Category: Asia

MIL-OSI Asia-Pac: Revised SHAKTI Policy for Coal Allocation to Power Sector
Source: Government of India

Posted On: 08 MAY 2025 12:09PM by PIB Delhi

The Cabinet Committee on Economic Affairs (CCEA) in the meeting held on 07.05.2025, chaired by the Prime Minister Shri Narendra Modi, has accorded its approval for the Revised SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) Policy for Coal Allocation to Power Sector. The Revised SHAKTI Policy adds to the series of coal sector reforms being undertaken by the Government.

With the introduction of SHAKTI Policy in 2017, there was a paradigm shift of coal allocation mechanism from a nomination-based regime to a more transparent way of allocation of coal linkages through auction / tariff-based bidding. Now, the multiple paras of the SHAKTI Policy, for coal linkage, have been mapped to only two Windows in the Revised SHAKTI Policy, aligning with the spirit of ease of doing business, encouraging competition, efficiency, better use of capacity, seamless pit head thermal capacity addition and affordable power to the country.

The current revision with innovative features will further enhance the scope and impact of the SHAKTI policy and support the power sector through
- Greater flexibility
- Wider eligibility and
- Better accessibility to coal
The new policy will ensure coal linkage to all power producers leading to generation of more power, cheaper tariffs and an overall positive impact on the economy, thereby leading to increased employment generation potential. The reliable and affordable power supply to various sectors would catalyze economic activities and support the Atmanirbhar Bharat Initiative. The increased availability of domestic coal, in a simplified manner would also facilitate the revival of remaining stressed power assets. The linkage coal can now be used for generating power from Un-requisitioned Surplus (URS) capacity, for sale in power markets, which will not only deepen power markets by increasing availability of power in power exchanges but will also ensure optimum utilization of generating stations.

Further, the new linkages offered to the power sector would increase the coal availability for the power sector and increase the mining activities in the coal bearing regions resulting in generation of higher revenue to the State Governments which can be utilized for development of these regions and local population in general. The policy would encourage pit head thermal capacity addition and facilitate imported coal substitution in the Imported Coal Based (ICB) plants that can secure domestic coal thereby reducing their import coal dependency.

Following are the provisions of the Revised SHAKTI Policy.

For grant of fresh coal linkages to Thermal Power Plants of Central Sector/State Sector/ Independent Power Producers (IPPs), following two windows have been approved under the Revised SHAKTI policy:
1. Coal Linkage to Central Gencos/States at Notified price: Window–I
2. Coal Linkage to all Gencos at a Premium above Notified price: Window–II
Window-I (coal at notified price):
1. Existing mechanism for grant of coal linkage to Central Sector Thermal Power Projects (TPPs) including Joint Ventures (JVs) & their subsidiaries would continue.
2. Coal linkages to be earmarked to States and to an agency authorized by group of States as per existing mechanism, on the recommendation of Ministry of Power. Coal linkage earmarked to States may be utilized by States in its own Genco, IPPs to be identified through TBCB or existing IPPs having PPA under Section 62 of the Electricity Act, 2003 for setting up of a new expansion unit having PPA under Section 62.
Window-II (premium over notified price):

Any domestic coal-based power producer having PPA or untied and also Imported coal-based power plants (if they so require) can secure coal on auction basis for a period upto 12 months or for the period of more than 12 months upto 25 years by paying premium above the notified price and providing the power plants the flexibility to sell the electricity as per their choice.

This Revised SHAKTI Policy would maximize domestic coal utilization, ensure seamless thermal capacity addition, reduce dependence for coal on global markets, reinforce nation’s energy independence aligning with Government’s push for Energy Security for All.

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Shuhaib T

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MIL OSI Asia Pacific News –
May 8, 2025
MIL-OSI Asia-Pac: Hong Kong hosts first 6G Global Summit in Asia-Pacific region to explore future of next-generation communications (with photos)

Source: Hong Kong Government special administrative region

Hong Kong hosts first 6G Global Summit in Asia-Pacific region to explore future of next-generation communications
With the support of the Hong Kong Special Administrative Region Government, the Communications Authority (CA), which is the statutory regulator for the telecommunications industry, is hosting the Summit in a hybrid format today and tomorrow (May 9). The prominent international conference attracted over 600 participants from more than 80 countries, including high-level representatives from policymakers, regulatory bodies, international organisations, telecommunications operators and corporations, as well as industry experts and scholars.

In his keynote speech at the Summit, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said that Hong Kong’s hosting of the Summit not only reflects the city’s long-standing stature as a global and regional telecommunications hub, but also underscores the Government’s commitment to driving innovation and fostering collaboration in this transformative field.

Mr Yau highlighted Hong Kong’s highly acclaimed position in leading the development of 6G, with the city’s telecommunications market being one of the most advanced and dynamic in the world and having a proven track record of embracing innovation and driving connectivity. He also shared with the audience Hong Kong’s various achievements in telecommunications, which showcase the city’s readiness to embrace the future of telecommunications.

Mr Yau stressed that the Government is fully committed to fostering a conducive environment that drives technological advancement and prepares Hong Kong for the 6G era. These include releasing suitable spectrum through auctions to support the development of advanced mobile communication services, exploring further facilitation measures from telecommunications perspectives to support the development of the low-altitude economy, and conducting a review on streamlining the licensing procedures of Low Earth Orbit satellites to enhance Hong Kong’s competitiveness in satellite development.

Addressing the opening ceremony this morning, the Director-General of Communications, Mr Chaucer Leung, said that the first set of technical standards for 6G is expected to be finalised in 2029 so that commercial service can be introduced in 2030, adding that the Summit serves as an opportunity for the participants to delve into various key aspects of 6G and have better preparation for it.

Delivering his keynote speech in the afternoon session, the Chairman of the CA, Mr Jenkin Suen, outlined the roles and functions of the CA, and emphasised Hong Kong’s unique role as the gateway between Mainland China and the rest of the world. “Being a telecommunications hub in the Asia-Pacific region and a gateway to Mainland China, Hong Kong is an ideal place for exploring, developing and deploying the new generation of mobile technology,” Mr Suen said.

Over the two days, the Summit will feature discussions on the key priorities shaping 6G developments, including standardisation, technological innovations, sustainability and potential applications, as well as the strategic role of the Asia-Pacific region and the opportunities presented by a more connected and intelligent global network. In addition to the main programme, the Summit also includes a networking reception hosted by the Communications Association of Hong Kong. Details of the Summit are available at www.global6gsummit.com
First held as a virtual conference in 2022 by Forum Global, the Summit has entered its fourth edition this year. The previous two editions were held in Bahrain in 2023 and the United Kingdom in 2024.
Issued at HKT 17:42

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May 8, 2025
MIL-OSI Asia-Pac: CENJOWS hosts MRSAM-India Eco-System Summit 2.0
Source: Government of India

Posted On: 08 MAY 2025 10:44AM by PIB Delhi

The Centre for Joint Warfare Studies (CENJOWS), in collaboration with Aerospace Services India (ASI) and Israel Aerospace Industries (IAI), successfully hosted the Medium-Range Surface-to-Air Missile (MRSAM) India Eco-System Summit 2.0 at the Manekshaw Centre, New Delhi on May 07, 2025. The day-long summit brought together key stakeholders from India’s defence eco-system, highlighting collaborative achievements and future possibilities in enhancing the country’s air & missile defence capabilities under the Aatmanirbhar Bharat and Make-in-India initiatives.

The event witnessed participation from senior representatives of the Ministry of Defence (MoD), Armed Forces, DRDO, Bharat Electronics Limited, Bharat Dynamics Limited, and leading Indian defence manufacturers. The participants voiced a shared commitment to elevate India’s position as a global hub for advanced defence systems, with ASI reaffirming its vision to become India’s premier defence service provider.

The inaugural session was presided over by senior MoD officials and addressed by key industry leaders, focusing on the growing synergy between Indian and Israeli defence sectors. Key sessions of the summit included:
- Panel discussions on operational readiness and self-reliance in missile systems.
- Technology showcases featuring AI-powered service management systems like STORMS developed by ASI.
- Industry interactions on building India’s long-term capability in indigenous defence manufacturing.
The summit emphasised the achievements of ASI-IAI’s wholly-owned Indian subsidiary, which plays a critical role in providing technical representation, life-cycle support, and local manufacturing for the MRSAM system and its associated subsystems such as the BARAK 8 missile and Air Defence Fire Control Radar. It underscored the importance of establishing a resilient and future-ready air defence infrastructure through sustained collaboration, capability development, and localised innovation.

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VK/SR/Savvy

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May 8, 2025
MIL-OSI Asia-Pac: Singapore ETO enhances ties with Laos (with photos)

Source: Hong Kong Government special administrative region

The Hong Kong Economic and Trade Office in Singapore (Singapore ETO) concluded an official visit to Vientiane, the capital of Laos, between May 6 and 7 (Vientiane time). The visit aimed to deepen understanding and collaboration with the Laotian government and business sectors, while further strengthening bilateral relations in trade, investment, and people-to-people exchanges.

Upon arrival on May 6, the Director of the Singapore ETO, Mr Owin Fung, met with the Director-General of the Department of Asia-Pacific and Africa, Laos’ Ministry of Foreign Affairs, Mr Bounthanongsack Chanthalath, to introduce Hong Kong’s latest developments. Both sides exchanged views on the current economic and geopolitical landscape, and explored opportunities to further enhance co-operation and deepen the Hong Kong – Laos bilateral relations.

Members of the Singapore ETO also visited Vientiane Secondary School to learn about the implementation of a memorandum of understanding (MOU) signed between the school and the Hong Kong Polytechnic University. The MOU, announced by the Chief Executive, Mr John Lee, last July during his visit to the school, offers a dedicated scholarship programme for outstanding students at Vientiane Secondary School.

On May 7, the Singapore ETO organised a business seminar and networking event “Business and Investment Opportunities in Hong Kong – Gateway to Greater Bay Area” in collaboration with Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC). The event attracted about 70 local business leaders and investors, including executive committee members of the Lao National Chamber of Commerce and Industry (LNCCI) and the Lao Chinese Chamber of Commerce (LCCC), which were the event’s supporting organisations. The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, also participated in the event.

In his opening remarks, Mr Fung emphasised Hong Kong’s position as a leading international financial, trading, and logistics hub under the “one country, two systems” framework. He reiterated Hong Kong’s strong commitment to multilateralism and free trade.

