiling near $0.90 is likely. If Cardano bulls can hold serve at $0.90 and turn it into support, a push to $1 is likely. That opens the door to a further 2x run to $2.

    ADA/USDT monthly chart. Source: TradingView

    Dogecoin is making a push to $0.25

    OG meme coin Dogecoin surged 42% so far on the year, currently trading at $0.20 and making a push towards the critical psychological levels of $0.25 at press time. What was once believed to be a rally running on empty, stalling the price action at key resistance levels, is now a full-blown push to a clean break at $0.25.

    DOGE shifted the momentum with a clean, confident break above $0.20. That opens the next leg up to $0.25, but it’s going to take more than memes; it needs sustained volume and a true shift in sentiment.

    Dogecoin monthly chart. Source: TradingView

    Right now, the buzz is growing but not booming. Social dominance rose to 1.76%, showing DOGE is back on the radar. Yet, with social volume sitting at just 96, the hype hasn’t hit full stride. That disconnect suggests early interest is back, but retail hasn’t piled in. For DOGE to break out, the crowd’s got to follow the noise and fast.

    DOGE social dominance. Source: Santiment

    Remittix flipping the script on global payments with $15M raise

    While Cardano and Dogecoin struggle to maintain relevance in the top 10, newly-launched PayFi powerhouse Remittix is gearing up to steal the whole damn show in 2025. Built on Ethereum but playing its own game, Remittix blends crypto speed with real-world purpose, delivering near-instant global payments without banks, borders or bureaucracy slowing things down.

    Running on Ethereum, RTX powers the Remittix Pay API, a seamless crypto-to-fiat rail built for speed, scale and zero friction. One with a 1% flat fee and 0% on FX when making a crypto-to-fiat payment to any bank in the world.

    At just $0.0781, RTX is primed to break out, with analysts eyeing gains north of 1,000%. This is the kind of asymmetrical play that institutional capital loves to front-run, before the headlines catch up. Because while the market clings to memes and maybes, Remittix is quietly rewriting the rules of fintech. Already raising past $15.6M in its presale, Remittix is bringing the same energy that XRP once did when the latter first came out in 2012.

    RTX to outperform Dogecoin and Cardano in 2025

    While ADA and DOGE cling to past glory amid losing mindshare to new projects, Remittix is primed to pump harder than both will this year. If Remittix manages to snap up a trickle of that $190T market size, RTX could turn in XRP-sized gains.

    Discover the future of PayFi with Remittix by checking out their presale here:

    Website: https://remittix.io/

    Socials: https://linktr.ee/remittix

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    The MIL Network –

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

    Source: IMF – News in Russian

    June 11, 2025

    • The Irish economy has performed well and entered 2025 in a strong position.
    • The domestic economy is projected to continue growing, albeit at a slower pace in a highly uncertain global environment.
    • There are significant external downside risks to growth and public finances, which are vulnerable to external trade and tax policy shifts.

    Washington, DC: On June 6, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Ireland.[1]

    The Irish economy has performed well. The domestic economy, as measured by the Modified Gross National Income, is estimated to have grown by about 4 percent in 2024. Robust consumption and strong net exports, dominated by foreign multinational enterprises (MNEs), contributed positively to growth. Headline inflation has fallen to target, while service inflation has been more persistent. The labor market remains tight, although pressures appear to be easing. The general government balance continued to register a sizeable surplus in 2024, supported by large corporate income tax receipts from multinational enterprises. Bank lending growth has strengthened, largely driven by housing and consumer loans.

    The domestic economy is projected to continue to grow, though at a slower pace in a highly uncertain global environment. The strong labor market and rising real incomes, as well as anticipated pick up in housing investment and government capital spending would support domestic demand. While the direct effect of the announced tariff measures is projected to be contained, heightened global uncertainty would though weigh on household and business spending decisions.

    There are significant downside risks to the growth outlook. The concentration of activity in a small number of MNEs leaves the economy and public finances vulnerable to external trade and tax policy shifts and firm- or sector-specific shocks. More broadly, a sustained reversal of globalization would put at risk the Irish economic model which has benefitted from free trade and capital flows. Domestically, supply-side constraints could delay the attainment of infrastructure and housing goals.

    Executive Board Assessment[2]

    Executive Directors welcomed the strong economic performance, which has been underpinned by robust domestic demand and prudent policies. Directors highlighted that while the outlook remains positive, there are considerable downside risks, given high global uncertainty and Ireland’s significant exposure to trade and investment shocks. Accordingly, Directors emphasized the need to maintain fiscal prudence, safeguard financial stability, and advance structural reforms to support resilience and growth.

    Directors recommended that fiscal policy continue to focus on building buffers, stepping up public investment, and reducing revenue uncertainty. Noting that the economy is operating at full capacity, Directors agreed that a broadly neutral fiscal stance with increased capital expenditure is appropriate as it would allow Ireland to address infrastructure needs without adding to aggregate demand. Important measures include enhancing public spending efficiency and broadening the tax base to reduce reliance on uncertain corporate tax revenue. Directors agreed that Ireland would benefit from a strengthened national fiscal framework that further ensures long-term fiscal sustainability and enhances the credibility and predictability of fiscal policy.

    Directors recognized the resilience of the financial sector, while underscoring the importance of continued close monitoring of financial stability risks. Noting the high global uncertainty, Directors emphasized the need for continued vigilance, as shocks to the non-bank sector could be transmitted to other parts of the financial system and the real economy. Directors agreed that the macroprudential stance is appropriate and that measures should continue to be reassessed as conditions evolve. While welcoming progress on reducing risks from the non-bank sector, Directors urged continued efforts to improve regulation and supervision and address data gaps in collaboration with international regulators and other jurisdictions.

    Directors emphasized the importance of enhancing resilience and competitiveness, amid external policy shifts and deepening geoeconomic fragmentation. Measures to promote linkages between domestic and multinational firms in innovation cooperation and improve infrastructure would help foster increased competitiveness. Directors also encouraged continued engagement in the EU to further strengthen the single market. Noting the potential dividends for growth, Directors acknowledged that Ireland is well-positioned to harness the benefits of digitalization and AI. They also highlighted the need to address supply-side constraints in housing, including by boosting productivity in the construction sector and enhancing housing policy certainty.

    Ireland: Selected Economic Indicators, 2021–30
         

    Projections

    		  
     

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030
     

    (Annual percentage change, constant prices, unless otherwise indicated)
     

    Output/Demand

    		                    

    Real GDP 1/

    16.3

    8.6

    -5.5

    1.2

    3.2

    2.1

    2.1

    2.2

    2.1

    2.3

    Real GNI* (growth rate) 2/

    13.9

    4.6

    5.0

    3.7

    2.4

    2.2

    2.0

    2.2

    2.3

    2.3

    Domestic demand

    -16.4

    8.0

    6.0

    -11.9

    7.6

    2.4

    2.4

    2.4

    2.5

    2.5

    Public consumption                 

    6.3

    3.0

    4.3

    4.3

    2.5

    2.5

    2.5

    2.5

    2.5

    2.5

    Private consumption                 

    8.9

    10.7

    4.8

    2.3

    2.3

    2.0

    2.0

    2.0

    2.1

    2.1

    Gross fixed capital formation

    -39.4

    3.7

    2.8

    -25.4

    20.0

    3.0

    3.0

    3.0

    3.0

    3.0

    Exports of goods and services

    14.1

    13.5

    -5.8

    11.7

    3.1

    2.2

    2.5

    2.5

    2.5

    2.5

    Imports of goods and services

    -8.7

    16.0

    1.2

    6.5

    4.9

    2.4

    2.8

    2.7

    2.8

    2.7

    Output gap

    3.4

    3.1

    1.0

    1.2

    0.9

    0.6

    0.3

    0.1

    0.0

    0.0
                         

    Contribution to Growth

    		                    

    Domestic demand

    -13.1

    4.7

    3.5

    -7.7

    4.4

    1.4

    1.4

    1.4

    1.5

    1.5

    Consumption

    3.0

    3.0

    1.6

    1.1

    1.0

    0.9

    0.9

    0.9

    0.9

    0.9

    Gross fixed capital formation

    -16.3

    0.8

    0.6

    -5.9

    3.4

    0.6

    0.6

    0.6

    0.6

    0.6

    Inventories

    0.2

    0.9

    1.3

    -3.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Net exports

    29.1

    3.3

    -9.1

    9.3

    -1.0

    0.7

    0.7

    0.8

    0.7

    0.8

    Residual

    0.3

    0.6

    0.1

    -0.3

    -0.2

    0.0

    0.0

    0.0

    0.0

    0.0
                         

    Prices

    		                    

    Inflation (HICP)

    2.4

    8.1

    5.2

    1.3

    1.9

    1.7

    1.8

    1.9

    2.0

    2.0

    Inflation (HICP, core)

    1.6

    5.0

    5.1

    2.4

    2.1

    2.2

    2.0

    2.0

    2.0

    2.0

    GDP deflator

    1.1

    6.8

    3.6

    3.3

    1.9

    1.4

    1.8

    2.1

    2.0

    2.0
                         

    Employment

    		                    

    Employment (% changes of level, ILO definition)

    6.5

    6.9

    3.4

    2.7

    1.5

    1.1

    0.8

    0.6

    0.6

    0.6

    Unemployment rate (percent)

    6.3

    4.5

    4.3

    4.3

    4.5

    4.7

    4.8

    4.8

    4.8

    4.8
                         
     

    (Percent of GDP)

    Public Finance, General Government

    		                    

    Revenue

    22.2

    22.3

    24.3

    27.8

    25.6

    25.7

    25.7

    26.1

    26.2

    26.2

    Expenditure

    23.5

    20.6

    22.7

    23.5

    24.2

    24.4

    24.6

    24.8

    24.9

    25.0

    Overall balance

    -1.4

    1.7

    1.5

    4.3

    1.4

    1.3

    1.1

    1.3

    1.3

    1.2

    in percent of GNI*

    -2.7

    3.3

    2.7

    7.4

    2.4

    2.3

    1.9

    2.3

    2.3

    2.0

    Primary balance

    -0.6

    2.3

    2.2

    4.9

    2.0

    1.9

    1.7

    2.0

    2.1

    2.0

    Cyclically adjusted primary balance

    -1.6

    1.4

    1.9

    4.4

    1.7

    1.7

    1.6

    1.9

    2.1

    2.0

    Structural primary balance 3/

    -0.6

    -0.6

    -0.4

    -0.8

    -0.9

    -0.9

    -0.9

    -0.8

    -0.7

    -0.7

    General government gross debt

    52.6

    43.1

    43.3

    40.9

    36.4

    34.4

    33.1

    31.6

    30.2

    29.0

    General government gross debt (percent of GNI*)

    102.3

    84.2

    75.9

    70.0

    62.8

    59.3

    57.1

    54.5

    52.1

    50.1
                         

    Balance of Payments

    		                    

    Trade balance (goods)

    37.5

    39.4

    30.6

    33.1

    36.6

    36.1

    35.7

    35.6

    35.8

    35.8

    Current account balance

    12.2

    8.8

    8.1

    17.2

    12.2

    11.6

    11.1

    10.6

    9.9

    9.2

    Gross external debt (excl. IFSC) 4/

    284.9

    229.9

    218.9

    198.0

    179.9

    166.4

    153.3

    140.6

    129.3

    118.9
                         

    Saving and Investment Balance

    		                    

    Gross national savings

    35.3

    31.7

    34.4

    34.6

    31.5

    30.9

    30.3

    29.9

    29.3

    28.8

    Private sector

    35.5

    29.0

    31.8

    29.2

    29.1

    28.6

    28.4

    27.7

    27.2

    26.8

    Public sector

    -0.2

    2.7

    2.6

    5.3

    2.4

    2.2

    2.0

    2.2

    2.2

    2.0

    Gross capital formation

    23.1

    22.9

    26.3

    17.4

    19.3

    19.2

    19.3

    19.2

    19.4

    19.5
                         
                         

    Memorandum Items:

    		                    

    Nominal GDP (€ billions)

    449.2

    520.9

    510.0

    533.4

    561.2

    581.1

    603.9

    630.2

    656.8

    685.2

    Nominal GNI* (€ billions)

    230.8

    267.0

    290.9

    311.8

    325.3

    337.0

    349.8

    364.9

    380.7

    397.2

    Modified domestic demand (percentage change) 5/

    8.0

    8.8

    2.6

    2.7

    2.1

    2.1

    2.2

    2.2

    2.3

    2.3
                         

    Sources: CSO, DoF, Eurostat, and IMF staff estimates and projections.

    		      

    1/ Real GDP growth is reported in non-seasonally adjusted terms. 

    		  

    2/ Nominal GNI* is deflated using GDP deflator as proxy, since an official GNI* deflator is not available.

    		      

    3/ Excludes estimated windfall CIT receipts. In 2024 also excludes CIT receipts of 2.5 percent of GDP following judgment by the Court of Justice of the EU.

    		  

    4/ IFSC indicates international financial services.

    		      

    5/ Modified Domestic Demand (MDD) measures Ireland’s domestic economic activity by excluding certain capital investment items such as aeroplanes purchased by leasing companies in Ireland and Intellectual Property purchases of foreign-owned corporations from final domestic demand.

    		  

    [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] At the conclusion of the discussion, the Managing Director, as Chairman 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: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/06/10/pr25189-ireland-imf-executive-board-concludes-2025-article-iv-consultation-with-ireland

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Talkdesk shatters outdated customer experience paradigm with launch of Customer Experience Automation platform

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif. and LAS VEGAS, June 11, 2025 (GLOBE NEWSWIRE) — Talkdesk®, Inc. today upended the customer experience (CX) market with the launch of Customer Experience Automation (CXA)—a new software category and platform purpose-built to automate the full complexity of modern customer journeys.

    Customer Experience Automation goes far beyond traditional contact center as a service (CCaaS) and customer relationship management (CRM) solutions. This next-generation platform replaces fragmented, manually coordinated workflows with a unified system of intelligent, autonomous artificial intelligence (AI) agents. These agents collaborate in real time to orchestrate and resolve complex challenges across the entire customer experience lifecycle.

    “For years, businesses have faced a false choice: deliver personalized service or operate efficiently at scale,” said Tiago Paiva, chief executive officer and founder of Talkdesk. “CXA ends that tradeoff. It’s not just automation—it’s coordinated, autonomous resolution of complex business problems with speed, scale, and impact, without sacrificing the personal touch customers expect.”

    The pursuit of effective, scalable processes to solve complex customer situations isn’t new, but the specialization of tools and expertise to address them has often led to dated systems, siloed knowledge, and fragmented data—ultimately breaking the customer journey into disjointed pieces. Spotty attempts at automation have frequently resulted in a patchwork of disconnected bots and brittle integrations that deliver poor and inconsistent experiences, eroding customer trust rather than building it.

    The Talkdesk CXA platform is engineered to shatter this paradigm. It introduces a new operating system for customer experience—built on multi-agent AI orchestration and fueled by the Talkdesk Data Cloud, which unifies structured and unstructured data across every customer interaction, channel, and system of record. By turning transcripts, call recordings, messages, and case notes (combined with customer data points from multiple CRMs and specialized systems) into actionable knowledge, the Data Cloud gives AI agents the context they need to solve real business problems intelligently, autonomously, and at scale.

    This foundation powers a virtuous cycle of automation: discover high-impact opportunities, build intelligent workflows, orchestrate coordinated teams of AI agents, and measure outcomes to drive continuous improvement.

    With multi-agent orchestration, Talkdesk CXA moves beyond one-size-fits-all automation. Instead of relying on a single system or bot to handle everything, it deploys a network of specialized AI agents—each with a clear role, shared context, and the ability to collaborate in real time. This makes it possible to automate complex, cross-functional processes that span the front and back offices with precision, speed, and adaptability.

    “With the launch of CXA, Talkdesk is taking a fundamentally different approach,” said Zeus Kerravala, founder of ZK Research. “Rather than simply layering AI onto legacy infrastructure, they have created a platform focused on autonomous, multi-agent orchestration. This innovation allows enterprises to automate complex workflows with precision—an area where traditional solutions often fall short.”

    Talkdesk CXA is also built for speed. With preconfigured use cases, low- and no-code tooling, and both industry-specialized and general-purpose AI agents, organizations can go live fast and start seeing value quickly. Talkdesk CXA supports everything from cross-industry workflows to vertical-specific journeys in healthcare, financial services, retail, utilities, and government. Whether automating a single high-friction workflow or scaling across business units, it accelerates time to value.

    As part of the Talkdesk CXA launch, Talkdesk also introduced a new AI agent for omnichannel campaigns. This agent automates high-volume outbound voice campaigns. Businesses can easily scale appointment reminders, billing alerts, service updates, and other time-sensitive communications without taking up live agents’ time. It’s a powerful way to improve reach, reduce costs, and deliver timely engagement across outbound service and sales use cases.

    “The customer experience bar is higher than ever, and getting it right is no longer a differentiator—it’s essential for survival,” stated Paiva. “Talkdesk CXA represents a monumental leap forward. We’ve gone deeper into problem-solving for specific industries, uncovering unique use cases where traditional solutions failed. Our new CXA platform is not about flimsy automations or bolted-together tools; it’s about intelligent, coordinated, autonomous, and outcome-focused resolution that transforms the entire customer lifecycle.”

    Automating Customer Experience for Enterprises Worldwide

    Talkdesk CXA replaces reactive, human-coordinated workflows with a dynamic network of AI agents, each designed for specific tasks and orchestrated to operate as a single, intelligent system in any industry. Whether it’s a pharmacy callback, fraud alert, or complex insurance claim, CXA executes seamlessly across systems, roles, and channels with a personal touch that customers expect and appreciate.

    More than half of Talkdesk customers are already leveraging CXA capabilities, including BankUnited, Ouro Global, United Rentals, Memorial Healthcare, Michaels, and TEKA.

    “As a health system, we need solutions built specifically for our needs and for the communities we serve, and Talkdesk consistently delivers. Having leveraged their advanced AI tools, we’re particularly excited about the new CXA platform. It’s a monumental leap, with its autonomous, multi-agent AI approach and industry-specific capabilities set to transform how we orchestrate seamless healthcare consumer interactions and critical operational workflows. This is a key differentiator for us,” said Jeffrey Sturman, senior vice president and chief digital information officer at Memorial Healthcare System.

