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Category: Business

  • MIL-OSI: BW Energy: Company presentation Fearnley Securities Africa Focused E&P seminar  

    Source: GlobeNewswire (MIL-OSI)

    Company presentation Fearnley Securities Africa Focused E&P seminar  

    BW Energy is today presenting at the Fearnley Securities Africa Focused E&P seminar in Madrid, Spain. Please see the attached presentation. 

    For further information, please contact: 
     
    Brice Morlot, CFO BW Energy
    +33.7.81.11.41.16
    ir@bwenergy.no

    ABOUT BW ENERGY: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

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

    Attachment

    The MIL Network –

  • MIL-OSI: BW Energy: Company presentation Fearnley Securities Africa Focused E&P seminar  

    Source: GlobeNewswire (MIL-OSI)

    Company presentation Fearnley Securities Africa Focused E&P seminar  

    BW Energy is today presenting at the Fearnley Securities Africa Focused E&P seminar in Madrid, Spain. Please see the attached presentation. 

    For further information, please contact: 
     
    Brice Morlot, CFO BW Energy
    +33.7.81.11.41.16
    ir@bwenergy.no

    ABOUT BW ENERGY: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

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

    Attachment

    The MIL Network –

  • MIL-OSI: BW Energy: Company presentation Fearnley Securities Africa Focused E&P seminar  

    Source: GlobeNewswire (MIL-OSI)

    Company presentation Fearnley Securities Africa Focused E&P seminar  

    BW Energy is today presenting at the Fearnley Securities Africa Focused E&P seminar in Madrid, Spain. Please see the attached presentation. 

    For further information, please contact: 
     
    Brice Morlot, CFO BW Energy
    +33.7.81.11.41.16
    ir@bwenergy.no

    ABOUT BW ENERGY: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

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

    Attachment

    The MIL Network –

  • MIL-OSI: BW Energy: Company presentation Fearnley Securities Africa Focused E&P seminar  

    Source: GlobeNewswire (MIL-OSI)

    Company presentation Fearnley Securities Africa Focused E&P seminar  

    BW Energy is today presenting at the Fearnley Securities Africa Focused E&P seminar in Madrid, Spain. Please see the attached presentation. 

    For further information, please contact: 
     
    Brice Morlot, CFO BW Energy
    +33.7.81.11.41.16
    ir@bwenergy.no

    ABOUT BW ENERGY: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. 

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

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: New Certification scheme unlocks $200M market for Kiwi cosmetics in China

    Source: New Zealand Government

    Trade and Investment Minister Todd McClay and Commerce and Consumer Affairs Minister Scott Simpson have welcomed a new certification scheme, announced by the Prime Minister in Shanghai today, that unlocks access to China’s $200 million cosmetics and skincare market — a move that will drive stronger returns for New Zealand exporters and boost the economy.

    “This is a smart, practical step that removes a long-standing trade barrier and opens up valuable new channels for our exporters,” McClay says. 

    “It means more high-quality, innovative New Zealand products on shelves in China – not just online, but in stores across one of the world’s fastest-growing consumer markets.”

    The scheme, developed with International Accreditation New Zealand (IANZ) and the Ministry of Business, Innovation and Employment (MBIE), provides exporters with a Government-issued Good Manufacturing Practice (GMP) certificate that meets Chinese regulatory requirements.

    “This certification allows Kiwi-made cosmetics to be sold through traditional retail channels in China, significantly expanding market reach beyond cross-border e-commerce and supporting our goal of doubling exports by value in 10 years,” Mr McClay says.

    Minister Simpson says the scheme is a strong example of the Government’s commitment to backing New Zealand businesses and removing barriers to growth.

    “With global demand for health and beauty products rising, this gives our exporters the confidence to grow and compete in China; quickly, credibly, and at scale,” Mr Simpson says.

    “It’s another example of how we’re cutting red tape and aligning our standards with key trading partners to give Kiwi firms the certainty they need to succeed.”

    How it works:

    • Exporters complete an independent GMP assessment with IANZ.
    • If successful, MBIE confirms compliance with a certificate signed on behalf of the Government.

    New Zealand’s ban on animal testing for cosmetics remains in place, giving Chinese consumers assurance that Kiwi products are high-quality, safe, sustainable, and ethically produced.

    More information and application details will be available online soon.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Logistics ESG roadmap announced

    Source: Hong Kong Information Services

    The Transport & Logistics Bureau today unveiled its “Roadmap for ESG (environmental, social and governance) Development for Logistics Industry”, aimed at helping local small and medium-sized enterprises (SMEs) in the sector achieve compliance with international ESG requirements.

    In its Action Plan on Modern Logistics Development, promulgated in October 2023, the Government committed to formulating a clear ESG roadmap for the logistics industry and to promoting the development of green and sustainable logistics.

    After commissioning a consultancy study, the bureau has worked with the Hong Kong Logistics Development Council and various stakeholders in the industry to devise a roadmap that takes account of international ESG standards and current market developments.

    The roadmap covers a three-year period, from 2025 to 2027, and adopts a three-stage approach for logistics SMEs to build up their ESG data collection and reporting capabilities and meet the most stringent prevailing international ESG disclosure requirements by the time the roadmap expires.

    The first stage involves raising logistics SMEs’ awareness of ESG principles and international ESG requirements. The second stage will involve equipping logistics SMEs with ESG data collection capabilities, and the third will aim to prepare them to carry out ESG reporting.

    The bureau highlighted that ESG has become an international trend, with the European Union having already made ESG disclosures along whole supply chains compulsory for enterprises from this year onwards, and the Mainland also formulating its own ESG disclosure standards, which are to be applicable to all companies, including SMEs, by 2030.

    For Hong Kong logistics SMEs, the bureau added, ESG adoption is no longer an option but an essential step for their survival and the maintenance of their global competitiveness.

    It said it hopes the roadmap will provide logistics SMEs with an easy-to-follow guide to embark on their ESG journey and help to enhance the competitiveness of Hong Kong’s logistics industry, thereby consolidating its position as an international logistics hub.

    The bureau outlined that it will co-operate with industry stakeholder to promote adoption of the roadmap, and will review and update the roadmap in a timely manner ahead of its expiry with reference to prevailing international ESG requirements.

    Meanwhile, the bureau also launched today a dedicated online ESG resource centre on the Hong Kong Logistics Development Council’s website. The resource centre is intended to serve as a one-stop portal for information related to ESG.

    Additionally, to assist logistics SMEs in beginning their ESG journey, the bureau will this year launch a set of ESG data collection tools to facilitate effective collection and recording of logistics ESG data.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: Secretary-General’s message on the International Day of Countering Hate Speech [scroll down for French version]

    Source: United Nations secretary general

    Hate speech is poison in the well of society. It has paved the way for violence and atrocity during the darkest chapters of human history. Ethnic and religious minorities often bear the brunt – facing discrimination, exclusion and harm.

    Today, as this year’s theme reminds us, hate speech travels faster and farther than ever, amplified by Artificial Intelligence. Biased algorithms and digital platforms are spreading toxic content and creating new spaces for harassment and abuse.

    The Global Digital Compact, adopted at the Summit of the Future, offers a path forward: calling for stronger international cooperation to tackle hate online, rooted in human rights and international law.

    To drown out the voices of hate, we need partnerships at every level: among governments, civil society, private companies and religious and community leaders. We need to counter toxic narratives with positive messaging and empower people to recognize, reject and stand up to hate speech. The United Nations Strategy and Plan of Action on Hate Speech guides the way.

    The Global Principles for Information Integrity that I launched last year are also supporting and informing these efforts, as we push for a safer and more humane information ecosystem.

    As we mark this day, let us commit to using Artificial Intelligence, not as a tool of hate, but as a force for good. Let us stand united in the pursuit of peace, mutual respect, and understanding for all.

    ***

    Les discours de haine empoisonnent la société. Ils ont mené à la violence et aux atrocités qui ont fait les chapitres les plus sombres de l’histoire de l’humanité. Les minorités ethniques et religieuses sont souvent les plus touchées, se heurtant à la discrimination, à l’exclusion et aux attaques.

    Aujourd’hui, comme nous le rappelle le thème de cette année, les discours de haine se propagent plus vite et plus loin que jamais, amplifiés par l’intelligence artificielle. Des algorithmes et des plateformes numériques intégrant et reproduisant les préjugés diffusent des contenus toxiques et créent de nouveaux espaces de harcèlement et de violence.

    Le Pacte numérique mondial, adopté lors du Sommet de l’avenir, nous montre le chemin : il encourage une plus grande coopération internationale pour lutter contre la haine en ligne, ancrée dans les droits humains et le droit international.