Other speakers included Assistant Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area Miss Cathy Li; the Head of Investment Promotion (Singapore Office), InvestHK, Mr Melvin Lee; and the Director of Indochina at the HKTDC, Ms Tina Phan. They shared insights into Hong Kong’s latest investment climate and opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong’s role as a “super-connector” and a “super value-adder” between the GBA and Laos, as well as the range of support services available to Laotian enterprises. Following the seminar, representatives of Singapore ETO, the GBA Development Office, the LNCCI and the LCCC had a networking lunch to explore avenues for stronger co-operation in trade and commerce.

Later that afternoon, Ms Chan and Mr Fung had a working meeting with the Permanent Secretary, Laos Ministry of Industry and Commerce, Dr Buavanh Vilavong. Both sides expressed confidence in the partnership between Hong Kong and Laos business communities which would promote greater regional integration and sustainable economic growth. Mr Fung also sought continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership.

Before the end of the duty visit, Ms Chan and Mr Fung paid a courtesy call on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Lao People’s Democratic Republic, Ms Fang Hong, to introduce respectively the GBA Development Office’s latest work and Singapore ETO’s efforts and achievements in liaising with the Laos government, business sector and community. Mr Fung also thanked the Embassy for its continuous care and assistance to Hong Kong people in Laos and Hong Kong enterprises investing in Laos.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: HKMA’s Response to US Fed’s Interest Rate Decision

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Federal Open Market Committee of the United States Federal Reserve (the Fed) announced early today (May 8, Hong Kong time) after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 4.25-4.5 per cent.

The policy decision is in line with market expectations. The series of tariff measures recently announced by the US authorities have further increased uncertainty about US inflation and economic growth outlook. The Fed therefore is adopting a patient approach to its monetary policy.

In Hong Kong, the monetary and financial markets have continued to operate in an orderly manner. The recent strengthening of the Hong Kong dollar, mainly driven by equity-related demands and the appreciation of regional currencies against the US dollar, has triggered the strong-side Convertibility Undertaking (CU) of HK$7.75 to US$1 under the Linked Exchange Rate System (LERS). The Hong Kong Monetary Authority (HKMA) sold Hong Kong dollars to the market in exchange for US dollars in accordance with the LERS, and the Aggregate Balance increased accordingly, leading to more ample Hong Kong dollar liquidity and lower interbank interest rates. Going forward, Hong Kong dollar interbank rates will be affected by the supply and demand of Hong Kong dollar as well as the Hong Kong dollar liquidity condition and other factors, especially in the shorter tenors.

The markets are expected to focus on developments relating to US tariff measures and the US interest rate path, both of which are subject to considerable uncertainty. Global financial markets would inevitably be affected and exhibit volatility. The public should carefully assess and manage risks when making property purchase, investment or borrowing decisions. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: Appointment of non-permanent judge from another common law jurisdiction of Court of Final Appeal

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Judiciary:

Chief Justice Andrew Cheung, Chief Justice of the Court of Final Appeal, today (May 8) welcomed the acceptance by the Chief Executive of the recommendation of the Judicial Officers Recommendation Commission on the appointment of the Honourable Sir William Gillow Gibbes Austen Young as a non-permanent judge from another common law jurisdiction of the Court of Final Appeal. The Chief Justice noted that the Government would be seeking the endorsement of the Legislative Council of the recommended appointment.

The Hong Kong Court of Final Appeal Ordinance (Cap. 484) provides for a list of non-permanent Hong Kong judges and a list of judges from other common law jurisdictions. Currently, there are four non-permanent Hong Kong judges and five non-permanent judges from other common law jurisdictions. The maximum number of non-permanent judges is 30. In hearing and determining an appeal, the Court of Final Appeal is constituted by five judges, i.e. the Chief Justice, three permanent judges and one non-permanent Hong Kong judge or one non-permanent judge from another common law jurisdiction.

The recommended appointment of Sir William Young to the Hong Kong Court of Final Appeal will increase the number of non-permanent judges from other common law jurisdictions from five to six. This will provide greater flexibility in dealing with the caseload of the Court of Final Appeal.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: Global Leaders Unite at UN Vesak 2025 to Champion Buddhist Values for Peace and Sustainability

Source: Government of India

Global Leaders Unite at UN Vesak 2025 to Champion Buddhist Values for Peace and Sustainability

Buddhism is the Ethical Foundation for a Just and Non-Discriminatory Society- Shri Ramdas Athawale – Minister of State for Social Justice and Empowerment

Global Buddhist Voices Call for Compassion, Education, and Environmental Action

Vajrayana Buddhist monks from India performed a prayer chanting ceremony with profound spiritual meaning

Posted On: 07 MAY 2025 9:30PM by PIB Delhi

The Vietnam Buddhist Academy in Ho Chi Minh City marked the second day of the United Nations Vesak 2025 celebrations with a profound display of spiritual unity and global cooperation. Leaders from 85 countries gathered to reflect on this year’s theme: “Solidarity and Tolerance for Human Dignity: Buddhist Wisdom for World Peace and Sustainable Development.”

Shri Ramdas Athawale, Minister of State for Social Justice and Empowerment of India, emphasized the transformative potential of Buddhist principles in promoting justice, equality, and compassion in modern societies.

Speakers from across continents underscored the relevance of Buddhist wisdom in addressing pressing global challenges. Messages ranged from the role of Buddhist education in modern times, to environmental advocacy, mental health, and the importance of nurturing the younger generation to carry forward the light of the Dharma.

The program continued with messages and speeches from leaders of international Buddhist organizations, focusing on clarifying the main theme of this year’s Great Festival.

In the beginning of the program, Vajrayana Buddhist monks from India performed a prayer chanting ceremony with profound spiritual meaning. The ceremony symbolizes the spirit of harmony, respect, solidarity among Buddhist traditions in the international community. After the prayer service, the plenary session continued with speeches from leaders and government representatives from many countries. The leaders appreciated the role of Buddhist thought in building harmonious and compassionate societies and responding to global challenges such as war, poverty and climate change.

Most Venerable Thich Thien Nhon – Deputy Supreme Patriarch, Chairman of the Executive Council of the Vietnam Buddhist Sangha, Chairman of the National Committee for Vesak 2025 attended with leaders of the Vietnam Buddhist Sangha, representatives of Buddhist organizations and scholars from 85 countries and territories.

Venerable Jeong Beom – Acting Chairman of Overseas Affairs Headquarters, Korea, delivered a message “Affirming the importance of global cooperation and solidarity among Buddhist traditions.” Associate Prof. Karsai Gábor Zsolt – Rector of Dharma Gate Buddhist College, Hungary, delivered the message “Promoting the role of Buddhist education in modern times.” Guerrero Diañez – President of the Spanish Buddhist Association, delivered the message “Sharing hope in the young generation that will continue the light of Buddhism in the West.”

Gerhard Weissgrab – President of the Austrian Buddhist Union, delivered the message “Call for practical action for the environment and world peace.” Ricardo Vieira Sasaki – Director of the Nālandā Buddhist Studies Center, Brazil, delivered the message “Emphasizing the healing power of Buddhism for community mental health.” Associate Prof. Edi Ramawijaya Putra – President of the Indonesian Association of Higher Buddhist Education, delivered the message “Proposal to enhance exchange and cooperation in regional Buddhist education.” Mr. Egil Lothe – Former President of the Norwegian Buddhist Federation, Member of the ICDV International Executive Committee, delivered the message “Emphasizing Vesak as a symbol of global Buddhist connection.

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Sunil Kumar Tiwari

pibculture[at]gmail[dot]com

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May 8, 2025
MIL-OSI Asia-Pac: Senior judicial appointment: non-permanent judge from another common law jurisdiction of the Court of Final Appeal

Source: Hong Kong Government special administrative region

The Chief Executive, Mr John Lee, has accepted the recommendation of the Judicial Officers Recommendation Commission (JORC) on the appointment of the Honourable Sir William Gillow Gibbes Austen Young as a non-permanent judge from another common law jurisdiction of the Court of Final Appeal. Subject to the endorsement of the Legislative Council, the Chief Executive will make the appointment under Article 88 of the Basic Law and section 9 of the Hong Kong Court of Final Appeal Ordinance (Cap. 484).

Mr Lee said, “I am pleased to accept the JORC’s recommendation on the appointment of Sir William Young as a non-permanent judge from another common law jurisdiction of the Court of Final Appeal. Sir William Young retired from the judicial office of Permanent Judge of the Supreme Court of New Zealand, New Zealand’s final court of appeal, in April 2022. He is a judge of eminent standing and reputation. I am confident that he will contribute substantively to the Court of Final Appeal.

“With the appointment of Sir William Young, the list of non-permanent judges from other common law jurisdictions will consist of six eminent judges from the United Kingdom, Australia and New Zealand. The presence of these esteemed overseas jurists as non-permanent judges of the Court of Final Appeal is a manifestation of the independence of the Judiciary in the Hong Kong Special Administrative Region (HKSAR) as protected by the Basic Law. Their participation demonstrates a high degree of confidence in the HKSAR’s judicial system, and enables Hong Kong to maintain strong links with other common law jurisdictions. I am fully confident that these distinguished jurists from overseas with profound judicial experience will remain as a unique strength of the HKSAR’s judicial system.”

Article 90 of the Basic Law and section 7A of the Ordinance provide that the Chief Executive shall obtain the endorsement of the Legislative Council on the appointment of judges of the Court of Final Appeal. The Government will seek the endorsement of the Legislative Council of the recommended appointment in due course.

The curriculum vitae of Sir William Young is at the Annex.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: SCED to visit Beijing

Source: Hong Kong Government special administrative region

SCED to visit Beijing
Mr Yau will proceed to Qatar on May 10. The Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development during Mr Yau’s absence.
Issued at HKT 12:00

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May 8, 2025
MIL-OSI Asia-Pac: PAKISTAN’S BID TO ESCALATE NEGATED – PROPORTIONATE RESPONSE BY INDIA

Source: Government of India

Posted On: 08 MAY 2025 2:34PM by PIB Delhi

During the Press Briefing on Operation SINDOOR on 07 May 2025, India had called its response as focused, measured and non-escalatory. It was specifically mentioned that Pakistani military establishments had not been targeted. It was also reiterated that any attack on military targets in India will invite a suitable response.

On the night of 07-08 May 2025, Pakistan attempted to engage a number of military targets in Northern and Western India including Awantipura, Srinagar, Jammu, Pathankot, Amritsar, Kapurthala, Jalandhar, Ludhiana, Adampur, Bhatinda, Chandigarh, Nal, Phalodi, Uttarlai, and Bhuj, using drones and missiles. These were neutralised by the Integrated Counter UAS Grid and Air Defence systems. The debris of these attacks is now being recovered from a number of locations that prove the Pakistani attacks.

Today morning Indian Armed Forces targeted Air Defence Radars and systems at a number of locations in Pakistan. Indian response has been in the same domain with same intensity as Pakistan. It has been reliably learnt that an Air Defence system at Lahore has been neutralised.

