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Category: Asia

  • Centre notifies guidelines for electric passenger vehicle manufacturing scheme

    Source: Government of India

    Source: Government of India (4)

    The Centre on Monday issued detailed guidelines for a new scheme aimed at promoting domestic manufacturing of electric passenger vehicles, marking a key step in its broader push for green mobility and sustainable industrial development. The “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI), notified by the Ministry of Heavy Industries (MHI), is intended to attract global investments in India’s electric vehicle (EV) sector while strengthening the country’s position as a global automotive manufacturing hub.

    Announced in March 2024, the scheme aligns with India’s climate goals, including its commitment to achieve net-zero emissions by 2070. The initiative also supports the government’s vision of fostering economic growth, job creation, and environmental sustainability through strategic policy interventions in the EV ecosystem.

    Speaking at a press conference, Union Minister for Heavy Industries, H.D. Kumaraswamy, described the scheme as a forward-looking and transformative step. He noted that the scheme is designed not only to bring cutting-edge EV technologies into the Indian market but also to build indigenous manufacturing capabilities through a clear framework of domestic value addition (DVA) targets.

    Under the scheme, approved companies will be allowed to import a limited number of completely built electric four-wheelers (e-4W) at a reduced customs duty rate of 15 per cent for a period of five years. These imports must meet a minimum cost, insurance and freight (CIF) value of USD 35,000 per unit. The concession is capped at 8,000 units per year, with the flexibility to carry forward unused quotas. However, the total duty foregone will be limited to either Rs 6,484 crore or the actual investment made by the applicant, whichever is lower.

    To qualify for these benefits, applicants must commit to a minimum investment of Rs 4,150 crore within three years of receiving approval. They must also establish manufacturing facilities and commence production within this period. The guidelines stipulate that a minimum of 25 per cent domestic value addition should be achieved within three years, rising to 50 per cent within five years. The DVA assessment will follow the existing Standard Operating Procedure of the PLI Scheme for Automobile and Auto Components, with certifications to be carried out by MHI-approved testing agencies.

    While there is no cap on maximum investment, only specific categories of expenditure—such as new plant and machinery, engineering research and development, and essential buildings—will be counted towards the investment threshold. Notably, expenditure on land is excluded, while spending on charging infrastructure will be considered up to a limit of five per cent of the total committed investment.

    Applicants will be required to furnish a bank guarantee equivalent to the higher of the duty foregone or Rs 4,150 crore, valid for the entire duration of the scheme. The application window, expected to open soon, will remain active for a minimum of 120 days, with the government retaining the option to reopen it until March 2026. A non-refundable application fee of Rs 5 lakh will be applicable.

    Eligibility is restricted to companies or global groups with an automotive manufacturing revenue of at least Rs 10,000 crore and fixed asset investments of not less than Rs 3,000 crore, based on their latest audited financial statements.

    The Ministry of Heavy Industries said the scheme would catalyse the development of a competitive and self-reliant EV manufacturing ecosystem in India, contributing to the larger goals of the ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives. The effort is also expected to generate high-quality employment, accelerate the adoption of clean energy technologies, and position India as a preferred destination for global automotive innovation.

  • India to create 7.29 million green jobs by FY28, 35 million by 2047: Report

    Source: Government of India

    Source: Government of India (4)

    India’s green economy is growing rapidly and is expected to reach a value of $1 trillion by 2030, and a staggering $15 trillion by 2070, a new report said on Monday.

    With this massive growth, India is also set to create a huge number of green jobs – around 7.29 million by the financial year 2027-28 and 35 million by the year 2047, according to a NLB Services report.

    NLB Services CEO Sachin Alug said: “In the past 4–5 years, we’ve seen green jobs evolve from niche roles to mainstream opportunities across renewable energy, EVs, and sustainable infrastructure. What’s changed pragmatically is the skillsets.”

    “Today’s green workforce needs both sustainability know-how and digital fluency, and the increased integration of AI, IoT, blockchain, GIS, and data-driven tools are laying the foundation for progressive, new-age green careers,” Alug mentioned.

    As the green sector expands, industries are not just investing in green technology and renewable energy, but also focusing on building a skilled workforce to meet the rising demand.

    This shift is driving companies to change their hiring strategies. Rather than relying only on traditional degrees, employers are now giving more importance to practical green skills and hands-on experience.

    Many companies are also working closely with colleges and universities to equip young people with sustainability-related skills, while also investing in inclusive hiring and re-skilling programmes, the report stated.

    The new employment outlook is stronger than earlier predictions. In 2024, the green sector was expected to grow at a pace of 15–20 per cent annually in terms of job demand.

    However, new estimates show an even faster increase, especially in fields like renewable energy, electric vehicles, green construction, waste management, and sustainable textiles.

    Most green jobs are still based in big cities like Mumbai, Bengaluru, and Delhi. But smaller cities such as Jaipur, Indore, Visakhapatnam, Coimbatore, Bhubaneswar, Chandigarh, and Ahmedabad are also becoming key green job hubs.

    Tier II and Tier III cities are expected to create 35-40 per cent of the projected 7.29 million jobs by FY28, helped by the growth in sustainable agriculture, logistics, and warehousing, as per the report.

    Green job roles are also becoming more diverse. Demand for professionals in areas such as ESG (Environmental, Social and Governance) analytics, climate data analysis, and green technology is growing fast, with a projected 20–30 per cent yearly rise.

    (IANS)

  • RBI may opt for 50 bps jumbo rate cut to counter uncertainty: SBI report

    Source: Government of India

    Source: Government of India (4)

    The Reserve Bank of India (RBI) may implement a 50-basis point rate cut in its June Monetary Policy Committee (MPC) meeting to revive the credit cycle and mitigate economic uncertainty, according to a report by the State Bank of India (SBI) released on Monday.
     
    The cumulative rate cut during the ongoing cycle could total 100 basis points, said Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI.
     
    “Domestic liquidity and financial stability concerns have eased. Inflation is expected to remain within the tolerance band. Preserving domestic growth momentum should be the primary policy objective, justifying a jumbo rate cut,” he noted.
     
    With liquidity in sustained surplus, banks are repricing liabilities more rapidly amid the rate-easing cycle. Savings account interest rates have already been reduced to a floor rate of 2.70 per cent.
     
    Fixed deposit (FD) rates have also been cut by 30 to 70 basis points since February 2025. SBI anticipates a strong transmission to deposit rates in the coming quarters.
     
    India’s economy expanded by 7.4 per cent in Q4 FY25, down from 8.4 per cent in the same quarter last year. This growth was largely driven by a sharp rise in capital formation, which registered a 9.4 per cent year-on-year increase.
     
    An above-normal monsoon forecast by the IMD, robust crop arrivals, and declining crude oil prices have led SBI to revise its CPI inflation estimate downward to 3.5 per cent for FY26.
     
    Based on the latest RBI Annual Report, SBI expects higher household savings, adequate to support economic growth without creating demand-driven inflationary pressures in FY26.
     
    The report also highlighted the strong performance of Indian banks, particularly public sector banks (PSBs), which recorded a 26 per cent year-on-year rise in profits. In comparison, private banks saw a 5.8 per cent increase.
     
    System liquidity turned positive, standing at ₹1.2 lakh crore as of March 31. Factoring in the recent ₹2.68 lakh crore RBI dividend to the government, SBI projects core liquidity to reach ₹5.3 lakh crore by the end of June. Durable liquidity is likely to remain in surplus throughout FY26.
     
    Against this backdrop, the report suggests that the RBI will need to strike a balance between managing contained inflation and preventing a slowdown in domestic growth.
     
    “We expect that the RBI will proceed with a 50 bps rate cut to support growth,” the report concluded.
     
    -IANS

  • India, Oman close to finalizing free trade agreement: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    India is nearing the conclusion of a Free Trade Agreement (FTA) with Oman, with Commerce and Industry Minister Piyush Goyal indicating that an announcement could be made soon. The move is expected to significantly boost bilateral trade and investment flows between the two countries.

    “I think you will see some good news very soon on the Oman FTA,” Goyal told journalists during his ongoing official visit to France, where he is promoting Indian trade and investment interests. He is also scheduled to attend a ministerial meeting of the World Trade Organization (WTO) on Tuesday.

    Negotiations for the proposed India-Oman Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. Goyal’s visit to Oman in late January 2025, where he co-chaired the 11th session of the India-Oman Joint Commission Meeting with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, marked a key step in advancing the talks.

    During the high-level meeting, both ministers reviewed bilateral relations and held in-depth discussions on cooperation in areas such as trade, investment, technology, food security, and renewable energy. They agreed to accelerate negotiations for the CEPA, with the aim of signing the agreement at the earliest.

    Describing the CEPA as a potential milestone in India-Oman relations, officials said the pact could significantly expand two-way trade and investments.

    Oman is India’s third-largest export destination among Gulf Cooperation Council (GCC) nations. In 2024-25, bilateral trade between the two countries stood at approximately USD 10.5 billion, with Indian exports worth USD 4 billion and imports valued at USD 6.54 billion.

    (With IANS inputs)

  • MIL-Evening Report: Will surging sea levels kill the Great Barrier Reef? Ancient coral fossils may hold the answer

    Source: The Conversation (Au and NZ) – By Jody Webster, Professor of Marine Geoscience, University of Sydney

    marcobriviophoto.com

    In the 20th century, global sea level rose faster than at any other time in the past 3,000 years. It’s expected to rise even further by 2100, as human-induced climate change intensifies. In fact, some studies predict a rise of up to 1.6 metres and possibly more due to the rapid melting of the Antarctic ice sheets.

    These changes will have huge impacts on coastal ecosystems around the world, including coral reefs. To understand these future impacts, it can be useful to understand similar events from history.

    Our new research, published today in Nature Communications, does just that. It reveals how the Great Barrier Reef in northern Australia responded to a dramatic rise in sea level some 13,000 to 10,000 years ago.

    A hotly debated event

    Several “meltwater pulse events” have been documented in the past. These occur when ice sheets disintegrate in a catastrophic fashion, resulting in a rapid surge in global sea levels.

    One of these events, known as “meltwater pulse 1B”, remains hotly debated. It occurred roughly 11,500 years ago.

    Early evidence from reef cores in Barbados suggested a sharp sea-level rise of approximately 14 metres between 11,450 and 11,100 years ago, with rates of roughly 40 millimetres per year.

    Remarkably, this rate is about ten times faster than the current global rise.

    However, this record conflicts with others, including from Tahiti and now from the Great Barrier Reef, which suggests a more gradual rise in sea levels.

