Source: European Investment Bank
The European Investment Bank (EIB) has granted a €150 million loan to Acqua Novara.VCO to improve the efficiency and resilience of water infrastructure in the Italian provinces of Novara and Verbano-Cusio-Ossola. The EIB financed is backed by SACE’s Archimede guarantee – which covers two-thirds of the funding – and the European Union’s InvestEU programme – which covers the remaining €50 million.
Source: European Parliament
The Banking Union is based on a proposal that the European Commission presented in 2012, a few years after the severe financial crisis had started to unfold in the EU. The key innovation was to transfer responsibility for the day-to-day supervision of the largest banks in the euro area from national to European level. From then on, the European Central Bank (ECB) was put in charge of supervisory tasks, which it needed to keep strictly separate from its activities on monetary policy. Another institution – the Single Resolution Board (SRB) – was set up at European level to deal with the failure of large banks. The Commission had proposed a third element – a European deposit insurance scheme – but so far this has not found the necessary political support.
Source: GlobeNewswire (MIL-OSI)
Aktsiaselts Infortar (registry code 10139414, seat and address Liivalaia 9, 10118 Tallinn), held its Annual General Meeting of Shareholders (hereinafter the General Meeting) on June 4, 2025 at 11:00 (Estonian time) at the conference centre of Tallink SPA & Conference Hotel at Sadama 11a, Tallinn.
45 shareholders were registered as attending at the Annual General Meeting of Shareholders, who owned 17,562,509 votes/shares (the amount of represented share capital 1,756,250.90 EUR), forming 85,91% of Aktsiaselts Infortar share capital.
1. Approval of the 2024 Annual Report
Approve the 2024 Annual Report of Aktsiaselts Infortar submitted by the Management Board.
In favour of the resolution voted 100% of the votes represented at the meeting (17,561,838 votes).
2. Deciding on the distribution of profit
Approve the following proposal for the distribution of profit submitted by the Management Board of Aktsiaselts Infortar:
2.1. Approve the net profit for 2024 in the amount 193,670 thousand euros;
2.2. Pay the Shareholders dividend 3 euros per share. Dividend shall be paid in two parts as follows:
2.2.1. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 July 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 July 2025. Dividend shall be paid to the Shareholders on 15 July 2025 by transfer to the bank account of the Shareholder;
2.2.2. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 December 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 December 2025. Dividend shall be paid to the Shareholders on 15 December 2025 by transfer to the bank account of the Shareholder.
In favour of the resolution voted 99,99% of the votes represented at the meeting (17,561,561 votes).
3. Appointment of an auditor for the 2025 financial year and determination of the procedure of remuneration of an auditor
Appoint the company of auditors KPMG Baltics OÜ to conduct the audit of Aktsiaselts Infortar in the financial year 2025 and to remunerate the work according to the audit contract to be concluded with the auditor.
In favour of the resolution voted 99,99% of the votes represented at the meeting (17,561,388 votes).
4. Deciding on conduction of the Option Plan
Terminate the share option plan of Aktsiaselts Infortar approved by resolution no. 6 of the Annual General Meeting of the Shareholders held on 15 June 2021 and the conclusion of option agreements under this plan prematurely as of 30 June 2025. To approve the implementation of a new share option plan of Aktsiaselts Infortar and to grant the Supervisory Board the right to establish the new share option plan under the following principles (“Option Plan”):
4.1. The purpose of the Option Plan is to motivate the management and employees of Aktsiaselts Infortar by involving them as Shareholders, thereby enabling them to benefit from the increase in the value of the shares as a result of their work. The Option Plan applies to Aktsiaselts Infortar and its group entities in Estonia, Latvia, Lithuania, Finland, and Poland. The Supervisory Board of Aktsiaselts Infortar may decide to extend the Option Plan to group entities in other countries.
4.2. The term of the Option Plan is four (4) years, and options (“Options”) may be granted and option agreements concluded under the Option Plan from 1 July 2025 until 1 July 2029. Should an Entitled Person (as defined below) fail to conclude an option agreement within the aforementioned period, they shall lose the right to acquire the Options made available to them.
4.3. Under the Option Plan, Aktsiaselts Infortar shall have the right to issue up to 400,000 Options for the acquisition of 400,000 shares, representing up to 1,89% of the share capital of Aktsiaselts Infortar.
4.4. Entitled Persons under the Option Plan (“Entitled Persons”) shall be:
(a) Members of the Supervisory Board of Aktsiaselts Infortar, whereby the granting of Options and the number of Options to be granted to specific members of the Supervisory Board shall be determined annually by the General Meeting by a separate resolution, provided that no Supervisory Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
(b) Members of the Management Board of Aktsiaselts Infortar appointed by the Supervisory Board, whereby the number of Options to be granted to each Management Board member shall be determined annually by the Supervisory Board by a separate resolution, provided that no Management Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
(c) Employees of Aktsiaselts Infortar and members of management bodies and employees of group companies, as designated by the Supervisory Board, or by the Management Board if so delegated by the Supervisory Board, whereby the number of Options to be granted to each such person shall be determined annually by the Supervisory Board or the Management Board (in case of delegation) by a separate resolution, provided that no such Entitled Person shall acquire more than 4000 Options per year during the term of the Option Plan.
4.5. Generally, Options issued under the Option Plan cannot be exercised, and the underlying shares cannot be acquired, before the 3-year vesting period has passed from the grant of the Option. A prerequisite for exercising the Option is that the Entitled Person remains a member of a management body or an employee of Aktsiaselts Infortar or any of its subsidiaries at the time of exercising the Option.
4.6. Each Option granted under the Option Plan entitles the Entitled Person to acquire one (1) share of Aktsiaselts Infortar upon fulfilment of the preconditions for exercising the Option. In the event of a change in the nominal value of shares, the number of shares granted under each Option shall be adjusted accordingly. The price payable for the shares upon exercising the Options shall be determined annually by decision of the Supervisory Board before the issuance of Options and the conclusion of option agreements for the respective year, provided that the price of the share option must be at least 26 euros per share and represent at least 50% of the weighted average stock exchange price of the share option over the six-month period preceding 1 June of the calendar year in which the option agreement is concluded. In the case of Options being granted to members of the Supervisory Board, the price per share shall be determined by the General Meeting based on the same principles.
4.7. The implementation and administration of the Option Plan shall be managed by the Supervisory Board of Aktsiaselts Infortar which shall establish the terms and conditions of the Option Plan by its resolution, following the principles approved by this resolution. The Supervisory Board may delegate decision-making and actions related to the implementation of the Option Plan to the Management Board of Aktsiaselts Infortar.
4.8. For the fulfilment of the Option Plan and the acquisition of shares to be transferred to Entitled Persons upon exercise of Options:
(a) New shares may be issued under the authorisation granted to the Supervisory Board by resolution no. 5 of the Annual General Meeting of the Shareholders, which shall be issued to the Entitled Persons; or
(b) Own shares held by Aktsiaselts Infortar may be used, including own shares acquired by Aktsiaselts Infortar under the authorisation granted by resolution no. 6 of the Annual General Meeting of the Shareholders.
In favour of the resolution voted 99,99% of the votes represented at the meeting (17,561,331 votes).
5. Amendment of the Articles of Association and exclusion of the pre-emptive subscription right of the Shareholders
Decide to grant the Supervisory Board the right to increase the share capital for the purpose of issuing new shares necessary to fulfil the conditions of the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders and to amend the Articles of Association accordingly and to exclude the pre-emptive subscription right of Shareholders upon each increase of the share capital if the Supervisory Board increases the share capital of Aktsiaselts Infortar under the authorisation given by the Articles of Association for the implementation of the Option Plan:
5.1. Amend clause 2.1.2 of the Articles of Association with the following wording:
„The supervisory board of the company has the right, within three (3) years from 1 July 2025, to increase the share capital through contributions by up to 500,000 euros in accordance with the procedure set out by law.“
5.2. Shareholders shall exclude their pre-emptive subscription right in respect of shares issued by the Supervisory Board pursuant to the authorisation granted in clause 5.1 of this resolution, in accordance with § 345 (1) of the Commercial Code, and the right to subscribe for shares shall be granted to the Entitled Persons to the share option under the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders for the purpose of ensuring the implementation of the Option Plan.
In favour of the resolution voted 99,99% of the votes represented at the meeting (17,561,357 votes).
6. Deciding on the acquisition of own shares
Grant Aktsiaselts Infortar the right to acquire its own shares under the following conditions:
6.1. Aktsiaselts Infortar shall have the right to acquire its own shares within five (5) years from the adoption of this resolution under a buy-back programme as defined in Regulation (EU) No 596/2014 (Market Abuse Regulation) and Commission Delegated Regulation (EU) No 2016/1052, by purchasing the shares through Nasdaq Tallinn Stock Exchange. The acquired shares may be used for fulfilling obligations arising from the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders;
6.2. The maximum number of shares to be repurchased shall be 250,000 shares, the total nominal value of which corresponds to 1,18% of the share capital of Aktsiaselts Infortar;
6.3. The minimum price per share to be paid by Aktsiaselts Infortar shall be no less than 0 euros and the maximum price shall not exceed the average stock exchange price of the share of Aktsiaselts Infortar of the last 30 trading days preceding the relevant buy-back transaction by more than fifty percent (50%); and
6.4. The acquisition of own shares by Aktsiaselts Infortar must not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the Articles of Association shall not be paid out to shareholders.
6.5. To authorise the Management Board to decide and execute share buy-backs in accordance with this resolution and applicable laws, to determine the buy-back price, procedure and other conditions, and to carry out all necessary actions.
In favour of the resolution voted 99,99% of the votes represented at the meeting (17,561,308 votes).
Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,296 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
Source: GlobeNewswire (MIL-OSI)
LAS VEGAS, June 04, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced indirectly owned subsidiary Bitnile.com, Inc. (“Bitnile.com”) is now accepting the Nile Coin (NILE) (“Nile Coin”) as a form of payment for a package (the “Nile Package”) of Bitnile.com’s virtual in-game currency, Nile tokens (the “Tokens”). Bitnile.com officially launched the Nile Coin on the Solana Blockchain on May 3, 2025.
The Tokens are used to enter a wide range of casino-style social games on Bitnile.com, including slots, poker and blackjack. The Tokens cannot be redeemed for cash or prizes. In addition to the Tokens, purchases of the Nile Package receive Nile sweeps coins (the “Coins”). The Coins, which cannot be purchased, give the holder sweepstakes entries, the winners of which can receive prizes or cryptocurrency (in the form of currency used to purchase the Nile Package that gifted the Coins).
Joe Spaziano, Chief Executive Officer of Bitnile.com, stated, “Nile Coin brings real utility to our gaming ecosystem, and we are excited to accept it on the Bitnile.com platform. We are confident that this will expand the opportunities for users to utilize the Nile Coin and to enjoy the product offerings within the Bitnile.com platform. The acceptance of the Nile Coin along with other recently announced cryptocurrency is a major step forward in the development of the Bitnile.com platform.”
The Nile Coin is part of a broader digital asset initiative driven by Hyperscale Data and its subsidiaries, aiming to merge blockchain innovation with real world applications across gaming, finance, and artificial intelligence (“AI”) infrastructure.
This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Nile Coins in any state or other jurisdiction in which such offer, solicitation or sale or such assets or securities would be unlawful under the laws of any such state or other jurisdiction.
For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.
About Hyperscale Data, Inc.
Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.
Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.
On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.
Hyperscale Data Investor Contact:
IR@hyperscaledata.com or 1-888-753-2235
Source: GlobeNewswire (MIL-OSI)
BROSSARD, Quebec, June 04, 2025 (GLOBE NEWSWIRE) — Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK, OTCQB: DGNOF, FWB: 4D4A), a pioneer in early detection of critical health issues using advanced technology based on Artificial Intelligence (AI), is thrilled to announce that Dr. Tomas J. Philipson has joined the Corporation’s Advisory Board.
Dr. Tomas J. Philipson is considered an expert in US economic policy, particularly health care policy and appears often on major media outlets, including Forbes, The Economist, The Wall Street Journal, The New York Times, CNN, BBC, CBS, ABC, CNBC, Fox News, Fox Business, Newsmax, Yahoo Finance, American Voice, Bloomberg, and CSPAN.
He currently serves as Managing Partner of the VC firm MEDA Ventures, serves on several corporate boards, and has co-founded several companies, including Precision Health Economics LLC, with an exit in 2015 (currently owned by Blackstone).
His government service includes a full-time position as vice chairman and acting chairman of the White House Council of Economic Advisers 2017-20. He previously served as a senior economic adviser to the head of the Food and Drug Administration (FDA) and a senior economic advisor to the head of the Centers for Medicare and Medicaid Services (CMS). Dr. Philipson was appointed to the Key Indicator Commission by the Speaker of the House of Representatives in 2012. He was a scientific advisor to the House of Representatives initiative 21st Century Cures in 2015 and The Biden Cancer Initiative in 2017. He served as a healthcare advisor to Senator John McCain’s 2008 presidential campaign.
