Opening Remarks by Kristalina Georgieva, IMF Managing Director, at the CESEE High-Level Conference in Dubrovnik, Croatia
May 30, 2025
Good morning and a very warm welcome to everyone!
I would like to begin by thanking Governor Vujčič for the kind invitation. Dear Boris: it is such a pleasure to return to Dubrovnik. Truly, a pearl of the Adriatic!
Since its first gathering here in 2017, this conference has become an important forum for policymakers to discuss the challenges confronting the region.
And, as usual, we have much to discuss: the successes, the unfinished business and, now, huge new challenges.
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First, a few words on the successes.
Over the last three decades, reforms promoting economic openness and integration—first with the EU, then within the EU—have helped the countries of Central, Eastern and Southeastern Europe achieve a remarkable convergence with the standards of living of their more advanced peers.
Since the mid-1990s, incomes have more than doubled and the gap relative to the advanced Europe has shrunk sharply.
Manufacturing became a catalyst for productivity growth as integration into European and global value chains helped CESEE economies reach beyond their domestic markets.
At the same time, openness to FDI accelerated capital accumulation and technology transfer.
EU accession played a huge role. Powered by the domestic structural reforms put in place on the path to EU accession countries that joined the EU accelerated their income convergence with the advanced Europe and outperformed comparable countries outside of the block.
Thus, it is fair to pause and say: well done.
***
Second, the unfinished business.
The journey is far from complete. Reforms slowed after EU accession. After the Global Financial Crisis, investment fell significantly and contributed to a productivity slump that has only worsened since Covid.
Various economic challenges were already calling out for revitalizing reforms. The demand for skilled workers is rising, but labor supply is tightening. High energy costs are hurting manufacturing competitiveness. New technologies in the auto sector—and AI—could alter export value chains.
So even before the latest global economic developments, there certainly was much more work to do.
***
And now, there are huge new challenges.
The sweeping disruptions to world trade that are underway are plain for all to see. World trade is being tested. And while most of the CESEE countries are less impacted directly, let us be very clear: the indirect impact is significant as these disruptions pose a major threat to the region’s main trading partners and to the overall economic model of openness that CESEE countries rely on.
Trade tensions and uncertainty complicate domestic and foreign investment plans. This is particularly painful for a region that needs access to modern production processes, jobs in high-productivity sectors, and export demand.
***
So here is my main message to you today: standing still, taking shelter, and hoping the storm will pass is not a plan. It would be much wiser to assume that many of the shifts we see are here to stay, and to act accordingly.
So, what should CESEE countries do in order to negotiate this stormy economic weather? How can they catch a tailwind from the “Adriatic Bora” and keep powering forward?
I would point to three critical priorities:
Steering a steady course in terms of macroeconomic policy—monetary and fiscal policies for stability;
Getting the ship into better working order so it can sail forward faster—that is, pursue structural policies for growth; and
Integrating more deeply into and within the single market of the EU—strength through regional cohesion.
Let me briefly discuss each of these, in turn.
Priority one: action to mitigate uncertainty. The best antidote to uncertainty is a stable macroeconomic environment.
Central banks must remain agile and focused on achieving their targets. Where inflation is still high and persistent, policymakers should tread cautiously. Clear communication is key. Independence lends credibility and must be protected.
Fiscal policy must focus on ensuring sustainability and policy space. Countries with low deficits and debts can use fiscal space to invest in essential areas such as energy security. But in countries where fiscal space is limited, governments need to either reallocate spending or boost fiscal revenues.
Priority two: take decisive action to boost growth potential. In a new study, we find that domestic reforms across the CESEE region could lift GDP levels by 7 percent over the medium term. The potential goes up to 9 percent for the Western Balkans.
Further productivity gains from better education, more efficient labor markets that allow talent to thrive, and cutting red tape are waiting to be tapped. In the Western Balkans and aspiring EU entrants, closing governance gaps with the EU frontier delivers the highest dividend. The case to act decisively is compelling.
Priority three—last but certainly not least: CESEE countries must ensure they retain the benefits of their economic integration with Europe and the global economy.
Integration has been a major source of knowledge transfer and capital deepening, particularly through FDI. As is the case across the EU as a whole, the CESEE region would benefit from further progress in completing the EU’s single market.
Our analysis shows that internal barriers add significant costs — for goods they are equal to 44 percent tariffs, and for services to a staggering 110 percent! Completing the single market can be a major factor in strengthening the performance of the EU economy and improving its attractiveness for investment.
In a forthcoming working paper on Europe’s reform priorities, we outline several concrete steps: a more integrated electricity market; more capital for startups; better labor mobility across borders; and simpler regulations. Together, these measures could raise EU GDP by about 3 percent over the next ten years.
In addition, we argue that the EU budget can lend more of a hand. Tying EU funds for public investment to progress on reform implementation would provide a double blessing: more central fiscal funding, and more effective use of it.
***
With that, let me conclude.
We at the IMF stand ready to support you, as we always have. Through our surveillance and technical assistance, we are committed to supporting the CESEE region unlock its growth potential. The steadily increasing demand we see for IMF capacity development, including in public investment management and central banking, testifies to our role as your partner in your quest for faster growth and stronger resilience.
The region is at a crossroads. Faced with structural headwinds and a much more volatile external environment, reinvigorating domestic reforms are now essential—to navigate the stormy seas and to unlock the region’s potential to sail faster.
The time to act is now. By moving decisively, you can transform the current challenges into opportunities and chart a brighter future for the region.
[Speech to the Ananta Aspen Centre, New Delhi, India] Namaste, good afternoon. Ms Indrani Bagchi, distinguished guests, ladies and gentlemen. Thank you for the chance to speak with you today. Over the past 18 months, New Zealand and India have been working hard to deepen the excellent relations developing between us. It’s great to be back in New Delhi, just over year since our last visit. Last night, we were able to take stock with Minister Jaishankar of the progress New Zealand and India have made in strengthening relations in recent times, while discussing a broad range of challenging issues facing our region and our world. We must, at the outset, pay tribute to Minister Jaishankar. He is one of the world’s leading statesmen, and it is an absolute pleasure to be working with him on this important project of cementing New Zealand-India relations. This afternoon, we would like to outline for you why and how New Zealand seeks stronger relations with India, in the context of our broader approach to foreign policy in these uncertain, disordered times. We will describe New Zealand’s outward face: how our small state of 5.2 million people sees its place in, and interacts with, the rest of the world. We will outline New Zealand’s foreign policy, which was reset after the new Coalition Government came into office in late 2023. We wish you to understand our priorities as well as our national values. And we will describe our determination to do more in, and with South and South East Asia, and especially with the great nation that is India. Who we are First and foremost, New Zealand is a small collection of islands in the Southwest Pacific, just north of the penguins. The original discovery and settlement of the Pacific Islands, including New Zealand, is one of the most remarkable stories of exploration in human history. Historians have compared it with space exploration as both were journeys into the unknown. But Pacific navigation is arguably even more remarkable because the canoes that set out from the Asian landmass knew not where they would land, nor when, nor indeed if they would find any new territory. But find land they did, as they forged new identities and societies on atolls and islands that today stand as a testament to their imagination, endurance and a resilience to overcome the formidable challenges of distance, geography, and resource scarcity. So, New Zealand is a Pacific Island country – we just sailed and paddled further – and we are linked with our Pacific family by geography, history, culture, politics, demography and indeed DNA. We are also, self-evidently, a maritime nation. The Pacific Ocean represents 31 percent of the world’s surface. The Indian Ocean accounts for another 20 percent, so the Indo-Pacific accounts for about half the world’s surface, meaning protecting sea lanes and freedom of navigation is crucial for both India and New Zealand. New Zealand is also a migrant nation, one of the most multicultural countries anywhere. Seventeen percent of our people trace their origins to Asia, including six percent who have Indian ancestry. That diversity strengthens us at home – and connects us to the region that shapes our prosperity. Seven of our ten largest export destinations are in Asia. That is no coincidence. It is the reality of a deeply interconnected future. We are also a deeply democratic people, with New Zealand being one of only nine countries who have enjoyed democracy continuously since 1854. We are proud to have granted our earliest people, the Māori, the franchise all the way back in 1867, and to have been the first nation on earth to give women the vote, in 1893. We were also proud, when visiting your new parliament last year, to see New Zealand-made carpet adorning India’s magnificent new chamber in the world’s largest democracy. New Zealanders, as an artefact of our geographical isolation from the world’s great populations centres, have always been outward-looking people, curious about the world around them. Indeed, many of our most iconic New Zealanders have done their best work outside our shores. Lord Ernest Rutherford, who split the atom. Mountaineer Sir Edmund Hillary, who first climbed Mount Everest with Sherpa Tenzing Norgay, and whose legacy we were able to honour in Nepal this week. And, more latterly, cricketer John Wright, who coached India’s national team between 2000-2005; and, lest we forget, while on the subject of cricket, the New Zealand team which stunned the cricketing world in Bengaluru, Pune and Mumbai last year, are just a few of our peak Kiwi performers overseas. But, as our cricket team showed, the New Zealand character is forged not by a never-ending pipeline of natural talent – something India is blessed with – but by working very hard to hone the skills needed to compete on the global stage and to make the most of limited resources, whatever the endeavour. We push ourselves to work harder because New Zealand has understood these past 80 years, as a small state geographically isolated from the great landmasses of Asia, Europe and the Americas, that only through the conduct of a highly active foreign policy can we advance our national interests, defend our region, and make it more prosperous. Foreign Policy Reset Distinguished guests, in February 2024 Cabinet endorsed a significant foreign policy reset. The six pillars of our foreign policy reset are as follows: First, we are significantly increasing our focus and resources applied to South and Southeast Asia. Second, we have renewed and reinvigorated meaningful engagement with our traditional and likeminded partners. Beginning, as always, with our one formal ally and indispensable partner, Australia, which we visited again just late last week. Third, we are actively sustaining a deeper focus on the Pacific Islands region, bolstering development and security collaboration in response to regional needs and crises. Fourth, we are carefully targeting our multilateral engagement to global and transboundary issues, working with close partners to defend and preserve core principles of international law that underpin our security and prosperity. Fifth, we are supporting new groupings that advance and defend our interests and capabilities. The IP4, where we work closely with Australia, South Korea, Japan and NATO, is an example of this new support. Sixth, we are working hard promoting our goal of seriously lifting New Zealand’s export value over the next decade. The six pillars of the Government’s Foreign Policy Reset are underpinned by three key concepts:
The realism that informs the Government’s foreign policy. Our view of the crucial role that diplomacy needs to play in our troubled world. And our unshakeable belief that small states matter and that all states are equal.
In fashioning foreign policy responses the realist tendency is to err on the side of prudence. That is, we are careful in what we say, and when and how we say it. In conditions of great uncertainty and disorder, such as we are currently experiencing, prudence is a both a logical and necessary guiding principle for a small state like New Zealand. We see our responsibility to the New Zealand people, in conducting foreign policy, as making cool-headed calculations of the country’s own strengths and weaknesses as we fashion our responses to events large or small that impact upon New Zealand’s interests. For a small state like New Zealand, the role of diplomacy is a crucial instrument of our foreign policy. In our complex geostrategic environment never has effective diplomacy been more needed. In the 18 months since returning for a third time as Foreign Minister we’ve spoken widely with colleagues across the globe. We’ve visited 45 countries, several more than once, met with well over 100 Presidents, Prime Ministers, Deputy Prime Ministers and Foreign Ministers, and had over 400 political engagements.
Summing up those discussions in our National Statement to the United Nations last year, we said it has never been more apparent just how much diplomacy and the tools of statecraft matter in our troubled world. Since war and instability is everyone’s calamity, diplomacy is the business of us all. We have observed that at this moment in time the ability to talk with, rather than at, each other has never been more needed. Those who share our values, and even those who do not, gain from understanding each other’s position, even when we cannot agree. From understanding comes opportunity and from diplomacy comes compromise, the building block of better relations between nations. We said we need more diplomacy, more engagement, more compromise. As Winston Churchill also said in his later years, “meeting jaw-to-jaw is better than war.”
The inherent tensions and imbalances in the global order – between the desire for a rules-based order that protects small states against aggression, and the unjustified exercise of power by certain Great Powers – have only grown over the last past eight decades.
