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Category: Business

  • MIL-OSI United Kingdom: Charles Donald to step down as UK Government Investments CEO next year

    Source: United Kingdom – Executive Government & Departments

    Press release

    Charles Donald to step down as UK Government Investments CEO next year

    Charles Donald stepping down after successfully leading UKGI as its CEO since early 2020.

    • UKGI’s corporate governance and corporate finance advice and support has been significantly expanded since his appointment, particularly through the setting up of the new Financial Instruments and Transactions Advisory Group.
    • The recruitment process for his successor will be launched shortly.

    Charles Donald has announced today (24 July) that he will step down from his role as CEO of UK Government Investments (UKGI) in early 2026 after over five years of leading the company.

    UKGI is the government’s centre for expertise in corporate governance and corporate finance, providing expert advice and solutions to the government, including financial interventions into corporate structures and corporate finance negotiations.

    As CEO, Charles oversaw a significant expansion of UKGI’s activities during the pandemic including the establishment of the Covid Interventions Resolution Group which supported the Bank of England’s £85 billion Covid Corporate Financing Facility.

    The addition of AWE, BBC Commercial, Eutelsat, Octric, the National Wealth Fund, NESO, Network Rail, Reclaim Fund Limited, Sheffield Forgemasters and Sizewell C to UKGI’s governance portfolio also happened during Charles’ time as CEO.

    He was a key player in securing the Treasury’s full exit as a shareholder in NatWest Group in May 2025.

    Economic Secretary to the Treasury, Emma Reynolds, said:

    Charles has been an excellent CEO of UKGI, having led an impressive expansion of its important work to provide advice and support to the Government on complex corporate governance and corporate finance matters.

    I wish him well and look forward to UKGI’s continued work to support our number one mission – delivering economic growth.

    Charles Donald, outgoing CEO of UKGI, said

    It has been an extraordinary privilege to be the CEO of UKGI since early 2020.

    My objective was to continue building the expertise in corporate finance and corporate governance that UKGI brings to government as well as to ensure that UKGI continued to be an effective bridge between Whitehall and the City.

    I am proud to have had the opportunity to grow and further professionalise an organisation of such skilled and dedicated experts who support departments as government’s in-house corporate finance and corporate governance advisory function.

    Vindi Banga, Chair of UKGI, said:

    I am profoundly grateful to Charles for his leadership and commitment to UKGI over the past seven years. 

    It has been a privilege to work with Charles as he has led UKGI in support of some of government’s toughest challenges, with his characteristically calm leadership style, wisdom, and immense professional expertise.

    The recruitment process for Charles Donald’s successor will be launched shortly.

    The Board, led by Vindi Banga, is leading the process and as part of a well-ordered succession, Charles will support the transition to the new CEO following their appointment.

    Further information

    • UKGI is the government’s centre of expertise in corporate governance and corporate finance. It provides expert advice and leading solutions that inform and translate government’s decisions into effective outcomes in the national interest. 
    • UKGI acts as shareholder representative for, and leads the establishment of, UK government most complex and commercial arm’s length bodies on behalf of sponsor departments. It advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations; it analyses and advises on the UK government’s contingent liabilities and advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations. 
    • UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament, and Whitehall departments.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Source: United Kingdom – Executive Government & Departments

    Press release

    Holidaymakers heading to Europe urged to help protect British farmers by not bringing back meat and dairy products

    Call for holidaymakers to follow rules introduced to help protect farmers from Foot and Mouth

    UK holidaymakers heading to Europe this summer are being urged to help protect British farmers from Foot and Mouth disease by not bringing back meat and dairy products 

    Europe has seen a wave of cases impacting Hungary, Austria and Germany, and the UK Chief Vet is today (July 24th) urging the British public to comply with the rules, so we avoid a devastating outbreak like the one that was experienced in 2001. 

    Foot and Mouth disease is a highly contagious viral disease that can, in some cases, kill cattle, sheep, pigs and other cloven-hoofed animals. It can be carried in animal products – including meat, dairy products and some processed food. The virus can remain viable for months and can rapidly spread through contaminated objects and the movement of people.  

    It is illegal for travellers entering GB to bring with them untreated meat or dairy products including lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    These strict rules were introduced due to the toll Foot and Mouth can have on the farming industry . An outbreak could result in the culling of large numbers of the country’s livestock and cost the UK economy billions of pounds in production shortfalls, lost trade and disease control. The outbreak in GB in 2001 is estimated to have cost £15 billion (in current prices) in disease control costs alone.  

    Biosecurity Minister, Baroness Hayman, said: 

    Maintaining the integrity of our biosecurity against Foot and Mouth Disease is essential, and this updated control strategy reflects our strengthened approach to managing that risk. It reflects our clear determination to safeguard our borders. 

    We are asking the public to take this seriously. Do not bring prohibited animal or plant products into the country—doing so puts farmers livelihoods at risk.

    UK Chief Veterinary Officer Christine Middlemiss said:  

    Foot and Mouth disease has been recently circulating on the continent. The disease presents a significant risk to Britain’s food security and economy. 

    This highly contagious disease causes considerable suffering to livestock and has a devastating economic and personal impact on farmers, who lose their prized animals.  I know it is disappointing not to be able to bring back produce from your holidays, but please avoid temptation – you will be doing your bit to help protect our hard-working farmers.

    To further strengthen the country’s response to foot and mouth disease, the Government has today updated the Foot and Mouth Control Strategy for GB which will support the UK’s ability to prevent, detect, and respond to an outbreak, protecting the livestock industry and rural economy. This is the first update in over a decade. This comes ahead of an exercise later this year to test Government preparedness. The updated framework provides information to help farmers protect their business and outlines how government will respond effectively to outbreaks. 

    Last month, the Government announced £1bn funding for a new investment programme to build a new National Biosecurity Centre – a cutting-edge scientific campus in Surrey that will serve as the UKs foremost animal biosecurity facility. This will better protect the public and farmers from animal disease by enhancing the country’s detection, surveillance and control capabilities for high-risk animal diseases, such as avian influenza, foot and mouth disease, and African swine fever, and enhance our ability to manage concurrent disease outbreaks. 

    Foot and mouth disease is a notifiable disease and must be reported. If you suspect foot and mouth disease in your animals, you must report it immediately by calling:    

    • 03000 200 301 in England     

    • 0300 303 8268 in Wales     

    • your local  Field Services Office in Scotland 

    ENDS 

    Notes to editors – current restrictions  

    • Travellers are currently banned from bringing all dairy products and some meats from the European Union (EU) into GB. These restrictions aim to prevent the introduction of FMD and other harmful animal diseases such as ASF, PPR and LSD.   

    • It is illegal for travellers entering GB (not Northern Ireland) to bring with them lamb, pork, mutton, venison and goat meat, and all other products made from these meats or containing them – such as sandwiches and sausages – from the EU, regardless of whether they are packed, packaged or have been bought at duty free.     

    • This includes products such as cheese, chorizo, salami, serrano ham, pâté, yoghurt, butter, milk, and sandwiches containing any of the banned meats.  

    • The current restrictions were introduced in April in response to rising cases of FMD in Europe, and to protect the health of British livestock, the security of farmers, and the UK’s food security. Restrictions on travellers bringing back certain meat and dairy products were already in place to curb the spread of ASF and PPR in Europe.   

    • Travellers are also banned from bringing any meat, meat products, milk or milk-based products into GB from countries outside the EU, Switzerland, Norway, Iceland, Liechtenstein, the Faroe Islands and Greenland.  

    • Border Force will check for prohibited goods as part of customs checks. Travellers found with prohibited items must surrender them at the border or have them seized and destroyed. In serious cases, those found with such may be fined up to £5,000 in England or prosecuted across GB.  

    • The government continues to work closely with ports, airports and travel operators to raise awareness of the ban, including via prominent signage.  

    • The measures will stay in place until the personal import of affected products no longer poses a significant biosecurity risk to GB.  

    • The restrictions do not apply to travellers arriving into GB from Northern Ireland, Jersey, Guernsey, or the Isle of Man.  

    • The measures apply only to personal imports, e.g. goods that travellers bring back with them from holiday. Commercial food imports must undergo other biosecurity requirements, including heat treatments and accompanying export health certificates signed by official veterinarians to mitigate the risk of diseases, such as FMD, ASF, PPR and LSD.  

    • More information for travellers arriving from the EU can be found here: https://www.gov.uk/bringing-food-into-great-britain/meat-dairy-fish-animal-products

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics have hurt the famous women traders

    Source: The Conversation – Africa – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University

    The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined the African women traders who have long shaped the retail and distribution of this cloth.

    For many decades Vlisco, the Dutch textile group which traces its origins to 1846 and whose products had been supplied to west Africa by European trading houses since the late 19th century, dominated manufacture of the cloth. But in the last 25 years dozens of factories in China have begun to supply African print textiles to west African markets. Qingdao Phoenix Hitarget Ltd, Sanhe Linqing Textile Group and Waxhaux Ltd are among the best known.

    We conducted research to establish how the rise of Chinese-made cloth has affected the African print textiles trade. We focused on Togo. Though it’s a tiny country with a population of only 9.7 million, the capital city, Lomé, is the trading hub in west Africa for the textiles.

    We conducted over 100 interviews with traders, street sellers, port agents or brokers, government officials and representatives of manufacturing companies to learn about how their activities have changed.

    “Made in China” African print textiles are substantially cheaper and more accessible to a wider population than Vlisco fabric. Our market observations in Lomé’s famous Assigamé market found that Chinese African print textiles cost about 9,000 CFA (US$16) for six yards – one complete outfit. Wax Hollandais (50,000 CFA or US$87) cost over five times more.

    Data is hard to come by, but our estimates suggest that 90% of imports of these textiles to Lomé port in 2019 came from China.

    One Togolese trader summed up the attraction:

    Who could resist a cloth that looked similar, but that cost much less than real Vlisco?

    Our research shows how the rise of China manufactured cloth has undermined Vlisco’s once dominant market share as well as the monopoly on the trade of Dutch African print textiles that Togolese traders once enjoyed.

    The traders, known as Nana-Benz because of the expensive cars they drove, once enjoyed an economic and political significance disproportionate to their small numbers. Their political influence was such that they were key backers of Togo’s first president, Sylvanus Olympio – himself a former director of the United Africa Company, which distributed Dutch cloth.

    In turn, Olympio and long-term leader General Gnassingbé Eyadéma provided policy favours – such as low taxes – to support trading activity. In the 1970s, African print textile trade was considered as significant as the phosphate industry – the country’s primary export.

    Nana-Benz have since been displaced – their numbers falling from 50 to about 20. Newer Togolese traders – known as Nanettes or “little Nanas” – have taken their place. While they have carved out a niche in mediating the textiles trade with China, they have lower economic and political stature. In turn, they too are increasingly threatened by Chinese competition, more recently within trading and distribution as well.

    China displaces the Dutch

    Dating back to the colonial period, African women traders have played essential roles in the wholesale and distribution of Dutch cloth in west African markets. As many countries in the region attained independence from the 1950s onwards, Grand Marché – or Assigamé – in Lomé became the hub for African print textile trade.

    While neighbouring countries such as Ghana limited imports as part of efforts to promote domestic industrialisation, Togolese traders secured favourable conditions. These included low taxes and use of the port.

    Read more: West Africans ditch Dutch wax prints for Chinese ‘real-fakes’

    Togolese women traders knew the taste of predominantly female, west African customers better than their mostly male, Dutch designers. The Nana-Benz were brought into the African print textile production and design process, selecting patterns and giving names to designs they knew would sell.

    They acquired such wealth from this trade that they earned the Nana-Benz nickname from the cars they purchased and which they used to collect and move merchandise.

    Nana-Benz exclusivity of trading and retailing of African print textiles cloth in west African markets has been disrupted. As Vlisco has responded to falling revenues – over 30% in the first five years of the 21st century – due to its Chinese competition, Togolese traders’ role in the supply chain of Dutch cloth has been downgraded.

    In response to the flood of Chinese imports, the Dutch manufacturer re-positioned itself as a luxury fashion brand and placed greater focus on the marketing and distribution of the textiles.

    Vlisco has opened several boutique stores in west and central Africa, starting with Cotonou (2008), Lomé (2008) and Abidjan (2009). The surviving Nana-Benz – an estimated 20 of the original 50 – operate under contract as retailers rather than traders and must follow strict rules of sale and pricing.

    While newer Togolese traders known as Nanettes are involved in the sourcing of textiles from China, they have lower economic and political stature. Up to 60 are involved in the trade.

    Former street sellers of textiles and other petty commodities, Nanettes began travelling to China in the early to mid-2000s to source African print textiles. They are involved in commissioning and advising on the manufacturing of African print textiles in China and the distribution in Africa.

    While many Nanettes order the common Chinese brands, some own and market their own. These include what are now well-known designs in Lomé and west Africa such as “Femme de Caractère”, “Binta”, “Prestige”, “Rebecca Wax”, “GMG” and “Homeland”.

    Compared to their Nana-Benz predecessors, the Nanettes carve out their business from the smaller pie available from the sale of cheaper Chinese cloth. Though the volumes traded are large, the margins are smaller due to the much lower final retail price compared to Dutch cloth.

    After procuring African print textiles from China, Nanettes sell wholesale to independent local traders or “sellers” as well as traders from neighbouring countries. These sellers in turn break down the bulk they have purchased and sell it in smaller quantities to independent street vendors.

    All African print textiles from China arrive in west Africa as an incomplete product – as six-yard or 12-yard segments of cloth, not as finished garments. Local tailors and seamstresses then make clothes according to consumer taste. Some fashion designers have also opened shops where they sell prêt-à-porter (ready-to-wear) garments made from bolts of African print and tailored to local taste. Thus, even though the monopoly of the Nana-Benz has been eroded, value is still added and captured locally.

