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Category: Business

  • MIL-OSI China: China’s structural tax, fee reductions benefit high-tech, advanced manufacturing firms

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

    China’s structural tax, fee reductions benefit high-tech, advanced manufacturing firms

    BEIJING, July 4 — China’s structural tax and fee reduction policies have injected fresh momentum into the high-quality development of firms engaged in technological innovation and advanced manufacturing, the latest data has shown.

    In the first five months of 2025, the total value of tax and fee reductions and tax refunds, which were geared toward supporting technological innovation and the development of advanced manufacturing, reached 636.1 billion yuan (about 88.9 billion U.S. dollars), data from the State Taxation Administration revealed on Friday.

    Of these, corporate income tax reductions for high-tech firms and emerging industries accounted for 140.7 billion yuan, while VAT deductions and tax refunds for advanced manufacturing enterprises amounted to 415.8 billion yuan, according to this data.

    High-tech firms and those engaged in advanced manufacturing have benefited from such supportive policies, demonstrating robust growth. Notably, in the first five months of this year, sales revenue of high-tech industries increased by 14.2 percent year on year.

    During the same period, sales revenue of equipment manufacturing and digital product manufacturing companies rose by 9 percent and 12.1 percent year on year, respectively, official data confirmed.

    MIL OSI China News –

  • MIL-OSI China: Deloitte announces China’s 2025 Best Managed Companies

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

    Deloitte China announced 75 winners of the 2025 China’s Best Managed Companies awards program in Beijing on July 4. The combined 2024 revenue of the winners hit approximately 3.2 trillion yuan.

    Among those awarded, 12 are new winners, 13 platinum winners have received the award for seven consecutive years, 11 companies have won for five consecutive years and 6 for six consecutive years, with 33 other consecutive-year winners. 

    “The winning companies this year cover multiple industries including consumer, industrial manufacturing, technology, life sciences, energy, real estate, education, and finance,” said Zhao Jian, lead partner of the Deloitte China BMC Program. “The BMC program is not only a long-standing selection activity but also a platform and window for showcasing excellent enterprises.”

    Wang Tuoxuan, Deloitte China North & West China managing partner said this year’s BMC results demonstrate the strong vitality and adaptability of outstanding private enterprises under pressure.

    “China’s private economy is at a critical juncture of shifting growth drivers and enhancing resilience,” said Wang. Despite complex and changing external challenges, a group of outstanding private enterprises have been embracing change, internalizing the national strategic direction of high-quality development, and accelerating new quality productive forces as the core driver for their transformation and upgrading.

    As co-organizer and strategic academic partner of the BMC program, Professor Hui Kai-Lung, acting dean of HKUST Business School, added. “The deep resonance between excellent management practices and business education innovation is reshaping the growth paradigm of Chinese enterprises. These companies are not only industry benchmarks but also living textbooks for business education.”

    “2025 is the final year of the 14th Five-Year Plan and the planning year for the 15th Five-Year Plan,” said Liu Xiao, co-publisher of Harvard Business Review China (Chinese edition) in his interpretation of the BMC list. “Facing the dual challenges of global value chain restructuring and accelerating technological revolution, enterprises not only need technological breakthroughs, innovation in production factors, and deep industrial transformation and upgrading, but also a corresponding paradigm shift in development to foster the emergence of new quality productive forces.”

    With a history of 32 years and a network spanning nearly 50 countries and regions, BMC is co-launched by Deloitte, Bank of Singapore, HKUST Business School and Harvard Business Review, with an aim to find companies with systematic and excellent management capabilities.

    MIL OSI China News –

  • MIL-OSI China: Beijing E-Town unveils ambitious plan to become leading AI hub

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

    Attendees listen to a speaker at the AI Ecosystem Rainforest Conference in Beijing E-Town, July 2, 2025. [Photo provided to China.org.cn]

    Beijing’s Economic-Technological Development Area, known as E-Town, plans to become a regional hub for artificial intelligence, Wang Zhanshuo, deputy director of the area’s administrative committee, said at the AI Ecosystem Rainforest Conference in Beijing on July 2.

    The plan, dubbed the “Pan-AI-enabled City,” aims to cluster more than 600 leading AI enterprises by 2025, launch 100 key application scenarios for public access, and boost the industry’s scale beyond $11 billion.

    Wang said the strategy will leverage E-Town’s policies, including subsidies of up to $1.4 million for each domestically developed computing infrastructure project, and annual support of up to $13.8 million per enterprise that demonstrates competitiveness in both domestic and international markets. The area will also issue data vouchers worth $13.8 million to support data circulation and trading.

    To promote real-world AI applications, E-Town will establish integrated hubs for culture, commerce, tourism and sports, and will focus on sectors such as education, elderly care and media.

    Additionally, the “Magic World” AI community being developed by E-Town is offering companies ready-to-use facilities, free office space for the first year, and free high-performance computing power for the first month.

    “E-Town’s overall GDP growth has already reached double digits, with AI-related industries contributing more than $1.4 billion in new growth,” Wang said. “The area possesses the key scenarios and socio-economic advantages needed for developing the AI industry.”

    Li Shizun, CEO of Johnsmith.ai, was among the first to move into Magic World. Li unveiled the company’s new “Real-time Avatar,” a digital human livestreaming technology, at the event.

    The product uses eight AI agents to achieve 95% lip-sync accuracy, recognizes 98 types of user intent, and supports multilingual interaction.

    According to test data, livestream rooms using the technology saw a 42% increase in user engagement time, a 25% rise in product click-through rates, and a 16% improvement in sales conversion rates.

    Johnsmith.ai has already worked with global brands such as Lancôme and Estée Lauder, totaling more than 3 million hours of livestreaming and reaching a 96% client renewal rate in its fourth year.

    “‘Real-time Avatar’ consumes 100,000 tokens per hour — five times that of a typical chatbot — but delivers sales performance surpassing top human hosts,” Li said.

    AI-powered avatars are also gaining traction in other sectors. Matthew Heller, CEO of 37 Partners, said his team has developed a platform that uses AI technology to help sports stars connect emotionally with Chinese fans, turning NBA athletes’ intellectual property into personalized retail experiences.

    “We’re looking at generative AI avatars as a way to build those connections even deeper,” Heller said. “These avatars will be digital twins of our celebrities, with one key exception: They’ll speak the local language, so they’ll speak Mandarin.”

    AI innovation is also transforming the fashion sector. Regina Zeng, CEO of Inno Baker, showcased AI applications across the industry value chain, from generating new designs with style transfer algorithms to enabling personalized advertising based on consumer profiles and brand style.

    During a panel discussion, guests agreed that AI is evolving from an efficiency tool into a “commercial operating system.” Li said digital human livestreaming has moved beyond replacing basic labor to creating new value, with the next breakthrough expected in emotional interaction.

    Tian Ruifeng, director of industry innovation at the China Chain Store and Franchise Association, compared retail AI to a “rainforest ecosystem,” adding that E-Town’s policy practices are providing the necessary institutional framework needed to support the development and integration of AI across many sectors.

    MIL OSI China News –

  • MIL-OSI China: Commerce ministry says dialogue, cooperation are right way as US lifts trade restrictions

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

    China’s Ministry of Commerce said Friday that dialogue and cooperation are the right path forward, in response to the U.S. lifting of a series of economic and trade restrictions on China.

    A spokesperson for the ministry made the remarks in response to a media query about recent reports that certain Chinese companies have received notices from the U.S. Department of Commerce regarding the resumption of exports to China of products such as electronic design automation software, ethane, and aircraft engines.

    The spokesperson confirmed that following the recent China-U.S. economic and trade talks in London, both sides had finalized implementation details to carry out the important consensus reached by the two heads of state during their phone talks on June 5, and to consolidate the outcomes of the economic and trade talks in Geneva.

    As part of this process, China is reviewing applications for export licenses for eligible controlled items in accordance with laws and regulations, while the United States has taken corresponding steps to remove certain restrictive measures and has informed the Chinese side, the spokesperson said.

    Describing the framework reached during the economic and trade talks in London as “hard-won,” the spokesperson stressed that dialogue and cooperation are the right path forward, while threats and coercion “lead nowhere.”

    The spokesperson urged the United States to fully recognize the mutually beneficial nature of China-U.S. economic and trade ties, continue to meet China halfway, and further correct its erroneous practices to jointly implement the important consensus reached by the two heads of state and jointly promote the steady and long-term development of bilateral economic and trade relations.

