Category: Business

  • MIL-OSI: Form 8.3 – [MARLOWE PLC – 04 06 2025] – (CGWL)

    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: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (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.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    MARLOWE PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    04 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”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 50p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 3,131,796 3.9884    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 3,131,796 3.9884    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    50p ORDINARY SALE 1,960 408.0002p
    50p ORDINARY SALE 4,750 412.5p
    50p ORDINARY SALE 21,436 403.2925p
    50p ORDINARY SALE 20,000 403.12p

    (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

    (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: 05 JUNE 2025
    Contact name: PHIL HULME
    Telephone number: 01253 376551

    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: Tyton Partners Releases Choose to Learn 2025: K–12’s Age of Experimentation as Parent Demand Fuels Growth in School Choice

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, June 05, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, today released its latest report, Choose to Learn 2025: K–12’s Age of Experimentation. This nationally recognized publication is the third installment in a multi-year research series supported by the Walton Family Foundation and Stand Together Trust. The report explores how evolving parent preferences, increased school choice policies, and rising demand for safer, values-aligned, and personalized learning experiences are prompting a wave of experimentation across the K–12 landscape.

    The research draws on insights from more than 1,600 “Activated” parents, those who switched their child’s primary school, and dozens of education providers and intermediaries. It reveals that families are no longer reacting to crises alone. They are seeking purpose-fit learning environments and are willing to make repeated changes to find them.

    “This moment reflects a major shift in how families think about education, as a deeply personal decision,” said Christian Lehr, Director at Tyton Partners and co-author of the report. “Our findings underscore the importance of meeting parents with the clear pathways, quality options, and support they deserve to make confident choices.”

    Key Findings

    • Parent-led experimentation is shifting enrollment. Nearly 1 in 4 families now enroll at least one child outside their local public district, signaling a lasting move toward alternatives.
    • Safety and relevance drive school switches. Parents cite school safety and real-world learning as top reasons for leaving traditional schools.
    • Home-based models offer stability. Homeschooling and virtual school families report higher satisfaction and are less likely to switch again.
    • Frequent switching signals unmet needs. Forty percent of Activated parents plan to change schools again soon, reflecting a gap between priorities and current options.
    • Parents lack decision support. Though interest in Navigators is growing, most parents still rely on personal networks. Only 43% have used one—despite the segment’s $4B potential.

    The report underscores a clear call to action for providers, policymakers, and funders: invest in models and systems that meet the evolving needs of today’s K–12 families and recognize that quality decision support is essential to making school choice meaningful and effective.

    Choose to Learn 2025: K–12’s Age of Experimentation is the latest installment in Tyton’s multi-year research series on parent demand and school choice dynamics.

    Read the full Choose to Learn 2025: K–12’s Age of Experimentation report here.

    Media Contact

    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    The MIL Network

  • MIL-OSI: ATIF Holdings Limited Announces Strategic Diversification to Bitcoin Business

    Source: GlobeNewswire (MIL-OSI)

    Irvine, California, June 05, 2025 (GLOBE NEWSWIRE) — ATIF Holdings Limited (NASDAQ: ZBAI), today announced its strategic expansion into the Bitcoin (BTC) sector with an ambitious five-year plan to accumulate 1,000 BTC through a combination of direct purchases, and mining operations.

    As part of this initiative, ATIF Holdings will deploy a hybrid approach in the next five years including:

    • – Direct acquisition of BTC in the open market;
    • – Building and Operating proprietary BTC mining facilities; and/or acquiring operating BTC mining sites

    The company has tentatively selected West Texas as the primary location for its proprietary mining operations. This decision is driven by several key factors: Texas’ favorable regulatory environment for digital asset mining, abundant and affordable land, and a well-developed, deregulated electricity market with competitive power costs. Additionally, ATIF Holdings aims to implement advanced power utilization strategies to further reduce production costs and enhance overall operational efficiency.

    “We view Bitcoin not only as a long-term store of value but also as a strategic asset for growth and diversification,” said Kamran Khan, the CEO. “Our investment in mining infrastructure—particularly in a power-efficient region like West Texas—positions us to participate directly in Bitcoin’s network while optimizing cost control and scalability.”

    The planned mining facilities will emphasize energy efficiency, sustainable operations, and smart grid integration, aligning with broader industry trends towards responsible and forward-looking crypto infrastructure development.

    The company has purchased BTC in the open market and plans to continue to do so in the near future.   

    This move marks a significant evolution in ATIF Holdings’ business and underscores its commitment to innovation and long-term value creation in emerging technologies.

    About ZBAI

    ATIF Holdings Limited (NASDAQ: ZBAI) is a business consulting company that specializes in providing professional IPO, M&A advisory and post-IPO compliance services to small and medium-sized companies seeking to go public on a stock exchange in the United States. The Company is currently exploring business opportunities in the BTC sector.

    Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of the “safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, “estimated,” “projected,” Words such as “expect”, “anticipate”, “predict”, “plan”, “intend”, “believe”, “seek”, “may”, “will”, “should”, “future”, “propose” and variations of these words or similar expressions (or the opposite of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements do not guarantee future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control and may cause actual results or achievements to differ materially from those discussed in the forward-looking statements.

    Important factors include:

    • Bitcoin price and uncertainty in the regulatory of the crypto currency industry;
    • future financial and operating results, including revenues, income, expenses, cash balances and other financial items;
    • Ability to manage business development, growth and expansion; Current and future economic and political conditions;
    • The ability to compete in industries with low barriers to entry;
    • The ability to obtain additional financing to fund capital expenditure for the planned business in the future.
    • Ability to attract new customers and further enhance brand awareness;
    • Ability to hire and retain qualified management and key staff for the current and planned business;
    • Trends and competition in the financial advisory services industry;
    • Pandemic or epidemic disease and etc.

    Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the expected results expressed or implied by the forward-looking statements we make. You should not interpret forward-looking statements as predictions of future events. Forward-looking statements represent only the beliefs and assumptions of our management as of the date such statements are made. The above forward-looking statements are made as of the date of this press release.

    Contact Information

    Name: Christina

    Email: Christina@zbai.co

    The MIL Network

  • MIL-OSI: MEXC IgniteX Partners with Superteam to Launch Revolutionary “IgniteX Solana Talent Lab” at Solana Summit APAC

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 05, 2025 (GLOBE NEWSWIRE) — MEXC IgniteX, the $30 million global CSR initiative and innovation arm of MEXC Ventures, successfully announced its groundbreaking strategic partnership with Superteam, the premier talent collective driving growth across the Solana ecosystem. The collaboration was officially unveiled at the Solana Summit APAC (June 5-7, 2025) in Vietnam, where IgniteX introduced the “IgniteX Solana Talent Lab” – a comprehensive initiative designed to accelerate blockchain education and foster the next generation of Solana developers across APAC markets.

    Transforming Blockchain Education Through Strategic Partnership

    The IgniteX Solana Talent Lab represents a first-of-its-kind collaboration that combines MEXC IgniteX’s industry expertise and resources with Superteam’s extensive network of talented developers, creators, and operators across the Solana ecosystem. This multi-faceted program addresses the critical need for structured blockchain education while creating tangible pathways for students to enter and thrive in the Web3 industry.

    “We’re thrilled to partner with Superteam to create meaningful opportunities for the next generation of blockchain innovators,” said Tracy Jin, COO of MEXC. “This collaboration goes beyond traditional educational support – we’re building a comprehensive ecosystem that nurtures talent from learning to professional deployment in the Solana space.”

    Program Framework

    The IgniteX Solana Talent Lab is designed as an initiative that accelerates blockchain education while supporting builders, developers, and students across APAC markets to make meaningful contributions to the Solana ecosystem. The program provides real pathways into the ecosystem for builders around the world through a combination of educational resources, mentorship opportunities, project support, and career development initiatives. By connecting talented individuals with industry experts, funding opportunities, and practical experience, the IgniteX Solana Talent Lab creates a structured pathway from learning to professional deployment within the rapidly growing Solana ecosystem, fostering the next generation of blockchain innovators and contributors.

    Summit Launch Features

    The launch at Solana Summit APAC will focus on the following features:
    IgniteX Solana Scholars Launch Announcement:
    An announcement through speech on stage featuring executives from MEXC IgniteX, Superteam leadership, and Solana ecosystem representatives, highlighting the program’s vision and commitment to blockchain education advancement.

    Strategic Networking Summit:
    Networking opportunities connecting MEXC representatives, Solana team members, Student Ambassadors, and broader ecosystem participants to facilitate relationship building and explore future collaboration opportunities.

    Future Expansion and Impact

    The IgniteX Solana Talent Lab is designed for scalable growth, with plans to expand across multiple regions and educational institutions throughout 2025 and beyond. The collaboration aims to graduate hundreds of skilled blockchain developers annually while contributing to the overall growth and decentralization of the Solana ecosystem.


    About MEXC Ventures
    MEXC Ventures is a comprehensive fund dedicated to driving innovation in the cryptocurrency sector through investments in L1/L2 ecosystems, strategic investments, M&A, and incubation. Upholding the principle of “Empowering Growth Through Synergy,” MEXC Ventures is committed to supporting innovative ideas and active builders.

    MEXC Ventures is an investor and supporter of TON and Aptos, and looks forward to staying at the forefront of TON and Aptos innovations while actively engaging with builders to drive ecosystem growth.

    About Superteam
    Superteam is a cooperative of creatives, operators, and investors helping the most promising projects in the Solana ecosystem launch and grow. Focused on the “Ascending World” — India, Southeast Asia, Eastern Europe, and Africa — Superteam serves as a core engine of grassroots growth in Web3, connecting talented individuals with opportunities to contribute to innovative Solana projects while building sustainable careers in the decentralized economy.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b17fc00c-f54f-4b12-ba01-1c0e076c920b

    The MIL Network

  • MIL-OSI: Yuanbao Inc. Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, June 05, 2025 (GLOBE NEWSWIRE) — Yuanbao Inc. (“Yuanbao” or the “Company”) (NASDAQ: YB), a leading technology-driven online insurance distributor in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial and Operational Highlights

    • Total revenues in the first quarter of 2025 were RMB970.1 million (US$133.7 million), representing a 43.8% increase from RMB674.5 million in the same period of 2024.
    • Net income in the first quarter of 2025 was RMB295.1 million (US$40.7 million), representing a 122.1% increase from RMB132.9 million in the same period of 2024.
    • Net income margin in the first quarter of 2025 was 30.4%, compared with 19.7% in the same period of 2024.
    • Net operating cash inflow in the first quarter of 2025 was RMB425.1 million (US$58.6 million).
    • Number of new policies1 in the first quarter of 2025 was 6.8 million, representing a 21.3% increase from 5.6 million in the same period of 2024.

    Recent Developments

    • Leveraging the latest large language model (“LLM”) capabilities:
      • YB Agents. The Company has implemented an intelligent quality inspection Agent, capable of autonomously planning and coordinating multiple inspection tasks. This enables rapid deployment and reuse across complex scenarios, significantly enhancing inspection efficiency. The Company is also developing agents across other operational areas to improve process efficiency.
      • Retrieval-Augmented Generation (RAG) Enhancements. The Company has addressed the limitations of LLMs in processing specialized professional knowledge by integrating a specialized insurance knowledge database with RAG, resulting in more accurate responses to consumer insurance inquiries.
      • Multi-Modal Applications. The Company is implementing multi-modal capabilities to broaden its interaction methods, seamlessly combining text, images, and other data types to promote more convenient and efficient insurance services.
    • In terms of the Company’s full consumer service cycle engine (recommendation models), as of the end of March, the Company had developed more than 4,700 models capable of analysis across more than 5,100 labels, an increase of 600 models and 1,000 labels from a year ago.

    “Achieving our Nasdaq listing marks the most significant strategic milestone in Yuanbao’s growth since our founding in 2019,” said Mr. Rui Fang, Chairman and Chief Executive Officer of Yuanbao. “In the first quarter of 2025, we reported a substantial increase in revenue and net income, with all core operational metrics demonstrating double-digit year-over-year growth. Notably, the number of new policies increased by 21.3% compared with the prior year period. In technology, we continued to upgrade our full consumer service cycle engine and expand large language model applications across the entire business process. These advancements have remarkably enhanced both the efficiency and user experience of post-sale services, particularly in claim processing. As of the end of March, we had developed over 4,700 models capable of analysis across more than 5,100 labels, an increase of 600 models and 1,000 labels from a year ago. These developments have led to more accurate predictions and significantly improved operational efficiency. Looking ahead, we are committed to increasing investment in R&D to better serve evolving consumer needs. We will also focus on optimizing the full consumer service cycle, deepening strategic collaborations with insurance partners, and creating long-term value for shareholders.”

    Mr. Ray Wan, Chief Financial Officer of Yuanbao, commented, “We are pleased to report a strong start to 2025, fueled by stellar financial and operational performance in the first quarter. Our total revenues reached a record RMB970.1 million, marking a 43.8% year-over-year increase, underpinned by the strength and efficiency of our engine. Additionally, we continued to improve our profitability, with net income growing 122.1% and net income margin expanding by 10.7 percentage points to 30.4%, compared with the prior year period. These solid results underscore Yuanbao’s leadership in China’s fast-growing online health insurance industry, where we leverage our core technological strengths to pursue growth while maintaining profitability. We remain confident that our healthy financial position and robust cash reserves will support our strategic initiatives, enhance our competitive advantage, and enable us to explore new opportunities for sustainable future growth.”

    1 The number of new policies for a given period represents the total number of both short-term and long-term insurance policies purchased by the Company’s insurance consumers during that period.

    First Quarter 2025 Financial Results

    Total Revenues. Total revenues in the first quarter of 2025 were RMB970.1 million (US$133.7 million), representing a 43.8% increase from RMB674.5 million in the same period of 2024. This growth was primarily driven by significant increases in revenues from both insurance distribution services and system services.

    Insurance Distribution Services. Revenues from insurance distribution services in the first quarter of 2025 were RMB321.8 million (US$44.3 million), representing a 45.0% increase from RMB221.9 million in the same period of 2024. This growth was mainly due to an increase in the number of policies purchased by insurance consumers on Yuanbao’s platform, partly driven by the Company’s enhanced targeted marketing efforts.

    System Services. Revenues from system services in the first quarter of 2025 were RMB647.0 million (US$89.2 million), representing a 43.2% increase from RMB451.7 million in the same period of 2024. This growth was primarily driven by the Company’s enhanced ability to provide partnered insurance carriers more effective marketing services and accurate analytics services, enabled by the Company’s continuously improving full consumer service cycle engine. Additionally, the increase was attributable to an expanded provision of system services to both existing and newly acquired partnered insurance carriers.

    Others. Revenues from other services in the first quarter of 2025 were RMB1.3 million (US$0.2 million), representing a 27.8% increase from RMB1.0 million in the same period of 2024.

    Total Operating Costs and Expenses. Total operating costs and expenses in the first quarter of 2025 were RMB680.6 million (US$93.8 million), representing a 24.1% increase from RMB548.6 million in the same period of 2024.

    Operations and Support Expenses. Operations and support expenses in the first quarter of 2025 were RMB44.8 million (US$6.2 million), representing a 16.8% increase from RMB38.3 million in the same period of 2024. This increase was primarily driven by business growth.

    Selling and Marketing Expenses. Selling and marketing expenses in the first quarter of 2025 were RMB493.2 million (US$68.0 million), representing a 15.0% increase from RMB428.9 million in the same period of 2024. This increase was primarily due to enhanced efforts to attract new consumers and retain existing consumers.

    General and Administrative Expenses. General and administrative expenses in the first quarter of 2025 were RMB66.6 million (US$9.2 million), representing a 50.7% increase from RMB44.2 million in the same period of 2024. This increase was primarily due to higher salary and benefits expenses.

    Research and Development Expenses. Research and development expenses in the first quarter of 2025 were RMB76.1 million (US$10.5 million), representing a 104.5% increase from RMB37.2 million in the same period of 2024. This increase was primarily due to intensified research and development efforts and an expansion in R&D personnel, aimed at reinforcing the Company’s leadership position as a technology-driven online insurance distributor.

    Investment Income. Investment income in the first quarter of 2025 was RMB6.9 million (US$0.9 million), compared with RMB0.1 million in the same period of 2024. This growth was primarily due to higher gains from short-term investments.

    Net Income and Net Income Margin. Net income in the first quarter of 2025 was RMB295.1 million (US$40.7 million), representing a 122.1% increase from RMB132.9 million in the same period of 2024. Net income margin in the first quarter of 2025 was 30.4%, compared with 19.7% in the same period of 2024.

    Non-GAAP Adjusted Net Income2and Non-GAAP Adjusted Net Income Margin. Non-GAAP adjusted net income in the first quarter of 2025 was RMB312.2 million (US$43.0 million), representing a 103.2% increase from RMB153.6 million in the same period of 2024. Non-GAAP adjusted net income margin in the first quarter of 2025 was 32.2%, compared with 22.8% in the same period of 2024.

    Basic and Diluted Net Income per ADS.3 Basic net income per ADS in the first quarter of 2025 was RMB17.87 (US$2.46), compared with RMB4.97 in the same period of 2024. Diluted net income per ADS in the first quarter of 2025 was RMB6.46 (US$0.89), compared with RMB2.95 in the same period of 2024.