He received numerous worldwide research awards while he was a chaired professor at the University of Chicago. He is a two-time winner of the Arrow Award of The International Health Economics Association, the highest honor in health economics. Other awards include the Garfield Award for Economic Research, the Prêmio Haralambos Simeonidis from the Brazilian Economic Association, and the Milken Institute’s Distinguished Economic Research Award.
He received a B.A. in mathematics from Uppsala University in Sweden, an MA in Mathematics from Claremont Graduate School, and an MA and Ph.D. in Economics from the Wharton School and the University of Pennsylvania.
“We are honored to welcome Dr. Philipson to our Advisor Board,” said André Larente, President and CEO of DIAGNOS. “His extensive experience at the highest levels of government and business savvy brings a vital perspective to today’s policy challenges, from healthcare innovation to long-term economic competitiveness.”
Mr. Larente added, “DIAGNOS has built an AI platform to analyze retina images, these images are taken by thousands of optometrists worldwide. According to the VisionWatch data, the US saw approximately 111 million routine eye exams and 60 million medical eye exams in 2020. DIAGNOS, along with its partners, can address this growing market.” DIAGNOS recently opened its US office in south Florida to support its prospects and clients.
About DIAGNOS
DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical eye-related health problems. By leveraging Artificial Intelligence, DIAGNOS aims to provide more information to healthcare clinicians to enhance diagnostic accuracy, streamline workflows, and improve patient outcomes on a global scale.
Additional information is available at www.diagnos.com and www.sedarplus.com.
This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: GlobeNewswire (MIL-OSI)
LONDON, June 04, 2025 (GLOBE NEWSWIRE) — A loved one’s passing brings both emotional pain and the heavy weight of complex legal and administrative tasks, leaving families with more to manage than just grief during their time of loss. Today, IQ121 announces the launch of its new legacy building platform, allowing users to safely organise, store and share their most important digital assets. This helps family members and business partners easily navigate paperwork, access important records and feel connected to their loved ones through the memory, photo and video-sharing capability.
IQ121 stores essential items, including:
The idea for IQ121 was generated by Hollywood actor Kunal Nayyar, best known for his role in “The Big Bang Theory,” during the COVID-19 pandemic. While organising his parents’ trip from India to the U.S., struggling to gather flight numbers, passport details and hotel confirmations, the frustration led him to question: “Why isn’t there an easier way to share this information?” With the pandemic causing many family members to experience sudden, unprecedented loss, the idea progressed into addressing other vital records people accumulate throughout life. Motivated by both a personal loss and a desire to ease others’ suffering, Nayyar created IQ121 to help people prepare for life’s hardest moments.
“Navigating grief is already unbearable; the last thing families need is to feel confused or unprepared. IQ121 brings comfort, structure and lasting peace of mind during times of unimaginable difficulty,” Nayyar said. “We wanted to create a way to guide anyone facing loss through those times, with humanity and dignity, so they could focus on what truly matters most: honouring loved ones and coping with grief. IQ121 empowers people to take control of their legacy, because everyone’s story deserves to be honoured, shared and remembered.”
IQ121 is not just for seniors; people of all ages can become members to store and protect their digital records accumulated over time. Plans will automatically pass down through trusted successors, ensuring a family’s legacy lives on.
“IQ121 goes beyond file storage. It is a place to preserve what makes a person’s life meaningful,” said Tim Ashley Sparks, spokesperson for IQ121. “Members can create video messages for future birthdays or tell a story to a grandchild. The app is designed not just for estate planning, but for fostering connection and ensuring memories live on.”
Backed by military-grade AES-256 encryption — the same technology trusted by banks and governments — IQ121 is a secure end-of-life planning app. It also offers a flexible subscription model to fit every member’s particular goals, allowing for added storage as needed.
Available on iOS and Android, IQ121 is the only end-of-life planning app that supports six major languages (English, Japanese, Chinese, Spanish, Portuguese, Russian), making it globally accessible for multilingual users.
A media kit of photos, videos, logos and headshots is available here. To learn more, visit www.iq121.com.
About IQ121
IQ121 (pronounced IQ One-Two-One) is a first-of-its-kind comprehensive digital platform designed to help individuals, families and professionals organise, manage and safely store essential life documents and digital assets. With the growing need for secure and easily accessible digital solutions, IQ121 offers an encryption-backed, all-in-one platform that simplifies estate planning, digital asset management and legacy preservation.
Media Contact
Julia Cappiello
Uproar by Moburst for IQ121
julia.cappiello@moburst.com
Source: City of Oxford
Oxford’s leisure centres are offering two days of free swimming lessons, family fun swims and inflatable sessions during a Big Splash Weekend, taking place on 7th and 8th June 2025.
The weekend of free activities will be hosted at:
Hinksey Outdoor Pool
Ferry Leisure Centre
Barton Leisure Centre
A key feature of the Big Splash event is a programme of free taster swimming lessons delivered by the centres’ fully-trained teaching team. These sessions are a great way for people of all ages to try swimming before signing up to a course.
To book a session at the Big Splash Weekend, please visit Oxford City Leisure.
“Learning to swim is such a vital life skill, and as we head into the summer months, more people will be heading out on holidays, involving a trip to the beach or a swim in a hotel pool. It’s vital that anyone entering any body of water is armed with the skills needed to stay safe. Our taster sessions are the perfect ‘try before you buy’ option for new learners of all ages.
We’re also offering free family swim sessions in the pool on Saturday and Sunday, plus a chance to try our super-fun inflatable obstacle course. Check out the centres’ websites for booking details, and get ready to enjoy the Big Splash Weekend!”
– Rob Jennings, Contract Manager for the centres
“Swimming isn’t just a fantastic way to stay active and healthy – it’s an important life skill, especially as we head into the summer. While under 17s can swim for free all year round (in designated sessions), the Big Splash Weekend is a great opportunity for Oxford families to try out the swimming lessons for free, enjoy the facilities and build confidence in the water. I encourage everyone to make the most of it!”
– Cllr Chewe Munkonge, Cabinet Member for a Healthy, Fairer Oxford and Small Business Champion
Hinksey Outdoor Pool, Ferry Leisure Centre, Leys Pools & Leisure Centre, Barton Leisure Centre and Oxford Ice Rink are operated by More Leisure Community Trust in partnership with Serco Leisure, on behalf of Oxford City Council.
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 |
03 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: | 1,698,962 | 4.7980 | ||
| (2) Cash-settled derivatives: | ||||
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | ||||
| TOTAL: | 1,698,962 | 4.7980 | ||
NOTE: On 03/06/2025, 800 shares were transferred out by a discretionary client.
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 | 356 | 2130p |
(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: | 04 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.
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 |
GLOBALDATA 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 |
03 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: | 0.01p ORDINARY | |||
| Interests | Short positions | |||
| Number | % | Number | % | |
| (1) Relevant securities owned and/or controlled: | 10,937,314 | 1.3561 | ||
| (2) Cash-settled derivatives: | ||||
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | ||||
| TOTAL: | 10,937,314 | 1.3561 | ||
NOTE: On 03/06/2025, 4220 shares were transferred out by a discretionary client.
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 |
| 0.01p ORDINARY | SALE | 694 | 175.18p |
| 0.01p ORDINARY | SALE | 10,300 | 174.72p |
(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: | 04 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.
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, B.C., June 04, 2025 (GLOBE NEWSWIRE) — BGX – Black Gold Exploration Corp. (the “Company” or “BGX”) (CSE: BGX) (OTCQB: BGXCF) (FRA: BLGX) is proud to announce that production has officially commenced at its flagship Fritz 2-30 well in Clay County, Indiana. This significant milestone marks BGX’s evolution from an ambitious exploration company to a full-fledged oil and gas producer — a pivot the Company achieved on schedule and on strategy.
“Today, BGX ceases to be just an exploration story. We are now a production company in the heart of the Illinois Basin” said Francisco Gulisano, CEO of BGX.
From Concept to Commercialization — On Time, On Target
Through its joint venture with LGX Energy Corp. (“LGX”), BGX rapidly advanced the Fritz 2-30 well from seismic, to permitting, to drilling to production at a pace that is rare for junior oil and gas companies. In the coming weeks the coming will release detailed data on production figures and reserves.
“This is just the beginning. We are now positioned to scale methodically one formation at a time with real production, real data, and real returns,” commented Mr. Gulisano.
“Our teams are proving what’s possible when you combine legacy geology with modern execution,” said Howard Crosby, CEO of LGX.
Growth Chapter Begins
In the Company’s view, the Fritz 2-30 well is just the first chapter of a broader story. The Company has now proven it can take a well from seismic analysis to production in under four months. BGX now plans to work with its JV partner LGX to bring several other wells online in an expedited fashion to fuel growth in the Company for all its stakeholders.
Marketing Awareness
To further fuel this growth, the Company has entered into a marketing and distribution service agreement with an arm’s-length marketing firm, Hillside Consulting and Media Inc. (“Hillside“) of Penticton B.C., to provide digital marketing services, including SEO, PPC, email, YouTube and social media channels to increase corporate awareness for a term of three months commencing June 4, 2025. The media disseminated will be generated using only publicly available information. The Company will pay Hillside a cash fee of $25,000 CAD plus applicable taxes. Hillside does not currently own any shares of the Company.
On behalf of the Company,
Francisco Gulisano
236-266-5174
CEO
About BGX
BGX – Black Gold Exploration Corp. is an oil and gas exploration and production company dedicated to creating shareholder value in the Illinois Basin. With an experienced technical team and a growing asset base, BGX is unlocking value using modern drilling and completion technologies. For more information visit https://www.bgxcorp.com.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. It should be noted that there are inherent risks and uncertainties in oil and gas exploration. Forward-looking statements in this news release include, but are not limited to statements respecting: (i) test data confirming strong deliverability and positioning the Fritz 2-30 well for meaningful near-term revenues; (ii) the Company being positioned to scale methodically one formation at a time with real production, real data and real returns; (iii) the Fritz 2-30 well being the first chapter of a broader story for the Company; (iv) BGX’s plan to work with LGX to bring several other wells online in an expedited fashion to fuel growth in the Company for all its stakeholders; and (v) the Company’s agreement with Hillside and the timing and scope of the services to be provided by Hillside thereunder. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise. For a comprehensive overview of all risks that may impact the Company, please see the Company’s continuous disclosure documents filed on SEDAR+.
Neither the CSE nor the CSE’s Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the accuracy of this release.
Source: GlobeNewswire (MIL-OSI)
WILMINGTON, Del., June 04, 2025 (GLOBE NEWSWIRE) — Mental health is an urgent concern for students across South Africa, especially in underserved communities with limited access to care.
To help close this gap, the University of KwaZulu-Natal (UKZN), Valio Technologies, and Brand Engagement Network Inc. (BEN) (NASDAQ: BNAI) are launching an inclusive, AI-powered mental health program that offers private, 24/7 support.
The initiative starts with UKZN students and will help shape how mental health support is expanded across the region.
“AI is now playing a vital role in improving access to mental health support,” said Paul Chang, CEO of Brand Engagement Network. “This collaboration shows how our iSKYE platform delivers meaningful help in areas where traditional care is out of reach.”
BEN’s AI-powered platform offers personalized mental health support, 24 hours a day, 7 days a week.
It enables ongoing check-ins, emotional support, and curated mental health resources, especially for individuals without access to traditional therapy.
The solution is designed to scale across diverse populations, particularly in remote or under-resourced communities.
Unlike scripted bots, BEN’s AI adapts to each individual, offering emotionally aware conversations, personalized guidance, and anonymized insights that help institutions better target support while maintaining full privacy protections.
“We are honoured to work with the University of KwaZulu-Natal on this mission-driven initiative,” said Lefentse Nokaneng, CEO and Founder of Valio Technologies. “Together, we’re redefining how institutions support mental wellness at scale—using AI to build trust and access.”
The co-development effort is already underway, with a launch at UKZN planned for later this year.
Insights from this rollout will help shape future expansions, ensuring the program stays responsive to students and communities across the region.
About Brand Engagement Network (BEN)
Brand Engagement Network Inc. (NASDAQ: BNAI) innovates in AI-powered customer engagement, delivering safe, intelligent, and scalable solutions. Its proprietary Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based or on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement. For more information, visit www.beninc.ai.
About Valio Technologies
Valio (Technologies Pty Ltd) is a Pan-African technology company specializing in the development of disruptive enterprise blockchain, Robotic Process Automation (RPA), and Artificial Intelligence solutions tailored for developing markets. With a strategic focus on key sectors such as healthcare, automotive, mining, and supply chain management, our mission is to lead Africa into the Fourth Industrial Revolution. Valio is dedicated to transforming these sectors by harnessing innovation to foster sustainable development and economic growth across the continent. For more information, visit www.valiotechnologies.com.