Pakistan has increased the intensity of its unprovoked firing across the Line of Control using Mortars and heavy calibre Artillery in areas in Kupwara, Baramulla, Uri, Poonch, Mendhar and Rajouri sectors in Jammu and Kashmir.

Sixteen innocent lives have been lost, including three women and five children, due to Pakistani firing. Here too, India was compelled to respond to bring Mortar and Artillery fire from Pakistan to a halt.

Indian Armed Forces reiterate their commitment to non-escalation, provided it is respected by the Pakistani military.

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SC

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May 8, 2025
MIL-OSI Asia-Pac: Red flag hoisted at Ting Kau Beach

Source: Hong Kong Government special administrative region

Attention TV/radio announcers:

Please broadcast the following as soon as possible:

Here is an item of interest to swimmers.

The Leisure and Cultural Services Department announced today (May 8) that the Environmental Protection Department has classified the water quality at Ting Kau Beach in Tsuen Wan District as Grade 4, which means the beach is not suitable for swimming. The red flag has been hoisted. Beachgoers are advised not to swim at the beach until further notice.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: PM Modi Chairs High-Level Meeting with Secretaries of Government of India

Source: Government of India

Posted On: 08 MAY 2025 2:17PM by PIB Delhi

The Prime Minister today chaired a high-level meeting with Secretaries of various Ministries and Departments of the Government of India to review national preparedness and inter-ministerial coordination in light of recent developments concerning national security.

PM Modi stressed the need for seamless coordination among ministries and agencies to uphold operational continuity and institutional resilience.

PM reviewed the planning and preparation by ministries to deal with the current situation.

Secretaries have been directed to undertake a comprehensive review of their respective ministry’s operations and to ensure fool-proof functioning of essential systems, with special focus on readiness, emergency response, and internal communication protocols.

Secretaries detailed their planning with a Whole of Government approach in the current situation.

All ministries have identified their actionables in relation to the conflict and are strengthening processes. Ministries are ready to deal with all kinds of emerging situations.

A range of issues were discussed during the meeting. These included, among others, strengthening of civil defence mechanisms, efforts to counter misinformation and fake news, and ensuring the security of critical infrastructure. Ministries were also advised to maintain close coordination with state authorities and ground-level institutions.

The meeting was attended by the Cabinet Secretary, senior officials from the Prime Minister’s Office, and Secretaries from key ministries including Defence, Home Affairs, External Affairs, Information & Broadcasting, Power, Health, and Telecommunications.

The Prime Minister called for continued alertness, institutional synergy, and clear communication as the nation navigates a sensitive period. He reaffirmed the government’s commitment to national security, operational preparedness, and citizen safety.

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MJPS/ST

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May 8, 2025
MIL-OSI Asia-Pac: Great Entertainment Group partners with Mast International from Korea to expand Hong Kong operations, boosting job creation and business partnerships (with photos)

Source: Hong Kong Government special administrative region

â€‹Invest Hong Kong (InvestHK) announced today (May 8) that a long-term local entertainment business, Great Entertainment Group (GEG), has created a new joint venture – Harbour Mast Productions Limited – with Mast International, a Korean entertainment business in Hong Kong, as part of the companies’ long-term expansion plans in the region.

Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau said, “We are excited to see the expansion of GEG in Hong Kong and welcome Mast International to the city. This initiative will not only enrich Hong Kong’s vibrant entertainment industry, but also significantly contribute to job creation and stimulate our local economy by fostering new business partnerships in the city.”

Harbour Mast Productions will be the official promoter of Cirque du Soleil’s legendary show KOOZA, as it returns to Hong Kong for the first time in seven years. Cirque du Soleil chose Hong Kong as the city to kick off its relaunch in Asia. The show will then travel to Busan and Seoul in Korea following the performances in Hong Kong.

According to the Chief Executive Officer of GEG, Mr Randy Bloom, the KOOZA Tour travels with more than 115 cast and crew, along with 60 family members. This represents a investment in Hong Kong of more than 8 000 room nights, transport, food and beverage and entertainment during the two months that the show will be in the city. In addition to the travelling crew, the show requires approximately 200 local hires.

Mr Bloom added that with over 10 years of history and experience in producing entertainment events in Hong Kong, GEG decided to expand in the city where it has traditionally created its own local events, including the annual AIA Carnival, the Hong Kong Observation Wheel (HKOW) and well-known events such as The Grounds in the HKOW event space. He noted that Mast International, with its decades of experience bringing worldwide live entertainment events to Asia, was seen as the natural partner to join in this effort. The aim is to bring more and more high-quality events and entertainment to come to Hong Kong, serving as a gateway to the region.

Mr Bloom said, “We hear and support the Government’s policy for mega events. We want to support the development of the entertainment industry and demonstrate our commitment to enhancing what Hong Kong can offer as a city for events both local and internationally. We have great trust in Hong Kong as a city.”

The Chief Executive Officer and President of Mast International, Mr Yong Kim, added, “As a long-time producer and promoter of events in Asia, Mast recognises the opportunities afforded by the growth of the live events industry in Hong Kong. As our company continues to grow, we aim to expand and create more diverse experiences for people in Hong Kong. By bringing global entertainment around the world and into the city, we can offer a wider range of engaging entertainment options. Notably, the globally acclaimed Cirque du Soleil will be making its first appearance in Hong Kong since 2018 and will kick off a multi-destination Asia Tour.”

GEG is a multi-award-winning group of companies with expertise in creating and producing exceptional live entertainment events and experiences in Asia. To date, GEG has engaged over 20 million consumers across over 500 events, pioneering some of the largest, most successful and enduring events and experiences.

Mast International was founded as a subsidiary of Mast Media Limited in 2006. Since then, the company has successfully presented seven shows of Cirque du Soleil in Korea. Mast International has promoted other various international spectacles, sporting events, exhibitions, pop concerts, ballets and plays, etc, including the legendary French musical, “Notre-Dame de Paris”.

For more information about GEG, please visit www.geg.asia.

For more information about Mast International, please visit www.mastent.co.kr.

To obtain a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720325905295.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Asia-Pac: DPIIT and Hafele India Sign MoU to Boost Manufacturing Innovation and Localized Supply Chains

Source: Government of India

Posted On: 08 MAY 2025 2:09PM by PIB Delhi

The  Department for Promotion of Industry and Internal Trade (DPIIT)  and Hafele India Pvt. Ltd. signed a Memorandum of Understanding (MoU)  on 07 May 2025 in New Delhi, to strengthen India’s manufacturing and innovation ecosystem by empowering product startups, MSMEs, and entrepreneurs. The partnership reflects a shared commitment to building resilient local supply chains and accelerating India’s vision of becoming a global manufacturing hub.

Under this strategic collaboration, Hafele will drive initiatives that support product innovation, local sourcing, and entrepreneurship through targeted investments, mentorship, and integration into global value chains.

Hafele will expand its support to startups and MSMEs by offering access to infrastructure, supplier development opportunities, technical collaboration, and market access. Hafele has already committed over USD 2.5 million in an Indian appliance manufacturing startup and has extended purchase orders to Indian MSME manufacturers of architectural hardware and furniture fittings. DPIIT will facilitate ecosystem access through Startup India, enabling startup connections, program participation, and co-branding.

Shri Sanjiv, Joint Secretary, DPIIT, stated, “The partnership with Häfele India exemplifies our approach of fostering collaborative industrial ecosystems. It brings together global best practices and local entrepreneurial energy to drive sustainable manufacturing growth aligned with the Make in India vision.”

Frank Schloeder, Managing Director – South Asia, Häfele, added, “At Häfele, we believe that India’s innovation and manufacturing potential is unmatched. Through this MoU, we are excited to deepen our engagement with Indian entrepreneurs and startups and work together toward the vision of ‘India for India’ today and ‘India for the World’ tomorrow.”

The MoU was signed by Dr. Sumeet Jarangal, Director, DPIIT and Mr. Frank Schloeder, Managing Director – South Asia, Hafele India, in the presence of senior officials from both organizations. It will remain in effect for a period of two years from the date of signing, with scope for extension based on mutual agreement.

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Abhishek Dayal/Abhijith Narayanan

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May 8, 2025

MIL-OSI: Cenovus announces first-quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)¹ while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

Highlights

Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture²^,³ of 62% in U.S. Refining.
Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

“We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

Financial summary

($ millions, except per share amounts)	2025 Q1	2024 Q4	2024 Q1
Cash from (used in) operating activities	1,315	2,029	1,925
Adjusted funds flow²	2,212	1,601	2,242
Per share (diluted)²	1.21	0.87	1.19
Capital investment	1,229	1,478	1,036
Free funds flow²	983	123	1,206
Excess free funds flow²	373	(416)	832
Net earnings (loss)	859	146	1,176
Per share (diluted)	0.47	0.07	0.62
Long-term debt, including current portion	7,524	7,534	7,227
Net debt	5,079	4,614	4,827

Production and throughput

(before royalties, net to Cenovus)	2025 Q1	2024 Q4	2024 Q1
Oil and NGLs (bbls/d)¹	670,900	670,600	658,200
Conventional natural gas (MMcf/d)	887.9	873.3	855.8
Total upstream production (BOE/d)¹	818,900	816,000	800,900
Total downstream crude throughput (bbls/d)	665,400	666,700	655,200

_{¹See Advisory for production by product type.}
_{²Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.}
_{³Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.}

First-quarter results

Operating¹

Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

Total operating margin⁴ was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin⁵ was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin⁵ shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture⁶ in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture⁶ in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

_{⁴Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.}
_{⁵Specified financial measure. See Advisory.}
_{⁶Contains a non-GAAP financial measure. See Advisory.}

Financial

Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

Growth projects

In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

“These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

Preferred shares dividend summary

Share series	Rate (%)	Amount ($/share)
Series 1	2.577	0.16106
Series 2	4.568	0.28472
Series 7	3.935	0.24594

All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

2025 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

(MBOE/d or Mbbls/d)	Q2	Q3	Q4	Annualized impact
Upstream
Oil Sands	30 – 40	5 – 7	–	10 – 12
Offshore	–	4 – 6	–	1 – 2
Conventional	–	–	–	–
Downstream
Canadian Refining	–	–	–	–
U.S. Refining	35 – 45	2 – 4	6 – 10	13 – 17

Potential turnaround expenses

($ millions)	Q2	Q3	Q4	Annualized impact
Downstream
Canadian Refining	–	–	–	–
U.S. Refining	240 – 295	80 – 95	40 – 50	440 – 520

Conference call today

Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

For analysts wanting to join the call, please register in advance at Conference call registration.