Yet small states matter now as much as they did then. New Zealand holds the foundational belief that all states are equal and that our voices matter as much as more powerful states. Adopting a prudential approach to our diplomacy also means not reacting to everything that happens around you. We are more interested in understanding and anticipating the trend lines that are apparent over much longer periods and how they manifest during our time at the wheel. The broadening India-New Zealand relationship Which brings us to the India-New Zealand relationship. India’s trendlines are nothing short of stunning. India’s growth story is well known to us, and it is breathtaking: the fastest-growing economy in the G20 and on track to be the world’s third-largest economy in the coming years. India’s middle class is now almost half a billion strong. In the last decade alone, 250 million Indians have been lifted out of poverty. India’s aviation industry has soared, with the number of airports more than doubling to 157, and a new highway network covering 95,000 kilometres – enough to drive between New Zealand and India eight times. These are not mere statistics; they represent an extraordinary economic transformation. Globally, India has cemented itself as a key player. Hosting the G20 summit in 2023 and landing a spacecraft on the moon’s South Pole two years ago, are testaments to its growing influence. For New Zealand, India presents immense untapped potential. Despite India’s economic scale, it remains only our 12th largest trading partner, accounting for just 1.5 percent of our exports. We are determined to change that. Our strengths – from food and beverage products to agriculture, forestry, horticulture, education, and tourism – are world-class. And our innovation in areas like outer space and renewable energy will find a welcoming partner in India. Early in this term we clearly expressed our intent to build a deeper and broader relationship with India. But, as Mahatma Gandhi said, “An ounce of practice is worth more than tons of preaching.” So we have followed through with practical action to broaden our relationship. We have sought to increase the tempo and seniority of engagements between our politicians. Our first overseas visit outside our home region of Australia and Pacific was to India, where we visited both Gujarat and New Delhi in March 2024. The Trade Minister has visited India five times. In March his year, Prime Minister Luxon visited India on one of New Zealand’s largest-ever Prime Ministerial missions. And we enthusiastically welcomed India’s President in August 2024, and, just recently, the Minister of State for External Affairs, Shri Pabitra Margherita. Since the Foreign Policy Reset, we’ve made concrete strides. We’ve launched negotiations on a Comprehensive Free Trade Agreement – a breakthrough in our economic relationship. But even before that milestone we had put in place measures to deepen the economic relationship, with new arrangements on horticulture, forestry, and education also recently finalised. Additionally, we have seen a Memorandum of Understanding signed between Air New Zealand and Air India to explore a codeshare agreement on 16 routes across India, Singapore, Australia, and New Zealand. This will make travel between our nations easier, boosting tourism, education, and business connections. But our relationship with India goes well beyond economic ties. It extends to defence and security – a priority for New Zealand in the Indo-Pacific. In an emerging multipolar world, India is evolving into a geopolitical giant, an indispensable security actor in both regional and global spheres. During a time of great uncertainty, instability and disorder, we have taken steps to work more closely on matters of defence and security with India. A recently signed Defence Cooperation Arrangement will facilitate closer links between our militaries. Meanwhile, we have taken practical steps to work together more closely. The New Zealand Navy is leading Combined Task Force 150, charged with securing trade routes and countering terrorism, smuggling, and piracy in the Indian Ocean and Gulf of Aden. India’s involvement in this mission, as the Deputy Command of the Task Force, underscores the growing closeness of our defence ties. The taskforce has already had very real impact, disrupting the trade of $600 million worth of illegal drugs so far. With tensions rising in the Indo-Pacific, it is crucial for New Zealand to work hand-in-hand with India and other like-minded partners to ensure the region remains free and open, with all nations respecting the rules that underpin peace and stability. India makes a significant contribution to upholding the rules-based international system on which we rely, via its growing influence in multilateral forums. In addition, India has been a leader in promoting solar energy worldwide. We were pleased to sign up to the India and France-led International Solar Alliance, which now has over 100 member countries. And New Zealand has endorsed India’s candidature for permanent membership in a reformed UN Security Council. Turning to our growing people-to-people links, Prime Minister Modi has spoken often of the Indian diaspora in New Zealand, calling it a “living bridge” between our countries. That is certainly true – the vibrant Indian community in New Zealand is contributing immeasurably to our society. Their economic contribution is enormous, with estimates from six years ago suggesting it was worth around NZ$10 billion. We have no doubt it has grown since. Of course, our partnership is also about more than economics and politics. It’s about people, and there’s no greater expression of that than sport. Cricket, of course, is a key element of our relationship – we will soon mark 100 years of sporting ties with India. But our sporting connections go beyond cricket. New Zealand and India have recently signed a Sports Memorandum of Cooperation, paving the way for new collaborations in high-performance sports, technology, research, and people exchanges. When you consider the range of measures outlined today across these key areas, it becomes clear that India and New Zealand are building a truly broad-based relationship.
Concluding Remarks In concluding this speech on New Zealand’s foreign policy and our approach to India, and before taking your questions, let us briefly reinforce our key messages here this afternoon. First, while we are operating under severe conditions of uncertainty and the world faces extremely difficult economic and security challenges, New Zealand is pursuing a Foreign Policy Reset to help secure our place in the world. Second, the foreign policy of this New Zealand Government is unashamedly realist because in conditions of uncertainty prudence is preferable to pious platitudes when it comes to protecting New Zealand’s and the Indo-Pacific’s immediate and longer-term economic and security interests. Third, our broadening bilateral relations with India are very important to us. New Zealand is deeply committed to South and South East Asia in general, and India in particular. We are taking concrete actions to make good on our commitment to India and the region, across political engagement, defence and security, trade and economics, people and cultural, and multilateral connections. Ultimately, there’s plenty in our relationship to benefit both New Zealand and India, as we work more closely together on defence and security, on sharing technology and human capital and in cooperating economically. India can rely upon New Zealand’s word and the actions that support them. And we are in it for the long haul. Thank you.
India is poised to remain the fastest-growing large economy for the next three decades, with a sustained annual growth rate of 6–7%, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2025, Goyal said the government is aiming to push growth to 8% at constant prices.
“Even amidst international upheavals, we are among the better-performing emerging markets,” he said. “Today, India holds the world’s fourth-largest foreign exchange reserves in the world at about $690 billion. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management.”
Goyal emphasized that India remains an attractive investment destination. Over the past two decades, Indian companies have delivered nearly 20% CAGR returns, he noted, adding that Foreign Direct Investment (FDI) inflows continue to break records. “We are back on track on the growth trajectory, working through international trading relations,” he said.
On trade agreements, Goyal pointed to major progress on Free Trade Agreements (FTAs) with the UAE, Australia, the UK, and the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he said.
Goyal said the EFTA countries have committed $100 billion in FDI over the next 15 years, potentially catalyzing a total investment of $500 billion. “This ecosystem could attract an additional $500 billion,” he added. The investment clause in the EFTA deal is the first of its kind globally, and the figures exclude contributions from Norway’s sovereign wealth fund.
Despite global volatility, Goyal said India continues to be a pillar of global growth. The International Monetary Fund (IMF) has projected that India will become the world’s third-largest economy by GDP by 2027.
Highlighting government’s sustained push for ease of doing business, the Goyal said that over 40,000 compliances have been reduced, several laws have been decriminalised, and nearly 2,000 obsolete laws have been removed from the statute book. He noted that the Jan Vishwas Bill reflects the trust between the government and people.
“The Act promotes self-certification, encourages businesses to offer suggestions to improve ease of doing business, and simplifies people’s lives. It reflects a government that trusts its stakeholders,” he said.
On the sustainability front, he pointed out that renewable energy coupled with storage is now available at ₹3.30 per kilowatt hour—among the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India. We have a large interconnected grid with low-cost clean energy to power these centres. This is not just about sustainability – it is an economic case,” he said.
Reaffirming Prime Minister Narendra Modi’s vision for inclusive development, Goyal said the government is working to ensure that every citizen has access to quality healthcare, education, and basic needs. “Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind,” he said.
The National Anti-Scam Centre (NASC) has just published the final report of the job scam fusion cell, highlighting the combined efforts of government, law enforcement, academics, and the private sector in tackling the rise in job and employment scams. In 2024, Scamwatch received more than 3000 reports of job scams, with reported losses totalling $13.7 million. Average losses to these scams were 5.1% higher than the average for all other scam types. The NASC’s job scam fusion cell removed more than 29,000 scam social media accounts and 1850 fake job advertisements from September 2024 to March 2025 Job scams result in significant financial losses and put people at risk of identity theft. The scams disproportionately affect people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options. What the job scams fusion cell has done The job scams fusion cell:
worked with Meta to remove 29,000 accounts sharing job scam content referred 836 scammer cryptocurrency wallets to digital currency exchanges for analysis and investigation, leading to blocking and blacklisting of wallets
referred 1850 scam enablers such as websites and scam job advertisements for removal
disrupted scammer impersonations of Australian Government entities, such as the Department of Foreign Affairs and Trade, the Department of Home Affairs, and APSJobs held awareness and prevention forums with organisations across the tertiary education sector to enable them to deliver scams awareness messaging coordinated a social media campaign created guides for businesses, including about how to protect themselves and the community established data sharing arrangements with cryptocurrency platforms.
Be aware of job scams Scammers advertise job opportunities so they can steal money and personal information. Stop and check any job ad that requires you paying money to make money. It could be a scam. Find out more about job and employment scams and how to protect yourself.
SAN SALVADOR, El Salvador, May 30, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has announced its official partnership with the Solana Summit 2025 as a major sponsor, marking a significant step in its efforts to expand real-world crypto adoption. The summit, taking place from June 5 to 7 in Da Nang, Vietnam, is expected to gather over 1,000 developers and founders from across the global Solana ecosystem.
At the event, Bitget Wallet will debut new in-app payment features that enables users to scan QR codes and complete transactions instantly on-site. Visitors to its branded coffee booth can enjoy complimentary drinks when paying with Bitget Wallet. Additional activations include live product demonstrations, developer workshops, and exclusive merchandise giveaways, all centered around Bitget Wallet’s expanding PayFi suite. Designed to streamline crypto payments across currencies and networks, the wallet’s PayFi roadmap includes upcoming support for both national QR codes and Solana Pay, unlocking seamless QR-based transactions across currencies and blockchains.
“We’re excited to partner with Solana Summit to showcase the potential of real-world crypto payments,” said Alvin Kan, COO of Bitget Wallet.“Bitget Wallet is no longer just a place to store and send tokens — it’s becoming the starting point for how people trade, earn, pay, and explore onchain, delivering smarter, simpler experiences that solve real user pain points and bring crypto closer to everyday life.”
On June 5, Bitget Wallet will open with a product announcement introducing its QR-based payment integrations, including Solana Pay and VietQR for seamless, multi-currency payments. A developer workshop will follow, showcasing how Solana dApps can integrate and scale within the wallet ecosystem. On June 6, Xavier Ow Yeong will join a panel discussion on how on-chain finance is reshaping payment, financing, and spending behaviors. That evening, Bitget Wallet will co-host a community meetup with Saros, featuring a preview of its upcoming VietQR payment integration and a $500 incentive pool for attendees who test the functionality.
Bitget Wallet offers a full Solana feature set across Trade, Earn, Pay, and Discover. Users can access Solana-native limit order trading through integration with Jupiter DEX, perform cross-chain swaps, and stake SOL via the wallet’s Earn suite. The wallet also supports reclaiming idle SOL through Solana account rent refunds, provides built-in MEV protection, and enables gas fee coverage using GetGas with Solana Paymaster support. Additionally, users can explore a wide array of Solana-based DApps directly within the app. These capabilities reflect Bitget Wallet’s broader commitment to making onchain finance more accessible, efficient, and secure for users engaging with the Solana network.
About Bitget Wallet Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook For media inquiries, contact media.web3@bitget.com
Trade and Investment Minister Todd McClay will travel to Europe this weekend to advance New Zealand’s trade and investment interests
Minister McClay will visit Switzerland, Paris and Brussels for high level ministerial and business meetings.
In Switzerland he will attend the first in person meeting of a new pro-trade group with ministers from UAE, Singapore and Switzerland where he will focus on removing trade barriers and the promotion of paperless trade.
In Paris he will attend the annual OECD Trade Ministers, a CPTPP ministers discussion, ACCTs Ministers meeting, and a WTO Mini Ministerial meeting. He will also hold discussions with ministers from Canada, China, India, Indonesia, Saudi Arabia, USA.
He will also undertake a bilateral French programme and meet the French Minister responsible for Trade.
In Brussels Mr McClay will hold talks with EU Commissioner for Trade, the Commissioner for Agriculture and Food, and EU Vice President responsible for sustainability. He will also speak at an event to mark the first year of the NZ EU FTA.
“One in four Kiwi jobs depend on Trade, and strong trade relationships mean more opportunities for New Zealander.
The Government’s is committed to the ambitious goal of doubling exports by value in the next ten years to deliver higher paying jobs for all New Zealanders,” Mr McClay says.
Source: People’s Republic of China – State Council News
Ships loaded with containers are pictured at the Port of Los Angeles, California, the United States, on April 29, 2025. [Photo/Xinhua]
California’s ports are experiencing worse conditions than during the COVID-19 pandemic as U.S. President Donald Trump’s reckless trade war with China and other Asia-Pacific economies harmed the state’s economy, triggering widespread job losses and forcing billions of dollars in budget cuts.
“The vessel calls, or cancellations, that we’re seeing today are starting to exceed the number that we saw in COVID-19,” Mario Cordero, chief executive of the Port of Long Beach, told CalMatters, an independent news agency focusing on California, in an interview published Wednesday.
The Port of Long Beach alone supported 2,714,707 jobs across the United States, representing one out of every 77 American jobs, according to a comprehensive economic impact analysis completed on May 12 by the Port of Long Beach. In California, the port said it supported 1.1 million jobs, accounting for approximately five percent of the state’s total employment.
Trade expert Paul Bingham of S&P Global Market Intelligence confirmed the unprecedented nature of the crisis during another recent interview with Cordero.
“There’s nothing like this that any of us that are still active in our careers have seen before,” Bingham said. “From an economics perspective, we’d have to go back over 90 years to the 1930s to find tariff levels for the United States on a trade-weighted basis close to what they are right now.”
The Golden State, the strongest state in the field of economy in the country, faced a 12-billion-U.S.-dollar budget deficit, with Governor Gavin Newsom directly blaming Trump’s “chaotic tariffs strategy” during his May 14 state budget announcement.
The of Port Long Beach operations had seen dramatic deterioration. According to Cordero, the port received typically 20 container vessels weekly, but the number dropped to 14 vessels two weeks into May 2025 and current schedules showed only 18 this week.
At the Port of Los Angeles, Executive Director Gene Seroka said during a media briefing that the facility had expected 80 ships to arrive in May, but 17 were subsequently canceled.
The Port of Oakland in Northern California saw a 15 percent month-over-month drop in container activity in April, according to port spokesperson Matt Davis.
The human cost also proved devastating across California’s supply chain network. Part-time port workers received no hours while full-time longshoremen struggled to reach 40 hours per week, according to Gary Herrera, president of the International Longshore Workers Union Local 13, speaking at a media briefing with Long Beach officials.
