NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: Ōtaki to north of Levin highway project moving forward

    Source: New Zealand Transport Agency

    The NZ Transport Agency Waka Kotahi (NZTA) Board has given the green light for the Ōtaki to north of Levin (Ō2NL) highway to proceed to construction, marking a significant milestone towards a safer, more resilient and efficient transport connection for the fast-growing Horowhenua and Greater Wellington region.

    At its meeting earlier this afternoon, the NZTA Board confirmed additional funding to ensure that the project will progress, including some features from the originally consented concept design.

    NZTA Chief Executive Brett Gliddon says the new Ō2NL highway is a key project for the region, and a priority in the Government Policy Statement on land transport, as part of the Roads of National Significance (RoNS) programme.

    Mr Gliddon says throughout the planning and design process, NZTA has considered value for money options and listened to community feedback.

    As a result of today’s Board decision, the following elements of the project will be reinstated.

    • The new highway connection with Tararua Road in Levin, which will be a grade-separated interchange
    • The southern connection, near Taylors Road, will include a southbound onramp, allowing vehicles travelling south on the current SH1 to join the Peka Peka to Ōtaki expressway north of Ōtaki, and
    • The local road at Manakau Heights will be connected across the new highway via a bridge.

    The Ō2NL project will deliver a more efficient, resilient and safer highway which is firmly focused on enabling future growth and development in one of New Zealand’s fastest growing districts.

    “Now that funding has been confirmed along with the reinstated scope, we look forward to beginning construction later this year. We’re also looking forward to continuing our work with Horowhenua District Council as it progresses work on the Tara-Ika growth area,” says Mr Gliddon. 

    “Working in partnership with Muaūpoko Tribal Authority, local hapū of Ngāti Raukawa te au ki te Tonga and Horowhenua District Council, NZTA recognises Ō2NL is crucial for the development of the area and will become an integral part of the state highway network, adding to the more resilient, safer and more efficient drive north from Wellington. 

    “We understand the importance of the Ō2NL project to the community, and we appreciate the feedback provided during the recent community engagement.” 

    More information, including details on the level of additional funding approved, will be confirmed following the finalisation of contracts for construction of the project later this year.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: NZTA confirms outcome of state highway urban connector speed reviews

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) has announced the outcome of speed limit reviews recently completed on 16 ‘urban connector’ sections of state highway.

    The speed reviews were undertaken on 16 of 38 sections of state highway which were required to automatically reverse to previous higher speed limits under the Setting of Speed Limits Rule 2024, but where NZTA received strong community and stakeholder feedback on a preference to retain the lower speeds.

    Land Transport Rule: Setting of Speed Limits 2024

    After considering all of the safety, technical, cost and consultation information,  including whether the road environment had changed and become more urban since original speed limits were changed in the past few years, NZTA has confirmed that 13 of the 16 sections will retain their lower speeds limits.  

    The majority of these locations are short stretches of state highway heading into or out of small townships, where drivers are already naturally slowing down, and the environment is more suited to the lower speed limit consulted on.  

    In some of these locations considerable population growth has occurred in recent years, and in other areas the road environment has changed, with large numbers of driveways, many public amenities and high pedestrian usage, including at schools and marae nearby.

    In making its decisions, NZTA assessed the findings of a range of factors including a formal Cost Benefit Disclosure Statement (CBDS), safety and technical information, alongside consultation feedback from both stakeholders and the wider public.

    After considering all of the criteria, NZTA has confirmed that speed limits will increase on three of the 16 sections:

    • In Rotorua, speed limits on SH30 and SH30A will be increased to 60km/h, making speed limits more consistent with surrounding roads, reducing driver confusion and the need for frequent speed limit changes over short distances
    • In Turangi, on SH1, the section proposed to have a lower speed limit of 60km/h will be shortened, while the remaining section will reverse to the previous higher speed of 100km/h as required by the Rule.

    These changes will come into effect by 1 July 2025, as required by the Rule.

    The full list of 16 sites and the speed review outcome can be found on the NZTA website:

    Urban connectors new speed reviews outcome

    MIL OSI New Zealand News –

  • MIL-OSI: Unaudited Interim Results

    Source: GlobeNewswire (MIL-OSI)

    19 June 2025

    HARGREAVE HALE AIM VCT PLC
    (the “Company”)

    Unaudited Interim Results

    The Company announces its half-year results for the six months ended 31 March 2025.

    These half-year results will be available on the Company’s website at  https://www.hargreaveaimvcts.co.uk/document-library/.

    In accordance with UK Listing Rule 6.4.1, a copy of this document will also be submitted to the UK Listing Authority via the National Storage Mechanism and will be available for viewing shortly at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Additionally, the interim report can also be found here:  HHV 2025 Interim Report

    Financial highlights

    Net asset value (NAV) per share   NAV total return   Tax free dividends paid in the period   Share price total return   Ongoing charges ratio
    34.48p   -8.19%   2.75   -6.28%   2.45%
    • £3.6m invested in Qualifying Companies in the period.
    • 92.29% invested by VCT tax value in Qualifying Investments at 31 March 2025.
    • Offer for subscription launched on 9 October 2024 to raise up to £20m. At the date of this report 14m Shares have been issued raising gross proceeds of £5.4m.
    • Final dividend of 1.25 pence and special dividend of 1.50 pence per Share paid 14 February 2025.
    • Interim dividend of 0.75 pence and special dividend of 0.50 pence per Share approved by the Board.
    Summary financial data Six months

    ending

    31-Mar-25

    		 Six months

    Ending

    31-Mar-24

    		 Year

    ending
    30 Sept-24
    NAV (£m) 126.75 155.74 148.01
    NAV per Share (p) 34.48 43.64 40.55
    NAV total return (%) -8.19 -2.59 -3.86
    Market capitalisation (£m) 124.25 150.60 142.34
    Share price (p) 33.80 42.20 39.00
    Share price discount to NAV per Share (%) 1.97 3.30 3.82
    Share price 5 year average discount to NAV per Share (%) -5.52 -5.83 -5.79
    Share price total return (%) -6.28 1.63 0.00
    Loss per Share for the period (p) -3.39 -1.22 -1.86
    Dividends paid per Share (p) 2.75 1.50 4.00
    Ongoing charges ratio (%) 2.45 2.45 2.43

    Investment Manager’s report

    Overview

    What would Harold Wilson, who famously quipped that a week was a long time in politics, have made of the extraordinary times we are living through? If JD Vance’s Munich speech signalled that the new administration was unconstrained by red lines, established protocols or strategic alliances, few truly anticipated the confusion and chaos that would follow on ‘Liberation Day’.

    The tumultuous reaction to Trump’s Rose Garden speech reflected the upending of the principles that had underpinned global trade for decades. Uncertainty swept through markets as analysts assessed the implications for the global economy, a task that was made considerably more difficult by the rapidly evolving nature of the proposed tariff regime and, more broadly, US trade policy. With future outcomes very difficult to predict and price in, significant volatility emerged in a huge range of financial assets. In the medium term, there are potentially profound implications for the value of invested capital as companies review their business models and supply chains.

    Spectacular as this has been, the impact on AIM has been relatively muted. Whilst risk assets in the US were overdue a correction, the same was not true of companies listed on AIM. The early part of the financial year was difficult with the 2024 UK Autumn Budget preceded by some unhelpfully stark messaging from the government. GDP, employment reports and PMI surveys all highlighted a notable softening in the UK economy through the second half of the 2024 calendar year. Measures of UK consumer and business confidence dipped, suggesting that households and companies were becoming increasingly cautious. Both the Office for Budget Responsibility and Bank of England reduced their GDP forecasts for 2025.

    Although UK fiscal policy is seen as being negative to growth and positive for inflation, a very significant increase in public spending is expected to support a pick up in UK economic activity in 2025 with the market consensus for GDP growth in 2025 currently +1.0%. While the Bank of England is currently forecasting 3.5% inflation in 2025, significantly above the 2.0% target, the downside risks to the global economy that have subsequently emerged, along with falling energy prices, are expected to reduce CPI to comfortably below 3.0% by early 2026. As a result, the outlook for interest rate cuts has significantly improved with the market now pricing in up to four interest cuts in 2025. For context, the market was expecting just one cut as we entered into 2025.

    You might reasonably expect all of this to heap more selling pressure onto UK equities. Whilst that was the case within the period under review, it is not so more recently. Although the constantly evolving narrative threatens to undermine the current dynamic, as it stands UK equity markets are going through a mini renaissance. As we have previously observed, UK markets are cheap, both in relative and absolute terms. As the US economy falters and the US exceptionalism narrative comes under pressure, investors are starting to look elsewhere. With a high weighting to more defensive companies, an expectation that the UK economy should emerge relatively unscathed from the new tariff regime, stable politics and low valuations, there is clear interest in UK equities from investors rotating away from US equities. This is yet to result in fund inflows to the IA UK Small Cap sector; however, the flow picture has improved. For now, at least, the market’s focus has shifted away from UK fiscal policy to international trade and the impact of tariffs.

    Returning to events within the six months to 31 March 2025, we regrettably report that AIM was again notably weak, with the Deutsche Numis Alternative Market (ex IC) returning -7.51% over the period on a total return basis. This was not specific to AIM, the domestically focused FTSE 250 Index also endured a difficult period as business and financial markets returned a withering assessment of the 2024 Autumn Budget. Ultimately, pressure on UK government borrowing costs forced the Chancellor to announce spending cuts in her 2025 Spring Statement. More will need to be done and we expect the government to come forward with new initiatives to promote growth, contain spending and/or increase taxes. It will be a difficult balancing act.

    Performance 

    In the six months to 31 March 2025 the unaudited NAV per Share decreased from 40.55 pence to 34.48 pence. A final dividend for FY24 of 1.25 pence and a special dividend of 1.50 pence were paid on 14 February 2025, giving a NAV total return to Shareholders of -3.32 pence per Share, which translates to a loss of -8.19%.

    The Qualifying Investments made a net contribution of -2.70 pence per Share whilst the Non-Qualifying Investments returned -0.25 pence per Share. The contribution to net asset performance is split out in further detail below.

    Qualifying Investments 

    Positive Contributors 

    In November 2024, Aquis Exchange (+95.8%, +£1.71m) received a takeover offer from its larger Swiss peer SIX Exchange at 727p, equivalent to an enterprise value of £194m. The offer price, which was at a 120% premium to the previous closing price and slightly above the 2021 share price high, resulted in an exit multiple of 4.7x book cost. The deal was approved by Aquis shareholders on 18 December 2024 and is expected to complete in July 2025.

    Shares in Cohort (+26.1%, +£1.12m) continued to perform strongly as European nations announced plans to significantly boost defence spending. The UK government announced plans to increase spending to 2.5% of GDP by 2027, an additional spend of £13.4bn p.a. from current levels. The company announced its subsidiary MASS Consultants received a two-year extension to its Joint Command and Staff Training contract for UK Strategic Command worth over £17.5m. Cohort also completed the acquisition of Australian-based satellite communications company EM Solutions.

    Oberon Investment Group (+43.3%, +£0.49m) raised a further £2.5m in February 2025, providing additional investment to accelerate growth across corporate broking, wealth management and fund management. We used the opportunity to increase our investment in the company. H1 2025 results showed revenue growth of 78% to £4.8m, coupled with a reduction in EBITDA losses. Current trading remains positive with like for like revenue growth of over 30% expected for FY25 (March YE).

    Ilika (+56.5%, +£0.48m) continued to make technical progress with Goliath, its solid state battery technology for electric vehicles (EV). In partnership with the UK Battery Industrialisation Centre, the company built a prototype battery using industrial equipment and processes, demonstrating the scalability of key steps in the manufacturing process. Goliath has achieved energy density parity with current lithium-ion cells, successfully reached its D6 milestone of testing 10Ah cells, and expects to achieve minimum viable product for EV applications within 2026. The company also successfully completed the transfer of its Stereax micro-battery production to US-based partner Cirtec Medical and expects this partnership to generate revenues in H2 2025.

    Intelligent Ultrasound (+30.0%, +£0.41m) received a takeover offer from Swedish medical simulation company Surgical Science at 13p in December 2024. The transaction valued Intelligent Ultrasound at an enterprise value of £4.7m. Adjusting for the sale of the Clinical-AI business to GE Healthcare in October 2024 for £40.5m, the offer placed a relatively low value on the simulation division. Whilst we voted against the scheme due to the low valuation, the transaction was approved by shareholders on 6 February 2025 and completed on 18 February 2025.

    Negative Contributors 

    Despite reductions to its overheads, a difficult retail environment undermined Kidly (-100.00%, -£1.26m) in its attempts to establish a fundable pathway to profitability. Kidly was placed into administration on 4 March 2025 following a formal sales process. Although the company was subsequently sold from administration, the proceeds did not result in any recoverable value to the Company.

    Zoo Digital (-74.3%, -£1.14m) issued a disappointing year-end trading update with FY25 revenues growing 24% to $50.5m (consensus: $55m) and EBITDA of at least $1m. Cash was also below expectations at $1m. Whilst the film and TV industry has begun to recover from the 2023 strikes, the company has been impacted by project delays and cancellations as streaming platforms continue to evaluate their commercial models.

    On 31 March 2025, Equipmake (-40.0%, -£0.93m) announced a £5m strategic investment from Caterpillar Ventures and a development agreement with Caterpillar. We view this outcome as a significant achievement for a company that was operating with limited working capital . The company also announced a development agreement with JCB, and post period-end, a £650,000 development agreement with CorPower Ocean. A new CFO was appointed.

    Team Internet (-54.8%, -£0.86m) shares fell sharply in Q4 2024 as the company announced that revenues at a recently acquired online marketing business, Shinez would fall short of expectations. This was followed by the negative news in Q1 2025 when the company announced that 2025 would be impacted by changes being made by Google, with a major impact on revenues in the company’s online marketing business. The company also confirmed that it was no longer in talks regarding a potential takeover offer. The year end trading update confirmed 2024 net revenues of $188m (-2% vs prior year) and an operating profit of $8.2m following a $36m impairment to the value of Shinez.

    Eagle Eye (-21.3%, -£0.85m) issued a profit warning in January 2025, cautioning that FY25 revenues would be below market expectations due to lengthening sales cycles. The warning was exacerbated by the company’s decision to make a strategic shift away from professional services work. More promising was the announcement of a major new partnership with a large software vendor where Eagle Eye will be directly integrated into the vendor’s product. Whilst this opportunity will take time to generate revenues, the partnership could become a very material profit generator in time. H1 2025 results reported revenues of £24.2m (unchanged year on year), and adjusted EBITDA of £5.9m.

    Recurring revenue represented 82% of the total with annual recurring revenue increasing by 16% to £41m. The company continues to benefit from a strong balance sheet with net cash of £11.7m.

    Non-qualifying Investments

    Within the non-qualifying portfolio, the IFSL Marlborough UK Micro-Cap Growth Fund and IFSL Marlborough Special Situations Fund declined by £1.27m over the period. We reduced our investments in both to release liquidity ahead of scheduled dividend payments.

    Within the non-qualifying direct equities portfolio, the weaker outlook for the UK economy following the 2024 Autumn Budget impacted WH Smith and Hollywood Bowl. Bodycote struggled with weak end markets, notably automotive and aerospace, and we sold the position. BAE Systems performed well as the outlook for defence spending in the UK and Europe strengthened and TP ICAP rose as the company announced plans to spin-out its data business Parameta Solutions alongside good results. We exited BAE Systems and took profits in Chemring following strong share price performance and initiated a new position in Trustpilot. The direct equity holdings returned -£0.14m (-1.3%). The losses were offset by gains in the non-qualifying fixed income portfolio, which returned +£0.35m.