    “Our long-standing partnership with Talkdesk is grounded in a shared drive to innovate and elevate how businesses connect with their customers. That’s why we’re excited about—but not surprised by— their latest announcement. Talkdesk continues to demonstrate its commitment to pushing the boundaries of what’s possible in this space. Their new Customer Experience Automation platform is a bold step forward, and we believe it has the potential to fundamentally change how organizations design and deliver customer journeys,” said Amber Scott, vice president of customer experience at Serta Simmons Bedding.

    “Talkdesk consistently delivers innovation built for the specific needs of our industry. We’ve leveraged their advanced AI to improve banking interactions, and the new CXA platform is truly transformational. Its autonomous, multi-agent AI approach redefines how we deliver intelligent, secure, and outcome-focused service, cementing Talkdesk as a vital partner,” said Jeiner Morales, senior vice president and director of data analytics and business systems at BankUnited.

    “When CAI chose Talkdesk, we went all in. We harnessed everything we felt we needed to hit the ground running and maximize ROI as quickly as possible, including Talkdesk Workforce Management, Customer Experience Analytics, and Talkdesk Copilot—all components of Talkdesk CXA,” said Thomas Grosso, executive director of service desk at CAI.

    Built for Trust and Scale

    Talkdesk has been at the forefront of AI innovation since 2018, putting AI at the core of better customer experiences. Talkdesk CXA is built with inherent AI guardrails to mitigate hallucinations, ensure policy compliance, and provide human-in-the-loop oversight, making AI agents as trustworthy as highly trained human agents.

    A unique differentiator of the platform is the AI Gateway that enables Talkdesk CXA to sit on top of any third-party contact center, whether on-premises or cloud-based. This allows businesses to seamlessly integrate Talkdesk AI-driven solutions, optimizing self-service, agent assistance, quality management, and security to deliver superior customer experiences, without replacing existing systems.

    While powerful on its own, CXA truly shines as part of Talkdesk CX Cloud, which gives businesses every part of the contact center platform—from voice to digital and performance and workforce management—with CXA built inside. Talkdesk is globally recognized as a modern cloud-based contact center, but what sets the company apart is its commitment to AI innovation and how seamlessly it’s woven throughout both the customer and agent journey. CXA now takes this to a whole new level.

    Talkdesk is showcasing Talkdesk Customer Experience Automation at Customer Contact Week (CCW) Las Vegas at Caesar’s Forum in booth 638.

    About Talkdesk

    Talkdesk® is leading a new era in customer experience with Customer Experience Automation (CXA)—a new category and platform designed to automate the full complexity of modern customer journeys. CXA replaces fragmented, human-coordinated workflows with autonomous, multi-agent AI orchestration that delivers intelligent, scalable, and outcome-focused service across the entire CX lifecycle.

    At the core of CXA is the Talkdesk Data Cloud, which turns transcripts, call recordings, case notes, and customer records from across CRMs and systems of record into real-time, actionable knowledge. This enables AI agents to operate with full context, collaborating seamlessly to resolve complex customer problems with speed, precision, and adaptability.

    Talkdesk CXA supports both cross-industry workflows and industry-specialized use cases in sectors like healthcare, financial services, retail, utilities, travel, and government. With prebuilt AI agents, a virtuous automation cycle (Discover, Build, Orchestrate, Measure), and rapid time-to-value, Talkdesk helps enterprises modernize customer experience without the need for a full rip-and-replace.

    Trusted by global brands and recognized for continuous innovation, Talkdesk empowers organizations to grow revenue, reduce costs, and transform service delivery through coordinated, AI-driven automation. Companies that love their customers use Talkdesk.

    Talkdesk is a registered trademark of Talkdesk, Inc. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

    Media Contact:

    Talkdesk Public Relations

    pr@talkdesk.com

    The MIL Network –

  • MIL-OSI Analysis: Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

    Source: The Conversation – Global Perspectives – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank).

    They have both taken decisions to relegate Afreximbank to a commercial lender from a preferred creditor. This means that the terms on which Afreximbank has lent money to these two countries will change. And it will lose certain protections. For example preferred creditors are repaid first, before any other lenders.

    This protects preferred creditors’ balance sheets and enables them to continue lending during crisis periods when others cannot. In contrast, commercial banks get paid later or might not get paid at all. This higher risk factor means that they charge higher rates.

    Based on decades of researching Africa’s capital markets and the institutions that govern them it’s my view that the long-term consequences of this precedent are detrimental. If other African borrowers follow suit, treating loans from African multilateral development banks as ordinary commercial debt during restructuring, it will erode the viability of these institutions. Investors who fund Afreximbank through bonds and capital markets may reassess its risk profile, pushing up its cost of funding and making future lending less affordable.

    The ultimate losers will be African countries themselves, especially those with limited access to international capital. Afreximbank, along with other African financial institutions, is a lifeline for trade finance, infrastructure development, and crisis response. Undermining its legal protections weakens the continent’s capacity for self-reliant development.

    Afreximbank was created under the auspices of the African Development Bank (AfDB) in 1993. It was set up with a public interest mandate to develop African trade and promote integration. Its legal status and structural features place it closer to international multilateral development banks than to private creditors, justifying its treatment as a preferred creditor.

    The decision by Accra and Lusaka signals lack of confidence in African financial institutions. It suggests that they do not trust them to the same extent as global institutions like the International Monetary Fund and World Bank. These are treated as preferred creditors, on the assumption that they will lend to countries in crisis or distress when commercial lenders retreat.

    The actions of Ghana and Zambia set a dangerous precedent by sidelining African financial institutions in favour of external creditors. That risks weakening Africa’s financial institutions and undermining the very concept of African solutions to African problems. Investors will become more sceptical and pessimistic, demanding more interest.

    The continent needs to develop an ability to independently design, finance and implement its economic development policies without support from external financial institutions. Afreximbank helps to achieve this through financing African-designed infrastructure and counter-cyclical lending.

    Ghana and Zambia still have an opportunity to correct course. In my view they should do so for the sake of the bank, its member states and the future of African economic sovereignty.

    The background

    Ghana and Zambia have both defaulted on their external bonds in the last four years. Zambia in October 2020 and Ghana in December 2022. This forced them to negotiate new sustainable terms with creditors.

    During their respective debt negotiations, both countries have announced that they would include African multilateral development banks such as Afreximbank and the Trade and Development Bank in the debt restructuring.

    This followed private and bilateral creditors contesting unequal distribution of restructuring burdens, where they face losses while some multilateral institutions are shielded. The International Monetary Fund and World Bank, which are preferred creditors, do not fund infrastructure, they only offer balance of payments support.

    The decision by Ghana and Zambia to relegate Afreximbank was made during an ongoing comprehensive debt restructuring. Ghana and Zambia have been negotiating with creditors for over a year in an attempt to resolve their sovereign debt crises.

    The two countries were complying with International Monetary Fund supported restructuring terms. Bilateral creditors were also demanding fair burden sharing with African multilateral banks.

    Afreximbank: not just another lender

    Ghana and Zambia don’t have a legal leg to stand on.

    Afreximbank’s preferred creditor status is not an informal privilege but derives from Article VX(1) of its founding agreement. The agreement has been signed and ratified by member states into national laws, including Ghana and Zambia.

    This status is further reinforced by the bank’s diplomatic immunities and privileges and its ability to operate across African jurisdictions under protected legal frameworks. The role of Afreximbank, therefore, goes beyond that of a traditional commercial bank.

    Preferred creditor status protects development finance institutions in a number of ways. The biggest protection is that lenders are prioritised for repayment. This protects their balance sheets, enabling them to continue lending when others cannot.

    A preferred creditor status is accorded for a reason. It is to ensure that development finance institutions can lend in times of distress with confidence, on the guarantee that they will be repaid ahead of other creditors. Country actions that violate this principle disrupt the implicit covenant that enables counter-cyclical financing. This is breaking the financial lifeline that countries might need when nobody else is willing to help them. This is precisely the kind of support that Ghana and Zambia relied on during their respective debt crises in December 2022 and October 2020, respectively.

    A bank that has consistently stepped up

    It is worth recalling that during the COVID-19 pandemic (2019–2021) and again when global markets closed access to Eurobond issuances for African countries, investors didn’t want to lend African countries for fear of defaulting. Afreximbank was one of the few institutions that continued to lend to African sovereigns. This included US$750 million to Ghana and US$45 million to Zambia.

    When Ghana, Zambia and other commodity export-dependent countries faced acute foreign currency shortages and tightening global liquidity caused by the 2015/16 commodity crisis of low prices, Afreximbank did not hesitate to deploy resources.

    Zambia has also benefited significantly from Afreximbank’s trade and development finance in energy, agriculture and healthcare. These are areas that many commercial banks view as too risky or low-margin.

    For Zambia and Ghana to classify Afreximbank in the same category as hedge funds, bondholders or purely commercial lenders, is ahistorical and unwarranted.

    Restructuring loans from Afreximbank risks inadvertently raising the cost of capital for African countries. If Afreximbank can no longer be shielded under preferred creditor status norms, it may be forced to adopt more conservative lending practices, charge higher risk premiums or retreat from high-risk markets altogether.

    The knock-on effect is reduced access to affordable, timely financing for countries that need it most.

    Afreximbank has rejected the idea that its loans ought to be restructured.

    Ghana and Zambia should correct course

    Ghana and Zambia still have an opportunity to correct course. They can reaffirm Afreximbank’s preferred creditor status, exclude it from restructuring tables meant for commercial creditors, and honour their legal commitments.

    In doing so, they would not only preserve their reputations as reliable debtors but also strengthen the broader fabric of African financial solidarity.

    African countries must be cognisant that no one else will build their institutions for them. If they do not defend and respect them, they cannot expect the rest of the world to do so. The credibility, sustainability and legitimacy of Africa’s financial independence depends, in large part, on how they treat the institutions they have built.

    The decision to treat Afreximbank and the Trade and Development Bank like commercial lenders is short-sighted and self-defeating. It must be reversed.

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

    – ref. Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course – https://theconversation.com/ghana-and-zambia-have-snubbed-africas-leading-development-bank-why-they-should-change-course-258467

    MIL OSI Analysis –

  • MIL-OSI: CleanChoice Energy Expands Footprint with its First Two Solar Projects in New York State

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, June 11, 2025 (GLOBE NEWSWIRE) — CleanChoice Energy (“CleanChoice”), the first 100% green company in the U.S. to provide ‘farm-to-table’ renewable energy by owning solar generation assets and supplying only clean energy to consumers, announced the acquisition of two solar projects in New York State, located in Washington and Rensselaer Counties. When completed, the solar projects will generate a combined 54.2 MW of clean electricity — effectively doubling CleanChoice’s generation capacity in the Mid-Atlantic region. This news comes six months after CleanChoice unveiled its first solar project, located in Franklin County, Penn.; the company is also continuing construction on a second solar project, located in Kylertown, Penn.

    The Dolan project in Washington County and Hawthorn project in Rensselaer County were selected by the New York State Energy Research and Development Authority (NYSERDA) as part of its latest round of large-scale renewable energy contract awards. Dolan and Hawthorn are two of only 26 projects selected statewide, highlighting their strategic importance to achieving New York’s 70% clean electricity by 2030 goal.

    The new projects significantly expand CleanChoice’s generation portfolio and represent a major step in the company’s long-term strategy to own and operate solar farms that give communities a direct connection to locally-generated solar. Construction of both solar projects is expected to begin during Fall 2025, with a planned interconnection date of Q4 2026. The 133-acre Dolan project and 117-acre Hawthorn project will each have a capacity of 27.1 MW. When completed, both solar farms will interconnect to National Grid.

    “CleanChoice Energy is committed to making renewable energy more accessible, and our two solar projects in New York will soon double the amount of clean energy that we deliver to the Mid-Atlantic region,” said Zoë Gamble, President of CleanChoice. “With electric grids struggling to keep up with ever-increasing demand, along with growing consumer demand for more sustainable energy options, investing in solar generation is a win-win solution for everyone.”

    Reinforcing CleanChoice’s commitment to sustainability, both solar projects will include features that support the local ecosystem. The company’s investment extends beyond the environment as well. CleanChoice recently donated $70,000 to the Hoosick Fire District in Rensselaer County and will launch annual scholarships for graduating seniors in the local counties pursuing sustainability-related fields.

    Gamble continued, “Bringing a solar project to completion is more than just putting clean energy on the grid. It’s important that we are good stewards of the land by incorporating practices that support the local ecosystem and benefit the surrounding community.”

    CleanChoice is acquiring the projects from CS Energy, who originated these projects and led the development of them for the past five years.

    “We’re proud to contribute to New York’s clean energy future through the development of these two utility-scale solar projects,” said Eric Millard, Chief Commercial Officer of CS Energy. “They represent our continued commitment to developing and building high-quality, energy projects while cultivating the strong partnerships needed to help achieve the state’s ambitious climate and clean energy goals.”

    For more information, visit www.cleanchoiceenergy.com.

    ABOUT CLEANCHOICE ENERGY
    CleanChoice Energy is one of the leading 100% renewable energy suppliers in the U.S. providing ‘farm-to-table’ clean energy by building solar farms and providing consumers with alternative ways to access clean energy. CleanChoice has redefined cleantech, making it easy for people to live cleaner lives with pollution-free, renewable energy for their homes and businesses. With CleanChoice, every kilowatt of electricity used is replenished onto the grid with 100% clean energy from regional wind and solar projects. Founded in 2012, CleanChoice has become one of the fastest-growing businesses in America, as ranked on the Inc 5000 and Deloitte’s Technology Fast 500™. CleanChoice Energy is majority-owned by Funds managed by True Green Capital Management LLC. For more information or to become a clean energy customer, visit CleanChoiceEnergy.com.

    ABOUT CS ENERGY
    CS Energy is an industry-leading engineering, procurement and construction (EPC) renewable energy company that develops, designs and builds optimized solar, energy storage, and emerging energy projects. CS Energy has successfully designed and installed over 2 GW of solar and 650 MWh of energy storage projects across the United States. Owned by American Securities, a leading US private equity firm, CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders as a trusted and long-term partner. 

    Media Contact:

    Debbie Ehrman
    FINN Partners
    CleanChoiceEnergy@finnpartners.com

    Kate Colarulli
    Chief Strategy Officer
    Mobile: +1 202 380 8936
    kate.colarulli@cleanchoice.com

    The MIL Network –

  • MIL-OSI Africa: Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank).

    They have both taken decisions to relegate Afreximbank to a commercial lender from a preferred creditor. This means that the terms on which Afreximbank has lent money to these two countries will change. And it will lose certain protections. For example preferred creditors are repaid first, before any other lenders.

    This protects preferred creditors’ balance sheets and enables them to continue lending during crisis periods when others cannot. In contrast, commercial banks get paid later or might not get paid at all. This higher risk factor means that they charge higher rates.

    Based on decades of researching Africa’s capital markets and the institutions that govern them it’s my view that the long-term consequences of this precedent are detrimental. If other African borrowers follow suit, treating loans from African multilateral development banks as ordinary commercial debt during restructuring, it will erode the viability of these institutions. Investors who fund Afreximbank through bonds and capital markets may reassess its risk profile, pushing up its cost of funding and making future lending less affordable.

    The ultimate losers will be African countries themselves, especially those with limited access to international capital. Afreximbank, along with other African financial institutions, is a lifeline for trade finance, infrastructure development, and crisis response. Undermining its legal protections weakens the continent’s capacity for self-reliant development.

    Afreximbank was created under the auspices of the African Development Bank (AfDB) in 1993. It was set up with a public interest mandate to develop African trade and promote integration. Its legal status and structural features place it closer to international multilateral development banks than to private creditors, justifying its treatment as a preferred creditor.

    The decision by Accra and Lusaka signals lack of confidence in African financial institutions. It suggests that they do not trust them to the same extent as global institutions like the International Monetary Fund and World Bank. These are treated as preferred creditors, on the assumption that they will lend to countries in crisis or distress when commercial lenders retreat.

    The actions of Ghana and Zambia set a dangerous precedent by sidelining African financial institutions in favour of external creditors. That risks weakening Africa’s financial institutions and undermining the very concept of African solutions to African problems. Investors will become more sceptical and pessimistic, demanding more interest.

    The continent needs to develop an ability to independently design, finance and implement its economic development policies without support from external financial institutions. Afreximbank helps to achieve this through financing African-designed infrastructure and counter-cyclical lending.

    Ghana and Zambia still have an opportunity to correct course. In my view they should do so for the sake of the bank, its member states and the future of African economic sovereignty.

    The background

    Ghana and Zambia have both defaulted on their external bonds in the last four years. Zambia in October 2020 and Ghana in December 2022. This forced them to negotiate new sustainable terms with creditors.

    During their respective debt negotiations, both countries have announced that they would include African multilateral development banks such as Afreximbank and the Trade and Development Bank in the debt restructuring.

    This followed private and bilateral creditors contesting unequal distribution of restructuring burdens, where they face losses while some multilateral institutions are shielded. The International Monetary Fund and World Bank, which are preferred creditors, do not fund infrastructure, they only offer balance of payments support.

    The decision by Ghana and Zambia to relegate Afreximbank was made during an ongoing comprehensive debt restructuring. Ghana and Zambia have been negotiating with creditors for over a year in an attempt to resolve their sovereign debt crises.

    The two countries were complying with International Monetary Fund supported restructuring terms. Bilateral creditors were also demanding fair burden sharing with African multilateral banks.

    Afreximbank: not just another lender

    Ghana and Zambia don’t have a legal leg to stand on.

    Afreximbank’s preferred creditor status is not an informal privilege but derives from Article VX(1) of its founding agreement. The agreement has been signed and ratified by member states into national laws, including Ghana and Zambia.

    This status is further reinforced by the bank’s diplomatic immunities and privileges and its ability to operate across African jurisdictions under protected legal frameworks. The role of Afreximbank, therefore, goes beyond that of a traditional commercial bank.

    Preferred creditor status protects development finance institutions in a number of ways. The biggest protection is that lenders are prioritised for repayment. This protects their balance sheets, enabling them to continue lending when others cannot.

    A preferred creditor status is accorded for a reason. It is to ensure that development finance institutions can lend in times of distress with confidence, on the guarantee that they will be repaid ahead of other creditors. Country actions that violate this principle disrupt the implicit covenant that enables counter-cyclical financing. This is breaking the financial lifeline that countries might need when nobody else is willing to help them. This is precisely the kind of support that Ghana and Zambia relied on during their respective debt crises in December 2022 and October 2020, respectively.