Eric Tate, secretary-treasurer of Teamsters Local 848 representing about 8,000 truck drivers in Southern California, said in May that some drivers worked only one to two days weekly.
“When there’s no work for longshoremen, there’s very little work for us except gate monitoring,” Luisa Gratz, president of International Longshore Workers Union Local 26, told CalMatters. “It’s heartbreaking. It’s putting people out of work.”
California has deep economic ties with the Asia-Pacific markets. Chinese goods account for 40 percent of imports at the Port of Los Angeles, 63 percent at the Port of Long Beach, and 45 percent at the Port of Oakland, according to CalMatters’ data.
The Port of Long Beach’s economic impact analysis showed the facility generates 309 billion dollars in national gross domestic product (GDP) and 84.4 billion dollars in tax revenues annually.
The agricultural sector, California’s economic backbone worth 59 billion dollars annually, faced significant losses. “We got hammered. We lost the whole Chinese market to Australia. At this point, I’m on the verge of losing everything,” Christine Gemperle, an almond farmer of Stanislaus County, told The Los Angeles Times last month.
Almond prices crashed from 2.5 dollars per pound to 1.4 dollars per pound due to tariffs imposed by Trump during his first term in 2018, according to research from the University of California’s Giannini Foundation of Agricultural Economics.
Furthermore, the uncertainty caused by tariff policies has resulted in substantial economic damage for businesses, said experts.
“The uncertainty here is not something because we have a virus we don’t understand, it’s the uncertainty around policy and what that has done to business, where there’s a lack of certainty, a lack of ability to plan has imposed costs on all of us,” Bingham said during his interview with Cordero.
Economic analysts have warned of broader recession risks. The International Monetary Fund slashed its U.S. and global economic growth forecasts, citing Trump’s tariffs. Apollo Global Management’s chief economist, Torsten Slok, forecasts a “self-inflicted recession” by summer 2025, with layoffs spreading from trucking to retail.
“You can’t put the toothpaste back into the tube — once you squeeze it, it’s out,” Constance Hunter, chief economist at the Economist Intelligence Unit, told The Washington Post on April 28.
On Wednesday, a three-judge panel of the U.S. Court of International Trade invalidated Trump tariffs. In the ruling published on the court’s website, “The court holds for the foregoing reasons that IEEPA does not authorize any of the Worldwide, Retaliatory, or Trafficking Tariff Orders.”
Source: People’s Republic of China – State Council News
For the first time since 2017, Peruvian national Marcel Sanchez Lopez is preparing to return to China, this time, unburdened by the once-cumbersome entry procedures.
“Even as a CEO of a big company, I used to feel that going to China was like facing a sea of troubles,” said Marcel Sanchez, who leads a major energy firm with longstanding ties to Chinese gas equipment supplier Tianjin Sinogas Repower Energy Co., Ltd. “Now that it’s visa-free, I’m bringing my family for both business and sightseeing.”
Starting June 1, 2025, citizens of Brazil, Argentina, Peru, Chile, and Uruguay will be allowed to enter China without a visa for up to 30 days for business, tourism, cultural exchange, or transit. The policy, which will run on a trial basis until May 31, 2026, was announced recently by the Chinese foreign ministry.
Unveiled at the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing earlier this month, this policy aligns with China’s broader initiative to extend visa exemptions and foster friendly exchanges with more Latin American and Caribbean countries (LAC countries).
For Chinese companies with trade ties in the region, the measure is viewed as a long-awaited step toward meaningful cooperation. “It solves a real bottleneck in our business operations,” said Ryan Yang, general manager of Sinogas, a Tianjin-based energy technology firm exporting to Mexico, Colombia, Peru, Chile, and Brazil. “Clients can now come for factory inspections, product demos, and training sessions without weeks or months of visa delays.”
Marcel Sanchez, whose company began working with Sinogas eight years ago, said visa constraints often hindered cooperation. “In the past, we had to skip business trips and just rely on remote support from our Chinese partner. Now we can do face-to-face collaboration again, and that’s where real progress happens,” he added.
China’s continued expansion of its visa-free policy and efforts to facilitate entries send a clear signal of the country’s commitment to high-standard opening up, according to Yu Haibo, an associate professor specializing in tourism management at Tianjin-based Nankai University.
These measures demonstrate China’s resolve and efforts to promote a more dynamic, inclusive and resilient form of economic globalization, Yu noted.
Trade between China and LAC nations has doubled over the past decade, reaching 518.4 billion U.S. dollars in 2024. Chinese products, including its signature electric vehicles, are exported extensively to LAC countries, while goods originating from the region also enjoy popularity in China. Notably, Chilean cherries and Argentine beef have become regular staples in the diets of Chinese households.
Sun Yanfeng, a researcher at the Institute of Latin American Studies under the China Institutes of Contemporary International Relations, noted that Latin American countries are eager to boost exports through their economic and trade ties with China. The visa-free policy, he added, will greatly facilitate visits by Latin American entrepreneurs, especially those from small and medium-sized enterprises, by simplifying travel procedures.
Tianjin Free Trade Service Co., Ltd., a major service provider for thousands of small and medium-sized exporters, has business development teams preparing for more inbound visits. “This policy will bring Latin American partners to our doorstep,” said Du Chen, a manager at the company. “Without the visa hurdles, people are more willing to come, to see, and to trust.”
Elizabeth Milagros Alvarado Taco, a Peruvian graduate student majoring in international business at Tianjin Foreign Studies University, said the visa-free policy will accelerate business activities, making it easier for Latin American entrepreneurs and businessmen to come to China for negotiations, factory visits, or trade fairs.
“It can also facilitate the rotation of international teams, improve coordination of multinational projects, and reduce costs and processing time. Overall, this convenience will promote bilateral investment and corporate cooperation,” she said.
In continuation of developer news #57 and #63, we inform you that in the list of changes to the Spectra Trading System version 8.3, item 1.5.2 has been edited and a new item 4 has been added. Changes have also been made to the documentation. We ask you to refer to the data from the updated list of changes when developing your applications.
Contents of the change to paragraph 1.5.2:
To publish slices of active requests at the beginning of the day, two tables orders_currentday and info_currentday have been added to the FORTS_ORDBOOK_REPL and FORTS_USERORDERBOOK_REPL streams. In the orders_currentday tables, upon receipt of the start_of_calendar_date event, a slice of active requests at the beginning of the calendar day is published. The orders_currentday table is a copy of the orders table with some modifications to bring information about the active request to the format “as if this request had just been submitted in its current form”:
The public_action and private_action fields always contain 1 (submitting a request). The public_amount field contains the value of the public_amount field of the orders table. The private_amount field contains the value of the private_amount field of the orders table.
Contact information for media 7 (495) 363-3232 Pr@moex.kom
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Source: People’s Republic of China – State Council News
Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Federated States of Micronesia’s Secretary of Foreign Affairs Lorin S. Robert attending the Third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, southeast China’s Fujian Province, May 29, 2025. [Photo/Xinhua]
XIAMEN, May 29 — Chinese Foreign Minister Wang Yi on Thursday held respective meetings with foreign guests attending the Third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, Fujian Province.
When meeting with the Federated States of Micronesia’s (FSM) Secretary of Foreign Affairs Lorin S. Robert, Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said that the two heads of state had reached an important consensus on strengthening mutual trust and friendship, and on deepening mutually beneficial cooperation.
China appreciates the resolution passed by the Congress of the FSM in support of the one-China principle, and believes that the FSM will continue to support China’s just position on Taiwan-related issues firmly, Wang said.
China is ready to expand cooperation with the FSM in key areas such as infrastructure, climate change response and marine research, and promote the continuous development of the comprehensive strategic partnership between the two countries, he added.
Robert extended his congratulations on the successful conclusion of the foreign ministers’ meeting and affirmed the FSM’s steadfast commitment to the one-China principle. The country is willing to continue developing its comprehensive strategic partnership with China, he added.
When meeting with Vanuatu’s Minister of Foreign Affairs, International Cooperation and External Trade Marc Ati, Wang said that the China-Vanuatu comprehensive strategic partnership has continued to develop under the guidance of the leaders of the two countries.
Since the new government of Vanuatu took office in February, it has maintained a positive, friendly policy on China, which China appreciates, Wang said. The two countries should seize this opportunity to strengthen exchange at all levels and expand practical cooperation, he noted.
Ati said that China’s support not only helps Vanuatu improve its people’s livelihoods, but also enhances its confidence and resilience in development.
Vanuatu’s government adheres firmly to the one-China principle, and is ready to strengthen the synergy of development strategies with China, accelerate negotiations for bilateral free trade agreements (FTAs), promote cooperation in such fields as education, infrastructure, health and law enforcement, and move toward a more prosperous future, Ati said.
When meeting with Papua New Guinea’s Minister for Foreign Affairs Justin Tkatchenko, Wang said that the two countries should implement the consensus reached between their leaders, open FTA negotiations as soon as possible, and deepen cooperation in various fields.
China values Papua New Guinea’s influence as a major power in the South Pacific, as well as its role as a gateway to Asia, Wang said, adding that China is willing to work with Papua New Guinea and other Pacific Island nations to implement the outcomes of the foreign ministers’ meeting, and to make greater contributions to regional peace and development.
Tkatchenko said that Papua New Guinea’s relationship with China is crucial. The government of Papua New Guinea is in firm support of China’s efforts to uphold its national sovereignty and territorial integrity. Papua New Guinea is willing to communicate and coordinate closely with China to promote Belt and Road cooperation, and to enhance practical cooperation on agriculture, education, telecommunication, energy and regional development.
Wang also met with Nauru’s former President and current Deputy Minister for Foreign Affairs and Trade Russ Kun, Fiji’s Assistant Minister for Foreign Affairs and Deputy Speaker of the Parliament Lenora Qereqeretabua, and the Pacific Islands Forum’s Deputy Secretary General Esala Nayasi.
Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Vanuatu’s Minister of Foreign Affairs, International Cooperation and External Trade Marc Ati attending the Third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, southeast China’s Fujian Province, May 29, 2025. [Photo/Xinhua]Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Papua New Guinea’s Minister for Foreign Affairs Justin Tkatchenko attending the Third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, southeast China’s Fujian Province, May 29, 2025. [Photo/Xinhua]Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Fiji’s Assistant Minister for Foreign Affairs and Deputy Speaker of the Parliament Lenora Qereqeretabua attending the Third China-Pacific Island Countries Foreign Ministers’ Meeting in Xiamen, southeast China’s Fujian Province, May 29, 2025. [Photo/Xinhua]
Source: People’s Republic of China – State Council News
This photo taken on April 15, 2025 shows excavators for export at Shanghai Sany Heavy Machinery Co., LTD. in Shanghai, east China, April 15, 2025. [Photo/Xinhua]
Shanghai’s exports surged by 13.8 percent year on year in the first four months of 2025, with April’s total import and export value hitting a record high, Shanghai Customs data showed on Thursday.
The city’s total foreign trade reached 1.4 trillion yuan (about 194.7 billion U.S. dollars) from January to April, an increase of 1 percent year on year. In April alone, imports and exports hit 399.35 billion yuan, rising more than 10 percent both year on year and month on month. Exports for the month grew 17.2 percent year on year, while imports climbed 8.1 percent.
Private enterprises, accounting for more than 70 percent of Shanghai’s total number of foreign trade firms during the four-month period, were a key driver. Their import and export value exceeded 500 billion yuan, increasing by more than 20 percent year on year and indicating stronger endogenous growth momentum.
Shanghai traded with over 200 countries and regions during the period, achieving growth with 166 partners. Trade with Belt and Road partner countries was close to 600 billion yuan, up 11.9 percent year on year, while trade with the Middle East and Eastern Europe saw growth exceeding 20 percent.
Exports of mechanical and electrical products totaled 398.8 billion yuan, and accounting for over 60 percent of the city’s total exports during the period. Imports of consumer goods bolstered domestic supply. Meat and cooking oil imports grew over 10 percent year on year, while specialty foods like Afghan nuts, Italian chocolate, Irish dairy products and Ethiopian coffee expanded the culinary options available to Chinese consumers.
The New Zealand Council of Trade Unions Te Kauae Kaimahi has today released a report with detailed analysis of Budget 2025. It covers the major decisions made at this Budget, and how they might affect workers.
“This Budget is funded above all by the gutting of the pay equity system, the halving of the government’s contribution to people’s Kiwisaver accounts, and other cuts that will disproportionality impact women, welfare recipients, and working households,” said NZCTU Economist Craig Renney.
“None of the choices the government has made were inevitable. The government could have funded its spending initiatives by raising new taxes on the wealthiest New Zealanders. It could have not decided to give billions away to those who already have much, while cutting services for those with real and pressing needs.
“Budget 2025 also leaves New Zealand’s most significant structural challenges unaddressed. There is no meaningful movement on closing the infrastructure deficit; no solution to our health workforce shortage; no willingness to reduce child poverty or to address the housing crisis; and absolutely zero investment made in decarbonisation and climate adaptation.
“The coalition government continues to kick the can down the road on the most pressing challenges we face, all while making life steadily more difficult for New Zealanders who have the least,” said Renney.
Source: United States Senator for Washington Maria Cantwell
05.29.25
Cantwell Convenes Rapid-Response Press Conference on Chaos for Ports, Businesses as Courts Rebuke Trump‘s Ability to Impose Arbitrary Tariffs
Port of Seattle Commissioner: “If we’re not seen as a reliable partner, it doesn’t mean that trade doesn’t continue – it just doesn’t go through our gateway”; Cantwell praises lower courts’ decisions to end Trump’s illegal tariffs
SEATTLE, WA – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined Port of Seattle Commissioner Fred Felleman and Barry Barr, CEO of local outdoor apparel company KAVU, for a press conference overlooking the Port of Seattle’s Terminal 46 to respond to the chaos caused in the last 24 hours as President Donald Trump scrambles to keep his draconian tariffs in place amid court challenges.
