NewzIntel.com

Category: Business

  • MIL-OSI United Kingdom: Raising funds to fix cladding issues

    Source: Scottish Government

    Building Safety Levy Bill published.

    Additional funding could be unlocked to fix building safety issues through new legislation published in the Scottish Parliament. 

    If passed, the Building Safety Levy (Scotland) Bill will see a tax charged on the construction of certain new residential properties, in line with equivalent legislation in England. 

    The Bill seeks to raise around £30 million per year to help fund work to fix residential buildings with unsafe cladding which have no linked developer.

    Latest estimates indicate that the Scottish Government’s Cladding Remediation Programme could cost £1.7 billion over a 15-year period. 

    Public Finance Minister Ivan McKee said:  

    “The Scottish Government is committed to doing what is right and necessary to address the challenge of fixing buildings affected by unsafe cladding.

    “That includes putting the appropriate funding arrangements in place to ensure that the associated costs of cladding remediation do not fall directly onto affected homeowners.

    “I know that developers share our determination to keep people safe and this levy will ensure they make a fair contribution to these costs, just as they will be doing in England.

    “I also welcome the continued cooperation of developers who have accepted responsibility for the assessments and any required mitigation and remediation of their buildings.”

    Background 

    The UK Government agreed in principle to devolve the powers needed for a Scottish Building Safety Levy last year. Powers secured to introduce building safety levy – gov.scot (www.gov.scot) 

    The legislation – which is proposed to come into effect in April 2027 – includes provisions to exempt certain types of development, including social and affordable housing. Details of tax rates will be set out in regulations if MSPs approve the Bill, consistent with the arrangements for other devolved taxes. 

    The Bill sets out a provision for a regular review period for the levy, which will be an opportunity to consider the revenue target in light of the prevailing housing market and wider economic conditions, as well as the emerging position on the scale and profile of spending on our cladding remediation work.  

    Estimated costs for the Scottish Government’s cladding remediation programme have also been published: Cladding remediation: capital spend forecasting – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI: Treasury debt ratio declines by 5% upon settlement of HF-Fund

    Source: GlobeNewswire (MIL-OSI)

    The proposal for the settlement of HF-Fund was presented at meetings held on 10 April 2025 with bondholders in series HFF34 and HFF44. It was approved by a majority of votes. The value of the HFF bonds in the settlement is estimated at ma.kr 651.

    Thereafter, in a proposed fiscal budget supplement, authorisation for settlement was requested in accordance with the proposal. The proposed budget supplement was recently passed by Parliament.

    The settlement of HF-Fund’s obligations will take place on 12 June 2025. In connection with the settlement, the Treasury will issue nine new Treasury bond series (see table) with a combined nominal value of ISK 487 bn.

      Nominal value
    RIKS 29 0917              67,000,000,000
    RIKS 34 1016              60,353,539,382
    RIKS 36 0815              59,000,000,000
    RIKS 39 1115              49,000,000,000
    RIKS 41 0815              50,000,000,000
    RIKS 44 1017              50,313,049,596
    RIKS 47 1115              48,000,000,000
    RIKS 50 0915              47,000,000,000
    RIKB 32 1015              56,000,000,000
       

    With the delivery of the said bonds, the Treasury will pay in full the loans granted to it by HF-Fund in 2020 and 2021, in the combined amount of ISK 238 bn.

    The Treasury will also deliver EUR 378 m (about ISK 55 bn) from foreign currency deposits financed with a recent Eurobond issue.

    Upon settlement, the Treasury will receive HF-Fund´s assets other than those used for the settlement, including The New Housing Fund bonds, as well as a loan portfolio, and bonds issued by leasing company Bríet, in the total amount of ISK 222 bn.

    The net effect on the Treasury Part A debt ratio (according to Maastricht criteria) is to lower the debt ratio by just over 5% of GDP.

    The MIL Network –

  • MIL-OSI Europe: Treasury debt ratio declines by 5% upon settlement of HF-Fund

    Source: Government of Iceland

    The proposal for the settlement of HF-Fund was presented at meetings held on 10 April 2025 with bondholders in series HFF34 and HFF44. It was approved by a majority of votes. The value of the HFF bonds in the settlement is estimated at ma.kr 651.

    Thereafter, in a proposed fiscal budget supplement, authorisation for settlement was requested in accordance with the proposal. The proposed budget supplement was recently passed by Parliament.

    The settlement of HF-Fund’s obligations will take place on 12 June 2025. In connection with the settlement, the Treasury will issue nine new Treasury bond series (see table) with a combined nominal value of ISK 487 bn.

     

    Nominal value

    RIKS 29 0917

    67,000,000,000

    RIKS 34 1016

    60,353,539,382

    RIKS 36 0815

    59,000,000,000

    RIKS 39 1115

    49,000,000,000

    RIKS 41 0815

    50,000,000,000

    RIKS 44 1017

    50,313,049,596

    RIKS 47 1115

    48,000,000,000

    RIKS 50 0915

    47,000,000,000

    RIKB 32 1015

    56,000,000,000

    With the delivery of the said bonds, the Treasury will pay in full the loans granted to it by HF-Fund in 2020 and 2021, in the combined amount of ISK 238 bn.

    The Treasury will also deliver EUR 378 m (about ISK 55 bn) from foreign currency deposits financed with a recent Eurobond issue.

    Upon settlement, the Treasury will receive HF-Fund´s assets other than those used for the settlement, including The New Housing Fund bonds, as well as a loan portfolio, and bonds issued by leasing company Bríet, in the total amount of ISK 222 bn.
    The net effect on the Treasury Part A debt ratio (according to Maastricht criteria) is to lower the debt ratio by just over 5% of GDP.

    MIL OSI Europe News –

  • MIL-OSI Banking: RN-Uvatneftegaz Achieves Economic Effect of over 3.6 Billion Roubles from Implementation of Innovations

    Source: Rosneft

    Headline: RN-Uvatneftegaz Achieves Economic Effect of over 3.6 Billion Roubles from Implementation of Innovations

    In 2024, RN-Uvatneftegaz (part of Rosneft’s oil production complex) achieved economic benefits of more than 3.6 billion roubles thanks to projects developed to improve production efficiency, with new projects accounting for 47% of this effect.

    In 2024, RN-Uvatneftegaz specialists developed and implemented 29 innovative solutions. The greatest impact has been achieved through the installation of mobile modular substations in remote fields, reducing the time required to connect cluster sites to the grid and the capital expenditure required to build energy facilities. The economic effect of the project was 181 million roubles.

    Significant economic benefits were also achieved by reducing well completion time through improvements in drill string design.  The solution optimised the drilling of the directional section of the well and increased the drilling speed of long horizontal sidetracks. At the same time, the well recovery period was reduced by almost half to 59 hours. The economic effect of the project was 91 million roubles.

    Over the six years that the production efficiency improvement system has been in operation, RN-Uvatneftegaz specialists have developed 140 projects to improve production efficiency. The total economic effect of the implemented solutions exceeded 18.6 billion roubles.

    Systematic work to improve the operating efficiency at facilities is one of the key elements of the Rosneft-2030 Strategy. The Company is undertaking extensive work to reduce the operating costs of its production facilities and optimise capital investments, including the introduction of advanced technological solutions.

    For reference:

    N-Uvatneftegaz, a Rosneft subsidiary, is engaged in the exploration and development of the Uvat group of fields located in Tyumen Region and Khanty-Mansi Autonomous District—Yugra. The Uvat project comprises 19 licence areas. The total area of the project exceeds 25 square kilometres. At the beginning of 2025, the cumulative production of RN-Uvatneftegaz reached 145 million tonnes of oil.

    Department of Information and Advertising
    Rosneft
    April 8, 2025

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Hobbycraft Trading Limited Company Voluntary Arrangement: Information for employees

    Source: United Kingdom – Executive Government & Departments

    News story

    Hobbycraft Trading Limited Company Voluntary Arrangement: Information for employees

    Hobbycraft Trading Limited entered a Company Voluntary Arrangement on 13 May 2025. The company is continuing to trade as it restructures its operations.

    This page provides information on how to claim redundancy pay for those affected.  

    Anthony John Wright and Geoffrey Paul Rowley of FRP Advisory Trading Limited, who had previously been appointed Joint Nominees on 23 April 2025, became Joint Supervisors of the Company Voluntary Arrangement. 

    If you are an affected employee, this page will provide you with information on how to claim redundancy. 

    Information for employees: 

    If you have been dismissed 

    If you have been dismissed, you might be entitled to statutory redundancy pay, and compensatory notice pay,  from the Insolvency Service. 

    Information about your rights, how to apply and how we calculate payments is available on GOV.UK. 

    Who is eligible 

    You can apply to the Insolvency Service for redundancy and other payments if you worked for the company under an employment contract. 

    Workers and self-employed contractors who provided services to the company are not eligible to apply. Instead, these individuals should contact the Company Voluntary Arrangement supervisors at erateam@frpadvisory.com  

    Company directors 

    Check if you can apply for redundancy payments if you have been dismissed and were a director. 

    How to apply 

    The supervisors will give details about how to apply and will also give you a case reference number (example: CN12345678). Once you have this information, you can apply online. 

    Paying your claim 

    On average it takes 14 days to process and pay claims. However, sometimes we need to get additional information from the individual or from the supervisors, which can take a bit of time. We will contact you directly if we need anything further from you. We always try to pay eligible claims within 6 weeks of receiving the application. 

    To allow us to deal with everyone’s application as quickly as possible, please do not contact us to check the status of your application until after the 6 weeks have passed. 

    Getting help with your application for redundancy payments. 

    If you need help completing your application, you can contact the Redundancy Payments helpline on 0330 331 0020. 

    When calling, please have your case reference number (Example: CN12345678) and National Insurance number to hand. If you do not have a case reference number, please contact the administrator. 

    You can email us on redundancypaymentsonline@insolvency.gov.uk. Please include your name, your case reference number, and your telephone number in your email. 

    If you need to email us after submitting your claim, only use the email address you gave on your application form. Otherwise, we will not be able to respond to you for security reasons. 