    MIL OSI China News –

  • MIL-OSI China: Smart shift: Anhui engine maker powers up with industrial internet

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

    A display showing the smart manufacturing platform powered by “5G plus industrial internet” at a factory of Anhui Quanchai Engine Co. Ltd. in Chuzhou, Anhui province, July 3, 2025. [Photo by Xu Xiaoxuan/China.org.cn]

    In the competitive landscape of modern industry, staying agile and efficient is paramount. For Anhui Quanchai Engine Co. Ltd., a long-standing developer and manufacturer of engines in central China’s Anhui province, the answer lies in a proactive leap into the future: a 5G-enabled industrial internet platform.

    Step into a Quanchai workshop, a large digital screen displays real-time production data. Fei Chen, a section chief at the company, monitors the J1 production line, tracking everything from completion rate and cost consumption to product quality.

    “We use large screens and digital dashboards to present production data, process parameters, equipment status and warning alarms in a centralized manner,” Fei said. “This keeps managers constantly informed of production dynamics at all times, enabling refined management of the entire manufacturing process.”

    Quanchai’s transformation goes deeper than just digital displays. The company has built a smart manufacturing platform powered by “5G plus industrial internet.” It has established an intelligent factory that spans the equipment, network, platform and application layers. Supported by digital twin technology, it has achieved three-dimensional, visualized factory operations. The platform also integrates more than 850 upstream and downstream supply chain resources to enable cross-sector collaboration and optimized resource allocation.

    During the 14th Five-Year Plan period (2021-2025), Quanchai has prioritized digital transformation, developing a smart workshop model that connects foundational equipment with production execution, data analysis and decision-making.

    The industrial internet platform has delivered tangible economic benefits. According to Xu Changyu, director of Quanchai’s information center, the platform has markedly improved its R&D and manufacturing efficiency, shortening R&D cycles by 30% and enhancing production efficiency by 35%. Meanwhile, key performance indicators have improved, including a 12.6% drop in unit manufacturing costs and an 18% rise in inventory turnover.

    The company’s efforts have earned national recognition. In 2024, Quanchai was named an “excellence-level smart factory” by the national Ministry of Industry and Information Technology. 

    The journey for Quanchai is far from over. Looking to the future, Xu said that with the rapid advancement of AI technologies such as DeepSeek, Quanchai will continue exploring the deep integration of AI and industrial internet platforms. The goal is to enhance intelligent capabilities and core competitiveness, ultimately evolving from a traditional manufacturer into a service-oriented provider of smart manufacturing solutions.

    MIL OSI China News –

  • MIL-OSI: Man Group PLC : Form 8.3 – Deliveroo Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Man Group PLC
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Deliveroo plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 03/07/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 YES / NO / N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.5p ordinary
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives: 15,291,497 1.02    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 15,291,497 1.02    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    0.5p ordinary Equity Swap Increasing a long position 25,873 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 259,177 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 14,871 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 2,675 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 88,546 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 5,175 1.7630 GBP
    0.5p ordinary Equity Swap Increasing a long position 49,928 1.7630 GBP

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 04/07/2025
    Contact name: James Carr
    Telephone number: +442071447242

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Registration of share consolidation (reverse split) in IDEX Biometrics – 4 July 2025

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the notice on 11 April 2025 about the 100-to-1 share consolidation (reverse split) in IDEX Biometrics ASA, as resolved by the extraordinary general meeting held on the same day.

    The consolidation has been registered in the Norwegian Register of Business Enterprises. Following the registration, the company’s share capital remains NOK 47,364,256.00, but is now divided into 47,364,256 shares, each with a nominal value of NOK 1.00.

    For the avoidance of doubt, the registration does not affect the dates set forth in the notice updating the key information relating to the share consolidation and trading of old and new shares, issued on 18 June 2025.

    For further information contact:
    Anders Storbråten, CEO and CFO
    E-mail: anders@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    About this notice
    This notice was published by Erling Svela, Vice president of finance, on 4 July 2025 at 09:55 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑8 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

    The MIL Network –

  • PM Modi’s Trinidad & Tobago visit highlights deepening trade, development and cultural relations

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi’s visit to Trinidad and Tobago this week highlights India’s efforts to deepen ties with the Caribbean nation. The partnership, built on historical connections dating back nearly two centuries, now spans development cooperation, trade, digital payments, and cultural exchange.

    Trade and Investment: Unlocking New Opportunities

    The Trade Agreement signed between India and Trinidad and Tobago in January 1997, which grants Most Favoured Nation (MFN) status to each other, has laid a strong foundation for expanding economic ties. Trinidad and Tobago’s strategic economic role in the Caribbean, supported by bilateral and regional trade agreements, offers Indian exporters a gateway to the wider Caribbean market and beyond.

    Bilateral trade between the two nations has shown encouraging resilience and steady growth, rising from $264 million in 2020–21 to $341 million in 2024–25. India’s major exports to Trinidad and Tobago include vehicles and parts, iron and steel, pharmaceutical products, and plastic goods. In return, India imports mineral fuels and oils, bituminous substances, mineral waxes, iron and steel, ores and ash, and aluminium from Trinidad and Tobago.

    A notable milestone came in 2024 when Trinidad and Tobago became the first Caribbean nation to adopt India’s Unified Payments Interface (UPI). This step is set to enhance digital payments infrastructure and promote greater financial inclusion.

    In recent years, India’s active participation in trade and investment conventions in Trinidad and Tobago has underlined the shared commitment to explore new opportunities. Sectors such as tourism, pharmaceuticals, information technology, renewable energy, and education are emerging as key areas for collaboration, signalling the growing potential of this bilateral economic partnership.

    Strengthening Institutional Frameworks and Development Cooperation

    The bilateral partnership between India and Trinidad and Tobago is anchored in institutional mechanisms such as the Joint Commission Meeting (JCM) and Foreign Office Consultations (FOC). The first JCM was held in 2011 in New Delhi, while the latest round of FOC took place in Port of Spain in August 2021, enabling both sides to chart the way forward for expanding collaboration.

    India’s development partnership with Trinidad and Tobago has grown steadily in recent years. During the COVID-19 pandemic, India extended critical medical support by supplying 40,000 doses of the AstraZeneca vaccine under the Vaccine Maitri initiative, along with essential medical equipment and aid.

    Beyond healthcare, India’s assistance has strengthened other priority areas as well. A $1 million India-UNDP project supported the deployment of telemedicine and mobile healthcare robots in Trinidad and Tobago. An additional $1 million was allocated for agro-processing machinery to boost food processing capacity. In line with its commitment to regional food security, Indian cooperatives have also supplied rice and edible oil to the Caribbean nation.

    Cultural Bonds: A Living Heritage

    Cultural connections between the two countries remain vibrant, anchored by the Indian diaspora’s enduring ties to its ancestral roots. Hindi language education continues to flourish, with the support of Hindi teachers and local institutions. Nearly 300 students enrolled

  • MIL-Evening Report: Lyssavirus is rare, but deadly. What should you do if a bat bites you?

    Source: The Conversation (Au and NZ) – By Vinod Balasubramaniam, Associate Professor (Molecular Virology), Monash University

    Ken Griffiths/Getty Images

    A man in his 50s has died from lyssavirus in New South Wales after being bitten by a bat several months ago.

    This is Australia’s fourth human case of bat lyssavirus and the first confirmed case in NSW since the virus was first identified in 1996 in a black flying fox in Queensland.

    So what is lyssavirus? And how can you protect yourself if you come into contact with a bat?

    A close relative of rabies

    Australian bat lyssavirus belongs to the Rhabdoviridae family, the same group of viruses that causes rabies.

    It primarily infects bats. Active monitoring suggests fewer than 1% of healthy bats carry the virus, though prevalence rises to 5–10% in sick or injured bats.

    In bats, the virus often causes no obvious symptoms, though some show neurological signs such as disorientation, aggression, muscle spasms and paralysis. Some will die.

    The virus has been confirmed in all four mainland flying fox species (Pteropus alecto, P. poliocephalus, P. scapulatus and P. conspicillatus) as well as the yellow-bellied sheathtail bat (Saccolaimus flaviventris), a species of microbat.

    However, serological evidence – where scientists test for antibodies in bats’ blood – suggests other microbats could be susceptible too. So we should be cautious with all Australian bat species when it comes to lyssavirus.

