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Category: Business

  • MIL-OSI United Nations: Sevilla Platform for Action Offers ‘Ambitious, Action-oriented Response to Global Financing Challenge’, Says Secretary-General, at Launch Event

    Source: United Nations General Assembly and Security Council

    Following are UN Secretary-General António Guterres’ remarks at the launch of the Sevilla Platform for Action, in Sevilla, Spain, today:

    Thank you for joining this launch of the Sevilla Platform for Action.

    Respected President of the Government of Spain, I commend you and your Government for your vision and leadership as hosts of the Fourth International Conference on Financing for Development.

    We are all here to respond to a global development crisis that threatens people and planet alike.  Our road map to a better future — the Sustainable Development Goals — is in danger. Two thirds of the targets are not progressing fast enough — or at all.

    Solutions depend on financing.  Developing countries need over $4 trillion a year to deliver on the 2030 Agenda for Sustainable Development.  But, they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks. 

    The Sevilla Commitment document represents a bold plan to get the engine of development revving again:  through new domestic and global commitments that can channel public and private finance to the areas of greatest need; by overhauling the world’s approach to debt to make borrowing work in service of sustainable development; and by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

    But, we need all hands on deck.  And that’s why the Sevilla Platform for Action is so critical — and so significant.

    In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

    Governments, private sector partners, international institutions and civil society groups all together are teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

    This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.  A debt pause alliance to help countries in times of crisis.  A global coalition to scale up pre-arranged finance that can be readily deployed when disasters strike.  A blended finance platform to bring public and private finance together in a new and expanded way.  A new tool for multilateral development banks to manage currency risks.  And a commission to explore the future of development cooperation.

    In December 2024, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.  This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.  I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries and create a fairer system.

    The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.  It provides a springboard towards a more just, inclusive and sustainable world for all countries.  And above all, it proves that progress and change are possible if we work together.

    I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.  I thank Spain Prime Minister Pedro Sánchez and all of you for your leadership.

    MIL OSI United Nations News –

    July 1, 2025
  • MIL-OSI Economics: BOBC Auction Results – 30 June 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 9 July 2025.  The summarised results of the auction held on 30 June 2025, are attached below:

    BOBC Results 30 June 2025.pdf

    MIL OSI Economics –

    July 1, 2025
  • MIL-OSI Russia: Popular Science Tourism: A New Vector of Development

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A foresight session dedicated to the development of popular science tourism was held at the Institute of Industrial Management, Economics and Trade. The main goal of the event was to develop a strategy for attracting foreign tourists interested in scientific achievements and technologies. This corresponds to the new vector of development of the city’s tourism industry, which was discussed during the accelerator “International Tourism Products of Russia”. The project is being implemented by the Center of Competence in Tourism and Hospitality with the support of the Committee for Tourism Development of St. Petersburg and the Ministry of Economic Development of the Russian Federation.

    The development of popular science tourism at the international level is an important step towards strengthening cultural and scientific ties between Russia and other countries. We strive to create tourism products that will be interesting and useful to guests from different parts of the world, allowing them to learn more about Russian science, technology and innovation. Our task is to make St. Petersburg a center of attraction for everyone interested in science and striving for new knowledge, – noted Marina Morozova, General Director of the Center of Competence in Tourism and Hospitality.

    The foresight session was attended by representatives of tour operators, the museum community, research institutes, including the Almazov National Medical Research Center, and leading universities. The moderators were associate professors of the Higher School of Service and Trade of the IPMEiT Irina Kapustina and Ksenia Pasternak.

    The projects were assessed by the expert opinion of the General Director of the international hospitality school ACORN Hospitality and Tourism Business School Olga Weiss, the General Director of the travel agency Tolstoy House Sofia Sheynina, the head of the paid services department of the Almazov National Medical Research Center Elena Zolotukhina, the public representative of the Agency for Strategic Initiatives Svetlana Selishcheva, the President of the Association of Participants in the Sphere of Medical and Health Tourism Sofia Mozokina, and the author of the program Management of State Programs and Implementation of National Projects in the Russian Federation Denis Askinadze.

    Unlike a tourism product with a pronounced cultural component, our project is focused on the scientific, industrial and scientific and production potential of the city. In the future, we also hope to attract tourists as future students, which is especially interesting for educational organizations. But even if they do not choose our universities, popular science tourism will become a powerful tool for popularizing science and a kind of soft power demonstrating the scientific, technical and scientific and production potential of our country, explained the Chairman of the Committee for Tourism Development of St. Petersburg Evgeny Pankevich.

    Participants analyzed current trends and prospects for the development of popular science tourism, developed tourist routes and educational programs aimed, in particular, at attracting tourists from the Middle East, the CIS and Vietnam.

    Events like today’s foresight session play a key role in shaping the strategy for the development of popular science and industrial tourism. The Higher School of Service and Trade, as part of its activities project office “Industrial Tourism – Polytech” actively develops this important market segment, providing training for qualified personnel and promoting Russian scientific and technological heritage. We are convinced that such activities will significantly not only increase the tourist attractiveness of the region, but will also contribute to enhancing the brand of Russian industry, as well as strengthen Russia’s image as a leader in the field of science and technology, – noted the Director of the Higher School of Service and Trade Olga Voronova.

    The meeting culminated in the development of a passport for a unique tourism product in the field of popular science tourism for inquisitive travelers from all over the world.

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

    MIL OSI Russia News –

    July 1, 2025
  • MIL-OSI: Shiprock Capital announces new Senior Investment Counsel

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 01, 2025 (GLOBE NEWSWIRE) — Shiprock Capital Management Limited (“Shiprock”), a London-based investment management firm focused on Global Distressed and Special Situations, has announced that Eric Ho has joined the firm as Senior Investment Counsel.

    Eric joins Shiprock from Ashmore Investment Management where for a decade he served as Senior Counsel principally responsible for the structuring, negotiation and execution of credit and special situations investments across public and private markets. He joined Ashmore in 2015 from Shearman & Sterling where he began his career in 2008. Eric holds a LLB Bachelor of Laws from the London School of Economics and completed the LPC at BPP Law School, London. He is a qualified solicitor in England and Wales.

    Frederick Schroder, CEO at Shiprock, said, “We are very glad to welcome Eric to Shiprock. His deep legal expertise in distressed and special situations globally will be exceptionally valuable in executing our strategy. His appointment underscores the significant investment in talent that Shiprock continues to make.”

    Eric Ho, Chief Investment Counsel at Shiprock, added, “I am excited to be joining the senior team at Shiprock and contributing to the firm’s continued success.”

    About Shiprock:

    Shiprock Capital Management is a London-based investment management firm focused on Global Distressed and Special Situations. Founded in 2023, the firm manages in excess of $1bn.

    Contact:

    info@shiprock.co.uk

    The MIL Network –

    July 1, 2025
  • MIL-OSI: ProLogium’s Next-Generation Lithium Ceramic Battery Shipments Surpass 2.4 Million Units

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan, July 01, 2025 (GLOBE NEWSWIRE) — ProLogium Technology, a global leader in next-generation lithium ceramic batteries, today announced that its cumulative shipments have officially surpassed 2.4 million units, marking a major milestone since its production in 2013. A key driver of this achievement is the production ramp-up at ProLogium’s first Giga-scale super factory in Taoyuan, Taiwan (Taoke Plant), which has contributed over 500,000 units within just 18 months of operation. This strong performance demonstrates the reliability and scalability of ProLogium’s mass production capabilities. The company’s batteries have been adapted across multiple sectors including electric mobility, wearables, automotive electronics, and industrial system, highlighting the strong commercial maturity and stable supply capability of its products across diverse applications.

    Leveraging both its technological leadership and mature manufacturing infrastructure, ProLogium has proven its readiness to support large-scale market demands. This milestone also lays a solid foundation for the company’s upcoming Giga factory project in Dunkirk, France, currently preparing for construction.

    From R&D to Mass Production: Catalyzing a Paradigm Shift in the Battery Industry
    Founded in 2006, ProLogium is committed to developing safe, high-performance, scalable, and sustainable lithium ceramic batteries. It is the first and only company worldwide capable of mass-producing this next-generation battery technology using automated production systems. Following the dual approval of EIA (Environmental Impact Assessment) and building permits for its Giga factory in Dunkirk, France at the end of 2024, ProLogium is now leading the industry into the fourth generation all-inorganic solid-state electrolyte architecture. Construction is set to begin in 2026, with mass production planned for 2028. This marks a crucial step in the company’s global expansion, while also accelerating the transformation and upgrading of the battery supply chain, unlocking long-term value and growth potential.

    All-Ceramic Separator + All-Inorganic Electrolyte + All-Silicon Anode
    A True Next-Gen Battery beyond Conventional Solid-State Technologies
    While continuously optimizing current mass production technologies, ProLogium is also actively advancing its fourth-generation all-inorganic electrolyte architecture. By leveraging innovative inorganic electrolyte fluidization technology, ProLogium has successfully combined the respective advantages of solid-state and liquid batteries, eliminating their inherent performance trade-offs.

    This architecture significantly enhances six key performance metrics—safety, energy density, thermal stability, fast-charging capability, energy efficiency, and low-temperature performance—while addressing one of the greatest hurdles in solid-state battery commercialization: the high cost of materials and manufacturing processes. The result is a scalable, cost-effective battery that redefines the value structure of both solid-state and liquid batteries.

    Furthermore, the innovative design overcomes the interface bottleneck typically found between solid electrolytes and active materials, laying the groundwork for the widespread adoption of next-generation batteries and providing a truly scalable and sustainable energy transition solution.

    “Next-generation batteries are not only the cornerstone of the energy transition but also a critical engine driving electrification and smart device innovation” said Vincent Yang, Founder and CEO of ProLogium.

    “We are pleased that our technology has been adopted and validated by leading strategic partners around the world and introduced into a wide range of applications. Beyond business expansion, we look forward to collaborating with industry, government, academia, and research institutions to form strategic alliances that can accelerate energy transition and contribute to global sustainable development.”

    About ProLogium

    Founded in 2006, ProLogium Technology is an innovative energy company focused on the development and manufacturing of next-generation lithium ceramic batteries for electric vehicles, consumer electronics, and industrial applications. The company holds over 900 global patents (granted and pending) and has delivered more than 12,000 battery samples for testing and module development to global automotive OEMs.

    ProLogium’s first GWh-level Giga factory (Taoke) in Taoyuan, Taiwan, began production in 2024 and supplies global markets. The company surpassed the milestone of 2.4 million battery units shipped. In May 2024, ProLogium unveiled its first overseas R&D center in Paris-Saclay, designed to tailor solutions for the European market. Its first overseas Giga factory in Dunkirk, France, received dual approvals for EIA and building permits in late 2024, with construction scheduled for 2026 and mass production in 2028.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/819c258c-214e-4297-a7cb-5378ed4b4e37

    https://www.globenewswire.com/NewsRoom/AttachmentNg/62c8721a-977d-46e7-95da-31d7639e06ad

    The MIL Network –

    July 1, 2025
  • MIL-OSI Africa: Pensana Chief Executive Officer (CEO) to Headline African Mining Week (AMW), Amidst Rollout of Angola’s Flagship Rare Earth Mine


    Download logo

    Tim George, CEO of UK mining firm Pensana will participate at the upcoming African Mining Week (AMW) 2025 conference – Africa’s premier gathering for mining stakeholders – as a speaker. George will contribute to a high-level panel discussion entitled Critical Minerals: Driving Renewable Development in Africa, highlighting the role of African energy transition metals such as lithium, cobalt, copper and rare earths in global decarbonization.

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    George’s participation at AMW follows several significant milestones for Pensana, including a June 2025 Memorandum of Understanding with Japanese conglomerate Toyota Tsusho Corporation for the offtake of 20,000 tons of ultra-clean Mixed Rare Earth Carbonate over five years. The company also has an existing offtake agreement with Japanese trading house Hanwa, further reinforcing Longonjo’s global appeal. The project is expected to supply 5% of the world’s magnet metal rare earths used in wind turbines and electric vehicles, producing 20,000 tons per annum during phase one and up to 40,000 tons annually during phase two. AMW presents an opportunity for George to meet potential buyers and strategic partners to advance Longonjo’s impact on the global rare earths market.

    AMW will enable George to update market stakeholders on Longonjo’s latest financing, engineering and construction developments. Pensana has successfully secured substantial financing for the Longonjo project: $2 million from M&G Investment Management in May 2025; a $25 million facility from Angola’s Sovereign Wealth Fund; and a $268 million raise for phase one development, with support from institutions such as ABSA Bank and the Africa Finance Corporation. In May 2025, the company also began construction of the mine, with first production anticipated in late 2026. In April 2025, Pensana released an updated ore reserve and mine-life estimate, indicating Longonjo’s potential to hold 22 million tons of rare earths in reserves. The mine’s life is estimated at 20 years.

    Under theme, From extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW will host George and key African mining stakeholders, policymakers and global partners to discuss and maximize prospects within Africa’s mining value chain.

    Distributed by APO Group on behalf of Energy Capital & Power.

    MIL OSI Africa –

    July 1, 2025
  • MIL-OSI Africa: Arab Coordination Group Champions Bold Financial Reform at the Fourth International Conference on Financing for Development in Seville

    At the Fourth International Conference on Financing for Development (FfD4), the Arab Coordination Group (ACG) (www.TheACG.org) convened a high-level roundtable and issued a joint communiqué reaffirming its commitment to transformative, equitable, and regionally anchored development finance.

    Marking 50 years of partnership and impact in 2025, the ACG also adopted a new Joint Action Plan (2025–2030) to align its efforts with key global milestones, including COP30 and the 2026 SDG Summit.

    FfD4 spotlighted a widening annual financing gap of over USD 4 trillion, escalating climate shocks, and worsening debt distress. In this context, the ACG called for urgent structural reform and long-term investment strategies designed to address the needs of fragile, conflict-affected, and climate-vulnerable nations.

    Bridging Regions Through South–South Cooperation

    The ACG also co-hosted a strategic roundtable, “Bridging Regions: Arab Coordination Group and Latin America and the Caribbean,” in collaboration with the OPEC Fund for International Development and CAF – Development Bank of Latin America and the Caribbean. The event brought together finance ministers, ACG leaders, CAF officials, and representatives from the Central American Bank for Economic Integration and the Caribbean Development Bank.

    Discussions underscored the growing power of South–South cooperation to drive shared development through knowledge exchange, policy alignment and joint investment. Key areas of focus included climate adaptation, energy transition, food security, infrastructure, and economic diversification.

    A Record Year of Impact

    The ACG’s vision for the future builds on significant momentum. In 2024, the Group disbursed US$19.6 billion across nearly 650 operations in over 90 countries, making it the world’s second-largest development finance group.

    These investments targeted core priorities: sustainable infrastructure, global trade, and solutions to systemic challenges such as climate change and food insecurity.

    Earlier this month, at its 20th Annual Meeting in Vienna, ACG leaders reaffirmed their commitment to scaling up support for sustainable development and for vulnerable communities worldwide.

    Shaping a More Inclusive Global Financial System

    The ACG’s joint communiqué outlines bold commitments: expanding climate-resilient investment, supporting fragile states, restoring degraded lands, unlocking private capital, promoting innovative financing and deepening South–South cooperation.

    As the ACG prepares to mark its 50th Anniversary in October 2025, it looks ahead with renewed resolve to close financing gaps, advance inclusive growth and deliver tangible solutions to global challenges.

    Distributed by APO Group on behalf of Arab Coordination Group (ACG).

    About the Arab Coordination Group (ACG):
    The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact.

    The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.

    MIL OSI Africa –

    July 1, 2025
  • MIL-OSI Africa: Arab Coordination Group (ACG) Institutions Issue Joint Communique at the Fourth International Conference on Financing for Development (FfD4)

    Preamble

    We, the Heads of Arab Coordination Group (ACG) Institutions, convening in Seville during the Fourth International Conference on Financing for Development (FfD4), reaffirm our collective commitment to delivering agile, equitable, and forward-looking development finance solutions. As we celebrate 50 years of action, we draw strength from our legacy while looking ahead to make bold and transformative contributions to the global financing landscape.

    FfD4 convenes at a time of unprecedented and intersecting crises: widening development finance gaps, intensifying climate shocks, rising debt distress, persistent fragility, and an international financial system that remains inequitable and fragmented.

    While FfD4 has highlighted important challenges and ambitions, the path to meaningful reform remains uncertain—especially concerning climate finance, mainstreaming private capital, and recognizing the strategic role of ACG institutions.

    We Commit To:

    1. Strengthening ACG’s Role in Global Finance Architecture

    • Advocate for the institutionalized inclusion of ACG institutions as permanent stakeholders in global governance, financing mechanisms, policy forums, and debt platforms.
    • Ensure that regional priorities and realities are reflected in the follow-up and outcome reporting of FfD4.

    2. Scaling Up Climate-Resilient Development Finance

    • Expand collective financing for adaptation, resilient infrastructure, and cross-border climate initiatives in agriculture, water, energy, and transport.
    • Support new climate finance tools, including green Sukuk and blended adaptation facilities.

    3. Supporting Fragile and Conflict-Affected States

    • Enhance early recovery and reconstruction financing using area-based, community-led models that support stabilization and local institution-building.
    • Engage in innovative partnerships to provide financial protection and resilience tools for vulnerable populations.
    • Prioritize financing models which recognize that economic opportunity is central to long-term stability.

    4. Addressing land degradation

    • Leverage diverse financing instruments to support long-term projects focused on restoring degraded lands and preventing further land degradation, improving soil health, and preserving biodiversity

    5. Unlocking Private Capital and Enhancing Risk Sharing

    • Scale guarantees, blended finance structures, and PPPs to crowd in responsible private investment into SDG-critical sectors.
    • Launch co-investment platforms with regional sovereign wealth funds and international impact investors.

    6. Promoting Islamic Finance and Financial Innovation

    • Position Islamic finance as an inclusive development framework, with a focus on asset-backed solutions.
    • Integrate data-driven approaches, AI, and digital tools to enhance transparency, targeting, and results of monitoring in ACG-financed operations.

    7. Championing South–South Development Finance Cooperation

    • Strengthening cross-regional collaboration and knowledge sharing in climate resilience, food security, and digital inclusion.

    8. Coordinating Action and Increasing Strategic Visibility

    • Endorse an ACG 2025–2030 Joint Action Plan to align future operations with key FfD4 themes and upcoming global forums, including COP30 and the 2026 SDG Summit.

    We Call Upon:

    • Multilateral institutions to partner with ACG institutions as co-architects—not just implementers – of a more inclusive financial architecture that reflects the voices, needs, and innovations of the Global South.
    • The international community transforms the aspirations of FfD4 into actionable outcomes that embed regional leadership and systemic reform.

    Distributed by APO Group on behalf of Arab Coordination Group (ACG).

    About the Arab Coordination Group (ACG):
    The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising ten development funds, ACG is the second-largest group of development finance institutions in the world and works across the globe to support developing nations and create a lasting, positive impact.

    The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.

    MIL OSI Africa –

    July 1, 2025
  • MIL-OSI Russia: /China Spotlight/ Toys for the Elderly Boost China’s ‘Silver’ Economy

    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

    HANGZHOU, July 1 (Xinhua) — In a playroom at a nursing home in China, several sprightly seniors gathered to play table hockey, competing in wits and skill, savoring every moment.

    Once considered a child’s play, these educational games are quickly becoming the latest craze among seniors.

    As China’s population ages at an accelerated rate, the once-overlooked consumer niche of games and toys for the elderly is emerging as a new pillar of the booming silver economy.

    Guan Weijian, a toy merchant in the eastern Chinese city of Yiwu, known as the “supermarket of the world,” quickly saw the wind blowing when he noticed such changes.

    Over the past year, his online store has seen a boom in demand for fitness gear and cognitive-development games and toys among older shoppers. Consumers aged 50 and up now make up 30 percent of his user base.

    “Our two best-selling toys are in the fitness and puzzle categories. They are low-impact yet fun, perfect for seniors to exercise or while away the time,” says Guan Weijian.

    “In fact, there are similarities between toys for the elderly and children’s toys in terms of developing reflexes, grip strength and coordination. In fact, some children’s toys can be easily adapted for the elderly with just a few simple changes,” Guan Weijian added.

    Realizing the potential of the senior toys sector as a promising niche, he decided to take advantage of the opportunity. In just three months after launching more than 10 products designed specifically for senior users, sales at his store far exceeded expectations.

    Searches for “toys for the elderly” on Taobao, one of China’s leading e-commerce platforms, grew 124 percent year-on-year, and transaction volume increased by more than 70 percent. Consumers aged 55 and above now make up an increasing proportion of shoppers, and their purchase frequency is increasing.

    As the market expands, more and more toy manufacturers across China are shifting their focus to meet the needs of older consumers.

    According to Cheng Xin of Taobao’s toys and collectibles section, there are many new shops selling toys for the elderly popping up on the platform, some of which are newly established and many of which are converted from former children’s toy stores.

    “Toys are no longer exclusive to kids, nor are they pop culture icons. They are a lifelong hobby that can be enjoyed by a wide range of consumers of all ages,” Cheng Xin said, adding that Taobao plans to launch a special toy segment for seniors, providing them with customized operational support.

    The booming market of toys for the elderly has not only created new growth points for consumption, but also contributed to a profound transformation of the traditional production chain.

    A particularly striking example is Yunhe County in Zhejiang Province, East China, widely known as the “birthplace of China’s wooden toys.”

    Based on years of industrial experience, Yunhe County has now deeply integrated the wooden toy industry with the elderly care industry, forming an innovative industrial chain focusing on intellectual, health and entertainment products.

    The key to this transformation lies in the shift from “fun” to “functionality.” To date, local manufacturers have developed more than 200 wooden toys designed to improve hand-foot coordination and slow down memory loss in older adults.

    According to Yin Qian, president of Zhejiang Mimi Zhikang Technology Co., the company has developed more than 100 wooden puzzle toys that are both entertaining and mentally stimulating.

    To enhance the cognitive and rehabilitation properties of its products, the company collaborated with the Health Science Center of Xi’an Jiaotong University and the Alzheimer’s Disease Prevention Group located in Shaoxing, Zhejiang Province.

    To date, the company has received more than 30 patents and supplies products to more than 500 senior care facilities across the country.

    Meanwhile, Yunhe is also targeting international markets. In recent years, the county has expanded the export of its wooden toys to senior schools, nursing homes and community centers overseas.

    “In 2024, our products were successfully exported to Germany, Japan and other markets, where they were warmly received by elderly users,” Yin Qian said.

    In the first quarter of this year, sales of wooden toys aimed at the elderly rose 50 percent year-on-year.

    China’s elderly population is projected to grow by more than 10 million a year over the next decade, according to the Ministry of Civil Affairs. The silver economy’s share of China’s GDP is expected to rise to 9 percent by 2035, from 6 percent today.

    Data from iiMedia Research shows that China’s elderly care market will reach 12 trillion yuan (about $1.68 trillion) in 2023, up 16.5 percent year-on-year. The country’s silver economy is projected to reach about 30 trillion yuan by 2035, accounting for about 10 percent of GDP.

    Innovations in niche segments are opening up new opportunities in the silver economy, said Zhang Jinsong, secretary general of the Committee on Education for the Elderly of the Chinese Gerontological Society.

    The “silver” economy is poised to move beyond basic needs to consumption based on quality and pleasure, which will open up enormous potential,” he added. -0-

    MIL OSI Russia News –

    July 1, 2025
  • MIL-OSI Russia: I. Musk threatens to remove congressmen who support D. Trump’s “One, Big, Beautiful” bill

    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

    WASHINGTON, July 1 (Xinhua) — U.S. billionaire Elon Musk on Monday again lashed out at U.S. President Donald Trump’s “One Big Beautiful” bill, threatening that lawmakers who support it risk losing their primaries next year.

    “Every member of Congress who advocated for cutting government spending and then immediately voted for the largest increase in debt in history should hang their head in shame!” he wrote on his social network X.

    “And they will lose the primaries next year if it is the last thing I do on this earth,” he said.

    In another post, Musk said he would support Republican Congressman Thomas Massie of Kentucky, whom Trump criticized for voting against the bill in the House of Representatives and promised to campaign “very hard” against him in the Democratic primary, promising that a “great American patriot” would run against him.

    Musk has been attacking Trump’s bill since he stepped down as head of the Office of Government Effectiveness in May, warning that it would raise the debt ceiling by $5 trillion, “destroy millions of American jobs, and cause massive strategic damage to our country.”

    The bill could also directly impact Musk’s electric car company Tesla, as it eliminates tax credits on electric vehicles — up to $4,000 for a used car and up to $7,500 for a new one. J.P. Morgan Chase & Co. estimates that this would hit Tesla’s profits by $1.2 billion.

    On Saturday, E. Musk broke a brief silence on the controversial spending bill, calling it “completely insane and destructive” as the package moves through the Senate. –0–

    MIL OSI Russia News –

    July 1, 2025
  • MIL-OSI Europe: ECB Consumer Expectations Survey results – May 2024

    Source: European Central Bank

    1 July 2025

    Compared with April 2025:

    • median consumer perceptions of inflation over the previous 12 months remained unchanged, while median expectations for inflation one and three years ahead decreased, and median inflation expectations for five years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months remained unchanged, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    In May, the median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% for the fourth consecutive month. This was its lowest level since September 2021. Median expectations for inflation over the next 12 months decreased by 0.3 percentage points to 2.8%. Expectations for three years ahead also decreased, by 0.1 percentage points, to 2.4% while expectations for inflation five years ahead were unchanged at 2.1% for the sixth consecutive month. Uncertainty about inflation expectations over the next 12 months decreased in May, reversing the increase observed in April. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and short-horizon expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (aged 35-54 and 55-70), albeit to a lesser degree than in previous years.

    Inflation results

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months increased to 1.0%, from 0.9% in April. This increase was observed across all income groups. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in April. Conversely, expected nominal spending growth over the next 12 months decreased to 3.5% in May, from 3.7% in April. This decrease was prevalent across all income quintiles, except for the lowest income group.

    Income and consumption results

    Economic growth and labour market

    Economic growth expectations for the next 12 months became less negative, standing at -1.1% in May compared with -1.9% in April. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in April. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (9.9%), implying a broadly stable labour market.

    Economic growth and labour market results

    Housing and credit access

    Consumers expected the price of their home to increase by 3.2% over the next 12 months, which was unchanged from April. Households in the lowest income quintile continued to expect higher growth in house prices compared with those in the highest income quintile (3.5% and 3.1% respectively). Expectations for mortgage interest rates 12 months ahead declined to 4.4%, from 4.5% in April. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (4.9%), while the highest income households expected the lowest rates (4.1%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined. The net percentage of those expecting a tightening over the next 12 months declined as well, reversing the increase seen in April.

    Housing and credit access results

    The release of the Consumer Expectations Survey (CES) results for June is scheduled for 29 July 2025.

    For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

    Notes

    • Unless otherwise indicated, the statistics presented in this press release refer to the 2% winsorised mean. For further details, see ECB Consumer Expectations Survey – Guide to the computation of aggregate statistics.
    • The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The main aggregate results of the CES are published on the ECB’s website every month. The results are used for policy analysis and complement other data sources used by the ECB.
    • Further information about the survey and the data collected is available on the CES web page. Detailed information can also be found in the following two publications: Bańkowska, K. et al., “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, Frankfurt am Main, December 2021; and Georgarakos, D. and Kenny, G., “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129, Supplement, July 2022, pp. S1-S14.
    • The survey results do not represent the views of the ECB’s decision-making bodies or staff.

    MIL OSI Europe News –

    July 1, 2025
  • MIL-OSI: Virtune announces the listing of Virtune Coinbase 50 Index ETP, its flagship product, on Euronext Paris

    Source: GlobeNewswire (MIL-OSI)

    Paris, July 1st, 2025 – Virtune AB, the Swedish regulated crypto asset manager, today announced the listing of Virtune Coinbase 50 Index ETP (VCOIN50) on Euronext Paris. The exchange-traded product (ETP) is now available to investors in France through brokers and banks.

    Virtune has experienced sustained demand for digital assets from both institutional and retail investors across the Nordic and European regions since the launch of its first ETP around two years ago, earning the trust of over 140,000 investors. Building on this momentum, the VCOIN50 ETP – which was also listed on Xetra on June 2 – now marks another key milestone with its listing on Euronext Paris (Euronext ticker: VRTC), further advancing Virtune’s expansion into the European market. Coinbase is serving as the custodian for VCOIN50.

    Virtune has made history as the first company to list a crypto Exchange Traded Product (ETP) tracking the Coinbase 50 Europe index, developed by Coinbase, a trusted and global leader in crypto services and administered by MarketVector IndexesTM (“MarketVector”), a leading global index provider.

    This ETP represents several key firsts for European financial markets:

    • First ever ETP to track the Coinbase 50 Europe Index
    • The widest crypto ETP in Europe containing up to 50 crypto assets 

    About Virtune Coinbase 50 Index ETP:

    Virtune Coinbase 50 Index ETP is a physically-backed exchange-traded product (ETP) tracking the Coinbase 50 Europe Index, the premier global benchmark index for digital assets. Currently, VCOIN50 ETP offers exposure to 21 crypto assets that are compliant with market-specific regulatory and exchange-specific policies. Virtune’s expansion to include all 50 assets in the COIN50 is subject to regulatory and stock exchange approvals. The ETP provides exposure to up to 50 leading crypto assets and is rebalanced quarterly. The product features a transparent structure backed by physical holdings and secured with institutional-level solutions.

    Allocation as of 30th of June 2025:

    https://www.virtune.com/product/vcoin50

    About Virtune:

    Virtune is a Swedish-regulated crypto asset manager and issuer of 100% physically backed crypto ETPs. The company has experienced rapid growth in the Nordics since listing its first crypto ETP on Nasdaq Stockholm in May 2023. Today, Virtune manages $340 million in assets under management and has earned the trust of over 140,000 institutional and retail investors. Since its inception, Virtune has prioritized investor protection, and its success stems from its transparent, regulated approach and strong commitment to innovation and educating the market about crypto assets and ETPs.

    Christopher Kock, CEO of Virtune:

    “We have worked closely with Coinbase since our inception, leveraging their industry-leading custody, trading, and staking services across all our ETPs. Following the successful launch of the COIN50 ETP, we are proud to now bring this product to a broader European audience through its cross-listing on Euronext Paris. COIN50, designed as the crypto market’s equivalent of the S&P 500, aims to become the leading global crypto benchmark. This ETP provides both institutional and retail investors with diversified exposure to the crypto market – crafted by industry experts with deep experience and insight.”

    About Coinbase: 

    Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

    Brett Tejpaul, Head of Coinbase Institutional: 

    “With the launch of the Virtune Coinbase 50 Index ETP in Europe, we’re making one of the most comprehensive benchmarks for the crypto market directly accessible to investors across the EU. This marks a major step forward in our mission to expand global access to digital assets and provide institutional-grade tools for navigating this evolving asset class. The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy.”

    About MarketVector:

    MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange-Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 57 billion in assets under management.

    Martin Leinweber, Director, Digital Asset Research and Strategy, MarketVector: 

    “The Virtune Coinbase 50 Index ETP marks a significant step forward for crypto investment in Europe, offering broad, institutional-grade exposure to digital assets through a single, efficient product. This milestone combines MarketVector’s index expertise, Coinbase’s market infrastructure, and Virtune’s transparent, regulated approach. We’re proud to deepen our partnership with Virtune by becoming the index provider for their entire range of crypto ETPs across Europe. Together, we’re delivering the tools institutional and retail investors need to navigate the digital asset landscape with greater confidence and clarity.”

    Key Information about the Product:

    • Exposure: Exposure to up to 50 leading crypto assets in one product
    • Backing: 100% physically backed by the underlying crypto assets
    • Custody: Institutional-grade custody by Coinbase
    • Management Fee: 0.95% per annum
    • Trading currency: USD, EUR
    • First day of trading on Euronext: Monday, 30th of June 2025
    • BloombergTicker: VCOIN50
    • ISIN: SE0024738389
    • WKN: A4A5D4
    • Exchange ticker: VRTC
    • Exchanges: Euronext Amsterdam, Euronext Paris, Xetra

    For questions, contact:

    Christopher Kock, CEO & Member of the Board of Directors
    Mobile: +46 70 073 45 64
    Email: christopher@virtune.com

    About Virtune AB (Publ):

    Headquartered in Stockholm, Virtune is a regulated Swedish digital asset manager and issuer of crypto ETPs listed on regulated European exchanges. With strong regulatory foundations, partnerships with industry leaders, and a skilled team, Virtune delivers innovative and compliant investment products aligned with the evolving global crypto landscape.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The Coinbase 50 Europe Index (“Index”) is the exclusive property of MarketVector Indexes GmbH (“MarketVector”) and its Licensors and has been licensed for use by Virtune AB (Publ) (“Licensee”). MarketVector has contracted with CC Data Limited to maintain and calculate the Index. CC Data Limited uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector, CC Data Limited has no obligation to point out errors in the Index to third parties. In particular, MarketVector is not responsible for the Licensee and/or for Licensee’s legality or suitability and/or for Licensee’s business offerings. Offerings by Licensee, may they be based on the Virtune Coinbase 50 Europe ETP (“Product”) or not, are not sponsored, endorsed, sold, or promoted by MarketVector and any of its affiliates, and MarketVector and any of its affiliates make no representation regarding the advisability of investing in Licensee and/or in Licensee’s business offerings. MARKETVECTOR AND ANY OF ITS AFFILIATES AND ANY OF ITS LICENSORS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO LICENSEE. 

    The MIL Network –

    July 1, 2025
  • MIL-OSI Video: Small Business Champions Awards 2025

    Source: World Trade Organization – WTO (video statements)

    On 27 June, the Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) marked MSME Day, announcing two new Small Business Champions: SilaiWali (India) and NetZero Pallets (Viet Nam).

    https://www.youtube.com/watch?v=LqmZ59VjqfU

    MIL OSI Video –

    July 1, 2025
  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Day 1

    Source: European Central Bank (video statements)

    The ECB Forum on Central Banking – the Sintra Forum – is an annual event organised by the European Central Bank and is held in Sintra, Portugal.

    It brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the Forum’s key topic from a longer-term perspective.

    https://www.youtube.com/watch?v=G2qv5ht7Ets

    MIL OSI Video –

    July 1, 2025
  • MIL-OSI Banking: ASEAN Socio-Cultural Community (ASCC) advances strategic plan with key performance indicator refinement

    Source: ASEAN

    HA NOI, 24 June 2025 – The Twelfth Meeting of the Ad Hoc Working Group to develop the ASCC Strategic Plan (AHWG) was convened on 23-24 June in Ha Noi, Viet Nam. The meeting was co-chaired by Dr. Christina Yeo Ken Yin, Undersecretary of the International Relations Division (Culture), Ministry of Tourism, Arts and Culture of Malaysia, and Mike Mohen A. Padilla, Section Chief of External Affairs Division, Policy Development and Planning Bureau of the Philippines. The two-day meeting was convened to consolidate and refine the key performance indicators for each strategic measure of the ASCC Strategic Plan, based on inputs from the ASCC Sectoral Bodies.
     
    In his welcoming remarks, Vice Minister of the Ministry of Home Affairs, Viet Nam, Vu Chien Thang, underscored the significance of the adoption of the ASEAN Community Vision 2045, commended the efforts of the Ad-hoc Working Group, and reaffirmed Viet Nam’s commitment to supporting the Strategic Plan’s implementation through coordinated development of the Results Framework and operationalisation of its communication plan.
     
    In her opening remarks, Dr Christina, Ad Hoc Working Group (AHWG) Co-Chair from Malaysia, congratulated members of AHWG on the successful adoption of the ASCC Strategic Plan by the ASEAN Leaders during the 46th ASEAN Summit held in Kuala Lumpur, Malaysia, in May 2025. As part of the ASEAN Community Vision 2045, the ASCC Strategic Plan aims to foster a resilient, innovative, dynamic, and people-centered ASEAN.
     
    The meeting commenced with the drafting of the ASCC Results Framework, which will translate the ASCC Strategic Plan into concrete and measurable indicators with baseline data and targets to support its implementation, monitoring and reporting.
     
    Mike Mohen A. Padilla, Ad Hoc Working Group Co-Chair from the Philippines, highlighted that a clear and inclusive Results Framework is essential to turning the ASCC Strategic Plan into real, measurable progress. He emphasised that its values rest not only in technical complexity but also in guiding impactful, people-centred actions toward the ASEAN Community Vision 2045.
     
    The meeting also reviewed the timeline for finalising the ASCC Results Framework and reflected on lessons learned from the monitoring and evaluation of the ASCC Blueprint 2025. Discussion highlighted the importance of consultations with ASCC and cross-pillar sectoral bodies who are part of the Strategic Plan’s implementation. The Meeting also noted the planned capacity-building for ASCC Sectoral Bodies on results framework and theory of change, as well as the updates on communication and outreach initiatives for the ASCC Strategic Plan.
     
    Deputy Secretary-General of ASEAN for the ASCC, San Lwin, highlighted the importance of finalising the ASCC Results Framework prior to the start of the ASCC Strategic Plan’s implementation as it will serve as a critical tool and benchmark for its progress.
     
    The Meeting was supported by the Government of Australia through the Development of the ASCC Results Framework and Baselining of the ASCC Strategic Plan Project under the Australia for ASEAN Futures Initiative (Aus4ASEAN Futures).

    The post ASEAN Socio-Cultural Community (ASCC) advances strategic plan with key performance indicator refinement appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    July 1, 2025
  • MIL-OSI United Kingdom: Norway’s WTO Trade Policy Review: UK Statement

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Norway’s WTO Trade Policy Review: UK Statement

    UK Statement at Norway’s World Trade Organization Trade Policy Review. Delivered by the UK’s Permanent Ambassador to the WTO and UN, Simon Manley.

    State Secretary, a very warm welcome to you and your delegation both from Oslo and here from Geneva. Thank you for bringing the spark of the land of Midnight Sun, beautiful Fjords and magical Northern Lights.

    Thank you to the WTO Secretariat, as ever, for their report. Thank you, Chair, for your introductory comments. Thank you to our distinguished discussant for his insightful comments. I thought your final point about the value shown by the Norwegian case, but obviously a much broader point about institutions, is a very worthwhile one.

    Thank you, also, to the government of Norway for piloting the new Trade Policy Review portal. We were particularly pleased to see it come to life given that we have our own TPR coming up later this year so we may see it in use again.

    Report Analysis

    1. Chair, the reports highlight Norway’s extraordinary economic resilience, keeping up its very high GDP per capita level despite the challenges of COVID-19 and the rest.

    2. Its transformation into a high-income, knowledge-based economy, for us, reflects the power of open trade and strategic investment. The World Bank says that international trade accounts for over 80% of its GDP, which is remarkable.

    3. Between 2018 and 2024, foreign trade rose steadily. Imports grew from over 700 billion Norwegian Krone to over one trillion Krone, and exports from just over one trillion Krone to almost two trillion Krone. Extraordinary figures. Excluding oil, gas, ships and drilling platforms, traditional goods trade rose by about 50% and services trade by 110%.

    4. Testimony, if I may say, State Secretary, to your commitment to open trade and investment, but also the rewards of that commitment.

    Digitoll

    1. As noted in our Advance Written Questions, we’re particularly interested in the Digitoll customs declaration system, set for full rollout next year.

    2. We very much welcome its aim to automate customs proceedings and speed up clearances, especially given imports represent over 40% of Norway’s GDP.

    3. We look forward to further details and we wish you every success with that rollout.

    Bilateral Relationship

    1. Bilaterally, Chair, our relationship with Norway is exceptionally close. So close, in fact, that the Norwegian Prime Minister described us as ‘best friends’ during our own Prime Minister’s visit in May. As somebody who has been around in the diplomatic service for a few years, I have never seen it so strong. And we have had several ministerial visits just in the last 12 months.

    2. And this relationship also extends to trade. In 2024, Norway was the UK’s 12th largest trading partner with total trade valued at over £38 billion.

    3. Our UK-EEA/EFTA Free Trade Agreement (FTA), signed in 2021, is one of the UK’s most modern and comprehensive. This FTA is not only a successful deal for businesses in both countries but also provides our governments with the opportunity for regular dialogue on trade, which we very much appreciate.

    4. Our Strategic Partnership, signed in December last year, adds further depth and breadth, particularly in priority sectors such as energy.

    5. In May, we welcomed our Green Industrial Partnership, which reflects our unique energy relationship across the North Sea. And just last week, in our newly published and elegant Trade Strategy, we committed to build on that bilateral partnership, underscoring its importance for our shared clean energy goals.

    Gender

    1. Chair, our countries also share a commitment to gender equality in trade.

    2. We welcome Norway’s efforts, including through its board composition requirements for limited liability companies. As one of the three co-chairs of our Informal Working Group on Trade and Gender here, let me commend Norway’s participation in that group, and encourage it to continue sharing its valuable practices here at the WTO.

    WTO Engagement

    1. Which brings me last, but by no means least, to Norway’s exemplary commitment to the multilateral trading system and to this organisation.

    2. Like others, I must start by paying tribute to my colleague, true friend of the system and multi-hatted Norwegian colleague, Petter Ølberg. DSB Chair, DS Reform Facilitator, General Council Chair; his personal commitment to this organisation is clear as is his track record of success.

    3. Petter, your leadership as GC Chair was genuinely inspiring. And we agree with your final message to all of us: real dialogue and real reform are essential to the future of this organisation.

    4. So, we are thrilled that you have been appointed as Reform Facilitator. As outlined in our Trade Strategy we remain a staunch supporter of the multilateral trading system but we agree there is an urgent need for reform.

    5. And so we welcome Norway’s participation in key WTO plurilateral initiatives, including the JSIs on Services Domestic Regulation, Electronic Commerce, and Investment Facilitation for Development. I think they reflect your forward looking approach, State Secretary, to modernising global trade rules and are a key part of those reform efforts.

    6. We applaud your ratification of the Agreement on Fisheries Subsidies and encourage your continued leadership.

    7. And your leadership on trade and environment is particularly commendable, where you have consistently championed ambitious and constructive engagement.

    8. Like the UK, as you said at the beginning, State Secretary, our two countries see trade policy as an enabler of the vital move to net zero. Our new Trade Strategy supports this, as it underlines that we would like to go further with Norway and others to “go further and faster in the transition to net zero”.

    9. And finally, on trade and development, your leadership and advocacy for the interests of developing countries is appreciated right across this organisation. As fellow donors, we have worked closely together, and will continue to do so, including through our support for the Advisory Centre on WTO Law and as Board members of the Enhanced Integrated Framework, to help ensure the proper participation of developing countries in the multilateral trading system.

    Conclusion

    So, to conclude, State Secretary, keep up the good work! Keep up being an example to all of us.

    As this is my last Trade Policy Review, let me say that it has been a real pleasure to end with such a close trading partner and genuine friend as well as a good neighbour. Trade Policy Reviews, Chair, are fundamental to transparency and the good working of this organisation. And I know my successor, Kumar Iyer, and our team, are looking forward to our own first TPR later this year.

    ‘Tusen takk’ to you, State Secretary, and your team for your full and transparent engagement with this TPR, yet another example of your continued commitment to this organisation. Thank you.

    Updates to this page

    Published 1 July 2025

    MIL OSI United Kingdom –

    July 1, 2025
  • MIL-OSI: Virtune is listing Virtune Coinbase 50 Index ETP on Euronext Amsterdam and Paris

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, July 1st, 2025 – Virtune, the Swedish regulated crypto asset manager, today announced the listing of Virtune Coinbase 50 Index ETP (VCOIN50) on Euronext Amsterdam and Paris. The exchange-traded product (ETP) is now available to investors in the Netherlands and France through brokers and banks. The product is also available to Swedish investors through Avanza and Montrose.

    The VCOIN50 ETP – which was also listed on Xetra on June 2 – now marks another key milestone with its listing on Euronext Amsterdam and Paris, further advancing Virtune’s expansion into the European market. Coinbase is serving as the custodian for VCOIN50.

    Virtune has made history as the first company to list a crypto Exchange Traded Product (ETP) tracking the Coinbase 50 Europe index, developed by Coinbase, a trusted and global leader in crypto services and administered by MarketVector Indexes™ (“MarketVector”), a leading global index provider.

    About Virtune Coinbase 50 Index ETP:

    Virtune Coinbase 50 Index ETP is a physically-backed exchange-traded product (ETP) tracking the Coinbase 50 Europe Index, the premier global benchmark index for digital assets. Currently, VCOIN50 ETP offers exposure to 21 crypto assets that are compliant with market-specific regulatory and exchange-specific policies. Virtune’s expansion to include all 50 assets in the COIN50 is subject to regulatory and stock exchange approvals. The ETP provides exposure to up to 50 leading crypto assets and is rebalanced quarterly. The product features a transparent structure backed by physical holdings and secured with institutional-level solutions.

    Allocation as of 30th of June 2025:

    https://www.virtune.com/product/vcoin50

    Christopher Kock, CEO of Virtune:

    “We have worked closely with Coinbase since our inception, leveraging their industry-leading custody, trading, and staking services across all our ETPs. Following the successful launch of the COIN50 ETP, we are proud to now bring this product to a broader European audience through its cross-listing on Euronext Amsterdam and Paris. COIN50, designed as the crypto market’s equivalent of the S&P 500, aims to become the leading global crypto benchmark. This ETP provides both institutional and retail investors with diversified exposure to the crypto market – crafted by industry experts with deep experience and insight.”

    Brett Tejpaul, Head of Coinbase Institutional: 

    “With the launch of the Virtune Coinbase 50 Index ETP in Europe, we’re making one of the most comprehensive benchmarks for the crypto market directly accessible to investors across the EU. This marks a major step forward in our mission to expand global access to digital assets and provide institutional-grade tools for navigating this evolving asset class. The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy.”

    Martin Leinweber, Director, Digital Asset Research and Strategy, MarketVector: 

    “The Virtune Coinbase 50 Index ETP marks a significant step forward for crypto investment in Europe, offering broad, institutional-grade exposure to digital assets through a single, efficient product. This milestone combines MarketVector’s index expertise, Coinbase’s market infrastructure, and Virtune’s transparent, regulated approach. We’re proud to deepen our partnership with Virtune by becoming the index provider for their entire range of crypto ETPs across Europe. Together, we’re delivering the tools institutional and retail investors need to navigate the digital asset landscape with greater confidence and clarity.”

    Key Information about the Product:

    Exposure: Exposure to up to 50 leading crypto assets in one product

    Backing: 100% physically backed by the underlying crypto assets

    Custody: Institutional-grade custody by Coinbase

    Management Fee: 0.95% per annum

    Trading currency: USD, EUR

    First day of trading on Euronext Amsterdam and Paris: Monday, 30th of June 2025

    BloombergTicker: VCOIN50

    ISIN: SE0024738389

    WKN: A4A5D4

    Exchange ticker: VRTC

    Exchanges: Euronext Amsterdam, Euronext Paris, Xetra

    For questions, contact:

    Christopher Kock, CEO & Member of the Board of Directors

    Mobile: +46 70 073 45 64

    E-mail: christopher@virtune.com

    About Virtune AB (Publ):
    Headquartered in Stockholm, Virtune is a regulated Swedish digital asset manager and issuer of crypto ETPs listed on regulated European exchanges. With strong regulatory foundations, partnerships with industry leaders, and a skilled team, Virtune delivers innovative and compliant investment products aligned with the evolving global crypto landscape.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The Coinbase 50 Europe Index (“Index”) is the exclusive property of MarketVector Indexes GmbH (“MarketVector”) and its Licensors and has been licensed for use by Virtune AB (Publ) (“Licensee”). MarketVector has contracted with CC Data Limited to maintain and calculate the Index. CC Data Limited uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector, CC Data Limited has no obligation to point out errors in the Index to third parties. In particular, MarketVector is not responsible for the Licensee and/or for Licensee’s legality or suitability and/or for Licensee’s business offerings. Offerings by Licensee, may they be based on the Virtune Coinbase 50 Europe ETP (“Product”) or not, are not sponsored, endorsed, sold, or promoted by MarketVector and any of its affiliates, and MarketVector and any of its affiliates make no representation regarding the advisability of investing in Licensee and/or in Licensee’s business offerings. MARKETVECTOR AND ANY OF ITS AFFILIATES AND ANY OF ITS LICENSORS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO LICENSEE.

    The MIL Network –

    July 1, 2025
  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges – A10-0122/2025

    Source: European Parliament 2

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    (COM(2025)0164 – C10‑0064-2025 – 2025/0085(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

    – having regard to the Commission proposal to Parliament and the Council (COM(2025)0164),

    – having regard to Article 294(2) and Articles 164, 175, 177 and 322 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10‑0064-2025),

    – having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

    – having regard to the budgetary assessment by the Committee on Budgets,

    – having regard to Rules 60 and 58 of its Rules of Procedure,

    – having regard to the opinion of the Committee on Security and Defence,

    – having regard to the letter from the Committee on Regional Development,

    – having regard to the report of the Committee on Employment and Social Affairs (A10-0122/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

    Amendment  1

     

    Proposal for a regulation

    Recital 1

     

    Text proposed by the Commission

    Amendment

    (1) Given the major geopolitical and economic events that have reshaped some of the Union’s strategic political priorities, it is necessary to provide for possibilities for Member States to address those strategic challenges and to refocus their resources to newly emerging priorities.

    (1) Given the major geopolitical and economic events that have reshaped some of the Union’s strategic political priorities, it is necessary to provide for more structural possibilities for Member States to address those strategic challenges and the investment needs of industries and to refocus their resources to newly emerging priorities in an inclusive manner and only where those challenges have not been addressed in the current programmes, while safeguarding cohesion, creating quality jobs and preserving a level playing field in the internal market.

    Amendment  2

     

    Proposal for a regulation

    Recital 1 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (1a) The ESF+ is an essential pillar of cohesion policy. The main objectives of the ESF+ are to support Member States and regions to achieve social inclusion, social cohesion, to activate the labour market and to deliver on the principles and the headline targets of the European Pillar of Social Rights by supporting investments in people and structures in the policy area of employment and social policies, which are far from met yet. ESF+ funding should support those objectives. The reprogramming of resources under the ESF+ should ensure that adjustment measures in response to strategic challenges do not undermine its social approach, but strengthen its capacity to combat inequality.

    Amendment  3

     

    Proposal for a regulation

    Recital 1 b (new)

     

    Text proposed by the Commission

    Amendment

     

    (1b) The European Court of Auditors’ adopted on 6 May 2025 the opinion on the legislative proposal forming the basis for this Regulation.

    Amendment  4

     

    Proposal for a regulation

    Recital 1 c (new)

     

    Text proposed by the Commission

    Amendment

     

    (1c) Cohesion policy is often used as an emergency response tool, which risks undermining the primary longer-term policy and objectives of cohesion policy, as underlined in the European Court of Auditors’ opinion of 6 May 2025. It is essential to ensure that any measures taken in the context of emergencies do not interfere with the objectives of cohesion policy. Member States should ensure safeguards in the regulatory framework to prevent the dismantling of the core objectives of the cohesion policy.

    Amendment  5

     

    Proposal for a regulation

    Recital 1 d (new)

     

    Text proposed by the Commission

    Amendment

     

    (1d) The Union and its Member States continue to show that they can rapidly react to geopolitical events and are willing to use sufficient financial resources towards strengthening our defence industry through different Union and national programmes, which is positive and needed for the security of the Union. It is important to strengthen our defence sector through competitiveness programmes. At the same time, it is of utmost importance to continue to invest in the social objectives of the Union through the ESF+, as social cohesion is a cornerstone of the Union’s  democratic and societal resilience which is essential in facing threats of aggression.

    Amendment  6

     

    Proposal for a regulation

    Recital 2

     

    Text proposed by the Commission

    Amendment

    (2) The White paper for European Defence – Readiness 20303 paves the way for a true European defence union, including by suggesting to Member States to heavily invest into defence and the defence industry. In that regard, the Communication from the Commission – the Union of Skills of 5 March 20254 (‘the Union of Skills Communication’) sets out actions to address skills gaps and shortages in the Union, also through the Pact for Skills Initiative referred to in that Communication, and its large-scale partnerships, including one on the defence ecosystem. Therefore, it is appropriate to include incentives for the ESF+ established by Regulation (EU) 2021/1057 of the European Parliament and of the Council5 to facilitate the development of skills in the defence industry.

    (2) It is already possible to support the development of skills in the defence industry under the ESF+ established by Regulation (EU) 2021/1057 of the European Parliament and of the Council2a, to facilitate the development of skills and training in the defence industry, while safeguarding social standards. Together with the Niinisto Report, ‘Safer Together’, the EU Preparedness Strategy, and the European Defence Industrial Strategy, the White paper for European Defence – Readiness 20303 paves the way for a true European defence union, including by suggesting to Member States to heavily invest into defence, civil defence, the defence industry, dual use technologies and civil preparedness capabilities, which should be carried out together with social spending, creating employment and up- and reskilling opportunities . In that regard, the Communication from the Commission – the Union of Skills of 5 March 20254 (‘the Union of Skills Communication’) sets out actions to address skills gaps and shortages in the Union, also through the Pact for Skills Initiative referred to in that Communication, and its large-scale partnerships, including one on the defence ecosystem.

    __________________

    __________________

     

    2a Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 (OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj).

    3 Joint White Paper for European Defence Readiness 2030, JOIN(2025) 120 final, 19.3.2025.

    3Joint White Paper for European Defence Readiness 2030, JOIN(2025) 120 final, 19.3.2025.

    4 COM (2025) 90 final

    4 COM (2025)0090

    5 Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 (OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj).

     

    Amendment  7

     

    Proposal for a regulation

    Recital 3

     

    Text proposed by the Commission

    Amendment

    (3) It is already possible to support the adaptation of workers, entrepreneurs and enterprises to change under the ESF+. In line with the decarbonisation measures proposed by the Communication from the Commission – the Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation of 26 February 20256 and to further facilitate industrial adjustment linked to the decarbonisation of production processes and products, in the context of the objective of providing lifelong opportunities to regularly upskill and reskill people, as set out in the Union of Skills Communication, including through a newly proposed Skills Guarantee, the ESF+ should facilitate the skilling, job maintenance and job creation throughout the decarbonisation process by providing flexibilities to implementation.

    (3) It is already possible to support the adaptation of workers, entrepreneurs and enterprises to change under the ESF+. In line with the decarbonisation measures proposed by the Communication from the Commission – the Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation of 26 February 20256 and to further facilitate industrial adjustment linked to the decarbonisation of production processes and products, in the context of the objective of providing lifelong opportunities to regularly upskill and reskill people, as set out in the Union of Skills Communication, including through a newly proposed Skills Guarantee, the ESF+ should facilitate the skilling, job maintenance and quality job creation throughout the decarbonisation process by providing flexibilities to implementation. Particular consideration should be given to the specific needs and circumstances of less developed regions and rural areas, which should benefit from the green transition and to ensure their integration into the Union’s broader economic, social and environmental development. In accordance with Article 5(1),  second subparagraph, of Regulation (EU) 2021/1060, the ESF+ contributes to the specific objective of enabling regions and people to address the social, employment, economic and environmental impacts of the transition towards the Union’s 2030 targets for energy and climate and a climate-neutral economy of the Union by 2050, based on the Paris Agreement.

    __________________

    __________________

    6 COM (2025) 85 final

    6 COM (2025)0085

    Amendment  8

     

    Proposal for a regulation

    Recital 4

     

    Text proposed by the Commission

    Amendment

    (4) It is already possible, under ESF+, to support investments contributing to the objectives of the ‘Strategic Technologies for Europe Platform’ (STEP) established by Regulation (EU) 2024/795 of the European Parliament and of the Council7 which aims to strengthen the Union’s technological leadership. In order to further incentivise investments from the ESF+ in those critical fields, the possibility for Member States to receive a higher pre-financing for related programme amendments should be extended.

    (4) It is already possible, under ESF+, to support investments contributing to the objectives of the ‘Strategic Technologies for Europe Platform’ (STEP) established by Regulation (EU) 2024/795 of the European Parliament and of the Council7 which aims to strengthen the Union’s technological leadership and the development of skills. In order to further incentivise investments from the ESF+ in those critical fields, the possibility for Member States to receive a higher pre-financing for related programme amendments should be extended.

    __________________

    __________________

    7 Regulation (EU) 2024/795 of the European Parliament and of the Council of 29 February 2024 establishing the Strategic Technologies for Europe Platform (STEP), and amending Directive 2003/87/EC and Regulations (EU) 2021/1058, (EU) 2021/1056, (EU) 2021/1057, (EU) No 1303/2013, (EU) No 223/2014, (EU) 2021/1060, (EU) 2021/523, (EU) 2021/695, (EU) 2021/697 and (EU) 2021/241 (OJ L, 2024/795, 29.2.2024, ELI: http://data.europa.eu/eli/reg/2024/795/oj)

    7 Regulation (EU) 2024/795 of the European Parliament and of the Council of 29 February 2024 establishing the Strategic Technologies for Europe Platform (STEP), and amending Directive 2003/87/EC and Regulations (EU) 2021/1058, (EU) 2021/1056, (EU) 2021/1057, (EU) No 1303/2013, (EU) No 223/2014, (EU) 2021/1060, (EU) 2021/523, (EU) 2021/695, (EU) 2021/697 and (EU) 2021/241 (OJ L, 2024/795, 29.2.2024, ELI: http://data.europa.eu/eli/reg/2024/795/oj)

    Amendment  9

     

    Proposal for a regulation

    Recital 8 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (8a) Skills development and the training of young talent and entrepreneurs through incentives and targeted training are essential for job creation, and institutions working on skills creation and uptake should cooperate closely to align with labour market needs. Especially, vocational education and training institutes, given their direct links to the labour market and this should be supported through the ESF+.

    Amendment  10

     

    Proposal for a regulation

    Recital 5

     

    Text proposed by the Commission

    Amendment

    (5) In order to enable Member States to carry out a meaningful reprogramming and focus resources on strategic Union priorities set out in recitals 2, 3 and 4 without causing further delays in implementation, it is appropriate to provide for further flexibilities. The mid-term review should serve as an opportunity to address emerging strategic challenges and new priorities therefore, Member States should benefit from additional time to complete the assessment of the outcome of the mid-term review and the submission of related programme amendments

    (5) In order to enable Member States to carry out a meaningful and just reprogramming without losing focus on the main objectives of the fund and focus resources on strategic Union priorities set out in recitals 2, 3 and 4 without causing further delays in implementation, it is appropriate to provide for further flexibilities. The mid-term review should serve as an opportunity to address emerging strategic social challenges and new priorities therefore, Member States should benefit from additional time to complete the assessment of the outcome of the mid-term review and the submission of related programme amendments. While aligning with new Union priorities, diverting attention to global strategic challenges should not change the primary mission of the ESF+. The cohesion policy must remain firmly rooted in its core objective: reducing regional disparities.

    Amendment  11

     

    Proposal for a regulation

    Recital 6

     

    Text proposed by the Commission

    Amendment

    (6) In order to accelerate the implementation of cohesion policy programmes and alleviate the pressure on national budgets and to inject the necessary liquidity for the implementation of key investments, an additional one-off pre-financing from the ESF+ should be paid for programmes. Because of the adverse impact of the Russian aggression in Ukraine, the pre-financing percentage should be further increased for certain programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine. In order to incentivise the re-programming towards key priorities in the context of the mid-term review, the additional pre-financing should only be available where a certain threshold for the reallocation of financial resources to specific crucial priorities is reached.

    (6) NUTS2 regions bordering Russia, Belarus or Ukraine are disproportionate heavily impacted by Russian war of aggression, experiencing job losses, less economic activity and social exclusion. In order to accelerate the implementation of cohesion policy programmes and alleviate the pressure on national budgets and to inject the necessary liquidity for the implementation of key investments, an additional one-off pre-financing from the ESF+ should be paid for programmes. Because of the adverse impact of the Russian aggression in Ukraine, the pre-financing percentage should be further increased for certain programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, with no specific conditions to reallocate financial resources of the programme to dedicated priorities.

    Amendment  12

     

    Proposal for a regulation

    Recital 8

     

    Text proposed by the Commission

    Amendment

    (8) It should also be possible to apply a maximum co-financing rate of up to 100% to priorities in programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, given the adverse impact of the Russian aggression on those regions.

    (8) It should also be possible, while taking into account the current differentiation between categories of regions, to apply a maximum co-financing rate of up to 95% to programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, given the adverse impact of the Russian aggression on those regions.

    Amendment  13

     

    Proposal for a regulation

    Recital 9

     

    Text proposed by the Commission

    Amendment

    (9) Since the objectives of this Regulation, namely to address strategic challenges, refocus investments on critical new priorities and simplify and accelerate policy delivery, cannot be sufficiently achieved by the Member States but can rather be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective.

    (9) Since the objectives of this Regulation, namely to address strategic social challenges, refocus investments on critical new priorities and simplify and accelerate policy delivery, cannot be sufficiently achieved by the Member States but can rather be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective.

    Amendment  14

    Proposal for a regulation

    Recital 9 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (9a) This Regulation has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

    Amendment  15

     

    Proposal for a regulation

    Recital 11

     

    Text proposed by the Commission

    Amendment

    (11) [Given the urgent need to enable crucial investments in skills in the defence industry as well as in adaptation to change linked to decarbonisation in the context of pressing strategic geopolitical challenges, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union,]

    (11) [Given the increased need to enable crucial investments in specific skills in the critical industries, including the defence industry, as well as in adaptation to change linked to decarbonisation in the context of pressing strategic geopolitical challenges, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union,]

    Amendment  16

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 1 – subparagraph 1

     

    Text proposed by the Commission

    Amendment

    In 2026, the Commission shall pay 4,5 % of the total support from the ESF+ as set out in the decision approving the programme amendment as additional one-off pre-financing. The one-off pre-financing percentage in 2026 shall be increased to 9,5% for programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, provided the programme does not cover the entire territory of the Member State. Where, in a Member State, NUTS 2 regions bordering Russia, Belarus or Ukraine are included exclusively in programmes covering the entire territory of that Member State, the increased pre-financing set out in this paragraph shall apply to those programmes.

    In 2026, the Commission shall pay 4,5 % of the total support from the ESF+ as set out in the decision approving the programme amendment as additional one-off pre-financing.

    Justification

    The minimum reprogramming threshold to be eligible to the 4,5% pre-financing should be lower as Member States should be incentivised to reprogramme to reasonable level. The one-off pre-financing for Eastern bordering regions should not be submitted to minimum reprogramming threshold taking into account the major challenges that these regions face, and the related subparagraph is moved in a new paragraph.

    Amendment  17

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 1 – subparagraph 2

     

    Text proposed by the Commission

    Amendment

    The additional pre-financing referred to in the first subparagraph of this paragraph shall only apply where reallocations of at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d have been approved; provided that the request for a programme amendment is submitted by 31 December 2025.

    The additional pre-financing shall only apply where reallocations of at least 10% of financial resources of the programme from the ESF+ to one or more dedicated priorities established in accordance with Articles 12a 12c and 12d have been approved and provided that the measures supporting the dedicated priorities established in accordance with Articles 12a, 12c and 12d target smaller beneficiaries and provided that the request for a programme amendment is submitted by 31 December 2025.

     

    For the purpose of calculating the total reallocations of the financial resources of the programme from the ESF+ to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d, as referred to in the first subparagraph, the Commission shall assess the measures and take into account only the measures responding to the strategic priorities identified.

    Amendment  18

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 1 a (new)

     

    Text proposed by the Commission

    Amendment

     

    1a. The one-off pre-financing percentage in 2026 shall be increased to 9,5% for programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, provided that the programme does not cover the entire territory of the Member State. Where, in a Member State, NUTS 2 regions bordering Russia, Belarus or Ukraine are included exclusively in programmes covering the entire territory of that Member State, the increased pre-financing set out in this paragraph shall apply to those programmes. NUTS 2 regions bordering Russia, Belarus or Ukraine require special attention and exceptional support as they are often at the frontline of potential conflicts and they are vulnerable to external threats, making it crucial to supporting their resilience in countering hybrid attacks.

     

    The pre-financing due to the Member State which results from programme amendments pursuant to reallocation to the priorities referred to in the second subparagraph of this paragraph shall be counted as payments made in 2025 for the purposes of calculating the amounts to be de-committed in accordance with Article 105 of Regulation (EU) 2021/1060, provided that the request for programme amendment was submitted in 2025.

    Amendment  19

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU)2021/1057

    Article 5a – paragraph 1 b (new)

     

    Text proposed by the Commission

    Amendment

     

    1b. Before disbursing payment for the pre-financing pursuant to this Article, the Commission shall assess the Union’s overall budgetary situation, in particular with respect to the principle of the sustainability of the Union budget. Where, on the basis of that assessment, the Commission identifies a risk to the Union budget arising from paying the full pre-financing amount in 2026, the Commission is empowered to adopt a delegated act in accordance with Article 37 to provide for only part of the pre-financing amount to be disbursed to the Member States in 2026, with the remaining part disbursed in 2027.

    Amendment  20

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 2

     

    Text proposed by the Commission

    Amendment

    (2) By way of derogation from Article 63(2) and Article 105(2) of Regulation (EU) 2021/1060, the deadline for the eligibility of expenditure, the reimbursement of costs as well as for decommitment shall be 31 December 2030. That derogation shall only apply where programme amendments reallocating at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved.

    (2) By way of derogation from Article 63(2) and Article 105(2) of Regulation (EU) 2021/1060, the deadline for the eligibility of expenditure, the reimbursement of costs as well as for decommitment shall be 31 December 2030. That derogation shall only apply where programme amendments reallocating at least 10% of the ESF+ financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved.

    Justification

    The minimum reprogramming threshold to be eligible to the 4,5% pre-financing should be lower as Member States should be incentivised to reprogramme to reasonable level.

    Amendment  21

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 2 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (2a) When amending programmes, the Member States shall include, with the close and meaningful participation of social partners, for the dedicated priorities, obligations to the beneficiaries to respect working and employment conditions under applicable Union and national law, conventions of the International Labour Organization (ILO) and collective agreements.

    Justification

    In line with Articles 33 and 169 of the Financial Regulation.

    Amendment  22

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 3

     

    Text proposed by the Commission

    Amendment

    (3) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for priorities in programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine shall be 100 %. The higher co-financing rate shall not apply to programmes covering the entire territory of the Member State concerned, unless those regions are included only in programmes covering the entire territory of that Member State. The derogation shall only apply where reallocations of at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved, provided that the programme amendment is submitted by 31 December 2025.

    (3) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for priorities in programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine shall be 95 %. The higher co-financing rate shall not apply to programmes covering the entire territory of the Member State concerned, unless those regions are included only in programmes covering the entire territory of that Member State.

    Justification

    The 95% co-financing rate for Eastern bordering regions should not be submitted to minimum reprogramming threshold taking into account the major challenges that these regions face.

    Amendment  23

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 4

     

    Text proposed by the Commission

    Amendment

    (4) In addition to the assessment for each programme on the outcome of the mid-term review to be submitted in accordance with Article 18(2) of Regulation (EU) 2021/1060, Member States may resubmit a complementary assessment as well as related requests for programme amendments, taking into account the possibility for dedicated priorities in accordance with Articles 12a, 12c and 12d within 2 months of the entry into force of Regulation (EU) XXXX/XXXX [this Regulation]. The deadlines set out in Article 18 (3) of Regulation (EU) 2021/1060 shall apply.

    (4) In addition to the assessment for each programme on the outcome of the mid-term review to be submitted in accordance with Article 18(2) of Regulation (EU) 2021/1060, Member States may resubmit a complementary assessment as well as related requests for programme amendments, taking into account the possibility for dedicated priorities in accordance with Articles 12a 12c and 12d by 31 December 2025. The deadlines set out in Article 18 (3) of Regulation (EU) 2021/1060 shall apply.

    Justification

    Taking into account that a significant level of reprogramming is expected, Member States could need more time to provide a complementary assessment.

    Amendment  24

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 2

    Regulation (EU) 2021/1057

    Article 12a – paragraph 2 – subparagraph 1

     

    Text proposed by the Commission

    Amendment

    In addition to the pre-financing for the programme provided for in Article 90(1) and (2) of Regulation (EU) 2021/1060, where the Commission approves an amendment of a programme including one or more priorities dedicated to operations supported by the ESF+ contributing to the STEP objectives referred to in Article 2 of Regulation (EU) 2024/795, it shall make an exceptional pre-financing of 30 % on the basis of the allocation to those priorities, provided that the programme amendment is submitted to the Commission by 31 December 2025. That exceptional pre-financing shall be paid within 60 days of the adoption of the Commission decision approving the programme amendment.;

    In addition to the pre-financing for the programme provided for in Article 90(1) and (2) of Regulation (EU) 2021/1060, where the Commission approves an amendment of a programme including one or more priorities dedicated to operations supported by the ESF+ contributing to the STEP objectives referred to in Article 2 of Regulation (EU) 2024/795, it shall make an exceptional pre-financing of 30 % on the basis of the allocation to those priorities, provided that smaller beneficiaries have priority access to the funding and that the programme amendment is submitted to the Commission by 31 December 2025. That exceptional pre-financing shall be paid within 60 days of the adoption of the Commission decision approving the programme amendment;

    Amendment  25

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – title

     

    Text proposed by the Commission

    Amendment

    Support to the defence industry

    Support to skills in civil preparedness and the defence industry

    Amendment  26

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12 c – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) Member States may decide to programme support to development of skills in the defence industry under dedicated priorities. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (l).

    (1) Member States may decide to programme support for the development of skills in the defence industry and cyber security under dedicated priorities, prioritising dual use capabilities related to civil defence and preparedness, provided that micro, small and medium- sized enterprises have priority access to the support. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (g).

     

    In this context, Member States may allocate resources to attract young talent and entrepreneurs, particularly to rural or less developed regions, through incentives and targeted training.

    Amendment  27

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – paragraph 5

     

    Text proposed by the Commission

    Amendment

    (5) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for dedicated priorities referred to in paragraph 1 of this Article shall be 100%.

    (5) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for dedicated priorities referred to in paragraph 1 of this Article shall be increased by 10 percentage points above the co-financing rate applicable, not exceeding 100%.

    Amendment  28

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12d – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) Member States may decide to programme support aiming at skilling, up-skilling and re-skilling with a view to adaptation of workers, enterprises and entrepeneurs to change contributing to decarbonisation of production capacities under dedicated priorities. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (l).

    (1) Member States may, after consulting the social partners at national level, decide to programme targeted support aiming at skilling, up-skilling and re-skilling and training with a view to adaptation of workers, enterprises and entrepreneurs in particular micro, small and medium-sized enterprises and the social economy to change contributing to decarbonisation of production capacities under dedicated priorities, with in the objective of maintaining competitiveness, sustainability and innovation during the green transition. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (g).

     

    Member States may support promoting collaboration between different organisations, such as educational institutions who support skills development, provided that such measures support any of the specific objectives set out in Article(4), points (a) to (g).

     

    Resources allocated to the dedicated priority referred to in the first two subparagraphs of this paragraph shall be taken into account when ensuring compliance with the thematic concentration requirements as set out in Article 7.

    Amendment  29

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12d – paragraph 5

     

    Text proposed by the Commission

    Amendment

    (5) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for dedicated priorities referred to in paragraph 1 of this Article shall be 100%..

    (5) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for dedicated priorities referred to in paragraph 1 of this Article shall be increased by 10 percentage points above the co-financing rate applicable, not exceeding 100%.

    Amendment  30

     

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3 a (new)

    Regulation (EU) 2021/1057

    Article 12d a (new)

     

    Text proposed by the Commission

    Amendment

     

    (3a) the following article is inserted:

     

    Article 12da

     

    Guidance and administrative simplification

     

    The Commission shall publish, by … [60 days after the entry into force of Regulation (EU) XXXX/XXXX (this amending Regulation)], detailed guidelines, accompanied by a Q&A system, aiming to clarify the technical, legal and procedural implications of the measures adopted in Articles 5a, 12c and 12d. Those guidelines shall support the managing authorities in the uniform application of this Regulation, reducing the administrative burden and facilitating solutions to early doubts.

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    ETUC

    Social Platform

    Save the Children

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

     

    BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS (18.6.2025)

    for the Committee on Employment and Social Affairs

    on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    (COM(2025)0164 – C10‑0064/2025 – 2025/0085(COD))

    Rapporteur for budgetary assessment: Jean‑Marc Germain 

    The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

    The Committee on Budgets,

    A. whereas the proposal does not modify existing budgetary commitments and remains within the limits of the overall allocations for the period 2021-2027 and is therefore budgetary neutral;

    B. whereas the combined effect of exceptional one-off 30 % pre-financing and 100 % co-financing on new EU priorities, as well as additional one-off pre-financing of 4.5 % (9.5 % for NUTS 2 regions that have borders with Russia, Belarus or Ukraine) for programmes that reallocate at least 15 % of their resources to the new priorities, leads to a partial frontloading of estimated payment appropriations of EUR 500 million in 2026, followed by lower payments in 2027;

    C. whereas the extension of the eligibility period by one year – from the end of 2029 to the end of 2030 – for programmes that reallocate at least 15 % of their total allocation to new specific objectives creates payments in 2030 and changes the applicable decommitment rule for 2027 from year n+2 to year n+3;

    Conclusions of the budgetary assessment 

    1. Determines that the proposal is compatible with the MFF Regulation[1]; notes that the proposed measures are voluntary and do not involve any top-up of the initial allocation available to Member States;

    2. Notes that the proposal requires additional human resources of EUR 376 000 per year in 2025, 2026 and 2027, for two establishment plan posts; notes that the additional needs will be covered by redeployment within the Directorate-General or other Commission services; notes, however, that the overall impact of redeployments within the Commission services has reached its limit;

    3. Determines that the proposal is compatible with the Interinstitutional agreement on budgetary discipline (IIA)[2]; notes, however, that re-programming in the context of the mid-term review is considered not to alter the contribution to climate targets as set out in point 16 of the IIA; underlines that allocating resources to new objectives, including for the competitiveness, preparedness and strategic autonomy of the EU, could lead to shifting resources from interventions with a higher coefficient for calculation of support to climate change objectives to interventions with a lower coefficient, thus potentially reducing the expenditure supporting climate objectives; invites the Commission to take preventive action to counter this risk; calls on the Commission to assess the impact of the revised plans on the shares of expenditure supporting climate objectives; notes also that the ‘do no significant harm’ principle should apply to all European investments in line with the applicable legislation;

    4. Considers that the proposal is compatible with the budgetary principles laid down in the Financial Regulation[3]; notes, however, that the pre-financing paid in 2026 will be counted as payments made in 2025 for the purposes of calculating the amounts to be decommitted, in particular as regards respect for the principle of annuality;

    5. Recalls the importance of the general regime of conditionality as set out in Article 6 of the Financial Regulation; urges the Commission and the Member States to ensure compliance with the Charter of Fundamental Rights of the European Union and to respect the Union values enshrined in Article 2 of the Treaty on European Union in the implementation of the budget;

    6. Notes that the Commission does not expect any implications for the budget for 2025 beyond the redeployment of existing human resources; expects the Commission to take into account the current proposal and the updated payment needs for the European Social Fund Plus (ESF+) in the budgetary procedure for 2026 following the actual re-programming by Member States and to keep Parliament informed in a timely manner of the progress of the mid-term review in the Member States; calls for a prudent approach to payment frontloading;

    Recommendations as regards budget implementation

    7. Notes that the proposal provides further flexibility and introduces incentives for Member States in the context of the mid-term review of cohesion policy to address strategic challenges that the EU is facing by redirecting resources to new EU priorities; underlines that cohesion policy should not be used again as a crisis response tool and maintains that this approach risks undermining its longer-term policy and investment objectives, including investments in regional development, skills, innovation and productivity; regrets that the Commission did not perform an impact assessment of the changes; acknowledges that the proposal offers a pragmatic, albeit unsatisfactory, way forward for dealing with insufficient budgetary flexibility and response capacity in the EU budget;

    8. Recalls that the ESF+ is an essential pillar of cohesion policy and its main objective is to support Member States and regions in achieving social inclusion and social cohesion, to activate the labour market and to deliver on the principles and the headline targets of the European Pillar of Social Rights by supporting investments in people and systems in the policy area of employment and social policies; highlights that the Member States should ensure safeguards in the regulatory framework to prevent the dismantling of the core objectives of cohesion policy; underlines the need to ensure that the implementation of the amended ESF+ Regulation[4] is accompanied by measures for simplification and strengthening of administrative capacities in order to drive investments in key sectors and increase the absorption rate;

    9. Underlines that the combined effect of reallocating a minimum of 15 % of resources and of lifting of the 20 % ceiling for transfer towards Strategic Technologies for Europe Platform (STEP) objectives may have a negative impact on the achievements of targets initially set in the ESF+ Regulation and could result in some initially planned actions for later years not materialising owing to a discontinuity in matching objectives with resources, while noting the need to adapt to new priorities, taking into account the recent geopolitical dynamics;

    10. Notes that payments to 2021-2027 cohesion policy programmes were of a very low level in the first years of implementation, leading to an increase in payment needs towards the later years; recalls that this actual payment cycle does not coincide with the more linear payment profile set out in the MFF Regulation[5] and that this situation results in a serious risk of exceeding payment ceilings; recalls that the gradual increase in payments towards the later part of the programming period is a feature of multiannual programmes; considers that the frontloading of payments towards 2026 could have an impact on the pressure on payments;

    11. Recalls that the STEP Regulation[6] and the RESTORE Amending Regulation of 2024 were accompanied by a frontloading of payment appropriations in the budgets for 2024 and for 2025; notes that the total amount of payment appropriations in the 2026 draft budget is very close to the payment ceiling and is concerned, in this respect, about the high level of uncertainty with regard to the volume of payment claims in 2026; highlights the difficulties in predicting the take-up of the newly introduced flexibilities and incentives and in estimating payment needs, as also underpinned by the ongoing trend of increasing inaccuracy of payment forecasts by Member States; calls on the Commission to closely monitor payment developments and provide timely information to Parliament in this regard, and to propose any remedial action to the budgetary authority if needed;

    12. Recalls that 100 % co-financing without additional resources leads to a lower total amount of financial support through the programme; insists that broadening the scope of investment must not lead to a reduction in financial support for the initial priorities of investing in employment, social services, inclusive education and skills, and of providing assistance to the most vulnerable, including children; recalls that mandatory co-financing is an important principle of cohesion policy funding;

    13. Requests that the Commission provide traceable information in the form of timely reports on transfers to ensure that the impact of the mid-term review is clearly identifiable for the budgetary authority;

    14. Calls on the Commission to maintain consistency in applying conditionality across all EU funding streams and insists that amendments in Parliament’s reading are essential to close any loophole; demands rigorous enforcement of conditionality mechanisms and explicitly rejects any reallocation of blocked cohesion policy funds if this would circumvent the rule-of-law-related requirements established in the Common Provisions Regulation[7]; underlines that rule of law conditionality is a fundamental principle that must apply to all EU funds without exception;

    15. Considers that the actual take-up of the proposal may depend on various factors, such as the effectiveness of the 15 % re-allocation threshold and the availability of more favourable funding options under other Union programmes; considers that the proposed condition of the reallocation of at least 15 % of the funds to new priorities may be too high and unsuitable for single national programmes, as it could create implementation complications; highlights the importance of preventing double financing and calls on the Member States and the Commission to ensure that support for new types of investment is in addition to support under other Union programmes, including the EDF, EDIP and SAFE;

    16. Notes that the mid-term review may reduce the amount of funds at risk of decommitment; recalls that an amount equivalent to the cumulative decommitments made on outstanding commitments since 2021 can be made available for the European Union Recovery Instrument (EURI); asks the Commission to provide further analysis of the impact of the mid-term review on the EURI instrument.

     

     

    AMENDMENT

     

    As part of its budgetary assessment, the Committee on Budgets also submits the following amendment to the proposal:

     

    Amendment  1

    Proposal for a regulation

    Recital [9] a (new)

     

    Text proposed by the Commission

    Amendment

     

    ([9]a) This Regulation has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

     

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

    The rapporteur for budgetary assessment declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

    PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    Title

    Amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    References

    COM(2025)0164 – C10-0064/2025 – 2025/0085(COD)

    Committee(s) responsible

    EMPL

     

     

     

    Budgetary assessment by

     Date announced in plenary

    BUDG

    5.5.2025

    Rapporteur for budgetary assessment

     Date appointed

    Jean-Marc Germain

    12.5.2025

    Discussed in committee

    5.6.2025

     

     

     

    Date adopted

    16.6.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    24

    6

    3

    Members present for the final vote

    Georgios Aftias, Rasmus Andresen, Tomasz Buczek, Jens Geier, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Andrzej Halicki, Alexander Jungbluth, Giuseppe Lupo, Ignazio Roberto Marino, Siegfried Mureşan, Jana Nagyová, Fernando Navarrete Rojas, Matjaž Nemec, Danuše Nerudová, Ruggero Razza, Karlo Ressler, Bogdan Rzońca, Hélder Sousa Silva, Joachim Streit, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra

    Substitutes present for the final vote

    Pablo Arias Echeverría, Roman Haider, Céline Imart, Rasmus Nordqvist, Jacek Protas, Annamária Vicsek

    Members under Rule 216(7) present for the final vote

    Benoit Cassart, Andi Cristea

     

     

    FINAL VOTE BY ROLL CALL
    IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    24

    +

    PPE

    Georgios Aftias, Pablo Arias Echeverría, Andrzej Halicki, Céline Imart, Siegfried Mureşan, Fernando Navarrete Rojas, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva

    Renew

    Benoit Cassart, Joachim Streit, Lucia Yar

    S&D

    Andi Cristea, Jens Geier, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Carla Tavares, Nils Ušakovs

    Verts/ALE

    Rasmus Andresen, Ignazio Roberto Marino, Rasmus Nordqvist

     

    6

    –

    ESN

    Alexander Jungbluth

    NI

    Thomas Geisel

    PfE

    Tomasz Buczek, Roman Haider, Annamária Vicsek, Auke Zijlstra

     

    3

    0

    ECR

    Ruggero Razza, Bogdan Rzońca

    PfE

    Jana Nagyová

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

     

     

    OPINION OF THE COMMITTEE ON SECURITY AND DEFENCE (17.6.2025)

    for the Committee on Employment and Social Affairs

    on the proposal for a regulation of the European Parliament and of the Council on Amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    ((COM(2025)0164 – C10‑0064/2025 – (2025/0085(COD))

    Rapporteur for opinion: Urmas Paet

     

     

     

    AMENDMENTS

    The Committee on Security and Defence submits the following to the Committee on Employment and Social Affairs, as the committee responsible:

    Amendment  1

    Proposal for a regulation

    Recital 2

     

    Text proposed by the Commission

    Amendment

    (2) The White paper for European Defence – Readiness 20303 paves the way for a true European defence union, including by suggesting to Member States to heavily invest into defence and the defence industry. In that regard, the Communication from the Commission – the Union of Skills of 5 March 20254 (‘the Union of Skills Communication’) sets out actions to address skills gaps and shortages in the Union, also through the Pact for Skills Initiative referred to in that Communication, and its large-scale partnerships, including one on the defence ecosystem. Therefore, it is appropriate to include incentives for the ESF+ established by Regulation (EU) 2021/1057 of the European Parliament and of the Council5 to facilitate the development of skills in the defence industry.

    (2) The White paper for European Defence – Readiness 2030 of 19 March 2025 paves the way for a true European defence union, including by suggesting to Member States to heavily invest into defence and the defence industry. Investment in defence and security-related skills covering dual use and transferable skills contributes not only to European defence resilience but also to territorial cohesion. In that regard, the Communication from the Commission – the Union of Skills of 5 March 20254 (‘the Union of Skills Communication’) sets out actions to address skills gaps and shortages in the Union, also through the Pact for Skills Initiative referred to in that Communication, and its large-scale partnerships, including one on the defence ecosystem. Furthermore, lifelong learning programmes and initiatives should promote continuous development and adaptation to emerging technologies and defence needs. Moreover, in the European Defence Industrial Strategy of 5 March 2024, the Commission set the priority of the full integration of defence and security as a strategic objective of relevant Union funding and programmes, including ESF+. Therefore, it is appropriate to include incentives for the ESF+ established by Regulation (EU) 2021/1057 of the European Parliament and of the Council5 to facilitate the development of skills in the European defence industry, in particular to address skills gaps and shortages directly related to the ability to address the critical capability gaps set out in the White paper. Defence industry should be understood as the industries producing defence products, their respective supply chains, and industries which develop and produce dual-use goods.

    __________________

    __________________

    3 Joint White Paper for European Defence Readiness 2030, JOIN(2025) 120 final, 19.3.2025.

     

    4 COM (2025) 90 final

    4 COM (2025) 90 final

    5 Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 (OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj).

    5 Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013 (OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj).

    Amendment  2

    Proposal for a regulation

    Recital 2 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (2a) In accordance with Article 7 of Regulation (EU) 2021/1057 , Member States should promote synergies and avoid duplications between actions arising for dedicated priorities referred to in Article 12c and actions resulting from other Union programmes that benefit the defence industry.

    Amendment  3

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 1 – subparagraph 1

     

    Text proposed by the Commission

    Amendment

    In 2026, the Commission shall pay 4,5 % of the total support from the ESF+ as set out in the decision approving the programme amendment as additional one-off pre-financing. The one-off pre-financing percentage in 2026 shall be increased to 9,5% for programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, provided the programme does not cover the entire territory of the Member State. Where, in a Member State, NUTS 2 regions bordering Russia, Belarus or Ukraine are included exclusively in programmes covering the entire territory of that Member State, the increased pre-financing set out in this paragraph shall apply to those programmes.

    In 2026, the Commission shall pay 4,5 % of the total support from the ESF+ as set out in the decision approving the programme amendment as additional one-off pre-financing. The one-off pre-financing percentage in 2026 shall be increased to 9,5% for programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine, provided the programme does not cover the entire territory of the Member State. Where, in a Member State, NUTS 2 regions bordering Russia, Belarus or Ukraine are included exclusively in programmes covering the entire territory of that Member State, the increased pre-financing set out in this paragraph shall apply to those programmes. NUTS 2 regions bordering Russia, Belarus or Ukraine require special attention and exceptional support as they are often at the frontline of potential conflicts and they are vulnerable to external threats, making it crucial to support their resilience in countering hybrid attacks, breaches of the Union’s external borders, terrorist activities and war.

    Amendment  4

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 1 – subparagraph 2

     

    Text proposed by the Commission

    Amendment

    The additional pre-financing referred to in the first subparagraph of this paragraph shall only apply where reallocations of at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d have been approved; provided that the request for a programme amendment is submitted by 31 December 2025.

    The additional pre-financing referred to in the first subparagraph of this paragraph shall only apply where reallocations of at least 5% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d have been approved; provided that the request for a programme amendment is submitted by 31 December 2025.

    Amendment  5

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 2

     

    Text proposed by the Commission

    Amendment

    (2) By way of derogation from Article 63(2) and Article 105(2) of Regulation (EU) 2021/1060, the deadline for the eligibility of expenditure, the reimbursement of costs as well as for decommitment shall be 31 December 2030. That derogation shall only apply where programme amendments reallocating at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved.

    (2) By way of derogation from Article 63(2) and Article 105(2) of Regulation (EU) 2021/1060, the deadline for the eligibility of expenditure, the reimbursement of costs as well as for decommitment shall be 31 December 2030. That derogation shall only apply where programme amendments reallocating at least 5% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved.

    Amendment  6

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 2a (new)

     

    Text proposed by the Commission

    Amendment

     

    (2a) The Member States shall work closely with social partners, when reprogramming, and respect working and employment conditions  under applicable ILO conventions, Union and national law and collective agreements.

    Amendment  7

    Proposal for a regulation

    Article 1 – paragraph 1 – point 1

    Regulation (EU) 2021/1057

    Article 5a – paragraph 3

     

    Text proposed by the Commission

    Amendment

    (3) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for priorities in programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine shall be 100 %. The higher co-financing rate shall not apply to programmes covering the entire territory of the Member State concerned, unless those regions are included only in programmes covering the entire territory of that Member State. The derogation shall only apply where reallocations of at least 15% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved, provided that the programme amendment is submitted by 31 December 2025.

    (3) By way of derogation from Article 112 of Regulation (EU) 2021/1060, the maximum co-financing rate for priorities in programmes covering one or more NUTS2 regions bordering Russia, Belarus or Ukraine shall be 100 %. The higher co-financing rate shall not apply to programmes covering the entire territory of the Member State concerned, unless those regions are included only in programmes covering the entire territory of that Member State. The derogation shall only apply where reallocations of at least 5% of the financial resources of the programme to one or more dedicated priorities established in accordance with Articles 12a, 12c and 12d of this Regulation in the context of the mid-term review have been approved, provided that the programme amendment is submitted by 31 December 2025.

    Amendment  8

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – title

     

    Text proposed by the Commission

    Amendment

    Support to the defence industry

    Support European defence industry and cybersecurity

    Amendment  9

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) Member States may decide to programme support to development of skills in the defence industry under dedicated priorities. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (l).

    (1) Member States may decide to programme support to development of skills in the defence industry and related cybersecurity, as well as in skills related to civil defence and preparedness under dedicated priorities to meet urgent needs. Such dedicated priorities may support any of the specific objectives set out in Article 4(1), points (a) to (l). This support may include actions that promote the recognition of skills acquired during military service and facilitate their conversion into qualifications recognised on the civilian labour market.

    Amendment  10

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – paragraph 3 – subparagraph 1

     

    Text proposed by the Commission

    Amendment

    In addition to the yearly pre-financing for the programme provided for in Article 90(1) and (2) of Regulation (EU) 2021/1060, the Commission shall pay 30% of the allocation to the dedicated priorities referred to in paragraph 1 of this Article as set out in the decision approving the programme amendment as exceptional one-off pre-financing.

    In addition to the yearly pre-financing for the programme provided for in Article 90(1) and (2) of Regulation (EU) 2021/1060, the Commission shall pay 35% of the allocation to the dedicated priorities referred to in paragraph 1 of this Article as set out in the decision approving the programme amendment as exceptional one-off pre-financing.

    Amendment  11

    Proposal for a regulation

    Article 1 – paragraph 1 – point 3

    Regulation (EU) 2021/1057

    Article 12c – paragraph 5a (new)

     

    Text proposed by the Commission

    Amendment

     

    (5a) When allocating funds to dedicated priorities pursuant to paragraph 1, Member States shall ensure that those funds contribute to the Member States’ ability to address critical capability gaps set out in the White Paper for European Defence – Readiness 2030.

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur for the opinion declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    PROCEDURE – COMMITTEE ASKED FOR OPINION

    Title

    Amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    References

    COM(2025)0164 – C10-0064/2025 – 2025/0085(COD)

    Committee(s) responsible

    EMPL

     

     

     

    Opinion by

     Date announced in plenary

    SEDE

    5.5.2025

    Rapporteur for the opinion

     Date appointed

    Urmas Paet

    14.5.2025

    Discussed in committee

    3.6.2025

     

     

     

    Date adopted

    16.6.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    31

    8

    4

    Members present for the final vote

    Petras Auštrevičius, Wouter Beke, Marc Botenga, Tobias Cremer, Salvatore De Meo, Özlem Demirel, Elio Di Rupo, Michał Dworczyk, Alberico Gambino, Niclas Herbst, Costas Mavrides, Vangelis Meimarakis, Ana Catarina Mendes, Sven Mikser, Hans Neuhoff, Andrey Novakov, Kostas Papadakis, Nicolás Pascual de la Parte, Reinis Pozņaks, Marjan Šarec, Mārtiņš Staķis, Marie-Agnes Strack-Zimmermann, Michał Szczerba, Riho Terras, Pierre-Romain Thionnet, Mihai Tudose, Reinier Van Lanschot, Roberto Vannacci, Michael von der Schulenburg, Alexandr Vondra, Lucia Yar

    Substitutes present for the final vote

    José Cepeda, Bart Groothuis, Marina Mesure, Thijs Reuten, Hélder Sousa Silva, Villy Søvndal, Petra Steger, Claudiu-Richard Târziu, Matej Tonin, Marta Wcisło

    Members under Rule 216(7) present for the final vote

    Anna Bryłka, Tomasz Buczek

     

    FINAL VOTE BY ROLL CALL
    BY THE COMMITTEE ASKED FOR OPINION

    31

    +

    ECR

    Michał Dworczyk, Alberico Gambino, Reinis Pozņaks, Claudiu-Richard Târziu, Alexandr Vondra

    PPE

    Wouter Beke, Salvatore De Meo, Niclas Herbst, Vangelis Meimarakis, Andrey Novakov, Nicolás Pascual de la Parte, Hélder Sousa Silva, Michał Szczerba, Riho Terras, Matej Tonin, Marta Wcisło

    PfE

    Pierre-Romain Thionnet

    Renew

    Petras Auštrevičius, Bart Groothuis, Marjan Šarec, Marie-Agnes Strack-Zimmermann, Lucia Yar

    S&D

    José Cepeda, Tobias Cremer, Elio Di Rupo, Costas Mavrides, Ana Catarina Mendes, Sven Mikser, Thijs Reuten, Mihai Tudose

    Verts/ALE

    Mārtiņš Staķis

     

    8

    –

    ESN

    Hans Neuhoff

    NI

    Kostas Papadakis, Michael von der Schulenburg

    PfE

    Petra Steger, Roberto Vannacci

    The Left

    Marc Botenga, Özlem Demirel, Marina Mesure

     

    4

    0

    PfE

    Anna Bryłka, Tomasz Buczek

    Verts/ALE

    Villy Søvndal, Reinier Van Lanschot

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

    LETTER OF THE COMMITTEE ON REGIONAL DEVELOPMENT (25.6.2025)

    Ms Li Andersson

    Chair

    Committee on Employment and Social Affairs

    BRUSSELS

    Subject: Opinion on Amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges (2025/0085(COD) – COM(2025)0164 – C10-0064/2025)

     

     

    Dear Ms Andersson,

     

    Under the procedure referred to above, the Committee on Regional Development was asked to submit an opinion to your Committee.

     

    At its meeting of 9 April 2025, REGI committee decided to send the opinion in the form of a letter. It discussed the matter at its meeting of 13 May 2025 and adopted the opinion at its meeting of 25 June 2025[8].

     

    The Committee on Regional Development:

     

    1. Underlines the crucial role that cohesion policy and sectoral programmes, in spite of the fact that they are not crisis management instruments, have repeatedly and efficiently played in helping regions to respond effectively to emergencies and asymmetric shocks such as the COVID-19 crisis, Brexit, the energy crisis and the refugee crisis caused by Russia’s invasion of Ukraine, as well as natural disasters;

     

    2. Is aware of the rapidly evolving economic, societal, environmental and geopolitical context, as well as the housing crisis, and shares the need for more flexibility in assessing the extent to which cohesion policy programmes can help respond to these changes; nevertheless is of the firm opinion that the capacity to offer flexible responses to unpredictable challenges should not come at the expense of the clear long-term strategic focus and objectives of cohesion policy, in accordance with Article 174 TFEU;

     

    3. Reiterates that ESF+ stands as positive example of EU solidarity and that its main objective is to support Member States and regions to achieve social inclusion, social cohesion, to activate the labour market and to deliver on the principles and the headline targets of the European Pillar of Social Rights that are far from met yet; stresses that the reprogramming of resources under the ESF+ should ensure that adjustment measures in response to strategic challenges do not undermine its social approach, but strengthen its capacity to combat inequality;

     

    4. Underlines the fact that cohesion policy shall first and foremost ensure social cohesion, not defence spending; nonetheless acknowledges that flexibility of the policy from the point of view of the beneficiaries is a key point, and stresses the need to provide regions with greater flexibility already when programming the funding, in order to cater for their particular needs and specificities, particularly border regions; furthermore acknowledges that investment in defence capabilities through the development of skills and training, while safeguarding social standards, is already possible under the ESF+ established by Regulation (EU) 2021/1057;

     

    5. Acknowledges that investment in defence capabilities and in adaptation linked to decarbonisation makes a key contribution to the promotion of the competitiveness, preparedness and strategic autonomy of the EU, and requires having people with the right skills; in general, recognises the importance of the development of skills through lifelong learning and training models, targeted in particular at young people not in education, employment and training (NEET) and unemployed people, and targeted also at teachers, trainers, mentors, coaches, as well as entrepreneurs and researchers; encourages in this regard private sector involvement to enhance skills development and labour market integration, ensuring that ESF+ investments translate into tangible economic benefits; calls for stronger partnerships between businesses, educational institutions, and regional authorities to align training programs with labour market demands, fostering innovation and job creation;

     

    6. Stresses the strategic importance of strong external border regions for the security and resilience of the EU; welcomes the focus given by the legislative proposal to the challenges the Eastern border regions are facing since the Russian aggression against Ukraine began; supports the proposal that programmes under the Investment for jobs and growth goal, with NUTS 2 regions that have borders with Russia, Belarus or Ukraine, should benefit from the possibility of a one-off 9.5% pre-financing of the programme allocation in 2026 and a 100% Union financing;

     

    7. Reaffirms that cohesion policy and ESF+ should reach all EU regions, especially those affected by transformation processes, while keeping a focus on least developed regions and people; stresses that cohesion policy should be deepened where possible, with a view to remain the EU’s main long-term investment instrument for reducing disparities, ensuring economic, social and territorial cohesion, and stimulating regional and local sustainable growth in line with EU strategies;

     

    8. Reiterates the importance of compliance with horizontal enabling conditions, and stresses that funds suspended under Regulation 2020/2092 should not be subject to amended programmes or transfers;

     

    9. Encourages the European Commission to allow for targeted simplification measures in Member States where administrative capacity constraints may hinder full or efficient absorption of ESF+ and cohesion funds, and to provide technical assistance to local and regional authorities to ensure efficient implementation and spending; furthermore stresses the importance of simplifying the rules and procedures to limit bureaucratic burden;

     

    10. Believes that the ESF+ strengthens a pro-European identity in the entire EU and should be communicated as such and that local and regional authorities, in light of their role as both beneficiary and managing authority, as well as social partners shall be meaningfully involved in the formulation of new legislative proposals and in the revision of programmes pursuant to the mid-term review, in order to guarantee more effectiveness and coordination between the ESF+ and the broader cohesion and regional policy and its financing tools;

     

    11. Suggests laying down measures to facilitate access for Outermost Regions to flexibilities introduced by the mid-term review, such as lowering to 10% the amounts of reallocations to one or more dedicated priorities established in the second subparagraph of Art. 5a(1), and in the first subparagraph of Art. 5a(2), which are required to benefit from the additional one-off pre-financing.

     

     

    Yours sincerely,

    Dragoş BENEA

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The Chair declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Amending Regulation (EU) 2021/1057 establishing the European Social Fund + (ESF+) as regards specific measures to address strategic challenges

    References

    COM(2025)0164 – C10-0064/2025 – 2025/0085(COD)

    Date submitted to Parliament

    2.4.2025

     

     

     

    Committee(s) responsible

     Date announced in plenary

    EMPL

    5.5.2025

     

     

     

    Committees asked for opinions

     Date announced in plenary

    SEDE

    5.5.2025

    BUDG

    5.5.2025

    ITRE

    5.5.2025

    REGI

    5.5.2025

    Not delivering opinions

     Date of decision

    ITRE

    9.4.2025

     

     

     

    Rapporteurs

     Date appointed

    Marit Maij

    8.5.2025

     

     

     

    Simplified procedure – date of decision

    5.5.2025

    Budgetary assessment

     Date of budgetary assessment

    BUDG

    16.6.2025

     

     

     

    Discussed in committee

    13.5.2025

     

     

     

    Date adopted

    25.6.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    32

    15

    11

    Members present for the final vote

    Maravillas Abadía Jover, Grégory Allione, Marc Angel, Pascal Arimont, Konstantinos Arvanitis, Nikola Bartůšek, Gabriele Bischoff, Vilija Blinkevičiūtė, Rachel Blom, Andrzej Buła, David Casa, Estelle Ceulemans, Leila Chaibi, Per Clausen, Henrik Dahl, Johan Danielsson, Marie Dauchy, Mélanie Disdier, Elena Donazzan, Gheorghe Falcă, Chiara Gemma, Niels Geuking, Isilda Gomes, Alicia Homs Ginel, Sérgio Humberto, Katrin Langensiepen, Miriam Lexmann, Marit Maij, Marlena Maląg, Jagna Marczułajtis-Walczak, Idoia Mendia, Maria Ohisalo, Branislav Ondruš, Aodhán Ó Ríordáin, Nicola Procaccini, Dennis Radtke, Nela Riehl, Liesbet Sommen, Villy Søvndal, Pál Szekeres, Georgiana Teodorescu, Jana Toom, Raffaele Topo, Francesco Torselli, Brigitte van den Berg, Marie-Pierre Vedrenne, Marianne Vind, Mariateresa Vivaldini, Petar Volgin, Jan-Peter Warnke, Séverine Werbrouck

    Substitutes present for the final vote

    Regina Doherty, Rosa Estaràs Ferragut, Kathleen Funchion, Rudi Kennes, Hristo Petrov

    Members under Rule 216(7) present for the final vote

    Mireia Borrás Pabón, Paulo Do Nascimento Cabral

    Date tabled

    30.6.2025

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    32

    +

    ECR

    Georgiana Teodorescu

    PPE

    Maravillas Abadía Jover, Pascal Arimont, Andrzej Buła, David Casa, Henrik Dahl, Regina Doherty, Paulo Do Nascimento Cabral, Rosa Estaràs Ferragut, Gheorghe Falcă, Niels Geuking, Sérgio Humberto, Jagna Marczułajtis-Walczak, Dennis Radtke, Liesbet Sommen

    Renew

    Grégory Allione, Hristo Petrov, Jana Toom, Brigitte van den Berg, Marie-Pierre Vedrenne

    S&D

    Marc Angel, Gabriele Bischoff, Vilija Blinkevičiūtė, Estelle Ceulemans, Johan Danielsson, Isilda Gomes, Alicia Homs Ginel, Marit Maij, Idoia Mendia, Aodhán Ó Ríordáin, Raffaele Topo, Marianne Vind

     

    15

    –

    ESN

    Petar Volgin

    NI

    Branislav Ondruš, Jan-Peter Warnke

    PfE

    Nikola Bartůšek, Rachel Blom, Mireia Borrás Pabón, Marie Dauchy, Mélanie Disdier, Pál Szekeres, Séverine Werbrouck

    The Left

    Konstantinos Arvanitis, Leila Chaibi, Per Clausen, Kathleen Funchion, Rudi Kennes

     

    11

    0

    ECR

    Elena Donazzan, Chiara Gemma, Marlena Maląg, Nicola Procaccini, Francesco Torselli, Mariateresa Vivaldini

    PPE

    Miriam Lexmann

    Verts/ALE

    Katrin Langensiepen, Maria Ohisalo, Nela Riehl, Villy Søvndal

     

    Key to symbols:

    + : in favour

    – : against

    0 : abstention

     

     

    MIL OSI Europe News –

    July 1, 2025
  • MIL-OSI: Virtune announces the listing of Virtune Coinbase 50 Index ETP, its flagship product, on Euronext Amsterdam

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, July 1st, 2025 – Virtune AB, the Swedish regulated crypto asset manager, today announced the listing of Virtune Coinbase 50 Index ETP (VCOIN50) on Euronext Amsterdam. The exchange-traded product (ETP) is now available to investors in the Netherlands through brokers and banks such as Degiro.

    Virtune has experienced sustained demand for digital assets from both institutional and retail investors across the Nordic and European regions since the launch of its first ETP around two years ago, earning the trust of over 140,000 investors. Building on this momentum, the VCOIN50 ETP – which was also listed on Xetra on June 2 – now marks another key milestone with its listing on Euronext Amsterdam (Euronext ticker: VRTC), further advancing Virtune’s expansion into the European market. Coinbase is serving as the custodian for VCOIN50.

    Virtune has made history as the first company to list a crypto Exchange Traded Product (ETP) tracking the Coinbase 50 Europe index, developed by Coinbase, a trusted and global leader in crypto services and administered by MarketVector IndexesTM (“MarketVector”), a leading global index provider.

    This ETP represents several key firsts for European financial markets:

    • First ever ETP to track the Coinbase 50 Europe Index
    • The widest crypto ETP in Europe containing up to 50 crypto assets 

    About Virtune Coinbase 50 Index ETP:

    Virtune Coinbase 50 Index ETP is a physically-backed exchange-traded product (ETP) tracking the Coinbase 50 Europe Index, the premier global benchmark index for digital assets. Currently, VCOIN50 ETP offers exposure to 21 crypto assets that are compliant with market-specific regulatory and exchange-specific policies. Virtune’s expansion to include all 50 assets in the COIN50 is subject to regulatory and stock exchange approvals. The ETP provides exposure to up to 50 leading crypto assets and is rebalanced quarterly. The product features a transparent structure backed by physical holdings and secured with institutional-level solutions.

    Allocation as of 30th of June 2025:
    https://www.virtune.com/product/vcoin50

    About Virtune:

    Virtune is a Swedish-regulated crypto asset manager and issuer of 100% physically backed crypto ETPs. The company has experienced rapid growth in the Nordics since listing its first crypto ETP on Nasdaq Stockholm in May 2023. Today, Virtune manages $340 million in assets under management and has earned the trust of over 140,000 institutional and retail investors. Since its inception, Virtune has prioritized investor protection, and its success stems from its transparent, regulated approach and strong commitment to innovation and educating the market about crypto assets and ETPs.

    Christopher Kock, CEO of Virtune:

    “We have worked closely with Coinbase since our inception, leveraging their industry-leading custody, trading, and staking services across all our ETPs. Following the successful launch of the COIN50 ETP, we are proud to now bring this product to a broader European audience through its cross-listing on Euronext Amsterdam. COIN50, designed as the crypto market’s equivalent of the S&P 500, aims to become the leading global crypto benchmark. This ETP provides both institutional and retail investors with diversified exposure to the crypto market – crafted by industry experts with deep experience and insight.”

    About Coinbase:

    Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

    Brett Tejpaul, Head of Coinbase Institutional: 

    “With the launch of the Virtune Coinbase 50 Index ETP in Europe, we’re making one of the most comprehensive benchmarks for the crypto market directly accessible to investors across the EU. This marks a major step forward in our mission to expand global access to digital assets and provide institutional-grade tools for navigating this evolving asset class. The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy.”

    About MarketVector:

    MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange-Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 57 billion in assets under management.

    Martin Leinweber, Director, Digital Asset Research and Strategy, MarketVector: 

    “The Virtune Coinbase 50 Index ETP marks a significant step forward for crypto investment in Europe, offering broad, institutional-grade exposure to digital assets through a single, efficient product. This milestone combines MarketVector’s index expertise, Coinbase’s market infrastructure, and Virtune’s transparent, regulated approach. We’re proud to deepen our partnership with Virtune by becoming the index provider for their entire range of crypto ETPs across Europe. Together, we’re delivering the tools institutional and retail investors need to navigate the digital asset landscape with greater confidence and clarity.”

    Key Information about the Product:

    • Exposure: Exposure to up to 50 leading crypto assets in one product
    • Backing: 100% physically backed by the underlying crypto assets
    • Custody: Institutional-grade custody by Coinbase
    • Management Fee: 0.95% per annum
    • Trading currency: USD, EUR
    • First day of trading on Euronext: Monday, 30th of June 2025
    • BloombergTicker: VCOIN50
    • ISIN: SE0024738389
    • WKN: A4A5D4
    • Exchange ticker: VRTC
    • Exchanges: Euronext Amsterdam, Euronext Paris, Xetra

    For questions, contact:

    Christopher Kock, CEO & Member of the Board of Directors
    Mobile: +46 70 073 45 64
    Email: christopher@virtune.com

    About Virtune AB (Publ):

    Headquartered in Stockholm, Virtune is a regulated Swedish digital asset manager and issuer of crypto ETPs listed on regulated European exchanges. With strong regulatory foundations, partnerships with industry leaders, and a skilled team, Virtune delivers innovative and compliant investment products aligned with the evolving global crypto landscape.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The Coinbase 50 Europe Index (“Index”) is the exclusive property of MarketVector Indexes GmbH (“MarketVector”) and its Licensors and has been licensed for use by Virtune AB (Publ) (“Licensee”). MarketVector has contracted with CC Data Limited to maintain and calculate the Index. CC Data Limited uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector, CC Data Limited has no obligation to point out errors in the Index to third parties. In particular, MarketVector is not responsible for the Licensee and/or for Licensee’s legality or suitability and/or for Licensee’s business offerings. Offerings by Licensee, may they be based on the Virtune Coinbase 50 Europe ETP (“Product”) or not, are not sponsored, endorsed, sold, or promoted by MarketVector and any of its affiliates, and MarketVector and any of its affiliates make no representation regarding the advisability of investing in Licensee and/or in Licensee’s business offerings. MARKETVECTOR AND ANY OF ITS AFFILIATES AND ANY OF ITS LICENSORS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO LICENSEE. 

    The MIL Network –

    July 1, 2025
  • MIL-Evening Report: Distressed by all the bad news? Here’s how to stay informed but still look after yourself

    Source: The Conversation (Au and NZ) – By Reza Shabahang, Research Fellow in Human Cybersecurity, Monash University and Academic Researcher in Media Psychology, Flinders University

    KieferPix/Shutterstock

    If you’re feeling like the news is particularly bad at the moment, you’re not alone.

    But many of us can’t look away – and don’t want to. Engaging with news can help us make sense of what’s going on and, for many of us, is an ethical stance.

    So, how can you also take care of your mental health? Here’s how to balance staying informed with the impact negative news can have on our wellbeing.

    Why am I feeling so affected by the news?

    Our brains are wired to prioritise safety and survival, and respond rapidly to danger. Repeatedly activating such processes by consuming distressing news content – often called doomscrolling – can be mentally draining.

    Unfiltered or uncensored images can have an especially powerful psychological impact. Graphic footage of tragedies circulating on social media may have a stronger effect than traditional media (such as television and newspapers) which are more regulated.

    Research shows consuming negative news is linked to lower wellbeing and psychological difficulties, such as anxiety and feelings of uncertainty and insecurity. It can make us feel more pessimistic towards ourselves, other people, humanity and life in general.

    In some cases, consuming a lot of distressing news can even cause vicarious trauma. This means you may experience post-traumatic stress symptoms such as flashbacks and trouble sleeping despite not being directly involved in the traumatic events.

    But this doesn’t stop us seeking it out. In fact, we are more likely to read, engage with, and share stories that are negative.

    Is there a better way to consume news?

    Switching off may not be an option for everyone.

    For example, if you have friends or family in areas affected by conflict, you may be especially concerned and following closely to see how they’re affected.

    Even without personal ties to the conflict, many people want to stay informed and understand what is unfolding. For some, this is a moral decision which they feel may lead to action and positive change.

    This is why, in research I co-authored, we suggest simply restricting your exposure to negative news is not always possible or practical.

    Instead, we recommend engaging more mindfully with news. This means paying attention to shifts in your emotions, noticing how the news makes you feel, and slowing down when needed.

    How to consume news more mindfully

    When you plan to engage with news, there are some steps you can take.

    1. Pause and take a few deep breaths. Take a moment to observe how your body is feeling and what your mind is doing.

    2. Check in. Are you feeling tense? What else do you have going on today? Maybe you’re already feeling worried or emotionally stretched. Think about whether you’re feeling equipped to process negative news right now.

    3. Reflect. What is motivating you to engage right now? What are you trying to find out?

    4. Stay critical. As you read an article or watch a video, pay attention to how credible the source is, the level of detail provided and where the information comes from.

    5. Tune into how it’s making you feel. Do you notice any physical signs of stress, such as tension, sweating or restlessness?

    6. Take time. Before quickly moving on to another piece of news, allow yourself to process the information you’ve received as well as your response. Has it changed your emotions, thoughts or attitudes? Did it fulfil your intention? Do you still have energy to engage with more news?

    It may not always be possible to take all these steps. But engaging more mindfully before, during and after you’re exposed to negative news can help you make more informed decisions about how and when to consume it – and when to take a break.

    Signs the news is affecting your mental health

    If you’re feeling emotionally overwhelmed, you’re more likely to have an automatic and emotion-driven response to what you’re reading or watching.

    Signs your negative news consumption may be affecting your mental health include:

    • compulsive engagement, feeling like you can’t stop checking or following negative news

    • experiencing feelings of despair, hopelessness, or lack of motivation

    • feeling irritable

    • difficulty concentrating

    • fatigue

    • strong physical symptoms (such as an upset stomach)

    • trouble sleeping

    • an increase in rash or risky behaviours, or behaviours you don’t usually display when you’re calm, such as panic shopping and hoarding following news about bad events.

    What should I do when I’m feeling upset?

    First, take a break. This could be a few minutes or a few days – as long as it takes you to feel emotionally steady and ready to re-engage with negative news.

    You might find it useful to reflect by writing down observations about how news is making you feel, and keeping track of intense fluctuations in emotions.

    It can also be helpful to connect with supportive people around you and do activities you enjoy. Spending time outdoors and doing hands-on tasks, such as gardening, painting or sewing, can be particularly helpful when you’re feeling anxious or emotional.

    But if you’re feeling overwhelmed and it’s affecting your work, life or relationships, it’s a good idea to seek professional help.

    In Australia, the government provides free mental health support at walk-in Medicare Mental Health Centres, Kids Hubs or via phone.

    Other free resources – including a symptom checker and links to online chat support – are available at Health Direct.


    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

    Reza Shabahang 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. Distressed by all the bad news? Here’s how to stay informed but still look after yourself – https://theconversation.com/distressed-by-all-the-bad-news-heres-how-to-stay-informed-but-still-look-after-yourself-259913

    MIL OSI Analysis – EveningReport.nz –

    July 1, 2025
  • MIL-OSI China: Chinese envoy demands immediate, lasting ceasefire in Gaza

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

    A Chinese envoy on Monday demanded an immediate and lasting ceasefire in Gaza, saying military means cannot achieve lasting peace.

    At present, the Middle East is mired in serious turmoil. Just after reaching a fragile ceasefire with Iran, Israel launched an attack on southern Lebanon, resulting in casualties. Meanwhile, the suffering of the Palestinian people continues to intensify, said Fu Cong, China’s permanent representative to the United Nations.

    The continuation of the war in Gaza will only lead to more casualties, while the right way forward is the cessation of hostilities and negotiations toward a political solution.

    “We urge Israel to immediately stop all military operations in Gaza. Countries with significant influence on the parties concerned should act in an impartial and responsible manner and take effective actions to promote a ceasefire,” he told the Security Council.

    The humanitarian catastrophe in Gaza has been extremely critical. “Israel must fulfill its obligations under international humanitarian law as the occupying power by immediately lifting its blockade of Gaza, fully restoring humanitarian access, and supporting and cooperating with the United Nations and other humanitarian organizations in their work,” said Fu.

    Israel has continued to advance its settlement policy in the West Bank, resumed land registration in Area C under its control, demolished Palestinian homes, condoned settler violence, and expanded its military operations. Such actions violate international law and Security Council resolutions and erode the foundation of an independent Palestinian state. China calls on Israel to cease its attacks and settlement activities in the West Bank, curb settler violence, and lift restrictions on Palestinian banks, he said.

    The Palestinian question lies at the heart of the Middle East issue. The implementation of the two-state solution is the only viable path to resolving the Palestinian question. The international community should strengthen unity and jointly provide support and guarantee to advance the political process of the two-state solution, and firmly oppose the forced transfer of Palestinians and the dangerous attempts to annex Gaza and the West Bank, he said.

    China will continue to work with the international community to make unremitting efforts to put an end to the fighting in Gaza, ease the humanitarian catastrophe, implement the two-state solution, and work for a comprehensive, just, and lasting settlement of the Palestinian question, said Fu.

    MIL OSI China News –

    July 1, 2025
  • MIL-OSI China: Announcement on Open Market Operations No.124 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.124 [2025]

    (Open Market Operations Office, July 1, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB131 billion through quantity bidding at a fixed interest rate on July 1, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB131 billion

    RMB131 billion

    Date of last update Nov. 29 2018

    2025年07月01日

    MIL OSI China News –

    July 1, 2025
  • MIL-OSI: Barclays Bank PLC: AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A.

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 01, 2025 (GLOBE NEWSWIRE) —  

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER FOR SALE OF, OR THE SOLICITATION OF AN OFFER TO BUY, THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW.

    PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

    01 July 2025

    AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A.

    AI Prime & Cy S.C.A. (“AI Prime”), an Advent International company has priced an accelerated placing (the “Placing”) to institutional investors of 17.5 million ordinary shares in InPost S.A. (the “Company”), constituting c.3.5% of the Company’s existing share capital, at a price of EUR 13.25 per ordinary share.

    Upon settlement of the Placing, the aggregate total ownership interest of Advent International in the Company’s issued ordinary share capital will be c.6.5%. Settlement is expected to occur on 3 July 2025.

    As part of the transaction, remaining shares in the Company held by AI Prime will be subject to a 60 day lock-up period from the settlement date, subject to customary exemptions.

    Barclays Bank PLC acted as Sole Global Co-ordinator and Bookrunner on the Placing.

    The Company will not receive any proceeds from the Placing.

    IMPORTANT NOTICE

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THESE SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM UNITED STATES REGISTRATION REQUIREMENTS. NO PUBLIC OFFER OF SECURITIES IS TO BE MADE IN THE UNITED STATES AND NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, SOUTH AFRICA OR JAPAN. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES, CANADIAN, SOUTH AFRICAN OR JAPANESE SECURITIES LAWS.

    THIS ANNOUNCEMENT AND ANY OFFER OF SHARES PURSUANT TO THE PLACING (“PLACING SHARES“) IF MADE SUBSEQUENTLY ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS (1) IN THE EEA WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 (THE “PROSPECTUS REGULATION“) AND (2) IN THE UNITED KINGDOM, WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS REGULATION AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE “ORDER“) OR ARE HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER OR ARE PERSONS TO WHOM AN OFFER OF THE PLACING SHARES MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS BEING REFERRED TO AS “RELEVANT PERSONS“). PERSONS WHO ARE NOT RELEVANT PERSONS SHOULD NOT TAKE ANY ACTION ON THE BASIS OF THIS ANNOUNCEMENT AND SHOULD NOT ACT OR RELY ON IT.

    THE SECURITIES REFERRED TO HEREIN WILL BE OFFERED (I) WITHIN THE UNITED STATES ONLY TO A LIMITED NUMBER OF QUALIFIED INSTITUTIONAL BUYERS AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT“) PURSUANT TO AN EXEMPTION FROM, OR IN TRANSACTIONS NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND (II) OUTSIDE THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO PREVAILING MARKET AND OTHER CONDITIONS. THERE IS NO ASSURANCE THAT THE PLACING WILL BE COMPLETED, OR IF COMPLETED, AS TO THE TERMS ON WHICH IT IS COMPLETED. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES WITHOUT REGISTRATION THEREUNDER OR UNLESS PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM. NEITHER THIS DOCUMENT NOR THE INFORMATION CONTAINED HEREIN CONSTITUTES OR FORMS PART OF AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF ANY SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION.

    THIS ANNOUNCEMENT DOES NOT, AND SHALL NOT, IN ANY CIRCUMSTANCES CONSTITUTE A PUBLIC OFFERING, NOR AN OFFER TO SELL OR TO SUBSCRIBE, NOR A SOLICITATION TO OFFER TO PURCHASE OR TO SUBSCRIBE SECURITIES IN ANY JURISDICTION. THE DISTRIBUTION OF THIS ANNOUNCEMENT AND THE OFFERING OR SALE OF THE SECURITIES IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. NO ACTION HAS BEEN TAKEN BY AI PRIME, BARCLAYS BANK PLC (THE “GLOBAL CO-ORDINATOR“) OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD, OR WHICH IS INTENDED TO, PERMIT A PUBLIC OFFER OF THE SECURITIES IN ANY JURISDICTION OR POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT OR ANY OTHER OFFERING OR PUBLICITY MATERIAL RELATING TO THE SECURITIES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED BY AI PRIME AND THE GLOBAL CO-ORDINATOR TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY APPLICABLE RESTRICTIONS.

    NO PROSPECTUS OR OFFERING DOCUMENT HAS BEEN OR WILL BE PREPARED IN CONNECTION WITH THE PLACING. ANY INVESTMENT DECISION IN CONNECTION WITH THE PLACING MUST BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION RELATING TO THE COMPANY AND ITS SHARES. SUCH INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND AI PRIME AND THE GLOBAL CO-ORDINATOR ARE NOT RESPONSIBLE, AND EXPRESSLY DISCLAIM ANY LIABILITY, FOR SUCH INFORMATION. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS FOR BACKGROUND PURPOSES ONLY AND DOES NOT PURPORT TO BE FULL OR COMPLETE. NO RELIANCE MAY BE PLACED FOR ANY PURPOSE ON THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT OR ON ITS ACCURACY OR COMPLETENESS.

    IN CONNECTION WITH THE PLACING, THE GLOBAL CO-ORDINATOR OR ANY OF ITS AFFILIATES MAY TAKE UP A PORTION OF THE PLACING SHARES AS A PRINCIPAL POSITION AND IN THAT CAPACITY MAY RETAIN, PURCHASE, SELL OR OFFER TO SELL FOR ITS OWN ACCOUNT SUCH PLACING SHARES AND OTHER SECURITIES OF THE COMPANY OR RELATED INVESTMENTS IN CONNECTION WITH THE PLACING OR OTHERWISE. ACCORDINGLY, REFERENCES TO THE PLACING SHARES BEING OFFERED, ACQUIRED, PLACED OR OTHERWISE DEALT IN SHOULD BE READ AS INCLUDING ANY OFFER TO, OR ACQUISITION, PLACING OR DEALING BY THE GLOBAL CO-ORDINATOR AND ANY OF ITS AFFILIATES ACTING AS INVESTORS FOR THEIR OWN ACCOUNTS. THE GLOBAL CO-ORDINATOR DOES NOT INTEND TO DISCLOSE THE EXTENT OF ANY SUCH INVESTMENT OR TRANSACTIONS OTHERWISE THAN IN ACCORDANCE WITH ANY LEGAL OR REGULATORY OBLIGATIONS TO DO SO.

    THIS ANNOUNCEMENT DOES NOT PURPORT TO IDENTIFY OR SUGGEST THE RISKS (DIRECT OR INDIRECT) WHICH MAY BE ASSOCIATED WITH AN INVESTMENT IN THE COMPANY OR ITS SHARES.

    THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION CONCERNING THE PLACING. THE PRICE AND VALUE OF SECURITIES AND ANY INCOME FROM THEM CAN GO DOWN AS WELL AS UP. PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. ACQUIRING PLACING SHARES TO WHICH THIS ANNOUNCEMENT RELATES MAY EXPOSE AN INVESTOR TO A SIGNIFICANT RISK OF LOSING ALL OF THE AMOUNT INVESTED. POTENTIAL INVESTORS SHOULD CONSULT A PROFESSIONAL ADVISOR AS TO THE SUITABILITY OF THE PLACING FOR THE ENTITY OR PERSON CONCERNED. THIS ANNOUNCEMENT DOES NOT REPRESENT THE ANNOUNCEMENT OF A DEFINITIVE AGREEMENT TO PROCEED WITH THE PLACING AND, ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT THE PLACING WILL PROCEED. AI PRIME RESERVES THE RIGHT NOT TO PROCEED WITH THE PLACING OR TO VARY THE TERMS OF THE PLACING IN ANY WAY.

    BARCLAYS BANK PLC IS AUTHORISED IN THE UNITED KINGDOM BY THE PRUDENTIAL REGULATION AUTHORITY AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND THE PRUDENTIAL REGULATION AUTHORITY.  THE GLOBAL CO-ORDINATOR IS ACTING FOR AI PRIME AND NO-ONE ELSE IN CONNECTION WITH THE PLACING. NEITHER THE GLOBAL CO-ORDINATOR NOR ANY OF ITS AFFILIATES, NOR THEIR RESPECTIVE PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS WILL REGARD ANY OTHER PERSON AS A CLIENT IN CONNECTION WITH THE PLACING AND THEY WILL NOT BE RESPONSIBLE TO ANYONE OTHER THAN AI PRIME FOR PROVIDING THE PROTECTIONS AFFORDED TO THEIR RESPECTIVE CLIENTS OR FOR PROVIDING ADVICE IN CONNECTION WITH THE PLACING DESCRIBED IN THIS ANNOUNCEMENT OR FOR ANY OTHER MATTERS REFERRED TO HEREIN.

    CERTAIN FIGURES CONTAINED IN THIS ANNOUNCEMENT HAVE BEEN SUBJECT TO ROUNDING ADJUSTMENTS. ACCORDINGLY, IN CERTAIN INSTANCES, THE SUM OR PERCENTAGE CHANGE OF THE NUMBERS CONTAINED IN THIS ANNOUNCEMENT MAY NOT CONFORM EXACTLY WITH THE TOTAL FIGURE GIVEN.

    THIS ANNOUNCEMENT INCLUDES STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE TERMS “INTENDS”, “EXPECTS”, “WILL”, OR “MAY”, OR, IN EACH CASE, THEIR NEGATIVE OR OTHER VARIATIONS OR COMPARABLE TERMINOLOGY, OR BY DISCUSSIONS OF STRATEGY, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS INCLUDE ALL MATTERS THAT ARE NOT HISTORICAL FACTS AND INCLUDE STATEMENTS REGARDING INTENTIONS, BELIEFS OR CURRENT EXPECTATIONS. NO ASSURANCES CAN BE GIVEN THAT THE FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT WILL BE REALISED. AS A RESULT, NO UNDUE RELIANCE SHOULD BE PLACED ON THESE FORWARD-LOOKING STATEMENTS AS A PREDICTION OF ACTUAL EVENTS OR OTHERWISE.

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

    July 1, 2025
  • MIL-OSI: Barclays Bank PLC: AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A.

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 01, 2025 (GLOBE NEWSWIRE) —  

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER FOR SALE OF, OR THE SOLICITATION OF AN OFFER TO BUY, THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW.

    PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

    01 July 2025

    AI Prime & Cy S.C.A. announces pricing of an accelerated placing of shares of InPost S.A.

    AI Prime & Cy S.C.A. (“AI Prime”), an Advent International company has priced an accelerated placing (the “Placing”) to institutional investors of 17.5 million ordinary shares in InPost S.A. (the “Company”), constituting c.3.5% of the Company’s existing share capital, at a price of EUR 13.25 per ordinary share.

    Upon settlement of the Placing, the aggregate total ownership interest of Advent International in the Company’s issued ordinary share capital will be c.6.5%. Settlement is expected to occur on 3 July 2025.

    As part of the transaction, remaining shares in the Company held by AI Prime will be subject to a 60 day lock-up period from the settlement date, subject to customary exemptions.

    Barclays Bank PLC acted as Sole Global Co-ordinator and Bookrunner on the Placing.

    The Company will not receive any proceeds from the Placing.

    IMPORTANT NOTICE

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THESE SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM UNITED STATES REGISTRATION REQUIREMENTS. NO PUBLIC OFFER OF SECURITIES IS TO BE MADE IN THE UNITED STATES AND NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, SOUTH AFRICA OR JAPAN. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES, CANADIAN, SOUTH AFRICAN OR JAPANESE SECURITIES LAWS.

    THIS ANNOUNCEMENT AND ANY OFFER OF SHARES PURSUANT TO THE PLACING (“PLACING SHARES“) IF MADE SUBSEQUENTLY ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS (1) IN THE EEA WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 (THE “PROSPECTUS REGULATION“) AND (2) IN THE UNITED KINGDOM, WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS REGULATION AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE “ORDER“) OR ARE HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER OR ARE PERSONS TO WHOM AN OFFER OF THE PLACING SHARES MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS BEING REFERRED TO AS “RELEVANT PERSONS“). PERSONS WHO ARE NOT RELEVANT PERSONS SHOULD NOT TAKE ANY ACTION ON THE BASIS OF THIS ANNOUNCEMENT AND SHOULD NOT ACT OR RELY ON IT.

    THE SECURITIES REFERRED TO HEREIN WILL BE OFFERED (I) WITHIN THE UNITED STATES ONLY TO A LIMITED NUMBER OF QUALIFIED INSTITUTIONAL BUYERS AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT“) PURSUANT TO AN EXEMPTION FROM, OR IN TRANSACTIONS NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND (II) OUTSIDE THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE SUBJECT TO PREVAILING MARKET AND OTHER CONDITIONS. THERE IS NO ASSURANCE THAT THE PLACING WILL BE COMPLETED, OR IF COMPLETED, AS TO THE TERMS ON WHICH IT IS COMPLETED. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES WITHOUT REGISTRATION THEREUNDER OR UNLESS PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM. NEITHER THIS DOCUMENT NOR THE INFORMATION CONTAINED HEREIN CONSTITUTES OR FORMS PART OF AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF ANY SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION.

    THIS ANNOUNCEMENT DOES NOT, AND SHALL NOT, IN ANY CIRCUMSTANCES CONSTITUTE A PUBLIC OFFERING, NOR AN OFFER TO SELL OR TO SUBSCRIBE, NOR A SOLICITATION TO OFFER TO PURCHASE OR TO SUBSCRIBE SECURITIES IN ANY JURISDICTION. THE DISTRIBUTION OF THIS ANNOUNCEMENT AND THE OFFERING OR SALE OF THE SECURITIES IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. NO ACTION HAS BEEN TAKEN BY AI PRIME, BARCLAYS BANK PLC (THE “GLOBAL CO-ORDINATOR“) OR ANY OF THEIR RESPECTIVE AFFILIATES THAT WOULD, OR WHICH IS INTENDED TO, PERMIT A PUBLIC OFFER OF THE SECURITIES IN ANY JURISDICTION OR POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT OR ANY OTHER OFFERING OR PUBLICITY MATERIAL RELATING TO THE SECURITIES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED BY AI PRIME AND THE GLOBAL CO-ORDINATOR TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY APPLICABLE RESTRICTIONS.

    NO PROSPECTUS OR OFFERING DOCUMENT HAS BEEN OR WILL BE PREPARED IN CONNECTION WITH THE PLACING. ANY INVESTMENT DECISION IN CONNECTION WITH THE PLACING MUST BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION RELATING TO THE COMPANY AND ITS SHARES. SUCH INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND AI PRIME AND THE GLOBAL CO-ORDINATOR ARE NOT RESPONSIBLE, AND EXPRESSLY DISCLAIM ANY LIABILITY, FOR SUCH INFORMATION. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS FOR BACKGROUND PURPOSES ONLY AND DOES NOT PURPORT TO BE FULL OR COMPLETE. NO RELIANCE MAY BE PLACED FOR ANY PURPOSE ON THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT OR ON ITS ACCURACY OR COMPLETENESS.

    IN CONNECTION WITH THE PLACING, THE GLOBAL CO-ORDINATOR OR ANY OF ITS AFFILIATES MAY TAKE UP A PORTION OF THE PLACING SHARES AS A PRINCIPAL POSITION AND IN THAT CAPACITY MAY RETAIN, PURCHASE, SELL OR OFFER TO SELL FOR ITS OWN ACCOUNT SUCH PLACING SHARES AND OTHER SECURITIES OF THE COMPANY OR RELATED INVESTMENTS IN CONNECTION WITH THE PLACING OR OTHERWISE. ACCORDINGLY, REFERENCES TO THE PLACING SHARES BEING OFFERED, ACQUIRED, PLACED OR OTHERWISE DEALT IN SHOULD BE READ AS INCLUDING ANY OFFER TO, OR ACQUISITION, PLACING OR DEALING BY THE GLOBAL CO-ORDINATOR AND ANY OF ITS AFFILIATES ACTING AS INVESTORS FOR THEIR OWN ACCOUNTS. THE GLOBAL CO-ORDINATOR DOES NOT INTEND TO DISCLOSE THE EXTENT OF ANY SUCH INVESTMENT OR TRANSACTIONS OTHERWISE THAN IN ACCORDANCE WITH ANY LEGAL OR REGULATORY OBLIGATIONS TO DO SO.

    THIS ANNOUNCEMENT DOES NOT PURPORT TO IDENTIFY OR SUGGEST THE RISKS (DIRECT OR INDIRECT) WHICH MAY BE ASSOCIATED WITH AN INVESTMENT IN THE COMPANY OR ITS SHARES.

    THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION CONCERNING THE PLACING. THE PRICE AND VALUE OF SECURITIES AND ANY INCOME FROM THEM CAN GO DOWN AS WELL AS UP. PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. ACQUIRING PLACING SHARES TO WHICH THIS ANNOUNCEMENT RELATES MAY EXPOSE AN INVESTOR TO A SIGNIFICANT RISK OF LOSING ALL OF THE AMOUNT INVESTED. POTENTIAL INVESTORS SHOULD CONSULT A PROFESSIONAL ADVISOR AS TO THE SUITABILITY OF THE PLACING FOR THE ENTITY OR PERSON CONCERNED. THIS ANNOUNCEMENT DOES NOT REPRESENT THE ANNOUNCEMENT OF A DEFINITIVE AGREEMENT TO PROCEED WITH THE PLACING AND, ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT THE PLACING WILL PROCEED. AI PRIME RESERVES THE RIGHT NOT TO PROCEED WITH THE PLACING OR TO VARY THE TERMS OF THE PLACING IN ANY WAY.

    BARCLAYS BANK PLC IS AUTHORISED IN THE UNITED KINGDOM BY THE PRUDENTIAL REGULATION AUTHORITY AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND THE PRUDENTIAL REGULATION AUTHORITY.  THE GLOBAL CO-ORDINATOR IS ACTING FOR AI PRIME AND NO-ONE ELSE IN CONNECTION WITH THE PLACING. NEITHER THE GLOBAL CO-ORDINATOR NOR ANY OF ITS AFFILIATES, NOR THEIR RESPECTIVE PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS WILL REGARD ANY OTHER PERSON AS A CLIENT IN CONNECTION WITH THE PLACING AND THEY WILL NOT BE RESPONSIBLE TO ANYONE OTHER THAN AI PRIME FOR PROVIDING THE PROTECTIONS AFFORDED TO THEIR RESPECTIVE CLIENTS OR FOR PROVIDING ADVICE IN CONNECTION WITH THE PLACING DESCRIBED IN THIS ANNOUNCEMENT OR FOR ANY OTHER MATTERS REFERRED TO HEREIN.

    CERTAIN FIGURES CONTAINED IN THIS ANNOUNCEMENT HAVE BEEN SUBJECT TO ROUNDING ADJUSTMENTS. ACCORDINGLY, IN CERTAIN INSTANCES, THE SUM OR PERCENTAGE CHANGE OF THE NUMBERS CONTAINED IN THIS ANNOUNCEMENT MAY NOT CONFORM EXACTLY WITH THE TOTAL FIGURE GIVEN.

    THIS ANNOUNCEMENT INCLUDES STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE TERMS “INTENDS”, “EXPECTS”, “WILL”, OR “MAY”, OR, IN EACH CASE, THEIR NEGATIVE OR OTHER VARIATIONS OR COMPARABLE TERMINOLOGY, OR BY DISCUSSIONS OF STRATEGY, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS INCLUDE ALL MATTERS THAT ARE NOT HISTORICAL FACTS AND INCLUDE STATEMENTS REGARDING INTENTIONS, BELIEFS OR CURRENT EXPECTATIONS. NO ASSURANCES CAN BE GIVEN THAT THE FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT WILL BE REALISED. AS A RESULT, NO UNDUE RELIANCE SHOULD BE PLACED ON THESE FORWARD-LOOKING STATEMENTS AS A PREDICTION OF ACTUAL EVENTS OR OTHERWISE.

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

    July 1, 2025
  • ‘Digital India, a people’s movement’: PM Modi charts roadmap for next decade

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Tuesday lauded the completion of ten years of the Digital India initiative, describing it as a journey that has transformed governance, empowered citizens, and positioned India as a global leader in digital technology.

    In a post on X, the Prime Minister said, “Today is a historic day as we mark #10YearsOfDigitalIndia! Ten years ago, Digital India began as an initiative to transform our nation into a digitally empowered and technologically advanced society. A decade later, we stand witness to a journey that has touched countless lives and ushered in a new era of empowerment.”