    A bank that has consistently stepped up

    It is worth recalling that during the COVID-19 pandemic (2019–2021) and again when global markets closed access to Eurobond issuances for African countries, investors didn’t want to lend African countries for fear of defaulting. Afreximbank was one of the few institutions that continued to lend to African sovereigns. This included US$750 million to Ghana and US$45 million to Zambia.

    When Ghana, Zambia and other commodity export-dependent countries faced acute foreign currency shortages and tightening global liquidity caused by the 2015/16 commodity crisis of low prices, Afreximbank did not hesitate to deploy resources.

    Zambia has also benefited significantly from Afreximbank’s trade and development finance in energy, agriculture and healthcare. These are areas that many commercial banks view as too risky or low-margin.

    For Zambia and Ghana to classify Afreximbank in the same category as hedge funds, bondholders or purely commercial lenders, is ahistorical and unwarranted.

    Restructuring loans from Afreximbank risks inadvertently raising the cost of capital for African countries. If Afreximbank can no longer be shielded under preferred creditor status norms, it may be forced to adopt more conservative lending practices, charge higher risk premiums or retreat from high-risk markets altogether.

    The knock-on effect is reduced access to affordable, timely financing for countries that need it most.

    Afreximbank has rejected the idea that its loans ought to be restructured.

    Ghana and Zambia should correct course

    Ghana and Zambia still have an opportunity to correct course. They can reaffirm Afreximbank’s preferred creditor status, exclude it from restructuring tables meant for commercial creditors, and honour their legal commitments.

    In doing so, they would not only preserve their reputations as reliable debtors but also strengthen the broader fabric of African financial solidarity.

    African countries must be cognisant that no one else will build their institutions for them. If they do not defend and respect them, they cannot expect the rest of the world to do so. The credibility, sustainability and legitimacy of Africa’s financial independence depends, in large part, on how they treat the institutions they have built.

    The decision to treat Afreximbank and the Trade and Development Bank like commercial lenders is short-sighted and self-defeating. It must be reversed.

    – Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course
    – https://theconversation.com/ghana-and-zambia-have-snubbed-africas-leading-development-bank-why-they-should-change-course-258467

    MIL OSI Africa –

  • MIL-OSI Africa: Adopting sustainable farming practices to strengthen the beef sector in Botswana

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

    The Nata-Gweta Block Beef Producers have been urged to invest in compliance, certification, and quality assurance frameworks that meet both regional and international standards. This would enable them to take advantage of the African Continental Free Trade Area (AfCFTA), which presents significant opportunities for Botswana’s beef sector and the livelihoods it supports.

    Officiating at the Nata-Gweta Block Beef Producers Association (NGBBPA) Farmer Field Day in Zoroga Village on Saturday, 24 May, FAO Representative in Botswana, Carla Mucavi, emphasized the importance of preparing local farmers to meet these standards and fully benefit from a market of over 1.3 billion potential consumers.

    Mucavi noted that although agriculture currently contributes less than 2% to Botswana’s GDP, it sustains over 80% of rural households and remains one of the nation’s most culturally and economically significant sectors. “The beef industry is not just about commerce; it is a symbol of national pride and rural resilience,” she said.

    She commended the NGBBPA for uniting communal and ranch-based farmers into a strategic alliance that advocates for improved market access, enhanced animal health services, sustainable rangeland management, and the revitalization of Botswana’s cattle industry.

    Importantly, Mucavi challenged prevailing narratives about rural vulnerability. “Farmers must not be viewed merely as victims of climate change, but as proactive agents of transformation,” she said. “FAO remains steadfast in supporting Botswana’s transition to climate-smart agriculture, strengthening early warning systems, and promoting sustainable land and water management.”

    She highlighted the worsening impacts of climate change in Botswana, including prolonged and more frequent droughts, erratic rainfall, and rising temperatures, all of which contribute to declining soil fertility, reduced water availability, and increased risks of crop failure and livestock losses.

    Beyond the climate conversation, Mucavi highlighted the urgent need to rebrand agriculture as an engine of youth empowerment and women’s inclusion. “Agriculture must be repositioned as a pathway to entrepreneurship and wealth creation, not a sector of last resort,” she asserted. She further added that young people and women bring digital skills, creativity, and bold thinking, appealing to stakeholders to create platforms, mentorship, access to land, finance, and training to help them realize their full potential.

    NGBBPA Chairperson Gosata Mosweu echoed her sentiments, sharing that the association had recently secured an 18-hectare farm to establish a livestock feed production and packaging facility as part of a broader value addition initiative. This, he noted, would reduce dependency on external feed sources and enhance local production capacity.

    The association is working closely with the Ministry of Lands and Agriculture and the Botswana University of Agriculture and Natural Resources (BUAN) to acquire skills in fodder production and innovative agricultural techniques. “We are also building strong networks with crop producers in the region and commercial farmers in Pandamatenga to source raw materials,” said Mosweu. “We welcome FAO’s continued support as we strive to build resilience and sustainability within our block.”

    Representing the Ministry of Lands and Agriculture, Obert Mabuta, the District Agricultural Coordinator for the Tutume District, emphasized the importance of selective breeding for climate adaptation and productivity. He urged farmers to focus on livestock breeds that yield higher returns and can withstand the region’s harsh conditions.

    He also stressed the need for sustainable pastoral practices. “Yes, the rains have been good this year,” he said, “but they also bring other challenges such as increased wildlife movement. We must remain vigilant develop firebreaks, raise community awareness, and prioritize environmental protection to safeguard food security.”

    Mabuta applauded the association for organizing networking platforms where farmers share knowledge and gain practical skills. “These sessions are invaluable in building capacity and confidence among producers,” he concluded.

    The Nata-Gweta Block Beef Producers Association (NGBBPA), established in 2007, hosts its annual Farmer Field Day in Zoroga Village, Tutume District. The event brings together both communal and ranch-based farmers to promote improved market access, enhanced animal health services, sustainable rangeland management, and the revitalization of Botswana’s cattle industry.  The event was attended by community leaders from the region, farmers and private sector operating the in the agriculture sector.

    – on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

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    MIL OSI Africa –

  • MIL-OSI Russia: Dmitry Patrushev: The government is increasing the efficiency of forest inventory

    Translation. Region: Russian Federal

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

    Deputy Prime Minister Dmitry Patrushev held a meeting devoted to forest management issues in Russia. The event was attended by the management of the Accounts Chamber, the Ministry of Natural Resources, the Ministry of Finance, the Ministry of Industry and Trade, the Federal Forestry Agency, and heads of regions in which the forest industry complex has a significant impact on the economy.

    Since 2020, on the instructions of the President of Russia, a large-scale reform of the forestry industry has been carried out, aimed at increasing the transparency and efficiency of its functioning.

    Previously, forest resources were assessed by regions using the federal budget and their own funds. At the same time, forest management was carried out by businesses. Such decentralization had a negative impact on the efficiency of the system’s management.

    The Deputy Prime Minister emphasized that it was possible to improve manageability thanks to the transfer of forest inventory powers to the federal level in 2022. In particular, the areas covered by forest management have increased – in three years, work has been completed on almost 60 million hectares.

    At the same time, Dmitry Patrushev noted that the pace of work in this area needs to be increased in order to involve forest resources in circulation.

    During the meeting, the heads of the Arkhangelsk and Irkutsk regions, as well as Primorsky Krai, informed about the situation on the ground and presented their proposals for improving work and developing the regulatory framework.

    Following the meeting, the Ministry of Natural Resources and the Federal Forestry Agency were instructed to speed up work on improving legislation, including taking into account the noted proposals of the heads of regions. Additionally, it is necessary to improve the forest assessment planning system, including using modern technologies in the field of artificial intelligence and Earth remote sensing data.

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

    MIL OSI Russia News –

  • MIL-OSI: Global Billion Dollar Oncology Industry Experiencing Substantial Growth Driven by Increasing Cancer Incidences

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., June 11, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global oncology market is undergoing rapid growth, mainly due to the increasing number of cancer cases around the world. The World Health Organization estimates there will be over 35 million new cancer cases by 2050, a massive 77% increase from the estimated 20 million cases in 2022. This rising occurrence of cancer has been attributed to lifestyle changes in an increasingly geriatric population in both developed countries and emerging economies. Environmental factors such as pollution and the high penetration of microplastics, a potential carcinogen, are also contributing to the growing number of cancer cases. As the global burden of cancer continues to go up, government and private organizations are increasing funding in both healthcare infrastructure and investment into research and development of therapeutics and potential cures for various kinds of cancers. Many federal early detection programs have been launched with large players in the pharmaceutical sector looking to increase the number of clinical trials and drug discovery studies undertaken. These innovations are propelling market expansion, with the sector expected to witness significant growth in the coming years as new technologies and therapies continue to emerge. A new research report from BioSpace, said the global oncology market size was USD 321.19 billion in 2024, and calculated at USD 356.20 billion in 2025 is expected to reach around USD 903.81 billion by 2034, growing at a CAGR of 10.9% for the forecasted period. the development of the global healthcare infrastructure and cancer continuing to be one of the leading causes of death worldwide drives growth in the global oncology market. Active oncology biotech and pharma companies in the markets this week include Oncolytics Biotech®Inc. (NASDAQ: ONCY) (TSX: ONC), Novartis AG (NYSE: NVS), BioNTech SE (NASDAQ: BNTX), Arvinas, Inc. (NASDAQ: ARVN), Pfizer Inc. (NYSE: PFE).

    The report said: “Innovations in cancer treatments include advancements in immunotherapy and precision medicine (which include targeted therapies), and the various applications of artificial intelligence. Some examples of novel oncological treatments include kinase and checkpoint inhibitors, monoclonal antibodies, and CAR-T cell therapy. These therapeutics mobilize the body’s immune system in new ways to fight cancer. As early diagnostic techniques improve, certain kinds of cancers, such as breast cancer, melanoma, and thyroid cancer, can be cured more frequently. Techniques such as liquid biopsy, biomarker-based testing and breakthroughs such as next-generation sequencing (NGS) are enhancing the ability to diagnose cancer at an early stage. As investment continues to grow in the oncology sector, new treatments are expected to improve the remission and survival rates of patients battling this disease and provide a boost to growth in the global oncology market.”

    Oncolytics Biotech®Inc. (NASDAQ: ONCY) (TSX: ONC) Names New CEO to Accelerate Momentum in Immunotherapy Programs — Oncolytics Biotech ® Inc., ($ONCY $ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the appointment of Jared Kelly as Chief Executive Officer and a member of its Board of Directors.

    Mr. Kelly is a successful biotech executive who has proven expertise in transformative deals and corporate strategy. Most recently, he played a central role in orchestrating the sale of Ambrx Biopharma to Johnson & Johnson for $2 billion. Prior to Ambrx, he advised multiple leading-edge biotech companies on M&A and licensing transactions at highly respected law firms, including Lowenstein Sandler LLP and Kirkland & Ellis LLP. He is a JD and LLM graduate of Georgetown Law.

    “Mr. Kelly’s vision and track record is an extraordinary fit with the standout clinical data pelareorep has generated to date,” said Wayne Pisano, Chair of Oncolytics’ Board of Directors and outgoing Interim CEO. “We believe Mr. Kelly’s well-documented ability to prioritize clinical program development, execute successful financings, and attract the attention of large industry peers will help maximize Oncolytics’ potential to deliver transformative outcomes for patients and exceptional value for investors.”

    Mr. Kelly added, “Pelareorep’s clinical data across multiple tumors is striking and represents the potential for a true backbone immunotherapy to address many in-need indications. Importantly, the data show that pelareorep creates a robust immunologic response in difficult tumors and increases survival in a patient population where survival has historically evaded most patients. With a renewed focus and sharpened clinical development plan, we believe we will move pelareorep forward effectively and efficiently to a place where potential partners will see the value of a de-risked immunotherapy. I am excited to get to work accelerating development and unlocking significant value for stakeholders.”

    Pelareorep, an intravenously-administered immunotherapeutic agent, has been granted FDA Fast Track designation by the U.S. Food and Drug Administration (FDA) in metastatic pancreatic ductal adenocarcinoma (mPDAC) and HR+/HER2- metastatic breast cancer (mBC). It has delivered compelling results in mPDAC, a high-value indication with significant unmet need. In Phase 1 and 2 trials involving more than 140 mPDAC patients, pelareorep has delivered a >60% objective response rate in tumor evaluable patients in the most recent study, which is more than double the benefit observed in historical control trials, and, separately, two-year survival rates 4-6 times those observed in control patients or against the benchmark in prior studies.

    In mBC, pelareorep recorded a meaningful survival benefit in two randomized Phase 2 studies of over 100 combined mBC patients, IND-213 and BRACELET-1. Phase 2 objective response rate data in second-line or later unresectable squamous cell carcinoma of the anal canal (SCCA) patients continue to exceed historical data for treatment with a checkpoint inhibitor alone. These consistent efficacy signals, in combination with multiple chemotherapies and checkpoint inhibitors, uniquely position pelareorep as a high-potential asset for further development in-house and/or through strategic partnerships. Pelareorep also has a well-defined and favorable safety profile based on data from >1,100 patients across multiple tumor types.

    As a material inducement to Mr. Kelly’s appointment as Chief Executive Officer, and in accordance with NASDAQ Listing Rule 5635(c)(4), Mr. Kelly has been awarded an initial stock option grant exercisable for 2,850,000 shares with an exercise price of CAD$0.57, vesting equally over three years. He also received a performance-based stock option grant exercisable for 1,900,000 shares with an exercise price of CAD$0.57, which will vest upon the achievement of certain financing objectives. All stock option grants have a term of 5 years from the date of grant. The Company also granted Mr. Kelly restricted stock units, which will entitle him to receive that number of Common Shares equal to 2% of the Company’s then outstanding common shares upon the Company entering into a definitive agreement for certain transactions providing for the acquisition of the Company or the exclusive license of pelareorep. Each of these awards is intended to align Mr. Kelly’s long-term incentives with the creation of shareholder value. CONTINUED… Read these full press releases and more news for ONCY at: https://www.financialnewsmedia.com/news-oncy/

    Other recent oncology developments in the biotech industry of note include:

    Novartis AG (NYSE: NVS) recently announced topline results from a pre-specified interim analysis of the Phase III PSMAddition trial. The trial met its primary endpoint with a statistically significant and clinically meaningful benefit in radiographic progression-free survival (rPFS) with a positive trend in overall survival (OS) in patients with prostate-specific membrane antigen (PSMA)-positive metastatic hormone-sensitive prostate cancer (mHSPC) treated with radioligand therapy (RLT), Pluvicto™ (lutetium (177Lu) vipivotide tetraxetan), in combination with standard of care (SoC) versus SoC alone1. In PSMAddition, the SoC is a combination of androgen receptor pathway inhibitor (ARPI) therapy and androgen deprivation therapy (ADT)3.

    Almost all mHSPC patients ultimately progress to metastatic castration-resistant prostate cancer (mCRPC)4. There is a need for additional treatment options with novel mechanisms of action that further delay progression, prolong OS and improve disease control compared to the current SoC, while showing a favorable safety and tolerability profile.

    BioNTech SE (NASDAQ: BNTX) and Bristol Myers Squibb (BMY, “BMS”) recently announced that the companies have entered into an agreement for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types. Under the agreement, BioNTech and BMS will work jointly to broaden and accelerate the development of this clinical candidate.

    BioNTech’s BNT327, a next-generation bispecific antibody candidate targeting PD-L1 and VEGF-A, is currently being evaluated in multiple ongoing trials with more than 1,000 patients treated to date, including global Phase 3 trials with registrational potential evaluating BNT327 as first-line treatment in extensive stage small cell lung cancer (“ES-SCLC”) and non-small cell lung cancer (“NSCLC”). A global Phase 3 trial evaluating the candidate in triple negative breast cancer (“TNBC”) is planned to start by the end of 2025. Preliminary data from ongoing trials underscore the potential for combining anti-PD-L1 and anti-VEGF-A – two well-established therapeutic targets – into a single molecule to deliver synergistic clinical benefits for patients across multiple tumor types.

    Arvinas, Inc. (NASDAQ: ARVN) and Pfizer Inc. (NYSE: PFE) recently announced detailed results from the Phase 3 VERITAC-2 clinical trial (NCT05654623) evaluating vepdegestrant monotherapy versus fulvestrant in adults with estrogen receptor-positive, human epidermal growth factor receptor 2-negative (ER+/HER2-) advanced or metastatic breast cancer (MBC) whose disease progressed following prior treatment with cyclin-dependent kinase (CDK) 4/6 inhibitors and endocrine therapy. These data, which were highlighted in the American Society of Clinical Oncology (ASCO®) press briefing and selected for Best of ASCO, will be presented today in a late-breaking oral presentation (Abstract LBA1000) and have been simultaneously published in the New England Journal of Medicine.

    In the trial, vepdegestrant demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS) among patients with an estrogen receptor 1 (ESR1) mutation, reducing the risk of disease progression or death by 43% compared to fulvestrant [Hazard Ratio (HR)=0.57 (95% CI 0.42–0.77); 2-sided P<0.001]. The median PFS, as assessed by blinded independent central review (BICR), was 5.0 months with vepdegestrant versus 2.1 months with fulvestrant. Investigator-assessed PFS was consistent with the BICR-assessed PFS. In patients with ESR1 mutations, vepdegestrant demonstrated a consistent PFS benefit over fulvestrant across all pre-specified subgroups. The trial did not reach statistical significance in improvement in PFS in the intent-to-treat (ITT) population, with a median PFS of 3.7 months for vepdegestrant versus 3.6 for fulvestrant [HR=0.83 (95% CI 0.68–1.02); 2-sided P=0.07].

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty nine hundred dollars for news coverage of the current press releases issued by Oncolytics Biotech® Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Envoy Medical to Present at the Life Sciences Virtual Investor Forum June 12th

    Source: GlobeNewswire (MIL-OSI)

    WHITE BEAR LAKE, Minn., June 11, 2025 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (NASDAQ: COCH) (“Envoy Medical”), a revolutionary hearing health company focused on fully implanted hearing devices that leverage the ear’s natural anatomy, today announced that Brent Lucas, CEO of Envoy Medical, will present live at the Life Sciences Virtual Investor Frum hosted by VirtualInvestorConferences.com, on June 12th, 2025.

