Source: Peoples Bank of China
Announcement on Open Market Operations No.130 [2025]
(Open Market Operations Office, July 9, 2025)
The People’s Bank of China conducted reverse repo operations in the amount of RMB75.5 billion through quantity bidding at a fixed interest rate on July 9, 2025.
Details of the Reverse Repo Operations
|
Maturity |
Rate |
Bidding Volume |
Winning Bid Volume |
|
7 days |
1.40% |
RMB75.5 billion |
RMB75.5 billion |
Date of last update Nov. 29 2018
2025年07月09日
Source: The Conversation – France – By Nathalie Belhoste, Associate professor, EM Lyon Business School
The world experienced over 60 armed conflicts in 2024, a “historically high” number according to scholars in the Department of Peace and Conflict Research at Uppsala University. Consequently, the risks faced by multinational companies (MNCs) operating in conflict-torn regions, especially the Middle East and North Africa, have significantly intensified. Israel’s recent airstrikes targeting Iran’s nuclear facilities are another reminder of the escalating violence and instability that are causing loss of life and threatening businesses.
In response to the increase in international crises and armed violence, the United Nations Global Compact has urged companies and investors to adopt more responsible practices in conflict-affected and high-risk areas, so as to position themselves as crucial actors in providing peace and stability.
The debate over the role of business in conflict zones is not new but is gaining traction among scholars and practitioners alike. Questions include whether companies can leverage their influence to support peacebuilding efforts, and whether some firms may exploit unstable environments to maximize profit and thus exacerbate conflict.
MNCs tend to respond to conflict by adopting one of the following strategies:
1) an exit strategy (ie withdrawing from a conflict zone)
2) a business-as-usual strategy that merely complies with changing local conditions and regulations
3) a take-advantage strategy of profiteering from a war economy
4) or a proactive engagement strategy aimed at contributing to public security
But, if an MNC decides to stay and continue operating in a conflict zone, it can hardly be guided by a single strategy. Moreover, since strategies evolve in response to unfolding events, their adaptation may lead to unforeseen consequences and possibly far-reaching negative impacts.
This is clearly demonstrated by our recent study on the case of Lafarge in Syria. Lafarge Cement Syria (LCS), the local subsidiary of the former French multinational construction company Lafarge, continued operating during the Syrian civil war from 2011 until 2014, while most foreign companies withdrew in response to escalating violence and political instability. To maintain production at its Jalabiya plant in northeast Syria, LCS managers established arrangements with various armed groups, including the Islamic State of Iraq and Syria (ISIS) and the al-Nusrah Front (ANF) – “both US-designated foreign terrorist organisations” – providing financial payments called “protection money” and purchasing raw material from suppliers under their control.
The MNC’s stay-at-all-cost strategy in an active civil war zone culminated in a forced withdrawal from Syria – the night before ISIS took full control over the LCS factory – and subsequent, ongoing legal proceedings in France against Lafarge and LCS for alleged financing of terrorism (at least €13 million paid to armed groups including ISIS), violation of international sanctions against Syria, complicity in crimes against humanity, and endangering the lives of others. In early 2024, a French court dropped the charge against Lafarge of endangering the lives of its Syrian employees.
In 2022, Lafarge and its Syrian subsidiary pleaded guilty in a US federal court to conspiring to provide material support to foreign terrorist organisations. Lafarge agreed to pay a $778 million fine. The guilty plea came seven years after “what was originally billed as a merger of equals” between Lafarge and its Swiss rival Holcim. The year after LafargeHolcim, amid a growing scandal over the allegations, renamed itself Holcim Ltd.
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In our study, we examined how some Lafarge and LCS managers navigated Syria’s shifting wartime landscape by analysing the relational, informational and financial strategies they used to engage with various non-state armed groups to sustain operations. Our findings reveal that over the four-year period from 2011 to 2014, a series of short-term, cost-benefit decisions produced a “downward spiral” of strategic responses. Rather than ensuring the company’s survival in an active conflict zone, these strategies increased its dependence on regime-connected intermediaries and war profiteers, and entangled it in the darkness of the Syrian war economy. Ultimately, this led to consequences that extended far beyond mere business failure.
Four key factors shaped this downward spiral. The first is the diversity and fluidity of non-state armed actors with whom the company engaged. LCS paid “protection money” to a range of armed groups – including Kurdish military factions, insurgent groups and militias – prior to the emergence of jihadist organisations, particularly ISIS, in the vicinity of its cement factory. Initially, threats posed by jihadist groups were overshadowed by the complex, shifting alliances and rivalries among local actors vying for control over the resources in the region.
The second factor that shaped the downward spiral is the gradual collapse of state authority in Syria, especially in the region near the factory. When the factory began production in 2010, its operations took place in a zone under the control of the Syrian government. This was a certain guarantee of security provided by the regime, which wanted to ensure the continuous payment of LCS local taxes. But after the outbreak of the civil war in 2011, the government started losing control in many parts of the country, including northeast Syria. Faced with this institutional vacuum, LCS managers took security into their own hands by establishing arrangements with various armed groups to safeguard their business.
The third factor is the level of the subsidiary’s exposure to the conflict. At first, the plant’s exposure to violence was low because of its geographical distance from the heart of the conflict. However, by mid-2012, and especially in 2013, fighting intensified close to the factory, which sat near the strategic M4 highway linking eastern Syria to Turkey and Iraq. The highway was a key route used by the company’s suppliers, but also by local rebel and militia groups.
The fourth factor relates to the vulnerability of infrastructure and local supply chains. With $680 million invested in the cement plant’s construction and big hopes for a post-war reconstruction boom in the region, Lafarge was determined to protect its assets and access to critical resources. This imperative, coupled with ambitions to merge with Holcim as early as 2013 (the merger was completed in 2015), drove the company to prioritize continued production, even if it meant aligning with local warlords.
These four factors and their respective dynamics pushed Lafarge and LCS to adopt increasingly unconventional and ethically questionable strategies. In adapting to the unfolding conflict and increasing violence, the company made a series of compromises that ultimately led to negotiations and arrangements with ISIS.
Lafarge’s dismal experience in war-torn Syria highlights a pattern of “organisational shortsightedness” that often affects MNC managers operating in conflict zones. As security deteriorates, firms may become entangled with local power brokers, adapting incrementally to survive, until they are so embedded that withdrawal becomes impossible. To break this cycle, companies must rigorously assess the potential fallout of their strategies and avoid entanglements with armed factions altogether. Moreover, to survive in conflict zones, MNC subsidiary managers need to gain country-specific knowledge and experience, and consider context complexity and dynamics as constituent elements of their strategies.
Our research serves as a cautionary tale. It warns decision-makers of the dangers of deploying financial and relational strategies in conflict zones that may increase a company’s dependence on non-state armed groups. Such business practices risk compromising objective decision-making and obscuring legal and ethical boundaries and can ultimately backfire. To avoid this, managers should design a responsible withdrawal strategy at the beginning of an armed conflict to ensure employees’ safety. Managers must also adopt ethical and conflict-sensitive practices in strict compliance with the actions for businesses operating in conflict zones recommended by the UN Global Compact.
À lire aussi :
Will multinational companies flock to Syria? Maybe, if foreign aid arrives first
We also encourage corporate leaders to develop “critical geopolitical awareness” by gaining more contextual knowledge and integrating a multilevel political risk analysis into their strategies. This would provide them with a deeper understanding of the complexity and dynamics of an armed conflict and the relevant actors they need to engage with or avoid. Only with informed leadership can managers effectively and responsibly navigate the complex and often hazardous landscape of doing business in conflict zones.
Les auteurs ne travaillent pas, ne conseillent pas, ne possèdent pas de parts, ne reçoivent pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’ont déclaré aucune autre affiliation que leur organisme de recherche.
– ref. Doing business in conflict zones: what companies can learn from Lafarge’s exit from Syria – https://theconversation.com/doing-business-in-conflict-zones-what-companies-can-learn-from-lafarges-exit-from-syria-260604
MIL OSI –
Source: APO
Algeria is working towards increasing its share of trade with other African countries by tapping into opportunities created by the African Continental Free Trade Area (AfCFTA).
In a keynote address during the Algeria Intra-African Trade Fair (IATF) 2025 Business Roadshow, Algeria’s Minister of Foreign Trade and Export Promotion, H.E. Prof. Kamal Rezig stated that this includes enhancing continental connectivity through infrastructure projects such as the Trans-Sahara Highway and the Zouerate Road project linking the Tindouf border with Mauritania and the Nigeria-Algeria gas pipeline and fibre optic cable.
“In order to improve the business climate in Algeria, the State has endeavoured to ensure a stable, transparent, stimulating and attractive economic and institutional environment for investment. This is in addition to ensuring stability of legislation that regulates local and foreign investment, and simplifying administrative procedures, development and strengthening of the banking system, the capital market and the insurance sector, as well as development of human resources capabilities and skills, with the aim of adapting its economy to global transformations,” H.E. Rezig said, adding that besides developing key sectors, the country is also promoting exports in the continent within the framework of AfCFTA.
In 2024, Algeria’s share of total intra-African trade stood at 2.2%, marginally growing from 1.9% in 2022, according to African Trade Report 2025 (http://apo-opa.co/44BzJhH). Mineral fuels and oils make up 91.5% of its exports. The country’s top-five African export partners in 2023 based on volumes are Tunisia (70.7%), South Africa (6.7%), Cote d’Ivoire (3.6%), Nigeria (3.1%) and Senegal (2.7%) states the Country at a Glance: Algeria 2024 report (http://apo-opa.co/4m4chRF) while its top-five import partners are Mauritania (38.8%), Tunisia (32.7%), Cote d’Ivoire (9%), Morocco (6%) and Uganda (2.2%).
The Algeria IATF2025 Business Roadshow focused on promoting intra-African trade, bringing together government officials, the trade community, including businesses, investors, and executives from African Export-Import Bank (Afreximbank). Hosted by Afreximbank, in collaboration with the Government of the People’s Democratic Republic of Algeria, the roadshow was one of the five roadshows hosted in key cities including Accra, Nairobi, Johannesburg, and Lagos in the run up to the fourth edition of IATF, Africa’s premier trade and investment event that is held biennially, scheduled to take place in Algiers, Algeria, from 4 – 10 September 2025 hosted by the Government of the People’s Democratic Republic of Algeria. IATF provides a platform for businesses to showcase goods and exchange trade and investment information within the continent’s single market.
The Chairman of IATF2025 Advisory Council and former President of the Federal Republic of Nigeria, H.E. Chief Olusegun Obasanjo said that intra-African trade presents a huge opportunity for African economies to enhance their resilience in today’s rapidly changing world.
“Through the IATF, the largest, go-to trade and investment fair on the continent, Africa needs to join hands and build on the gains that have been achieved so far in promoting trade with itself under the AfCFTA framework. AfCFTA provides an opportunity for the continent to achieve economic emancipation and self-reliance and build the Africa We Want. This will help unlock the continent’s vast potential while accelerating industrialisation and job creation,” H.E. Obasanjo added.
The past three editions of IATF have attracted over 70,000 participants and 4,500 exhibitors, and hosted buyers and sellers from over 130 countries, generating more than $100 billion in trade and investment deals. This provides a glimpse of the immense potential that exists for intra-African trade and investment.
Afreximbank’s Executive Vice-President, Intra-African Trade & Export Development, Mrs Kanayo Awani noted that whereas conventional wisdom attributes Africa’s low intra-continental trade to infrastructure deficits, a more fundamental barrier is the lack of access to trade and market information.
“Afreximbank launched the IATF —not merely as an exhibition but as a marketplace for the AfCFTA and a platform to close the trade information gap. Since its inception in 2018, IATF has held three resoundingly successful fairs. In these fairs, Algeria showed up strongly and directly benefited from facilitated trade and investment deals worth over $2 billion. Now, Algeria has the opportunity to host the fourth edition. As Africa’s largest country by land and the fourth-largest economy by GDP, Algeria has both the duty and the opportunity to lead. Algeria’s competitive advantages—energy, agriculture, pharmaceuticals, financial services, light manufacturing, ICT, and automotive assembly—are all primed for scale and export across the continent,” Mrs Awani said. She challenged businesses and government agencies in Algeria and the North African region to take centre stage at IATF2025, where over 2,000 exhibitors from Africa and beyond will showcase their products to more than 35,000 visitors and buyers from over 140 countries, resulting in trade and investment deals in excess of US$44 billion.
IATF2025 will feature a trade exhibition by countries and businesses; and the Creative Africa Nexus (CANEX) programme spotlighting cultural industries with a dedicated exhibition and summit on fashion, music, film, arts and craft, sports, literature, gastronomy and culinary arts. It will also include a four-day Trade and Investment Forum featuring leading African and international speakers; and the Africa Automotive Show for auto manufacturers, assemblers, original equipment manufacturers and component suppliers. Special Days will highlight countries, public and private sector entities, tourism, cultural attractions, and Global Africa Day celebrating ties with the African diaspora. Additional activities include business-to-business and business-to-government matchmaking, the AU Youth Start-Up programme, the Africa Research and Innovation Hub, and the African Sub-Sovereign Governments Network (AfSNET) to promote local trade and cultural exchanges. The IATF Virtual platform is also live, connecting exhibitors and visitors year-round.
Planning for IATF2025 is in top gear with significant progress made in ensuring a seamless logistical experience and delivering a successful event.
The theme of Algeria IATF2025 Business Roadshow was ‘Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness under the AfCFTA’. It was also attended by H.E Ms. Baleka Mbete, the founder of NaLHISA and former Deputy President of the Republic of South Africa; H.E Zitouny El-Tayeb, Minister of Internal Trade; H.E. Selma Mansouri, the Secretary of State to the Minister of Foreign Affairs, in charge of African Affairs; H.E. Moses Vilakati, AU Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment and Acting Commissioner for Economic Development, Trade, Tourism, Industry and Minerals; and Mr. Jean Louis-EKRA, former President of Afreximbank and Deputy Chair of the Intra-African Trade Fair Advisory Council.
To participate in IATF2025 please visit www.IntrAfricanTradeFair.com.
Distributed by APO Group on behalf of Afreximbank.
Media contact:
media@intrafricatradefair.com
press@afreximbank.com
About the Intra-African Trade Fair:
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent’s transformation through industrialisation and export development.
Source: APO
International financial institution the World Bank has underscored the role the energy transition metals (ETM) value chain plays in unlocking sustainable economic growth in Zambia. In a report released this week, the institution has shown that while Zambia recorded 4% GDP growth in 2024, the country can further accelerate economic growth through scaling-up ETM production, maximizing fiscal potential and adding value to mineral resources.
The upcoming African Mining Week (AMW) conference – taking place October 1-3 in Cape Town – will feature a country spotlight session on Zambia. The session – titled Zambia: Accelerating Exploration and Development Through License Allocation – will provide insight into the country’s mineral potential, connecting project and investment opportunities with financiers and mining operators. As Africa’s premier gathering for mining stakeholders, AMW 2025 is well-positioned to support Zambian economic growth by facilitating new investment across the mining sector.