    Rare, but potentially deadly

    Unlike rabies, which causes roughly 59,000 human deaths annually, predominantly in Africa and Asia, human infection with bat lyssavirus is extremely rare.

    Australian bat lyssavirus, as the name suggests, is unique to Australia. But other bat lyssaviruses, such as European bat lyssavirus, have similarly caused rare human infections.

    Human infection with bat lyssavirus occurs through direct contact with infected bat saliva via bites, scratches or open skin. It can also occur if our mucous membranes (eyes, nose, mouth) are exposed to bat saliva.

    There’s no risk associated with bat faeces, urine, blood, or casual proximity to roosts.

    If someone has been exposed, there’s an incubation period which can range from weeks to more than two years. During this time the virus slowly moves through the body’s nerves to the brain, staying hidden and symptom-free.

    Treating the virus during the incubation period can prevent the illness. But if it’s not treated, symptoms are serious and it’s invariably fatal.

    The nature of the illness in humans mirrors rabies, beginning with flu-like symptoms (fever, headache, fatigue), then quickly progressing to severe neurological disease, including paralysis, delirium, convulsions, and loss of consciousness. Death generally occurs within 1–2 weeks of symptom onset.

    All four recorded human cases in Australia – three in Queensland (in 1996, 1998 and 2013) and the recent NSW case – have been fatal.

    There’s no effective treatment once symptoms develop

    If someone is potentially exposed to bat lyssavirus and seeks medical attention, they can be treated with post-exposure prophylaxis, consisting of rabies antibodies and the rabies vaccine.

    This intervention is highly effective if initiated promptly – preferably within 48 hours, and no later than seven days post-exposure – before the virus enters the central nervous system.

    But no effective treatment exists for Australian bat lyssavirus once symptoms develop. Emerging research on monoclonal antibodies offers potential future therapies, however these are not yet available.

    So what’s the best protection? And what if a bat bites you?

    Pre-exposure rabies vaccination, involving three doses over one month, is recommended for high-risk groups. This includes veterinarians, animal handlers, wildlife rehabilitators, and laboratory workers handling lyssaviruses.

    It’s important for members of the public to avoid all direct contact with bats. Only vaccinated, trained professionals, such as wildlife carers or veterinarians, should handle bats.

    Public education campaigns are essential to reduce risky interactions, especially in bat-populated areas.

    If you get bitten or scratched by a bat, it’s vital to act immediately. Wash the wound thoroughly with soap and water for at least 15 minutes, apply an antiseptic (such as betadine), and seek urgent medical attention.

    This tragic case in NSW underscores that while extremely rare, bat lyssavirus is an important public health threat. We need to see enhanced public awareness and ensure vaccination for high-risk groups, alongside ongoing bat monitoring and research into new treatments.

    Vinod Balasubramaniam 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. Lyssavirus is rare, but deadly. What should you do if a bat bites you? – https://theconversation.com/lyssavirus-is-rare-but-deadly-what-should-you-do-if-a-bat-bites-you-260495

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Three new flights connect Shanghai with cities in Mongolia, Uzbekistan and Kazakhstan

    Translation. Region: Russian Federal

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

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

    BEIJING, July 4 (Xinhua) — Three new passenger flights linked Shanghai with Mongolia, Uzbekistan and Kazakhstan on Thursday and Friday, Shanghai-based Pengpai news portal reported, citing a source at Shanghai Airport.

    The Boeing 737 aircraft of the Mongolian airline MIAT Mongolia Airlines, operating flight OM265, arrived in Shanghai at 00:12 on Thursday, which marked the opening of the flight on the Ulaanbaatar-Shanghai route.

    Flights on this route are operated twice a week. The aircraft leaves Ulaanbaatar at 20:40 local time on Wednesdays and Saturdays and arrives in Shanghai at 00:10 the following day Beijing time, on the return flight it departs Shanghai at 01:10 Beijing time on Thursdays and Sundays and lands at Ulaanbaatar airport at 05:00 local time.

    On Friday, the Uzbek airline Qanot Sharq launched a flight on the Tashkent-Shanghai route. Flights on this route are carried out twice a week. The company’s A-321 aircraft departs from Tashkent at 19:00 on Monday and 18:50 local time on Thursday and lands at Shanghai Pudong International Airport at 05:00 the next day Beijing time, on the return flight it leaves Shanghai at 06:40 Beijing time on Tuesdays and Fridays and arrives in Tashkent at 11:50 local time.

    Chinese airline China Eastern Airlines will launch a flight on the Shanghai-Almaty route on Friday. Flights on this route will be operated three times a week – on Mondays, Wednesdays and Fridays.

    According to the schedule, the A-321 aircraft departs from Shanghai at 16:05 local time and arrives in Almaty at 19:35 local time, on the return flight it departs from Almaty at 20:50 and lands at Pudong Airport at 05:45 /on Tuesdays and Thursdays/ and 06:05 /on Saturdays/. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Ordos Cultural and Creative Industries Brand Promotion Week 2025 Launched

    Translation. Region: Russian Federal

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

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

    On July 3, the Ordos Cultural and Creative Industry Brand Promotion Week 2025 kicked off at the Ordos International Exhibition Center, Inner Mongolia.

    The event has set up a theme area dedicated to Ordos culture, cultural exhibition areas of Ordos districts and khoshuns, a digital culture area, etc. The event attracts more than 100 leading companies from China and other countries. Interactive activities such as intangible cultural heritage demonstrations, art performances, etc. are simultaneously held on site.

    The event will last until July 7, during which a series of activities will be held, such as a business meeting, a Yellow River-themed photo exhibition and an original music competition, to further promote the high-quality development of the cultural and creative industry.

    MIL OSI Russia News –

  • MIL-OSI Africa: Special Envoy of Minister of Foreign Affairs Meets Several Officials on Margin of Doha Process on Afghanistan Meeting

    Source: Government of Qatar

    Doha, July 03, 2025

    HE Special Envoy of the Minister of Foreign Affairs Ambassador Faisal bin Abdullah Al Hanzab met separately with HE Special Assistant to the Prime Minister, Minister of State, and Special Representative of the Islamic Republic of Pakistan for Afghanistan Muhammad Sadiq, HE Special Representative of the Secretary-General for Afghanistan and Head of the United Nations Assistance Mission in Afghanistan Roza Isakovna Otunbayeva, HE Assistant Secretary-General for Humanitarian, Cultural and Social Affairs of the Organization of Islamic Cooperation (OIC) and Special Envoy to Afghanistan Tariq Ali Bakheet, World Bank’s Country Director for Afghanistan Faris Hadad, on the margin of the meetings of the working groups of the Doha Process on Afghanistan.

    The meetings discussed cooperation relations and ways to support and develop them. They also discussed developments in Afghanistan and strengthening efforts to advance the UN-led Doha Process on Afghanistan.

    MIL OSI Africa –

  • MIL-OSI Banking: CBB Announces Strategic Partnership with ARRAY Innovation to Advance Digital Transformation Agenda

    Source: Central Bank of Bahrain

    CBB Announces Strategic Partnership with ARRAY Innovation to Advance Digital Transformation Agenda

    Published on 4 July 2025

    Manama, Bahrain – 3 July 2025: The Central Bank of Bahrain (CBB) has entered a strategic partnership with ARRAY Innovation, a local portfolio company of Bahrain Mumtalakat Holding Company, to accelerate its digital transformation initiatives. The partnership agreement was signed in the presence of HE Khalid Humaidan, Governor of the Central Bank of Bahrain, and HE Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, on the sidelines of the FS Horizons: Doubling Down on Digital event, hosted in collaboration with the Bahrain Economic Development Board.

    As part of the agreement, ARRAY Innovation will provide strategic advisory and professional services to the CBB to develop and execute key technology initiatives, drawing on its global expertise in payments technology, artificial intelligence (AI), and cloud-based solutions.

    Commenting on the partnership, Mr. Mohamed Abdulla Abdulkarim, Executive Director of Corporate Services at the CBB, said, “We are pleased to work with a partner whose expertise and technology solution development capabilities align with CBB’s vision for regulatory innovation and growth, and our ongoing efforts in deploying and developing a robust digital ecosystem. With this public-private partnership, our aim is to enhance CBB’s institutional capacity, strengthen our technology infrastructure, and further solidify Bahrain’s standing as a regional financial hub.”