    We released £0.99m of liquidity through the sale of the Next 3.0% 2026 bond, again to support scheduled dividend payments. The average maturity of the current portfolio of six investment grade corporate bonds is just over two years with an average yield to maturity of 4.9%. This part of the Company’s portfolio is expected to generate annual income of approximately £0.85m.

    Portfolio structure 

    The VCT is comfortably through the HMRC defined investment test and ended the period at 92.29% invested as measured by the HMRC investment test.

    The market for new Qualifying Investment remained very subdued with just two VCT qualifying IPOs within the 12 months to 31 March 2025. Within the period under review, AIM VCTs invested £27.2m across 17 companies. We were measured in our deployment of capital, investing £3.6m into five companies. The new Qualifying Investments included follow on investments into Rosslyn Data Technologies and Oberon Investments Group. We invested in one IPO, RC Fornax, in addition to two new equity investments into existing AIM companies, Feedback and IXICO.

    Feedback. The company provides software solutions for the NHS which deliver secure, compliant clinical workforce tools and data management. The company’s flagship product, Bleepa, is a secure, cloud-based platform that enables healthcare professionals to share and view medical images, as well as notes and other records between primary and secondary care settings. The company has secured partnerships with both a primary care record provider and an IT consultancy to implement the solution. The VCT invested as part of a £6.1m fundraise in November 2024.

    IXICO. The company is a contract research organisation which provides tech-enabled imaging analysis services to pharma companies conducting clinical trials in neurological diseases, with a focus on Huntingdon’s disease, Alzheimer’s disease and Parkinson’s disease. The company has a network of more than 1,000 qualified sites and currently works with 18 pharma clients across 26 studies. The VCT invested as part of a £4m fundraise in October 2024.

    RC Fornax. The company is an engineering consultancy founded by former RAF engineers which serves the defence industry. The VCT invested as part of the AIM IPO in February 2025 which raised £3.7m.

    Within the qualifying portfolio, we exited through takeover Equals Group, Intelligent Ultrasound and Learning Technologies Group. The Equals Group exit valuation of £277m resulted in a gain of 141% over book cost. The Learning Technologies Group exit valued the company at £858m, a gain of 376% over book cost. We also sold our investments in Gfinity and Surface Transforms following poor performance and reduced our holding in Cohort following a period of strong share price performance.

    By market value, the VCT had an increased 58.4% (Sep 24: 56.0%) weighting to Qualifying Investments, an increased 14.2% (Sep 24: 12.9%) weighting to non-qualifying fixed income, a reduced combined 11.9% (Sep 24: 13.4%) weighting to the IFSL Marlborough UK Micro-Cap Growth Fund and IFSL Marlborough Special Situations Fund following disposals, and a reduced 7.3% (Sep 24: 8.1%) weighting to non-qualifying direct equities. New investment into Qualifying Companies and the return of capital through dividend distributions resulted in a reduced weighting to cash of 7.6%(1) (Sep 24: 9.3%(1)) of net assets despite inflows from the offer for subscription and the sale of Qualifying and Non-Qualifying Investments.

    The HMRC investment tests are set out in Chapter 3 of Part 6, ITA , which should be read in conjunction with this Investment Manager’s report. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of Qualifying Investments as defined by the VCT Rules can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.

    Outlook

    Although tail risks remain, broadly speaking the US appears to be inching towards a more moderate and workable position on trade policy. Whilst equity markets have quickly moved to price in a benign outcome, other measures such as borrowing costs and exchange rates continue to signal concern about the medium and long term impact on the US. Historically, this would be perceived as a major risk for the global economy; however, in a multi-polar world, there is potential for a moderate decoupling.

    Back at home, the government has completed two reviews that have shown increased support for defence, healthcare and housebuilding. We have good exposure to the first two. There continues to be much discussion about the outlook for the UK as a leading financial hub and the manner in which we support our growth companies. This debate will continue for some time; however, we draw comfort from the level of engagement by a variety of stakeholders. Greater and more coordinated support for the broader growth ecosystem, even if in areas that are adjacent to where we operate, will provide welcome second order benefits.

    This has fed through to AIM, which has been strongly positive since the post ‘Liberation Day’ correction with the index moving higher as investors react to the growth and value opportunity. It remains too early to comment on the durability of the rally but the foundations are being laid. Whilst government spending, as recently outlined, will support the UK growth story for several years to come; we will need to wait until the 2025 Autumn Budget to see whether this is offset by further changes to tax policy.

    We continue to see signs that deal flow is improving, albeit slowly. UK fund flows remain negative; that is the missing piece that must fall into place before investors can finally feel that a corner may have been turned.

    END

    For further information, please contact:

    Canaccord Genuity Asset Management
    Oliver Bedford    		  +44 20 7523 4837
    JTC (UK) Limited
    Uloma Adighibe
    Alexandria Tivey    		 HHV.CoSec@jtcgroup.com
    +44 203 832 3877
    +44 203 832 3891

    LEI: 213800LRYA19A69SIT31        

    The MIL Network –

  • MIL-OSI: Unaudited Interim Results

    Source: GlobeNewswire (MIL-OSI)

    19 June 2025

    HARGREAVE HALE AIM VCT PLC
    (the “Company”)

    Unaudited Interim Results

    The Company announces its half-year results for the six months ended 31 March 2025.

    These half-year results will be available on the Company’s website at  https://www.hargreaveaimvcts.co.uk/document-library/.

    In accordance with UK Listing Rule 6.4.1, a copy of this document will also be submitted to the UK Listing Authority via the National Storage Mechanism and will be available for viewing shortly at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Additionally, the interim report can also be found here:  HHV 2025 Interim Report

    Financial highlights

    Net asset value (NAV) per share   NAV total return   Tax free dividends paid in the period   Share price total return   Ongoing charges ratio
    34.48p   -8.19%   2.75   -6.28%   2.45%
    • £3.6m invested in Qualifying Companies in the period.
    • 92.29% invested by VCT tax value in Qualifying Investments at 31 March 2025.
    • Offer for subscription launched on 9 October 2024 to raise up to £20m. At the date of this report 14m Shares have been issued raising gross proceeds of £5.4m.
    • Final dividend of 1.25 pence and special dividend of 1.50 pence per Share paid 14 February 2025.
    • Interim dividend of 0.75 pence and special dividend of 0.50 pence per Share approved by the Board.
    Summary financial data Six months

    ending

    31-Mar-25

    		 Six months

    Ending

    31-Mar-24

    		 Year

    ending
    30 Sept-24
    NAV (£m) 126.75 155.74 148.01
    NAV per Share (p) 34.48 43.64 40.55
    NAV total return (%) -8.19 -2.59 -3.86
    Market capitalisation (£m) 124.25 150.60 142.34
    Share price (p) 33.80 42.20 39.00
    Share price discount to NAV per Share (%) 1.97 3.30 3.82
    Share price 5 year average discount to NAV per Share (%) -5.52 -5.83 -5.79
    Share price total return (%) -6.28 1.63 0.00
    Loss per Share for the period (p) -3.39 -1.22 -1.86
    Dividends paid per Share (p) 2.75 1.50 4.00
    Ongoing charges ratio (%) 2.45 2.45 2.43

    Investment Manager’s report

    Overview

    What would Harold Wilson, who famously quipped that a week was a long time in politics, have made of the extraordinary times we are living through? If JD Vance’s Munich speech signalled that the new administration was unconstrained by red lines, established protocols or strategic alliances, few truly anticipated the confusion and chaos that would follow on ‘Liberation Day’.

    The tumultuous reaction to Trump’s Rose Garden speech reflected the upending of the principles that had underpinned global trade for decades. Uncertainty swept through markets as analysts assessed the implications for the global economy, a task that was made considerably more difficult by the rapidly evolving nature of the proposed tariff regime and, more broadly, US trade policy. With future outcomes very difficult to predict and price in, significant volatility emerged in a huge range of financial assets. In the medium term, there are potentially profound implications for the value of invested capital as companies review their business models and supply chains.

    Spectacular as this has been, the impact on AIM has been relatively muted. Whilst risk assets in the US were overdue a correction, the same was not true of companies listed on AIM. The early part of the financial year was difficult with the 2024 UK Autumn Budget preceded by some unhelpfully stark messaging from the government. GDP, employment reports and PMI surveys all highlighted a notable softening in the UK economy through the second half of the 2024 calendar year. Measures of UK consumer and business confidence dipped, suggesting that households and companies were becoming increasingly cautious. Both the Office for Budget Responsibility and Bank of England reduced their GDP forecasts for 2025.

    Although UK fiscal policy is seen as being negative to growth and positive for inflation, a very significant increase in public spending is expected to support a pick up in UK economic activity in 2025 with the market consensus for GDP growth in 2025 currently +1.0%. While the Bank of England is currently forecasting 3.5% inflation in 2025, significantly above the 2.0% target, the downside risks to the global economy that have subsequently emerged, along with falling energy prices, are expected to reduce CPI to comfortably below 3.0% by early 2026. As a result, the outlook for interest rate cuts has significantly improved with the market now pricing in up to four interest cuts in 2025. For context, the market was expecting just one cut as we entered into 2025.

    You might reasonably expect all of this to heap more selling pressure onto UK equities. Whilst that was the case within the period under review, it is not so more recently. Although the constantly evolving narrative threatens to undermine the current dynamic, as it stands UK equity markets are going through a mini renaissance. As we have previously observed, UK markets are cheap, both in relative and absolute terms. As the US economy falters and the US exceptionalism narrative comes under pressure, investors are starting to look elsewhere. With a high weighting to more defensive companies, an expectation that the UK economy should emerge relatively unscathed from the new tariff regime, stable politics and low valuations, there is clear interest in UK equities from investors rotating away from US equities. This is yet to result in fund inflows to the IA UK Small Cap sector; however, the flow picture has improved. For now, at least, the market’s focus has shifted away from UK fiscal policy to international trade and the impact of tariffs.

    Returning to events within the six months to 31 March 2025, we regrettably report that AIM was again notably weak, with the Deutsche Numis Alternative Market (ex IC) returning -7.51% over the period on a total return basis. This was not specific to AIM, the domestically focused FTSE 250 Index also endured a difficult period as business and financial markets returned a withering assessment of the 2024 Autumn Budget. Ultimately, pressure on UK government borrowing costs forced the Chancellor to announce spending cuts in her 2025 Spring Statement. More will need to be done and we expect the government to come forward with new initiatives to promote growth, contain spending and/or increase taxes. It will be a difficult balancing act.

    Performance 

    In the six months to 31 March 2025 the unaudited NAV per Share decreased from 40.55 pence to 34.48 pence. A final dividend for FY24 of 1.25 pence and a special dividend of 1.50 pence were paid on 14 February 2025, giving a NAV total return to Shareholders of -3.32 pence per Share, which translates to a loss of -8.19%.

    The Qualifying Investments made a net contribution of -2.70 pence per Share whilst the Non-Qualifying Investments returned -0.25 pence per Share. The contribution to net asset performance is split out in further detail below.

    Qualifying Investments 

    Positive Contributors 

    In November 2024, Aquis Exchange (+95.8%, +£1.71m) received a takeover offer from its larger Swiss peer SIX Exchange at 727p, equivalent to an enterprise value of £194m. The offer price, which was at a 120% premium to the previous closing price and slightly above the 2021 share price high, resulted in an exit multiple of 4.7x book cost. The deal was approved by Aquis shareholders on 18 December 2024 and is expected to complete in July 2025.

    Shares in Cohort (+26.1%, +£1.12m) continued to perform strongly as European nations announced plans to significantly boost defence spending. The UK government announced plans to increase spending to 2.5% of GDP by 2027, an additional spend of £13.4bn p.a. from current levels. The company announced its subsidiary MASS Consultants received a two-year extension to its Joint Command and Staff Training contract for UK Strategic Command worth over £17.5m. Cohort also completed the acquisition of Australian-based satellite communications company EM Solutions.

    Oberon Investment Group (+43.3%, +£0.49m) raised a further £2.5m in February 2025, providing additional investment to accelerate growth across corporate broking, wealth management and fund management. We used the opportunity to increase our investment in the company. H1 2025 results showed revenue growth of 78% to £4.8m, coupled with a reduction in EBITDA losses. Current trading remains positive with like for like revenue growth of over 30% expected for FY25 (March YE).

    Ilika (+56.5%, +£0.48m) continued to make technical progress with Goliath, its solid state battery technology for electric vehicles (EV). In partnership with the UK Battery Industrialisation Centre, the company built a prototype battery using industrial equipment and processes, demonstrating the scalability of key steps in the manufacturing process. Goliath has achieved energy density parity with current lithium-ion cells, successfully reached its D6 milestone of testing 10Ah cells, and expects to achieve minimum viable product for EV applications within 2026. The company also successfully completed the transfer of its Stereax micro-battery production to US-based partner Cirtec Medical and expects this partnership to generate revenues in H2 2025.

    Intelligent Ultrasound (+30.0%, +£0.41m) received a takeover offer from Swedish medical simulation company Surgical Science at 13p in December 2024. The transaction valued Intelligent Ultrasound at an enterprise value of £4.7m. Adjusting for the sale of the Clinical-AI business to GE Healthcare in October 2024 for £40.5m, the offer placed a relatively low value on the simulation division. Whilst we voted against the scheme due to the low valuation, the transaction was approved by shareholders on 6 February 2025 and completed on 18 February 2025.

    Negative Contributors 

    Despite reductions to its overheads, a difficult retail environment undermined Kidly (-100.00%, -£1.26m) in its attempts to establish a fundable pathway to profitability. Kidly was placed into administration on 4 March 2025 following a formal sales process. Although the company was subsequently sold from administration, the proceeds did not result in any recoverable value to the Company.

    Zoo Digital (-74.3%, -£1.14m) issued a disappointing year-end trading update with FY25 revenues growing 24% to $50.5m (consensus: $55m) and EBITDA of at least $1m. Cash was also below expectations at $1m. Whilst the film and TV industry has begun to recover from the 2023 strikes, the company has been impacted by project delays and cancellations as streaming platforms continue to evaluate their commercial models.

    On 31 March 2025, Equipmake (-40.0%, -£0.93m) announced a £5m strategic investment from Caterpillar Ventures and a development agreement with Caterpillar. We view this outcome as a significant achievement for a company that was operating with limited working capital . The company also announced a development agreement with JCB, and post period-end, a £650,000 development agreement with CorPower Ocean. A new CFO was appointed.

    Team Internet (-54.8%, -£0.86m) shares fell sharply in Q4 2024 as the company announced that revenues at a recently acquired online marketing business, Shinez would fall short of expectations. This was followed by the negative news in Q1 2025 when the company announced that 2025 would be impacted by changes being made by Google, with a major impact on revenues in the company’s online marketing business. The company also confirmed that it was no longer in talks regarding a potential takeover offer. The year end trading update confirmed 2024 net revenues of $188m (-2% vs prior year) and an operating profit of $8.2m following a $36m impairment to the value of Shinez.

    Eagle Eye (-21.3%, -£0.85m) issued a profit warning in January 2025, cautioning that FY25 revenues would be below market expectations due to lengthening sales cycles. The warning was exacerbated by the company’s decision to make a strategic shift away from professional services work. More promising was the announcement of a major new partnership with a large software vendor where Eagle Eye will be directly integrated into the vendor’s product. Whilst this opportunity will take time to generate revenues, the partnership could become a very material profit generator in time. H1 2025 results reported revenues of £24.2m (unchanged year on year), and adjusted EBITDA of £5.9m.

    Recurring revenue represented 82% of the total with annual recurring revenue increasing by 16% to £41m. The company continues to benefit from a strong balance sheet with net cash of £11.7m.