    Learning from geological archives

    Somewhat paradoxically shallow-water reef systems can “drown” because corals, and other reef organisms, depend on light for photosynthesis. If the water gets too deep too fast, the reef will no longer keep up with the rise and it will drown.

    But drowning can also occur due to other factors, such as increased temperature, sediment and nutrients, which can also add extra environmental stress to the reef – again making it more difficult to grow vertically and keep up with sea level rise.

    Cores gathered from drowned fossil coral reefs preserved along the continental shelf edge of the Great Barrier Reef contain crucial information about historic corals, coralline algae and microbial reef structures known as microbialites. They offer a unique geologic time machine to better understand how past periods of rapid global sea level rise affected reef growth.

    These geological archives also provide important clues about how ice sheets behaved in response to rapid global warming.

    In 2010, an expedition of the Integrated Ocean Drilling Program used a geotechnical drill ship to sample below the seafloor and reconstruct the growth and demise of the Great Barrier Reef over the past roughly 30,000 years. Five distinct stages were identified in response to major global climatic and oceanographic disturbances.

    In this new study, we focused on a key reef stage called Reef 4. It formed between 13,000 and 10,000 years ago, just prior to the start of the modern reef as we know it.

    We refer to this reef as the “proto-Great Barrier Reef”. Once a shallow-water barrier reef system, it now exists in a fossilised form at roughly 50 metres water depth and is now the home to deeper reef communtites in the mesophotic zone 30 to 150 metres below the surface.

    The RV Great Ship Maya was used to recover fossil reef samples from the Great Barrier Reef in 2010.
    G.Tulloch/European Consortium for Ocean Research Drilling/Integrated Ocean Drilling Program

    An impressive ability to keep pace

    Our study shows the Great Barrier Reef didn’t drown during meltwater pulse 1B. In fact, it continued to thrive with clear evidence of healthy, shallow-water reef assemblages (living in waters less than ten metres deep) persisting right through the rise in sea levels.

    The reef not only survived but continued to grow upwards at rates between 4–6 millimetres per year. This rate of growth is comparable to modern healthy reef growth rates, demonstrating an impressive ability to keep pace.

    We also calculated that the maximum possible sea-level rise during meltwater pulse 1B was between 7.7 and 10.2 metres over roughly 350 years. This equates to between 23 and 30 millimetres per year, but was likely less.

    This is less than the Barbados estimate, and more consistent with observations from Tahiti where no sharp sea-level jump was found.

    Importantly, this indicates that even the upper sea level rise bounds are within the survival limits of resilient reef systems such as the Great Barrier Reef – especially when environmental stressors, such as ocean warming, ocean acidification and sedimentation are low.

    UNESCO’s World Heritage Committee recently expressed utmost concern about the current state of the Great Barrier Reef.
    Darkydoors/Shutterstock

    Limits to a reef’s resilience

    Although the Great Barrier Reef survived sea level rise roughly 11,000 years ago, the world was very different back then.

    Coral reefs faced less stress from human impacts. And ocean temperatures were rising more slowly.

    But today’s reefs are already struggling, with UNESCO’s World Heritage Committee recently expressing “utmost concern” about the state of the Great Barrier Reef in particular.

    This is due to warming, acidification and pollution. And these additional challenges decrease reefs’ ability to cope with rapid sea-level rise.

    Our findings suggest abrupt sea-level jumps of more than 11 metres are unlikely to occur without major instabilities in ice sheets. The fact that such collapses likely didn’t happen during meltwater pulse 1B offers some reassurance. But we’re in uncharted territory now, particularly with the Antarctic ice sheet displaying early signs of instability.

    Our study also shows the Great Barrier Reef has been remarkably resilient, adapting to changing sea levels and continuing to grow even as the ocean rose rapidly. This resilience, however, had limits. Ultimately, the reef we examined drowned roughly 10,000 years ago, likely due to a combination of environmental stressors, including increased sediment flux. At this time the shallow water reef ecosystem migrated landward to form the modern Great Barrier, leaving behind only deeper, mesophotic reef communities.

    The lessons from the past are clear: reefs can adapt to environmental changes but there are limits.

    Protecting modern reefs will require more than understanding their past. It means reducing emissions and limiting other environmental stresses such as sediment and nutrient runoff where possible.

    Jody Webster receives funding from the Australian Research Council and ANZIC IODP.

    Juan Carlos Braga receives funding from the Australian Research Council and Spanish Government.

    Marc Humblet receives funding from the Japan Society for the Promotion of Science.

    Stewart Fallon receives funding from the Australian Research Council and ANZIC IODP.

    Yusuke Yokoyama receives funding from the Japan Society for the Promotion of Science and Japan Science and Technology Agency.

    – ref. Will surging sea levels kill the Great Barrier Reef? Ancient coral fossils may hold the answer – https://theconversation.com/will-surging-sea-levels-kill-the-great-barrier-reef-ancient-coral-fossils-may-hold-the-answer-257830

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Appeal for information on missing man in Ngau Tau Kok (with photo)

    Source: Hong Kong Government special administrative region

    Appeal for information on missing man in Ngau Tau Kok (with photo) 
    Yan Wai-man, aged 73, went missing after he left his residence on Shing Fung Road on May 27 afternoon. His family made a report to Police in Kwun Tong on May 28.
     
    He is about 1.85 metres tall, around 68 kilograms in weight and of thin build. He has a pointed face with yellow complexion and short white hair. He was last seen wearing a dark-coloured long-sleeved jacket, a blue and white polo shirt, brown trousers and black leather shoes.
     
    Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Persons Unit of Kowloon East on 3661 0316 or email to rmpu-ke-2@police.gov.hk, or contact any police station.
    Issued at HKT 13:22

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE meets new Liaison Office Director (with photos)

    Source: Hong Kong Government special administrative region

    CE meets new Liaison Office Director  
    Mr Lee expressed his gratitude to the Central Government for its continued support to and care for Hong Kong, driving and supporting Hong Kong’s transition from stability to prosperity. He extended his warm welcome to Mr Zhou on his new appointment. Mr Zhou had extensive experience in local governance and policy-making from a macroscopic perspective, having previously held such positions as Member of the Standing Committee of the CPC Hubei Provincial Committee, Member of the Standing Committee and Deputy Secretary of the CPC Henan Provincial Committee, and Deputy Secretary of the Party Leadership Group and Vice Governor of the Henan Provincial Government.
     
    Since taking office in July 2023 as the Executive Deputy Director of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Zhou has been participating in taking forward Hong Kong’s work under national development strategies. He is well acquainted with the national policies on Hong Kong and actively promoted the implementation of the Central Government’s policies benefitting Hong Kong. Last year, Mr Zhou led a delegation to visit Hong Kong and gain better insights into its economic development, providing his important views to the formulation of measures benefitting Hong Kong. He has also undertaken solid efforts to ensure the measures achieve optimal results.
     
    Mr Lee said he is confident to work with Mr Zhou in actively aligning with national development strategies, as well as in implementing fully, faithfully and resolutely the principles of “one country, two systems” and “Hong Kong people administering Hong Kong” with a high degree of autonomy, maintaining the constitutional order of the HKSAR as stipulated in the Constitution and the Basic Law, implementing the “executive-led” structure and implementing the principle of “patriots administering Hong Kong”, with a view to ensuring the long-term prosperity and stability of Hong Kong, the steadfast and successful implementation of the “one country, two systems” principle, and jointly expediting the development of Hong Kong from stability to prosperity.
     
    During the session, Mr Lee said that Hong Kong is currently undergoing an economic transformation, and that the HKSAR Government will uphold fundamental principles while breaking new ground, endeavour to take forward reforms, and continue to lead all sectors of Hong Kong society to embrace changes and strive for innovation, actively exploring new areas of development and growth.
     
    Mr Lee said he believes that under the leadership of Mr Zhou, the LOCPG will continue to support the HKSAR Government’s governance in accordance with the law. Noting that Mr Zhou is well acquainted with Hong Kong affairs, Mr Lee said that this will help Hong Kong better contribute to and benefit from its integration into national development, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative. The session was conducted in a cordial and productive atmosphere, with both Mr Lee and Mr Zhou sharing the common goal of expediting Hong Kong’s rise from stability to prosperity.
    Issued at HKT 20:03

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 15th National Games Fencing test event concludes

    Source: Hong Kong Government special administrative region

         The National Games Coordination Office (Hong Kong) (NGCO) said today (June 1) that the 15th National Games (NG) Fencing test event held at Kai Tak Arena, Kai Tak Sports Park on May 31 and June 1 has concluded.
     
         The two-day test event, which was also the Challenge Cups Fencing Championships, consisted of men’s and women’s épée, foil and sabre competitions featuring the open and veteran divisions. Over 500 athletes competed in all six event categories.
     
         The test event covered a wide array of testing areas, including event operations and procedures, competition organisation, venue setup, sports and prize presentations, information systems, medical services, volunteer services and broadcast arrangements.
     
    The Head of the NGCO, Mr Yeung Tak-keung, said that this test event is the first fencing event ever held in the Kai Tak Sports Park. Both venue facilities and competition arrangements have achieved the expected results. Since last November, Hong Kong has completed test events for all eight NG competition events. The General Administration of Sport of China has recently announced the competition schedule for the 15th NG, and the competition events in Hong Kong will be held from October 31 to November 20. The NGCO is making thorough preparations for the events. Mr Yeung also expressed gratitude to all related government departments and organisations for their assistance and support.
     
         For information on the 15th NG, the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games in Hong Kong, please visit the thematic website (www.2025nationalgames.gov.hk/en/index.html), as well as the Facebook page (www.facebook.com/2025nationalgames.hk) and Instagram page (www.instagram.com/2025nationalgames.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: April retail sales drop 2.3%

    Source: Hong Kong Information Services

    The value of total retail sales in April, provisionally estimated at $28.9 billion, was down 2.3% compared with the same month in 2024, the Census & Statistics Department announced today.

    After netting out the effect of price changes over the same period, the provisional estimate for the month was 3.3% lower year-on-year.

    Of the total retail sales figure for the month, online sales accounted for 8.1%. Provisionally estimated at $2.3 billion, the value of online retail sales decreased 3.5% compared with a year earlier.

    Meanwhile, the value of sales of commodities in supermarkets decreased 2.4% compared with a year earlier.

    There were also declines in the value of sales in the following categories: jewellery, watches and clocks, and valuable gifts (-1.7%); apparel (-5.6%); motor vehicles and parts (-53.4%); fuels (-12.5%); footwear, allied products and other clothing accessories (-5.1%); furniture and fixtures (-16.7%); and optical items (-0.2%).