    For his part, Mr. Alaa Saeed, Chief Executive Officer and Founder of ARRAY Innovation, remarked, “We are honored to support the CBB on this strategic journey. Our team will work closely with the Bank to introduce solutions that drive impact and advance the Kingdom’s broader ambitions for digital enablement and economic diversification. This partnership also underscores our dedication towards nurturing local tech talent in Bahrain and contributing to the growth of its innovation economy.”

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    MIL OSI Global Banks –

  • 6,411 pilgrims depart Jammu for Amarnath shrine amid tight security

    Source: Government of India

    Source: Government of India (4)

    More than 12,300 pilgrims had darshan at the sacred Amarnath shrine on Thursday, marking a successful start to this year’s Amarnath Yatra, officials said.

    On Friday morning, another batch of 6,411 pilgrims departed from Jammu amid unprecedented security arrangements. According to officials, the pilgrims set out from the Bhagwati Nagar Yatri Niwas in two heavily guarded convoys comprising 291 vehicles.

    Of the latest batch, 2,789 pilgrims are en route to the Baltal base camp, while 3,622 are heading to the Nunwan base camp near Pahalgam, officials added. 

    The enthusiasm among the devotees was palpable, as they chanted “Bum Bum Bhole” and “Har Har Mahadev,” unfazed by recent threats. Many yatris said their determination to undertake the pilgrimage was rooted in faith and devotion to Lord Shiva, whose spiritual call they had come to heed.

    This year’s Yatra is being held under a tightened security grid in the wake of the brutal April 22 terror attack in Pahalgam, where Pakistan-backed militants killed 26 civilians after targeting them based on their religious identity. To prevent any repeat of such incidents, the government has deployed an additional 180 companies of Central Armed Police Forces (CAPFs), augmenting the existing presence of the Indian Army, BSF, CRPF, SSB, and local police.

    All transit camps and the complete pilgrimage route—from Jammu to the cave shrine—are under constant security surveillance, with multi-tier protection in place.

    Demonstrating their support, local Kashmiris were among the first to welcome the Yatra. In a heartwarming gesture, residents greeted the first batch of pilgrims with garlands and placards at Qazigund, shortly after they emerged from the Navyug Tunnel into the Valley. The warm reception sent a strong message of solidarity and unity in the face of violence.

    The 38-day-long pilgrimage, which began on July 3, will conclude on August 9, coinciding with Shravan Purnima and Raksha Bandhan. Devotees can undertake the journey via two routes—either the traditional 46-kilometre trek from Pahalgam or the shorter 14-kilometre Baltal route. The Pahalgam path takes four days to complete and involves stops at Chandanwari, Sheshnag, and Panchtarni, while the Baltal route allows pilgrims to return the same day.

    The cave shrine, located 3,888 metres above sea level in the Kashmir Himalayas, houses a naturally formed ice stalagmite believed to represent Lord Shiva. According to Hindu mythology, it was inside this cave that Lord Shiva revealed the secret of immortality to Goddess Parvati.

    (With agencies inputs)

  • 6,411 pilgrims depart Jammu for Amarnath shrine amid tight security

    Source: Government of India

    Source: Government of India (4)

    More than 12,300 pilgrims had darshan at the sacred Amarnath shrine on Thursday, marking a successful start to this year’s Amarnath Yatra, officials said.

    On Friday morning, another batch of 6,411 pilgrims departed from Jammu amid unprecedented security arrangements. According to officials, the pilgrims set out from the Bhagwati Nagar Yatri Niwas in two heavily guarded convoys comprising 291 vehicles.

    Of the latest batch, 2,789 pilgrims are en route to the Baltal base camp, while 3,622 are heading to the Nunwan base camp near Pahalgam, officials added. 

    The enthusiasm among the devotees was palpable, as they chanted “Bum Bum Bhole” and “Har Har Mahadev,” unfazed by recent threats. Many yatris said their determination to undertake the pilgrimage was rooted in faith and devotion to Lord Shiva, whose spiritual call they had come to heed.

    This year’s Yatra is being held under a tightened security grid in the wake of the brutal April 22 terror attack in Pahalgam, where Pakistan-backed militants killed 26 civilians after targeting them based on their religious identity. To prevent any repeat of such incidents, the government has deployed an additional 180 companies of Central Armed Police Forces (CAPFs), augmenting the existing presence of the Indian Army, BSF, CRPF, SSB, and local police.

    All transit camps and the complete pilgrimage route—from Jammu to the cave shrine—are under constant security surveillance, with multi-tier protection in place.

    Demonstrating their support, local Kashmiris were among the first to welcome the Yatra. In a heartwarming gesture, residents greeted the first batch of pilgrims with garlands and placards at Qazigund, shortly after they emerged from the Navyug Tunnel into the Valley. The warm reception sent a strong message of solidarity and unity in the face of violence.

    The 38-day-long pilgrimage, which began on July 3, will conclude on August 9, coinciding with Shravan Purnima and Raksha Bandhan. Devotees can undertake the journey via two routes—either the traditional 46-kilometre trek from Pahalgam or the shorter 14-kilometre Baltal route. The Pahalgam path takes four days to complete and involves stops at Chandanwari, Sheshnag, and Panchtarni, while the Baltal route allows pilgrims to return the same day.

    The cave shrine, located 3,888 metres above sea level in the Kashmir Himalayas, houses a naturally formed ice stalagmite believed to represent Lord Shiva. According to Hindu mythology, it was inside this cave that Lord Shiva revealed the secret of immortality to Goddess Parvati.

    (With agencies inputs)

  • MIL-OSI Africa: Rwanda to Restore Ecosystems and Boost Climate Resilience in the Nyungwe–Ruhango Corridor

    Source: APO


    .

    Communities in Rwanda’s Southern Province are set to benefit from restored ecosystems, improved agricultural productivity, and expanded sustainable livelihood opportunities in areas vulnerable to climate-related shocks. Thanks to a newly approved $9 million grant from the Global Environment Facility, Rwanda will receive support for integrated landscape restoration and climate-smart land management across the Nyungwe–Ruhango Corridor.

    The Ecosystem-Based Restoration Approach for Nyungwe-Ruhango Corridor Project is one of 20 projects of the GEF-8 Ecosystem Restoration Integrated Program (ERIP) across the globe. ERIP scales up ecosystem restoration efforts by transforming degraded lands into thriving ecosystems and promotes private sector engagement and South-South exchange across the beneficiary countries. Conservation International is the ERIP lead agency.

    “This project reflects the strong partnership between the World Bank and the Government of Rwanda in building climate resilience and driving inclusive green growth,” said Sahr Kpundeh, World Bank Country Manager for Rwanda. “It aligns with our Country Partnership Framework and global priorities on climate adaptation, biodiversity conservation, and empowering local communities to lead sustainable change.”

    The Rwanda GEF-8 will support the rehabilitation of 2,162 hectares of forests and wetlands, promote sustainable land management practices across 8,931 hectares of farmland, and help develop income-generating activities that reduce pressure on fragile ecosystems, directly benefiting more than 289,000 people in Ruhango, Nyanza, and Nyamagabe Districts.

    The project will contribute to the World Bank Group’s core objective of creating more and better jobs to reduce poverty and unlock economic opportunities, especially for the youth.  Early estimates suggests that the project could generate over 2,200 jobs through sustainable livelihoods interventions. These include the development of non-timber forest product value chains, fruit tree planting, and support for small businesses in the green economy. The project will also engage the private sector to explore investment opportunities that promote climate-smart land use and sustainable forest management.

    “This is a timely intervention that combines ecological restoration with community resilience,” said Tuuli Bernardini, Senior Environmental Specialist at the World Bank. “By centering the role of women, youth, and local enterprises in landscape management, the project supports inclusive development and paves the way for scalable nature-based solutions.”

    Implemented by the Rwanda Environment Management Authority (REMA), the project adopts a landscape-based approach to address environmental degradation, food insecurity, climate risks, such as floods and landslides; threats that disrupt infrastructure, destroy crops, and deepen poverty in the Southern province. At its core, the Rwanda GEF-8 aims to restore ecosystems that provide critical services such as erosion control, flood regulation and habitats for biodiversity. Key interventions will include afforestation, reforestation, riverbank and wetland rehabilitation and the promotion of agroforestry and other climate-smart agricultural practices.