To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

An audio webcast will also be available and archived for approximately 30 days.

Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

Barrels of Oil Equivalent

Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by operating segment	Three months ended March 31, 2025
Oil Sands
Bitumen (Mbbls/d)	602.5
Heavy crude oil (Mbbls/d)	21.8
Conventional natural gas (MMcf/d)	11.4
Total Oil Sands segment production (MBOE/d)	626.2
Conventional
Light crude oil (Mbbls/d)	5.2
Natural gas liquids (Mbbls/d)	20.5
Conventional natural gas (MMcf/d)	589.3
Total Conventional segment production (MBOE/d)	123.9
Offshore
Light crude oil (Mbbls/d)	11.6
Natural gas liquids (Mbbls/d)	9.3
Conventional natural gas (MMcf/d)	287.2
Total Offshore segment production (MBOE/d)	68.8
Total Upstream production (MBOE/d)	818.9

Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

Total Operating Margin

Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

	Upstream ⁽⁷⁾			Downstream ⁽⁷⁾			Total
($ millions)	Q1 2025	Q4 2024	Q1 2024	Q1 2025	Q4 2024	Q1 2024	Q1 2025	Q4 2024	Q1 2024
Revenues
Gross Sales	9,252	8,240	7,864	7,705	7,837	8,233	16,957	16,077	16,097
Less: Royalties	(906)	(914)	(747)	—	—	—	(906)	(914)	(747)
	8,346	7,326	7,117	7,705	7,837	8,233	16,051	15,163	15,350
Expenses
Purchased Product	1,167	1,000	771	7,082	7,364	6,885	8,249	8,364	7,656
Transportation and Blending	3,247	2,816	2,811	—	—	—	3,247	2,816	2,811
Operating	893	842	898	854	866	787	1,747	1,708	1,685
Realized (Gain) Loss on Risk Management	(9)	(2)	6	6	3	1	(3)	1	7
Operating Margin	3,048	2,670	2,631	(237)	(396)	560	2,811	2,274	3,191

_{⁷Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.}

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

	Three Months Ended
($ millions)	March 31, 2025	December 31, 2024	March 31, 2024
Cash From (Used in) Operating Activities ⁽⁸⁾	1,315	2,029	1,925
(Add) Deduct:
Settlement of Decommissioning Liabilities	(36)	(64)	(48)
Net Change in Non-Cash Working Capital	(861)	492	(269)
Adjusted Funds Flow	2,212	1,601	2,242
Capital Investment	1,229	1,478	1,036
Free Funds Flow	983	123	1,206
Add (Deduct):
Base Dividends Paid on Common Shares	(327)	(330)	(262)
Purchase of Common Shares under Employee Benefit Plan	(58)	(43)	—
Dividends Paid on Preferred Shares	(6)	(18)	(9)
Settlement of Decommissioning Liabilities	(36)	(64)	(48)
Principal Repayment of Leases	(83)	(80)	(70)
Acquisitions, Net of Cash Acquired	(100)	(3)	(10)
Proceeds From Divestitures	—	(1)	25
Excess Free Funds Flow	373	(416)	832

_{⁸Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.}

Adjusted Market Capture

Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

($ millions)	Three months ended March 31, 2025	Three months ended December 31, 2024
Revenues ⁽⁹⁾	6,423	6,574
Purchased Product ⁽⁹⁾	6,006	6,296
Gross Margin	417	278
Inventory Holding (Gain) Loss	23	45
Adjusted Gross Margin	440	323
Total Processed Inputs (Mbbls/d)	581.0	588.4
Adjusted Gross Margin ($/bbl)	8.41	5.98
Operable Capacity (Mbbls/d)	612.3	612.3
Operable Capacity by Regional Benchmark (percent)
Chicago 3-2-1 Crack Spread Weighting	81	81
Group 3 3-2-1 Crack Spread Weighting	19	19
Benchmark Prices and Exchange Rate
Chicago 3-2-1 Crack Spread (US$/bbl)	13.68	12.12
Group 3 3-2-1 Crack Spread (US$/bbl)	16.48	12.66
RINs (US$/bbl)	4.76	4.02
US$ per C$1 – Average	0.697	0.715
Weighted Average Crack Spread, Net of RINs ($/bbl)	13.58	11.47
Adjusted Market Capture (percent)	62	52

_{⁹Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.}

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors
Investor Relations general line
403-766-7711

Media
Media Relations general line
403-766-7751

The MIL Network –

May 8, 2025

MIL-OSI Asia-Pac: Appeal judge named

Source: Hong Kong Information Services

Chief Executive John Lee has accepted the recommendation of the Judicial Officers Recommendation Commission (JORC) that William Gillow Gibbes Austen Young be appointed as a non-permanent Court of Final Appeal judge.

Subject to the Legislative Council’s endorsement, the Chief Executive will make the appointment under Article 88 of the Basic Law and section 9 of the Hong Kong Court of Final Appeal Ordinance.

Mr Lee announced that he is pleased to accept the JORC’s recommendation, noting that Mr Young retired from his role as a Permanent Judge of New Zealand’s Supreme Court, that country’s final court of appeal, in April 2022.

“He is a judge of eminent standing and reputation,” the Chief Executive said. “I am confident that he will contribute substantively to the Court of Final Appeal.”

Mr Lee highlighted that with Mr Young’s appointment, the panel of non-permanent judges from other common law jurisdictions will consist of six eminent judges from the UK, Australia and New Zealand.

“The presence of these esteemed overseas jurists as non-permanent judges of the Court of Final Appeal is a manifestation of the independence of the Judiciary in the Hong Kong Special Administrative Region as protected by the Basic Law.

“Their participation demonstrates a high degree of confidence in the Hong Kong SAR’s judicial system, and enables Hong Kong to maintain strong links with other common law jurisdictions.”

The Chief Executive expressed confidence that distinguished jurists bringing profound judicial experience from overseas will remain a unique strength of Hong Kong’s judicial system.

Article 90 of the Basic Law and section 7A of the ordinance provide that the Chief Executive shall obtain the endorsement of the Legislative Council on the appointment of Court of Final Appeal judges. The Government will seek such an endorsement in due course.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Economics: Samsung TV Plus To Exclusively Live Stream SMTOWN LIVE 2025 in L.A. Globally on New SMTOWN Channel

Source: Samsung

Samsung Electronics today announced that Samsung TV Plus, its free ad-supported streaming (FAST) service, will serve as the exclusive global livestream platform for SMTOWN LIVE 2025 in L.A., the landmark K-pop concert commemorating the 30th anniversary of SM Entertainment. The live broadcast will air on May 11, from Dignity Health Sports Park in Los Angeles, to audiences across 18 countries via Samsung TV Plus.

This milestone collaboration with SM Entertainment — the powerhouse behind K-pop’s global rise — marks a significant moment for Samsung TV Plus as it continues to redefine how fans worldwide experience Korean content.

“Through our partnership with SM Entertainment, we’re leveraging Samsung TV Plus’s technology to bring the richness of K-Content to more viewers than ever before,” said Yong Su Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. “This global event marks a significant moment for K-Pop fans everywhere and we’re proud to broaden access to premium Korean content for audiences around the world.”

Unprecedented Global Access to K-pop’s Biggest Stage
SMTOWN LIVE 2025 in L.A. will feature a star-studded lineup of SM Entertainment’s leading artists, including TVXQ!, SUPER JUNIOR, SHINee (KEY, MINHO), EXO (SUHO, CHANYEOL, KAI), Red Velvet (IRENE, SEULGI, JOY), NCT 127, NCT DREAM, WayV, aespa, RIIZE, NCT WISH, Hearts2Hearts, SMTR25, and much more.

In addition to beloved fan-favorite tracks, Samsung TV Plus will exclusively showcase live performances, including:

The first US stage of “poppop” by NCT WISH, following their recent music show win
The live performance of “Wait On Me” by EXO’s KAI, a chart-topping track that reached No.1 on iTunes in 30 regions and topped China’s QQ Music digital album chart

These moments will be available only on Samsung TV Plus, providing fans in select countries with exclusive front-row access.

Dedicated SMTOWN Channel Enhances the K-pop Viewing Experience
To further elevate fan engagement, Samsung TV Plus has launched a dedicated SMTOWN Channel that offers:

Full concert replays of SMTOWN LIVE 2025 in L.A.
Music videos and curated content highlighting SM artists and the legacy of SM Entertainment

The SMTOWN LIVE 2025 in L.A. replay will be available exclusively on Samsung TV Plus in select countries for a six-month period, further reinforcing the platform’s role as a premier global destination for K-pop content.

A Growing Hub for Global K-Content
Samsung TV Plus continues to grow as a global destination for Korean entertainment, offering over 4,000 hours of free-to-stream dramas, thrillers, romance, crime series, and music programming. Available on more than 630 million Samsung devices across 30 countries, the platform provides a seamless, ad-supported viewing experience to millions of users — no subscriptions or logins required.

With the SMTOWN LIVE 2025 in L.A. partnership, Samsung TV Plus solidifies its leadership in global K-content distribution — expanding access, deepening fan connections, and bringing iconic Korean entertainment into more homes around the world.

For more information on how to watch SMTOWN LIVE 2025 in L.A. and explore the full Samsung TV Plus offering, visit www.samsung.com.

MIL OSI Economics –

May 8, 2025
MIL-OSI Europe: Young Professionals from Central Asia Complete Training Course on Strategic Planning

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: Young Professionals from Central Asia Complete Training Course on Strategic Planning

Participants engaged in discussion during the training session, Istanbul, May 2025. (OSCE) Photo details

An intensive training course on strategic planning for young advisers from Central Asian countries was held in Istanbul, Republic of Türkiye, from 5 to 9 May 2025. The event was organized by the OSCE Programme Offices in Bishkek and Dushanbe, with support from the OSCE Project Co-ordinator in Uzbekistan, the OSCE Programme Office in Astana, and the OSCE Centre in Ashgabat. Mr. Santeri Leinonen, Special Representative of the OSCE Chairperson-in-Office on Youth and Security, welcomed the participants via video message.
The course aimed to enhance practical skills and deepen understanding of the role of strategic advisers in today’s dynamic environment. Participants — young professionals from government institutions, academia, and other relevant organizations — explored key aspects of strategic analysis, communication, and stakeholder engagement.
The training covered the following thematic areas:

The role of political and strategic advisers in public administration;

Strategy development and implementation in rapidly evolving political contexts;

Engaging internal and external stakeholders, including inclusive approaches to various social groups;

Developing communication strategies, including public speaking, working with the media, and tools for public diplomacy.