    By contrast, the value of sales of “other consumer goods not elsewhere classified” increased by 13.4% for the period. Also up were sales of medicines and cosmetics (+7.2%); food, alcoholic drinks and tobacco (+3%); electrical goods and other consumer durable goods not elsewhere classified (+1.6%); commodities in department stores (+2.1%); books, newspapers, stationery and gifts (+11.7%); and Chinese drugs and herbs (+3.8%).

    The Government said its proactive promotion of tourism and mega events, increased employment earnings and sustained steady growth in the Mainland economy will support the retail sector.

    However, it cautioned that ongoing changes in consumption patterns and competition among businesses, amid an uncertain macroeconomic environment, will continue to pose challenges for the sector.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Professional Services Advancement Support Scheme invites new round of applications

    Source: Hong Kong Government special administrative region

    Professional Services Advancement Support Scheme invites new round of applicationsIssued at HKT 16:00

    The Main Programme under the Professional Services Advancement Support Scheme (PASS) is inviting a new round of applications for project proposals starting today (June 1) from non-profit-distributing organisations such as professional bodies, trade and industrial organisations and research institutes.

    PASS, with a total allocation of $200 million, aims at funding non-profit-making industry-led projects to increase exchanges and co-operation between Hong Kong’s professional services and external counterparts, promote relevant publicity activities, and enhance the standards and external competitiveness of Hong Kong’s professional services.

    The maximum grant for each approved project under the Main Programme of PASS is $3 million or 90 per cent of the total eligible project cost, whichever is lower. A wide range of professional services, such as accounting, legal and dispute resolution, architecture, engineering, healthcare, information and communications technology, design and technical testing and analysis, are eligible for the Main Programme. Sector-specific projects and cross-sectoral projects are both welcome. Expenses directly incurred for implementing a project, such as manpower costs, venue and set-up costs, production and promotion costs, and the project team and active participants’ travel and accommodation costs outside Hong Kong are typically eligible for funding support under the Scheme. Funding support may also be provided for travel and accommodation costs incurred by participants of relatively longer professional internships or attachment programmes outside Hong Kong which are funded by the Main Programme.

    Up to early May 2025, more than 120 projects had been funded under the Main Programme, including project deliverables in and outside Hong Kong. The deliverables include capacity-building programmes for enhancing the standards of local professionals, such as training programmes, workshops and study tours; outreach and promotional activities for showcasing the strengths of Hong Kong’s professional services, such as roadshows, promotional seminars and participation in exhibitions outside Hong Kong; exchange activities for deepening interaction between Hong Kong professionals and their external counterparts, such as visits to other economies and international conferences and seminars held in Hong Kong; and research projects on potential external markets for Hong Kong professional services and development of best practice guidelines and manuals for professionals. Details about the Main Programme and its funded projects are available at www.pass.gov.hk/main/en/home.

    Furthermore, with a view to stepping up the promotion of Hong Kong’s competitive edges and professional services to the Mainland and overseas markets, $50 million has been set aside for the Professionals Participation Subsidy Programme (PSP) under PASS to subsidise Hong Kong major professional bodies to participate in relevant activities organised by the Government (such as Hong Kong Economic and Trade Offices) and the Hong Kong Trade Development Council after the pandemic situation has stabilised. Details of the PSP and its list of activities are available at www.pass.gov.hk/psp. Hong Kong professionals from the eligible professional sectors under PASS may make use of the PSP subsidy to join the relevant activities.

    The Main Programme and the PSP receive applications for project and activity proposals all year round and they are processed on a quarterly basis. The deadline for the new round of applications is August 31, 2025. A briefing session will be held this month for organisations interested in applying for the PASS funding. One-on-one consultations are also available upon request for discussing preliminary project ideas or projects in the planning stage. To register for the briefing session, schedule a consultation, or for other enquiries, please contact the PASS Secretariat at 3655 5418 or pass@cedb.gov.hk.

    Ends/Sunday, June 1, 2025
    Issued at HKT 16:00

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appeal for information on missing boy in Wong Tai Sin (with photos)

    Source: Hong Kong Government special administrative region

    Appeal for information on missing boy in Wong Tai Sin Issued at HKT 15:19

    Police today (June 2) appealed to the public for information on a boy who went missing in Wong Tai Sin.

    Cho Tik-laam, Ambrose, aged 17, went missing after he was last seen on Luk Hop Street yesterday (June 1) afternoon. His family made a report to Police on the same day.

    He is about 1.7 metres tall, around 52 kilograms in weight and of thin build. He has a pointed face with yellow complexion and short black hair. He was last seen wearing a black T-shirt, green camouflage shorts, blue shoes and carrying a pink rucksack.

    Anyone who knows the whereabouts of the missing boy or may have seen him is urged to contact the Regional Missing Persons Unit of New Territories South on 3661 1176 or 5562 1342 or email to rmpu-nts-2@police.gov.hk, or contact any police station

    Ends/Monday, June 2, 2025
    Issued at HKT 15:19

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCMA unveils Greater Bay Area Aircraft (with photos)

    Source: Hong Kong Government special administrative region

    SCMA unveils Greater Bay Area Aircraft  
         Following its earlier promotional efforts to reach out to the community through means of transportation such as buses, trams and ferries, the Guangdong-Hong Kong-Macao Greater Bay Area Development Office (GBA Office) of the Constitutional and Mainland Affairs Bureau is using an aircraft for the first time as a mobile display platform to further promote the Greater Bay Area to a global audience.
     
         Mr Tsang said, “The development of the Guangdong-Hong Kong-Macao Greater Bay Area is the best entry point for Hong Kong to actively integrate into the overall national development. Hong Kong possesses the unique advantages of enjoying the strong support of the motherland and being closely connected to the world under the ‘one country, two systems’ principle, and a business environment that is highly market-oriented and internationalised, underpinned by the rule of law, free flow of capital, a comprehensive financial regulatory system, a simple and low tax regime, and a pool of global professional talent. All these have enabled Hong Kong to become a ‘super connector’, connecting the Mainland with the world, and leveraging its dual roles in going global and attracting foreign investment for the GBA.”
     
         Mr Tsang expressed his hope that the aircraft would serve as an “ambassador in the sky” to promote the Greater Bay Area, raising awareness of the latest developments of the GBA and Hong Kong’s role in connecting the Mainland with the world. He encouraged all sectors to capitalise on Hong Kong’s distinctive strengths to seize the enormous opportunities brought about by GBA development, thereby promoting the high-quality development of the GBA.
     
         The Greater Bay Area Aircraft mainly travels between Hong Kong and various destinations on the Mainland and in Asia. The airline’s unique positioning of being rooted in Hong Kong and radiating to the GBA, together with its main routes that closely connect the GBA and the international market, fully demonstrates Hong Kong’s role as the international gateway to the GBA.
     
         The Chief Executive Officer of Greater Bay Airlines, Ms Liza Ng, expressed her wholehearted support for this meaningful activity of the Hong Kong Special Administrative Region Government. Through daily flights to and from different cities, the vision of the GBA is promoted overseas, enabling more people to gain a deeper understanding and actively participate in the GBA’s development. The airline has been established in support of the national strategy of developing the GBA, and makes its contributions as Hong Kong fully leverages its distinctive advantages of having strong support from the motherland and enjoying close connections with the world as well as its status as an international aviation hub to integrate into the overall national development.
     
         Hong Kong residents, together with people and enterprises from the Mainland and abroad, will be able to catch a glimpse of the Greater Bay Area Aircraft at Hong Kong International Airport or when travelling on Greater Bay Airlines’ flights. The GBA Office will continue to disseminate the stories of the GBA through diversified channels, and encourage all sectors to actively seize the good opportunities that GBA development presents to develop the region into an international first-class bay area.
    Issued at HKT 18:06

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Statement from Representative Adriano Espaillat on the Passing of Charles B. Rangel

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    NEW YORK, NY – Representative Adriano Espaillat (NY-13) issued the following statement on the passing of former Congressman Charles B. Rangel:

    “It is with a heavy heart I share news of the passing of my dear friend, a beloved leader, and stalwart of our community, Congressman Charles B. Rangel.

    Through our numerous conversations and collaborations over the years, his guidance, support, and faith helped propel legislative initiatives like the Second Avenue Subway that expanded during his tenure and the Charles B. Rangel Infrastructure Workforce Initiative, which I helped establish as a lasting tribute to his legacy as a champion of creating pipelines for future generations.

    Congressman Rangel was an iconic figure and a devoted patriot as a veteran of the Korean War; as a founder of the Congressional Black Caucus (CBC); the Lion of Lenox Avenue for his love and loyalty to Harlem; an institution through his many endowments of service to erect namesake programs like the Charles B. Rangel International Affairs Program,  the Charles B. Rangel International Affairs Fellowship, the Charles B. Rangel Infrastructure Workforce Initiative, and the Charles B. Rangel Center for Public Service. 

    Charlie was an inspiration and embodied the truest form of leadership in public service, steadied in his faith and faithfulness in the American people, and a giant unmatched in his leadership, compassion, and commitment to upholding the values of our nation. I will miss him dearly and am grateful for our time together, his mentorship, and most importantly, friendship we developed over the years.”

    ###

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fifth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 119th Congress. He is Chairman of the Congressional Hispanic Caucus (CHC), a member of the Congressional Progressive Caucus (CPC), and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.

    Media inquiries: Candace Person at Candace.Person@mail.house.gov 

    MIL OSI USA News –

  • MIL-OSI China: Chinese researchers release Tianshan watershed streamflow dataset

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

    Chinese researchers have released a streamflow dataset of Tianshan Mountains watersheds, the key source region of Central Asian rivers.

    The study, led by researchers from the Xinjiang Institute of Ecology and Geography of the Chinese Academy of Sciences, was published in the journal Scientific Data.

    The dataset compiles daily streamflow data for 56 watersheds and monthly data for 89 watersheds in the Tianshan Mountains. The researchers reconstructed streamflow observations by integrating data from both domestic and international monitoring stations.

    The study revealed an overall increasing trend in Tianshan streamflow, which was particularly prominent between 1990 and 2019. Spatially, it showed higher streamflow in the west and south, and lower streamflow in the east and north.

    Due to scarcity of data and complex hydrological conditions in the Tianshan region, long-term and complete streamflow data are still lacking, said Li Shuai, first author of this study.

    “This is the first comprehensive and long-term streamflow modeling and data reconstruction effort at the watershed scale in the Tianshan Mountains,” said Li.

