NewzIntel.com

Category: Asia Pacific

  • MIL-Evening Report: What is preferential voting and how does it work? Your guide to making your vote count

    Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania

    For each Australian federal election, there are two different ways you get to vote.

    Whether you vote early, by post or on polling day on May 3, each eligible voter will be given two ballot papers: one for the House of Representatives (the “lower house”) and one for the Senate (the “upper house”). Each of these two ballots uses a slightly different system, so it’s worth understanding how your numbered boxes translate into real results.

    Knowing how preferences work is key to making your vote count, before you get to enjoy your hard-earned democracy sausage.

    The House of Representatives (lower house)

    Australia is divided into 150 electorates, each of which is represented by one member in the House of Representatives. To elect them, we use a system called full preferential voting.

    On your green lower house ballot paper, all the candidates will be listed in a random order. You write a “1” in the box beside the candidate who is your first choice. This is called your first preference. You then write a “2” beside your second-choice candidate (your “second preference”), and so on until every candidate has a number.

    To make sure your vote counts, you need to number every box. If you skip a number, use the same number twice, or leave a box blank, your vote becomes informal and won’t count. So, it’s important to double-check. If you do make a mistake, don’t worry – you can just ask for a new ballot paper from a polling official.

    Once voting closes, the counting part is where things get interesting.

    First, officials from the Australian Electoral Commission (AEC) – an independent and impartial body – sort the ballot papers into piles according to each ballot paper’s first preference, then count them. If any candidate receives more than 50% of the votes, they win and are declared elected.

    If no one gets over 50%, the candidate with the lowest number of first preferences is knocked out (the technical term is “excluded”). Their ballot papers are then “redistributed” to the second preference candidate marked. This continues – eliminating the lowest-polling candidates and redistributing their preferences – until someone crosses the 50% threshold. This preference distribution process helps ensure the winner has majority support.

    But what does this look like? You can find out by numbering your preferences in the great farm animal election.

    As you’ll see, your first pick may be knocked out during vote counting, but maybe your second or third preference will get across the line.

    The Senate (Upper House)

    There are 76 members of the Senate: 12 from each state and two from each territory. Voting for senators is a bit different from the lower house in that it is partial preferential, and you can vote either “above the line” or “below the line”.

    Your white senate ballot paper will have several columns listing parties and groups. Party names appear above the thick black line, and individual candidates appear below it.

    If you vote above the line, you must number at least six boxes. When it comes to counting the votes, your preferences will then be distributed to candidates in the party in the order that their party has listed them. Parties decide this order beforehand.

    So, say you put a 1 next to the Liberal Party, which has three candidates, a 2 next to Labor, which also has three candidates, then number four more boxes. Your first three preferences would be for the three Liberal candidates, then your fourth to sixth preferences would be for the Labor candidates because you put them second. This then continues for each of the six boxes you numbered.

    You can try voting above or below the line with this sample senate ballot. It will tell you to keep numbering boxes to ensure your vote is valid.

    If you vote below the line, for individual candidates, you must number at least 12 boxes. But you can number all of them if you want – it can be satisfying to put someone last!

    Just like in the House of Representatives, you put 1 beside your first choice, 2 beside your second, and so on. You don’t have to stay within the same column – you could have a Greens candidate as your first choice, a Liberal as your second, then another Greens candidate as your third, for example.

    Because the upper house elects multiple candidates per state, using a combination of voting methods and a quota system, the Senate count is more complex.

    One thing to be mindful of is the “exhausted” vote. If you only number the minimum (six above the line or 12 below) and all your preferred candidates are excluded, your vote can no longer be redistributed. But any of your preferences used to elect a candidate before that point still count.

    Make your vote count

    Australia’s voting system is designed to make sure your vote has an impact, even if your first-choice candidate doesn’t win. That’s why understanding how preferences flow is so important.

    For those of us who have grown up here, it’s easy to think of voting as a chore rather than a privilege. But we’re so lucky to be able to go to a polling place without fearing violence or intimidation.

    To be able to cast a vote in a system that – despite some flaws – is free and fair is a global rarity. So make sure you double-check your numbers, and think carefully about where your preferences are going – then enjoy that democracy sausage knowing you’ve made your vote count.

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

    – ref. What is preferential voting and how does it work? Your guide to making your vote count – https://theconversation.com/what-is-preferential-voting-and-how-does-it-work-your-guide-to-making-your-vote-count-254286

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Preference deals can decide the outcome of a seat in an election – but not always

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    Every election cycle the media becomes infatuated, even if temporarily, with preference deals between parties. The 2025 election is no exception, with many media reports about preference “deals” being made.

    However, it is important to remember that voters are not required to follow the how to vote cards of the parties they vote for, and only major party voters have a significant percentage who follow the cards.

    Other than the Greens and One Nation, minor parties lack resources to put people at every polling place who will give voters how to vote cards. As a result, how to vote follow rates for most minor parties are low.

    At the 2022 Victorian state election, for example, seven seats had preferences for all voters data entered into a computer system. The Poll Bludger said Sunday that in these seven seats, about 30% of Labor voters exactly followed their party’s how to vote card.

    In seats where the Liberals were making an effort by staffing polling places, over 50% of their voters followed the card. But in Preston, a Labor vs Greens contest, only 29% of Liberals followed the card.

    The major parties will usually be the final two candidates in a seat, so their preferences are not distributed.

    Despite all this, there may be political consequences of preference recommendations.

    At this election, Labor is recommending preferences to the Greens ahead of the Coalition in all seats except in the Victorian Labor-held seat of Macnamara (an “open” ticket without a recommendation between the Greens and Liberals owing to concerns about the Jewish vote in that seat).

    The Coalition is recommending preferences to One Nation ahead of anyone else in 139 of the 147 seats One Nation is contesting.

    Recommending preferences to the Greens may make Labor seem too left-wing to some voters, and recommending preferences to One Nation may make the Coalition seem too right-wing and pro-Trump. One Nation will recommend preferences to the Coalition ahead of Labor in all seats it contests, the same recommendation they used in 2022.

    The Poll Bludger said the Greens will be recommending preferences to Labor in all seats at this election. Occasionally, the Greens issue open tickets. The difference is worth about 5% of the Greens vote, so if the Greens had 10% in a seat, Labor’s two-party vote would be 0.5 points higher with a Greens recommendation to preference Labor than otherwise.

    Trumpet of Patriots will put the incumbent party last in seats they contest. The Poll Bludger said Clive Palmer’s previous United Australia Party did this in 2022. But in 2022, Labor had a higher share of UAP preferences in seats it held than in Coalition-held seats, the opposite of what would be expected if these recommendations had made a difference.

    Trumpet of Patriots is only getting 1% or 2% in current national polls, so their how to vote preference recommendations are not worth worrying about.

    In 2022, Greens preferences (that is, voters who put the Greens as 1 on their House of Representatives ballot) went to Labor over the Coalition by 86–14. One Nation preferences went to the Coalition over Labor by 64–36. These figures are national, and use the Labor vs Coalition two-party count in seats where one major party missed the final two.

    Both the Greens and One Nation are using the same preference recommendations between Labor and the Coalition as in 2022, so their voters’ preferences won’t change because of recommendations.

    Seat-specific recommendations

    The Liberals are recommending preferences to teal independent Kate Hullett in the Western Australian Labor-held seat of Fremantle, after they put her behind Labor in the WA state seat of Fremantle at the March 8 state election. This will increase Hullett’s chance of defeating Labor.

    If the final two in Macnamara are the Greens and the Liberals, The Poll Bludger said Labor’s decision to issue an open ticket will give the Liberals about 2% of the 10% swing they would need to gain Macnamara.

    The Liberals will recommend preferences to Labor in the Tasmanian Labor-held seat of Franklin ahead of an anti-salmon farming independent. They will also recommend preferences to Labor ahead of Muslim Vote-backed independents in the NSW Labor-held seats of Watson and Blaxland. These recommendations will make it difficult for any of these three independents.

    Adrian Beaumont 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. Preference deals can decide the outcome of a seat in an election – but not always – https://theconversation.com/preference-deals-can-decide-the-outcome-of-a-seat-in-an-election-but-not-always-255005

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: 5 ways to tackle Australia’s backlog of asylum cases

    Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney

    People who apply for asylum in Australia face significant delays in having their claims processed. These delays undermine the integrity of the asylum system, erode public confidence and cause significant distress to people seeking asylum.

    There are, at the time of writing, 28,691 applications for a protection visa awaiting a decision at the Department of Home Affairs. At least 43,308 applications await review at the Administrative Review Tribunal.

    For people seeking asylum who have their initial applications refused and seek review in the Administrative Review Tribunal and in the Federal Circuit and Family Court, the process can often take more than ten years.

    Whoever wins the upcoming election inherits the daunting task of addressing this issue.

    Our research evaluated data on Australia’s previous attempts to increase efficiency of asylum processing. We also examined international best practice for designing fair and fast procedures, including lessons from recent successful asylum reforms in Switzerland.

    Here are five ways to make Australia’s asylum process more efficient.

    1. Recognise fairness enhances efficiency

    In most countries with asylum systems, processing is neither fair nor fast.

    When trying to increase efficiency, many governments have limited the ability of a person seeking asylum to fairly put forward their case.

    Australia, the United States, and many countries across Europe have introduced accelerated or fast-track procedures that drop essential safeguards including:

    • the right to an interview
    • access to legal assistance, and
    • the opportunity to respond to information that undermines their claim for asylum.

    But these efforts don’t just undermine fairness. They also contribute to slower processing.