Scaling Energy Transition Metals Production
To support economic growth in Zambia, the World Bank underscores the need to scale-up the production of ETM. To achieve this, recommendations include the implementation of reforms aimed at boosting mineral output, exploration across new deposits and workforce development. In line with these recommendations, Zambia is already advancing a national plan to increase ETM production, specifically copper, while enhancing seismic data acquisition to support future exploration activities. Zambia has set a national target of increasing annual copper production to three million tons by 2031. In line with this goal, the country saw a 29.9% rise in copper output from Q1, 2024 to Q1, 2025. Major projects are also underway, including the Mimosa Resources-led Kashime copper mine, the relaunch of the Vedanta Resources-led Konkola mine and the International Resources Holding-led Mopani mine. Meanwhile, to support exploration efforts, the country is implementing a nationwide geomapping campaign to better understand its geology and mineral basins. As of June 2025, the campaign was 80% complete.
Maximizing Fiscal Potential
As production increases across the ETM sector, the World Bank has underscored the role of improved revenue management and better allocation mechanisms to support fiscal sustainability and sectoral service delivery. Such mechanisms would ensure that mining revenue creates long-term impacts for the economy. In line with these, Zambia’s Ministry of Mines and Minerals Development is operationalizing the Minerals Regulation Commission and restructuring its departments to include dedicated units for Geological Survey, Artisanal and Small-Scale Mining (ASM) and Large-Scale Investment Promotion. These reforms aim to improve governance, transparency and institutional efficiency. The government also unveiled the Zambia Integrated Mining Information System – a digital platform to track mining company activities, monitor local content and tax contributions and provide public access to data on mineral prospects.
Adding Value to Mineral Resources
In addition to ETM production and revenue, the development of Zambia’s copper value chain creates a range of economic opportunities for the country, from job creation to business participation to trade and financing. By redirecting capital to local businesses and downstream projects, the country will be able to address barriers to value-adding activities, thereby stimulating more inclusive economic growth. Progress is already underway in this regard. Zambia plans to establish mineral market centers and washing plants in Mumbwa, Rufunsa, Chisamba and Kasempa to empower small-scale miners, as part of its value addition strategy. A national training program for licensed artisanal miners is also in the pipeline to improve safety, productivity and skills. These efforts seek to support local miners, creating greater value from the ETM value chain.
Distributed by APO Group on behalf of Energy Capital & Power.
About African Mining Week (AMW):
African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
Source: People’s Republic of China – State Council News
Students attend a campus job fair held at Qinghai College of Architectural Technology in Xining, northwest China’s Qinghai Province, April 23, 2025. [Photo/Xinhua]
China has unveiled a tiered strategy to boost employment prospects for the nation’s 2025 college graduates, a number which is expected to reach a record 12.22 million this year.
Key national moves include job channel expansion, skills enhancement, and targeted support for disadvantaged students.
A recent recruitment fair at Guangxi Medical University in south China demonstrated the campaign’s scale, featuring both provincial and national employers across sectors like health care, AI and education.
“Large fairs like this help us engage directly with employers,” said Huang Chenxi, a student seeking administrative hospital work.
The number of college graduates in China has been rising steadily, surpassing the 10-million mark for the first time in 2022, when 10.76 million students entered the job market.
This upward trend has continued, with the number of graduates expected to reach a record 12.22 million this year — an increase of 430,000 compared to last year.
The key to boosting graduate employment is expanding channels and creating more job opportunities.
To that end, government authorities have intensified policy support, specifically targeting job retention and creation in private enterprises and small-to-medium-sized businesses.
In a recent policy innovation, China has for the first time extended its one-time job expansion subsidies — previously available only to enterprises — to include social organizations, incentivizing employers of all types to hire graduates.
The Chinese government has also been launching “100 counties for 100 universities” recruitment drives since June to bridge information gaps between local enterprises and universities.
Last month, an event in Ningbo in east China’s Zhejiang Province offered over 7,000 jobs, and another event in Nanning in south China’s Guangxi Zhuang Autonomous Region offered over 15,000 jobs. More fairs are also planned for other parts of the country.
To thrive in today’s rapidly evolving labor market, graduates need more than just degrees — they need industry-relevant skills.
“New industries, business models and economic paradigms represent a crucial driver of innovation-led development, injecting fresh vitality into China’s economy,” said Wang Peng, an associate researcher at the Beijing Academy of Social Sciences.
“These emerging sectors have created significant employment growth opportunities and are increasingly serving as primary channels absorbing college graduates into the workforce,” Wang noted, highlighting their growing importance in China’s employment landscape.
Responding to the evolving needs of emerging industries, the Ministry of Education (MOE) has launched a national program to enhance student preparedness. Over 2,600 “micro-major” programs and more than 1,100 professional training courses have been established to sharpen students’ knowledge and competencies in high-demand fields prior to graduation.
A national employment services platform for college graduates has undergone a digital overhaul, and is now equipped with AI and big-data-powered tools.
Enhanced algorithms and closer coordination with social recruitment platforms and universities have made it more efficient: To date, the platform has hosted 111 online job fairs and posted over 20 million job openings for the graduating class of 2025.
Complementing national efforts, provinces across China are also implementing localized solutions. In northeast China’s Jilin Province, for example, 69 human resources officials have been assigned to support 69 local universities, offering tailored guidance and services.
As we enter July and the graduation season reaches its peak, particular attention is being paid to those who have yet to secure jobs — especially those from underprivileged backgrounds.
Backed by funding from the Ministry of Finance, the MOE has organized 1,124 dedicated job fairs, offering more than 1.1 million targeted positions for the 2025 graduate cohort.
Looking ahead, uninterrupted support will continue via the national employment platform. In one example of such support, a special online campaign linking research assistant positions and livestreamed job fairs will remain active through the end of August.
Together, these efforts reflect China’s commitment to helping graduates move from classrooms to careers, and to ensuring their talents find the opportunities they deserve.
Source: People’s Republic of China – State Council News
Speakers:
Mr. Fu Linghui, spokesperson of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS
Chairperson:
Zhou Jianshe, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
May 19, 2025
Zhou Jianshe:
Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on China’s economic data. Today, we are joined by Mr. Fu Linghui, spokesperson of the National Bureau of Statistics (NBS) and director general of the Department of Comprehensive Statistics of the NBS. Mr. Fu will brief you on China’s economic performance in April 2025 and then take your questions.
First, I will give the floor to Mr. Fu for his introduction.
Fu Linghui:
Good morning, everyone. As usual, I will start by briefing you on the main economic indicators for this April and then take your questions.
In April, the national economy withstood pressure and maintained stable growth.
In April, in the face of a complicated situation marked by increasing external shocks and multiple domestic difficulties and challenges, under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy on all fronts, accelerated efforts to create a new pattern of development, took solid steps to promote high-quality development, stepped up the implementation of more proactive and effective macro policies, and responded to the external shocks effectively. As a result, production and demand grew steadily, employment was generally stable, and new growth drivers accumulated and grew. The national economy maintained stable growth despite pressure, sustaining the new and positive development momentum.
Fu Linghui:
First, industrial production grew quickly, with equipment manufacturing and high-tech manufacturing showing good growth momentum.
In April, the total value added of industrial enterprises above designated size grew by 6.1% year on year, or 0.22% month on month. In terms of sectors, the value added of mining went up by 5.7% year on year, manufacturing up by 6.6%, and the production and supply of electricity, thermal power, gas and water up by 2.1%. The value added of equipment manufacturing increased by 9.8% year on year, and that of high-tech manufacturing increased by 10.0%, which were 3.7 percentage points and 3.9 percentage points faster than that of industrial enterprises above designated size, respectively. In terms of ownership, the value added of state holding enterprises was up by 2.9% year on year; that of share-holding enterprises was up by 6.6%; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.9%; and that of private enterprises was up by 6.7%. In terms of products, the outputs of 3D printing devices, industrial robots and new energy vehicles (NEVs) grew by 60.7%, 51.5% and 38.9% year on year, respectively. In the first four months, the total value added of industrial enterprises above designated size went up by 6.4% year on year. In April, the Manufacturing Purchasing Managers’ Index was 49.0%; and the Production and Operation Expectation Index was 52.1%. In the first three months, the total profits made by industrial enterprises above designated size were 1,509.4 billion yuan, up by 0.8% year on year.
Second, the service sector grew steadily and modern services developed well.
In April, the Index of Services Production grew by 6.0% year on year. In terms of sectors, that of information transmission, software and information technology services, leasing and business services, wholesales and retails, and finance grew by 10.4%, 8.9%, 6.8% and 6.1% year on year, respectively, which were 4.4 percentage points, 2.9 percentage points, 0.8 percentage point and 0.1 percentage point faster than that of the Index of Services Production. In the first four months, the Index of Services Production increased by 5.9% year on year. In the first three months, the business revenue of service enterprises above designated size went up by 7.0% year on year. In April, the Business Activity Index for Services was 50.1%, and the Business Activity Expectation Index for Services was 56.4%. Specifically, the Business Activity Index for industries like air transportation, telecommunication, broadcast, television and satellite transmission services, internet software and information technology services, and insurance stayed within the high expansion range of 55.0% and above.
Third, market sales maintained steady growth and trade-in goods grew quickly.
In April, the total retail sales of consumer goods reached 3,717.4 billion yuan, up by 5.1% year on year, or up by 0.24% month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,237.6 billion yuan, up by 5.2% year on year; and that in rural areas reached 479.8 billion yuan, up by 4.7%. Grouped by consumption patterns, the retail sales of goods were 3,300.7 billion yuan, up by 5.1%; and the income of catering was 416.7 billion yuan, up by 5.2%. Sales of basic living goods and certain upgraded goods showed sound growth. The retail sales of grain, oil and food and of sports and recreational articles by enterprises above designated size went up by 14.0% and 23.3%, respectively. The effect of trade-in of consumer goods continued to manifest, with the retail sales of household appliances and audiovisual equipment, cultural and office supplies, furniture, and communication equipment by enterprises above designated size growing by 38.8%, 33.5%, 26.9% and 19.9%, respectively. In the first four months, the total retail sales of consumer goods reached 16,184.5 billion yuan, up by 4.7% year on year. Online retail sales reached 4,741.9 billion yuan, up by 7.7% year on year. Specifically, the online retail sales of physical goods were 3,926.5 billion yuan, up by 5.8%, accounting for 24.3% of the total retail sales of consumer goods. In the first four months, the retail sales of services grew by 5.1% year on year.
Fourth, investment in fixed assets continued to expand and investment in manufacturing grew quickly.
In the first four months, investment in fixed assets (excluding rural households) reached 14,702.4 billion yuan, up by 4.0% year on year; and investment in fixed assets was up by 8.0% with the investment in real estate development deducted. Specifically, investment in infrastructure grew by 5.8% year on year, that in manufacturing grew by 8.8%, and that in real estate development declined by 10.3%. The floor space of newly-built commercial buildings sold was 282.62 million square meters, down by 2.8% year on year; and the total sales of newly-built commercial buildings were 2,703.5 billion yuan, down by 3.2%. By industry, investment in the primary industry increased by 13.2% year on year, that in the secondary industry up by 11.7%, and that in the tertiary industry down by 0.2%. Private investment increased by 0.2% year on year, or increased by 5.8% with the investment in real estate development deducted. In terms of high-tech industries, investment in information services, computer and office device manufacturing, aerospace vehicle and equipment manufacturing, and professional technical services grew by 40.6%, 28.9%, 23.9% and 17.6%, respectively. In April, investment in fixed assets (excluding rural households) increased by 0.10% month on month.
Fifth, imports and exports of goods kept growing and the trade structure continued to be optimized.
In April, the total value of imports and exports of goods was 3.84 trillion yuan, a year-on-year increase of 5.6%. Specifically, the total value of exports was 2.26 trillion yuan, up by 9.3%. The total value of imports was 1.57 trillion yuan, up by 0.8%. In the first four months, the total value of imports and exports of goods was 14.13 trillion yuan, a year-on-year increase of 2.4%. Specifically, the total value of exports was 8.39 trillion yuan, up by 7.5%. The total value of imports was 5.74 trillion yuan, down by 4.2%. In the first four months, the imports and exports of general trade went up by 0.6%, accounting for 64% of the total value of imports and exports. Imports and exports by private enterprises went up by 6.8%, accounting for 56.9% of the total value of imports and exports, which is 2.3 percentage points higher than that of the same period last year. The exports of mechanical and electrical products grew by 9.5%, accounting for 60.1% of the total value of exports.
Sixth, employment was generally stable and the surveyed urban unemployment rate declined.
From January to April, the average surveyed unemployment rate in urban areas remained flat year on year at 5.2%. In April, the national surveyed urban unemployment rate was 5.1%, 0.1 percentage point lower than that of the previous month. The surveyed unemployment rate of population with local household registration was 5.2% and that of population with non-local household registration was 4.8%, of which the rate of population with non-local agricultural household registration was 4.7%. The surveyed urban unemployment rate across 31 major cities was 5.1%, 0.1 percentage point lower than that of the previous month. Employees of enterprises nationwide worked an average of 48.3 hours per week.
Seventh, the consumer price index (CPI) fell slightly year on year, and the core CPI growth rate was stable.
In April, the CPI decreased by 0.1% year on year, and increased by 0.1% compared to the previous month. By category, prices for food, tobacco and alcohol went up by 0.3%; clothing up by 1.3%; housing up by 0.1%; household goods and services for daily use up by 0.2%; transportation and communication prices down by 3.9%; education, culture and recreation up by 0.7%; medical services and health care up by 0.2%; and other articles and services up by 6.6%. In terms of food, tobacco and alcohol, prices for fresh vegetables fell by 5%, grain fell by 1.4%, pork up by 5%, and fresh fruits up by 5.2%. The core CPI, excluding the prices of food and energy, grew by 0.5% year on year. In the first four months, the CPI went down by 0.1% year on year.
In April, the national producer price index (PPI) for industrial products went down by 2.7% year on year and 0.4% month on month. The purchasing price index for industrial producers went down by 2.7% year on year and 0.6% month on month. In the first four months, the national producer price and purchasing price indexes for industrial products both dropped by 2.4% compared with the same period last year.
Overall, in April, despite increased external pressures, the coordinated efforts of macro policies ensured steady and relatively rapid growth in major indicators, sustaining the upward and improving trend of the national economy. It should also be noted that external instabilities and uncertainties still remain significant, and the foundation for the continuous improvement of the national economy needs to be further consolidated. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, and adhere to the general principle of seeking progress while maintaining stability. We must fully and accurately implement the new development philosophy, accelerate the construction of a new development paradigm, coordinate domestic economic work and international economic and trade efforts, unswervingly handle our own affairs well, unswervingly expand high-level opening up, focus on stabilizing employment, enterprises, markets and expectations, solidly promote high-quality development, and promote the continuous recovery and improvement of the economy. Thank you.
Zhou Jianshe:
The floor is now open for questions. Please identify your media outlet before raising your questions.
Source: People’s Republic of China – State Council News
On the rooftops of Shuangjing Village in the city of Xuzhou, east China’s Jiangsu Province, rows of gleaming solar panels shimmer under the summer sun, resembling a vast azure sea from a distance.