    DATE: June 12th
    TIME: 3pm Eastern
    LINK: REGISTER HERE
    Available for 1×1 meetings: June 12th through the 17th

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • June 10, 2025 – Envoy Medical’s Pivotal Clinical Trial for Fully-Implanted Acclaim® Cochlear Implant On Track After First Month Follow Up
    • May 13, 2025 – Envoy Medical Achieves Clinical Trial Milestone and is Optimistic About Expansion into Final Stage of Trial

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    About Envoy Medical, Inc.

    Envoy Medical (NASDAQ: COCH) is a hearing health company focused on providing innovative technologies across the hearing loss spectrum. Envoy Medical has pioneered one-of-a-kind, fully implanted devices for hearing loss, including its fully implanted Esteem® active middle ear implant, commercially available in the U.S. since 2010, and the fully implanted Acclaim® cochlear implant, an investigational device. Envoy Medical is dedicated to pushing hearing technology beyond the status quo to improve access, usability, compliance, and ultimately quality of life.

    About the Fully Implanted Acclaim® Cochlear Implant

    We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) is a first-of-its-kind hearing device. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound. The device is powered by a rechargeable battery and has an external charger to charge the internal device when necessary. In addition, patients are given an external remote or programmer to adjust settings or turn the device on or off.

    The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

    The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019.

    For more information on the trial, investors can visit clinicaltrials.gov or www.envoymedical.com/acclaim-pivotal.

    CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

    About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

    The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing. Patients are given an external remote or “personal programmer” to adjust volume, switch between hearing profiles, or turn the device on or off.

    Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

    Additional Information and Where to Find It

    Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the timing and results of IRB approvals, site documents, logistics or activations, enrollments, follow-up visits, data, and clinical trials of the Acclaim CI, and the participation or any changes in participation of any subjects, institutions or healthcare professionals in such trials; the Acclaim CI being the first to market fully implanted cochlear implant; the safety, performance, and market acceptance of the Acclaim CI; and any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on March 31, 2025, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Envoy Medical Investor Contact
    Phil Carlson
    KCSA Strategic Communications
    212.896.1233
    Envoy@kcsa.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Robinhood Markets, Inc. Reports May 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., June 11, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for May 2025.

    • Funded Customers at the end of May were 25.9 million (up about 5 thousand from April 2025, up 1.8 million year-over-year). In May, Funded Customers grew by approximately 5 thousand after the impact of required escheatment of approximately 100 thousand low-balance accounts.
    • Total Platform Assets at the end of May were $255 billion (up 10% from April 2025, up 89% year-over-year). Net Deposits were $3.5 billion in May, or a 18% annualized growth rate relative to April 2025 Total Platform Assets. Over the last twelve months, Net Deposits were $59.1 billion, or an annual growth rate of 44% relative to May 2024 Total Platform Assets.
    • Equity Notional Trading Volumes were $180.5 billion (up 14% from April 2025, up 108% year-over-year). Options Contracts Traded were 179.8 million (up 7% from April 2025, up 36% year-over-year). Crypto Notional Trading Volumes were $11.7 billion (up 36% from April 2025, up 65% year-over-year).
    • Margin balances at the end of May were $9.0 billion (up 7% from the end of April 2025, up 100% year-over-year).
    • Total Cash Sweep balances at the end of May were $30.8 billion (up 7% from the end of April 2025, up 52% year-over-year).
    • Total Securities Lending Revenue in May was $33 million (up 32% from April 2025, up 43% year-over-year).
    • May 2025 results do not include the benefit of the Bitstamp acquisition which closed on June 2, 2025, including its approximately 500 thousand funded customers.
      May
    2025    		 April
    2025    		 M/M
    Change    		 May
    2024    		 Y/Y
    Change
    (M – in millions, B – in billions)          
    Funded Customer Growth (M)          
    Funded Customers 25.9 25.9 – 24.1 +7%
               
    Asset Growth ($B)          
    Total Platform Assets $255.3 $232.3 +10% $135.0 +89%
    Net Deposits1 $3.5 $6.8 NM $3.6 NM
               
    Trading          
    Trading Days (Equities and Options) 21 21 – 22 (5%)
    Total Trading Volumes          
    Equity ($B) $180.5 $157.8 +14% $86.8 +108%
    Options Contracts (M) 179.8 167.5 +7% 131.9 +36%
    Crypto ($B) $11.7 $8.6 +36% $7.1 +65%
               
    Daily Average Revenue Trades (DARTs) (M)
    Equity 2.3 2.3 – 2.0 +15%
    Options 1.2 1.2 – 0.8 +50%
    Crypto 0.5 0.5 – 0.3 +67%
               
    Customer Margin and Cash Sweep ($B)        
    Margin Book $9.0 $8.4 +7% $4.5 +100%
    Total Cash Sweep $30.8 $28.9 +7% $20.3 +52%
    Gold Cash Sweep $28.8 $26.9 +7% $19.6 +47%
    Non-Gold Cash Sweep $2.0 $2.0 – $0.7 186%
               
    Total Securities Lending Revenue ($M) $33 $25 +32% $23 +43%

    Note: Does not reflect the acquisition of Bitstamp, which closed on June 2, 2025.

    1. Net Deposits do not include results from TradePMR.

    For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

    The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations
    ir@robinhood.com

    Media
    press@robinhood.com

    The MIL Network –

  • MIL-OSI Economics: Christine Lagarde: Drawing a common map: sustaining global cooperation in a fragmenting world

    Source: European Central Bank

    Speech by Christine Lagarde, President of the ECB, at the People’s Bank of China in Beijing

    Beijing, 11 June 2025

    It is a pleasure to be back here in Beijing.

    Some years ago, I spoke about how a changing world was creating a new global map of economic relations.[1]

    Maps have always reflected the society in which they are produced. But in rare instances, they can also capture historical moments when two societies meet at the crossroads.

    This was evident in the late 1500s during the Ming Dynasty, when Matteo Ricci, a European Jesuit, travelled to China. There Ricci went on to work with Chinese scholars to create a hybrid map that integrated European geographical knowledge with Chinese cartographic tradition.[2]

    The result of this cooperation – called the Kunyu Wanguo Quantu, or “Map of Ten Thousand Countries” – was historically unprecedented. And the encounter came to symbolise China’s openness to the world.

    In the modern era, we saw a similar moment when China entered the World Trade Organization (WTO) in 2001. The country’s accession to the WTO signified its integration into the international economy and its openness to global trade.

    China’s entry into the WTO went on to reshape the global map of economic relations at a time of rapid trade growth, bringing significant benefits to countries across the world – particularly here in China.

    Since that time, the global economy has changed dramatically. In recent years, trade tensions have emerged and a geopolitically charged landscape is making international cooperation increasingly difficult.

    Yet the emergence of tensions in the international economic system is a recurring pattern across modern economic history.

    Over the last century, frictions have surfaced under a range of international configurations – from the inter-war gold exchange standard, to the post-war Bretton Woods system, to the subsequent era of floating exchange rates and free capital flows.

    While each system was unique, two common lessons cut across this history.

    First, one-sided adjustments to resolve global frictions have often fallen short, regardless of whether deficit or surplus countries carry the burden. In fact, they can bring with them either unpredictable or costly consequences.

    Such adjustments can be especially problematic when trade policies are used as a substitute for macroeconomic policies in addressing the root causes.

    And second, in the event that tensions do emerge, durable strategic and economic alliances have proven critical in preventing tail risks from materialising.

    In contrast to eras when ties of cooperation were weak, alliances have ultimately helped to prevent a broader surge in protectionism or a systemic fragmentation of trade.

    These two lessons have implications for today. Frictions are increasingly emerging between regions whose geopolitical interests may not be fully aligned. At the same time, however, these regions are more deeply economically integrated than ever before.

    The upshot is that while the incentive to cooperate is reduced, the costs of not doing so are now amplified.

    So the stakes are high.

    If we are to avoid inferior outcomes, we all must work towards sustaining global cooperation in a fragmenting world.

    Tensions across history

    If we look at the history of the international economic system over the past century, we can broadly divide it into three periods.

    In the first period, the inter-war years, major economies were tied together by the gold exchange standard – a regime of fixed exchange rates, with currencies linked to gold either directly or indirectly.

    But unlike the pre-war era, when the United Kingdom played a dominant global role[3], there was no global hegemon. Nor were there impactful international organisations to enforce rules or coordinate policies.

    The system’s flaws quickly became apparent.[4] Exchange rate misalignments caused persistent tensions between surplus and deficit countries. Yet the burden of adjustment fell overwhelmingly on the deficit side.

    Facing outflows of gold, deficit countries were forced into harsh deflation. Meanwhile, surplus countries faced little pressure to reflate. By 1932, two surplus countries accounted for over 60% of the world share of gold reserves.[5]

    One-sided adjustments failed to resolve the underlying problems. And without strong alliances to contain tail risks, tensions escalated. Countries turned to trade measures in an attempt to reduce imbalances in the system – but protectionism offered no sustainable solution.

    In fact, if current account positions narrowed at all, it was only because of the fall-off in world trade and output. The volume of global trade fell by around one-quarter between 1929 and 1933[6], with one study attributing nearly half of this fall to higher trade barriers.[7] World output declined by almost 30% in this period.[8]

    During the Second World War, leaders took the lessons to heart. They laid the groundwork for what became the Bretton Woods system in the early post-war era: a framework of fixed exchange rates and capital controls.

    This marked the beginning of the second period.

    The new regime was anchored by the US dollar’s convertibility into gold, with the International Monetary Fund acting as a referee. Trade flourished during this era. Between 1950 and 1973[9], world trade expanded at an average rate of over 8% per year.[10]

    But again, frictions emerged.

    In particular, the United States had shifted from initially running balance of payments surpluses to persistent deficits. At the heart of this shift was the role of the US dollar as the world’s reserve currency and source of liquidity for global trade.

    While US deficits provided the world with vital dollar liquidity, those very same deficits strained the dollar’s gold convertibility at USD 35 per ounce, threatening confidence in the system.

    By the late 1960s, foreign holdings of US dollars – amounting to almost USD 50 billion – were roughly five times the size of US gold reserves.[11]

    Ultimately, these tensions proved unsustainable as the United States was unwilling to sacrifice domestic policy goals – which generated fiscal deficits – for its external commitments.

    The Bretton Woods system ended abruptly in 1971, when President Nixon unilaterally suspended the US dollar’s convertibility into gold and imposed a 10% surcharge on imports.

    The goal behind the surcharge was to force US trading partners to revalue their currencies against the dollar, which was perceived as being overvalued.[12] As in earlier periods, this was a one-sided adjustment – though now aimed at shifting the burden onto surplus countries.

    Crucially, however, the downfall of Bretton Woods unfolded within the context of the Cold War. Countries operating under the system were not just trading partners – they were allies.

    And so, everyone had a strong geopolitical incentive to pick up the pieces and forge new cooperative agreements that could facilitate trade relationships, even in moments of pronounced volatility.

    We saw this several months after the “Nixon Shock”, when Western countries negotiated the Smithsonian Agreement.

    This agreement was a temporary fix to maintain an international system of fixed exchange rates. It devalued the US dollar by over 12% against the currencies of its major trading partners and removed President Nixon’s surcharge.[13]

    And we saw a strong geopolitical incentive at work again with the Plaza Accord in the 1980s – an era of floating exchange rates and free capital flows – when deficit and surplus countries in the Group of Five[14] sat down to try and resolve tensions.

    Of course, neither agreement ultimately succeeded in addressing the root causes of tensions. But critically, the risk of a broader turn toward protectionism – which was rising at several points[15] – never materialised.

    The contrast is telling.

    Both the inter-war and post-war eras revealed that one-sided adjustments cannot sustainably resolve economic frictions – whether on the deficit or surplus side.

    Yet the post-war system proved far more resilient, because the countries within it had deeper strategic reasons to cooperate.

    Frictions threatening global trade today

    In recent decades, we have been moving into a third period.

    Since the end of the Cold War, we have seen the rapid expansion of truly global trade.

    Trade in goods and services has risen roughly fivefold to over USD 30 trillion.[16] Trade as a share of global GDP has increased from around 38% to nearly 60%.[17] And countries have become much more integrated through global supply chains. At the end of the Cold War, these chains accounted for around two-fifths of global trade.[18] Today, they account for over two-thirds.[19]

    Yet this globalisation has unfolded in a world where – increasingly – not all nations are bound by the same security guarantees or strategic alliances. In 1985 just 90 countries were party to the General Agreement on Tariffs and Trade. Today, its successor – the WTO – counts 166 members, representing 98% of global trade.[20]

    There is no doubt that this new era has amplified the benefits of trade.

    Some originally lower-income countries have experienced remarkable gains – none more so than China.

    Since joining the WTO, China’s GDP per capita has increased roughly twelvefold.[21] The welfare impact has been equally profound: almost 800 million people in China have been lifted out of poverty, accounting for nearly three-quarters of global poverty reduction in recent decades.[22]

    Advanced economies, too, have benefited, albeit unevenly. While some industries and jobs have faced pressure from heightened import competition[23], consumers have enjoyed lower prices and greater choice. And for firms able to climb the value chain, the rewards have been substantial – especially in Europe.

    Today, EU exports to the rest of the world generate more than €2.5 trillion in value added – nearly one-fifth of the EU’s total – and support over 31 million jobs.[24]

    But the weakening alignment between trade relationships and security alliances has left the global system more exposed – a vulnerability now playing out in real time.

    According to the International Monetary Fund, trade restrictions across goods, services and investments have tripled since 2019 alone.[25] And in recent months, we have seen tariff levels imposed that would have been unimaginable just a few years ago.

    This fragmentation is being driven by two forces.

    The first is geopolitical realignment. As I have outlined in recent years, geopolitical tensions are playing an increasingly decisive role in reshaping the global economy.[26] Countries are reconfiguring trade relationships and supply chains to reflect national security priorities, rather than economic efficiency alone.

    The second force is the growing perception of unfair trade – often linked to widening current account positions.

    Current account surpluses and deficits are not inherently problematic, particularly when they reflect structural factors such as comparative advantage or demographic trends.

    But these imbalances become more contentious when they do not resolve over time and create the perception that they are being sustained by policy choices – whether through the blocking of macroeconomic adjustment mechanisms or a lack of respect for global rules.

    Indeed, while in recent decades the persistence of current account positions has remained fairly constant, the dispersion of those positions – that is, how widely surpluses and deficits are spread across countries – has shifted significantly.

    In the mid-1990s current account deficits and surpluses were similarly dispersed within their respective groups: both were relatively evenly distributed among several countries.[27]

    Today, that balance has changed. Deficits have become far more concentrated, with just a few countries accounting for the bulk of global deficits. In contrast, surpluses have become somewhat more dispersed, spread across a wider range of countries.

    These developments have recently led to coercive trade policies and risk fragmenting global supply chains.

    Making global trade sustainable

    Given national security considerations and the experience during the pandemic, a certain degree of de-risking is here to stay. Few countries are willing to remain dependent on others for strategic industries.

    But it does not follow that we must forfeit the broader benefits of trade – so long as we are willing to absorb the lessons of history. Let me draw two conclusions for the current situation.

    First, coercive trade policies are not a sustainable solution to today’s trade tensions.

    To the extent that protectionism addresses imbalances, it is not by resolving their root causes, but by eroding the foundations of global prosperity.

    And with countries now deeply integrated through global supply chains – yet no longer as geopolitically aligned as in the past – this risk is greater than ever. Coercive trade policies are far more likely to provoke retaliation and lead to outcomes that are mutually damaging.

    The shared risks we face are underscored by ECB analysis. Our staff find that if global trade were to fragment into competing blocs, world trade would contract significantly, with every major economy worse off.[28]

    This leads me to the second conclusion: if we are serious about preserving our prosperity, we must pursue cooperative solutions – even in the face of geopolitical differences. And that means both surplus and deficit countries must take responsibility and play their part.

    All countries should examine how their structural and fiscal policies can be adjusted to reduce their own role in fuelling trade tensions.

    Indeed, both supply-side and demand-side dynamics have contributed to dispersion of current accounts positions we see today.

    On the supply side, we have witnessed a sharp rise in the use of industrial policies aimed at boosting domestic capacity. Since 2014, subsidy-related interventions that distort global trade have more than tripled globally. [29]

    Notably, this trend is now being driven as much by emerging markets as by advanced economies. In 2021, domestic subsidies accounted for two-thirds of all trade-related policies in the average G20 emerging market, consistently outpacing the share seen in advanced G20 economies.[30]

    On the demand side, global demand generation has become more concentrated, especially in the United States. A decade ago, the United States accounted for less than 30% of demand generated by G20 countries. Today, that share has risen to nearly 35%.

    This increasing imbalance in demand reflects not only excess saving in some parts of the world, but also excess dissaving in others, especially by the public sector.

    Of course, none of us can determine the actions of others. But we can control our own contribution.

    Doing so would not only serve the collective interest – by helping to ease pressure on the global system – but also the domestic interest, by setting our own economies on a more sustainable path.

    We can also lead by example by continuing to respect global rules – or even improving on them. This helps build trust and creates the foundation for reciprocal actions.

    That means upholding the multilateral framework which has so greatly benefited our economies. And it means working with like-minded partners to forge bilateral and regional agreements rooted in mutual benefit and full WTO compatibility.[31]

    Central banks, in line with their respective mandates, can also play a role.

    We can stand firm as pillars of international cooperation in an era when such cooperation is hard to come by. And we can continue to deliver stability-oriented policies in a world marked by rising volatility and instability.

    Conclusion

    Let me conclude.

    In a fragmenting world, regions need to work together to sustain global trade – which has delivered prosperity in recent decades.

    Of course, given the geopolitical landscape, that will be a harder challenge today than it has been in the past. But as Confucius once observed, “Virtue is not left to stand alone. He who practices it will have neighbours”.

    Today, to make history, we must learn from history. We must absorb the lessons of the past – and act on them – to prevent a mutually damaging escalation of tensions.

    In doing so, we all can draw a new map for global cooperation.

    We have done it before. And we can do it again.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Russia: China’s Vice Premier Calls on US to Resolve Trade Disputes with China Through Dialogue and Cooperation

    Translation. Region: Russian Federal

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

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

    LONDON, June 11 (Xinhua) — The United States should resolve trade disputes with China through equal dialogue and win-win cooperation, Chinese Vice Premier He Lifeng said at the first meeting of the China-U.S. Economic and Trade Consultations Mechanism held in London from Monday to Tuesday.