    Such measures tend to lead to more appeals, and more cases being overturned by courts and tribunals. This contributes to longer delays.

    Our research into Australia’s now-abolished fast-track procedures demonstrates this. This policy was introduced by the Coalition government in 2014, with the aim of speeding up processing and reducing the backlog of asylum applications.

    It included the creation of a new streamlined review process before the Immigration Assessment Authority. Applicants were generally not interviewed or allowed to put forward new information.

    The resulting system was not only unfair; it was also excruciatingly slow.

    Four in five cases were appealed to the court. About 37% of these were overturned. The delays created by increased litigation clearly counteracted any time saved.

    One of the best ways to improve the efficiency of asylum processing is to ensure applicants can present their cases effectively from the outset.

    2. Fund legal representation for those who can’t afford a lawyer

    Research shows legal assistance increases efficiency.

    Lawyers can help assist people to prepare and present their case properly, and ensure that they get a fair hearing (reducing the chance of a lengthy appeal).

    Promisingly, in 2023 the federal government announced A$48 million in funding for legal services for people seeking asylum.

    It’s crucial this funding is maintained, and is sufficient to meet demand.

    3. Invest in decision-makers

    Once a person lodges their claim for asylum, it’s first assessed by the Department of Home Affairs. If the application is denied, the applicant can seek review at the Administrative Review Tribunal, which reassesses the merits of the application.

    If the tribunal rejects the claim, the court can conduct a limited review focusing only on whether the decision was lawfully made.

    A fast process is only possible if we have enough of all these decision-makers across the system.

    This requires investment in training and hiring suitably qualified decision-makers who are equipped to handle the volume and complexity of asylum claims.

    This is underway. The federal government has invested $58 million in October 2023 towards hiring additional Administrative Review Tribunal members and Federal Circuit and Family Court judges for asylum cases. It’s also hiring more staff at the Department of Home Affairs.

    Australia’s next government should consider taking a data-driven approach to calculate the decision-making capacity required for existing and future caseload.

    4. Prioritise simple cases for faster processing

    Not all asylum cases are equally complex; some can be resolved relatively quickly.

    Australia needs a robust and transparent triaging system to identify and prioritise simpler cases for faster processing.

    This would significantly improve overall efficiency and allow decision-makers to focus on more complex cases.

    The Department of Home Affairs’ current approach to triaging is a “last in, first out” system that prioritises new asylum applications for rapid processing.

    However, this leads to substantial unfairness for applicants who lodged their claims earlier, who may face long processing delays.

    The department needs an approach to streaming based on case complexity, to ensure all cases are finalised as quickly as possible.

    5. Better coordination across decision-making bodies

    The various bodies involved in asylum processing – including the Administrative Review Tribunal, the Federal Circuit and Family Court and the Department of Home Affairs – need to coordinate to improve efficiency and cut delays.

    Any government reforms aimed at increasing the efficiency of asylum procedures must be system-wide.

    By taking a holistic view, we can ensure that increased efficiency at one stage does not inadvertently create bottlenecks or inefficiencies in another.

    A fundamental shift

    Overall, Australia needs a fundamental shift that recognises fairness contributes to, rather than detracts from efficiency.

    That shift is essential for developing a fair and fast asylum process that will serve the best interests of applicants, the government and the Australian public.

    Daniel Ghezelbash receives funding from the Australian Research Council and the Robert Bosch Foundation. He is a board member of Refugee Advice and Casework Services, Wallumatta Legal, and the Access to Justice and Technology Network. He is also a Special Counsel at the National Justice Project.

    Keyvan Dorostkar receives an Australian government Research Training Program (RTP) Scholarship.

    Mia Bridle receives an Australian government Research Training Program (RTP) Scholarship.

    – ref. 5 ways to tackle Australia’s backlog of asylum cases – https://theconversation.com/5-ways-to-tackle-australias-backlog-of-asylum-cases-254071

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Gang Conflict Warrant issued in Eastern District

    Source: New Zealand Police (National News)

    To be attributed to Detective Inspector Marty James, District Manager Criminal Investigations:

    Eastern District Police have today been issued a Gang Conflict Warrant, following several incidents stemming from ongoing tensions between Mongrel Mob and Black Power.

    At around 10:45pm on Tuesday night, shots were fired at houses in Wairoa associated with both gangs, and a Napier house connected to one of the gangs was targeted this morning. 

    We’re also aware of a number of alleged gang-related incidents in Wairoa that have not been reported to us, including assaults, vehicle rammings, other damage to cars, and threatening behaviour.

    A significant operation is under way across Tairāwhiti and Hawke’s Bay in response to this senseless violence between the two gangs, and the Gang Conflict Warrant issued today gives us valuable additional powers to draw on.

    The Gang Conflict Warrant is issued under the Criminal Activity Intervention Legislation Act and gives us special powers to search vehicles of suspected gang members, and to seize firearms, weapons and vehicles.

    The violence we are seeing from these two gangs – particularly those incidents where firearms are involved – is absolutely unacceptable in our communities.

    The residents of our communities have the right to be able to go about their daily lives without fearing for their safety from gang-related violence. They’ve had enough and so have we.

    As part of our investigation into the recent offending, officers in Tairāwhiti and Hawke’s Bay will be stopping vehicles with links to gang members and searching gang-related addresses. 

    Officers will also be maintaining a highly visible presence in our communities to provide reassurance.

    We are determined to hold those responsible for the recent offending to account and gang members should be on notice that we will not tolerate this ongoing violence.

    Today we arrested two men in relation to the incident in Wairoa on Tuesday night. The two men – aged 18 and 35 – have been charged with aggravated burglary and possession of offensive weapons. Further arrests are likely in the coming days.
     

    ENDS
     

    Issued by Police Media Centre. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Education Should be Led by Experts-Not Economists

    Source: Te Pati Maori

    Te Pāti Māori are appalled by Cabinet’s decision to agree to 15 recommendations to the Early Childhood Education (ECE) sector following the regulatory review by the Ministry of Regulation. We emphasise the need to prioritise tamariki Māori in Early Childhood Education, conducted by education experts- not economists.

    “Our mokopuna deserve an education system shaped by their needs – and that must be led by the total immersion Māori education sector,” said Te Pāti Māori spokesperson for education, Tākuta Ferris.

    “Research shows that a strong sense of identity is central to the success of tamariki Māori. Instead of defunding key programmes and continuing to allocate just 1% of total education funding to Māori education, the government should be investing in the Māori educational systems that are already delivering for our tamariki.

    “A government that develops education policy within David Seymour’s cost-cutting Ministry, shows a clear disregard for the future of our tamariki Māori.”

    “There is no table fit to make decisions about the education of mokopuna Māori without Kōhanga Reo and Te Rūnanga Nui o Ngā Kura Kaupapa Māori at it,” says Hana-Rawhiti Maipi-Clarke, Te Pāti Māori spokesperson for total immersion education.

    “They are more equipped than any government body to know what our tamariki need – not just in the classroom, but for their future.

    “The government must be held to account for its commitment to the recommendations made in Wai 2336. That means creating standalone legislation with policies specifically designed to support Māori education and to give whānau real, meaningful choices,” concluded Maipi-Clarke.

    Te Pāti Māori remains resolute in protecting the mana and mauri of Kōhanga Reo by ensuring all policies and regulations uphold and advance its kaupapa as a taonga tuku iho for our babies and mokopuna.

    MIL OSI New Zealand News –

  • MIL-OSI China: Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

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

    Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

    SHANGHAI, April 24 — The China National Space Administration (CNSA) announced on Thursday that scientists from institutions in France, Germany, Japan, Pakistan, the United Kingdom (UK) and the United States (U.S.) have been granted the opportunity to borrow lunar samples collected by the Chang’e-5 mission for scientific research.

    At a ceremony for China’s Space Day in Shanghai, the agency announced that seven institutions from six countries have been authorized to borrow the lunar samples.

    The authorized institutions include the Institut de Physique du Globe de Paris (IPGP) in France, the University of Cologne in Germany, Osaka University in Japan, the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the Open University in the UK, Brown University in the US, and the State University of New York at Stony Brook in the US.

    In 2020, China’s Chang’e-5 mission retrieved samples from the moon weighing about 1,731 grams.

    Shan Zhongde, head of the CNSA, said China’s lunar exploration program has always adhered to the principles of equality, mutual benefits, peaceful utilization and win-win cooperation, sharing achievements with the international community.

    He added that CNSA will continue to accept international applications for lunar sample research, expressing hope that global scientists will make new discoveries that expand human knowledge and benefit humanity.

    In November 2023, CNSA opened applications for international researchers to borrow Chang’e-5 lunar samples. By the end of December 2023, it had received 24 applications from 11 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI China: China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

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

    China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

    SHANGHAI, April 24 — The China National Space Administration (CNSA) revealed Thursday that the Chang’e-8 lunar probe is scheduled for launch around 2029, and will carry payloads from 11 countries and regions and one international organization as part of international cooperation.

    The announcement was made at the opening ceremony for 2025 Space Day of China, which is celebrated annually on April 24.

    The Chang’e-8 mission will target the Leibnitz-Beta Plateau near the lunar south pole region, working with the earlier Chang’e-7 mission to conduct scientific exploration and in-situ resource utilization experiments. These efforts will lay the groundwork for the future International Lunar Research Station.

    According to CNSA, the 10 selected collaborative projects include a multi-functional robot designed by researchers in Hong Kong, a lunar rover developed by Pakistan and the International Society for Terrain-Vehicle Systems (ISTVS), an exploration rover made by Türkiye, and radio astronomical instruments by South Africa and Peru.