    The dataset fills the gap in the availability of comprehensive streamflow data for smaller basins in the Tianshan Mountains, and provides essential data for managing water resources and assessing the impact of climate change in the region, according to the study. 

    MIL OSI China News –

  • MIL-OSI China: China’s Dragon Boat Festival holiday box office revenue hits 400M yuan

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

    As of 12:47 p.m. on Monday, China’s box office revenue for the 2025 Dragon Boat Festival holiday had surpassed 400 million yuan (about $55.67 million), a significant increase compared to the same period last year, according to box office tracker Maoyan.

    A still image from “Mission: Impossible – The Final Reckoning.” [Photo courtesy of Paramount Pictures]

    The summer blockbuster “Mission: Impossible — The Final Reckoning,” the eighth installment in the long-running Hollywood action franchise, leads the holiday box office chart. As of 12:47 p.m., the film had grossed about 165.31 million yuan during the holiday period.

    As this year’s Dragon Boat Festival coincides with the International Children’s Day, the holiday lineup features a variety of family-friendly animated films that have captivated audiences nationwide.

    The second to fourth spots of the holiday box office chart were dominated by animated films, including Japanese animated film “Doraemon the Movie: Nobita’s Art World Tales,” domestic animated adventure “Endless Journey of Love,” and Disney’s live-action adaptation of “Lilo & Stitch.”

    The Dragon Boat Festival — also known as the Duanwu Festival — falls on the fifth day of the fifth month on the Chinese lunar calendar. This year, it was celebrated on May 31, and the holiday continues from May 31 to June 2. 

    MIL OSI China News –

  • MIL-OSI China: China’s westernmost border port goes 24/7 to boost Central Asia trade

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

    The Irkeshtam port in northwest China’s Xinjiang Uygur Autonomous Region launched a trial of 24-hour freight clearance operations on Sunday, making it the second land port in the region and the first in southern Xinjiang to adopt such a system. This move is aimed at enhancing trade logistics between China and Central Asia, according to the local immigration inspection station.

    As China’s westernmost land port, Irkeshtam serves as a critical gateway to Kyrgyzstan and a hub for Central and West Asia, with rising cross-border activity and robust transport demand.

    To support the round-the-clock operations, the Irkeshtam immigration inspection station optimized staffing through shift rotations and implemented “on-arrival inspection” for freight vehicles, which strikes a balance between security and efficiency.

    Jiang Zhidong, chairman of the Kashgar-based Xinjiang Jiujiuxi International Trade Co., Ltd., said that the system will significantly boost cargo efficiency, cut logistics costs, further energize port operations and unleash foreign trade potential.

    Statistics show that port traffic has surged this year at Irkeshtam, with the station handling over 105,800 trips and 98,500 vehicles by Sunday, up 80 percent and 79 percent year on year, respectively. 

    MIL OSI China News –

  • MIL-OSI Africa: Africa’s new credit rating agency could change the rules of the game. Here’s how

    Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

    For governments, a credit rating is more than a financial signal. It is a verdict that can influence the cost of borrowing, access to markets and, ultimately, the ability to provide for their citizens.

    Rating decisions are made behind closed doors in a private process that isn’t open to assessment or scrutiny.

    For African countries, this opacity can be especially damaging. When rating decisions lack transparency, it’s impossible to challenge potential biases or inconsistencies in methodology that put developing economies at a disadvantage. The result is higher borrowing costs that drain resources from healthcare, education and infrastructure investment.

    Africa’s new credit rating agency has the chance to change this. The African Credit Rating Agency is an initiative under development by the African Union and its partners. It is more than a new entrant; it is an attempt to rethink how financial authority is earned, exercised and scrutinised. The new agency plans to introduce transparent governance structures that could revolutionise rating methodology.

    As a researcher who has looked closely at the working of rating agencies, I believe this opportunity to bring transparency to financial governance isn’t just about better ratings. It’s a step towards economic sovereignty.

    Success for the African Credit Rating Agency shouldn’t be measured by whether it displaces the “big three” rating agencies (Standard & Poor’s, Moody’s and Fitch). The real question isn’t whether an African agency can compete, but rather whether it can show the world how to rate credit differently.

    A flawed process

    The three big agencies do publish their methodologies – their criteria and risk models. This creates an illusion of transparency. Yet the final judgments emerge from committee meetings that produce no public record, no accountability, and no right of meaningful appeal.

    These rating committees typically comprise five to 10 analysts who meet in closed sessions to make each sovereign rating decision. S&P, Moody’s and Fitch each operate internal rating committees for every sovereign rating decision. The deliberations, dissenting views, and specific reasoning behind final votes remain confidential. Only a brief summary is provided with a rating decision.

    Research has shown that credit rating agencies are more accurate at assessing the creditworthiness of advanced economies than developing economies. There have also been studies on the discrepancy between what is expected when the public methodologies are applied and what the agencies actually rate. These studies have been done for economies like Hong Kong and China, but no equivalent research has yet been undertaken for African sovereigns.

    This discrepancy exposes an accountability void. When methodology-based predictions miss the mark, we must question what happens in those committee rooms. Especially when African nations are being assessed by analysts stationed continents away, with limited understanding of local economic and political realities.

    The African Credit Rating Agency could make three changes to the way ratings are done:

    • through public deliberations

    • by forming hybrid committees

    • with technological intervention.

    First, it could release committee transcripts within 30 days of each decision. This would give markets and governments unprecedented insight into rating rationales. This isn’t radical – central banks already publish meeting minutes, and courts publish opinions with dissenting views.

    Second, it could pioneer panels that include not only rating analysts, but regional economists, sectoral specialists, and even civil society observers. All with recorded votes. This diversified expertise would disrupt “group think” while capturing nuances of African economies that traditional agencies overlook.

    I have examined this idea from the perspective of injecting climate and sustainability-related expertise into credit rating committees. I believe this is a crucial step to take to evolve the concept of the credit rating committee.

    Third, the agency could use artificial intelligence to analyse patterns across committee discussions, flagging potential regional biases or inconsistent methodology application. It might be able to use secure digital ledgers to create unchangeable records of decisions.

    Why the big three keep it closed

    The industry thrives on privacy – protecting proprietary methodologies and shielding decisions from external challenge. And the natural oligopoly (a market dominated by a few large players due to high entry barriers, reinforced by market preference for predictability) helps it stay that way.

    The sovereign credit ratings of the three big agencies are built on quantitative and qualitative factors. But research shows that sovereign ratings are subjected to qualitative understandings. This puts developing economies at a disadvantage when agencies demonstrate pro-western biases because they lack data or knowledge.

    The impact of a credit rating downgrade for a sovereign borrower is usually multifaceted. Research shows that a single-notch downgrade can raise borrowing costs by more than 100 basis points, equivalent to an extra US$100 million annually on a US$10 billion bond.

    Investors prefer fewer, stronger signals rather than many competing views. So there’s little incentive for established players to change. The African Credit Rating Agency, as a new entrant, can offer something the incumbents won’t: governance innovation that serves both markets and nations.

    Radical openness will shake markets, at least at first. Committee members might face political pressure. Transparency alone doesn’t guarantee fair outcomes.

    But the world already demands transparency from central banks and constitutional courts. Why accept anything less from institutions that shape sovereign destiny?

    Next steps

    By 2050, one in four people on Earth will be African. The financial architecture serving them must evolve towards systems that recognise the continent’s unique strengths.

    Opening the rating committee to view represents more than technical reform – it’s about shifting who holds power in global finance. If it does this, the African agency won’t just deliver better ratings; it will model how global finance can be governed more justly.

    – Africa’s new credit rating agency could change the rules of the game. Here’s how
    – https://theconversation.com/africas-new-credit-rating-agency-could-change-the-rules-of-the-game-heres-how-257138

    MIL OSI Africa –

  • MIL-OSI China: Tokyo stocks end lower amid concerns over changing U.S. tariffs

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

    Tokyo stocks retreated Monday amid growing concerns over the flip-flops in U.S. tariff policies following President Donald Trump’s decision to double tariff rates on steel and aluminum.

    Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 494.43 points, or 1.30 percent, from Friday at 37,470.67.

    The broader Topix index, meanwhile, finished 24.28 points, or 0.87 percent, lower at 2,777.29.

    On the stock market, sentiment was dampened over fears of a global economic slowdown after Trump said Friday that he will raise tariffs on steel and aluminum imports to 50 percent from 25 percent imposed by his administration earlier this year.

    The benchmark Nikkei index briefly lost more than 500 points as heavyweight semiconductor-related shares faced selling after declines by their U.S. counterparts late last week. 

    MIL OSI China News –

  • MIL-OSI Russia: Today, NSU opened an internship program for foreign specialists in the field of engineering InteRussia

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    Today, June 2, NSU hosted the grand opening of the InteRussia 2025 internship program for foreign specialists. This is the second internship of this kind that is taking place at Novosibirsk State University. This time, 17 students from 14 countries, such as Chile, Jordan, India, Pakistan, Brazil, Albania, Serbia, Bangladesh, Turkmenistan, Belarus, Indonesia, Ecuador, Uzbekistan and Tanzania, came to NSU.

    The internship is conducted by the Gorchakov Fund, the Siberian Branch of the Russian Academy of Sciences, and the ANO “Mezhdunarodniki” with the support of the Directorate of the World Youth Festival and the Presidential Grants Fund.

    For a month — from June 2 to June 29 — young researchers will be trained at the university in the promising areas of “Artificial Intelligence and Medicine” and “Modern Quantum and Information Technologies in Electronics and Photonics”. The school participants will work in one of two groups in accordance with the chosen area. The event will result in the preparation and presentation of their own scientific project.

    — We are organizing the internship for the second time, but we already see that our program is in great demand — this year, more than 160 applications were submitted, so the competition was almost 10 people per place. As a result, the best students who passed a tough and competitive selection came here. This year, we decided to make only two directions, and not three, as it was a year ago. We left the direction “Artificial Intelligence and Medicine”, since the 2024 internship showed that this topic is very interesting and in demand. We also added a new promising direction related to quantum mechanics. Among other innovations, we increased the duration of the internship from three to four weeks, — said Evgeny Sagaydak, Head of the Education Export Department at NSU.

    Artur Pogosov, Professor of the Department of Semiconductor Physics, Faculty of Physics, NSU, Head of the Department of General Physics Physics Department of NSU, in his welcoming speech to the participants, he spoke a little about the specifics of Akademgorodok and the special atmosphere that characterizes this unique place. He also spoke in more detail about the program of the direction that he supervises – “Modern quantum and information technologies in electronics and photonics”. It will include both lectures from scientists of the SB RAS Research Institute and NSU teachers, and practical computer sessions, during which, using special computational and modeling methods, listeners will be able to delve deeper into quantum mechanics, explore new crystals and new compounds, and model the processes occurring in them.