    Other support available to you 

    Factsheet: finding a new job, managing your finances and benefits available to you.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Republic of Lithuania: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    June 6, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – June 6, 2025: Lithuania has proved resilient to multiple shocks in recent years. However, new challenges are emerging—including further increases in defense expenditure adding to the existing long-term spending pressures—while long-standing structural issues still require attention. Lithuania needs to reignite its reform momentum to boost productivity while addressing these challenges. A comprehensive strategy is needed to preserve fiscal space through revenue mobilization, enhanced spending efficiency, and limiting further spending pressures by strengthening the multi-pillar pension system. Structural reforms should focus on facilitating investments and accelerating the adoption of new technologies to boost productivity growth, supplemented by labor market policies, including reducing skills mismatches. Financial sector policies should continue to safeguard financial stability and integrity.

    Recent Developments, Outlook, and Risks

    The economy grew strongly in 2024. Growth accelerated to 2.7 percent—well above peers—driven by private consumption supported by significant real income gains. The recovery was broad-based across sectors, including manufacturing and high value-added services, despite sluggish productivity growth. While inflation remained low for the most part of the year, it has risen since late 2024, driven by higher energy prices and excise duties.

    While fiscal performance exceeded expectations, the deficit widened, and the debt ratio is increasing. The deficit almost doubled from 0.7 percent of GDP in 2023 to 1.3 percent of GDP in 2024, reflecting increased public wages and pensions. Higher revenues supported by robust aggregate wage growth and lower-than-anticipated expenditure, mainly from the accrual correction in defense spending, prevented the deficit from increasing further. However, pre-payments for additional orders of defense equipment and the continued buildup of the general government cash buffer contributed to an increase in the debt-to-GDP ratio from 37.3 percent in 2023 to 38.2 percent in 2024, for the first time since 2020.

    The banking sector remains financially sound, with high capitalization, ample liquidity buffers, and low non-performing loan (NPL) ratios. Banks continue to be highly profitable, although profitability eased in 2024 compared to the record high levels seen in the previous year, against lower interest rates driven by ECB monetary policy easing.

    There are signs of gradual financial expansion. Reflecting decreasing lending rates and recovering credit demand, loan growth to both non-financial corporations and households recovered in 2024 and early 2025, and credit-to-GDP ratios have increased moderately. House price growth stabilized in 2024, down from the 2022 peak. Nevertheless, house prices are likely not significantly above levels justified by fundamentals, given the recent robust demand while housing supply is increasing, and affordability has improved.

    The economy is expected to grow at 2.8 percent in 2025 while inflation will increase to 3.1 percent. Growth will be supported by private consumption and rising investment related to EU funds. External demand will remain subdued reflecting uncertainty regarding trade policies, despite the positive outlook of information and communication technologies (ICT) and professional activities. Increased excise duties and persistently high wage growth will keep headline and core inflation above pre-pandemic averages in the coming years. The labor market will tighten reflecting negative labor force dynamics affected by the normalization of migration flows.

    Risks to the outlook are tilted to the downside. As a small open economy, Lithuania is exposed to high uncertainty around trade policies and geopolitical risks. A severe downturn in its main trade partners would worsen the external performance and domestic activity. In the medium term, weaker demographics pose risks to labor supply which could add pressures on wages and competitiveness if productivity growth fails to accelerate. In the absence of sufficient measures, the fiscal position is subject to considerable medium-term risk with higher defense spending needs adding to the already high existing long-term pressures.

    Fiscal Policy

    A moderately less expansionary fiscal stance than currently expected would be helpful in 2025, and the strategy should shift to preserving fiscal space. The deficit is projected to rise to 2.8 percent of GDP in 2025, due to significant increases in pension spending and higher public sector wages. However, with a small and decreasing negative output gap under staff projections and considering mounting spending pressures in the medium term, going forward, a moderately tighter fiscal stance to reduce deficits and stabilize the debt-to-GDP ratio would be appropriate. With a view to safeguarding fiscal buffers and minimize the need for larger adjustments in later years, any unused spending or revenue overperformance this year should be saved to limit the deficit increase.

    A stronger fiscal adjustment will be required if defense spending rises notably from current levels. The envisaged increase in defense spending to 5-6 percent of GDP in 2026-30 from the current level of 3 percent would raise financing needs significantly. In the absence of additional fiscal measures, debt could reach 60 percent of GDP by 2030. The proposed tax policy changes to accommodate these spending needs are welcome, but the revenue yield is estimated to be modest. Greater efforts will therefore be needed to maintain debt dynamics on a sustainable path in the medium term to preserve fiscal space to absorb possible future shocks. An average annual adjustment of about 0.5 percentage points of GDP in the general government balance over 2026-30, with the majority of additional defense spending financed by front-loaded increases in tax revenues, would help stabilize debt at around 50 percent of GDP by 2030.

    Financing options for additional defense spending should be anchored by revenue mobilization. While temporary measures and productivity-enhancing capital expenditure could be deficit-financed, a sizable part of the additional defense spending is likely to be permanent, warranting higher revenues or lower spending in other areas. The tax policy change proposal appropriately targets a mix of taxes, but there is further scope to raise additional revenues while improving the system, including increasing progressivity and efficiency. This could include raising revenues through making the personal income tax (PIT) system more progressive and streamlining the tax schedules to prevent higher marginal tax rates for lower income earners, limiting exemptions in corporate income taxes (CIT) and property taxes, and reducing the value added tax (VAT) compliance gap while improving VAT efficiency.

    Revenue mobilization should be complemented by spending measures. Fiscal savings could be generated by improving spending efficiency, including in healthcare and education. Hospital network rationalization could enhance the quality of service while reducing costs. The teacher-student ratio is relatively high for secondary education and there is room to rationalize the school network while improving quality.

    Strengthening the multi-pillar pension system will limit some of the additional spending pressures in the medium-term. The current pension system implies significant increases in public pension expenditure over the next two decades, driven by adverse demographics, while replacement ratios will remain low. The Pillar II reform proposal under discussion, entailing participation to become voluntary and increased options to opt out and suspend participation, is likely to further reduce the replacement rate. These changes could have a material impact on the entire pension system and the public finances. Staff urges the authorities to allow sufficient time to carefully consider all potential ramifications, including through further thorough analysis of the social and fiscal sustainability of the broader pension system.

    Financial Sector Policies

    Financial sector policies should continue to focus on safeguarding financial stability. Bank profitability is expected to moderate further but to remain high in 2025. Financial conditions are likely to ease in 2025 due to declining ECB policy rates and increased competition in financial sector, such as from the increasing footprint of fintech companies. Solvency and liquidity stress tests conducted by the Bank of Lithuania suggest that banks can withstand adverse macroeconomic scenarios and unexpected liquidity shocks. While some smaller banks require enhancing capitalization and closer oversight, all in all, financial stability risks arising from the banking system are broadly contained. With an increased frequency of cyberattacks on banks in recent years, cyber resilience should continue to be strengthened, including the full implementation of the Digital Operational Resilience Act (DORA) regulation.

    The current macroprudential stance is broadly appropriate, but continued vigilance is warranted. Financial cycles including residential real estate and private sector credit so far have exhibited no major signs of overheating, but the sustained pace of expansion requires close monitoring and readiness to act in case early signs of an excessive financial expansion emerge. Despite the low exposure of banks, the commercial real estate market continues to require attention as risks of price corrections remain due to the persistent imbalance between supply and demand. In the event of a significant adverse financial shock with the potential to trigger widespread losses in the banking sector, the relaxation of capital-based measures would be appropriate to minimize credit supply disruptions and support lending to the economy.

    The AML/CFT framework has been strengthened significantly, but continued effective implementation is essential. The third national risk assessment identified virtual asset service providers (VASPs), and electronic money institutions (EMI), and payment institutions (PI) as posing significant ML/TF risks. The authorities should continue AML/CFT efforts to mitigate cross-border risks, including Bank of Lithuania’s oversight and market controls for newly licensed VASPs under MiCAR regime, supervision of payment service institutions, and AML/CFT measures for CENTROlink members.

    Structural Reforms

    Lithuania faces structural headwinds limiting productivity and long-term growth. The recent recovery has been largely driven by higher labor accumulation enabled by temporary net migration, while the contributions from capital and total factor productivity (TFP) growth remained smaller than those observed during earlier periods of faster income convergence. Given expected population declines in the coming years, structural reforms to facilitate greater capital deepening and higher productivity growth are essential.

    Higher investment is needed to support potential growth. Low capital intensity remains a key barrier to productivity growth and the transition towards a higher value-added oriented economy. Development of risk capital, co-financing and mechanisms for risk sharing tailored to enhance the flow of credit to small and medium sized enterprises (SMEs), targeted credit guarantee schemes and integrating digital solutions can help alleviate constraints related to the lack of access to finance experienced by some firms. In this context, the expanded role of the state-owned institution ILTE—previously INVEGA—can play a role, complementing the private banking sector in supporting investment in areas such as high value-added sectors, innovation, energy efficiency, and strategic infrastructures. To consolidate the institution’s role as a national development bank, it is essential to ensure effective monitoring and transparency of ILTE operations. More fundamentally, deepening the EU’s single market—combined with stronger incentives to develop domestic capital markets—would help support access to finance of corporates and further productive investments in the country.

    Inefficiencies in the education system contribute significantly to the persistent skills mismatches in Lithuania’s labor market. As one of the countries with the highest skills mismatches in Europe, Lithuania faces ongoing challenges despite measures including the government’ active labor market policies and their evaluation and the smart specialization multi-year program aimed at enhancing workforce skills. Critical shortages persist in essential sectors, including nursing, engineering, and scientific fields, highlighting the urgent need for strategic reforms in education and training to better align with market demands.

    Ensuring effective integration of migrants into the labor market is crucial to sustain the labor force. Recent immigrants have been successfully absorbed into the Lithuanian labor market and legislative amendments have enabled easier migration for high-skilled workers despite the reduction of the non-EU workers quota in 2025. Policies should focus on integrating migrants in the most productivity-enhancing way possible while facilitating the participation of foreign professionals in those sectors with the largest shortages.

    Further investment in digitalization and AI preparedness has the potential to boost productivity growth. Lithuania has invested significantly in digitalizing its economy in recent years, becoming one of the main fintech hubs in Europe. However, despite progress in digitalization and in AI preparedness, its digital infrastructure remains close to the EU average. To unlock possibly substantial productivity gains, policies should aim to facilitate technological diffusion, job transition and AI adoption among firms, while introducing measures to mitigate associated risks in terms of possible job replacements and inequality deepening. In this respect, the recent initiatives included in the START plan aimed at promoting digitalization and the deployment of AI both in the private sector and in public administration will support these efforts.