About the University of KwaZulu-Natal (UKZN)
The University of KwaZulu-Natal is a leading research and teaching institution in South Africa, committed to academic excellence and community engagement. With campuses across the province of KwaZulu-Natal, UKZN focuses on advancing inclusive development and sustainable well-being through innovation, education, and partnership. For more information, visit www.ukzn.ac.za.
Forward-Looking Statements
Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.
Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.
Media Contact
Amy Rouyer
P: 503-367-7596
E: amy@beninc.ai
Investor Relations
Susan Xu
P: 778-323-0959
E: sxu@allianceadvisors.com
Source: United Kingdom – Executive Government & Departments
Bacteriophages – viruses that selectively fight bacteria – may offer new hope in fighting infections and tackling antimicrobial resistance.
Bacteriophages attaching to bacterium.
The Medicines and Healthcare products Regulatory Agency (MHRA) has today (4 June) published the UK’s first official guidance to support the safe development and use of phage therapies – treatments that use viruses to target and destroy harmful bacteria.
The guidance aims to help researchers and companies develop phage-based medicines that meet UK safety, quality and efficacy standards, so they can be made available to patients who need them most.
It covers both combined phage products designed for common infections and circulating strains, as well as personalised phage therapies that are tailored for individual patients with rare or highly resistant infections.
For patients, this could mean access to phage treatment when standard-of care-antibiotics fail or cannot be given, for example due to allergies. While some patients in the UK have already received phage therapy under compassionate use – with phages imported from abroad – there are currently no licensed phage medicines on the UK market.
“Some infections are becoming harder to treat when antibiotics are ineffective against them – and patients urgently need new options.
“Phage therapy is one of several promising approaches. This guidance brings together relevant standards to provide clarity for researchers and companies, so they can develop these treatments safely and bring them to the people who need them.
“We’re committed to working with industry to support innovation in this space – without compromising on the robust safety and quality standards that patients rightly expect.
“It’s part of our wider mission to support innovation and make the UK a world leader in life sciences.”
Phage therapies use bacterial viruses – called bacteriophages – that attack specific bacteria without harming human cells. They have received increased interest in recent years as a potential way to treat antibiotic-resistant infections, with over 60,000 serious antibiotic-resistant infections estimated annually in the UK and growing.
The MHRA’s publication sets out how existing UK and international regulatory frameworks apply to phage treatments – from early research through to use in patients. It provides clear, practical advice on what’s needed at each stage of development – whether the goal is a fully licensed product or a treatment used under a clinician’s responsibility for an individual case.
Further detail in the guidance includes: – What evidence is needed to support clinical trials and market authorisation – How to meet standards on quality, safety and manufacturing, including the application of Good Manufacturing Practice (GMP) – How personalised treatments can be developed and supplied – When and how unlicensed phage treatments can be used for individual patients
The 28-page document brings together UK and international regulatory standards in one place, helping innovators clearly understand what’s required – and avoid unnecessary delays.
“Developers have told us they need clarity on how phage therapies fit into the UK’s regulatory system. This helps signpost relevant requirements, providing that clarity. We continue to support innovation by working closely with industry and researchers while making sure patients are protected every step of the way.”
The publication supports the UK’s antimicrobial resistance (AMR) strategy and the MHRA’s wider role in enabling innovative, science-led regulation that meets public health need while maintaining high standards for quality and safety.
“MHRA’s new guidance helps lay the foundations for phage therapy opportunities in the UK. It provides much-needed direction for scientists and researchers working to make this treatment a reality for patients.
“Phage therapy truly has the potential to transform the way we treat bacterial infections, especially as resistance to antibiotics grows. At UKHSA, we’re developing new ways to help increase phage therapy use and research, including a bacteriophage collection where scientists can both access and deposit phages. In time, we hope solutions like phage therapy can become a first-line treatment option.”
The MHRA developed the guidance with input from the Phage Innovation Network, a cross-sector group supported by Innovate UK, and from industry, clinicians and academic researchers.
“As difficult-to-treat infections continue to rise, phage therapy is becoming an important complement to existing treatments. Recent steps have been taken by European regulators to outline the regulatory framework for phage-based medicinal products, but developers still need support to navigate it effectively. Clarity about the pathway – tailored to the unique characteristics of phages – is vital to help meet quality, non-clinical, and clinical requirements, and ultimately bring phage-based treatments to patients more efficiently.”
“There is an urgent and increasing need for new ways to treat antimicrobial resistant infections, with bacteriophage being at the forefront of recent developments. This new guidance from the MHRA is incredibly forward-thinking and puts the UK in pole position to fully realise the healthcare and commercial benefits of this exiting technology.
“As a Company developing bacteriophage products for human use, this guidance helps us to decrease perceived risks and gives clarity to the regulatory landscape, ultimately enabling us to more readily bring investment into the UK.”
Companies interested in developing bacteriophage treatments can access scientific advice from the MHRA at any stage of development.
Source: City of Oxford
A Greater Oxford Council would bring decisions closer to the people they affect and enable improved services, more affordable homes, better transport connections, protected green spaces, and new, secure jobs.
The government has asked councils across England for proposals on simplifying the structure of local government in their regions.
In March, Oxford City Council put forward outline proposals that would see Oxfordshire’s six councils abolished and replaced with three new councils:
All three councils would have natural geographic and demographic connections, local accountability to residents, and would be viable under the government’s plans.
Today, Oxford City Council has announced new details of its proposals, including a new boundary map for Oxfordshire, ahead of public engagement on the plans in June and July.
The last time local government was reorganised in Oxfordshire was in 1974.
For more information about the Greater Oxford proposals, visit greateroxford.org.
A Greater Oxford Council would cover Oxford and the communities within its Green Belt that are naturally linked to the city by work, transport and leisure.
View an interactive map showing the proposed Greater Oxford Council and the Green Belt.
Greater Oxford would cover a region with a population of about 240,000 people today, rising to about 345,000 by 2040.
The Greater Oxford boundary closely follows the line of Oxford’s Green Belt.
Currently, almost all of Oxford’s Green Belt – which was created in 1975 – sits outside the city’s administrative boundaries.
The Greater Oxford proposals would give local residents control of the Green Belt for the first time.
The government has been clear that some of the ‘Grey Belt’ – defined as “poor quality” areas of the Green Belt – in England should be developed to help deliver 1.5 million new homes over the next five years.
This will be a big change for Oxfordshire.
Rather than incrementally building around every town and village across the county, as is currently the case, Greater Oxford can ensure that high-quality, suitably dense and sustainable developments are built near to existing jobs and community facilities, with good public transport.
Oxford is one of the least affordable places to live in the country. Average house prices are 13 times average salaries, and 3,500 households are on the waiting list for council homes. It’s little different in the villages around the city, where house prices are linked to the Oxford housing market and 100s of households also wait for affordable social housing.
The city’s current administrative boundaries are tightly drawn around existing homes and businesses, meaning there is little space to deliver the number of homes needed.
Greater Oxford would enable genuinely affordable homes, including new council homes, to be built at appropriate densities near to existing jobs and community facilities that have good public transport.
It would also mean that Oxford could tackle the housing crisis without the need to build homes in neighboring authorities, giving the Northern Oxfordshire and Ridgeway councils full control of their own housing needs.
The proposals would see over 40,000 new homes built within Greater Oxford by 2040.
If the new council follows Oxford City Council’s current planning policies, 40% of these new homes – over 16,000 homes – would be required to be new council homes.
Oxford has one of the fastest growing and most successful local economies in the UK.
Oxford is a net contributor to the UK’s economy – generating £7.6bn annually – has been ranked on of country’s top performing cities by PwC, including attraction of overseas investment, for many years.
The city has huge unmet demand for labs, innovation space, offices and hotels, but the current administrative boundaries – which are tightly drawn around existing homes and businesses – means Oxford’s economy is being artificially restricted.
The Greater Oxford proposals would see the creation of 5.9m–9.6m sq ft of research and development space and 2.1m–3.2m sq ft of other commercial space. This would create between 17,900 and 29,100 new jobs in Greater Oxford, which would generate up to £2bn a year for the UK’s economy.
The Greater Oxford proposals would also bring decision-making on apprenticeships and skills training back to the local level. The new council would look to increase apprenticeship and training opportunities in Greater Oxford, so local people have a proper share in the area’s growing success.
The transport system in the Greater Oxford region is in crisis.
There is chronic congestion in and around Oxford, which is impacting the financial sustainability of the city’s bus companies.
Greater Oxford would give local residents full control over Oxford’s transport for the first time in 50 years. The transport network has been run by Oxfordshire County Council since 1974.
The proposals would provide additional bus services to villages around the city by extending existing routes.
Having one council for Greater Oxford would also mean planning and transport could be properly integrated. Currently, the services are run by separate councils.
The Thames and Cherwell rivers and their tributaries flow through the heart of Greater Oxford, surrounded by vast green spaces and natural beauty. It is key that we protect and enhance these spaces.
The creation of a Greater Oxford Council would strengthen the control that Oxford and the main population centres around it have over the Green Belt. We would work to strengthen protection for valuable green spaces, proposals that would help wildlife to flourish, enhance biodiversity, improve the quality of our air and water, and help mitigate the impacts of climate change. This will build on the successes of the Zero Carbon Oxford Partnership, recently expanded to Oxfordshire, which came out of the pioneering Citizen’s Assembly on Climate Change.
Our proposal would see the creation of a more resilient, more connected, network of nature and wildlife corridors, as well as continued support of the vital conservation and nature recovery initiatives – such as those in the Bernwood-Otmoor-Ray area at Bernwood Forest, the River Ray, and the Otmoor Basin.
It would also facilitate wider ecosystem benefits, including flood regulation, nature recovery and carbon storage, which are essential in protecting our homes and environment from the increasing impacts of climate change.
Green spaces are also just as important as urban spaces in fostering healthy communities and improving well-being. The Greater Oxford proposals would also give residents improved access to nature and the landscapes of our region, ensuring they can be enjoyed by everyone.
At the moment, only city residents can take advantage of Oxford City Council’s community services offer, which includes:
Free swimming for under 17s in Oxford’s swimming pools – Barton Leisure Centre, Ferry Leisure Centre, Leys Pools and Leisure Centre, and Hinksey Outdoor Pool
Free youth clubs and activities, including summer holiday activities, as part of the Oxford Youth Ambition programme
Heavily discounted leisure centre membership for people on qualifying benefits, including those on carer’s allowance, foster carers and those on disability allowance
Under the proposals, all Greater Oxford residents – including residents of Berinsfield, Botley, Kennington, Kidlington and Wheatley – will be able to take advantage of the offer.
The aim would also be to extend the offer to Abbey Sports Centre in Berinsfield, Kidlington and Gosford Leisure Centre, and Park Sports Centre in Wheatley.
Oxford City Council will carry out public engagement on its Greater Oxford proposals in June-July, including public events in Berinsfield, Botley, Kennington, Kidlington and Wheatley.
Following the public engagement, Oxford City Council will draw up its final Greater Oxford proposals, which will be submitted to the Government in November.
The final decision on local government reorganisation across England, including in Oxford and Oxfordshire, will be made by the Government in 2026.
New councils are expected to be created in 2028.
Oxford City Council carried out an initial survey on its proposals in February, which found 82% think the current two-tier local government arrangements could be improved, and 67% think councils should not be too large, so they can better meet the needs of local residents.
“Oxford’s council services are currently split between Oxford City Council and Oxfordshire County Council. This is confusing for residents and means decisions affecting the Greater Oxford area can be made by councillors from Chipping Norton or Henley.
“Greater Oxford will bring local decisions under one roof and closer to the people they affect – helping us build more affordable homes, provide new bus connections, protect green spaces and enhance biodiversity, and create new, secure jobs for our children and grandchildren.
“Our proposals will bring better services and help make Greater Oxford a fairer place to live, work and visit.”
Councillor Susan Brown, Leader of Oxford City Council
Translation. Region: Russian Federal
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
The Institute of Industrial Management, Economics and Trade of SPbPU together with the international logistics company “Aurora Logistics” held a student case championship. Participants were looking for practical solutions for the formation of an effective transport and logistics model for the development of hydrocarbon deposits on the shelf.
The championship started in early April, when the teams received tasks from the company. For one and a half months, 25 teams from 14 cities in Russia, Belarus and Uzbekistan prepared solutions to defend them in the final. The event was held in a mixed format: in person, online and remotely.
The guys worked on effective transport and logistics solutions for the development of offshore hydrocarbon deposits. Difficult climatic conditions, environmental risks and the need to minimize costs dictate the search for breakthrough solutions. The participants presented projects that combine digital technologies, environmental responsibility and economic efficiency.
For our institute, it is important to organize and hold events together with the economic sector. It is the case championship format that puts participants in a real situation of finding solutions in conditions of time shortage and uncertainty with some data. The key here is the presence of tasks from partner companies and the competitive element, plus online materials and webinars with experts. All this involves students in the process, motivates, and provides practical experience, – noted Vladimir Shchepinin, Director of the Institute of Industrial Management, Economics and Trade.