“Two courts have ruled against President Trump’s tariffs. They basically have said he’s exceeded his authority. For almost 24 hours, [business owners] just like Barry heard that good news and thought maybe we were having a reprieve against these terrible actions that are costing consumers more,” Sen. Cantwell said. “American businesses need a rules-based trade system. That means American families would have the certainty, not chaos and not higher prices. We know this: That when you start trade wars, usually that means you end up closing markets.”
“In business, we need predictability. And it’s just been chaos and uncertainty – and we’re not sure what to do or even where to find the information to lead. Especially in sourcing and manufacturing – the timelines are so long and so far out there, several years, and we just don’t know where to go,” Barr said. “This court verdict is a great sign for American consumers. Hopefully prices won’t increase if we can get back to normal tariffs.”
“These trade relationships are sticky, in that when you move to another market, once you set up these supply chains, they don’t all come back. And so this is a very dangerous period of time,” Commissioner Felleman said. “If we’re not seen as a reliable partner, it doesn’t mean that trade doesn’t continue – it just doesn’t go through our gateway or our country.”
Video of the press conference is available HERE; photos are HERE; and a transcript of Sen. Cantwell’s remarks are HERE.
Last night, a three-judge panel of the U.S. Court of International Trade ruled that President Trump illegally overstepped his authority when he imposed tariffs on most U.S. trading partners on April 2, as well as the additional tariffs on goods from China, Mexico, and Canada. The Trump administration appealed the U.S. Court of International Trade’s decision to the U.S. Court of Appeals of the Federal Circuit, which this afternoon put a hold on the ruling while it will consider arguments in the case.
Today, a second federal judge in the U.S. District Court for the District of Columbia also ruled that the President exceeded his authority and issued a preliminary injunction on the collection of the duties, while staying the court’s order for two weeks pending appellate review. The Trump administration also appealed this decision.
In April, Sen. Cantwell introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Her bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. House members also introduced a bipartisan companion bill. On April 16, Sen. Cantwell joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s chaotic tariffs-first trade policy.
In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.
For the past four months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions have whipsawed American businesses and consumers, as well as close neighbors and allies.
Earlier this week, a US court blocked the so-called “Liberation Day” tariffs that US President Donald Trump imposed on imported goods from around 90 nations.
On Wednesday (US time), the Court of International Trade ruled the emergency authority Trump used to impose the tariffs could not override the role of Congress, which has the right to regulate commerce with other countries.
The following day, however, the US Court of Appeals for the Federal Circuit in Washington paused the trade court’s ruling, temporarily reinstating Trump’s tariffs. The earlier court ruling, and the fresh uncertainty prompted by the appeal have left the implementation of Trump’s trade policy in disarray.
Even though it has been paused, the trade court’s ruling calls into question trade negotiations underway with more than 18 different nations, which are trying to lower these tariffs. Do these countries continue to negotiate or do they wait for the judicial process to play out?
The Trump administration still has other mechanisms through which it can impose tariffs, but these have limits on the amount that can be imposed, or entail processes which can take months or years. This undermines Trump’s preferred method of negotiation: throwing out large threats and backing down once a concession is reached.
The lawsuits argued the national emergencies cited in imposing the tariffs – the trade deficit and the fentanyl crisis – were not an emergency and not directly addressed by the tariff remedy. The court agreed, and said by imposing tariffs Trump had overstepped his authority.
The ruling said the executive orders used were “declared to be invalid as contrary to law”.
The act states the president is entitled to take economic action in the face of “an unusual and extraordinary threat”. It’s mainly been used to impose sanctions on terrorist groups or freeze assets from Russia. There’s nothing in the act that refers to tariffs.
The decision means all the reciprocal tariffs – including the 10% tariffs on most countries, the 50% tariffs Trump was talking about putting on the EU, and some of the Chinese tariffs – are ruled by the court to be illegal.
The ruling was based on two separate lawsuits. One was brought by a group of small businesses that argued tariffs materially hurt their business. The other was brought by 12 individual states, arguing the tariffs would materially impact their ability to provide public goods.
Some industry tariffs will remain in place
The ruling does not apply to tariffs applied under Section 201, known as safeguard tariffs. They are intended to protect industries from imports allegedly being sold in the US market at unfair prices or through unfair means. Tariffs on solar panels and washing machines were brought under this regulation.
Also excluded are Section 232 tariffs, which are applied for national security reasons. Those are the steel and aluminium tariffs, the automobile and auto parts tariffs. Trump has declared all those as national security issues, so those tariffs will remain.
Most of the tariffs against China are also excluded under Section 301. Those are put in place for unfair trade practices, such as intellectual property theft or forced technology transfer. They are meant to pressure countries to change their policies.
Other trade investigations are still underway
In addition, there are current investigations related to copper and the pharmaceuticals sector, which will continue. These investigations are part of a more traditional trade process and may lead to future tariffs, including on Australia.
The Trump administration is still weighing possible sector-specific tariffs on pharmaceuticals. Planar/Shutterstock
Now for the appeals
Following the subsequent reinstatement of tariffs, we now have to wait for the appeals process to play out. This may take some time. The plaintiffs have until June 5 to respond, and the Trump administration has until June 9.
In the meantime, there are at least five other legal challenges to tariffs pending in the courts.
If the appeals court provides a ruling the Trump administration or opponents don’t like, they can appeal to the Supreme Court.
Alternatively, the White House could direct customs officials to ignore the court and continue to collect tariffs.
The Trump administration has ignored court orders in the past, particularly on immigration rulings.
The administration is unlikely to lie down on this. In addition to its appeal process, officials complained about “unelected judges” and “judicial overreach” and may contest the whole process. The only thing that continues to be a certainty is that uncertainty will drive global markets for the foreseeable future.
Susan Stone 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.
WASHINGTON— U.S. Secretary of Energy Chris Wright today approved a final authorization for liquefied natural gas (LNG) exports to non-free trade agreement (non-FTA) countries from Port Arthur LNG Phase II in Jefferson County, Texas, following the Response to Comments on the 2024 LNG Export Study issued on May 19. This is the first final LNG export approval under President Trump’s leadership and marks another step in restoring regular order to LNG export permitting–reversing the previous administration’s pause and delivering on the President’s pledge to unleash American energy.
“Port Arthur LNG Phase II marks a significant expansion of the first phase already under construction– turning more of the liquid gold beneath our feet into energy security for the American people,” said Secretary Wright. “With President Trump’s leadership, the Energy Department is restoring America’s role as the world’s most reliable energy supplier.”
“U.S. LNG exports continue to gain momentum, and I am glad DOE is able to do its part to answer the call for more reliable and affordable energy, at home and abroad,” said Tala Goudarzi, Principal Deputy Assistant Secretary of the Office of Fossil Energy and Carbon Management.
Port Arthur LNG Phase II, owned by Sempra Energy, is projected to export 1.91 billion cubic feet per day (Bcf/d) once completed. In addition to Port Arthur Phase I—which is currently under construction and expected to begin exporting LNG in 2027—Sempra also operates the Cameron LNG export terminal in Louisiana, which has been exporting LNG since 2019, and is currently constructing the Energia Costa Azul terminal in Mexico, which will begin commercial export operations of U.S.-sourced gas as LNG beginning in 2026.
Today’s action marks the fifth LNG export authorization issued by Secretary Wright, bringing the total volume of exports associated with approvals under President Trump’s leadership to 11.45 Bcf/d.
An IT specialist employed by the Defense Intelligence Agency (DIA) was arrested today for attempting to transmit national defense information to an officer or agent of a foreign government.
Nathan Vilas Laatsch, 28, of Alexandria, Virginia, was arrested today in northern Virginia, and will make his initial court appearance in the Eastern District of Virginia tomorrow.
According to court documents, Laatsch became a civilian employee of the DIA in 2019, where he works with the Insider Threat Division and holds a Top Secret security clearance. In March 2025, the FBI commenced an operation after receiving a tip that an individual — now known to be Laatsch — offered to provide classified information to a friendly foreign government. In that email, the sender wrote that he did not “agree or align with the values of this administration” and was therefore “willing to share classified information” that he had access to, including “completed intelligence products, some unprocessed intelligence, and other assorted classified documentation.”
After multiple communications with an FBI agent — who Laatsch allegedly believed to be an official of the foreign government — Laatsch began transcribing classified information to a notepad at his desk and, over the course of approximately three days, repeatedly exfiltrated the information from his workspace. Laatsch subsequently confirmed to the FBI agent that he was prepared to transmit the information.
Thereafter, the FBI implemented an operation at a public park in northern Virginia, where Laatsch believed he would deposit the classified information for the foreign government to retrieve. On or about May 1, 2025, FBI surveillance observed Laatsch proceed to the specified location and deposit an item. Following Laatsch’s departure, the FBI retrieved the item, which was a thumb drive later found to contain a message from Laatsch and multiple typed documents, each containing information that was portion-marked up to the Secret or Top Secret levels. The message from Laatsch indicated that he had chosen to include “a decent sample size” of classified information to “decently demonstrate the range of types of products” to which he had access.
After receiving confirmation that the thumb drive had been received, on May 7, Laatsch allegedly sent a message to the FBI agent, which indicated Laatsch was seeking something from the foreign government in return for continuing to provide classified information. The next day, Laatsch specified that he was interested in “citizenship for your country” because he did not “expect[] things here to improve in the long term.” Although he said he was “not opposed to other compensation,” he was not in a position where he needed to seek “material compensation.”
On May 14, the FBI agent advised Laatsch that it was prepared to receive additional classified information. Between May 15 and May 27, Laatsch again repeatedly transcribed multiple pages of notes while logged into his classified workstation, folded the notes, and exfiltrated the classified information in his clothing.
On May 29, Laatsch arrived at a prearranged location in northern Virginia, where Laatsch again allegedly attempted to transmit multiple classified documents to the foreign country. Laatsch was arrested upon the FBI’s receipt of the documents.
Sue J. Bai, head of the Justice Department’s National Security Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division, and Executive Director Lee M. Russ of Air Force Office of Special Investigations (OSI) Office of Special Projects made the announcement.
The FBI Washington Field Office is investigating the case, with valuable assistance provided by the U.S. Air Force OSI and with thanks to the Defense Intelligence Agency for its cooperation.
Trial Attorneys Christina Clark and Mark Murphy of the National Security Division’s Counterintelligence and Export Control Section and Assistant U.S. Attorney Gordon Kromberg for the Eastern District of Virginia are prosecuting the case.
A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
An IT specialist employed by the Defense Intelligence Agency (DIA) was arrested today for attempting to transmit national defense information to an officer or agent of a foreign government.
Nathan Vilas Laatsch, 28, of Alexandria, Virginia, was arrested today in northern Virginia, and will make his initial court appearance in the Eastern District of Virginia tomorrow.
According to court documents, Laatsch became a civilian employee of the DIA in 2019, where he works with the Insider Threat Division and holds a Top Secret security clearance. In March 2025, the FBI commenced an operation after receiving a tip that an individual — now known to be Laatsch — offered to provide classified information to a friendly foreign government. In that email, the sender wrote that he did not “agree or align with the values of this administration” and was therefore “willing to share classified information” that he had access to, including “completed intelligence products, some unprocessed intelligence, and other assorted classified documentation.”
After multiple communications with an FBI agent — who Laatsch allegedly believed to be an official of the foreign government — Laatsch began transcribing classified information to a notepad at his desk and, over the course of approximately three days, repeatedly exfiltrated the information from his workspace. Laatsch subsequently confirmed to the FBI agent that he was prepared to transmit the information.
Thereafter, the FBI implemented an operation at a public park in northern Virginia, where Laatsch believed he would deposit the classified information for the foreign government to retrieve. On or about May 1, 2025, FBI surveillance observed Laatsch proceed to the specified location and deposit an item. Following Laatsch’s departure, the FBI retrieved the item, which was a thumb drive later found to contain a message from Laatsch and multiple typed documents, each containing information that was portion-marked up to the Secret or Top Secret levels. The message from Laatsch indicated that he had chosen to include “a decent sample size” of classified information to “decently demonstrate the range of types of products” to which he had access.
After receiving confirmation that the thumb drive had been received, on May 7, Laatsch allegedly sent a message to the FBI agent, which indicated Laatsch was seeking something from the foreign government in return for continuing to provide classified information. The next day, Laatsch specified that he was interested in “citizenship for your country” because he did not “expect[] things here to improve in the long term.” Although he said he was “not opposed to other compensation,” he was not in a position where he needed to seek “material compensation.”
On May 14, the FBI agent advised Laatsch that it was prepared to receive additional classified information. Between May 15 and May 27, Laatsch again repeatedly transcribed multiple pages of notes while logged into his classified workstation, folded the notes, and exfiltrated the classified information in his clothing.
On May 29, Laatsch arrived at a prearranged location in northern Virginia, where Laatsch again allegedly attempted to transmit multiple classified documents to the foreign country. Laatsch was arrested upon the FBI’s receipt of the documents.
Sue J. Bai, head of the Justice Department’s National Security Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division, and Executive Director Lee M. Russ of Air Force Office of Special Investigations (OSI) Office of Special Projects made the announcement.
The FBI Washington Field Office is investigating the case, with valuable assistance provided by the U.S. Air Force OSI and with thanks to the Defense Intelligence Agency for its cooperation.
Trial Attorneys Christina Clark and Mark Murphy of the National Security Division’s Counterintelligence and Export Control Section and Assistant U.S. Attorney Gordon Kromberg for the Eastern District of Virginia are prosecuting the case.
A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BAKU, May 29 (Xinhua) — Azerbaijan’s gold exports amounted to $95.4 million in January-April 2025, three times higher than in the same period last year, according to the May issue of the Export Review published by the Center for Analysis of Economic Reforms and Communications on Thursday.