    Energy security has been reinforced in the last years. The Baltic countries joined the European electricity grid in 2025, completely disconnecting from the Russian electricity system. Moreover, Lithuania has diversified its energy sources and import dependency has been lowered through the intensification of domestic electricity production from renewable sources in the recent years. Still, being susceptible to risks associated with climate change, Lithuania needs to accelerate the green transition, particularly for adaptation. In this respect, future investment in new technologies and defense initiatives should not thwart efforts to reduce economy-wide emissions, such as the recently adopted policies in the context of the updated National Energy and Climate Action Plan (NECP) for the period 2021–2030.

    The IMF team is grateful for the warm hospitality of the Lithuanian authorities and would like to thank all its interlocutors in government, the Bank of Lithuania, the European Central Bank, the private sector, unions, and business associations for constructive and fruitful discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/06/06/mcs662025-lithuania-staff-concluding-statement-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Form 8.3 – Unite Group plc.

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: Jupiter Fund Management Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of Offeror in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Unite Group plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 5th June 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 Yes
    Empiric Student Property plc

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 25p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives:     638,177 0.13%
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		     638,177 0.13%

    All interests and all short positions should be disclosed.

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

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

    Class of relevant security in relation to which subscription right exists: None
    Details, including nature of the rights concerned and relevant percentages: None

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

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

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

    (a)        Purchases and sales

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

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        
             

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    NONE        

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    None      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 6thJune 2025
    Contact name: Claire Rodway
    Telephone number: 0203 817 1441

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

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

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

    The MIL Network –

  • MIL-OSI: Axi Showcases Their Capital Allocation Program, Axi Select, at the Finance Magnates Africa Summit

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, June 06, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi attended the Finance Magnates Africa Summit (FMAS:25), held on May 29-30, 2025, at the Cape Town International Convention Centre in Cape Town, South Africa.

    Event attendees were introduced to Axi Select, Axi’s capital allocation program launched in 2023. The program, designed to empower ambitious traders on their trading journey, has been a game-changer in the trading field. Tens of thousands of traders worldwide have signed up to Axi Select, with many now reaching significant milestones and accessing funding amounts of $100,000, $200,000, and $500,000, and the top funding milestone, $1,000,000.

    Attendees of the expo also had the opportunity to explore Axi’s Introducing Broker (IB) and Affiliate programs, learn more about the broker’s partnership with Premier League Champions, Man City, as well as snap exclusive photos with Man City’s Premier League memorabilia and the club’s mascot, brought in especially for the event. 

    Further to the broker’s collaboration with Premier League club, Manchester City FC, Axi also partners with Brazilian club, Esporte Clube Bahia, LaLiga club, Girona FC, and named England international John Stones as their Brand Ambassador in 2023. Over the past several months, Axi has garnered significant recognition for its innovation in the trading industry. The broker was recently named ‘Best Funded Trader Programme’ by the ADVFN International Financial Awards 2025, acknowledging the excellence of its capital allocation program, Axi Select. In 2024, Axi was also celebrated at the 2024 Dubai Forex Expo with the ‘Innovator of the Year’ award, and was named ‘Most Innovative Proprietary Trading Firm’ by Finance Feeds, highlighting the broker’s continued focus to providing their traders with the competitive edge they need to succeed.

    View highlights here: https://youtu.be/Ec2VYV8vOi4

    *Granted to the Axi Group of Companies.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service.

    About Axi

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    The MIL Network –

  • MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

    Business and Financial Highlights for the Third Quarter of FY 2025

    • Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
    • Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
    • Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
    • Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
    • Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
    • Paying learners was approximately 0.3 million in the third quarter of FY 2025.

    Company Highlight for the Third Quarter of FY 2025

    • Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

    Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

    Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

    Financial Results for the Third Quarter of FY 2025

    Revenues

    Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

    • Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
    • Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
    • Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
    • Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

    Cost of revenues

    Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

    Sales and marketing expenses

    Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

    Research and development expenses

    Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

    General and administrative expenses

    General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

    Remeasurement gain of previously held equity interests in connection with step acquisitions

    Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

    Others, net

    Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

    Net income and adjusted net income

    Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

    Earnings per share and adjusted earnings per share4

    Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

    Balance Sheet

    As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

    Recent Developments

    Investments in Letsvan

    On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

    Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

    International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

    Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

    2024 Share Repurchase Program

    On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

    2025 Share Repurchase Program

    On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

    Conference Call Information

    The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

    Listeners may access the call by dialing the following numbers:

    International:   1-412-902-4272
    United States Toll Free:   1-888-346-8982
    Mainland China Toll Free:   4001-201203
    Hong Kong Toll Free:   800-905945
    Conference ID:   QuantaSing Group Limited
         

    The replay will be accessible through June 13, 2025 by dialing the following numbers:

    International:   1-412-317-0088
    United States Toll Free:   1-877-344-7529
    Replay Access Code:   3611954
         

    A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.

    Non-GAAP Financial Measures

    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited

    QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

    For more information, please visit: https://ir.quantasing.com.

    Contact

    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429

    _________________________________
    1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    3 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
    4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    ASSETS          
    Current assets:          
    Cash and cash equivalents 779,931   985,677   135,830
    Restricted cash 160   675   93
    Short-term investments 246,195   148,532   20,468
    Accounts receivable, net 16,676   37,392   5,153
    Amounts due from related parties 4,488   489   67
    Inventory, net 6,345   28,120   3,875
    Prepayments and other current assets 275,549   173,582   23,920
    Total current assets 1,329,344   1,374,467   189,406
               
    Non-current assets:          
    Property and equipment, net 6,569   11,571   1,595
    Long-term investments 9,010   44,428   6,122
    Intangible assets, net –   68,973   9,505
    Operating lease right-of-use assets 58,889   29,479   4,062
    Deferred tax assets 847   914   126
    Goodwill –   187,598   25,852
    Other non-current assets 21,360   5,177   713
    Total non-current assets 96,675   348,140   47,975
    TOTAL ASSETS 1,426,019   1,722,607   237,381
               
    LIABILITIES          
    Current liabilities:          
    Short-term Borrowings –   14,500   1,998
    Accounts payables 62,066   55,219   7,609
    Accrued expenses and other current liabilities 190,508   186,084   25,643
    Income tax payable 20,399   53,565   7,381
    Contract liabilities, current portion 385,227   310,189   42,745
    Advance from customers 162,257   148,332   20,441
    Operating lease liabilities, current portion 49,099   30,837   4,249
    Total current liabilities 869,556   798,726   110,066
               
    Non-current liabilities:          
    Contract liabilities, non-current portion 11,365   33,495   4,616
    Operating lease liabilities, non-current portion 16,989   3,123   430
    Deferred tax liabilities 11,625   42,269   5,825
    Total non-current liabilities 39,979   78,887   10,871
    TOTAL LIABILITIES 909,535   877,613   120,937
               
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    MEZZANINE EQUITY          
    Non-controlling interests with liquidation preferences –     40,999     5,650  
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 81     81     11  
    Class B ordinary shares 34     34     5  
    Treasury stock (109,257 )   (41,898 )   (5,774 )
    Additional paid-in capital 1,192,474     1,069,620     147,398  
    Accumulated other comprehensive income 17,313     18,491     2,548  
    Accumulative deficit (584,161 )   (335,573 )   (46,243 )
    TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY 516,484     710,755     97,945  
    Non-controlling interests –     93,240     12,849  
    TOTAL SHAREHOLDERS’ EQUITY 516,484     803,995     110,794  
    TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 1,426,019     1,722,607     237,381  
                     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (Amounts in thousands, except for shares and per share data)
           
      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues 945,570     570,706     78,645     2,795,248     2,107,757     290,457  
    Cost of revenues (145,848 )   (96,556 )   (13,306 )   (409,058 )   (353,516 )   (48,716 )
                           
    Gross Profit 799,722     474,150     65,339     2,386,190     1,754,241     241,741  
                           
    Operating expenses:                      
    Sales and marketing expenses (729,620 )   (395,175 )   (54,457 )   (2,006,884 )   (1,317,206 )   (181,516 )
    Research and development expenses (38,840 )   (20,891 )   (2,879 )   (123,655 )   (77,325 )   (10,656 )
    General and administrative expenses (36,390 )   (25,049 )   (3,452 )   (114,211 )   (86,194 )   (11,878 )
    Total operating expenses (804,850 )   (441,115 )   (60,788 )   (2,244,750 )   (1,480,725 )   (204,050 )
                           
    (Loss)/Income from operations (5,128 )   33,035     4,551     141,440     273,516     37,691  
                           
    Other income:                      
    Interest income 2,513     880     121     8,369     4,040     557  
    Remeasurement gain of previously held equity interests in connection with step acquisitions –     8,109     1,117     –     8,109     1,117  
    Others, net 7,685     15,400     2,122     22,163     31,418     4,330  
                           
    Income before income tax 5,070     57,424     7,911     171,972     317,083     43,695  
    Income tax benefit/(expense) 9,560     (16,280 )   (2,243 )   16,948     (68,495 )   (9,439 )
                           
    Net income 14,630     41,144     5,668     188,920     248,588     34,256  
    Net loss attributable to noncontrolling interests –     1     –     –     1     –  
    Net income attributable to QuantaSing Group Limited 14,630     41,145     5,668     188,920     248,589     34,256  
                           
    Other comprehensive income/(loss)                      
    Foreign currency translation adjustments, net of nil tax 423     (289 )   (40 )   (4,954 )   1,178     162  
    Total other comprehensive income/(loss) 423     (289 )   (40 )   (4,954 )   1,178     162  
                           
    Total comprehensive income 15,053     40,855     5,628     183,966     249,766     34,418  
    Total comprehensive loss attributable to noncontrolling interests –     1     –     –     1     –  
    Comprehensive income attributable to QuantaSing Group Limited 15,053     40,856     5,628     183,966     249,767     34,418  
                           
    Net income per ordinary share                      
    – Basic 0.09     0.25     0.03     1.14     1.55     0.21  
    – Diluted 0.09     0.25     0.03     1.10     1.52     0.21  
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256     162,791,862     162,791,862     166,399,349     160,479,027     160,479,027  
    – Diluted 170,890,581     165,216,173     165,216,173     171,089,530     163,949,787     163,949,787  
    Share-based compensation expenses included in                      
    Cost of revenues (2,878 )   (1,431 )   (197 )   (9,945 )   (5,214 )   (719 )
    Sales and marketing expenses (2,779 )   (642 )   (88 )   8,678     (1,540 )   (212 )
    Research and development expenses (3,599 )   (167 )   (23 )   (10,611 )   (2,474 )   (341 )
    General and administrative expenses (8,039 )   (2,571 )   (354 )   (28,961 )   (8,073 )   (1,112 )
                                       

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues of individual online learning services: 828,127     467,247     64,388     2,457,588     1,777,552     244,953  
    Add: value-added tax 52,986     27,919     3,847     147,665     101,969     14,052  
    Add: ending deferred revenues(1) 744,320     461,026     63,531     744,320     461,026     63,531  
    Less: beginning deferred revenues(1) (643,929 )   (440,632 )   (60,721 )   (661,360 )   (565,030 )   (77,863 )
    ​                      
    Gross billings of individual online learning services 981,504     515,560     71,045     2,688,213     1,775,517     244,673  
     
    (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.
     