The jury included representatives of Aurora Logistics: Deputy General Director for Offshore Project Logistics Alexander Kornalevsky and Head of the HR Department Olga Abramova, as well as Director of the Higher School of Industrial Management Olga Kalinina, Professors Mikhail Afanasyev and Alexander Ilyinsky, Associate Professors Anna Timofeeva, Natalya Alekseeva, Lyudmila Medvedeva and Dmitry Metkin, Senior Lecturer Vyacheslav Melokhin and Assistant Konstantin Sharlai.
The first place was taken by Elizaveta Dasayeva, Karina Malyukova, Yulia Eroshenko and Maria Vshivkova, representing the G. I. Nosov Magnitogorsk State Technical University.
Second place was awarded to students of the Higher School of Industrial Management of SPbPU Anastasia Malashchitskaya, Egor Korolev, Denis Krutov and Alexander Khomyakov.
Third place was shared between two teams. These are students of the Belarusian State Economic University Ekaterina Meshkova, Maria Zakharchuk, Olga Shutova, Ksenia Sarkan. And students of the Higher School of Industrial Management of SPbPU Artur Prokhorov, Diana Svitkova, Alexandra Karkhanova and Nikolai Kazmin.
The students were awarded winners’ diplomas, certificates, special diplomas for individual nominations and valuable gifts from Aurora Logistics.
This championship is the result of a strategic partnership between the Higher School of Industrial Management and the company “Aurora Logistics”, fixed in a cooperation agreement. It is extremely important for us that students solve real cases, not abstract problems. This is how our model of practice-oriented education works: through interaction with the industry, we prepare specialists who are ready to immediately get involved in work on complex projects, be it the Arctic or other points of economic growth, – emphasized the director of the Higher School of Industrial Management Olga Kalinina.
The students immersed themselves in the specifics of developing offshore hydrocarbon deposits and showed themselves to a potential employer. Special thanks to the members of the organizing committee: the head of the HR department of Aurora Logistics Olga Abramova and associate professor of the higher school Anna Timofeeva, – noted the main organizer of the championship, academic director of educational programs in oil and gas management Mikhail Afanasyev.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Translation. Region: Russian Federal
Source: Moscow Government – Government of Moscow –
Monumentality, modern technologies and movement into the future – this is how British architect and urban designer Hussam Shakuf sees Moscow. He visited the capital in 2021, and when he returned four years later, he did not recognize it at first – and does not hide his delight at the changes.
Hussam Shakuf visited the 6th Moscow Interior and Design Week, which took place in the Manezh Central Exhibition Hall. There he gave a lecture entitled “Beyond Borders: Creating Inspiring Interiors and Public Spaces”. And in an interview with a correspondent from the mos.ru portal, the architect talked about what he likes about the Russian capital, whether new buildings should be combined with cultural heritage monuments, and what his vision of a smart city is.
Hussam Shaqouf is best known for the projects he worked on with the renowned British firm Zaha Hadid Architects for 17 years. Among others, he designed an asymmetrical diamond-shaped shell in North Africa and the ellipsoidal headquarters of a major smartphone manufacturer in Shenzhen. Hussam Shaqouf also participated in the design of a business center in the southeast of Moscow, consisting of flat squares stacked on top of each other.
The specialist highly praised the changes that have taken place in the capital’s architecture in recent years.
“In Moscow, there are more buildings created by young architects who use parametrics in their design – computer modeling based on mathematical algorithms. These buildings feel dynamic, moving into the future,” the architect believes.
From his point of view, there is also dynamism in the proximity of cultural heritage sites to modern buildings – this is a hint at the transition from the past to the present and future.
“On the one hand, it is important when the city has buildings that are reminiscent of past eras. In those distant times, they were also a symbol of progress, and, of course, they need to be restored and maintained. On the other hand, when planning new objects, we always look ahead, asking ourselves: how will they fit into the metropolis in five years? Is it worth building retro-style buildings now just so as not to violate the concept of the street? I admit, I am for contrast. Let old mansions and avant-garde towers stand next to modern houses. After all, the future belongs to the new. Of the old that I see in Moscow now, Stalinist architecture is closest to me: these houses, although built in the middle of the 20th century, seem to be a foundation, a model for creating ultra-modern buildings, they have a sense of monumentality,” says Hussam Shakuf.
He calls himself a bearer of the avant-garde DNA. At the same time, the architect admits that even in postmodernist projects it is important to take into account the cultural characteristics of the country and the city and organically integrate them into fantastic ideas and new technologies. Such is, for example, the Heydar Aliyev Center in Baku, created by Zaha Hadid Architects: the outlines of its roof reflect the waves of the Caspian Sea, and the swaying flames, referring to the ancient cult of fire that existed in Azerbaijan, and geometric figures – a triangle, a rectangle, a trapezoid.
According to Hussam Shakuf, a modern city should be comfortable to live in. However, despite the architect’s commitment to everything modern, he is against a metropolis consisting entirely of roads and cars.
“It’s healthier to walk. If you walk for 35 minutes, you’ll quickly relieve stress, which means you’ll be happier and more productive. I’d also install smart traffic lights everywhere, which would reduce car traffic,” says our interlocutor.
Another thing is that the size of Moscow and other world capitals hardly allows for walking. But Hussam Shakuf knows how to solve this problem.
“Large cities need large multifunctional complexes where people can live, study, work, and have fun, then they won’t have to go anywhere, and the economy of the area where such a complex is built will develop. And this is exactly the concept I call a smart city,” the architect notes.
He also does not support the widespread launch of air taxis, as is planned in some cities in the future. “This means that passengers will land on roofs and enter buildings from above. What is the point of having a ground floor then? If this is the method of moving around the city that wins in the future, we will have to design buildings completely differently,” says Hussam Shakuf.
According to Hussam Shaqouf, the interior structure of a building is what connects architecture with man.
“I recently worked on a project for a business center for a Chinese smartphone manufacturer in Shenzhen. First of all, I tried to put myself in the shoes of the company’s employees and understand what could inspire them when they come to work. Firstly, it is a view of the city and the Shenzhen Bay, so the walls are glass. Secondly, convenient passages from one tower to another, and you can get into the buildings both from the street and from the interior. Thirdly, spacious rooms where people communicate with each other and drink coffee,” the architect says.
In his opinion, the most important thing in the interior is accessible and at the same time isolated public spaces. In particular, he would like to build houses in Moscow where the courtyard is at the level of the second floor and is a podium: so residents could walk with their children and talk to each other without being distracted by passers-by and what is happening on the streets.
“We currently discuss business and personal interests mainly on social networks. But is it really possible to really get to know a person this way? If every home or office had a place to meet with neighbors and colleagues, there would be no need for online correspondence,” Hussam Shakuf sums up.
More than 50 applications have already been submitted for the competition “Best Implemented Project in the Field of Construction”A Round Kindergarten, a Ribbon Roof, and a “Flying” Metro. The Laureates of the City’s Architectural Prize in Different Years — in DetailFrom Denmark with Love. Urbanist and Architect Jan Gehl Shares His Impressions of MoscowFirm determination. French urbanist Nicolas Bouchaud on changes in Moscow, similarities with Paris, and climate strategyDavid Adjaye’s Utopia and Zaha Hadid’s Curves: Architecture of the Future in Moscow
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
https: //vv.mos.ru/nevs/ite/154800073/
Source: United Kingdom UK House of Lords (video statements)
In the Lords, proposed new laws, known as bills, go through several stages of debate. From their introduction in the House and detailed scrutiny by Lords members, to votes and ‘ping pong’ with the House of Commons, follow the journey of a bill as it makes its way through the Lords.
Catch-up on House of Lords business:
Watch live events: https://parliamentlive.tv/Lords
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#HouseOfLords #UKParliament
Source: United Kingdom – Executive Government & Departments
The UK’s International Climate Finance (ICF) mobilises billions in public and private funding for clean energy projects in developing countries.
UK Prime Minister Sir Keir Starmer speaks at the Climate Investment Funds roundtable at COP29 in Baku, Azerbaijan. Picture by Simon Dawson, No 10 Downing Street.
Public finance alone is not going to fund the global energy transition. That’s why we need innovative solutions to mobilise private investment to tackle climate change.
The Climate Investment Funds’ Capital Market Mechanism (CCMM) demonstrates how the UK is playing a leading role in mobilising the necessary finance to support developing countries in their efforts to cut carbon emissions, build renewables and adapt to climate change.
Launched by the UK Prime Minister at COP29, the mechanism is designed to unlock billions in climate finance by leveraging future loan repayments from previous investments. It could mobilise up to $75 billion in public and private funding for new clean energy projects in developing countries and reduce global emissions.
Read more about UK International Climate Finance.
Source: United Kingdom – Executive Government & Departments
The UK’s International Climate Finance (ICF) supports mangrove conservation to reduce the impacts of climate change, protect biodiversity and boost livelihoods.
Mangrove monitoring in Madagascar for the Blue Forest Initiative. Source: Leah Glass, Blue Ventures.
Mangrove forests, found in tropical and sub-tropical coastal areas, are a vital home for endangered species such as the white breasted sea eagle and olive ridley turtles. They also support coastal communities that depend on them for their livelihoods.
Crucially, mangroves play a key role in tackling climate change, with the ability to store up to 4 times more carbon than rainforests.
However, mangrove forests have been in severe decline for decades. To address this, the UK government is funding the Blue Forest Initiatives programme, led by the UK non-profit Blue Ventures, to protect, restore and sustainably manage mangrove forests in Madagascar and Indonesia.
The community-led programme is working to prevent deforestation and overfishing while supporting the livelihoods of up to 70,000 people.
With a goal of protecting approximately 80,000 hectares of mangrove forests – an area larger than the size of 100,000 football pitches, the programme is expected to save 1.7 million tonnes of carbon dioxide from being released.
By securing the future of these critical ecosystems, the UK is not only combatting climate change but also safeguarding biodiversity and tackling extreme poverty.
Read more about UK International Climate Finance.
Source: United Kingdom – Government Statements
Letter to NatWest Group plc, after the Competition and Markets Authority found it breached Parts 7, 8 and 9 of the Retail Banking Market Investigation Order 2017.
Part 7 of the Retail Banking Market Investigation Order 2017 (the Order) requires banks to set a Monthly Maximum Charge (MMC) in relation to unarranged overdraft charges. Providers cannot charge customers more than the MMC in any given month. Providers must say what their MMC is each time they mention unarranged overdraft charges in product literature.
Part 8 of the Order requires banks to disclose the representative cost in Equivalent Annual Rate (EAR) terms of their overdrafts and in Annual Percentage Rate (APR) terms for their loans in the way set out in the Order.
Part 9 of the Order requires that banks offer a price and eligibility tool which will enable SMEs to obtain an indicative price quote and indication of their eligibility for unsecured loans and standard tariff unsecured business overdrafts.
NatWest breached the Order by failing to:
either provide the MMC, or to provide the correct MMC to around 104,800 customers in three separate breaches (Part 7). The longest breach lasted from 16 June 2023 to 2 April 2024.
include the Representative EAR in letters to 66,765 SME customers which included an offer to renew an overdraft between May 2021 and February 2024 (Part 8)
continuously offer the price and eligibility tool defined in the Order on four occasions (Part 9). The longest breach was between at least 1 May 2023 until 5 July 2024 and affected around 200 SMEs per month
This letter sets out our concerns and what NatWest did to put things right.
Source: United Kingdom – Government Statements
The UK’s International Climate Finance (ICF) supports AI-based forecasting to boost extreme weather preparedness in Bangladesh.
UK International Climate Finance supports AI-based forecasting to increase extreme weather preparedness in Bangladesh.
Extreme weather events such as storms are getting more frequent and intense all over the world due to a more unstable climate. For many Bangladeshi coastal communities, tidal surges can be devastating for people’s livelihoods.
CLARE (Climate, Adaptation and Resilience), a research programme on climate adaptation and resilience jointly run by the UK and Canada, is piloting an innovative AI-based forecasting system to provide early warnings and help with long-term planning against storms.
When Cyclone Remal hit in 2024, displacing over 120,000 people, the project was able to provide timely information by identifying 30 at-risk embankment points. This allowed local people to effectively mobilise resources in real-time and strengthen embankments to limit damage.
Once completed, the AI model is set to be adopted by government and humanitarian groups across the country.
The project shows how we’re providing value for money by helping communities adapt to the impacts of climate change. Using data from tide stations and drone surveys, the project will aim to provide highly accurate forecasts for tidal surges.
Read more about UK International Climate Finance.
Source: United Kingdom – Government Statements
The UK’s International Climate Finance (ICF) backs sustainable farming and eco-tourism in Zambia to cut emissions and create jobs.
People working on Zambia Integrated Forest Landscapes Project.
Since 2018, the UK has been supporting the Zambia Integrated Forest Landscapes Project (ZIFL Programme) to support rural communities in the Eastern Province of Zambia, one of the poorest regions of Africa.
In June 2024, Zambia signed an ERPA (Emission Reductions Purchase Agreements). This agreement will ensure local people receive payments in exchange for reducing emissions.