    The Chinese side reaffirms that the United States should work with China to match its words with deeds, demonstrate sincerity in fulfilling commitments and concrete efforts to implement consensus, so as to jointly uphold the hard-won results of the dialogue, he said.

    During the talks, both sides held frank and in-depth talks and exchanged views on trade and economic issues of mutual interest.

    The two sides reached an agreement in principle to implement the important consensus reached by the two heads of state during their telephone conversation on June 5 and the framework measures to consolidate the results of the trade and economic negotiations in Geneva, and made new progress in finding approaches to each other’s trade and economic concerns.

    Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He Lifeng said Beijing’s position on China-US economic and trade issues is clear and consistent.

    Noting that the essence of China-US trade and economic relations lies in mutual benefit and win-win cooperation, the vice premier said that cooperation between Beijing and Washington in trade and economic spheres is beneficial to both sides, while confrontation is detrimental to both sides.

    There are no winners in trade wars, he said, adding that China does not seek conflict but is not afraid of it either.

    He called on the United States to resolve trade disputes with China through equal dialogue and win-win cooperation, adding that while China sincerely holds trade and economic consultations, it also has its own principles.

    Next, the two sides should, in accordance with the important consensus reached by the two heads of state during the phone call, make better use of the China-US trade consultation mechanism and make efforts to strengthen consensus, reduce misunderstandings and enhance cooperation, he said.

    The two sides should maintain communication and consultation and promote stable and sustainable growth of economic and trade relations so as to bring more certainty and stability to the world economy, He Lifeng added.

    The US side said the meeting achieved positive results and further stabilized bilateral trade and economic relations, adding that Washington will follow the same direction as Beijing to jointly implement the consensus reached at the meeting.

    The American side was represented at the meeting by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamison Greer. –0–

    MIL OSI Russia News –

  • Piyush Goyal concludes successful visit to Switzerland, begins economic diplomacy in Sweden

    Source: Government of India

    Source: Government of India (4)

    Union Commerce and Industry Minister Piyush Goyal concluded a two-day official visit to Switzerland from June 9 to 10, and has commenced the Sweden leg of his European tour aimed at strengthening economic ties and fostering innovation-driven partnerships.

    The Switzerland visit focused on advancing India-Switzerland economic cooperation and operationalising the Trade and Economic Partnership Agreement (TEPA) signed earlier this year between India and the European Free Trade Association (EFTA). Goyal held high-level meetings with Swiss government officials and industry leaders to chart a roadmap for TEPA implementation and explore new opportunities for trade and investment.

    During the visit, Goyal met with Federal Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research, and State Secretary Helene Budliger Artieda. Discussions centred on regulatory cooperation, skills development, innovation partnerships, and measures to facilitate faster investment decision-making.

    The minister also engaged with Swiss industry leaders across sectors including biotechnology, pharmaceuticals, healthcare, precision engineering, defence, and emerging technologies. In sectoral roundtables and bilateral meetings, Goyal highlighted India’s growing economic strength, policy stability, infrastructure expansion, and the government’s efforts to create a conducive ecosystem for global investors. Swiss companies welcomed India’s expanding domestic market and policy reforms, viewing the country as a key destination for growth and manufacturing.

    A key highlight was Goyal’s participation at the 18th Swissmem Industry Day held in Zurich, attended by over 1,000 delegates representing Switzerland’s mechanical, electrical, and metal industries. In his keynote address, the minister invited Swiss companies, including SMEs and deep-tech innovators, to scale up investments in India by leveraging TEPA. He emphasised India’s demographic advantage, engineering talent, and robust supply chains, encouraging Swiss industry to anchor research and development, establish manufacturing bases, and co-create technologies for emerging markets.

    An immediate outcome of the visit was the swift resolution of a facilitation request from Endress+Hauser, a global process automation firm with a presence in India. The company had raised concerns about land availability near its Maharashtra facility. The issue was resolved within hours through coordinated efforts by the minister and Indian authorities, demonstrating the government’s commitment to investor-friendly governance.

    Goyal also held one-on-one meetings with several Swiss companies exploring expansion strategies, localisation, talent development, and MSME linkages. Interest was especially strong in sectors such as advanced manufacturing, industrial automation, clean technology, and healthcare innovation.

    The minister was accompanied by a high-level delegation from Indian industry bodies including ASSOCHAM, CII, and FICCI, reflecting a whole-of-government and whole-of-industry approach to economic diplomacy. In a meeting with the Switzerland chapter of the Institute of Chartered Accountants of India, Goyal appreciated their contribution to enhancing India’s reputation for financial excellence.

    The visit concluded on a note of shared optimism, with Swiss stakeholders reaffirming confidence in India’s rise as a global economic powerhouse and welcoming the government’s collaborative and reform-oriented approach.

    Moving on to Sweden, Goyal will co-chair the 21st session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation with Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa.

    He is also scheduled to hold bilateral meetings with Benjamin Dousa and Håkan Jevrell, State Secretary to the Minister of Development Cooperation and Foreign Trade. These discussions aim to reinforce the strong economic relationship and identify new opportunities aligned with India’s long-term economic objectives.

    Key engagements will include an India-Sweden business leaders’ round table and meetings with leading Swedish companies such as Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB. The discussions will focus on sectors where Sweden excels, including advanced manufacturing, green technologies, and sustainable solutions.

    Goyal will also meet members of the Indian diaspora and address media interactions to strengthen people-to-people ties and communicate India’s vision for the bilateral partnership.

  • MIL-OSI Asia-Pac: LCQ15: Development of pet-related industries

    Source: Hong Kong Government special administrative region

    LCQ15: Development of pet-related industries 
    Question:
     
    It has been reported that the number of households keeping pets has increased in recent years, with pet-related industries developing rapidly. However, there are views pointing out that Hong Kong still has room for improvement in veterinary medical care and pet-friendly public facilities, as well as in data management and policies regarding the pet industry. In this connection, will the Government inform this Council:
     
    (1) as it is learnt that a number of private shopping centres have introduced pet-inclusive facilities, such as pet accesses and pet rest areas, to attract spending from pet owners and thereby further unleash the potential of the pet economy, whether the Hong Kong Housing Authority will consider drawing on the relevant experience to implement pet-friendly measures in the shopping centres of the public housing estates under its purview; if so, of the details; if not, the reasons for that;
     
    (2) as it has been reported that public or charity-run veterinary organisations have been established one after another in Taiwan, such as in Taoyuan City and New Taipei City, to provide basic veterinary medical services at transparent charges, which not only enhance pet health protection but also boost the pet economy, whether the HKSAR Government has conducted studies or policy planning regarding the establishment of public or semi-public veterinary medical facilities; if so, of the details; if not, the reasons for that; and
     
    (3) as there are views that maintaining pet-related data can help understand the risks of pet epidemics and diseases, as well as the market structure and potential of the pet industry, whether the Government will establish a territory-wide pet data management platform to systematically collect relevant data, including the number of pets, breed distribution, keeping and vaccination records, and pet disease trends, so as to provide a scientific basis for the formulation of policies on pet-friendliness and developing the pet economy policies; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
    Having consulted the Housing Bureau, the reply to the question from the Hon Rock Chen is as follows:
     
    (1) As pet keeping has become increasingly common in Hong Kong, there has been more attention in society to bringing animals to enter different premises and use public facilities. In general, the Government needs to take into account different factors when considering whether to further relax existing arrangements, including the nature of individual facilities, whether ancillary facilities are in place and the degree of social acceptance, in order to achieve the policy objective of facilitating people and animals to co-exist harmoniously.
     
    The shopping centres under the Hong Kong Housing Authority (HA) are mainly “neighbourhood shopping centres” located in public housing estates/courts. These shopping centres provide local residents with shopping convenience, with the aim of catering for their basic needs in daily life. All along, guide dogs accompanying the visually impaired have been allowed to enter the HA’s shopping centres. The HA has further implemented some pet-friendly policies, such as allowing pets to enter shopping centres if they are placed in pet carrier bags or pet strollers and that no hygiene and environmental nuisance will be caused. The HA will keep in view the development and needs of the community for pet-friendly spaces and facilities, and design “neighbourhood shopping centres” that are in line with the actual situation.
     
    On the other hand, the Domain located in Yau Tong is a large-scale regional shopping centre under the HA. Coupled with spacious indoor space, outdoor activity areas, wide passageways and multiple entrances at different locations, it is more equipped with the requisites for development into a pet-friendly mall than typical “neighbourhood shopping centres” located in housing estates. The HA will review whether it is appropriate to further provide pet-friendly measures in the Domain, such as installing relevant human-pet friendly facilities to appeal to pet owners for boosting consumption and visitor flow.
     
    (2) The Agriculture, Fisheries and Conservation Department (AFCD) has been carrying out publicity and public education to remind the public to consider carefully before deciding to keep pets, to assess whether one could fulfil the duties of pet ownership in meeting the pets’ basic needs in diet, environment, daily care, healthcare, etc.
     
    On veterinary services, the Veterinary Surgeons Board of Hong Kong (VSB) established under the Veterinary Surgeons Registration Ordinance (Cap. 529), is currently responsible for the regulation, registration and disciplinary control of veterinary surgeons, so as to ensure a high standard of veterinary services in Hong Kong. The VSB learns about the overall veterinary services through data gathered in the regulation of the veterinary profession. The number of registered veterinary surgeons (RVS) has been consistently on the rise since 2015, from 823 in 2015 to 1 364 in April this year, representing an increase of 65 per cent. RVS comprises many specialties, such as small animal internal medicine and surgery, dermatology, cardiology, neurology and veterinary pathology, and therefore animal owners should be able to find appropriate veterinary services for their pets. To meet unexpected medical expenses, members of the public may also purchase pet insurance products available in the market as appropriate.
     
    Apart from private veterinarians, the City University of Hong Kong and some animal welfare organisations (such as the Hong Kong Society for the Prevention of Cruelty to Animals) also provide veterinary services and hence the Government currently has no plan to separately establish public medical facilities for pets.
     
    (3) To safeguard public health and prevent the spread of animal diseases, the AFCD monitors and regulates animal activities in accordance with the law, and assesses the risk of pet animal diseases. The AFCD regulates the import of live animals through a permit system under the Public Health (Animals and Birds) Regulations (Cap. 139A) and the Rabies Regulation (Cap. 421A), so as to prevent the introduction of animal diseases into Hong Kong. Furthermore, the AFCD regulates the local animal activities through various licences, for example, regulating the animal trading and dog breeding activities through the Animal Trader Licence and Dog Breeder Licence respectively under the Public Health (Animals and Birds) (Trading and Breeding) Regulations (Cap. 139B), and to require dog keepers to have their dogs vaccinated against rabies, implanted with a microchip, and to apply for a dog licence under the Rabies Regulation, for the prevention of rabies.
     
    The Government last conducted a Thematic Household Survey on pet ownership among households across Hong Kong in 2018. The AFCD and the Census and Statistics Department will conduct another survey later this year to gather the latest data on trends and preferences in pet ownership of Hong Kong families. These findings will assist the trade to learn about the latest trend of pet ownership, for their provision of products and services according to market demand.
    Issued at HKT 12:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ16: Hong Kong Authorized Economic Operator Programme

    Source: Hong Kong Government special administrative region

    LCQ16: Hong Kong Authorized Economic Operator Programme 
         According to the information of the Customs and Excise Department, since the launch of the Hong Kong Authorized Economic Operator Programme, about 90 enterprises have become Authorized Economic Operators (AEOs), and their goods transported to the 16 economies with which Hong Kong has entered into AEO mutual recognition arrangements (MRAs) can enjoy customs facilitation arrangements, which is instrumental in facilitating seamless cross-boundary movement of goods. However, there are views that the current rate of enterprise participation in the Programme and the coverage of the Programme are not extensive enough. In this connection, will the Government inform this Council:
     
    (1) of the volume and value of imported and exported goods involving Hong Kong AEOs in the past three years, as well as their respective percentages in the total volume and value of such goods;
     
    (2) as there are views that in order to enhance the efficiency of the import and export of local and Mainland goods, Hong Kong must further extend the coverage of the MRA network, of the progress of the authorities’ entering into MRA agreements with more economies; and
     
    (3) as there are views that apart from enabling enterprises to enjoy speedy customs arrangements, being accredited as the AEOs also helps enhance the management standards of enterprises, and the Mainland has even set up training bases to encourage more enterprises to become the AEOs, of the measures put in place by the Government to encourage more local enterprises to become the AEOs?
     
    Reply:
     
    President,
     
         Having consulted the Customs and Excise Department (C&ED), the reply to the question raised by the Hon Frankie Yick is as follows:
     
         The volume and value of imported and exported goods involving Hong Kong Authorized Economic Operators (AEOs) in the past three years, along with their respective percentages in the total volume and value of imported and exported goods, are shown below:
     

    Year

    Year     At present, Hong Kong has ratified AEO mutual recognition arrangements (MRAs) with 16 economies, ranking fourth globally in terms of the number of MRAs after Mainland China, Korea and the United States. The C&ED has been proactively expanding the global network of AEO MRAs with good progress made in recent years. It has signed action plans for AEO MRAs with eight economies including Türkiye, Saudi Arabia, Cambodia, the Philippines, the United Arab Emirates, Laos, Peru and Chile, marking a significant step towards the conclusion of the MRAs by both sides. The C&ED is now actively engaged in discussions and follow-up work with the customs administrations of these economies regarding the MRAs.
     
         Looking ahead, the C&ED will continue its efforts to expand the MRA network by actively liaising with Hong Kong’s major trading partners and dovetailing with the national development strategy on the Belt and Road Initiative. Priority will be given to discussing the MRAs with Belt and Road economies, including member states of the Association of Southeast Asian Nations, the Cooperation Council for the Arab States of the Gulf, and economies in the South American and African regions, with a view to benefitting more enterprises.
     
         To encourage local enterprises to become Hong Kong AEOs, the C&ED has continuously collaborated with the industry, major chambers of commerce and relevant partners to organise different types of publicity and promotional events, including briefing sessions and exhibition booths, to enhance enterprises’ understanding of the Hong Kong AEO Programme. Last year, the C&ED set up exhibition booths and hosted thematic seminars at major events, such as the Belt and Road Summit jointly organised by the Belt and Road Office and the Hong Kong Trade Development Council (HKTDC), as well as the Asian Logistics, Maritime and Aviation Conference organised by the Hong Kong Special Administrative Region Government and the HKTDC, with a view to fostering exchanges with different fields and industries. In addition, the C&ED has been disseminating the latest information on the developments of local and global AEO programmes through its website and social media channels, so as to extend the reach of its publicity and promotional efforts as well as strengthen communication and engagement with stakeholders.
     
         To further enhance the appeal of the Hong Kong AEO Programme, the C&ED has been actively seeking co-operation with various organisations to offer more benefits to the AEOs. For instance, the C&ED collaborates with the Hong Kong Export Credit Insurance Corporation to provide Hong Kong AEOs with free buyers’ credit checks to help them cope with market risks. In addition, the C&ED signed the Memorandum of Understanding (MoU) on Enhancing AEO Co-operation in the Greater Bay Area among Mainland, Hong Kong and Macao Customs under the AEO MRAs with the General Administration of Customs of the People’s Republic of China and the Macao Customs Service in 2023. Through such initiatives as the mutual referral mechanism on AEO applications, enhanced joint publicity and staff training, the MoU deepens the co-operation among the three customs administrations and supports enterprises of the three places to seize development opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.
    Issued at HKT 11:05

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: S.A.M.E. EXPORT AWARDS GRANT- – 6th June 2025.

    Source:

    Share this:

    Keynote Remarks: Hon. Leatinuu Wayne Sooialo Minister of Commerce, Industry and Labour

    Representatives from the Samoa Association of Manufacturers and Exporters, Representatives of the Media,

    Talofa Lava,

    It is an honor and a privilege to welcome our members from the Samoa Association of Manufacturers and Exporters (SAME) to witness the continuous commitment of our Government to Private Sector Development through the annual disbursement of the SAME Export Awards Grant.

    The main purpose of this grant and export awards initiative is to recognise the achievements and contributions of the manufacturing and export sector in Samoa’s economy, driving economic growth, employment creation, and international trade. In recent years, this special program was put on hold due to the Covid-19 pandemic and the establishment of SAME’s Buy Samoa Made initiative in the past fiscal year 2023/24.

    However, the Export Awards remain an important initiative for the acknowledgement of local manufacturers and exporters. Therefore, the continuation of this initiative is a testament of the Government’s commitment to supporting and encouraging the development of the Manufacturing and Export Sector as reflected in its National Industry Development Policy & Strategy 2024/25 – 2034/35, and also aligned to the Key Priority Areas 8, 9 and 10 of the Pathway for the Development of Samoa 2021/2022 – 2025/2026.

    We hope that this Grant will encourage manufacturers and exporters to strive for excellence, and reach new heights for Samoa in terms of productivity, trade and competitiveness in the global market. Your hard work and significant contribution to the development of Samoa’s economy

    does not go unnoticed. Therefore, I would like to take this opportunity to extend my deep appreciation to all our local manufacturers and exporters for all that you have done and continue to do for Samoa.

    I would also like to express my utmost gratitude to SAME for their continued support and dedication in strengthening the manufacturing and export sectors as vital engines of Samoa’s economic prosperity.

    Your devotion is seen through your endeavours to develop robust networks for members, advocacy work, as well as your efforts in facilitating this award. Without your collaboration and partnership, this initiative would not be possible.

    It is through such meaningful alliances that the Government is able to drive progress, empower local industries, and create lasting opportunities for our people. So let us continue to foster strong partnerships, celebrate excellence, and work together toward a thriving and resilient future for Samoa.

    Fa’afetai tele lava, and may we all be inspired to keep striving for excellence, and wishing our SAME all the best with preparations for the Exports Awards

    SOIFUA MA IA MANUIA!