    Evgeny Pavlovsky, Head of the Laboratory of Streaming Data Analytics and Machine Learning Faculty of Mechanics and Mathematics of NSU and head of the Artificial Intelligence and Medicine department, noted that the students will have the opportunity not only to expand their knowledge, but also to present their projects, since one of the school’s goals is to ensure that the participants continue their research after completing their internship.

    The audience of the program was greeted by the leading specialist of the A.M. Gorchakov Public Diplomacy Support Fund Ilya Demkin. He thanked the partners for their cooperation, spoke about the activities of the Fund and about the internship program for foreign specialists in various fields of InteRussia. In addition, he noted that for the audience, participation in this event is an excellent opportunity to gain new knowledge in one of the best Russian universities, take thematic courses from leading experts, take part in innovative professional master classes in one of two areas, and exchange experience with colleagues from different countries.

    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 Russia: Six killed in road accident in central Myanmar

    Translation. Region: Russian Federal

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

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

    YANGON, June 2 (Xinhua) — Six people were killed and 11 others were injured when a passenger bus overturned in central Myanmar’s Mandalay region, a local fire department official told Xinhua on Monday.

    He said the passenger bus carrying about 19 passengers skidded off the road due to rain and overturned in Meiktila township in Mandalay at around 3:30 a.m. local time on Monday.

    All the victims were taken to a local hospital, he added. –0–

    MIL OSI Russia News –

  • MIL-OSI: MoonFox Data Releases New Report: Pop Mart’s Emotional Consumption Model Drives Global Expansion and Record Growth

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, June 02, 2025 (GLOBE NEWSWIRE) — [Shenzhen, China] – [June 1, 2025] – MoonFox Data, a leading provider of market intelligence and data analytics, today released its latest report, “Pop Mart Business Decoded: Measuring the Value of Emotional Consumption.” The report reveals how Pop Mart, a pioneer in the pop toy industry, has leveraged emotional consumption and IP innovation to achieve record-breaking growth and global expansion in 2024 and 2025.

    The year 2025 is undoubtedly a landmark year for Pop Mart. At the end of March, the company released financial results that drew wide attention across the industry: Pop Mart’s 2024 revenue exceeded RMB 13 billion, a fivefold increase since its listing on the HKEX in 2020. Just before the Labor Day holiday, the Pop Mart app topped the U.S. App Store shopping chart for the first time, with American consumers queuing overnight to purchase new releases. Despite tariff pressures, its new products continued to see rapid growth overseas…

    16 years after its founding, Pop Mart’s ambition to “become a global super IP” is gradually materializing. What was once a trend-led toy store has transformed into a spiritual refuge for young people. So how exactly has Pop Mart captured the hearts of youth both in China and abroad? And what challenges lie ahead?

    I.        A Look Back: Repeated Comebacks in Brand Development

    1. In the Early Stages, Focused Track and Model Innovation Drove Growth

    Founded in 2010, Pop Mart began as an offline “trendy variety store” and struggled to survive amid the rise of e-commerce. In 2015, the founder drew inspiration from Japan’s blind box trend and introduced the popular Hong Kong pop toy BabyMolly to the Chinese mainland market. Pop Mart also secured domestic distribution rights for Japan’s Sonny Angel, successfully pivoting from a variety store to a curated pop toy store.

    However, in the following year, the termination of several IP licensing agreements forced the company to pivot again. Pop Mart began aggressively seeking collaborations with original designers to acquire copyright partnerships. In 2016, it launched its own IP blind box product, the Molly Zodiac Series, which became a growth driver. At the time, Pop Mart’s pop toy model of fast product rotation, bulk sales, and the blind box mechanism was a novelty that disrupted the traditional toy market. From then on, Pop Mart shifted from an offline retail distributor to an IP operator, with Molly becoming its signature icon.

    2. After Going Public: Diversification to Break the Revenue Ceiling

    Pop Mart entered the overseas market in 2018 and continued its steady revenue growth after its 2020 IPO. However, from 2020 to 2022, its gross profit margin declined continuously. By 2022, Pop Mart hit a growth bottleneck, with negative product reviews on social media indicating weakening consumer interest in blind boxes.

    In 2022, Pop Mart’s gross profit margin dropped by 4%, and operating profit fell by 49%. Domestically, revenue declined not only due to pandemic-related disruptions to offline store sales, but also because of a slump in online channel performance.

    Table 1: Pop Mart Annual Revenue and Profit Changes (2018 – 2024)

    Year Revenue Gross Profit Operating Profit Gross Profit Margin Revenue Growth Gross Profit Growth Operating Profit Growth
    2018 0.51 billion 0.3 billion 0.13 billion 57.9 % 225 % 296 % 2951 %
    2019 1.68 billion 1.09 billion 0.6 billion 64.8 % 227 % 266 % 348 %
    2020 2.51 billion 1.59 billion 0.72 billion 63.4 % 49 % 46 % 20 %
    2021 4.49 billion 2.76 billion 1.15 billion 61.4 % 79 % 73 % 60 %
    2022 4.62 billion 2.65 billion 0.58 billion 57.5 % 3 % -4 % -49 %
    2023 6.3 billion 3.86 billion 1.23 billion 61.3 % 36 % 46 % 111 %
    2024 13.04 billion 8.71 billion 4.15 billion 66.8 % 107 % 125 % 238 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    Table 2: Pop Mart Annual Online and Offline Revenue Changes (2020 – 2024)

    Year Online Channel Revenue YoY Offline Channel Revenue YoY
    2020 0.95 billion 77 % 1.33 billion 35 %
    2021 1.9 billion 100 % 2.14 billion 61 %
    2022 1.92 billion 1 % 2.22 billion 4 %
    2023 1.68 billion -12 % 3.85 billion 74 %
    2024 4.15 billion 147 % 7.6 billion 97 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    In 2023, as offline economic activity rebounded, Pop Mart’s diversified business strategy began to show results. Its commitment to deepening overseas markets and refining IP operations laid the foundation for a strong performance in both 2024 and 2025.

    On one hand, the brand’s overseas expansion has become a key secondary growth driver. While revenue from Hong Kong, Macao, Taiwan, and overseas markets accounted for only 9.8% of total revenue in 2022, this proportion rose to 38.9% by 2024. Pop Mart has expanded its network of international concept stores across Southeast Asia, Europe, and North America, growing the total number of overseas stores to 130.

    Table 3: Number of Pop Mart Physical Stores in Hong Kong, Macao, Taiwan, and Overseas (2020 – 2024)

    Year Number of Stores Number of Robot Shops New Countries Entered Overseas Theme Stores
    2020 1 No statistics South Korea
    2021 7 9 Singapore and other Southeast Asian countries
    2022 43 120 UK, New Zealand, USA, Australia
    2023 80 159 France, Malaysia, Thailand, Netherlands
    2024 130 192 Vietnam, Indonesia, Philippines, Italy, Spain Louvre Theme Store (Paris)
    K-POP Theme Store (South Korea)
    CRYBABY Theme Store (Thailand)

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    Table 4: Pop Mart’s Revenue of Hong Kong, Macao, Taiwan, and Overseas (2021 – 2024)

    2021 – 2024 Annual Revenue of Hong Kong, Macao, Taiwan, and Overseas
    Year Revenue Proportion Growth Rate
    2021 1.9 4.10 % 156 %
    2022 4.5 9.80 % 137 %
    2023 10.7 16.90 % 138 %
    2024 50.7 71.30 % 374 %
    2021 – 2024 Revenue Breakdown by Channel of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
    Year Offline Channel Online Channel Wholesale & Other Channels
    2021 0.1 0.4   1.4  
    2022 1.5 0.9   2.1  
    2023 6.4 1.6   2.7  
    2024 30.7 14.6   5.4  
    2024 Regional Revenue Distribution of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
    Region Revenue Proportion Growth Rate
    Southeast Asia 24 47.40 % 619 %
    East Asia & Hong Kong, Macao, Taiwan 13.9 27.40 % 185 %
    North America 7.2 14.30 % 557 %
    Europe, Oceania & Others 5.5 10.90 % 311 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    On the other hand, the company has shifted its focus from pursuing rapid product launches and expanding the number of IPs to prioritizing IP quality. The period from 2020 to 2022 marked a critical phase of supply chain upgrades for Pop Mart, including greater supply chain flexibility, digital transformation of warehousing and logistics, the establishment of self-owned factories, and overseas warehouse construction, all of which laid a strong foundation for future growth. Around 2023, Pop Mart began transforming its overseas business model by bypassing intermediary distributors and transitioning to a DTC (Direct-to-consumer) approach. This shift significantly improved the company’s ability to reach global consumers quickly. As a result, e-commerce revenue from overseas independent platforms surged in 2024.

    Table 5: 2024 Pop Mart’s Online Revenue in Hong Kong, Macao, Taiwan, and Overseas Markets

    Online Channel Revenue (RMB 1 million) Proportion Growth Rate
    Pop Mart Official Website 531 36.50 % 1246 %
    Shopee 324 22.30 % 656 %
    TikTok 262 18.00 % 5780 %
    Other Online Channels 338 23.20 % 389 %

    Data Source: Company financial reports, compiled by MoonFox Research Institute.

    II.        Building Deeper Connections with Consumers: Accelerating IP Universe Development Through User Value Alignment

    1.        From the “Lipstick Effect” to a Lifestyle Brand: Cultivating Long-Term Consumption Habits

    Pop Mart has mastered the art of the blind box model. Before the product launch, intensive marketing campaigns are carried out, with each figurine being given a complete backstory. However, the blind box purchasing model extends the time it takes for consumers to have their expectations met. The unboxing experience after purchase creates delayed gratification and a sense of emotional reward. Meanwhile, the inherent consumer instinct to collect or complete a series further drives repeat purchases. While the inclusion of “hidden” editions creates an illusion of “scarcity”, adding perceived collectible value while stimulating consumer desire to purchase.

    With low individual costs, intricate design, rapid product updates, and wide variety, consumers often become “loyal fans” without realizing it. Generation Z, who value emotional expression and self-exploration, are willing to pay for emotional fulfillment. Character-driven dolls and figurines have become tools for self-solace. Meanwhile, the use of social media further transforms blind boxes into a form of social currency. From celebrities and macro influencers to niche KOLs and even KOCs of WeChat Moments, posting about figurines, unboxing videos, and product swaps has spurred enthusiasm and imitation among fans.