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

      For the Three Months
    Ended March 31,    		   For Nine Months
    Ended March 31,
      2024   2025     2025     2024   2025     2025  
      RMB   RMB     US$     RMB   RMB       US$  
                           
    Net income 14,630   41,144     5,668     188,920   248,588     34,256  
    Add: Share-based compensation expenses 17,295   4,811     662     40,839   17,301     2,384  
    Less: Remeasurement gain of previously held equity interests in connection with step acquisitions –   (8,109 )   (1,117 )   –   (8,109 )   (1,117 )
    ​                      
    Adjusted net income 31,925   37,846     5,213     229,759   257,780     35,523  
    Attributable to noncontrolling interests –   1     –     –   1     –  
    Adjusted net income attributable to QuantaSing Group Limited 31,925   37,847     5,213     229,759   257,781     35,523  
                           
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
    Weighted average number of ordinary shares used in computing adjusted net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
                           
    Net income per ordinary share                      
    – Basic 0.09   0.25     0.03     1.14   1.55   0.21  
    – Diluted 0.09   0.25     0.03     1.10   1.52   0.21  
    Non-GAAP adjustments to net income per ordinary share                      
    – Basic 0.10   (0.02 )   0.00     0.24   0.06   0.01  
    – Diluted 0.10   (0.02 )   0.00     0.24   0.05   0.01  
    Adjusted net income per ordinary share                      
    – Basic 0.19   0.23     0.03     1.38   1.61   0.22  
    – Diluted 0.19   0.23     0.03     1.34   1.57   0.22  
                                 

    The MIL Network –

  • MIL-OSI China: China’s new satellite industry city takes shape with ground station project approved

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

    China’s new satellite industry city takes shape with ground station project approved

    A new satellite industry city is taking shape in southwest China’s Sichuan Province, following the approval of a commercial satellite ground station project in Meishan, which is working to become a new powerhouse of the industry in China.

    The newly approved project, the largest of its kind in Sichuan, marked a critical step in advancing the region’s aerospace ecosystem and promoting the country’s development of commercial satellite networks as well, Yang Zhenyu, deputy general manager of the Huantian Wisdom Technology Co., Ltd., owner of the new infrastructure, told Xinhua on Friday.

    “It is expected to complete the last piece of Meishan’s aerospace industry layout, making the city one of the few places in China with comprehensive capabilities in satellite research and development, monitoring and control, application, and data transmission,” he said.

    The ground station, covering 872 square meters near a local reservoir, will feature a 12-meter-diameter antenna and auxiliary facilities.

    Its construction is scheduled to commence in mid-June, with an anticipated completion date in the third quarter of this year, followed by official operations by year-end, said Yang.

    “This infrastructure is pivotal for satellite operations,” he said.

    It aims to address data transmission bottlenecks by enabling autonomous tracking, telemetry, and command for the Huantian Constellation satellites, a major commercial satellite constellation in China for agricultural monitoring, ecological protection and smart city construction, ending the area’s reliance on leased external stations, he explained.

    Once operational, the ground station will significantly enhance the satellite’s data transmission and reception capabilities and stability, he said.

    MEISHAN’S PLAN

    In the past three decades, China’s space industry has rapidly advanced, marked by the launch of landmark space missions such as Shenzhou and Chang’e. As a result, numerous cities known for their related industries have popped up across the country.

    In the realm of satellite technology, regions beyond traditional strongholds like Beijing, Shanghai, and Xi’an are now making significant strides in this sector, particularly in commercial satellites. Cities such as Meishan have emerged as new hubs for the satellite industry.

    Yang noted that once established, the ground station can not only reduce data usage costs for local enterprises but also attract supporting projects from upstream and downstream sectors. This will help to further expand the “satellite plus” industrial cluster in Meishan, which is just about 70 kilometers away from the provincial capital of Chengdu.

    The city now hosts a satellite industrial park, a satellite monitoring and control center and 10 high-resolution optical satellites under Huantian Constellation’s phase 1.

    Meishan unveiled its satellite industry development plan (2024-2030) last year, outlining a strategic roadmap to build a globally competitive satellite industry cluster by 2030, targeting an industrial scale exceeding 10 billion yuan (about 1.39 billion U.S. dollars).

    Leveraging the Huantian Constellation project as its cornerstone, the city will drive integrated development across satellite applications, operations, manufacturing, and experimental launch capabilities.

    Key tasks include diversifying satellite applications, enhancing ground system capabilities, developing satellite assembly integration, and exploring innovative aerospace information technologies, according to the plan.

    VISION OF THE CONSTELLATION

    Launched in 2022, the Huantian Constellation orbits 535 km above Earth, capturing over 1 TB daily data, equivalent to 200,000 HD images, and covering 70 million square kilometers globally with a 120-minute revisit capability, according to Yang.

    Leveraging its “sky-air-ground” service framework, the company has driven breakthroughs in farmland monitoring, ecological protection, and disaster prevention. In 2024, it reported revenue of 430 million yuan and profits of 36 million yuan, surging 30 percent and 20 percent year-on-year, respectively, he said.

    Last year, as the leader of the satellite industrial park in west China, Huantian Wisdom led the establishment of a commercial satellite alliance. This allowed for the integration of 148 satellites nationwide, expediting the development of the industrial cluster and uniting the satellite industry with the low-altitude economy.

    “We plan to launch 10 more satellites this year,” Yang said.

    Looking ahead, the satellite constellation plans to expand to 30 to 50 satellites in phase 2, further enhancing data acquisition and global revisit efficiency, said Yang, adding that their long-term goals include integrating 6G, AI, and space-ground fusion tech to build smart commercial platforms and advance low-altitude economy applications.

    MIL OSI China News –

  • MIL-OSI Global: Four years after a 15% global minimum tax deal, the world remains divided on how to implement it – podcast

    Source: The Conversation – UK – By Mend Mariwany, Producer, The Conversation Weekly Podcast, The Conversation

    Dilok Klaisataporn/Shutterstock

    In October 2021, 136 countries agreed to establish new tax rules requiring large multinational companies to pay at least 15% in corporate tax. Nearly four years later, this ambitious agreement is finally being implemented around the world, but its success faces big challenges.

    The Organisation for Economic Cooperation and Development (OECD) tax framework aims to end the so-called race to the bottom, where corporations pit countries against each other to pay less tax and shift profits to jurisdictions with lower tax rates.

    In the second part of The 15% solution from The Conversation Weekly podcast, we examine progress towards implementing the global tax deal.

    The OECD’s two-pillar system fundamentally changes how multinationals are taxed. Pillar One determines where companies pay taxes. Pillar Two establishes how much they must pay: a minimum of 15% for any multinational with yearly revenues above US$850 million. The innovative aspect of the system is that it is self-enforcing. If a company pays less than 15% in any country, other nations where it operates can charge a supplementary tax to meet that minimum.

    However, implementation faces significant obstacles. So far around 140 countries have signed up. President Donald Trump withdrew the US from the negotiations in February 2025. China supports the framework in theory but is slow to fully implement it. And some low- and middle-income countries have also not signed up, citing technical complexity or bias toward higher-income countries.

    Martin Hearson, a research fellow at the Institute of Development Studies in the UK, explains that for countries with fewer legal and administrative resources, even good rules can be counterproductive due to their complexity. This has led some countries to look for alternatives, including a new UN Framework Convention on International Tax Cooperation, for which negotiations began in February 2025.

    Despite these challenges, the OECD expects that approximately 80% of profits previously taxed at low rates will now be appropriately taxed.

    Listen to part two of The 15% solution on The Conversation Weekly podcast. Part one is available here.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany. Gemma Ware is the executive producer. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

    Newsclips in this episode from DW News, Arirang News, and Bloomberg.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

    Martin Hearson’s research has been supported by the UK Foreign, Commonwealth and Development Office, the Norwegian Agency for Development Cooperation, the Gates Foundation, the Intergovernmental Group of 24, the World Bank, the UN Department for Economic and Social Affairs, and ActionAid International.

    – ref. Four years after a 15% global minimum tax deal, the world remains divided on how to implement it – podcast – https://theconversation.com/four-years-after-a-15-global-minimum-tax-deal-the-world-remains-divided-on-how-to-implement-it-podcast-257695

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Australia-UK Free Trade Agreement Joint Committee Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    Australia-UK Free Trade Agreement Joint Committee Statement

    Summary of a joint statement following the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee on 3 June 2025

    Alongside the OECD 2025 Ministerial Council Meeting held in Paris, Australian Minister for Trade and Tourism, Senator the Honourable Don Farrell and UK Secretary of State for Business and Trade, the Rt Hon Jonathan Reynolds MP, met on 3 June 2025, for the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee.

    The Ministers celebrated the strong trade and investment relationship between the UK and Australia.  Two-way trade between our economies reached AUD36bn or GBP23bn in 2024.

    As of 2024, the stock of UK Foreign Direct Investment in Australia reached AUD156bn or GBP77bn, and Australian Foreign Direct Investment in the UK rose to AUD210bn or GBP104bn – an increase of 6.5% and 11.5% respectively on the previous year.

    The strong uptake of the Agreement’s benefits is resulting in real savings for businesses, workers and consumers.

    Since entry into force on 31 May 2023, AUD4.7 bn or GBP2.4bn worth of traded goods benefited from preferential tariff access, i.e. around 70% of goods traded between the UK and Australia made use of available preferences.

    Between June 2023 and December 2024:

    • AUD3.4bn or GBP1.8bn (65%) of eligible goods imports into Australia from the UK made use of an FTA tariff preference.

    Had this trade occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP89m or AUD172m in duties would have been collected.

    • GBP662m or AUD1277m (77%) of eligible goods imports into the UK from Australia made use of FTA tariff preferences.