    The projects also include Italy’s laser retroreflector arrays, Russia’s plasma and dust analyzer and high-energy particle detector, Thailand’s neutron analyzer, Bahrain and Egypt’s lunar surface imaging system, and Iran’s lunar potential monitor.

    Shan Zhongde, head of CNSA, said China will work closely with international partners to achieve new scientific discoveries and technological breakthroughs that will ultimately benefit all of humanity.

    CNSA announced in October 2023 international cooperation opportunities for Chang’e-8 lunar mission, which offered 200 kilograms of payload resources for global partners. A total of 41 cooperation proposals were received.

    MIL OSI China News –

  • MIL-OSI Russia: NSU held a telethon with colleagues from the National University of Uzbekistan

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    Novosibirsk State University held a telethon with colleagues from the National University of Uzbekistan named after Mirzo Ulugbek “Heroes of Science and the Front: Memory of Teachers and Scientists”, dedicated to the 80th anniversary of the Victory in the Great Patriotic War.

    The telethon was organized by partners in the Consortium of Researchers of the History of North and Central Asian Countries, the Humanitarian Institute of NSU and the Faculty of History of the Mirzo Ulugbek National University of Uzbekistan.

    Opening the meeting, Professor, Doctor of Historical Sciences Andrey Zuyev emphasized: “A lot of time has passed, but we must not forget about this, the most grandiose event of the 20th century for our history. Representatives of all peoples and social groups of the Soviet Union took part in the war. And our event is dedicated to preserving the memory of the teachers and scientists who contributed to the common Victory.”

    Professor of the National University of Uzbekistan, Doctor of Historical Sciences Akhmadjon Khalikulov, who spoke in response, shared the same point of view.

    The telethon program opened with a report by Academician of the Russian Academy of Sciences, Professor Vyacheslav Molodin, “Scientists of Siberia on the Front of the Great Patriotic War and in the Post-War Period,” which became the basis for a chapter in a collective monograph on this topic, prepared by the Siberian Branch of the Academy of Sciences.

    He recalled that during the war, many scientists were already working in Novosibirsk, where the Novosibirsk Committee of Scientists was created in early 1942, with Academician S.A. Chaplygin becoming its honorary chairman. A year later, a branch of the USSR Academy of Sciences was formed, consisting of the following institutes: Mining and Geology, Transport and Energy, Chemical and Metallurgical, and Medical and Biological.

    “Among the priority tasks facing the institutes of the Siberian branch of the Academy of Sciences was the use of natural resources of the Urals and Siberia in the interests of the country’s defense, since many sources of strategic raw materials ended up in enemy-occupied territories,” Molodin said. And, as the academician showed in his report, the geologists successfully coped with it.

    It is difficult to overestimate the contribution to the victory of the future founders of Akademgorodok. Mikhail Alekseevich Lavrentyev developed the theory of cumulation and decoding the actions of cumulative shells, on the basis of which a number of effective anti-tank ammunition was created, which played, among other things, a significant role in the outcome of the Battle of Kursk. The research of Sergei Alekseevich Khristianovich helped to increase the accuracy of shooting of another important class of weapons of that war – multiple launch rocket systems. The third co-founder of Akademgorodok Sergei Lvovich Sobolev worked on the development of computational mathematics during the war, and the results of his work later found expression in the successful implementation of the atomic and space projects of the Soviet Union.

    Many of the future famous scientists of the Siberian Branch of the Academy of Sciences went through the Great Patriotic War as soldiers and officers of the Red Army. Among them were the founder of the Institute of Nuclear Physics G.I. Budker, the founder of the Institute of Semiconductor Physics A.V. Rzhanov, one of the founders of the Institute of Thermal Physics S.S. Kutateladze, the author of the famous experiment on domesticating foxes and one of those who revived genetics in the USSR D.K. Belyaev, the future founder of the Physics and Mathematics School and one of the fathers of Soviet cybernetics A.A. Lyapunov and many others, whose names were also mentioned in Academician Molodin’s report.

    Also, as part of the telethon, PhD in History Stanislav Egorov presented a digital exhibition “From the War Fronts to the Scientific and Teaching Front: NSU Humanities Scientists — Participants in the Great Patriotic War.”

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: New Director General of the Bureau of Industrial Parks, MOEA, Mr. Chih-Ching Yang, outlines three core visions to drive park optimization and innovation.

    Source: Republic of China Taiwan

    The Bureau of Industrial Parks (BIP) under the Ministry of Economic Affairs (MOEA) held an inauguration and oath-taking ceremony for BIP’s new Director General on March 26. The ceremony was presided over by MOEA Vice Minister Chien-Hsin Lai, during which outgoing Acting Director General Chi-Chuan Liu handed over the official seal to incoming Director General Chih-Ching Yang. Director General Yang will continue to lead efforts in upgrading and transforming technology industrial parks and industrial parks, with a strong focus on sustainable operations and effective management.
    Director General Yang holds a master’s degree in business administration from the National Taiwan University of Science and Technology. He began his public service career at the grassroots level in industrial services. He has served as Division Director and Deputy Director General of the Industrial Development Bureau, Chief Secretary of the MOEA, and most recently as Director-General of the Industrial Development Administration. Known for his solid academic background, strong execution skills, and proactive leadership, Director General Yang has led the Industrial Development Administration team of MOEA’s renowned “steel battalion” in advancing key initiatives such as amendments to the Industrial Innovation Act, industrial value enhancement, medical supply preparedness during the pandemic, and the dual transformation toward smart and low-carbon development. He is widely recognized in the industry as a key force in promoting sustainable park development.
    The Bureau of Industrial Parks oversees 80 parks across Taiwan. Vice Minister Lai encouraged the bureau to continue pursuing three major tasks: providing high-quality industrial spaces to support the “Five Trusted Industries”; advancing the “Extraterritorial Equivalent to Domestic” policy to expand Taiwan’s industrial reach; and implementing the “Balanced Taiwan” strategy to deepen local industrial clusters, thereby accelerating economic policy implementation.
    Director General Yang stated that building on existing foundations, he will drive optimization and innovation in park development through three core visions:
    Smart – Promoting AI integration across industries
    Safe – Creating secure and high-quality investment environments
    Sustainable – Developing low-carbon, green, and sustainable parks
    He emphasized the importance of public-private collaboration, listening to industry voices, and leveraging government support resources to create industrial bases aligned with the needs of emerging technologies. These efforts aim to accelerate industrial development and ensure the long-term sustainability of the parks.

    Spokesman: Mr. Liu Chi-Chuan (Deputy Director General, BIP)
    Contact Number: 886-7-3613349, 0911363680
    Email: lcc12@bip.gov.tw

    Contact Person: Hsiao, Yi-Chen (Personnel Office, BIP)
    Contact Number: 886-7-3611212 ext. 639
    Email: hs0218@bip.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: Flow Traders 1Q 2025 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 1Q 2025 Trading Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

    Highlights

    • Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
    • Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
    • Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
    • Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
    • EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
    • Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
    • Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital1.
    • Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
    • Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

    Leadership Update

    In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

    Financial Overview

    €million 1Q25 1Q24 Change YTD25 YTD24 Change
    Net trading income 140.2 127.1 10% 140.2 127.1 10%
    Other income (5.1) 2.5 NM (5.1) 2.5 NM
    Total income 135.1 129.6 4% 135.1 129.6 4%
    Revenue by region2            
    Europe 79.9 68.5 17% 79.9 68.5 17%
    Americas 11.4 41.3 (72%) 11.4 41.3 (72%)
    Asia 43.7 19.9 120% 43.7 19.9 120%
    Fixed employee expenses 24.3 20.7 18% 24.3 20.7 18%
    Technology expenses 17.4 15.8 10% 17.4 15.8 10%
    Other expenses 9.1 7.7 19% 9.1 7.7 19%
    Fixed operating expenses 50.8 44.1 15% 50.8 44.1 15%
    Variable employee expenses 22.0 23.8 (8%) 22.0 23.8 (8%)
    Total operating expenses 72.7 67.9 7% 72.7 67.9 7%
    EBITDA 62.3 61.6 1% 62.3 61.6 1%
    Interest expenses 0.4 – NM 0.4 – NM
    Lease expenses 0.5 0.6 (8%) 0.5 0.6 (8%)
    Depreciation & amortisation 4.7 4.3 11% 4.7 4.3 11%
    Impairment of intangible assets 10.5 – NM 10.5 – NM
    Profit/(loss) on equity-accounted investments (1.8) (0.4) 375% (1.8) (0.4) 375%
    Profit before tax 44.3 56.4 (21%) 44.3 56.4 (21%)
    Tax expense 8.0 10.6 (24%) 8.0 10.6 (24%)
    Net profit 36.3 45.9 (21%) 36.3 45.9 (21%)
    Basic EPS3 (€) 0.84 1.05 (21%) 0.84 1.05 (21%)
    Fully diluted EPS4 (€) 0.82 1.04 (21%) 0.82 1.04 (21%)
    EBITDA margin 46% 48%   46% 48%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9 79.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2 11.4
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8 43.7