    Pour étouffer les voix de la haine, nous avons besoin de partenariats à tous les niveaux : entre les États, la société civile, les entreprises privées et les responsables religieux et communautaires. Nous devons contrer les récits toxiques par des messages positifs et donner à chacun et chacune les moyens de reconnaître les discours de haine, de ne pas y céder et de s’y opposer. La Stratégie et le Plan d’action des Nations Unies pour la lutte contre les discours de haine nous servent de guide.

    Par ailleurs, les Principes mondiaux pour l’intégrité de l’information que j’ai lancés l’an dernier viennent étayer et orienter l’action que nous menons pour créer un écosystème de l’information plus sûr et plus humain.

    À l’occasion de cette journée, prenons l’engagement d’utiliser l’intelligence artificielle non pas comme un outil de haine, mais comme une force au service du bien. Restons unis dans la poursuite de la paix, du respect mutuel et de la compréhension de toutes et tous.

    ***

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Animal Welfare – WORLD’S BIGGEST INVESTIGATION INTO EGG FACTORY FARMING. NEW ZEALAND CAGES SCRUTINISED

    Source: Animals Aotearoa

    In the largest global investigation ever, The Open Wing Alliance reveals never-before-seen footage of systemic animal abuse and public health risks in cage egg factory farming. Alongside footage from 36 other countries, the exposé includes footage from a colony cage factory farm in New Zealand.

    New Zealand – June 17 2025 –  “The sound of thousands of trapped chickens, the industrial fans cranking and the stench of waste is beyond words”, says a volunteer investigator from Grassroots Campaigns NZ. “It’s hell inside.”

    This is the description animal welfare investigators gave about what they captured at an Auckland colony cage factory farm. Their footage was given to the Open Wing Alliance, a global coalition of nearly 100 organisations established by The Humane League, in collaboration with We Animals and Reporters for Animals International. Together with Animals Aotearoa, the united group has just released the largest ever investigation into industrialised egg farms in 37 countries. In never-before-seen footage, including from New Zealand, supported by an open letter backed by 100 celebrities.

    “The shocking footage exposes widespread abuse of egg-laying hens trapped in filthy, overcrowded cages, with evidence of injured birds, rotting carcasses, disease-ridden conditions, and more. This investigation comes as bird flu sweeps across every continent, jumping from farmed birds to wild animals and even humans”, says Jennifer Dutton, Corporate Relations Specialist at Animals Aotearoa.

    Footage from 37 countries, including:

    Argentina, Australia, Brazil, Bulgaria, Canada, Chile, Colombia, Estonia, Finland, France, Georgia, Hong Kong, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Slovenia, South Africa, Spain, Taiwan, Thailand, Turkey, United States, Vietnam and Zimbabwe.

    Key findings from the global exposé include:

    Hens confined in battery and enriched/colony cages, giving each chicken only the space of an iPad, or less, to live their entire life;

    Automated systems leave dead bird carcasses trapped in cages with living hens;

    Live hens abandoned in manure and waste pits, and eggs found in manure before sent to shelves;

    Birds unable to stand upright or spread their wings;

    Unsanitary conditions that promote disease spread, like avian influenza.

    This massive coordinated worldwide campaign is focused on spotlighting multinational brands dragging their heels on fulfilling corporate policy to transition away from cage eggs in their supply chains. The vast majority of food corporations around the world publicly committed, a decade ago, to remove cages from their egg supply chains, with global companies like The Hershey Company, Hormel Foods, Famous Brands, and Barilla already fully cage-free. However, food companies like Walmart, Zensho Holdings and Inspire Brands (parent company of Dunkin’ and Baskin-Robbins) continue to profit from sourcing eggs from hens raised in outdated, cruel cages. In New Zealand, hospitality giant Best Western Hotel chain was recently targeted by protestors highlighting the multinational’s lack of transparent reporting on its global cage-free progress, supported by a petition.

    Since 2023, when battery cages were outlawed in Aotearoa, there has been a disinformation campaign by the factory farm lobby to mislead caring New Zealanders about the continued domestic production of cage eggs. While battery cages are no longer in use, colony cages are. Eggs sold at retail level from these colony cage systems don’t contain the word ‘cage’ anywhere on the packaging. Following a number of complaints, the Commerce Commission is currently conducting a compliance project to assess whether colony eggs are a breach of the Fair Trading Act.

    In addition to cage eggs being sold under misleading labelling, the import of liquid eggs from battery cages is a significant problem. Over 80% of New Zealand’s liquid eggs, used largely in food manufacture, are imported from China and Australia where egg-laying hens are kept in battery cages. Produced using methods illegal here, they are added into Kiwi foods and quietly sold to the caring public who are unaware.

    Consumers around the world are increasingly demanding transparency and ethical treatment of animals in food production, and they won’t stand for further risks to our global public health. Over 100 celebrity figures signed an open letter urging food corporations to end the use of cages in their global supply chains. This investigation s

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Templeton Group Celebrates Four Wins at 2025 Property Industry Awards

    Source: Property Council New Zealand Rider Levett Bucknall Property Industry Awards

    Big night for Templeton Group as projects recognised across multiple categories

    Auckland, Tuesday 17 June 2025 — Friday 13 June proved auspicious for Templeton Group, as the company took home four major accolades at the 2025 Property Council New Zealand Rider Levett Bucknall Property Industry Awards, the country’s most prestigious property awards programme.

    The wins spanned 3 projects, across 2 categories and reflected the strength of Templeton’s diverse portfolio, which includes residential, mixed-use, and tourism properties. Templeton’s developments in Long Bay and Upper Queen Street won three awards in the Hawkins Multi Unit Residential Property category:  

    • ABSTRACT (Auckland CBD)     Excellence Award 
    • Kahu (Long Bay)                                Merit Award 
    • Light Box (Long Bay)                         Merit Award

    Templeton was also recognised in the Holmes Group Tourism and Leisure Property Award category, taking home a Merit Award for ABSTRACT, which uniquely bl

    MIL OSI New Zealand News –

  • MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 18 June 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

    These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

    Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.  

    Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

    Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management. 

    Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

    Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

    Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

    Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

    Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

    Biographies

    Albert Saporta:

    Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

    Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

    Tim Rainsford:

    Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint. 

    He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.  

    Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.  

    For further information please contact:

    Colin Bennett | GAM Media Relations
    T +44 (0) 20 73 938 544 
    colin.bennett@gam.com

    Visit us: www.gam.com
    Follow us: X and LinkedIn 

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com. 

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachments

    The MIL Network –

  • MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 18 June 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

    These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

    Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.  

    Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

    Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management. 

    Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

    Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

    Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

    Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

    Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

    Biographies

    Albert Saporta:

    Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

    Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

    Tim Rainsford:

    Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint. 

    He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.  

    Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.  

    For further information please contact:

    Colin Bennett | GAM Media Relations
    T +44 (0) 20 73 938 544 
    colin.bennett@gam.com

    Visit us: www.gam.com
    Follow us: X and LinkedIn 

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com. 

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachments

    The MIL Network –

  • MIL-OSI Submissions: MITP – Moldova’s Digital Engine Accelerates: Record Results In 2024 And Projections Of 1 Billion Euros In Revenues For 2025

    Source: Moldova Innovation Technology Park

    Chisinau, Moldova — The IT sector contributes 6% to the national GDP – a result that reflects the efficiency and impact of the ecosystem created by the Moldova Innovation Technology Park (MITP). The data were presented by Marina Bzovîi, Administrator of MITP, at the Moldova Digital Summit 2025, confirming the essential role of the Park in the digital transformation of the Republic of Moldova. With 2024 marked by record performance, MITP expects a clear upward trajectory for 2025, supported by the accelerated expansion of the resident base and the increase in revenues generated by the IT sector.

    Unprecedented growth: 533 resident companies in a single year

    Currently, Moldova Innovation Technology Park brings together over 2,370 resident companies, of which 533 joined in 2024 alone – the largest annual advance since the park’s launch. This record growth reflects Moldova’s growing attractiveness for international investors and technology companies looking for a stable, competitive and future-oriented environment.

    The MITP model offers a unique framework in the region: an ultra-competitive tax regime with a flat tax of only 7%, VAT exemptions and simplified contributions, which allows companies to focus on growth and innovation. These conditions are guaranteed by law until 2035, providing investors not only with incentives, but also with long-term predictability.

    MITP is 100% virtual, allowing remote operation without the obligation of a physical presence in the Republic of Moldova — a key advantage in an era where remote work is becoming the global norm. In addition, initiatives such as the Visa IT program facilitate the attraction of international talent, ensuring quick and legal access to the global workforce.