    FESOASOANI MO LE FAALAPOTOPOTOGA A PISINISI GAOSI OLOA MA OLOA AUINA ATU I FAFO MO LE POLOKALAME O FAAILOGA MO OLOA AUINA ATU I FAFO (EXPORT AWARDS) 2025

    SAUNOAGA AUTU: Afioga Leatinuu Wayne Sooialo Minisita o Pisinisi, Alamanuia ma Leipa – 6 Iuni 2025

    Sui Peresitene – Faalapotopotoga a Pisinisi Gaosi Oloa ma Oloa Auina atu i Fafo Sui o Ofisa Faasalalau,

    Talofa Lava,

    Ua tatou potopoto mai i lenei aso, tatou te molimauina le fesoasoani faaauau a le tatou Malo mo Pisinisi Gaosi Oloa ma Oloa auina atu i fafo e tauala atu i le Polokalame Faailogaina mo Oloa auina atu i Fafo a le Faalapotopotoga o Pisinisi Gaosi Oloa ma Oloa auina atu i Fafo (SAME Export Awards).

    O le sini autu o lenei polokalame ina ia amanaia aloaia ma faailogaina le sao taua o Vaega ma Pisinisi Gaosi Oloa ma Oloa auina atu i Fafo i le tamaoaiga o Samoa, e ala atu i se fesoasoani tau tupe mai i le tatou Malo mo le tatou fa’alapotopotoga nei .

    O lenei fesoasoani e le i mafai ona faataunuuina i tausaga ua mavae ona o le faamai o le Koviti19, fa’apea tapenaga o le Polokalame a le SAME ua taua o le ‘Faatau Oloa Samoa’ mo le tausaga faaletupe ua mavae, 2023/24.

    O le naunautaiga a le Malo ina ia faamalosi’au ma lagolago le atina’eina o Pisinisi Maoti tau Gaosi Oloa ma le Auina atu i Fafo ina ia ausia ni isi tulaga maualuga ma lelei mo Samoa e ala lea i le fa’aauau pea o lenei Fesoasoani.

    E o gatasi lenei fesoasoani ma le Faiga Faavae mo le Atina’eina o Alamanuia i Samoa 2024/25-2033/34 o lo o fa’atautaia e le Matagaluega, ma o lo o feso’ota’i uma i lalo o Vaega Fa’amuamua 8, 9 ma le 10 o le Ta’iala mo le Lumana’i Manuia o Samoa 2021/2022 – 2025/2026.

    A o le’i fa’ai’u se fa’amatalaga, e momoli atu le faamalō ma le faafetai i a tatou Pisinisi gaosi oloa ma pisinisi o loo auina atu i fafo a latou oloa mo lo outou sao tāua i le atina’eina o le Vaega Maoti faapea

    foi le tamāoā’iga o Samoa, e ala i le faatupulaia ai pea o avanoa mo le fa’afaigaluegaina o tatou tagata, le faatupulaia o a tatou fefaatauaiga ma isi atunuu o le lalolagi ma le manuia lautele o si o tatou atunuu.

    E le tau fesiligia le tele o lo outou tautigā ma lo outou sao mo Samoa, o lea e momoli atu ai le agaga faafetai tele mo a outou taumafaiga mo se lumanai manuia o lo tatou atunuu.

    E momoli atu foi le faafetai tele i le Faalapotopotoga o Pisinisi Gaosi Oloa ma Oloa Auina atu i Fafo.

    O lo outou ta’imua i le lagolagoina ma le una’ia o Pisinisi taitasi Gaosi Oloa ma le Auina atu i Fafo mo le atina’eina o Samoa, o lo o molimauina i a outou taumafaiga ma galuega fa’afaufautua, faatasi ai ma le fa’afoeina o le polokalame mo le amanaia o nei Pisinisi e tauala atu i lalo o lenei Fesoasoani.

    O la outou lagolagosua ma le faigapa’aga ua mafai ai ona fa’ataunu’uina lenei fa’amoemoe.

    E talitonu o le a fa’aauau pea le tatou faiga faapa’aga ma tatou galulue soosoo tauau mo le agai i luma o le atina’eina o le tamaoaiga ma se lumanai manuia o Samoa ma ona tagata lautele.

    Ia manuia a outou tapenaga mo lenei faamoemoe.

    SOIFUA MA IA MANUIA!

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    MIL OSI Asia Pacific News –

  • MIL-OSI: NextNRG to Be Added to Russell 2000® and Russell 3000® Indexes

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, June 11, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (NASDAQ: NXXT), a pioneer in AI-powered energy innovation, today announced its inclusion in the Russell 2000® and Russell 3000® Indexes, according to a list of additions published by FTSE Russell. The Company leverages advanced technologies—including its Next Utility Operating System®, smart microgrid infrastructure, wireless EV charging, and on-demand mobile fuel delivery—to transform how energy is produced, managed, and delivered.

    The official reconstitution will take effect after market close on Friday, June 27, 2025. Trading in the reconstituted indexes will begin on Monday, June 30, 2025.

    The Russell indexes are widely used by investment managers and institutional investors for index-based funds and benchmarking. FTSE Russell estimates that approximately $10.6 trillion in assets are benchmarked to the Russell U.S. indexes.

    “This recognition marks an important milestone in our continued growth,” said Michael D. Farkas, Founder and CEO of NextNRG. “We believe that inclusion in the Russell indexes reflects our disciplined execution and growing investor recognition of NextNRG’s unique position at the convergence of efficient energy, intelligent mobility, and AI-powered infrastructure. As we scale transformative projects across the country, this expanded visibility will support deeper institutional engagement and long-term value creation.”

    The Russell index reconstitution ranks the 3,000 largest U.S. stocks by total market capitalization. Companies included in the all-cap Russell 3000® Index are automatically assigned to the large-cap Russell 1000® or small-cap Russell 2000® Index, as well as relevant growth and value indexes.

    NextNRG’s addition to the Russell indexes follows strong quarterly growth and strategic progress across key markets, including new state expansion, enterprise partnerships, and continued advancement of its proprietary energy infrastructure platform.

    About NextNRG, Inc.
    NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Next Utility Operating System®, which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG smart microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, healthcare campuses, universities, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV, providing fuel delivery while advancing efficient energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements
    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact
    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network –

  • MIL-OSI United Kingdom: Trading Standards seize illegal tobacco and vapes in Tunstall

    Source: City of Stoke-on-Trent

    Published: Wednesday, 11th June 2025

    Illegal tobacco and vapes worth £25,000 have been taken off Stoke-on-Trent streets as part of a national operation and the council mission to reclaim our streets.

    Trading Standards officers raided four premises on Tunstall High Street and were accompanied by Staffordshire Police and a Wagtails UK Tobacco Detection Dog and handler.

    In total, 20,000 cigarettes, 6.5kg of hand rolling tobacco, 650 vapes and 22 tubs of shisha were seized.

    The raids took place as part of Operation Cece, a National Trading Standards initiative in partnership with HMRC, which is aimed at tackling the supply of illegal tobacco.

    This activity also follows the introduction of the ban on single use vapes, which came into force on Sunday 1 June.

    Councillor Amjid Wazir, cabinet member for city pride, enforcement and sustainability at Stoke-on-Trent City Council, said: “Our Trading Standards officers continue to work to protect our communities and get these illegal products off our streets. Illegal tobacco and vapes often exploit vulnerable workers and undermine legitimate business.

    “This work is part of the council’s commitment to creating a cleaner, greener and safer city for all and you will face serious consequences if you choose to sell illegal products.”

    Anyone who wants to report a similar issue to Trading Standards can call the Trading Standards Hotline 01782 238444 or visit stoke.gov.uk.

    Businesses can find advice and guidance on the ban on single use vapes here: https://www.gov.uk/guidance/single-use-vapes-ban

    MIL OSI United Kingdom –

  • MIL-OSI China: Chinese vice premier urges US to resolve trade disputes with China through dialogue, cooperation

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

    The United States should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Chinese Vice Premier He Lifeng has said.

    China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, He said.

    He made the remarks during the first meeting of the China-U.S. economic and trade consultation mechanism held in London from Monday to Tuesday with U.S. lead person Treasury Secretary Scott Bessent, U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer.

    During the talks, the two sides held candid and in-depth talks, and thoroughly exchanged views on economic and trade issues of mutual concern.

    The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other’s economic and trade concerns.

    Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He said that China’s position on China-U.S. economic and trade issues is clear and consistent.

    Noting that the essence of China-U.S. economic and trade relations lies in mutual benefit and win-win cooperation, the vice premier said cooperation between China and the United States in the economic and trade field benefits both sides, while confrontation harms both.

    There are no winners in trade wars, He said, adding that China does not seek conflict but will not be intimidated by one.

    He urged the United States to resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, adding that while China is sincere in pursuing economic and trade consultations, it also has its principles.

    Next, the two sides should, in accordance with the important consensus and requirements reached by the two heads of state during their phone call, make better use of the China-U.S. economic and trade consultation mechanism, and work to enhance consensus, reduce misunderstanding and strengthen cooperation, He said.

    The two sides should maintain communication and consultation, and promote the steady and sustained growth of China-U.S. economic and trade relations, so as to inject more certainty and stability into the world economy, He added.

    The U.S. side said that the meeting had achieved positive outcomes and further stabilized bilateral economic and trade relations, adding that the U.S. side would walk in the same direction as China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached at this meeting. Enditem

    MIL OSI China News –

  • MIL-OSI United Kingdom: Fun for Just £1 This Summer at Derry and Strabane Leisure Centres

    Source: Northern Ireland – City of Derry

    Fun for Just £1 This Summer at Derry and Strabane Leisure Centres

    6 June 2025

    Families across Derry and Strabane can look forward to an action-packed summer as the Council launches its exciting seasonal programme of activities – all at unbeatable value.

    Returning again this year is the hugely popular £1 Summer Offer, running from 1st July to 31st August. This initiative gives young people under 18 access to a wide range of daytime activities – all for just £1 – at Council leisure centres across the city and district.

    Available from Monday to Friday until 5pm, the offer includes swimming and a variety of court and pitch-based activities such as:

    • Tennis
    • Badminton
    • 5-a-side football
    • Table tennis
    • Basketball
    • Squash
    • Selected pitch activities (T&Cs apply)

    The initiative is part of Council’s wider sports development programme, aimed at encouraging children and young people to stay active, try new sports, and enjoy healthy fun throughout the summer – without breaking the bank.

    Karen McFarland, Director of Health and Community at Derry City and Strabane District Council, said:

    “The £1 Summer Scheme offers a fantastic variety of activities to keep children and young people engaged, active, and entertained throughout the holidays. It’s a great way for them to discover new interests while staying healthy and having fun.

    Importantly, the affordable £1 price point helps ease the financial pressure on families looking to keep their kids busy over the summer break.”

    The scheme will be available at the following Council leisure centres:

    • Bishops Field
    • City Baths
    • Foyle Arena
    • Brooke Park Leisure Centre
    • Derg Valley Leisure Centre
    • Melvin Sports Complex
    • Riversdale Leisure Centre
    • Templemore Sports Complex

    Please note: Activities must be booked on the day of play. Advance bookings are not available.

    Separate from the £1 Summer Scheme offer, children and young people can also avail of the Council’s Intensive Swim Lessons over the summer months. Online and in-house enrolment will be available from the following times next week:

    Monday 9th June

    Foyle Arena – Online from 9am, inhouse from 10am

    City Baths – Online and inhouse from 11am

    Tuesday 10th June

    Templemore Sports Complex – Online from 9am, inhouse from 10am

    Riversdale Leisure Centre – Online from 9am, inhouse from 10am

    For full details on the summer programme and to stay up to date with all the latest offers, visit:
     www.derrystrabane.com/services/leisure

    You can also follow your local leisure centre on Facebook for regular updates.

    MIL OSI United Kingdom –

  • MIL-OSI: EBC Financial Group Launches over a 100 U.S. ETF CFDs, Strengthening Diversification for Global Clients

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 11, 2025 (GLOBE NEWSWIRE) — EBC Financial Group (EBC) has announced the launch of over 100 new U.S.-listed Exchange-Traded Fund (ETF) CFDs, expanding its multi-asset product suite and offering global client’s deeper access to diversified, thematic trading opportunities. The rollout highlights EBC’s ongoing commitment to delivering institutional-grade tools across asset classes, underpinned by flexibility, transparency, and efficiency.

    The new offering includes ETFs listed on the NYSE and NASDAQ, issued by leading asset managers such as Vanguard, iShares (BlackRock), and State Street Global Advisors. Thematic coverage spans a wide range of global macro and sectoral narratives.

    “This expansion reflects our vision to bridge intelligent product design with market relevance,” said David Barrett, CEO of EBC Financial Group (UK) Ltd. “The new products are a natural evolution for traders seeking targeted exposure with greater strategic flexibility. At EBC, we’re building an ecosystem that empowers both precision and performance.”

    Thematic Access Meets Tactical Flexibility

    The additional ETF-linked instruments cover a variety of market exposures, including geographic allocations like the iShares MSCI Brazil ETF; fixed income-focused strategies such as the iShares iBoxx $ High Yield Corporate Bond Fund; and sector- or commodity-based indices including the United States Oil Fund LP and the Vanguard Health Care ETF. Other themes include dividend-related baskets, mid-cap equities, and style-based index tracking.

    These developments reflect wider industry interest in instruments that mirror trends in asset allocation without direct ownership of the underlying securities. Across many markets, sector-tilted and style-based index products are gaining relevance as participants seek flexible ways to align with global narratives.

    Historically, ETFs tracking specific economic cycles—such as commodity recoveries or emerging market rebounds—have demonstrated performance differentiation. The iShares MSCI Brazil ETF, for example, notably outperformed the S&P 500 during the post-pandemic recovery period in 2021, highlighting how thematic instruments can diverge from broad indices depending on market cycles.

    These additions serve as both stand-alone trade ideas and complementary instruments alongside EBC’s existing product lineup, enabling advanced portfolio structuring and thematic trading.

    Smarter Exposure: Leverage, Shorting, and Cost Efficiency in One Product

    Compared to direct ETF investments, it presents several key advantages as traders benefit from a simplified cost structure, with no traditional fund management fees or broker commissions. The flexibility to take both long and short positions allows for strategic trading regardless of market direction, while the use of leverage enhances capital efficiency and return potential. These trades are executed in real time via EBC’s recognised platforms, providing seamless access to market opportunities.

    During key market cycles, for example the post-pandemic V-shaped recovery of 2021—certain thematic ETFs, like the iShares MSCI Brazil ETF, significantly outperformed broader indices such as the S&P 500. Our portfolio enables traders to participate in similar trends, adapting quickly to shifting market dynamics with precision and speed.

    Getting Started

    These products can be accessed by registering on www.ebc.com to begin simulated or live trading.

    About EBC Financial Group  
    Founded in London’s esteemed financial district, EBC Financial Group (EBC) is a global brand known for its expertise in financial brokerage and asset management. Through its regulated entities operating across major financial jurisdictions—including the UK, Australia, the Cayman Islands, Mauritius, and others—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.

    Recognised with multiple awards, EBC is committed to upholding ethical standards and is licensed and regulated within the respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC);  EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC).  

    At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.   

    As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.  

    https://www.ebc.com/ 

    Media Contact:
    Savitha Ravindran
    Global Public Relations Manager
    savitha.ravindran@ebc.com

    Michelle Siow
    Brand & Communications Director
    michelle.siow@ebc.com

    The MIL Network –

  • MIL-OSI Russia: Breaking: Chinese Vice Premier Calls on US to Resolve Trade Disputes with China Through Dialogue, Cooperation

    Translation. Region: Russian Federal

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

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

    LONDON, June 11 (Xinhua) — The United States should resolve trade disputes with China through equal dialogue and win-win cooperation, Chinese Vice Premier He Lifeng has said.

    The Chinese side reaffirms that the United States should work with China to match its words with deeds, demonstrate sincerity in fulfilling commitments and concrete efforts to implement consensus, so as to jointly uphold the hard-won results of the dialogue, he said.

    He made the remarks during the first meeting of the China-US Economic and Trade Consultations Mechanism, which was held in London from Monday to Tuesday. The US side was represented by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and trade negotiator Jamison Greer. –0–

    MIL OSI Russia News –

  • MIL-OSI: NVIDIA Partners With Novo Nordisk and DCAI to Advance Drug Discovery

    Source: GlobeNewswire (MIL-OSI)

    PARIS, June 11, 2025 (GLOBE NEWSWIRE) — NVIDIA GTC Paris at VivaTech — NVIDIA today announced a collaboration with Novo Nordisk to accelerate drug discovery efforts through innovative AI use cases. The work supports Novo Nordisk’s agreement with DCAI to use the Gefion sovereign AI supercomputer.

    The companies aim to create customized AI models and agents that Novo Nordisk can use for early research and clinical development and to apply advanced simulation and physical AI technologies.

    “AI is essential for every industry, and there’s no other field that will benefit more from acceleration than drug discovery,” said Rory Kelleher, senior director of business development for life sciences at NVIDIA. “Working with Novo Nordisk, we’re advancing critical R&D applications with fundamental tools that can harness the full potential of generative and agentic AI to improve pharmaceutical development.”

    Novo Nordisk Taps Advanced AI to Accelerate Innovation
    DCAI’s Gefion supercomputer, powered by NVIDIA DGX SuperPOD™, provides Novo Nordisk an AI factory for running drug discovery and agentic AI workloads. Novo Nordisk will use NVIDIA BioNeMo™ for generative AI-powered drug discovery, NVIDIA NIM™ and NVIDIA NeMo™ microservices for building customized agentic workflows, and the NVIDIA Omniverse™ platform to create physically accurate simulation environments for developing physical AI applications.

    Novo Nordisk researchers will focus on several AI research programs, including using single-cell models to predict cellular responses to drug candidates and structures, as well as designing models to build molecules with drug-like properties. The companies will also collaborate on tapping Novo Nordisk’s vast global scientific literature to build biomedical large language models, enabling researchers to uncover correlations between genes, proteins and diseases.

    “By coupling NVIDIA’s accelerated computing platform and expertise with Novo’s deep expertise in life sciences research and development, we aim to build custom models that will aid our scientists in developing new medicines faster and more efficiently,” said Mishal Patel, senior vice president, AI and digital innovation at Novo Nordisk. “Gefion will allow us to run experiments at an unprecedented scale.”

    Advancing Denmark’s Healthcare Ecosystem
    DCAI owns and operates Gefion, Denmark’s flagship AI supercomputer. DCAI is helping lower the barrier for accessing advanced computing capabilities and enabling companies in Denmark to pursue research and development across healthcare and drug discovery.