As noted in the document, the increase compared to the same period in 2024 was $64 million. In April, the volume of gold exports reached $30.2 million, increasing 2.3 times year-on-year.
Total non-oil exports for the first four months of this year amounted to $1.1 billion, up 18 percent year-on-year. –0–
SYDNEY, May 29, 2025 (GLOBE NEWSWIRE) — With over 90% of the $XDX presale allocation already sold, this final window, which is just about a 48-hour grace period, is the last chance for late investors to buy the token at discounted presale rates. Once this short extension ends, no further grace will be granted, and $XDX will launch at market price across multiple exchanges.
The presale extension coincides with bullish developments within the broader XRP ecosystem. Ripple has announced its acquisition of Circle, the issuer of USDC, while Volatility Shares has launched the XRPI Futures ETF, both of which have sent positive shockwaves across the crypto market. As institutional interest in XRP surges, XenDex is riding that momentum as the most anticipated DeFi platform to emerge on XRPL.
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Governance voting rights that give users control over the platform’s future upgrades and decisions
Crypto analysts are already speculating a strong pump once $XDX gets listed on the exchanges, and the listing process is currently in negotiation. These major exchanges include; Binance, BitMart, Gate.io, MagneticX, FirstLedger, and more.
Disclaimer: This is a paid post provided by XenDex.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented.We do not guarantee any claims, statements, or promises made in this article.This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital.It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
SYDNEY, May 29, 2025 (GLOBE NEWSWIRE) — XenDex has confirmed it is actively negotiating with several top-tier exchanges ahead of the official listing of its native token, $XDX. This revelation comes just as the project team announced a limited extension of its presale phase due to overwhelming demand and investor requests.
With over 93% of the $XDX presale allocation already sold, this final window which is just about 72-hour grace period, is the last chance for late investors to buy the token at discounted presale rates and $XDX will launch at market price across multiple exchanges.
The presale extension coincides with bullish developments within the broader XRP ecosystem. Ripple has announced its acquisition of Circle, the issuer of USDC, while Volatility Shares has launched the XRPI Futures ETF, both of which have sent positive shockwaves across the crypto market. As institutional interest in XRP surges, XenDex is riding that momentum as the most anticipated DeFi platform to emerge on XRPL.
Crypto analysts are already speculating a strong pump once $XDX gets listed on the exchanges. After the presale, $XDX is expected to be available for trading on major exchanges, with active discussions currently underway with Binance, Gate.io, MEXC, BitMart, MagneticX, and FirstLedger.
Disclaimer: This is a paid post provided by XenDex.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented.We do not guarantee any claims, statements, or promises made in this article.This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital.It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
Good afternoon. Thank you to President Lorie Logan, Senior Vice President and Senior Advisor to the President Sam Schulhofer-Wohl, and the Federal Reserve Bank of Dallas for hosting us. Consistent with the title selected for the Symposium, today’s discussion will explore AI Risks and Opportunities Across the Digital and Cyber Landscape, including a broad range of topics focused on fostering responsible innovation, as well as topics focused on proactively addressing potential risks. As always allow me to share a standard disclaimer. My views are my own and not necessarily the views of the Commission, Commission staff or my fellow Commissioners. This morning, I gave a livestream interview from my hotel with Reunion Tower standing tall behind me, offering an impressive landmark as background for the interview. For those of you who are not familiar, Reunion Tower is an iconic symbol in the Dallas skyline. Like Reunion Tower and the breathtaking 360-degree view it provides, our smart approach to supervision of financial markets has enabled us to create and boast the deepest and most liquid capital and derivatives markets in the world while still maintaining the ability to see the market from any angle. How have we achieved these goals? We have harnessed lessons from the customs and traditions that built successful market and prudential supervision and oversight for over one hundred years under federal legislation and for over two hundred and fifty years since the founding of our nation. At the same time, we are forward-looking, appreciating the innovative design and potential for technology to shape enduring, healthy, competitive financial markets that foster market integrity and stability and promote customer and investor protection. It is an honor to be here and to see so many familiar faces, including market and prudential regulators, industry representatives from traditional financial services firms and emerging technologies, academics, and public interest advocates. Any successful convening on the issues that we will tackle today requires a multi-stakeholder dialogue drawing on all corners to help us ensure that supervision and oversight are best-in-class and fit-for-purpose. As I intimated, today’s Symposium will explore topics that are at the core of our markets and reflect the future of finance. In my time as a Commissioner, and for decades prior to my public service, I have worked to ensure first-best outcomes for our economy, customer protection, and industry initiatives in these areas. AI: Generating New Buzz Over the last few decades, we have witnessed the evolution of a number of technologies. While thoughts of artificial intelligence, automation, and robotics have long populated sci-fi novels and films, it was only during the last half-century that sentient technology became an increasing feature in financial markets. The advent and advances in computer technology and computing capabilities have significantly accelerated the adoption of various forms of AI in financial markets and enhanced the efficiency and execution of various back-office and compliance functions that were sources of consternation and crises forty or fifty years ago. Three distinct phases of AI have marked the most recent chapter of financial markets development and evolution – the creation of supervised and unsupervised machine learning algorithms, the creation of generative AI (GenAI), and most recently, the launch of agentic AI. As we transverse the most recent stages of these innovative developments, I think that expert, industry, and customer protection driven dialogues are essential to the creation of any potential regulation or simply effective oversight and supervision of financial markets. I am looking forward to hearing from panelists today regarding the potential and possible limitations of the most cutting-edge aspects of this most recent phase AI of developments. GenAI A Treasury report focused on AI-based cybersecurity risks in the financial services sector notes that: The term “Generative AI” means the class of AI models that emulate the structure and characteristics of input data in order to generate derived synthetic content. This can include images, videos, audio, text, and other digital content.[1] In general, a user inputs a specific prompt into an interface to produce synthetic content. Tools like ChatGPT and Claude apply this model to produce text, audio, and images based on the input. As we all quickly noticed, GenAI has real limitations. For example, non-determinism, or the potential for different outputs to result from the same input, and hallucinations – that is, notwithstanding reliance on incredibly large amounts of data gathered from the internet, GenAI models may generate false information that is highly persuasive.[2] Notwithstanding a general propensity to be accurate, current GenAI models may not comprehend certain real-world roadblocks because these models rely heavily on user input and training data to predict patterns. For example, a GenAI model trained on a LLM similar to the LLMs that enable GPT-4 can successfully offer highly accurate driving directions in New York City. However, when adding street closures or detours (both of which are common in many cities) the models struggled to achieve the same performance level and the accuracy of the models’ predictions were drastically reduced.[3] There is tremendous potential for GenAI to facilitate execution of regulatory reporting and compliance obligations. Regulators supervising markets may use GenAI for supervisory technology (SupTech) to better enable oversight of know-your-customer (KYC) and anti-money laundering (AML) compliance, to expedite routine reporting and to enable efficient review of responses and comment letters issued in connection with requests for information or comment on important, timely issues emerging in financial markets. Agentic AI More recent efforts of technologists have generated a next-level AI model that does more than generate synthetic content. Agentic AI endeavors to make decisions, take actions, and adapt to changing inputs. So, for example, an agentic AI model would not be thumped by the road closures and detours that crop up on a map of busy New York City streets. An agentic AI model can tackle these new obstacles, adapting as the information inputs regarding routing change. Agentic AI introduces AI agents designed to complete tasks in an autonomous manner. According to the Massachusetts Institute of Technology’s (MIT) Computer Science and Artificial Intelligence Lab (CSAIL), Agentic AI is “designed to pursue complex goals with autonomy and predictability” by “taking goal-directed actions, making contextual decisions, and adjusting plans based on changing conditions with minimal human oversight” to enhance productivity.[4] What does this mean for those of us who do not have an advanced degree in computer science and artificial intelligence from MIT? Agentic AI focuses on the creation and utilization of autonomous, task-based agents to showcase AI’s ability to do, rather than to just create. Potential applications of this technology are widespread and include healthcare (identifying, mapping, monitoring, and predicting disease prognosis), global logistics (rerouting to optimize shipped commodities due to weather, geopolitical events, or other exogenous events in a supply chain), and even simply, creature comfort energy optimization (adjusting heating, air conditioning, and lighting for maximum efficiency). In the financial services industry, and broadly our markets, the potential found in agentic AI presents an array of cost savings and efficiencies to be had with the proper implementation of this technology. For example, manual transaction reviews typically conducted in different types of auditing can be completed by AI agents who autonomously scan financial statements and flag those transactions which do not comply with their respective regulations. Credit scoring models, which typically rely on static data, now have the potential to rely on real-time transaction data, behavior trends and economic indicators and can continuously monitor credit instead of providing credit snap shots.[5] Agentic AI can also be used to create processes to improve efficiencies in customer interactions through automation in financial planning and optimization of client communications, and in market intelligence by monitoring the vast data produced by the markets each day and analyzing the data for notable shifts to alert analysts for opportunities and risks.[6] More importantly, from a regulator’s perspective, at least, properly architected agentic AI systems can produce robust compliance and fraud prevention systems, including those that can monitor for AML risks by flagging and dynamically intervening in high-risk transactions, automating claims triaging and refining risk assessments in claims and underwriting, tracking real-time market threats and making risk mitigation recommendations with robust data sets, end and even identifying bugs, deploying automatic updates, and ensuring compliance with software compliance testing in real time.[7] In the context of producing systems that can complete tasks without human oversight, like creating robust compliance and reporting systems that can create tangible operational efficiencies and increase compliance with applicable regulations, agentic AI builds upon GenAI in every discernable way. It does so by being distinct from GenAI in four ways: a focus on action and decision-making rather than creating synthetic data and content; removal of the necessity to continuously input prompts; an ability to act independently to carry out activities and tasks within its parameters; and, compared to GenAI whose programs are static once trained, the ability to continuously change and remain dynamic by adjusting to data and learning from its own mistakes.[8] But with every great opportunity comes risk. Agentic AI suffers from a vulnerability in that outputs are only as good as inputs – meaning, if the training model data is biased, incomplete, or otherwise compromised, agentic AI outputs may be similarly inadequate. Perhaps more immediately concerning for regulators who are cops on the financial markets beat, as the potential for positive, efficient, market-enhancing use cases AI grow, so too does the potential for misuse of the same technology by bad actors. The increasing power of GenAI to create synthetic data, which might be inaccurately produced due to purposeful prompting by a bad actor or produced due to its own vulnerabilities and insufficient data sets, has created the ability to insert misleading or malicious data which might lead to hallucinations in output from the AI agents. Because they work autonomously, if improperly architected, this has the potential to create a continuous loop of improper data and feedback, effectively poisoning the model’s own data. Further, agentic AI suffers some of the same vulnerabilities and risks to that of GenAI, including privacy concerns over the vast amounts of data used to fuel the algorithms and data learning sets, risks associated with fairness and bias due to incomplete or over representative data, and to data leakages and model inference attacks which can leak sensitive data.[9] Other risks that should be carefully considered as agentic AI models are integrated into our markets include the limitations of synthetic data, data leakages, data integrity, data security, data privacy, ethical concerns, the absence of a human in the loop, security vulnerabilities (hijacking or exploitation), and accountability among others. Cyber Threats: The AI Problem and Solution Over the course of my service, discussions of cybersecurity and artificial intelligence have become increasingly intertwined. I have closely followed these topics and the increasing volume and severity of cyberattacks in part due to the rise in AI used by bad actors to perpetrate these attacks. Over the last year in particular, several reports highlight the rise in cyberthreats across financial markets and discuss potential risks that cyber threats pose.[10] I have continuously advocated for the Commission to take a leading role among domestic and international regulators in addressing these issues to ensure that our market participants are prepared, and in turn, that our overall markets remain resilient. In April, my remarks at an AI summit highlighted findings from the Treasury report on AI-fueled cyber and fraud threats that pose significant risks to our markets, including AI-driven fraud, vulnerabilities of technology, and synthetic identities and impersonation. In the speech, I called for regulators to collaborate and coordinate efforts to identify a responsible path for introducing responsible innovation in our markets.[11] A recent FSOC Report notes gaps in financial institutions’ cybersecurity preparedness, risk management, and business continuity practices with respect to AI. The report notes, “AI’s data intensity and higher complexity, as well as increased reliance on third-party vendors of AI technology can complicate the ability to fend off attacks.”[12] The FSOC Report explains that “[c]yberthreat actors may also be able to use AI tools, such as generative AI, to enable attacks on the financial services sector, particularly through the use of social engineering, malware generation, vulnerability discovery, and disinformation. While these cyber attacks are neither new nor unique to AI, AI tools may make these attacks much easier for a less sophisticated adversary.”[13] In December 2024, the Treasury Department released an additional report on AI in financial services highlighting uses of AI by financial services firms. That report notes that “AI is widely used for cybersecurity risk management…including analyzing large sets of data, detecting anomalies, flagging suspicious activities, and verifying customer identities under Bank Secrecy Act (BSA) obligations” and goes on to note that “Generative AI has been deployed to complement an investigation platform in collating and summarizing data and automating report creation and filing. AI is also being used in compliance with risk management guidelines, including managing operational risks, meeting capital and liquidity standards, improving stress test scenarios, and enhancing forecasting accuracy.”