The installation is part of a village-wide distributed solar photovoltaic (PV) power generation initiative led by the State Grid Xuzhou Power Supply Company. With a total installed capacity of 2,709 kilowatts, the network supplies steady renewable power to both the local homes and nearby industrial parks.
“This village-wide rooftop solar program is very efficient,” said Liu Zhichuang, a company technician. “Farmers contribute their unused roof space and earn reliable rental income in return.”
Over the solar panels’ lifetime, this village project is expected to generate more than 6.4 million yuan (about 890,000 U.S. dollars) in revenue, Liu explained. “At the same time, it cuts both construction and upkeep expenses by about 22 percent.”
“Where land is scarce, massive solar farms just aren’t practical,” he noted. “That’s why distributed rooftop solar makes more sense. Xuzhou is proving it works, with panels already installed on 140,000 roofs across the city, leading all of Jiangsu province.”
Distributed solar power is gaining traction across China, from rural homes to industrial parks. According to the National Energy Administration, by the end of 2024, the cumulative installed capacity of distributed PV had reached 370 gigawatts (GW), 121 times that of the end of 2013.
Rooftop solar has become a significant player in China’s transition to clean energy. In March, China’s energy authorities highlighted the triple benefits of their initiatives: accelerating power sector reforms, increasing farmers’ earnings, and driving rural revitalization.
As a major economic and manufacturing hub, Jiangsu boasts a complete photovoltaic industrial chain and has led the nation in distributed solar energy growth. Since 2024, the province has added an average of 1.5 gigawatts of distributed solar capacity per month. It has also developed seven village-wide pilot projects for distributed solar power.
Factories are also tapping into the sun. At a Xuzhou-based new energy vehicle industrial park, a large digital display screen flashes real-time data on solar power output and carbon dioxide reduction.
With 52,000 square meters of rooftop panels, the park generates an annual power output of nearly 7 million kilowatt-hours. “It’s enough to offset 2,800 tonnes of coal use and cut carbon emissions by about 7,500 tonnes,” Liu said, adding that businesses in the park have seen energy costs drop by more than 20 percent on average.
As part of its accelerated green energy transition plan, Shanghai will comprehensively implement the “PV Plus” program, aiming to deploy over 4.5 GW of photovoltaic capacity citywide by 2027.
In south China’s Guangdong Province, regulations require solar energy coverage on half of newly constructed factory rooftops by 2025, and full coverage by 2030. Existing industrial parks are also undergoing green retrofits to ensure at least 50 percent solar adoption by 2030.
Technological innovation is further driving the surge of solar power adoption. In Jiangsu’s Wuxi, China’s first industrial park dedicated to perovskite PV — an emerging solar technology — recently opened. Perovskite solar modules can be integrated into building facades, transforming walls into energy generators.
While solar panels were once confined to rooftops, technological breakthroughs now enable their seamless integration into building structures, said Jiang Weilong, vice president of the perovskite PV project developer.
Jiang added that the industrial park’s pilot installation features hundreds of meters of boundary walls incorporating over 3,000 perovskite solar modules, which are expected to deliver an estimated annual carbon dioxide reduction of 110 tonnes.
“Imagine a future where every fence, wall, rooftop, and even footpath doubles as a power generator,” said Jiang. “This will further unlock the space and potential for green transformation.”
Source: People’s Republic of China – State Council News
Under the strategic guidance of leaders of the two countries, China-Egypt relations have, over the past years, made great strides, becoming a model of solidarity, cooperation and mutual benefit between China and Arab, African, and other developing countries.
By aligning China’s Belt and Road Initiative (BRI) with Egypt’s Vision 2030, the two countries have drawn up a promising blueprint for practical cooperation and achieved remarkable outcomes across various sectors.
STRATEGIC COOPERATION
Chinese Ambassador to Egypt Liao Liqiang said that since the China-Egypt comprehensive strategic partnership was established in 2014, leaders of both countries have frequently met on bilateral and multilateral occasions, jointly steering Belt and Road cooperation and shaping a shared future in the new era.
Frequent high-level exchanges have laid a solid foundation for deepening ties, anchored by both countries’ firm support for each other’s core interests, former Egyptian ambassador to China Magdy Amer told Xinhua, adding that under the BRI, bilateral trade has surged, and Chinese investment in Egypt has expanded rapidly.
Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, said that BRI projects, including the Central Business District in Egypt’s New Administrative Capital, and the China-Egypt TEDA Suez Economic and Trade Cooperation Zone within the Suez Canal Economic Zone (SCZone) located southeast of Cairo, have invigorated Egypt’s economy.
On July 2, the foundation stone was laid for the Deli Glass production base in the TEDA zone. With a 70 million U.S. dollar investment, its first phase will include a high-grade glass furnace and advanced automated production lines.
The site will produce high-quality household glassware and evolve into an industrial cluster integrating research and development, manufacturing, advanced processing, packaging, logistics, and export.
SCZone chairman Waleid Gamal El-Dein said the project marks the latest outcome of deepening cooperation between the zone and global investors, especially Chinese ones, reflecting the growing bilateral relations, political trust and economic collaboration between Egypt and China.
So far, 185 enterprises have settled in the TEDA zone, bringing total investment to around 3 billion U.S. dollars and generating over 5.3 billion U.S. dollars in sales, with key industries including building materials, petrochemicals, textiles and new energy, among others, according to Cao Hui, executive director of Egypt-TEDA SEZone Development Company.
After touring Haier Egypt Ecological Park and the welding factory of Jetour Egypt in mid-June, former Egyptian Prime Minister Essam Sharaf described the projects as the fruits of a long-term partnership, strengthened by Belt and Road cooperation.
“They reflect the initiative’s aim to promote shared development among participating countries,” he told Xinhua, emphasizing the importance of working with China to modernize Egypt’s industrial base.
ACHIEVEMENTS ON MULTIPLE FRONTS
In recent years, China and Egypt have jointly achieved several “firsts”: Chinese companies constructed Africa’s tallest skyscraper in Egypt, built Egypt’s first electrified light rail, and supported Egypt to become the continent’s leading fiberglass base. Chinese technology has also enabled Egypt to become the first African country with full satellite assembly and testing capabilities.
In addition, Chinese firms helped drill over 680 desert water wells in Egypt over nine years, gradually turning barren land into farmland. Tech company Huawei has trained about 40,000 Egyptian youth through its ICT programs.
Meanwhile, the flourishing cultural ties between the two countries have enhanced mutual understanding and added vitality to the partnership.
Chinese has been formally integrated into Egypt’s national education system, with 30 universities offering Chinese courses and more than 20 secondary schools providing Chinese as an elective subject.
Chinese cultural festivals and events held in Egypt, like “Happy Spring Festival,” “Tea for Harmony,” and “Chinese Film Week,” as well as various music performances, have attracted wide interest in Egypt and greatly promoted cultural interaction.
Joint archaeological efforts have further deepened. In Luxor’s Karnak Temple complex, a Sino-Egyptian archaeological team revived the Montu Temple ruins, which had remained buried for over 3,000 years. Another collaborative initiative involves the digital documentation and study of thousands of anthropoid coffins discovered in the Saqqara necropolis, alongside efforts to restore the Ramses II statue at Karnak Temple.
From museums and pyramids to southern temples and Red Sea resorts, Chinese tourists have been arriving in Egypt in growing numbers. To enhance their travel experience, Egypt has introduced Chinese-language signage in famous tourist sites, increased Chinese-speaking guides, and encouraged more hotels to offer Chinese cuisine.
Last month, Air China announced a new direct flight between Beijing and Cairo, which is to be launched on Wednesday, operating three times weekly.
“The new route will strengthen people-to-people exchanges and further deepen tourism cooperation between the two nations,” said Ahmed Youssef, chairman of the Egyptian Tourism Promotion Authority.
Source: Hong Kong Government special administrative region
Following is a question by the Hon Kingsley Wong and a written reply by Secretary for Housing, Ms Winnie Ho, in the Legislative Council today (July 9):
Question:
It has been learnt that a number of cases involving deaths of public rental housing (PRH) tenants in their own PRH flats occurred in Hong Kong in the past, in which the deaths of such tenants remained unknown for a long time, and there were even cases where their bodies had been reduced to skeletons by the time they were discovered; and there were also cases in which carers died suddenly in their PRH flats, but the relatives living with them were forced to “stay with the dead bodies” as their relatives were unable to seek assistance and report to the Police due to mental incapacity or other reasons. In this connection, will the Government inform this Council:
(1) of the number of cases in each of the past 10 years, in which staff of the Housing Department (HD) found people dead in the flats concerned during home visits or flat recovery work (e.g. breaking into the flats concerned);
(2) of the number of cases in each of the past 10 years, in which the Social Welfare Department (SWD) found people dead in the flats concerned in the course of following up the welfare service matters of PRH tenants;
(3) it is learnt that, following the default on rental payment for two consecutive months by PRH tenants, HD will make several attempts to contact the tenants concerned by means of telephone, written notification or home visits, etc., of the criteria adopted by HD for determining whether it is necessary to refer the cases to other departments for follow-up or to report to the Police after repeated unsuccessful attempts to contact the tenants;
(4) regarding cases in which HD is unable to contact the tenants successfully, whether HD will consider seeking assistance from the Police within a shorter period of time, so as to decide if further actions will be taken in respect of the tenants concerned (e.g. breaking into the flats); if so, of the details; if not, the reasons for that;
(5) as there are views that enhanced cooperation among different departments will facilitate early detection of death cases in PRH flats and even save lives, whether HD, SWD, the Home Affairs Department and the Police will consider setting up a mechanism for information sharing and cooperation; if so, of the details; if not, the reasons for that;
(6) whether it will promote and encourage the District Services and Community Care Teams (Care Teams), management companies and PRH tenants to set up a system for assuring safety, so that PRH tenants who live alone or need relevant support may participate on a voluntary basis;
(7) given that HD has launched the pilot scheme of Door Sensor Installation for Elderly Households to equip the elderly households who have voluntarily participated in the scheme with the system which allows designated relatives or friends to keep track of the movement of the elderly in and out of their flats, whether the authorities will extend the scheme to cover non-elderly PRH tenants in the future; whether they will promote and encourage the Care Teams and management companies to become one of the designated contact persons, so as to expeditiously follow up the situation of the tenants concerned; and
(8) given that the Hong Kong Federation of Trade Unions and the Hong Kong and China Gas Company Limited have joined forces to launch the Gas Guardian Care Network programme, which utilises smart meters to monitor the gas usage patterns of the elderly in real-time, whether the authorities will make reference to the programme and launch other projects in collaboration with the business sector and community organisations to enable carers to check the condition of the elderly, so as to enhance home safety of the elderly?
Reply:
President,
The estate management staff of the Housing Department (HD) will contact public rental housing (PRH) tenants through daily management work, proactively understanding their living conditions in PRH units and will pay special attention to elderly residents living alone. Cases will be referred to other government departments and social welfare organisations as needed to provide assistance.
In response to the question raised by the Hon Kingsley Wong, in consultation with the Labour and Welfare Bureau (LWB) and the Home Affairs Department, our reply is as follows:
(1), (2) and (5) In the past 10 years (i.e. 2015 to 2024), the number of natural deaths recorded in PRH units under the HD is listed in the Annex. These cases are mainly discovered through the HD’s routine management work (such as patrols, home visits, flat recovery operations, etc.), or were reported by the tenants’ relatives, friends, or neighbours to the estate offices, or referred by other government departments including the police and the Social Welfare Department (SWD) or social welfare organisations. The HD does not maintain statistical breakdowns of the means by which these cases are discovered.
At present, the HD and the SWD have established an inter-departmental referral mechanism to handle special cases of housing assistance for PRH tenants. Liaison groups have been formed at both the headquarters and regional levels to regularly review and improve the cooperation mechanism for housing assistance cases. The HD is also closely collaborating with the LWB and is providing information of PRH tenants under the premise of protecting personal data privacy, with a view to facilitating the LWB to develop a database for following up on hidden and needy elderly individuals.
(3) and (4) According to Section 19(1)(b) of the Housing Ordinance (Cap. 283), when the Housing Authority (HA) serves a notice-to-quit to tenant, at least one month’s notice for termination of tenancy should be given. Upon expiry of the notice, if the occupier still does not voluntarily surrender the unit, the HD can then deploy staff to proceed flat recovery action in accordance with the Housing Ordinance. For rent arrears cases, a series of actions will be taken initially by the HD before serving notice-to-quit, including communicating with tenants through home visits, phone calls or face-to-face interviews. If the tenants still cannot be reached, HD staff will try to reach their relatives and emergency contacts. For some singleton elderly tenants who live by themselves and have not provided any relatives or other contact persons, we will make every effort to contact them through alternative means, including slipping notes through the door gap and into the letter box to ask the tenants to contact the estate office as soon as possible, instructing security guards to monitor the tenants’ entry into and exit from the building, and recording their water and electricity consumption to more closely monitor their situation. If the tenants are in rent arrears due to financial difficulties, cases may be referred to the SWD for follow-up or be provided with assistance to apply for Rent Assistance Scheme, subject to their consent and fulfilment of eligibilities. If the tenants or any of their relatives still cannot be reached despite multiple attempts, the HD will inquire with other departments such as the SWD to check if the tenants are their care cases and their latest situation; or the Immigration Department to check the tenants’ immigration records, etc.; and will seek assistance from the police if necessary. In addition, if HD staff discover suspicious cases during daily management work (e.g. unusual odours emanating from the unit), they will notify the police immediately to take appropriate action, including breaking into the unit as necessary.
(6), (7) and (8) In order to encourage property management companies and security service contractors to be more proactive in assisting PRH tenants in need, we give bidders who can provide effective suggestions for caring the tenants, e.g. establishing volunteer teams to provide volunteer services to the community in the estate and to visit the elderly or individuals/ families in need, etc., additional marks during the tender evaluation, thereby increasing their chances of winning the bid. In addition, the HD organises the annual Estate Management Services Contractor Awards and the Best Security Staff election to commend service contractors and security personnel who have performed well and actively assisted needy residents in the estate. This aims to encourage them to go the extra mile and take the initiative to care for the estates’ PRH residents.
Starting from April this year, the HD launched the pilot scheme of Door Sensor Installation for Elderly Households in Wan Hon Estate in Kwun Tong and Sheung Lok Estate in Ho Man Tin. The elderly households who voluntarily participate in the scheme are equipped with the system which allows designated relatives or friends to keep track of the movement of the elderly in and out of their flats so as to provide timely support when needed. The HD will actively explore the feasibility of implementing other similar schemes in collaboration with other government departments and social welfare organisations, with a view to benefitting more elderly households in other PRH estates.