    The Rwanda GEF-8 forms part of a broader suite of World Bank-supported investments in conservation and sustainable land management along the Congo-Nile divide covering parts of the Northern, Western, and Southern Province. These include the Volcanoes Community Resilience Project  and Commercialization and De-Risking for Agricultural Transformation Project. Building on lessons from Rwanda’s earlier efforts such as the Landscape Approach to Forest Restoration and Conservation (LAFREC), these initiatives align with the National Strategy for Transformation (NST2), and are expected to deliver significant outcomes in biodiversity conservation, resilience building and improved community livelihoods.

    Distributed by APO Group on behalf of The World Bank Group.

    MIL OSI Africa –

  • MIL-OSI: Eurocastle Releases First Quarter 2025 Interim Management Statement, Release of Liquidation Reserves and Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    EUROCASTLE INVESTMENT LIMITED

                                           FOR IMMEDIATE RELEASE
    Contact:        
    Oak Fund Services (Guernsey) Limited
    Company Administrator
    Attn: Nicole Barnes
    Tel: +44 1481 723450        

    Eurocastle Releases First Quarter 2025 Interim Management Statement and Announces Release of €4.6 million of Liquidation Reserves and Annual General Meeting to be held on 5 August 2025

    Guernsey, 4 July 2025 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) (“Eurocastle” or the “Company”) today has released its interim management statement for the quarter ended 31 March 2025. The Company also announces that, following quarter end, the Luxembourg fund through which it is pursuing the New Investment Strategy (“EPIF”) has reached over €61 million of investor commitments, following which the Board has determined that Eurocastle has a sustainable platform that it anticipates growing in future years. As a result, the Board has released €4.6 million of reserves generating a net increase to the Company’s Adjusted NAV of €4.0 million, or €4.01 per share after contractual incentive fees of 12.5%.

    • IFRS NAV of €22.0 million, or €22.01 per share (€22.1 million, or €22.05 per share as at Q4 2024).
    • ADJUSTED NET ASSET VALUE (“NAV”)1 of €11.4 million, or €11.43 per share2 (Q4 2024: €11.4 million, or €11.34 per share).
    • PRO FORMA ADJUSTED NAV: Pro forma for the release of the Liquidation Reserves and net of incentive fees, the Adjusted NAV as at 31 March 2025 would be €15.5 million, or €15.44 per share.
                                   
        Q4 2024 NAV   Q1 FV Movement   Q1 2025 NAV   Pro Forma Movements3   Q1 2025 Pro Forma NAV
        €’m € p.s.   €’m € p.s.   €’m € p.s.   €’m € p.s.   €’m € p.s.
    New Investment Strategy – EPIF   5.77 5.76   0.09 0.09   5.86 5.85   – –   5.86 5.85

    Legacy Italian Real Estate Funds

    		   0.06 0.06   – –   0.06 0.06   – –   0.06 0.06
    Net Corporate Cash3&4   12.28 12.26   (0.16) (0.17)   12.11 12.09   (0.57) (0.57)   11.54 11.52
    Legacy German Tax Asset   3.97 3.97   0.03 0.04   4.01 4.01   – –   4.01 4.01
    IFRS NAV   22.08 22.05   (0.04) (0.04)   22.04 22.01   (0.57) (0.57)   21.47 21.44
    Legacy German Tax Reserve5   (5.99) (5.97)   (0.02) (0.03)   (6.01) (6.00)   – –   (6.01) (6.00)
    Adjusted NAV before Liquidation Reserve   16.09 16.08   (0.06) (0.07)   16.03 16.01   (0.57) (0.57)   15.46 15.44
    Liquidation Reserves3&5   (4.74) (4.74)   0.15 0.16   (4.59) (4.58)   4.59 4.58   – –
    Adjusted NAV  

    11.35

    		 11.34   0.09 0.09   11.44 11.43   4.02 4.01   15.46 15.44
    Ordinary shares outstanding   1,001,555         1,001,555         1,001,555
                                   

          As at 31 March 2025, the Company’s assets mainly comprise:

          1.   €12.1 million, or €12.09 per share, of net corporate cash3 which is available to continue seeking investments under the New Investment Strategy.

          2.   €5.9 million, or €5.85 per share, in the Company’s first investment under the New Investment Strategy – a Luxembourg real estate fund where Eurocastle, as sponsor, generates returns through its share of investments made and certain subsidiaries receive asset management and incentive fees from third party investors.

          3.   A tax asset of €4.0 million, or €4.01 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a former German property subsidiary where the Company won the first instance of its appeal in December 2024. The German tax authorities have since appealed the decision and the Company is waiting for the date of the next hearing.

          4.   Residual interests in two legacy Italian Real Estate Fund Investments with a NAV of €0.06 million, or €0.06 per share, where the underlying apartments are now all sold and both funds are in liquidation.

    Q1 2025 BUSINESS UPDATES & SUBSEQUENT EVENTS

    • New Investment Strategy – In 2024, Eurocastle launched a Luxembourg regulated fund, European Properties Investment Fund S.C.A., SICAV RAIF (“EPIF” or the “Fund”), through which it invests alongside selected co-investors. EPIF’s key strategy is to acquire small to mid-size real estate and real estate related assets in Southern Europe with superior risk adjusted returns. The Fund initially closed with Eurocastle committing to invest €8 million alongside a €2 million commitment from its JV Partner. EPIF is now being marketed to potential investors with a target size of €100 million.

    In addition to generating attractive risk adjusted returns on its share of any investments made, Eurocastle also anticipates receiving market standard management and incentive fees from third-party investors.

    Up to the end of Q1 2025, EPIF had invested approximately €7 million. Eurocastle’s 80% share amounted to €5.5 million, while its corresponding share of EPIF’s net asset value as at 31 March 2025 stood at €5.9 million, reflecting an increase in the value of the real estate acquired to date.

    Subsequent Events to Q1 2025 – Since Q1, EPIF has received commitments of approximately €51 million from 15 investors taking the total fund size to over €61 million. In addition, prospective investors representing a further €20 million in commitments are in the final stages of due diligence.

    In June, EPIF completed its second investment, calling approximately €1 million of capital to acquire a 70% interest in a vacant office property in central Athens. The asset was acquired from a defaulted borrower at a substantial discount to comparable sales in the area.

    In addition, EPIF has an active pipeline that currently includes approximately €40 million of potential opportunities.

    • Legacy Italian Real Estate Funds –The remaining NAV for these investments of €0.06 million, or €0.06 per share, reflects cash currently reserved in the funds that is expected to be released once the fund manager resolves certain potential liabilities and liquidates each fund.
    • Legacy German Tax Matter – Prior to 2024, the Company had paid a net amount of €3.7 million in relation to the Legacy German tax matter against which it has raised a corresponding tax asset (together with associated interest). The Company, in pursuing the reimbursement of this amount through the German fiscal court, won the first instance of its appeal in December 2024. Shortly after, the German tax authorities appealed the decision through the German federal tax court and the Company is currently waiting to be notified of the date of the hearing.

                      The remaining potential exposure, associated with the same point under dispute, is estimated to be €1.7 million. This relates to the years 2013 to 2015 which remain subject to ongoing tax audits. Notwithstanding the Company’s expectation that the tax matter will eventually be resolved in the Company’s favour, as at 31 March 2025, the full potential liability of €6.0 million, or €6.00 per share (including associated defence costs and interest accrued), is fully reserved for within the Additional Reserves.

    • Additional Reserves – As at 31 March 2025, of the total Additional Reserves of €10.6 million, €6.0 million related to the legacy German tax matter with the balance of approximately €4.6 million held in reserves to allow for future costs and potential liabilities while the Company consolidated in parallel the New Investment Strategy (the “Liquidation Reserves”).

                      Subsequent Events to Q1 2025 – In light of the Company’s strengthened financial position and prospects, the Board has reviewed the level of Additional Reserves and feel it appropriate to release the Liquidation Reserves.

    Income Statement for the Quarter ended 31 March 2025 and Quarter ended 31 March 2024 (unaudited)

      Income

    Statement

    		 Income

    Statement
      Q1 2025 Q1 2024
      € Thousands € Thousands
    Portfolio Returns    
    New Investment Strategy – EPIF unrealised fair value movement 85 –
    Legacy Real Estate Funds unrealised fair value movement – (10)
    Fair value movement on Investments 85 (10)
    Other income – 4
    Interest income 109 146
    Total income 194 141
         
    Operating Expenses    
    Manager base and incentive fees 41 20
    Remaining operating expenses 195 227
    Total expenses 236 247
         
    (Loss) for the period (42) (106)
    € per share (0.04) (0.11)

    Balance Sheet and Adjusted NAV Reconciliation as at 31 March 2025 and as at 31 December 2024

          31 March 2025

    Total

    € Thousands

    		 31 December 2024

    Total
    € Thousands
    Assets      
      Other assets   115 315
      Legacy German tax asset   4,012 3,974
      Investments – New Investment Strategy – EPIF   5,855 5,770
      Investments – Legacy Real Estate Funds   64 64
      Cash, cash equivalents   12,400 12,415
    Total assets   22,446 22,538
    Liabilities      
      Trade and other payables   318 389
      Manager base and incentive fees   84 63
    Total liabilities   402 452
    IFRS Net Asset Value   22,044 22,086
    Liquidation cash reserve   (4,590) (4,748)
    Legacy German tax cash reserve   (2,000) (2,008)
    Legacy German tax asset reserve   (4,012) (3,974)          
    Adjusted NAV   11,442 11,356
    Adjusted NAV (€ per Share)   11.43 11.34

    NOTICE: This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.

    ANNUAL GENERAL MEETING

    The Company will hold its Annual General Meeting on Tuesday, 5 August 2025, at the Company’s registered office at 3:00 pm
    Guernsey time (4:00 pm CET). Notices and proxy statements will be posted by 14 July 2025 to shareholders of record at close of business on 10 July 2025.

    ADDITIONAL INFORMATION

    For investment portfolio information, please refer to the Company’s most recent Financial Report, which is available on the Company’s website (www.eurocastleinv.com).

    Terms not otherwise defined in this announcement shall have the meaning given to them in the Circular.

    ABOUT EUROCASTLE

    Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

    FORWARD LOOKING STATEMENTS

    This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavour”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, “project”, “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance.

    1 In light of the Realisation Plan announced in 2019, the Adjusted NAV as at 31 March 2025 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV. No commitments for these future costs and potential liabilities existed as at 31 March 2025.
    2 Per share calculations for Eurocastle throughout this document are based on 1,001,555 shares, unless otherwise stated.
    3 Adjustments to reflect the release of the Liquidation Reserve.
    4 Reflects corporate cash net of accrued liabilities and other assets.
    5 Reserves that were put in place when the Company realised the majority of its investment assets in 2019 in order for the Company to continue in operation and fund its
    future costs and potential liabilities. These reserves are not accounted for under IFRS.

    The MIL Network –

  • MIL-OSI: NBPE – 2H 2025 Dividend Declaration

    Source: GlobeNewswire (MIL-OSI)

    NBPE Announces 2H 2025 Dividend

    Guernsey, 4 July 2025

    NB Private Equity Partners (“NBPE”), the $1.2bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 2H 2025 Dividend.

    2H 2025 Dividend

    • 2H 2025 dividend payment of $0.47 per share to be paid on 29 August 2025
    • Annualised dividend yield on 31 May 2025 NAV of 3.5% and 4.8% on closing share price of £14.36 on 3 July 2025
    • The 2H 2025 dividend is the 26th consecutive dividend paid, resulting in over $400 million declared or returned to shareholders by way of dividends, since 2013

    Dividend Information

    • While NBPE declares dividends in US Dollars, Shareholders will receive Sterling dividends at the prevailing rate at the time of currency conversion, unless an election to receive dividends in US Dollars is made on forms which are available on NBPE’s website prior to the currency election date listed below. If an investor has previously elected to receive US Dollars, that election will be used unless changed. Investors may also participate in a dividend re-investment plan (forms for which are available on NBPE’s website) if they wish to increase their shareholdings instead of receiving cash dividends.
    Distribution amount: $0.47 per Share
    Ex-dividend date: 17 July 2025
    Dividend record date: 18 July 2025
    Final day for Currency Election: 25 July 2025
    Final day for Dividend Re-investment Plan Election: 1 August 2025
    Payment date: 29 August 2025

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002

    Luke Mason

    Kaso Legg Communications        +44 (0)20 3995 6673

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025 unless stated otherwise.

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA – EX. SHARE CONSOLIDATION (REVERSE SPLIT) TODAY – 4 July 2025

    Source: GlobeNewswire (MIL-OSI)

    Issuer name:    IDEX Biometrics ASA
    Ex. date:    4 July 2025
    Type of corporate action:    Share consolidation (reverse split)

    Previous ISIN:    NO0013107490
    New ISIN:    NO0013536078

    For further information contact:
    Anders Storbråten, CEO and CFO
    E-mail: anders@idexbiometrics.com

    About this notice
    This notice was published by Erling Svela, Vice president of finance, on 4 July 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to Continuing Obligations at Oslo Børs Euronext and is published in accordance with section 5‑12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI Asia-Pac: The Draft Amendments to the Electricity Act Passes Third Legislative Reading, Strengthening Electricity Market Operations

    Source: Republic of China Taiwan

    The Legislative Yuan passed the draft amendment to some articles of the Electricity Act in the third reading today (May 9). According to the Ministry of Economic Affairs (MOEA), these amendments are made in response to domestic and international energy transition trends, which enable Taiwan Power Company (Taipower) to maintain its current business model, while stimulating the green electricity trading market; regulate emerging electricity resources, such as grid-connected energy storage and demand response; and enhance the supervision mechanism of the electricity trading platform. A total of 12 articles have been newly added or amended. The MOEA expressed its gratitude to the President of the Legislative Yuan, all legislators, and political parties for their support in ensuring the smooth passage of the bill.

    According to the MOEA, the draft amendment focuses on four key areas: maintaining Taipower’s integrated business model to ensure stable power supply through the synergy of integrated power generation and grid operations and enhancing investment efficiency; facilitating peer-to-peer sales among retailers of renewable energy to increase operational flexibility for industry participants; regulating grid-connected energy storage systems and demand response services to ensure legal compliance and reduce the setup risks for operators while expanding potential power resources; and enhancing the neutrality of electricity trading platforms by strengthening the monitoring mechanism to ensure openness and transparency, and by allowing independent trading to emerge in response to future market developments.

    The MOEA also thanks all stakeholders for their valuable input throughout the legislative process, while pledging to swiftly complete related modifications of subordinate regulations to achieve the objectives of this legislative amendment.

    Spokesperson: Deputy Director General, Chih-Wei Wu
    Energy Administration, Ministry of Economic Affairs
    Phone: +886-2-2775-7750 / +886-922-339-410
    Email: cwwu@moeaea.gov.tw

    Business Contact: Director, Yu-Chuan Hsia
    Energy Administration, Ministry of Economic Affairs
    Phone: +886-2-2775-7753 / +886-910-668-295
    Email: yhhsia@moeaea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Development Asia: Strategic Fiscal Policy for Public Health: The Use of Health Tax in Asia and the Pacific

    Source: Asia Development Bank

    The implementation of health taxes requires coordination and collaboration across different government agencies to ensure alignment and coherence across all sectors, particularly the Ministry of Finance (tax administration and design) and the Ministry of Health (advocating for health and evidence). Several countries in Asia and the Pacific have successfully implemented health tax strategies to improve public health and achieve health-financing goals.

    Case Study: the Philippines

    The 2012 Sin Tax reform in the Philippines marked a landmark policy shift by introducing a unitary excise tax with scheduled increases annually on tobacco and alcohol products. The reform was framed as a health policy reform rather than revenue generation. It adopted a strong intergovernmental approach, with active collaboration from the Ministry of Finance and Department of Health. The reform received tremendous support from both the public and government agencies. Between 2012 and 2018, prices of tobacco products increased by 113%, which led to a 30% plunge in smoking prevalence among adults and a 10%–18% drop among young adolescents in 2009–2021. This tax scheme also tripled tax revenues, reaching almost $3 billion in 2022.

    Despite these gains, the percentage share of health taxes remains limited, and the tobacco products are still relatively affordable due to the stagnant annual tax adjustment. The initial plan to adjust the tax every year according to inflation and population growth has not been applied, leading to limitations in deterring consumption. This emphasizes the importance of adjusting health tax rates in response to inflation, so the real value of the tax is maintained at the appropriate level.[1]

    Case Study: Thailand

    Thailand’s sugar-sweetened beverages tax, reformed in 2017 by the Ministry of Health, Ministry of Finance, and Thailand Health Promotion Foundation, represents another benchmark. It introduced a tiered-tax approach, where specific tax rates on sugar content and ad valorem (based on value) taxes were applied.