With a goal to cut emissions by 30 million tonnes, equivalent to the UK’s annual emissions from livestock farming, the project has already trained over 100,000 farmers in sustainable techniques like crop rotation and agroforestry.
As well as cutting carbon, the project is also working with the Luambe and Lukusuzi National Parks to help build roads and campsites, creating rural jobs through eco-tourism and ensuring the protection of wildlife.
UK International Climate Finance supports the Zambia Integrated Forest Landscapes Project.
People working on Zambia Integrated Forest Landscapes Project.
Read more about UK International Climate Finance.
Source: IMF – News in Russian
June 4, 2025
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Tbilisi: An International Monetary Fund (IMF) mission led by Mr. Alejandro Hajdenberg conducted discussions for the 2025 Article IV consultation with Georgia from May 21 to June 4, 2025, in Tbilisi. At the end of the visit, Mr. Hajdenberg issued the following statement:
Georgia’s economy has been remarkably resilient despite heightened domestic and geopolitical uncertainty. Growth approached double digits in 2024, is projected at 7.2 percent this year, and is expected to converge to its long-term trend of 5 percent. Inflation has ticked up but remains close to its 3 percent target. Meanwhile, foreign exchange reserves have recovered from last year’s lows and continued fiscal discipline has contributed to a further decline in public debt. However, risks to the outlook are elevated and challenges persist due to still high structural unemployment and income inequality. In this context, the National Bank of Georgia (NBG) should prioritize building additional reserve buffers while monitoring potential financial sector risks. Strengthening NBG’s governance and independence remains central to macroeconomic stability. Fiscal reforms should aim to raise additional revenues to finance development priorities, improve spending efficiency, and contain fiscal risks. Structural reforms should focus on sustaining strong growth and making it more inclusive, including by enhancing labor market opportunities and outcomes.
Recent economic developments, outlook, and risks
Economic activity has remained robust. Real GDP grew by 9.4 percent in 2024 despite domestic political tensions. Growth was driven by consumption, marking a shift from previous years when investment and net exports were the main contributors. Tourism rebounded to pre-Covid levels, while the information and communications technology (ICT) and transport sectors remained key drivers of growth, continuing to benefit from high skilled migrants and transit trade. The unemployment rate continued to decline, albeit remaining structurally high. With strong momentum continuing in the first four months of 2025, growth is projected to moderate slightly to 7.2 percent for this year before converging to its medium-term potential rate of 5 percent.
Inflation has returned to target after undershooting for two years. Headline inflation averaged 1.8 percent over 2023 and 2024 but rose to 3.5 percent year-on-year in May 2025, mainly due to increasing food prices. Core inflation, however, remains subdued, with the NBG keeping the policy rate unchanged at 8 percent since May 2024. Inflation is projected to average 3.4 percent in 2025 and to converge to the NBG’s 3 percent target in 2026 along with easing domestic demand.
The current account deficit narrowed in 2024 to 4.4 percent of GDP, with a similar projection for 2025, but reserve coverage remains below adequate levels. The improvement in 2024 was driven by lower imports, partly reflecting lower oil prices. Foreign direct investment (FDI) declined for the second straight year, in part reflecting the absence of new large greenfield projects. Gross international reserves have fallen from a peak of $5.4 billion in August 2023 to $4.5 billion as of April 2025––equal to 80 percent of the Fund’s Assessment of Reserve Adequacy (ARA) metric. Recent favorable inflows have allowed the NBG to offset the sizeable foreign exchange sales made before the October parliamentary elections.
The fiscal deficit held steady at 2.4 percent of GDP in 2024, despite it being an election year, and is expected to remain unchanged in 2025. Robust tax revenues––supported by strong growth, tax policy measures in the financial and gambling sectors, and improved revenue administration––have helped finance social and capital spending. Amid stronger-than-expected economic activity, the 2025 budget target of 2.5 percent of GDP deficit is well within reach. Public debt, at 36 percent of GDP, has returned to pre-pandemic levels, with an increasing share denominated in local currency. The USD 500 million Eurobond maturing in April 2026 is expected to be rolled over smoothly.
While uncertainty remains exceptionally high, risks to the outlook appear broadly balanced. The direct impact from tariffs imposed by the U.S. is limited as the U.S. accounts for only 2 percent of total exports—mainly ferroalloys, which are exempt. However, the indirect effects of heightened global trade tensions could be more significant. Weaker investor confidence and slower trading partner growth pose negative risks, but Georgia could benefit from lower oil prices and sustained trade diversion through its territory. A resolution of the war in Ukraine could unwind some gains linked to migration and transit trade but increased regional stability and reconstruction in Ukraine could be offsetting positive factors. Persistent domestic political uncertainty and sanctions affecting Georgia could dampen FDI, discourage tourism, and further pressure the lari. Healthy fiscal and financial sector buffers mitigate these risks.
Monetary and exchange policies
The NBG should maintain a broadly neutral policy stance while remaining flexible and data driven to ensure inflation expectations remain anchored. Although wage and employment growth have moderated and business confidence has weakened, heightened global uncertainty warrants caution in considering further policy rate cuts, particularly as the recent increase in domestic food prices may not prove transitory. Should inflationary pressures persist, a tightening of the policy stance may be warranted.
Exchange rate flexibility, opportunistic reserve accumulation, and monetary policy communication should be enhanced. Efforts to rebuild reserve buffers should be sustained while allowing the exchange rate to act as a shock absorber. The NBG should continue to strengthen monetary policy transmission, effectiveness, transparency, and credibility. Communication of monetary policy should be strengthened by clarifying the NBG’s assessment of the balance of risks and how this informs policy decisions.
Strengthening NBG governance and independence remains central to macroeconomic stability. The filling of the board vacancies and the governor position is a welcome first step. Efforts should now focus on amending the NBG law to: (i) ensure a non-executive majority on the NBG’s oversight board, (ii) limit the possibility of discretionary financial transfers to the government, and (iii) clarify and further strengthen [the NBG succession framework and] board member qualification criteria. Moving from a presidential to a collegial decision-making model is also advisable.
Fiscal policy
With public debt at sound levels, maintaining a broadly neutral policy stance over the medium term is appropriate. A fiscal deficit of 2.3–2.5 percent of GDP would help stabilize the debt-to-GDP ratio near its current level. The shift toward domestic debt should proceed carefully, avoiding crowding out the private sector and monitoring borrowing costs and risks linked to a stronger sovereign-bank nexus. While good progress has been made, further tax policy and administration reforms that broaden the tax base and streamline tax expenditures—supported by a stronger medium-term revenue strategy—are needed to secure revenue for spending priorities.
There is considerable scope to enhance spending efficiency and further strengthen public investment management (PIM). Despite elevated levels of public investment, infrastructure quality remains below that of many emerging market peers, highlighting the need for more effective implementation of PIM processes, building on recent years’ improvements. Spending on education and health could be more efficient, to achieve better outcomes at similar expenditure levels. Spending reviews could help in this regard. Social assistance is relatively generous but targeting could be improved to prioritize the most vulnerable households.
Sustained efforts are needed to manage fiscal risks and increase fiscal transparency. The authorities have taken significant steps in enhancing the Ministry of Finance’s financial oversight of state-owned enterprises (SOEs), and maintaining this momentum will be important. Efforts should focus on legislation that would separate the state’s shareholder, regulatory, and policy functions beyond the energy sector, where implementation has recently taken place, and strengthen the corporate governance of SOEs. The authorities should address gaps in the coverage of fiscal reporting, particularly from non-market SOEs with significant fiscal risks.
Financial sector
Continued vigilance and reforms will help address long-standing and emerging financial sector risks. The banking system remains well capitalized and profitable, and the implementation of the IMF’s 2021 Financial Sector Assessment Program (FSAP) recommendations is nearly complete. Key priorities going forward include enhancing the consolidated supervision of financial groups—particularly non-bank subsidiaries and cross-border activities, operationalizing a fully-fledged bank resolution framework, and improving competition in financial services. The NBG continues to implement its long-term dedollarization policy to support financial stability, and recently raised the FX loan threshold for unhedged borrowers further to GEL 750,000. Nevertheless, the share of unhedged foreign currency bank loans is still high, and the deposit dedollarization trend was interrupted amid heightened political uncertainty. Banks—especially smaller ones—have faced lari funding pressures, and the cost of funding has risen, potentially weighing on profitability. Consumer loans have grown rapidly, while riskier nonbank financing—including foreign currency bond issuances by real estate developers—has increased considerably. Neither risk is assessed to be systemic at this stage, but continued close monitoring is warranted.
Structural reforms
Structural reforms are needed to sustain high growth and make it more inclusive and job rich. Potential growth remains constrained by structurally high long-term and youth unemployment, low educational attainment, infrastructure bottlenecks in the transport and logistics sectors, and low sectoral productivity, especially in agriculture. An aging population, outward migration, and informality pose challenges for the labor market, along with persistent income inequality. Better targeting of agricultural support, improving teacher quality, and expanding vocational training would help raise rural labor force participation and facilitate the integration of workers into the formal economy. Remittances and return migration could be better leveraged to boost productive investments and knowledge transfers from returning migrants. Continued investment in transport and logistics infrastructure, as well as coordination with regional partners to harmonize fees and procedures, are important to support long-term competitiveness. Finally, the authorities should enhance judicial independence and strengthen the autonomy of the Anti-Corruption Bureau to improve the business environment.
The mission team would like to thank the Georgian authorities and other counterparts for their close collaboration, candid and informative discussions, and warm hospitality.
Table 1. Georgia: Selected Economic and Financial Indicators, 2024–28
|
|
2024 |
2025 |
2026 |
2027 |
2028 |
|
|
Actual Projections |
||||
|
National accounts and prices |
(annual percentage change; unless otherwise indicated) |
||||
|
Real GDP |
9.4 |
7.2 |
5.3 |
5.0 |
5.0 |
|
Nominal GDP (in billions of laris) |
91.9 |
102.5 |
111.7 |
121.5 |
131.9 |
|
Nominal GDP (in billions of U.S. dollars) |
33.8 |
36.7 |
39.2 |
41.4 |
43.6 |
|
GDP per capita (in thousands of U.S. dollars) |
9.1 |
9.9 |
10.6 |
11.2 |
11.8 |
|
GDP deflator, period average |
3.8 |
4.1 |
3.5 |
3.5 |
3.5 |
|
CPI, period average |
1.1 |
3.4 |
3.1 |
3.0 |
3.0 |
|
CPI, end-of-period |
1.9 |
3.6 |
3.0 |
3.0 |
3.0 |
|
Consolidated government operations |
(in percent of GDP) |
||||
|
Revenue and grants |
28.0 |
27.7 |
27.8 |
27.7 |
27.6 |
|
o.w. Tax revenue |
25.3 |
25.0 |
25.6 |
25.6 |
25.6 |
|
Total Expenditure |
30.3 |
30.0 |
30.1 |
29.9 |
29.8 |
|
Current expenditures |
22.5 |
22.6 |
22.5 |
22.5 |
22.5 |
|
Net acquisition of nonfinancial assets |
7.7 |
7.4 |
7.5 |
7.5 |
7.3 |
|
Net lending/borrowing (GFSM 2001) |
-2.3 |
-2.3 |
-2.3 |
-2.3 |
-2.2 |
|
Augmented net lending/borrowing 1/ |
-2.4 |
-2.4 |
-2.4 |
-2.4 |
-2.3 |
|
Public debt |
36.1 |
34.7 |
34.1 |
34.3 |
34.5 |
|
o.w. Foreign-currency denominated |
25.2 |
23.1 |
22.0 |
21.7 |
20.9 |
|
Money and credit |
(annual percentage change; unless otherwise indicated) |
||||
|
Credit to the private sector |
18.5 |
13.7 |
9.0 |
8.7 |
8.6 |
|
In constant exchange rate |
17.0 |
15.5 |
8.5 |
7.4 |
7.3 |
|
Broad money |
14.5 |
13.3 |
11.5 |
11.3 |
11.2 |
|
Excluding FX deposits |
10.4 |
13.7 |
11.9 |
11.7 |
11.6 |
|
Deposit dollarization (in percent of total) |
52.7 |
52.1 |
51.9 |
51.7 |
51.4 |
|
Credit dollarization (in percent of total) |
42.9 |
42.5 |
42.1 |
41.7 |
41.3 |
|
Credit to GDP (in percent) 2/ |
66.0 |
67.4 |
67.4 |
67.4 |
67.4 |
|
External sector |
(in percent of GDP; unless otherwise indicated) |
||||
|
Current account balance (in billions of US$) |
-1.5 |
-1.6 |
-1.8 |
-2.0 |
-2.1 |
|
Current account balance |
-4.4 |
-4.4 |
-4.6 |
-4.8 |
-4.8 |
|
Trade balance |
-19.2 |
-18.9 |
-19.1 |
-19.2 |
-19.3 |
|
Terms of trade (percent change) |
-2.8 |
-0.2 |
0.1 |
-0.3 |
0.5 |
|
Gross international reserves (in billions of US$) |
4.4 |
4.7 |
4.9 |
5.5 |
6.2 |
|
In percent of IMF ARA metric 3/ |
79.6 |
81.1 |
82.4 |
88.0 |
95.5 |
|
In months of next year’s imports |
2.7 |
2.6 |
2.6 |
2.7 |
2.9 |
|
Gross external debt |
66.8 |
62.4 |
58.5 |
55.9 |
53.0 |
|
Sources: Georgian authorities; and Fund staff estimates. |
|||||
|
1/ Augmented Net lending / borrowing = Net lending / borrowing – Budget lending. |
|||||
|
2/ Banking sector credit to the private sector. |
|||||
|
3/ IMF’s adequacy metric for assessing reserves in emerging markets. |
|||||
PRESS OFFICER: Mayada Ghazala
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/06/04/06042025-mcs-georgia-staff-concluding-statement-of-the-2025-article-iv-mission
Source: Government of India
Source: Government of India (4)
The U.S.-backed Gaza Humanitarian Foundation will not give out any aid on Wednesday as it presses Israel to boost civilian safety beyond the perimeter of its distribution sites, a day after dozens of Palestinians seeking aid were killed.
The GHF said it has asked the Israeli military to “guide foot traffic in a way that minimizes confusion or escalation risks” near military perimeters; develop clearer guidance for civilians; and enhance training to support civilian safety.
“Our top priority remains ensuring the safety and dignity of civilians receiving aid,” said a GHF spokesperson. An Israeli military spokesperson warned civilians against moving in areas leading to GHF sites on Wednesday, deeming them “combat zones”.
The Israeli military said on Tuesday that it opened fire on a group of people it viewed as a threat near a GHF food aid distribution site. The International Committee of the Red Cross said at least 27 people were killed and dozens injured. The GHF said the incident was “well beyond” its site.
Palestinians who collected food GHF boxes on Tuesday described scenes of pandemonium, with no-one overseeing the handover of supplies or checking IDs, as crowds jostled for aid.
The U.N. Security Council is also set to vote on Wednesday on a demand for a ceasefire between Israel and Palestinian militants Hamas and humanitarian access across Gaza, where aid has trickled amid chaos and bloodshed after Israel lifted an 11-week blockade on the enclave where famine looms.
“It is unacceptable. Civilians are risking – and in several instances losing – their lives just trying to get food,” U.N. spokesperson Stephane Dujarric said on Tuesday, adding that the aid distribution model backed by the U.S. and Israel was “all a recipe for disaster, which is exactly what is going on.”
That model is run by the newly created GHF, which started operations in the enclave a week ago and said on Tuesday that it has given out more than seven million meals from three so-called secure distribution sites. GHF Interim Executive Director John Acree urged humanitarians in Gaza: “Work with us and we will get your aid delivered to those who are depending on it.”
U.S. VETO?
The U.N. and other aid groups have refused to work with the GHF because they say it is not neutral and the distribution model militarizes aid. GHF uses private U.S. security and logistics companies to get aid to the distribution sites.
It is the latest in a string of efforts to get more aid into the enclave, where experts say the entire population of some 2.1 million people is at risk of famine. Jordan last year spearheaded humanitarian air drops, while the U.S. briefly installed a floating aid pier, but it was beset by challenges.
The U.N. has long-blamed Israel and lawlessness in the enclave for hindering the delivery of aid into Gaza and its distribution throughout the war zone. Israel accuses Hamas of stealing aid, which the group denies.
Israel said on Tuesday that three of its soldiers had been killed in fighting in northern Gaza. Gaza health officials said at least 18 more Palestinians were killed in other military strikes in the territory on Tuesday. Reuters could not independently verify the reports in northern and southern Gaza.
The 10 elected members of the U.N. Security Council have asked for the 15-member body to vote on Wednesday on a draft resolution that demands “an immediate, unconditional and permanent ceasefire in Gaza respected by all parties.”
The draft text, seen by Reuters, also demands the release of all hostages held by Hamas and others, and the immediate lifting of all restrictions on the entry of aid and its safe and unhindered distribution, including by the U.N., throughout Gaza.
“The time to act has already passed,” Slovenia’s U.N. Ambassador Samuel Zbogar told Reuters. “It is our historical responsibility not to remain silent.”
As U.S. President Donald Trump’s administration tries to broker a ceasefire in Gaza, it was not immediately clear if Washington would veto the draft text. A spokesperson for the U.S. mission to the U.N. said: “We cannot preview our actions currently under consideration.”
A resolution needs nine votes in favor and no vetoes by the permanent members – the United States, Russia, China, Britain or France – to pass.
The war in Gaza has raged since 2023 after Hamas militants killed 1,200 people in Israel in an October 7 attack and took some 250 hostages back to the enclave, according to Israeli tallies.
Israel responded with a military campaign that has killed over 54,000 Palestinians, according to Gaza health authorities, which do not distinguish between fighters and non-combatants.
(Reuters)
Source: GlobeNewswire (MIL-OSI)
End-to-end management of project has increased vehicle connectivity, efficiency, and ROI for the UK’s leading vehicle breakdown service.
Bracknell, UK. 4th June 2025 – Panasonic TOUGHBOOK has successfully completed the installation of over 2,500 ruggedised 5G routers across The AA’s roadside vehicle fleet, delivering enhanced connectivity, operational efficiency, and cost savings. The ambitious nationwide deployment of Panasonic’s Connected Vehicle solution was completed in just over nine months, and was conducted in partnership with The AA, Cradlepoint (an Ericsson company), and Gamma Telecom.
Panasonic TOUGHBOOK managed the entire process, including overall project management, testing, installation, training, reporting, and ongoing field services maintenance for the next five years.
Optimised Connectivity Across the UK
Connectivity is provided in a 25-metre radius around the vehicle. By integrating a seamless twin-5G modem solution, using primary and backup SIMs, The AA can take advantage of up to 98% connectivity across the UK.
With real-time data from multiple hardware solutions and applications – such as vehicle diagnostics, onboard cameras, and call-out information – reliant on strong, reliable connectivity, Panasonic’s solution minimises downtime and maximises efficiency at the roadside.
It also reduces total cost of ownership for The AA, as individual cellular plans for multiple devices are not required. This helps to prevent any unexpected data usage costs, whilst removing the need to purchase multiple devices with 5G capabilities.
To further optimise operations, Panasonic also manages Ericsson’s NetCloud Manager platform on behalf of The AA, providing real-time insights into data usage, application efficiency, and network performance. The single-pane-of-glass monitoring system provides full visibility over the entire fleet, providing The AA with real-time insights into the solution’s effectiveness.
Maximising Efficiency at the Roadside
For some patrols, The AA also utilises a Screen Mirroring Solution, which enables on-screen data from a TOUGHBOOK rugged device to be displayed on an infotainment screen in the front of patrol vehicles. This increases productivity, flexibility and communication for The AA’s technicians.
Wendy Richardson-Brooks, IT Operations Improvement & Innovation Manager at The AA, said: “This is a game-changing solution for our patrols. With our previous solution that could only connect to 3G or 4G connections, connectivity was significantly reduced, stifling productivity on the roadside. Now, with Panasonic and its partners, we have a ruggedised solution that delivers close to 100% connectivity for all of our patrols. This helps our technicians to more quickly and efficiently diagnose and repair vehicles at the roadside – increasing customer satisfaction.”
Nick Miller, EU Sales Strategy Manager at Panasonic TOUGHBOOK, added: “This project demonstrates Panasonic’s commitment to delivering best-in-class connectivity solutions, in condensed time frame. By combining cutting-edge ruggedised routers, industry-leading network management, and a fully managed service approach, Panasonic is ensuring The AA’s fleet remains at the forefront of technological innovation.”
For more information on Panasonic’s Connected Vehicle offering, please click here: https://eu.connect.panasonic.com/gb/en/blog/rugged-vehicle-routers-increase-connectivity-uptime-field-services
For more information on Panasonic’s Vehicle Integration Services, please click here: https://eu.connect.panasonic.com/hu/en/toughbook-vehicle-integration-services
Panasonic Press Contact
Daniel Creasey
UK &I Marketing Manager at Panasonic TOUGHBOOK
daniel.creasey@eu.panasonic.com
Panasonic Press Contact
Jim Pople
C8 Consulting
jim@c8consulting.co.uk
About the Panasonic Group
Founded in 1918, and today a global leader in developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, devices, B2B solutions and energy sectors worldwide, the Panasonic Group switched to an operating company system on April 1, 2022, with Panasonic Holdings Corporation serving as a holding company. The Group reported consolidated net sales of Euro 51.6 billion (8,458.2 billion yen) for the year ended March 31, 2025. To learn more about the Panasonic Group, please visit: https://holdings.panasonic/global/
About Panasonic Connect Europe GmbH
Panasonic Connect Europe began operations on October 1st, 2021, creating a new Business-to-Business focused and agile organisation. With more than 400 employees and led by CEO Shusuke Aoki, the business aims to contribute to the success of its customers with innovative products and integrated systems and services – all designed to deliver its vision to Change Work, Advance Society and Connect to Tomorrow.
Panasonic Connect Europe is headquartered in Wiesbaden and consist of the following business units:
For more information please visit: https://eu.connect.panasonic.com
Please visit Panasonic Connect Europe’s LinkedIn page: https://www.linkedin.com/company/panasonic-connect-europe/
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Source: Africa Press Organisation – English (2) – Report:
PORT LOUIS, Mauritius, June 4, 2025/APO Group/ —
With a new government at the helm, Mauritius is setting its sights on economic revival and sustainable growth. As the island nation gears up for the high-profile API Mauritius & Indian Oceans Property Investment Forum, industry experts are calling for bold reforms and streamlined investments.
Mauritius is at a pivotal moment as the newly elected government embarks on a mission to stabilise the country’s economy and chart a renewed path for sustainable growth.
The government has three fiscal challenges: it spends more than it earns in trade, in its budget, and in payments with other countries. To fix these problems, the new Mauritian government aims to create new sources of economic growth and attract important investments from foreign players, especially in real estate.
Mauritius’ economic outlook and investment opportunities will be a central focus at the third instalment of the annual API Mauritius & Indian Oceans Property Investment Forum, which will take place on 26 June at the InterContinental Hotel in Mauritius. The forum is set to expand on its two previous successes and provide more insights about investment opportunities in Mauritius.
The government’s emphasis on infrastructure development, climate resilience, and supportive fiscal policies positions Mauritius as an increasingly attractive destination for international capital. Industry players highlight that Mauritius’ new government has committed to a path of sustainable growth and transparency, which reinforces investor confidence.
Kevin Teeroovengadum, board and advisor to various listed and non-listed companies in Mauritius and in Africa including South Africa, says the government faces the daunting task of stabilising the economy and averting a downgrade to junk status by credit rating agencies.
“Mauritius urgently needs a bold, forward-looking strategic plan — one that mirrors the ambition and clarity of vision seen in Dubai’s transformation. The government must set clear targets, not only in terms of the number of foreigners it aims to attract but also the profile and quality of these individuals and, a focused strategy is essential to position Mauritius as a premier destination to live, work, and retire” says Teeroovengadum.
As a board director and advisor with over 25 years of hands-on experience across the African continent, Teeroovengadum brings deep expertise in deal-making in sectors such as real estate, hospitality, telecoms, and others, which puts him in good stead regarding the drivers of investments.
Mauritius boasts several unique advantages, including a stable political environment, a safe and appealing lifestyle, and a resilient tourism sector. However, experts stress that unlocking the island’s full economic potential will require greater openness to foreign developers and institutional investors, especially in emerging asset classes such as green buildings, logistics hubs, and affordable housing. A clear regulatory framework, streamlined processes, and robust public-private collaboration are seen as essential to ensuring that development aligns with national priorities and delivers long-term value to the local economy.
Wayne Godwin, CEO of JLL Africa, says Mauritius has hallmarks that are already beneficiary to its potential in the African continent.
“The ease of doing business, sophisticated local capital markets, and low taxation make Mauritius an attractive destination for foreign direct investment, but there are still barriers that can be removed, particularly around the sale of directly held real estate, which incurs higher transfer taxes and a lengthy approval process.
“As JLL, we expect to see more focus from international investors into Mauritius in the next few years, particularly from the Middle East and India, while the trend of Mauritian investors expanding into Africa will likely continue on a similar path,” says Godwin, who leads JLL’s business in Africa that has exposure to some of the fastest-growing cities in the continent.
Godwin also leads JLL’s Hotels & Hospitality Group division in Africa, the largest and most successful hotel advisor and broker in Africa. This places him in the best position to opine about investment opportunities in Mauritius’s hospitality and tourism industry at the upcoming API Mauritius & Indian Oceans Property Investment Forum.