    Non-qualifying Investments

    Within the non-qualifying portfolio, the IFSL Marlborough UK Micro-Cap Growth Fund and IFSL Marlborough Special Situations Fund declined by £1.27m over the period. We reduced our investments in both to release liquidity ahead of scheduled dividend payments.

    Within the non-qualifying direct equities portfolio, the weaker outlook for the UK economy following the 2024 Autumn Budget impacted WH Smith and Hollywood Bowl. Bodycote struggled with weak end markets, notably automotive and aerospace, and we sold the position. BAE Systems performed well as the outlook for defence spending in the UK and Europe strengthened and TP ICAP rose as the company announced plans to spin-out its data business Parameta Solutions alongside good results. We exited BAE Systems and took profits in Chemring following strong share price performance and initiated a new position in Trustpilot. The direct equity holdings returned -£0.14m (-1.3%). The losses were offset by gains in the non-qualifying fixed income portfolio, which returned +£0.35m.

    We released £0.99m of liquidity through the sale of the Next 3.0% 2026 bond, again to support scheduled dividend payments. The average maturity of the current portfolio of six investment grade corporate bonds is just over two years with an average yield to maturity of 4.9%. This part of the Company’s portfolio is expected to generate annual income of approximately £0.85m.

    Portfolio structure 

    The VCT is comfortably through the HMRC defined investment test and ended the period at 92.29% invested as measured by the HMRC investment test.

    The market for new Qualifying Investment remained very subdued with just two VCT qualifying IPOs within the 12 months to 31 March 2025. Within the period under review, AIM VCTs invested £27.2m across 17 companies. We were measured in our deployment of capital, investing £3.6m into five companies. The new Qualifying Investments included follow on investments into Rosslyn Data Technologies and Oberon Investments Group. We invested in one IPO, RC Fornax, in addition to two new equity investments into existing AIM companies, Feedback and IXICO.

    Feedback. The company provides software solutions for the NHS which deliver secure, compliant clinical workforce tools and data management. The company’s flagship product, Bleepa, is a secure, cloud-based platform that enables healthcare professionals to share and view medical images, as well as notes and other records between primary and secondary care settings. The company has secured partnerships with both a primary care record provider and an IT consultancy to implement the solution. The VCT invested as part of a £6.1m fundraise in November 2024.

    IXICO. The company is a contract research organisation which provides tech-enabled imaging analysis services to pharma companies conducting clinical trials in neurological diseases, with a focus on Huntingdon’s disease, Alzheimer’s disease and Parkinson’s disease. The company has a network of more than 1,000 qualified sites and currently works with 18 pharma clients across 26 studies. The VCT invested as part of a £4m fundraise in October 2024.

    RC Fornax. The company is an engineering consultancy founded by former RAF engineers which serves the defence industry. The VCT invested as part of the AIM IPO in February 2025 which raised £3.7m.

    Within the qualifying portfolio, we exited through takeover Equals Group, Intelligent Ultrasound and Learning Technologies Group. The Equals Group exit valuation of £277m resulted in a gain of 141% over book cost. The Learning Technologies Group exit valued the company at £858m, a gain of 376% over book cost. We also sold our investments in Gfinity and Surface Transforms following poor performance and reduced our holding in Cohort following a period of strong share price performance.

    By market value, the VCT had an increased 58.4% (Sep 24: 56.0%) weighting to Qualifying Investments, an increased 14.2% (Sep 24: 12.9%) weighting to non-qualifying fixed income, a reduced combined 11.9% (Sep 24: 13.4%) weighting to the IFSL Marlborough UK Micro-Cap Growth Fund and IFSL Marlborough Special Situations Fund following disposals, and a reduced 7.3% (Sep 24: 8.1%) weighting to non-qualifying direct equities. New investment into Qualifying Companies and the return of capital through dividend distributions resulted in a reduced weighting to cash of 7.6%(1) (Sep 24: 9.3%(1)) of net assets despite inflows from the offer for subscription and the sale of Qualifying and Non-Qualifying Investments.

    The HMRC investment tests are set out in Chapter 3 of Part 6, ITA , which should be read in conjunction with this Investment Manager’s report. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of Qualifying Investments as defined by the VCT Rules can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.

    Outlook

    Although tail risks remain, broadly speaking the US appears to be inching towards a more moderate and workable position on trade policy. Whilst equity markets have quickly moved to price in a benign outcome, other measures such as borrowing costs and exchange rates continue to signal concern about the medium and long term impact on the US. Historically, this would be perceived as a major risk for the global economy; however, in a multi-polar world, there is potential for a moderate decoupling.

    Back at home, the government has completed two reviews that have shown increased support for defence, healthcare and housebuilding. We have good exposure to the first two. There continues to be much discussion about the outlook for the UK as a leading financial hub and the manner in which we support our growth companies. This debate will continue for some time; however, we draw comfort from the level of engagement by a variety of stakeholders. Greater and more coordinated support for the broader growth ecosystem, even if in areas that are adjacent to where we operate, will provide welcome second order benefits.

    This has fed through to AIM, which has been strongly positive since the post ‘Liberation Day’ correction with the index moving higher as investors react to the growth and value opportunity. It remains too early to comment on the durability of the rally but the foundations are being laid. Whilst government spending, as recently outlined, will support the UK growth story for several years to come; we will need to wait until the 2025 Autumn Budget to see whether this is offset by further changes to tax policy.

    We continue to see signs that deal flow is improving, albeit slowly. UK fund flows remain negative; that is the missing piece that must fall into place before investors can finally feel that a corner may have been turned.

    END

    For further information, please contact:

    Canaccord Genuity Asset Management
    Oliver Bedford    		  +44 20 7523 4837
    JTC (UK) Limited
    Uloma Adighibe
    Alexandria Tivey    		 HHV.CoSec@jtcgroup.com
    +44 203 832 3877
    +44 203 832 3891

    LEI: 213800LRYA19A69SIT31        

    The MIL Network –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹27,000 crore on June 20, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on June 20, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.75% GS 2029 15,000 358 358
    7.09% GS 2054 12,000 286 286

    The underwriting auction will be conducted through multiple price-based method on June 20, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/562

    MIL OSI Economics –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹27,000 crore on June 20, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on June 20, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.75% GS 2029 15,000 358 358
    7.09% GS 2054 12,000 286 286

    The underwriting auction will be conducted through multiple price-based method on June 20, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/562

    MIL OSI Economics –

  • Government signs MoU to boost inclusive education for PwDs

    Source: Government of India

    Source: Government of India (4)

    The Department of Empowerment of Persons with Disabilities on Wednesday signed a tripartite agreement with the National Institute of Open Schooling (NIOS) and the National Council of Educational Research and Training (NCERT) to enhance inclusive education for Persons with Disabilities (PwD).

    The event, held in New Delhi, was presided over by Union Minister for Social Justice and Empowerment Dr. Virendra Kumar and Union Minister for Education Dharmendra Pradhan.

    The collaboration aims to establish a framework that promotes education for persons with disabilities, in line with the Rights of Persons with Disabilities Act, 2016, and the National Education Policy (NEP) 2020. This initiative seeks to build an inclusive educational ecosystem that provides equitable learning opportunities across the country.

    Under the terms of the agreement, NIOS will set up Special Accredited Institutions for Education of the Divyangjan (SAIEDs). These will recognize special schools managed by NGOs funded through DEPwD’s Deendayal Divyangjan Rehabilitation Scheme (DDRS).

    The SAIEDs will provide a range of educational programs, including Open Basic Education (Levels A, B, and C), Secondary, Senior Secondary, and vocational courses. NIOS will oversee admissions, examination registration, distribution of self-learning materials (SLMs), and issuance of ID cards, hall tickets, and certificates. The institute will also ensure that students with disabilities receive necessary accommodations and exemptions during examinations.

    Complementing these efforts, NCERT will review and modify curricula and textbooks to align with the teaching methods outlined in the NEP 2020. The aim is to ensure that learning materials are relevant, accessible, and inclusive for students with disabilities.

    Addressing the MoU signing ceremony, Dr. Kumar highlighted the untapped potential of children with disabilities, saying, “When given the right platform, they can illuminate society with their talents.” He reiterated Prime Minister Narendra Modi’s vision of equal educational access for every child in the country. “This MoU is a strong step in that direction. Inclusive education for children with disabilities is not merely an option but a right,” Dr. Kumar said.

    Pradhan emphasized the transformative power of education, noting that NEP 2020 aims to provide equal educational opportunities to all. He urged society to foster greater awareness and sensitivity towards disability.

    The education minister also highlighted recent technological advancements that cater to the specific needs of persons with disabilities. Furthermore, he announced a mission-mode initiative to equip schools across states with accessible toilet facilities within the coming year, ensuring no child drops out due to lack of basic infrastructure.

    Speaking at the event, Rajesh Aggarwal, Secretary of DEPwD, stressed education’s critical role in the lives of children with disabilities. He expressed the government’s commitment to this cause, noting encouraging signs such as children with disabilities pursuing science education and aspiring to enter premier institutes like IITs and IIMs.

    Aggarwal also praised NIOS for introducing Indian Sign Language as a subject at the secondary level, reflecting the government’s dedication to building an inclusive society.

    Sanjay Kumar, Secretary of the Department of School Education and Literacy (DoSEL), reiterated the collective goal of ensuring every child with a disability completes their school education. He affirmed that NIOS, DEPwD, and NCERT are working together to drive transformational change for children with disabilities.

    To ensure smooth coordination and implementation of the MoU, a Joint Coordination Committee (JCC) comprising representatives from all three signatories will be constituted. The committee will monitor progress, address operational challenges, and ensure timely achievement of the partnership’s objectives.

  • Government signs MoU to boost inclusive education for PwDs

    Source: Government of India

    Source: Government of India (4)

    The Department of Empowerment of Persons with Disabilities on Wednesday signed a tripartite agreement with the National Institute of Open Schooling (NIOS) and the National Council of Educational Research and Training (NCERT) to enhance inclusive education for Persons with Disabilities (PwD).

    The event, held in New Delhi, was presided over by Union Minister for Social Justice and Empowerment Dr. Virendra Kumar and Union Minister for Education Dharmendra Pradhan.

    The collaboration aims to establish a framework that promotes education for persons with disabilities, in line with the Rights of Persons with Disabilities Act, 2016, and the National Education Policy (NEP) 2020. This initiative seeks to build an inclusive educational ecosystem that provides equitable learning opportunities across the country.

    Under the terms of the agreement, NIOS will set up Special Accredited Institutions for Education of the Divyangjan (SAIEDs). These will recognize special schools managed by NGOs funded through DEPwD’s Deendayal Divyangjan Rehabilitation Scheme (DDRS).

    The SAIEDs will provide a range of educational programs, including Open Basic Education (Levels A, B, and C), Secondary, Senior Secondary, and vocational courses. NIOS will oversee admissions, examination registration, distribution of self-learning materials (SLMs), and issuance of ID cards, hall tickets, and certificates. The institute will also ensure that students with disabilities receive necessary accommodations and exemptions during examinations.

    Complementing these efforts, NCERT will review and modify curricula and textbooks to align with the teaching methods outlined in the NEP 2020. The aim is to ensure that learning materials are relevant, accessible, and inclusive for students with disabilities.

    Addressing the MoU signing ceremony, Dr. Kumar highlighted the untapped potential of children with disabilities, saying, “When given the right platform, they can illuminate society with their talents.” He reiterated Prime Minister Narendra Modi’s vision of equal educational access for every child in the country. “This MoU is a strong step in that direction. Inclusive education for children with disabilities is not merely an option but a right,” Dr. Kumar said.

    Pradhan emphasized the transformative power of education, noting that NEP 2020 aims to provide equal educational opportunities to all. He urged society to foster greater awareness and sensitivity towards disability.

    The education minister also highlighted recent technological advancements that cater to the specific needs of persons with disabilities. Furthermore, he announced a mission-mode initiative to equip schools across states with accessible toilet facilities within the coming year, ensuring no child drops out due to lack of basic infrastructure.

    Speaking at the event, Rajesh Aggarwal, Secretary of DEPwD, stressed education’s critical role in the lives of children with disabilities. He expressed the government’s commitment to this cause, noting encouraging signs such as children with disabilities pursuing science education and aspiring to enter premier institutes like IITs and IIMs.

    Aggarwal also praised NIOS for introducing Indian Sign Language as a subject at the secondary level, reflecting the government’s dedication to building an inclusive society.

    Sanjay Kumar, Secretary of the Department of School Education and Literacy (DoSEL), reiterated the collective goal of ensuring every child with a disability completes their school education. He affirmed that NIOS, DEPwD, and NCERT are working together to drive transformational change for children with disabilities.

    To ensure smooth coordination and implementation of the MoU, a Joint Coordination Committee (JCC) comprising representatives from all three signatories will be constituted. The committee will monitor progress, address operational challenges, and ensure timely achievement of the partnership’s objectives.

  • Assembly bypolls: Voting underway on five seats in Bengal, Kerala, Punjab and Gujarat

    Source: Government of India

    Source: Government of India (4)

    Amid heightened security, voting began on Thursday for by-elections to five Assembly seats across Punjab, West Bengal, Gujarat, and Kerala — marking the first electoral contest since the Pahalgam terror attack and Operation Sindoor.

    Polling commenced at 7 a.m. and will continue till 6 p.m. (till 8 p.m. in Gujarat), with heavy deployment of central security forces and local police, alongside live monitoring through an extensive webcasting system.

    By-elections are being held in Kaliganj (West Bengal), Nilambur (Kerala), Ludhiana West (Punjab), and the Visavadar and Kadi constituencies in Gujarat. The counting of votes is scheduled for June 23.

    With Assembly elections due in West Bengal and Kerala early next year, this mini electoral battle has gained added political significance.

    Ludhiana West Bypoll (Punjab)

    The Ludhiana West seat fell vacant following the death of AAP MLA Gurpreet Bassi Gogi in January. The bypoll is witnessing a multi-cornered contest involving key political players — AAP, Congress, BJP, and Shiromani Akali Dal (SAD) — vying for dominance in this urban constituency.

    A total of 14 candidates are contesting, with 1,75,469 eligible voters, including 85,371 women and 10 from the third gender. Voting is taking place across 194 polling stations, all equipped for 100% live webcasting.

    The ruling AAP has fielded Rajya Sabha MP and industrialist Sanjeev Arora (61), who is also known for his social welfare initiatives. The Congress has nominated former Minister and state Working President Bharat Bhushan Ashu (51), a two-time MLA from the constituency, who lost to Gogi in 2022 by 7,512 votes.

    The BJP has fielded senior leader Jiwan Gupta, a core committee member and former state general secretary. SAD’s candidate is Parupkar Singh Ghuman, a lawyer and former president of the Ludhiana Bar Association.

    Nilambur Bypoll (Kerala)

    The Nilambur seat fell vacant after MLA P.V. Anvar resigned following a fallout with the CPI(M)-led LDF over allegations he made against Chief Minister Pinarayi Vijayan and his aides.

    Among the 10 candidates, key contenders include LDF’s M. Swaraj, UDF’s Aryadan Shoukath, independent candidate and former MLA P.V. Anvar (now aligned with TMC), and Mohan George from the BJP-led NDA.

    Over 2.32 lakh voters are eligible to vote across 263 polling booths. The final voter list includes 1,13,613 men, 1,18,760 women, and 8 transgender persons, with 7,787 first-time voters, 373 overseas voters, and 324 service voters.

    Kaliganj Bypoll (West Bengal)

    The by-election in Kaliganj, located in Nadia district, was triggered by the death of Trinamool Congress MLA Nasiruddin Ahamed in February. The TMC has nominated his daughter, Alifa, for the seat.