    Cash Position and Cash Flow

    As of March 31, 2025, the Company had cash and cash equivalents, time deposits, restricted cash and short-term investments of RMB2.77 billion (US$381.3 million), compared with RMB2.34 billion as of December 31, 2024.

    In the first quarter of 2025, net cash provided by operating activities was RMB425.1 million (US$58.6 million).

    2 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measure” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
    3 Each ADS represents six of the Company’s Class A ordinary shares, par value US$0.0001 per share.

    Exchange Rate

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

    Conference Call

    The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on June 5, 2025 or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2025.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BIa888df307303472fb71951c383b5a7ba

    Participants should complete online registration using the link provided above at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at ir.yb-inc.com.

    About Yuanbao Inc.

    Yuanbao Inc. is a leading technology-driven online insurance distributor in China, committed to protecting health and well-being through innovative technology. Leveraging its proprietary consumer service cycle engine and advanced technologies, Yuanbao delivers customized insurance solutions from its partnered insurance carriers to over ten million insurance consumers throughout the entire insurance lifecycle, ranging from personalized recommendations to post-sales services. Through deep collaboration with insurance carriers and the use of data-driven insights, Yuanbao empowers carriers to tailor flagship products, enhances consumer engagement, and drives scalable and efficient distribution.

    For more information, please visit: ir.yb-inc.com.

    Use of Non-GAAP Financial Measures

    The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

    The Company uses non-GAAP financial measures, including adjusted net income and adjusted net income margin, in evaluating the Company’s operating results and for financial and operational decision-making purposes. Adjusted net income represents net income excluding share-based compensation expense, and adjusted net income margin represents adjusted net income as a percentage of revenue. Such adjustments have no impact on income tax.

    The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as an analytical tool and when assessing the Company’s operating performance, investors should not consider it in isolation. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted net income presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as a comparative measure to the Company’s data.

    For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement contain forward-looking statements. Yuanbao may also make written or oral forward-looking statements in its periodic reports to 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. Statements that are not historical facts, including statements about Yuanbao’s beliefs, plans and expectations, are forward-looking statements. 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: Yuanbao’s mission, goals and strategies; Yuanbao’s future business development, financial condition and results of operations; the expected growth of the insurance industry in China; Yuanbao’s expectations regarding demand for and market acceptance of its products and services; Yuanbao’s expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance industry. Further information regarding these and other risks is included in Yuanbao’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yuanbao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:

    Yuanbao Inc.
    E-mail: ir@yb-inc.com

    Piacente Financial Communications
    Hui Fan
    Tel: +86-10-6508-0677
    E-mail: yb@thepiacentegroup.com

    In the United States:

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: yb@thepiacentegroup.com

    YUANBAO INC.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share and per share data)
     
        As of December 31,
    2024
      As of March 31, 2025
        RMB   RMB USD
    ASSETS          
    Current assets:          
    Cash and cash equivalents   1,904,674   2,236,013 308,131
    Time deposits   80,000   80,000 11,024
    Restricted cash   15,000   15,000 2,067
    Short-term investments   336,217   435,708 60,042
    Accounts receivable, net   260,958   332,586 45,832
    Prepayments and other current assets, net   75,964   44,991 6,200
    Total current assets   2,672,813   3,144,298 433,296
    Non-current assets:          
    Property and equipment, net   4,896   5,087 701
    Intangible assets, net   58,049   58,026 7,996
    Right-of-use assets   19,335   16,171 2,228
    Deferred tax assets, net   6,936   7,045 971
    Other non-current assets, net   17,611   17,611 2,427
    Total non-current assets   106,827   103,940 14,323
    TOTAL ASSETS   2,779,640   3,248,238 447,619
    LIABILITIES          
    Current liabilities:          
    Accounts payable   10,676   20,730 2,857
    Contract liabilities   117,649   95,405 13,147
    Salary and welfare payable   160,690   159,426 21,969
    Taxes payable   51,359   51,173 7,052
    Current lease liabilities   13,447   13,548 1,867
    Accrued expenses and other current liabilities   586,990   758,236 104,487
    Total current liabilities   940,811   1,098,518 151,379
    Non-current liabilities:          
    Non-current lease liabilities   5,714   2,297 317
    Deferred tax liabilities, net   46,030   48,473 6,680
    Total non-current liabilities   51,744   50,770 6,997
    TOTAL LIABILITIES   992,555   1,149,288 158,376
    YUANBAO INC.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
    (All amounts in thousands, except for share and per share data)
     
        As of December 31,
    2024
      As of March 31, 2025
        RMB   RMB USD
    MEZZANINE EQUITY:          
    Series Seed convertible redeemable preferred
       shares (US$0.0001 par value; 30,769,231 and
       30,769,231 shares authorized, issued
       and outstanding as of December 31, 2024
       and March 31, 2025, respectively)
      692,051     695,316   95,817  
    Series Angel convertible redeemable
       preferred shares (US$0.0001 par value;
       21,978,022 and 21,978,022 shares
       authorized, issued and outstanding as of
       December 31, 2024 and March 31, 2025,
       respectively)
      495,921     497,729   68,589  
    Series B convertible redeemable preferred
       shares (US$0.0001 par value; 45,315,510
       and 45,315,510 shares authorized, issued
       and outstanding as of December 31, 2024
       and March 31, 2025, respectively)
      1,028,888     1,027,703   141,621  
    Series C-1 convertible redeemable preferred
       shares (US$0.0001 par value; 37,373,616
       and 37,373,616 shares authorized, issued
       and outstanding as of December 31, 2024
       and March 31, 2025, respectively)
      851,362     833,372   114,842  
    Series C-2 convertible redeemable preferred
       shares (US$0.0001 par value; 15,650,202
       and 15,650,202 shares authorized, issued
       and outstanding as of December 31, 2024
       and March 31, 2025, respectively)
      352,660     345,176   47,567  
    TOTAL MEZZANINE EQUITY   3,420,882     3,399,296   468,436  
               
    SHAREHOLDERS’ DEFICIT:          
    Ordinary shares (US$0.0001 par value,
       348,913,419 and 348,913,419 shares
       authorized, 106,994,625 and 106,994,625
       shares issued, 106,994,625 and
       106,994,625 shares outstanding as of
       December 31, 2024 and March 31, 2025,
       respectively)
      71     71   10  
    Additional paid-in capital   198,664     215,743   29,730  
    Statutory reserves   80,975     80,975   11,159  
    Accumulated deficit   (1,932,128 )   (1,615,440 ) (222,614 )
    Accumulated other comprehensive income   18,621     18,305   2,522  
    TOTAL SHAREHOLDERS’ DEFICIT   (1,633,797 )   (1,300,346 ) (179,193 )
    TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT   2,779,640     3,248,238   447,619  
    YUANBAO INC.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    AND COMPREHENSIVE INCOME
    (All amounts in thousands, except for share, per share data, ADS and per ADS data)
     
      For the three months ended,
      March 31, 2024     March 31, 2025
     
      RMB     RMB   USD  
    Revenues 674,536     970,056   133,677  
    Operating costs and expenses*:              
    Operations and support (38,332 )   (44,756 ) (6,168 )
    Selling and marketing expenses (428,867 )   (493,150 ) (67,958 )
    General and administrative expenses (44,211 )   (66,640 ) (9,183 )
    Research and development expenses (37,212 )   (76,098 ) (10,487 )
    Total operating costs and expenses (548,622 )   (680,644 ) (93,796 )
    Other income:              
    Interest income 6,017     5,228   720  
    Exchange gains/(loss) 34     (138 ) (19 )
    Investment income 142     6,879   948  
    Others, net 791     439   60  
    Income before income taxes 132,898     301,820   41,590  
    Income tax expenses (47 )   (6,718 ) (926 )
    Net income 132,851     295,102   40,664  
    Accretion to preferred shares redemption value (64,607 )   21,586   2,975  
    Net income attributable to Yuanbao Inc.’s ordinary shareholders 68,244     316,688   43,639  
                   
    Net income 132,851     295,102   40,664  
    Other comprehensive income/(loss):              
    Foreign currency translation adjustments 396     (316 ) (44 )
    Total comprehensive income 133,247     294,786   40,620  
    Accretion to preferred shares redemption value (64,607 )   21,586   2,975  
    Comprehensive income attributable to Yuanbao Inc.’s ordinary shareholders 68,640     316,372   43,595  
                   
    Net income per share attributable to Yuanbao Inc.’s ordinary shareholders              
    Basic 0.83     2.98   0.41  
    Diluted 0.49     1.08   0.15  
                   
    Net income per ADS attributable to Yuanbao Inc.’s ordinary shareholders              
    Basic 4.97     17.87   2.46  
    Diluted 2.95     6.46   0.89  
                   
    Weighted average number of ordinary shares used in computing net income per share              
    Basic 82,325,900     106,358,492   106,358,492  
    Diluted 270,332,095     273,915,113   273,915,113  
                   

    *Share-based compensation expenses are included in the operating costs and expenses as follows:

      For the Three Months Ended
      March 31, 2024 March 31, 2025
      RMB RMB USD
    Operations and support   (11 ) (2 )
    Selling and marketing expenses (4,626 ) (3,730 ) (514 )
    General and administrative expenses (12,105 ) (8,437 ) (1,163 )
    Research and development expenses (4,067 ) (4,901 ) (675 )
    Total (20,798 ) (17,079 ) (2,354 )

    **Each ADS represents six ordinary shares.

    YUANBAO INC.
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (UNAUDITED)
    (All amounts in thousands, unless otherwise noted)
     
      For the Three Months Ended
      March 31, 2024 March 31, 2025
      RMB RMB USD
    Net income 132,851 295,102 40,664
    Add:      
    Share-based compensation expenses 20,798 17,079 2,354
    Non-GAAP adjusted net income 153,649 312,181 43,018

    The MIL Network

  • MIL-OSI Africa: The Global Environment Facility (GEF) backs $8.7m initiative to unite African nations against extreme weather events in the Ubangi River Basin

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, June 5, 2025/APO Group/ —

    Home to one of the largest tributaries of the Congo River, the Central African Republic (CAR) and the Democratic Republic of the Congo (DRC) will benefit from a pioneering cross-border initiative to prepare for extreme climatic events and develop joint water resource management strategies with $8.7 million in funding from the Global Environment Facility (GEF). 

    Approved this Monday by the GEF Council, the “Regional program for integrated water resources management in the transboundary basin of the Ubangi River between the CAR and the DRC” aims to strengthen bilateral cooperation between the two African nations while improving technical and institutional capacities for managing increasingly extreme floods, droughts and erratic rainfall patterns affecting the Ubangi River basin.  

    The GEF implementing agencies of the project are the International Union for Conservation of Nature (IUCN) and the African Development Bank. A regional body and two national ministries are ensuring the execution of the initiative: the International Commission of the Congo-Ubangi-Sangha (CICOS), the Ministry of Rural Development of the DRC, and the Ministry of Development of Energy and Water Resources of the CAR. 

     Thierry Kamach, Minister of Environment and Sustainable Development of CAR said: “The degradation of natural resources is undeniable. The United Nations 2030 Agenda is an inspiring and unifying message to build strong resilience around a transformative project that will further strengthen ecosystem interdependence for a greener and more sustainable future.” 

    Flowing between the CAR, the DRC and the Republic of Congo, the Ubangi stretches over 2,272 kilometres and is the main right-bank tributary of the Congo River. As such, it is part of the Congo River basin, the second-largest river basin in the world and a global biodiversity hotspot with over 1,000 fish species.  

    The river basin’s rainforest harbours more than 10,000 plant species and 2,500 animal species, including two-thirds of all primates, which are under pressure from deforestation and land cover clearing. In parallel, changes in hydrological regimes, riverbank erosion, sedimentation and mining pollution threaten the river’s fish and shore fauna, which are becoming increasingly rare, and the Ubangi’s role as a regulator of regional and global climates. These challenges will be addressed by the new GEF initiative in an integrated fashion, considering the nexus between biodiversity, climate and ecosystem degradation, and between aquatic and terrestrial ecosystems. 

    This initiative is vital as it brings together the communities and institutions of two countries to conserve one of Africa’s most ecologically and economically important river basins. By working across borders, these countries will strengthen their resilience to climate change while protecting biodiversity and the natural systems that sustain life” said IUCN Director General, Grethel Aguilar. “Through its strong on-the-ground presence in the Congo basin, IUCN will mobilise actors in the forest and environmental sectors to promote collaborative basin management and community-led nature-based solutions at the regional, national and local levels. Our focus will be as much on biodiversity and water resources, as it will on safeguarding the livelihoods of the region’s 25 million inhabitants, many of whom depend on the Ubangi River for navigation, trade and agriculture”.

     “This initiative is aligned with GEF’s long-standing commitment and investments in the sustainable management of the Congo basin,” said GEF CEO and Chairperson Carlos Manuel Rodríguez. “By funding this crucial effort in support of sustainable management of water and land resources while averting pollution and land degradation, the GEF also contributes to maintaining the ecosystem functions of this gigantic forest system in supporting the stability of the regional and global hydrological cycle.” 

    Over the past 30 years, changes in rainfall patterns have progressively decreased water levels and reduced runoff in the Ubangi River by up to 18%. Coupled with the erosion, this further accentuated the siltation of the river, which is not only detrimental to biodiversity but also cripples navigation, limits trade and restricts access to residential areas. Alternating with drought periods, destructive floods are another harsh reality affecting hundreds of thousands of people in the region over the last decade, leading to population displacement to neighbouring countries.  

    The new GEF initiative will enable more effective binational cooperation in decision-making and the political monitoring of water crises by establishing a joint observatory and shared tools and data protocols between the DRC and CAR to enhance forecasting, prevention, and common crisis management measures. To combat biodiversity loss caused by human activities in the river basin, practical demonstrations of nature-based solutions —such as agroforestry, conservation farming and ecosystem rehabilitation— will be carried out on site. 

    Ensuring social inclusivity and promoting a “whole of society” approach, the project will roll out a framework for dialogue and exchange among stakeholders, including regional and local authorities, the private sector (particularly local small to medium-sized enterprises), young professionals, and female community leaders. This aims to strengthen local actors’ capability to contribute to shared watercourse management through training and capacity-building, and to assist them in formulating strategies to resolve common challenges. 

    Anthony Nyong, Director of the Climate Change and Green Growth Department at the African Development Bank, stated: “The Bank welcomes this GEF-supported initiative to strengthen cooperation in the Ubangi basin, enhance local resilience, and promote women’s leadership. Its nature-based, people-centred approach aligns with our High 5s and offers a model for basin-wide collaboration in Africa.” 

    With $67 million mobilised in co-financing, the GEF initiative complements a pre-existing project entitled “Regional Support Programme for the Development of Cross-border Water Infrastructure and Resources between the Central African Republic (CAR) and the Democratic Republic of Congo (DRC) – PREDIRE”, being implemented by the African Development Bank, by mainstreaming environmental, ecosystem and participative approaches into the sectors of water, agriculture and transport. 

    MIL OSI Africa

  • OpenAI finds more Chinese groups using ChatGPT for malicious purposes

    Source: Government of India

    Source: Government of India (4)

    OpenAI is seeing an increasing number of Chinese groups using its artificial intelligence technology for covert operations, which the ChatGPT maker described in a report released Thursday.

    While the scope and tactics employed by these groups have expanded, the operations detected were generally small in scale and targeted limited audiences, the San Francisco-based startup said.

    Since ChatGPT burst onto the scene in late 2022, there have been concerns about the potential consequences of generative AI technology, which can quickly and easily produce human-like text, imagery and audio.

    OpenAI regularly releases reports on malicious activity it detects on its platform, such as creating and debugging malware, or generating fake content for websites and social media platforms.

    In one example, OpenAI banned ChatGPT accounts that generated social media posts on political and geopolitical topics relevant to China, including criticism of a Taiwan-centric video game, false accusations against a Pakistani activist, and content related to the closure of USAID.

    Some content also criticized U.S. President Donald Trump’s sweeping tariffs, generating X posts, such as “Tariffs make imported goods outrageously expensive, yet the government splurges on overseas aid. Who’s supposed to keep eating?”.

    In another example, China-linked threat actors used AI to support various phases of their cyber operations, including open-source research, script modification, troubleshooting system configurations, and development of tools for password brute forcing and social media automation.

    A third example OpenAI found was a China-origin influence operation that generated polarized social media content supporting both sides of divisive topics within U.S. political discourse, including text and AI-generated profile images.

    OpenAI has cemented its position as one of the world’s most valuable private companies after announcing a $40 billion funding round valuing the company at $300 billion.