The course was based on practical learning and active participation. Attendees improved their skills in drafting analytical materials, speeches, and briefings on key policy and development issues.
Delivered in an interactive format, the training served as a platform for knowledge exchange and strengthened regional co-operation in the field of planning and advisory work.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Economics: Secretary-General of ASEAN inaugurates ASEAN-New Zealand Photo Exhibition

Source: ASEAN

At the ASEAN Headquarters/ASEAN Secretariat today, Secretary-General of ASEAN, Dr. Kao Kim Hourn, along with Ambassador of New Zealand to ASEAN, H.E. Joanna Anderson, and Permanent Representative of Viet Nam to ASEAN, H.E. Ton Thi Ngoc Huong, officially inaugurated the ASEAN-New Zealand Photo Exhibition, commemorating the 50th anniversary of ASEAN-New Zealand Dialogue Relations. SG Dr. Kao welcomed the exhibition which offers an excellent opportunity to reflect on, and to gain deeper appreciation of the strong and enduring partnership and cooperation between ASEAN and New Zealand built over the past five decades. The event was also attended by the Committee of Permanent Representative to ASEAN (CPR) and the Ambassador of Timor-Leste to ASEAN.

Download the full remarks here.

The post Secretary-General of ASEAN inaugurates ASEAN-New Zealand Photo Exhibition appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 8, 2025
MIL-OSI China: China Coast Guard expels Japanese fishing vessel illegally entering waters of China’s Diaoyu Dao 2025-05-08 17:18:26 China Coast Guard expelled a Japanese fishing vessel illegally entered the territorial waters of China’s Diaoyu Dao, said Liu Dejun, spokesman for the China Coast Guard on Thursday.
Source: People’s Republic of China – Ministry of National Defense
loading…

MIL OSI China News –
May 8, 2025

MIL-OSI: ACM Research Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its first quarter ended March 31, 2025.

“Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world’s first to utilize horizontal plating for panel applications. These achievements highlight ACM’s technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.”

“For 2025, we expect incremental revenue contribution from Tahoe, SPM, and furnace tools; and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. We believe ACM’s focused effort on developing world-class tools across our customer base will also support our efforts for additional major customer wins in global markets. We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.”

	Three Months Ended March 31,
	GAAP				Non-GAAP(1)
	2025		2024		2025		2024
	(dollars in thousands, except EPS)
Revenue	$	172,347	$	152,191	$	172,347	$	152,191
Gross margin		47.9%		52.0%		48.2%		52.5%
Income from operations	$	25,777	$	25,232	$	35,594	$	39,801
Net income attributable to ACM Research, Inc.	$	20,380	$	17,433	$	31,279	$	34,597
Basic EPS	$	0.32	$	0.28	$	0.49	$	0.56
Diluted EPS	$	0.30	$	0.26	$	0.46	$	0.52

^{(1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.}

Outlook

ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the first quarter of 2025 were $157 million, compared to $245 million for the first quarter of 2024. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 grew by 8.9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
Qualification of High-Temp SPM Tool in China. ACM’s single-wafer high-temperature SPM tool was qualified by a key logic device manufacturer in mainland China. Featuring a proprietary nozzle that reduces acid mist and maintenance needs, the tool enhances particle control and system uptime. It supports wet etching and wafer cleaning for technology nodes at 28nm and below. ACM has now delivered SPM tools to 13 customers.
Recognized for Innovation in High-Volume Fan-Out Panel-Level Packaging Solutions. ACM won the 2025 3D InCites Technology Enablement Award for its Ultra ECP ap-p tool, the first commercially available high-volume copper deposition system for the large panel market. This innovative system supports advanced panel sizes and delivers high uniformity through ACM’s proprietary horizontal plating approach, which we expect to help address integration challenges in advanced semiconductor packaging.
Appointment of New Board Member. ACM appointed Charlie Pappis to its Board of Directors, effective March 15, 2025.

First Quarter 2025 Financial Summary

Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.

Revenue was $172.3 million, up 13.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies.
Gross margin was 47.9% versus 52.0%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2% versus 52.5%. Gross margin exceeded ACM’s previously disclosed long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
Operating expenses were $56.8 million, up 5.4%. Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $47.5 million, up 18.4%. Non-GAAP operating expenses as a percentage of revenue increased to 27.6% from 26.3%.
Operating income was $25.8 million, up 2.2%. Operating margin was 15.0% compared to 16.6%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $35.6 million, a decrease of 10.6%. Non-GAAP operating margin, which excludes stock-based compensation, was 20.7% compared to 26.2%.
Unrealized loss on short-term investments was $1.1 million, compared to $2.6 million. Unrealized loss reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
Income tax expense was $2.2 million, compared to $4.4 million.
Net income attributable to ACM Research, Inc. was $20.4 million, compared to $17.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $31.3 million, compared to $34.6 million.
Net income per diluted share attributable to ACM Research, Inc. was $0.30, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.46, compared to $0.52.
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $498.4 million at March 31, 2025, compared to $441.9 million at December 31, 2024.

Conference Call Details

A conference call to discuss results will be held on Thursday, May 8, 2025, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BI300a7bc629bd43d98fcb1268d481b156

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. ULTRA ECP ap and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	(360)808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

	March 31, 2025			December 31, 2024
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	457,240		$	407,445
Restricted cash		10,586			3,865
Short-term time deposits		17,202			17,277
Short-term investment		18,319			19,373
Accounts receivable, net		387,849			387,045
Other receivables		35,050			41,859
Inventories, net		609,567			597,984
Advances to related party		1,384			1,024
Prepaid expenses and other current assets		10,677			7,507
Total current assets		1,547,874			1,483,379
Property, plant and equipment, net		277,065			269,272
Operating lease right-of-use assets, net		17,747			14,038
Intangible assets, net		2,997			3,461
Long-term time deposits		13,393			13,275
Deferred tax assets		16,457			14,781
Long-term investments		54,814			37,063
Other long-term assets		3,421			20,452
Total assets	$	1,933,768		$	1,855,721
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	24,951		$	32,814
Current portion of long-term borrowings		67,935			44,472
Related party accounts payable		19,285			16,133
Accounts payable		116,441			139,294
Advances from customers		241,456			243,949
Deferred revenue		10,781			8,537
Income taxes payable		6,168			12,779
FIN-48 payable		19,483			19,466
Other payables and accrued expenses		118,814			121,657
Current portion of operating lease liability		3,564			2,132
Total current liabilities		628,878			641,233
Long-term borrowings		134,540			105,525
Long-term operating lease liability		6,149			3,840
Other long-term liabilities		8,848			9,217
Total liabilities		778,415			759,815
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			6
Class B Common stock		1			1
Additional paid-in capital		700,191			677,476
Retained earnings		280,380			260,000
Statutory surplus reserve		30,514			30,514
Accumulated other comprehensive loss		(61,946	)		(63,372	)
Total ACM Research, Inc. stockholders’ equity		949,146			904,625
Non-controlling interests		206,207			191,281
Total equity		1,155,353			1,095,906
Total liabilities and equity	$	1,933,768		$	1,855,721

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

	Three Months Ended March 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share data)
Revenue	$	172,347		$	152,191
Cost of revenue		89,797			73,070
Gross profit		82,550			79,121
Operating expenses:
Sales and marketing		16,343			14,173
Research and development		27,503			23,918
General and administrative		12,927			15,798
Total operating expenses		56,773			53,889
Income from operations		25,777			25,232
Interest income		3,339			1,774
Interest expense		(1,558	)		(783	)
Realized gain from sale of short-term investments		–			273
Unrealized loss on short-term investments		(1,082	)		(2,595	)
Other (expense) income, net		(262	)		3,080
Income (loss) from equity method investments		952			(520	)
Income before income taxes		27,166			26,461
Income tax expense		(2,153	)		(4,369	)
Net income		25,013			22,092
Less: Net income attributable to non-controlling interests		4,633			4,659
Net income attributable to ACM Research, Inc.	$	20,380		$	17,433
Comprehensive income (loss):
Net income		25,013			22,092
Foreign currency translation adjustment, net of tax of nil		1,750			(6,829	)
Comprehensive Income		26,763			15,263
Less: Comprehensive income attributable to non-controlling interests		4,957			3,406
Comprehensive income attributable to ACM Research, Inc.	$	21,806		$	11,857

Net income attributable to ACM Research, Inc. per common share:
Basic	$	0.32		$	0.28
Diluted	$	0.30		$	0.26

Weighted average common shares outstanding used in computing per share amounts:
Basic		63,267,834			61,367,184
Diluted		66,952,774			66,242,321

ACM RESEARCH, INC.
Total Revenue by Product Category and by Region

	Three Months Ended March 31,
	2025		2024
	(Unaudited)
	($ in thousands)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment	$	129,569	$	109,470
ECP (front-end and packaging), furnace and other technologies		27,630		25,800
Advanced packaging (excluding ECP), services & spares		15,148		16,921
Total Revenue by Product Category	$	172,347	$	152,191

	Three Months Ended March 31,
	2025		2024
Mainland China	$	169,053	$	152,135
Other Regions		3,294		56
Total Revenue by Region	$	172,347	$	152,191

ACM RESEARCH, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

	Three Months Ended March 31,
	2025												2024
	Actual			SBC			Other non-operating adjustments			Adjusted			Actual			SBC			Other non-operating adjustments			Adjusted
	(GAAP)									(Non-GAAP)			(GAAP)									(Non-GAAP)

	(In thousands)

Revenue	$	172,347								$	–		$	–								$	172,347		$	152,191	$	–	$	–	$	152,191
Cost of revenue		(89,797	)		(529	)		–			(89,268	)		(73,070	)		(781	)		–			(72,289	)
Gross profit		82,550			(529	)		–			83,079			79,121			(781	)		–			79,902
Gross margin		47.9%			0.3%			–			48.2%			52.0%			0.5%			–			52.5%
Operating expenses:
Sales and marketing		(16,343	)		(2,157	)		–			(14,186	)		(14,173	)		(3,027	)		–			(11,146	)
Research and development		(27,503	)		(2,775	)		–			(24,728	)		(23,918	)		(4,503	)		–			(19,415	)
General and administrative		(12,927	)		(4,356	)		–			(8,571	)		(15,798	)		(6,258	)		–			(9,540	)
Total operating expenses		(56,773	)		(9,288	)		–			(47,485	)		(53,889	)		(13,788	)		–			(40,101	)
Income (loss) from operations	$	25,777		$	(9,817	)	$	–		$	35,594		$	25,232		$	(14,569	)	$	–		$	39,801
Unrealized loss on short-term investments		(1,082	)		–			(1,082	)		–			(2,595	)		–			(2,595	)		–
Net income (loss) attributable to ACM Research, Inc.	$	20,380		$	(9,817	)	$	(1,082	)	$	31,279		$	17,433		$	(14,569	)	$	(2,595	)	$	34,597
Basic EPS	$	0.32								$	0.49		$	0.28								$	0.56
Diluted EPS	$	0.30								$	0.46		$	0.26								$	0.52

The MIL Network –

May 8, 2025

MIL-OSI: Himax Technologies, Inc. Declares Cash Dividend for FY2024

Source: GlobeNewswire (MIL-OSI)

TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today declared a cash dividend of 37.0 cents per ADS, equivalent to 18.5 cents per ordinary share, for the year of 2024.