    The contest is shaping up as a triangular battle between the TMC, BJP’s Ashis Ghosh, and Congress candidate Kabil Uddin Shaikh, who is supported by the CPI(M). The campaign has been influenced by issues of identity politics, post-Murshidabad riot concerns, and a nationalist wave following Operation Sindoor.

    Visavadar and Kadi Bypolls (Gujarat)

    Voting for the Visavadar and Kadi Assembly seats began at 7 a.m. and will continue until 8 p.m., with 294 polling stations set up in each constituency.

    Visavadar (Junagadh district):

    The seat became vacant in December 2023 after AAP MLA Bhupendra Bhayani resigned and joined the BJP.

    The BJP has fielded Kirit Patel, Congress has nominated Nitin Ranpariya, and AAP’s candidate is former state president Gopal Italia, making it a high-stakes triangular contest.

    Notably, the BJP hasn’t won this seat since 2007. In 2022, Bhayani defeated BJP’s Harshad Ribadiya (a Congress defector) by 7,063 votes.

    Kadi (Mehsana district):

    A reserved constituency for Scheduled Castes, the seat fell vacant following the death of BJP MLA Karsan Solanki in February.

    The BJP has nominated Rajendra Chavda, while Congress has fielded former MLA Ramesh Chavda, who won in 2012 but lost to Solanki in 2017. AAP’s candidate is Jagdish Chavda. Like Visavadar, Kadi is also witnessing a triangular contest among BJP, Congress, and AAP.

    (With inputs from IANS)

  • PM Modi highlights 11 years of workforce-centric reforms, cites historic gains in jobs and social protection

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Wednesday reaffirmed the Union government’s focus on the welfare and empowerment of workers, emphasising that India’s workforce has remained at the heart of policy, planning, and progress over the past 11 years.

    This strategic shift, he said, has driven historic gains in employment generation and significantly expanded the coverage of social protection schemes.

    Responding to an article authored by Union Minister Dr. Mansukh Mandaviya, PM Modi wrote on X:
    “Union Minister Dr. @mansukhmandviya highlights how over the past 11 years, India’s workforce has been at the centre of policy, planning and progress. This shift has led to historic improvements in employment generation and the expansion of social protection coverage. Do read!”

    In his article, titled “11 Years of Empowering Shram Shakti and Building a Future”, Mandaviya elaborated on the Modi government’s efforts to uplift the working population and lay the foundation for a Viksit Bharat (Developed India).

    He outlined the government’s multi-pronged approach, which prioritises employment creation, social safety nets, robust institutional mechanisms, and the use of digital infrastructure to reach the last mile.

    Mandaviya pointed to flagship initiatives such as Make in India, Skill India, and Digital India, which, when combined with large-scale infrastructure development, have led to substantial job creation.

    A notable focus has been placed on empowering women and youth. Citing official data, Mandaviya noted that the female employment rate rose from 22 percent in 2017–18 to 40.3 percent in 2023–24. During the same period, the national unemployment rate declined from 5.6 percent to 3.2 percent.

    Youth employability also saw a major boost, climbing from 33 percent in 2013 to 55 percent in 2024. In support of women entrepreneurs, Mandaviya said over 70 centrally sponsored schemes across 15 ministries are currently in operation.

    Addressing the unorganised sector, including gig and platform workers, he said the E-Shram portal has been a critical tool in creating a comprehensive database and linking these workers to welfare schemes.

    He also outlined the government’s reforms in key social institutions such as the Employees’ Provident Fund Organisation (EPFO) and the Employees’ State Insurance Corporation (ESIC).

    Citing data from the International Labour Organization (ILO), Mandaviya noted that India’s social protection coverage rose from 19 percent in 2016 to 64.3 percent in 2025. Over 94 crore citizens are now covered under at least one welfare scheme, making India home to the world’s second-largest welfare system by beneficiary count.

  • MIL-OSI Russia: What to do this coming weekend at the Summer in Moscow project sites

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The events of the large-scale project “Summer in Moscow” continue in the capital. We tell you where you can go with your whole family on June 20, 21 and 22. Most events are free to attend, but some require registration.

    Rock, Paper, Scissors Championship

    A large-scale championship in the game “Rock, Paper, Scissors” is held at the project sites. Every day, children and adults can compete on Tverskoy Boulevard.

    On June 20, the game will be held in Severnoye Butovo Park (Feodosiyskaya Street, Building 7, Building 6). On June 21, you can play on the Moskovskikh Sezonov site on Teply Stan Street (Building 1b). On June 22, the competition will be held in Akademichesky Park (Dmitrya Ulyanov Street, Building 9a, Building 1). The sites will be open from 15:00 to 20:00.

    Tournament “Heroes of the Chessboard. Moscow”

    On June 22 from 12:00 to 16:00 the next competitions of the tournament “Heroes of the Chessboard. Moscow” will take place. To participate you need to register.

    An open series of blitz chess tournaments is taking place at40 sites all over Moscow – in parks, on boulevards and in the districts.

    Tverskoy Boulevard: Summer Club “Moscow”

    On Tverskoy Boulevard, there is a summer club called “Moscow”, where residents and guests of the capital of all ages can find an event to their liking. They are offered rock climbing and yoga classes, master classes, lectures and much more.

    From June 20 to 22, guests will be able to take part in beauty events dedicated to the graduation party. The space of two pop-up stores will be occupied by Russian brands. In addition, three beauty trucks will be operating on the site. All guests will be offered discounts, gifts, yoga classes, presentations, a photo and video zone with floral elements. And for graduates, a master class on creating perfume will be held.

    Strastnoy Boulevard: Art Studio venue

    The “Art Studio” site operates on Strastnoy Boulevard. Here, professionals help guests master the basics of painting and create unique masterpieces. Participants in outdoor classes paint landscapes and still lifes in various artistic techniques.

    Master classes will be held at two sites every hour from 12:00 to 19:00. On June 20, you can attend watercolor painting classes “Flower Stained Glass” and “Fruit Slices”. On June 21, there will be master classes in pastel technique “Dandelion Field” and “Colorful Houses”. On June 22, guests are invited to master classes in pencil drawing “Summer Pop Art” and “Sunny Day”.

    Music of the past at the vintage market in Kolomenskoye

    The vintage market in Kolomenskoye will be open all summer and will bring together the most famous collectors of the capital, who bring here precious relics of the past: jewelry, household items, figurines, dishes, badges, coins, stamps, rare books and much more.

    From June 20 to 22, guests at the market will learn what the USSR era sounded like and get acquainted with the musical technology of the past.

    The journey through time will take place under the atmospheric sound of gramophone records. Guests of the vintage market will be delighted by the famous radio amateur and blogger Nikita Sharapa, better known as Elektronik, one of the main participants of the project “Made in the USSR”.

    At Nikita Sharapa’s master classes, which will be held these days at 16:00, visitors will learn how gramophones, radios and record players work and how tube sound differs from modern technology. Guests will hear that very crackling of records and the characteristic “warm” analog sound that evokes nostalgia. Nikita will tell you what kind of music devices were created in the USSR and what hits of those times were played on them in every home.

    Chistoprudny Boulevard: “Street. Dances” venue

    On Chistoprudny Boulevard, the “Street. Dances” venue has opened, where master classes for the whole family are held. On weekends, the “Summer in Moscow. Dances” children’s and youth tournament is held here, and anyone can become a spectator.

    On the big stage on June 20 from 18:00 to 19:00 there will be a demonstration performance by the dance group Todes, from 19:00 to 22:00 – a master class in bachata and a dance party. On the same day on the middle stage from 19:00 to 22:30 you can attend a master class in salsa and a dance party.

    On June 21, the main stage will host a qualifying round of children’s competitions from 12:00 to 19:00, and a salsa master class and dance party from 19:00 to 22:30. On the middle stage, from 16:00 to 17:00, you can take part in a master class of the dance community “TantsBaza”. From 19:00 to 22:30, there will be a master class in modern swing and a party of the dance school “Lisoborie”.

    On June 22, from 6:00 PM to 7:00 PM, students of the musical theater of the Russian Institute of Theater Arts — GITIS will perform songs from the war years on the rotunda stage. On the main stage, from 4:00 PM to 6:00 PM, there will be a master class in Argentine tango by the CyberTango dance school, from 6:00 PM to 7:00 PM — demonstration performances by the Todes dance group, from 7:00 PM to 10:30 PM — a salsa master class and a dance party. On the middle stage, from 5:00 PM to 7:00 PM, there will be a master class by the 9 Halls dance school, from 7:00 PM to 10:30 PM — a master class in Dominican bachata and a dance party.

    Bolotnaya Square

    The Green Market pavilion of the Made in Moscow project is open in Repinsky Square on Bolotnaya Square. On June 20, from 6:00 p.m. to 8:30 p.m., test session cosmetics of the capital brand. The factory employees will tell you how to use them and let you test samples.

    On June 21, at 15:00, the Creative hub will host a lesson on making a wax candle, at 16:00 — a meditative lesson on coloring a mandala, and at 17:00 — a unique master class on fashion illustration. At 19:00, everyone will be able to take part in neurographics, where everyone will project their task on a piece of paper using a drawing.

    At the “Microgreens” class in the “Razvitie” hub from 17:00 to 18:00, participants will be taught how to grow microgreens and told about their beneficial properties. At 18:00, a lettering master class will begin. On the veranda from 14:00 to 15:00, Spirit.Fitness will hold a sports master class to develop endurance and flexibility of the body. And at 18:00, the popular game “Mafia” will take place.

    Revolution Square: Leto Department Store

    This summer, the department store of Russian designers “Leto” is open on Revolution Square. Everyone can not only try on clothes they like and update their wardrobe, but also listen to lectures, take part in master classes and even watch performances.

    On June 21 from 4:00 PM to 5:30 PM you can listen to a lecture on “The History of Flower Etiquette”. Guests will learn about the importance of flowers in the life of Russian society and the bouquet fashion of the 19th century.

    From 18:00 to 19:30 there will be a master class oninterior bouquet Ksenia Mezentseva, designer-decorator, researcher of Russian and foreign traditions, and the Sota flowers floristic team.

    Festival “Book in the City”: venue in Pushkin Square

    On June 21 from 20:40 to 21:30, cellist Anastasia Vesnina will perform at the “Book in the City” venue in Pushkin Square (near house 2 on Pushkin Square).

    On June 22 from 16:00 to 17:00 there will be a presentation of the book “Letters of Lidochka M”. The collection-document tells about Lida Makeeva, a young reader of the library, whose childhood fell on the years of the Great Patriotic War. On the same day from 18:00 to 19:00 there will be a creative meeting with the actor of theater and cinema Anton Shagin and a presentation of his book “Neblyandiya. Poems for children”.

    Circus divertissements

    On June 20, 21 and 22, there will be circus entertainment for the whole family. Aerial gymnasts, equilibrists, jugglers, clowns and four-legged artists will perform for guests in the Moskino Cinema Park and Izmailovsky Park. Also on June 20, the third tent will open in the Yuzhnoye Butovo Landscape Park. Spectators will be able to see acrobatic numbers, clown skits and exciting stunts with the participation of artists from the famous Bolshoi Moscow Circus on Vernadsky Avenue.

    The performances will run throughout the summer season. On Fridays, performances are from 7:00 PM to 8:30 PM, and on Saturdays and Sundays, from 2:00 PM to 3:30 PM and 6:00 PM to 7:30 PM. You can find out more and buy tickets atofficial website project.

    Yoga classes

    On June 21, fans of the most popular Eastern health practice will gather at the helipad near the Michurinsky Garden of VDNKh to celebrate the XI International Day of Yoga.

    From 09:00 to 19:00 there will be sessions for visitors of any level of training, master classes on drawing mandalas and playing the hang, lectures on Ayurveda and meditation, as well as live performances by musicians. Creative events and dishes of traditional Indian cuisine will complement the festive atmosphere. To visit, you must register on the portal Ruspass.

    In addition, yoga classes are held every weekend on the roofs of the district centers “Meeting Place” as part of the project “My Sports District”Adults over 18 years of age can join them.

    The training sessions will be held at 12 sites in five districts of Moscow: SAO — “Meeting Place “Prague”, “Meeting Place “Rassvet”, “Meeting Place “Neva””; VAO — “Meeting Place “Yantar”, “Meeting Place “Sofia”, “Meeting Place “Budapest”, “Meeting Place “Mars””; SAO — “Meeting Place “Elbrus”, “Meeting Place “Angara”, “Meeting Place “Orbita””; YuVAO — “Meeting Place “Height” and “Meeting Place “Ekran””. On June 21, the classes will begin at 11:45. It is necessary register.

    The project also invites you to engage in physical education in unusual places “Sports Weekend”. Yoga classes are held on Saturdays at 50 venues, including such picturesque places as the Vorontsovo Estate, the Hermitage Garden, Khodynka Field Park, the Muzeon Arts Park, Victory Park and others. In addition, the project includes 13 festival venues in different areas of Moscow. To attend the classes, you must register.

    Events in the parks

    In Izmailovsky Park of Culture and Leisure (Bolshoy Krug Alley, Building 7) on June 21 from 12:00 to 19:00 retro studio. Visitors will be able to feel like representatives of the 19th century nobility. They will be offered to try on images of bygone eras and take photos in costumes as a keepsake.

    A master class will be held in Kuzminsky Park (house 1, building 2) on June 21 from 12:00 to 14:00 “Noble accessories. Brooches”Participants will learn about the history of jewelry, its symbolism, and will also make an exquisite brooch under the guidance of a master.

    On June 21, from 12:00 to 19:00 (with breaks), the Kuzminki estate will host noble promenade. Guests will stroll through a picturesque park, discuss books they have read, and listen to romances with a guitar. They will be able to learn the rules of etiquette and learn fashionable social dances of the 19th century.

    On June 1, from 12:00 to 18:00, Vorontsov Park will host estate gamesVisitors can play lapta, croquet, badminton, gorodki and trinkets, and also visit the throwing range.

    The festival “Gardens and Vegetable Gardens” continues in five parks of the capital. This weekend, about 130 events and master classes have been prepared for visitors. A series of classes on making bookmarks and postcards with fresh flowers, clay panels with plant prints and ecobombing (making balls with seeds that can be taken with you and planted in any convenient place) will be held for children. In addition, a practical lesson “Microgreens” will be held. Experienced experts will also share simple techniques, useful tips and life hacks for a healthy lifestyle.

    Cinema park “Moskino”

    On June 21, from 12:00 to 19:00, the Moskino cinema park will host waltz, quadrille and polka dance lessons every hour. You can take part in them with an entrance ticket to the cinema park.

    You can immerse yourself in the world of film production by participating in the immersive quest performance “Film! Film! Film!” It will take place at the “Uyezdny Gorod” site on June 21 from 12:00 to 18:30 (sessions will be held every hour). Visitors will not only see how a film is shot, but will also complete a number of fun tasks, meet the director, producer and actors, and will be able to create their own masterpiece. Participation is included in the price of an entrance ticket to the cinema park.

    On June 22 at 12:00, the Moscow of the 1940s site will host the “We Remember” event, dedicated to the memory of the heroes of the Great Patriotic War. Guests will be able to spell out the word “remember” from red lanterns with lit candles and recall how exactly 83 years ago – on June 22, 1941 – the festive graduation morning was overshadowed by the news of Germany’s treacherous attack on the Soviet Union. At 12:15, there will be a minute of silence.

    In addition, on June 22 at 14:00, 16:00 and 18:00, as part of the Day of Remembrance and Sorrow, the cinema park will show the play “Tish” based on the story “The Dawns Here Are Quiet…” by war veteran writer Boris Vasiliev. The performers are the actors of the Young Muscovites Theatre. Admission is with a ticket to the cinema park.