    Meanwhile, Pop Mart has deepened its IP development, expanding beyond toys into lifestyle products. For example, its original IP “HIRONO” features a rebellious child character whose lonely and aggrieved expressions still convey a defiant spirit, an image that has won over many fans. By 2025, the IP had evolved to its seventh generation, with related merchandise extending beyond blind boxes to include a wide range of products such as apparel, home goods, and digital accessories. In addition to blind boxes, “HIRONO” has expanded to apparel, home goods, and tech accessories. It also engages users emotionally through animated shorts, offline sculptures, and art exhibitions.

    Table 6: Revenue Contribution of “HIRONO” IP

    Revenue in 2024 Revenue Share Revenue in 2023 Revenue Share YoY Growth
    0.73 billion 5.60 % 0.35 billion 5.60 % 106.9 %

    Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

    2.        From Emotional Value to Cultural Identity: Brand Consumption as a Form of Self-Expression

    In 2025, American consumers queued overnight for LABUBU from the classic IP “THE MONSTER”, known for its mischievous grin and dark aesthetic, a sharp contrast to Pop Mart’s other characters. Initially positioned as a “forest sprite”, LABUBU saw modest success until a 2024 rebranding introduced plush-skinned vinyl dolls that went viral in Thailand and later gained traction in China.

    Today, LABUBU is not only a crowd favorite at Pop Mart’s themed parks but also a global “symbol of subculture”. The character’s sharp teeth, heterochromatic eyes, and dark style wrapped in soft textures challenge mainstream beauty standards, echoing youth subculture’s desire to break norms. On global social media platforms, celebrities like LISA, Rihanna, and Dua Lipa have been seen with LABUBU dolls, while fans engage in remakes and cosplay to express individuality.

    Table 7: Revenue Contribution of “THE MONSTER” IP

    Revenue in 2024 Revenue Share Revenue in 2023 Revenue Share YoY Growth
    3.04 billion 23.30 % 0.37 billion 5.80 % 726.6 %

    Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

    Through diversified operations and refined strategies, Pop Mart is steadily constructing an IP universe that meets consumer needs in socialization, emotional expression, and self-identity.

    Its in-house IP operations are now more finely segmented by target audience and product type, with distinct strategies for blockbuster development. For high-end consumers and international markets, Pop Mart strengthens its collaborations with cultural IPs across various fields, collaborating with cultural IPs, such as Chinese intangible heritage artists and British pop artists, producing limited editions (primarily under the MEGA line) that emphasize collectability and cultural expression. For mass-market consumers, collaborations between original IPs and fast fashion, coffee and beverage brands, and anime/gaming franchises have become routine, integrating Pop Mart products into daily life. Overseas, store design increasingly incorporates local cultural elements, offering immersive experiences, such as Korea’s K-POP theme store and France’s Louvre theme store, and launching regional co-branded limited editions to lower the threshold for cross-cultural interaction among consumers from different regions.

    On the operational front, the growth of figurine revenues has slowed in recent years. To adapt, the company has launched new product lines, including Molly Beans, plush toys, and the MEGA series. In 2024, plush and MEGA categories accounted for 35% of revenue and showed rapid growth, now forming a major revenue pillar. In physical retail, Pop Mart is expanding from pure retail to experiential offerings. Beyond traditional stores and vending machines, more themed parks, pop-up stores, and curated art exhibitions are being introduced to enhance customer engagement.

    III.        Cracks beneath the Billion-RMB Myth

    The booming pop toy industry is becoming increasingly competitive, with multiple players racing to innovate on both product and concept. As consumer aesthetics continue to evolve, this intensifies pressure on leading brands. TOPTOY, a pop toy chain under MINISO founded in 2020, has rapidly expanded into lower-tier cities with its more affordable pricing and iconic IP offerings. By the end of 2024, TOPTOY had opened 276 retail stores nationwide, generating over RMB 980 million in annual revenue. Meanwhile, classic international IPs are enjoying a resurgence in the Chinese market. In 2024, merchandise related to Harry Potter, the Disney 100th Anniversary, and Chiikawa surged in popularity, posing a growing challenge for the breakout success of original IPs. Backed by this trend, MINISO has leveraged the influence of established IPs to drive both revenue and brand recognition. The 2024 financial report shows the total revenues exceeding RMB 17 billion, a 22.8% YoY increase.

    Turning the lens back to Pop Mart itself, managing the lifecycle of original IPs, and the handoff between older and newer IPs, remains a critical challenge for pop toy companies to build their “super IPs”. Pop Mart has been launching original IPs for over a decade. Iconic characters such as Molly, LABUBU, and THE MONSTER have recently reignited consumer interest through new product categories and refreshed designs. At the same time, many emerging IPs have gained visibility and emotional resonance with post-2000s and even younger generations. As Pop Mart’s portfolio of original IPs continues to expand, more of these properties will face the challenge of prolonged life cycles in the future. Maintaining innovation and consistently creating hit products that resonate with the evolving preferences of young consumers will become a long-term challenge for the brand’s development.

    Overall, Pop Mart has successfully pioneered a business model that monetizes emotional value, anchoring its revenue growth in rich content and cultural significance. Its strong in-house production capabilities and DTC strategy have accelerated its reach among global consumers. While recent revenue surges are not a fleeting phenomenon, they do not come without risk. Looking ahead, Pop Mart must continue to enhance its content innovation capabilities to keep its IPs vibrant. Only by maintaining a careful balance between innovation and legacy, and between emotional appeal and cultural expression, can the brand sustain high growth and realize its long-term ambition of becoming a “super IP” powerhouse.

    About MoonFox Data

    As a sub-brand of Aurora Mobile, MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.

    About Aurora Mobile

    Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    The MIL Network –

  • MIL-OSI Asia-Pac: Warm And Humid Nights With Onset Of Southwest Monsoon Conditions

    Source: Government of Singapore

    Singapore, 2 June 2025 – Winds over Singapore are forecast to strengthen and blow from the southeast or southwest in early June 2025, as the Southwest Monsoon sets in over the region. The Southwest Monsoon season typically extends into September and is generally a drier season compared to other times of the year.

    2          In the first fortnight of June 2025, localised short-duration thundery showers are expected over parts of the island in the late morning and afternoon on some days. In addition, Sumatra squalls may bring widespread thundery showers and gusty winds in the pre-dawn and morning on a few days. The total rainfall for the first fortnight of June 2025 is forecast to be near average over most parts of the island.

    3          The daily maximum temperatures are likely to be around 34 degrees Celsius on most days and reach 35 degrees Celsius on a few days. The nights are likely to be warm and humid. On several nights, the temperatures may stay above 29 degrees Celsius.

    4          For updates of the daily weather forecast, please visit the MSS website (www.weather.gov.sg), NEA website (www.nea.gov.sg), or download the myENV app.

     REVIEW OF THE PAST TWO WEEKS (16 – 31 MAY 2025)

    5          Inter-monsoon conditions prevailed over Singapore and the surrounding region with winds generally light and variable in direction.

    6          Localised short-duration thundery showers fell over parts of the island on several days in the second fortnight of May 2025. On 18 May 2025, the passage of a Sumatra squall brought widespread thundery showers over Singapore in the late morning and early afternoon. The daily total rainfall of 78.6mm recorded at Sembawang that day was the highest rainfall recorded for the second fortnight of May 2025.

    7          The second fortnight of May 2025 was warm, with daily maximum temperatures registering above 35 degrees Celsius on several days. The highest daily maximum temperature of 36.2 degree Celsius was recorded at Paya Lebar on 24 May 2025.

     8          Singapore recorded below average rainfall in the second fortnight of May 2025. The rainfall around Simei was about 63 per cent below average.

     

    CLIMATE STATION STATISTICS

     Long-term Statistics for June
     (Climatological reference period: 1991-2020)
    Average daily maximum temperature: 31.9      °C
    Average daily minimum temperature: 25.7 °C
    Average monthly temperature: 28.5 °C
         
    Average rainfall: 135.3 mm
    Average number of rain days: 13  
     
    Historical Extremes for June
    (Rainfall since 1869 and temperature since 1929)
    Highest monthly mean daily maximum temperature: 33.2  °C (1997)
    Lowest monthly mean daily minimum temperature: 23.2  °C (1965)
         
    Highest monthly rainfall ever recorded:  378.7  mm (1954)
    Lowest monthly rainfall ever recorded: 21.8  mm (2009)


    METEOROLOGICAL SERVICE SINGAPORE
    2 Jun 2025

    ~~ End ~~

    For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.

    MIL OSI Asia Pacific News –

  • PM Modi, Paraguayan President Pena hold talks to strengthen bilateral relations

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and President of Paraguay Santiago Peña held wide-ranging bilateral discussions at Hyderabad House in New Delhi on Monday. The talks were aimed at infusing new momentum into diplomatic and economic relations between India and the South American nation.

    President Peña, who is on a three-day official visit to India at the invitation of the Prime Minister, was accorded a ceremonial Guard of Honour upon his arrival at Air Force Station Palam earlier in the day. He is accompanied by a high-level delegation comprising ministers, senior officials, and business leaders.

    Welcoming the visiting leader, the Ministry of External Affairs (MEA) posted on social media, “Towards a new momentum in bilateral relationship. PM Narendra Modi welcomed President Santiago Peña of Paraguay at the Hyderabad House ahead of their deliberations.”

    Prior to his meeting with the Prime Minister, President Peña called on External Affairs Minister Dr. S. Jaishankar. The two leaders discussed opportunities for enhancing bilateral cooperation.

    “Pleased to call on President Santiago Peña of Paraguay at the start of his State Visit to India. Appreciate his positive sentiments and guidance for enhancing India–Paraguay cooperation in many domains. Confident that his talks with PM Narendra Modi today will open new avenues for India’s engagement with Paraguay and the South America region,” said Dr. Jaishankar in a post on X.

    President Peña also paid floral tribute to Mahatma Gandhi at Rajghat during his engagements in the capital. Prime Minister Modi is hosting a luncheon in his honour, while President Droupadi Murmu is scheduled to host a banquet. Vice President Jagdeep Dhankhar will also call on the visiting dignitary.

    This visit marks President Peña’s first official trip to India and is only the second time a head of state from Paraguay has visited the country.

    In a statement, the MEA noted that India and Paraguay established diplomatic relations on September 13, 1961, and have since cultivated warm and friendly ties. Bilateral cooperation spans across key sectors including trade, agriculture, health, pharmaceuticals, and information technology.