In addition, the HA also provides subsidies to eligible elderly tenants for the installation of emergency alarm system (Safety Bell), allowing the tenants to seek help timely in case of emergencies. Elderly tenants who require to install Safety Bell but are not receiving Comprehensive Social Security Assistance can apply for the Emergency Alarm System (EAS) Grant from the HA. Since February 2021, the grant has been extended to mobile devices, including mobile phones and watches equipped with EAS, smartphones with dedicated EAS mobile app installed and other products, allowing elderly tenants to purchase suitable emergency alarm system products on their own. Since the implementation of the grant scheme, approximately 26 000 applications have been approved. The HD has also installed fall detection systems in accessible toilets in some housing estates on a pilot basis to detect situations such as falls, fainting, prolonged stays, etc.
The estate offices under the HA actively assist the Care Teams in promoting care activities, organising community events and providing visits and services to families in need (including elderly households). In addition, the HA collaborates with non-governmental organisations annually to organise activities in various PRH estates. These activities include outreach visits to identify elderly singleton and hidden elders, providing them with support services such as meal delivery, home repair and cleaning services, escort service for medical appointments, etc., so as to help them maintain basic living needs, expand their social networks and provide emotional support.
The HA will continue to implement the aforementioned measures and will conduct timely reviews, striving to meet the needs of tenants.
Source: GlobeNewswire (MIL-OSI)
Press Release
9thJuly 2025
AFL Group: Notification of the Removal of the Pillar 2 Requirement (P2R)
On 20 June 2025, the French Prudential Supervision and Resolution Authority (ACPR) notified Agence France Locale – Société Territoriale (AFL-ST), the parent company of AFL, the bank for local authorities, of the removal of its Pillar 2 own funds requirement (P2R), effective from 1 January 2025.
During its meeting on 24 October 2024, the ACPR Supervisory College reviewed the prudential profile of AFL-ST as part of its annual Supervisory Review and Evaluation Process (SREP). Following this review, the ACPR concluded that the imposition of an additional own funds requirement under Pillar 2 (P2R) was no longer warranted given the institution’s current risk profile. As a result, the authority has decided not to renew this requirement, with effect from 1 January 2025.
AFL-ST is thus required to maintain own funds sufficient to meet a total capital requirement of 8% under Pillar 1. In addition, it must comply with a Common Equity Tier 1 (CET1) capital conservation buffer of 2.5%. It should also be noted that, since 2 January 2024, the French High Council for Financial Stability (HCSF) has set the countercyclical capital buffer applicable to French exposures at 1%.
As of 31 December 2024, the AFL Group’s capital adequacy ratio stood at 62.75%.
“This decision reflects the strength of our prudent management framework and will allow the AFL Group to continue its sound and sustainable development in support of French local authorities,” Yves Millardet, Chairman of the Management Board of AFL.
About AFL, the bank for local authorities
“To embody responsible finance in order to strengthen the local world’s ability to act, addressing the present and future needs of citizens.”
The only French bank fully owned (100%) by local authorities, the AFL has a unique and innovative model: a bank created by and for all local authorities. By becoming AFL’s shareholders, local authorities gain access to fast, tailored financing for their local investments while committing to sustainable and responsible finance practices. For local authorities, it is the freedom to invest, with a controlled management of their finances. Since its launch in 2015, the AFL has already granted nearly €11.5 billion in loans, including €2 billion in 2024, and currently has 1,131 shareholders.
More information: www.agence-france-locale.fr
Attachment
Source: Government of India
Source: Government of India (4)
For non-banking finance companies (NBFCs) in India, education loans have been the fastest-growing asset class, clocking over 50 per cent growth in the assets under management (AUM) over the past few years, a report said on Wednesday. This fiscal (FY26), growth is seen moderating to 25 per cent with AUM reaching Rs 80,000 crore.
The pace is likely to halve this fiscal as disbursements for pursuing educational courses in the US decelerate following a raft of policy changes in that country, according to the report by Crisil Rating.
To mitigate the impact, NBFCs are diversifying into new geographies and product adjacencies. While non-performing assets (NPAs) have remained stable so far, asset quality will be monitorable given the global uncertainties and a large proportion of AUM (85) remaining under contractual principal moratorium, the report mentioned.
The education loan AUM of NBFCs grew a rapid 48 per cent to Rs 64,000 crore last fiscal. That followed an even faster 77 per cent growth in fiscal 2024.
“Policy uncertainties in the US, combined with measures including reduced visa appointments and the proposed elimination of Optional Practical Training norms have culled newer loan originations. This has led to a 30 per cent decline in total disbursements to that geography last fiscal,” said Malvika Bhotika, Director, Crisil Ratings.
Disbursements linked to even Canada, the second-largest market, fell as student visa rules turned stricter, including increased financial requirements via proof of available funds, and cap on permits.
“Consequently, overall education loan disbursements were up only 8 per cent in fiscal 2025, compared with 50 per cent in fiscal 2024, Bhotika mentioned.
To offset these headwinds, NBFCs have sharpened focus on other geographies.
Disbursements linked to courses in the UK, Germany, Ireland and smaller countries have doubled in the past fiscal as students opted for alternative destinations.
The share of such geographies in total disbursements rose to almost 50 per cent in fiscal 2025 from 25 per cent a year ago.
NBFCs are also looking at domestic student loans and adjacencies such as school funding, loans for skill development, certification and coaching. Given the lower ticket sizes of such loans, their share in the overall portfolio is unlikely to be material, but they may lend some stability in times of global uncertainties.
“The ability of NBFCs to scale up and maintain asset quality in some of the newer domestic products will bear watching as well,” said Sonica Gupta, Associate Director, Crisil Ratings. Moreover, the agility of the NBFCs to navigate the complexities of the global landscape, characterised by uncertainty and change in preferences of students, will be crucial for sustained growth and success.
(IANS)
Source: ASEAN – Association of SouthEast Asian Nations
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today joined the ASEAN Foreign Ministers at the 58th ASEAN Foreign Ministers’ Meeting (AMM) in Kuala Lumpur, Malaysia. The meeting was chaired by Minister of Foreign Affairs of Malaysia, The Honourable Dato’ Seri Utama Haji Mohamad Bin Haji Hasan, and was held in both plenary and retreat sessions. The meeting took stock of the progress made after the 46th ASEAN Summit held in Malaysia in May of this year, regarding the ASEAN Community-building efforts, and discussed the state of ASEAN’s external relations as well as regional and global developments. Timor-Leste attended the Meeting as Observer. The Ministers reaffirmed their commitment to supporting Malaysia in realising its Chairmanship deliverables this year under the theme “Inclusivity and Sustainability.”
The post The 58th ASEAN Foreign Ministers’ Meeting convenes in Kuala Lumpur, Malaysia appeared first on ASEAN Main Portal.
Source: GlobeNewswire (MIL-OSI)
SAN SALVADOR, El Salvador, July 09, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, continues its weekly zero-barrier onchain rewards series with the fourth edition of Fomo Thursdays, launched in collaboration with Velo Protocol. This week’s event features a prize pool of 3.47 million VELO tokens and opens 50,000 participation slots. Users can enter by staking $10 USDT — fully refundable after the event — for a chance to receive randomized token rewards, including a top prize of $888 in VELO.
Fomo Thursdays lowers entry barriers for token participation by replacing complex trading tasks or point-based systems with a simple weekly staking model. Participants receive randomized token rewards via onchain smart contracts, with no gas fees required for claims. In the previous round, 20,000 users joined within 10 minutes of the event opening, underscoring growing demand for this accessible format.
VELO, the native token of Velo Protocol, powers a decentralized finance infrastructure focused on enabling global value transfer. The project integrates multi-asset trading, FX aggregation, and Web3-native settlement systems. Its architecture positions VELO as a foundational liquidity layer for cross-border financial applications and remittance flows, particularly in emerging markets.
The weekly event is part of Bitget Wallet’s broader effort to create low-friction, accessible onchain experiences for new and existing users. “Fomo Thursdays is designed to make token access simple, fun, and available to all — without the usual barriers,” said Jamie Elkaleh, CMO of Bitget Wallet. “By embedding these events directly into the wallet, we’re opening up early-stage opportunities to a much wider base of users.”
The Week 4 campaign opens for staking on July 9 at 13:00 UTC and closes 24 hours later. Token distribution and USDT refunds begin at 14:00 UTC on July 10. All VELO rewards will be distributed on BNB Chain and are claimable directly within Bitget Wallet.
For more information, visit the Bitget Wallet official channels.
About Bitget Wallet
Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.
For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
For media inquiries, contact media.web3@bitget.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68f3f9c6-1aad-4bee-be3d-f913b3ccfa1f
Translation. Region: Russian Federal
Source: Peter the Great St. Petersburg Polytechnic University –
An important disclaimer is at the bottom of this article.
The XXIX International Scientific and Practical Conference “System Analysis in Design and Management” (SAEC-2025) was held at the Polytechnic University.
The event was organized by the scientific and pedagogical school “System Analysis in Design and Management” based on the Higher School of Computer Technologies and Information Systems of the Institute of Computer Science and Cybersecurity of SPbPU with the support of the Southern Federal University and the Financial University under the Government of the Russian Federation.
The conference was attended by about 300 representatives of universities and research organizations from Russia and 19 foreign countries. 114 reports were presented, in addition to plenary sessions, there were seven scientific sections, two round tables, a discussion track and a visiting session in Taganrog (Southern Federal University).
The plenary sessions were chaired by Violetta Volkova, professor at the Higher School of Computer Science and Information Technologies, Vladimir Kozlov, professor at the Higher School of Computer Science and Information Technologies, and Svetlana Shchepetova, professor at the Department of Modeling and Systems Analysis at the Financial University.
On the first day of the conference, its scientific secretary, Associate Professor Svetlana Shirokova read out the opening remarks of the Chairman of the Program Committee, Academician of the Russian Academy of Sciences Igor Kalyaev. Professor Peres Krichtin Fabio Luis, Special Coordinator for International Relations with the Russian Federation, delivered a welcoming speech via video link on behalf of the Federal University of Rio de Janeiro.
The following people gave reports on global problems of developing the methodology of systems analysis, data dimensionality, spatial planning and design of the environment of the future, system principles of model integration, systems analysis and development of weapons systems, as well as the peculiarities of the development of Russian higher education in modern conditions: President of the Southern Federal University, Academician of the Russian Academy of Education Marina Borovskaya; Head of the Scientific Direction “Mesoeconomics, Microeconomics, Corporate Economics” of the Central Economics and Mathematics Institute of the Russian Academy of Sciences, Scientific Director of the Department of Modeling and Systems Analysis of the Financial University under the Government of the Russian Federation, Head of the Department of Institutional Economics of the State University of Management, Corresponding Member of the Russian Academy of Sciences Georgy Kleiner; Head of the Department of Mathematical Modeling of Nonlinear Processes of the Keldysh Institute of Applied Mathematics of the Russian Academy of Sciences, Full Member of the Academy of Military Sciences; Professor of St. Petersburg State University Vladimir Khalin. The rationale for the need to open the specialty “System Analysis, Management and Information Processing” was presented in the report by Vladimir Kozlov, Violetta Volkova and Associate Professor Artem Efremov.
At the end of the plenary session, the director of the Center for Technological Support of Education at Moscow Polytechnic University, Ilya Volnov, gave a report entitled “The Method of Analogies and Synthesis of the Sphere Approach.”
Lively discussions arose in the section “Philosophical, methodological and general theoretical problems of systems theory and systems analysis”. The reports characterizing the current state of the sciences on systems and methods of systems analysis were discussed, including the report of the head of the department of philosophy of information and cognitive processes of the Institute of Philosophy of the National Academy of Sciences of Belarus Andrei Kolesnikov on arithmotronics; a joint report of professor of the University “Narxoz” (Almaty, Kazakhstan) Mafura Uandykova and professor of the Financial University Svetlana Shchepetova on the problem of interaction between the system and the individual in the era of digitalization; a joint report of professor of the Federal University of Rio de Janeiro Fabio Luis Peres Krichtin and his colleagues from the Polytechnic School, research laboratories of the Federal University of Rio de Janeiro and the Federal University Fluminense (Niteroi, Brazil).
On the second day, the following scientific sections were held: “Mathematical Methods and Models of Systems Analysis in Technical and Socio-Economic Systems”, “Information and Cyber-Physical Systems”, “Measuring Information Technologies”, “System Analysis in the Management of Enterprises, Territorial Complexes, Research and Other Organizations”, “Transport Systems”, “System Analysis in the Educational Process and Management of Higher Education”.
Employees of the SPbPU Digital Engineering School organized two round tables. Under the leadership of Marina Bolsunovskaya, Associate Professor of the Higher School of Computer Science and Information Systems, Head of the Laboratory of Industrial Systems of Stream Data Processing at the SPbPU School, a round table was held on Data Analysis in Complex Technical and Production Systems. Under the leadership of Alexey Gintsyak, Head of the Laboratory of Digital Modeling of Industrial Systems at the SPbPU School of Project Activity and Innovations in Industry, a round table was held on Integration of Methods of Systems Analysis and Artificial Intelligence in Economics and Construction.
The discussion track on the problem of “Ideology of engineering complex systems in the conditions of increasing chaos of pre-singularity” (the moderator is the methodological director of the National Association of Enterprise Architects, a full member of the RMA Evgeny Zinder) attracted great interest. For example, a student of MIREA – Russian Technological University and junior specialist of the company “Uveon – Cloud Technologies” Nikolay Leonov presented evidence of the usefulness of using the XGBoost method for predicting security incidents in information systems.
Also giving presentations and participating in discussions were Sergey Vasiliev, a lecturer at the TOP Computer Academy, Roman Khursin, an analyst at Ravelin LLC, Yuri Lyamin, an associate professor at the Department of Applied Informatics and Security at the Plekhanov Russian University of Economics, Elena Romanova, a senior lecturer at the Plekhanov Russian University of Economics, Kirill Skripkin, an associate professor at the Lomonosov Moscow State University, and Maxim Smirnov, a member of the NAAP Council.
At the final plenary session, Boris Sokolov, Chief Researcher at the St. Petersburg Federal Research Center of the Russian Academy of Sciences, presented a report on the development and use of digital twins of complex objects based on the qualimetry of models and polymodel complexes. Professor Igor Arefyev and Associate Professor Olga Afanasyeva of the St. Petersburg Mining University spoke about the use of artificial intelligence to build cognitive models of weakly structured problems of system analysis. Professor Violetta Volkova, in collaboration with Yuri Cherny, Head of the Center for the Study of Informatics Problems at the Institute of Scientific Information on Social Sciences of the Russian Academy of Sciences, prepared a report entitled “A Look at the Problem of Big Data from the Point of View of A. A. Denisov’s Philosophy and Theory of the Information Field.”
The meeting in Taganrog was devoted to the topic “Cognitive Modeling of Complex Systems and Artificial Intelligence”. There, Zinaida Avdeeva, a senior research fellow at the V. A. Trapeznikov Institute of Control Sciences of the Russian Academy of Sciences, expressed an important idea for complex open systems that forecasts should begin with an analysis of the current state of the system, reflected in regulatory documents, and presented a cognitive analysis of the main ones.
At the end of the conference, its participants proposed organizing a permanent seminar and information portal, where they could continue discussing the development directions of systems sciences, and primarily the problems of target setting, big data and artificial intelligence.
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
.