The cash dividend will be payable on July 11, 2025 to all the shareholders of record as of June 30, 2025. The ADS book will be closed for issuance and cancellation from June 23, 2025 to June 30, 2025. Typically, Himax pays out its yearly dividend at approximately the middle of its current calendar year based on the Company’s previous year financial performance.

“Since our IPO in 2006, we have consistently rewarded shareholders for their ongoing commitment with our dividend policy,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax. “This year we are pleased to declare an annual cash dividend of 37.0 cents per ADS, representing a payout ratio of 81.1% of last year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for our shareholders through high dividends and share repurchases,” concluded Mr. Wu.

About Himax Technologies, Inc.

Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye^TM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

Company Contacts:

Karen Tiao, Head of IR/PR
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

The MIL Network –

May 8, 2025
MIL-OSI Economics: Roong Mallikamas: From open finance to an inclusive digital society
Source: Bank for International Settlements

Introduction: ASEAN’s Fintech Potential

President of Money20/20 (Tracey Davies)
Distinguished guests

I’m honored to be here today at Money20/20 to discuss a topic that’s crucial to the future of finance in ASEAN: “From Open Finance to an Inclusive Digital Society.”

Our region, a vibrant mosaic of economies, presents an unparalleled opportunity for fintech innovation. With a combined population exceeding 650 million and a rapidly growing digital consumer base, the potential is immense.

ASEAN’s digital economy is projected to reach over $360 billion by 2025.¹ Yet, a significant portion of our population remains unbanked or underbanked. For instance, studies indicate that over 60% of adults in some ASEAN nations lack access to formal financial services.² This substantial underbanked segment represents a critical opportunity for fintech to provide relevant and accessible solutions.

The reasons for this underbanking are multifaceted, often stemming from limited data availability for credit assessment, a lack of transparency in financial product offerings, and poor interoperability between existing systems. These factors collectively contribute to a high cost of customer acquisition for traditional banks, hindering their ability to effectively serve these populations. Fintech, with its agility and data-driven approaches, is uniquely positioned to overcome these barriers, fostering greater financial inclusion and driving economic growth by empowering our communities with seamless access to tailored financial tools and services.

Thailand’s Context and the BOT’s 3 Opens

Ladies and Gentlemen.

Policy objectives for driving inclusive digital finance often involve balancing the trilemma of stability/safety, efficiency, and inclusion. And to clarify what we mean by inclusion, it goes beyond simply having a bank account. It’s about ensuring that everyone – individuals, small businesses, and marginalized communities – can access and utilize appropriate financial services like payments, savings, credit, and insurance in a convenient and affordable way. This is the vision we strive for in ASEAN, and each country prioritizes these elements of the trilemma with its own context and evolving needs.

Initially when developing PromptPay which is our national real-time payment system, Thailand focused on driving inclusion and maintaining stability,. Now, we emphasize competition and efficiency, recognizing that smaller, agile players – fintechs and new entrants – are often better positioned to innovate and address the diverse, unmet needs of specific customer segments due to their nimbler structures and specialized focus. This competition, while maintaining system safety, can lead to more tailored and accessible financial solutions that larger, established institutions may find challenging to deliver efficiently across all demographics. Thailand’s journey provides some lessons learned on how policy objectives have shifted and henceforth led us to pursue the ‘3 Opens’ as our strategic priorities-Open Competition, Open Infrastructure, and Open Data.

Open Infrastructure: Promotes interoperability and seamless connectivity, enabling efficient financial transactions.

Open Data: Facilitates data sharing and collaboration, driving the development of personalized financial solutions.

Open Competition: Encourages new players, fostering innovation and enhancing consumer choice.

Let’s delve deeper into each of these “3 Opens”.

Analyzing the 3 Opens: Rationale and Way Forward

[1 From PromptPay to Open Infrastructure]

In 2015, we aimed to promote inclusion through digital payments, leading to the development of PromptPay with the following regulatory constructs at that time with banks only: welfare and tax refunds, low fee, standardization, safety/stability.

Economically, a payment infrastructure is a natural monopoly, which is amplified by economies of scale, network effects, and data accumulation. Therefore, key infrastructure needs to be regulated, especially for fair access, pricing, etc. to ensure cost efficiency of the payment flows through the infrastructure. The initial restriction on non-banks participating in the infrastructure was a lesson learned. Although this strategy led to high adoption rates and a stable system, it inadvertently stifled innovation among existing players, who faced less competitive pressure to evolve their offerings. This is a key factor driving our current emphasis on opening up the infrastructure.

Currently, we aim to place more emphasis on efficiency, enabling Open Infrastructure by allowing non-banks to play a role in providing services that enhance access to digital finance for underserved groups. Therefore, the BOT will enhance the oversight of Systemically Important Retail Payment Systems (SIRPS), aligning with central bank practices abroad, such as the European Central Bank. Key regulatory criteria include membership and access rules, and fee structure. Thailand’s broad payment strategy is that”payment should be broader than payment”. BOT hence focuses on Open payment infrastructure and Open payment data for better access to finance.

[2 Leveraging data and technology with Open Data]

Having witnessed the transformative impact of PromptPay’s widespread adoption in retail fast payments, We are now strategically focusing on the next critical layer of digital infrastructure. Our priority is to put in place data sharing infrastructure, recognizing its pivotal role in driving further innovation and efficiency within the financial ecosystem.

Open Data is not just about technology. it’s a catalyst for financial inclusion. Currently, customer data is scattered across various service providers and agencies. If there is a mechanism allowing customers to easily request their service providers and agencies to share their data to other service providers and agencies, it will enable customers to better utilize their data to receive improved financial services.

BOT pursues Project ‘Your Data’ to empower customers to have their own financial information and non-financial data portable to another service provider based on customer consent. Our priority use cases are access to credit and personal financial management as they still pose significant gaps in our financial system. Therefore, the data that serve such use cases include payment history, account balance, investment holdings, and government data such as tax filing information and utilities usage. By enabling secure and seamless data sharing, we’re empowering individuals and SMEs, particularly those traditionally underserved, to access tailored financial services and participate fully in the digital economy.

[3 Open Infrastructure and Open Data as foundation for Open Competition]

With the imminent launch of Project Your Data, we are establishing a robust supply of data within the financial ecosystem. Simultaneously, the Bank of Thailand is actively fostering demand by enabling financial service providers to innovate and compete on offering enhanced loan products and personal financial management solutions. The introduction of the new virtual banking license will empower digital-native players with tech-focused solutions to fully capitalize on this data sharing infrastructure. Furthermore, the soon-to-be-established National Credit Guarantee Agency will integrate this very data sharing mechanism to enhance its operations and support broader access to credit, especially for underserved SMEs.

With robust infrastructure and data sharing as the bedrock, all players – banks, fintechs, and virtual banks – can operate at their full capacity in an Open Competition, driving innovation and enhancing financial services for underserved communities. Fintechs, leveraging technology with greater agility and often a higher risk appetite than traditional institutions, can better cater to specific customer needs within these segments. For example, they can utilize alternative data for credit scoring individuals with limited traditional credit history, create tailored digital platforms for efficient invoice financing and supply chain management solutions, or offer integrated accounting and payment systems that streamline operations and improve cash flow for small businesses.

As we encourage new players to drive competition and expand financial inclusion, including these fintechs with their enhanced technological capabilities and willingness to navigate higher risk for underserved segments, we acknowledge the inherent risks associated with novel technologies. Beyond foundational technologies like digital assets and tokenization, fintechs are pioneering areas such as blockchain-based trade finance platforms that can reduce costs and increase transparency for SME cross-border transactions, and data analytics tools that provide SMEs with valuable insights for better financial planning and access to tailored financial products. Our regulatory approach must therefore truly consider both the transformative potential and the evolving risks these innovations present, ensuring a balance between fostering access and maintaining stability.

[4 Regulatory approach to embrace the new technology by collaboration]

Building on this foundation of open infrastructure and data, which empowers a diverse ecosystem of players, including agile fintechs uniquely positioned to serve underserved segments, our journey is one of continuous learning and adaptation. We recognize that the financial technology landscape is rapidly evolving, and no single entity holds all the answers. Therefore, our approach moving forward is deeply rooted in collaboration. We are committed to working hand-in-hand with the industry, including our fintech community, to refine our policies and navigate the complexities of this dynamic environment. Furthermore, we actively seek to learn from the experiences and best practices of both regulators and innovative fintech companies across the ASEAN region and beyond, fostering a collective understanding that will shape a resilient and inclusive financial future for all.

[Collaborative Learning and Adaptive Guardrails]

Drawing upon our internal explorations with cutting-edge technologies like CBDC, we are now extending this spirit of learning and adaptation to the wider financial industry. Recognizing that innovation, especially from new players, can yield unpredictable outcomes, our approach centers on establishing clear ‘guardrails’ – collaboratively defining the boundaries to prevent systemic risks while allowing for experimentation. This ensures a resilient financial system that can safely accommodate novel solutions.

[Enticing Innovation through an Evolving Regulatory Sandbox]

A key element of our collaborative strategy is our Enhanced Regulatory Sandbox. This controlled environment is specifically designed to attract fintechs and innovators to Thailand, offering a safe space to test ideas where risks are still being understood. Our initial focus includes Programmable Payments, demonstrated by the ‘Tourist Wallet’ application enabling USD stablecoin conversion to THB stablecoin for limited tourist spending, and ‘Programmable Escrow Payments’ designed to enhance trust and transparency in online commerce by automating fund release upon condition fulfillment. These real-world examples showcase the tangible opportunities within our sandbox.

[A Streamlined Sandbox for Agile Collaboration]

We understand that a cumbersome sandbox can stifle innovation. Therefore, we are actively transforming our Enhanced Regulatory Sandbox to be more agile and accessible, with expanded scope, reduced compliance burdens, and significantly faster processing times – aiming for a 6-to-12-month timeframe for projects like Programmable Payments. By opening our sandbox to both regulated and unregulated entities, we aim to foster a vibrant collaborative space where knowledge sharing and rapid iteration can occur. The valuable lessons learned within this sandbox will directly inform our evolving regulations, ensuring they remain relevant and supportive of a dynamic digital finance ecosystem in Thailand.