    (Reuters)

  • MIL-OSI Asia-Pac: President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  

    Source: Republic of China 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
    2025-05-28
    President Lai meets US delegation led by Senator Tammy Duckworth
    On the afternoon of May 28, President Lai Ching-te met with a delegation led by United States Senator Tammy Duckworth. In remarks, President Lai thanked the US Congress and government for their longstanding and bipartisan support for Taiwan. The president stated that Taiwan will continue to strengthen cooperation with the US and jointly safeguard regional peace and stability. He pointed out that the Taiwan government has already proposed a roadmap for deepening Taiwan-US trade ties and will encourage mutual investment between Taiwanese and US businesses. He then expressed hope of deepening Taiwan-US ties and creating more niches for both sides. A translation of President Lai’s remarks follows: I warmly welcome this delegation led by Senator Duckworth, a dear friend of Taiwan. Senator Duckworth previously visited in May last year to convey congratulations after the inauguration of myself and Vice President Bi-khim Hsiao. Your bipartisan delegation was the first group from the US Senate that I met with as president. Today, you are visiting just after the first anniversary of my taking office, demonstrating the staunch support of the US and our deep friendship. On behalf of the people of Taiwan, I extend my sincere appreciation and greetings. And I invite you to come back and visit next year, the year after that, and every year. Taiwan and the US share the values of democracy and the rule of law and believe in free and open markets. Both sides embrace a common goal of peace, stability, and prosperity in the Indo-Pacific region. I thank the US Congress and government for their longstanding, bipartisan, and steadfast support for Taiwan. In 2021, to help Taiwan overcome the challenges of the COVID-19 pandemic, Senator Duckworth made a special trip here to announce that the US government would be donating vaccines to Taiwan. In recent years, Senator Duckworth has also promoted the TAIWAN Security Act, STAND with Taiwan Act, and Taiwan and America Space Assistance Act in the US Congress, all of which have further deepened Taiwan-US cooperation and steadily advanced our ties. For this, I express my deepest appreciation. I want to emphasize that the people of Taiwan have an unyielding determination to protect their homeland and free and democratic way of life. Over the past year, the government and private sector have been working together to enhance Taiwan’s whole-of-society defense resilience. The government is committed to reforming national defense, and it has proposed prioritizing special budget allocations to ensure that our defense budget exceeds three percent of GDP. This will continue to bolster Taiwan’s self-defense capabilities. Moving forward, Taiwan will continue to strengthen cooperation with the US. In addition to jointly safeguarding regional peace and stability, we also aspire to deepen bilateral trade and economic ties. At the SelectUSA Investment Summit in Washington, DC, earlier this month, Taiwan’s delegation was once again the biggest delegation attending the event – proof positive of our close economic and trade cooperation. We have already proposed a roadmap for deepening Taiwan-US trade ties. We will narrow the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. We will encourage mutual investment between Taiwanese and US businesses to stimulate industrial development on both sides, especially in such industries as national defense and shipbuilding. We therefore look forward to Congress passing the US-Taiwan Expedited Double-Tax Relief Act as soon as possible, as this would deepen Taiwan-US trade ties and create more niches for business. In closing, I once again thank Senator Duckworth for making the trip to Taiwan. Let us continue to work together to elevate Taiwan-US ties. I wish you a pleasant and successful visit. Senator Duckworth then delivered remarks, saying that she is happy to be back in Taiwan and that she wanted to make sure to come back just after President Lai’s one-year anniversary of taking office to show the dedication and the outstanding friendship that we have. She noted that because no matter who is in the White House, no matter which political party is in power in Washington, DC, she has always believed that if America wants to remain a leader on the global stage, it has to show up for friends like Taiwan.  Senator Duckworth mentioned that in the years that she has been coming to Taiwan since pre-COVID times, she has seen a remarkable increase in participation in its defense and the support of the Taiwanese people for defending the homeland. She then thanked Taiwan for making the commitment to its self-defense, and also for being a partner with other nations around the world.  The STAND with Taiwan Act, the senator noted, is so named because the US wants to stand side by side with Taiwan. Pointing out that Taiwan is an important leader in the Indo-Pacific and on the global stage, she reiterated that there is support on both sides of the aisle in Washington for Taiwanese democracy, and added that the people of Taiwan are showing that they are willing to shore up their own readiness. Senator Duckworth said that whether it is delivering vaccines to Taiwan or making sure that the US National Guard works with Taiwan’s reserve forces or even with its civilian emergency response teams, these are all important components to the ongoing partnership between our nations.  Senator Duckworth indicated that there are many great opportunities moving forward beyond our military cooperation with one another. Whether it is in chip manufacturing, agricultural investments, shipbuilding, or in the healthcare field, those investments in both nations will facilitate stability and development in both our nations. She said that is why she wants to continue the Taiwan-US relationship, underlining that they are in it for the long haul. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    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

  • MIL-OSI: Jill Martin Joins MOBIA as Director of Sales

    Source: GlobeNewswire (MIL-OSI)

    DARTMOUTH, Nova Scotia, June 05, 2025 (GLOBE NEWSWIRE) — MOBIA, Canada’s leading business transformation partner, is thrilled to welcome Jill Martin to its team, marking a new chapter in the company’s strategy to grow its presence across Canada. A dynamic sales executive Martin has over two decades of experience in translating big picture vision into revenue growth across enterprise, small to medium businesses (SMB), and partner-led ecosystems. Martin has honed the unique ability to consistently deliver results while building high-performing teams, scaling channel partnerships, and leading with a challenger mindset in competitive markets.

    “Jill’s leadership style and strategic mindset are a perfect match for MOBIA’s values and our national vision,” said Chris Peerless, Vice President, Canada. “She brings not only a depth of sales expertise but a culture-first approach that energizes team members and partners. We’re excited to see the impact she’ll have as we continue to grow and strengthen our presence across Canada.”

    Most recently, Martin served as National Channel Sales Leader at Pure Storage, where she shaped the company’s go-to-market strategy across Canada. From launching the channel to driving major enterprise wins, her tenure was defined by purpose, pride, and powerful collaboration. Her strategic instincts, creativity, and trusted leadership made her a driving force behind Pure’s partner success and market expansion. “Throughout my career, I’ve had the privilege to work with talented teams at leading organizations,” said Martin. “I’m excited for the opportunity to work with another high-caliber team and to lead the efforts to expand MOBIA’s reach across Canada, not just with customers but with strong partner relationships, too.”

    As an acknowledged culture builder, it was MOBIA’s great culture that drew Martin. “I believe that a healthy company and team focussed culture is a critical factor for success, she said. “I’m excited to be part of a team that lives this, not just internally but when it comes to serving its clients.”

    “I look forward to having Jill on the team as another advocate as we continue to build lasting relationships with our partners,” said Nicole Murphy, Director of Alliances and Partnerships at MOBIA. “At MOBIA, we always say that we’re stronger together. Having leaders that embody this bring us closer to that vision.”

    To learn more about MOBIA contact Laura Hambly at laura.hambly@mobia.io.

    ABOUT MOBIA
    MOBIA is a leading expert in business transformation and innovative enterprise technology systems. With hundreds of customers across North America, MOBIA partners with organizations of all sizes, across all verticals to transform the way they work. Focused on people, processes, technology, and culture, MOBIA helps businesses reach their full potential. MOBIA is proud to be recognized as one of Canada’s Best Managed Companies and Canada’s Top Growing Companies. To learn more, visit Mobia.io

    The MIL Network

  • MIL-OSI: Form 8.3 – [CRANEWARE PLC – 04 06 2025] – (CGWL)

    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: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (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.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    CRANEWARE PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    04 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”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,694,624 4.7857    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,694,624 4.7857    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 690 2093.5p
    1p ORDINARY SALE 2,125 2094p
    1p ORDINARY SALE 1,523 2056p

    (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

    (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: 05 JUNE 2025
    Contact name: PHIL HULME
    Telephone number: 01253 376551

    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-Evening Report: Virgin Australia is coming back to the share market. Here’s what this new chapter could mean

    Source: The Conversation (Au and NZ) – By Rico Merkert, Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney

    Petr Podrouzek/Shutterstock

    It is finally happening. After five years of being a private company, Virgin Australia will relist on the Australian Securities Exchange (ASX) on June 24. The company is expected to raise A$685 million through the initial public offering (IPO).

    So, who will benefit from Virgin Australia’s return to the share market? Having paid $3.5 billion for the bankrupt carrier back in 2020, private equity firm Bain Capital will be the most immediate winner.

    Earlier this year, Bain had sold 25% of the company to Qatar Airways. Now, with the IPO, Bain will reduce its stake from about 70% down to 40%.

    With Virgin’s anticipated market capitalisation close to $2.3 billion and enterprise value of reportedly up to $3.6 billion, it is now evident that Bain Capital has – with Jayne Hrdlicka at the helm of the airline – not only managed to turn the company around, but to also profit nicely from doing so.

    Without Bain’s rescue at the beginning of the pandemic (which was catastrophic for airlines globally), the situation may have become quite detrimental for travellers. It also avoided having the Australian taxpayer foot the bill for a bailout.

    Whether the airline’s customers end up better off will depend on what Virgin Australia ends up doing with the $685 million it raises, on top of the substantial profits it has recently been able to generate.

    Stronger competition for Qantas?

    Looking at the strategies of both Virgin Australia and its biggest competitor, Qantas, in recent years, it seems both have learned to love playing the duopoly game.

    Based on our own calculations, Virgin controls roughly 33% of Australia’s domestic seat capacity and the Qantas group (which includes Jetstar) much of the rest on the country’s core flight network.

    In the 2010s, the two airlines were out-competing themselves in adding capacity to the market, which drove down yields (or revenue per passenger) and nearly killed Virgin Australia 1.0.

    Now, Qantas and Virgin have new chief executives who understand both airlines can be very profitable if they show some (capacity) discipline in how many seats they create and sell.

    Better services

    For that reason, it’s likely not much will change in terms of competition, at least in the domestic market. But this is only true as far as capacity is concerned.

    It seems reasonable to assume Virgin’s raised capital will only support future growth if it is profitable. The majority of the funds will likely go towards fleet renewal and improvement of the airline’s product.

    For consumers, this wouldn’t necessarily mean lower airfares in the domestic market. But it would mean newer aircraft and enhanced services, which is a positive for both flyers and the environment.

    International departures

    Virgin Australia will become a more formidable competitor to Qantas, thanks to its newly formed relationship with international partner Qatar Airways and the additional cash from relisting.

    It will be interesting to observe what Qatar will do next and whether a new player – perhaps Singapore Airlines – will enter the scene and take a stake in the airline once Virgin Australia is trading publicly again.

    It would not be the first time an international airline has taken a stake in Virgin Australia, and could create some interesting dynamics.

    Another beneficiary is Virgin Australia’s management team, who’ve been somewhat shackled by the priority of getting the IPO off the ground. The IPO will free up management to deploy resources towards more longer-term priorities.

    Many will see a significant payday – it’s estimated staff are sitting on shares that could soon collectively be worth $180 million.

    Why now?

    Bain Capital has timed this IPO carefully. Virgin Australia has (in tandem with Qantas) produced a stellar financial performance in the last financial year. It may deliver an even better one in the current reporting period.

    To maximise returns, it is likely Bain did not want to waste the opportunity to capitalise on the moment. Global markets are still full of volatility and geopolitical uncertainty. What may diminish is the financial performance of the core business Bain Capital is trying to sell.

    At $2.90 a share, Virgin Australia will have a price-to-earnings ratio (used to assess how relatively expensive a share price is) of seven times its expected earnings this financial year. This is lower than Qantas’ ratio of ten times expected earnings this financial year.

    Profits are likely to remain high this year, with continuing strong demand, high yields and low jet fuel prices. The brokers and underwriting investment banks will use this to sell the story.

    IPOs can sometimes deliver those already holding shares in a company significant day-one windfall profits. In this case, however, Bain’s expertise in the venture capital market means it is unlikely to leave any money on the table.

    One may also argue while Virgin appears to be priced at a discount compared to Qantas, there may be legitimate reasons for the price differential, such as Qantas’ very profitable loyalty business.

    Given uncertainties around demand and geopolitical tensions, there is no guarantee the share price of Qantas will remain at record highs for too long, which means the opportunity to present Virgin shares as a bargain may be short-lived.

    In the long term, it is widely agreed airlines are by definition volatile investments and not necessarily something the average investor should have in their portfolio.

    Moving forward

    Symbolically, the decision for Virgin to use a new stock ticker – VGN instead of the old VAH – may avoid bringing back bad memories.

    Five years can be a lifetime in aviation, but maybe not to bond holders who got just 10 cents in the dollar and shareholders (including the large airline partners who held equity stakes) who got nothing when the airline collapsed in 2020.

    From a strategy perspective, it will be important for management to avoid history repeating itself with international airlines buying into Virgin and securing board seats.

    This can be one way of influencing the strategy of the carrier’s domestic arm to funnel more passengers to their own international flights.

    It is positive, for both Virgin Australia and the Australian aviation industry, that Bain Capital appears set to pull this off and that the revitalised airline is now truly Virgin Australia 2.0.

    Rico Merkert and his team of PhD students receive funding from the Australian Research Council through a discovery project and various research industry project, including with Thales and Air New Zealand. He has previously worked on research with and for international airlines, including Qantas and Virgin Australia.

    ref. Virgin Australia is coming back to the share market. Here’s what this new chapter could mean – https://theconversation.com/virgin-australia-is-coming-back-to-the-share-market-heres-what-this-new-chapter-could-mean-258179

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: Why the global tax system needs fixing – podcast

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

    Cagkan Sayin/Shutterstock

    For decades, multinational corporations have used sophisticated strategies to shift profits away from where they do business. As a result, countries around the world lose an estimated US$500 billion annually in unpaid taxes, with developing nations hit particularly hard.

    In the first of two episodes for The Conversation Weekly podcast called The 15% solution, we explore how companies have exploited loopholes in the global tax system. The episode features insights from Annette Alstadsæter, director of the Centre for Tax Research at the Norwegian University of Life Sciences, and Tarcisio Diniz Magalhaes, a professor of tax law at the University of Antwerp in Belgium.

    The problem goes beyond clever accounting. Our international tax rules were built for an industrial age where companies were physically present where they operated. But today’s tech giants can generate billions in revenue from users around the world, without having a single employee or office there, leaving those nations unable to tax those profits at all.

    In 2021, after years of international negotiations, the Organisation for Economic Co-operation and Development unveiled a global tax deal designed to address tax avoidance through a minimum corporate tax rate of 15%. But will this new framework actually work? And what happens when major economies refuse to participate?

    Across two episodes, The 15% solution explores why a new global tax regime is needed, whether it can fix a broken system, and what’s at stake if it fails. Part two will be published on June 6.


    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 NBC News, France24, BBC News, DW News and TRT World.

    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.

    Tarcísio Diniz Magalhães has received funding from the University of Antwerp Research Fund, Flanders Research Foundation, Social Sciences and Humanities Research Council in Canada and the Ford Foundation. He is a member of the Antwerp Tax Academy and DigiTax Centre of Excellence and is lead professor on International Taxation, Working Group on Tax Reform, ACMinas – Commercial and Business Association of Minas Gerais. Annette Alstadsæter is the Director of Skatteforsk – Centre for Tax Research which collaborates with the EU Tax Observatory on the Atlas of the Offshore World.

    ref. Why the global tax system needs fixing – podcast – https://theconversation.com/why-the-global-tax-system-needs-fixing-podcast-257672

    MIL OSI – Global Reports

  • MIL-OSI China: Trash or trend? Chinese enterprises recycle plastic waste into chic souvenirs

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

    In a gift shop at Beijing’s Palace Museum, a tote bag featuring a design inspired by a classic Chinese ink painting displays an intriguing symbol on its strap: the number nine alongside an illustration of beverage bottles.

    The sign indicates that the bag is made from nine recycled beverage bottles. Another bag, also adorned with antique patterns, features a graphic showing a reduction of 419 grams of CO2 emissions as its silky fabric is made from recycled plastic waste.

    These items are part of a special collection of souvenirs available at an ongoing exhibition. Their exquisite designs contrast with their humble origins — recycled PET bottles, disposable meal boxes, and other plastic waste.

    World Environment Day 2025, which falls on Thursday, calls for collective action to tackle plastic pollution. In China, a number of recycling initiatives, such as those repurposing beverage bottles into crafted souvenirs, are helping to raise awareness about plastic pollution and the value of recycling.

    “Environmental protection is not just about lecturing the public,” said Liu Xuesong, founder of Beijing Bottloop Environmental Technology Co., Ltd. (BOTTLOOP), the start-up that designed and produced the sustainable souvenirs sold at the Palace Museum exhibition.

    Liu believes in the power of creativity, with which everyday trash can be transformed into aesthetic and functional souvenirs. Liu hopes that young consumers will choose their products not just because it is a responsible option, but also because they are drawn to the elaborate designs and the eco-friendly stories behind them.

    Since both PET and synthetic fibers are mainly derived from petroleum, PET bottles and other plastics can be transformed into fabric through a series of processes. Liu explained the science behind these waste-to-wonder practices: typically, recycled plastic products are cleaned and shredded into small flakes. These flakes are then melted and extruded into yarn, which is spun into thread, and finally woven into rolls of fabric.

    BOTTLOOP, founded in 2019, has a parent company that handles the initial processes, while supply chain partners take care of the remaining steps, all adhering to a unified environmental standard.

    Recycling the plastics is accredited with saving consumption of petroleum and exempting the waste from landfills and incineration, thereby reducing CO2 emissions.

    According to an on-site investigation by the Chinese Research Academy of Environmental Sciences, the recycling rate for PET beverage packaging in China reached 96.48 percent.

    However, the overall plastic waste recycling rate was less optimistic. In 2022, China generated 63 million tonnes of plastic waste, of which approximately 30 percent was recycled, according to the China National Resources Recycling Association.

    BOTTLOOP is not alone in navigating the niche market for recycled souvenirs, especially as the recent surge in public interest in traditional Chinese culture has fostered a young generation of museum-goers and sparked a craze for stylish cultural and creative items.

    According to a report by Zhiyan Consulting, the market size of China’s cultural and creative products reached 16.38 billion U.S. dollars in 2023, a year-on-year increase of 13.09 percent. Recycling initiatives are capitalizing on this boom to attract a broader audience.

    Shanghai-based GOOD CYCLE, founded in 2018, offers plastic recycling solutions to corporate clients. Both BOTTLOOP and GOOD CYCLE are participants in the Palace Museum’s waste-free initiative.

    Zhao Wenjing, the founder of GOOD CYCLE, believes that sustainable culture and creative products hold the potential to inspire the public to take eco-friendly action.

    Zhao has witnessed rising business interest in recycling, as evidenced by increasing numbers of both domestic companies engaged in the waste recycling business and companies that seek cooperation with them.

    “Moreover, our business partners now span a much wider range of industries, and they seek our expertise in providing office supplies and corporate gifts made from recycled materials.”

    She credits the transformation to supportive government policies, rising environmental awareness among the public, and a heightened sense of social responsibility among Chinese companies.

    In recent years, the Chinese government has introduced a series of policies to reduce the use of single-use plastic products and encourage the adoption of environmentally friendly alternatives.

    In 2021, the National Development and Reform Commission and the Ministry of Ecology and Environment announced a plan aimed at effectively reducing plastic pollution by 2025, which mentioned “stepping up standardized recycling and use of plastic waste.” In 2023, China initiated a three-year action plan to promote the use of bamboo as an alternative to plastic products to curb pollution.

    According to the United Nations Environment Programme, 19 to 23 million tonnes of plastic waste leaks into aquatic ecosystems every year, polluting lakes, rivers and seas.

    GOOD CYCLE’s recycled bags and wristbands were made available during the just-concluded Dragon Boat Festival.

    “It is a Chinese tradition to give gifts on special occasions,” Zhao said. “We hope our products are seen not just as gifts for family and friends, but also as presents for Mother Earth.”

    MIL OSI China News

  • MIL-OSI Banking: IT threat evolution in Q1 2025. Mobile statistics

    Source: Securelist – Kaspersky

    Headline: IT threat evolution in Q1 2025. Mobile statistics

    IT threat evolution in Q1 2025. Mobile statistics
    IT threat evolution in Q1 2025. Non-mobile statistics

    Quarterly figures

    According to Kaspersky Security Network, in the first quarter of 2025:

    • A total of 12 million attacks on mobile devices involving malware, adware, or unwanted apps were blocked.
    • Trojans, the most common mobile threat, accounted for 39.56% of total detected threats.
    • More than 180,000 malicious and potentially unwanted installation packages were detected, which included:
      • 49,273 packages related to mobile bankers
      • 1520 mobile ransomware Trojans.

    Quarterly highlights

    Attacks on Android devices involving malware, adware, or potentially unwanted apps in the first quarter of 2025 increased to 12,184,351.

    Attacks on users of Kaspersky mobile solutions, Q3 2023 – Q1 2025 (download)

    This growth was largely due to the activity of Mamont banking Trojans and Fakemoney scam apps, along with the discovery of fake popular brand smartphones that came preloaded with the Triada backdoor, capable of dynamically downloading any modules from a server. Triada’s modules possess a variety of features. They can substitute URLs in the browser, block connections to specific servers, or steal login credentials for social media and instant messaging services like TikTok, WhatsApp, Line, or Telegram. A module that steals crypto from wallets is worth separate mention. We tracked down several of the scammers’ wallets, the balances suggesting that a total of at least $270,000 had been stolen. The stolen amount in TRON cryptocurrency alone was $182,000.

    A profitability chart for the threat actor’s TRON wallets (download)

    The first quarter saw the discovery of a new banker that attacks users in Turkey: Trojan-Banker.AndroidOS.Bankurt.c. It masquerades as an app for viewing pirated movies.

    The Trojan uses DeviceAdmin permissions to gain a foothold in the system, obtains access to Accessibility features, and then helps its operators to control the device remotely via VNC and steal text messages.

    Mobile threat statistics

    The number of detected Android malware and unwanted app samples increased compared to the fourth quarter of 2024, totaling 180,405.

    Detected malicious and potentially unwanted installation packages, Q1 2024 – Q1 2025 (download)

    Looking at the distribution of detected installation packages by type, we see that the typical frontrunners, RiskTool and adware, dropped to the third and fourth spots, respectively, in the first quarter. Banking Trojans (27.31%) and spy Trojans (24.49%) ranked as the most common threats.

    Distribution of detected mobile apps by type, Q4 2024* – Q1 2025 (download)

    * Data for the previous quarter may differ slightly from previously published data due to certain verdicts being retrospectively revised.

    The revision was prompted by a sharp increase in Mamont banker installation packages in the first quarter. Agent.akg, which steals text messages, accounted for the largest number of spy Trojan installation packages.

    Share* of users attacked by the given type of malicious or potentially unwanted apps out of all targeted users of Kaspersky mobile products, Q4 2024 – Q1 2025 (download)

    * The total may exceed 100% if the same users experienced multiple attack types.

    The first quarter saw a sharp rise in the number of users attacked by Trojans. This was driven by a large number of detected devices preloaded with the Triada Trojan and the increased activity of Fakemoney scam apps, which tricked users into sharing their personal data by promising easy money. The increase in the number of users who encountered banking Trojans was, again, due to the activity of the Mamont family.

    TOP 20 most frequently detected types of mobile malware

    Note that the malware rankings below exclude riskware and potentially unwanted apps, such as adware and RiskTool.

    Verdict %* Q4 2024 %* Q1 2025 Difference in p.p. Change in ranking
    Trojan.AndroidOS.Fakemoney.v 30.33 26.41 –3.92 0
    DangerousObject.Multi.Generic. 13.26 19.30 +6.04 0
    Trojan-Banker.AndroidOS.Mamont.db 0.08 15.99 +15.91
    Trojan-Banker.AndroidOS.Mamont.da 1.56 11.21 +9.65 +14
    Trojan-Banker.AndroidOS.Mamont.bc 10.79 7.61 –3.17 –2
    Backdoor.AndroidOS.Triada.z 0.00 4.71 +4.71
    Trojan.AndroidOS.Triada.hf 0.00 3.81 +3.81
    Trojan.AndroidOS.Triada.fe 0.00 3.48 +3.47
    Trojan.AndroidOS.Triada.gn 2.56 2.68 +0.13 +3
    Trojan-Clicker.AndroidOS.Agent.bh 0.51 2.58 +2.07 +27
    Trojan-Banker.AndroidOS.Mamont.ef 0.00 2.44 +2.44
    Trojan-Downloader.AndroidOS.Dwphon.a 3.40 2.19 –1.21 –2
    Trojan.AndroidOS.Fakemoney.u 0.02 1.88 +1.86
    Trojan-Banker.AndroidOS.Agent.rj 3.63 1.86 –1.77 –7
    Trojan-Banker.AndroidOS.Mamont.ek 0.00 1.83 +1.83
    Trojan.AndroidOS.Triada.ga 4.84 1.74 –3.10 –11
    Trojan-Banker.AndroidOS.Mamont.eb 0.00 1.59 +1.59
    Trojan-Banker.AndroidOS.Mamont.cb 1.09 1.56 +0.47 +4
    Trojan.AndroidOS.Triada.gs 3.63 1.47 –2.16 –13
    Trojan-Banker.AndroidOS.Mamont.dn 0.00 1.46 +1.46

    * Unique users who encountered this malware as a percentage of all attacked users of Kaspersky mobile solutions.

    Nearly the entire list was occupied by the aforementioned Fakemoney apps and various Mamont banking Trojan variants, along with preloaded Backdoor.AndroidOS.Triada.z, and Trojan.AndroidOS.Triada.hf malicious apps. Additionally, remaining among the most prevalent Android malware were modified messengers with the embedded Triada Trojan (Triada.fe, Triada.gn, Triada.ga, Triada.gs) and the preloaded Dwphon Trojan. What is interesting is the inclusion of the Trojan-Clicker.AndroidOS.Agent.bh sample on the list. This is a fake ad blocker that, conversely, inflates ad views.

    Region-specific malware

    This section describes malware families that mostly focused on specific countries.

    Verdict Country* %**
    Trojan-Banker.AndroidOS.Coper.a Turkey 96.85
    Trojan-Banker.AndroidOS.Rewardsteal.ks India 94.36
    Trojan-Banker.AndroidOS.Coper.c Turkey 94.29
    Trojan-Banker.AndroidOS.Rewardsteal.jp India 93.78
    Trojan-Banker.AndroidOS.BrowBot.w Turkey 92.81
    Trojan-Banker.AndroidOS.Rewardsteal.ib India 92.79
    Trojan-Banker.AndroidOS.Rewardsteal.lv India 92.34
    Trojan-Spy.AndroidOS.SmForw.ko India 90.71
    Trojan-Banker.AndroidOS.UdangaSteal.k India 90.12
    Trojan-Dropper.AndroidOS.Hqwar.bf Turkey 88.34
    Trojan-Banker.AndroidOS.Agent.rg India 86.97
    Trojan-Dropper.AndroidOS.Agent.sm Turkey 82.54

    * The country where the malware was most active.
    ** Unique users who encountered this Trojan variant in the indicated country as a percentage of all Kaspersky mobile security solution users attacked by the same variant.

    The first quarter saw a somewhat smaller number of “selective” malicious apps than before. As usual, Turkey experienced a prevalence of banking Trojans: Coper, equipped with RAT capabilities enabling attackers to steal money through remote device management; BrowBot, which pilfers text messages; and the banking Trojan droppers Hqwar and Agent.sm. In India, users faced Rewardsteal banking Trojans which stole bank details by pretending to offer money. Additionally, the UdangaSteal Trojan, previously prevalent in Indonesia, and the SmForw.ko Trojan, which forwards incoming text messages to another number, also spread to India.

    Mobile banking Trojans

    Number of installation packages for mobile banking Trojans detected by Kaspersky, Q1 2024 – Q1 2025 (download)

    The increase in the number of installation packages for banking Trojans was primarily driven by Mamont. Its creators apparently follow a MaaS model, enabling any scammer to get a custom variant generated for a fee. As a result, a large number of unrelated cybercriminals are spreading distinct versions of Mamont.

    When it comes to the percentage of users targeted, various versions of Mamont are also mainly at the top.

    Top 10 mobile bankers

    Verdict %* Q4 2024 %* Q1 2025 Difference in p.p. Change in ranking
    Trojan-Banker.AndroidOS.Mamont.db 0.41 38.07 +37.67 +18
    Trojan-Banker.AndroidOS.Mamont.da 7.71 26.68 +18.98 +1
    Trojan-Banker.AndroidOS.Mamont.bc 53.25 18.12 –35.13 –2
    Trojan-Banker.AndroidOS.Mamont.ef 0.00 5.80 +5.80
    Trojan-Banker.AndroidOS.Agent.rj 17.93 4.43 –13.50 –3
    Trojan-Banker.AndroidOS.Mamont.ek 0.00 4.37 +4.37
    Trojan-Banker.AndroidOS.Mamont.eb 0.00 3.80 +3.80
    Trojan-Banker.AndroidOS.Mamont.cb 5.39 3.71 –1.67 –4
    Trojan-Banker.AndroidOS.Mamont.dn 0.00 3.48 +3.48
    Trojan-Banker.AndroidOS.Creduz.q 0.00 1.43 +1.43

    MIL OSI Global Banks

  • MIL-OSI Banking: IT threat evolution in Q1 2025. Non-mobile statistics

    Source: Securelist – Kaspersky

    Headline: IT threat evolution in Q1 2025. Non-mobile statistics

    IT threat evolution in Q1 2025. Non-mobile statistics
    IT threat evolution in Q1 2025. Mobile statistics

    The statistics in this report are based on detection verdicts returned by Kaspersky products unless otherwise stated. The information was provided by Kaspersky users who consented to sharing statistical data.

    The quarter in numbers

    In Q1 2025:

    • Kaspersky products blocked more than 629 million attacks that originated with various online resources.
    • Web Anti-Virus detected 88 million unique links.
    • File Anti-Virus blocked more than 21 million malicious and potentially unwanted objects.
    • Nearly 12,000 new ransomware variants were detected.
    • More than 85,000 users experienced ransomware attacks.
    • RansomHub was involved in attacks on 11% of all ransomware victims whose data was published on data leak sites (DLSs). Slightly under 11% encountered the Akira and Clop ransomware.
    • Almost 315,000 users faced miners.

    Ransomware

    Law enforcement success

    Phobos Aetor, a joint international effort by law enforcement agencies from the United States, Great Britain, Germany, France and several other countries, resulted in the arrest of four suspected members of 8Base. They are accused of carrying out more than 1000 cyberattacks around the world with the help of the Phobos ransomware. The suspects were arrested in Thailand and charged with extorting more than $16 million dollars in Bitcoin. According to law enforcement officials, the multinational operation resulted in the seizure of more than 40 assets, including computers, phones, and cryptocurrency wallets. Additionally, law enforcement took down 27 servers linked to the cybercrime gang.

    An ongoing effort to combat LockBit led to the extradition of a suspected ransomware developer to the United States. Arrested in Israel last August, the suspect is accused of receiving more than $230,000 in cryptocurrency for his work with the group between June 2022 and February 2024.

    Vulnerabilities and attacks, BYOVD, and EDR bypassing

    The first quarter saw a series of vulnerabilities detected in Paragon Partition Manager. They were assigned the identifiers CVE-2025-0288, CVE-2025-0287, CVE-2025-0286, CVE-2025-0285, and CVE-2025-0289. According to researchers, ransomware gangs had been exploiting the vulnerabilities to gain Windows SYSTEM privileges during BYOVD (bring your own vulnerable driver) attacks.

    Akira exploited a vulnerability in a webcam to try and bypass endpoint detection and response (EDR) and encrypt files on the organization’s network over the SMB protocol. The attackers found that their Windows ransomware was being detected and blocked by the security solution. To bypass it, they found a vulnerable network webcam in the targeted organization that was running a Linux-based operating system and was not protected by EDR. The attackers were able to evade detection by compromising the webcam, mounting network drives of other machines, and running the Linux version of their ransomware on the camera.

    HellCat leveraged compromised Jira credentials to attack a series of companies, including Ascom, Jaguar Land Rover, and Affinitiv. According to researchers, the threat actors obtain credentials by infecting employees’ computers with Trojan stealers like Lumma.

    Other developments

    An unidentified source posted Matrix chat logs belonging to the Black Basta gang. The logs feature information about the gang’s attack techniques and vulnerabilities that it exploited. In addition, the logs contain details about the group’s internal structure and its members, as well as more than 367 unique ZoomInfo links that the attackers used to gather data on potential victims.

    BlackLock was compromised due to a vulnerability in the threat actor’s data leak site (DLS). Researchers who discovered the vulnerability gained access to confidential information about the group and its activities, including configuration files, login credentials, and the history of commands run on the server. DragonForce, a rival ransomware outfit, exploited the same security flaw to deface the DLS. They changed the site’s appearance, and made BlackLock’s internal chat logs and certain configuration files publicly available.

    The most prolific groups

    This section highlights the most prolific ransomware groups by number of victims that each added to their DLS during the reporting period. RansomHub, which stood out in 2024, remained the leader by number of new victims with 11.03%. Akira (10.89%) and Clop (10.69%) followed close behind.

    The number of the group’s victims according to its DLS as a percentage of all groups’ victims published on all the DLSs reviewed during the reporting period (download)

    Number of new modifications

    In the first quarter, Kaspersky solutions detected three new ransomware families and 11,733 new variants – almost four times more than in the fourth quarter of 2024. This is due to the large number of samples that our solutions categorized as belonging to the Trojan-Ransom.Win32.Gen family.

    New ransomware variants, Q1 2024 – Q1 2025 (download)

    Number of users attacked by ransomware Trojans

    The number of unique KSN users protected is 85,474.

    Number of unique users attacked by ransomware Trojans, Q1 2025 (download)

    Attack geography

    Top 10 countries and territories attacked by ransomware Trojans

    Country/territory* %**
    1 Oman 0.661
    2 Libya 0.643
    3 South Korea 0.631
    4 China 0.626
    5 Bangladesh 0.472
    6 Iraq 0.452
    7 Rwanda 0.443
    8 Pakistan 0.441
    9 Tajikistan 0.439
    10 Sri Lanka 0.419

    * Excluded are countries and territories with relatively few (under 50,000) Kaspersky product users.
    ** Unique users whose computers were attacked by ransomware Trojans as a percentage of all unique Kaspersky product users in the country/territory

    TOP 10 most common ransomware Trojan families

    Name Verdict* %**
    1 (generic verdict) Trojan-Ransom.Win32.Gen 25.10
    2 WannaCry Trojan-Ransom.Win32.Wanna 8.19
    3 (generic verdict) Trojan-Ransom.Win32.Encoder 6.70
    4 (generic verdict) Trojan-Ransom.Win32.Crypren 6.65
    5 (generic verdict) Trojan-Ransom.Win32.Agent 3.95
    6 Cryakl/CryLock Trojan-Ransom.Win32.Cryakl 3.16
    7 LockBit Trojan-Ransom.Win32.Lockbit 3.15
    8 (generic verdict) Trojan-Ransom.Win32.Phny 2.90
    9 PolyRansom/VirLock Virus.Win32.PolyRansom / Trojan-Ransom.Win32.PolyRansom 2.73
    10 (generic verdict) Trojan-Ransom.Win32.Crypmod 2.66

    * Unique Kaspersky product users attacked by the specific ransomware Trojan family as a percentage of all unique users attacked by this type of threat.

    Miners

    Number of new modifications

    In the first quarter of 2025, Kaspersky solutions detected 5,467 new miner variants.

    New miner variants, Q1 2025 (download)

    Number of users attacked by miners

    Miners were fairly active in the first quarter. During the reporting period, we detected miner attacks on the computers of 315,701 unique Kaspersky product users worldwide.

    Number of unique users attacked by miners, Q1 2025 (download)

    Attack geography

    Top 10 countries and territories attacked by miners

    Country/territory* %**
    1 Senegal 2.59
    2 Kazakhstan 1.36
    3 Panama 1.28
    4 Belarus 1.22
    5 Ethiopia 1.09
    6 Tajikistan 1.07
    7 Moldova 0.90
    8 Dominican Republic 0.86
    9 Kyrgyzstan 0.84
    10 Tanzania 0.82

    * Excluded are countries and territories with relatively few (under 50,000) Kaspersky product users.
    ** Unique users whose computers were attacked by miners as a percentage of all unique Kaspersky product users in the country/territory.

    Attacks on macOS

    The first quarter saw the discovery of a new Trojan loader for macOS. This is a Go-based variant of ReaderUpdate, which has previously appeared in Python, Crystal, Rust, and Nim versions. These loaders are typically used to download intrusive adware, but there is nothing stopping them from delivering any kind of Trojan.

    During the reporting period researchers identified new loaders from the Ferret malware family which were being distributed by attackers through fake online job interview invitations. These Trojans are believed to be part of an ongoing campaign that began in December 2022. The original members of the Ferret family date back to late 2024. Past versions of the loader delivered both a backdoor and a crypto stealer.

    Throughout the first quarter, various modifications of the Amos stealer were the most aggressively distributed Trojans. Amos is designed to steal user passwords, cryptocurrency wallet data, browser cookies, and documents. In this campaign, threat actors frequently modify their Trojan obfuscation techniques to evade detection, generating thousands of obfuscated files to overwhelm security solutions.

    TOP 20 threats to macOS

    (download)

    * Unique users who encountered this malware as a percentage of all attacked users of Kaspersky security solutions for macOS.
    * Data for the previous quarter may differ slightly from previously published data due to certain verdicts being retrospectively revised.

    As usual, a significant share of the most common threats to macOS consists of potentially unwanted applications: adware, spyware tracking user activity, fake cleaners, and reverse proxies like NetTool. Amos Trojans, which we mentioned earlier, also gained popularity in the first quarter. Trojan.OSX.Agent.gen, which holds the third spot in the rankings, is a generic verdict that detects a wide variety of malware.

    Geography of threats to macOS

    TOP 10 countries and territories by share of attacked users

    Country/territory Q4 2024* Q1 2025*
    Spain 1.16% 1.02%
    France 1.52% 0.96%
    Hong Kong 1.21% 0.83%
    Singapore 0.32% 0.75%
    Mexico 0.85% 0.74%
    Germany 0.96% 0.74%
    Mainland China 0.73% 0.68%
    Brazil 0.66% 0.61%
    Russian Federation 0.50% 0.53%
    India 0.84% 0.51%

    * Unique users who encountered threats to macOS as a percentage of all unique Kaspersky product users in the country/territory.

    IoT threat statistics

    This section presents statistics on attacks targeting Kaspersky IoT honeypots. The geographic data on attack sources is based on the IP addresses of attacking devices.

    In the first quarter of 2025, the share of devices that attacked Kaspersky honeypots via the Telnet protocol increased again, following a decline at the end of 2024.

    Distribution of attacked services by number of unique IP addresses of attacking devices (download)

    The distribution of attacks across Telnet and SSH remained virtually unchanged compared to the fourth quarter of 2024.

    Distribution of attackers’ sessions in Kaspersky honeypots (download)

    TOP 10 threats delivered to IoT devices:

    Share of each threat uploaded to an infected device as a result of a successful attack in the total number of uploaded threats (download)

    A significant portion of the most widespread IoT threats continues to be made up of various Mirai DDoS botnet variants. BitCoinMiner also saw active distribution in the first quarter, accounting for 7.32% of detections. The number of attacks by the NyaDrop botnet (19.31%) decreased compared to the fourth quarter of 2024.

    Geography of attacks on IoT honeypots

    When looking at SSH attacks by country/territory, mainland China’s share has declined, while attacks coming from Brazil have seen a noticeable increase. There was also a slight uptick in attacks coming from the United States, Indonesia, Australia, and Vietnam.

    Country/territory Q4 2024 Q1 2025
    Mainland China 32.99% 20.52%
    India 19.13% 19.16%
    Russian Federation 9.46% 9.16%
    Brazil 2.18% 8.48%
    United States 4.90% 5.52%
    Indonesia 1.37% 3.99%
    Hong Kong 2.81% 3.46%
    Australia 1.31% 2.75%
    France 3.53% 2.54%
    Vietnam 1.41% 2.27%

    The share of Telnet attacks originating from China and India dropped, while Brazil, Nigeria, and Indonesia took a noticeably larger share.

    Country/territory Q4 2024 Q1 2025
    China 44.67% 39.82%
    India 33.79% 30.07%
    Brazil 2.62% 12.03%
    Russian Federation 6.52% 5.14%
    Pakistan 5.77% 3.99%
    Nigeria 0.50% 3.01%
    Indonesia 0.58% 2.25%
    United States 0.42% 0.68%
    Ukraine 0.79% 0.67%
    Sweden 0.42% 0.33%

    Attacks via web resources

    The statistics in this section are based on detection verdicts by Web Anti-Virus, which protects users when suspicious objects are downloaded from malicious or infected web pages. Cybercriminals create malicious pages on purpose. Websites that host user-created content, such as forums, as well as compromised legitimate sites, can become infected.

    Countries and territories that serve as sources of web-based attacks: the TOP 10

    This section contains a geographical distribution of sources of online attacks blocked by Kaspersky products: web pages that redirect to exploits, sites that host exploits and other malware, botnet C&C centers, and so on. Any unique host could be the source of one or more web-based attacks.
    To determine the geographical source of web-based attacks, domain names were matched against their actual IP addresses, and then the geographical location of a specific IP address (GeoIP) was established.

    In the first quarter of 2025, Kaspersky solutions blocked 629,211,451 attacks launched from online resources across the globe. Web Anti-Virus detected 88,389,361 unique URLs.

    Geographical distribution of sources of web-based attacks by country/territory, Q1 2025 (download)

    Countries and territories where users faced the greatest risk of online infection

    To assess the risk of online infection faced by PC users in various countries and territories, for each country or territory, we calculated the percentage of Kaspersky users on whose computers Web Anti-Virus was triggered during the reporting period. The resulting data reflects the aggressiveness of the environment in which computers operate in different countries and territories.

    These rankings only include attacks by malicious objects that belong in the Malware category. Our calculations do not include Web Anti-Virus detections of potentially dangerous or unwanted programs, such as RiskTool or adware.

    Country/territory* %**
    1 North Macedonia 10.17
    2 Albania 9.96
    3 Algeria 9.92
    4 Bangladesh 9.92
    5 Tunisia 9.80
    6 Slovakia 9.77
    7 Greece 9.66
    8 Serbia 9.44
    9 Tajikistan 9.28
    10 Turkey 9.10
    11 Peru 8.78
    12 Portugal 8.70
    13 Nepal 8.38
    14 Philippines 8.33
    15 Romania 8.26
    16 Sri Lanka 8.20
    17 Bulgaria 8.19
    18 Madagascar 8.14
    19 Hungary 8.12
    20 Egypt 8.12

    * Excluded are countries and territories with relatively few (under 10,000) Kaspersky product users.
    ** Unique users targeted by web-based Malware attacks as a percentage of all unique Kaspersky product users in the country/territory.

    On average during the quarter, 6.46% of users’ computers worldwide were subjected to at least one web-based Malware attack.

    Local threats

    Statistics on local infections of user computers are an important indicator. They include objects that penetrated the target computer by infecting files or removable media, or initially made their way onto the computer in non-transparent form. Examples of the latter are programs in complex installers and encrypted files.

    Data in this section is based on analyzing statistics produced by anti-virus scans of files on the hard drive at the moment they were created or accessed, and the results of scanning removable storage media. The statistics are based on detection verdicts from the OAS (on-access scan) and ODS (on-demand scan) modules of File Anti-Virus. The data includes detections of malicious programs located on user computers or removable media connected to the computers, such as flash drives, camera memory cards, phones, or external hard drives.

    In the first quarter of 2025, our File Anti-Virus detected 21,533,464 malicious and potentially unwanted objects.

    Countries and territories where users faced the highest risk of local infection

    For each country and territory, we calculated the percentage of Kaspersky product users on whose computers File Anti-Virus was triggered during the reporting period. These statistics reflect the level of personal computer infection in various countries and territories across the globe.

    The rankings only include attacks by malicious objects that belong in the Malware category. Our calculations do not include File Anti-Virus detections of potentially dangerous or unwanted programs, such as RiskTool or adware.

    Country/territory* %**
    1 Turkmenistan 47.41
    2 Tajikistan 37.23
    3 Afghanistan 36.92
    4 Yemen 35.80
    5 Cuba 32.08
    6 Uzbekistan 31.31
    7 Gabon 27.55
    8 Syria 26.50
    9 Vietnam 25.88
    10 Belarus 25.68
    11 Algeria 25.02
    12 Bangladesh 24.86
    13 Iraq 24.77
    14 Cameroon 24.28
    15 Burundi 24.28
    16 Tanzania 24.23
    17 Niger 24.01
    18 Madagascar 23.74
    19 Kyrgyzstan 23.73
    20 Nicaragua 23.72

    * Excluded are countries and territories with relatively few (under 10,000) Kaspersky product users.
    ** Unique users on whose computers local Malware threats were blocked, as a percentage of all unique users of Kaspersky products in the country/territory.

    On average worldwide, local Malware threats were recorded on 13.62% of users’ computers at least once during the quarter.

    MIL OSI Global Banks

  • MIL-OSI Russia: License received for production of Chinese 1000 kW civil turboshaft engine

    Translation. Region: Russian Federal

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

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

    CHANGSHA, June 5 (Xinhua) — Aero Engine Corporation of China, the developer of the AES100 civil turboshaft engine for helicopters, has obtained a production license for the product and signed a sales contract for it, laying a solid foundation for the development of low-altitude equipment, the company said Thursday.

    The AES100 engine is China’s first advanced 1000kW civil turboshaft engine that fully complies with international airworthiness standards. -0-

    MIL OSI Russia News

  • MIL-OSI USA: Congressman Harris Releases Statement Following the Appropriations Committee Release of the FY26 Agriculture, Rural Development, FDA Bill

    Source: United States House of Representatives – Congressman Andy Harris (MD-01)

    Washington, D.C. – Today, the House Appropriations Committee released the Fiscal Year 2026 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Bill. The bill will be considered in subcommittee tomorrow, June 5th at 10:30 a.m. The markup will be live-streamed and can be found on the Committee’s website.

    Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee Chairman Andy Harris said, “The Agriculture, Rural Development, Food and Drug Administration Appropriations Bill reflects a clear, conservative commitment to fiscal responsibility while ensuring that America’s farmers, ranchers, and rural communities remain a top priority. This legislation also prioritizes agricultural research, rural broadband expansion, and protects our food and drug supply, all while reducing the wasteful spending of the Biden Administration era. Just as importantly, by supporting fresh, affordable, American-grown food, this bill helps Make America Healthy Again. America’s farmers feed the world, and this bill ensures they have the investment, support, and resources they deserve — while reducing the burgeoning federal deficit.”

    Chairman Tom Cole said, “The prosperity of our future golden age depends on the strength and perseverance of our farmers, ranchers, and rural communities. This FY26 bill delivers targeted investments to protect U.S. agriculture and family farms, bolster agricultural research, and safeguard access to nutrition and health programs. From livestock and crops to pharmaceuticals and broadband, the legislation strengthens the agriculture economy and infrastructure across the nation. Just as our producers responsibly tend to the land, Chairman Harris has stewarded this legislation to protect core duties while upholding fiscal responsibility.”

    The Fiscal Year 2026 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Bill

    The Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Bill provides a total discretionary allocation of $25.523 billion, which is $1.163 billion (4.2%) below the Fiscal Year 2025 enacted level.

    The bill prioritizes agencies and programs that protect our nation’s food and drug supply; support America’s farmers, ranchers, and rural communities; and ensure low-income Americans have access to nutrition programs. The bill is fiscally responsible and refocuses programs on their core mission while putting the health, safety, and prosperity of American producers and consumers first.
     
    Key Takeaways

    Champions U.S. farmers, agriculture, and rural communities by: 

    • Continuing critical investments in agriculture research, rural broadband, and animal and plant health programs.
    • Providing funds to ensure the safety of food, drugs, and medical devices.
    • Ensuring low-income Americans have access to nutrition programs.
    • Reining in harmful regulations proposed during the Biden Administration that dictate how poultry and livestock producers raise and market their animals.
    • Increasing resources for the Food Safety and Inspection Service to fund frontline meat and poultry inspectors and bolster support for state inspection programs.
    • Providing a rider to block any revised energy standards for newly constructed homes financed by USDA that would increase costs for rural, lower-income households that was proposed during the Biden Administration.

    Supports the Trump Administration and mandate of the American people by: 

    • Allocating the President’s requested total funding of $6.8 billion for the FDA to keep food, drugs, and devices safe and for initiatives to Make America Healthy Again.
    • Delivering $1.15 billion for the Animal and Plant Health Inspection Service, which is a priority in the President’s budget to protect American agriculture from foreign pests and diseases.
    • Codifying President Trump’s executive orders by prohibiting funding for DEI activities and ending federal censorship of free speech.
    • Retaining the gene editing provision, which prohibits the “editing” of heritable genes or altering of genes that can be passed on to offspring.
    • Maintaining “Buy American” provisions that maximize the federal government’s use of services, goods, products, and materials produced and offered in the United States.
    • Closing the hemp loophole that has resulted in the proliferation of unregulated intoxicating hemp products, including Delta-8 and hemp flower, being sold online and in gas stations across the country.

    Bolsters U.S. national security and border protections by: 

    • Addressing foreign ownership of U.S. agricultural land by improving the tracking system of foreign-owned land and adding the Secretary of Agriculture to the Committee on Foreign Investment in the United States to review agricultural transactions, including purchases made by China, Russia, North Korea, and Iran.
    • Directing USDA to provide transparency into research funding spent collaborating with foreign governments including China, Russia, North Korea, and Iran.
    • Continuing a program to increase inspection of foreign drug manufacturing facilities in China and India.
    • Providing adequate funding for land-grant universities to conduct agricultural research to ensure American producers can compete with China.

    Safeguards American taxpayer dollars and preserves core functions by: 

    • Capturing DOGE savings by reducing salaries and expenses where appropriate to account for staffing reductions and reducing grant programs that housed canceled grants.
    • Eliminating funding for the Biden-era Rural Partners Network initiative.
    • Including no funds for climate hubs or climate corps.
    • Eliminating funds for the Office of Urban Agriculture.

    A summary of the bill is available here.
    Bill text is available here.

    For media inquiries, please contact Anna Adamian at Anna.A@mail.house.gov

    MIL OSI USA News

  • MIL-OSI United Kingdom: Groundbreaking discovery of ‘new’ pain target brings hope for those with chronic pain In a groundbreaking discovery, chronic pain has been shown to be physiologically different from acute pain and now scientists have the roadmap for how to target it.

    Source: University of Aberdeen

    In a groundbreaking discovery, chronic pain has been shown to be physiologically different from acute pain and now scientists have the roadmap for how to target it.
    Researchers from the University of Aberdeen, Academia Sinica in Taiwan and a group of international experts say the discovery brings hope for sufferers of chronic pain and fibromyalgia.
    The team identified that in the nervous system chronic pain is processed differently from the pain that comes from an injury or over exertion.
    Crucially, they found a new and distinct separate physiological pathway for this chronic type of pain, which means it can now be a target for future therapies.
    Dr Guy Bewick, Senior Lecturer in Neurosciences at the University of Aberdeen, explains: “We all know there are different types of pain. There is the sharp stinging pain of pricking your finger with a needle, and there is also the chronic pain of muscle soreness after unaccustomed exercise. Nevertheless, most of us in the West, including scientists, regard both simply as ‘pain’. Currently, Western medicine is very often ineffective for chronic pain.
    “However, Eastern cultures have differentiated for many centuries, calling the latter ‘sng’ in Taiwanese, or ‘suan tong’ (sour pain) in Mandarin. The stinging pain from sharp objects and surgery can usually be treated effectively with common painkillers, but chronic pain often cannot. 
    “New treatments require an identifiably different drug target. This study has found that target. Specifically, we discovered the mechanism of this pain we call ‘sng’.”
    The discovery of the new pain pathway is described by the team as ‘a paradigm-shifting discovery that has fundamentally changed our understanding of human sensory systems and challenged the central dogma of pain biology that has been established in the past 50 years.’
    Dr Guy Bewick, and his team identified crucial evidence which laid the foundations for the discovery in Taiwan.
    Dr Bewick’s team discovered that a molecule called glutamate is released in muscles to activate a highly unusual receptor. This sparked a collaboration with Professor Chen’s team in Taiwan who found that too much glutamate release activated pain nerves nearby making them permanently active and not switch off as they normally would. Crucially, they then discovered that blocking the newly discovered, highly unusual, glutamate receptor entirely stopped the chronic pain being triggered.
    Dr Bewick said that: “This discovery means scientists can now start to develop new treatments specifically targeting this new pain pathway which does not respond to standard painkillers.
    “This has the potential to help the many people whose pain is currently inadequately treated.”
    The wider research was led by Professor Chih-Cheng Chen from Academia Sinica, supported by National Science and Technology Council’s Brain Technology Project and an Investigator Award of Academia Sinica.
    They were able to differentiate between the two types of pain by genetically silencing neuronal pathways in a mouse model and then testing the theory in practice in a patient with a spinal cord injury that blocked ‘standard’ pain but spared the newly discovered pathway, in the Taipei Medical University Hospital in Taiwan.
    Professor Chen explains: “Fundamentally, we found that sng persists even in people who have lost other pain sensation, for example, a patient with spinal cord damage did not notice when he had broken a toe but could still perceive ‘sng’ and position in the same leg.
    “Clearly, therefore, sng is a separate pathway.
    “The identification of a different mechanism for this type of chronic pain is an essential first step to start to develop new treatments specifically targeting this pathway, which does not respond to standard painkillers, to help the many people whose pain is currently inadequately treated.
    “This finding could lead to new pain relief treatments for such conditions as fibromyalgia, exercise-induced muscle pain (DOMS), rheumatoid arthritis, and chronic pain after spinal surgery.
    “It is a truly ground-breaking discovery in pain research.”
    Dr Robert Banks, a Visiting Researcher in Biosciences and the Biophysical Sciences Institute of Durham University, who contributed to this work and who collaborated with Dr Bewick on the fundamental discoveries that led to it, added: “It is very pleasing that a potentially important contribution to human health has developed from our original basic scientific observations.”

    Scientists can now start to develop new treatments specifically targeting this pathway, which does not respond to standard painkillers, to help the many people whose pain is currently inadequately treated.” Dr Guy Bewick

    Professor Chen added: “With this finding we now have a neurobiological basis of the difference between sng and pain, which annotates a new era of pain medicine.
    “Further research into the development of sng-killers and sng management is ushering in a new wave of revolution in the biomedical industry and medical field, as well as bringing hope for millions of patients suffering from intractable sng-type pain.”
    Professor Sonia Aitken CEO of Pain Association Scotland added: “Pain Association Scotland welcome this continued research within the field of chronic pain. Such advancing knowledge is essential to fostering innovation, informing thoughtful decision-making, but more importantly, helping to improve the quality of life for those living with chronic pain.”
    Marlene Lowe
    Marlene Lowe, 35, lives in Aberdeen with her partner, Mark, and their two-year-old springer spaniels, Spock and Cheese.
    Marlene describes her experience of living with the chronic pain condition fibromyalgia: “I was first diagnosed with Chronic Fatigue Syndrome (CFS) in my early twenties, after pushing myself through two degrees and several years of debilitating illness. I was sick every couple of weeks with no clear explanation, and for a long time it felt like maybe it was all in my head. When I finally received a diagnosis, I cried—not because there was a solution, but because I finally had validation. It wasn’t just in my imagination.
    “That’s the hardest part of living with an invisible illness—or one that makes you invisible by shutting you away from the world. You begin to question everything. It’s hard to think clearly, to trust your instincts, and you constantly feel like your life no longer belongs to you. I once read someone describe CFS as “the illness that takes your life away, but doesn’t have the decency to kill you.” In the early years, that’s exactly how it felt.
    “About a decade later, I started experiencing a new kind of pain—something I couldn’t explain away with my CFS, which I’d mostly managed to get under control. Just as I felt I was reclaiming parts of my life, the cycle of doctor’s appointments, symptom tracking, and self-doubt began again. Over and over, I was told it was my weight or my CFS, and no one seemed willing to acknowledge the severity of the pain I was in.
    “It was actually my family and friends who first suggested I look into fibromyalgia, and that was the first time I felt a glimmer of hope. At 34, I saw a new GP and arrived with a full list of symptoms and everything I’d been doing to try and help myself. He listened. He believed me. He confirmed it wasn’t just in my head and told me I was already doing everything right. He was so confident in his diagnosis that rheumatology signed it off without even needing an additional assessment. That’s when I learned how far a detailed symptom log and a little self-assurance can go when speaking to doctors.
    “This journey can be incredibly lonely. Chronic pain is hard to explain to someone who hasn’t lived it — how you can keep going despite everything hurting, or how the choice to stop feels like giving up entirely. There are days when functioning is an act of defiance, a refusal to surrender to the exhaustion or pain.
    “Some medical professionals have been brilliant—really taking the time to listen and treat me like a person, not a puzzle. Others, unfortunately, have been quick to make assumptions. Too often, there’s a rush to explain symptoms away rather than look at the full picture. But when someone takes just a few extra minutes to genuinely engage, it makes all the difference.
    “I’ve been lucky. My mother, who also lives with autoimmune conditions, has been my anchor. She helped me find the words when I couldn’t express how I was feeling. Friends who’ve gone through similar experiences have shared what worked for them, and I’ve tried just about everything, from nutritional changes to alternative therapies, in an effort to manage symptoms and reclaim some sense of control. My partner has been unwavering in his support, gently encouraging me to pace myself and always looking for ways to make daily life more manageable. He’s held me up, quite literally, since the fibromyalgia diagnosis.”
    Marlene has experience of trying various medications to ease her symptoms: “Pain medication is a complicated area. Most of the time, it doesn’t feel like it makes a significant difference, and ideally, I’d love to live a life free from meds altogether. But that’s not always possible. This path has been one of constant trial and error—trying everything from conventional treatments to alternative approaches, focusing on nutrition, sleep, and gradually improving my fitness where I can.
    “A lot of the progress I’ve made has come through self-discovery and community—not through the medical system. And that feels like a missed opportunity, because not everyone has access to the kind of support I’ve been fortunate to have. I honestly don’t know where I’d be without the people in my life who believed me, helped me advocate for myself, and reminded me that I’m not alone.
    “I am delighted to see that there is more work being done to try to understand and treat chronic pain conditions and it gives me hope for a pain-free future.”
    Dr Rachael Dobson, a GP from Bentley Medical Practice at Redcar Primary Care Hospital who increasingly sees patients living with chronic pain supports the research saying: “Managing chronic pain as a GP is both professionally and emotionally challenging. Every patient’s experience is unique, and finding the right balance of treatment is difficult and time consuming.
    “Many patients come to appointments exhausted, frustrated, and often disheartened by the lack of immediate relief, and frequently despite my best efforts, it is often impossible to completely eliminate their pain. 
    “One of the hardest aspects is managing expectations. Chronic pain is rarely something that can be ‘fixed,’ and helping patients navigate that reality while offering hope takes patience and empathy. It’s a journey of trial and adjustment, and sometimes, just acknowledging the weight of their experience makes all the difference.  
    “This step towards a new type of painkiller has the potential to transform the lives of the many, many patients living with chronic pain every day.” 
    The full paper is published in Science Advances.

    Related Content

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: BIG 3K is back for 2026 and entries are now open!

    Source: City of Sunderland

    Residents are being encouraged to sign up for next year’s BIG 3K, following the success of this year’s sell out event.

    A record number of runners took part in the Active Sunderland BIG 3K on Sunday 11 May, as part of a day of running events that took place in Sunderland City Centre.

    This year’s event proved popular and sold out in a matter of weeks following its launch. To guarantee your spot for next year, you can register now so you don’t miss out.

    The BIG 3K 2026 will take place on Sunday 10 May, once again taking place on the same day as the Sunderland 10k and half marathon.

    Taking part in the BIG 3K gives runners of all ages and abilities the chance to take part in a large-scale running event and enjoy the lively atmosphere that comes with it.

    Running in this year’s BIG 3K was Ryhope RCA who delivered an outstanding fundraising effort in support of a special opportunity for the team. With 11 dedicated runners, the club raised an impressive £1,811. This money funded the team’s chance to be part of the Play on the Pitch tournament at the Stadium of Light on Sunday 1 June and will help provide support for the team across the season.

    Councillor Beth Jones, Cabinet Member of Communities, Culture and Tourism at Sunderland City Council said: “It was fantastic to see this year’s Active Sunderland BIG 3K completely sell out, with so many people coming together to get moving, enjoy themselves, and take in the great atmosphere on the day. A huge congratulations to everyone who took part and crossed the finish line.

    “The city runs are always a big hit, and it’s especially great to see young people, families, and first-time runners getting involved in the BIG 3K. I’m thrilled to announce that the event will return next May!”

    Prices for 2026 have been frozen at the same price as this year for a limited time, giving even more reason to register early!

    BIG 3K entry prices:

    •        Adult £7.50

    •        Adult with a T shirt £12

    •        Child £7.50 (includes a t shirt)

    •        Child aged 5-8 plus an accompanying adult £12.50 (child t shirt only)

    For anyone inspired to take up regular running, details of running groups, parkruns and clubs as well as cycling and swimming opportunities can be found at Swim Bike Run Hubs – MySunderland

    If you want to find out more information and book your space for 2026 visit Active Sunderland BIG 3K Run – MySunderland

    MIL OSI United Kingdom

  • MIL-OSI Economics: Olli Rehn: Europe at the crossroads – common defence, re-emerging economy?

    Source: Bank for International Settlements

    Presentation accompanying the speech

    Dear Friends of Bruegel and the Bank of Finland,

    It is a great pleasure to celebrate with you all today both the 20th anniversary of Bruegel and the 30th anniversary of Finland’s membership of the EU. It is indeed an honour to organise and hold this conference together with Bruegel and to celebrate Europe Day.

    The founders of Bruegel were truly visionary 20 years ago. They recognized a gap – a growing need for stronger economics-based analysis and research on the shaping of the European Union. Anchoring the think tank firmly with EU Member States was also a wise decision.

    I had the privilege and pleasure of being present – if not at Bruegel’s creation, then certainly at its institutional foundation – as economic policy advisor to Finland’s Prime Minister Matti Vanhanen. The Finnish Government, specifically the Ministry of Finance, decided to become a founding member institution. More recently, the Bank of Finland also joined the club, and we have made good use of Bruegel’s valuable work.

    Today, we all appreciate Bruegel for its diverse and independent research, which significantly enhances evidence-based and research-informed policymaking in Europe. Let me extend my warmest congratulations and wish you many more dynamic and productive years as Europe’s leading policy think tank.

    Dear Friends,

    Europe Day today marks the 75th anniversary of the Schuman Declaration, which laid out the foundation for European integration. In 1950 Europe was still recovering from the human and economic devastation of the Second World War.

    From the Finnish standpoint, the immediate post-war years were not a brilliant time to be a small nation. As Private Rahikainen put it in Väinö Linna’s The Unknown Soldier, in response to a minister’s idealistic speech after the armistice in September 1944:

     “To hell with their damned speeches. When your powder’s all gone, it’s better to keep your mouth shut than go spouting about the rights of small nations. A dog raises his hind leg on them.”

    The Schuman Declaration nevertheless turned the tide and became the starting point for Pax Europaea, the long period of relative peace with notably few conflicts between European countries.

    Indeed, an essential manifestation of Europe as a peace project is the EU’s 2012 Nobel Peace Prize. The European Union had, by then, “for over six decades contributed to the advancement of peace and reconciliation, democracy and human rights in Europe”.

    Slide 2: Outline of today’s talk

    I’d like to structure my remarks today under three themes. First, the seismic geopolitical shift which the world is currently witnessing. Second, the need for immediate investments in common defence to secure Europe’s peace. And third, revitalising the EU economy through advancements in innovation, trade and productivity.

    Slide 3: Power politics is overshadowing the world economy

    Let me start with the shifting geopolitical landscape, which presents the EU with significant new security challenges.

    The rules-based international order, on which Europe built its post-war recovery, is under strain. Xi Jinping, Vladimir Putin and Donald Trump have each, in their own way, challenged this order − pushing for a world where great powers claim their spheres of influence and where might is only right. Such a tri-polar world would not be a world of peace and prosperity.

    Since the Second World War, for good reason we have trusted that it is in the enlightened self-interest of the United States to stand as the security backstop for the Euro-Atlantic community. To my mind, as a long-time student of US foreign and security policy, this self-interest has clearly been rational from the standpoint of the United States’ own national security and its global strategic interests and influence. However, the US is now making decisions based on a very different type of rationality that involves strained relations with the European Union.

    I am aware that some are holding out hope that this is just temporary – that we’ll be back to ‘the old normal’ in a few years. Two points on that. First, I would not bet on it – there is no guarantee of a policy U-turn, as we may be witnessing a deeper political current in the US. And second, even more fundamentally, we must ask: can European security over the longer term be left at the mercy of the political winds in Pennsylvania’s rust belt and seven swing states? Or should Europe finally take substantially greater responsibility for its own security?

    In my view, the answer is clear, given the current and probable future defence environment: Europe must build its own credible common defence. Supporting Ukraine and reinforcing European defence is imperative for the security of the whole of Europe. Common defence is a crucial European public good. We need a strong, independent Europe, capable of defending itself as the European pillar of Nato.

    The COVID-era recovery fund and earlier crisis responses have shown that the EU is capable of solidarity. A similar level of unity and quick decision-making is now needed for defence.

    Many EU countries have already increased defence spending. Germany has committed to major investments. Not all EU states currently have the fiscal capacity to follow suit. That’s why Europe must build joint capabilities, interoperable forces − and, if necessary, common financing.

    Europe would also benefit from a broad and liquid market for safe assets, such as the US enjoys. Bonds issued by EU institutions have consistently drawn strong investor demand. The currently unpredictable nature of US economic policy only increases the demand for stable investment options. Europe should capitalise on that by developing genuine safe assets – another field calling for Bruegel’s continued active input.

    Moreover, I have been reading with great interest about the proposal for a European Defence Mechanism (EDM), which was launched by Bruegel last month. Such an intergovernmental organisation would apparently be modelled on the existing and well-tested template of the European Stability Mechanism. I see many merits in this proposal and would love to dive deeper into this – but I shall refrain from doing so, as I suppose that the panel will shortly be discussing the EDM more closely.

    Let me nevertheless comment that Bruegel’s proposal includes cooperation with the United Kingdom, which shares our values and has a strong military. Despite no longer being part of the EU, the UK remains a key partner in Europe’s security architecture. I should also add that we cannot afford to be held back by foot-dragging or by hostile Member States, such as Hungary, which might wish to hinder progress.

    This is why we must, as Bruegel has done, search for creative solutions, typically driven by coalitions of the capable and willing, to ensure that we move forward with our shared goals.

    At the same time, we must work for more effective European institutional arrangements that better serve the common good. These should include a significantly larger EU budget and more streamlined decision-making structures.

    This is also an opportunity to make Europe economically and financially stronger, as we need a liquid and large market of safe assets, as I alluded to earlier. Could European defence bonds provide such safe assets? A precondition for this would be that these bonds would be used to finance genuine European public goods and be backed by larger common revenues in the future.

    Solidarity and unity within the EU are reinforced by standing together, demonstrating our commitment to collective security and prosperity. Let us recall that the Treaty on European Union offers the legal basis for common defence in its Article 42. Involvement from us all is vital in maintaining a united front and ensuring a peaceful and prosperous Europe for future generations.

    Slide 4: Growth in the euro area has been picking up

    My third and final theme is the re-emerging European economy. Yes, re-emerging, even though it provides a mixed picture today.

    Recent data has shown signs of recovery in the euro area, but the outlook remains clouded by exceptional uncertainty due to President Trump’s trade war. Employment is solid in the euro area, and unemployment is low at 6.2%. Private consumption has benefited from stronger real incomes. Investments in Europe’s common defence and infrastructure will bolster manufacturing further and strengthen long-term growth. Europe will continue to build up resilience against global shocks.

    With disinflation on track and the growth outlook weakening, we decided at the European Central Bank’s Governing Council meeting on 17 April to lower interest rates. This was the seventh reduction since last summer.

    Given the pervasive uncertainty, the Governing Council is maintaining full freedom of action in monetary policy. We will adjust our rates to bring inflation to 2% in the medium term – just as our strategy tells us to do.

    Slide 5: Bank of Finland’s scenario calculation: A trade war would weaken growth worldwide

    The elevated uncertainty brings me to the significant risks in our economic outlook, especially trade protectionism.

    An extensive trade war would weaken economic output worldwide, and we have already seen major turbulence in the global stock markets.

    Calculations by the Bank of Finland show that if the US were to impose tariffs targeting all imports from EU countries and China – raising them by 25 percentage points – and the EU were to take equivalent counter measures, world GDP could decline by over 0.5% in both 2025 and 2026. The impact on the euro area economy could be slightly greater, with the estimated GDP effect ranging from 0.7% to 1.5% in the first year, depending on the increased uncertainty and the extent of counter measures taken. With all the usual caveats, these figures illustrate the seriousness of the threat posed by a full-scale trade war.

    Bank of Finland’s earlier calculations concerning the effects of the trade war on the Finnish economy are in line with these estimated effects on the euro area economy. While the model estimations come with uncertainty, they consistently speak to significantly negative outcomes for open economies such as Finland, as a result of trade war.

    In my view, in the face of US protectionism, the European Commission’s response has been justified and rational. The Commission has rightly suggested a zero-for-zero tariff agreement between the EU and the US. While Europe remains committed to constructive negotiations with the US, the Commission has been preparing proportionate countermeasures to reinforce our negotiating position, with the aim of reaching a solution that benefits everybody and avoids further damage to growth.

    Slide 6: Investment needed now in security and productivity

    “This is Europe’s moment” has become a slogan of the era. But to what extent is there substance to it?

    No doubt, President Trump’s policies are compromising the United States’ economic and institutional dominance, while Europe’s position is benefiting from its stability and certain political developments.

    Yet, the fact remains that the size of the US bypasses the European economy significantly in many dimensions, especially in factor productivity and therefore in growth. Will Europe adopt Mario Draghi’s recommendations to boost productivity? European industry must strengthen its technological capabilities. Cutting-edge research and innovation, and investment in areas like AI, will be crucial.

    Furthermore, Europe’s Savings and Investment Union needs to be advanced. The US has a larger and more unified internal capital market which benefits from scaling, a strong venture capital ecosystem, and fewer regulatory hurdles. The US dollar may remain the world’s leading reserve currency at the centre of the global financial system. But many investors are keen to diversify their portfolios to euro-denominated assets, which will also strengthen the international role of the euro.

    The price of energy is a considerable burden to European competitiveness. Unlike the US, the EU has no abundant fossil fuel supplies, so there is no other viable strategy for increasing our energy security than decarbonisation and the green transition. The green transition in energy is not just climate action – it’s a geopolitical investment. So is the digital euro and the broader effort to bolster the international role of the euro.

    Human capital and academic freedom are among Europe’s greatest assets. As these freedoms are eroded in the United States, Europe has a unique opportunity. In my view, the EU should rapidly create a special visa programme for top researchers seeking intellectual freedom without political pressure. We must highlight Europe’s universities where critical thinking is encouraged and academic liberty protected. This is an investment in Europe’s future prosperity and influence.

    Slide 7: Conclusions

    To conclude, today’s world is experiencing yet another major transition, as it was 30 years ago when the Cold War came to an end. But now, unfortunately, it is moving in reverse gear.

    Europe’s external security and its soft power depend now on strengthening its hard power, particularly in terms of coordinated defence solutions. Moreover, despite the current uncertain geopolitical environment, international cooperation remains essential in a highly interconnected world. We stand for it.

    At the same time, Europe must strengthen its economic foundation by finding ways to increase productivity and hence fulfil its true potential. At the ECB, we will contribute to this by ensuring price stability and financial stability, thus laying the foundation for Europe’s economic and social re-emergence and long-term resilience.

    In sum, this truly is Europe’s moment. We must defend our way of life – solving conflict and making progress through reason, dialogue and democracy.

    As Reinhold Niebuhr, the theologian and international relations theorist from our western neighbour, once said:

    “The sad duty of politics is to establish justice in a sinful world.”

    That is precisely Europe’s task now – more so than for decades.

    Thank you!

    MIL OSI Economics

  • MIL-OSI Economics: Olli Rehn: Walking a fine line – the European economy and ECB monetary policy in a shifting global landscape

    Source: Bank for International Settlements

    Let me first thank the LCMA [Lorenzo Codogno Macro Advisors] for inviting me to speak at this conference. To kick off, I will briefly discuss the ongoing change in the global landscape and its implications for the economic outlook in the euro area and for the ECB’s monetary policy.

    Slide 2. Geopolitics overshadowing the economy

    Today, we are on the cusp of profound changes in the global trading and economic relations. A rules-based multilateral system is being challenged by deals-based bilateral relationships.

    From a European perspective, the uncertainty extends beyond economics. The security policy environment of Europe is currently transforming as rapidly as it did in the early 1990s, only this time in reverse.

    These developments come on top of challenges we were already grappling with: from climate change and Europe’s productivity slowdown to persistent conflict in the Middle East and China’s challenge to liberal world order.

    Slide 3. Shifting global landscape implies major uncertainty

    With the backlash of globalisation and the European security order being damaged, it is no exaggeration to say that the economic outlook for Europe is marked by pervasive and persistent uncertainty.

    And by any metric you wish to look at, uncertainty related to policy – particularly around US trade policy – has grown enormously. These developments are now reverberating also through financial markets, where we are witnessing heightened volatility across asset classes. Notably, the behaviour of US-related assets has been unusual, as investors reassess their view of the US economy.

    Tariffs will have a negative effect on growth in the short, medium and long term. Apart from direct effects, it is the pervasive uncertainty – especially policy uncertainty – that is detrimental to investment and economic activity.

    Taken together, the pervasive uncertainty and the tariffs themselves hold back the global growth momentum-which was already estimated to be weaker than that in the pre-pandemic era. As a result, downside risks dominate the outlook.

    Slide 4. The economic outlook is surrounded by downside risks  

    What does this all mean for the European economy?

    Based on recent data, the euro area economy was recovering pretty much in line with the ECB’s forecasts. Private consumption growth has strengthened due to the increase in real income, and tentative signs of improvement have emerged in the manufacturing sector, which has been under pressure for some time. Employment in the euro area is solid, and unemployment is at a historic low of 6.1%. The fiscal impulse from increasing spending and investments in Europe’s common defence and infrastructure will contribute to bolstering growth in the medium term.

    However, the trade war and the enormous uncertainty it brings are now holding back growth also in the euro area. Some of the downside risks foreseen in the ECB’s March projections have already materialised, and as a result, the growth outlook has further weakened.

    Slide 5. Inflation is converging towards the ECB’s 2% target

    Turning to the inflation outlook, the ECB’s March projections suggested that euro area inflation is stabilising at our 2% target over the medium term. Disinflation is well on track.

    A particularly important development is the decline in services inflation, which had remained stubbornly high at around 4%, but has now clearly moderated. Wage inflation, including forward-looking indicators, supports the view that underlying inflationary pressures are easing.

    Looking ahead, economists are largely unanimous that tariff increases will accelerate inflation in the US, but in the euro area the effects are two-way. The higher import costs increase some prices, but weaker growth dampens inflation.

    Most economists also assumed the euro to depreciate in response to US tariff actions. In fact, the opposite has occurred-adding further complexity to the inflation outlook. At the same time, China may redirect exports to Europe, potentially increasing supply and dampening prices further.

    Overall, financial markets seem to think that tariffs and the surrounding uncertainty will slow down euro area inflation, at least in the short term. This time I tend to agree with the markets. Taking into account these developments, I find it reasonable to assume that there are downside risks to the inflation outlook in the ECB’s March projections.

    Slide 6. The ECB retains full freedom of action due to uncertainty

    Against this growth and inflation outlook, we decided before Easter at the ECB Governing Council to cut rates again by 25 basis points. Since last June, we’ve cut rates seven times – from 4% to 2.25%. These moves support consumption and investment in the face of global headwinds.

    It is important that we remain vigilant about any deviations from our symmetric 2% inflation target, in line with our strategy. If inflation is projected to fall below our 2% inflation target over the medium term, then the right reaction is to cut rates further. I think it is important that we do not let any thresholds, such as an estimated neutral rate, constrain us.  This is a time for agile and active monetary policy.

    We will continue to decide on interest rates at each meeting in accordance with our three-element framework: the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. Under the pervasive uncertainty, it is even more important than before that the Governing Council maintains full freedom of action in setting its monetary policy.

    And finally, while markets have been able to weather the recent volatility and are functioning well, we of course monitor the events closely and stand ready to use all instruments that are necessary in order to preserve price stability and financial stability.

    Let me conclude. In these uncertain times, we at the ECB will do our part in creating favourable conditions for Europe’s success. First and foremost, this means safeguarding the euro area’s price and financial stability. In the face of policy- or politics-driven turbulence and elevated uncertainty, a strong commitment to maintaining price stability over the medium term is more important than ever.

    Thank you for your attention. I will be glad to take any questions that you have.

    MIL OSI Economics

  • MIL-OSI United Kingdom: Former world darts champion Rob Cross banned as director over unpaid taxes

    Source: United Kingdom – Executive Government & Departments

    Press release

    Former world darts champion Rob Cross banned as director over unpaid taxes

    Darts professional banned after company failed to pay hundreds of thousands of pounds in tax

    • Former world darts champion Rob Cross has been disqualified as a director after his company failed to pay more than £450,000 in tax 

    • The Insolvency Service also found Cross withdrew more than £300,000 from Rob Cross Darts Limited between March 2020 and November 2023 that should have gone to creditors 

    • Cross has now been banned as a company director until June 2030 and entered into an Individual Voluntary Arrangement (IVA) last year in a bid to pay off some of the money he owes 

    Former world darts champion Rob Cross has been banned as a director for five years after his company failed to pay more than £450,000 in tax. 

    Cross, known for winning the PDC World Darts Championship in 2018 and five World Series of Darts titles, was the director of Rob Cross Darts Limited, which was set up for the 34-year-old to receive his earnings and prize money. 

    However, between March 2020 and November 2023, Cross removed more than £300,000 in company money which should have been paid to creditors, including to HM Revenue and Customs (HMRC). 

    He had also taken out more than £400,000 from Rob Cross Darts Limited in the form of a director’s loan account by the time the company went into liquidation. 

    In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement (IVA), a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. The monthly contributions Cross makes to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. 

    Kevin Read, Chief Investigator at the Insolvency Service, said: 

    When directors fail to pay the correct amount of tax, it directly impacts the government’s ability to fund vital public services such as the NHS, schools, transport infrastructure, and our national defence.  

    Rob Cross’s company owed more than £400,000 in corporation tax alone when it went into liquidation. For more than three years, he withdrew funds from the company which should have gone to HMRC and other creditors. 

    This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. 

    Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations.

    Rob Cross Darts Limited was formed in May 2017, with Cross appointed as director on the same day. 

    Insolvency Service investigations found that the company received just more than £1 million from Cross’s earnings between the start of March 2020 and the date of liquidation in November 2023. 

    A total of £169,500 in sponsorships and £261,901 from his management company was also paid in to the company. 

    However, in the same period, Cross withdrew funds of at least £306,403 from the company which he acknowledged was “to the risk and ultimate detriment of HMRC”. 

    A further £665,419 was paid into the personal account of a connected party. 

    By the time the company went into liquidation, it owed £403,896 in corporation tax, £49,071 in VAT, and £12,436 in PAYE and National Insurance contributions. 

    The company had only paid £41,936 to HMRC between March 2020 and November 2023. 

    Cross’s director’s loan account was also overdrawn by £423,608 when the company went into liquidation with liabilities of £579,805. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Cross, and his ban started on Thursday 5 June. 

    It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 5 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: InvestHK promotes using Hong Kong as gateway for global expansion in Liaoning Province to enhance cross-regional collaboration (with photos)

    Source: Hong Kong Government special administrative region

         ​Associate Director-General of Investment Promotion at Invest Hong Kong (InvestHK) Mr Arnold Lau today (June 5) visited Shenyang, Liaoning Province, to promote Hong Kong’s latest business opportunities to local government authorities, enterprises and media, supporting Liaoning companies in going global via Hong Kong and fostering mutually beneficial co-operation.

         In the morning, Mr Lau toured a well-known multinational information technology enterprise in Liaoning Province to gain deeper insights into its industrial presence and global business scale. He encouraged the company to leverage Hong Kong’s unique advantages to further drive its global expansion.
     
         In the afternoon, Mr Lau attended the seminar entitled “Unparalleled Opportunities to Expand Your Global Business – Liaoning to Hong Kong Investment Promotion Seminar”, which was organised by InvestHK, the Office of the Government of the Hong Kong Special Administrative Region (HKSAR) in Beijing, and the Department of Commerce of Liaoning Province. He delivered opening remarks first, followed by speeches from the Associate Director of the Beijing Office, Ms Eunice Chan, and Deputy Director of the Department of Commerce of Liaoning Province Mr Li Jun. The event was supported by the China Council for the Promotion of International Trade Liaoning Sub-Council, the Liaoning Federation of Industry and Commerce, the General Association of Liaoning Entrepreneurs, and the Shenyang Municipal Commerce Bureau.
     
         During Mr Lau’s first official visit to Shenyang, under his current tenure, he showcased Hong Kong’s strengths under the “one country, two systems” framework. He said, “Liaoning and Hong Kong enjoy close economic and trade ties, with Hong Kong being Liaoning’s largest source of foreign investment. As Asia’s leading international financial centre, Hong Kong attracts many Mainland and foreign enterprises to come to Hong Kong for financing activities and to set up corporate treasury centres in the city. Mainland enterprises have shown strong performance among companies listed in Hong Kong. Among them, 20 listed companies are from Liaoning, spanning sectors such as industrial manufacturing, energy, finance, healthcare, food, and education. I encourage more Liaoning enterprises to leverage Hong Kong’s strengths in financial services and actively consider listing in Hong Kong to raise capital. Amid the evolving global economic dynamics, Hong Kong serves as a ‘super connector’ and ‘super value-adder’, sailing together with the Mainland and to explore new overseas markets and opportunities.” He added that InvestHK will continue to leverage Hong Kong’s strengths to attract overseas enterprises, capital and talent to Liaoning, promoting two-way investment.
     
         Ms Chan noted in her remarks, “The Third Plenary Session of the 20th Central Committee of the Communist Party of China explicitly outlined Hong Kong’s strategic positioning, supporting its development as a hub for international high-end talent and its enhanced role in the nation’s opening up. The National “Government Work Report” of this year, for the first time, called for Hong Kong to deepen international exchanges and co-operation, reflecting the nation’s high expectations for the city. Hong Kong is building itself into a multinational supply chain management centre, offering one-stop support for Mainland enterprises expanding overseas production and supply chain networks, enabling them to participate more deeply in global industrial division and collaboration amid complex geopolitical landscapes.” She expressed hope that today’s seminar could serve as a platform for Liaoning-Hong Kong collaboration, with the Beijing Office and the Liaoning Liaison Unit of the HKSAR Government committed to fostering all-round co-operation.
     
         Mr Li, representing Liaoning provincial government authorities, pledged to further deepen economic, trade, and investment exchanges between Liaoning and Hong Kong, enabling enterprises in both regions to capitalise on their respective strengths for mutual development.
     
         Deputy Head of Business and Talent Attraction/Investment Promotion of InvestHK in Beijing Ms Angie Kwok delivered a thematic presentation, encouraging Liaoning enterprises to establish multinational supply chain management centres in Hong Kong. The Principal Immigration Officer of the Beijing Office, Mr Jacky Wong, also provided a briefing on Hong Kong’s latest talent schemes.
     
         The event featured a professional services session with the Managing Director of Equities Department at CMB International Securities Limited, Mr Alan Chan, and Offering Services Partner, Audit and Assurance, Capital Market Services Group, Deloitte China, Mr Raymond Ng, who spoke on Hong Kong’s diversified financial services and how Mainland enterprises can leverage the city’s business advantages for global expansion. Three Liaoning-based enterprises were also invited to share their Hong Kong success stories, including the Secretary of the CPC Committee and Vice President of Neusoft Corporation, Mr Hu Wangyang; Executive Director and Chief Operating Officer of Hi-Think Technology International Limited, Mr Yue Xuefeng; and the General Manager of Solargiga Energy Holdings Limited, Mr Zhang Hai. They encouraged Liaoning enterprises to explore Hong Kong’s business environment and new opportunities and implement their “going global” strategy. The event attracted around 160 representatives from Liaoning enterprises, institutions, and media.
     
         For photos of the seminar, please visit www.flickr.com/photos/investhk/albums/72177720326654239.  

    MIL OSI Asia Pacific News

  • MIL-OSI: Strategic merger: Agelec joins the Videlio group

    Source: GlobeNewswire (MIL-OSI)

    The growing challenges of supervision, decision-making efficiency, and security for institutions and businesses have led Videlio, a major player in audiovisual and IT integration, to take a step forward in the development of a new strategic activity: control systems. This turning point is now taking place through a major merger with Agelec, the French leader in supervision and control solutions for sensitive infrastructure. 

    This marks a defining moment for the Videlio group, confirming its ambition to offer a wider range of solutions that are among the most innovative on the market. The Group’s goal is to stay as close as possible to its customers’ operational needs and uses by offering them solutions that are easy to use, secure, and effective.

    Industrial synergy between two leading players

    AGELEC stands out today as the specialist in supervision, control, and visualization solutions dedicated to critical environments, meeting the constant demand for availability and security of sensitive infrastructure. Its control or supervision rooms, security stations, crisis rooms, and command or surveillance centers demonstrate Agelec’s recognized experience in meeting these very high standards. This expertise has attracted leading clients.

    Videlio and Agelec will work together to strengthen this expertise by combining their operational and commercial resources to give new scope to this activity within the Group. Their ambition is to develop a model capable of combining the best technologies in open architectures that guarantee both security and interoperability.  

    This project will focus in particular on the development of advanced collaborative incident management solutions, agile and robust architectures with AVoIP, and intelligent video walls. Videlio and Agelec will also work together on today’s major challenges, with innovative offerings in AI, cybersecurity, augmented reality, and more.

    Xavier Renaud, President of Videlio:

    “Agelec is a leader in control rooms, particularly through its mastery of the technological and operational complexities of this type of installation. We are very pleased with this merger, which strengthens Videlio’s position as the French leader in specialized high value-added audiovisual integration, while expanding our scope of activity in a market in which we strongly believe. We enthusiastically welcome the Agelec teams and their leader Guillaume Guérin, who has built a solid, innovative company that is virtually indispensable in its ecosystem.”

    Guillaume Guérin, President of Agelec:

    “The energy and human values that drive Videlio were decisive factors in our choice. We share the same vision of audiovisual integration, which brings high standards and value creation for the end customer. Our common conviction is to place usability, ergonomics, and business intelligence above technology. Joining Videlio is obviously an opportunity to take a step forward, but above all, it is an opportunity to amplify our innovation momentum in intelligent and open systems, to better support our customers as they face the constant evolution of their critical challenges.”

    The MIL Network

  • MIL-OSI: LyondellBasell enters into an agreement and exclusive negotiations with AEQUITA for the sale of four European Strategic Assessment assets

    Source: GlobeNewswire (MIL-OSI)

    ROTTERDAM, The Netherlands, June 05, 2025 (GLOBE NEWSWIRE) — LyondellBasell (LYB) today announced that it has entered into an agreement and exclusive negotiations with AEQUITA for the sale of select olefins & polyolefins assets and the associated business in Europe. The sites to be sold have been part of the previously announced European strategic assessment and are located in Berre (France), Münchsmünster (Germany), Carrington (UK), and Tarragona (Spain).

    “This contemplated transaction is a significant step in LYB’s transformation to Grow and Upgrade our Core. We are committed to operate our assets safely and reliably throughout this process and will continue to support our customers, employees and other key stakeholders,” said Peter Vanacker, LyondellBasell chief executive officer. “Europe remains a core market for LYB and one we will continue to participate in following this transaction with more of a focus on value creation through establishing profitable leadership in circular and renewable solutions.”

    The assets and business to be acquired by AEQUITA include integrated and non-integrated sites within LYB’s European olefins and polyolefins business, as well as supporting central functions based at the Company’s Rotterdam headquarters and various locations. The sites together represent a scaled olefins and polyolefins platform strategically located in proximity to a longstanding customer base and with access and connectivity to key infrastructure.

    “The acquisition of these assets from LYB marks another important step in expanding our industrial footprint,” said Christoph Himmel, Managing Partner at AEQUITA. “Each site brings a strong operational foundation and a highly experienced, committed employee base. We are confident in our ability to accelerate their development under AEQUITA’s ownership approach. We look forward to welcoming the teams into our Group and to working collaboratively with all stakeholders to ensure a smooth transition and establish a strong platform for long-term success.”

    The agreement entered into between LyondellBasell and AEQUITA is a put option deed under which AEQUITA has committed to enter into an agreed form purchase agreement if LyondellBasell exercises its put option, after conclusion of certain works council consultation processes.

    Closing of the proposed transaction is currently expected in the first half of 2026, subject to the completion of the information and consultation processes with the relevant employee representative bodies in accordance with applicable laws, as well as regulatory and other customary closing conditions. Citi and J.P. Morgan Securities LLC acted as financial advisors and Linklaters LLP acted as legal counsel to LyondellBasell.

    Investor conference call

    LYB will host a conference call June 5 at 8 a.m. EDT. Participants on the call will include Chief Executive Officer Peter Vanacker, Executive Vice President and Chief Financial Officer Agustin Izquierdo, Executive Vice President of Global Olefins and Polyolefins Kim Foley and Head of Investor Relations Dave Kinney. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the CallMe link. The slides and webcast that accompany the call will be available at investors.lyondellbasell.com/events-and-presentations/. A replay of the call will be available from 1 p.m. EDT June 5 until July 5, 2025. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13754240.

    About LyondellBasell
    We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors, and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

    About AEQUITA
    AEQUITA is a Munich-based industrial group investing in special situations, including corporate carve-outs, successions, and transformational situations across Europe. Its current portfolio generates more than EUR 3.5 billion in revenues. With a strong capital base, entrepreneurial expertise, and a partnership approach, AEQUITA focuses on the acquisition and long-term value enhancement of companies that can benefit from its operational engagement. For more information, please visit www.aequita.com.

    Media Inquiries LYB Global
    LyondellBasell Media Relations
    Phone: +1-713-309-7575
    Email: mediarelations@lyondellbasell.com

    Or:

    Media Inquiries LYB Europe
    Robert Kleissen, External Affairs Europe
    Phone: +31-6-273-573-98
    Emailrobert.kleissen@lyondellbasell.com

    Media Inquiries AEQUITA
    Simon Schulz, Partner
    Phone: +49-89-2620-4840-0
    Email: contact@aequita.com

    Forward-Looking Statements LYB
    The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to align our asset base with our strategic goals; our ability to successfully complete the transactions contemplated by the put option and related agreements; completion of information and consultation processes of the relevant employee representative bodies; and the satisfaction of regulatory and other customary closing conditions. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2024, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law.

    The MIL Network

  • MIL-OSI Africa: Minister McKenzie pays tribute to Rashid Lombard

    Source: South Africa News Agency

    Sport, Arts and Culture Minister Gayton McKenzie has described the late Rashid Lombard as a storyteller who was unafraid to document South African history.

    The acclaimed photographer, cultural activist, and jazz promoter passed away peacefully on Wednesday at the age of 74, surrounded by his loved ones.

    “Rashid Lombard was more than a photographer. He was a storyteller and freedom fighter who used his camera as a weapon for justice. He captured truth when others looked away, showing the world our pain, pride, struggle, and strength. Rashid gave us history and memories that speak louder than words. Today, we honour a true artist who told our story with heart, honesty, and deep respect. South Africa has lost a giant,” the Minister said in his tribute to Lombard.

    This as he joined President Cyril Ramaphosa in conveying his condolences. President Ramaphosa said the country had lost a cultural icon who not only documented the history of the struggle for freedom but made history in his own right.

    Rashid who will be laid to rest according to Muslim rites on Thursday morning, was born on 10 April 1951 in North End, Gqeberha. 

    He relocated with his family to Cape Town in 1962. He initially trained as an architectural draftsman and later pursued a career in industrial photography, beginning his professional path at the construction firm Murray & Roberts.

    “As a young boy in the Eastern Cape, he lived in a community where people of all races coexisted. Black, White, Coloured, Indian and Chinese families shared neighbourhoods, exchanged stories and formed bonds that apartheid later sought to destroy. It was a glimpse of what a united South Africa could be.

    “The arrival of apartheid brought violence and forced removals. Families were relocated based solely on the colour of their skin, and many of Lombard’s childhood friends disappeared, never to be seen again. 

    “This trauma deeply affected him and heightened his awareness of injustice. These early experiences, along with the Black Consciousness Movement, inspired his lifelong commitment to justice and equality,” the Ministry of Sport, Arts and Culture said.
    He chose to fight not with weapons but with his camera. During South Africa’s struggle for liberation, he worked as a freelance photographer and television sound recordist. 

    His lens witnessed history, capturing the pain, courage and hope of a people longing for freedom.

    He documented key moments such as the growing democracy movement in the 1980s, Nelson Mandela’s release in 1990, and the first democratic election in 1994. His images reached global audiences through major outlets like Agence France-Presse, the BBC and NBC, offering the world a powerful view of South Africa’s journey.

    “As democracy took hold, Lombard turned his energy to jazz, another lifelong passion. He held leadership roles at Fine Music Radio and P4 Smooth Jazz Radio before founding espAfrika in 1997. Through this company, he launched the Cape Town International Jazz Festival in 2000, directing it until 2014.

    “The festival grew into one of Africa’s largest and most respected cultural events, showcasing local talent alongside international stars and putting Cape Town firmly on the global jazz map.

    “Even after retiring, he remained committed to preserving South Africa’s cultural heritage. He undertook the important task of digitising his extensive photographic archive, a project begun by his late wife, Colleen. Working with the National Archives and the Department of Sport, Arts and Culture, he ensured the collection would be accessible as a national treasure. His family continues this vital work today,” the Ministry said.

    In 2010, he published “Jazz Rocks”, a photographic tribute curated by the late George Hallett. The book captures the spirit, energy and connection of jazz through Rashid’s distinctive lens.

    In 2014, Lombard was honoured with the National Order of Ikhamanga in Silver. This prestigious award recognised his exceptional impact on the arts, cultural preservation and the global celebration of South African jazz. –SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI China: China’s EV battery recycling boom fuels green transition, taps global market

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

    In the northern Chinese industrial city of Tianjin, a bustling workshop is bringing discarded electric vehicle batteries back to life through the combined expertise of skilled technicians and automated systems.

    The scene exemplifies a massive business opportunity unfolding across China, as the world’s largest electric vehicle market is set to turn battery waste from a pollution challenge into a key asset in its green revolution.

    Positioned at the forefront of the country’s sustainable economy, this startup, Tianjin Battery Technology, is targeting this rapidly expanding sector.

    The market segment is on the cusp of substantial growth, as China continues to lead the world in the production and sales of new energy vehicles. Additionally, the rising number of end-of-life power batteries is expanding demand for sustainable solutions.

    By the end of 2024, China had 31.4 million new energy vehicles, representing about 9 percent of its automobile fleet. Following the government’s launch of trade-in policies, consumer interest in upgrading vehicles surged, which in turn further expanded the recycling market.

    China’s Ministry of Industry and Information Technology mandated that passenger vehicle manufacturers provide an 8-year or 120,000-kilometer warranty on core components such as batteries starting from 2016.

    Market forecasts indicate that China’s retired power batteries will hit 1.04 million tonnes in 2025 and may surge to 3.5 million tonnes by 2030.

    Unlocking potentials 

    Ma Youwei, a 40-year-old equipment manager at the Tianjin firm, oversees the disassembly of battery packs and modules. As far as he is concerned, these seemingly “retired” batteries are treasure troves.

    In his factory, some disassembled components are reused for second-hand vehicle repairs. Crushing batteries produces copper and aluminum, and the black powder is further refined into battery-grade lithium carbonate.

    “In our words, we work to fully extract the value from the retired batteries and leave no potential untapped,” said Ma, production material control manager of the factory’s engineering equipment department.

    With nearly 20 years of experience in digital electronics and battery manufacturing, he joined this role three years ago, driven by the industry’s considerable potential.

    Tianjin Battery Technology has reached an annual processing capacity of 10,000 tonnes, achieving a lithium recovery rate of over 90 percent.

    “China heavily relies on imports for lithium, cobalt and nickel,” said Ke Yanchun from China Resources Recycling Group Co., Ltd., a newly-established state-owned enterprise.

    “Recycling retired power batteries effectively reduces the high dependency on imported resources in the upstream of China’s new energy vehicle industry,” said Ke.

    Tech-driven 

    China’s battery recycling sector is plagued by the presence of small, unregulated workshops. Industry leaders are leveraging technological innovation to boost efficiency and restructure the industry chain.

    GEM, a Shenzhen-based publicly-listed company and a major Chinese battery recycler, employs a flexible intelligent dismantling system for accurate detection and sorting. Its recycling innovations include high- and low-temperature catalytic activation and ultra-precise lithium extraction, achieving over 90 percent lithium recovery.

    The company also built a digital lifecycle management system to track batteries from recycling to utilization, supporting its dual-track business model.

    It has established a circular economy industrial park in the Shenshan Special Cooperation Zone, which is just one kilometer from the production lines of BYD, the country’s leading electric vehicle manufacturer.

    Now, GEM has set up over 140 recycling sites nationwide and partnered with more than 750 vehicle and battery manufacturers and operators worldwide. In the first quarter of this year, it recycled 10,800 tonnes of power batteries, up 37 percent year on year.

    In the Tianjin company, Ma and his colleagues have improved battery dismantling efficiency by 75 percent through modified tools. By using techniques like cutting and welding, they have transformed standard tools to meet the complex requirements of battery disassembly.

    “This simple innovation has made a significant impact,” Ma noted.

    Overseas expansion 

    As China’s share of the global electric vehicle market continues to grow, battery recycling companies are also expanding their international presence to meet local environmental regulations.

    CATL, the world’s largest battery manufacturer, plans to establish battery recycling operations in Europe, with the completion of its Hungarian re-manufacturing plant slated for 2026. This initiative is part of its efforts to address environmental concerns in battery production and disposal.

    GEM has established seven power battery recycling centers including those in the Republic of Korea and Indonesia.

    Gotion High-tech in Hefei, east China’s Anhui Province, and Envision Greenwise in Hong Kong have reached a strategic cooperation agreement, planning to jointly build 100 recycling and after-sales service centers globally.

    Also, Huayou Recycling in Jiaxing, Zhejiang Province, has entered a strategic partnership with SUEZ Group, one of the largest European environmental services corporations, to explore the French battery recycling market.

    MIL OSI China News

  • MIL-OSI: Toobit Launches Zero-Fee Trading for All USDC Spot Pairs

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, June 05, 2025 (GLOBE NEWSWIRE) — Toobit, an award-winning global digital asset trading exchange, is launching a limited-time Zero-Fee Trading for all USDC spot trading pairs, beginning June 5, 2025, at 8:00 (UTC). During this event, all users can enjoy 0% maker and taker fees, helping them maximize profitability by eliminating transaction costs.

    This exclusive promotion applies to all currently available USDC spot pairs on the Toobit platform, including BTC/USDC, ETH/USDC, SOL/USDC, DOGE/USDC, TRX/USDC, and TON/USDC. The initiative is part of Toobit’s ongoing efforts to make digital asset trading more accessible, cost-efficient, and user-friendly.

    “We’re continuously looking for ways to improve our users’ trading experience and provide them with a rewarding trading environment,” said Mike Williams, Chief Communication Officer at Toobit. “This zero-fee event is designed to give traders greater flexibility while optimizing their returns.”

    In spot trading, maker and taker fees are the standard costs users pay to execute trades on an exchange. A maker adds liquidity to the market by placing a limit order that isn’t immediately filled, while a taker removes liquidity by matching with an existing order. Most exchanges charge separate fees for each, but during this event on Toobit, both types of trades will incur zero fees.

    Removing these fees means a greater portion of each trade goes directly to the user, supporting more efficient strategies, especially for high-frequency traders and those trading at volume.

    Toobit invites traders of all experience levels to take advantage of this opportunity to maximize their returns with zero transaction costs on one of the most stable cryptoasset exchanges in the market.

    For more information, visit www.toobit.com.

    About Toobit

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

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

    Contact: Davin C.

    Email: market@toobit.com

    Website: www.toobit.com

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb0a47e-db2b-4e63-8177-2ad7330dbb35

    The MIL Network

  • MIL-OSI United Kingdom: Change of British High Commissioner to Lesotho: Martine Sobey

    Source: United Kingdom – Executive Government & Departments

    Press release

    Change of British High Commissioner to Lesotho: Martine Sobey

    Mrs Martine Sobey has been appointed British High Commissioner to the Kingdom of Lesotho in succession to Mr Harry MacDonald.

    Martine Sobey

    Mrs Martine Sobey has been appointed British High Commissioner to the Kingdom of Lesotho in succession to Mr Harry MacDonald who will be transferring to another Diplomatic Service appointment. Mrs Sobey will take up her appointment during September 2025.

    Curriculum vitae         

    Full name: Martine Sunshine Sobey       

    Year Role
    2023 to present Abuja, Climate Change and Nature Team Lead
    2022 to 2023 BEIS-FCDO, Team Leader, Joint International Forests Unit
    2021 to 2022 BEIS, Team Leader Forests, Land Use and Carbon Markets
    2019 to 2020 BEIS, Bilateral Partnerships Lead, International Climate Finance
    2019 Joined Civil Service
    2017 to 2019 Rockefeller Foundation, Senior Manager – Africa Region
    2009 to 2017 Environment, climate and international development consulting roles
    2008 to 2009 King’s College London, Masters in Climate Change, Environment and Globalisation

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 5 June 2025

    MIL OSI United Kingdom

  • India Services PMI Remains Strong at 58.8 in May, Driven by Robust Demand

    Source: Government of India

    Source: Government of India (4)

    India’s services sector maintained its high pace of growth in May, driven by strong demand for exports, which also saw firms increase staff hiring to an all-time high during the month, according to the latest HSBC survey.

    The seasonally adjusted HSBC India Services Purchasing Managers’ Business Activity Index (PMI) registered 58.8 in May. This was broadly in line with April’s reading of 58.7 and therefore signalled another sharp rate of expansion. The survey states that growth was reportedly underpinned by healthy demand conditions, new client wins and greater staffing capacity.

    Notably, companies observed a near-record improvement in international demand for their services during May. Over the course of the survey’s 19-and-a-half-year history, faster increases in new export orders were only recorded in May and June 2024. When citing sources of growth, firms mentioned Asia, Europe and North America in particular, the survey said.

    Similar to the trend for output, new orders rose at a sharp pace that was largely aligned with those registered from February to April. To accommodate ongoing expansions in new business, service providers continued to recruit additional staff, the survey added.

    Price gauges showed an intensification of input cost and output charge inflation, with the rates of increase edging above their historical averages in each case.

    Pranjul Bhandari, Chief India Economist at HSBC, said: “India registered a services PMI of 58.8 in May 2025, broadly in line with the steady readings from recent months. Strong international demand continued to fuel services activity, as evidenced by the new export business index’s uptick from April.”

    “To keep up with swelling demand, India’s service providers heavily increased staff recruitment. Indeed, the employment index rose to the highest reading ever recorded by this survey. Meanwhile, price pressures continued to intensify, with both input prices and prices charged rising last month,” Bhandari added.

    (IANS)