Source: China State Council Information Office
Xi’s reply inspires American, Chinese youths to carry on friendship forged through pickleball
“We are extremely honored to receive a response from President Xi,” said Jeffrey Sullivan, head of the U.S. youth pickleball cultural exchange delegation from Montgomery County, Maryland.
Chinese President Xi Jinping recently replied to the delegation’s letter, congratulating them on their successful visit to China. In April, Sullivan led a group of 44 teachers and students from 13 U.S. schools to China under Xi’s “50,000 in Five Years” initiative, which aims to bring 50,000 young Americans to China for exchange and study programs in a five-year span.
After visiting Shanghai, Shenzhen and Beijing, the delegation sent a letter to Xi, expressing their gratitude for the initiative, noting they had forged unforgettable friendships with Chinese youths during the trip.
In his reply, Xi said he was pleased to see that pickleball has become a new bond for youth exchanges between China and the United States. The future of China-U.S. relations depends on the youth, said Xi, expressing the hope that the delegation members will become a new generation of ambassadors for friendship between the two countries and make greater contributions to enhancing the friendship between the two peoples.
A TRANSFORMATIVE JOURNEY
“Thank you again for your vision and commitment to providing opportunities for our students and our countries to come together and build friendships, relationships and cultural learning opportunities,” the delegation wrote in the letter to Xi.
Hailing the trip as life-changing, Sullivan said it enabled his delegation to immerse themselves in the Chinese culture and experience interpersonal relationships.
“That was made possible because of the hospitality of the Chinese people, who opened their doors to us, who served us wonderful food, who had wonderful performances showcasing the culture and traditions of China,” he said, adding, “It (the visit) would be something that we would take with us forever.”
Echoing Sullivan, Wang Pengfei, one of the initiators of the tour, said, “We want young Americans to see today’s China for themselves.”
“Every high-five on the court, every hands-on experience in traditional craft workshops and every visit to a high-tech company is reshaping how they perceive China’s development,” said Wang.
For student Isabella Brant, celebrating her birthday in China was the most memorable part of the trip. She recalled playing pickleball with her Chinese partners on that day, receiving flowers, but more importantly, gaining friendship.
“Definitely life-changing!” said Brant, adding, “I was a little nervous to go over to China, but it definitely changed my perspective on things and how I viewed everything.”
NEW BONDS
“It was an amazing trip for our students to build friendships through sport,” Sullivan said, adding that the exchange between American and Chinese youths during this tour is “not just on the pickleball court, but also off the court.”
Pickleball, a paddle sport that originated in the United States that blends elements of tennis, badminton and table tennis, is easy to pick up for beginners and has rapidly gained popularity in China.
According to Sullivan, Montgomery is the first U.S. school district to offer pickleball as a varsity sport, as this activity is fully inclusive and continues to bring people of all ability levels together.
The Montgomery County public schools have now begun cooperation with Shenzhen Nanshan District Education Bureau, education groups of Beijing Middle School and Beijing No. 10 Middle School to establish long-term partnerships, with pickleball included as a key area of exchange.
“I witnessed firsthand how the power of sports can transcend borders and bring people from different cultural backgrounds closer together,” said Xie Yuan, a student from Wenhua School in Shenzhen who took part in the event.
Speaking of the friends she made during the tour, Ella Geary, a student from the delegation, said, “I find it amazing that you can just instantly bond with someone who lives on the other side of the globe.”
Echoing Geary, Sullivan’s daughter, Reagan Sullivan, also a student from the delegation, depicted the bonds they built as “amazing and unbreakable.”
Pickleball has become a new bond for building friendships, she said.
PEOPLE-TO-PEOPLE FRIENDSHIP
In April 1971, a 15-member U.S. table tennis delegation took a historic trip to China, becoming the first delegation of Americans to visit China in decades.
Recalling the China-U.S. “Ping-Pong Diplomacy” 54 years ago, Sullivan said that sports have a unique power to bring people together.
Beyond discovering China’s cultural charm and technological innovation, many students played Ping-Pong for the first time. Sullivan said a visit to the China Table Tennis Museum gave them deeper insight into the history of “Ping-Pong Diplomacy,” which once helped bridge U.S.-China relations.
Upon hearing Xi’s reply, Stephen Mull, former U.S. acting undersecretary of state for political affairs, emphasized the unifying power of sports.
“It encourages each participant to be the very best version of himself or herself while underscoring the common humanity that binds us all together on the field of play,” he explained.
“Pickleball has served as a unique and joyful bridge between our two cultures, one that allowed for connection, mutual respect and shared learning. Like your vision, we believe that sports engagement is essential in building the foundation for lasting international friendship,” the delegation wrote in the letter to Xi.
The vision refers to Xi’s “50,000 in Five Years” initiative, launched in November 2023. Nearly 15,000 American youth visited China by the end of 2024 under the initiative, observing China with their own eyes and traveling the expanse of the country on their own feet.
“If I had the opportunity, I would definitely go back,” said Joel Geary, a student from the delegation.
“We are all part of the ‘50,000 in Five Years’ initiative,” said Sun Yuyan, a student who participated in the event from Shanghai Luwan High School, adding, “The future of China-U.S. relations should be a shared future shaped by our generation, one that lives up to the promise of our youth.”
“I would love to organize additional exchanges and opportunities, whether it’s through pickleball or other sports, using them as a platform to bring people together,” said Sullivan.
Source: China State Council Information Office
Xi’s reply inspires American, Chinese youths to carry on friendship forged through pickleball
“We are extremely honored to receive a response from President Xi,” said Jeffrey Sullivan, head of the U.S. youth pickleball cultural exchange delegation from Montgomery County, Maryland.
Chinese President Xi Jinping recently replied to the delegation’s letter, congratulating them on their successful visit to China. In April, Sullivan led a group of 44 teachers and students from 13 U.S. schools to China under Xi’s “50,000 in Five Years” initiative, which aims to bring 50,000 young Americans to China for exchange and study programs in a five-year span.
After visiting Shanghai, Shenzhen and Beijing, the delegation sent a letter to Xi, expressing their gratitude for the initiative, noting they had forged unforgettable friendships with Chinese youths during the trip.
In his reply, Xi said he was pleased to see that pickleball has become a new bond for youth exchanges between China and the United States. The future of China-U.S. relations depends on the youth, said Xi, expressing the hope that the delegation members will become a new generation of ambassadors for friendship between the two countries and make greater contributions to enhancing the friendship between the two peoples.
A TRANSFORMATIVE JOURNEY
“Thank you again for your vision and commitment to providing opportunities for our students and our countries to come together and build friendships, relationships and cultural learning opportunities,” the delegation wrote in the letter to Xi.
Hailing the trip as life-changing, Sullivan said it enabled his delegation to immerse themselves in the Chinese culture and experience interpersonal relationships.
“That was made possible because of the hospitality of the Chinese people, who opened their doors to us, who served us wonderful food, who had wonderful performances showcasing the culture and traditions of China,” he said, adding, “It (the visit) would be something that we would take with us forever.”
Echoing Sullivan, Wang Pengfei, one of the initiators of the tour, said, “We want young Americans to see today’s China for themselves.”
“Every high-five on the court, every hands-on experience in traditional craft workshops and every visit to a high-tech company is reshaping how they perceive China’s development,” said Wang.
For student Isabella Brant, celebrating her birthday in China was the most memorable part of the trip. She recalled playing pickleball with her Chinese partners on that day, receiving flowers, but more importantly, gaining friendship.
“Definitely life-changing!” said Brant, adding, “I was a little nervous to go over to China, but it definitely changed my perspective on things and how I viewed everything.”
NEW BONDS
“It was an amazing trip for our students to build friendships through sport,” Sullivan said, adding that the exchange between American and Chinese youths during this tour is “not just on the pickleball court, but also off the court.”
Pickleball, a paddle sport that originated in the United States that blends elements of tennis, badminton and table tennis, is easy to pick up for beginners and has rapidly gained popularity in China.
According to Sullivan, Montgomery is the first U.S. school district to offer pickleball as a varsity sport, as this activity is fully inclusive and continues to bring people of all ability levels together.
The Montgomery County public schools have now begun cooperation with Shenzhen Nanshan District Education Bureau, education groups of Beijing Middle School and Beijing No. 10 Middle School to establish long-term partnerships, with pickleball included as a key area of exchange.
“I witnessed firsthand how the power of sports can transcend borders and bring people from different cultural backgrounds closer together,” said Xie Yuan, a student from Wenhua School in Shenzhen who took part in the event.
Speaking of the friends she made during the tour, Ella Geary, a student from the delegation, said, “I find it amazing that you can just instantly bond with someone who lives on the other side of the globe.”
Echoing Geary, Sullivan’s daughter, Reagan Sullivan, also a student from the delegation, depicted the bonds they built as “amazing and unbreakable.”
Pickleball has become a new bond for building friendships, she said.
PEOPLE-TO-PEOPLE FRIENDSHIP
In April 1971, a 15-member U.S. table tennis delegation took a historic trip to China, becoming the first delegation of Americans to visit China in decades.
Recalling the China-U.S. “Ping-Pong Diplomacy” 54 years ago, Sullivan said that sports have a unique power to bring people together.
Beyond discovering China’s cultural charm and technological innovation, many students played Ping-Pong for the first time. Sullivan said a visit to the China Table Tennis Museum gave them deeper insight into the history of “Ping-Pong Diplomacy,” which once helped bridge U.S.-China relations.
Upon hearing Xi’s reply, Stephen Mull, former U.S. acting undersecretary of state for political affairs, emphasized the unifying power of sports.
“It encourages each participant to be the very best version of himself or herself while underscoring the common humanity that binds us all together on the field of play,” he explained.
“Pickleball has served as a unique and joyful bridge between our two cultures, one that allowed for connection, mutual respect and shared learning. Like your vision, we believe that sports engagement is essential in building the foundation for lasting international friendship,” the delegation wrote in the letter to Xi.
The vision refers to Xi’s “50,000 in Five Years” initiative, launched in November 2023. Nearly 15,000 American youth visited China by the end of 2024 under the initiative, observing China with their own eyes and traveling the expanse of the country on their own feet.
“If I had the opportunity, I would definitely go back,” said Joel Geary, a student from the delegation.
“We are all part of the ‘50,000 in Five Years’ initiative,” said Sun Yuyan, a student who participated in the event from Shanghai Luwan High School, adding, “The future of China-U.S. relations should be a shared future shaped by our generation, one that lives up to the promise of our youth.”
“I would love to organize additional exchanges and opportunities, whether it’s through pickleball or other sports, using them as a platform to bring people together,” said Sullivan.
Source: China State Council Information Office
Xi’s reply inspires American, Chinese youths to carry on friendship forged through pickleball
“We are extremely honored to receive a response from President Xi,” said Jeffrey Sullivan, head of the U.S. youth pickleball cultural exchange delegation from Montgomery County, Maryland.
Chinese President Xi Jinping recently replied to the delegation’s letter, congratulating them on their successful visit to China. In April, Sullivan led a group of 44 teachers and students from 13 U.S. schools to China under Xi’s “50,000 in Five Years” initiative, which aims to bring 50,000 young Americans to China for exchange and study programs in a five-year span.
After visiting Shanghai, Shenzhen and Beijing, the delegation sent a letter to Xi, expressing their gratitude for the initiative, noting they had forged unforgettable friendships with Chinese youths during the trip.
In his reply, Xi said he was pleased to see that pickleball has become a new bond for youth exchanges between China and the United States. The future of China-U.S. relations depends on the youth, said Xi, expressing the hope that the delegation members will become a new generation of ambassadors for friendship between the two countries and make greater contributions to enhancing the friendship between the two peoples.
A TRANSFORMATIVE JOURNEY
“Thank you again for your vision and commitment to providing opportunities for our students and our countries to come together and build friendships, relationships and cultural learning opportunities,” the delegation wrote in the letter to Xi.
Hailing the trip as life-changing, Sullivan said it enabled his delegation to immerse themselves in the Chinese culture and experience interpersonal relationships.
“That was made possible because of the hospitality of the Chinese people, who opened their doors to us, who served us wonderful food, who had wonderful performances showcasing the culture and traditions of China,” he said, adding, “It (the visit) would be something that we would take with us forever.”
Echoing Sullivan, Wang Pengfei, one of the initiators of the tour, said, “We want young Americans to see today’s China for themselves.”
“Every high-five on the court, every hands-on experience in traditional craft workshops and every visit to a high-tech company is reshaping how they perceive China’s development,” said Wang.
For student Isabella Brant, celebrating her birthday in China was the most memorable part of the trip. She recalled playing pickleball with her Chinese partners on that day, receiving flowers, but more importantly, gaining friendship.
“Definitely life-changing!” said Brant, adding, “I was a little nervous to go over to China, but it definitely changed my perspective on things and how I viewed everything.”
NEW BONDS
“It was an amazing trip for our students to build friendships through sport,” Sullivan said, adding that the exchange between American and Chinese youths during this tour is “not just on the pickleball court, but also off the court.”
Pickleball, a paddle sport that originated in the United States that blends elements of tennis, badminton and table tennis, is easy to pick up for beginners and has rapidly gained popularity in China.
According to Sullivan, Montgomery is the first U.S. school district to offer pickleball as a varsity sport, as this activity is fully inclusive and continues to bring people of all ability levels together.
The Montgomery County public schools have now begun cooperation with Shenzhen Nanshan District Education Bureau, education groups of Beijing Middle School and Beijing No. 10 Middle School to establish long-term partnerships, with pickleball included as a key area of exchange.
“I witnessed firsthand how the power of sports can transcend borders and bring people from different cultural backgrounds closer together,” said Xie Yuan, a student from Wenhua School in Shenzhen who took part in the event.
Speaking of the friends she made during the tour, Ella Geary, a student from the delegation, said, “I find it amazing that you can just instantly bond with someone who lives on the other side of the globe.”
Echoing Geary, Sullivan’s daughter, Reagan Sullivan, also a student from the delegation, depicted the bonds they built as “amazing and unbreakable.”
Pickleball has become a new bond for building friendships, she said.
PEOPLE-TO-PEOPLE FRIENDSHIP
In April 1971, a 15-member U.S. table tennis delegation took a historic trip to China, becoming the first delegation of Americans to visit China in decades.
Recalling the China-U.S. “Ping-Pong Diplomacy” 54 years ago, Sullivan said that sports have a unique power to bring people together.
Beyond discovering China’s cultural charm and technological innovation, many students played Ping-Pong for the first time. Sullivan said a visit to the China Table Tennis Museum gave them deeper insight into the history of “Ping-Pong Diplomacy,” which once helped bridge U.S.-China relations.
Upon hearing Xi’s reply, Stephen Mull, former U.S. acting undersecretary of state for political affairs, emphasized the unifying power of sports.
“It encourages each participant to be the very best version of himself or herself while underscoring the common humanity that binds us all together on the field of play,” he explained.
“Pickleball has served as a unique and joyful bridge between our two cultures, one that allowed for connection, mutual respect and shared learning. Like your vision, we believe that sports engagement is essential in building the foundation for lasting international friendship,” the delegation wrote in the letter to Xi.