    Value Traded Overview

    €billion 1Q25 1Q24 Change YTD25 YTD24 Change
    Flow Traders ETP Value Traded 507 409 24% 507 409 24%
    Europe 245 152 61% 245 152 61%
    Americas 213 229 (7%) 213 229 (7%)
    Asia 49 27 81% 49 27 81%
    Flow Traders non-ETP Value Traded 1,217 1,146 6% 1,217 1,146 6%
    Flow Traders Value Traded 1,724 1,555 11% 1,724 1,555 11%
    Equity 861 819 5% 861 819 5%
    FICC 774 691 12% 774 691 12%
    Other 89 45 100% 89 45 100%
    Market ETP Value Traded5 14,425 11,981 20% 14,425 11,981 20%
    Europe 882 597 48% 882 597 48%
    Americas 11,065 9,965 11% 11,065 9,965 11%
    Asia 2,478 1,419 75% 2,478 1,419 75%
    Asia ex China 645 439 47% 645 439 47%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Trading Capital (€m) 647 574 585 584 609 624 668 775 803
    Return on Avg Trading Capital1 67% 65% 56% 49% 50% 58% 62% 69% 68%
    Average VIX7 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3 18.5

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

    Americas

    Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

    During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

    In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

    Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

    Preliminary Financial Calendar

    13 June 2025                AGM
    31 July 2025                1H25 Results

    Analyst Conference Call and Webcast

    The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
    4. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    5. Source – Flow Traders analysis.
    6. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Secretary-General of ASEAN and ASCC Council Ministers meet with The Right Honourable Premier of Sarawak

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning joined the ASCC Council Ministers in meeting with The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak, in Kuching, Sarawak, Malaysia, prior to the convening of the 33rd ASCC Council Meeting. The ASCC Council Ministers expressed their appreciation to the Premier and to the State Government of Sarawak for the warm welcome and kind hospitality extended to them and to their delegations, while at the same time, commended Malaysia for its active role in chairing ASEAN this year.

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Secretary-General of ASEAN and ASCC Council Ministers meet with The Right Honourable Premier of Sarawak appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning delivered remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community (ASCC) Council Meeting, along with The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak and H.E. Dato Sri Tiong King Sing, ASCC Council Chair 2025 and Minister of Tourism, Arts & Culture of Malaysia. In his remarks, SG Dr. Kao highlighted the significant role of the ASCC Strategic Plan in shaping and future-proofing the region’s socio-cultural landscape.
     
    Download the full remarks here.

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-Evening Report: Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?

    Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

    Once again, housing affordability is at the forefront of an Australian federal election.

    Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done to address supply.

    One of the biggest hurdles is an ongoing shortage of skilled tradespeople, and difficulties attracting new workers. The construction industry accounts for 9% of Australia’s workforce. Yet an estimated 35% of workers lack formal qualifications.

    On Wednesday, Labor announced an election promise to fast-track formal trade qualifications for about 6,000 experienced but unqualified tradies.

    The Advanced Entry Trades Training program would start in 2026 and cost A$78 million.

    This program should help address some of the skills shortages in the sector. But it will be a long time before these benefits begin flowing through the system. And Australia is still likely to fall short of the government’s ambitious new home targets.

    Recognising skills we already have

    The Advanced Entry Trades Training program is intended to partly bridge the gap in construction skills shortages through a process called “recognition of prior learning” – and by offering free training to fill any skill gaps.

    In principle, recognition of prior learning allows individuals with substantial and relevant industry experience to attain formal qualifications without lengthy training programs.

    A similar approach was adopted in the healthcare sector as an emergency response to the pandemic, to boost the number of qualified workers.

    For the construction industry, it will encompass workers currently in the industry who have not completed an apprenticeship, as well as skilled migrants in Australia whose abilities remain unverified.

    This process can improve pay and conditions for participants. But it can also potentially fast-track their entry into the qualified workforce, addressing immediate skills shortages.



    Read more:
    A grab bag of campaign housing policies. But will they fix the affordability crisis beyond the election?

    Will it work?

    Labor’s new initiative mirrors an existing program at the state level, the New South Wales government’s Trade Pathways for Experienced Workers Program.

    According to Labor, this program saw 1,200 students earn their qualifications in an average time of seven months (as opposed to several years).

    It’s important to note this includes trades from all sectors of the NSW economy. But it is much faster than the traditional process of skill recognition. The Parkinson Review of Australia’s migration system found this process can take up to 18 months for a skilled migrant and cost over $9,000.



    Read more:
    Australia has a new National Skills Agreement. What does this mean for vocational education?

    Increased housing supply? Not soon

    Combined with other initiatives such as incentive payments for construction apprentices, the new Advanced Entry Trades Training program should help address some skills shortages in the sector.

    Australia’s peak construction industry body, Master Builders Australia, praised the proposal, citing its own analysis suggesting for every new qualified tradie, an extra 2.4 homes can be built.

    Even with these initiatives, the sector will likely fall short of the 83,000 additional skilled tradespeople needed to meet the Albanese government’s target to build 1.2 million new homes over five years.

    And it may mainly solve a categorisation issue. Currently, only about 80% of employers in the construction sector in Australia require all job applicants to hold a formal qualification.

    Crucially, it doesn’t address the core problem of attracting higher numbers of suitable people to a very traditional industry and helping them finish their qualifications. Almost half of construction sector apprentices do not complete their training.

    Other challenges

    There are other challenges for recognition of prior learning schemes more broadly.

    Research into recognition of prior learning for construction sector apprentices suggests some Australian employers and training providers may be averse to fast-tracking training. About 64% of assessed apprentices had prior experience and skills, but only 30% had their training shortened.

    These issues are even more complex when considering accelerated pathways for skilled migrants from a range of countries. There are some significant, well-documented challenges in transferring or recognising vocational qualifications across international boundaries.

    More to be done

    The Advanced Entry Trades Training program may go some way to alleviating a skills shortage in construction. But it will only partially address the broader issues of supply.

    Australia’s vocational education and training systems are complex, making it difficult to predict the outcomes.

    The proposed program does not address the problem of rising construction material costs and shortages. This problem is worsened by the declining productivity of the housing construction sector, which has halved over the last 30 years.

    Declining productivity isn’t just down to skilled labour shortages. It has also been attributed to other factors such as complex planning approvals, limited innovation, and a predominance of small firms.

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

    – ref. Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis? – https://theconversation.com/many-experienced-tradies-dont-have-formal-qualifications-could-fast-tracked-recognition-ease-the-housing-crisis-255108

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition

    Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

    wedmoment.stock/Shutterstock

    If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles.

    This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid and battery electric vehicles (EVs).

    The Albanese government pitched these tax breaks as a way to make EVs cheaper to buy and more competitive with internal combustion engine cars. Since the tax break came in, EV popularity has surged. Almost 100,000 people have taken out a novated lease on an EV between mid-2022, when the scheme began, and February 2025.

    The Coalition has been consistently critical of the tax breaks on cost grounds. The scheme has been far more popular than government forecasts envisaged, leading to concerns about a cost blowout. Rather than the A$55 million forecast for 2024-25, the scheme has cost ten times that – $560 million. EV buyers are much more likely to be wealthy, meaning the tax break has been snapped up by people who need it less. The policy is, however, encouraging car suppliers to import more affordable EVs.

    These concerns don’t mean Labor’s policy is bad. Far from it – this tax break is currently the only policy working to drive down transport emissions, now the second-largest source of emissions in Australia. The Coalition has given no indication it would replace the EV tax break with other ways to cut transport emissions.

    Electric vehicles still cost more than their internal combustion engine counterparts.
    meowKa/Shutterstock

    What is this tax break – and did it work?

    In mid-2022, the Albanese government introduced a tax break to encourage uptake of electric vehicles. The measure initially covered hydrogen fuel-cell, battery-electric and plug-in hybrid vehicles, but plug-in hybrids are no longer eligible as of April 1.

    The tax break works by giving EV buyers who are current employees a fringe benefits tax exemption for low- or zero-emissions vehicles both held and used for private use. The fringe benefits tax is a flat tax of 47% levied on the car benefit provided by the employer. For the exemption to apply, the retail price of the car has to be under the threshold for the luxury car tax of $91,387.

    People in high incomes brackets often like to negotiate with their employer to have a car included as part of their salary package so they can reduce their taxable income. The fringe benefits tax is levied on these types of benefits.

    The scheme works by exempting purchasers of new EVs from fringe benefits tax. A battery electric Hyundai Kona retailed for around $60,000 last year – 32% more in price than its internal combustion engine equivalent. The fringe benefits tax of around $11,700 annually ends up being larger because of the EV’s high sale price. Without this exemption, the tax acts as a major disincentive for the uptake of EVs.
    By and large, electric vehicles cost significantly more than their traditional counterparts. This price gap is dropping as new manufacturers enter the market, but it’s still there. While EVs have lower fuel costs, the higher upfront cost has put off many prospective buyers. This is the issue Labor’s tax exemption was intended to fix.

    Has the scheme worked? Overall, yes. In 2022, EVs accounted for just 3.3% of all new cars sold in Australia. By 2023, almost two-thirds of battery electric, vehicles were sold to private buyers, a 145% increase. And in 2024, the figure had almost tripled to 9.6%. Without this tax incentive, Australia’s uptake of EVs would most likely be much lower.

    If a future Coalition government ended the tax break, Australia would return to the pre-2022 era, where fringe benefits tax acted as a significant disincentive for EVs.

    The tax break isn’t perfect – but it’s better than nothing

    Australia’s main power grid now runs on an average of 40% clean energy. As a result, emissions have been tracking downward in these sectors. But transport emissions are still rising. Transport is now Australia’s second-largest source of emissions – almost 100 million tonnes (Mt) out of our total emissions of 434 Mt. By 2030, transport is projected to be the largest source of domestic emissions.

    Under the 2015 Paris Agreement, nations agreed at least 20% of light vehicles on their roads would be low- or zero-emissions by 2030. But Australia is lagging well behind the pack on the shift to cleaner transport.