    “With Gefion’s computational power, we can tackle the toughest R&D challenges, with the ultimate goal of unlocking new possibilities for pharmaceutical research and development,” said Nadia Carlsten, CEO of DCAI. “By combining Gefion’s capabilities with NVIDIA’s expertise, our customers can accelerate innovation even further.”

    Gefion has already been used by multiple customers to advance healthcare and drug discovery.

    Teton, a Danish startup and member of the NVIDIA Inception program for cutting-edge startups, is tapping into Gefion to accelerate the development of its AI care companion for hospitals, using cameras and sensors installed in patient rooms to create real-time 3D digital twins. This allows nurses to monitor patients remotely and receive alerts about potential health issues. Teton’s technology aims to reduce workload burden on nurses — freeing them up for higher-value tasks — and improve patient care, with early trials showing up to a 25% reduction in nightshift duties.

    Last month, DCAI announced that one of the first pharma companies to use Gefion will tap the supercomputer to accelerate drug discovery and development in neurological and psychiatric disorders. Another venture-backed company is using Gefion to accelerate the development of oral alternatives to widely used biologics and to target proteins that are currently difficult or impossible to drug with available compounds.

    Gefion will also be used as part of an effort by Danish health organizations to unite previously siloed health data into a single national analysis platform, which will provide researchers with secure access to interconnected health data. Along with supercomputing resources, this will make it easier to analyze large datasets, identify disease patterns earlier and develop more personalized treatments.

    Watch the NVIDIA GTC Paris keynote from NVIDIA founder and CEO Jensen Huang at VivaTech, and explore GTC Paris sessions.

    About NVIDIA
     NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:
    Janette Ciborowski
    Enterprise Communications
    NVIDIA Corporation
    +1-734-330-8817
    jciborowski@nvidia.com

    Certain statements in this press release including, but not limited to, statements as to: working with Novo Nordisk, NVIDIA advancing critical R&D applications with fundamental tools that can harness the full potential of generative and agentic AI to improve pharmaceutical development; the benefits, impact, performance, and availability of NVIDIA’s products, services, and technologies; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA BioNeMo, NVIDIA DGX SuperPOD, NVIDIA NeMo, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92c0c3db-28ea-43c7-b0d5-9ac3b350edaf

    The MIL Network –

  • MIL-OSI: YieldMax® ETFs Announces Distributions on SNOY, ULTY, TSMY, CRSH, YMAX and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — YieldMax® today announced distributions for the YieldMax®Weekly Payers and Group A ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    CHPY YieldMax® Semiconductor Portfolio Option Income ETF Weekly $0.4031 39.14% 0.38% 100.00% 6/12/25 6/13/25
    GPTY YieldMax® AI & Tech Portfolio Option Income ETF Weekly $0.3070 34.41% 0.00% 100.00% 6/12/25 6/13/25
    LFGY YieldMax® Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4724 60.93% 0.00% 100.00% 6/12/25 6/13/25
    QDTY YieldMax® Nasdaq 100 0DTE Covered Call ETF Weekly $0.2572 31.02% 0.00% 100.00% 6/12/25 6/13/25
    RDTY YieldMax® R2000 0DTE Covered Call ETF Weekly $0.3038 34.15% 0.89% 96.74% 6/12/25 6/13/25
    SDTY YieldMax® S&P 500 0DTE Covered Call ETF Weekly $0.2258 26.59% 0.00% 100.00% 6/12/25 6/13/25
    ULTY YieldMax® Ultra Option Income Strategy ETF Weekly $0.0950 79.31% 0.00% 100.00% 6/12/25 6/13/25
    YMAG YieldMax® Magnificent 7 Fund of Option Income ETFs Weekly $0.1709 57.55% 66.50% 94.20% 6/12/25 6/13/25
    YMAX YieldMax® Universe Fund of Option Income ETFs Weekly $0.1803 68.10% 88.53% 96.28% 6/12/25 6/13/25
    BRKC* YieldMax® BRK.B Option Income Strategy ETF Every 4 weeks – – – – – –
    CRSH YieldMax® Short TSLA Option Income Strategy ETF Every 4 weeks $0.2534 68.77% 3.08% 95.13% 6/12/25 6/13/25
    FEAT YieldMax® Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.1206 39.67% 52.99% 0.00% 6/12/25 6/13/25
    FIVY YieldMax® Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.0634 35.12% 35.26% 0.00% 6/12/25 6/13/25
    GOOY YieldMax® GOOGL Option Income Strategy ETF Every 4 weeks $0.3978 40.78% 3.29% 87.70% 6/12/25 6/13/25
    OARK YieldMax® Innovation Option Income Strategy ETF Every 4 weeks $0.3947 60.87% 2.88% 95.83% 6/12/25 6/13/25
    SNOY YieldMax® SNOW Option Income Strategy ETF Every 4 weeks $1.2757 95.23% 2.27% 97.79% 6/12/25 6/13/25
    TSLY YieldMax® TSLA Option Income Strategy ETF Every 4 weeks $0.4028 60.47% 2.76% 95.33% 6/12/25 6/13/25
    TSMY YieldMax® TSM Option Income Strategy ETF Every 4 weeks $0.8958 70.48% 2.87% 96.58% 6/12/25 6/13/25
    XOMO YieldMax® XOM Option Income Strategy ETF Every 4 weeks $0.2498 25.49% 3.62% 80.62% 6/12/25 6/13/25
    YBIT YieldMax® Bitcoin Option Income Strategy ETF Every 4 weeks $0.3314 39.49% 1.54% 97.41% 6/12/25 6/13/25
    Weekly Payers & Group B ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY UTLY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY
     

    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for BRKC is June 4, 2025.

    1. All YieldMax®ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are on fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax®ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2. The Distribution Rate shown is as of close on June 10, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended May 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4. Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5. ROC refers to Return of Capital. The ROC percentage indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Contact Vince DiLullo at vdilullo@tidalfg.com for more information.

    Tidal Financial Group is the adviser for all YieldMax® ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax® ETFs. As such, these Funds are subject to the risks listed in this section, which apply to all the YieldMax® ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD, BRK.B), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax® ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax® ETFs.

    © 2025 YieldMax® ETFs

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Sappi Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Sappi Ltd. (JSE: SAP; OTCQX: SPPJY), a leading global provider of everyday materials made from woodfibre-based renewable resources, has qualified to trade on the OTCQX® Best Market. Sappi Ltd. upgraded to OTCQX from the Pink® market.

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

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

    Commenting on Sappi’s decision to begin trading on the OTCQX Market, Sappi Limited CEO Steve Binnie said “It is our stated intention to diversify our shareholder base outside of South Africa. This move will provide more visibility and assurance to North American based investors interested in a renewable resource and bio-based company with strong domestic US manufacturing and customers alongside broad global coverage.

    About Sappi Ltd.
    Sappi is a leading global provider of everyday materials made from woodfibre-based renewable resources. As a diversified, innovative and trusted leader focused on sustainable processes and products, we are building a more circular economy by making what we should, not just what we can.

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

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

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

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

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes DIRTT Environmental Solutions Ltd to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced DIRTT Environmental Solutions Ltd (TSX: DRT; OTCQX: DRTTF), a leader in industrialized construction, has qualified to trade on the OTCQX® Best Market. DIRTT Environmental Solutions Ltd upgraded to OTCQX from the Pink® market.

    DIRTT Environmental Solutions Ltd begins trading today on OTCQX under the symbol “DRTTF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

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

    About DIRTT Environmental Solutions Ltd
    DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve.

    About OTC Markets Group Inc.

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

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

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

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

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: SailPoint Announces Fiscal First Quarter 2026 Results

    Source: GlobeNewswire (MIL-OSI)

    • Grew ARR 30% year-over-year to $925 million
    • Increased SaaS ARR 39% year-over-year to $574 million
    • Expanded the number of customers with more than $1 million of ARR by 62% year-over-year

    AUSTIN, Texas, June 11, 2025 (GLOBE NEWSWIRE) — SailPoint, Inc. (Nasdaq: SAIL), a leader in enterprise identity security, today announced financial results for its fiscal first quarter ended April 30, 2025.

    “We delivered another strong quarter, driven by continued expansion across our customer base and strong adoption among Fortune 500 and Forbes Global 2000 companies,” said Mark McClain, CEO and Founder, SailPoint. “Enterprises are turning to SailPoint to manage both human and digital identities at the scale and speed required to stay ahead. Our ability to deliver both breadth and depth of identity security—on a platform that’s AI and data-driven and built for extensibility—combined with disciplined execution, fuel our consistent performance.”

    “As identity becomes the hub of modern digital security strategy, SailPoint continues to lead with innovation and deliver real results,” McClain continued. “Our growth this quarter underscores the market’s demand for a next-gen identity platform built for resilience, intelligence, and impact.”

    Fiscal 2026 First Quarter Financial Highlights

    • Annual Recurring Revenue (ARR): Total ARR was $925 million, an increase of 30% year-over-year. SaaS ARR was $574 million, an increase of 39% year-over-year.
    • Revenue: Total revenue was $230 million, an increase of 23% year-over-year. Subscription revenue was $215 million, an increase of 27% year-over-year.
    • Operating Income (Loss): GAAP operating loss was $(185) million, or (80)% of revenue, compared to $(68) million, or (36)% of revenue in fiscal Q1 2025. Adjusted income from operations was $24 million, or 10% of revenue, compared to $19 million, or 10% of revenue in fiscal Q1 2025.

    Financial Outlook

    For the second quarter and full year of fiscal 2026, SailPoint expects (in millions, except per share amounts and percentages):

      Q2’26 Guidance FY’26 Guidance Prior FY’26 Guidance
    Total ARR $963 to $967 $1,095 to $1,105 $1,075 to $1,085
    Total ARR YoY growth % 26% 25% to 26% 23% to 24%
           
    Total revenue $242 to $244 $1,034 to $1,044 $1,025 to $1,035
    Total revenue YoY growth % 22% to 23% 20% to 21% 19% to 20%
           
    Adjusted income from operations $29 to $30 $161 to $166 $151 to $156
    Adjusted operating margin % 11.9% to 12.4% 15.4% to 16.1% 14.6% to 15.2%
           
    Adjusted earnings per share (Adjusted EPS) $0.04 to $0.05 $0.16 to $0.20 $0.14 to $0.18
           

    These statements regarding SailPoint’s expectations of its financial outlook are forward-looking and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause SailPoint’s actual results to differ materially from these forward-looking statements.

    All of SailPoint’s forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense, payroll taxes related to restricted stock units (RSUs), and amortization of acquired intangibles as well as acquisition-related costs and severance of certain key executives, if applicable. SailPoint has not reconciled its expectations as to adjusted income (loss) from operations and adjusted EPS to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections of certain items that impact these non-GAAP measures, particularly stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP income (loss) from operations and GAAP net income (loss) per basic and diluted common share. Accordingly, reconciliations of our forward-looking adjusted income (loss) from operations and adjusted EPS to their most directly comparable GAAP measures are not available without unreasonable effort.

    Investor Conference Call and Webcast

    SailPoint will host a conference call today at 8:30 a.m. Eastern Time to discuss the results and outlook. A live webcast of the conference call and a presentation regarding SailPoint’s fiscal first quarter 2026 financial results and outlook will be available on SailPoint’s website at https://investors.sailpoint.com. 

    An audio replay of the conference call will be available on the investor relations website for one year.

    About SailPoint

    At SailPoint, we believe enterprise security must start with identity at the foundation. Today’s enterprise runs on a diverse workforce of not just human but also digital identities—and securing them all is critical. Through the lens of identity, SailPoint empowers organizations to seamlessly manage and secure access to applications and data at speed and scale. Our unified, intelligent, and extensible platform delivers identity-first security, helping enterprises defend against dynamic threats while driving productivity and transformation. Trusted by many of the world’s most complex organizations, SailPoint secures the modern enterprise.

    Non-GAAP Financial Measures

    In addition to our financial information presented in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding of past performance, including the following:

    Adjusted income from operations, which we define as income (loss) from operations excluding equity-based compensation expense, payroll taxes related to awards that were accelerated upon the closing of our initial public offering (the IPO) and payroll taxes related to RSUs, all of which were issued after the closing of the IPO, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, Thoma Bravo monitoring fees (which were annual service fees for consultation and advice related to corporate strategy, budgeting of future corporate investments, acquisition and divestiture strategies, and debt and equity financings pursuant to an advisory services agreement that was terminated upon the closing of the IPO), and restructuring expenses.

    Adjusted operating margin, which we define as adjusted income from operations as a percentage of revenue.

    Adjusted EPS (or non-GAAP net income (loss) available to common stockholders per diluted share), which we define as adjusted net income (loss) divided by the diluted weighted average shares outstanding, except that solely for the fiscal year ending January 31, 2026 (and all periods therein), we calculate adjusted EPS based on the number of diluted shares outstanding as of the end of such period rather than the diluted weighted average shares outstanding for such period. We believe that using such a denominator will provide a more meaningful comparison with future periods due to the IPO closing after the beginning of fiscal year 2026. We calculate adjusted net income (loss) as net income (loss) on a GAAP basis excluding equity-based compensation expense, payroll taxes related to awards that were accelerated upon the closing of the IPO (IPO-accelerated awards) and payroll taxes related to RSUs, all of which were issued after the closing of the IPO, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, Thoma Bravo monitoring fees and restructuring expenses, and adjusted for the income tax effects related to those adjustments. We currently apply a fixed projected tax rate of 24.5% when calculating or estimating adjusted net income for the fiscal year ending January 31, 2026 and all periods therein for consistency across interim reporting periods within such fiscal year. This rate may be adjusted during the year if significant events that have a material impact on the rate occur, such as significant changes in our geographic mix of revenue and expenses, tax law changes, and acquisitions.

    Our non-GAAP financial measures exclude items that do not reflect our ongoing, core operating or business performance, such as equity-based compensation, payroll taxes related to IPO-accelerated awards and payroll taxes related to RSUs, amortization of acquired intangible assets, and acquisition-related expenses. We believe these adjustments enable management and investors to compare our underlying business performance from period-to-period and provide investors with additional means to evaluate cost and expense trends. We also believe these adjustments enhance comparability of our financial performance against those of other technology companies. Accordingly, our management believes the presentation of our non-GAAP financial measures provides useful information to investors regarding our financial condition and results of operations. In addition, SailPoint’s management uses adjusted income (loss) from operations for budgeting and planning purposes, including with respect to its corporate bonus plan.

    Our non-GAAP financial measures are adjusted for the following factors, among others:

    Equity-based compensation expense. We believe that the exclusion of equity-based compensation expense is appropriate because it eliminates the impact of equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly due to factors that are unrelated to our core operating performance and that can be outside of our control. Although we exclude equity-based compensation expense from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses and may increase in future periods.

    Payroll taxes related to IPO-accelerated awards and payroll taxes related to RSUs. We believe that the exclusion of payroll taxes related to IPO-accelerated awards is appropriate as the acceleration was a one-time, non-recurring event. We believe that the exclusion of payroll taxes related to RSUs is appropriate as they are dependent on SailPoint’s stock price and the vesting of such awards and therefore can vary significantly due to factors that are unrelated to our core operating performance and that can be outside of our control. Because the amount of such payroll taxes is highly variable due to factors outside of our control and is unrelated to our core operating performance, our management does not consider them when evaluating the performance of our business or making operating plans (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Accordingly, we believe this adjustment in arriving at our non-GAAP measures provides investors with a better understanding of the performance of our core business in a manner that is consistent with management’s view of the business. As with equity-based compensation expense, although we exclude payroll taxes related to post-IPO RSUs from our non-GAAP measures, such payroll taxes are, and will continue to be, a component of our future expenses and may increase in future periods. We note that, unlike equity-based compensation expense, payroll taxes are a cash expense.

    Amortization of acquired intangible assets and impairment of intangible assets. We exclude amortization charges for our acquisition-related intangible assets and impairment of intangible assets for purposes of calculating certain non-GAAP measures to eliminate the impact of these non-cash charges and provide for a more meaningful comparison between operating results from period to period as the intangible assets are valued at the time of acquisition and are amortized over the useful life, which can be several years after the acquisition.

    Acquisition-related costs. We believe that the exclusion of acquisition-related expenses is appropriate as they represent items that management believes are not indicative of our ongoing operating performance. These expenses are primarily composed of legal, accounting, and professional fees incurred that are not capitalizable and that are included within general and administrative expenses.

    Amortization related to acquired contract acquisition costs. On August 16, 2022, our predecessor was acquired in an all-cash take-private transaction by Thoma Bravo (the “Take-Private Transaction”). In accordance with GAAP reporting requirements, we wrote off our contract acquisition costs at the time of the Take-Private Transaction. Therefore, GAAP commissions expense related to contract acquisition costs after the Take-Private Transaction do not reflect the commissions expense that would have been reported if the contract acquisition costs had not been written off. Accordingly, we believe that presenting the approximate amount of acquisition-related commission expenses (so that the full amount of commission expense is included) provides a more appropriate representation of commission expense in a given period and, therefore, provides readers of our financial statements with a more consistent basis for comparison across accounting periods.

    SailPoint’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry because they may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. SailPoint urges you to review the reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

    Definitions of Certain Key Business and Other Metrics

    Annual Recurring Revenue. We define ARR as the annualized value of SaaS, maintenance, term subscription, and other subscription contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in ARR until the customer notifies us that it is not renewing its contract. We calculate ARR by dividing the active contract value by the number of days of the contract and then multiplying by 365. ARR should be viewed independently of revenue, as ARR is an operating metric and is not intended to be combined with or to replace revenue. ARR is not a forecast of future revenue, which can be impacted by ASC 606 allocations, and ARR does not consider other sources of revenue that are not recurring in nature. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.

    SaaS Annual Recurring Revenue. We define SaaS ARR as the annualized value of SaaS contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in SaaS ARR until the customer notifies us that it is not renewing its contract. We calculate SaaS ARR by dividing the active SaaS contract value by the number of days of the contract and then multiplying by 365. SaaS ARR should be viewed independently of subscription revenue as SaaS ARR is an operating metric and is not intended to be combined with or to replace subscription revenue. SaaS ARR is not a forecast of future subscription revenue, which can be impacted by ASC 606 allocations and renewal rates, and does not consider other sources of revenue that are not recurring in nature. SaaS ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.