    For the anniversary of Victory

    On June 21 and 22, two outstanding films about the Great Patriotic War will be shown in Zaryadye Park as part of the Cinema Summer in Zaryadye project: The Cranes Are Flying (1957) and Brest Fortress (2010). The screenings will begin at 22:15. The films will be presented by Honored Artist of Russia Vasily Mishchenko, as well as director, screenwriter, producer and People’s Artist of Russia Igor Ugolnikov. Admission is free.

    Also, as part of the Theatre Weekend festival, on June 22 in Zaryadye Park, on the stage of the large amphitheater, you can see plays and literary and musical productions based on plays by writers who fought in the war and dedicated to the 80th anniversary of victory in the Great Patriotic War. Actors from the Russian Academic Youth Theater will show the play “Amazement Before Life” based on the works of the writer and war veteran Viktor Rozov. Third-year students from the Moscow State Institute of Culture will perform the literary and musical composition “Frontline Brigades.” The play “On a Clear Day,” based on a story by Viktor Astafyev, will be presented by actors from the Donetsk Republican Youth Theater. Actors from the Moscow Sovremennik Theater will show fragments of the play “A Tale. The story of extraordinary love, and the students of the Moscow Art Theatre School will present the musical and literary program Russian Poets about the Great Patriotic War, which will feature works by Bulat Okudzhava, Alexander Tvardovsky, Andrei Voznesensky, Olga Bergolts, Vladimir Lugovskoy, Yunna Moritz and other authors. People’s Artist of Russia Konstantin Raikin will read the poem Snowfall by David Samoilov. The festival program will end with a concert by actors from the Central Academic Theatre of the Russian Army.

    Festival “Theatre Boulevard”

    On June 22 at 15:00, the amphitheater on Pokrovsky Boulevard will show the concert performance “It happened, the men left…” Actresses from the Moscow Drama Theater named after A.S. Pushkin will take part in the production.

    The project “Unconquered Kursk” will begin here on June 22 at 21:00. Guests will learn more than 200 real stories of veterans of the Battle of Kursk and modern defenders of the Fatherland.

    On June 22 at 8:00 pm, the amphitheater in the Polytech Museum Park will host the play “Children of War”. It is based on letters from children and parents from the front, archival materials and memories, into which war songs are woven.

    On the stage on Chistoprudny Boulevard on June 22 at 18:00 the performance-concert “May Waltz” will begin. It is dedicated to the artists of the front brigades who performed in dugouts, hospitals, factory workshops and on ships.

    The third festival “Theatre Weekend” will be held in Zaryadye Park on June 21 and 22. It will provide an opportunity to get acquainted with both recognized stage masters and talented debutants, opening up new horizons of theatrical art.

    Project “Summer in Moscow”— the main event of the season. It brings together the most vibrant events of the capital. Every day, charity, cultural and sports programs are held in all districts of the city, most of which are free. The Summer in Moscow project is being held for the second time, and this season will be more eventful: new, original and colorful festivals and events will be added to the traditional ones.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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

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

    https: //vv.mos.ru/nevs/ite/155437073/

    MIL OSI Russia News –

  • MIL-Evening Report: It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired

    Source: The Conversation (Au and NZ) – By Sarah Annesley, Senior Postdoctoral Research Fellow in Cell and Molecular Biology, La Trobe University

    Edwin Tan/Getty

    Myalgic encephalomyelitis / chronic fatigue syndrome (ME/CFS) is as complex as its name is difficult to pronounce. It’s sometimes referred to as simply “chronic fatigue”, but this is just one of its symptoms.

    In fact, ME/CFS is a complex neurological disease, recognised by the World Health Organization, that affects nearly every system in the body.

    The name refers to muscle pain (myalgia), inflammation of the brain (encephalomyelitis), and a profound, disabling fatigue that rest can’t relieve.

    However, the illness’s complexity – and its disproportionate impact on women – means ME/CFS has often been incorrectly labelled as a psychological disorder.

    What is ME/CFS?

    ME/CFS affects people of all ages but is most commonly diagnosed in middle age. It is two to three times more common in women than men.

    While the exact cause is unknown, ME/CFS is commonly triggered by an infection.

    The condition has two core symptoms: a disabling, long-lasting fatigue that rest doesn’t relieve, and a worsening of symptoms after physical or mental exertion.

    This is known as post-exertional malaise. It means even slight exertion can make symptoms much worse, and take much longer than expected to recover.

    This varies between people, but could mean simply having a shower or attending a social event triggers worse symptoms, either immediately or days later.

    These symptoms include pain, sleep issues, cognitive difficulties (such as thinking, memory and decision-making), flu-like symptoms, dizziness, gastrointestinal problems, heart rate fluctuations and many more.

    For some people, symptoms can be managed in a way that allows them to work. For others, the disease is so severe it can leave them housebound or bedridden.

    Symptoms can fluctuate, changing over time and in intensity, making ME/CFS a particularly unpredictable and misunderstood condition.

    Not just ‘in your head’

    A growing body of scientific evidence, however, clearly shows ME/CFS is a biological, not mental, illness.

    Neuroimaging studies have revealed differences in the brain activity and structure of people with ME/CFS, including poor blood flow and lower levels of neurotransmitters (chemical messengers in the nervous system).

    Other research indicates the condition affects how the body produces energy (the metabolism), fights infection (the immune system), delivers oxygen to muscles and tissues, and regulates blood pressure and heart rate (the vascular system).

    Issues with criteria

    To diagnose ME/CFS, a clinician will also exclude other possible causes of fatigue, which can be a lengthy process. A patient needs to meet a set of clinical criteria.

    But one of the major challenges in researching ME/CFS is that the diagnostic criteria clinicians use vary worldwide.

    Some criteria focus solely on fatigue and include people with alternate reasons for fatigue, such as a psychiatric disorder.

    Others are more narrow and may only capture ME/CFS patients with more severe symptoms.

    As a result, it can be very difficult to compare across different studies, as the reasons they include or exclude participants vary so much.

    Changes to the guidelines

    In Australia, doctors often receive little formal education about ME/CFS.

    Most commonly, they follow the Royal Australian College of General Practitioners’ clinical guidelines to diagnose and manage ME/CFS. These are based on the Canadian Consensus Criteria which are considered more stringent than other ME/CFS diagnostic criteria.

    They include post-exertional malaise and fatigue for more than six months as core symptoms.

    However, these guidelines are outdated and rely heavily on controversial studies that assumed the primary cause of ME/CFS was “deconditioning” – a loss of physical strength due to a fear or avoidance of exercise.

    These guidelines recommend ME/CFS should be treated with cognitive behavioural therapy – a common psychotherapy which focuses on changing unhealthy thoughts and behaviours – and graded exercise therapy, which gradually introduces more demanding physical activity.

    While cognitive behaviour therapy can be effective for some people managing ME/CFS, it’s important not to frame this condition primarily as a psychological issue.

    Graded exercise therapy can encourage people to push beyond their “energy envelope”, which means they do more than their body can manage. This can trigger post-exertional malaise and a worsening of symptoms.

    In June 2024, the Australian government announced A$1.1 million towards developing new clinical guidelines for diagnosing and managing ME/CFS.

    Leading organisations have scrapped the recommendation of graded exercise therapy in the United States (in 2015) and the United Kingdom (in 2021). Hopefully Australia will follow suit.

    What can people with ME/CFS do?

    While we wait for updated clinical guidelines, “pacing” – or working within your energy envelope – has shown some success in managing symptoms. This means monitoring and limiting how much energy you expend.

    Some evidence also suggests people who rest in the early stages of their initial illness often experience better long-term outcomes with ME/CFS.

    This is especially relevant after the COVID pandemic and with the emergence of long COVID. Studies indicate more than half of those affected meet stringent clinical criteria for ME/CFS.

    In times of acute illness we should resist the temptation to push through. Choosing to rest may be a crucial step in preventing a condition that is much more debilitating than the original infection.

    The Conversation

    Sarah Annesley receives funding from The Judith Jane Mason & Harold Stannett Williams Memorial Foundation and ME Research UK (SCIO charity number SCO36942).

    – ref. It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired – https://theconversation.com/its-not-just-chronic-fatigue-me-cfs-is-much-more-than-being-tired-258803

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Is Meghan, Duchess of Sussex, right? Can dancing or twerking really bring on labour?

    Source: The Conversation (Au and NZ) – By Hannah Dahlen, Professor of Midwifery, Associate Dean Research and HDR, Midwifery Discipline Leader, Western Sydney University

    Meghan, Duchess of Sussex is back in the news this week in a podcast discussing her viral “baby mama” video.

    The video was made four years ago when she gave birth to daughter Lilibet, but only released recently. It shows the duchess in hospital, heavily pregnant, dancing and twerking to bring on labour. Her husband, Prince Harry, dances too.

    She wrote on Instagram:

    Both of our children were a week past their due dates […] so when spicy food, all that walking, and acupuncture didn’t work – there was only one thing left to do!

    The video follows the trend of other celebrities sharing similar videos of themselves dancing while heavily pregnant.

    So does the Duchess of Sussex have a point? Can dancing really bring on labour?

    First, how about dancing during pregnancy?

    Exercise is recommended during pregnancy, and while some higher-impact exercises may need to be moderated, it carries minimal risk for healthy women and their babies. In fact, evidence shows regular exercise during pregnancy is associated with a variety of benefits.

    Exercise can lead to a lower risk of gestational diabetes, caesarean section, the use of forceps and vacuum during birth and perinatal mental health problems, as well as quicker postpartum recovery.

    While pregnant women might more often gravitate towards a brisk walk, some laps in the pool, or a group exercise class, dancing is a good option too. The American College of Obstetricians and Gynecologists has even listed dance as one of the forms of exercise found to be safe and beneficial during pregnancy.

    The movements of dance involve the hips and pelvic area (especially twerking) which may help the baby get into a more optimal position and tone the pelvic floor, though the evidence for this is lacking.

    Choose any form of dancing you like – even belly dancing. In a small qualitative study with two pregnant women, belly dancing was found to be joyful and empowering, boosting feelings of wellbeing.

    You can dance any time during pregnancy but you may need to adapt your dance moves as the pregnancy advances and your growing belly gets in the way.

    If you have risk factors such as bleeding it’s best to be cautious and discuss any planned dancing with your health-care provider.

    Music can also play an important role in mental health, as well as reducing pain, blood pressure and heart rate. So the combination of exercise with music, in the form of dance, could have added benefits.

    A man and a pregnant woman dancing together.
    Exercise is recommended during pregnancy – so why not try dancing?
    sandsun/Shutterstock

    What about dancing to induce labour, and during labour?

    Meghan is not the first woman to report dancing to induce their labour, but this is all anecdotal. There’s no scientific evidence to show dancing is an effective way to bring on labour.

    There is perhaps slightly more evidence suggesting benefits once labour has started.

    Many women seek non-pharmacological options (not involving medications) during labour. Especially early in labour, dancing may decrease the intensity of pain and lead women to feel more satisfied and in control of their labour.

    In one study, 60 women were randomly allocated to either dance during labour, or not. The dancing group had significantly lower pain scores and higher satisfaction than the control group.

    And again, music can lower levels of pain in early labour. So combining relaxing music with some movement could be a good thing.

    Dancing to your comfort levels during labour could be helpful due to the combination of pelvic movements, being upright, moving the body rhythmically and changing the position of the body frequently.

    Evidence shows being upright and moving during labour is beneficial as it enables the pelvis to open up fully to let the baby through and reduces the length of labour.

    Being upright and moving could also help transfer some pressure from the baby’s head onto the cervix, which can stimulate prostaglandin, a key chemical involved in progressing labour.

    It’s been suggested dancing during labour could help get the baby into a better position for delivery and therefore help labour to proceed more smoothly and quickly. But ultimately we don’t have reliable evidence to substantiate these hypotheses.

    So, did Meghan induce her labour with dance?

    It’s unclear if dancing helped to induce the duchess’ labour as she was in hospital and may have later had a medical or surgical induction.

    Labour can be medically induced with hormones, by using a balloon-shaped catheter placed in the woman’s cervix to open it up, or by breaking the bag of water around the baby.

    Alternatively, Meghan’s labour may have eventually begun naturally without her dancing having played a role if she chose to wait another few days.

    However, the joy on her face and connection and support of her husband Prince Harry is a good way to increase oxytocin, a hormone that stimulates contractions. This could have helped too.

    Meghan may have been on the right track, but we need more research before we can confidently recommend dancing to bring on or during labour.

    In the meantime, while there’s no evidence to show dancing is effective for inducing labour, it’s highly unlikely to have any downsides – and it may contribute to a more positive childbirth experience. So, if you feel inclined, I say dance away.

    The Conversation

    Hannah Dahlen receives funding from the Australian Research Council and the National Health and Medical Research Council.

    – ref. Is Meghan, Duchess of Sussex, right? Can dancing or twerking really bring on labour? – https://theconversation.com/is-meghan-duchess-of-sussex-right-can-dancing-or-twerking-really-bring-on-labour-259257

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Nine killed in road accident in southwest India

    Translation. Region: Russian Federal

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

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

    NEW DELHI, June 19 (Xinhua) — At least nine people, including a child and a woman, were killed in a road accident in India’s southwest state of Maharashtra, a local police official confirmed on Thursday.

    Three other people, including a child, were injured and taken to a nearby government hospital.

    The accident took place on the Jejuri-Morgaon road in Pune district when a private car moving at a very high speed rammed into a stationary car. –0–

    MIL OSI Russia News –

  • MIL-OSI Global: It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired

    Source: The Conversation – Global Perspectives – By Sarah Annesley, Senior Postdoctoral Research Fellow in Cell and Molecular Biology, La Trobe University

    Edwin Tan/Getty

    Myalgic encephalomyelitis / chronic fatigue syndrome (ME/CFS) is as complex as its name is difficult to pronounce. It’s sometimes referred to as simply “chronic fatigue”, but this is just one of its symptoms.

    In fact, ME/CFS is a complex neurological disease, recognised by the World Health Organization, that affects nearly every system in the body.

    The name refers to muscle pain (myalgia), inflammation of the brain (encephalomyelitis), and a profound, disabling fatigue that rest can’t relieve.

    However, the illness’s complexity – and its disproportionate impact on women – means ME/CFS has often been incorrectly labelled as a psychological disorder.

    What is ME/CFS?

    ME/CFS affects people of all ages but is most commonly diagnosed in middle age. It is two to three times more common in women than men.

    While the exact cause is unknown, ME/CFS is commonly triggered by an infection.

    The condition has two core symptoms: a disabling, long-lasting fatigue that rest doesn’t relieve, and a worsening of symptoms after physical or mental exertion.

    This is known as post-exertional malaise. It means even slight exertion can make symptoms much worse, and take much longer than expected to recover.

    This varies between people, but could mean simply having a shower or attending a social event triggers worse symptoms, either immediately or days later.

    These symptoms include pain, sleep issues, cognitive difficulties (such as thinking, memory and decision-making), flu-like symptoms, dizziness, gastrointestinal problems, heart rate fluctuations and many more.

    For some people, symptoms can be managed in a way that allows them to work. For others, the disease is so severe it can leave them housebound or bedridden.

    Symptoms can fluctuate, changing over time and in intensity, making ME/CFS a particularly unpredictable and misunderstood condition.

    Not just ‘in your head’

    A growing body of scientific evidence, however, clearly shows ME/CFS is a biological, not mental, illness.

    Neuroimaging studies have revealed differences in the brain activity and structure of people with ME/CFS, including poor blood flow and lower levels of neurotransmitters (chemical messengers in the nervous system).

    Other research indicates the condition affects how the body produces energy (the metabolism), fights infection (the immune system), delivers oxygen to muscles and tissues, and regulates blood pressure and heart rate (the vascular system).