    Highlighting Paraguay’s strategic importance in Latin America, the MEA said that Indian companies in the automobile and pharmaceutical sectors are already active in Paraguay, while several Paraguayan firms operate in India through joint ventures.

    The Ministry further noted that both countries share similar views on major global issues such as UN reforms, climate change, renewable energy, and counter-terrorism.

    As part of his itinerary, President Peña will also visit Mumbai, where he is expected to meet state-level political leaders, as well as representatives from industry, startups, and technology sectors. The visit underscores the growing emphasis on economic and technological partnerships between the two countries.

    The MEA said that the State Visit provides a timely opportunity to undertake a comprehensive review of bilateral ties and to discuss regional and international issues of mutual interest.

    President Peña will conclude his visit and depart for Paraguay on June 4, 2025.

  • MIL-OSI USA: Congressmen Krishnamoorthi and Moore Reintroduce Bipartisan Legislation to Bring Electronics Manufacturing to America and Strengthen Supply Chains

    Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

    WASHINGTON – Congressmen Raja Krishnamoorthi (D-IL) and Blake Moore (R-UT) have reintroduced bipartisan legislation to bolster domestic printed circuit board (PCB) and integrated circuit substrate production, which will strengthen U.S. supply chain security in a critical technology sector. The Protecting Circuit Boards and Substrates Act will encourage domestic PCB manufacturing and R&D to reduce supply chain disruptions, address national security concerns related to foreign PCB production, and further enhance America’s economic leadership.

     

    “While we’ve made real progress in domestic chip production, microchips can’t function without printed circuit boards – 90% of which are made in Asia, including half in the People’s Republic of China,” Congressman Krishnamoorthi said. “Our bipartisan bill reduces that dangerous dependence by rebuilding U.S. manufacturing, strengthening supply chains, and supporting American workers.”

    “There has never been a more important time for Congress to get to work on reshoring our manufacturing and strengthening our critical supply chains,” Congressman Blake Moore said. “The Chinese government’s open willingness to withhold access to technology and rare earth minerals proves that we are in a race against Beijing at all levels of the microelectronics ecosystem. This bill provides a tried-and-true approach to incentivizing American companies to produce printed circuit boards here at home: it will maintain the integrity of military and national security commercial materials, boost our economy and workforce, and usher in a new era of American manufacturing. I am grateful to reintroduce this bill with Congressman Krishnamoorthi and am hopeful this bipartisan effort will successfully move through the legislative process.”

    “The PCBs Act addresses a critical and long-overlooked weakness in America’s electronics supply chain,” John W. Mitchell, IPC President and CEO, said. “Every electronic device relies on PCBs and substrates, but the U.S. no longer has the capabilities or capacity to meet current demand, much less address future technology requirements. This bill is a vital step toward rebuilding the nation’s ability to manufacture electronics from silicon to systems—an essential foundation for innovation, security, and economic strength.”

    “Remember, chips don’t float. They need printed circuit boards and substrates to connect to any electronic device. With production of American-made semiconductors ramping up, we need to do the same for PCBs. Without a concurrent increase in support for PCBs and substrates, those new American-made chips travel to Asia to be packaged with Asian-made PCBs and substrates,” Shane Whiteside, Chairman of the Printed Circuit Board Association of America (PCBAA) and CEO of Summit Interconnect, said. “We need to end our over reliance on Asia through public and private investment. This bill will set that in motion.”

    “From F-35s to F-150s, the modern world is built on printed circuit boards, and we need to make more of them in America,” David Schild, Executive Director of PCBAA, said. “This bill will lead to new factories, high paying jobs and an ecosystem to support the work being done by our colleagues in the semiconductor industry.”

    Background

    Printed circuit boards (PCBs) are the material on which semiconductors sit (often the green-colored surface in images of chips) and are a critical part of the supply chain. An assessment from the Departments of Commerce and Homeland Security called for domestic investment and production of key information and communications technology products such as PCBs.

    The Protecting Circuit Boards and Substrates Act includes the following provisions to incentivize domestic PCB manufacturing and R&D:

    1. Provides a 25% tax credit for the purchase or acquisition of American-made PCBs;

    2. Establishes a financial assistance program, modeled on the CHIPS for America Act, for American facilities manufacturing or researching PCBs;

    3. Requires a Presidential determination for single financial awards over $150 million;

    4. Provides for delay and technology clawbacks of award funds in the event that funding is not used efficiently or in a manner that raises national security concerns;

    5. Authorizes appropriations of $3 billion to carry out the program.

     

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Krishnamoorthi Honors Vietnam Veterans and Presents Bronze Star for Valor

    Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

    SCHAUMBURG, IL – Today, Congressman Raja Krishnamoorthi (D-IL) hosted a special recognition ceremony honoring four local veterans for their distinguished service during the Vietnam War. Three veterans received official Vietnam Veterans Commemorative Pins, while one veteran was awarded the Bronze Star Medal for acts of heroism in combat. In the ceremony, Joseph Leuze, Jon Fisher, and Doug Elwell were awarded Vietnam Veterans Commemorative Pins as a symbol of the nation’s lasting gratitude for their service and sacrifice. The commemorative pinning follows a successful series of recognition events the Congressman’s office has hosted in partnership with other local officials to ensure that Vietnam-era veterans receive long-overdue acknowledgment.

    Congressman Krishnamoorthi also presented the Bronze Star to Douglas Beckmann, a constituent who risked his own life to administer medical aid to a fallen soldier during a ground operation against hostile forces. Mr. Beckmann contacted Congressman Krishnamoorthi’s office for help recovering his military records, including documentation of service-connected medals he earned but never received upon leaving the military. After the Congressman’s office reached out to the National Archives and Records Administration (NARA) to request and review his records, NARA confirmed Mr. Beckmann had been awarded, but not presented with, the Bronze Star for his heroic actions on April 11, 1970. The medal was then provided for presentation to Mr. Beckmann in recognition of his service.

    “These American veterans embody the very best of our nation—serving with courage, humility, and unwavering dedication to a cause greater than themselves,” said Congressman Krishnamoorthi. “By recognizing their service, we reaffirm our solemn duty to honor the legacy of all who have defended our freedoms.”

    The Congressman’s office continues to assist veterans and their families in obtaining overdue recognition and benefits earned through military service. Any veteran interested in receiving a commemorative pin or support with military records is encouraged to contact the Congressman’s office directly.

    MIL OSI USA News –

  • Over 25,000 organisations register for Yoga Sangam ahead of International Day of Yoga 2025

    Source: Government of India

    Source: Government of India (4)

    In the run-up to the International Day of Yoga (IDY) 2025, the Government’s flagship event Yoga Sangam has crossed a significant milestone, with over 25,000 organisations registering for participation. The initiative has witnessed enthusiastic response from educational institutions, corporates, non-profits, and government departments across the country.
     
    The wide-scale registrations highlight the growing nationwide interest in yoga and its role in promoting physical, mental, and spiritual well-being. Institutions such as the Ekal Foundation, International Yoga Association (IYA), and International Naturopathy Organisation (INO) are among the early participants.
     
    Leading academic institutions have also pledged support. Indian Institutes of Technology (IIT) Kanpur, Indian Institutes of Management (IIM) in Mumbai and Bangalore, National Institute of Technology (NIT) Kurukshetra, BIT Mesra, and Vellore Institute of Technology are among the many campuses actively engaging with the initiative.
     
    Government departments, too, are participating in large numbers. The Office of the Principal Chief Conservator of Forests, Goa Van Bhawan, Altinho, has joined the celebration, underlining the synergy between yoga, sustainable living, and environmental awareness.
     
    Several states, including Rajasthan, Telangana, Jharkhand, Himachal Pradesh, and Punjab, are leading in organisational registrations, showcasing strong regional participation.
     
    With Yoga Sangam shaping up to be one of the largest and most inclusive yoga celebrations, the Ministry of Ayush has urged all remaining institutions—educational, governmental, corporate, and nonprofit—to come forward and contribute to the collective spirit of wellness and unity. The International Day of Yoga is celebrated every year on June 21.
     
    Interested organisations can register at: https://yoga.ayush.gov.in/yoga-sangam

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for April 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (June 2).

         The value of total retail sales in April 2025, provisionally estimated at $28.9 billion, decreased by 2.3% compared with the same month in 2024. The revised estimate of the value of total retail sales in March 2025 decreased by 3.5% compared with a year earlier. For the first 4 months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased by 5.6% compared with the same period in 2024.

         Of the total retail sales value in April 2025, online sales accounted for 8.1%. The value of online retail sales in that month, provisionally estimated at $2.3 billion, decreased by 3.5% compared with the same month in 2024. The revised estimate of online retail sales in March 2025 decreased by 0.5% compared with a year earlier. For the first 4 months of 2025 taken together, it was provisionally estimated that the value of online retail sales decreased by 2.2% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in April 2025 decreased by 3.3% compared with a year earlier. The revised estimate of the volume of total retail sales in March 2025 decreased by 4.7% compared with a year earlier. For the first 4 months of 2025 taken together, the provisional estimate of the total retail sales decreased by 7.2% in volume compared with the same period in 2024.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing April 2025 with April 2024, the value of sales of commodities in supermarkets decreased by 2.4%. This was followed by sales of jewellery, watches and clocks, and valuable gifts (-1.7% in value); wearing apparel (-5.6%); motor vehicles and parts (-53.4%); fuels (-12.5%); footwear, allied products and other clothing accessories (-5.1%); furniture and fixtures (-16.7%); and optical shops (-0.2%).

         On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 13.4% in April 2025 over a year earlier. This was followed by sales of medicines and cosmetics (+7.2% in value); food, alcoholic drinks and tobacco (+3.0%); electrical goods and other consumer durable goods not elsewhere classified (+1.6%); commodities in department stores (+2.1%); books, newspapers, stationery and gifts (+11.7%); and Chinese drugs and herbs (+3.8%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 4.2% in the three months ending April 2025 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales increased by 7.1%.

    Commentary

         A government spokesman said that retail sales performance showed signs of stabilisation in recent months. The value of total retail sales recorded a modest year-on-year decline of 2.3% in April 2025. The decline narrowed further in April compared with the previous months despite the effect of the late arrival of the Easter holidays this year (in mid-April this year but in the junction of March and April last year) when more residents made outbound trips during the month.