[14] As agentic AI comes into focus, it may present new opportunities to build upon the systems that financial services firms may already be working on and enable these tools to be more tailored to their specific organizations. As I continue to study these issues and engage with market participants, AI has increasingly been discussed as a potential mitigant to the very risks that the technology creates in other contexts. In fact, AI is being discussed not just as a potential benefit, but possibly a necessary element to fighting AI-driven cyberthreats. I am reminded of a saying I heard at a prior event on this topic, that firms need to be able to “fight fire with fire.” In my remarks in April, I encouraged regulators to focus on how we may be able to use AI to combat cybersecurity and fraud threats. In other words, AI may offer useful SupTech solutions to detect fraud and market manipulation. Market participants have already been using AI for compliance and supervision functions, and we may expect that number to increase. For example, the FSB Report notes that financial institutions are using AI for compliance with fraud and AML/CFT requirements in more and more varied use cases. The report notes that “[a]lthough the use of AI models to comply with AML/CFT requirements and to perform fraud detection were already identified in the 2017 report, they have been more widely deployed since then to facilitate investigations into sanctions evasion, to identify misuse of legal persons and legal arrangements, to uncover trade fraud and trade-based money laundering, and to detect tax evasion, fraud/scams, and money mules.”[15] The report discusses some enhanced benefits of generative AI, and our discussion today may show why agentic AI can even go a step further. Similarly, a recent consultation report published by the International Organization of Securities Commissions (IOSCO) on AI in capital markets reports from a survey of IOSCO members and self-regulatory organizations that market participants are not only using AI “to enhance the effectiveness of AML and CFT measures,” but in addition to other compliance uses, specifically using AI for cybersecurity, including “for vulnerability, threat, phishing, and anomaly detection; for automated response and authentication; in risk management and compliance surveillance activities; and to assist with the detection and prevention of frauds and scams.”[16] On the regulators’ side, there are also opportunities to use AI to enhance our ability to carry out our missions. The FSB Report notes that “Supervisory authorities’ use of SupTech has increased, with 59% of authorities surveyed using various applications in 2023, a 5- percentage point increase from 2022.”[17] With the data that it collects and its responsibilities for market oversight, it is easy to imagine how the CFTC could start to explore how SupTech could facilitate the agency in advancing many aspects of its mission. TPRM: Market Risks and Beyond As we hear from a truly impressive group of experts today about how some of these new technologies are being integrated into their organizations, and how at a micro and macro level these innovations may be capable of (and in some cases already have) changing how we operate or interact with different players in our markets, I would ask you to consider not just the big picture of what the technology or the outcome may be but what goes into making that happen. And in many cases, we will see that critical third-party vendors are an integral part of that – in some cases, the technology itself will come from a vendor, and in others, it may be an important input, such as data centers or cloud storage. It is important to highlight a number of potential risks that may relate to third-party risk management, such as concentration risk among a limited number of providers.[18] As I have discussed previously, MRAC has been at the forefront of the Commission’s efforts to address the importance of cyber resilience for market participants, central counterparties and the broader market and economy. In March 2023, MRAC held a “first-of-its-kind” public meeting to discuss the cybersecurity event at ION Cleared Derivatives that led to a ripple effect across our markets. This was the first chance for experts across our industry to come together to evaluate the event as well as begin to map out next steps to ensure cyber preparedness among market participants, service providers, and other sources that have the potential to impact our markets. After the March 2023 meeting, both the Commission and the MRAC got to work on addressing the cyber resilience of market participants. The Commission developed a proposed rule that would implement an operational resilience framework for futures commission merchants, swap dealers, and major swap participants, but did not focus on similar cyber risk in other areas, such as DCOs. The CCP Risk & Governance Committee took up the mantel where the Commission left off and developed recommendations that highlight the importance of cyber resilience in DCOs and the need for a more robust regulatory framework. These recommendations, which the MRAC voted to advance to the Commission, would expand upon the existing framework and require DCOs establish, implement and maintain a third-party relationship management program. CFTC Rule 39.18, establishing system safeguard standards for DCOs, addresses outsourcing but does not expressly discuss third-party relationships; the CCP Risk and Governance recommendations would build upon the framework of Rule 39.18 by adding a third-party risk management program to (b)(2). The proposed language notes that “[a] robust TPRM program should identify, assess, mitigate and monitor the full scope of risks that the use of third party arrangements through implementation” at a minimum of certain enumerated principes, including, among other things, written policies and procedures that over the entire lifecycle of the third-party relationship, personnel with expertise to monitor the third-party service provider, onboarding and diligence before onboarding and exit strategies and alternatives before termination, risk-based monitoring, and more.[19] The recommendations build upon the principle-based approach of the Core Principles as well as lessons learned and best practices from voices across the industry as well as international standard setting bodies. As noted in the report “These principles are intended to reflect lessons learned from industry efforts and best practices in derivatives, the guidance notes in Form DCO, the NFA interpretive guidance, lessons learned from the wider context of third-party relationship management, as well as the principles enunciated in the PFMIs. Incorporating these principles in Commission regulations would enable the Commission to update its regulatory framework with respect to critical third party service providers and to bring its regulations in line with internationally accepted standards, while maintaining a principles based approach to regulation.”[20] Cyber resilience is a critical gateway issue for protecting market integrity. At the risk of sounding like a broken record, I urge everyone to be thoughtful about these issues and what steps we can take to strengthen market participants and our broader derivatives and global financial markets. Effectively combatting cyber threats will require a coordinated effort among regulators and industry, and I believe there is a lot we can accomplish across a number of different areas, ranging from considering best practices for governance and effective risk management to leveraging technology through SupTech or RegTech innovations. Conclusion Reunion Tower stands tall and strong in Dallas largely because it is built on a solid foundation. As we think about integrating innovative technologies into our markets and as we focus on cyber resilience and third-party risk management, as well as the benefits and threats of AI-enhanced cybersecurity, I look forward to collaborating with different regulators, industry experts, and academics at roundtables and events like this one to continue to study these issues. My hope is that we can continue to advance a shared understanding of the risks and opportunities to develop best practices or to use these technologies to monitor and fight back against cyber threats.
[10] See, e.g., U.S. Dep’t of the Treasury, Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector (Mar. 2024), https://home.treasury.gov/system/files/136/Managing-Artificial-Intelligence-Specific-Cybersecurity-Risks-In-The-Financial-Services-Sector.pdf (Treasury Report); Financial Stability Oversight Council, Annual Report (Dec. 6, 2024), https://home.treasury.gov/system/files/261/FSOC2024AnnualReport.pdf (FSOC Report); Financial Stability Board, The Financial Stability Implications of Artificial Intelligence (Nov. 14, 2024), https://www.fsb.org/uploads/P14112024.pdf (FSB Report).
[12] FSOC Report at 86 (citation omitted).
[15] FSB Report at 12 (citation omitted).
[17] FSB Report at 13 (citing Cambridge Centre for Alternative Finance (2023), Cambridge SupTech Lab: State of SupTech Report 2023).
~ Full-Year 2025 Adjusted Net Income Guidance Increased to $195 Million to $205 Million ~
LA JOLLA, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar” or the “Company”) today announced the successful completion of certain reinsurance programs incepting June 1, 2025, and increased the Company’s full year 2025 adjusted net income guidance.
The Company has procured approximately $455 million of incremental limit to support the growth of its Earthquake franchise. Palomar’s reinsurance coverage now extends to $3.53 billion for earthquake events and $100 million for continental United States hurricane events.
Palomar’s per occurrence event retention is $11 million for hurricane events, reduced from $15.5 million the previous treaty year, and $20 million for earthquake events, levels that continue to be meaningfully within management’s previously stated guideposts of less than one quarter’s adjusted net income and less than 5% of stockholders’ equity.
The reinsurance program continues to provide ample capacity for the Company’s growth in the subject business lines as well as coverage to a level exceeding Palomar’s 1:250-year peak zone Probable Maximum Loss. Of note, $525 million of the $3.53 billion earthquake limit was sourced through Palomar’s sixth and largest Torrey Pines Re catastrophe bond issuance, which exceeded management’s $425 million target and priced at the lower end of the indicated range.
Effective June 1st, Palomar also executed the first standalone excess of loss (‘XOL’) treaty covering the Hawaii hurricane policies issued by Laulima Exchange. This business was previously covered through Palomar’s core reinsurance tower, which now consists of over 95% earthquake-only coverage as a result of this change. Laulima’s XOL reinsurance program consists of per occurrence coverage up to $735 million with a retention of $1.5 million.
“We are very pleased with the outcome of our June 1 excess of loss placement and remain grateful for the continued support of our broad and diverse reinsurance panel,” commented Mac Armstrong, Palomar’s Chairman and Chief Executive Officer. “Beyond the risk adjusted rate decrease of approximately 10%, this renewal saw Palomar procure incremental earthquake limit to support our growth, maintain our earthquake event retention despite significant year-over-year exposure growth, reduce our wind event retention to $11 million, upsize our Torrey Pines Re catastrophe bond and successfully execute our first standalone Laulima excess of loss treaty. Importantly these initiatives were consummated at attractive prices that should enhance our earnings prospects for the remainder of 2025 and the first half of 2026. As a result, we are raising our full-year 2025 adjusted net income guidance range to $195 million to $205 million from the previously indicated range of $186 million to $200 million.”
Other highlights of the Company’s reinsurance program include:
$1.15 billion of multi-year ILS capacity providing diversifying collateralized reinsurance capital;
A reinsurance panel of over 100 reinsurers and ILS investors, including multiple new reinsurers, all of which have an “A-” (Excellent) or better financial strength rating from A.M. Best and/or S&P (Standard & Poor’s) or are fully collateralized;
Prepaid reinstatements for substantially all layers that include a reinstatement provision, thereby limiting the pre-tax net loss to $11 million for hurricane events and $20 million for earthquake events, with modest additional reinsurance premium due.
Palomar’s Chief Risk Officer, Jon Knutzen, added, “We are grateful for the strong and diversified support we received from the reinsurance market. The continued confidence from both incumbent and new partners is a testament to the strength of our portfolio and the disciplined execution of our risk transfer strategy. The June 1 placement further enhances the stability and predictability of our results, positioning us to deliver increased value to our shareholders over the long term. We appreciate the collaboration and partnership that made this successful outcome possible.”
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best. To learn more, visit PLMR.com.
Follow Palomar on LinkedIn: @PLMRInsurance
Safe Harbor Statement Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact Media Inquiries Lindsay Conner 1-551-206-6217 lconner@plmr.com
Support continues to grow for President Donald J. Trump’s One, Big, Beautiful Bill — a generational opportunity to secure historic tax cuts, deficit reduction, border security, and more.
READ: The National Fraternal Order of Police endorses the One, Big, Beautiful Bill
In recent days:
The National Fraternal Order of Police — the nation’s largest organization of law enforcement —announcedtheir support, highlighting the bill’s strong pro-labor provisions: “The ‘One Big Beautiful Bill Act’ is more than legislation—it is a promise kept to the public safety officers across the country and a bold step toward an economy that respects, rewards, and uplifts the people who keep it safe … We appreciate that President Trump is always fighting for our nation’s law enforcement officers.”
Secretary of Transportation Sean Duffyurgedthe Senate to quickly pass the bill and fund the long overdue modernization of America’s air traffic control systems: “We have an antiquated and old air traffic control system, anywhere from 25 to 35, 40 years old in some places. It is in desperate need of a brand-new build. We need Congress to act.”
National Federation of Independent Business SVP Jeff Brabantpraisedthe legislation’s commitment to economic prosperity: “This is one of the more pro-small business pieces of legislation, in my opinion, in recent history. Hopefully this thing becomes law.”
Scores of other organizations have declared their support for the One, Big, Beautiful Bill:
Association of Equipment Manufacturers SVP of Government and Industry Relations Kip Eideberg: “Equipment manufacturers applaud the House of Representatives for passing the One Big Beautiful Bill Act, which will supercharge job creation and investment in domestic manufacturing. The bill’s critical tax proposals – including protecting the corporate tax rate, reinstating immediate R&D expensing, and increasing the pass-through deduction – will strengthen the U.S. equipment manufacturing industry and bolster our global competitiveness. We urge the Senate to keep these pro-manufacturing provisions and act swiftly to pass this historic legislation.”
National Restaurant Association President and CEO Michelle Korsmo: “This legislation is a major victory for restaurant owners, employees, and the communities they serve. It incorporates key tax provisions vital for industry growth, such as the 199A qualified business income deduction, full expensing of capital investments, and the reinstatement of depreciation and amortization in calculating business interest expenses. These measures are crucial for helping businesses have the working capital they need to cover payroll, manage rising supply costs, and stay competitive. The inclusion of the No Tax on Tips and No Tax on Overtime provisions recognizes the value of our dedicated workforce. More than two million tipped servers and bartenders stand to benefit, while the overtime measure rewards the commitment of over 13 million hourly team members across the sector. Tax policy can determine the survival of small businesses, especially restaurants, where pre-tax margins are often just 3–5%. The inclusion of so many supportive policies was made possible by the unified efforts of our National and State Association members, including the restaurant owners, industry advocates, and employees who shared compelling stories with House members about the positive effect these changes will have on businesses and local economies. We’re grateful for the strong policy provisions and look forward to collaborating with the Senate as the process moves forward.”
International Foodservice Distributors Association SVP of Government and Public Affairs Mala Parker: “IFDA applauds House passage of the One Big Beautiful Bill Act, which includes tax policy essential for the foodservice distribution industry, almost 90 percent of which are family-owned businesses. Increasing and making permanent the 199A pass-through deduction and estate tax exemption will provide certainty and encourage growth for the industry that makes meals away from home possible. We urge the Senate to maintain these provisions as the bill works its way through the legislative process.”
Independent Insurance Agents and Brokers of America SVP Nathan Riedel: “The House took a very big and positive step to bring economic certainty to thousands of small business owners and the consumers they represent. We urge the Senate to do its work to move this legislation forward.”
American Farm Bureau Federation President Zippy Duvall: “Farm Bureau applauds the House passage of H.R.1, which modernizes farm bill programs and extends and improves critical tax provisions that benefit America’s small farmers and ranchers. Updated reference prices will provide more certainty for farmers struggling through tough economic times. Making business tax deductions permanent and continuing current estate tax exemptions will ensure thousands of families will be able to pass their farms to the next generation. We urge the Senate to work together and swiftly pass legislation to deliver much-needed relief to America’s farm and ranch families.”