    At present, just 1% of Australia’s car fleet is electric. Even EVs make up close to 10% of new sales, changing the makeup of the entire fleet (16.8 million) will take years.

    By contrast, almost 90% of new cars sold in Norway are electric, according to a 2024 report from the International Energy Agency. In China it’s just under 60%, Sweden it’s 60%, Netherlands 30%, the UK 25% and the United States 10%.

    These countries have used a combination of tax incentives and fuel efficiency regulations to drive rapid uptake. While Labor has moved to introduce both of these, progress hasn’t been as fast.

    Back to the fuel guzzlers?

    Australians rely heavily on cars. But the long lack of fuel efficiency standards mean many models sold here emit much more than in other OECD countries – 150 grams per kilometre versus 107 across 29 European Union nations as of 2023. Put another way, a new car in Australia uses 40% more fuel than its equivalent in the EU. Many drivers prefer big cars, such as the top-selling Ford Ranger.

    If the Coalition ends the tax break and pulls the teeth of new emissions standards, it would bring recent modest progress to a halt.

    The Coalition has rightly pointed out the inequity of the tax break as it stands. My research has shown this could be fixed. Throwing the scheme out without proposing another way to cut transport emissions is disheartening.

    Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

    – ref. Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition – https://theconversation.com/back-to-the-fuel-guzzlers-coalition-plans-to-end-ev-tax-breaks-would-hobble-the-clean-transport-transition-255211

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning delivered remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community (ASCC) Council Meeting, along with The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, Premier of Sarawak and H.E. Dato Sri Tiong King Sing, ASCC Council Chair 2025 and Minister of Tourism, Arts & Culture of Malaysia. In his remarks, SG Dr. Kao highlighted the significant role of the ASCC Strategic Plan in shaping and future-proofing the region’s socio-cultural landscape.
     
    Download the full remarks here.

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 24, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 9,634
    Amount allotted (in ₹ crore) 9,634
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/171

    MIL OSI Economics –

  • MIL-OSI New Zealand: Night closures coming for State Highway 2 – Masterton to Carterton

    Source: New Zealand Transport Agency

    Late April and early May will see maintenance works underway on State Highway 2 between Masterton and Carterton.

    Roxanne Hilliard, Wellington Alliance Manager, says contractors will complete a wide range of maintenance tasks.

    “They will be fixing safety barriers – we have four recent barrier strikes that need to be fixed. It is critical damaged barriers are fixed as they are instrumental in preventing head on collisions.

    “They will also be doing line marking and carrying out water cutting – this removes excess bitumen from the road surface, improves road grip, and makes it safer to drive on,” Ms Hilliard says.

    Ms Hilliard says the work requires road closures over five consecutive nights, and State Highway 2 will be closed to traffic in both directions.

    “We appreciate full closures do affect drivers. However, with winter approaching it is vital this section of the highway is in the best shape it can be for the winter months ahead.”

    The work will be underway from Sunday, 27 April to Thursday, 1 May. The highway will be closed to north and southbound traffic each night between 9 pm and 4 am (works conclude Friday, 2 May at 4 am).

    Ms Hilliard says local road detours will be available via Chester and Norfolk Road, and Cornwall Road and Hughes Line (see work and detour details below).

    “Because these are local roads, road users must drive to the conditions, obey the speed limit, and be patient if there is queued traffic. We want people to get to their destinations safely.”

    Drivers travelling through Wairarapa also need to be aware of other road works on State Highway 2 that will affect their journeys. This includes road rebuild work in Greytown and drainage works in Masterton.

    It is essential people plan ahead and allow extra time for their journeys.

    NZTA/Waka Kotahi and the Wellington Transport Alliance thank the public for their patience and cooperation while these essential state highway maintenance works are completed.

    Works schedule and detour routes

    • Sunday, 27 April to Thursday 1 May. 9 pm – 4 am
    • State Highway CLOSED in both directions between Chester and Norfolk Roads
    • Sunday and Monday nights (27 and 28 April):
      • Northbound traffic detour via Chester and Norfolk Roads
      • Southbound traffic detour via Cornwall Road and Hughes Line
    • Tuesday, Wednesday, and Thursday nights (29 April – 1 May):
      • All traffic must detour via Hughes Line and Cornwall Road.

    View larger night closures map [PDF, 365 KB]

    More information

    MIL OSI New Zealand News –

  • MIL-OSI: Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    • Dassault Systèmes’ 3DEXPERIENCE platform will be used across Airbus, company-wide, for all future generations of civil and military aircraft and helicopters
    • More than 20,000 users from every business area and the value chain will collaborate and use Dassault Systèmes’ virtual twins to improve efficiency, shorten development cycles and reduce costs
    • This is a key milestone in the digital transformation of Airbus’ ways of working and the preparation of the next generation of aerospace products

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Airbus have extended their long-term strategic partnership, putting the 3DEXPERIENCE platform at the heart of lifecycle management of all new Airbus programs for civil and military aircraft and helicopters.

    This deployment will support the entire development chain for all Airbus civil and military aircraft and helicopters. More than 20,000 users from every business area, as well as Airbus suppliers, will be able to collaborate more effectively and use virtual twins – on premise or on a sovereign cloud – to shorten development cycles, anticipate and improve production efficiency, and enhance aftersales support – all while reducing costs.

    “Digitalization is a key enabler that we are leveraging to support our core priorities, whether it is ramping up the production of our commercial aircraft, preparing the next generation of platforms that will further contribute to the decarbonization of our sector, or pioneering the defense and security solutions of tomorrow,” said Guillaume Faury, CEO, Airbus. “This renewed partnership with Dassault Systèmes will play an important role in accelerating our progress towards these goals, while ensuring the highest levels of quality, safety and security throughout the lifecycle of our products and solutions, from design to in-service operations.”

    “Our long history of collaboration with Airbus embarks on its next chapter, enabling the entire enterprise and its value chain to innovate globally, efficiently and virtually for decades to come. Airbus can take full advantage of AI-powered generative experiences, and scientific advances in material science, modeling, simulation, production and operation systems efficiency with our 3DEXPERIENCE platform. This will open new possibilities to imagine, create and produce the experiences that will define the future of the aerospace industry,” said Bernard Charlès, Executive Chairman, Dassault Systèmes.

    Dassault Systèmes will provide Airbus with seven industry solution experiences based on the 3DEXPERIENCE platform: “Program Excellence,” “Winning Concept,” “Co-Design to Target,” “Cleared to Operate,” “Ready for Rate,” “Build to Operate,” and “Keep Them Operating.”1  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 370,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    1 The agreement between Dassault Systèmes and Airbus was signed in Q4 2024.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
    • 1Q25: Strong subscription growth of 14%, bringing New business up 7%;
    • 1Q25: 3DEXPERIENCE software revenue growth of 17%;
    • 1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
    • 1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
    • FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage. 

    We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

    We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

    Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

    Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   Non-IFRS
      Q1 2025 Q1 2024 Change Change in constant currencies   Q1 2025 Q1 2024 Change Change in constant currencies
    Total Revenue   1,573.0 1,499.7 5% 4%   1,573.0 1,499.7 5% 4%
    Software Revenue   1,432.7 1,352.8 6% 5%   1,432.7 1,352.8 6% 5%
    Operating Margin   19.4% 21.6% (2.3)pts     30.9% 31.1% (0.2)pt  
    Diluted EPS   0.20 0.21 (9)%     0.32 0.30 6% 5%

    First Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.
    • Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO2 headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
    • Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
    • Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

    Financial Objectives for 2025

    Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q2 2025 FY 2025  
      Total Revenue (billion) €1.520 – €1.580 €6.567 – €6.667  
      Growth 2 – 6% 6 – 7%  
      Growth ex FX 3 – 7% 6 – 8%  
               
      Software revenue growth * 3 – 7% 6 – 8%  
        Of which licenses and other software revenue growth * (6) – 1% 2 – 6%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
     

    Services revenue growth *

    3 – 7%

    		 4 – 6%  
               
      Operating Margin 29.8% – 29.9% 32.3% – 32.6%  
               
      EPS Diluted €0.30 – €0.31 €1.36 – €1.39  
      Growth (1) – 3% 7 – 9%  
      Growth ex FX 1 – 5% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 156.4 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Capital Markets Day: June 6, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
    With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended
    March 31,

    2025

    		 March 31,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,573.0 € 1,499.7 5% 4%
             
    Revenue breakdown by activity        
    Software revenue 1,432.7 1,352.8 6% 5%
    Of which licenses and other software revenue 198.1 218.5 (9)% (10)%
    Of which subscription and support revenue 1,234.6 1,134.3 9% 7%
    Services revenue 140.2 146.8 (4)% (6)%
             
    Software revenue breakdown by product line        
    Industrial Innovation 793.1 731.4 8% 8%
    Life Sciences 292.6 284.7 3% 0%
    Mainstream Innovation 347.1 336.7 3% 2%
             
    Software Revenue breakdown by geography        
    Americas 611.1 553.6 10% 7%
    Europe 513.2 503.2 2% 1%
    Asia 308.4 296.0 4% 5%
             
    Operating income € 486.1 € 466.5 4%  
    Operating margin 30.9% 31.1%    
             
    Net income attributable to shareholders € 420.1 € 397.2 6%  
    Diluted earnings per share € 0.32 € 0.30 6% 5%
             
    Closing headcount 26,225 25,780 2%  
             
    Average Rate USD per Euro 1.05 1.09 (3)%  
    Average Rate JPY per Euro 160.45 161.15 (0)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    March 31,