    Had these occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP139m or AUD269m in duties would have been paid.

    The Ministers noted that free and inclusive trade is a cornerstone of prosperity in both countries.

    Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.  

    Ministers also noted progress on recognition of professional qualifications in key sectors through the FTA’s Professional Services Working Group, and the ongoing work under the FTA’s Innovation Chapter to explore the potential for a ‘biobridge’ between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market. 

    The Ministers agreed to continue working together to strengthen the role that free trade plays in increasing prosperity and reinforcing resilience against economic turbulence and share the benefits of trade to all including through the World Trade Organization, OECD and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

    Note to editors:

    Figures reported are from UK Official Statistics and Australian official sources.

    Australian trade data is sourced from the Australian Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-trade-supplementary-information-calendar-year/2024

    UK trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Trade asymmetries exist between the UK and Australia official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Investment data is sourced from the Australia Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-investment-position-australia-supplementary-statistics/2024

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, April 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data. For UK imports, these are all calculated using the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June 2023-December 2024) was used to convert from GBP to AUD.

    Estimates of Australia’s preference utilisation and duty savings for the June 2023 to December 2024 period are drawn from Department of Foreign Affairs and Trade calculations using ABS trade data and DFAT tariff schedule data.

    Investment data is sourced from the Australian Bureau of Statistics.

    UK-AUS total goods trade values may not equal the sum of UK goods imports and AUS goods imports due to rounding and methodological differences in calculating preference eligible imports.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnic experts held a project session on the development of the RAU Development Program

    Translation. Region: Russian Federal

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

    The Polytechnic University continues active interaction with the development teams of Slavic universities. In the last week of May, SPbPU experts held a Project-analytical session at the Russian-Armenian University (RAU) to prepare the RAU Development Program for 2026-2030.

    Polytechnic Expert Group

    Nikita Golovin, Head of the Project Office “Slavic Universities”, Deputy Head of the UMS Natalia Ivanova, Chief Accountant, Associate Professor of the Higher School of Engineering and Economics Elena Vinogradova, Director of the Department of Economics and Finance, Professor of the Higher School of Industrial Management Ekaterina Pavlova, Leading Specialist of the Department of Strategic Planning and Development

    The following representatives of RAU participated in the project session: Vice-Rectors Marina Khachatryan and Parkev Avetisyan, Financial Director Meruzhan Galstyan, and heads of the administrative, educational and scientific departments of the university.

    The work began with an introduction to the key educational and scientific departments of RAU and a discussion of the goals and objectives of the session with RAU Rector Edward Sandoyan. At the meeting with the Rector, Nikita Golovin briefly presented the format of the session and the expected results. The Rector described his vision of the directions of RAU development, existing barriers and ways to overcome them.

    Our university has very serious educational and scientific results. We have achieved a lot, including thanks to long-term partnership with leading universities, such as the Polytechnic University. But we also have huge potential for further development. We are confident that such joint project sessions not only facilitate the exchange of experience, but also create real opportunities for determining the priorities for the further development of science and education at RAU and, importantly, the formation of mechanisms and tools for achieving the goals set, – noted Edward Sandoyan.

    For three days, the SPbPU expert team and the RAU development team consistently built the future image of the university. The session participants were divided into four thematic groups – education, research, human capital and economy, infrastructure and digitalization. In three steps, the experts went from analyzing current results to forming an ambition and a target model for 2030. Each step began with an introductory speech by SPbPU experts, at which they defined methodological approaches to designing a development program, principles of interrelation between different university processes, tasks for the step and expected results. At each stage, SPbPU experts accompanied the group work, actively involving participants in the discussion, sharing their own experience and examples that could be taken into account when developing the university’s fundamental policies.

    Elena Vinogradova and Natalia Ivanova worked with the group on economic and infrastructure policy, as well as on human capital management policy. Ekaterina Pavlova joined the discussions of the educational policy of RAU, and Nikita Golovin built communication in the group on scientific research policy. He also accompanied the work of all four groups, encouraging colleagues from RAU to openly talk about current positions, barriers to development and ways to overcome them. After each stage of group work, the leaders of the thematic groups presented the results of their work at the plenary session and answered questions from their colleagues and Polytechnic experts.

    On the last day of the PAS, the groups presented summary reports in which they described the current positions of RAU in four areas of activity, the image of the target model of the university and the steps aimed at achieving it. Everyone was unanimous in the fact that RAU is a research classical university (educational, scientific and technological center) with a wide range of areas, having an interstate status. Of course, to achieve this goal, much still needs to be rethought, changed and launched. But RAU has all the necessary base and, most importantly, the desire of the team to change.

    Concluding the session, Nikita Golovin noted: One of the key tasks of our project-analytical session has been completed – we were able to launch internal communication between team members at RAU. The development team began to jointly form the image of the future of their university, find solutions to those tasks that will allow transforming RAU into a leading research university in both Armenia and Russia.

    Next comes the painstaking work of drafting the Development Program document, defining target characteristics and indicators. The presentation and defense of the Program at the Ministry of Science and Higher Education of the Russian Federation is planned for this fall.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Edison Awards_ Silver AI-Optimized Smart EDM Equipment(MIRDC)

    Source: Republic of China Taiwan

    MIRDC has received a prestigious Silver Award for creative groundbreaking innovation has been honored with a Silver Award at an international innovation competition for its groundbreaking development-the “AI-Optimized Smart EDM Equipment”. This advanced pioneering system integrates artificial intelligence (AI) with AIoT cloud-based management, adaptable parameters control (APC)introducing self-adaptive parameter tuning and real-time compensation mechanisms. The result is a comprehensive upgrade of traditional electrical discharge machining (EDM), significantly enhancing both process efficiency and machining precision, and propelling high-end manufacturing into the era of smart production.

    EDM is an essential process in industries such as aerospace, especially for machine high-precision, complex materials. Traditionally, EDM operations relied on the manual expertise of skilled technicians to fine-tune dozens of parameters, resulting in unstable quality, prolonged processing times, and limited scalability. The AI-Optimized Smart EDM Equipment leverages AI to automatically assess machining conditions and make real-time adjustments to critical parameters. This eliminates the instability and inefficiency of manual operation, introducing predictive capabilities and highly stable process control.

    Equipped with microsecond-level data acquisition technology, AI-Optimized Smart EDM Equipment can capture over one million pulse signals per second. It analyzes seven key machining features in real time-such as spark frequency, peak current, and gap voltage-and applies AI models to assess machining quality and optimize parameters. This dramatically reduces finishing time from 12 hours to less than 4 hours, while increasing machining precision from the conventional 10 microns to under 5 microns-and in some cases, with some applications achieving sub-micron precision (0.5 micrometre)- a benchmark suitable for aerospace-grade components.

    In addition to hardware innovation, the technology further integrates an AIoT cloud-based architecture that enables comprehensive process data traceability, remote monitoring, and anomaly detection. Users can access the cloud platform to monitor real-time equipment status and machining quality across global operations, allowing rapid response to supply chain disruptions. This enhances manufacturing flexibility and operational efficiency, aligning perfectly with the smart manufacturing demands of high-end industries such as aerospace, electric vehicles, and semiconductors.

    The technology has received eight domestic and international patents and has been successfully implemented by over ten companies-including OSCARMAX and YAWJET-in applications ranging from high-end EV connector terminal molds and critical aerospace engine components. The system has not only improved manufacturing efficiency and product yield but also helped partner companies secure major international contracts, generating substantial commercial returns.

    The “AI-Optimized Smart EDM Equipment” is more than a technological upgrade- it represents a paradigm shift in manufacturing. It symbolizes Taiwan’s shift from traditional contract manufacturing to a position of global leadership in innovation-driven smart manufacturing. Looking forward, this technology is set to expand into additional high-precision sectors such as space, new energy vehicles, and medical devices, continuing to fuel industrial innovation and strengthen Taiwan’s presence on the global stage.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Updated financial Calendar for 2025

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 21

    In continuation of Nykredit takeover of Spar Nord Bank (company announcement no. 15/2025) the Bank’s financial calendar for 2025 is updated.

    Spar Nord Bank now expects to announce the financial statements on the following dates:

    Date                         Event

    14th August 2025    Semi-Annual Report

    30th October 2025  Quarterly Report – Q3

    Rune Brandt Børglum
    CFO

    Attachment

    The MIL Network –

  • MIL-OSI: Form 8.3 – Empiric Student Property Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: Jupiter Fund Management Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of Offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Empiric Student Property plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 5th June 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 Yes
    Unite Group plc

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 5p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 32,659,757 4.91%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 32,659,757 4.91%    

    All interests and all short positions should be disclosed.

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

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

    Class of relevant security in relation to which subscription right exists: None
    Details, including nature of the rights concerned and relevant percentages: None

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

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

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

    (a)        Purchases and sales

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

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        
             

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    NONE        

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    None      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 6thJune 2025
    Contact name: Claire Rodway
    Telephone number: 0203 817 1441

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

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Government bans unfair bonuses for water companies that don’t meet high standards

    • Unfair bonuses now banned for water companies that don’t meet high standards.  

    • Water bosses awarded themselves over £112 million in bonuses and incentive payments in the last decade.  

    • Strengthened enforcement is just one part of the Government’s strategy to reform the water sector and attract investment as part of its Plan for Change.  

    Unfair bonuses have been banned for senior executives at six water companies, as new measures in the Water (Special Measures) Act come into force today (Friday, 6th June).  

    The government is clear that transformative change across the water sector is needed to clean up our rivers, lakes and seas, and modernise the sector for decades to come.  

    Under new rules, companies are not permitted to pay bonuses to water bosses that oversee poor environmental and customer outcomes. This delivers on a key manifesto commitment and has been backdated to apply to any bonuses relating to the financial year from April last year.  

    This applies to Thames Water, Yorkshire Water, Anglian Water, Wessex Water, United Utilities, and Southern Water, where bosses are not permitted to receive bonuses with immediate effect.  

    Water companies have awarded over £112 million in bonuses and incentives over the last decade. Last year alone, £7.6 million in bonuses were paid to water bosses in England. 

    It’s crucial that companies attract the best talent to deliver essential upgrades to the water system. Companies that do meet Ofwat’s standards will still be eligible to pay executives bonuses – a powerful incentive for them to deliver immediate environmental improvements, better customer outcomes, and improve financial resilience.  

    Environment Secretary Steve Reed said:      

    Water company bosses, like anyone else, should only get bonuses if they’ve performed well, certainly not if they’ve failed to tackle water pollution.  