In the face of rising climate risks, financial innovation, and climate-resilient public-private partnerships are also taking center stage. The use of green building standards, real estate investment trusts, and green bonds is gaining momentum, with early issuances by EnVolt and Cim Finance demonstrating the potential to mobilise green capital at scale. EnVolt and Cim Finance have emerged as early leaders in the green finance movement in Mauritius, playing a pivotal role in mobilising capital for sustainable development and climate-resilient infrastructure.
Recycling capital from mature assets into eco-certified, resilient developments is fast becoming essential for long-term value creation in coastal tourism and mixed-use projects.
But beyond sustainability, there is a pressing need to ensure that development also delivers inclusive economic opportunity.
“Mauritius has a strong foundation in residential real estate and hospitality, but the time has come to evolve and diversify the development model. We must channel foreign investment into industries that create meaningful employment for our skilled, bilingual youth—sectors like advanced manufacturing, tech-enabled services, and sustainable construction. Real estate remains central to this vision, not as an end in itself, but as a platform to support innovation, green industry, and a more inclusive economy. The opportunity is to build an economy where young Mauritians can thrive at home—not feel compelled to leave in search of better prospects”, says Bernard Forster, Managing Director, Elevante Consulting, part of the Elevante Group. Elevante is a leading independent real estate advisory and property services firm in Mauritius and the Indian Ocean region, known for its deep market insight, strategic guidance, and regional transaction expertise across all asset classes.
As Mauritius prepares to unveil its national budget in June, all eyes are on the government’s roadmap for economic recovery and long-term growth. The coming months will be critical in shaping a more resilient, competitive and sustainable future – positioning the country as a global destination for investment, innovation, and climate-smart development.
The 3rd annual API Mauritius & Indian Ocean’s Property Investment Forum with the theme of ‘A resilient new dawn’ will take place on Thursday, 26 June 2025 at the InterContinental Hotel, Mauritius. Fror more information and to register visit https://apo-opa.co/43AgyUY
Source: United Kingdom – Executive Government & Departments
DASA funding helped DIEM Analytics develop a robust tool for interviewing military personnel at scale
Obtaining lessons learned and feedback is a vital aspect of any military activity. However, this can be a time-consuming process if done through traditional one-on-one in-person interviews.
For instance, when naval vessels return from a deployment, only senior officers might be interviewed about lessons learned, leaving hundreds of valuable perspectives lost. But what if there was a way to capture insights from everyone on board, without the resource burden of conducting hundreds of individual interviews?
DIEM Analytics’ DUCHESS system, developed with DASA funding, can do just that, transforming how defence organisations learn from experience.
Founded in 2011 as a consulting company by former Ministry of Defence staff, DIEM Analytics set out to explore whether AI could conduct the kind of dynamic interviews that normally required human expertise. Not just static surveys, but conversations that could listen to responses and generate intelligent follow-up questions and gather rich insights at scale.
Through DASA’s “People in Defence” Themed Competition in 2019, DIEM Analytics secured their first round of funding to develop the first iteration of DUCHESS, an automated interviewing tool – years before ChatGPT and the generative AI boom.
“We were a bit ahead of our time,” notes Dr. Jaya-Ratnam. “When we first started, talking to AI was quite an unusual experience. Now people are more used to talking to a device, and there’s a bit more understanding in the market that these things are actually really useful.”
DUCHESS uses natural language processing (NLP) technology and carefully designed defence-based interview methodology. The system begins with a set of initial open-ended questions tailored to the specific feedback scenario – whether its lessons learned from a deployment or insights during organisational transformation.
What sets DUCHESS apart from simple surveys is its ability to analyse responses in real-time and generate relevant follow-up questions, mimicking the natural flow of a human interview. The dynamic follow-on questions have been proven to generate an average of 63% more data than just using a static question set.
DUCHESS in action
DUCHESS’ journey wasn’t straightforward. Phase 1 funding enabled the team to test their concept at scale with Royal Navy sailors returning from deployment. The positive response from this project led to phase 2 funding, where the system was deployed in a headquarters undergoing transformation.
“For phase 2, we improved the questioning, and we enhanced the visualisations as well,” explains Dr. Jaya-Ratnam. “How we display interview data is really important, and the different use cases mean that the visual analysis is unique for each of these.”
The system can identify key themes, sentiment patterns, and causal relationships between interview answers. These insights are then presented through customisable visualisations, allowing decision-makers to quickly grasp complex feedback from hundreds of interviews.
When COVID-19 hit in 2020, just as phase 2 concluded, the team faced a critical barrier; their system relied on people physically sitting in front of a laptop to conduct the interview. However, with defence personnel at the time working remotely, they needed a new approach.
“We made the decision to privately fund a cloud-hosted version,” says Dr. Jaya-Ratnam. The team invested approximately £50,000 of their own money and significant effort to adapt their technology to the new reality.
The investment paid off. Despite being a micro-SME with just four core team members, DIEM Analytics began securing international contracts.
“The first commercial user was the NATO Joint Analysis Lesson Learnt Centre,” says Dr. Jaya-Ratnam. “After, we secured a contract with the Canadian Air Warfare Centre which became a regular user of DUCHESS.”
Other users included the Royal Navy, the National Physical Laboratory, and the UK’s Naval Engineering Science and Technology Centre (NEST). The Maritime Warfare Centre also requested a version for offline usage, broadening its applications further.
In recognition of their innovation, the Royal Navy nominated DIEM for AI Innovation of the Year with Digital Leaders for two consecutive years, with the company placing in the top three in the second year (2021).
When OpenAI and ChatGPT transformed the AI landscape in 2022, DIEM Analytics was perfectly positioned to capitalise on the breakthrough. Having already developed their own interview technology, they understood both the potential and limitations of these new tools.
“We built our Version 2 of DUCHESS on OpenAI,” explains Dr. Jaya-Ratnam. “Version 2 is more conversational and engaging for users, and slicker in its work.”
The team designed their system to be compatible with other large language models (LLMs) giving them flexibility for future AI developments. “We have built the system so you could switch in other LLMs, so we’re not completely wedded to OpenAI,” notes Dr. Jaya-Ratnam.
DASA’s support for DIEM Analytics extends beyond DUCHESS. MaLFIE (Machine Learning Fuzzy-logic Integration for Explainability) was developed to address a Navy challenge from a 2018 hackathon, to not only detect anomalies at sea but explain and prioritise them. With DASA funding, MaLFIE went from concept to implementation at the National Maritime Information Centre within two years.
Another innovation, Red Mirror, submitted through a Defence Science and Technology Laboratory (Dstl) competition Intelligent Ship, received three rounds of funding. This technology predicts what an enemy asset will do next, using low-shot learning (when algorithms learn to make accurate predictions with limited training data) to rapidly build a mirror of adversary AI. To support this development, DIEM Analytics created their own drone simulation system called DR SO.
“We have developed a sophisticated app that is similar to a commercial game,” says Dr. Jaya-Ratnam of DR SO. This technology recently secured a contract with a major prime contractor.
A third DASA-funded innovation, Red’s Shoes, is an algorithm originally developed for the hedge fund industry that has been adapted to predict adversary commander behaviour. After proving the concept in a NATO exercise, it has been deployed with NATO’s SHAPE Team.
Today, DIEM Analytics is positioning itself for broader commercial success. “We are working out how we will push DUCHESS as a commercial offering at scale,” explains Dr. Jaya-Ratnam. “We want to make it a purely SaaS offering.”
The team is conducting market testing to identify the most promising sectors, including construction health and safety, venture capital interview processes, and pharmaceuticals.
With DASA’s initial investment serving as the foundation supporting several innovative technologies, DIEM Analytics has transformed from a defence consultancy into a unique AI company with international reach. Their story demonstrates how targeted government support for early-stage technologies can position UK companies for success in the rapidly evolving AI landscape before that landscape was fully visible.
“DASA funding gave us the ability to establish reference use-cases and mature the underlying technology. This became a solid foundation on which to invest our own money to create a commercial application that UK and international defence organisations, as well as commercial organisations, have used. We now have DUCHESS version 2.0 and are moving into sectors such as commercial maritime and wellbeing. Thanks to COVID our growth was slower than we wanted, but DASA gave us the leg up we needed.”
Source: Scottish Government
Funding to promote local and regional products.
Food and drink festivals, farmers markets and culinary masterclasses are just some of the projects from across Scotland set to benefit from grants of up to £5,000.
The latest round of the Regional Food Fund will support 15 local and collaborative projects helping small food businesses to thrive while promoting local produce.
Scotland Food & Drink manages the fund aimed at elevating the food and drink industry, enhancing food tourism and showcasing the best the country has to offer.
Rural Affairs Secretary Mairi Gougeon said:
“Scotland’s food and drink industry is worth £15 billion to the economy; it is one of the country’s largest employers and is already well-recognised and established across the world.
“Engaging with regional markets is vital in achieving our industry strategy and growth ambitions for the next ten years. That’s why, through initiatives like the Regional Food Fund, we are providing much-needed support to small projects to showcase the best products that their regions have to offer.
“A wonderful range of projects will be supported through this round, including foraging experiences and masterclasses at Isle of Bute food and drink festival, learning about the turnip being a climate-friendly crop in Fife, or improving their culinary skills at Huntly Hairst’s celebration of local food and drink. I look forward to hearing how each of these exciting projects develops.”
Scotland Food & Drink Head of Regional Food Fiona Richmond said:
“We are pleased to be able to support 15 more collaborative food and drink projects around the country with the latest round of the Regional Food Fund.
“Our judging panel were impressed with the level of commitment and creativity shown by the successful applicants, who represent the true passion that makes our vibrant food and drink industry so special.
“We know that local food and drink initiatives play a vital role in the continued growth of Scotland’s food, drink, and tourism sectors. Congratulations to this year’s recipients – we can’t wait to see the projects we have supported come to life.”
Background
Regional Food Fund | Scotland Food & Drink (foodanddrink.scot)
Since 2021, the Scottish Government has provided over £500,000 to the Fund, which has supported 104 collaborative projects, varying from creative artwork to increase customer numbers, new equipment and regional marketing campaigns.
The successful applicants in this round are:
Huntly Hairst, Aberdeenshire. Celebration of local food and drink £2,975
Established 2012, this year will be a collaboration’ theme, producers will prepare meal plans and menus to guide visitors around the stalls, gathering fresh ingredients, listening to masterclasses and demonstrations. Funding will support production of campaign materials and promotion.
Angus Farmers Market, Angus. Appetite for Angus £3,000
The project aims to rescue and revitalise the farmers’ markets in Forfar, Carnoustie and Montrose which are due to close in their current form. Markets provide a vital source of income in the area. Funds will contribute to market rebrand.
Argyll and the Isles. Virtual Farmers’ Market £5,000
Creation of innovative digital farmers’ market to help local producers increase their sales and show their contribution to the local economy, both to visitors and locals. This project will off support to rural businesses struggling with rising costs with funds going towards the creation of assets and campaign delivery.
Alloa, Clackmannanshire. First Sound Bites Festival 2026 £5,000
Collaborative, community festival to promote sales of local produce. Funding will help expand food and drink offer following successful trial last year and will contribute to marketing material and stall hire.
Dumfries and Galloway. Nurture from Nature – Local Food Outlet £5,000
Project aims to create a permanent retail outlet for local producers on this working farm. Funding will contribute to development of marketing and promotional costs.
Fife. Food from Fife – Retail Display Project £5,000
Following the successful trial in November 2024 by regional food group, Food From Fife, roll out of more branded units and point of sale material to a wider range of Fife food and drink businesses, providing dedicated in-store marketing and sales space.
North Fife and Tayside. From Tree to Glass £4,500
Delivered by Bioregioning Tayside, creation of producer group to promote and grow the area’s craft cider and perry production, preserving its apple, pear and plum heritage. Funds will support delivery of business to business, consumer and education events and materials.
Fife. Turning the Tide for Turnip Revolution £5,000
led by East of Scotland Growers will deliver a series of partnerships with chefs, retailers and communities to raise awareness and sales of turnip as a modern, delicious, climate-friendly crop. Funding will contribute to branding, marketing and chef costs.
Forth Valley. Forth Valley Five £4,993
Led by regional food group, Forth Valley Food & Drink, this collaborative project will encourage restaurants, cafes, retailers and locals to add feature five local products on menus; stock five new local products on shelves and add five local products to shopping baskets. Funds will support creation of marketing materials and delivery.
Isle of Bute. Isle of Bute Food & Drink Festival £3,240
Three-day celebration of the island’s food and drink via producer stalls; masterclasses; foraging and other experiences, delivered by regional food group, Bute Kitchen, in collaboration with other organisations and businesses.
Love Loch Lomond – A Taste of Loch Lomond Marketing Campaign £4,500
Marketing campaign to promote a new publication, ‘A Taste of Loch Lomond: Stories & Flavours from the Bonnie Banks’, that showcases stories, products and recipes from the area’s local producers and hospitality businesses. Funding will support campaign material production and promotion.