    Since the COVID-19 pandemic, Chinese actors have become more involved in trading activity – and not just manufacturing. The further evolution of Chinese presence risks an even greater marginalisation of locals, already excluded from manufacturing, from the trading and distribution end of the value chain. Maintaining their role – tailoring products to local culture and trends and linking the formal and informal economy – is vital not just for Togolese traders, but also the wider economy.

    – Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics have hurt the famous women traders
    – https://theconversation.com/togos-nana-benz-how-cheap-chinese-imports-of-african-fabrics-have-hurt-the-famous-women-traders-260924

    MIL OSI Africa –

  • India Celebrates Income Tax Day 2025: A tribute to digital transformation and taxpayer empowerment

    Source: Government of India

    Source: Government of India (4)

    India today commemorates Income Tax Day, marking the 165th anniversary of the introduction of income tax in the country. Celebrated every year on July 24, the day acknowledges the evolution of India’s tax system and its pivotal role in nation-building.

    Income tax was first introduced in India on this day in 1860 by British economist Sir James Wilson to counter the financial strain caused by the First War of Independence in 1857. The framework laid then eventually culminated in the Income Tax Act of 1922 and later the comprehensive Income Tax Act of 1961, which still governs the taxation system in the country today.

    In recent decades, India’s income tax system has undergone a profound digital transformation, shifting from manual record-keeping to a tech-enabled, citizen-friendly administration. The process began with the introduction of the Permanent Account Number (PAN) in 1972, followed by initial computerization in 1981. The current PAN series, introduced in 1995, enabled better tracking and compliance.

    A major technological leap came with the establishment of the Centralized Processing Centre (CPC) in Bengaluru in 2009, allowing for jurisdiction-free, digital processing of tax returns. The Tax Information Network (TIN), and its upgraded version TIN 2.0, further enhanced convenience, offering real-time tax credits and quicker refunds. The Demand Facilitation Centre in Mysuru now serves as a central repository for outstanding tax demands, easing access for both taxpayers and officials.

    The government’s focus on transparency and data-driven governance is also reflected in the use of Project Insight. This integrated data platform enables the Income Tax Department (ITD) to create a 360-degree financial profile of taxpayers by integrating data from various sources, such as GSTN, financial institutions, and property registries. These insights help in detecting discrepancies and prompting voluntary compliance through non-intrusive nudges.

    The Faceless Assessment Scheme, launched in 2019, has revolutionized tax assessments by removing physical interaction between the taxpayer and the tax officer. Taxpayers now receive automated notices, assessments, and communications through a digital platform, enhancing accountability and efficiency.

    Additionally, the Annual Information Statement (AIS), implemented in November 2021, provides individuals with a consolidated view of their financial activity across the year. It pre-fills income tax returns using verified third-party data, minimizing errors and promoting self-compliance. This, along with the e-Verification Scheme, allows discrepancies to be resolved entirely online.

    As part of a continued effort to simplify compliance and encourage voluntary participation, the Finance Act, 2025 has extended the deadline for filing updated income tax returns from 24 months to 48 months. This amendment gives taxpayers more time to correct errors and avoid penalties while ensuring fair contribution.

    Tax collection trends underline the success of these reforms. The total number of Income Tax Returns (ITRs) filed rose by 36% over the past five years, reaching 9.19 crore filings in FY 2024–25, compared to 6.72 crore in FY 2020–21. Gross Direct Tax Collections also saw a sharp rise—from ₹12.31 lakh crore in 2020–21 to ₹27.02 lakh crore in 2024–25, reflecting both economic resilience and improved compliance.

    The Union Budget 2025–26 introduced several relief measures to ease the tax burden on individuals. Under the new tax regime, income up to ₹12 lakh is now tax-free. With the standard deduction of ₹75,000, salaried individuals with income up to ₹12.75 lakh will have zero tax liability. These measures are expected to boost household spending, particularly among the middle class.

    Other notable changes include an increase in TDS and TCS thresholds, decriminalization of TCS payment delays, and full tax exemption for withdrawals from National Savings Scheme (NSS) accounts made after August 29, 2024. The time limit for registering small charitable trusts has also been extended, while taxpayers with two self-occupied properties can now claim exemptions for both without restrictions.

    Significantly, the Income Tax Bill, 2025 has been tabled to replace the Income Tax Act of 1961. While retaining the core principles, the new bill seeks to simplify the language of tax laws, remove redundant provisions, and improve clarity for taxpayers and professionals alike.

  • MIL-OSI Analysis: Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics have hurt the famous women traders

    Source: The Conversation – Africa – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University

    The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined the African women traders who have long shaped the retail and distribution of this cloth.

    For many decades Vlisco, the Dutch textile group which traces its origins to 1846 and whose products had been supplied to west Africa by European trading houses since the late 19th century, dominated manufacture of the cloth. But in the last 25 years dozens of factories in China have begun to supply African print textiles to west African markets. Qingdao Phoenix Hitarget Ltd, Sanhe Linqing Textile Group and Waxhaux Ltd are among the best known.

    We conducted research to establish how the rise of Chinese-made cloth has affected the African print textiles trade. We focused on Togo. Though it’s a tiny country with a population of only 9.7 million, the capital city, Lomé, is the trading hub in west Africa for the textiles.

    We conducted over 100 interviews with traders, street sellers, port agents or brokers, government officials and representatives of manufacturing companies to learn about how their activities have changed.

    “Made in China” African print textiles are substantially cheaper and more accessible to a wider population than Vlisco fabric. Our market observations in Lomé’s famous Assigamé market found that Chinese African print textiles cost about 9,000 CFA (US$16) for six yards – one complete outfit. Wax Hollandais (50,000 CFA or US$87) cost over five times more.

    Data is hard to come by, but our estimates suggest that 90% of imports of these textiles to Lomé port in 2019 came from China.

    One Togolese trader summed up the attraction:

    Who could resist a cloth that looked similar, but that cost much less than real Vlisco?

    Our research shows how the rise of China manufactured cloth has undermined Vlisco’s once dominant market share as well as the monopoly on the trade of Dutch African print textiles that Togolese traders once enjoyed.

    The traders, known as Nana-Benz because of the expensive cars they drove, once enjoyed an economic and political significance disproportionate to their small numbers. Their political influence was such that they were key backers of Togo’s first president, Sylvanus Olympio – himself a former director of the United Africa Company, which distributed Dutch cloth.

    In turn, Olympio and long-term leader General Gnassingbé Eyadéma provided policy favours – such as low taxes – to support trading activity. In the 1970s, African print textile trade was considered as significant as the phosphate industry – the country’s primary export.

    Nana-Benz have since been displaced – their numbers falling from 50 to about 20. Newer Togolese traders – known as Nanettes or “little Nanas” – have taken their place. While they have carved out a niche in mediating the textiles trade with China, they have lower economic and political stature. In turn, they too are increasingly threatened by Chinese competition, more recently within trading and distribution as well.

    China displaces the Dutch

    Dating back to the colonial period, African women traders have played essential roles in the wholesale and distribution of Dutch cloth in west African markets. As many countries in the region attained independence from the 1950s onwards, Grand Marché – or Assigamé – in Lomé became the hub for African print textile trade.

    While neighbouring countries such as Ghana limited imports as part of efforts to promote domestic industrialisation, Togolese traders secured favourable conditions. These included low taxes and use of the port.



    Read more:
    West Africans ditch Dutch wax prints for Chinese ‘real-fakes’

    Togolese women traders knew the taste of predominantly female, west African customers better than their mostly male, Dutch designers. The Nana-Benz were brought into the African print textile production and design process, selecting patterns and giving names to designs they knew would sell.

    They acquired such wealth from this trade that they earned the Nana-Benz nickname from the cars they purchased and which they used to collect and move merchandise.

    Nana-Benz exclusivity of trading and retailing of African print textiles cloth in west African markets has been disrupted. As Vlisco has responded to falling revenues – over 30% in the first five years of the 21st century – due to its Chinese competition, Togolese traders’ role in the supply chain of Dutch cloth has been downgraded.

    In response to the flood of Chinese imports, the Dutch manufacturer re-positioned itself as a luxury fashion brand and placed greater focus on the marketing and distribution of the textiles.

    Vlisco has opened several boutique stores in west and central Africa, starting with Cotonou (2008), Lomé (2008) and Abidjan (2009). The surviving Nana-Benz – an estimated 20 of the original 50 – operate under contract as retailers rather than traders and must follow strict rules of sale and pricing.

    While newer Togolese traders known as Nanettes are involved in the sourcing of textiles from China, they have lower economic and political stature. Up to 60 are involved in the trade.

    Former street sellers of textiles and other petty commodities, Nanettes began travelling to China in the early to mid-2000s to source African print textiles. They are involved in commissioning and advising on the manufacturing of African print textiles in China and the distribution in Africa.

    While many Nanettes order the common Chinese brands, some own and market their own. These include what are now well-known designs in Lomé and west Africa such as “Femme de Caractère”, “Binta”, “Prestige”, “Rebecca Wax”, “GMG” and “Homeland”.

    Compared to their Nana-Benz predecessors, the Nanettes carve out their business from the smaller pie available from the sale of cheaper Chinese cloth. Though the volumes traded are large, the margins are smaller due to the much lower final retail price compared to Dutch cloth.

    After procuring African print textiles from China, Nanettes sell wholesale to independent local traders or “sellers” as well as traders from neighbouring countries. These sellers in turn break down the bulk they have purchased and sell it in smaller quantities to independent street vendors.

    All African print textiles from China arrive in west Africa as an incomplete product – as six-yard or 12-yard segments of cloth, not as finished garments. Local tailors and seamstresses then make clothes according to consumer taste. Some fashion designers have also opened shops where they sell prêt-à-porter (ready-to-wear) garments made from bolts of African print and tailored to local taste. Thus, even though the monopoly of the Nana-Benz has been eroded, value is still added and captured locally.

    Since the COVID-19 pandemic, Chinese actors have become more involved in trading activity – and not just manufacturing. The further evolution of Chinese presence risks an even greater marginalisation of locals, already excluded from manufacturing, from the trading and distribution end of the value chain. Maintaining their role – tailoring products to local culture and trends and linking the formal and informal economy – is vital not just for Togolese traders, but also the wider economy.

    Rory Horner receives funding from the British Academy Mid-Career Fellowship. He is also a Research Associate at the Department of Geography, Environmental Management and Energy Studies at the University of Johannesburg.

    Fidele B. Ebia 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. Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics have hurt the famous women traders – https://theconversation.com/togos-nana-benz-how-cheap-chinese-imports-of-african-fabrics-have-hurt-the-famous-women-traders-260924

    MIL OSI Analysis –

  • Manufacturing drives India’s flash PMI to 60.7 in July, private sector shows robust growth

    Source: Government of India

    Source: Government of India (4)

    India’s private sector showed robust growth in July, fuelled by strong manufacturing and global demand, the HSBC Flash India Composite Purchasing Managers’ Index (PMI) showed on Thursday.

    The headline HSBC Flash India Composite PMI Output Index, compiled by S&P Global, rose to 60.7 in July from 58.4 in June.

    The Manufacturing PMI index climbed to 59.2 in July from 58.4 in June – its highest level in nearly 17-and-a-half years.

    The Services PMI was 59.8 in July, down from 60.4 in June. While services activity continued to grow, the pace of expansion softened, according to the note.

    “India’s flash composite PMI remained healthy in July at 60.7. The strong performance was bolstered by growth in total sales, export orders, and output levels. Indian manufacturers led the way, recording faster rates of expansion than services for all of the three aforementioned metrics,” said Pranjul Bhandari, chief India economist at HSBC.

    International orders received by private sector firms in India rose sharply at the start of the second fiscal quarter (Q2 FY26).

    “Meanwhile, inflationary pressures continue to heat up as both input costs and output charges rose in July. Finally, business confidence fell to its lowest mark since March 2023, while employment growth moderated,” Bhandari noted.

    The Indian companies remained optimistic about output growth over the next 12 months.

    There is a firm pick-up in employment, especially in the service sector, suggesting healthy job creation accompanies the expansion of both India’s manufacturing and service sectors, according to the note.

    While goods producers indicated the slowest increase in output for three months during May, service providers reported the fastest rise since March 2024.

    At the composite level, the latest upturn was the quickest in just over a year. Monitored companies attributed growth to buoyant demand, investment in technology and expanded capacities, said the HSBC survey.

    (IANS)

  • MIL-OSI United Kingdom: New research reveals scars of Gambia’s witch hunts

    Source: Anglia Ruskin University

    A map showing the location of The Gambia

    A new United Nations-funded study has highlighted the lasting psychological and social scars left by a state-sponsored witch hunt in The Gambia, more than a decade after it was carried out by former President Yahya Jammeh.

    The research, led by Professor Mick Finlay of Anglia Ruskin University (ARU) in collaboration with the University of The Gambia and Nottingham Trent University, is the first academic study into the stigma associated with government-led witchcraft accusations, and includes interviews with victims and their families from the villages most affected by the campaign.

    Jammeh’s 22-year dictatorship, which ended in 2016, was marked by human rights abuses including torture, extrajudicial killings and disappearances. Between 2008-2009, he orchestrated a campaign of witch hunts focusing on the West Coast and North Bank regions. These were led by a group of “witch hunters” from neighbouring countries, supported by The Gambia’s security forces.

    Hundreds of people, mainly elderly, were detained, beaten, raped and subjected to degrading treatment. It is thought 41 people died and the survivors faced social exclusion and discrimination when they returned home because of the stigma associated with the witchcraft accusations.