    Launched in 2015, the Digital India mission sought to bridge the country’s vast digital divide and make technology accessible to every citizen. Reflecting on the initiative’s impact, PM Modi said that India’s progress is visible not only in “data and dashboards” but also in the daily lives of 140 crore Indians.

    “While decades were spent doubting the ability of Indians to use technology, we changed this approach and trusted the ability of Indians to use technology,” PM Modi said in an article shared on LinkedIn.

    Expanding Access and Inclusion

    In 2014, India had about 25 crore internet connections. That figure has now grown to over 97 crore, with high-speed internet reaching remote villages and forward military outposts alike. The Prime Minister pointed out that over 42 lakh kilometres of Optical Fibre Cable now connect the country, equivalent to eleven times the distance between Earth and the Moon.

    The success of India’s real-time digital payments system, UPI, has also been a highlight. UPI now handles over 100 billion transactions a year, accounting for nearly half of all real-time digital payments worldwide.

    Through Direct Benefit Transfers (DBT), the government has directly transferred over ₹44 lakh crore to citizens, saving nearly ₹3.48 lakh crore by eliminating middlemen. Schemes like SVAMITVA have issued more than 2.4 crore property cards and mapped over 6.4 lakh villages, providing land ownership security to millions.

    Driving Entrepreneurship and Innovation

    Highlighting the impact on small businesses and entrepreneurs, PM Modi noted that initiatives like ONDC (Open Network for Digital Commerce) and GeM (Government E-Marketplace) have expanded opportunities for millions. ONDC recently crossed 200 million transactions, while GeM has surpassed ₹1 lakh crore GMV in just 50 days.

    “From Banarasi weavers to bamboo artisans in Nagaland, sellers are now reaching customers nationwide, without middlemen or digital monopolies,” the Prime Minister added.

    PM Modi also underlined India’s emergence as a global leader in Digital Public Infrastructure, citing examples like Aadhaar, CoWIN, DigiLocker, and FASTag. He said these platforms are now studied and adopted in other countries, with India launching a Global DPI Repository during its G20 Presidency.

    Looking Ahead

    Calling for greater innovation in the coming decade, the Prime Minister said India is moving from “digital governance to global digital leadership, from India-first to India-for-the-world.”

    He urged the country’s innovators and entrepreneurs to build technology that “unites, includes, and uplifts,” adding, “Let us build what empowers. Let us solve what truly matters.”

    The Prime Minister’s remarks come as India continues to scale its presence in emerging fields like artificial intelligence and digital commerce, supported by initiatives such as the $1.2 billion India AI Mission and new Centres of Excellence across the country.

    “Digital India has not remained a mere government program, it has become a people’s movement,” PM Modi said, reaffirming the initiative’s central role in building an Aatmanirbhar Bharat.

     

    July 1, 2025
  • MIL-OSI Europe: ECB commits to distributed ledger technology settlement plans with dual-track strategy

    Source: European Central Bank

    1 July 2025

    • Short-term track (Pontes) to pilot link between distributed ledger technology platforms and TARGET Services by end-2026
    • Long-term track (Appia) to shape future-ready, innovative, integrated financial ecosystems
    • Initiatives will deliver on Eurosystem’s continuing commitment to safe, efficient settlement in central bank money

    The ECB’s Governing Council has approved a plan that will enable settling distributed ledger technology (DLT) transactions using central bank money. The initiative follows a two-track approach: the first track “Pontes” provides a short-term offering to the market – including a pilot phase – and the second track “Appia” focuses on a potential long-term solution. The decision is in line with the Eurosystem’s commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures.

    Pontes will offer a Eurosystem DLT-based solution, linking DLT platforms and TARGET Services to settle transactions in central bank money. The Eurosystem plans to launch a pilot for Pontes by the end of the third quarter of 2026. It will offer a single Eurosystem solution which incorporates features used in the Eurosystem’s exploratory work on DLT in 2024. During the pilot, the Eurosystem will also explore the feasibility of further enhancements in line with the TARGET Services operational, legal and technical standards. Between now and the launch of the Pontes pilot, the Eurosystem will consider requests for further DLT-related trials and experiments.

    Appia focuses on a long-term approach for an innovative and integrated ecosystem in Europe that also facilitates safe and efficient operations at the global level. The Eurosystem will actively continue to analyse DLT-based solutions and collaborate with public and private stakeholders.

    To ensure continuous dialogue with the market, the Eurosystem will establish dedicated market contact groups for both Pontes and Appia. A call for expressions of interest in participating in the Pontes contact group will be published soon.

    Pontes and Appia will build on the Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement, which was conducted between May and November 2024. In this exploratory work, 64 participants conducted over 50 trials and experiments. A dedicated report outlining the results of the exploratory work has been published today.

    For media queries, please contact Alessandro Speciale, tel.: +49 172 1670791.

    MIL OSI Europe News –

    July 1, 2025
  • MIL-Evening Report: Trump demands an end to the war in Gaza – could a ceasefire be close?

    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne

    Anas-Mohammed/Shutterstock

    Hopes are rising that Israel and Hamas could be inching closer to a ceasefire in the 20-month war in Gaza.

    US President Donald Trump is urging progress, taking to social media to demand:

    MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!

    Trump further raised expectations, saying there could be an agreement between Israel and Hamas “within the next week”.

    But what are the prospects for a genuine, lasting ceasefire in Gaza?

    Ceasefires are generally complicated to negotiate because they need to take into account competing demands and pressures. They usually (but not always) require both sides to compromise.

    Gaza is no exception. In a conflict that has been going on for more than 70 years, compromise and concession have become a game of cat and mouse.

    Israel is the cat that holds the military strength and the majority of the political power. Hamas is the mouse that can dart and delay, but in the end has little choice but to accept the terms of a ceasefire if it wants to halt the violence currently being inflicted on Palestinians.

    Trump the peacemaker?

    Trump appears buoyed by what he perceives as the recent success of his efforts to broker a truce in the Israel–Iran war. He may think he can use similar tactics to pressure Israeli Prime Minister Benjamin Netanyahu into making a ceasefire deal for Gaza.

    US President Donald Trump has posted on social media that Israeli Prime Minister Benjamin Netanyahu is negotiating a deal with Hamas ‘right now’.
    noamgalai/Shutterstock

    Netanyahu will return to Washington next week for talks at the White House. This is a good sign some US pressure is being brought to bear.

    Trump’s current push for a Gaza ceasefire may also signal he is keen for a return to the normalisation of economic ties previously delivered by the Abraham Accords between Israel and various Arab states. A ceasefire could unlock frozen regional relationships, potentially boosting the US economy (and Trump’s own personal wealth).

    Israeli opportunities

    Another positive sign a ceasefire may be on the cards is Netanyahu’s recent comments that the war with Iran had created opportunities for Israel in Gaza.

    During its 12-day war with Iran, Israel assassinated 30 Iranian security chiefs and 11 nuclear scientists. Iran’s weakened security apparatus might disrupt its support for Hamas and help advance Israeli objectives.

    Similar to what happened in Iran, this might enable Netanyahu to publicly declare Israeli victory in Gaza and agree to a ceasefire without losing face or political backing from his government’s right wing.

    Domestic Israeli politics have also played a role in the Gaza ceasefire negotiations. As part of the current round, Trump reportedly demanded the cancellation of Netanyahu’s ongoing trial on corruption charges. The idea is to enable Netanyahu to reach a ceasefire without the threat of criminal conviction, and potentially prison, awaiting him afterwards.

    Given there are no political or legal prescriptions or rules around what terms need to be included in a ceasefire, it is possible for such a demand to be made, although it is unclear how it would be accommodated by Israeli law.

    Difficult terms

    The current ceasefire deal, as proposed by Qatar and Egypt, seems to pick up where the deal negotiated in January fell apart – with a 60-day ceasefire.

    Reports suggest it requires Hamas’ leadership to go into exile and that four Arab states, including the United Arab Emirates and Egypt, would be tasked with jointly governing Gaza.

    Hamas has said for many months that it is open to a
    more permanent ceasefire deal that Israel has so far refused. However, the proposed terms appear too far-reaching to make it likely Hamas would accept them in their current form.

    The uptick in Israel’s military bombardment, as well as recent evacuation orders for parts of northern Gaza, suggest that even if there is a deal it may well mean Israel retains permanent territorial control of the northern Gaza Strip.

    As part of any ceasefire, it also seems likely Israel would retain control over all Gaza crossings.

    This, and the ongoing highly problematic promotion by Israel and the United States of the Gaza Humanitarian Foundation as the only organisation authorised to deliver and administer aid in Gaza, will be difficult for Hamas, and Palestinians, to accept.

    Displaced Palestinians carrying bags of flour distributed by the controversial Gaza Humanitarian Foundation.
    Haitham Imad/Shutterstock

    There have also been reports a deal would enable Gazans wishing to emigrate to be absorbed by several as-yet-unnamed countries. Such a term would continue the Trump administration’s earlier calls for the forced displacement of Palestinians from Gaza, as well as Israel’s insistence such displacement would be a humanitarian initiative rather than a war crime.

    It would also not be the first time the terms of a ceasefire were used to forcibly displace civilian populations.

    Hope for the future?

    Many dynamics are wrapped up in getting to a ceasefire in Gaza.

    They include US allyship and pressure, domestic Israeli politics, and the recent war between Israel and Iran. There is also the international opprobrium of Israel’s actions in Gaza which, for public (if not legal) purposes, amount to a genocide.

    Ideally, any negotiated ceasefire would have detailed terms to ensure the parties know what they should do and when. Detailed terms would also enable international actors and other third parties to denounce any violations of the deal.

    However, a ceasefire would only ever be a short-term win. In the best case, it would enable a reduction in violence and an increase of aid into Gaza, and the release of Israeli hostages and Palestinian prisoners.

    However, amid the deep-seated sense of injustice and anxiety in the region, any ceasefire that does not address historic oppression and is forced on the parties would inevitably have deleterious consequences in the months and years to come.

    Marika Sosnowski 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. Trump demands an end to the war in Gaza – could a ceasefire be close? – https://theconversation.com/trump-demands-an-end-to-the-war-in-gaza-could-a-ceasefire-be-close-260185

    MIL OSI Analysis – EveningReport.nz –

    July 1, 2025
  • MIL-Evening Report: What are police allowed to do at protests and who keeps them in check?

    Source: The Conversation (Au and NZ) – By Kelly Hine, Senior Lecturer in Criminology, University of the Sunshine Coast

    Earlier this week, former Greens candidate Hannah Thomas was hospitalised with serious injuries after being arrested at a protest in Sydney. This incident sparked public outcry, raising questions about the limits of police power and what happens when things go wrong.

    Protests are becoming more common and more intense across Australia and worldwide. This surge stems from growing social and political concerns.

    The right to peacefully protest is a fundamental aspect of democratic societies. It gives people the freedom to gather, speak out, and push for change.

    But that right is not unlimited and can be subject to certain restrictions. While the public has a right to protest, police have a responsibility to ensure the safety of everyone involved including protesters, bystanders and officers. Maintaining public order and respecting the right to peaceful assembly is a balance.

    So, what exactly are police allowed to do at protests? And if someone is hurt in the process, who is responsible, and who keeps police in check?

    Why do things go wrong at protests?

    Peaceful protesting is lawful in Australia and people have the right to gather and express their views. But that doesn’t mean anything goes.

    If someone’s behaviour at a protest threatens public safety or breaches the law, police have a responsibility to intervene, and individuals can be charged with an offence.

    Protests are emotionally charged events. Some groups may come to protests already hostile, especially those with strong anti-authority views or past negative experiences with police. In turn, this can increase the risk of confrontation from the outset.

    Often protests are driven by a shared sense of injustice. This can build strong group identity and solidarity among protesters, but it can also intensify resistance towards police who are seen as symbols of authority.

    When people act as part of a crowd, emotions can spread quickly. In these settings, individuals may feel less personally responsible for their actions and behave more impulsively or aggressively.

    At the same time, police responses play a big role in how protests unfold. Tactics that are seen as heavy-handed (like blocking movement or using force) can heighten tensions and lead to confrontation.

    In contrast, strategies focused on communication and de-escalation are more likely to calm things down and prevent violence.

    Typically, protests don’t turn violent on their own. Instead, it’s a mix of crowd dynamics and police response that often determines the outcome.

    What powers do police have at protests?

    Police have wide-ranging powers to respond to protests to prevent behaviour escalation. A person does not need to be committing an offence for police to exercise powers during a protest. Police consider the behaviour of individual protesters, or the risk they’re perceived to pose, rather than waiting for a specific law to be broken.

    While the specific laws differ between states and territories in Australia, there are several common features.

    Police can tell community members to move on in some circumstances. If a protester is in a public place and causing disruption, interfering with others, endangering others or being disorderly, police can direct that person to leave. An offence does not need to be committed for police to direct community members to move on.

    Where a person does not follow a police officer’s lawful direction, they are contravening the law and can be arrested.

    However, move-on powers are limited when there is a peaceful protest. Police cannot direct a person to move on just because they are peacefully protesting something, picketing or publicly sharing their views (such as speaking loudly or carrying a sign).

    States and territories have also criminalised certain behaviour related to protests. For example, it is unlawful to harass, intimidate or threaten a person accessing a place of worship in New South Wales.

    Police can use force to maintain peace or prevent violence. The force used must only be “reasonably necessary”. This means police can only use the minimum amount of force needed that is proportionate to the event.

    It might be appropriate for police to restrain a protester using their hands or handcuffs and individual circumstances will be relevant to whether use of force is permitted. Lethal force, though, would not be permitted against a protester unless a protester was endangering the life of another person.

    Injuries can occur during police arrests. It has been alleged that Hannah Thomas’ injury arising during her arrest was the result of “excessive use of force”. However, just because a person is injured during an arrest does not automatically mean a police officer acted inappropriately.

    Who holds police accountable if someone gets hurt?

    Where concerns arise about police behaviour during a protest (including the use of force or other actions), there are different ways police can be held accountable.

    Policing organisations have internal processes for investigating police conduct. Each policing organisation has a professional or ethical standards unit that investigates allegations of conduct.

    But integrity bodies have flagged police investigating police can perpetuate potentially problematic “cover up behaviours that can mask police misconduct”.

    Australia’s states and territories also have independent statutory organisations which target crime and corruption in the public service. These are generally corruption or integrity commissions and apply to all public service workers, including police officers. The relevant ombudsman can also assist to resolve complaints.

    Community members can also sue a policing organisation for injuries they sustained during an arrest.

    What’s the right balance?

    Protest is a democratic right, but it also presents real public safety challenges.

    Police face genuine risks and have a difficult job managing dynamic and often unpredictable situations.

    They need certain powers to do their job, but those powers must come with strong accountability. If police exceed their power, it damages public trust and can escalate tensions further.

    Good policing practices mean talking to protest organisers early, keeping communication clear, using de-escalation tactics and responding proportionally to individuals – not treating the whole crowd the same.

    Protesters also play a role by staying peaceful, notifying police of a protest, knowing their rights, and helping to de-escalate tensions. The goal should always be to protect everyone. This includes protesters, police and the general public.

    Dominique is a former police officer who was previously employed by the Queensland Police Service.

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

    – ref. What are police allowed to do at protests and who keeps them in check? – https://theconversation.com/what-are-police-allowed-to-do-at-protests-and-who-keeps-them-in-check-260096

    MIL OSI Analysis – EveningReport.nz –

    July 1, 2025
  • Trump suggests DOGE look at Musk’s companies to save money

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump suggested on Tuesday that his efficiency department should take a look at the subsidies that Tesla CEO Elon Musk’s companies have received in order to save the federal government “BIG” money.

    Trump’s comments come after billionaire Elon Musk renewed his criticism on Monday of Trump’s sweeping tax-cut and spending bill, vowing to unseat lawmakers who backed it after campaigning on limiting government spending.

    “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,” Trump said in a post on Truth Social.

    In response to Trump’s post, Musk, in his own social media platform X, said “I am literally saying CUT IT ALL. Now.”

    After weeks of relative silence following a feud with Trump over the legislation, Musk rejoined the debate on Saturday as the Senate took up the package, calling it “utterly insane and destructive” in a post on social media platform X.

    On Monday, he ramped up his criticism, saying lawmakers who had campaigned on cutting spending but backed the bill “should hang their heads in shame!”

    “And they will lose their primary next year if it is the last thing I do on this Earth,” Musk said.

    The Tesla and SpaceX CEO called again for a new political party, saying the bill’s massive spending indicated “that we live in a one-party country – the PORKY PIG PARTY!!”

    “Time for a new political party that actually cares about the people,” he wrote.

    Musk’s criticism of the bill has caused a rift in his relationship with Trump, marking a dramatic shift after the tech billionaire spent nearly $300 million on Trump’s re-election campaign and led the administration’s controversial Department of Government Efficiency (DOGE), a federal cost-cutting initiative.

    Musk, the world’s richest man, has argued that the legislation would greatly increase the national debt and erase the savings he says he has achieved through DOGE.

    It remains unclear how much sway Musk has over Congress or what effect his opinions might have on the bill’s passage. But Republicans have expressed concern that his on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.

    The rift has also led to volatility for Tesla, with shares of the company seeing wild price swings that erased approximately $150 billion of its market value, though it has since recovered.

    – Reuters

    July 1, 2025
  • MIL-OSI: INVL Asset Management raises EUR 35.43 million for investments in funds managed by 17Capital

    Source: GlobeNewswire (MIL-OSI)

    INVL Asset Management, the leading alternative asset manager in the Baltics, raised EUR 35.43 million for investments in funds managed by 17Capital which provides financing to the world’s largest private equity managers, investors, and funds. This success in attracting investor funds further solidifies the Invalda INVL group’s leading position in the Baltic private debt market.

    “The private debt market is experiencing rapid growth globally, and the Baltic region is no exception. Private debt is emerging as an important alternative to traditional financing, while also serving as a valuable tool for portfolio diversification. We appreciate the trust our investors place in us and their decision to leverage the access we provide to globally diversified private debt funds managed by an experienced team. To date, our group has attracted over EUR 75 million to this asset class, reinforcing our leading position in the,” says Justas Riauba, Invalda INVL’s Group Chief Investment Officer.

    A private debt fund INVL Bridge Finance, which had more than EUR 40 million of assets under management at the end of May this year, is also a part of the Invalda INVL group.

    INVL Partner Strategic Lending funds were distributed to the Baltic investors by the financial brokerage firm INVL Financial Advisors, which operates in Lithuania under the INVL Family Office brand.

    “Retail and institutional investors in the Baltic countries are showing strong and growing interest in private debt solutions as an important component of a diversified portfolio. The successful distribution of these funds through the INVL Family Office reflects increasing confidence in structured, institutional-grade products and highlights the growing maturity of investors when it comes to selecting alternative investment solutions,” says Asta Jovaišienė, who heads the INVL Family Office.

    Launched this year, the INVL Partner Strategic Lending funds invest in funds managed by 17Capital, a private credit manager active in North America and Europe. The strategy of that world-class specialised manager’s funds is to lend to the world’s best known private equity funds, managers and management companies against the net asset value (NAV) of their private equity portfolios or the management companies’ investments, as well as to the participants of such funds.

    The minimum investment in the funds for informed investors is EUR 125,000 or, if investments are made in US dollars, USD 145,000. The INVL Partner Strategic Lending funds target an expected net average annual investment return of more than 10%. The anticipated duration of the funds is 7 years.

    Founded in 2008, 17Capital operates primarily from London and New York. The company has completed more than 100 investments and more than 50 exits and since its inception has raised more than USD 13 billion.

    About INVL Asset Management 

    INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development. 

    We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or has under supervision more than EUR 1.9 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.

    The person for additional information:
    Justas Riauba, Invalda INVL Group Chief Investment Officer
    Justas.Riauba@invl.com

    The MIL Network –

    July 1, 2025
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