    The new ad valorem tax was reduced from 20% to a range of 0%–14% based on the type of beverage (e.g., 10% for fruit-related drinks). An additional specific tax rate was also used to adjust for sugar content, where beverages with more than 6 grams of sugar per 100 milliliters are taxed at higher rates than those with lower sugar content. During the first phase of implementation, average sugar content in beverages significantly dropped from 16.7g to 10.6g per 100ml.

    However, concerns have been raised regarding the impact of this tax on low-income populations. This situation emphasizes the need for clear and strategic communication to ensure transparency in monitoring and evaluation.

    MIL OSI Global Banks –

  • MIL-OSI Economics: Result of the 7-day Variable Rate Reverse Repo (VRRR) auction held on July 04, 2025

    Source: Reserve Bank of India

    Tenor 7-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of offers received (in ₹ crore) 1,70,880
    Amount accepted (in ₹ crore) 1,00,010
    Cut off Rate (%) 5.47
    Weighted Average Rate (%) 5.44
    Partial Acceptance Percentage of offers received at cut off rate 60.45

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/651

    MIL OSI Economics –

  • MIL-OSI New Zealand: Employment – Uber drivers to rally at Supreme Court as appeal heard – Workers First Union

    Source: Workers First Union

    WHAT: Workers First Union Uber drivers will be rallying outside the Supreme Court on Tuesday morning as Uber’s appeal begins in Wellington over a 2022 Employment Court case that found four drivers had been misclassified as contractors rather than employees of the company.
    WHEN: Tuesday 8 July, 09:00-09:30
    WHERE: Outside the Supreme Court, 85 Lambton Quay, between Ballance & Whitmore Street, Wellington 6011
    WHY:
    Dennis Maga, Workers First Union General Secretary, said that the Uber case, which had first been won by drivers in 2022, was the most significant employment case in recent New Zealand history and would have major ramifications for contractors and the ‘gig economy’.
    “The Employment Court and the Court of Appeal have already ruled that Uber drivers should be entitled to real employment protections like a minimum wage, sick leave, and the right to bargain collectively with Uber over wages and conditions as they already have to do in many overseas jurisdictions,” said Mr Maga.
    “Uber’s entire strategy is to misclassify themselves as a ‘tech company’ rather than a transport provider, to misclassify drivers as independent contractors, and to mislead politicians with bad faith arguments about “flexibility” to limit their responsibility to our country and economy.”
    “Uber drivers deserve real employment protections, and we sincerely hope that the Supreme Court will scrutinise the company’s arguments carefully and reaffirm the standard set in the Employment Court’s original verdict.”
    Mr Maga said hundreds of Uber drivers have joined Workers First since the Employment Court’s 2022 verdict and the union has lodged backpay claims for underpaid wages and leave on their behalf.
    Background information
    • A new report released this week by the Centre for International Corporate Tax Accountability and Research (CICTAR) and commissioned by Workers First Union, argues that Uber appears to be shifting hundreds of millions in misclassified profits out of New Zealand, costing the country millions in tax revenue.
    • For a timeline of the judicial process following the original Employment Court verdict on the case of the four Uber drivers, please see the union’s past media release on the Court of Appeal’s dismissal of Uber’s appeal.

    MIL OSI New Zealand News –

  • MIL-OSI: Bitget Wallet Cuts Onchain TRON USDT Fees by 50% with GetGas Upgrade

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, July 04, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has introduced a major upgrade to its gas abstraction feature, GetGas, reducing onchain TRON USDT transfer fees by 50%. The feature now offers users a gas-free first transfer and subsidized rates on all subsequent USDT transfers conducted via TRON. With this update, Bitget Wallet becomes the most cost-efficient option among mainstream wallets for onchain USDT transactions on TRON.

    GetGas is Bitget Wallet’s native gas payment abstraction system, enabling users to deposit USDT, USDC, ETH, or BGB into a unified balance to cover gas fees across 10 supported blockchains, including, TRON, Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Morph Chain. Whether conducting transfers, swaps, or interacting with dApps, users can pay gas directly from their GetGas balance without needing to hold the native token of each chain. On TRON, this means users can send USDT without holding TRX, with GetGas automatically sourcing and applying energy subsidies to reduce costs.

    While TRON remains one of the most liquid and high-throughput stablecoin networks, gas management onchain can be complex for average users. Its resource model is based on “energy,” which must be acquired through staking TRX or using external rental platforms — both of which require manual setup and present price fluctuations. Bitget Wallet’s integration abstracts this away by sourcing energy within the app and applying subsidies through GetGas, creating a seamless and reliable onchain experience. By eliminating the need to manually manage TRX or energy, GetGas brings the usability of self-custodial wallets closer to the convenience typically seen in centralized platforms while preserving full user control and decentralization.

    TRON has emerged as the dominant network for USDT transfers, processing more than 2.4 million transactions daily and hosting over $80 billion in circulating USDT. Daily volume ranges from $20 to $30 billion, primarily driven by remittances, micro-payments, and trading flows. According to onchain data, activity is concentrated in South Asia, Southeast Asia, Africa, and Latin America — regions where stablecoins are widely used for cross-border transactions. By integrating TRON energy handling directly into GetGas, Bitget Wallet aims to support these user segments with more predictable and accessible transaction costs.

    “Our vision is to make Web3 as seamless as Web2,” said Jamie Elkaleh, CMO of Bitget Wallet. “TRON USDT transfers have long been efficient in theory but frustrating in practice due to inconsistent gas mechanics. GetGas solves that by handling the complexity behind the scenes and delivering a reliable, cost-effective experience that users can trust.”

    This upgrade aligns with Bitget Wallet’s broader strategy to reduce friction in decentralized finance. The wallet already offers smart routing for multi-chain swaps, gasless top-ups, curated discovery tools, and a growing suite of payment features. With more than 80 million users and support for over 130 blockchains, Bitget Wallet continues to expand its infrastructure to meet the evolving needs of the global crypto community.

    For more information, visit Bitget Wallet Academy.

    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/583a2a42-242a-42f3-af87-a18d5738bea0

    The MIL Network –

  • MIL-OSI: Bitget Wallet Cuts Onchain TRON USDT Fees by 50% with GetGas Upgrade

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, July 04, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has introduced a major upgrade to its gas abstraction feature, GetGas, reducing onchain TRON USDT transfer fees by 50%. The feature now offers users a gas-free first transfer and subsidized rates on all subsequent USDT transfers conducted via TRON. With this update, Bitget Wallet becomes the most cost-efficient option among mainstream wallets for onchain USDT transactions on TRON.

    GetGas is Bitget Wallet’s native gas payment abstraction system, enabling users to deposit USDT, USDC, ETH, or BGB into a unified balance to cover gas fees across 10 supported blockchains, including, TRON, Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Morph Chain. Whether conducting transfers, swaps, or interacting with dApps, users can pay gas directly from their GetGas balance without needing to hold the native token of each chain. On TRON, this means users can send USDT without holding TRX, with GetGas automatically sourcing and applying energy subsidies to reduce costs.

    While TRON remains one of the most liquid and high-throughput stablecoin networks, gas management onchain can be complex for average users. Its resource model is based on “energy,” which must be acquired through staking TRX or using external rental platforms — both of which require manual setup and present price fluctuations. Bitget Wallet’s integration abstracts this away by sourcing energy within the app and applying subsidies through GetGas, creating a seamless and reliable onchain experience. By eliminating the need to manually manage TRX or energy, GetGas brings the usability of self-custodial wallets closer to the convenience typically seen in centralized platforms while preserving full user control and decentralization.

    TRON has emerged as the dominant network for USDT transfers, processing more than 2.4 million transactions daily and hosting over $80 billion in circulating USDT. Daily volume ranges from $20 to $30 billion, primarily driven by remittances, micro-payments, and trading flows. According to onchain data, activity is concentrated in South Asia, Southeast Asia, Africa, and Latin America — regions where stablecoins are widely used for cross-border transactions. By integrating TRON energy handling directly into GetGas, Bitget Wallet aims to support these user segments with more predictable and accessible transaction costs.