    Subscription Revenue. The majority of our revenue relates to subscription revenue which consists of (i) fees for access to, and related support for, the SaaS offerings, (ii) fees for term subscriptions, (iii) fees for ongoing maintenance and support of perpetual license solutions, and (iv) other subscription services such as cloud managed services, and certain professional services. Term subscriptions include the term licenses and ongoing maintenance and support. Maintenance and support agreements consist of fees for providing software updates on a when and if available basis and for providing technical support for software products for a specified term.

    Subscription revenue, including support for term licenses, is recognized ratably over the term of the applicable agreement. Revenue related to term subscription performance obligations, excluding support for term subscriptions, is recognized upfront at the point in time when the customer has taken control of the software license.

    Explanatory Note Regarding Our Corporate Conversion

    Prior to February 12, 2025, we were a Delaware limited partnership named SailPoint Parent, LP. On February 12, 2025, in connection with our IPO, SailPoint Parent, LP converted into a Delaware corporation pursuant to a statutory conversion (the Corporate Conversion) and changed its name to SailPoint, Inc. References to “SailPoint,” “we,” and “our” (i) for periods prior to such corporate conversion are to SailPoint Parent, LP and, where appropriate, its consolidated subsidiaries and (ii) for periods after such corporate conversion are to SailPoint, Inc. and, where appropriate, its consolidated subsidiaries.

    Forward-Looking Statements

    This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and our expectations regarding future revenue, operating income or loss, or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions. These forward-looking statements are not guarantees of future performance, but are based on management’s current expectations, assumptions, and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.

    Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: our ability to sustain historical growth rates; our ability to attract and retain customers; our ability to deepen our relationships with existing customers; the growth in the market for identity security solutions; our ability to maintain successful relationships with each of our partners; the length and unpredictable nature of our sales cycle; our ability to compete successfully against current and future competitors; the increasing complexity of our operations; our ability to maintain and enhance our brand or reputation as an industry leader and innovator; unfavorable conditions in our industry or the global economy; our estimated market opportunity and forecasts of our market and market growth may prove to be inaccurate; our ability to hire, train, and motivate our personnel; our ability to maintain our corporate culture; our ability to successfully introduce, use, and integrate artificial intelligence (AI) with our solutions; breaches in our security, cyber attacks, or other cyber risks; interruptions, outages, or other disruptions affecting the delivery of our SaaS solution or any of the third-party cloud-based systems that we use in our operations; our ability to adapt and respond to rapidly changing technology, industry standards, regulations, or customer needs, requirements, or preferences; real or perceived errors, failures, or disruptions in our platform or solutions; the ability of our platform and solutions to effectively interoperate with our customers’ existing or future IT infrastructures; and our ability to comply with our privacy policy or related legal or regulatory requirements. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the year ended January 31, 2025 and subsequent Quarterly Reports on Form 10-Q and other filings. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release or made during the above referenced conference call. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

    Any forward-looking statement made in this press release or during the above referenced conference call speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

    Investor Relations Contact
    Scott Schmitz, SVP IR
    ir@sailpoint.com

    Media Relations Contact
    Samantha Person, Senior Manager, Corporate Communications
    Samantha.person@sailpoint.com

     
    SAILPOINT, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share and per unit amounts)
    (Unaudited)
     
      Three Months Ended April 30,
      2025   2024
    Revenue      
    Subscription $ 215,323     $ 170,092  
    Perpetual licenses   5       69  
    Services and other   15,140       17,495  
    Total revenue   230,468       187,656  
    Cost of revenue      
    Subscription   75,491       55,120  
    Perpetual licenses   3       60  
    Services and other   27,319       16,986  
    Total cost of revenue   102,813       72,166  
    Gross profit   127,655       115,490  
    Operating expenses      
    Research and development   67,270       41,917  
    Sales and marketing   164,530       114,887  
    General and administrative   80,820       26,879  
    Total operating expenses   312,620       183,683  
    Loss from operations   (184,965 )     (68,193 )
    Other income (expense), net      
    Interest income   3,226       1,975  
    Interest expense   (22,389 )     (46,239 )
    Other income (expense), net   (191 )     (1,190 )
    Total other income (expense), net   (19,354 )     (45,454 )
    Loss before income taxes   (204,319 )     (113,647 )
    Income tax benefit (expense)   17,007       24,471  
    Net loss $ (187,312 )   $ (89,176 )
    Class A yield   (23,786 )     (51,367 )
    Net loss attributable to common stockholders and Class B unit holders   (211,098 )     (140,543 )
    Net loss per share attributable to common stockholders and Class B unit holders, basic and diluted(1) $ (0.42 )   $ (0.77 )
    Weighted average shares and Class B units outstanding, basic and diluted(1)   500,029       182,383  

    ____________
    (1) Amounts for the period during February 2025 prior to the Corporate Conversion have been retrospectively adjusted to give effect to the Corporate Conversion. These amounts do not consider the shares of common stock sold in the Company’s IPO or the Class A Units considered preferred shares that were converted into common stock due to the Corporate Conversion. The Company did not retrospectively adjust for the effect of the Corporate Conversion for periods prior to fiscal 2026.

     
    SAILPOINT, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share, per share and unit amounts)
    (Unaudited)
     
      April 30,
    2025    		   January 31,
    2025
    Assets      
    Current assets      
    Cash and cash equivalents $ 228,117     $ 121,293  
    Accounts receivable, net of allowance   190,452       254,050  
    Contract acquisition costs   34,606       32,834  
    Contract assets, net of allowance   54,154       58,335  
    Prepayments and other current assets   49,223       45,870  
    Total current assets   556,552       512,382  
    Property and equipment, net   24,850       22,879  
    Contract acquisition costs, non-current   93,797       94,270  
    Contract assets, non-current, net of allowance   41,786       33,788  
    Other non-current assets   35,014       36,206  
    Goodwill   5,151,668       5,151,668  
    Intangible assets, net   1,510,811       1,560,723  
    Total assets $ 7,414,478     $ 7,411,916  
    Liabilities, redeemable convertible units, and stockholders’ equity / partners’ deficit      
    Current liabilities      
    Accounts payable $ 3,848     $ 3,515  
    Accrued expenses and other liabilities   66,539       158,135  
    Deferred revenue   404,557       413,043  
    Total current liabilities   474,944       574,693  
    Deferred tax liabilities, non-current   111,334       136,528  
    Other long-term liabilities   16,656       32,128  
    Deferred revenue, non-current   33,761       36,399  
    Long-term debt, net   —       1,024,467  
    Total liabilities   636,695       1,804,215  
    Commitments and contingencies      
    Redeemable convertible units, no par value, unlimited units authorized, 499,052,847 units issued and outstanding as of January 31, 2025; aggregate liquidation preference of $8,100,352 as of January 31, 2025   —       11,196,141  
    Stockholders’ equity / partners’ deficit      
    Preferred stock, par value of $0.0001 per share, 50,000,000 shares authorized and no shares issued or outstanding as of April 30, 2025   —       —  
    Common stock, par value of $0.0001 per share; 1,750,000,000 authorized as of April 30, 2025; 556,580,175 shares issued and outstanding as of April 30, 2025   56       —  
    Additional paid in capital   6,945,784       —  
    Accumulated deficit   (168,057 )     (5,588,440 )
    Total stockholders’ equity / partners’ deficit   6,777,783       (5,588,440 )
    Total liabilities, redeemable convertible units, and stockholders’ equity / partners’ deficit $ 7,414,478     $ 7,411,916  
     
    SAILPOINT, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Three Months Ended April 30,
      2025   2024
    Cash flows from operating activities      
    Net loss $ (187,312 )   $ (89,176 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization expense   52,065       65,987  
    Amortization and write-off of debt discount and issuance costs   15,641       1,072  
    Amortization of contract acquisition costs   8,167       4,849  
    Loss (gain) on disposal of property and equipment   —       (11 )
    Provision for credit losses   3,562       402  
    Equity-based compensation expense, net of amounts capitalized   105,712       7,974  
    Deferred taxes   (25,325 )     (27,929 )
    Net changes in operating assets and liabilities, net of business acquisitions      
    Accounts receivable   60,036       47,790  
    Contract acquisition costs   (9,466 )     (11,036 )
    Contract assets   (3,817 )     (1,425 )
    Prepayments and other current assets   (14,990 )     (2,767 )
    Other non-current assets   82       (2,081 )
    Operating leases, net   255       5  
    Accounts payable   333       (5,271 )
    Accrued expenses and other liabilities   (90,626 )     (32,998 )
    Deferred revenue   (11,124 )     (10,771 )
    Net cash used in operating activities   (96,807 )     (55,386 )
    Cash flows from investing activities      
    Purchase of property and equipment   (2,191 )     (587 )
    Proceeds from sale of property and equipment   —       11  
    Capitalized software development costs   (1,706 )     (2,514 )
    Business acquisitions, net of cash acquired   —       (4,594 )
    Net cash used in investing activities   (3,897 )     (7,684 )
    Cash flows from financing activities      
    Proceeds from IPO, net of underwriting discounts and commissions   1,259,681       —  
    Repayment of Term Loans   (1,040,000 )     —  
    Payments of deferred offering costs, net   (8,357 )     —  
    Payments related to holdback consideration   (675 )     —  
    Repurchase of units   —       (1,810 )
    Net cash provided by financing activities   210,649       (1,810 )
    Net change in cash, cash equivalents and restricted cash   109,945       (64,880 )
    Cash, cash equivalents and restricted cash, beginning of period   124,390       218,468  
    Cash, cash equivalents and restricted cash, end of period $ 234,335     $ 153,588  
     
    SAILPOINT, INC.
    SUPPLEMENTAL SCHEDULES
    (Amounts in thousands, except percentages)
    (Unaudited)
     
      Three Months Ended April 30,    
      2025   2024   variance %
               
    Revenue          
    Subscription          
    SaaS $ 131,815   $ 97,067   36 %
    Maintenance and support   37,389     38,269   (2 )%
    Term subscriptions   40,040     30,685   30 %
    Other subscription services   6,079     4,071   49 %
    Total subscription   215,323     170,092   27 %
    Perpetual licenses   5     69   (93 )%
    Services and other   15,140     17,495   (13 )%
    Total revenue $ 230,468   $ 187,656   23 %
     
    SAILPOINT, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Amounts in thousands, except percentages and per share amounts)
    (Unaudited)
     
      Three Months Ended April 30,
      2025   2024
           
    GAAP gross profit $ 127,655     $ 115,490  
    GAAP gross profit margin   55.4 %     61.5 %
    Equity-based compensation expense   21,592       3,338  
    Payroll taxes for IPO-accelerated awards and RSUs   634       —  
    Amortization of acquired intangible assets   26,060       25,818  
    Adjusted gross profit $ 175,941     $ 144,646  
    Adjusted gross profit margin   76.3 %     77.1 %
      Three Months Ended April 30,
      2025   2024
           
    GAAP subscription gross profit $ 139,832     $ 114,972  
    GAAP subscription gross profit margin   64.9 %     67.6 %
    Equity-based compensation expense   11,264       1,702  
    Payroll taxes for IPO-accelerated awards and RSUs   332       —  
    Amortization of acquired intangible assets   26,058       25,758  
    Adjusted subscription gross profit $ 177,486     $ 142,432  
    Adjusted subscription gross profit margin   82.4 %     83.7 %
      Three Months Ended April 30,
      2025   2024
           
    GAAP income (loss) from operations $ (184,965 )   $ (68,193 )
    GAAP income (loss) from operations margin (80.3 )%   (36.3 )%
    Equity-based compensation expense   160,459       25,857  
    Payroll taxes for IPO-accelerated awards and RSUs   3,399       —  
    Amortization of acquired intangible assets   49,912       64,407  
    Amortization of acquired contract acquisition costs   (5,764 )     (6,745 )
    Acquisition-related expenses and Thoma Bravo monitoring fees   580       3,866  
    Adjusted income (loss) from operations $ 23,621     $ 19,192  
    Adjusted operating margin   10.2 %     10.2 %
      Three Months Ended April 30,
      2025   2024
           
    GAAP sales and marketing expense $ 164,530     $ 114,887  
    Equity-based compensation expense   (53,503 )     (9,201 )
    Payroll taxes for IPO-accelerated awards and RSUs   (1,684 )     —  
    Amortization of acquired intangible assets   (23,757 )     (38,494 )
    Amortization related to acquired contract acquisition costs   5,764       6,745  
    Adjusted sales and marketing expense $ 91,350     $ 73,937  
      Three Months Ended April 30,
      2025   2024
           
    GAAP research and development expense $ 67,270     $ 41,917  
    Equity-based compensation expense   (27,839 )     (6,857 )
    Payroll taxes for IPO-accelerated awards and RSUs   (686 )     —  
    Amortization of acquired intangible assets   (95 )     (95 )
    Adjusted research and development expense $ 38,650     $ 34,965  
      Three Months Ended April 30,
      2025   2024
           
    GAAP general and administrative expense $ 80,820     $ 26,879  
    Equity-based compensation expense   (57,525 )     (6,461 )
    Payroll taxes for IPO-accelerated awards and RSUs   (394 )     —  
    Acquisition-related expenses and Thoma Bravo monitoring fees   (580 )     (3,866 )
    Adjusted general and administrative expense $ 22,321     $ 16,552  
      Three Months Ended
    April 30,
      2025
       
    GAAP net loss $ (187,312 )
    Equity-based compensation expense   160,459  
    Payroll taxes for IPO-accelerated awards and RSUs   3,399  
    Amortization of acquired intangible assets   49,912  
    Amortization of acquired contract acquisition costs   (5,764 )
    Acquisition-related expenses and Thoma Bravo monitoring fees   580  
    Tax effect of adjustments   (18,052 )
    Adjusted net income $ 3,222  
       
    GAAP net loss per share, basic and diluted $ (0.42 )
    Adjusted EPS, diluted $ 0.01  
       
    Weighted average shares used in computing GAAP net loss per share, basic and diluted   500,029  
    Shares used in computing adjusted EPS, diluted   555,940  

    The MIL Network –

  • Piyush Goyal bolsters economic ties with Switzerland and Sweden, advances TEPA implementation

    Source: Government of India

    Source: Government of India (4)

    Union Commerce and Industry Minister Piyush Goyal wrapped up a productive two-day visit to Switzerland on June 9-10, and began official engagements in Sweden on Tuesday, reinforcing India’s strategic economic partnerships with both nations.

    “The Switzerland leg of the visit focused on advancing India–Switzerland economic cooperation and operationalising the Trade and Economic Partnership Agreement (TEPA) signed earlier this year between India and the European Free Trade Association (EFTA),” the Commerce Ministry said in a statement.

    During the visit, Goyal held high-level talks with Swiss leaders, including Federal Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education, and Research, and State Secretary Helene Budliger Artieda. The discussions focused on a roadmap for TEPA implementation, prioritizing regulatory cooperation, skill development, and innovation to enhance trade and investment.

    In Zurich, Goyal addressed over 1,000 European industry leaders at the 18th Swissmem Industry Day. He invited Swiss firms, including SMEs and deep-tech innovators, to invest in India, highlighting India’s demographic dividend, engineering talent, and robust supply chains. He positioned India as a global hub for manufacturing and R&D.

    Engagements with Swiss industries covered biotech, pharma, precision engineering, defense, and emerging technologies. Goyal emphasized India’s stable policies and infrastructure growth, urging firms to establish local manufacturing and co-develop technologies for the Global South. A standout outcome was the rapid resolution of a land availability issue for Endress+Hauser in Maharashtra, resolved within hours through coordinated efforts, earning praise as a model of responsive governance.

    Accompanied by representatives from ASSOCHAM, CII, and FICCI, Goyal underscored India’s whole-of-government approach. He also met the Switzerland Chapter of the Institute of Chartered Accountants of India, commending their role in elevating India’s global financial reputation.

    In Sweden, Goyal is set to co-chair the 21st Indo-Swedish Joint Commission for Economic, Industrial, and Scientific Cooperation (JCEISC) with Benjamin Dousa, Sweden’s Minister for International Development Cooperation and Foreign Trade. The session aims to deepen ties in advanced manufacturing, green technologies, and sustainable solutions.

    Bilateral meetings with Dousa and Håkan Jevrell, State Secretary for Development Cooperation and Foreign Trade, alongside an India-Sweden Business Leaders’ Round Table, focus on expanding partnerships with companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB. Goyal will also engage with the Indian diaspora and media to strengthen people-to-people ties and promote the India-Sweden vision.

    Reflecting on his Switzerland visit, Goyal in a post on X, wrote, “Wrapping up a successful two-day visit to the beautiful city of Bern, with warmth, fond memories & new partnerships. Highly impressed with the curiosity, interest, and trust of industry leaders in India’s growth story. Exciting opportunities lie ahead.”

  • MIL-OSI Economics: Data flows in supply chains: Practical realities and policy implications

    Source: International Chamber of Commerce

    Headline: Data flows in supply chains: Practical realities and policy implications

    Why are cross-border data flows essential to modern supply chains?  

    Cross-border data flows are essential for efficient, resilient, and interconnected global supply chains. They enable real-time coordination, including traceability, custom clearance and the deployment of digital tools such as IoT and AI-driven analytics.  

    Restrictive data policies, however, can create significant barriers that disrupt these interconnected systems. Such restrictions slow down trade, increase operational costs, and disproportionately impact MSMEs – the backbone of global economies – who may be excluded from global markets due to complex, costly compliance requirements. 

    What’s stopping data from moving freely? 

    Despite their critical role, cross-border data flows face growing regulatory hurdles. The lack of multilateral coordination and a fragmented regulatory landscape create barriers to trade and disrupt supply chains. Key issues range from data localisation mandates – which require companies to store and process data within national borders – to conflicting privacy and cybersecurity rules which increase compliance burdens. These fragmented regulatory approaches create uncertainty and act as non-tariff barriers to trade. They create inefficiencies, limit business opportunities and undermine the ability of companies to optimize supply chain operations, international scalability and competitiveness.  

    ICC recommendations: what can policymakers do to fix it? 

    1. Pursue new rules at the WTO to enable trusted, secure, and predictable cross-border data flows. 
    2. Promote risk-based approaches that differentiate between personal and non-personal data. 
    3. Ensure interoperable data standards and avoid blanket localisation requirements that require all data, regardless of type, to be stored locally. 
    4. Protect Confidential Business Information (CBI) in trade and data policies. 
    5. Invest in MSME-friendly digital trade ecosystems, including trusted trader programmes. 

    MIL OSI Economics –