U.S. Chamber of Commerce Executive Vice President Neil Bradley: “The House sent a clear message today—American workers and businesses want and need permanent tax relief. A competitive, pro-growth tax code doesn’t just grow the overall U.S. economy, it raises wages for workers and improves the lives of Americans. The legislation passed out of the House this morning contains critical measures that support main street businesses, enhance America’s global competitiveness, and bolster sustained economic growth. The Chamber commends Speaker Johnson for his leadership and commitment to ensuring the permanence of President Trump’s pro-growth tax reforms, and applauds the lawmakers involved in driving this effort forward. We encourage the Senate to continue to move the legislative process forward to deliver lasting benefits for American workers and businesses.”
Airlines for America: “A4A commends the House for passing the One Big Beautiful Bill Act which includes a critical investment of $12.5 billion for modernizing the Federal Aviation Administration’s air traffic facilities, systems and infrastructure. ATC staffing shortages and antiquated equipment, such as copper wires, floppy disks and paper strips, have been a serious concern for years—we are past time to make meaningful change and ensure that the United States has a world-class aviation system. This funding is a vital down payment on updating the system that guides 27,000 flights, 2.7 million passengers and 61,000 tons of cargo every day. The legislation also makes smart, strategic investments in Customs and Border Protection personnel and training for the aviation workforce of tomorrow while supporting American energy dominance in aviation fuel production. We encourage the Senate to move swiftly to pass this bill and send it to the President.”
National Cattlemen’s Beef Association President Buck Wehrbein: “Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation, and pass tax relief that protects family farms and ranches for future generations. Thankfully, this reconciliation bill includes all these key priorities. NCBA was proud to help pass this bill in the House and we will continue pushing for these key policies until the bill is signed into law.”
Uber CEO Dara Khosrowshahi: “Big news from DC—the House just passed President Trump’s tax bill, bringing No Tax On Tips one step closer to the finish line. While it still needs to clear the Senate, this is a big win for hardworking @Uber drivers and couriers across the country 👏”
Job Creators Network CEO Alfredo Ortiz: “Congratulations to President Trump and Speaker Johnson for passing their reconciliation bill in the House. This bill offers historic tax cuts for small businesses and ordinary Americans. By making the Tax Cuts and Jobs Act permanent and expanding key provisions, such as the small business tax deduction, which Job Creators Network was the loudest voice for, this bill offers significant tax relief for decades to come. It will allow small businesses, the backbone of the American economy, to expand, hire, raise wages, and reinvest in their communities, ushering in a new economic Golden Age. On behalf of all small businesses, JCN thanks President Trump and Speaker Johnson for their leadership in passing this bill, which the media said couldn’t be done on this aggressive timeline. Now it’s time for the Senate to follow suit and pass similar legislation, which includes the House’s key small business tax cuts, as soon as possible.”
National Association of Manufacturers President and CEO Jay Timmons: “Today’s House passage of this historic legislation marks a major victory for manufacturers across America. This pro-growth legislation preserves crucial tax policies that will enable manufacturers to create jobs, invest in their communities, grow here at home and compete globally. In short, this is a manufacturers’ bill … This is a pivotal moment. It’s time to double down on policies that encourage manufacturers to invest and create jobs in America and keep our industry strong and our nation competitive on the world stage—because when manufacturing wins, America wins.”
Business Roundtable President and COO Kristen Silverberg: “Under Speaker Johnson’s leadership, the House has achieved a major milestone toward extending and strengthening President Trump’s historic tax reform. Business Roundtable commends the House on taking a giant step forward to protect and boost the economic benefits that tax reform delivered for American businesses, workers and families. By maintaining a competitive corporate tax rate and enhancing essential domestic and international tax provisions, the House budget reconciliation bill will help fuel U.S. investment, innovation and economic growth. As the Senate prepares to act, we stand ready to continue working with Congress and the Administration to pass the most competitive, pro-growth tax package possible.”
American Petroleum Institute President and CEO Mike Sommers: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act to help restore American energy dominance. By preserving competitive tax policies, beginning to reverse the ‘methane fee,’ opening lease sales and advancing important progress on permitting, this historic legislation is a win for our nation’s energy future. We look forward to working with the Senate to strengthen pro-investment provisions and keep America at the forefront of energy innovation.”
National Association of Wholesaler-Distributors CEO Eric Hoplin: “We applaud the House of Representatives for passing the One Big Beautiful Bill Act and extend our sincere thanks to Speaker Mike Johnson, Chairman Jason Smith, the Ways and Means Committee, and House leadership for championing this pro-business, pro-worker legislation. This is a win for the people who roll up their sleeves every day to power our economy, entrepreneurs who build businesses from the ground up, and the workers who keep them running. We urge the Senate to act swiftly and send this bill to the President’s desk so America’s job creators and workers can keep driving our economy forward. The bill makes the 199A deduction permanent and expands it to 23%, helping millions of small businesses, including most wholesaler-distributors. It raises the death tax exemption, protecting family-owned businesses, and restores vital incentives that encourage investment, innovation, and long-term economic growth.”
Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “H.R. 1 delivers a big, beautiful boost to U.S. entrepreneurship and small businesses. SBE Council applauds U.S. House passage of this critically important legislation. In addition to permanent tax relief and incentives that will help entrepreneurs and small business owners grow their firms, level up their businesses, and support their employees, various measures in the legislation correctly right-fit various federal programs and functions that have gone awry and consequently have undermined fiscal accountability and the private sector. Time is of the essence in getting the One Big Beautiful Bill to President Trump’s desk, and we urge the U.S. Senate to move post haste on the work that must be done to deliver the big benefits of the package to small business owners, all taxpayers, and the U.S. economy.”
National Business Aviation Association President and CEO Ed Bolen: “We commend the House for recognizing the importance of improving ATC infrastructure and strengthening the controller workforce to enhance safety and efficiency in the National Airspace System. Business aviation’s ability to serve citizens, companies and communities is only possible because the U.S. leads the world in aviation … As the House reconciliation bill moves to the Senate for consideration, we look forward to working with lawmakers on both sides of the aisle to advance these forward-looking provisions that bolster an essential industry, support countless workers and promote American competitiveness.”
America’s Credit Unions President and CEO Jim Nussle: “Thank you to the U.S. House of Representatives for securing credit unions’ not-for-profit tax status as part of H.R. 1 and recognizing the industry’s importance to strong Main Streets across the country. More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation’s economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation.”
National Taxpayers Union Executive Vice President Brandon Arnold: “The bill passed by the House contains growth-focused tax relief and some important first steps toward long-needed spending restraint. The Senate now has a strong package that it can build upon and further improve.”
National Association of REALTORS Executive Vice President Shannon McGahn: “We appreciate House leaders for taking this important step with this tax reform bill, which supports hardworking families and strengthens the real estate economy. With lower tax rates, SALT relief, and new incentives for small businesses and community development, this proposal brings real benefits to everyday Americans.”
National Electrical Contractors Association CEO David Long: “These provisions recognize the real-world needs of the electrical construction industry. Whether it’s power generation, grid modernization, cutting-edge data center projects, or clean energy installations, electrical contractors are at the forefront of America’s infrastructure evolution. This legislation gives our contractors the certainty they need to plan, invest, and grow.”
American Hotel & Lodging Association President and CEO Rosanna Maietta: “This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America’s hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump’s desk.”
National Pork Producers Council President Duane Stateler: “America’s pork producers are one step closer to more certainty with the House’s reconciliation bill passage, which includes necessary legislation to keep farms afloat during uncertain times.”
Associated Equipment Distributors President and CEO Brian P. McGuire: “AED commends House Speaker Mike Johnson and his leadership team for securing House passage of the budget reconciliation bill. This legislation delivers pro-growth tax policies, streamlines energy project approvals and strengthens surface transportation infrastructure investments. We look forward to working with the Senate to ensure final passage of this comprehensive package.”
American Federation for Children CEO Tommy Schultz: “We are grateful for the efforts of Speaker Johnson and Congressional leaders in both chambers who have stood up so far to ensure that President Trump’s goal of school choice for every family in every state becomes a reality. American parents deserve nothing less, and we will continue working to get school choice across the finish line as the Senate can deliver on a historic national school choice tax credit. Bringing school choice to every state will be a legacy item for the lawmakers who stand boldly behind parents. We will continue to stand with them to achieve this goal.”
National Federation of Independent Business SVP for Advocacy Adam Temple: “The One Big Beautiful Bill Act includes the most important thing Congress can do to help small businesses and their workers – increasing and making the Small Business Deduction permanent. The bill also provides a tax cut for small business owners through lower individual rates, encourages new capital investments, and helps small business owners provide greater health care benefits to their employees. Members of Congress have a historic opportunity to provide over 33 million small business owners with permanent tax relief and NFIB strongly encourages them to do so.”
Growth Energy CEO Emily Skor: “We’re grateful to our champions on Capitol Hill who have worked hard to preserve and extend rural priorities, like the 45Z clean fuel production tax credit. This budget reconciliation package would give farmers and ethanol producers the freedom and flexibility to deliver for the American people. It ultimately delivers on the President’s agenda—it’s good for rural communities, good for innovation, good for investment, and good for American energy dominance.”
Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “On behalf of our network of grassroots activists and small business owners nationwide, AFP congratulates Speaker Johnson, Majority Leader Scalise, Whip Emmer, and all the committee chairs for shepherding this legislation through the U.S. House of Representatives. Thanks to the efforts of policy champions across the House GOP conference, we are one step closer to giving Americans the pro-growth tax policy they voted for in November. Beyond cementing the foundation for a post-Biden economic recovery, we are poised to embrace an all-of-the-above approach to U.S. energy production, and finally secure our southern border.”
National Foreign Trade Council Vice President for International Tax Policy Anne Gordon: “We would like to once again thank Chairman Smith and the Ways & Means Committee and staff for their tireless work on this bill and Speaker Johnson and the leadership team for their efforts to bring critical U.S. tax legislation one step closer to becoming a reality. We congratulate the House on passing the One, Big, Beautiful Bill and urge the Senate to take up work on it as quickly as possible.”
American Land Title Association CEO Diane Tomb: “We commend the House for passing legislation that recognizes the needs of American small businesses, including the thousands of title and settlement companies ALTA represents. The expanded deduction under Section 199A is a welcome step that supports the long-term health of our small business members and the communities they serve. ALTA is especially pleased to see the preservation of Section 1031 like-kind exchanges, which play a vital role in fueling real estate investment, promoting property improvements and driving local economic growth. Provisions supporting homeownership, including those related to mortgage interest and capital gains exclusions, help provide certainty for buyers, sellers and lenders alike—strengthening the entire housing ecosystem. We urge the Senate to build on this momentum and protect the real estate and housing incentives that help Americans build wealth, promote generational stability and drive our economy forward.”
NRA Institute for Legislative Action Executive Director John Commerford: “This morning, the U.S. House of Representatives passed President Trump’s One, Big, Beautiful Bill, which includes the complete removal of suppressors from the National Firearms Act (NFA). This represents a monumental victory for Second Amendment rights, eliminating burdensome regulations on the purchase of critical hearing protection devices. The NRA thanks the House members who supported this bill and urges its swift passage in the U.S. Senate.”
RATE Coalition Executive Director Dan Combs: “Today’s vote is an historic step toward securing a tax code that rewards investment, supports job growth, and puts American workers first. This legislation builds on the success of the Tax Cuts and Jobs Act, preserving the policies that have helped drive wages up, unemployment down, and investment back into the U.S. economy. The House has done its part to move this forward. Now it’s time to keep that momentum going and get this across the finish line.”
Independent Women’s Center for Economic Opportunity Director Patrice Onwuka: “BOOM. Tax cuts, welfare reforms, green spending cuts, and border strengthening. Major credit is due to @SpeakerJohnson for getting @potus @realDonaldTrump #OneBigBeautifulBill through the House. He has proven to be a quiet force for conservatives. Now onto the Senate.”
Missouri Farm Bureau President Garrett Hawkins: “Our organization remains firmly committed to bringing the next generation home to rural Missouri. The legislation as passed contains top-tier Missouri Farm Bureau priorities to do just that, including making permanent several critical tax provisions such as an increased estate tax exemption, increasing access to Section 179 expensing, and ensuring continued use of key tools such as cash accounting, business interest deductions, and expensing for farms and small businesses. Additionally, the bill contains critical updates to the current farm safety net, including a reference price increase under farm bill programs and updates to dairy margin coverage. We are pleased to see several provisions related to promoting affordable, reliable and domestically produced energy and biofuels contained in the legislation. All of these things together, we believe, will help build a stronger and more resilient rural economy for our children and grandchildren to call home.”
Georgia Commissioner of Agriculture Tyler J. Harper: “President Trump’s Big Beautiful Bill is a much-needed win for Georgia Farmers and American Agriculture after four years of failure under President Biden. I am grateful to every Georgia member who voted in favor, and I urge Senators Ossoff and Warnock to put partisan politics aside and support this critical legislation.”
VANCOUVER, British Columbia, May 29, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported its 2025 first quarter performance reflecting continued strength in its core fee-based revenue streams and a one-time provision associated with the transfer of its Digital Banking business.
“This quarter, we finalized activities to support the transition of the digital banking side of our business, including the transfer of some employees to Intellect Design,” said Sheila Vokey, President & CEO of Central 1. “We are focused on our role to deliver reliable payments through a centralized platform of new APIs, core investments and financial products through our treasury team, and as a connector to critical financial services partners and major banking hosts in Canada. Central 1 remains focused on delivering long-term value through ongoing innovation and operational stability.”