    “Our vision is to make Web3 as seamless as Web2,” said Jamie Elkaleh, CMO of Bitget Wallet. “TRON USDT transfers have long been efficient in theory but frustrating in practice due to inconsistent gas mechanics. GetGas solves that by handling the complexity behind the scenes and delivering a reliable, cost-effective experience that users can trust.”

    This upgrade aligns with Bitget Wallet’s broader strategy to reduce friction in decentralized finance. The wallet already offers smart routing for multi-chain swaps, gasless top-ups, curated discovery tools, and a growing suite of payment features. With more than 80 million users and support for over 130 blockchains, Bitget Wallet continues to expand its infrastructure to meet the evolving needs of the global crypto community.

    For more information, visit Bitget Wallet Academy.

    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/583a2a42-242a-42f3-af87-a18d5738bea0

    The MIL Network –

  • World’s biggest climate fund ramps up investment plans

    Source: Government of India

    Source: Government of India (4)

    The world’s biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming.

    The Green Climate Fund’s plan to release about $1.2 billion for 17 projects mostly in Asia and Africa follows approval by shareholders including the United States at a meeting this week, against a fractious political backdrop that has seen development aid slashed.

    Official development assistance could fall 17% this year after a 9% drop in 2024, the OECD said in a June report, led by hefty cuts to U.S. aid by President Donald Trump.

    “At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate,” GCF Co-Chair Seyni Nafo said in a statement.

    The GCF disbursement includes $227 million for an initiative to expand green bond markets in 10 countries. Green bond markets are where companies raise capital for projects that limit climate change or otherwise benefit the environment.

    In South Asia, it will invest $200 million in the India Green Finance Facility to scale renewables and energy efficiency, while in East Africa it will invest $150 million in the food system to support nearly 18 million people.

    All the projects will bring the GCF investment portfolio to $18 billion across 133 countries. So far, countries have pledged $29.9 billion to the GCF and paid in $21 billion.

    As well as releasing more money, the GCF board also approved plans to speed up its work with partner organisations, which can include accredited entities like other multilateral lenders and so-called Direct Access Entities in developing countries.

    From an average 30 months to accredit a DAE, the aim is to shorten the time to nine months or less by overhauling its procedures, including carrying out much of the due diligence at the project stage.

    (Reuters)

  • World’s biggest climate fund ramps up investment plans

    Source: Government of India

    Source: Government of India (4)

    The world’s biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming.

    The Green Climate Fund’s plan to release about $1.2 billion for 17 projects mostly in Asia and Africa follows approval by shareholders including the United States at a meeting this week, against a fractious political backdrop that has seen development aid slashed.

    Official development assistance could fall 17% this year after a 9% drop in 2024, the OECD said in a June report, led by hefty cuts to U.S. aid by President Donald Trump.

    “At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate,” GCF Co-Chair Seyni Nafo said in a statement.

    The GCF disbursement includes $227 million for an initiative to expand green bond markets in 10 countries. Green bond markets are where companies raise capital for projects that limit climate change or otherwise benefit the environment.

    In South Asia, it will invest $200 million in the India Green Finance Facility to scale renewables and energy efficiency, while in East Africa it will invest $150 million in the food system to support nearly 18 million people.

    All the projects will bring the GCF investment portfolio to $18 billion across 133 countries. So far, countries have pledged $29.9 billion to the GCF and paid in $21 billion.

    As well as releasing more money, the GCF board also approved plans to speed up its work with partner organisations, which can include accredited entities like other multilateral lenders and so-called Direct Access Entities in developing countries.

    From an average 30 months to accredit a DAE, the aim is to shorten the time to nine months or less by overhauling its procedures, including carrying out much of the due diligence at the project stage.

    (Reuters)

  • World’s biggest climate fund ramps up investment plans

    Source: Government of India

    Source: Government of India (4)

    The world’s biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming.

    The Green Climate Fund’s plan to release about $1.2 billion for 17 projects mostly in Asia and Africa follows approval by shareholders including the United States at a meeting this week, against a fractious political backdrop that has seen development aid slashed.

    Official development assistance could fall 17% this year after a 9% drop in 2024, the OECD said in a June report, led by hefty cuts to U.S. aid by President Donald Trump.

    “At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate,” GCF Co-Chair Seyni Nafo said in a statement.

    The GCF disbursement includes $227 million for an initiative to expand green bond markets in 10 countries. Green bond markets are where companies raise capital for projects that limit climate change or otherwise benefit the environment.

    In South Asia, it will invest $200 million in the India Green Finance Facility to scale renewables and energy efficiency, while in East Africa it will invest $150 million in the food system to support nearly 18 million people.

    All the projects will bring the GCF investment portfolio to $18 billion across 133 countries. So far, countries have pledged $29.9 billion to the GCF and paid in $21 billion.

    As well as releasing more money, the GCF board also approved plans to speed up its work with partner organisations, which can include accredited entities like other multilateral lenders and so-called Direct Access Entities in developing countries.

    From an average 30 months to accredit a DAE, the aim is to shorten the time to nine months or less by overhauling its procedures, including carrying out much of the due diligence at the project stage.

    (Reuters)

  • Indian stock market opens marginally higher, Nifty above 25,400

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened marginally higher on Friday amid mixed global cues, with early buying seen in the IT, PSU bank and financial services sectors.

    At around 9:34 am, the Sensex was trading 32.52 points, or 0.04 per cent, higher at 83,271.99, while the Nifty added 3.45 points, or 0.01 per cent, to reach 25,408.75.

    According to analysts, the Nifty 50 opened on a positive note but failed to sustain its momentum, breaching its intraday support at 25,450 and forming a bearish candlestick pattern on the daily chart.

    “This development may signal a potential trend reversal; however, further confirmation is awaited. A sustained move above 25,600 could pave the way for a rally toward 25,750,” said Hardik Matalia, Derivative Analyst at Choice Broking.

    On the downside, immediate support is seen at 25,222 and 25,120, which could act as potential entry levels for long positions, he added.

    Nifty Bank was up 9.90 points, or 0.02 per cent, at 56,801.85 in early trade.

    The Nifty Midcap 100 index was trading at 59,771.65 after gaining 88.40 points, or 0.15 per cent. The Nifty Smallcap 100 index stood at 19,051.80, up 24.75 points, or 0.13 per cent.

    Analysts said investors should watch for possible changes in the earnings growth trajectory, indications of which will emerge with the Q1 results expected soon. Outperformance is likely to be company-specific rather than sector-specific.

    Among Sensex constituents, Bajaj Finance, Bajaj Finserv, BEL, HDFC Bank and Hindustan Unilever Limited were the top gainers. Trent, Tata Steel, Tech Mahindra and Titan were among the top losers.

    On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the fourth consecutive day, offloading equities worth Rs 1,481.19 crore on July 3. In contrast, Domestic Institutional Investors (DIIs) continued their buying activity, purchasing equities worth Rs 1,333.06 crore on the same day.

    In Asian markets, Bangkok, Hong Kong, Japan, Seoul and Jakarta were trading in the red, while only China was trading in the green.

    In the last trading session, the Dow Jones in the US closed at 44,828.53, up 344.11 points, or 0.77 per cent. The S&P 500 ended with a gain of 51.93 points, or 0.83 per cent, at 6,279.35, and the Nasdaq closed at 20,601.10, up 207.97 points, or 1.02 per cent.

    Viram Shah, Founder and CEO of Vested Finance, said the US markets closed sharply higher on Thursday on the back of a stronger-than-expected jobs report, with 147,000 jobs added and unemployment dipping to 4.1 per cent. This helped push the S&P 500 and Nasdaq to record highs.

    —IANS

  • MIL-OSI Asia-Pac: Company fined $54,000 for contravening Employment Ordinance

    Source: Hong Kong Government special administrative region

        Kinetic Consultants Limited was prosecuted by the Labour Department (LD) for violating the requirements under the Employment Ordinance (EO). The company pleaded guilty at the Kwun Tong Magistrates’ Courts today (July 4) and was fined $54,000. The company was also ordered to pay an outstanding sum of about $107,000 to the employees concerned.

        The company wilfully and without reasonable excuse contravened the requirements of the EO, failing to pay three employees’ wages within seven days after the expiry of the wage periods, totalling about $216,000.

        “The ruling will disseminate a strong message to all employers that they have to pay wages to employees within the statutory time limit stipulated in the EO,” a spokesman for the LD said.

        “The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added.

    MIL OSI Asia Pacific News –