    2025

    		 March 31,

    2024

    		 Change
    Revenue QTD 1,573.0 1,499.7 73.3 52.6 0.9 19.8

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended
    March 31, March 31,
    2025 2024
    Licenses and other software revenue 198.1 218.5
    Subscription and Support revenue 1,234.6 1,134.3
    Software revenue 1,432.7 1,352.8
    Services revenue 140.2 146.8
    Total Revenue € 1,573.0 € 1,499.7
    Cost of software revenue (1) (129.2) (111.9)
    Cost of services revenue (131.1) (131.8)
    Research and development expenses (348.6) (311.4)
    Marketing and sales expenses (446.5) (420.3)
    General and administrative expenses (120.4) (105.1)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) (93.3)
    Other operating income and expense, net (4.4) (1.8)
    Total Operating Expenses (1,268.5) (1,175.6)
    Operating Income € 304.5 € 324.1
    Financial income (loss), net 30.3 30.2
    Income before income taxes € 334.8 € 354.2
    Income tax expense (75.5) (68.3)
    Net Income € 259.4 € 286.0
    Non-controlling interest 1.2 (0.3)
    Net Income attributable to equity holders of the parent € 260.5 € 285.7
    Basic earnings per share 0.20 0.22
    Diluted earnings per share € 0.20 € 0.21
    Basic weighted average shares outstanding (in millions) 1,312.3 1,313.6
    Diluted weighted average shares outstanding (in millions) 1,332.2 1,331.1

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended March 31, 2025
    Change (2) Change in constant currencies
    Total Revenue 5% 4%
    Revenue by activity    
    Software revenue 6% 5%
    Services revenue (4)% (6)%
    Software Revenue by product line    
    Industrial Innovation 8% 8%
    Life Sciences 3% 0%
    Mainstream Innovation 3% 2%
    Software Revenue by geography    
    Americas 10% 7%
    Europe 2% 1%
    Asia 4% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    March 31, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,242.9 3,952.6
    Trade accounts receivable, net 1,709.5 2,120.9
    Contract assets 34.3 30.1
    Other current assets 464.8 464.0
    Total current assets 6,451.5 6,567.6
    Property and equipment, net 928.7 945.8
    Goodwill and Intangible assets, net 7,597.6 7,687.1
    Other non-current assets 358.9 345.5
    Total non-current assets 8,885.2 8,978.3
    Total Assets € 15,336.7 € 15,545.9
    LIABILITIES    
    Trade accounts payable 199.5 259.9
    Contract liabilities 1,716.0 1,663.4
    Borrowings, current 411.4 450.8
    Other current liabilities 1,109.7 1,147.4
    Total current liabilities 3,436.6 3,521.5
    Borrowings, non-current 2,043.3 2,042.8
    Other non-current liabilities 887.9 900.9
    Total non-current liabilities 2,931.3 2,943.7
    Non-controlling interests 14.3 14.1
    Parent shareholders’ equity 8,954.5 9,066.6
    Total Liabilities € 15,336.7 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended
    March 31, March 31, Change
    2025 2024
    Net income attributable to equity holders of the parent 260.5 285.7 (25.2)
    Non-controlling interest (1.2) 0.3 (1.4)
    Net income 259.4 286.0 (26.6)
    Depreciation of property and equipment 50.5 47.6 2.8
    Amortization of intangible assets 89.6 95.2 (5.6)
    Adjustments for other non-cash items 16.1 37.7 (21.6)
    Changes in working capital 397.4 204.4 193.0
    Net Cash From Operating Activities € 813.0 € 670.9 € 142.1
           
    Additions to property, equipment and intangibles assets (55.9) (57.2) 1.2
    Payment for acquisition of businesses, net of cash acquired (193.8) (4.5) (189.2)
    Other (37.8) 22.3 (60.1)
    Net Cash Provided by (Used in) Investing Activities € (287.5) € (39.4) € (248.1)
           
    Proceeds from exercise of stock options 22.2 21.3 0.8
    Repurchase and sale of treasury stock (80.1) (131.1) 51.0
    Acquisition of non-controlling interests (0.2) (2.6) 2.5
    Repayment of borrowings (58.9) (0.1) (58.8)
    Repayment of lease liabilities (22.6) (24.0) 1.4
    Net Cash Provided by (Used in) Financing Activities € (139.6) € (136.5) € (3.0)
           
    Effect of exchange rate changes on cash and cash equivalents (95.7) 32.7 (128.4)
           
    Increase (decrease) in cash and cash equivalents € 290.3 € 527.7 € (237.4)
           
           
    Cash and cash equivalents at beginning of period € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,242.9 € 4,095.9  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended March 31, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,573.0 – € 1,573.0 € 1,499.7 – € 1,499.7 5% 5%
    Revenue breakdown by activity                
    Software revenue 1,432.7 – 1,432.7 1,352.8 – 1,352.8 6% 6%
    Licenses and other software revenue 198.1 – 198.1 218.5 – 218.5 (9)% (9)%
    Subscription and Support revenue 1,234.6 – 1,234.6 1,134.3 – 1,134.3 9% 9%
    Recurring portion of Software revenue 86%   86% 84%   84%    
    Services revenue 140.2 – 140.2 146.8 – 146.8 (4)% (4)%
    Software Revenue breakdown by product line                
    Industrial Innovation 793.1 – 793.1 731.4 – 731.4 8% 8%
    Life Sciences 292.6 – 292.6 284.7 – 284.7 3% 3%
    Mainstream Innovation 347.1 – 347.1 336.7 – 336.7 3% 3%
    Software Revenue breakdown by geography                
    Americas 611.1 – 611.1 553.6 – 553.6 10% 10%
    Europe 513.2 – 513.2 503.2 – 503.2 2% 2%
    Asia 308.4 – 308.4 296.0 – 296.0 4% 4%
    Total Operating Expenses € (1,268.5) € 181.6 € (1,086.9) € (1,175.6) € 142.4 € (1,033.2) 8% 5%
    Share-based compensation expense and related social charges (88.5) 88.5 – (46.7) 46.7 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) 88.3 – (93.3) 93.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.4) 4.4 – (1.8) 1.8 –    
    Operating Income € 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)% 4%
    Operating Margin 19.4%   30.9% 21.6%   31.1%    
    Financial income (loss), net 30.3 0.6 30.9 30.2 1.0 31.2 1% (1)%
    Income tax expense (75.5) (21.6) (97.1) (68.3) (31.6) (99.9) 11% (3)%
    Non-controlling interest 1.2 (0.9) 0.2 (0.3) (0.3) (0.5) N/A (141)%
    Net Income attributable to shareholders € 260.5 € 159.6 € 420.1 € 285.7 € 111.5 € 397.2 (9)% 6%
    Diluted Earnings Per Share (3) € 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended March 31, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (260.3) 4.9 0.1 (255.2) (243.8) 2.9 0.2 (240.6) 7% 6%
    Research and development expenses (348.6) 32.5 0.1 (316.0) (311.4) 17.9 0.3 (293.2) 12% 8%
    Marketing and sales expenses (446.5) 24.5 0.1 (421.9) (420.3) 13.7 0.1 (406.5) 6% 4%
    General and administrative expenses (120.4) 26.6 0.0 (93.8) (105.1) 12.3 0.0 (92.7) 15% 1%
    Total   € 88.5 € 0.4     € 46.7 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

    2 Contract Research Organizations

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Economics –

  • MIL-OSI Banking: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Global Banks –

  • MIL-OSI New Zealand: Have you seen Julie Butler?

    Source: New Zealand Police (District News)

    Police are seeking information on the whereabouts of Julie Butler, who is missing from Aotea/Great Barrier Island.

    The 55-year-old usually lives aboard her yacht the ‘Blazing Shadz’, moored in Kaiaraara Bay.

    Police were notified by a partner agency about concerns for Julie on 4 April.

    Local Police enquiries were hampered by the adverse weather conditions on the island at the time. However, on 7 April it was confirmed Blazing Shadz was not moored in its usual location.

    Enquiries have been ongoing since this time, including with the Police Maritime Unit and Coastguard.

    Police have also made enquiries with nearby harbour masters that Julie has frequented, including Whangārei.

    Police have also been making extensive enquiries with Julie’s friends, whānau and other partner agencies.

    To date we have been unable to locate Julie or her vessel Blazing Shadz.

    Police are seeking information from the public to assist these enquiries as there are ongoing welfare concerns for Julie.

    Please contact 105 using the reference number 250404/8311 if you have any information about Julie or the vessel so that we can reunite Julie with her family.

    ENDS.

    Jarred Williamson/NZ Police

    Media note: Police are also releasing a photo of the yacht ‘Blazing Shadz’.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police investigate incidents of damage and theft at Porirua schools

    Source: New Zealand Police (National News)

    Please attribute to Inspector Renée Perkins, Area Commander, Kāpiti-Mana:

    Porirua Police and Māori Wardens are increasing patrols after several incidents of damage and theft at local schools.

    On Monday evening, 21 April, buildings and vehicles at two schools in Porirua East suffered over $32,000 worth of damage.

    Agencies, along with the wider community have come together in support, repairs are under way and security guards will be in place across the long weekend.

    I want to thank the community for offering their support as this Police investigation continues.

    Police believe this happened between 9pm and 11:30pm on Monday, and while we have good lines of inquiry as to who was responsible, we are still looking for information from the public which could help.

    We urge anyone with information to contact Police online at 105.police.govt.nz, clicking “Update Report” or by calling 105 and quoting file number 250422/8244.