Conclusion: Building a Future-Ready and Inclusive ASEAN Fintech Ecosystem

In closing, the journey we’ve outlined today underscores the Bank of Thailand’s unwavering commitment to fostering a dynamic and inclusive digital financial landscape within ASEAN. We firmly believe that by strategically embracing the ‘3 Opens’ – Open Competition, Open Infrastructure, and Open Data – we can unlock the immense potential of digital finance to address the unique needs of our diverse populations, particularly the underserved.

Our experience, from the foundational success of PromptPay to the ongoing development of Project Your Data and our cautious exploration of new technologies within our enhanced Regulatory Sandbox, represents our attempt to learn and adapt. We understand that real progress requires not only innovation but also a continuous focus on resiliency, security, and responsible growth.

The path ahead necessitates continued collaboration – between regulators, financial institutions, fintech pioneers, and the very communities we aim to serve. By working together, sharing insights, and learning from each other’s experiences, we can collectively build a future-ready ASEAN fintech ecosystem that is not only innovative and efficient but also truly inclusive, empowering individuals and businesses across our vibrant region to thrive in the digital age.

Thank you.
MIL OSI Economics –
May 8, 2025
MIL-OSI China: Chinese and Cambodian Militaries to Hold “Golden Dragon 2025” Joint Exercise: Defense Spokesperson 2025-05-08 “In mid-to-late May, the Chinese and Cambodian militaries will hold the ‘Golden Dragon 2025’ joint exercise in Cambodia,” said Senior Colonel Zhang Xiaogang.
Source: People’s Republic of China – Ministry of National Defense
BEIJING, May 8 — “In mid-to-late May, the Chinese and Cambodian militaries will hold the ‘Golden Dragon 2025’ joint exercise in Cambodia,” said Senior Colonel Zhang Xiaogang, spokesperson for China’s Ministry of National Defense (MND), at a press briefing on Thursday.

Focusing on joint counter-terrorism and humanitarian assistance and disaster relief (HADR) operations, the exercise will be conducted both on land and at sea, as well as in relevant air spaces. Cultural and sports exchanges, and open ship day activities will also be conducted, added the spokesperson.

It is reported that this exercise will be the 7th of its kind between the Chinese and Cambodian militaries. “It will facilitate practical cooperation between the two sides and contribute to the building of a China-Cambodia all-weather community with a shared future for the new era,” said the spokesperson.
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MIL OSI China News –
May 8, 2025
MIL-OSI United Nations: UN road safety exhibition at the Palais des Nations to raise awareness about risk factors on the road and existing solutions

Source: United Nations Economic Commission for Europe

On the eve of the 8^th UN Road safety Week, the United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, with support of the Permanent Representation of Malaysia to the UN and International Organizations in Geneva, will launch the UN road safety exhibition. Taking place at the Palais des Nations, Geneva, on Friday, 9 May, the exhibition aims to raise awareness about the risk factors on the road and existing solutions that can improve road safety and save millions of lives worldwide.

In line with the main theme of the 8th UN Road Safety Week – making cycling and walking safe – the exhibition will feature the “Helmets for Hope” project, which consists of 17 helmets compliant with UN safety standards, and painted by refugees and artists from all over the world. This project is an initiative of the Secretariat of the Special Envoy, in collaboration with Artolution and with the support of Keep Fighting Foundation.

Motorcycle users are particularly vulnerable on the road. Wearing a helmet that complies with UN safety standards is a game changer. It can reduce the risk of death by over 6 times and reduce the risk of brain injury by up to 74% (WHO 2021). It is therefore urgent to promote the widespread use of UN certified helmets.

The exhibition will also feature 17 visuals of the UN-JCDecaux campaign #MakeASafety Statement, with the support of the International Olympic Committee. In addition, there will be vehicle safety demonstrations on the prevention and management of car crashes, including extinguishing battery fire, and a simulation test of driving tired and under influence.

The exhibition will be followed by a conversation on safe and sustainable mobility in the city, hosted by the Permanent Representation of Belgium to the United Nations and International Organizations in Geneva.

The silent pandemic on the road

The Special Envoy for Road Safety, Jean Todt, qualified road crashes as “The Silent Pandemic on the Road”. Every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years (WHO 2021). Two months after the Declaration of Marrakesh where Member States further engaged to accelerate the efforts to achieve the new Decade of Action for Road Safety, it is urgent to act together to achieve the goal of halving the number of the victims on the road by 2030.

“Road crashes are not a fatality. This is why this exhibition on road safety at the Palais des Nations is important for raising awareness about the risk factors on the road. It also demonstrates the importance of building a global partnership for achieving road safety SDG targets,” the Special Envoy noted.

Make a Safety Statement

The UN Global Campaign for Road Safety – #MakeASafetyStatement, in partnership with JCDecaux, is part of UN efforts to raise public awareness of life-saving initiatives on the road. By the end of 2025, the campaign will appear on billboards and in public places in 80 countries, thanks to a global partnership with JCDecaux. It will be broadcast in about 1,000 towns and cities in 30 languages.

Under the slogan #MakeASafetyStatement, the campaign brings together celebrities worldwide, such as Patrick Dempsey, Michelle Yeoh, Charles Leclerc, Didier Drogba, Teddy Riner, Kylie Minogue, Mick Schumacher or Naomi Campbell, to encourage users to adopt simple but effective rules to keep their roads safe. Olympic athletes also joined the campaign, thanks to the support of the International Olympic Committee (IOC).

With making walking and cycling safe in the focus of the 8^th UN road safety week, the Office of the Special Envoy has strengthened its collaboration with the International Union of Cyclists (UCI), thanks to the participation of Tadej Pogačar who is one of the champions of the MakeASafetyStatement campaign.

Towards zero victims on the road in Switzerland

According to the Swiss Federal Roads Office, road crashes caused 250 deaths in Switzerland in 2024, the highest figure since 2015. There were 47 deaths among motorcyclists with an increase among young people, 25 on electric bicycles, 20 among “conventional” cyclists, and 48 among pedestrians, the majority of whom were outside of pedestrian crossings.

Of the total, alcohol was the suspected primary cause in 34 cases (+31% year-on-year), ahead of speeding, with 33 cases, and then inattention or distraction. Among deaths in passenger car accidents, the sharpest increase was observed among those aged 25 to 34 and those aged 75 and over.

However, the number of people seriously injured decreased. Switzerland is one of the countries that has invested in road safety with zero tolerance, and has achieved a road fatality rate of 2 per 100,000 inhabitants (compared to 6.5/100,000 in Europe and 19.5/100,00 in Africa (WHO 2021). The country can therefore show good practices that could be implemented in other countries.

Risk factors that are often neglected

Only 7 countries in the world have laws that comply with WHO best practices for all the risk factors (France, Greece, Hungary, Italy, Luxembourg, Portugal, Sweden) on speeding, driving under the influence or distracted driving, use of UN-standard motorbike helmets, and use of seatbelts and child restraints as regulated by UNECE.

For example, safety-belts remain the best vehicle safety device to protect passengers from being severely injured in a crash or being ejected from the vehicle. Over the past several decades regulation and consumer demand have led to increasingly safe cars in higher income countries, in turn leading to fewer road fatalities. For example, in the UNECE region, total road fatalities decreased by 25% in between 2000 and 2010, and by 15% in the period 2010-2019. In particular, this drop was more significant among car occupants (UNECE 2024).

Malaysia supports the UN Decade of Action for Road Safety

One study by the Malaysian Institute of Road Safety Research (MIROS) revealed that many young riders in Malaysia begin as early as the age of 12, often without licenses or proper training. These insights have helped Malaysia shape more targeted interventions, because when we understand the behaviour, we are better positioned to implement solutions that are both smart and achievable.

In support of this, Malaysia continues to prioritise helmet use among young motorcyclists. In addition to education and awareness campaigns in schools and rural areas, Malaysia introduced a Helmet Exchange Programme that allows riders to swap old or non-compliant helmets for new, safety-certified ones. This effort is vital as motorcyclists account for over 60% of road traffic fatalities in Malaysia, with the highest risk group being those aged 16 to 20. By improving access, building awareness, and fostering behavioural change, we aim to instill a culture of safety from early age.

Malaysia firmly embraces the vision of the UN Decade of Action, to reduce road traffic fatalities by 50% by 2030. To this end, Malaysia continues to work closely with key road safety stakeholders, including the WHO.

Learn more about the programme of the exhibition here.

MIL OSI United Nations News –

May 8, 2025
MIL-OSI China: 27th China Beijing International High-Tech Expo kicks off

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

The 27th China Beijing International High-Tech Expo opened Thursday at the National Convention Center and will run through May 11.

This year’s event features over 600 new products across six themed exhibition zones of information technology, smart manufacturing, healthcare, green development, the digital economy, and regional innovation.

More than 800 enterprises and organizations from home and abroad are participating, with the total exhibition area reaching about 50,000 square meters – more than doubled that of last year.

International exhibitors from countries including Russia, France, Japan, the U.S., and ASEAN nations occupy over 3,000 square meters, according to a Beijing municipal official responsible for promoting international trade.

Headline exhibits include China’s first 1,000-qubit coherent optical quantum computer, capable of accelerating tasks like drug discovery; AI-powered orthopedic surgical robots already in clinical use at over 100 hospitals; wall-climbing robots for infrastructure inspections; and a new generation of humanoid robots.

The expo also showcases key breakthroughs driving emerging industries. Highlights include a domestically developed fuel cell air compressor that lowers hydrogen fuel costs, a turboshaft engine built for unmanned helicopters and eVTOL aircraft, and the first bioengineered heart valve product developed specifically for infants.

In parallel with the exhibition, a series of trade and investment promotion events are being held, covering themes such as international investment, Beijing-Tianjin-Hebei trade cooperation, and international business law.

MIL OSI China News –

May 8, 2025
MIL-OSI China: ZGC Innovation Center a global hub for tech cooperation

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

Beijing’s Zhongguancun International Innovation Center was officially launched last year and has since become a key global hub for tech innovation and exchange, hosting international conferences, technology forums, and industry events.

In late March, the Zhongguancun Forum took place at the center, drawing over 23,000 participants. The event was characterized by efficient organization, providing participants with well-coordinated experiences.

The center has also served as the venue for other notable events, including the 2024 Cross-Strait Youth Summit, the Third Belt and Road High-Level Conference on Intellectual Property, and the 27th Beijing-Hong Kong Economic Cooperation Symposium. These gatherings highlight the center’s role in facilitating exchange and progress in economic and tech sectors.