    Issues with criteria

    To diagnose ME/CFS, a clinician will also exclude other possible causes of fatigue, which can be a lengthy process. A patient needs to meet a set of clinical criteria.

    But one of the major challenges in researching ME/CFS is that the diagnostic criteria clinicians use vary worldwide.

    Some criteria focus solely on fatigue and include people with alternate reasons for fatigue, such as a psychiatric disorder.

    Others are more narrow and may only capture ME/CFS patients with more severe symptoms.

    As a result, it can be very difficult to compare across different studies, as the reasons they include or exclude participants vary so much.

    Changes to the guidelines

    In Australia, doctors often receive little formal education about ME/CFS.

    Most commonly, they follow the Royal Australian College of General Practitioners’ clinical guidelines to diagnose and manage ME/CFS. These are based on the Canadian Consensus Criteria which are considered more stringent than other ME/CFS diagnostic criteria.

    They include post-exertional malaise and fatigue for more than six months as core symptoms.

    However, these guidelines are outdated and rely heavily on controversial studies that assumed the primary cause of ME/CFS was “deconditioning” – a loss of physical strength due to a fear or avoidance of exercise.

    These guidelines recommend ME/CFS should be treated with cognitive behavioural therapy – a common psychotherapy which focuses on changing unhealthy thoughts and behaviours – and graded exercise therapy, which gradually introduces more demanding physical activity.

    While cognitive behaviour therapy can be effective for some people managing ME/CFS, it’s important not to frame this condition primarily as a psychological issue.

    Graded exercise therapy can encourage people to push beyond their “energy envelope”, which means they do more than their body can manage. This can trigger post-exertional malaise and a worsening of symptoms.

    In June 2024, the Australian government announced A$1.1 million towards developing new clinical guidelines for diagnosing and managing ME/CFS.

    Leading organisations have scrapped the recommendation of graded exercise therapy in the United States (in 2015) and the United Kingdom (in 2021). Hopefully Australia will follow suit.

    What can people with ME/CFS do?

    While we wait for updated clinical guidelines, “pacing” – or working within your energy envelope – has shown some success in managing symptoms. This means monitoring and limiting how much energy you expend.

    Some evidence also suggests people who rest in the early stages of their initial illness often experience better long-term outcomes with ME/CFS.

    This is especially relevant after the COVID pandemic and with the emergence of long COVID. Studies indicate more than half of those affected meet stringent clinical criteria for ME/CFS.

    In times of acute illness we should resist the temptation to push through. Choosing to rest may be a crucial step in preventing a condition that is much more debilitating than the original infection.

    Sarah Annesley receives funding from The Judith Jane Mason & Harold Stannett Williams Memorial Foundation and ME Research UK (SCIO charity number SCO36942).

    – ref. It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired – https://theconversation.com/its-not-just-chronic-fatigue-me-cfs-is-much-more-than-being-tired-258803

    MIL OSI – Global Reports –

  • MIL-OSI Global: It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired

    Source: The Conversation – Global Perspectives – By Sarah Annesley, Senior Postdoctoral Research Fellow in Cell and Molecular Biology, La Trobe University

    Edwin Tan/Getty

    Myalgic encephalomyelitis / chronic fatigue syndrome (ME/CFS) is as complex as its name is difficult to pronounce. It’s sometimes referred to as simply “chronic fatigue”, but this is just one of its symptoms.

    In fact, ME/CFS is a complex neurological disease, recognised by the World Health Organization, that affects nearly every system in the body.

    The name refers to muscle pain (myalgia), inflammation of the brain (encephalomyelitis), and a profound, disabling fatigue that rest can’t relieve.

    However, the illness’s complexity – and its disproportionate impact on women – means ME/CFS has often been incorrectly labelled as a psychological disorder.

    What is ME/CFS?

    ME/CFS affects people of all ages but is most commonly diagnosed in middle age. It is two to three times more common in women than men.

    While the exact cause is unknown, ME/CFS is commonly triggered by an infection.

    The condition has two core symptoms: a disabling, long-lasting fatigue that rest doesn’t relieve, and a worsening of symptoms after physical or mental exertion.

    This is known as post-exertional malaise. It means even slight exertion can make symptoms much worse, and take much longer than expected to recover.

    This varies between people, but could mean simply having a shower or attending a social event triggers worse symptoms, either immediately or days later.

    These symptoms include pain, sleep issues, cognitive difficulties (such as thinking, memory and decision-making), flu-like symptoms, dizziness, gastrointestinal problems, heart rate fluctuations and many more.

    For some people, symptoms can be managed in a way that allows them to work. For others, the disease is so severe it can leave them housebound or bedridden.

    Symptoms can fluctuate, changing over time and in intensity, making ME/CFS a particularly unpredictable and misunderstood condition.

    Not just ‘in your head’

    A growing body of scientific evidence, however, clearly shows ME/CFS is a biological, not mental, illness.

    Neuroimaging studies have revealed differences in the brain activity and structure of people with ME/CFS, including poor blood flow and lower levels of neurotransmitters (chemical messengers in the nervous system).

    Other research indicates the condition affects how the body produces energy (the metabolism), fights infection (the immune system), delivers oxygen to muscles and tissues, and regulates blood pressure and heart rate (the vascular system).

    Issues with criteria

    To diagnose ME/CFS, a clinician will also exclude other possible causes of fatigue, which can be a lengthy process. A patient needs to meet a set of clinical criteria.

    But one of the major challenges in researching ME/CFS is that the diagnostic criteria clinicians use vary worldwide.

    Some criteria focus solely on fatigue and include people with alternate reasons for fatigue, such as a psychiatric disorder.

    Others are more narrow and may only capture ME/CFS patients with more severe symptoms.

    As a result, it can be very difficult to compare across different studies, as the reasons they include or exclude participants vary so much.

    Changes to the guidelines

    In Australia, doctors often receive little formal education about ME/CFS.

    Most commonly, they follow the Royal Australian College of General Practitioners’ clinical guidelines to diagnose and manage ME/CFS. These are based on the Canadian Consensus Criteria which are considered more stringent than other ME/CFS diagnostic criteria.

    They include post-exertional malaise and fatigue for more than six months as core symptoms.

    However, these guidelines are outdated and rely heavily on controversial studies that assumed the primary cause of ME/CFS was “deconditioning” – a loss of physical strength due to a fear or avoidance of exercise.

    These guidelines recommend ME/CFS should be treated with cognitive behavioural therapy – a common psychotherapy which focuses on changing unhealthy thoughts and behaviours – and graded exercise therapy, which gradually introduces more demanding physical activity.

    While cognitive behaviour therapy can be effective for some people managing ME/CFS, it’s important not to frame this condition primarily as a psychological issue.

    Graded exercise therapy can encourage people to push beyond their “energy envelope”, which means they do more than their body can manage. This can trigger post-exertional malaise and a worsening of symptoms.

    In June 2024, the Australian government announced A$1.1 million towards developing new clinical guidelines for diagnosing and managing ME/CFS.

    Leading organisations have scrapped the recommendation of graded exercise therapy in the United States (in 2015) and the United Kingdom (in 2021). Hopefully Australia will follow suit.

    What can people with ME/CFS do?

    While we wait for updated clinical guidelines, “pacing” – or working within your energy envelope – has shown some success in managing symptoms. This means monitoring and limiting how much energy you expend.

    Some evidence also suggests people who rest in the early stages of their initial illness often experience better long-term outcomes with ME/CFS.

    This is especially relevant after the COVID pandemic and with the emergence of long COVID. Studies indicate more than half of those affected meet stringent clinical criteria for ME/CFS.

    In times of acute illness we should resist the temptation to push through. Choosing to rest may be a crucial step in preventing a condition that is much more debilitating than the original infection.

    Sarah Annesley receives funding from The Judith Jane Mason & Harold Stannett Williams Memorial Foundation and ME Research UK (SCIO charity number SCO36942).

    – ref. It’s not just ‘chronic fatigue’: ME/CFS is much more than being tired – https://theconversation.com/its-not-just-chronic-fatigue-me-cfs-is-much-more-than-being-tired-258803

    MIL OSI – Global Reports –

  • MIL-Evening Report: Who are Iran’s allies? And would any help if the US joins Israel in its war?

    Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

    As Israel continues its attacks on Iran, US President Donald Trump and other global leaders are hardening their stance against the Islamic Republic.

    While considering a US attack on Iran’s nuclear sites, Trump has threatened Iran’s supreme leader, claiming to know his location and calling him “an easy target”. He has demanded “unconditional surrender” from Iran.

    Meanwhile, countries such as Germany, Canada, the UK and Australia have toughened their rhetoric, demanding Iran fully abandon its nuclear program.

    So, as the pressure mounts on Iran, has it been left to fight alone? Or does it have allies that could come to its aid?

    Has Iran’s ‘axis of resistance’ fully collapsed?

    Iran has long relied on a network of allied paramilitary groups across the Middle East as part of its deterrence strategy. This approach has largely shielded it from direct military strikes by the US or Israel, despite constant threats and pressure.

    This so-called “axis of resistance” includes groups such as Hezbollah in Lebanon, the Popular Mobilisation Forces (PMF) in Iraq, the Houthi militants in Yemen, as well as Hamas in Gaza, which has long been under Iran’s influence to varying degrees. Iran also supported Bashar al-Assad’s regime in Syria before it was toppled last year.

    These groups have served both as a regional buffer and as a means for Iran to project power without direct engagement.

    However, over the past two years, Israel has dealt significant blows to the network.

    Hezbollah — once Iran’s most powerful non-state ally — has been effectively neutralised after months of attacks by Israel. Its weapons stocks were systematically targeted and destroyed across Lebanon. And the group suffered a major psychological and strategic loss with the assassination of its most influential leader, Hassan Nasrallah.

    In Syria, Iranian-backed militias have been largely expelled following the fall of Assad’s regime, stripping Iran of another key foothold in the region.

    That said, Iran maintains strong influence in Iraq and Yemen.

    The PMF in Iraq, with an estimated 200,000 fighters, remains formidable. The Houthis have similarly sized contingent of fighters in Yemen.

    Should the situation escalate into an existential threat to Iran — as the region’s only Shiite-led state — religious solidarity could drive these groups to become actively involved. This would rapidly expand the war across the region.

    The PMF, for instance, could launch attacks on the 2,500 US troops stationed in Iraq. Indeed, the head of Kata’ib Hezbollah, one of the PMF’s more hardline factions, promised to do so:

    If America dares to intervene in the war, we will directly target its interests and military bases spread across the region without hesitation.

    Iran itself could also target US bases in the Persian Gulf countries with ballistic missiles, as well as close the Strait of Hormuz, through which about 20% of the world’s oil supply flows.

    Will Iran’s regional and global allies step in?

    Several regional powers maintain close ties with Iran. The most notable among them is Pakistan — the only Islamic country with a nuclear arsenal.

    For weeks, Iranian Supreme Leader Ali Khamenei has tried to align Iran more closely with Pakistan in countering Israel’s actions in Gaza.

    In a sign of Pakistan’s importance in the Israel-Iran war, Trump has met with the country’s army chief in Washington as he weighs a possible strike on its neighbour.

    Pakistan’s leaders have also made their allegiances very clear. Prime Minister Shehbaz Sharif has offered Iran’s president “unwavering solidarity” in the “face of Israel’s unprovoked aggression”. And Pakistani Defence Minister Khawaja Asif recently said in an interview Israel will “think many times before taking on Pakistan”.

    These statements signal a firm stance without explicitly committing to intervention.

    Yet, Pakistan has also been working to de-escalate tensions. It has urged other Muslim-majority nations and its strategic partner, China, to intervene diplomatically before the violence spirals into a broader regional war.

    In recent years, Iran has also made diplomatic overtures to former regional rivals, such as Saudi Arabia and Egypt, in order to improve relations.

    These shifts have helped rally broader regional support for Iran. Nearly two dozen Muslim-majority countries — including some that maintain diplomatic relations with Israel — have jointly condemned Israel’s actions and urged de-escalation.

    It’s unlikely, though, that regional powers such as Saudi Arabia, Egypt, the United Arab Emirates and Turkey would support Iran materially, given their strong alliances with the US.

    Iran’s key global allies, Russia and China, have also condemned Israel’s strikes. They have previously shielded Tehran from punitive resolutions at the UN Security Council.

    However, neither power appears willing — at least for now — to escalate the confrontation by providing direct military support to Iran or engaging in a standoff with Israel and the US.

    Theoretically, this could change if the conflict widens and Washington openly pursues a regime change strategy in Tehran. Both nations have major geopolitical and security interests in Iran’s stability. This is due to Iran’s long-standing “Look East” policy and the impact its instability could have on the region and the global economy.

    However, at the current stage, many analysts believe both are unlikely to get involved directly.

    Moscow stayed on the sidelines when Assad’s regime collapsed in Syria, one of Russia’s closest allies in the region. Not only is it focused on its war in Ukraine, Russia also wouldn’t want to endanger improving ties with the Trump administration.

    China has offered Iran strong rhetorical support, but history suggests it has little interest in getting directly involved in Middle Eastern conflicts.

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

    – ref. Who are Iran’s allies? And would any help if the US joins Israel in its war? – https://theconversation.com/who-are-irans-allies-and-would-any-help-if-the-us-joins-israel-in-its-war-259265

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: 19 June 2025 News release WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

    Source: World Health Organisation

    The World Health Organization (WHO) today released its first-ever global guideline on the management of sickle cell disease (SCD) during pregnancy, addressing a critical and growing health challenge that can have life-threatening consequences for both women and babies.

    SCD is a group of inherited blood disorders characterized by abnormally shaped red blood cells that resemble crescents or sickles. These cells can block blood flow, causing severe anaemia, episodes of severe pain, recurrent infections, as well as medical emergencies like strokes, sepsis or organ failures.

    Health risks associated with SCD intensify during pregnancy, due to heightened demands on the body’s oxygen and nutrient supply. Women with SCD face a 4- to 11-fold higher likelihood of maternal death than those without. They are more likely to experience obstetric complications like pre-eclampsia, while their babies are at greater risk of stillbirth or being born early or small.

    “With quality health care, women with inherited blood disorders like sickle cell disease can have safe and healthy pregnancies and births,” said Dr Pascale Allotey, Director for Sexual and Reproductive Health and Research at WHO and the United Nations’ Special Programme for Human Reproduction (HRP). “This new guideline aims to improve pregnancy outcomes for those affected. With sickle cell on the rise, more investment is urgently needed to expand access to evidence-based treatments during pregnancy as well as diagnosis and information about this neglected disease.”

    There are around 7.7 million people living with SCD worldwide – a figure that has increased by over 40% since 2000. SCD is estimated to cause over 375 000 deaths each year. The disease is most prevalent in malaria-endemic regions, particularly sub-Saharan Africa–which accounts for around 8 in 10 cases–as well as parts of the Middle East, the Caribbean, and South Asia. With population movements and improvements in life expectancy, the sickle cell gene is also becoming more widespread globally, meaning more maternity care providers need to know how to manage the disease.

    Until now, clinical guidance for managing SCD in pregnancy has largely drawn on protocols from high-income countries. WHO’s new guideline aims to provide evidence-based recommendations that are also relevant for low- and middle-income settings, where most cases and deaths from the disease occur. Accordingly, the guideline includes over 20 recommendations spanning:

    • folic acid and iron supplementation, including adjustments for malaria-endemic areas;
    • management of sickle cell crises and pain relief;
    • prevention of infections and blood clots;
    • use of prophylactic blood transfusions; and
    • additional monitoring of the woman and the baby’s health throughout pregnancy.