The vision refers to Xi’s “50,000 in Five Years” initiative, launched in November 2023. Nearly 15,000 American youth visited China by the end of 2024 under the initiative, observing China with their own eyes and traveling the expanse of the country on their own feet.
“If I had the opportunity, I would definitely go back,” said Joel Geary, a student from the delegation.
“We are all part of the ‘50,000 in Five Years’ initiative,” said Sun Yuyan, a student who participated in the event from Shanghai Luwan High School, adding, “The future of China-U.S. relations should be a shared future shaped by our generation, one that lives up to the promise of our youth.”
“I would love to organize additional exchanges and opportunities, whether it’s through pickleball or other sports, using them as a platform to bring people together,” said Sullivan.
Source: Hong Kong Government special administrative region
LCQ9: Regulation of medical devices
Question:
At present, Hong Kong has only put in place a voluntary Medical Device Administrative Control System (the System), and there is no legislation to regulate such devices. On the other hand, it is learnt that some merchants are promoting and marketing parallel-imported contact lenses on the Internet, but these products do not have any medical device labelling on their packaging boxes, or the labelling shows signs of alteration (e.g. “the unique device identifier” has been cut off or covered), thus making it difficult to identify whether the products belong to problematic batches, and the quality of such products cannot be guaranteed. In this connection, will the Government inform this Council:
(1) given that contact lenses is a class II medical device under the system, of the Government’s control over the importation and sale (including online sale) of contact lens products;
(2) of the number of reports and requests for assistance received by the Government in the past three years in relation to parallel-imported contact lenses, as well as the categories of such cases (e.g. improper packaging labels, discomfort after use, etc.); whether it has taken law enforcement actions against merchants who have made unauthorised alterations to the packaging information of contact lenses (including parallel-imported contact lenses); if so, of the details; if not, the reasons for that; and
(3) as the Government indicated in June last year that it was conducting a comprehensive review of the proposed legislative framework for medical device regulation, whether the Government will draw up a concrete timetable for introducing legislative amendments to regulate the manufacture, importation, quality assurance, sale and post-sale follow-up of medical devices; if so, of the details; if not, the reasons for that?
Reply:
President,
In consultation with the Commerce and Economic Development Bureau, the Customs and Excise Department (C&ED) and the Department of Health (DH), the Health Bureau provides a consolidated reply to the question raised by Dr the Hon David Lam as follows:
While there is not yet specific legislation to regulate medical devices in Hong Kong, some products are already regulated by existing pieces of legislation, such as the Pharmacy and Poisons Ordinance (Cap. 138), the Consumer Goods Safety Ordinance (CGSO) (Cap. 456) and the Trade Descriptions Ordinance (TDO) (Cap. 362) etc., depending on the characteristics and features of the products concerned.
To safeguard public health, the DH has made reference to the recommendation of the Global Harmonization Task Force (now known as the International Medical Device Regulators Forum) and introduced the voluntary Medical Device Administrative Control System (MDACS) since 2004, under which a listing system for medical devices and traders as well as a post-market monitoring system for the products are put in place.
According to the prevailing MDACS, contact lenses are usually categorised as Class II (low-moderate risk) general medical devices. To apply for listing under the MDACS, a medical device must be proven to have met the requirements under the Essential Principles of Safety and Performance of Medical Devices that are adopted internationally. As for the listing system for traders (including local responsible person, local manufacturers, importers and distributors), traders must meet relevant requirements including holding a valid business registration certificate, maintaining a quality management system for supply of medical devices, and complying with post-market control for the products in order to hold them accountable for the safety of medical devices. Besides, a dedicated reporting system has been set up under the MDACS to handle the reporting of incidents pertaining to listed medical devices, with a view to enhancing protection for users via early detection of safety alerts.
On the other hand, the C&ED is responsible for enforcing the CGSO and the TDO. The safety of consumer goods which are supplied for private use in Hong Kong, if not covered by other legislation, is subject to the regulation of the CGSO and its subsidiary legislation namely the Consumer Goods Safety Regulation (CGSR). This covers contact lenses as mentioned in the question.
Pursuant to the CGSO, manufacturers, importers and suppliers should ensure that the consumer goods they supply are reasonably safe. The CGSR stipulates that any warning or caution marked on the package of consumer goods must be in both the English and the Chinese languages in a legible and conspicuous manner. Covering both goods and services, the TDO prohibits specified unfair trade practices deployed by traders against consumers, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment, which are applicable to the commercial practices of both physical and online traders.
From 2022 to 2024, the C&ED did not receive any complaint on the product safety of contact lenses, but received six complaints of suspected contravention of the TDO. Upon investigation, five cases were closed due to insufficient evidence, with the remaining one under investigation.
Looking ahead, the DH has announced the establishment of the Hong Kong Centre for Medical Products Regulation (CMPR) by the end of 2026, with regulation of medical devices as part of its purview. The Government is taking forward preparatory work for the relevant legislation at full steam having regard to the latest international trends in regulation of medical devices in recent years, and will comprehensively review the proposed legislative framework. It is expected that the legislative proposal could be submitted to the Legislative Council within the next year so as to dovetail with the timetable for establishing the CMPR. Upon legislation, all medical devices supplied in Hong Kong, unless otherwise exempted, must be registered, thereby ensuring the compliance with relevant standards in safety, quality and performance.
Issued at HKT 15:30
NNNN
Source: Hong Kong Government special administrative region
LCQ9: Regulation of medical devices
Question:
At present, Hong Kong has only put in place a voluntary Medical Device Administrative Control System (the System), and there is no legislation to regulate such devices. On the other hand, it is learnt that some merchants are promoting and marketing parallel-imported contact lenses on the Internet, but these products do not have any medical device labelling on their packaging boxes, or the labelling shows signs of alteration (e.g. “the unique device identifier” has been cut off or covered), thus making it difficult to identify whether the products belong to problematic batches, and the quality of such products cannot be guaranteed. In this connection, will the Government inform this Council:
(1) given that contact lenses is a class II medical device under the system, of the Government’s control over the importation and sale (including online sale) of contact lens products;
(2) of the number of reports and requests for assistance received by the Government in the past three years in relation to parallel-imported contact lenses, as well as the categories of such cases (e.g. improper packaging labels, discomfort after use, etc.); whether it has taken law enforcement actions against merchants who have made unauthorised alterations to the packaging information of contact lenses (including parallel-imported contact lenses); if so, of the details; if not, the reasons for that; and
(3) as the Government indicated in June last year that it was conducting a comprehensive review of the proposed legislative framework for medical device regulation, whether the Government will draw up a concrete timetable for introducing legislative amendments to regulate the manufacture, importation, quality assurance, sale and post-sale follow-up of medical devices; if so, of the details; if not, the reasons for that?
Reply:
President,
In consultation with the Commerce and Economic Development Bureau, the Customs and Excise Department (C&ED) and the Department of Health (DH), the Health Bureau provides a consolidated reply to the question raised by Dr the Hon David Lam as follows:
While there is not yet specific legislation to regulate medical devices in Hong Kong, some products are already regulated by existing pieces of legislation, such as the Pharmacy and Poisons Ordinance (Cap. 138), the Consumer Goods Safety Ordinance (CGSO) (Cap. 456) and the Trade Descriptions Ordinance (TDO) (Cap. 362) etc., depending on the characteristics and features of the products concerned.
To safeguard public health, the DH has made reference to the recommendation of the Global Harmonization Task Force (now known as the International Medical Device Regulators Forum) and introduced the voluntary Medical Device Administrative Control System (MDACS) since 2004, under which a listing system for medical devices and traders as well as a post-market monitoring system for the products are put in place.
According to the prevailing MDACS, contact lenses are usually categorised as Class II (low-moderate risk) general medical devices. To apply for listing under the MDACS, a medical device must be proven to have met the requirements under the Essential Principles of Safety and Performance of Medical Devices that are adopted internationally. As for the listing system for traders (including local responsible person, local manufacturers, importers and distributors), traders must meet relevant requirements including holding a valid business registration certificate, maintaining a quality management system for supply of medical devices, and complying with post-market control for the products in order to hold them accountable for the safety of medical devices. Besides, a dedicated reporting system has been set up under the MDACS to handle the reporting of incidents pertaining to listed medical devices, with a view to enhancing protection for users via early detection of safety alerts.
On the other hand, the C&ED is responsible for enforcing the CGSO and the TDO. The safety of consumer goods which are supplied for private use in Hong Kong, if not covered by other legislation, is subject to the regulation of the CGSO and its subsidiary legislation namely the Consumer Goods Safety Regulation (CGSR). This covers contact lenses as mentioned in the question.
Pursuant to the CGSO, manufacturers, importers and suppliers should ensure that the consumer goods they supply are reasonably safe. The CGSR stipulates that any warning or caution marked on the package of consumer goods must be in both the English and the Chinese languages in a legible and conspicuous manner. Covering both goods and services, the TDO prohibits specified unfair trade practices deployed by traders against consumers, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment, which are applicable to the commercial practices of both physical and online traders.
From 2022 to 2024, the C&ED did not receive any complaint on the product safety of contact lenses, but received six complaints of suspected contravention of the TDO. Upon investigation, five cases were closed due to insufficient evidence, with the remaining one under investigation.
Looking ahead, the DH has announced the establishment of the Hong Kong Centre for Medical Products Regulation (CMPR) by the end of 2026, with regulation of medical devices as part of its purview. The Government is taking forward preparatory work for the relevant legislation at full steam having regard to the latest international trends in regulation of medical devices in recent years, and will comprehensively review the proposed legislative framework. It is expected that the legislative proposal could be submitted to the Legislative Council within the next year so as to dovetail with the timetable for establishing the CMPR. Upon legislation, all medical devices supplied in Hong Kong, unless otherwise exempted, must be registered, thereby ensuring the compliance with relevant standards in safety, quality and performance.
Issued at HKT 15:30
NNNN
Source: Hong Kong Government special administrative region
LCQ9: Regulation of medical devices
Question:
At present, Hong Kong has only put in place a voluntary Medical Device Administrative Control System (the System), and there is no legislation to regulate such devices. On the other hand, it is learnt that some merchants are promoting and marketing parallel-imported contact lenses on the Internet, but these products do not have any medical device labelling on their packaging boxes, or the labelling shows signs of alteration (e.g. “the unique device identifier” has been cut off or covered), thus making it difficult to identify whether the products belong to problematic batches, and the quality of such products cannot be guaranteed. In this connection, will the Government inform this Council:
(1) given that contact lenses is a class II medical device under the system, of the Government’s control over the importation and sale (including online sale) of contact lens products;
(2) of the number of reports and requests for assistance received by the Government in the past three years in relation to parallel-imported contact lenses, as well as the categories of such cases (e.g. improper packaging labels, discomfort after use, etc.); whether it has taken law enforcement actions against merchants who have made unauthorised alterations to the packaging information of contact lenses (including parallel-imported contact lenses); if so, of the details; if not, the reasons for that; and
(3) as the Government indicated in June last year that it was conducting a comprehensive review of the proposed legislative framework for medical device regulation, whether the Government will draw up a concrete timetable for introducing legislative amendments to regulate the manufacture, importation, quality assurance, sale and post-sale follow-up of medical devices; if so, of the details; if not, the reasons for that?
Reply:
President,
In consultation with the Commerce and Economic Development Bureau, the Customs and Excise Department (C&ED) and the Department of Health (DH), the Health Bureau provides a consolidated reply to the question raised by Dr the Hon David Lam as follows:
While there is not yet specific legislation to regulate medical devices in Hong Kong, some products are already regulated by existing pieces of legislation, such as the Pharmacy and Poisons Ordinance (Cap. 138), the Consumer Goods Safety Ordinance (CGSO) (Cap. 456) and the Trade Descriptions Ordinance (TDO) (Cap. 362) etc., depending on the characteristics and features of the products concerned.
To safeguard public health, the DH has made reference to the recommendation of the Global Harmonization Task Force (now known as the International Medical Device Regulators Forum) and introduced the voluntary Medical Device Administrative Control System (MDACS) since 2004, under which a listing system for medical devices and traders as well as a post-market monitoring system for the products are put in place.
According to the prevailing MDACS, contact lenses are usually categorised as Class II (low-moderate risk) general medical devices. To apply for listing under the MDACS, a medical device must be proven to have met the requirements under the Essential Principles of Safety and Performance of Medical Devices that are adopted internationally. As for the listing system for traders (including local responsible person, local manufacturers, importers and distributors), traders must meet relevant requirements including holding a valid business registration certificate, maintaining a quality management system for supply of medical devices, and complying with post-market control for the products in order to hold them accountable for the safety of medical devices. Besides, a dedicated reporting system has been set up under the MDACS to handle the reporting of incidents pertaining to listed medical devices, with a view to enhancing protection for users via early detection of safety alerts.
On the other hand, the C&ED is responsible for enforcing the CGSO and the TDO. The safety of consumer goods which are supplied for private use in Hong Kong, if not covered by other legislation, is subject to the regulation of the CGSO and its subsidiary legislation namely the Consumer Goods Safety Regulation (CGSR). This covers contact lenses as mentioned in the question.
Pursuant to the CGSO, manufacturers, importers and suppliers should ensure that the consumer goods they supply are reasonably safe. The CGSR stipulates that any warning or caution marked on the package of consumer goods must be in both the English and the Chinese languages in a legible and conspicuous manner. Covering both goods and services, the TDO prohibits specified unfair trade practices deployed by traders against consumers, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment, which are applicable to the commercial practices of both physical and online traders.
From 2022 to 2024, the C&ED did not receive any complaint on the product safety of contact lenses, but received six complaints of suspected contravention of the TDO. Upon investigation, five cases were closed due to insufficient evidence, with the remaining one under investigation.
Looking ahead, the DH has announced the establishment of the Hong Kong Centre for Medical Products Regulation (CMPR) by the end of 2026, with regulation of medical devices as part of its purview. The Government is taking forward preparatory work for the relevant legislation at full steam having regard to the latest international trends in regulation of medical devices in recent years, and will comprehensively review the proposed legislative framework. It is expected that the legislative proposal could be submitted to the Legislative Council within the next year so as to dovetail with the timetable for establishing the CMPR. Upon legislation, all medical devices supplied in Hong Kong, unless otherwise exempted, must be registered, thereby ensuring the compliance with relevant standards in safety, quality and performance.
Issued at HKT 15:30
NNNN
Source: Government of India
Source: Government of India (4)
In one of the world’s largest offshore energy exploration initiatives, India is set to explore more than 2.5 lakh square kilometres under the Open Acreage Licensing Programme (OALP) Round X, Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Wednesday.
“We are ready to enter a new era of energy… In the field of oil and gas exploration and production, there are no longer obstacles, only possibilities,” the minister said in a post on X.
Hardeep Singh Puri is currently attending a meeting of the Offshore Energy Cluster in Bergen, Norway.
“The bold decision taken by Prime Minister Narendra Modi on the ‘no-go’ area is not only strengthening the country’s energy security but also preparing India to lead a major transformation in the energy sector,” he added.