First quarter 2025 compared with the first quarter 2024:
Net loss, inclusive of provision related to digital banking, was $24.0 million, compared with net income of $28.9 million.
Adjusted net income of $1.7 million, compared with $28.9 million.
Net interest income was $17.4 million, compared with $14.5 million.
Net fair value losses were $7.4 million, compared with net fair value gains of $34.5 million.
Return on average equity (ROE)1,2 of (2.3)%, compared with 3.8%.
Adjusted ROE1,2 of 0.8%, compared with 3.8%.
Adjusted net income in the current quarter excludes a provision of $35.1 million (pre-tax).
Core Business Performance:
Digital Banking In January 2025, Central 1 announced the transfer of digital banking operations to Intellect Design Arena Ltd. (Intellect), and the transaction closed February 28, 2025. Also during the quarter, Central 1 recognized a provision of $35.1 million related to the asset transfer and Central 1’s obligation to provide on-going access to its digital banking infrastructure to Intellect. Central 1 continues to work with Intellect and our clients to support clients’ transition to alternative digital banking providers within a three-to-four-year timeline.
Treasury Treasury reported net income was $5.4 million for the quarter, reflecting the impact of challenging market conditions, including a broad-based widening of credit spreads and a shift in market sentiment. Widening credit spreads in response to the threat of higher tariffs resulted in unrealized losses on Treasury’s fixed income portfolio of $7.4 million. While these external factors influenced performance compared to the $34.6 million reported in the first quarter of the prior year, results were supported by an increase in net interest income, underscoring the strength and resilience of the core business operations.
Payments Payments reported a net loss of $1.7 million for the quarter, compared to net income of $1.9 million in the same period last year. This loss reflects strategic investments to accelerate long-term growth, including the ongoing development of enhanced payment capabilities for both new and existing clients. As part of this forward-looking approach, non-interest expenses increased by $5.6 million year-over-year. Total revenue remained consistent with the prior year, highlighting a stable foundation as the division positions itself for future expansion.
In February, Central 1 welcomed a new Chief Payments Officer, Barclay Hancock, who draws on his significant experience in payments across business and financial services to lead the business line as we continue to deliver reliable payments services through our centralized, modular platform of APIs. Central 1 continues to add API availability, including API access to our existing connections with all the major banking hosts in Canada — delivering payments transactions and banking host data for clients regardless of the digital banking provider they use.
Central 1’s first quarter Management’s Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1’s SEDAR profile at www.sedarplus.com and are also available at www.central1.com/investor-relations.
Notes 1.This is anon-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section oftheMD&A for more information.
2.When calculating the annualized return on average assets and annualized return on average equity, the onerous contract provision was treated as a non-recurring item and therefore was not annualized.
About Central 1 Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $10.8 billion as of March 31, 2025, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
Caution Regarding Forward Looking Statements This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Central 1 is subject to risks associated with evolving U.S. trade and tariff policies, inflationary pressures, interest rate volatility, and potential regulatory changes under the current U.S. administration. Shifts in tariff structures or global trade conditions may adversely affect our cost structure and overall operating environment. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contacts
Media: Heather Merry Senior Manager, Communications Central 1 Credit Union T 1.800.661.6813 ext. 2355 Ecommunications@central1.com
Investors: Brent Clode Chief Investment Officer Central 1 Credit Union T 905.282.8588 or 1.800.661.6813 ext. 8588 Ebclode@central1.com
New York, May 29, 2025 (GLOBE NEWSWIRE) — Color Star Technology Co., Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), a global entertainment technology company specializing in the integration of artificial intelligence and technology in the entertainment industry, today announced a significant milestone in the company’s new cryptocurrency mining business.
The Company has deployed 10,000 Bitmain Antminer T21 rigs at the facility in Kazakhstan, positioning Color Star as a significant emerging player in the global Bitcoin mining landscape. During its first month of operation in April, the cryptocurrency mining farm generated approximately 29 Bitcoins (BTC).
Color Star will continue to monitor the performance of its mining operations and the broader cryptocurrency market to determine its strategic decisions. The Company remains committed to maximizing returns on investment and delivering long-term value to its shareholders through operational efficiency and technological advancement.
About Color Star Technology Co., Ltd. Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. The Company has also commenced operations in its new cryptocurrency mining business. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com.
Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.
Contact Color Star Investor Relations Office Number No. 1003, 9th Floor, 7 World Trade Center, Suite 4621 New York NY 10007 Office: (212) 410-5186 Email ir@colorstarinternational.com
Beijing, May 29, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced that it will implement the consolidation (the “Consolidation”) of the ordinary shares of the Company (the “Shares”) on the basis of 50 pre-Consolidation Shares for every one (1) post-Consolidation Share. The Company’s ordinary shares will begin trading on a post-Consolidation basis at market open on June 3, 2025.
The Consolidation reduces the number of the Company’s total issued and outstanding Class A ordinary shares from 98,713,955 Class A ordinary shares with a par value of US$0.001 each to approximately 1,974,279 Class A ordinary shares with a par value of US$0.05 each. The Company’s total issued and outstanding Class B ordinary shares will be reduced from 2,100,000 Class B ordinary shares with a par value of US$0.001 each to approximately 42,000 Class B ordinary shares with a par value of US$0.05 each.
No fractional shares will be issued to any shareholders in connection with the Consolidation, and any fractional shares which would have resulted from the Consolidation will be rounded down to the next whole number and the Company will make a cash payment (without interest) to all the holders of Class A Ordinary Shares and Class B Ordinary Shares equal to such fraction multiplied by the average of the closing sales prices of the ordinary shares on Nasdaq during regular trading hours for the five consecutive trading days immediately preceding the expected first trading day of the Consolidation (with such average closing sales prices being adjusted to give effect to the Consolidation) subject to a de minimums. The Consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s ordinary shares, except for adjustments that may result from the treatment of fractional shares.
Trading in the Class A ordinary shares will continue on the Nasdaq Capital Market, under the same symbol “AGMH” but under a new CUSIP Number, G0132V121.
Registered shareholders who hold physical Share certificates will receive a letter of transmittal requesting that they forward pre-Consolidation Share certificates to the Company’s transfer agent, VStock Transfer, LLC in exchange for new Share certificates representing Shares on a post-Consolidation basis. Shareholders who hold their Shares through a broker or other intermediary and do not have Shares registered in their own name will not be required to complete a letter of transmittal.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)
Today, Congresswoman Suzan DelBene (WA-01) highlighted the harm of President Trump’s ongoing tariff chaos at the Port of Seattle with Washington workers, businesses, and health care providers.
Tariffs are a tax on imported goods paid by American businesses and often passed along to American consumers. Since taking office, Trump has put sweeping tariffs in place against some of our closest allies and trading partners with no clear plan. In other instances, he has threatened to do so and pulled back at the last minute. This instability is extremely harmful to businesses and their customers as they cannot adequately plan for the future. This leads to more expensive business inputs, supply chain disruptions, and fewer markets available to sell goods into.
Tariffs hit Washington especially hard because the state is trade-dependent: 4-in-10 Washington jobs are tied to trade. Slowdowns at the Port of Seattle and other ports of entry can mean less work for longshoremen, truckers, and other shipping jobs, and fewer goods on shelves.
“Washington is a very trade-dependent state, and the president’s tariff chaos is hurting businesses, threatening jobs, and raising prices on families. Trump has no clear plan for his trade war, and damage is being done. As a former businesswoman, I know firsthand that businesses need stability to plan and grow,” said DelBene. “Congress must reassert its constitutional authority over trade by making clear any president must get a vote before putting in place sweeping tariffs.”
At the event, DelBene was joined by representatives from the Northwest Seaport Alliance, Port of Seattle, International Longshore and Warehouse Union (ILWU), Washington Hospital Association, Overlake Medical Center, and SOGDA, a Washington-based seafood wholesaler.
“International trade and supply chains rely on predictable, consistent policy. We remain concerned about the market disruptions, cargo fluctuations, and lost business caused by the initial tariff implantation as well as the continued lack of clarity. We are deeply grateful to have Congresswoman DelBene advocating for trade policy that helps Washington businesses grow and prosper,” said Northwest Seaport Alliance and Port of Seattle Commissioner Sam Cho.
“At the Northwest Seaport Alliance, we take pride in being a top export gateway for American agricultural goods and manufacturers. Trade wars often hit our exporters hardest, and we are closely tracking the impacts to Northwest producers. We hope our policymakers can continue working towards an outcome that lowers trade barriers and unnecessary tariffs. We thank Congresswoman DelBene for her steadfast commitment to these issues,” said Northwest Seaport Alliance and Port of Tacoma Commissioner Deanna Keller.
“We have seen a slowdown in cargo operations in Seattle and the Pacific Northwest. We longshoremen need stability in long-term decisions from Washington, DC. These are 20- and 30-year decisions for international shipping companies that are being disrupted by daily changes currently. We look forward to jobs for longshoremen, trucking companies, warehouse workers, and farmers,” said ILWU President Mark Elverston.
DelBene has introduced several pieces of legislation that would ensure any president must come to Congress for a vote before any sweeping tariffs could be put in place. Republicans in Congress have hidden from votes on repealing Trump’s tariffs and voted against DelBene offering them as amendments to legislation. Two federal courts have now ruled that Trump’s tariffs are illegal but the administration has vowed to appeal.
Alberta’s strength lies in its people, and in the families that call this province home. But for many parents, especially single parents, meeting the demands of raising children and earning an income can be a significant challenge.
Through Budget 2025, Alberta’s government is committing $5.3 million to support programs that help parents find the stable, reliable work they need to ensure Alberta remains the best place to live, work, and raise a family.
“Parents across the province are raising Alberta’s future, and it’s our responsibility to support them in return. Helping parents find stable employment empowers families, strengthens communities and lays the foundation for long-term prosperity. Through this investment, our government is helping connect parents with the tools they need to pursue meaningful work and support their families.”
This investment is increasing employment supports for parents by more than $1 million year-over-year. As Alberta’s government builds toward a stronger future, it’s investing in practical solutions that help parents enter or return to the workforce.
“The Alberta advantage starts with giving everyone an opportunity to pursue meaningful employment. Better access to training and employment services means more parents having the means to put food on their table, raising healthy families who are proud to call Alberta home.”
Of the total $5.3-million commitment, $4.2 million is being invested in Lifemark Health Group’s Empower program, which connects single mothers in Edmonton and Calgary with employment and education opportunities. This program is available at no cost and each participant receives a customized plan to help them meet their goals. The remaining $1.1 million is supporting the Career Advancement and Resources for Employment Success (CARES) program, which provides employment supports to underemployed and unemployed parents in the Edmonton area.
Both programs provide participants with access to career and life skills workshops, employment certifications, volunteer and job placement opportunities, and access to wrap-around services like mental health supports.
“Lifemark is proud to partner with the Government of Alberta to deliver innovative employment programs. By empowering unemployed and underemployed parents with life-changing skills and opportunities to access meaningful employment, we’re helping build brighter futures for their families and stronger, more resilient communities across Alberta.”
Alberta’s government is committed to working with service providers across the province to improve employment supports for all Albertans – ensuring Alberta remains the land of opportunity.
Quick facts
The Empower program offers single mothers career workshops, access to resources such as the Clothing Closet and Community Pantry, learning activities to enhance employability skills, work experience placements and 24 weeks of follow up.
The CARES program integrates employment assistance with support for child care solutions, offering extended hours on evenings and weekends.
Related information
Alberta employment supports
Training and Employment Services
Employment services directory
Related news
Helping young Albertans find jobs (May 26, 2025)
Investing to help Albertans get hired (April 30, 2025)
Defence Minister Rajnath Singh has approved the grant of “Miniratna” status Category-I for Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL) & India Optel Limited (IOL), the Ministry of Defence said in a statement on Thursday.
The move comes amid the Centre’s larger effort to push indigenous defence manufacturing and enhance the autonomy and competitiveness of state-run defence firms. All three companies were carved out of the erstwhile Ordnance Factory Board (OFB) in October 2021 as part of a structural overhaul of the sector.
Singh commended the firms for significantly increasing turnover and indigenisation levels. He termed their evolution from government departments into revenue-generating enterprises as a sign of “mature and self-reliant defence manufacturing”.
Steady Revenue Growth and Export Gains
Munitions India Limited, which manufactures a range of ammunition including small, medium and high-calibre rounds, grenades, mortars and rockets, has seen its provisional revenue rise to ₹8,282 crore in FY 2024–25, up from ₹2,571.6 crore in 2021–22 (second half). Export figures have also surged from ₹22.55 crore to ₹3,081 crore in the same period.
Similarly, Armoured Vehicles Nigam Limited, which produces main battle tanks, infantry combat vehicles, and defence logistics platforms, has recorded a provisional revenue of ₹4,986 crore in FY 2024–25, from ₹2,569.26 crore in 2021–22 (H2). Notably, the company has indigenised engines across all three key combat vehicle platforms — T-72, T-90, and BMP-II.
India Optel Limited, which focuses on opto-electronic and vision systems for land and naval platforms, has also more than doubled its revenue, from ₹562.12 crore in FY 2021–22 (H2) to a provisional ₹1,541.38 crore in FY 2024–25.
Strategic Autonomy and Expansion
The Miniratna status allows these DPSUs greater operational autonomy, including powers to make capital investments up to ₹500 crore or equal to their net worth, without prior government approval. It also enables them to enter joint ventures and forge technology partnerships more independently.
While MIL and AVNL are classified as Schedule ‘A’ companies, IOL is a Schedule ‘B’ firm. All three are under the administrative control of the Department of Defence Production (DDP).
The Defence Ministry said the decision is aimed at accelerating growth in domestic production, boosting exports, and fostering innovation through increased functional autonomy.