    In this modern and well-connected ecosystem, residents benefit from quality digital infrastructure, constant dialogue with the authorities and specialized support for international expansion. It is no coincidence that more and more companies from Romania and Ukraine are choosing to relocate to Moldova, in search of a more efficient, flexible and innovation-friendly space.

    MITP is no longer just a tax-advantaged framework — it’s a complete platform for accelerated growth, global connection, and sustainable digital transformation.

    The park hosts companies with capital from 43 countries, most of them from Ukraine and Romania.

    “The regional geopolitical context has had a major impact. If in 2021 only three Ukrainian companies were registered in the MITP, in 2024 their number increased 14 times, reaching 42, amid strategic relocations caused by the war. In the same period, the presence of companies with Romanian capital has almost doubled, boosted by the recent tax changes in Romania applied to the IT sector. Today, there are 41 companies in Romania in MITP”,

    said Marina Bzovîi, MITP Administrator.

    IT sector – a force in the economy: 6.3% of GDP

    The contribution of the IT sector to the national economy has increased significantly, reaching 6.3% of GDP in 2024, according to preliminary estimates, compared to 1.8% in 2015. This remarkable evolution is a direct result of the expansion of tech companies, favorable fiscal policies and the sustained attraction of foreign investment.

    “For 2025, we estimate that the revenues generated by MITP resident companies will reach 1 billion euros, with an increase of approximately 30% compared to 2024, when they totaled 785 million euros. It is a clear confirmation of the potential for sustainable growth and the value that the IT sector brings to the Moldovan economy”,

    said Nadejda Hodus, Financial Manager MITP.

    IT exports – Moldova, regional leader in growth rate

    Exports of IT services increased spectacularly, reaching 523 million euros in 2023, 10 times more than in 2015 (53 million euros). Although the absolute volume is lower than that reported by countries such as Romania (7.5 billion euros) or Ukraine (6 billion euros), Moldova’s growth rate is the fastest in the region.

    “This performance is all the more impressive as Moldova is a small country, both in terms of territory and population. MITP’s development model proves to be an efficient and sustainable one, transforming Moldova into a regional digital hub with strategic potential”,

    added Nadejda Hodus.

    Record contributions to the state budget

    The economic impact of the MITP is also directly felt in the revenues of the National Public Budget. In 2024, resident companies contributed €78 million – four times more than in 2017. About 50% of these amounts come from newly established businesses after the launch of the park.

    According to a recent analysis conducted by MITP, the contributions paid by resident companies could cover up to 16% of the national expenditure on health care and about 90% of the financing of vocational higher education – an eloquent illustration of the real economic impact generated by the IT sector in the Republic of Moldova.

    “Through these results, MITP imposes itself not only as a successful model in the region, but also as an example of effective public policy, which creates jobs, attracts investments and amplifies the country’s digital competitiveness. With clear objectives and a sustained pace of development, Moldova is getting closer to becoming a regional pole of innovation and technology”,

    concluded the Administrator of Moldova Innovation Technology Park, Marina Bzovîi.

    About Moldova Innovation Technology Park (MITP)

    Launched in 2016, MITP is Moldova’s national platform dedicated to the tech industry, offering a unique 7% tax regime and 100% virtual operation. With more than 2,300 resident companies in 43 countries, MITP contributes significantly to the national GDP and attracts global investment. Supported by legislative guarantees until 2035, the park promotes innovation, IT exports and Moldova’s integration into the European digital economy.

    MIL OSI – Submitted News –

  • MIL-OSI Banking: Secretary-General of ASEAN opens the 9th Forum of Entities Associated with ASEAN in Jakarta

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered the opening statement at the 9th Forum of Entities Associated with ASEAN, held at the ASEAN Headquarters/ASEAN Secretariat, in Jakarta. In his statement, SG Dr. Kao underscored the critical role of ASEAN Centres and Entities in advancing the ASEAN Community Vision 2045, particularly amidst increasing global volatility and geopolitical challenges. In the spirit of partnership and shared responsibility, he advocated for deeper collaboration across all the three ASEAN pillars and connectivity to promote peace, stability, sustainability, and regional resilience. SG Dr. Kao also welcomed insights from prominent and high-level speakers and encouraged all participants to explore joint initiatives in support of the ASEAN Chairmanship theme, “Inclusivity and Sustainability.”
     
    Download the opening statement here.
     

    The post Secretary-General of ASEAN opens the 9th Forum of Entities Associated with ASEAN in Jakarta appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN receives the Executive Director of the ASEAN Regional Mine Action Center

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Executive Director of ASEAN Regional Mine Action Center (ARMAC), Buth Rothna, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on ARMAC’s ongoing initiatives in addressing the humanitarian consequences of explosive remnants of war (ERW) in the region, as well as ways forward for ARMAC to further contribute to ASEAN Community-building efforts.

    The post Secretary-General of ASEAN receives the Executive Director of the ASEAN Regional Mine Action Center appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-Evening Report: Can a foreign government hack WhatsApp? A cybersecurity expert explains how that might work

    Source: The Conversation (Au and NZ) – By David Tuffley, Senior Lecturer in Applied Ethics & CyberSecurity, Griffith University

    On The Back Of Camera/Shutterstock

    Earlier today, Iranian officials urged the country’s citizens to remove the messaging platform WhatsApp from their smartphones. Without providing any supporting evidence, they alleged the app gathers user information to send to Israel.

    WhatsApp has rejected the allegations. In a statement to Associated Press, the Meta-owned messaging platform said it was concerned “these false reports will be an excuse for our services to be blocked at a time when people need them most”. It added that it does not track users’ location nor the personal messages people are sending one another.

    It is impossible to independently assess the allegations, given Iran provided no publicly accessible supporting evidence.

    But we do know that even though WhatsApp has strong privacy and security features, it isn’t impenetrable. And there is at least one country that has previously been able to penetrate it: Israel.

    3 billion users

    WhatsApp is a free messaging app owned by Meta. With around 3 billion users worldwide and growing fast, it can send text messages, calls and media over the internet.

    It uses strong end-to-end encryption meaning only the sender and recipient can read messages; not even WhatsApp can access their content. This ensures strong privacy and security.

    Advanced cyber capability

    The United States is the world leader in cyber capability. This term describes the skills, technologies and resources that enable nations to defend, attack, or exploit digital systems and networks as a powerful instrument of national power.

    But Israel also has advanced cyber capability, ranking alongside the United Kingdom, China, Russia, France and Canada.

    Israel has a documented history of conducting sophisticated cyber operations. This includes the widely cited Stuxnet attack that targeted Iran’s nuclear program more than 15 years ago. Israeli cyber units, such as Unit 8200, are renowned for their technical expertise and innovation in both offensive and defensive operations.

    Seven of the top 10 global cybersecurity firms maintain R&D centers in Israel, and Israeli startups frequently lead in developing novel offensive and defensive cyber tools.

    A historical precedent

    Israeli firms have repeatedly been linked to hacking WhatsApp accounts, most notably through the Pegasus spyware developed by Israeli-based cyber intelligence company NSO Group. In 2019, it exploited WhatsApp vulnerabilities to compromise 1,400 users, including journalists, activists and politicians.

    Last month, a US federal court ordered the NSO Group to pay WhatsApp and Meta nearly US$170 million in damages for the hack.

    Another Israeli company, Paragon Solutions, also recently targeted nearly 100 WhatsApp accounts. The company used advanced spyware to access private communications after they had been de-encrypted.

    These kinds of attacks often use “spearphishing”. This is distinct from regular phishing attacks, which generally involve an attacker sending malicious links to thousands of people.

    Instead, spearphishing involves sending targeted, deceptive messages or files to trick specific individuals into installing spyware. This grants attackers full access to their devices – including de-encrypted WhatsApp messages.

    A spearphishing email might appear to come from a trusted colleague or organisation. It might ask the recipient to urgently review a document or reset a password, leading them to a fake login page or triggering a malware download.

    Protecting yourself from ‘spearphishing’

    To avoid spearphishing, people should scrutinise unexpected emails or messages, especially those conveying a sense of urgency, and never click suspicious links or download unknown attachments.

    Hovering the mouse cursor over a link will reveal the name of the destination. Suspicious links are those with strange domain names and garbled text that has nothing to do with the purported sender. Simply hovering without clicking is not dangerous.

    Enable two-factor authentication, keep your software updated, and verify requests coming through trusted channels. Regular cybersecurity training also helps users spot and resist these targeted attacks.

    David Tuffley 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. Can a foreign government hack WhatsApp? A cybersecurity expert explains how that might work – https://theconversation.com/can-a-foreign-government-hack-whatsapp-a-cybersecurity-expert-explains-how-that-might-work-259261

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Aviation – Lufthansa honored with World Airline Awards 2025

    Source: Lufthansa

    • Most family-friendly airline and best First Class lounge worldwide
    • Austrian Airlines and Eurowings also receive Awards

    Frankfurt 17 June 2025 – Lufthansa is the world’s most family-friendly airline. This prize from the World Airline Awards 2025 was presented today by the market research institute Skytrax at the Paris Air Show. The Lufthansa First Class Terminal in Frankfurt was also named the world’s best First Class Lounge. Austrian Airlines and Eurowings also received one of the coveted prizes – the award for “Best Airline Staff in Europe” went to Austrian Airlines in Vienna and Eurowings was named “Best Low Cost Airline in Europe”. Skytrax, a market research institute specializing in aviation, had previously surveyed 22.3 million passengers from well over 100 countries worldwide.

    “Lufthansa attaches great importance to ensuring that all guests on board feel comfortable with us – from Economy to First Class. I am therefore particularly pleased that we have received the award for the world’s most family-friendly airline and at the same time for the best First Class lounge,” says Heiko Reitz, Chief Customer Officer Lufthansa Airlines. “Above all, Lufthansa’s unsurpassed hospitality is also premium. In particular, our colleagues in the cabin, cockpit and on the ground can be very proud today. They are the ones who fulfill our promise of quality day after day.”

    Traveling with children  

    Lufthansa attaches great importance to ensuring that its youngest guests also feel comfortable on board. The airline therefore offers specially created kids’ menus prepared by the chefs at Gate Gourmet. The menus belong to the “Special Meals” category and can be pre-ordered by passengers free of charge up to 24 hours before departure. The offer applies to all classes on long-haul flights and to Business Class on short-haul flights.

    The trays are lovingly designed with colorful illustrations of the Lufthansa mascots “Lu” and “Cosmo” and the menu card invites young passengers to puzzle and color while they playfully learn how an airplane flies.

    Lufthansa has also introduced a new range of children’s toys on board. From cloud-shaped cuddly blankets for toddlers to puzzles and the game “City, Country, Flight”, there is something for every taste and every age. There is also a portfolio of coloring pages featuring Lu and Cosmo, which can be accessed via the Lufthansa eJournals homepage. Young passengers will also find magazines for children and teenagers in various languages. The in-flight entertainment program for children includes a large selection of films, series, music, audio books and podcasts. Children can also look forward to special amenity kits and, from summer 2025, new year-round “Best Friend” children’s boarding passes.

    Travel in Lufthansa First Class

    The separate First Class terminal in Frankfurt with limousine transfer directly to the aircraft and personal assistant, which has been named the best First Class lounge in the world, is emblematic of Lufthansa’s premium offering.

    Since the beginning of the year, traveling in Lufthansa’s top class has become even more exclusive. The new Lufthansa Allegris First Class on long-haul aircraft can be experienced in the summer timetable on flights from Munich to San Francisco, Chicago, San Diego, Shanghai and Bengaluru and sets new standards with two individual suites and the extraordinary Suite Plus: guests can heat or cool their almost one meter wide seats in the individual suites according to their personal needs. The separate cabins with ceiling-high walls and lockable door, large table and wide seat, a living room-sized screen and wireless “over-ear” headphones define a new standard in comfort and individuality. Generous storage space is provided by a personal wardrobe in the suite, so that travelers can change comfortably and have all their personal items to hand. Individual lamps allow travelers to create their very own feel-good atmosphere.

    The Suite Plus double cabin, the only one of its kind in the world, creates a special travel experience with two wide seats that can be combined to form a comfortable double bed if required. The flying private room impresses with maximum comfort and individuality. The Suite Plus offers maximum exclusivity for the single passenger and the unique opportunity to use the double cabin as a couple.

    The new First Class is part of a major Lufthansa premium offensive. Among other things, First Class guests can also look forward to renovated First Class check-in areas in Frankfurt (from late summer) and Munich as well as the newly designed First Class Lounge at Munich Airport.

    Skytrax

    The survey was conducted by the market research institute Skytrax. It evaluated the airlines’ in-flight offers and services at the airports. Skytrax has been conducting the annual passenger survey since 1999. All detailed results of the World Airlines Awards can be found at www.worldairlineawards.com

    MIL OSI – Submitted News –

  • Indian stock market trades in green amid rising geopolitical tensions

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

    At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

    The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

    According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

    However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

    “Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

    On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

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

    In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

    -IANS

  • Indian stock market trades in green amid rising geopolitical tensions

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

    At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

    The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

    According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

    However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

    “Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

    On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

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

    In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

    -IANS

  • MIL-OSI Russia: The Zaryadye Park will host the Theatre Weekends festival

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    A large-scale festival will be held for the third time in Zaryadye Park on June 21 and 22 “Theatre Weekend”. He will become part of the project. “Summer in Moscow” and will be dedicated to important historical dates: the 165th anniversary of Anton Chekhov’s birth and the 80th anniversary of the victory in the Great Patriotic War. The program includes street performances, plays, concerts and master classes, which will take place from 2:00 PM to 11:00 PM. Admission to all events is free.

    This year’s festival is expected to be a record-breaking one in terms of the number of participants and the program’s content — 13 theaters and theater schools, 16 productions. Guests will get acquainted with both recognized stage masters and talented debutants.

    Visitors will be able to see productions by students of the Russian Institute of Theatre Arts – GITIS, the Moscow Art Theatre School and the Moscow State Institute of Culture. In addition, they will be shown fragments of plays performed by actors of the Russian Academic Youth Theatre and the Praktika Theatre, as well as works by young directors. The special guest of the festival will be the team of the Donetsk Republican Academic Youth Theatre. In addition, viewers will see fragments of plays by the Moscow Art Theatre named after A.P. Chekhov, the Moscow Sovremennik Theatre, the Et Cetera Theatre under the direction of Alexander Kalyagin, the Moscow Academic Theatre named after Vladimir Mayakovsky and the Central Academic Theatre of the Russian Army.

    Watch performances dedicated to Anton Chekhov

    The festival days will traditionally be themed. The first day, June 21, will be dedicated to the 165th anniversary of the birth of writer Anton Chekhov. Spectators will see multi-genre productions on the stage of the large amphitheater. At 16:00, the A.P. Chekhov Moscow Art Theater will present fragments of the play “My Life” directed by Sergei Tonyshev. At 17:00, the bright program “Chekhov-gala” directed by Alexei Borodin of the Russian Academic Youth Theater will begin.

    In addition, the anniversary day program will include excerpts from the play “Your Chekhov” (starts at 17:40) directed by Anna Artamonova of the Et Cetera Theater under the direction of Alexander Kalyagin, as well as fragments of the production “Ward No. 6” (starts at 22:00) directed by Evgeny Zakirov of the Mayakovsky Theater. Fourth-year students of Sergei Zhenovach’s workshop and graduates of Yuri Butusov’s course of the Russian Institute of Theatre Arts – GITIS will show a series of sketches “Chekhov. Stories” (starts at 20:00). The evening will continue with second-year students of Marina Brusnikina and Sergei Shchedrin’s workshop from the Moscow Art Theater School. They have prepared a performance of “Chekhov’s Stories” (starting at 19:00) and a dedication concert “The Seagull” (starting at 21:05).

    Remember the Great Victory

    On June 22, the Day of Remembrance and Sorrow, the stage of the large amphitheater of Zaryadye Park will feature performances dedicated to the 80th anniversary of the victory in the Great Patriotic War. At 4:00 PM, actors of the Russian State Academic Youth Theater will show the production “Amazement Before Life” directed by Alexey Mishakov based on the works of the war veteran writer Viktor Rozov. At 5:00 PM, third-year students of the Moscow State Institute of Culture will perform the literary and musical composition “Frontline Brigades” directed by Alena Khovanskaya. The play “On a Clear Day,” directed by Marina Brusnikina based on the story of the war veteran writer Viktor Astafyev, will be presented at 6:15 PM by actors of the Donetsk Republican Youth Theater.

    At 19:30, actors from the Moscow Sovremennik Theatre will show fragments of the play “A Tale. The Story of an Extraordinary Love”, staged by Marina Brusnikina based on Anna Baturina’s play “Front-line Soldier”. At 20:10, students from the Moscow Art Theatre School will present a musical and literary programme “Russian Poets about the Great Patriotic War”. It will feature works by Bulat Okudzhava, Alexander Tvardovsky, Andrei Voznesensky, Olga Berggolts, Vladimir Lugovskoy, Yuna Moritz and other authors.

    People’s Artist of Russia Konstantin Raikin will read the poem “Snowfall” by David Samoilov at 21:00. The festival will end with a musical and theatrical program of actors from the Central Academic Theater of the Russian Army. Director – Yulia Shulva. The open rehearsal will begin at 21:15, the concert – at 22:00.

    Take a trial exam

    Over the course of two days, June 21 and 22, in the small amphitheater from 4:00 PM to 6:00 PM, anyone who wishes will be able to take trial exams to enter a theater school and demonstrate their talents to a professional admissions committee. The committee will include theater figures, including Marina Zudina, Svetlana Kolpakova, Igor Gordin, Oleg Topolyansky, and Igor Vernik. In addition, the participants’ performances will be assessed by directors — artistic director of the A.S. Pushkin Theater Yevgeny Pisarev, artistic director of the Mayakovsky Theater Yegor Peregudov, as well as chief director of the Russian State Academic Youth Theater and artistic director of the Praktika Theater Marina Brusnikina.

    Participants in trial exams will be able to demonstrate themselves in various genres: read prose or poetry, sing a song. Everyone will receive a professional assessment and useful recommendations from stage masters. Improvised auditions will help aspiring actors test their strength before entering theater universities and gain valuable experience communicating with professionals who are ready to share their knowledge and suggest the future path in an acting career.

    Learn improvisation and stage speech

    On June 21 and 22 from 2:00 PM to 4:00 PM, the Big Meadow will host acting, improvisation and stage speech classes for the youngest guests, “Theater from Childhood.” They will be conducted by Oleg Sapiro, an actor from the Mayakovsky Theater. Participants will not talk about theater — they will play it: recall lines from different works, complete tasks for imagination, liberation and improvisation. Both children and adults will enjoy body warm-ups, speech and rhythm, as well as acting training.

    See open-air performances

    A stage for street children’s (family) performances will be located near the Zapovednoye Posledstvo pavilion. On June 21, from 4:00 PM to 6:30 PM, viewers will see the premiere – the play “Tales of the Resourceful Soldier” directed by Olga Levitina. Actors from Akulina Svetelkina’s artel will show an interactive, fun performance about the extraordinary valor and ingenuity of ordinary soldiers during Peter the Great’s time. On June 22, there will be a play “Theater on the Carpet” (from 5:15 PM to 6:15 PM) – a project of the Taste Theater, a resident of the Praktika Theater, as well as the production “My First Business” (from 4:00 PM to 5:00 PM) by the Russian State Academic Youth Theater.

    What has been prepared for children at the Summer in Moscow sites from June 18 to 22Young readers are invited to new meetings at Literary Boulevard

    Project “Summer in Moscow” — the main event of the season, uniting the brightest events of the capital. Every day in all districts of the city there are charity, cultural and sports events, most of which are free. The project “Summer in Moscow” is held for the second time, and the new season will be more intense: new festivals and events will be added to the traditional ones — original and colorful.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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    MIL OSI Russia News –

  • MIL-OSI Russia: The Fast Treasury Payments service has launched in Moscow

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The “Fast Treasury Payments” service has been launched in Moscow in the public procurement system. This is one of the important stages in the development of a technological platform for managing public finances, reported Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance. The purpose of the service is to robotize operations in settlements under government contracts within the framework of treasury services.

    The Fast Treasury Payments project was implemented as a result of combining in a single circuit data from a single automated information system for trades, a supplier portal, an automated information system for managing the budget process, a single accounting system, and a single information system in the sphere of public procurement. This made it possible to synchronize the processing of data on government contracts from the moment they are concluded until payment and to make payments automatically.

    “The service has improved the quality of services for clients – contractors and suppliers – recipients of budget funds. It has made it possible to automate and speed up the execution of routine operations by employees of financial services of capital organizations and the city treasury on the formation of payment documents, their verification and approval of payment of monetary obligations of city executive authorities and institutions subordinate to them,” Elena Zyabbarova emphasized.

    Every year, Moscow treasurers process over 1.7 million payment orders for concluded contracts. Their validity is checked and payment is authorized manually and can take up to one day. On average, over 44 thousand documents are returned to suppliers and contractors for revision due to improper preparation. And the labor costs associated with the execution of payment orders reach almost 200 thousand man-hours per year.

    In the “Fast Treasury Payments” service, data is generated immediately upon signing a contract. During execution, the system automatically checks the compliance of its terms with electronic acts on acceptance of goods, works and services. Based on this data, the service independently creates a draft payment order. It is signed by the customer, and the documents are transferred to the Moscow City Treasury, where automatic verification and authorization of payment occurs. At the same time, data on the settlements made and information on the execution of the contract are received in the unified procurement information system.

    Elena Zyabbarova added that the service had been operating in test mode for over six months. The quality check was successful, and today everything is ready for its implementation in the system of execution of state contracts. The test results showed that “Fast Treasury Payments” allow to significantly increase the efficiency of settlements due to the robotization of standard operations and reduction of the number of errors. The number of payment documents returned by the treasury for revision has noticeably decreased. The labor costs of contractors and suppliers – recipients of budget funds associated with their preparation have decreased by 75 percent. The average time of automatic verification of payment details, contract parameters and payment approval was about seven seconds. The emergence of the service will allow to conduct all operations on state contracts concluded by executive authorities and institutions under the 44th federal law and financed from the Moscow budget, in automatic mode.

    The use of the project has shown that the tools underlying the service can be scaled. The Moscow Department of Finance plans to implement it in the processes of providing subsidies and grants to state and non-state organizations.

    The project is an important stage in the development of the city procurement system, which involves a complete transition to digital contracts and automation of all stages of their execution. The functionality of “Fast Treasury Payments” is being implemented by the Moscow Department of Finance together with Department of Information Technology capitals and Main Control Directorate cities.

    Information on the development of budget management technologies in Moscow can be found in telegram channel Department of Finance of Moscow and on the portal “Open Budget of the City of Moscow”.

    Get the latest news quickly official telegram channel the city of Moscow.

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    https: //vv.mos.ru/nevs/ite/155381073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Capital manufacturers have created high-tech developments for laser marking

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Moscow is a leading center for the development of high-tech industry in Russia. Moscow companies demonstrate a high level of competence, creating competitive technological developments for laser marking. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

    “The development of domestic laser products in industry is of key importance for technological independence and competitiveness. Laser technologies are actively used in mechanical engineering, microelectronics, medicine and other industries, ensuring high precision and efficiency of production processes. Today, there are more than 260 enterprises operating in the mechanical engineering sector of Moscow. The city provides them with over 20 comprehensive support tools – from preferential investment loans to assigning special statuses. Enterprises from various industries can use them. The high demand for the developments of Moscow companies proves their ability to meet the key needs of the industry,” noted Anatoly Garbuzov.

    For example, the leading capital manufacturer of laser equipment, the Lassard company, which is based at the Pechatniki production site of the Technopolis Moscow special economic zone, presented a new product – an ultraviolet laser engraving machine for cold marking of sensitive materials: plastic, glass, thin metals. After the presentation of the equipment, the company received five pre-orders. The company continues to increase production. Since the beginning of the year, 21 laser engraving machines have been manufactured – this is eight units more than for the same period in 2024. This year, it is planned to expand the range by producing 3D laser engraving units and special machines for the aerospace industry. The company has been operating in the special economic zone since 2023. During this time, it has produced more than 100 units of innovative products, which are supplied to all regions of Russia.

    Thanks to advanced labeling solutions, Moscow-based technological equipment company Callisto has implemented a comprehensive equipment package for a new soft drink plant. This was done using a system for directly applying Data Matrix codes to drink caps, as well as a laser machine for marking aluminum caps, which allows for marking on a separate production line before the finished product is capped. Both solutions ensure high speed and quality of marking without affecting the technological process.

    “We are proud to participate in such a large-scale project. Our systems were developed by Russian engineers and ensure uninterrupted marking even at maximum load of production lines,” said the company’s CEO Pavel Bulgakov.

    The introduction of advanced labeling solutions has become part of the complex technological equipment of the enterprise. The plant is highly automated: the frontal storage warehouse for finished products is robotized, and the production lines are serviced by five employees. The production complex was built from scratch exclusively using funds from Russian investors, without attracting foreign capital. The volume of investment in the construction and equipment of the plant exceeded 10 billion rubles. The capacity of the enterprise is up to 800 million units of production per year.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ20: Carbon emission reduction

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Adrian Ho and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (June 18):
      
    Question:
     
    In October 2021, the Government announced Hong Kong’s Climate Action Plan 2050, which aims to reduce Hong Kong’s carbon emissions by half from the 2005 level before 2035 and outlines four major decarbonisation strategies, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction. In this connection, will the Government inform this Council:
     
    (1) whether it will duly adjust its green policies in response to Hong Kong’s actual carbon emissions in recent years to accelerate the overall pace of decarbonisation in Hong Kong and thus achieve its carbon reduction targets as scheduled;
     
    (2) of the respective performances of various government departments over the past five years in key carbon reduction measures, such as energy saving, emission reduction, consumption and carbon emission reduction, as well as green procurement; whether government departments have set carbon reduction targets and timetables for the series of policy measures implemented in recent years, including the establishment of the Green Technology and Finance Development Committee and the implementation of the Uncertificated Securities Market initiative;
     
    (3) as there are views that the broad participation of businesses in decarbonisation efforts is vital for Hong Kong to achieve carbon neutrality, how many businesses and organisations have, as of May this year, joined the “Green Hong Kong．Carbon Audit” campaign by signing the Carbon Reduction Charter and agreeing to undertake and implement activities in support of reducing greenhouse gas emissions; whether it has assessed the effectiveness of the participating businesses and organisations in formulating and implementing carbon reduction measures;
     
    (4) as it is learnt that the Hong Kong Exchanges and Clearing Limited established the Hong Kong International Carbon Market Council and subsequently launched an international carbon marketplace “Core Climate” in 2022, whether Government is aware of the current operational status of both the Council and Core Climate, as well as their respective effectiveness in promoting the implementation of decarbonisation measures among businesses in Hong Kong; and
     
    (5) given that green transport is one of the Government’s decarbonisation strategies, which includes achieving zero vehicular emissions and zero carbon emissions in the transport sector before 2050 through promoting the electrification of vehicles, and ceasing new registrations of fuel-propelled and hybrid private cars in or before 2035, whether the Government has assessed if the current progress of such efforts will enable the carbon reduction targets to be achieved on schedule?
     
    Reply:
     
    President,
     
    In consultation with the Financial Services and the Treasury Bureau, the reply to the question raised by the Hon Adrian Ho is as follows:
     
    (1) The Government has proposed four major decarbonisation strategies in the Hong Kong’s Climate Action Plan 2050, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction, to lead Hong Kong to halve its carbon emissions from the 2005 level by 2035, with a view to achieving carbon neutrality before 2050. With our efforts in recent years in these four decarbonisation strategies, Hong Kong is making steady progress towards the carbon reduction target of 2035.
     
    Hong Kong’s total greenhouse gas (GHG) emissions have been on a downward trend after reaching its peak in 2014. With the gradual replacement of coal-fired power generation by natural gas and zero-carbon energy, the popularisation of electric vehicles, the reduction of municipal solid waste disposal, and the increased recovery and use of landfill gas for energy generation in Hong Kong, the total GHG emissions in 2023 were reduced by about 20 per cent from the 2005 level and about a quarter from the peak in 2014. The per capita GHG emissions in 2023 was 4.58 tonnes, which is a new low since 1990. It is nearly 30 per cent lower than those in 2005 and 2014, and is about a quarter of that of the United States and 60 per cent of that of the European Union.

    Combating climate change is a long-term task. In line with the spirit of the Paris Agreement, we will review the Hong Kong’s Climate Action Plan 2050 about every five years to update the strategies and targets for decarbonisation and other climate actions, and expect to release the review result in 2026.
     
    (2) To enhance the performance of government departments in energy conservation and carbon emissions, the Government has promulgated relevant internal circulars and guidelines to require departments to perform well in the area of environmental protection in their daily operations. Specific measures include energy conservation, adoption of renewable energy (RE), waste reduction and recycling, installation of electric vehicle charging facilities, water conservation and recycling, procurement of green products and services, etc. with a view to reducing carbon emissions. These government circulars and guidelines cover environmental targets for government buildings, carbon emission management, preparation of environmental reports by government departments, as well as green procurement, etc.
     
    The Government strives to improve the overall energy performance of government buildings and infrastructure by more than 6 per cent in 2024-25, compared to the 2018-19 baseline. To this end, the Electrical and Mechanical Services Department (EMSD) has requested all bureaux and departments (B/Ds) to provide information on the energy consumption and RE of government buildings and facilities annually, and organised briefing sessions to discuss energy performance, and provides technical advice on energy-saving measures and planning of RE projects. As at 2022-23, the Government’s overall energy performance has improved by about 5.3 per cent. While the data for 2023-24 is still being compiled, based on the recent trends in energy performance, the Government is confident that the target of over 6 per cent improvement can be achieved. The Environment and Ecology Bureau (EEB) will continue to encourage all B/Ds to take measures to enhance energy performance and explore means to leverage innovative technologies to promote cost-effective solutions for improving energy efficiency in government buildings. 
    (3) The Government launched the “Green Hong Kong．Carbon Audit” campaign with a view to encouraging organisations of various sectors to support greenhouse gas emission reduction activities. The participating organisations would, according to their respective situations, formulate and implement carbon reduction measures such as promoting carbon audits, establishing environmental management systems, and installing and replacing energy-efficient office equipment. Currently, over 140 organisations, including property management companies, universities, professional bodies, non-profit-making organisations and other business organisations, have joined the “Green Hong Kong．Carbon Audit” campaign. In addition to raising the awareness of participating organisations in carbon reduction and encouraging these organisations to conduct carbon audits and implement carbon reduction plans, the campaign also helps corporates prepare for addressing new climate-related disclosure requirements.
     
    The Government launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong (Roadmap), injecting new impetus into the carbon management work of large publicly accountable entities (PAEs) (including large listed issuers and non-listed financial institutions carrying a significant weight). As the first step, Hong Kong Exchanges and Clearing Limited (HKEX) has introduced new climate-related disclosures requirements (New Climate Requirements) which have been developed based on International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures. The New Climate Requirements, covering, among others, mandating all listed issuers to disclose scope 1 and scope 2 GHG emissions, have been implemented in phases starting from January 2025. 
    (4) HKEX launched the Hong Kong International Carbon Market Council (the Council) in July 2022, with members comprising Mainland, Hong Kong, and international corporates and financial institutions, to facilitate the development of an efficient and effective Hong Kong-based international carbon market with best-in-class market infrastructure, products and services, promoting the transition to a low-carbon economy in the region.
     
    Subsequently, HKEX launched the Core Climate, an international carbon marketplace, in October in the same year, facilitating effective and transparent trading of carbon credits and instruments to support the global transition to Net Zero. It offers quality carbon credits from internationally-certified projects in Asia, South America and Africa, covering forestry, solar, wind and biomass initiatives. Core Climate is currently the only carbon marketplace that offers HKD and RMB settlement for the trading of international voluntary carbon credits. The platform’s participant number reached 100 by end of 2024. Core Climate has facilitated carbon credit trading by various corporates through the provision of trustworthy settlement services, enhancing efficiency and mitigating risks, including Cathay Pacific Airways Limited’s settlement of 50 000 tonnes of voluntary carbon credits in December last year, fully demonstrating the important role of Core Climate in supporting corporates on their climate transition journey. 
    (5) The Government is committed to promoting the use of electric vehicles (EV). The Hong Kong Roadmap on Popularisation of Electric Vehicles announced in March 2021 covers policy directions and targets in various areas in promoting the adoption of new energy transport technologies, so as to guide Hong Kong towards zero vehicular emissions before 2050. In recent years, Hong Kong has achieved remarkable results in the popularisation of EV. The number of EV was eightfold from about 14 000 five years ago to about 110 000 at the end of last year. Currently, about seven out of every ten newly registered private cars are electric private cars (e-PC), and the proportion is among the highest in the world, with a good growth momentum.
     
    Charging network is critical to the popularisation of EV. As of March 2025, Hong Kong had nearly 100 000 parking spaces equipped with charging infrastructure. There are 11 180 public charging facilities, of which about 2 000 are quick or fast charging facilities. We will continue to adopt a multi-pronged approach to increase charging facilities, including (i) tightening the exemption measure for calculating the gross floor area of buildings to encourage parking spaces in new private buildings to be equipped with charging infrastructure; and (ii) launching the $3.5 billion “EV-charging at Home Subsidy Scheme” to assist existing private residential buildings and housing estate car parks to install EV charging infrastructure. It is estimated that by mid-2027, more than 200 000 parking spaces in private buildings will be equipped with charging infrastructure.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Diamond Energy pays penalties for failing to adequately communicate pricing information to consumers

    Source: Australian Ministers for Regional Development

    Electricity provider Diamond Energy Pty Ltd has paid $46,950 in penalties after the ACCC issued it with three infringement notices for allegedly breaching the Electricity Retail Code (the Code).

    Under the Code, electricity retailers must provide certain information about pricing, such as the lowest possible price, to help consumers compare different electricity plans.

    The three infringement notices relate to allegations that Diamond Energy failed to communicate mandatory information to three of its customers.