The Union Minister also met Kristian Sorensen, CEO of BW LPG, the world’s leading owner and operator of LPG vessels, which owns and operates Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM.
“The company is among the leaders in LPG shipping, accounting for 20 per cent of LPG imports into India. During our meeting in Oslo, we discussed ways to further strengthen the collaboration between BW LPG and Indian energy companies,” Puri said.
Meanwhile, the oil and gas blocks being offered under the OALP have already attracted interest from both global and domestic energy players. Round X is expected to set new benchmarks for participation and investment.
The Petroleum Ministry has also invited feedback and suggestions on the Draft Petroleum and Natural Gas Rules, the Model Revenue Sharing Contract (MRSC), and the Petroleum Lease by July 17, 2025, as part of India’s push to accelerate the oil and gas sector.
Hardeep Puri is scheduled to engage with ministers, officials and industry leaders at ‘Urja Varta 2025’ at Bharat Mandapam on July 17, ahead of India’s Round X of exploration and production bidding for oil and gas blocks, which is among the largest globally.
—IANS
Source: GlobeNewswire (MIL-OSI)
New product offers regulated access to one of the most promising blockchain networks in global trade finance
Zurich, 9 July 2025 – 21Shares, one of the world’s leading issuers of cryptocurrency exchange-traded products (ETPs), today announced the launch of the 21Shares XDC Network ETP (ticker: XDCN), now listed on Euronext Paris and Amsterdam. The physically backed ETP provides investors with institutional-grade access to the XDC Network, a blockchain purpose-built to modernise global trade through tokenisation and digitisation of real-world assets.
| Exchange | Product Name | Ticker | ISIN | Fee |
| Euronext Paris and Euronext Amsterdam | 21Shares XDC Network ETP | XDCN | CH1464217285 | 2.50% |
The XDC Network has rapidly emerged as a key infrastructure layer for trade finance and cross-border payments. Its integration with financial messaging standards such as SWIFT and ISO 20022 makes it a compelling choice for institutional adoption. Backed by strategic partnerships with industry players like Deutsche Telekom, SBI Japan, and Archax, the XDC ecosystem is bridging the gap between traditional finance and decentralised networks.
“XDC stands at the intersection of blockchain innovation and real-world utility,” said Mandy Chiu, Head of Financial Product Development at 21Shares. “As global finance begins to embrace tokenised assets, we’re proud to offer investors a regulated way to gain exposure to this critical infrastructure.”
“XDC Network is a fast, compliant settlement layer for global payments and tokenized real-world assets – and this ETP brings that vision to life,” said Ritesh Kakkad, Co-Founder of XDC Network. “This ETP launch represents a significant milestone in XDC Network’s journey toward mainstream institutional adoption,” said Ziv Keinan, Head of Markets and Partnerships at XDC Network. “By partnering with 21Shares to bring regulated exposure to European investors, we’re enabling traditional financial institutions to participate in the future of payment and trade finance infrastructure. This product validates XDC’s position as the blockchain of choice for real-world asset tokenization and cross-border payment solutions.”
The 21Shares XDC Network ETP (ISIN: CH1464217285) is denominated in USD (Euronext Amsterdam) and EUR (Euronext Paris), with a management fee of 2.50%. It is fully collateralised by the underlying asset and held in institutional-grade cold storage.
For more information, please visit: www.21shares.com
Notes to editors
About 21Shares
21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.
21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.
Media Contact
Matteo Valli
matteo.valli@21shares.com
About XDC Network
XDC Network is an enterprise-grade, EVM-compatible Layer 1 blockchain protocol designed to revolutionize global trade finance through the tokenization of real-world assets and financial instruments. Since its origins in 2017, XDC Network has built a distributed community of developers and enterprises using its technology for efficient data storage, asset exchange, and decentralized applications. The network supports smart contracts, offers 2-second transaction finality, and maintains compatibility with Ethereum tools while delivering significantly lower costs and energy consumption.
DISCLAIMER
This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.
This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.
This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.
Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.
The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.
This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).
###
Source: GlobeNewswire (MIL-OSI)
New product offers regulated access to one of the most promising blockchain networks in global trade finance
Zurich, 9 July 2025 – 21Shares, one of the world’s leading issuers of cryptocurrency exchange-traded products (ETPs), today announced the launch of the 21Shares XDC Network ETP (ticker: XDCN), now listed on Euronext Paris and Amsterdam. The physically backed ETP provides investors with institutional-grade access to the XDC Network, a blockchain purpose-built to modernise global trade through tokenisation and digitisation of real-world assets.
| Exchange | Product Name | Ticker | ISIN | Fee |
| Euronext Paris and Euronext Amsterdam | 21Shares XDC Network ETP | XDCN | CH1464217285 | 2.50% |
The XDC Network has rapidly emerged as a key infrastructure layer for trade finance and cross-border payments. Its integration with financial messaging standards such as SWIFT and ISO 20022 makes it a compelling choice for institutional adoption. Backed by strategic partnerships with industry players like Deutsche Telekom, SBI Japan, and Archax, the XDC ecosystem is bridging the gap between traditional finance and decentralised networks.
“XDC stands at the intersection of blockchain innovation and real-world utility,” said Mandy Chiu, Head of Financial Product Development at 21Shares. “As global finance begins to embrace tokenised assets, we’re proud to offer investors a regulated way to gain exposure to this critical infrastructure.”
“XDC Network is a fast, compliant settlement layer for global payments and tokenized real-world assets – and this ETP brings that vision to life,” said Ritesh Kakkad, Co-Founder of XDC Network. “This ETP launch represents a significant milestone in XDC Network’s journey toward mainstream institutional adoption,” said Ziv Keinan, Head of Markets and Partnerships at XDC Network. “By partnering with 21Shares to bring regulated exposure to European investors, we’re enabling traditional financial institutions to participate in the future of payment and trade finance infrastructure. This product validates XDC’s position as the blockchain of choice for real-world asset tokenization and cross-border payment solutions.”
The 21Shares XDC Network ETP (ISIN: CH1464217285) is denominated in USD (Euronext Amsterdam) and EUR (Euronext Paris), with a management fee of 2.50%. It is fully collateralised by the underlying asset and held in institutional-grade cold storage.
For more information, please visit: www.21shares.com
Notes to editors
About 21Shares
21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.
21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.
Media Contact
Matteo Valli
matteo.valli@21shares.com
About XDC Network
XDC Network is an enterprise-grade, EVM-compatible Layer 1 blockchain protocol designed to revolutionize global trade finance through the tokenization of real-world assets and financial instruments. Since its origins in 2017, XDC Network has built a distributed community of developers and enterprises using its technology for efficient data storage, asset exchange, and decentralized applications. The network supports smart contracts, offers 2-second transaction finality, and maintains compatibility with Ethereum tools while delivering significantly lower costs and energy consumption.
DISCLAIMER
This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.
This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.
This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.
Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.
The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.
This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).
###
Source: GlobeNewswire (MIL-OSI)
4BIO investing in unique radiopharmaceutical platform company, developing radioligands with prolonged tumour retention
Series A was co-led by 4BIO Capital, founding investor M Ventures, Hadean Ventures, and Sofinnova Partners, with syndicate including Bioqube Ventures, Surveyor Capital (a Citadel company) and others
Proceeds will support clinical development of Actithera’s fibroblast activation protein (FAP)-targeting candidate and pipeline expansion
London, United Kingdom, 9 July 2025 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies and other emerging technologies, today announces that it has co-led a $75.5 million Series A Financing round of Actithera (the “Company”).
Radiopharmaceutical therapy (or radioligand therapy, RLT) is a targeted form of radiotherapy that can treat cancers resistant to other therapies and represents a $7.5 billion market projected to grow to $14.4 billion by 20341. RLTs with the appropriate pharmacokinetic profile can achieve efficacy with minimal toxicity; however, attaining the ideal pharmacokinetic characteristics is not trivial. 4BIO’s investment in Actithera highlights the clear need for a more systematic approach to optimizing RLT vectors and exemplifies the Group’s strategy of identifying critical technology gaps, backing innovative solutions, and supporting them in high-growth markets.
4BIO co-led the oversubscribed round alongside founding investor M Ventures, Hadean Ventures, and Sofinnova Partners with additional participation from Bioqube Ventures, Innovestor’s Life Science Fund, Investinor, Surveyor Capital (a Citadel company), and the second founding investor, Arkin Bio Ventures II.
Therese Liechtenstein, incoming Board Member and Investment Director at 4BIO Capital, said: “At 4BIO we invest in companies solving technical unmet needs to enable next-generation therapeutics. We are honoured to support Actithera, whose pipeline of molecules addresses key challenges in the nascent radioligand therapies space; a large therapeutic window through high tumour retention and low systemic exposure, applied to a lead programme that has significant pan-tumour therapeutic potential.”
Dr Andreas Goutopoulous, Founder and CEO of Actithera, added: “We are grateful for 4BIO Capital’s support in this oversubscribed Series A, which is a strong validation of our approach. We set out to bring structure-based and kinetics-driven thinking from small molecule drug design into the world of radiopharmaceuticals. We engineer our radioconjugates for extended retention within tumours, making them ideally suited for longer-lived radionuclides and ultimately delivering more convenient dosing schedules and enhanced efficacy and safety for patients.”
As part of the Series A financing, Therese Liechtenstein, Investment Director at 4BIO Capital will join the Actithera Board of Directors.
The financing will support the advancement of Actithera’s lead FAP asset into clinical development in multiple indications, while also enabling the continued development of its proprietary RLT discovery platform and preclinical pipeline.
The Company’s discovery platform combines rational drug design with radiochemistry to create novel small molecule radioligands that overcome current limitations in radiopharmaceutical development. Its three-pillar platform includes first-in-class covalent targeting strategies, designed to optimize tumour residence time, while ensuring rapid systemic clearance – improving precision, safety, and efficacy. Two additional proprietary approaches further support compound differentiation and improve tumour residence time and selectivity. This platform was validated through Actithera’s work on FAP, a high-value theranostic target known for being difficult to drug with molecules that maintain prolonged tumour residency. These efforts have resulted in a FAP-directed RLT development candidate with best-in-class potential due to its optimal pharmacokinetic profile and tumour specificity.
Dr Andreas Goutopoulos, founder and CEO, brings over 25 years of pharmaceutical and biotech industry experience, including a track record of more than a dozen development candidates. His background includes over a decade of discovery leadership at EMD Serono, where he led medicinal chemistry. In his role as Entrepreneur-in-Residence (EIR) at M Ventures, he led the scientific efforts of and supported a number of oncology small molecule biotechs. At Actithera, he is pioneering a chemistry-driven, precision approach to RLTs by integrating novel covalent-targeting chemistries, rational drug design principles and an isotope-agnostic philosophy.
– End –
Contacts
| 4BIO Capital | +44 (0) 203 427 5500 info@4biocapital.com |
| ICR Healthcare Amber Fennell, Jonathan Edwards, Kris Lam |
+44 (0)20 3709 5700 4biocapital@icrhealthcare.com |
About 4BIO Capital
4BIO Capital (“4BIO”) is an international venture capital firm focused on investing in advanced therapies and emerging modalities, to unlock the treatments of the future. 4BIO’s mission is to invest in, support, and grow early-stage companies solving technical bottlenecks that enable next generation therapeutics in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially transformative therapies for all patients. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors with an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, connect with us on LinkedIn and Twitter @4biocapital and visit www.4biocapital.com.
About Actithera
Actithera is a radiopharmaceutical biotech company translating medicinal chemistry insights into next-generation radioligand therapies (RLTs). Founded in 2021 by drug discovery innovator Dr. Andreas Goutopoulos, and seed investors M Ventures, and Arkin Bio-Holdings, Actithera applies various molecular design strategies, including covalent-targeting and an isotope-agnostic philosophy to invent RLTs with significant differentiation and larger therapeutic windows. Headquartered in Oslo, Norway, and Cambridge, Massachusetts, Actithera is committed to advancing a differentiated pipeline addressing critical unmet needs in oncology. Learn more at www.actithera.com and on LinkedIn.
1 https://www.precedenceresearch.com/radiopharmaceuticals-market
Source: GlobeNewswire (MIL-OSI)
4BIO investing in unique radiopharmaceutical platform company, developing radioligands with prolonged tumour retention
Series A was co-led by 4BIO Capital, founding investor M Ventures, Hadean Ventures, and Sofinnova Partners, with syndicate including Bioqube Ventures, Surveyor Capital (a Citadel company) and others
Proceeds will support clinical development of Actithera’s fibroblast activation protein (FAP)-targeting candidate and pipeline expansion
London, United Kingdom, 9 July 2025 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies and other emerging technologies, today announces that it has co-led a $75.5 million Series A Financing round of Actithera (the “Company”).
Radiopharmaceutical therapy (or radioligand therapy, RLT) is a targeted form of radiotherapy that can treat cancers resistant to other therapies and represents a $7.5 billion market projected to grow to $14.4 billion by 20341. RLTs with the appropriate pharmacokinetic profile can achieve efficacy with minimal toxicity; however, attaining the ideal pharmacokinetic characteristics is not trivial. 4BIO’s investment in Actithera highlights the clear need for a more systematic approach to optimizing RLT vectors and exemplifies the Group’s strategy of identifying critical technology gaps, backing innovative solutions, and supporting them in high-growth markets.
4BIO co-led the oversubscribed round alongside founding investor M Ventures, Hadean Ventures, and Sofinnova Partners with additional participation from Bioqube Ventures, Innovestor’s Life Science Fund, Investinor, Surveyor Capital (a Citadel company), and the second founding investor, Arkin Bio Ventures II.
Therese Liechtenstein, incoming Board Member and Investment Director at 4BIO Capital, said: “At 4BIO we invest in companies solving technical unmet needs to enable next-generation therapeutics. We are honoured to support Actithera, whose pipeline of molecules addresses key challenges in the nascent radioligand therapies space; a large therapeutic window through high tumour retention and low systemic exposure, applied to a lead programme that has significant pan-tumour therapeutic potential.”
Dr Andreas Goutopoulous, Founder and CEO of Actithera, added: “We are grateful for 4BIO Capital’s support in this oversubscribed Series A, which is a strong validation of our approach. We set out to bring structure-based and kinetics-driven thinking from small molecule drug design into the world of radiopharmaceuticals. We engineer our radioconjugates for extended retention within tumours, making them ideally suited for longer-lived radionuclides and ultimately delivering more convenient dosing schedules and enhanced efficacy and safety for patients.”
As part of the Series A financing, Therese Liechtenstein, Investment Director at 4BIO Capital will join the Actithera Board of Directors.
The financing will support the advancement of Actithera’s lead FAP asset into clinical development in multiple indications, while also enabling the continued development of its proprietary RLT discovery platform and preclinical pipeline.
The Company’s discovery platform combines rational drug design with radiochemistry to create novel small molecule radioligands that overcome current limitations in radiopharmaceutical development. Its three-pillar platform includes first-in-class covalent targeting strategies, designed to optimize tumour residence time, while ensuring rapid systemic clearance – improving precision, safety, and efficacy. Two additional proprietary approaches further support compound differentiation and improve tumour residence time and selectivity. This platform was validated through Actithera’s work on FAP, a high-value theranostic target known for being difficult to drug with molecules that maintain prolonged tumour residency. These efforts have resulted in a FAP-directed RLT development candidate with best-in-class potential due to its optimal pharmacokinetic profile and tumour specificity.