During a recent high-level meeting held in the center, Beijing announced plans to boost technological innovation and industry development. The goals include establishing 10 industry parks, commercializing at least 600 technological achievements, and increasing the value of core AI industry to over 500 billion yuan (US$69 billion) within the year.

Throughout the past year, technology companies have unveiled breakthroughs at the center, with events like Huawei’s Kunpeng Ascend Developer Conference, HarmonyOS Connect Partner Summit, and the Baidu Cloud Intelligence Conference showcasing developments in their respective domains.

As a global platform, Zhongguancun International Innovation Center will continue to provide a space for introducing new technologies, encouraging international cooperation, and promoting discussions on innovation and technological development.

MIL OSI China News –

May 8, 2025
MIL-OSI China: ‘First stores’ in Beijing sub-center to receive financial support

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

The Beijing Tongzhou District Municipal Commerce Bureau recently released a guideline to support the first-store economy in the capital’s sub-center.

The “first-store economy” refers to an economic model in which a region leverages its unique resource advantages to attract domestic and international brands to open their first stores in the area. This creates an optimal synergy between brand value and regional resources, thereby generating a positive impact on the region’s economic development.

According to the guideline, brands that open their first stores in the Beijing sub-center and receive municipal-level first-store policy support may be eligible for up to 1.5 million yuan (US$210,000) in funding from Tongzhou district.

Domestic and international brands that open flagship stores or first stores in Asia, Chinese mainland, or Beijing can receive a one-time support fund of 500,000 yuan from Tongzhou district, as long as they are recognized by the Beijing Municipal Commerce Bureau and showcasing stable performance and strong growth potential.

Commercial operation and management enterprises can also receive a one-time support fund of 100,000 yuan for each new brand first store they introduce that is recognized by the Beijing Municipal Commerce Bureau, with total support capped at 500,000 yuan per enterprise.

Beijing’s sub-center also supports the upgrading and renovation of traditional shopping malls and commercial districts. Business entities that operate such shopping areas can received up to 1 million yuan in funding from the local government.

As of now, the Beijing sub-center is home to 11 large-scale commercial facilities, with 14 more projects under construction.

MIL OSI China News –

May 8, 2025
MIL-OSI Asia-Pac: President Lai attends reception commemorating 80th anniversary of Victory in Europe Day

Source: Republic of China Taiwan

President Lai attends reception commemorating 80th anniversary of Victory in Europe Day
On the morning of May 8, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, attended a reception commemorating the 80th anniversary of Victory in Europe Day (VE Day). In remarks, President Lai stated that our commemoration of the Victory in Europe underscores three crucial points: The pursuit of true peace is dependent on determination and efforts to protect freedom and democracy, and must be achieved through strength and unity; only freedom and democracy can truly bring about national development, and only with respect for human dignity can a nation itself earn respect; and remembering the lessons learned from the history of the war, those who cherish peace must remain vigilant toward acts of aggression.
The president emphasized that as Taiwan and Europe are now facing the threat of a new authoritarian bloc, lovers of freedom around the world, both individuals and nations, must work together to make sure that aggressors have no opportunity to advance on their ambitions. He said he is confident that so long as we combine our efforts, our strength can earn us true and lasting peace; so long as we join together in solidarity, our freedom can illuminate the vast, boundless world; so long as we stand firm in our convictions, we absolutely can protect our way of life, the homelands that support us, and every lover of freedom and democracy.
A translation of President Lai’s remarks follows:
We are solemnly gathered here today, along with representatives from nations around the world, to mark VE Day – the anniversary of the end of World War II in Europe. This is the first time that Taiwan is commemorating the war in Europe, signifying our growing connections with the international community.
Peace is priceless, and war has no winners. WWII was undoubtedly the deadliest war in human history, and the pain that it caused has echoed even to the present day.
On this day 80 years ago, Nazi representatives surrendered to the Allies, symbolizing the end of WWII in Europe. The Allies then shifted their focus to the Pacific theater, where the war ended three months later.
Victory in Europe was the beginning of the end of this long road, and it was a point at which humanity could start to envision a world beyond the war.
Victory in Europe counted on different countries all combining their efforts. And today, this event has brought together representatives from a total of 17 countries in addition to the European Union, a testament to the value of cooperation.
Our commemoration of VE Day underscores three crucial points:
First, the foundation for victory in WWII was built from determination and actions throughout human society to unite and resist aggression, defend hearth and home, and pursue true peace.
History has taught us that no matter the driving reason or ideology, military aggression against another country is an unjust crime that is bound to fail. Those who unite as partners to defend their homelands, freedom, and democracy ultimately emerge victorious.
In less than one month from now, we will also be marking the 81st anniversary of the Normandy landings, when airborne divisions descended and beachheads were established by Allied troops fighting courageously across different landing sites.
Through the cooperation and efforts of the Allies, as well as the sacrifices of freedom fighters in occupied territories, Europe was liberated from authoritarian enslavement. From this, we learned that the pursuit of true peace is dependent on determination and efforts to protect freedom and democracy, and must be achieved through strength and unity.
Second, the countries that were formerly Axis powers are now all 100 percent democratic, enjoying true peace and prosperity and respected the world over.
This proves that only freedom and democracy can truly bring about national development, and only with respect for human dignity can a nation itself earn respect. Authoritarianism and aggression lead only to slaughter, tragedy, and greater inequality.
When we look back at post-war history, we see that civilizations with democratic elections, free markets, and respect for human rights are those that humanity should pursue. We also see the value of freedom and democracy, and the reason why tens of millions of Allied soldiers crossed oceans or set foot on unfamiliar lands to fight gruesome battles.
Now, I would like to share the words of former United States President Dwight D. Eisenhower, the Supreme Commander of the Allied Expeditionary Force in Europe during the war. In his order of the day for D-Day, he wrote: “Soldiers, Sailors and Airmen of the Allied Expeditionary Force! You are about to embark upon the Great Crusade, toward which we have striven these many months. The eyes of the world are upon you. The hope and prayers of liberty-loving people everywhere march with you.” These words tell us why we must commemorate the war in Europe; they also remind us again that freedom and democracy, being so precious, can only be resolutely defended through strength and constant vigilance.
Third, those who cherish peace cannot sit idly by and allow aggression. The outbreak of the war in Europe certainly had much to do with an authoritarian regime seeking to satisfy its expansionary ambitions, but its wider spread throughout Europe had much more to do with a lack of vigilance toward acts of aggression.
At many points in history, people have thought to give the aggressor a small concession to earn peace. But as we all know from the painful lessons of WWII, indulging aggressors with a taste of expansion only whets their appetite; it makes them more confident and hungrier for more. They will continue their conquest until democratic countries have fallen and the light of freedom has been extinguished; until the last person unwilling to bend is eliminated. Only then will the aggressors stop.
WWII broke out because ambitions for conquest were ignored; it was won by bringing together in solidarity every last bit of will to resist and defend hearth and home.
The war in Europe ended 80 years ago. The meaning of that history is now as clear as day. After those 80 years, Taiwan now shares the same values as many of the democratic countries that fought in the war, and we face similar challenges.
Taiwan and Europe are now facing the threat of a new authoritarian bloc. We are seeing our decades-old undersea cables, crucial for communications and cybersecurity, being sabotaged. We are seeing external interference in our elections, crucial for healthy democratic development, through the spread of misinformation and disinformation, sowing intentional division in society. We are seeing our fair, free, and open international rules-based markets being tested by all manner of gray-zone activities, intrusions, dumping, and pressures.
Whenever we commemorate the peace at the end of the war in Europe, we must not forget the lessons learned from its history.
Lovers of freedom around the world, both individuals and nations, must work together now in tight solidarity, before risks turn into crises and before crises are taken advantage of by those with ambitions for outward expansion, to make sure that aggressors have no opportunity to advance on their ambitions. Only then can we continue on for generations with our current way of life; only then can we retain our human dignity and values.
This is our opportunity; there is no better time than now. I am confident that so long as we combine our efforts, our strength can earn us true and lasting peace. I am confident that so long as we join together in solidarity, our freedom can illuminate the vast, boundless world. And I am confident that so long as we stand firm in our convictions, we absolutely can protect our way of life, the homelands that support us, and every lover of freedom and democracy.
And so, let us keep striving together, From VE Day to Every Day. Thank you.
Also in attendance at the event were Head of the European Economic and Trade Office Lutz Güllner, British Office Taipei Representative Ruth Bradley-Jones, and other diplomatic representatives in Taiwan.

MIL OSI Asia Pacific News –

May 8, 2025

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Ireland

Source: United Kingdom – Government Statements

Press release

Change of His Majesty’s Ambassador to Ireland

Ms Kara Owen has been appointed His Majesty’s Ambassador to Ireland.

Ms Kara Owen CMG CVO has been appointed His Majesty’s Ambassador to Ireland in succession to Mr Paul Johnston. Ms Owen will take up her appointment during September 2025.

Curriculum vitae

Full name: Kara Justine Owen

Year	Role
July 2024 to present	Projects/ pre-posting preparation with FCDO
2019 to 2024	Singapore, British High Commissioner
2016 to 2019	FCO, Director, Americas
2012 to 2016	Paris, Deputy Head of Mission
2011 to 2012	FCO, Head of Strategy and Network Department, Consular
2009 to 2011	FCO, Director for Diversity and Equality
2005 to 2009	Hanoi, Deputy Head of Mission
2003 to 2005	FCO, Private Secretary to the Foreign Secretary
2001 to 2003	FCO, Assistant Private Secretary to Junior Ministers
2000 to 2001	FCO, EU Policy Officer
1996 to 2000	Hong Kong, Vice Consul and later Vice Consul political
1995 to 1996	FCO, Cantonese language training
1993 to 1995	FCO, Joint Assistance Unit (Know How Fund)
1993	Joined FCO

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 8 May 2025

MIL OSI United Kingdom –

May 8, 2025

Category: Asia

Global Leaders Unite at UN Vesak 2025 to Champion Buddhist Values for Peace and SustainabilityBuddhism is the Ethical Foundation for a Just and Non-Discriminatory Society- Shri Ramdas Athawale – Minister of State for Social Justice and Empowerment

Introduction: ASEAN’s Fintech Potential

Thailand’s Context and the BOT’s 3 Opens

Analyzing the 3 Opens: Rationale and Way Forward

Conclusion: Building a Future-Ready and Inclusive ASEAN Fintech Ecosystem

Change of His Majesty’s Ambassador to Ireland

Curriculum vitae

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Global Leaders Unite at UN Vesak 2025 to Champion Buddhist Values for Peace and Sustainability

Buddhism is the Ethical Foundation for a Just and Non-Discriminatory Society- Shri Ramdas Athawale – Minister of State for Social Justice and Empowerment