    Critically, the guideline highlights the need for respectful, individualized care, adapted according to women’s unique needs, medical histories and preferences. It also addresses the importance of tackling stigma and discrimination within healthcare settings, which can be a major challenge for people with SCD in several countries around the world.

    “It’s essential that women with sickle cell disease can discuss their care options early in pregnancy—or ideally before—with knowledgeable providers,” said Dr Doris Chou, Medical Officer and lead author of the guideline. “This supports informed decisions about any treatment options to continue or adopt, as well as agree on ways of handling potential complications, so as to optimize outcomes for the woman, her pregnancy, and her baby.”

    Given the complex nature of these disorders, if a pregnant woman has SCD, the guideline notes the importance of involving skilled and knowledgeable personnel in her care team. These may include specialists like haemotologists as well as midwives, paediatricians and obstetrician-gynecologists who provide services for reproductive and newborn health.

    SCD is a neglected health condition that remains considerably under-funded and under-researched, despite its growing prevalence worldwide. While treatment options are improving for the general population, the guideline underscores the urgent need for more research into the safety and efficacy of SCD treatments for pregnant and breastfeeding women – populations that have historically been excluded from clinical trials.

    This publication is the first in a new WHO series on managing noncommunicable diseases in pregnancy. Future guidelines will address cardiovascular conditions, diabetes, respiratory diseases, mental health disorders and substance use. Chronic diseases are increasingly recognized as major contributors to maternal and newborn deaths and ill health.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Energy Sector – Electricity generators collaborate to help secure New Zealand’s energy future

    Source: Energy Resources Aotearoa

    Energy Resources Aotearoa welcomes today’s announcement from Genesis Energy and other major electricity generators, Mercury, Meridian, and Contact, setting out a proposed long-term agreement to establish a strategic energy reserve and retain Huntly’s Rankine units to support a secure energy future for New Zealand.
    Energy Resources Aotearoa Chief Executive John Carnegie says the proposal is a pragmatic signal that generators can work together to manage growing system risks.
    “As New Zealand navigates the challenges of declining domestic natural gas, growing but intermittent renewable generation, and highly volatile economic and geopolitical conditions, this proposal is a practical response to uncertainty.
    “Huntly has long been New Zealand’s energy security blanket. Its dual-fuel capability – capable of running on both coal and natural gas – provides the system with resilience and flexibility, with the potential to expand this to biomass in the future.
    More domestic gas supply will further enhance this capability and reduce our dependence on coal during periods of peak demand or supply shortfall.”
    “We welcome more wind and solar, but they also make the system more volatile. We need to increase our firm generation capacity even more, in the form of more gas-fired power plants, to meet demand peaks. There’s no single fix, but this proposal is a useful part of the solution as we manage uncertainty.”
    Energy Resources Aotearoa will continue to advocate for policy and regulatory settings that support long-term investment in reliable, secure and affordable energy, to power New Zealand’s future.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: ACT Budget 2025–26: Supporting Primary Care and Building a More Inclusive Health Workforce

    Source: Australian National Party

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 19/06/2025

    The 2025–26 ACT Budget will deliver targeted investment to strengthen local general practice, improve affordability and access to primary care, and support a more inclusive and self-determined First Nations health workforce.

    The ACT Government is investing in new health funding over four years to ensure Canberrans can access the right care in the right place, with a stronger primary care system that delivers better outcomes and equity.

    This includes:

    • $7.3 million over four years to support general practice through bulk billing incentives, wellbeing and professional development support for GPs, and more junior doctor placements in ACT general practices.
    • $2.36 million over four years (ongoing and indexed) to grow the Aboriginal and Torres Strait Islander health workforce and address systemic barriers to participation.
    • Payroll tax changes for medical practices from 1 July 2025 that will exempt income from bulk billed GP services – a measure that will support affordability and access while reducing the administrative burden on practices.

    Treasurer Chris Steel said that investments is part of  ACT Government’s delivering on its health priorities and compliments the Federal Government’s commitments to strengthening Medicare.

    “Health care is our biggest priority in the Budget, and these measures will support more affordable local access to primary health care,” Minister Steel said.

    “The Government will provide support for both the workforce and the community – with more bulk billing appointments, better support for GPs, and a stronger First Nations workforce to deliver culturally safe care. These measures will ensure Canberrans can access the care they need, closer to home.”

    Key measures in the Budget will deliver on Government commitments to support GPs to expand services and reduce out-of-pocket costs for families. A $1.5 million grants program will be piloted over two years to support general practices that commit to bulk billing all children under 16.

    The Government is also delivering on the Government commitment to support for the primary health care workforce by investing in professional development and wellbeing, including funding for the Drs4Drs mental health support program and expanding Junior Medical Officer (JMO) placements into general practice settings to promote early consideration of a GP career pathway.

    To support greater access for Aboriginal and Torres Strait Islander peoples to health careers, the Budget also includes funding for new workforce governance structures, culturally safe supervision, and support for local implementation of the National First Nations Workforce Plan.

    Health Minister Rachel Stephen-Smith said the investments are part of a coordinated approach to grow and support the health workforce and are key actions in the ACT Health Workforce Strategy: Action Plan 2024-2026 .

    “Primary care is the foundation of a strong health system, and we’re backing our GP workforce to do what they do best – deliver high-quality, accessible care to the community,” Minister Stephen-Smith said.

    “We’re also backing a stronger, more self-determined Aboriginal and Torres Strait Islander workforce. This Budget funds new dedicated roles, better training and supervision, and action on systemic racism in the health system.

    “Together, these investments will help build a more inclusive, sustainable health system – one that puts equity, respect and workforce wellbeing at its core.

    “They complement Federal Labor’s commitments to expanding bulk billing and build on the ACT Government’s broader work to expand community-based, person-centred healthcare and reduce pressure on the hospital system.”

    – Statement ends –

    Chris Steel, MLA | Rachel Stephen-Smith, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI: Amundi Third-Party Distribution Investor Workshop: a powerful growth engine

    Source: GlobeNewswire (MIL-OSI)

    Amundi Third-Party Distribution Investor Workshop:
    a powerful growth engine

    Today, Amundi, the leading European Asset Manager1 with €2.25tn2 of assets under management, will hold a workshop for investors focused on its Third-Party distribution platform. The workshop will be led by Fannie Wurtz, Head of Distribution & Wealth, ETFs and Chair of Asia, Vincent Mortier, Group Chief Investment Officer and Guillaume Lesage, Group Chief Operating Officer.

    At Amundi, Third-party distribution covers the Group’s global activity with banking networks3, private banks & wealth managers, digital banks and platforms, asset managers as well as insurers and IFAs.

    This business has been the fastest-growing at Amundi in the past 4 years. Its assets under management have more than doubled since 2020 to reach €401bn at end-2024, achieving Amundi’s 2025 target one year ahead of plan.

    Its scalable platform now represents 18% of Amundi’s total assets and 57% of its retail Assets. The strong momentum during the 2021-2024 period – with net inflows of +€74bn – has continued in the first quarter of 2025 with a further +€8bn of net inflows.

    The attractive growth potential of the platform with all client types, in all countries is supported by market tailwinds and macro trends, but most of all by the differentiating expertise of Amundi.

    The continued success of the business line is underpinned by key market trends:

    • Increasing global financial wealth, expected to grow by +6% a year to reach $367tn in 2028;
    • Expansion of the private pensions market in Europe and Asia to support an ageing population;
    • Continued growth in the digital wealth segment;
    • Concentration of relationships with asset managers in favour of the large players offering a wide range of products and services.

    Amundi Third-party Distribution business line leverages Amundi’s core strengths – diversification, investment performance, partnership approach and technology and scale.

    It provides tailored solutions to serve, at best, the needs of more than 600 clients, in 27 countries, through its diversified capabilities:

    • Investment solutions, including active & treasury products, ETF & Index, structured products and Real Assets;
    • Model portfolios;
    • Servicing, marketing and training;
    • Technology and digital tools;
    • Wrapping solutions.

    Fannie Wurtz, Head of Distribution & Wealth & ETF Divisions, said:

    ‘Third-party distribution is a powerful growth engine that draws on Amundi’s core strengths. The combination of our scale, diversification and global reach, with our ability to provide tailored solutions and local support, allows us to address the end-to-end needs of a wide range of client types in this fast-growing segment of the retail market. Building on our successful results over the last four years, Amundi is well-placed to capitalise on long-term market trends and opportunities, and see further growth potential in 2025 and beyond.”

    This event will be held at Amundi London offices and webcast via Zoom, a replay will be available soon after the event at about.amundi.com, in the « Shareholders » section, along with the slides and transcript of the event.

    About Amundi

    As Europe’s leading asset manager among the world’s top 10 players1, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management4.

    Its six international management platforms5, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

    Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

    Amundi, a trusted partner that acts every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    1        Source: IPE “Top 500 Asset Managers” published in June 2025 based on assets under management as of 31/12/2024
    2As of 31 March 2025
    3Excluding partner networks: Crédit Agricole/LCL, Société Générale, UniCredit, Banco Sabadell, Bawag, and the partners of our JVs State Bank of India, Agricultural Bank of China, Bank of China, South Korea’s NongHyup Bank and Morroco’s Attijariwafa Bank.
    4Amundi data as of 31/03/2025
    5Paris, London, Dublin, Milan, Tokyo and San Antonio (through our strategic partnership with Victory Capital)

    Attachment

    The MIL Network –

  • MIL-OSI: Amundi Third-Party Distribution Investor Workshop: a powerful growth engine

    Source: GlobeNewswire (MIL-OSI)

    Amundi Third-Party Distribution Investor Workshop:
    a powerful growth engine

    Today, Amundi, the leading European Asset Manager1 with €2.25tn2 of assets under management, will hold a workshop for investors focused on its Third-Party distribution platform. The workshop will be led by Fannie Wurtz, Head of Distribution & Wealth, ETFs and Chair of Asia, Vincent Mortier, Group Chief Investment Officer and Guillaume Lesage, Group Chief Operating Officer.

    At Amundi, Third-party distribution covers the Group’s global activity with banking networks3, private banks & wealth managers, digital banks and platforms, asset managers as well as insurers and IFAs.

    This business has been the fastest-growing at Amundi in the past 4 years. Its assets under management have more than doubled since 2020 to reach €401bn at end-2024, achieving Amundi’s 2025 target one year ahead of plan.

    Its scalable platform now represents 18% of Amundi’s total assets and 57% of its retail Assets. The strong momentum during the 2021-2024 period – with net inflows of +€74bn – has continued in the first quarter of 2025 with a further +€8bn of net inflows.

    The attractive growth potential of the platform with all client types, in all countries is supported by market tailwinds and macro trends, but most of all by the differentiating expertise of Amundi.

    The continued success of the business line is underpinned by key market trends:

    • Increasing global financial wealth, expected to grow by +6% a year to reach $367tn in 2028;
    • Expansion of the private pensions market in Europe and Asia to support an ageing population;
    • Continued growth in the digital wealth segment;
    • Concentration of relationships with asset managers in favour of the large players offering a wide range of products and services.

    Amundi Third-party Distribution business line leverages Amundi’s core strengths – diversification, investment performance, partnership approach and technology and scale.

    It provides tailored solutions to serve, at best, the needs of more than 600 clients, in 27 countries, through its diversified capabilities:

    • Investment solutions, including active & treasury products, ETF & Index, structured products and Real Assets;
    • Model portfolios;
    • Servicing, marketing and training;
    • Technology and digital tools;
    • Wrapping solutions.

    Fannie Wurtz, Head of Distribution & Wealth & ETF Divisions, said:

    ‘Third-party distribution is a powerful growth engine that draws on Amundi’s core strengths. The combination of our scale, diversification and global reach, with our ability to provide tailored solutions and local support, allows us to address the end-to-end needs of a wide range of client types in this fast-growing segment of the retail market. Building on our successful results over the last four years, Amundi is well-placed to capitalise on long-term market trends and opportunities, and see further growth potential in 2025 and beyond.”

    This event will be held at Amundi London offices and webcast via Zoom, a replay will be available soon after the event at about.amundi.com, in the « Shareholders » section, along with the slides and transcript of the event.

    About Amundi

    As Europe’s leading asset manager among the world’s top 10 players1, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management4.

    Its six international management platforms5, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

    Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

    Amundi, a trusted partner that acts every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    1        Source: IPE “Top 500 Asset Managers” published in June 2025 based on assets under management as of 31/12/2024
    2As of 31 March 2025
    3Excluding partner networks: Crédit Agricole/LCL, Société Générale, UniCredit, Banco Sabadell, Bawag, and the partners of our JVs State Bank of India, Agricultural Bank of China, Bank of China, South Korea’s NongHyup Bank and Morroco’s Attijariwafa Bank.
    4Amundi data as of 31/03/2025
    5Paris, London, Dublin, Milan, Tokyo and San Antonio (through our strategic partnership with Victory Capital)

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers keynote speech at the Jakarta Forum on ASEAN-China Relations

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered the keynote speech at the Jakarta Forum on ASEAN-China Relations: New Areas, New Engines and New Opportunities, held at the Shangri-La Hotel, Jakarta, Indonesia. In his speech, Dr. Kao outlined key strategic priorities for shaping the future of ASEAN–China relations, including Digital Economy, Green Transition, Supply Chain Resilience, Transport Connectivity, and Tourism Cooperation, among others.
     
    Download the full keynote speech here.
     

    The post Secretary-General of ASEAN delivers keynote speech at the Jakarta Forum on ASEAN-China Relations appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI New Zealand: National Emergencies – Volunteers crucial to our emergency management system – NEMA

    Source: National Emergency Management Agency (NEMA)

     

    Emergency management is everyone’s responsibility – and this National Volunteer Week (15-21 June), NEMA is celebrating the people in our communities that put in the hard yards when things get tough.

     

    Volunteers are involved at every level in Aotearoa New Zealand’s emergency management system. They are a crucial part of all four Rs – risk reduction, readiness, response and recovery – and they balance home, family and day jobs alongside stepping up for their communities.

     

    “There are so many ways volunteers contribute to our emergency management system, and we want to thank everyone who gets involved,” NEMA’s Director of Civil Defence Emergency Management John Price says.

    • New Zealand Response Teams (known as NZRTs) support Civil Defence Emergency Management groups, working with emergency services, helping manage evacuations and running Civil Defence Centres. NZRTs are staffed by qualified personnel and there are teams across the country.
    • Most communities have a Civil Defence Centre or community hub, where locals can come together during and after an emergency. These are opened and run by people in the community.
    • Many different organisations provide search and rescue services, including Land Search and Rescue, Coastguard New Zealand, Amateur Radio Emergency Communications and Surf Live Saving New Zealand.
    • Volunteers with Fire and Emergency New Zealand help communities prevent, prepare, respond and recover from emergencies.

     

    “I also want to give a shout-out to the people across the country who help their communities in other ways,” John Price says.

     

    “There are lots of ways to help out in emergencies, whether it’s as part of an organised group or just mucking in and helping your neighbours.

     

    “Volunteers are the golden thread creating closer ties across communities and building the social cohesion that is so important.

     

    “We also need to remember that behind every volunteer who’s out in the field, there are administrators, people running training and logistics – and those at home who are keeping the whānau safe.

     

    “Volunteers tell us they love what they do and find it extremely rewarding, as well as a great way to meet people and build closer ties with communities.”

     

    For those who want to get involved, John Price says there’s more information on NEMA’s Get Ready site, as well as Volunteering New Zealand which can match keen people with opportunities to get stuck in.

     

    “Without our volunteers, we’d be in trouble in an emergency. That’s why we always want to hear from people who can step up when things are tough, and help their community.”