Orkney. Orkney Food and Drink Festival £5,000
Delivered by regional food group, Orkney Food and Drink, this two-day festival will bring together the island’s businesses to sell their products to visitors and locals. Funding will support venue and promotional costs.
Outer Hebrides. Hebridean Fine Food & Drink Festival £3,000
Regional food group, Eat Drink Hebrides, will deliver branding and marketing assets for two food fairs and two networking events including a Food and Drink Awards, increasing sales, promoting local businesses and supporting local supply chains.
Fine Cheesemakers of Scotland – Promoting Scottish Artisanal Cheese £5,000
Project from this collaborative artisan cheese network to improve digital presence and tell a more compelling and cohesive story to increase sales and promotion. Funding will support professional content rebrand including video/photos/Instagram and website.
The Scottish Cider Festival £5,000
New annual event to promote Scotland’s emerging cider industry, delivered by Fife-based cider pioneers, Aeble. Hosted in Edinburgh, it will provide a platform for the country’s producers to sell their craft products, partnering with other local food and drink producers. Funding will support venue, branding and marketing costs.
TOTAL 15 Applicants TOTAL GRANT CLAIM FUNDING £66,208
Source: United Kingdom – Executive Government & Departments 3
Working people in cities and towns from Sunderland to Solihull will benefit from the biggest investment in regional transport, as every part of the country prospers under Plan for Change.
Chancellor more than doubles investment in local transport in England’s city regions, delivering the biggest ever investment over the next five years.
Announcement comes ahead of next week’s Spending Review focused on investment in the Government’s priorities, in Britain’s renewal, and in what matters to you in the place that you live.
Working people across the North, Midlands and the South West will benefit from the biggest ever investment in buses, trams and local train infrastructure in city regions as the Chancellor today promises the renewal of Britain to make all parts of the country better off.
In a speech in Greater Manchester, Reeves is expected to say that “a Britain that is better off cannot rely on a handful of places forging ahead of the rest of the country,” adding that the “result of such thinking has been growth created in too few places, felt by too few people and wide gaps between regions, and between our cities and towns.”
Reeves will say the Spending Review next week will take different choices, with investment in a “new economic model – driven by investment in all parts of the country, not just a few.”
She will unveil the first investment announcements from the Spending Review, with £15.6 billion of funding for local transport projects in England’s city regions – including South Yorkshire, the North East, the East Midlands and Tees Valley. The funding – a more than double real-terms increase in capital spending on local transport in city regions by 2029/30 compared with 2024/25 – will empower local leaders to invest in transport projects that will make a difference to their local area.
Transport Secretary Heidi Alexander, said:
Today marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life as we deliver our Plan for Change.
For too long, people in the North and Midlands have been locked out of the investment they deserve. With £15.6bn of Government investment, we’re giving local leaders the means to drive cities, towns and communities forward, investing in Britain’s renewal so you and your family are better off.
This long-overdue investment outside of London and the South East will see projects like the Metro extension linking Washington to Newcastle and Sunderland and the renewal South Yorkshire’s tram network linking employment and housing areas in Sheffield and Rotheram get off the ground – creating jobs, better commutes, bigger labour markets and more opportunity.
The game-changing funding comes ahead of next week’s Spending Review when the Chancellor will set out how this government is investing in the country’s future and the priorities of working people to make every part of Britain better off.
The five-year settlements will mean the Mayor of West Yorkshire can commit to delivering the West Yorkshire Mass Transit, which will be fully integrated with cycling, walking, bus and rail, making journeys quicker, more accessible and more reliable across the region.
The funding will also mean the Mayor of the West Midlands can build a metro extension to Birmingham’s sports quarter, making a start on his ambitions to deliver mass transit from East Birmingham to North Solihull.
It will also allow the Mayor of Greater Manchester to transform the Metrolink tram network, with new stops in Bury, north Manchester and Oldham and a Metrolink extension to Stockport town centre.
The Chancellor is also expected to confirm “a step change in how government approaches and evaluates the case for investing in our regions” following a review of the Treasury’s Green Book and how it is used, “to make sure that this government gives every region a fair hearing when it comes to investments”.
The full conclusions of the Green Book review will be published on June 11, alongside the wider Spending Review.
Henri Murison, Chief Executive of the Northern Powerhouse Partnership, said:
This government’s decision to back major local transport projects with serious, long-term investment will be critical to driving regional growth. The economic revival of Greater Manchester, enabled by sustained investment in the tram network in particular, has already begun to close the productivity gap with London. To build on that success and replicate it across all our regions in the North, we need to see key projects delivered – including the extension of the Metro to Washington, the replacement of the Sheffield tram fleet, and the extension of Metrolink to Stockport.
Too many times in the past, a trade-off was made – due to limited funding – between connectivity within and between our regions. The spending rules adopted last autumn mean this government can invest in both at the same time, unlocking far greater productivity gains than prioritising one at the expense of the other.
Jonny Haseldine, Head of Business Environment at the British Chambers of Commerce, said:
The pathway to the strong and consistent growth the UK economy needs has to come through investment in our regions.
That means developing regional infrastructure, including transport projects and grid connectivity, improved rail capacity and electrification of key sections of the network.
These projects can then give firms involved in the supply chains real confidence to start planning and investing in their local economies.
But it is critical that no corner of the UK gets left behind and regional development works in alignment with national goals.
More information
| Mayoral Combined Authority | Funding allocation (27/28-31/32) (1) | Projects likely to be taken forward by mayors |
|---|---|---|
| West Midlands | £2.4 billion | Metro extension connecting Birmingham City Centre to new sports quarter, unlocking £3bn investment from private investors. This is the first phase of new mass transit from East Birmingham to North Solihull. |
| West Yorkshire | £2.1 billion | Spades in the ground to start building West Yorkshire Mass Transit by 2028, with aim for first services by mid-2030s. Transforming six transport corridors in West Yorkshire not covered by the mass transit routes, including through new bus stations at Bradford and Wakefield |
| Greater Manchester | £2.5 billion | Major infrastructure projects to unlock new homes, jobs and better connect communities, including growing and transforming the Metrolink tram network, with new tram stops in Bury, Manchester and Oldham and Metrolink extension to Stockport. A fully electric Bee Network, with zero emission public transport network across bikes, bus and tram by 2030, including purchase of 1,000 new electric buses. £530m to renew the tram network, providing a fleet of new, replacement vehicles, modernising tram stops, as well maintenance to improve reliability. |
| South Yorkshire | £1.5 billion | £350m to reform South Yorkshire’s buses, with franchised buses operating in Sheffield, Doncaster and Rotherham by 2027 and across the whole of South Yorkshire by 2029. |
| Liverpool City Region | £1.6 billion | £100m for 3 new bus rapid transit routes, to the Liverpool John Lennon Airport, Everton stadium and Anfield. Buying a brand-new fleet of buses for the city region’s franchised bus network, beginning with St Helens and the Wirral in 2026 and then Sefton, Knowsley, North and South Liverpool in 2027. |
| North East | £1.8 billion | Metro extension linking Newcastle and Sunderland via Washington, serving one of the largest advanced manufacturing zones in the UK. |
| West of England | £0.8 billion | £150m to improve rail infrastructure across the region, including funding to support WECA’s ambitions for increased frequency of services between Brabazon and the city centre. £200m for Mass transit development between Bristol, Bath, South Gloucestershire and North Somerset. |
| Tees Valley | £1.0 billion | £60m for the Platform 3 extension at Middlesborough station, unblocking the local network. |
| East Midlands | £2.0 billion | Designing a new mass transit system to connect Derby and Nottingham, encompassing road, rail and bus improvements across the Trent Arc corridor. |
(1): Some of this funding will be brought forward to 2025/26 and 2026/27 to ensure communities see the benefit of this significant investment even earlier.
Ben Plowden, Chief Executive of Campaign for Better Transport, said:
It’s great to see the Government investing in the local transport infrastructure that will tangibly improve the lives of millions across our city regions and particularly good to see trams being prioritised in several areas. Fast, frequent and reliable public transport is essential to unlocking opportunity and driving inclusive economic growth.
We hope to see similar commitments to revenue funding in next week’s Spending Review, alongside support for local authorities to plan, deliver and run the high-quality transport services their communities need.
Mark Casci, Head of Policy and Representation at West and North Yorkshire Chamber of Commerce, said:
This commitment to fund mass transit in West Yorkshire can be a game changer for the region.
West Yorkshire is home to a world-class business community, but the region is held back by poor connectivity which impacts upon our productivity.
By delivering this much needed infrastructure upgrade to the region, West Yorkshire can finally punch its weight and deliver enhanced returns for UK PLC.
Source: Hong Kong Information Services
The Government today welcomed the Legislative Council’s passage of the Banking (Amendment) Bill 2025, which enables sharing of account information among banks under specified conditions in order to facilitate the detection and prevention of crime in Hong Kong.
The amendment ordinance introduces a voluntary mechanism allowing banks and law enforcement agencies to share information with each other – swiftly and safely, via secure platforms designated by the Monetary Authority – relating to corporate and individual accounts, when banks become aware of suspected activities such as money laundering, or the financing of terrorist activities or of the proliferation of weapons of mass destruction.
The bill also provides legal protection for banks that disclose relevant information.
The mechanism will enable banks and law enforcement agencies to act swiftly to intercept illicit funds and expedite intelligence gathering with a view to protecting the public from fraud and associated money laundering activities.
Secretary for Financial Services & the Treasury Christopher Hui said the new mechanism not only enhances Hong Kong’s ability to combat fraud and associated money laundering activities, thereby providing better protection for citizens, but also helps maintain the stability of Hong Kong’s banking system and underscores the city’s efforts, as an international financial centre, to combat illegal activities.
The amendment ordinance will come into effect this year. The commencement date will be announced separately.
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
Prime Minister Anthony Albanese is expected to have his first face-to-face meeting with US President Donald Trump this month, against a background of increased steel and aluminium tariffs and US pressure on Australia to boost its defence spending.
How Australia manages the now unpredictable US relationship has become a major debate among policy experts. Some question the implications for Australia’s reliance on the US for its security.
One voice urging Australia to “rebalance” its relationship with the US is Dr Emma Shortis, the director of the Australia Institute’s International and Security Affairs program.
Shortis is a historian with a particular interest in the United States’ history and politics. She joins the podcast to talk about her new book, After America: Australia and the New World Order.
On the Australia–US alliance, Shortis says Trump doesn’t think about Australia – which might be a good thing, given Canada’s experience.
Trump doesn’t really think about the United States’ relationship with Australia. We know that. He has made it very clear. He was asked in the Oval Office about the AUKUS submarine deal, and he responded, what does that mean? He doesn’t think about Australia.
[…] We also probably have to ask ourselves, would it be a good thing if Donald Trump thought about Australia more, if he cared about us more, or gave us more attention?
[…] There’s been a subtle but a noticeable shift in language coming from the prime minister in particular, about Australia’s role in the world and about the relationship with the United States – particularly this week, saying that Australia effectively won’t be dictated to by the United States around defence spending […] In the longer history of the way Australian leaders have bent the knee to the United States, that’s a pretty significant change.
On Albanese’s likely meeting with Trump on the sidelines of the G7 summit in Canada, Shortis cautions against making offers to Trump on critical minerals to seek a better deal on tariffs.
It doesn’t matter what we give him. So giving away Australian sovereign resources, or offering them on the cheap without much return, is not only not great policy [… but] it doesn’t align with a strategy of progressive patriotism that the prime minister has been talking about. And I don’t think it will get us much from the United States.
It also falls into a trap that Trump is so good at laying, which is dividing the world. Getting individual world leaders to come scraping and begging, asking for exemptions, rather than being met by a solid wall of democratic resistance to what he’s doing.
On hopes that after Trump, America might move away from its current style of politics, Shortis argues Trump’s changes are deeper than him.
I would also argue really strongly that the America we thought we knew, the Biden version of the United States, is not coming back any time soon. This second Trump administration is an entirely different beast from the first. Trump and particularly the people around him, the movement that supports him, see this as a generational victory for the far-right movement in the United States. And they will not give it up easily.
[…] So this idea that we can just wait him out, that we can rely on the old assumptions about the cycles of American politics, I think is something we have to be really careful with.
Shortis argues Australia should be “a real friend” to the US and its people – which would mean speaking up when we disagree – rather than abandoning the alliance.
I don’t think we should drop the alliance. I also don’t think that is a realistic option politically at the moment. I think the alliance does serve a purpose when it is oriented towards those shared values […] and not to a kind of poverty-stricken view of security and the prevention of war.
[…] What we can do is pursue more independence in our decision-making, which lots of other countries do. If you look around the world, not many other countries are continually asking themselves: ‘Who is going to come and protect us? Who is going to come and save us?’ That is almost a kind of uniquely Australian trait. But again one that’s not inevitable and that we can rethink.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Politics with Michelle Grattan: historian Emma Shortis warns against falling into Trump’s trade traps – https://theconversation.com/politics-with-michelle-grattan-historian-emma-shortis-warns-against-falling-into-trumps-trade-traps-258174