    The ACCC has also accepted a court-enforceable undertaking from Diamond Energy in which it has admitted it contravened the Code.

    Diamond Energy admitted that in June 2024 it sent communications to 12,809 customers which failed to include the required pricing information under the Code, when notifying these customers of price changes to their electricity plans.

    Diamond Energy also admitted that it failed to include on its website some of the required pricing information under the Code between 1 January and 30 June 2024 in relation to 44 of its electricity plans, and then also between 1 July and 20 September 2024 in relation to a further 44 plans.

    “By not disclosing the required pricing information to its customers, Diamond Energy has impacted consumers’ ability to make an informed decision when comparing prices across electricity retailers,” ACCC Commissioner Anna Brakey said.

    “It is vital that electricity retailers provide consumers with accurate information so they can compare and access the most competitive prices in the market.”

    In the court-enforceable undertaking, Diamond Energy has committed to introduce a compliance program to ensure it complies with the Code.

    “We will continue to monitor electricity providers to ensure they adequately disclose pricing information to consumers,” Ms Brakey said.

    What electricity retailers must tell consumers

    The Code requires retailers to include certain information when it communicates its offered prices to residential and small business customers by advertising or publishing the price, offering to supply electricity at that price, or notifying the customer of a change to the price.

    Consumers who believe their retailer has failed to provide the required information should in the first instance contact their retailer, which is obliged to inform them of this information under the Code.

    The undertaking is available at Diamond Energy Pty Ltd.

    Notes to editors

    The ACCC can issue an infringement notice when it has reasonable grounds to believe a person or business has contravened certain provisions of an industry code.

    A person or business is not regarded has having contravened the provision of the industry code merely by paying the penalty specified in an infringement notice.

    Background

    The Code applies to electricity retailers that supply electricity to residential and small business customers in applicable distribution regions in New South Wales, South Australia, and South East Queensland. Diamond Energy is a retail electricity supplier in these regions.

    Since the Code was introduced in 2019, the ACCC has issued infringement notices to Locality Planning Energy, CovaU, ReAmped Energy and Dodo Power & Gas for allegedly failing to include certain mandatory information when communicating prices. The ACCC has also accepted a court-enforceable undertaking from CovaU and Dodo in response to breaches of the Code.

    In September 2024, the Federal Court ordered Energy Australia pay penalties of $14 million for making false, misleading or deceptive statements to around 566,000 consumers about electricity prices and failing to provide mandatory information required by the Code.

    One of the ACCC’s Compliance and Enforcement Priorities for 2025-26 is ‘misleading pricing and claims in relation to essential services, with a particular focus on energy and telecommunications’.

    MIL OSI News –

  • MIL-OSI Economics: Money Market Operations as on June 17, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,22,236.08 5.18 3.00-6.55
         I. Call Money 13,828.18 5.26 4.50-5.35
         II. Triparty Repo 4,09,067.30 5.20 5.01-5.25
         III. Market Repo 1,96,647.50 5.14 3.00-5.59
         IV. Repo in Corporate Bond 2,693.10 5.49 5.38-6.55
    B. Term Segment      
         I. Notice Money** 45.90 5.17 5.10-5.25
         II. Term Money@@ 185.00 – 5.50-6.00
         III. Triparty Repo 4,474.00 5.18 5.15-5.40
         IV. Market Repo 27.89 5.50 5.50-5.50
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 17/06/2025 1 Wed, 18/06/2025 1,297.00 5.75
    4. SDFΔ# Tue, 17/06/2025 1 Wed, 18/06/2025 2,99,971.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,98,674.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,471.32  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,471.32  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,90,202.68  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on June 17, 2025 9,57,930.37  
         (ii) Average daily cash reserve requirement for the fortnight ending June 27, 2025 9,54,173.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ June 17, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 30, 2025 5,84,684.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/556

    MIL OSI Economics –

  • MIL-Evening Report: ‘Guerrilla rewilding’ aims for DIY conservation – but it may do more harm than good

    Source: The Conversation (Au and NZ) – By Patrick Finnerty, Postdoctoral Research Fellow in conservation and wildlife management, University of Sydney

    Fidel Fernando / Unsplash

    Ever since modern environmentalism took off in the 1960s, people have tried to undo the damage humans have caused to nature. Efforts have ranged from reducing threats, to restoring habitats, to reintroducing vanished species – and the results have been mixed.

    However, these efforts have helped shape modern conservation science. This branch of knowledge uses ecological, genetic and behavioural insights to guide smarter, more ethical conservation actions.

    Governments often use this science to decide whether restoration projects should be approved. However, approval processes may be slow, under-resourced and complex, leaving passionate people feeling shut out.

    In response, some have turned to “guerilla rewilding” without approval, and often without due consideration of the potential for unintended impacts. As a recent ABC investigation showed, these passionate souls may release species into the wild or build self-managed sanctuaries, often dismissing scientists as “purists”.

    What is rewilding?

    Rewilding aims to restore wildlife and natural processes to ecosystems where they’ve been lost, often due to land clearing, agriculture or other human activities.

    It may involve reintroducing a species that has disappeared from a landscape, or using a similar surrogate species to revive lost ecological functions. The goal is to rebuild functioning, self-sustaining systems. It’s not just about individual species, but the roles they play in sustaining nature.

    In Australia, rewilding typically takes place in fenced reserves or on islands where invasive predators such as foxes and cats have been removed. These barriers offer protection, but require intensive planning, long-term management and ongoing funding.

    Rewilding often occurs in fenced sanctuaries.
    Stephen Mabbs / Unsplash

    The term “rewilding” itself has been criticised for harking back to a pre-colonial “wilderness”, overlooking First Nations’ connections to Country. But the goal of these projects is to restore ecological function and self-sustaining wildlife populations in shared, lived-in landscapes – including urban environments.

    When done well, rewilding can support species recovery, repair ecosystems, and help reconnect people with nature. But success depends on evidence-based design, clear goals, ongoing monitoring, and (often) additional management over time (such as adding or removing animals).

    Guerilla rewilding is risky

    Guerrilla rewilding can go wildly wrong. Ecology, evolution, behaviour and welfare are deeply complex — and every species is a unique part of a much larger puzzle.

    Scientists and conservationists are still learning how different animals survive and thrive in changing environments. Restoring these delicate systems without unintended consequences is also a challenge.

    Without rigorous planning, there is a risk of inbreeding or a mismatch between animals and their environment. Animals raised inside fences may become overabundant, or too naive to survive in the wild. Disease, overgrazing and long-term habitat degradation are other risks.

    Learning from science, not bypassing it

    Successful rewilding draws on decades of ecological insight — genetics, behaviour, predator-prey dynamics, health, and ecosystem function.

    Guerilla rewilders may see these as unnecessary academic add-ons. But when reintroductions fail, it’s often because one of these elements was overlooked. Frequently reported problems include animal behaviour, monitoring difficulties, quality of release habitat, and lack of baseline knowledge.

    However, accessing the science – and navigating the approvals that rely on it – isn’t always easy. Conservation processes are often slow, under-resourced and opaque. It’s no surprise some view them as “green tape”.

    In Australia, it can be easier to get permission to clear land than to restore it.
    Matt Palmer / Unsplash

    Indeed, in Australia, it’s harder to get a restoration project approved than it is to get approval for land clearing.

    Yet bypassing this system risks repeating old mistakes. So if we want rewilding to work, we need to make it easier to engage with evidence, expertise and ethical safeguards.

    Engagement may be as simple as working with the right partners from the outset. This may include Traditional Owners, universities, non-government organisations, and local conservation and environmental community groups.

    Collaboration, not conflict

    A lot of people and groups have the same goal: to restore thriving wild animal populations as part of more complete, diverse and resilient ecosystems. That outcome is best achieved through collaboration, sharing of expertise, and trust.

    Traditional Owners, scientists, carers, zoos, non-government organisations and government agencies all bring crucial knowledge. By turning shared passion into practical, evidence-based action, we can ensure rewilding efforts contribute to real, lasting outcomes for Australian and global biodiversity.

    So what does this look like in practice? First of all, it’s about getting connected.

    People with land or passion to contribute can contact organisations such as the Australian Wildlife Conservancy, WWF-Australia, Arid Recovery, several universities, or state parks and wildlife services. These groups have likely already done the groundwork, from habitat assessment to long-term planning. Joining existing efforts may get more done than starting solo.

    Policymakers can contribute not only funding, but also transparency. More open and understandable approval processes may lower the barriers for community-led rewilding efforts.

    As for scientists like us, we need to step beyond peer-reviewed papers. That means clearer communication, real-world partnerships, and embracing outreach – particularly in urban or accessible rewilding projects.

    The authors wish to acknowledge the contributions of Peter Banks, Donna Houston, Phil McManus, Catherine Grueber and Mareshell Wauchope to this article.

    Patrick Finnerty is the current director for early career ecology at the Ecological Society of Australia, the Early Career Coordinator at the Australasian Wildlife Management Society, and a council member for the Royal Zoological Society of NSW. He receives funding from the Australian Research Council.

    Alex Carthey is the founding Director of ReHabitat Pty Ltd. She receives funding from the Australia Research Council and the Hermon Slade Foundation. She is the immediate past-Treasurer and recently ex-Council member of the NSW Royal Zoological Society.

    Benjamin Pitcher is a Co-funded Research Fellow in Behavioural Biology at Macquarie University and Taronga Conservation Society Australia. He receives funding from the Australian Research Council and NSW Environmental Trust.

    John Martin receives funding from the Australian Research Council.

    Thomas Newsome receives funding from the Australian Research Council. He is immediate past-president of the Australasian Wildlife Management Society and President of the Royal Zoological Society of New South Wales.

    – ref. ‘Guerrilla rewilding’ aims for DIY conservation – but it may do more harm than good – https://theconversation.com/guerrilla-rewilding-aims-for-diy-conservation-but-it-may-do-more-harm-than-good-258818

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Expanding biodiversity markets in NZ – Speech to the NZ Farm Environment Trust alumni

    Source: New Zealand Government

    It’s my pleasure to be here today amongst some of the strongest guardians of our native biodiversity in the country. 
    Wouldn’t we rather have more carrot than stick if we work for nature on our land? 
    That’s what my announcement about expanding a voluntary nature credits market in New Zealand was about last week at Fieldays. 
    We are backing the expansion of a market that will be durable, measurable and transparent. An enduring legacy of commitment to the land.
    The market will hopefully help you and other landowners and conservation groups unlock new income streams for looking after nature on your land. 
    Now I say ‘hopefully’ because I haven’t yet fully transitioned into being a politician. I’m still a pragmatist. I still prefer to under promise and over deliver, and 28 years of farming makes me a firm believer in Murphy’s Law. But the only way to find out if this will work is to give it a crack, do some trials, see what works and doesn’t, and then take the lessons on board and move forward. 
    So, assuming Murphy gives us a break, how do I envision these nature credit markets could work?
    Nature and carbon credit markets connect investors looking for reputable nature and climate opportunities with landowners, farmers and community groups who are actively restoring and repairing nature by adding biodiversity value to their land. 
    At a high-level nature and carbon projects are developed, according to established evidence-based standards, to produce voluntary credits that can be issued for sale on a marketplace for purchasers to buy. 
    Purchasers can then either use the credits, claiming support for the project and retiring the credits, or they can hold onto the credits (without claim) for resale or use down the track.

    I’m often asked who would buy these credits? 
    International and domestic investors—including corporates, banks, and philanthropists—are seeking high-quality nature and carbon credits that meet global standards. 
    They are looking for reputable nature and climate action projects undertaken by landowners, farmers, and community groups. This allows investors to demonstrate their environmental commitment to their customers. 
    In 2024 New Zealand investors spent over $20 million on voluntary nature and carbon credits; mostly on offshore projects due to the lack of suitable New Zealand projects. 
    But with the right framework, we can keep more of that investment at home and restore and protect New Zealand’s unique native species.
    I’m told there’s interest from international investors in New Zealand credits with overseas companies and international investment funds purchasing them.  

    Expanding the nature credit market is both important to investors and New Zealand’s reputation.  We all know how heavily New Zealand’s economy is dependent on the natural environment to support our exports and economy. 
    Our exports rely on our ‘clean green’ environmental image. 80% of our exports ( $59.6 billion) go to markets where environmental, social, and governance reporting is required.
    Voluntary carbon and nature credits can help companies demonstrate commitment to addressing nature loss and climate change while satisfying regulation, trade agreements, and supply chain requirements of international markets and customers. 
    A successful voluntary nature credits market can enable the many private and public agencies, individuals, and councils that already do great work, but lack the networks, expertise and resources to connect, to do more.  This approach has worked well in nature markets in the United Kingdom and Australia.
    And it’s worth it financially.  A 2024 report from the Worldwide Fund for Nature and EY suggests that halting and reversing biodiversity loss could save New Zealand more than $270 billion over the next 50 years.
    Many New Zealand carbon and nature credits projects use international standards to develop credits. However, the high costs and stringent reporting requirements often make this impractical for smaller landowners and projects. This results in untapped potential. Consequently, smaller-scale New Zealand carbon and nature credits projects are effectively excluded from the market due to these prohibitive costs and requirements.
    Market participants say formal arrangements and support from the New Zealand Government are necessary to create trust, growth and investment in the New Zealand market.

    Privately funded pilot projects are underway to test how nature credits markets can work in the New Zealand context. As part of these pilots, we will test the role for Government which may include a government endorsed qual mark for project standards and measures to assure participants that market conduct is fair, honest and transparent.
    The pilots represent different land conditions – including many farms – locations, types of market participants, and activities. This real-life experience will provide valuable insights as we move to the next stage of market design. 

    Before I close – you’re probably wanting to know what’s next. 
    We’ll be announcing further details on the Government’s role and the design of the expanded market in the coming months. 
    In the meantime, we’re looking forward to working alongside groups and individuals involved in the pilots, and others interested in this project. Please get in touch with the Ministry for the Environment if you’re interested.  
    It is also my pleasure to announce the Ministry for the Environment’s sponsorship of the biodiversity award which recognizes work done to protect our native flora and fauna. Our government believes in celebrating the fantastic work that you and many other farmers are doing and this is a tangible example of how we will support those who are investing in sustainable agriculture.
    Thank you for your time today – and I hope you enjoy the National Sustainability Showcase; I look forward to catching up with you later this evening.
     

    MIL OSI New Zealand News –

  • MIL-OSI USA: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021. While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50.

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs.

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    MIL OSI USA News –

  • MIL-OSI New Zealand: INVESTMENT SUMMIT: Investors excited at Summit’s opportunities

    Source: New Zealand Government

    International investors have left New Zealand excited about the opportunities created at the first Investor Summit held in Auckland over the past two days, Prime Minister Christopher Luxon says.

    “Many millions of dollars is now under discussion and when those deals come to fruition, New Zealanders will not only see their roads, hospitals and schools built faster but they will see jobs created and businesses thrive around the new infrastructure.

    “Over the past few days, our growth agenda has been turbo-charged, and I am very excited about the prospects,” says Mr Luxon.

    Investors at the Summit from all over the world share that excitement.

    Plenary, which is a long-term investor in infrastructure, and holds more than $98 billion worth of assets across the world, has identified New Zealand as a global priority for public private partnerships (PPP) and will launch a New Zealand office in the next 18 months. Patrick Lauren said: “Particularly for a company that’s entering a market, we like to see that it’s not chop and change. We’re going to be bringing over people, we’re going to be bringing over capital here.”

    Webuild, which has committed to pursuing at least five PPP opportunities over a five-year timeframe and establishing an office in New Zealand within the next 18 months. Of the Northern Expressway Guido Cacciaguerra said: “It’s the first PPP, of course, which is very important because if the Government gets this right, it’s the most powerful marketing tool to attract more investors in the future.”

    Chairman and CEO of Spanish investor Acciona Jose Manuel Entrecanales said the Government was to be congratulated for bringing the investors together at the Summit and indicated his company’s interest in both the Northland Expressway and the second Harbour crossing. “I congratulate the Government and the Opposition for this, it’s a well-worth effort by the Government to bring to international infrastructure investors a mindshare of what opportunities your country has.”

    Paul Newfield of Morrison said the Government’s message that New Zealand is
    a great place to invest because it is a safe haven in an uncertain world, is a good one. He says stability of institutions and an adherence to the rule of law is an important factor for companies looking to invest.

    Global investment group CDPQ from Quebec is also encouraged by the messages at the Summit. Sydney based Managing Director Jean-Étienne Leroux said they have a $9 billion fund available for Australia and New Zealand. “We are looking for predictability and stability. I have been covering this region for more than 10 years and we are now very happy to feel our capital is so welcome in this country.”

    “This is just the beginning,” Mr Luxon says.

    “We have sent a clear message that New Zealand is open for business and, that message has been received.

    “This is a huge boost to our growth agenda, and we will be pursuing these opportunities with every tool we have.

    “Because growth is good for New Zealand.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MIAMI – A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021.   While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50. 

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs. 

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MIAMI – A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021.   While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50. 

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs. 

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    ###

    MIL Security OSI –