         Looking ahead, the spokesman said that the Government’s proactive promotion of tourism and mega events will help stimulate the consumption market. Increase in employment earnings and sustained steady growth of the Mainland economy will also bolster consumption sentiment. These factors will be supportive to the retail sector, though ongoing changes in consumption patterns and competition among businesses amid the uncertain macroeconomic environment will still pose challenges.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for March 2025 as well as the provisional figures for April 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first 4 months of 2025 taken together are also shown.

         Table 2 presents the revised figures on value of online retail sales for March 2025 as well as the provisional figures for April 2025. The provisional figures on year-on-year changes for the first 4 months of 2025 taken together are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for March 2025 as well as the provisional figures for April 2025. The provisional figures on year-on-year changes for the first 4 months of 2025 taken together are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email : mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: At the Irkeshtam checkpoint on the Chinese-Kyrgyz border, customs clearance of goods has begun on a trial basis in the “24/7” mode

    Translation. Region: Russian Federal

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

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

    URUMQI, June 2 (Xinhua) — The 24/7 customs clearance regime officially began trial operation at the Irkeshtam border checkpoint on the China-Kyrgyzstan border in northwest China’s Xinjiang Uygur Autonomous Region on Sunday, the local border control agency said.

    Thus, Irkeshtam, which is the westernmost land border crossing of China, became the second such checkpoint in Xinjiang, where it was possible to ensure continuous operation in the field of customs clearance of goods, following the Khorgos checkpoint. This will further contribute to the uninterrupted trade and logistics channels between China and Central Asia.

    There has been a steady increase in the number of people and vehicles entering and leaving China through the Irkeshtam checkpoint in recent years, indicating high demand for cross-border transportation.

    According to Jiang Zhidong, chairman of a local international trade company, 24/7 customs clearance of goods will significantly improve the efficiency of cargo transit through Irkeshtam and reduce logistics costs.

    According to data as of June 1, the number of people and vehicles that passed through the Irkeshtam checkpoint after inspection amounted to more than 105,800 person-times and more than 98,500 units, respectively, which is 80 percent and 79 percent more in annual terms.

    Since the trial launch of the 24/7 customs clearance regime for cargo at 10:00 on Sunday, as of 08:00 on Monday, a total of 966 incoming and outgoing trucks have been checked and cleared at the Irkeshtam checkpoint. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese researchers release dataset on water flow from river basins in Tianshan Mountains

    Translation. Region: Russian Federal

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

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

    URUMQI, June 2 (Xinhua) — Chinese researchers have released data on river runoff in the Tianshan Mountains watershed, an important region where Central Asian rivers flow.

    The study, conducted by scientists from the Xinjiang Institute of Ecology and Geography of the Chinese Academy of Sciences, was published in the journal Scientific Data.

    The dataset collected daily runoff data from 56 river basins and monthly data from 89 river basins in the Tianshan Mountains. The researchers reconstructed runoff observations by combining data from both local and international monitoring stations.

    The study found a general trend of increasing water runoff in the Tianshan Mountains watersheds, which was particularly noticeable between 1990 and 2019. Spatially, it showed increasing runoff in the west and south and decreasing runoff in the east and north.

    According to the first author of this study, Li Shuai, due to data shortage and complex hydrological conditions in the Tianshan region, there is still no consistent and systematic data on river runoff.

    “This is the first comprehensive and long-term study on streamflow modeling and data reconstruction at the watershed scale in the Tianshan Mountains,” Li Shuai said.

    According to the results, the study helped to obtain comprehensive data on river runoff from small basins in the Tianshan Mountains and provides necessary data for water resources management and impact assessment of extreme weather events in the region. -0-

    MIL OSI Russia News –

  • MIL-OSI: BW Offshore: First quarter results 2025

    Source: GlobeNewswire (MIL-OSI)

    First quarter results 2025

    HIGHLIGHTS

    • Q1 EBITDA USD of 91 million and operating cashflow of USD 57 million
    • Sale of BW Pioneer for USD 125 million
    • Received USD 36 million arbitration settlement in April, USD 21 million recognised in EBITDA
    • Robust balance sheet with an equity ratio of 30.9% and USD 542 million in available liquidity
    • Q1 cash dividend of USD 0.063 per share
    • BW Opal departed the shipyard in Singapore 28 May
    • Full-year 2025 EBITDA guidance maintained in the range of USD 220-250 million

    BW Offshore is nearing completion of the Barossa project well within the updated budget. On 28 May, the FPSO BW Opal departed the shipyard in Singapore and is currently enroute to the field where hook-up and connection will be undertaken. The FPSO is on track for first gas within the third quarter.

    The Board of Directors has declared a quarterly cash dividend of USD 0.063 per share. The shares will trade ex-dividend from 4 June 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 3 June 2025, will be entitled to the distribution payable on or around 12 June 2025.

    “The BW Opal is on its way to the Barossa field to start producing gas under the 15-year contract, providing material earnings and cash flow to BW Offshore from later this year,” said Marco Beenen, CEO of BW Offshore. “At the same time, we continue to mature selected potential FPSO projects that meet our criteria, with solid counterparties and long-term investment horizons. Our growth strategy is supported by a strong balance sheet, high commercial uptime and robust cash generation from the existing fleet.”

    In late March, the Company completed the sale of FPSO BW Pioneer to Murphy Oil for USD 125 million and received an initial USD 100 million of the proceeds. The remaining USD 25 million was received in the second quarter upon meeting all conditions precedent. The two parties signed a five-year O&M contract, under which BW Offshore will continue to provide operations and maintenance services.

    In early April, BW Offshore received approximately USD 36 million including interest, after settling the arbitration with PRIO (formerly Petrorio) related to the FPSO Polvo lease dispute. This led to the recognition of USD 21 million of additional revenue and EBITDA in the first quarter accounts.

    FINANCIALS
    EBITDA for the first quarter of 2025 was USD 91.3 million (USD 71.9 million in Q4 2024), reflecting good operational performance and the arbitration settlement with PRIO.

    EBIT for the first quarter was USD 73.7 million (USD 30.8 million).

    Gain from sale of fixed assets was USD 14.8 million and relates to the sale of BW Pioneer.

    Net financial items were positive at USD 10.4 million (USD 19.4 million in Q4 2024). This included a net interest income of USD 1.1 million, which reflects USD 4.1 million of interest earned on the arbitration settlement with PRIO (net interest expense of USD 3.0 million). Both first quarter 2025 and fourth quarter 2024 were positively impacted by a valuation gain on the financial liability related to the Barossa project. This was driven by changes in the timing of expected future cash flows due to a later planned start-up of the facility, as well as a favourable mark-to-market adjustment on interest rate hedges.

    The share of loss from equity-accounted investments was USD 4.6 million, including a valuation adjustment on the Barossa finance receivable related to changes in timing of future expected cash flows (loss of USD 9.5 million).

    Tax expense was USD 17.3 million (tax income USD 0.1 million). The increase in tax expenses is mainly due to tax on the sale of BW Pioneer.

    Net profit for the first quarter increased to USD 62.2 million (USD 40.8 million).

    Total equity at 31 March 2025 was USD 1 271.7 million (USD 1 246.6 million) and the equity ratio was 30.9% at (30.8%).

    As a result of strong cash generation from the fleet and asset sales, the Company was net cash positive by USD 184.3 million at 31 March 2025 (USD 74.4 million net cash positive at the end of 2024).

    Available liquidity was USD 542 million, excluding consolidated cash from BW Ideol and including USD 100 million available under the corporate loan facility.

    FPSO OPERATIONS
    The FPSO fleet continued to deliver stable operations in the quarter with a weighted average fleet uptime of 100.0% (99.2% in the fourth quarter), including BW Pioneer.

    BW Adolo contributed positively through the volume-based tariff as production increased to approximately 39,000 barrels per day in the quarter and BW Catcher continued to maintain high commercial uptime.

    On 20 May 2025, BW Energy Gabon took over operations of the FPSO BW Adolo. BW Offshore continues to lease the unit under the same terms, excluding O&M services. A USD 100 million put-and-call option remains in place for 2028. The transition is ongoing and will be supported by both parties through 30 June 2025.

    FPSO PROJECT OPPORTUNITIES
    In January, BW Offshore was selected to perform the pre-FEED study for the Bay du Nord FPSO project by Equinor.

    The Company also progressed the FEED for Repsol’s Block 29 development in Mexico.

    Due to the current high activity related to FPSO-based development projects, BW Offshore recently acquired the FPSO Nganhurra. The vessel has a high-quality hull, well suited for installation of a new topside. Reusing existing energy production infrastructure reduces environmental impact, is cost efficient and enables shorter lead time from project sanction to first oil. The acquisition involves a limited upfront payment, with additional consideration linked to redeployment by June 2027. The unit enhances BW Offshore’s ability to respond to emerging project opportunities and strengthens its position in a supply-constrained market.

    FLOATING ENERGY TRANSITION SOLUTIONS
    BW Offshore is committed to contribute to the energy transition by leveraging FPSO expertise to deliver low-carbon energy and expand into new sectors, focusing on low-emission oil and gas, CO2 transport, gas-to-power and floating ammonia to meet evolving energy demands. The Company maintains a disciplined approach with selective and diligent allocation of capital and a commitment to creating shareholder value.

    BW Offshore owns 64% of BW Ideol, a leader in offshore floating wind technology and co-development with over 14 years of experience in the development of floating wind projects. A shareholder loan of EUR 6.7 million has been provided to support the company’s operations over the next 12 months.

    The 1 GW Buchan offshore wind project in Scotland recently held its third and final public consulting round as part of the preparation for the final consent application later this year. In France, work continued on the three floating substructures for the Eolmed floating wind pilot with installation of the transition pieces which will hold the wind turbines. Commissioning of the three floating turbines is expected by end of 2025.

    OUTLOOK
    Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs, and a focus on lower emissions. Increased project complexity, combined with higher construction costs, necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects. Alternatively, oil and gas majors may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

    In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs. Increased FEED and tendering activity are a function of this, and BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 36 months. These market dynamics, combined with the high level of expertise required for project execution, are expected to enable better risk-reward and improved margins for FPSO companies going forward.

    BW Offshore continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment-grade counterparties.

    BW Offshore expects that the fleet will continue to generate significant cash flows in the time ahead, supported by the USD 5.4 billion firm contract backlog at the end of March 2025.

    Please see attached the Q1 Presentation. The earnings tables are available at:

    https://www.bwoffshore.com/ir/

    BW Offshore will host a webcast of the financial results 09:00 (CEST) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

    Webcast information:
    You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

    BW Offshore Limited – Q1 Presentation Webcast

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55
    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo stock exchange.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachment

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