    The new study, published in the Journal of Community and Applied Social Psychology and funded by the United Nations Development Program (The Gambia), involved interviewing and surveying the victims and their families, as well as members of their communities.

    There was widespread sympathy for those affected – 98% of survey respondents expressed compassion for victims and their families – and a high level of agreement that the government (99%) and the community (92%) should provide more help for victims, indicating that the effects of the witch hunts were still being experienced.

    The study also highlighted the complex role of traditional beliefs in perpetuating stigma. Although most participants believed the witch hunts were organised to frighten people not to oppose President Jammeh (89%) or to sow division (87%), 25% believed the threat from witches was real, including 22% of victims and the families of victims surveyed.

    However, there was overwhelming support for legal reform. Almost all participants agreed that accusations of witchcraft should be made illegal (98%), and those responsible should be punished (95%).

    Through interviews, the researchers found that the stigma extended beyond individuals to their families and entire villages. Children of victims were bullied at school, families were shunned, and some communities were labelled as “witch villages” by neighbouring areas. This led to broken relationships, mistrust and long-lasting divisions within and between communities.

    Victims reported a range of psychological conditions including anxiety, panic attacks and post-traumatic symptoms. Many described feeling powerless and socially isolated. Some withdrew from public life entirely, while others struggled to find work.

    Although The Gambia’s current government established a Truth, Reconciliation and Reparations Commission (TRRC) to investigate the human rights abuses carried out by Jammeh, the study found many victims felt more needed to be done to address the specific harms caused by the witch hunts.

    Participants proposed a range of measures to support reconciliation and healing including public declarations of innocence, legal reforms to criminalise witchcraft accusations, counselling, educational support, financial reparations and community-led dialogues to restore victims’ reputations.

    “Our extensive fieldwork showed that not only did victims of the witchcraft accusations have to deal with the trauma of the human rights abuses, they also experienced a range of longer-term stigmatising effects from sections of their communities.

    “There was a strong desire among those we spoke to for official recognition of the injustice they suffered. Addressing the stigma of Jammeh’s witch hunts involves restoring the good name of the victims through official declarations as well as rebuilding their social roles and relationships.

    “Although The Gambia is undergoing transitional justice processes to address the impacts of the dictatorship, the recommendations by the participants should help the government and NGOs to further develop reparation and reconciliation processes related to the specific case of state-sanctioned witch hunts.

    “Our findings will be of interest to other countries going through transitional justice processes when human rights come into conflict with traditional beliefs, especially belief in witchcraft.”

    Mick Finlay, the lead author of the study and Professor of Social and Applied Psychology at Anglia Ruskin University (ARU)

    The open access study also involved the Women’s Association of Victims’ Empowerment (WAVE) charity in The Gambia and is published by the Journal of Community and Applied Social Psychology. It will be available at the following DOI: 10.1002/casp.70147

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Celebrating International Security Officers’ Day

    Source: United Kingdom – Government Statements

    News story

    Celebrating International Security Officers’ Day

    The Security Industry Authority is paying tribute to those in the private security industry who go above and beyond for public safety.

    Celebrated on 24 July every year, to reflect the role security play protecting the public 24/7, International Security Officers’ Day is a significant date in the private security industry. 

    Chair of the SIA Heather Baily has written a message of thanks to all those in the private security industry who help keep the public safe every single day, while also reflecting on the impressive skills successful security operatives possess. 

    As part of the same piece, the SIA also spoke to three front line security officers to learn more about their varied roles and responsibilities, as well as their advice and perspective for the rest of the private security industry. 

    Read the full message from Heather Baily and the words from the front line operatives on our blog.

    SIA CEO Michelle Russell will be visiting security operatives in London as part of the day’s activity to hear directly from operatives about their experience and the challenges they’ve faced protecting the public, while our Chair Heather Baily will be doing the same with operatives in Manchester. 

    These visits, alongside other content related to International Security Officers’ Day, will be posted about on the SIA’s LinkedIn page.

    Background

    International Security Officers’ Day is held each year on 24 July to represent the 24/7 nature of security work. 

    Members of the public are encouraged to acknowledge any security operatives they see on the day. Some simple things you can do to show your appreciation include saying hello or thank you with a smile. 

    Security business owners and managers are also encouraged to acknowledge their front-line workers. Examples of how security companies are marking the occasion include: sending thank you messages to their staff, organising an event or site visit to say thank you in person, and acknowledging their officers on social media.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Bitcoin Swift Nears End of Stage 1 Presale With AI-Driven Yield Protocol and Governance Model

    Source: GlobeNewswire (MIL-OSI)

    LUXEMBOURG, July 24, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), the developer of a new blockchain protocol combining programmable yield mechanics with AI-driven governance, today announced the upcoming conclusion of Stage 1 of its BTC3 token presale. With just two days remaining before Stage 2 begins, the project reports a significant increase in interest from early-stage participants.

    The BTC3 protocol is designed to address limitations in scalability, yield accessibility, and governance faced by earlier-generation blockchains. Its hybrid architecture incorporates AI-assisted voting systems, privacy-preserving smart contracts, and a Proof-of-Yield (PoY) model that allows users to access staking rewards immediately upon the conclusion of each presale stage.

    Stage 1 Presale Highlights

    • Presale Stage 1 ends July 26, 2025
    • Current Price: $1.00
    • Stage 2 Price: $2.00
    • Projected Launch Price: $15.00
    • Stage 1 APY: 143% via Proof-of-Yield mechanism
    • Presale concludes: September 18, 2025

    Unlike traditional presales that require users to wait for protocol access, Bitcoin Swift activates its PoY system in real-time. This feature allows token holders to receive programmable staking rewards that are distributed automatically based on smart contract logic.

    Core Technology Features

    • Proof-of-Yield (PoY): A staking framework that calculates real-time APY based on network activity
    • AI Governance: Proposal evaluation through AI agents prior to DAO voting
    • Sustainability Tracking: Environmental metrics integrated via federated oracles
    • Privacy & Identity: zk-SNARK encryption and DID-based voting infrastructure
    • Compliance-Ready Architecture: Designed with data privacy and user protections in mind

    “Bitcoin Swift was built to offer a more intelligent and dynamic blockchain layer, starting with immediate utility at the presale level,” said a representative from the Bitcoin Swift team. “We believe that programmable rewards and AI-based governance models will play a key role in the next evolution of decentralized finance.”

    What Influencers Are Saying

    The buzz around BTC3 has been steadily rising across crypto communities. Influencers like Crypto Vlog, Token Empire, and Crypto Show have released detailed reviews breaking down why Bitcoin Swift’s architecture is more than just hype. Many highlight its compliance-readiness and AI-led innovation as major selling points for 2025.

    Even broader coverage by creators like Crypto League and Crypto Nitro emphasizes how the protocol’s emphasis on sustainability and privacy could set a new standard for blockchain finance.

    Looking Ahead

    Following the conclusion of Stage 1, Bitcoin Swift will transition to Stage 2 of the presale at a new token price of $2.00. The final public sale will conclude on September 18, 2025, followed by the activation of full governance and on-chain protocol utilities. BTC3 will be deployed with Solana-compatible infrastructure to support high throughput and low transaction fees.

    For more information about the BTC3 presale or the Bitcoin Swift protocol, please visit: https://bitcoinswift.com

    Contact:
    Luc Schaus
    support@bitcoinswift.com

    Disclaimer: This content is provided by Bitcoin Swift. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c4db1a26-86a9-4888-866a-926035fd9a27

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8376232e-a9dd-439f-9baa-da86eb803455

    The MIL Network –

  • MIL-OSI: MIG Capital leads CHF 7.75 million seed financing for ASTRA Therapeutics

    Source: GlobeNewswire (MIL-OSI)

    • MIG Capital, through its MIG Fonds, is investing 3 million Swiss Francs (CHF) in the Swiss start-up which designs precision drugs against eukaryotic pathogens.
    • Digitalis Ventures co-leads the round with additional investment from Borealis Ventures, Kickfund and Venture Kick.
    • Eukaryotic pathogens cause illness and death in animals, humans, and crops.

    MUNICH, Germany, and VILLIGEN, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — MIG Capital AG, one of Germany’s leading venture capital firms, announced today that it is heading a seed financing of CHF 7.75 million for ASTRA Therapeutics with U.S. venture capital firm Digitalis Ventures as co-lead and Borealis Ventures, Kickfund and Venture Kick also participating in the round. MIG Fonds 17 and 18 have allocated CHF 3 million for the Swiss start-up, based at the Park InnovAARE innovation campus in Villigen, Switzerland.

    Founded in 2022, ASTRA Therapeutics AG designs and develops novel parasitic agents (parasiticides) that control parasites by inhibiting cell division in parasites while sparing hosts. The company generates species-specific drug leads targeting tubulin, known as Parabulins®, through its proprietary drug development platform ParaX®.

    Parabulins® are novel drugs (New Molecular Entities, NME) targeting important indications in the veterinary market. ASTRA’s pipeline includes over 15 patentable chemical classes featuring nanomolar-potent candidates for common parasites such as coccidia in farm animals and heartworm in dogs and cats. Initial in vivo proof of concept for multiple NMEs has been demonstrated.

    Natacha Gaillard, PhD, Founder and Co-CEO of ASTRA Therapeutics, said: “The animal health market is facing an ever-increasing need for novel anti-parasite drugs to combat the growing threat of drug resistance, ensure the health and welfare of our pets, and maintain healthy and efficient food production.”

    Ashwani Sharma, PhD, also Founder and Co-CEO of ASTRA Therapeutics, added: “Our platform is designed to exploit structural differences between essential proteins in parasites and the host animals, enabling creation of new drugs that should be both effective and safe.”

    The global parasiticide market is worth over 10 billion US dollars and is growing at a CAGR of 5.6%1. At the same time, established products are facing patent expiry, while increasing resistance is causing a dramatic need for new drugs – in some regions, up to 98% of heartworm cases are already resistant to standard therapies.

    ASTRA is strategically positioned to capture this opportunity: the company develops novel, patentable drugs that are highly potent and resistance-breaking. Target revenues are over 800 million US dollars per year for coccidiosis and 2.4 billion US-dollars per year for worm control – in the veterinary sector alone.

    “We see tremendous commercial potential for new drugs that control worms including heartworm in dogs and cats, and coccidiosis in poultry and swine production,” said Andreas Kastenbauer, Partner at MIG Capital. “With renowned structural biologists Dr. Natacha Gaillard and Dr. Ashwani Sharma in the lead and strong support from a team of market and business developers experienced in drug discovery, licensing and biotech financing, this is the right company to achieve success.”

    The new investment expands MIG Capital’s approach to engaging in the rapidly growing veterinary medicine market. In 2024, the VC investor already acquired a stake in HawkCell, a French start-up developing MRI and CT imaging for use in animals. ASTRA Therapeutics is MIG Capital’s first investment in Switzerland and its second new investment this year.

    _______________
    1 Stonehaven Cozmix Group, Animal Health Industry: Reflections on the Past Decade and Visions for the Future Report 2025. (Published at AHNTI Conference London 2025) [see page 23]

    About Astra Therapeutics

    ASTRA Therapeutics is a Swiss biotechnology company based in Villigen (CH) that designs novel precision drugs against eukaryotic pathogens based on its proprietary ParaX® platform. The company’s goal is to develop drugs that selectively target parasites while sparing hosts. ASTRA Therapeutics addresses medical and veterinary challenges characterized by increasing drug resistance, expiring patents, and a growing global parasiticide market.

    For more information, please visit www.astratherapeutics.com.

    About MIG Capital

    MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over €770 million in approx. 60 start-ups. MIG portfolio companies develop innovations in areas including biopharmaceuticals, energy and environmental technologies, advanced computing, digitalization / IoT, medical technology, and digital health. The MIG investment portfolio currently consists of more than 30 companies.

    MIG’s investment team is made up of a dedicated group of engineers, scientists, physicians and entrepreneurs who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies.

    In recent years, MIG Capital has realized more than ten successful portfolio company sales, including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on the stock exchange including BRAIN, NFON, BioNTech, and Immatics.

    For further information, please visit: www.mig.ag, www.mig-fonds.de. LinkedIn: MIG Capital

    Contact

    MIG Capital
    Andreas Kastenbauer, Partner
    +49-89-94382680
    ak@mig.ag

    Media Inquiries

    MC Services
    Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
    +49-89-210228-0
    migag@mc-services.eu

    The MIL Network –

  • MIL-OSI: Rhombus Expands AI-Powered Operational Analytics by Launching Line Crossing and Occupancy Counting

    Source: GlobeNewswire (MIL-OSI)

    SACRAMENTO, Calif., July 24, 2025 (GLOBE NEWSWIRE) — Rhombus, a leader in cloud-managed physical security solutions, today announced the expansion of its AI-powered Operational Analytics capabilities with two powerful new features: Line Crossing and Occupancy Counting. These solutions give organizations real-time spatial intelligence tools to improve how they manage traffic flow, space utilization, and staffing. Both work with existing Rhombus camera infrastructure and can be centrally managed from the Rhombus console.

    Rhombus continues to expand video intelligence beyond traditional surveillance by unlocking AI-fueled insights that help businesses solve everyday operational challenges. With these new features, security footage instantly becomes a live source of business intelligence to give teams a clear understanding of precisely how spaces are used and how to improve them.

    “Video systems have long been siloed for security use only,” said Brandon Salzberg, Chief Technology Officer at Rhombus. “But with the right AI and powerful analytics, those same systems can also power real-time operational intelligence that helps businesses grow. Line Crossing and Occupancy Counting are great new examples of how we’re unlocking broader value from existing security camera infrastructure.”

    Line Crossing

    Line Crossing lets organizations define custom boundaries within camera views to monitor the directional traffic of how and when people or vehicles cross from one area to another. These insights are critical for identifying peak usage patterns and making layout or schedule changes that improve flow and efficiency. From retail store entrances to manufacturing loading docks, Line Crossing provides actionable data through clear, intuitive reporting.

    “We built Line Crossing to answer a simple question: how are people actually using your space?” said Rickey Cox, VP of Product at Rhombus. “We can surface directional insights that help organizations fine-tune everything from where to place employees to broader site design changes, without relying on guesswork.”

    Occupancy Counting

    Occupancy Counting provides ongoing estimates of how many people are in a given area by using AI models. The solution eliminates the need for manual headcounts or check-in systems, enabling teams to manage capacity and identify underused areas. These insights help organizations respond to fluctuations in foot traffic, optimize space layout, and better align staffing with actual demand.

    Solutions Built for Real-World Use Cases

    Both Line Crossing and Occupancy Counting are designed to support a wide range of operational needs across industries. For example:

    • In retail environments, traffic flow data can inform smarter product placement and optimize underperforming departments.
    • In manufacturing settings, tracking vendor deliveries can reduce congestion at loading docks.
    • At fitness centers, occupancy visibility enables better fitness class and staff planning while minimizing safety hazards.

    Rhombus’ Vision for Smarter Security, Smarter Operations

    The expansion of the Operational Analytics suite underscores Rhombus’ broader commitment to making its video intelligence solutions continually smarter, faster, and more adaptive. From real-time alerts to natural language video search, Rhombus uses AI to eliminate otherwise tedious manual efforts, accelerate investigations, and proactively detect threats. At the same time, the platform helps teams improve safety, increase efficiency, and make better decisions across their operations. By combining AI-enabled video analytics, audio detection, and IoT sensor data, Rhombus delivers a unified solution that adapts to each customer’s needs, supports evolving workflows, and helps organizations get more value from their existing security infrastructure.

    Seamless Integration with the Rhombus Platform

    Line Crossing and Occupancy Counting work with Rhombus’ dome, bullet, and multisensor camera series, and are available with no additional hardware or complex setup. Teams can access trends and reports through the same intuitive cloud-managed platform they already use, or pull data into their systems via Rhombus’ open APIs.

    Availability

    Line Crossing and Occupancy Counting are now available in limited release to customers with a Rhombus Enterprise license. Organizations interested in exploring the unique advantages of Rhombus’ Operational Analytics can book a demo: https://www.rhombus.com/live-demo/

    About Rhombus

    Rhombus is an open, cloud-managed physical security platform that brings security cameras, access control, sensors, alarm monitoring, and integrations together under a single pane of glass. Thousands of organizations trust Rhombus to drive operational excellence, improve safety, and streamline workflows through a comprehensive suite of smart security solutions and 50+ integrations with leading business systems. Rhombus is backed by NightDragon, Bluestone Equity Partners, Cota Capital, Caden Capital, Tru Arrow Partners, and Uncorrelated Ventures, and is on a mission to make the world safer with a smart, powerful physical security platform that is built to protect and designed to adapt.

    Visit www.rhombus.com to book a demo.

    Contact
    Kyle Peterson / Clement | Peterson
    kyle@clementpeterson.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7015666-d6fb-468a-8a5e-7c950800f6f6

    The MIL Network –

  • MIL-OSI Economics: ADB President Calls for Increased Innovation Investment at STS Forum

    Source: Asia Development Bank

    ADB President Masato Kanda urged increased investment in science, technology, and innovation to drive inclusive and sustainable growth in Southeast Asia during his keynote address at the 9th Science and Technology in Society (STS) Forum ASEAN–Japan Conference in Jakarta.

    MIL OSI Economics –

  • MIL-OSI Africa: President Ramaphosa visits BMW Group 

    Source: Government of South Africa

    Thursday, July 24, 2025

    President Cyril Ramaphosa will this morning attend a showcase of the successful implementation of the latest investment for production of the new BMW X3 Plug-in Hybrid Electric Vehicle at the automaker’s plant in Rosslyn, Pretoria. 

    President Ramaphosa will deliver remarks at the end of his tour of the plant, where he will be accompanied only by BMW representatives.

    Themed “BMW Group South Africa: Leading Today, Enabling Tomorrow”, the event marking the start of the new vehicle will highlight the firm’s commitment to strengthening South Africa’s economic vitality and advancing industrial innovation.

    “The event will showcase the active partnership between industry and government – a collaboration essential for driving innovation, catalysing job creation, and propelling sustainable growth within South Africa’s automotive sector.

    “It also demonstrates the BMW Group’s dedication to leading today through operational excellence and enabling tomorrow by strategically investing in the nation’s future,” the Presidency said of Thursday’s visit.

    The new BMW X3 has been declared South Africa’s Car of the Year for 2025.

    The BMW Group announced further investment in its plant operations in Rosslyn during the President’s Investment Conference held on 13 April 2023, as a commitment to South Africa.

    BMW has a long history in the country, and its footprint has grown significantly over time. Its investment at the Rosslyn plant located in Gauteng dates back five decades.

    The plant operations are also a significant anchor and justification for the continued operations of BMW in South Africa, including the National Sales Company, BMW Financial Services, and BMW IT Development Hub. 

    BMW and its supply chain sustain tens of thousands of livelihoods directly and indirectly as a result of BMW Group activities in South Africa. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Eswatini: How cash and voucher assistance is empowering women to rebuild after calamity

    Source: APO


    .

    In the southern African nation of Eswatini, cash and voucher assistance is making a real difference in people’s lives, particularly those most vulnerable after crisis. ‘It’s not just about fairness—it’s about effectiveness.’

    Even before the floods, life for Banele Mamba was hard enough. But then the floodwaters came and the 31-year-old mother of five had to cope with extensive damage to her family’s home. 

    “Water would seep in through the house,” she says. “I was so worried—especially because I live with chronic illness. I didn’t want the children to get sick from flu, cholera or other diseases.”

    Banele Mamba was able to fix some of those leaks, make other critical repairs and restock her pantry with support that came in the form of cash and voucher assistance provided by the Baphalali Eswatini Red Cross Society.

    The Red Cross here has been working in partnership with the IFRC Pretoria Delegation, as part of the EU-funded Pilot Programmatic Partnership (ECHO PPP), to deliver cash and vouchers to people impacted by recent floods.

    Unlike other forms of relief aid such as food or household supplies, cash transfer and vouchers give people such as Banele the power to decide what her families need most following times of crisis. 

    Delivered through mobile money transfers, both the cash and voucher components are redeemed in cash form. This approach empowers families while also supporting the local economy through increased purchasing at community shops and markets. 

    For Banele Mamba, the flexibility of cash support made a world of difference. She used part of the funds to seal parts of the leaking roof and reinforce the walls to prevent water from seeping in during heavy rains. 

    She also used the cash to buy essential food items and toiletries—products that she previously struggled to afford consistently. In months when the household budget was tight, she was therefore able to avoid borrowing from local money lenders. 

    “We believe that people affected by crises are the best placed to decide their needs,” says Tebukhosi Dlamini, Safe and Inclusive Programming Officer at Baphalali Eswatini Red Cross Society. 

    While the EU provided funding, the IFRC contributed technical guidance and policy review support to the Eswatini National Society during the planning and implementation of the programme. In doing so, the IFRC Pretoria delegation applied a protection- and gender-sensitive lens across all stages of the programmatic partnership. 

    “By applying protection and gender-sensitive principles, we ensure that women like Banele are not only included but prioritized in the selection processes,” Dlamini added.

    Putting inclusion into practice

    Women-headed households, survivors of gender-based violence, caregivers of orphaned children, and other at-risk groups were given high priority, recognizing people in these situations often face greater risks and barriers to recovery. 

    “Focusing on women and other vulnerable groups is not just about fairness—it’s about effectiveness,” says Boitumelo Phihlela, who works as focal person for protection, gender and inclusion, as well as community engagement and accountability, for the IFRC’s Pretoria Delegation. 

    “When we prioritize those most at risk, we strengthen the entire community’s resilience. Women, in particular, play a vital role in family and community wellbeing, so supporting them directly creates a ripple effect of positive change. 

    “This approach also ensures that protection and dignity are central to our response, which is key to building trust and long-term recovery.”

    The process is guided by inclusive criteria co-developed with the communities, which then participates in applying these standards to all aspects of the initiative.

    Continued learning and improvement: Key lessons learned

    The cash and voucher assistance programme in Eswatini fits in with larger efforts to continually improve the way the IFRC works with, supports and accompanies communities following crisis.

    The IFRC Pretoria Delegation and its partners, for example, also use this inclusive mindset – along with cash and voucher assistance – to strengthen long-term resilience local farmers in four other countries in southern Africa (Lesotho, Botswana, South Africa and Namibia). 

    The support also comes in the form of seeds and other agricultural inputs—ensuring communities are not only surviving today but are better prepared for the future. 

    Here are a few of the key takeaways from the IFRC Pretoria delegation’s three-year Programmatic Partnership collaboration.

    • Embed protection, gender and inclusion principles throughout all stages of programme design and implementation —ensuring that the unique needs, risks, and capacities of different groups, particularly women, children, people with disabilities, and other vulnerable populations, are considered and addressed.
    • Prioritize proactive, inclusive community engagement where feedback mechanisms are not only established but also trusted and accessible to all segments of the population.
    • Strengthen the feedback loop by ensuring community input is used to inform and adjust programming. The use of community feedback is needed to shape programming decisions which helps build trust and ensures greater accountability to target populations. In one farming community, for example, people noted that the seeds initially provided were not suited to their local soil and climate conditions, which affected crop growth. Upon hearing this, the Red Cross programme adapted by sourcing and distributing more appropriate seed varieties, improving harvest outcomes and reinforcing the community’s trust that their feedback leads to real changes.

    “It’s not enough to have feedback systems—we must make them visible, trusted, and use them to shape decisions,” said the IFRC’s Phihlela. “That’s how we build real accountability.”

    Read more about cash and voucher assistance at the IFRC

    Learn more about the Programmatic Partnership

    Distributed by APO Group on behalf of International Federation of Red Cross and Red Crescent Societies (IFRC).

    MIL OSI Africa –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q2-25 Results

    Source: GlobeNewswire (MIL-OSI)

    Q2-25 Revenue and Net Income of € 148.1 Million and € 32.1 Million, Respectively

    H1-25 Revenue and Net Income of € 292.2 Million and € 63.6 Million, Respectively

    DUIVEN, the Netherlands, July 24, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2025.

    Key Highlights Q2-25

    • Revenue of € 148.1 million grew 2.8% vs. Q1-25 and was within prior guidance due primarily to higher die attach shipments for mainstream computing applications. Revenue decreased 2.1% vs. Q2-24 principally due to weakness in mobile end markets partially offset by growth in hybrid bonding shipments
    • Orders of € 128.0 million decreased 3.0% vs. Q1-25 due primarily due to ongoing weakness in mainstream computing and mobile applications partially offset by significant new orders for TCB Next systems. Orders declined 30.9% vs. Q2-24 due primarily to lower orders for hybrid bonding and mobile applications
    • Gross margin of 63.3% decreased by 0.3 points vs. Q1-25 and by 1.7 points vs. Q2-24 due to a less favorable product mix and adverse forex effects from a decline in the USD versus the euro
    • Net income of € 32.1 million increased 1.9% vs. Q1-25. Versus Q2-24, net income decreased 23.4% due principally to lower revenue and gross margins, increased R&D spending and higher interest expense related to the Senior Note offering in July 2024. Q2-25 net margin decreased to 21.6% vs. 21.9% in Q1-25 and 27.7% in Q2-24
    • Cash and deposits of € 490.2 million at June 30, 2025 increased by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024

    Key Highlights H1-25

    • Revenue of € 292.2 million decreased 1.8% vs. H1-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments of hybrid bonding systems
    • Orders of € 259.9 million were down 17.0% vs. H1-24 primarily due to lower bookings for hybrid bonding systems and for mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications and new orders for Besi’s TCB Next system
    • Gross margin of 63.4% decreased by 2.7 points versus H1-24 primarily due to a less favorable product mix and adverse forex effects
    • Net income of € 63.6 million decreased € 12.3 million, or 16.2%, vs. H1-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi’s net margin decreased to 21.7% versus 25.5% in H1-24

    Q3-25 Outlook  

    • Revenue is expected to decline 5-15% vs. the € 148.1 million reported in Q2-25
    • Orders are expected to increase significantly vs. Q2-25 primarily due to increased demand for hybrid bonding systems and die attach systems for AI-related 2.5D computing applications
    • Gross margin is expected to range between 60-62% and decrease vs. the 63.3% realized in Q2-25 primarily due to adverse forex effects from a significantly lower USD versus the euro
    • Operating expenses are expected to be flat +/- 5% vs. € 50.2 million in Q2-25
    (€ millions, except EPS) Q2-
    2025    		 Q1-
    2025    		 Δ Q2-
    2024    		  
    Δ    		 HY1-
    2025    		 HY1-
    2024    		 Δ
    Revenue 148.1 144.1 +2.8% 151.2 -2.1% 292.2 297.5 -1.8%
    Orders 128.0 131.9 -3.0% 185.2 -30.9% 259.9 313.0 -17.0%
    Gross Margin 63.3% 63.6% -0.3 65.0% -1.7 63.4% 66.1% -2.7
    Operating Income 43.5 39.3 +10.7% 49.3 -11.8% 82.8 90.0 -8.0%
    Net Income 32.1 31.5 +1.9% 41.9 -23.4% 63.6 75.9 -16.2%
    Net Margin 21.6% 21.9% -0.3 27.7% -6.1 21.7% 25.5% -3.8
    EPS (basic) 0.40 0.40 – 0.53 -24.5% 0.80 0.97 -17.5%
    EPS (diluted) 0.40 0.40 – 0.53 -24.5% 0.80 0.97 -17.5%
    Net Cash and Deposits -36.0* 159.4 -122.6% 74.4* -148.4% -36.0* 74.4* -148.4%

    * Reflects cash dividend payments of € 172.8 million and € 171.5 million in Q2-25 and Q2-24, respectively.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
    “Besi reported Q2-25 revenue, operating income and net income of € 148.1 million, € 43.5 million and € 32.1 million, respectively. Revenue and operating results were at the midpoint of prior guidance in a mainstream assembly equipment market still affected by soft demand for mobile and automotive applications. Market development in Q2-25 was also affected by increased customer caution due to global trade tensions. Q2-25 revenue and operating income grew sequentially by 2.8% and 10.7%, respectively, as we saw an increase in shipments to Asian subcontractors for AI-related datacenter applications combined with a 4.3% decrease in sequential operating expenses. Orders for the quarter decreased 3.0% versus Q1-25 as weakness in mainstream computing and mobile applications was partially offset by new orders for Besi’s TCB Next system.

    For the first half year, revenue of € 292.2 million decreased 1.8% versus H1-24 reflecting broader assembly market trends as weakness in mobile and, to a lesser extent, automotive end markets was significantly offset by growth in hybrid bonding revenue which more than doubled versus H1-24. Orders decreased by 17.0% due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones. H1-25 operating and net income decreased by 8.0% and 16.2%, respectively, versus H1-24 primarily due to lower revenue and a 2.7-point reduction in gross margin from a less favorable product mix, adverse net forex effects from the decline of the USD versus the euro and increased interest expense related to Besi’s Senior Note issuance in July 2024. Liquidity remained strong with cash and deposits of € 490.2 million at June 30, 2025 increasing by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024.

    We believe the outlook for Besi’s business in H2-25 has improved in recent weeks based on customer feedback and order trends subsequent to quarter end. Expanded capex budgets for AI infrastructure have been confirmed by each of the leading industry players in recent quarters with new use cases emerging in cloud and edge computing along with co-packaged optics. Advanced packaging is one of the key ways to achieve AI system differentiation, develop innovative consumer edge AI devices and provide the most energy-efficient data center performance. Advanced packaging demand for AI applications remains strong given new device introductions expected in 2026-2028. We believe we are well positioned in the fastest-growing advanced packaging market segments including data centers, photonics, AI-enhanced PCs and mobile devices and EVs/autonomous driving.

    As such, orders for our hybrid bonding systems are expected to increase significantly in H2-25 versus both H1-25 and H2-24 in both advanced logic and HBM4 memory applications as customers advance their technology roadmaps for new product introductions in 2026 and 2027. Customer interest in our TCB Next system for both memory and logic applications has also expanded significantly. TCB Next cycle times have improved with shipments anticipated in Q4-25 from orders received in Q2-25. We also anticipate increased orders for 2.5D advanced packaging systems for AI-related datacenter applications from both global IDMs and Asian subcontractors. In addition, there are early signs of a recovery in our mainstream assembly markets principally related to increased demand by Asian subcontractors for high-end mobile applications and high-performance computing applications for consumer markets.

    For Q3-25, we anticipate that revenue will decline by approximately 5-15% versus Q2-25. However, orders for Q3-25 are expected to increase significantly on a sequential basis due to increased demand for hybrid bonding and 2.5D advanced packaging applications. Besi’s gross margin is anticipated to decline to a range of 60-62% in Q3-25 due to the adverse impact of a 12.8% decline in the value of the USD versus the euro in the first half of 2025. Operating expenses in Q3-25 are expected to be flat plus or minus 5% versus Q2-25 despite increased R&D spending.”

    Share Repurchase Activity
    During the quarter, Besi spent € 20.7 million to repurchase approximately 196,000 of its ordinary shares at an average price of € 105.80 per share. As of June 30, 2025, € 72.2 million of the current € 100 million share repurchase authorization has been used to repurchase approximately 644,000 ordinary shares at an average price of € 111.96 per share. As of June 30, 2025, Besi held approximately 2.0 million shares in treasury, equivalent to 2.5% of shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

    Important Dates
    • Publication Q3/Nine-month results
    • Publication Q4/Full year results

    October 23, 2025
    February 2026

    Basis of Presentation
    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.

    Contacts:
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Michael Sullivan, Investor Relations
    Tel. (31) 26 319 4500
    investor.relations@besi.com

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements
    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.

    In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi’s supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
         
    (€ thousands, except share and per share data) Three Months Ended
    June 30,
    (unaudited)    		 Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Revenue 148,101 151,176 292,246 297,490
    Cost of sales 54,410 52,908 106,833 100,951
             
    Gross profit 93,691 98,268 185,413 196,539
             
    Selling, general and administrative expenses 30,629 30,514 63,587 70,155
    Research and development expenses 19,571 18,503 39,073 36,422
             
    Total operating expenses 50,200 49,017 102,660 106,577
             
    Operating income 43,491 49,251 82,753 89,962
             
    Financial expense, net 5,693 1,045 8,652 1,634
             
    Income before taxes 37,798 48,206 74,101 88,328
             
    Income tax expense 5,748 6,261 10,545 12,404
             
    Net income 32,050 41,945 63,556 75,924
             
    Net income per share – basic 0.40 0.53 0.80 0.97
    Net income per share – diluted 0.40 0.53 0.80 0.97
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1

    79,184,703
    81,288,679

    79,281,533
    81,941,471

    79,206,267
    81,405,308

    78,231,430
    82,023,808

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets
     
    (€ thousands) June
    30, 2025
    (unaudited)    		 March
    31, 2025
    (unaudited)    		 December
    31, 2024
    (audited)
    ASSETS      
           
    Cash and cash equivalents 330,170 405,736 342,319
    Deposits 160,000 280,000 330,000
    Trade receivables 178,615 170,440 181,862
    Inventories 96,977 103,836 103,285
    Other current assets 53,821 46,099 40,927
           
    Total current assets 819,583 1,006,111 998,393
           
    Property, plant and equipment 51,089 42,868 44,773
    Right of use assets 13,799 15,161 15,726
    Goodwill 44,857 45,610 46,010
    Other intangible assets 103,933 98,622 96,677
    Investment property 5,206 – –
    Deferred tax assets 27,494 29,240 31,567
    Other non-current assets 1,303 1,347 1,330
           
    Total non-current assets 247,681 232,848 236,083
           
    Total assets 1,067,264 1,238,959 1,234,476
           
           
    Bank overdraft –   840 776
    Current portion of long-term debt –   – 2,042
    Trade payables 47,458 46,598 52,630
    Other current liabilities 95,530 111,170 111,531
           
    Total current liabilities 142,988 158,608 166,979
           
    Long-term debt 526,184 525,493 525,653
    Lease liabilities 10,873 11,770 12,350
    Deferred tax liabilities 10,523 10,416 10,320
    Other non-current liabilities 19,915 19,328 17,910
           
    Total non-current liabilities 567,495 567,007 566,233
           
    Total equity 356,781 513,344 501,264
           
    Total liabilities and equity 1,067,264 1,238,959 1,234,476
    Consolidated Cash Flow Statements
         
    (€ thousands)
    		 Three Months Ended
    June 30,
    (unaudited)    		 Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Cash flows from operating activities:        
             
    Income before income tax 37,798 48,206 74,101 88,328
             
    Depreciation and amortization 7,458 6,980 14,765 13,793
    Share based payment expense 4,342 6,916 8,783 23,816
    Financial expense, net 5,694 1,045 8,653 1,634
             
    Changes in working capital (11,032) (46,694) (13,145) (49,945)
    Interest (paid) received 3,726 3,893 839 5,062
    Income tax paid (21,988) (15,428) (23,563) (17,517)
             
    Net cash provided by operating activities 25,998 4,918 70,433 65,171
             
    Cash flows from investing activities:        
    Capital expenditures (11,764) (3,216) (13,497) (8,866)
    Capitalized development expenses (7,320) (4,912) (14,057) (9,575)
    Acquisition of investment property (5,206) – (5,206) –
    Repayments of (investments in) deposits 120,000 85,000 170,000 95,000
             
    Net cash provided by (used in) investing activities 95,710 76,872 137,240 76,559
             
    Cash flows from financing activities:        
    Proceeds from (payments of) bank lines of credit (840) – (776) –
    Proceeds from (payments of) debt (2,042) – (2,042) –
    Payments of lease liabilities (1,111) (1,063) (2,225) (2,106)
    Purchase of treasury shares (20,721) (14,810) (42,785) (29,589)
    Dividends paid to shareholders (172,811) (171,534) (172,811) (171,534)
             
    Net cash used in financing activities (197,525) (187,407) (220,639) (203,229)
             
    Net increase (decrease) in cash and cash equivalents (75,817) (105,617) (12,966) (61,499)
    Effect of changes in exchange rates on cash and
      cash equivalents    		 251 798 817 256
    Cash and cash equivalents at beginning of the
       period    		 405,736 232,053 342,319 188,477
             
    Cash and cash equivalents at end of the period 330,170 127,234 330,170 127,234
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                             
    REVENUE Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 37.5   25%   40.5   28%   42.8   28%   45.5   29%   57.5   38%   58.5   40%  
    Asia Pacific (excl. China) 66.1   45%   56.3   39%   53.5   35%   51.6   33%   54.1   36%   43.6   30%  
    EU / USA / Other 44.5   30%   47.3   33%   57.1   37%   59.5   38%   39.6   26%   44.2   30%  
                             
    Total 148.1   100%   144.1   100%   153.4   100%   156.6   100%   151.2   100%   146.3   100%  
                             
    ORDERS Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 44.4   35%   39.7   30%   40.4   33%   45.4   30%   43.3   23%   51.1   40%  
    Asia Pacific (excl. China) 60.7   47%   51.7   39%   38.8   32%   69.3   46%   72.0   39%   45.0   35%  
    EU / USA / Other 22.9   18%   40.5   31%   42.7   35%   37.1   24%   69.9   38%   31.6   25%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    Per customer type:                        
    IDM 71.9   56%   48.1   36%   61.2   50%   84.5   56%   122.4   66%   53.5   42%  
    Foundries/Subcontractors 56.1   44%   83.8   64%   60.7   50%   67.3   44%   62.8   34%   74.2   58%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    HEADCOUNT June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                             
    Fixed staff (FTE) 1,831   88%   1,820   88%   1,812   93%   1,807   87%   1,783   86%   1,760   88%  
    Temporary staff (FTE) 239   12%   251   12%   134   7%   271   13%   279   14%   236   12%  
                             
    Total 2,070   100%   2,071   100%   1,946   100%   2,078   100%   2,062   100%   1,996   100%  
                             
    OTHER FINANCIAL DATA Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Gross profit 93.7   63.3%   91.7   63.6%   98.2   64.0%   101.2   64.7%   98.3   65.0%   98.3   67.2%  
                             
                             
    Selling, general and admin expenses:                        
    As reported 30.6   20.7%   33.0   22.9%   28.6   18.6%   27.3   17.4%   30.5   20.2%   39.6   27.1%  
    Share-based compensation expense (4.3 )  -2.9%   (4.4 )  -3.1%   (2.9 )  -1.8%   (3.4 ) -2.1%   (6.9 ) -4.6%   (16.9 ) -11.6%  
                             
    SG&A expenses as adjusted 26.3   17.8%   28.6   19.8%   25.7   16.8%   23.9   15.3%   23.6   15.6%   22.7   15.5%  
                             
                             
    Research and development expenses:                        
    As reported 19.6   13.2%   19.5   13.5%   19.0   12.4%   18.9   12.1%   18.5   12.2%   17.9   12.2%  
    Capitalization of R&D charges 7.3   4.9%   6.7   4.6%   5.4   3.5%   4.4   2.8%   4.9   3.2%   4.7   3.2%  
    Amortization of intangibles (3.9 ) -2.6%   (3.7 ) -2.5%   (3.9 ) -2.5%   (3.9 ) -2.5%   (3.6 ) -2.3%   (3.6 ) -2.4%  
                             
    R&D expenses as adjusted 23.0   15.5%   22.5   15.6%   20.5   13.4%   19.4   12.4%   19.8   13.1%   19.0   13.0%  
                             
                             
    Financial expense (income), net:                        
    Interest income (3.4 )   (5.0 )   (5.1 )   (5.2 )   (3.0 )   (4.0 )  
    Interest expense 6.4     6.3     6.1     5.7     2.1     2.8    
    Net cost of hedging 2.3     1.8     2.0     1.9     1.4     1.6    
    Foreign exchange effects, net 0.4     (0.1 )   0.9     (0.8 )   0.5     0.2    
                             
    Total 5.7     3.0     3.9     1.6     1.0     0.6    
                             
                             
    Operating income (as % of net sales) 43.5   29.4%   39.3   27.2%   50.6   33.0%   55.1   35.2%   49.3   32.6%   40.7   27.8%  
                             
    EBITDA (as % of net sales) 50.9   34.4%   46.6   32.3%   58.0   37.8%   62.4   39.8%   56.2   37.2%   47.5   32.5%  
                             
    Net income (as % of net sales) 32.1   21.6%   31.5   21.9%   59.3   38.6%   46.8   29.9%   41.9   27.7%   34.0   23.2%  
                             
    Effective tax rate 15.2%     13.2%     -27.0%     12.6%     13.0%     15.3%    
                             
                             
    Income per share                        
    Basic 0.40     0.40     0.75     0.59     0.53     0.44    
    Diluted 0.40     0.40     0.74     0.59     0.53     0.44    
                             
    Average shares outstanding (basic) 79,184,703 79,228,071 79,402,192 79,630,787 79,281,533 77,181,326
                             
    Shares repurchased                        
    Amount 20.7     22.1     22.4     27.8     14.8     14.8    
    Number of shares 195,647 186,869  198,450  230,807  105,042  101,049 
                             
                             
    Gross cash 490.2     685.7     672.3     637.4     257.2     447.1    
                             
    Net cash (36.0 )   159.4     143.8     110.7     74.4     180.9    
                             

    The MIL Network –

  • MIL-OSI: Defiance Launches JPX: The First 2X Leveraged ETF on JPM (JP Morgan)

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of a new innovative ETF: the Defiance Daily Target 2X Long JPM ETF (Ticker: JPX). JPX provides investors with amplified 2X daily exposure to the performance of JPMorgan Chase & Co. (JPM), empowering retail investors to capitalize on high-growth opportunities in the financial services without the need for a margin account.

    JPX seeks to deliver daily investment results, before fees and expenses, of 200% of the daily performance of JPMorgan Chase & Co., a global financial powerhouse known for its leadership in banking, asset management, and investment services. JPX utilizes derivatives such as swaps and options to achieve its leveraged objectives, offering precise exposure to these dynamic companies.

    “JPX represents Defiance’s continued commitment to pioneering leveraged ETFs that give investors amplified access to transformative companies,” said Sylvia Jablonski, CEO of Defiance ETFs. “JPMorgan’s dominance in financial innovation makes JPX a timely addition to our lineup, allowing active investors to pursue high-growth strategies in resilient sectors.”

    Why JPMorgan Chase & Co.?
    JPMorgan Chase & Co. is a cornerstone of the global economy, with a market-leading position in consumer banking, corporate & investment banking, and asset & wealth management. As digital transformation accelerates in finance, JPM continues to innovate with fintech integrations, blockchain applications, and sustainable investing initiatives, positioning it for sustained growth amid economic shifts.

    An investment in JPX is not an investment in JPMorgan Chase & Co.

    The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

    About Defiance
    Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    JPM Risks. The Funds invest in swap contracts and options that are based on the share prices of JPM. This subjects the Funds to the risk that the respective share prices decrease. If the share price of JPM decreases, the Funds will likely lose value and, as a result, the Funds may suffer significant losses. Therefore, as a result of the Funds’ exposure to the values of JPM, the Funds may also be subject to the following risks:

    Underlying Securities Trading Risk. The trading prices of JPM may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

    Underlying Securities Performance Risk. JPM may fail to meet publicly announced guidelines or other expectations about its business, which could cause its share price to decline.

    Financial Services Industry Risk (JPX). The financial services industry can be significantly affected by regulatory changes, economic conditions, interest rate fluctuations, and competitive pressures.

    Derivatives Risks. The Funds’ derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

    Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

    Leverage Risk. As part of the Funds’ principal investment strategy, the Funds will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss.

    Compounding Risk. The Funds have a single day investment objective, and performance for any other period is the result of compounding daily returns for each trading day. The effects of compounding will likely cause the performance of a Fund to be either greater than or less than the Underlying Security’s performance times the stated multiple in the Fund’s investment objective, before accounting for fees and fund expenses.

    High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

    Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk of the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

    New Fund Risk. As newly formed funds, they have no operating history, providing a limited basis for investors to assess performance or management.

    Brokerage commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC.

    David Hanono, info@defianceetfs.com, 833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6fcf824-f9fc-4d50-a76d-7c63a7166247

    The MIL Network –

  • MIL-OSI: Defiance Launches JPX: The First 2X Leveraged ETF on JPM (JP Morgan)

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Defiance ETFs, a leader in thematic and leveraged exchange-traded funds, today announced the launch of a new innovative ETF: the Defiance Daily Target 2X Long JPM ETF (Ticker: JPX). JPX provides investors with amplified 2X daily exposure to the performance of JPMorgan Chase & Co. (JPM), empowering retail investors to capitalize on high-growth opportunities in the financial services without the need for a margin account.

    JPX seeks to deliver daily investment results, before fees and expenses, of 200% of the daily performance of JPMorgan Chase & Co., a global financial powerhouse known for its leadership in banking, asset management, and investment services. JPX utilizes derivatives such as swaps and options to achieve its leveraged objectives, offering precise exposure to these dynamic companies.

    “JPX represents Defiance’s continued commitment to pioneering leveraged ETFs that give investors amplified access to transformative companies,” said Sylvia Jablonski, CEO of Defiance ETFs. “JPMorgan’s dominance in financial innovation makes JPX a timely addition to our lineup, allowing active investors to pursue high-growth strategies in resilient sectors.”

    Why JPMorgan Chase & Co.?
    JPMorgan Chase & Co. is a cornerstone of the global economy, with a market-leading position in consumer banking, corporate & investment banking, and asset & wealth management. As digital transformation accelerates in finance, JPM continues to innovate with fintech integrations, blockchain applications, and sustainable investing initiatives, positioning it for sustained growth amid economic shifts.

    An investment in JPX is not an investment in JPMorgan Chase & Co.

    The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

    About Defiance
    Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    JPM Risks. The Funds invest in swap contracts and options that are based on the share prices of JPM. This subjects the Funds to the risk that the respective share prices decrease. If the share price of JPM decreases, the Funds will likely lose value and, as a result, the Funds may suffer significant losses. Therefore, as a result of the Funds’ exposure to the values of JPM, the Funds may also be subject to the following risks:

    Underlying Securities Trading Risk. The trading prices of JPM may be highly volatile and could continue to be subject to wide fluctuations in response to various factors.

    Underlying Securities Performance Risk. JPM may fail to meet publicly announced guidelines or other expectations about its business, which could cause its share price to decline.

    Financial Services Industry Risk (JPX). The financial services industry can be significantly affected by regulatory changes, economic conditions, interest rate fluctuations, and competitive pressures.

    Derivatives Risks. The Funds’ derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

    Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions.

    Leverage Risk. As part of the Funds’ principal investment strategy, the Funds will make investments in swap contracts and options. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the Underlying Securities, as well as the potential for greater loss.

    Compounding Risk. The Funds have a single day investment objective, and performance for any other period is the result of compounding daily returns for each trading day. The effects of compounding will likely cause the performance of a Fund to be either greater than or less than the Underlying Security’s performance times the stated multiple in the Fund’s investment objective, before accounting for fees and fund expenses.

    High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses and reduce performance. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

    Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk of the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

    New Fund Risk. As newly formed funds, they have no operating history, providing a limited basis for investors to assess performance or management.

    Brokerage commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC.

    David Hanono, info@defianceetfs.com, 833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6fcf824-f9fc-4d50-a76d-7c63a7166247

    The MIL Network –

  • MIL-Evening Report: Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief

    This is Democracy Now!. I’m Amy Goodman.

    More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory.

    The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration.”

    Their warning came as the Palestinian Ministry of Health said the number of starvation-related deaths has climbed to at least 111 people.

    This is Ghada al-Fayoumi, a displaced Palestinian mother of seven in Gaza City.

    GHADA AL-FAYOUMI: “[translated] My children wake up sick every day. What do I do? I get saline solution for them. What can I do?

    “There’s no food, no bread, no drinks, no rice, no sugar, no cooking oil, no bulgur, nothing. There is no kind of any food available to us at all.”

    AMY GOODMAN: Thousands of antiwar protesters marched on Tuesday in Tel Aviv outside Israel’s military headquarters, demanding an end to Israel’s assault and a lifting of the Gaza siege. This is Israeli peace activist Alon-Lee Green with the group Standing Together.

    ALON-LEE GREEN: “We are marching now in Tel Aviv, holding bags of flour and the pictures of these children that have been starved to death by our government and our army.

    “We demand to stop the starvation in Gaza. We demand to stop the annihilation of Gaza. We demand to stop the daily killing of children and innocent people in Gaza.

    “This cannot go on. We are Israelis, and this does not serve us. This only serves the Messianic people that lead us.”

    AMY GOODMAN: This comes as the World Health Organisation has released a video showing the Israeli military attacking WHO facilities in central Gaza’s Deir al-Balah. A WHO spokesperson condemned the attack, called for the immediate release of a staff member abducted by Israeli forces.

    TARIK JAŠAREVIĆ: “Male staff and family members were handcuffed, stripped, interrogated on the spot and screened at gunpoint.

    “Two WHO staff and two family members were detained.”

    AMY GOODMAN: Meanwhile, health officials in Gaza say Israeli attacks over the past day killed more than 70 people, including five more people seeking food at militarised aid sites. Amid growing outrage worldwide, UN Secretary-General António Guterres said on Tuesday the situation in Gaza right now is a “horror show”.

    UN SECRETARY-GENERAL ANTÓNIO GUTERRES: “We need look no further than the horror show in Gaza, with a level of death and destruction without parallel in recent times.

    “Malnourishment is soaring. Starvation is knocking on every door.”

    AMY GOODMAN: For more, we’re joined by Michael Fakhri, the UN Special Rapporteur on the Right to Food. He is a professor of law at University of Oregon, where he leads the Food Resiliency Project.


    Israel waging ‘fastest starvation campaign’ in modern history    Video: Democracy Now!

    Dr Michael Fakhri, welcome back to Democracy Now! If you can respond to what’s happening right now, the images of dying infants starving to death, the numbers now at over 100, people dropping in the streets, reporters saying they can’t go on?

    Agence France-Presse’s union talked about they have had reporters killed in conflict, they have had reporters disappeared, injured, but they have not had this situation before with their reporters starving to death.

    DR MICHAEL FAKHRI: Amy, the word “horror” — I mean, we’re running out of words of what to say. And the reason it’s horrific is it was preventable. We saw this coming. We’ve seen this coming for 20 months.

    Israel announced its starvation campaign back in October 2023. And then again, Prime Minister Netanyahu announced on March 1 that nothing was to enter Gaza. And that’s what happened for 78 days. No food, no water, no fuel, no medicine entered Gaza.

    And then they built these militarised aid sites that are used to humiliate, weaken and kill the Palestinians. So, what makes this horrific is it has been preventable, it was predictable. And again, this is the fastest famine we’ve seen, the fastest starvation campaign we’ve seen in modern history.

    AMY GOODMAN: So, can you talk about what needs to be done at this point and the responsibility of the occupying power? Israel is occupying Gaza right now. What it means to have to protect the population it occupies?

    DR FAKHRI: The International Court of Justice outlined Israel’s duties in its decisions over the last year. So, what Israel has an obligation to do is, first, end its illegal occupation immediately. This came from the court itself.

    Second, it must allow humanitarian relief to enter with no restrictions. And this hasn’t been happening. So, usually, we would turn to the Security Council to authorise peacekeepers or something similar to assist.

    But predictably, again, the United States keeps vetoing anything to do with a ceasefire. When the Security Council is in a deadlock because of a veto, the General Assembly, the UN General Assembly, has the authority to call for peacekeepers to accompany humanitarian convoys to enter into Gaza and to end Israel’s starvation campaign against the Palestinian people.

    AMY GOODMAN: People actually protested outside the house of UN Secretary-General António Guterres yesterday. People protested all over the world yesterday against the Palestinians being starved and bombed to death. Those in front of the UN Secretary-General’s house said they don’t dispute that he has raised this issue almost every day, but they say he can do more.

    Finally, Michael Fakhri, what does the UN need to do — the US, Israel, the world?

    DR FAKHRI: So, as I mentioned, first and foremost, they can authorise peacekeepers to enter to stop the starvation. But, second, they need to create consequences.

    The world has a duty to prevent this starvation. The world has a duty to prevent and end this genocide. And as a result, then, what the world can do is impose sanctions.

    And again, this is supported by the International Court of Justice. The world needs to impose wide-scale sanctions against the state of Israel to force it to end the starvation and genocide of civilians, of Palestinian civilians in Gaza today.

    AMY GOODMAN: Well, I want to thank you so much for being with us, Michael Fakhri, UN Special Rapporteur on the Right to Food, speaking to us from Eugene, Oregon.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Reserve Bank says unemployment rise was not a shock, inflation on track

    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

    Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month.

    In a speech today to the Anika Foundation, Bullock said there has been:

    meaningful progress in bringing inflation down.

    But the Reserve Bank is waiting for confirmation that underlying inflation has actually moved back towards the mid-point of its 2% to 3% target band:

    We still think it will show inflation declining slowly towards 2.5%, but we are looking for data to support this expectation.

    The governor was pleased to see the progress on inflation did not come at the cost of jobs growth. Employment has remained around an all-time high as a proportion of the population. Comparable countries have not managed as well as this.

    The Reserve Bank has cut interest rates twice this year, and said policy is leaning towards further cuts by the end of the year.

    The dual mandate

    The Reserve Bank’s 2-3% inflation target is well known. But it is not the sole focus of policymakers. The bank actually has a dual mandate of inflation and employment, which was the topic of Bullock’s annual speech to Sydney’s financial community.

    The Reserve Bank Act charges the bank’s monetary policy board with setting monetary policy:

    in a way that, in the Board’s opinion, best contributes to:

    (i) price stability in Australia; and

    (ii) the maintenance of full employment in Australia.

    Full employment has been enshrined in legislation as a goal of the central bank since the 1940s.

    Last week, the monthly employment report unexpectedly showed a jump in unemployment to 4.3% in June after five months as 4.1% as more people looked for work.

    In her speech, Bullock said while some of the coverage suggested the increase was a shock, the employment figures over the whole of the June quarter were in line with the bank’s forecasts.

    She did not think it would have meant a different decision at the last board meeting if it had been known then.

    Are the twin goals in conflict or complementary?

    Some other central banks, such as the US Federal Reserve, also have dual mandates.