Dr Andreas Goutopoulos, founder and CEO, brings over 25 years of pharmaceutical and biotech industry experience, including a track record of more than a dozen development candidates. His background includes over a decade of discovery leadership at EMD Serono, where he led medicinal chemistry. In his role as Entrepreneur-in-Residence (EIR) at M Ventures, he led the scientific efforts of and supported a number of oncology small molecule biotechs. At Actithera, he is pioneering a chemistry-driven, precision approach to RLTs by integrating novel covalent-targeting chemistries, rational drug design principles and an isotope-agnostic philosophy.
– End –
Contacts
| 4BIO Capital | +44 (0) 203 427 5500 info@4biocapital.com |
| ICR Healthcare Amber Fennell, Jonathan Edwards, Kris Lam |
+44 (0)20 3709 5700 4biocapital@icrhealthcare.com |
About 4BIO Capital
4BIO Capital (“4BIO”) is an international venture capital firm focused on investing in advanced therapies and emerging modalities, to unlock the treatments of the future. 4BIO’s mission is to invest in, support, and grow early-stage companies solving technical bottlenecks that enable next generation therapeutics in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially transformative therapies for all patients. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors with an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, connect with us on LinkedIn and Twitter @4biocapital and visit www.4biocapital.com.
About Actithera
Actithera is a radiopharmaceutical biotech company translating medicinal chemistry insights into next-generation radioligand therapies (RLTs). Founded in 2021 by drug discovery innovator Dr. Andreas Goutopoulos, and seed investors M Ventures, and Arkin Bio-Holdings, Actithera applies various molecular design strategies, including covalent-targeting and an isotope-agnostic philosophy to invent RLTs with significant differentiation and larger therapeutic windows. Headquartered in Oslo, Norway, and Cambridge, Massachusetts, Actithera is committed to advancing a differentiated pipeline addressing critical unmet needs in oncology. Learn more at www.actithera.com and on LinkedIn.
1 https://www.precedenceresearch.com/radiopharmaceuticals-market
Source: GlobeNewswire (MIL-OSI)
Press Release
VELIZY-VILLACOUBLAY, France — July 9, 2025
Declaration of the number of outstanding shares and
voting rights as of June 30, 2025
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced below the total number of its outstanding shares and voting rights as of June 30, 2025, according to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers.
Number of outstanding shares: 1,344,885,108
Number of voting rights*: 2,017,243,755
*The total number of voting rights is calculated on the basis of the total number of outstanding shares, even if the voting rights attached thereto are suspended, pursuant to Article 223-11 of the General Regulation of the Autorité des marchés financiers relating to the method for calculating the percentages of holdings in shares and in voting rights. We invite our shareholders to refer to this article should they need to declare crossing of thresholds.
Declarations related to crossing of threshold must be sent to:
Dassault Systèmes, Investor Relations Service, 10, rue Marcel Dassault, CS 40501, 78946 Vélizy-Villacoublay Cedex (France). E-mail address: Investors@3ds.com
###
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com
Dassault Systèmes Investor Relations Team FTI Consulting
Béatrix Martinez : Arnaud de Cheffontaines: +33 1 47 03 69 48
+33 1 61 62 40 73 Jamie Ricketts : +44 20 3727 1600
investors@3ds.com
Dassault Systèmes Press Contacts
Corporate / France
Arnaud Malherbe / Déborah Cobbi
+33 1 61 62 87 73 / +33 1 61 62 70 83
arnaud.malherbe@3ds.com / deborah.cobbi@3ds.com
Attachment
Source: People’s Republic of China – State Council News
Chinese central gov’t to issue around 836.3 mln USD of sovereign bonds in Macao SAR
MACAO, July 9 — The Macao Special Administrative Region (SAR) government said on Wednesday that China’s Ministry of Finance (MOF) will issue sovereign bonds totaling 6 billion yuan (about 836.3 million U.S. dollars) in Macao on July 16.
A joint announcement made by the MOF and the Macao SAR government noted that the continued issuance of renminbi-denominated sovereign bonds in Macao demonstrates the central government’s support for the SAR government in expediting the cultivation of the bond market and other new financial businesses, thereby advancing the appropriate diversification of the economy.
With a steadily increasing issuance size, the fourth consecutive year of the sovereign bond issuance is conducive to further optimizing a regular issuance mechanism, providing investors with a secure and stable investment option, the announcement said.
The Macao SAR government said the sustained issuance of sovereign bonds is believed to attract international investors to participate in Macao’s bond market, foster the growth of the offshore renminbi market in Macao, and further deepen financial cooperation between the Chinese mainland and Macao.
Source: People’s Republic of China – State Council News
Chinese central gov’t to issue around 836.3 mln USD of sovereign bonds in Macao SAR
MACAO, July 9 — The Macao Special Administrative Region (SAR) government said on Wednesday that China’s Ministry of Finance (MOF) will issue sovereign bonds totaling 6 billion yuan (about 836.3 million U.S. dollars) in Macao on July 16.
A joint announcement made by the MOF and the Macao SAR government noted that the continued issuance of renminbi-denominated sovereign bonds in Macao demonstrates the central government’s support for the SAR government in expediting the cultivation of the bond market and other new financial businesses, thereby advancing the appropriate diversification of the economy.
With a steadily increasing issuance size, the fourth consecutive year of the sovereign bond issuance is conducive to further optimizing a regular issuance mechanism, providing investors with a secure and stable investment option, the announcement said.
The Macao SAR government said the sustained issuance of sovereign bonds is believed to attract international investors to participate in Macao’s bond market, foster the growth of the offshore renminbi market in Macao, and further deepen financial cooperation between the Chinese mainland and Macao.
Source: The Conversation (Au and NZ) – By Samuel Cornell, PhD Candidate in Public Health & Community Medicine, School of Population Health, UNSW Sydney
Walk through any trendy suburb and you might find a new “wellness” studio offering ice baths or “contrast therapy” (a sauna and ice bath combo).
Scroll social media, and you’re likely to come across influencers preaching the cold plunge gospel with cult-like zeal.
Ice baths have gone mainstream. Initially practised mainly among high-performance athletes, cold water immersion is now a booming business model: sold as recovery, discipline and therapy all in one.
But the benefits are questionable and, importantly, ice baths can have health risks – particularly for people who have limited experience using them.
Cold water immersion isn’t a new concept.
The “frigidarium” – a room with a cold plunge pool or bath – was a feature in most Roman bathhouses.
For decades, athletes have used cold water immersion, such as swims in cold water, for recovery.
But in recent years, with the proliferation of commercial cold plunge centres, there’s been an explosion in people using ice baths recreationally.
Many people are even setting up their own ice baths at home. The global cold plunge tub market was valued at close to US$338 million in 2024 and is projected to reach nearly $483 million by 2033.
Social media shows serene influencers meditating through the pain, claiming it boosts mental health, serotonin, testosterone, and their metabolism. But does the evidence stack up?
Ice baths can reduce muscle soreness after intense training, however the effect is modest and short-lived.
Some research shows cold water immersion can improve mood after a single exposure in young, healthy people, but other research doesn’t find these benefits.
Most claims about mental health, testosterone and weight loss aren’t backed by strong evidence. Rather, they’re anecdotal and amplified by influencers.
At commercial establishments, patrons can often use the ice baths as they please during a booked session. Ice bath temperatures often range anywhere from 3°C to 15°C. There normally isn’t actual ice in the bath, but some people add blocks of ice to their ice baths at home.
Businesses offering ice baths don’t always actively supervise patrons or monitor a person’s time in the ice bath. They may leave their customers to self-regulate, assuming people will know to get out of the water before they pass their body’s limits.
Cold water immersion triggers a powerful physiological response. When you hit cold water below 15°C, your body launches into cold shock. Gasping occurs and breathing becomes rapid and uncontrollable. Heart rate spikes. Blood pressure rises.
Staying in the water for too long can lead to hypothermia, a condition where a person’s core body temperature drops dangerously low.
Shivering may begin within minutes in cold water. Confusion or fainting are more serious signs that hypothermia may be developing.
Occasionally, this “cold shock” response can lead to a heart attack or stroke – especially if you have an undiagnosed condition affecting your heart, blood vessels or brain.
As far back as 1969, researchers found even experienced swimmers could struggle after just a few minutes in cold water. Participants were immersed in water at 4.7°C while fully clothed and asked to swim as if trying to reach safety. Some developed serious respiratory distress and had to stop swimming within as little as 90 seconds, well before any measurable drop in core body temperature.
Even after you get out, your core temperature can continue to fall – a phenomenon known as afterdrop. So you can encounter problems, such as collapse, even after leaving the water.
And even young, healthy people can be caught off guard. The body isn’t designed to endure freezing water for extended periods.
Recently one of us (Sam Cornell) had to provide first aid at an ice bath venue in Sydney. A young man collapsed after staying in an ice bath for ten minutes. He was shivering uncontrollably and clearly suffering from cold shock.
Cold exposure can also cause long-term damage to nerves and blood vessels in the hands and feet, known as non-freezing cold injury. This is more likely if someone spends an extended period immersed in cold water. Symptoms such as numbness, pain and sensitivity to cold can persist for years.
The ice bath trend is part of a broader wellness movement, promoted to young men in particular, where discomfort is repackaged as discipline. Push through the pain. Master your body. If you feel terrible, you must be doing it right.
But behind the hype lies a less appealing truth. Ice baths can be dangerous.
We advise caution, but if you do choose to try an ice bath, treat it seriously and follow these tips to reduce the risk of harm.
1. Talk to your doctor: get checked out first. If you or your family have any heart, stroke or respiratory risk, skip it
2. Know your limits: being fit doesn’t protect you from cold shock
3. Start gradually: begin with short warm to cold showers before full immersion
4. Never go alone: always have someone with you, especially if you’re new to ice baths
5. Keep it short and watch the temperature: limit sessions to 3–5 minutes and remember, problems can still occur after you get out
6. Recognise the signs of danger: symptoms such as shivering, numbness and confusion can all seem like part of the experience to someone bent on pushing themselves. But these can be signs of hypothermia.
Samuel Cornell receives funding from Meta Platforms, Inc. His research is supported by a University of New South Wales Sydney, University Postgraduate Award. His research is supported by Royal Life Saving Society – Australia to aid in the prevention of drowning. Research at Royal Life Saving Society – Australia is supported by the Australian government. He has been affiliated with Surf Life Saving Australia and Surf Life Saving NSW in a paid and voluntary capacity.
Michael Tipton has previously received funding from organisations working in drowning prevention and water safety. He is Chair of the UK National Water Safety Forum, hosted by the Royal Society for the Prevention of Accidents (RoSPA), and a member of Council of the Royal National Lifeboat Institution (RNLI).
– ref. Ice baths are booming in popularity – but they come with health risks – https://theconversation.com/ice-baths-are-booming-in-popularity-but-they-come-with-health-risks-260206
Source: The Conversation (Au and NZ) – By Shannon Bosch, Associate Professor (Law), Edith Cowan University
Israel’s Defence Minister Israel Katz has announced a controversial plan to move up to 600,000 Palestinians in Gaza into a designated “humanitarian area” on the ruins of the southern city of Rafah.
Access to the camp would be through strict security screening to ensure entrants were not Hamas operatives. Once inside, the perimeter would be sealed off by the Israeli military. Palestinians would not be allowed to leave.
Eventually the camp would house the entire 2.1 million population of Gaza.
Camp construction would begin during the proposed 60-day ceasefire being negotiated by Israel and Hamas
The plan is illegal, inhumane and risks worsening the humanitarian crisis in Gaza.
The forced displacement and containment of any civilian population in an occupied territory is a violation of international humanitarian law.
Done on this scale would constitute a war crime and a crime against humanity under the Rome Statute.
The UN Security Council, UN General Assembly and UN Commission on Human Rights have all condemned instances of forced transfer in armed conflicts.
So too, the International Committee of the Red Cross and the Red Crescent, which have stressed the fundamental prohibition of forced displacement of a civilian population and the need for all parties to respect this prohibition.
Katz is describing the camp as a “humanitarian city”. The Israeli military says Palestinians would only be contained for their own protection.
As we have seen, civilian displacement is prohibited. But there is an exception if a case can be made either for military reasons or the protection of the population.
However, this exception only exists for as long as the conditions warrant for it to exist. Anyone subject to such an evacuation must be transferred back to their homes as soon as possible.
Imperative military reasons never justify the removal of a civilian population in order to persecute it. The Guiding Principles on Internal Displacement entrenches the duty of international actors to avoid creating the conditions that might lead to the displacement of people.
Katz has indicated international organisations would be responsible for managing aid and services inside the area.
But Israel has a history of defying even orders from the International Court of Justice to allow humanitarian aid to reach the Palestinians in Gaza.
If international humanitarian agencies were called upon to service the camp, they would face a dilemma.
They would need to decide whether to cooperate in managing aid under conditions that compromise their neutrality and ethical standards, deny basic human rights and are built on violations of international law.
Aid groups would risk being complicit in a process that sets up a transit camp for Palestinians before possibly expelling them from Gaza altogether.
This “humanitarian city” would essentially become an open-air prison. Palestinians would be reliant on international aid under strict Israeli military control.
Could the Rafah camp be a precursor to mass expulsion from Gaza and what does international law say about that?
Katz has been quoted saying Israel aims to implement “the emigration plan, which will happen” – meaning Gazans will eventually be forced to leave for other countries.
Changing the demographic composition of a territory – ethnic cleansing – achieved through the displacement of the civilian population of a territory is strictly prohibited under international law.
The idea of displacing Palestinians has long been part of Israeli strategic thinking, but this announcement signals a dangerous escalation and intention to permanently alter Gaza’s demographic landscape through displacement and containment.
According to Katz, Gazans would have the option of “voluntary” emigration.
Indeed, speaking at the White House this week, Prime Minister Benjamin Netanyahu said there would be no forced exodus from Gaza:
If people want to stay, they can stay, but if they want to leave, they should be able to leave.
But the scale of the humanitarian crisis in Gaza is incomprehensible.
The population has been displaced multiple times and 90% of homes in Gaza are damaged or destroyed. The healthcare, water, sanitation and hygiene systems have collapsed.
On average 100 Palestinians are killed daily as they try to access food.
These crisis circumstances negate the voluntary nature of any person’s consent to either the transfer to the Rafah camp or ultimately, the departure from Gaza.
According to Amos Goldberg, historian of the Holocaust at the Hebrew University of Jerusalem, what the defence minister laid out was clear plans for the ethnic cleansing of Gaza:
[it is] a transit camp for Palestinians before they expel them. It is neither humanitarian nor a city.
Shannon Bosch does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Israel’s Rafah camp – ‘humanitarian city’ or crime against humanity? – https://theconversation.com/israels-rafah-camp-humanitarian-city-or-crime-against-humanity-260809