    Undeserved bonuses will now be banned as part of the Government’s plan to clean up our rivers, lakes and seas for good. 

    Promise made, promise delivered. 

    Today’s ban holds water bosses to account and ensures they can no longer cash in while their companies pollute rivers, neglect customers, or mismanage finances.  

    Strengthened enforcement is just one part of the government’s strategy to reform the water sector, which also includes working with the companies and their investors to make the water industry one of growth and opportunity, attracting investment and ensuring its stable financial footing for years to come. 

    The government is determined to reform the sector in a way that continues to attract high quality, long-term investors to rebuild our water infrastructure. Following the publication of the Independent Water Commission’s interim report, Ministers will look at proposals carefully, and outline further action in due course. 

    While it is for water companies to set their own remuneration, new standards published by Ofwat that come into force today mean bonuses will not be permitted be handed out in specific cases when a water company:   

    • Fails to meet core environmental standards and presides over serious pollution offences 

    • Fails to meet basic financial resilience standards (e.g. meet minimum credit rating requirements)    

    • Fails to meet core consumer standards (e.g. failure to operate and maintain sewage networks)   

    • Is convicted of a criminal offence (e.g. criminal convictions for serious environmental failings including illegal spills)   

    Under new rules published by Ofwat today, any company failing to meet key standards will automatically lose the right to award bonuses. If a company pays a bonus while banned, Ofwat has the powers under the Water (Special Measures) Act to direct the company to claw back the money. Any company that does not comply with Ofwat’s directions will face enforcement action. 

    To further protect customers and clean up our waterways, the government has secured a record £104 billion of private investment – the largest ever since privatisation to cut sewage discharges by nearly half over the next five years. This money will now be ringfenced for new pipes and treatment works, not shareholder payouts.  

    Notes to editors  

    • The table below outlines companies’ compliance on current information. 

    • It is up to individual water companies to determine appropriate financial rewards. Ofwat will consider action required once water companies publish their remuneration decisions in their annual reports for the 2024-25 financial year.

    ANNEX A: Companies affected by the ban:

    Water company Consumer standards Environment standards Financial resilience Criminal offence Subject to ban? Details of criteria
    Anglian Water Fail – 1 incident CEO bonus banned* Cat.1 data in Annex C
    Northumbrian Water Company can pay bonuses
    Severn Trent Company can pay bonuses
    Southern Water Fail – 1 incident CEO and CFO bonus banned Cat.1 data in Annex C
    South West Water Company can pay bonuses
    Thames Water Fail – 7 incidents Fail – April 2024 CEO and CFO bonus banned Thames Water Utilities Limited (‘Thames Water’) – undertakings under Section 19 – Ofwat
    United Utilities Fail – 1 incident CEO & CFO bonus banned Cat.1 data in Annex C
    Wessex Water Fail – 1 Conviction CFO bonus banned** Wessex Water fined £500,000 for sewage killing thousands of fish – GOV.UK
    Yorkshire Water Fail – S94 Breach Fail – 1 incident CEO & CFO bonus banned Yorkshire Water to pay £40m enforcement package following Ofwat wastewater investigation – Ofwat

    *Anglian Water’s CFO is not subject to the ban because they were not in post for the Cat.1 incident. Their CEO was in post during the Cat.1 incident and therefore faces a ban.   

    **Wessex Water’s CEO is not subject to the ban because they were not in post for the criminal offence that triggers the ban.

    ANNEX B: Total CEO/CFO bonuses paid by water companies in England (in thousands)

    Water company 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Total
    Anglian Water 1,482 1,798 1,569 3,429 3,234 713 2,222 1,152 1,291 95 16,984
    United Utilities 3,227 2,942 2,284 2,247 2,733 2,733 3,138 2,763 2,377 1,366 25,810
    Northumbrian Water 597 484 595 479 384 269 259 214 311 315 3,907
    Southern Water 757* 427 187 756 645 815 842 669 – 312 5,410
    Severn Trent Water 3,367 2,294 2,978 1,788 2,201 2,674 2,777 4,471 3,413 3,309 29,271
    South West Water 556 832 640 259 521 984 1,230 755 362 470 6,609
    Thames Water 2,432 609 203 807 448 937 538 794 – 770 7,538
    Wessex Water 236 353 482 552 485 – 640 651 459 387 4,246
    Yorkshire Water 2,305 1,288 1,588 631 1,547 1,666 1,568 1,122 571 616 12,902
    Total 14,959 11,027 10,526 10,948 12,197 10,791 13,213 12,591 8,784 7,639 112,676

    *Long Term Incentive Plan value for Southern Water is a four-year figure, from 2011-15. Since there was no annual breakdown for 2014/15, the LTIP value has been divided by 4.

    ANNEX C: Category 1 incidents

    Water company Number of Category 1 incidents Date Location
    Anglian Water 1 September 2024 Peterborough
    Southern Water 1 August 2024 New Forest District
    Thames Water 7 January 2024 Three Rivers District
    January 2024 Chiltern District
    February 2024 Slough
    April 2024 Enfield London Borough
    April 2024 Sevenoaks District
    November 2024 Reigate and Banstead District
    December 2024 Runnymede District
    Yorkshire Water 1 December 2024 Kirklees District
    United Utilities 1 December 2024 Bolton

    Quotes

    Ali Plummer, Director of Policy & Advocacy at Wildlife and Countryside Link, said: 

    Bonuses should reflect excellence, not routine negligence and widespread environmental degradation. Our rivers and wildlife continue to suffer because companies have repeatedly prioritised profit over public health and nature protection. Removing bonuses if high standards aren’t met, is a welcome first step from Ofwat. 

    This must be backed up with strong resources for environmental regulators to ensure this is enforced.

    Ben Seal, Head of Access & Environment, Paddle UK, said:

    When something so precious as our nations water is on the line, public outrage at water executives pocketing big bonuses for failing to prevent pollution, is entirely justified.  

    It is positive to see the steps taken through the new Water Special Measures Act beginning to take effect. Let’s hope that blocking the payment of these bonuses is just another means of helping focus minds on driving up environmental performance, rather than prioritising profit. 

    Mark Lloyd, CEO, The Rivers Trust, said:

    The fact that water company bosses will no longer be rewarded for poor environmental performance is a significant moment in rebuilding public trust. It’s great to see the environment being valued as it should be, and that the personal responsibility of water industry leaders in looking after the environment is being recognised. 

    The measures announced today tackle the most serious pollution incidents, but we still need to be aware that the vast majority of pollution comes from smaller, more insidious events which, in combination, can cause far greater harm to our rivers.

    Ali Morse, Water Policy Manager at The Wildlife Trusts, said:  

    This is a change that’s important to billpayers. Customers don’t think it’s right that senior staff are rewarded whilst our rivers and seas bear the brunt of poor water sector performance. No one is under any illusions that this alone will significantly ease pressure on household bills, or make good the harms caused to the environment already; it’s more a point of principle – that even a single incident can result in a bonus ban –  and, along with other recent changes, sends a strong signal to the industry that it must do more to prioritise the health of the environment upon which its business relies.

    Deborah Meaden, Businesswoman, entrepreneur and Dragons Den Investor, said:

    This is a very welcome step as part of the battle to better protect our waters and waterways. Bonuses should rightly be focused on constantly improving water quality in our seas and rivers, not just to stop the damage but actually repair and restore.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Derby Market Hall launches booking process for pop-up traders

    Source: City of Derby

    Derby Market Hall has launched a new booking process for those who are interested in having a temporary pop-up stall.

    The revitalised Grade II listed building has undergone a significant £35.1m transformation, creating a vibrant hub in the heart of the city that brings together the best of the region’s independent shopping, eating, drinking, and entertainment under one stunning roof. 

    The Market Hall was officially reopened on Saturday 24 May – drawing in over 34,500 visitors during its first three days – and hosted a week-long celebration packed with live music and family-friendly workshops. 

    The pop-up barrows offer visitors an opportunity to enjoy something different each time they visit. With a central location, they offer a prime opportunity for traders to showcase their products in one of Derby’s most historic and iconic buildings. With rates starting at just £15 per day, these pop-up barrows have been carefully designed for Derby creatives to showcase their talent to visitors from across the region. 

    Pop-up traders will not only benefit from the incredible footfall at the Market Hall, but they will be trading and selling their products under a new vision for the Market Hall and will a part of the new vision to offer something for everyone.

    Carla Dee, owner of Love Lalaland, said:

    I had such an awesome experience at the opening week at the Derby Market Hall. It was the perfect spot in the centre of Derby and the most stunning venue to showcase my work and meet so many wonderful people. The Market Hall team are always on hand to help, and most importantly, with a smile on their faces. I will definitely have a pop-up again in the near future.

    Eve Ward, owner of Ivy Rose, said:

    I absolutely loved my pop-up. The size of the barrow was perfect, and I found the cupboards underneath very handy.

    Traders who are interested in booking a pop-up can apply through the Eventaly platform where they can also check availability and terms and conditions. 

    In addition to pop-up stalls, Derby Market Hall is also recruiting permanent traders to join its diverse community. Since the reopening, Derby Market Hall has received 46 enquiries from prospective permanent traders. Businesses who are interested in having a permanent stall can submit their applications on the Derby Market Hall’s website. 

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said:

    The revitalised Derby Market Hall is more than just a marketplace. We’re marking a new era for the historic Grade II listed building, and it has been transformed into a vibrant hub in the heart of the city which is marking a new era for the region’s independent shopping, dining, and entertainment. 

    We have received such positive feedback from our pop-up and permanent traders since opening. This is an amazing opportunity for creatives from across the region to sell their products to a diverse range of visitors.

    More information about traders and events is available on the Derby Market Hall website. You can also follow Derby Market Hall on Facebook and Instagram. 

    Derby Market Hall is open 8am – 3pm from Monday to Wednesday; 8am – 10pm Thursday to Saturday and 11am until 3pm on Sunday. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM meeting with King Abdullah II of Jordan: 5 June 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM meeting with King Abdullah II of Jordan: 5 June 2025

    The Prime Minister hosted His Majesty the King of Jordan Abdullah II at Downing Street this afternoon.

    The Prime Minister hosted His Majesty the King of Jordan Abdullah II at Downing Street this afternoon.

    The leaders discussed the gravity of the intolerable situation in Gaza, and the concerning developments in the West Bank.

    The Prime Minister reiterated that if Israel did not cease the renewed military offensive and lift its restrictions on humanitarian aid, the UK and its partners would take further concrete actions in response.