    In the long run, there is no conflict between these goals. In the governor’s words:

    Low and stable inflation – or price stability – is a prerequisite for strong and sustainable employment growth because it creates favourable conditions for households and businesses to plan, invest and create jobs without having to worry about inflation.

    Even in the short run, the two goals often involve no conflict. When the economy is overheating, inflation is high and unemployment low, so it is clear interest rates should be raised. During a recession, inflation is low and unemployment high, so it is clear interest rates should be lowered.

    But there are times when the implications from the two goals clash. A surge in oil prices, for example, could lead to both higher inflation (suggesting interest rates should be raised) and weaker economic activity (suggesting interest rates should be lowered).

    The governor said the bank’s response may depend on the likely longevity of such a shock:

    If a supply disruption is temporary and modest, monetary policy should mostly ‘look through’ it. Raising interest rates makes little sense if inflation is expected to ease once temporary supply disruptions are resolved – it would only weaken the job market.

    By contrast, when a supply shock is likely to have a longer lasting effect on the economy and inflation there may be stronger grounds for monetary policy to respond.

    The outlook

    In its latest published forecasts, in May, the bank said that if, as markets expected, it lowers its cash rate target to 3.4% by the end of the year, then unemployment would rise marginally, to 4.3%, while its preferred measure of underlying inflation drops to 2.6%.

    The Reserve Bank will release its updated forecasts after its next policy meeting on August 12, when it is also expected to cut interest rates.

    Better monthly inflation data on the way

    The Reserve Bank governor has made clear she regards the quarterly inflation series as a better guide than the current monthly series. At her May press conference she said:

    We get four readings on inflation a year.

    The Australian Bureau of Statistics has announced it is upgrading the monthly consumer price index (CPI) with effect from the October 2025 reading. It will then have the same coverage as the current quarterly CPI. But it will still be a more volatile measure than the quarterly.

    The bank will go through a learning experience becoming familiar with the new monthly series.



    Read more:
    Australia’s inflation rate is to go monthly. Be careful what you wish for

    John Hawkins was formerly a senior economist at the Reserve Bank.

    – ref. Reserve Bank says unemployment rise was not a shock, inflation on track – https://theconversation.com/reserve-bank-says-unemployment-rise-was-not-a-shock-inflation-on-track-261759

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows

    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne

    Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC

    A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed to ensure the ecology of Australia’s largest river system is properly restored.

    The assessment, by the Murray–Darling Basin Authority, is the most comprehensive to date.

    The authority says the river system is doing better now than it would have without the plan, which aims to ensure sustainable water use for the environment, communities and industries. But it found there is more to be done.

    We are water, economics and environmental researchers with many years of experience working in the Murray-Darling Basin. We agree more work is needed, but with a more local focus, to restore the basin to health.

    This requires more than just more water for the environment. Coordinated local efforts to restore rivers and the surrounding land are desperately needed. There’s so much more to the river system than just the water it contains.

    Preparing for the 2026 Basin Plan Review (Murray–Darling Basin Authority)

    What’s the plan?

    The Murray-Darling Basin is Australia’s food bowl. But for too long, the health of environment was in decline – rivers were sick and wildlife was suffering. The river stopped flowing naturally to the sea because too much water was being taken from it.

    Poor land management has also degraded the river system over time. Floodplain vegetation has been damaged, the river channel has been re-engineered, and pest plants and animals have been introduced.

    The Murray-Darling Basin Plan was established in 2012. It aimed to recover water for the environment and safeguard the long-term health of the river system, while continuing to support productive agriculture and communities. It demanded more water for the environment and then described how this water would be delivered, in the form of targeted “environmental flows”.

    Since 2012, the allocation of water to various uses has gradually changed. So far, 2,069 billion litres (gigalitres) of surface water has been recovered for the environment. Combined with other earlier water recovery, a total of about 28% of water previously diverted for agriculture, towns and industry is now being used by the environment instead.

    A mixed report card

    The evaluation released today is the first step towards a complete review of the plan next year. The 2026 review will make recommendations to Environment and Water Minister Murray Watt. It will then be up to him to decide whether any changes are needed.

    It is a mixed report card. Ecological decline has been successfully halted at many sites. But sustained restoration of ecosystems across the basin is yet to be achieved, and native fish populations are in poor condition across 19 of the basin’s 23 catchments.

    Climate change is putting increasing pressure on water resources. More intense and frequent extreme climate events and an average 20–30% less streamflow (up to 50% in some rivers) are expected by mid-century.

    The evaluation also called for better policy and program design. Specifically, flexible programs have proven more effective than prescriptive, highly regulated programs.

    Finally, the report also highlights that the cost of water reform is increasing.

    Direct buybacks of water licences, mostly from irrigators, account for around two-thirds of the water recovered for the environment under the basin plan. Buybacks are the simplest and most cost-effective way to recover water but are controversial because of concerns about social and economic impacts.

    Much of the remaining water has been recovered through investment in more efficient water supply infrastructure, with water savings reserved for environmental use.

    The authority suggests different approaches will be needed for additional water recovery.

    Having plenty of native vegetation on river banks is important for river health.
    Geoff Reid, One Basin CRC

    Healthy rivers need more than water

    For the past two decades, measures to restore the Murray-Darling Basin have focused largely on water recovery. But research suggests attention now needs to be paid to other, more local actions.

    In March, one author of this article – Samantha Capon – identified nine priority actions to restore Australia’s inland river and groundwater ecosystems at local levels. They included:

    • revegetating land alongside waterways
    • retiring some farmland
    • modifying barriers to fish movements
    • installing modern fish screens on irrigation pumps.

    The study estimated such actions would cost around A$2.9 billion a year, if completed over the next 30 years.

    Works to restore vegetation or other environmental conditions at these critical habitats will only occur with landholders, as well as Traditional Owners.

    That’s because most of the basin’s wetlands and floodplain areas are on private property, including in irrigation districts.

    Irrigator involvement is needed to place fish screens on private irrigation pumps or retire farmland. There is a growing interest and some early experience in using private irrigation channels to deliver environmental water. This also requires local partnerships.

    The basin plan should include targets for environmental outcomes, not just water recovery. This will allow the benefits from local restoration measures and environmental flows to be included when tracking the plan.

    Such ecosystem accounting tools already exist. Research is urgently needed to make these tools both locally relevant and suitable for the basin plan.

    Time for a local approach

    To date, water for the environment under the basin plan has been recovered largely through centralised government-led programs. Decisions around the delivery of environmental flows are also largely in the hands of government agencies.

    But other local restoration actions are also needed.

    A business-as-usual approach would leave responsible agencies struggling to complete these vital local measures with limited funding, resources and accountability.

    Michael Stewardson is a member of the Advisory Committee on Social, Economic and Environmental Science, which advises the Murray Darling Basin Authority,, although he is not representing the views of this committee in this article. The committee is established under Section 203 of the Water Act 2007.
    Michael Stewardson is the CEO of the One Basin CRC, which is jointly funded under the commonwealth Cooperative Research Centre Program and by its partners listed here: https://onebasin.com.au/
    These partners include: state and federal government agencies including the Murray Darling Basin Authority; irrigation infrastructure operators (government owned and non-government), natural resource management agencies (government and non-government); agriculture businesses, industry organisation and R&D organisations; local government organisations; consulting companies in the water sector; technology companies; education and training organisations; and research organisation. Partners contribute to the One Basin CRC in the form of in-kind and cash contributions. The One Basin CRC is also funded by the Commonwealth Environmental Water Office under its FlowMER program. The views in this article do not necessarily represent the views of these partner and funding organisations.
    Michael Stewardson has previously received research funding from the Australian Research Council and both state and federal government agencies.

    Neville Crossman is a Program Leader for Adaptation and Innovation in the One Basin CRC. He is a past employee of the Murray-Darling Basin Authority (2018-2024). He has worked closely with a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout his career.

    Samantha Capon receives funding from the federal Department of Climate Change, Energy Efficiency, the Environment and Water (DCCEEW), NSW DCCEEW, the Cotton Research and Development Corporation. She is a member of the Murray-Darling Basin Authority’s Advisory Committee for Social, Economic and Environmental Science (ACSEES), but is not representing the view of this committee in this article. Samantha has worked closely with NRM agencies, a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout her career.

    Seth Westra is the Research Director for the One Basin CRC. He receives funding from the federal Department of Climate Change, Energy Efficiency, the Environment and Water (DCCEEW), NSW DCCEEW and the South Australian Department for Environment and Water (DEW). Seth is Research Director of the One Basin Cooperative Research Centre, Director of the Systems Cooperative, and has worked closely with NRM agencies, a range of State and federal government agencies and many researchers, industry and community members in the Murray-Darling Basin throughout his career.

    – ref. The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows – https://theconversation.com/the-murray-darling-basin-plan-evaluation-is-out-the-next-step-is-to-fix-the-land-not-just-the-flows-261840

    MIL OSI Analysis – EveningReport.nz –

  • Israeli strike kills hungry Gaza family in their sleep

    Source: Government of India

    Source: Government of India (4)

    The Al-Shaer family went to bed hungry at their home in Gaza City. An Israeli airstrike killed them in their sleep.

    The family – freelance journalist Wala al-Jaabari, her husband and their five children – were among more than 100 people killed in 24 hours of Israeli strikes or gunfire, according to health officials.

    Their corpses lay in white shrouds outside their bombed home on Wednesday with their names scribbled in pen. Blood seeped through the shrouds as they lay there, staining them red.

    “This is my cousin. He was 10. We dug them out of the rubble,” Amr al-Shaer, holding one of the bodies after retrieving it.

    Iman al-Shaer, another relative who lives nearby, said the family hadn’t eaten anything before the bombs came down. “The children slept without food,” he said.

    The Israeli military did not immediately comment on the strike at the family’s home, but said its air force had struck 120 targets throughout Gaza in the past day, including “terrorist cells, military structures, tunnels, booby-trapped structures, and additional terrorist infrastructure sites”.

    Relatives said some neighbours were spared only because they had been out searching for food at the time of the strike.

    Ten more Palestinians died overnight from starvation, the Gaza health ministry said, bringing the total number of people who have starved to death to 111, most of them in recent weeks as a wave of hunger crashes on the Palestinian enclave.

    The World Health Organization said on Wednesday 21 children under the age of five were among those who died of malnutrition so far this year. It said it had been unable to deliver any food for nearly 80 days between March and May and that a resumption of food deliveries was still far below what is needed.

    In a statement on Wednesday, 111 organisations, including Mercy Corps, the Norwegian Refugee Council and Refugees International, said mass starvation was spreading even as tons of food, clean water and medical supplies sit untouched just outside Gaza, where aid groups are blocked from accessing them.

    Israel, which cut off all supplies to Gaza from the start of March and reopened it with new restrictions in May, says it is committed to allowing in aid but must control it to prevent it from being diverted by militants. It says it has let enough food into Gaza during the war and blames Hamas for the suffering of Gaza’s 2.2 million people.

    Israel has also accused the United Nations of failing to act in a timely fashion, saying 700 truckloads of aid are idling inside Gaza. “It is time for them to pick it up and stop blaming Israel for the bottlenecks which are occurring,” Israeli government spokesman David Mercer said on Wednesday.

    The United Nations and aid groups trying to deliver food to Gaza say Israel, which controls everything that comes in and out, is choking delivery, and Israeli troops have shot hundreds of Palestinians dead close to aid collection points since May.

    “We have a minimum set of requirements to be able to operate inside Gaza,” Ross Smith, the director of emergencies at the U.N. World Food Programme, told Reuters. “One of the most important things I want to emphasize is that we need to have no armed actors near our distribution points, near our convoys.”

    Israel’s U.N. Ambassador Danny Danon told the Security Council on Wednesday that Israel will now grant only one-month visas to international staff from the United Nations Office for the Coordination of Humanitarian Affairs.

    FALTERING PEACE TALKS

    The war between Israel and Hamas has been raging for nearly two years since Hamas killed some 1,200 Israelis and took 251 hostages from southern Israel in the deadliest attack in Israel’s history.

    Israel has since killed nearly 60,000 Palestinians in Gaza, decimated Hamas as a military force, reduced most of the territory to ruins and forced nearly the entire population to flee their homes multiple times.

    U.S. Middle East peace envoy Steve Witkoff is expected to hold new ceasefire talks, travelling to Europe this week for meetings on the Gaza war and a range of other issues, a U.S. official said on Tuesday.

    A Palestinian official close to the Gaza ceasefire talks and the mediation efforts told Reuters on Wednesday that Hamas had handed its response on the ceasefire proposal to mediators, declining to elaborate further.

    Talks on a proposal for a 60-day ceasefire between Israel and Hamas, which would include the release of more of the 50 hostages still being held in Gaza, are being mediated by Qatar and Egypt with Washington’s backing.

    Successive rounds of negotiations have achieved no breakthrough since the collapse of a ceasefire in March.

    Israel’s President Isaac Herzog told soldiers during a visit to Gaza on Wednesday that “intensive negotiations” about returning the hostages held there were underway and he hoped that they would soon “hear good news”, according to a statement.

    A senior Palestinian official earlier told Reuters Hamas might give mediators a response to the latest proposals in Doha later on Wednesday, on the condition that amendments be made to two major sticking points: details on an Israeli military withdrawal, and on how to distribute aid during a truce.

    Israeli Prime Minister Benjamin Netanyahu’s cabinet includes far-right parties that oppose any agreement that ends without the total destruction of Hamas.

    “The second I spot weakness in the prime minister and if I come to think, heaven forbid, that this is about to end with us surrendering instead of with Hamas’s absolute surrender, I won’t remain (in the government) for even a single day,” Finance Minister Belalel Smotrich told Army Radio.