    ENDS

    Issued by Police Media Centre.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Basketball test event set

    Source: Hong Kong Information Services

    To prepare for the official events of the 15th National Games (NG) to be staged in November, a basketball test event will be held at the Hong Kong Coliseum in Hung Hom this Saturday and Sunday.
     

    The Basketball (Men’s U22) test event will be held from 2pm to 6.30pm on both days, with the participation of four basketball teams – the Hong Kong A1 Division Championship basketball teams Hong Kong Eastern, Winling and Tycoon, as well as the Hong Kong Men’s U22 representative team.

    Admission tickets have been distributed through the Basketball Association of Hong Kong, China and the Eastern Sports Club.

    Those who possess a ticket may enter the venue for the event upon completion of a security check starting from 12.30pm on the event days.

    The test event is organised by the National Games Coordination Office (Hong Kong) and co-organised by the Basketball Association of Hong Kong, China and the Eastern Sports Club, with the Chinese Basketball Association as advisor.
     
    Radio Television Hong Kong will provide a live webcast of the two-day event on its website and YouTube channel.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Be prepared and plan ahead for Anzac weekend

    Source: Auckland Council

    After last week’s dose of wet and windy weather, Aucklanders are getting a bit of a reprieve for Anzac Day but may see rain over the weekend, most likely Sunday. We’re reminding people to check drains and gutters again; plan travel carefully and stay up to date with weather forecasts.

    Auckland Emergency Management General Manager Adam Maggs says Aucklanders did a great job preparing for the impacts of ex-tropical Cyclone Tam and responding to the weather conditions over the Easter weekend.

    “Aucklanders across the region experienced heavy rain, strong winds and flooding in places just days ago, over the Easter long weekend.

    “While there’s still a high degree of uncertainty, we could see some wet weather in parts of Tāmaki Makaurau over the Anzac long weekend.

    “We understand Aucklanders may be sick of hearing about the weather, but it doesn’t take long to do a few important things – a quick check of gutters and drains on your property, and a regular update on the weather forecast over the weekend,” says Adam.

    Keep up to date with the weather forecast

    MetService has not issued any current weather watches or warnings for the weekend as it’s too early to predict how the weekend weather will pan out. A top tip is to download the MetService app from the App Store or Google Play and sign up for push notifications to your phone.

    “At this stage, it looks like we’re in for rain overnight on Saturday and into Sunday morning – right about the time when people may start heading home from school holidays or long weekend breaks.

    “There is still uncertainty about when and where bad weather will hit, so make sure you check the forecast when planning any weekend travel or activities and check it again for any changes before you go out. Don’t forget, if you’re heading to another region, check the weather there too.

    “With soil saturation levels now very high, there is always the possibility of flooding if heavy rain eventuates.

    “If you’re on the roads, drive to the conditions, take care and give yourself plenty of time,” he says.

    Add property prep to your weekend checklist

    Taking half an hour to make sure your home and property are prepared for bad weather could prevent unnecessary damage and disruption.

    “Securing or storing outdoor furniture and umbrellas ahead of bad weather doesn’t take much time and could stop these items from getting damaged or damaging your property.

    “If we get gusty winds, these can easily pick up small or loose items, flip trampolines or lightweight outdoor furniture and play equipment,” says Adam.

    Checking drains, gutters and trees or plants on your property that can lose branches or clog drains is a good idea at this time of year.

    “Auckland Council’s Healthy Waters team has again been out this week checking hot spots and clearing drains. It’s important that residents do this too.

    “Anything on your property that may wash into the stormwater system and cause blockages should be removed. Clearing gutters and drains on your property will also help prevent damage, leaks and flooding. 

    “It’s always a good time to check your emergency readiness supplies – in the unlikely event the power goes out or, for those in more remote parts of the region, you get temporarily cut off.

    “Visit our website (aucklandemergencymanagement.govt.nz) or getready.govt.nz for good advice on getting your household prepared for an emergency,” says Adam.

    Always in the know: top tips for wild weather

    • Follow weather forecasts for regular updates – forecasts can change.
    • Plan your travel carefully and never drive through floodwater.
    • If life or property is at risk, phone 111.
    • If you live somewhere prone to flooding, slips or power outages, ensure you have a supply of food and provisions in case you become isolated.
    • Treat power lines as live at all times.
    • Report flooding and blocked stormwater drains to Auckland Council on 09 301 0101.
    • Visit aucklandcouncil.govt.nz and click “Report a problem” to report trees down on public land.
    • If your property is damaged, take photographs for your insurer as early as possible.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: ASEAN digital senior officials call for collaboration towards an inclusive and trusted digital ecosystem

    Source: ASEAN – Association of SouthEast Asian Nations

    JAKARTA, 23 April 2025 – The First ASEAN Digital Senior Officials’ Meeting and ASEAN Telecommunications Regulators’ Council (ADGSOM – ATRC) Leaders’ Retreat of 2025 took place on 22-23 April in Jakarta.
     
    The two-day event was chaired by Thailand as the ADGSOM Chair for 2025. The meeting discussed the outcomes and follow-up actions from the 5th ASEAN Digital Ministers’ Meeting (ADGMIN) held on 13-17 January 2025 in Bangkok. Additionally, the 5th Meeting of the ASEAN Working Group on Anti-Online Scam (WG-AS) was held on the sidelines, to discuss ASEAN Member States’ (AMS) collective measures in tackling online scams in the region.
     
    Under the theme of Thailand’s ADGMIN Chairmanship in 2025, “Secure, Innovative, Inclusive: Shaping ASEAN’s Digital Future” is essential to fully unlock the potential of ASEAN Digital Economy by harnessing the transformative power of artificial intelligence (AI) which requires multiple stakeholder’s collaboration including policy makers, private sector and the community towards shaping ASEAN’s Digital Future.
     
    The meeting welcomed a proposal for joint collaboration between ADGSOM and the ASEAN Foundation to organise the ASEAN Digital Forum 2026, which will be held alongside the 6th ADGMIN in early 2026 in Viet Nam. Additionally, the development of the ASEAN Digital Outlook 2025, supported by Google.org. This initiative shall support effective long-term planning across member states, fostering sustained growth and competitiveness in the digital era. The meeting also welcomed the proposals which should strengthen public-private partnerships for knowledge exchange, policy alignment, and the coordination of digital initiatives for alignment with global digital trends and standards.
     
    The meeting welcomed the successful implementation of the ASEAN Digital Masterplan 2025 (ADM2025), noting that 100% of its Enabling Actions (EAs) had been initiated as of April 2025. As ADM2025 approaches its conclusion, the meeting reaffirmed the importance of sustaining the region’s digital transformation momentum through the upcoming ASEAN Digital Masterplan 2030 (ADM2030).
     
    ADM2030 will serve as a visionary framework that will set the pace for ASEAN’s digital future over the next 5 years. In this regard, Viet Nam has been entrusted to lead the development of ADM2030 in 2025, targeted for endorsement at the 6th ADGMIN in early 2026.
     
     
    ###

    Photos Credit: Biro Humas Kementerian Komunikasi dan Digital
     
    The post ASEAN digital senior officials call for collaboration towards an inclusive and trusted digital ecosystem appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with 2025’s ASCC Council Chair in Malaysia

    Source: ASEAN – Association of SouthEast Asian Nations

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning met with H.E. Dato Sri Tiong King Sing, ASEAN Socio-Cultural Community (ASCC) Council Chair 2025 and Minister of Tourism, Arts & Culture of Malaysia, in Kuching, Sarawak, Malaysia, prior to the convening of the 33rd ASCC Council Meeting. The Meeting exchanged views on the ASCC’s priorities for 2025, including the anticipated adoption of the ASCC Strategic Plan by the ASEAN Leaders in May of this year, in Malaysia.

    The post Secretary-General of ASEAN meets with 2025’s ASCC Council Chair in Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-Evening Report: The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism

    Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University

    This article contains mention of racist terms in historical context.

    Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story.

    One such narrative persistently claims “fuzzy wuzzy angel” was used as an “affectionate” name for local stretcher-bearers of sick and wounded Australian soldiers during the New Guinea campaign of 1942 to 1945.

    Papua New Guineans called Australian soldiers masta (master), taubada (big man), and bos (boss). Australian soldiers called Papua New Guinean people by racist phrases including boong, nigger, kanaka, coon, boi, boy and wog.

    Our new research shows that, far from being “affectionate”, the phrase fuzzy wuzzy angel is best understood in this context – and in the context of 500 years of anti-Black racism.

    These other offensive terms used by soldiers are largely gone from the public domain, yet fuzzy wuzzy angel persists. We decided to explore this apparently acceptable form of contemporary racism.

    Power relations across the centuries

    In 1526 the Portuguese explorer Jorge de Menezes named islands in the west of what is now West Papua Ilhas dos Papuas.

    “Papuas” was a borrowed word by the Portuguese of Malay/Indonesian origin, meaning “frizzled” or “curly-haired”. The islands were therefore known as the “islands of the frizzy-haired people”.

    In 1545, the Spanish explorer Yñigo Ortiz de Retez named the east mainland Nueva Guinea (New Guinea). As historian J.H.F. Sollewijn Gelpke describes it, Ortiz de Retez saw a physical resemblance to the “frizzy haired inhabitants […] of the Guinea Coast in West Africa”.

    The first usage we found of the phrase fuzzy wuzzy angels relating to the New Guinea campaign was in an article in the Sydney’s The Daily Mirror in 1942. A war correspondent reported troops along the Track were reciting a “catchy verse with a swing in it”.

    The “catchy verse” appears to borrow directly from the 1892 poem Fuzzy Wuzzy, by English writer Rudyard Kipling. Kipling borrowed the phrase from how British soldiers referred to the Beja warriors of north-east Africa during the Mahdist (Anglo–Sudan) War of 1881–99.

    Shortly after the poem was published in The Daily Mirror, the image of the “fuzzy wuzzy angel” was immortalised in a photograph. George Silk’s image shows Raphael Oimbari (Hanau village, Oro Province) walking with injured Australian soldier Private George “Dick” Whittington (2/10th Battalion) on Christmas Day, 1942.

    While Whittington was identified as the injured soldier, it wasn’t until the 1970s that Oimbari was identified and named as the Papua New Guinean guide.

    The cultural journey of Kipling’s poem in Africa to Australian infantry on the Kokoda follows the same route as Spanish and Portuguese sailors from African Guinea to Papua New Guinea.

    This focus on frizzy or fuzzy hair homogenised Blackness under the colonial gaze.

    Continuing racial relations

    Far from being just stretcher bearers, local people during the Kokoda Campaign were often forced to support the Australian war effort in roles including cooks, cleaners, labourers, construction workers, farm hands and carriers of ammunition.

    These roles have also disappeared from our national narrative, along with the more racist forms of address.

    In place of historically accurate accounts is a distilled national narrative: iconic stretcher bearers “affectionately” known as fuzzy wuzzy angels.

    New Guinea native carriers meet Australian officers at a rest spot on the Kokoda Trail, August 1942.
    Australian War Memorial

    There was little interest in the Australian war story in Papua New Guinea and the Kokoda Track between the end of the war and the early 1990s. Then, in 1992, Prime Minister Paul Keating kissed the foot of the Kokoda Memorial.

    Attention by subsequent prime ministers and an increased number of books and films propelled the Kokoda Track into mainstream Australian consciousness.

    Prime Minister John Howard made the “affectionate” usage claim in a speech to Papua New Guinea Prime Minister Bill Skate in 1998.

    Papua New Guinean scholar Regis Tove Stella wrote in 2007 that fuzzy wuzzy angel is “belittling and consistent with the discourse of paternalism that largely characterised colonial administrative policy”.

    Yet we continue to see Indigenous perspectives erased in favour of the “affectionate” account.

    When Malcolm Turnbull laid a 75th anniversary wreath in April 2017, the Australian Associated Press included this explanatory paragraph:

    Local Papua New Guinean men, dubbed affectionately the ‘Fuzzy Wuzzy Angels’, assisted and escorted wounded and injured Australian soldiers along the trail.

    In 2024, “affectionate” was reinscribed by Peter Dutton in an address to parliament to honour Papua New Guinea Prime Minister James Marape.

    500 years of a racist phrase

    Australia’s northernmost island, Saibai Island of Zenadh Kes/Torres Strait Islands, is less than 4 kilometres from Papua New Guinea – yet most Australians know little about our closest neighbours.

    This year marks the 50th anniversary of Papua New Guinea’s independence from Australia, mobilised by the Whitlam government, some 25 years behind the post-war decolonisation movement.

    Yet official decolonisation has not stopped Australians from insisting that it is affectionate – and, by implication, not racist – to use colonial naming practices that date back some 500 years.

    This article draws on research conducted during Erika K. Smith’s doctoral candidature which was financially supported by an Australian Postgraduate Award and a Western Sydney University Postgraduate Research Scholarship.

    Ingrid Matthews 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. The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism – https://theconversation.com/the-phrase-fuzzy-wuzzy-angels-is-far-from-affectionate-it-reflects-500-years-of-racism-253953

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices

    Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Centre for Applied Energy Economics and Policy Research, Griffith University

    Daria Nipot/Shutterstock

    With ongoing cost of living pressures, the Australian and New Zealand supermarket sectors are attracting renewed political attention on both sides of the Tasman.

    Allegations of price gouging have become a political issue in the Australian federal election. At the same time, the New Zealand government has announced that “all options” are on the table to address a lack of competition in the sector – including possible breakup of the existing players.

    But it is not clear breaking up the supermarkets or other government interventions will improve the sector for shoppers and suppliers.

    In 2022, I co-authored a government-commissioned analysis looking at whether New Zealand’s two main supermarket groups should be forced to sell some of their stores to create a third competing chain.

    We found it was possible under some scenarios that breakup could benefit consumers. But key uncertainties and implementation risks meant consumers could lose overall.

    A lot hinges on whether breakup causes supermarkets’ input costs to rise or product variety to fall. Even in more positive scenarios at least some consumers could be left worse off.

    Watchdog concerns

    Competition authorities – the Australian Competition and Consumer Commission (ACCC) and New Zealand’s Commerce Commission – have conducted supermarket sector studies. They each expressed concern at significant barriers to entry and expansion in the sector and supermarkets’ resulting high levels of profitability.

    This year, the ACCC concluded margins earned by Australia’s main supermarkets are among the highest of supermarket businesses in comparable countries. Similarly, in 2022 the Commerce Commission found New Zealand’s supermarkets were earning excess profits of around NZ$430m a year.

    While high profits might mean that market power is being abused, it could also mean managers are doing a good job. Or have had a great run of luck. Alternative explanations for high profits would need to be ruled out before putting fingers on regulatory triggers.

    New Zealand’s Finance Minister Nicola Willis says everything is on the table when it comes to addressing the concentration of the supermarket sector.
    Hagen Hopkins/Getty Images

    Barriers to entry

    The starting point is to acknowledge that high profits and prices go hand in hand with barriers to entry and challenges in achieving economies of scale.

    In other words, some sectors are less competitive than others simply because a lack of demand or high costs make it unprofitable for additional competitors to either enter or remain in the market.

    Countries like Australia and New Zealand, with low population densities and large service areas, face high costs of nationwide supply. They also face significant shipping distances from other countries. This limits the ability of overseas entrants using their existing buying and supply infrastructures.

    That said, some barriers to entry might be artificial or caused by existing firms stifling new competitors.

    Existing supermarkets in both countries have gained controlling stakes in the land needed to set up new supermarkets – something regulatory settings can prevent.

    Another challenge for new chains is the process of getting planning and land use consents – something policymakers can address.

    This points to key elements of a test for whether supermarkets are charging too much. One is a recognition that there can be natural reasons for limited competition, and unless technologies or consumer preferences change that will remain the case.

    Another is a focus on the things that can be changed – whether at the firm or policy level – in a way that benefits consumers and suppliers. Finally, policymakers need to consider whether the benefits of implementing them outweigh the costs.

    Testing the market

    Building on work developed by Nobel economist Oliver Williamson, a “three-limb test” was used in the 2017 government-commissioned assessment of fuel pricing in New Zealand that I co-authored. The same could be used to assess the supermarket sector.

    That three-limb test asks

    • are there features of the existing industry structure and conduct giving cause for concern
    • can those causes for concern be remedied
    • would the benefits of remedying those concerns outweigh the costs of doing so?

    If the answer to all three limbs is yes, that suggests suppliers are charging too much (or delivering too little) since there are practical ways to improve on the status quo.

    A virtue of such a test is that is can be applied in any sector where there are high firm concentration, barriers to entry and high profit margins.

    Importantly, the test looks beyond just what firms are (or are not) doing and asks whether policy and regulatory settings are ripe for improvements too.

    The test is also pragmatic – it shouldn’t trigger changes unless they are clearly expected to do more good than harm. This is important if interventions are risky, costly or irreversible, especially in sectors that are important to all of us.

    Politicians on both sides of the Tasman are floating the possibility of supermarket breakup, among other possible interventions. The three-limb test helps to identify whether any proposed interventions are a good idea and whether supermarket prices are higher than they need to be.

    Richard Meade co-authored a 2022 study funded by the Ministry of Business, Innovation and Employment examining the costs and benefits of breaking up New Zealand’s major supermarkets. The views expressed in this article are his own, and do not purport to represent those of any other party or organisation.

    – ref. This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices – https://theconversation.com/this-may-be-as-good-as-it-gets-nz-and-australia-face-a-complicated-puzzle-when-it-comes-to-supermarket-prices-254987

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Govt vocational education reforms will cause massive disruption – CTU

    Source: New Zealand Council of Trade Unions Te Kauae Kaimahi  (CTU)

    The New Zealand Council of Trade Unions Te Kauae Kaimahi is warning that the Government’s decision to adopt a new model for the vocational education and training sector will lead to massive disruptions and instability in an already fatigued sector.

    “The NZCTU remains fundamentally opposed to these reforms, which will create further disruption across the sector and come off the back of a period of disruption and change in the sector over the past five years,” said NZCTU Acting President Rachel Mackintosh.

    “We are concerned by the impacts that another several years of change processes will have on the sector, learners, and industries.

    “Our major concern regarding the model that the Government is adopting is the risk of the creation of new private agencies competing for public funding within the sector; this model has not served New Zealand well in the past.

    “Profit motives drive instability in education, and it is not a good use of resources to have multiple agencies competing for funding as they must focus attention on securing funding at the expense of focusing on delivery for learners.

    “The whole process for these reforms has been flawed. There is no reason why the consultation needed to have such a narrow scope, excluding critical stakeholders, and key subject matter experts.

    “The Minister’s insistence on pushing ahead with these poorly thought through reforms is likely to create several more years of instability in the sector, and more uncertainty for learners, industries, and the vocational education and training workforce,” said Mackintosh.

    MIL OSI New Zealand News –