    It was vital a sustainable ceasefire and the release of all hostages was secured, and humanitarian aid was delivered at speed and volume, the Prime Minister added.

    Both leaders agreed on the importance of the Palestinian Authority’s reform agenda as part of the path to a two-state solution and lasting peace and security for both Israelis and Palestinians.

    The leaders also discussed the wider bilateral relationship between the UK and Jordan, and the opportunity to deepen business and investment links between the two countries.

    Both looked forward to speaking again soon.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Progress on Active Transport Corridors

    Source: Scotland – City of Dundee

    The journey to provide sustainable transport corridors along major Dundee routes is moving forward thanks to a £745,000 grant from the Scottish Government. 

    Engineering consultancy SWARCO has been appointed to develop detailed construction-ready designs for the Lochee Road and Arbroath Road corridors. These designs will integrate active travel and bus priority measures, building on initial concept work. Fully funded by Transport Scotland, the design work will include various elements including surveys, traffic modelling, design development and community consultation and engagement. 

    These corridors are central to Dundee City Council’s Sustainable Transport Delivery Plan, which outlines ambitious plans to enhance and expand the city’s sustainable transport infrastructure.  

    With around 20,000 vehicle movements daily on these routes, the improvements aim to make walking, cycling, and bus travel more attractive alternatives to car use. This will help to reduce congestion, improve air quality, and connect communities with affordable, low-carbon transport options.  

    The award of the tender will be discussed by the council’s Fair Work, Economic Growth and Infrastructure Committee at its meeting on Monday June 9. 

    Depute Convener Cllr Siobhan Tolland said: “As we look to the future and work to meet our climate and net zero commitments, active and sustainable travel will play an increasingly important role in that journey. 

    “These transport methods will make a substantial positive contribution to the city’s health and wellbeing and also further improve air quality. 

    “The new corridor designs will help us bring forward practical solutions to encourage more people to walk, wheel, cycle, and use public transport along these key routes.”                        

    Meanwhile, the committee will also be asked to approve a £112, 255 tender for a pocket park in Lochee. 

    The project is being supported by funding from Scottish Government’s Vacant and Derelict Land Investment Programme, as well as Transport Scotland’s Active Travel Infrastructure Fund. 

    Works, which would be carried out by Tayside Contracts, would see the construction of a pocket park and raingarden in vacant land near the Lochee High Street/Bank Steet road junction.   

    The raingarden element will contribute to wider drainage improvements for the area to provide a surface water connection point for new development in Lochee. 

    Councillor Tolland added: “Pocket parks have been delivered successfully across other areas in Dundee and help in efforts to encourage people to get out, be active and enjoy their local community.” 

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.

    Read more: African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.

    Read more: African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    – African countries are bad at issuing bonds, so debt costs more than it should: what needs to change
    – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI Africa –

  • MIL-OSI China: Crossing mountains, Chinese youth building future beyond the fields

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

    On a crisp spring morning, Wang Bing navigated frost-rimmed paths toward her office at the government building of Taxkorgan Tajik Autonomous County in northwest China’s Xinjiang Uygur Autonomous Region, a windswept frontier perched 4,000 meters above sea level on the Pamir Plateau.

    Last year, the 24-year-old from Inner Mongolia Autonomous Region in north China had joined 44 peers in the “Go West” program, trading city life for a government audit role in one of China’s most remote regions. Her sun-burned cheeks tell a story shared by hundreds of thousands — generations redefining success through service in the nation’s hinterlands.

    Wang’s journey mirrors a seismic shift among China’s youth. Since its launch in 2003, China’s “Go West” program has enabled 540,000 young volunteers to serve across over 2,000 county-level regions in the country’s vast, underdeveloped western regions for a year or more, according to the Communist Youth League of China. The talent program seeks to bring fresh perspectives and energy to areas with significant growth potential.

    In Kuqa City’s No. 3 Middle School, Liu Daqian from Harbin Institute of Technology (HIT) in northeast China, helps his students, who once “struggled to hold a mouse,” to practice robot programming. In January 2024, an HIT alumni-founded company donated an AI laboratory to the school. That same year, two student teams mentored by HIT volunteer teachers won national competition awards, setting a new record for southern Xinjiang.

    “I studied bridge engineering, and I want to build that same kind of bridge, one that connects children to a bigger world,” said Liu, who teaches geography. To his students, the witty and humorous teacher from Heilongjiang Province possesses a magical charm — he always seems to have the answer to every question.

    Of those in the “Go West” program, over 55,000 volunteers have served in Xinjiang, a region covering one-sixth of China’s territory, with more than 15,000 choosing to remain in Xinjiang long term, the regional Communist Youth League Committee revealed.

    Wang Jiamin, meanwhile, has returned to familiar territory but in a new role. After earlier teaching in rural Yunnan Province in southwest China via this program, the Beijing Foreign Studies University graduate has gone back to Yunnan after her stint as a student in the Chinese capital, this time serving as a civil servant. Calling Yunnan her “second hometown,” Wang expressed excitement about trekking through the fields and visiting the homes of villagers to persuade families to send their children back to school.

    There are also rooted professionals active in rural settings in the west of China. Dressed in pink scrubs and gloves, 29-year-old veterinarian Bai Hua deftly examined a cow in Guyuan of northwest China’s Ningxia Hui Autonomous Region, where she was born into a cattle farming family and has practiced as a veterinarian for a decade since graduating from a local vocational-technical school.

    “Field vets must travel village-to-village daily and most can’t handle it,” she said, recalling initial skepticism from farmers about her petite frame. “But skill outweighs size,” she added. Her team now treats over 100 livestock daily — providing critical expertise to remote farms.

    Youth-driven innovation is transforming rural economies. In the mountainous areas of Longnan, northwest China’s Gansu Province, tech-savvy entrepreneur Zhao Wuqiang could be seen live-streaming his walnut oil products to national audiences. A former software engineer in eastern China, Zhao made a pivotal career shift 14 years ago. His foresight of China’s internet boom and his hometown’s untapped potential combined to create a 380-million-yuan (about 52.9 million U.S. dollars) business integrating more than 200 farming cooperatives, establishing direct farm-to-table supply chains while modernizing walnut cultivation for some 12,000 farmer households.

    “Upgraded rural internet infrastructure and logistics networks have been game-changers for our e-commerce growth,” Zhao said. The ex-programmer’s company has garnered 130,000 followers on social media platforms.

    Official statistics showed that as of the end of 2024, over 90 percent of China’s administrative villages had achieved 5G network coverage, with gigabit broadband networks now available in all county-level regions. Notably, rural logistics infrastructure has also seen significant enhancement, with 346,000 integrated mail and delivery service stations now operational at village level — providing express delivery access to more than 95 percent of the country’s administrative villages.

    As China accelerates its agricultural modernization, a growing wave of urban youth are returning to their rural roots. In Anji County of east China’s Zhejiang Province, an eco-tourism hotspot which drew over 34 million visitors last year, Ding Chuxiao, 27, blends design flair with tea culture and farm experiences.

    Ding’s creative teahouse showcases her artistic vision through bamboo products, white tea caddies and canvas bags with ink-wash painted tea hills, capitalizing on Anji’s booming rural tourism. The slower pace there fuels her creativity, and Ding’s business now generates revenue of more than 100,000 yuan annually.

    China’s urban-rural development model preserves rural landscapes while injecting modern elements, addressing agricultural gaps to achieve shared prosperity. “Young people bring fresh perspectives and market savvy to identify new opportunities in rural revitalization,” said Xue Zelin, a senior fellow and secretary of the Communist Youth League Committee of Shanghai Academy of Social Sciences.

    To date, more than 12 million people have returned to or settled in rural areas to start businesses across China, according to Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, who noted that human capital is fundamental to rural revitalization, emphasizing the need to leverage the countryside’s abundant opportunities to attract talent while utilizing its pleasant and scenic living conditions to retain them.

    “Even deep in the mountains, if you settle in with commitment and perseverance, you’ll grow upward and see the promise of rural revitalization,” Zhao said. 

    MIL OSI China News –

  • MIL-OSI Europe: ECB to add new reporting agents to the €STR

    Source: European Central Bank

    6 June 2025

    • 24 new banks to be added to the euro short-term rate (€STR) reporting population as of 2 July 2025
    • Increase in reporting population will further support the benchmark’s robustness and representativeness

    The European Central Bank (ECB), as administrator of the euro short-term rate (€STR), will expand the number of banks included in the €STR reporting population as of 2 July 2025 (reference to 1 July) by adding 24 banks to the 45 currently included in the rate’s daily calculation. The new banks were already added to the reporting population for Money Market Statistics Reporting (MMSR) on 1 July 2024, but were not included in the €STR calculation until it could be ensured that the newly reported data are of sufficiently good quality.

    The expansion of the €STR sample size will improve both the robustness and the representativeness of the benchmark, which will now be supported by higher transactions volumes from a wider range of reporting institutions.

    The impact on the level of the rate is expected to be limited, as the average difference observed during the testing period since July 2024 was only approximately -0.2 basis points.

    The list of the new MMSR reporting banks that will be added to the €STR calculation is available on the ECB’s money market statistical reporting page.

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

    Notes:

    Please find more information about the €STR.

    MIL OSI Europe News –

  • MIL-OSI Banking: New Development Bank, Bank of China and Haitong Unitrust Financial Leasing sign RMB 1.2 billion Syndicated Loan Agreement to Support Environmental Projects in China

    Source: New Development Bank

    The New Development Bank (NDB), Bank of China and Haitong Unitrust International Financial Leasing (HUIFL) have signed a syndicated loan agreement totalling RMB 1.2 billion to finance green leasing sub-projects that support China’s environmental goals and climate commitments.

    The signed loan agreement supports China’s transition toward a new growth model centred on low-carbon development, climate resilience, and environmental protection. Despite progress in recent years, environmental protection and climate change mitigation continue to be considered national priorities, and this Project aligns directly with that policy direction.

    Under the loan agreement, NDB will provide RMB 713.32 million, Bank of China will contribute RMB 500 million, and HUIFL will use the funds to acquire and lease equipment to lessees implementing sub-projects related to wastewater treatment, solid waste management, and metallurgical waste gas utilization for power generation. To promote balanced development, eligible sub-projects will be located outside China’s four Tier I cities, channelling investment into less-developed regions.