    (Reuters)

  • MIL-OSI: Toobit Launches Flagship International Futures Tournament (TIFT) with 3,000,000 USDT Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, July 24, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning global cryptocurrency exchange, today announces the official launch of its highly anticipated Toobit International Futures Tournament (TIFT). Featuring a massive 3,000,000 USDT in total prizes, TIFT is set to be one of the most exhilarating trading competitions of the year, inviting top-tier traders from across the globe to put their strategies to the test and claim their share of the monumental prize pool.

    Traders can register now to take advantage of exclusive early bird incentives. Participants who register early will receive a 10 USDT sign-up bonus from a 20,000 USDT prize pool. An additional 20 USDT bonus is available for early registrants who achieve a futures trading volume exceeding 30,000 USDT during the tournament, drawn from a 30,000 USDT pool. These bonuses are allocated on a first-come, first-served basis.

    TIFT offers a dynamic competition structure designed to ignite the competitive spirit in every trader, featuring intense team and individual challenges. Beyond the lucrative prizes, TIFT offers an unparalleled platform for traders to benchmark their skills, learn from top performers, and elevate their trading strategies in a high-stakes, real-time environment.

    Here’s what TIFT has in store:

    Team Expedition

    Unite with a squad and strategize for a share of the 1,500,000 USDT prize pool. Rewards are distributed among Captains and top-performing team members.

    Solo Summit

    Climb the leaderboard and conquer the 600,000 USDT prize pool by outperforming the competition based on trading volume.

    Climber’s Cache

    Participate in daily draws to win from a 790,000 USDT pool of bonuses, including USDT, DOGE, TON, and exclusive Toobit merchandise.

    Early Bird & Team Captain Incentives

    Get in early and lead the charge. An additional 100,000 USDT is allocated for early registrants and Team Captains.

    “We’re thrilled to kick off the Toobit International Futures Tournament,” said Mike Williams, Chief Communication Officer at Toobit. “This competition offers an incredible opportunity for traders to showcase their skills and earn rewards. TIFT is all about fostering a vibrant, competitive, and engaging environment, empowering our community with diverse ways to participate and win. We’re excited to witness the strategies unfold and celebrate the achievements of our participants.”

    Key dates to remember:

    • Early Bird Registration: July 23, 2025, 10:00 UTC – July 30, 2025, 10:00 UTC
    • Team Creation Period: July 23, 2025, 10:00 UTC – August 1, 2025, 23:59 UTC
    • User Registration Period: July 23, 2025, 10:00 UTC – August 25, 2025, 10:00 UTC
    • Team/Solo Competition Period: August 4, 2025, 00:00 UTC – August 25, 2025, 10:00 UTC
    • Climber’s Cache Draw Period: July 23, 2025, 10:00 UTC – August 25, 2025, 10:00 UTC

    Register on the TIFT page. For complete rules and prize details, visit the Toobit announcement page.

    About Toobit

    Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

    For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

    Contact: Davin C.
    Email: market@toobit.com
    Website: www.toobit.com

    Disclaimer: This content is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fa03ae1-03ce-4b08-9d58-abb5c6697641

    The MIL Network –

  • MIL-OSI China: China takes strong measures to ensure affordable medicines during 14th Five-Year Plan period

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

    China takes strong measures to ensure affordable medicines during 14th Five-Year Plan period

    BEIJING, July 24 — During the 14th Five-Year Plan period (2021-2025), China’s medical insurance authority adopted multiple measures to ensure reasonable pricing of medicines, a senior Chinese official said Thursday.

    Shi Zihai, deputy head of the National Healthcare Security Administration (NHSA), introduced the measures at a press conference held by the State Council Information Office.

    Since 2018, the country has carried out 10 rounds of centralized medicine procurement, covering 435 medicines, Shi said. He noted that the centralized procurement program has been an effective means to curb the overpricing of medicines, has significantly eased the people’s burden in receiving medication, and improved the quality and accessibility of medicines.

    The NHSA also actively handled cases of irregular drug pricing and urged pharmaceutical companies to rectify their practices. To date, the administration has issued notices to 566 companies, requiring price adjustments for 726 medicines across various specifications.

    In addition, the NHSA implemented measures to regulate medicine prices both online and at physical drugstores, Shi said.

    The official noted that some pharmaceutical companies abused their pricing autonomy and disrupted market order through practices such as offering kickbacks, monopolizing the market, and controlling sales.

    He said that while the NHSA resolutely supports high-quality medical innovation and respects the autonomy of companies in setting drug prices, it has also taken a stronger role in managing medicine pricing and maintaining market order.

    MIL OSI China News –

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network –

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network –

  • MIL-OSI: cBrain positioned as first-mover supporting new U.S. standards for environmental permitting

    Source: GlobeNewswire (MIL-OSI)

    Press Release no. 6/2025

    cBrain positioned as first-mover supporting new U.S. standards for environmental permitting

    Copenhagen, July 24, 2025

    cBrain (NASDAQ: CBRAIN) today announced that the cBrain F2 Permitting Solution supports the newly established U.S. federal standards for environmental permitting, as defined by the White House Council on Environmental Quality (CEQ). cBrain believes it is among the very first vendors to support the new CEQ standards.

    In collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed a fully digital permitting solution based on the cBrain F2 platform. This solution replaces traditional paper-based applications, reduces case processing times, and enhances both quality and transparency.

    As the importance of environmental assessment and permitting grows globally, governments are increasingly requiring robust review and approval processes for infrastructure projects such as roads, bridges, mines, factories, and power plants. This trend creates a significant market opportunity for cBrain.

    Earlier this year, as part of its expanded growth strategy, cBrain identified environmental permitting as a key international vertical. The company aims to establish a leading global position in this market with its cBrain F2 Environmental Permitting solution.

    To support international scaling, cBrain has formed a dedicated team focused on exporting the F2 Environmental Permitting solution and views environmental permitting as a strategic entry point into the U.S. market.

    In April 2025, the White House issued an Executive Order directing all federal agencies to adopt digital technologies to streamline environmental permitting. 30 days later, the White House Council on Environmental Quality (CEQ) released their Permitting Technology Action Plan and introduced a new set of federal data standards for digital permitting systems.

    cBrain has rapidly configured its F2 Environmental Permitting solution to align with these standards and, in July 2025, demonstrated the adapted solution to U.S. federal authorities in Washington, D.C.

    This early alignment provides a first-mover advantage and cBrain is experiencing an increased interest in its permitting technology as federal and state agencies are seeking to provide answers to political demand for faster permitting through digital modernization.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Press Release may be directed to 

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network –

  • MIL-OSI: cBrain positioned as first-mover supporting new U.S. standards for environmental permitting

    Source: GlobeNewswire (MIL-OSI)

    Press Release no. 6/2025

    cBrain positioned as first-mover supporting new U.S. standards for environmental permitting

    Copenhagen, July 24, 2025

    cBrain (NASDAQ: CBRAIN) today announced that the cBrain F2 Permitting Solution supports the newly established U.S. federal standards for environmental permitting, as defined by the White House Council on Environmental Quality (CEQ). cBrain believes it is among the very first vendors to support the new CEQ standards.

    In collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed a fully digital permitting solution based on the cBrain F2 platform. This solution replaces traditional paper-based applications, reduces case processing times, and enhances both quality and transparency.

    As the importance of environmental assessment and permitting grows globally, governments are increasingly requiring robust review and approval processes for infrastructure projects such as roads, bridges, mines, factories, and power plants. This trend creates a significant market opportunity for cBrain.

    Earlier this year, as part of its expanded growth strategy, cBrain identified environmental permitting as a key international vertical. The company aims to establish a leading global position in this market with its cBrain F2 Environmental Permitting solution.

    To support international scaling, cBrain has formed a dedicated team focused on exporting the F2 Environmental Permitting solution and views environmental permitting as a strategic entry point into the U.S. market.

    In April 2025, the White House issued an Executive Order directing all federal agencies to adopt digital technologies to streamline environmental permitting. 30 days later, the White House Council on Environmental Quality (CEQ) released their Permitting Technology Action Plan and introduced a new set of federal data standards for digital permitting systems.

    cBrain has rapidly configured its F2 Environmental Permitting solution to align with these standards and, in July 2025, demonstrated the adapted solution to U.S. federal authorities in Washington, D.C.

    This early alignment provides a first-mover advantage and cBrain is experiencing an increased interest in its permitting technology as federal and state agencies are seeking to provide answers to political demand for faster permitting through digital modernization.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Press Release may be directed to 

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network –

  • MIL-OSI Submissions: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

    Source: The Conversation – Global Perspectives – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne

    Hilaire Bule/Getty

    Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found.

    The court delivered its long-awaited advisory opinion overnight. The momentous case opens the door for countries impacted by climate disasters to sue major emitting countries for reparations.

    And citizens could seek to hold governments to account for a failure to safeguard their human rights if their own or other countries fail to take adequate action to ensure a safe climate.

    Here’s what the court ruled – and the global ramifications likely to flow from it.

    Vanuatu’s Climate Change Minister Ralph Regenvanu delivers a speech at a demonstration before the International Court of Justice issued its first advisory opinion on state’s legal obligations to address climate change.
    John Thys/AFP

    Climate change breaches human rights

    The ICJ case was instigated by law students at the University of the South Pacific in Vanuatu in 2019. They successfully launched a campaign for the court to examine two key issues: the obligations of countries to protect the climate from greenhouse gases, and the legal consequences for failing to do so.

    The court found a clean, healthy and sustainable environment is essential for the enjoyment of many other human rights. As such, it found, the full enjoyment of human rights cannot be ensured without the protection of the climate system and other parts of the environment.

    The ruling confirms climate change is much more than a legal problem. Rather, the justices concluded, it is an:

    existential problem of planetary proportions that imperils all forms of life and the very health of our planet.

    Most nations have signed up to global human rights agreements such as the International Covenant on Civil and Political Rights. The ICJ ruling means parties to those agreements must take measures to protect the climate system and other parts of the environment.

    An advisory opinion from the International Court of Justice is not legally binding. But it is an authoritative description of the state of the law and the rights of countries to seek reparations if the law is breached. As such, it carries great legal weight.

    Just as climate science assessments of the Intergovernmental Panel on Climate Change have become the gold standard for understanding the causes and impacts of climate change, the court’s ruling provides a clear baseline against which to assess countries’ action, or inaction, on climate change.

    Keeping 1.5°C alive?

    In recent years, many states’ emissions reduction targets under the Paris Agreement have seemed to “settle” at levels which would hold global temperature increases to 2°C at best.

    But the International Court of Justice ruled the much more ambitious 1.5°C goal had become the scientifically based consensus target under the Paris Agreement.

    Some countries argued formal emissions targets should be left to the discretion of each government. However, the court found against this. Rather, each nation’s targets had to be in line with – and make an adequate contribution to – the global goal of holding heating to 1.5°C.

    The court found each state’s emissions reduction pledges should be judged against a stringent “due diligence” standard. The standard takes into account each country’s historical contributions to emissions, level of development and national circumstances, among other factors.

    The ruling means rich countries, such as Australia, will be required under international law to make more ambitious emission-reduction pledges under the Paris Agreement, such as for the 2035 target currently under consideration by the Albanese government.

    The court decision also provides a measure of climate justice for small island states, which have historically low emissions but face a much higher risk of damage from climate change than other nations.

    Holding states accountable for inaction

    Because climate change is global, it is difficult – but not impossible – to attribute damage from extreme weather to the actions of any one nation or group of nations.

    On this question, the court said while climate change is caused by the cumulative impact of many human activities, it is scientifically possible to determine each nation’s total contribution to global emissions, taking into account both historical and current emissions.

    If a nation experiences damage caused by the failure of another nation, or group of nations, to fulfil international climate obligations, the ruling means legal proceedings may be launched against the nations causing the harm. It may result in compensation or other remedies.

    For small, climate-vulnerable nations such as those in the Alliance of Small Island States, this opens more legal options in their efforts to encourage high-emitting nations to properly address climate change.

    Importantly, the court made clear nations can be legally liable even if damage from climate change comes from many causes, including from the activities of private actors such as companies.

    That means nations cannot seek an exemption because others have contributed to the problem. They must also act to regulate companies and other entities under their jurisdiction whose activities contribute to climate change.

    Pacific Island nations emit very little but face huge threats from climate change.
    Luca Turati/Unsplash, CC BY-NC-ND

    Paris Agreement quitters aren’t safe

    One line of argument put to the court by Australia and other states was that climate treaties represented the only obligations to tackle climate change under international law.

    But the court found this was not the case. Rather, other international laws applied.

    The United States pulled out of the Paris Agreement earlier this year. The court’s opinion means the US and other nations are still accountable for climate harms under other international laws by which all countries are bound.

    Could this lead to greater climate action?

    The International Court of Justice has produced a truly historic ruling.

    It will set a new baseline in terms what countries need to do to address climate change and opens up new avenues of recourse against high-emitting states not doing enough on climate change.

    Jacqueline Peel receives funding from the Australian Research Council under her Australian Laureate Fellowship and Kathleen Fitzpatrick Award on ‘Transforming International Law for Corporate Climate Accountability’.

    – ref. Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice – https://theconversation.com/historic-ruling-finds-climate-change-imperils-all-forms-of-life-and-puts-laggard-nations-on-notice-261848

    MIL OSI –

  • Markets open flat; IT, midcap stocks under pressure amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

    At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

    Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

    Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

    In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

    “Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

    The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

    Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

    In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

    According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

    In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

    On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

    IANS

  • Markets open flat; IT, midcap stocks under pressure amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

    At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

    Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

    Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

    In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

    “Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

    The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

    Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

    In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

    According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

    In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

    On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

    IANS