    MIL OSI New Zealand News –

  • Indian stock market trades flat amid US Fed policy decision

    Source: Government of India

    Source: Government of India (4)

    Indian benchmark indices opened on a flat note Thursday, reacting cautiously to the US Federal Reserve’s latest policy decision and weak cues from Asian markets. Early trade saw selling pressure across IT, PSU banking, FMCG, and pharma sectors.

    At around 9:34 am, the Sensex was trading marginally higher by 1.66 points at 81,446.32, while the Nifty edged up by 9.90 points to 24,821.95, showing a minimal gain of 0.04%.

    The Nifty Bank index was up by 43.15 points, or 0.08%, at 55,871.90. Meanwhile, the Nifty Midcap 100 dropped 40.35 points, or 0.07%, to 58,068.85, whereas the Nifty Smallcap 100 gained 25.60 points, or 0.14%, reaching 18,404.05.

    Analysts noted that while the US Federal Reserve left interest rates unchanged, it maintained its projection of two rate cuts this year. However, an increasing number of policymakers now foresee no cuts at all.

    “Additionally, the Fed slightly revised its long-term outlook, projecting just one quarter-point cut each in 2026 and 2027,” said Mandar Bhojane of Choice Broking.

    Market experts believe the 24,500–25,000 range for the Nifty will likely hold unless geopolitical developments — particularly from the Israel-Iran conflict — shift the market mood.

    “If there’s news of de-escalation, the Nifty may break out of the upper band. However, any escalation, especially affecting the Strait of Hormuz and causing a spike in crude oil prices, could threaten the 24,500 support level,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    Among Sensex stocks, Tech Mahindra, IndusInd Bank, Infosys, HCLTech, PowerGrid, and Tata Steel were the top losers in early trade. On the other hand, Titan, M&M, Kotak Mahindra Bank, and Tata Motors emerged as top gainers.

    Foreign Institutional Investors (FIIs) remained net buyers on June 18, purchasing equities worth ₹890 crore. Domestic Institutional Investors (DIIs) also showed buying interest, investing ₹1,091 crore during the session.

    Across Asia, markets in Bangkok, Japan, Seoul, Jakarta, Hong Kong, and China were trading in the red.

    Meanwhile, US markets ended on a mixed note in the previous session, reacting to the Federal Reserve’s policy announcement and Fed Chair Jerome Powell’s comments. The Dow Jones closed at 42,171.66, down 44.14 points or 0.10%, while the S&P 500 dipped 1.85 points to 5,980.87. The Nasdaq, however, gained 25.18 points to close at 19,546.27, up 0.13%.

    — IANS

  • President Murmu to visit Uttarakhand from June 19–21, will launch key civic and cultural projects in Dehradun

    Source: Government of India

    Source: Government of India (4)

    President Droupadi Murmu will undertake a three-day official visit to Uttarakhand from June 19 to 21, during which she will inaugurate a series of development and public engagement initiatives at Rashtrapati Niketan in Dehradun. The President will also participate in various cultural and educational programmes.

    On June 19, President Murmu will inaugurate an amphitheatre at Rashtrapati Niketan and lay foundation stones for staff quarters, stables, and barracks.

    The following day, the President will formally open Rashtrapati Niketan for public visits and inaugurate visitor amenities including a Facilitation Centre, Cafeteria, and Souvenir Shop. She will also inaugurate Rashtrapati Tapovan and lay the foundation for Rashtrapati Udyan. Both Rashtrapati Niketan and Rashtrapati Tapovan will open to the public from June 24.

    President Murmu is also scheduled to visit the National Institute for Empowerment of Persons with Visual Disabilities in Dehradun on June 20, where she will attend an exhibition, visit a model school science lab, and interact with students. Later in the evening, the President will release a commemorative postage stamp marking 125 years of Raj Bhavan, Nainital.

    On June 21, President Murmu will participate in a mass yoga demonstration at the State Police Line Maidan, Dehradun, as part of International Yoga Day celebrations.

  • Young guns shine as Juventus hammer Al-Ain 5-0 at Club World Cup

    Source: Government of India

    Source: Government of India (4)

    Randal Kolo Muani and Francisco Conceicao both scored twice as the young guns of Juventus made a statement in their Club World Cup opener with a dominant 5-0 win over Emirati club Al-Ain on Wednesday.

    Kolo Muani grabbed both of his goals in the first half, Conceicao scored either side of the break while Turkey forward Kenan Yildiz also found the net as Juventus dazzled the crowd at Audi Field with some mesmeric football.

    “I’m very happy to win the game, the team played a great game so we’re happy and now we’ll get ready for the next game,” said Kolo Muani.

    “I finished last season well and we’ve started this good as well.”

    The convincing victory sent Juventus top of Group G level on three points with England’s Manchester City, who beat Wydad Casablanca 2-0 earlier on Wednesday.

    Twice Asian champions Al-Ain conceded two thirds of the pitch for much of the first half and Juventus midfielder Khephren Thuram ran the show from about 35 metres out with Conceicao and Yildiz buzzing around in front of him.

    A neat exchange of passing in the 11th minute set Alberto Costa free on the edge of the box and the young Portuguese right back lofted over a cross which Kolo Muani met with a powerful header at the far post for the opening goal.

    Costa’s fine work down the right flank 10 minutes later set up the second goal for Conceicao, who ghosted across the box before unleashing a shot which took a deflection and flew over the outstretched arms of Rui Patricio in the Al-Ain goal.

    A further 10 minutes on and the lively Yildiz took the ball on the left before cutting inside, taking two touches and firing a shot into the net off the post.

    Al-Ain had to push forward if they were going to get anything out of the game but they paid the price for their ambition in stoppage time at the end of the first half.

    A through ball from Thuram found Kolo Muani peeling off the last defender and the French striker slotted the ball into net with the outside of his right foot to take his tally to five goals in his last six games for The Old Lady.

    The Emirati side had a goal ruled out for offside at the start of the second half and skipper Kodjo Laba drew a fine save out of Juventus goalkeeper Michele Di Gregorio in the 49th minute.

    Conceicao, however, put the game well beyond them in the 58th minute when he skipped into the box from the right wing and beat Portuguese Patricio for the second time with a fine low strike.

    Patricio finally showed the quality that earned him 108 Portugal caps to deny Kolo Muani a hat-trick in the 66th minute and Juventus substitute Douglas Luiz came close to further blowing out the scoreline in the last couple of minutes.

    Juventus next play Morroco’s Wydad in Philadephia on Sunday, while Al-Ain, who lost to Real Madrid in the 2018 Club World Cup final, face City in Atlanta later the same day.

    -Reuters

  • Captain Gill to bat at number four as India look to fill Kohli void

    Source: Government of India

    Source: Government of India (4)

    India’s new test captain Shubman Gill will drop down one spot in the order to take Virat Kohli’s old position at number four, vice skipper Rishabh Pant said on Wednesday ahead of their series opener against England.

    Kohli, who scored 9,230 runs in tests including 30 centuries, followed former captain Rohit Sharma into retirement from the format last month.

    India named Gill as their new test captain in May, picking the 25-year-old batter over pace spearhead Jasprit Bumrah.

    “I think Shubman is going to bat at number four and I’m going to stick to number five as of now,” Pant told reporters.

    “And (the) rest, we are going to keep on discussing about that.

    “Obviously, it’s a new start for us, big people have left. Yes, there will be a gap, but at the same time, it’s an opportunity for us to build a new culture from here or take a culture forward from there, just adding to it.”

    Pant said his friendship with Gill will help them tackle the leadership responsibilities, with their first big challenge coming up on Friday when the first test kicks off at Leeds.

    “If you’re good friends off the field, it eventually comes on the field. It’s much better for cricket always, and that is something I’ve always believed in,” he said.

    “Me and him, we get along really well together. We keep on having conversations, and the kind of comfort zone we have with each other, I think that is really going to be special for us.”

    -Reuters

  • Fed keeps key rates steady; cites ‘meaningful’ inflation, cautious path ahead

    Source: Government of India

    Source: Government of India (4)

    The U.S. central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects “meaningful” inflation ahead as consumers pay more for goods due to the Trump administration’s planned import tariffs.

    “No one holds these … rate paths with a great deal of conviction, and everyone would agree that they’re all going to be data-dependent,” Powell said in a press conference after the end of a two-day U.S. central bank meeting where policymakers slowed their overall outlook for rate cuts in response to a more challenging outlook of weaker economic growth, rising joblessness, and faster price increases.

    If not for tariffs, Powell said, rate cuts might actually be in order, given that recent inflation readings have been favorably low.

    But a cost shock is coming, he insisted, with producers, manufacturers and retailers still involved in a complicated struggle over who will pay the levies imposed so far, and President Donald Trump still contemplating an aggressive set of import duties that could go into effect early next month.

    “Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs, because someone has to pay for the tariffs … between the manufacturer, the exporter, the importer, the retailer,” Powell said. “People will be trying not to be the ones who can pick up the cost. Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer.”

    “We’ll make smarter and better decisions if we just wait a couple of months or however long it takes to get a sense of really what is going to be the pass-through of inflation” from the higher import taxes, Powell said.

    In new economic projections released alongside the Fed’s statement, policymakers sketched a modestly stagflationary picture of the economy, with growth in 2025 slowing to 1.4%, unemployment rising to 4.5%, and inflation ending the year at 3%, well above the current level.

    While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to their 2% target.

    And there was a split among the 19 policymakers, with seven of them feeling no rate cuts will be needed. That diversity of views reflects that while uncertainty over Trump’s tariff policy is down from its peak in April, it’s still “a very foggy time,” Powell said, adding that policymakers may have divergent assessments of the risk that inflation could stay persistently higher, or that the labor market could weaken.

    Under the new projections, inflation will remain elevated at 2.4% through 2026 before falling to 2.1% in 2027 amid largely stable unemployment.

    The projected 1.4% GDP growth this year compares to the 1.7% rate seen in the last round of projections in March, and the 4.5% unemployment rate expected at the end of the year is up from the 4.4% projected in March. The rate in May was 4.2%

    So far, however, “the unemployment rate remains low, and labor market conditions remain solid,” the Fed said in a policy statement that kept its benchmark overnight interest rate in the 4.25%-4.50% range. The decision was approved unanimously.

    “There’s still bias towards some version of stagnation, lower growth with rising sticky inflation,” said Jack McIntyre, portfolio manager for global fixed income at Brandywine Global. “It feels like it’s a Fed that’s still being very patient, and they’re still biased towards cutting rates in the near future.”

    TRUMP LASHES OUT

    The Fed’s statement did not mention the sudden outbreak of hostilities between Israel and Iran and the risk that conflict posed to global oil or other markets.

    Powell said the Fed is watching the conflict “like everybody else” and that while it’s possible energy prices could rise, such price spikes generally fade and don’t have lasting effects on inflation.

    “For the time being we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said. The Fed, he added, is set up to “react” to incoming information in a timely way.

    U.S. stock indexes closely largely flat on the day, while the 10-year Treasury yield was mostly unchanged. Interest rate future prices continued to suggest the Fed’s September 16-17 meeting was the most likely point for the next rate cut, with another reduction in borrowing costs likely by the end of 2025.

    The central bank’s latest action again ignored Trump’s call for immediate rate cuts, a move Fed officials feel would be counter to their effort to ensure inflation returns to the 2% target until key tariff changes are finalized and their effects are better understood.

    As Fed officials were meeting on Wednesday, Trump called Powell “stupid” and said the policy rate should be slashed in half, the type of move usually reserved for severe economic emergencies. The president also mused about installing himself as Fed chief.

    The Fed cut rates three times last year, with the last move coming in December. Policymakers, however, have been reluctant to commit to a timeline for further cuts given the volatility of U.S. trade policy, and the difficulty of estimating how the burden of higher import taxes will be spread among consumers, importers, and producing nations.

    (Reuters)

  • Fed keeps key rates steady; cites ‘meaningful’ inflation, cautious path ahead

    Source: Government of India

    Source: Government of India (4)

    The U.S. central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects “meaningful” inflation ahead as consumers pay more for goods due to the Trump administration’s planned import tariffs.

    “No one holds these … rate paths with a great deal of conviction, and everyone would agree that they’re all going to be data-dependent,” Powell said in a press conference after the end of a two-day U.S. central bank meeting where policymakers slowed their overall outlook for rate cuts in response to a more challenging outlook of weaker economic growth, rising joblessness, and faster price increases.

    If not for tariffs, Powell said, rate cuts might actually be in order, given that recent inflation readings have been favorably low.

    But a cost shock is coming, he insisted, with producers, manufacturers and retailers still involved in a complicated struggle over who will pay the levies imposed so far, and President Donald Trump still contemplating an aggressive set of import duties that could go into effect early next month.

    “Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs, because someone has to pay for the tariffs … between the manufacturer, the exporter, the importer, the retailer,” Powell said. “People will be trying not to be the ones who can pick up the cost. Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer.”

    “We’ll make smarter and better decisions if we just wait a couple of months or however long it takes to get a sense of really what is going to be the pass-through of inflation” from the higher import taxes, Powell said.

    In new economic projections released alongside the Fed’s statement, policymakers sketched a modestly stagflationary picture of the economy, with growth in 2025 slowing to 1.4%, unemployment rising to 4.5%, and inflation ending the year at 3%, well above the current level.

    While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to their 2% target.

    And there was a split among the 19 policymakers, with seven of them feeling no rate cuts will be needed. That diversity of views reflects that while uncertainty over Trump’s tariff policy is down from its peak in April, it’s still “a very foggy time,” Powell said, adding that policymakers may have divergent assessments of the risk that inflation could stay persistently higher, or that the labor market could weaken.

    Under the new projections, inflation will remain elevated at 2.4% through 2026 before falling to 2.1% in 2027 amid largely stable unemployment.

    The projected 1.4% GDP growth this year compares to the 1.7% rate seen in the last round of projections in March, and the 4.5% unemployment rate expected at the end of the year is up from the 4.4% projected in March. The rate in May was 4.2%

    So far, however, “the unemployment rate remains low, and labor market conditions remain solid,” the Fed said in a policy statement that kept its benchmark overnight interest rate in the 4.25%-4.50% range. The decision was approved unanimously.

    “There’s still bias towards some version of stagnation, lower growth with rising sticky inflation,” said Jack McIntyre, portfolio manager for global fixed income at Brandywine Global. “It feels like it’s a Fed that’s still being very patient, and they’re still biased towards cutting rates in the near future.”

    TRUMP LASHES OUT

    The Fed’s statement did not mention the sudden outbreak of hostilities between Israel and Iran and the risk that conflict posed to global oil or other markets.

    Powell said the Fed is watching the conflict “like everybody else” and that while it’s possible energy prices could rise, such price spikes generally fade and don’t have lasting effects on inflation.

    “For the time being we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said. The Fed, he added, is set up to “react” to incoming information in a timely way.

    U.S. stock indexes closely largely flat on the day, while the 10-year Treasury yield was mostly unchanged. Interest rate future prices continued to suggest the Fed’s September 16-17 meeting was the most likely point for the next rate cut, with another reduction in borrowing costs likely by the end of 2025.

    The central bank’s latest action again ignored Trump’s call for immediate rate cuts, a move Fed officials feel would be counter to their effort to ensure inflation returns to the 2% target until key tariff changes are finalized and their effects are better understood.

    As Fed officials were meeting on Wednesday, Trump called Powell “stupid” and said the policy rate should be slashed in half, the type of move usually reserved for severe economic emergencies. The president also mused about installing himself as Fed chief.

    The Fed cut rates three times last year, with the last move coming in December. Policymakers, however, have been reluctant to commit to a timeline for further cuts given the volatility of U.S. trade policy, and the difficulty of estimating how the burden of higher import taxes will be spread among consumers, importers, and producing nations.

    (Reuters)