    This is the first time NDB mobilizes private capital in a syndicated operation, marking a significant evolution in the Bank’s development financing approach. Since the adoption of the Addis Ababa Action Agenda in 2015, multilateral development banks have increasingly prioritized the mobilisation of private capital to help bridge the significant financing gap required to achieve the 2030 Agenda. In line with this collective commitment, NDB is scaling up private capital mobilization, and this transaction represents a concrete step in implementing that strategy, positioning NDB as a project orchestrator within its member countries.

    Aligned with NDB’s General Strategy for 2022–2026, this operation reinforces New Development Bank’s commitment to financing sustainable development projects using local currency instruments, while strengthening domestic financial markets and fostering private sector participation.

    “NDB is proud to partner with Bank of China and Haitong Unitrust Financial Leasing to finance green sub-projects that promote sustainable development and support China’s environmental goals and climate commitments. This initiative addresses the need for climate resilience and environmental protection and contributes to increasing investment in less-developed regions in China,” said Mr. Vladimir Kazbekov, NDB Vice-President and Chief Operating Officer. “In helping to address the infrastructure financing gap, New Development Bank is playing a catalytic role in mobilizing resources from diversified funding sources, particularly from the private sector, in line with its General Strategy.”

    “The successful launch of this environmental protection syndicated loan represents not only a concrete initiative by Bank of China Shanghai Branch, NDB, and HUIFL to actively implement national strategies, but also an innovative collaboration among the three parties. Taking this opportunity, Bank of China Shanghai Branch will further leverage its global advantages and comprehensive strengths to provide more professional services to NDB and HUIFL, jointly injecting green and sustainable momentum into high-quality economic and social development,” said Mr. Xiao Wang, General Manager of Bank of China, Shanghai Branch.

    “Taking this cooperation as a starting point, Guotai Haitong Securities and HUIFL will leverage the group’s global resources and partner with NDB and Bank of China to proactively serve the national strategies, actively increase support to areas of environmental protection and energy efficiency and jointly address issues in green development,” said Mr. Yuxing Mao, Vice-President of Guotai Haitong Securities Company.

    Background Information

    New Development Bank

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    For more information on NDB, please visit www.ndb.int

    Haitong Unitrust International Financial Leasing

    Established in 2004 and headquartered in Shanghai, HUIFL is a leading financial leasing company in China, with operations across sectors including advanced manufacturing, energy and environmental protection, construction, urban utilities and transportation & logistics. HUIFL is listed on the Hong Kong Stock Exchange and has a strong track record in green leasing. In March 2025, the indirect controlling shareholder of HUIFL was changed to Guotai Haitong Securities Company, and the actual controller was Shanghai International Group.

    For more information on HUIFL, please visit www.utfinancing.com

    Bank of China

    Bank of China was established in 1912 and is the oldest continuously operating state-owned commercial bank in China. In 2011, it became the first global systemically important bank from an emerging economy, with its international standing, competitiveness, and comprehensive strength ranking among the top tier of global banks. It operates branches across the Chinese mainland as well as in 64 countries and regions overseas.

    For more information on Bank of China, please visit https://www.boc.cn/

    MIL OSI Global Banks –

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on June 06, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 3,550
    Amount allotted (in ₹ crore) 3,550
    Cut off Rate (%) 5.51
    Weighted Average Rate (%) 5.51
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/492

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Businesses invited to support fostering in their community

    Source: City of Derby

    Local businesses across Derbyshire and Nottinghamshire are being invited to play a vital role in shaping a brighter future for children and young people by supporting , a new regional fostering initiative.

    Foster for East Midlands Councils is a collaboration between Derby City, Derbyshire, Nottingham City and Nottinghamshire Councils. Launched in March 2024, it brings the four councils together for the first time to increase the number of local authority foster carers and strengthen support for those already fostering.

    As part of the campaign to engage the wider community, businesses are being encouraged to get involved by attending upcoming Business Breakfast Events. These informal networking sessions are designed to introduce organisations to fostering, offer insights from experienced foster carers, and provide practical steps for how businesses can help.

    Events are taking place on Thursday 19 June, 7.45am to 10am at Pride Park Stadium in Derby, and Wednesday 25 June, 7.45am to 10am at Notts County Football Club in Nottingham. Breakfast is complimentary and spaces are limited, so early booking is recommended. Visit the Foster for East Midlands Councils business support web page to book and find out more. 

    There are many additional ways businesses can support fostering in the community. This includes displaying posters or materials, sharing information on social media, including fostering updates in staff newsletters or intranet pages, hosting information events, offering promotional space or perks for foster families, and sponsoring local fostering initiatives.

    Businesses are also being invited to become fostering friendly employers by joining The Fostering Network’s recognised scheme. The scheme provides employers with the tools and guidance needed to support staff who foster and demonstrates a commitment to social responsibility. Foster for East Midlands Councils offers one-to-one guidance, sample policies, and ongoing support to help businesses adapt and submit their policy to the Fostering Network for approval. Once recognised, businesses can be celebrated publicly as Fostering Friendly.

    Foster for East Midlands Councils stresses that the involvement of the local business community is essential in building awareness, encouraging potential carers, and reinforcing a culture of support for children who need it most.

    Cllr Paul Hezelgrave, Lead Council’s Cabinet Member for Foster for East Midlands Councils said:

    Fostering doesn’t just transform a child’s life—it strengthens the entire community. By partnering with local businesses, we can inspire more people to step forward as carers and ensure every child grows up with stability, love and opportunities close to home.

    Any business interested in supporting fostering or attending an event can call 03033 132 950 or visit the how businesses can support fostering web page to book onto the events or make a general enquiry. The team welcomes all forms of partnership and is ready to help businesses find the right way to contribute.

    MIL OSI United Kingdom –

  • MIL-OSI: Bitget Wallet and Tether Discuss Stablecoin Adoption and Real-World Payments at Solana Summit 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, June 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the non-custodial crypto wallet with over 80 million users, took center stage at Solana Summit 2025, joining a panel on “Programmable Capital: The Future of Paying, Financing, and Spending Onchain” alongside speakers from Tether, Venta, and Ripe. The discussion explored how wallets, stablecoins, and DeFi infrastructure are transforming payments, credit, and financial access across global markets.

    Xavier Ow Yeong, Business Development Lead at Bitget Wallet Pay team, shared how the wallet is building infrastructure to make crypto spending as intuitive as fiat. He pointed to Bitget Wallet’s multi-pronged approach: supporting QR code payments with Solana Pay and national QR standards; expanding crypto card options in Asia and Europe; and enabling direct in-app purchases of hotel stays, gaming credits, and gift cards through thousands of merchant integrations — all within its full self-custodial wallet.

    “The future of crypto payments lies in familiarity and simplicity,” said Xavier. “By embedding stablecoins into everyday behaviors like QR scanning and card tapping, we eliminate barriers and unlock true utility for users — especially in mobile-first markets. When users can scan, tap, and spend without worrying about gas fees or chains, stablecoins begin to look like a real alternative to cash. And wallets are becoming the next primary interface for onboarding users into Web3 — not just for holding tokens, but for everyday financial activity.” Bitget Wallet also shared updates on its Scan to Pay roadmap, including its recent integration of Solana Pay for instant USDC payments and its upcoming support for national QR systems in Southeast Asia and Latin America, aimed at enabling seamless crypto-to-fiat spending across millions of merchants.

    The panel explored broader infrastructure trends enabling this shift, including the role of stablecoin adoption in cross-border finance and how decentralized credit models can serve digitally native businesses. Bitget Wallet emphasized that the wallet interface is central to making programmable capital usable. The team is focused on minimizing transaction friction through features like gas abstraction, real-time bridging, and integrated payment gateways. Beyond spending, the wallet is positioning itself as a commerce hub — where users can earn rewards, access credit tools, and interact with onchain services across networks.

    Find out more on Bitget Wallet’s official channels.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac3f8b2f-9ddb-45bf-b701-0241688a37bc

    The MIL Network –

  • MIL-OSI Global: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.



    Read more:
    African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.



    Read more:
    African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    Misheck Mutize is affiliated with the African Union as a Lead Expert on Credit Ratings

    – ref. African countries are bad at issuing bonds, so debt costs more than it should: what needs to change – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI – Global Reports –

  • RBI reduces inflation forecast to 3.7% for 2025-26

    Source: Government of India

    Source: Government of India (4)

    The Reserve Bank of India has revised its inflation outlook for 2025-26 downwards from the earlier forecast of 4 per cent to 3.7 per cent, RBI Governor Sanjay Malhotra said on Friday.

    Taking all these factors into consideration, and assuming a normal monsoon, CPI inflation for the financial year 2025-26 is now projected at 3.7 per cent, with Q1 at 2.9 per cent, Q2 at 3.4 per cent, Q3 at 3.9 per cent, and Q4 at 4.4 per cent.

    He pointed out that inflation has softened significantly over the last six months from above the tolerance band in October 2024 to well below the target, with signs of a broad-based moderation. The near-term and medium-term outlook now gives us the confidence of not only a durable alignment of headline inflation with the target of 4 per cent, as exuded in the last meeting, but also the belief that during the year, it is likely to undershoot the target at the margin.

    While food inflation outlook remains soft, core inflation is expected to remain benign with easing of international commodity prices in line with the anticipated global growth slowdown, Malhotra explained.

    He pointed out that CPI headline inflation continued its declining trajectory in March-April, with headline CPI inflation moderating to a nearly six-year low of 3.2 per cent (y-o-y) in April 2025. This was led mainly by food inflation, which recorded the sixth consecutive monthly decline.

    Fuel group witnessed a reversal of deflationary conditions and recorded positive inflation prints during March and April, partly reflecting the hike in LPG prices. Core inflation remained largely steady and contained during March-April, despite the increase in gold prices exerting upward pressure, Malhotra said.

    The outlook for inflation points towards benign prices across major constituents. The record wheat production and higher production of key pulses in the Rabi crop season should ensure an adequate supply of key food items. Going forward, the likely above normal monsoon along with its early onset augurs well for Kharif crop prospects.

    Reflecting this, inflation expectations are showing a moderating trend, more so for the rural households. Most projections point towards continued moderation in the prices of key commodities, including crude oil, the RBI Governor said.

    However, at the same time, Malhotra had a word of caution. “Notwithstanding these favourable prognoses, we need to remain watchful of weather-related uncertainties and still evolving tariff-related concerns with their attendant impact on global commodity prices,” he added.

    (IANS)

  • MIL-OSI Asia-Pac: President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  

    Source: Republic of China Taiwan

    Details
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –