Category: Business

MIL-OSI United Kingdom: Major boost to Council housing company as new funding backer announced to accelerate home building in Manchester

Source: City of Manchester

The Council is set to enter into a landmark partnership with the Greater Manchester Pension Fund to deliver hundreds of genuinely affordable homes as part of plans to build 1,600 more homes.

GMPF has been selected, through a competitive process, as the investment partner for the next phase of development by This City, the Council’s housing company. The Council’s Executive is being asked to endorse the creation of a new joint venture with GMPF to deliver the second phase of This City development when it meets on 4 June.

This City’s first flagship project, No.1 Ancoats Green, is nearing completion – with 129 low carbon homes created next to the brilliant new green space and park at Ancoats Green. 30% of these will be available at the Manchester Living Rent, capped at the rent level which can be covered by housing benefit to make sure they are affordable to as many people as possible.

The initial pipeline for phase two consists of 1,583 homes on Council-owned brownfield sites across the city. At least 20% of these new homes will be affordable homes to rent. This City also has a strong emphasis on sustainability through low carbon homes, and on community.

Postal Street in the Northen Quarter, Piccadilly is the most advanced of the phase two sites with a planning application expected to be submitted in the coming weeks for 126 new homes – 20% of them affordable and to be let at the Manchester Living Rent.

Engagement with local communities in Monsall and Longsight started earlier this year, beginning a conversation with local people about proposals for sites in their areas. While formal consultation will be undertaken later this year with local people in the Grey Mare Lane estate in east Manchester around proposals for new housing as part of the major estate regeneration that will deliver 100s of new affordable homes in this part of Beswick

Future This City sites include:

Postal Street, Piccadilly: 126 new homes

Hyde Road, Longsight: 85 homes

Monsall, Harpurhey: 750 homes

Grey Mare Lane, Ancoats and Beswick: 136 homes

Downing Street, Ardwick: 166 homes

Heyrod Street, Piccadilly: 256 homes

Kirkmanshulme Lane, Longsight: 64 homes

Council Leader Cllr Bev Craig said:

“This City is about accelerating home building on Council-owned land so that we can build the homes that Manchester needs on our own terms. These homes will contribute to our housing strategy target to deliver at least 36,000 new homes up to 2032 – and at least 10,000 of these homes will be social, Council or genuinely affordable. “These are ambitious numbers and we are on track to meet them. For example, last year we built more council and social homes than any year for more than a decade, but we want to go even further. We plan to build new council and social housing in every part of the city and being creative, using our land and building the homes ourselves, we will do just that. And having the Greater Manchester Pension Fund on board gives us the financial boost to go further and build much needed low cost, low carbon homes for Manchester residents.”

Cllr Gavin White, Executive Member for Housing and Development, said:

“Having Greater Manchester Pension Fund on board with This City as an institutional investor will help us deliver at scale the new housing, including significant amounts of affordable housing, which Manchester needs.
“We’re seeing a step change and acceleration in the delivery of affordable housing, with more being built now than at any point in the last 12 years and with even more in the pipeline.”

Cllr Eleanor Wills, Chair of GMPF, said:

“We are acutely aware of the severe housing crisis both nationally and in the North-West region. This is why we are proud to continue our longstanding partnership with Manchester City Council investing in the “This City” vehicle that supports the Government’s plan to provide much-needed affordable homes for hardworking families while ensuring strong, low-risk returns to secure the pensions of our members.”

MIL OSI United Kingdom –

June 2, 2025
MIL-OSI United Kingdom: New sports hall to be developed at Lyng Hall Secondary School

Source: City of Coventry

L to R: Colin McVeigh – GEDA GB Director, Paul Melia – Clerk of Works at Coventry City Council, Cllr Dr Kindy Sandhu – Cabinet Member for Education and Skills at Coventry City Council, Sam Parker – Education Sufficiency Lead at Coventry City Council

The development of a new sports hall has got underway at Lyng Hall Secondary School.

Following discussions between Lyng Hall School and Coventry City Council, it was agreed that additional sports facilities are needed to accommodate the growing number of students. As a result, a new four-court sports hall will be built.

The new court will be a standalone sports area which will be home to four badminton sized courts, associated changing rooms, a weights room and a fitness suite.

The new facility will be an excellent addition to the school PE curriculum and able to serve the wider community better.

Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “Every child in the city deserves to have the best education. That’s why we agreed to this new sports facility for pupils at Lyng Hall School. The new development will offer advanced facilities for students to learn and for staff to teach at the school.

“It’s going to be a huge asset for whole school community upon completion. I’m looking forward to seeing the development work progress.”

Contractor, GEDA, an award-winning, multifaceted Construction, Civil Engineering, and Development company will be completing the works.

Colm McVeigh, Build Director at GEDA said: “At GEDA, we recognise the significant impact that sports facilities have on schools and their communities. We are excited to continue collaborating with Coventry City Council to expand the sporting opportunities available to students, ensuring the school’s long-term needs are met by providing pupils with access to top-tier sports resources.”

The new sports hall is estimated to cost around £2.3m and is due to be completed by late 2025.

To keep up to date with the latest news, sign up for our Your Coventry email newsletter or follow the Council on Facebook, X (formerly Twitter), YouTube, Instagram, LinkedIn and TikTok.

Published: Monday, 2nd June 2025

MIL OSI United Kingdom –

June 2, 2025
MIL-OSI Global: Africa’s new credit rating agency could change the rules of the game. Here’s how
Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

For governments, a credit rating is more than a financial signal. It is a verdict that can influence the cost of borrowing, access to markets and, ultimately, the ability to provide for their citizens.

Rating decisions are made behind closed doors in a private process that isn’t open to assessment or scrutiny.

For African countries, this opacity can be especially damaging. When rating decisions lack transparency, it’s impossible to challenge potential biases or inconsistencies in methodology that put developing economies at a disadvantage. The result is higher borrowing costs that drain resources from healthcare, education and infrastructure investment.

Africa’s new credit rating agency has the chance to change this. The African Credit Rating Agency is an initiative under development by the African Union and its partners. It is more than a new entrant; it is an attempt to rethink how financial authority is earned, exercised and scrutinised. The new agency plans to introduce transparent governance structures that could revolutionise rating methodology.

As a researcher who has looked closely at the working of rating agencies, I believe this opportunity to bring transparency to financial governance isn’t just about better ratings. It’s a step towards economic sovereignty.

Success for the African Credit Rating Agency shouldn’t be measured by whether it displaces the “big three” rating agencies (Standard & Poor’s, Moody’s and Fitch). The real question isn’t whether an African agency can compete, but rather whether it can show the world how to rate credit differently.

A flawed process

The three big agencies do publish their methodologies – their criteria and risk models. This creates an illusion of transparency. Yet the final judgments emerge from committee meetings that produce no public record, no accountability, and no right of meaningful appeal.

These rating committees typically comprise five to 10 analysts who meet in closed sessions to make each sovereign rating decision. S&P, Moody’s and Fitch each operate internal rating committees for every sovereign rating decision. The deliberations, dissenting views, and specific reasoning behind final votes remain confidential. Only a brief summary is provided with a rating decision.

Research has shown that credit rating agencies are more accurate at assessing the creditworthiness of advanced economies than developing economies. There have also been studies on the discrepancy between what is expected when the public methodologies are applied and what the agencies actually rate. These studies have been done for economies like Hong Kong and China, but no equivalent research has yet been undertaken for African sovereigns.

This discrepancy exposes an accountability void. When methodology-based predictions miss the mark, we must question what happens in those committee rooms. Especially when African nations are being assessed by analysts stationed continents away, with limited understanding of local economic and political realities.

The African Credit Rating Agency could make three changes to the way ratings are done:
- through public deliberations
- by forming hybrid committees
- with technological intervention.
First, it could release committee transcripts within 30 days of each decision. This would give markets and governments unprecedented insight into rating rationales. This isn’t radical – central banks already publish meeting minutes, and courts publish opinions with dissenting views.

Second, it could pioneer panels that include not only rating analysts, but regional economists, sectoral specialists, and even civil society observers. All with recorded votes. This diversified expertise would disrupt “group think” while capturing nuances of African economies that traditional agencies overlook.

I have examined this idea from the perspective of injecting climate and sustainability-related expertise into credit rating committees. I believe this is a crucial step to take to evolve the concept of the credit rating committee.

Third, the agency could use artificial intelligence to analyse patterns across committee discussions, flagging potential regional biases or inconsistent methodology application. It might be able to use secure digital ledgers to create unchangeable records of decisions.

Why the big three keep it closed

The industry thrives on privacy – protecting proprietary methodologies and shielding decisions from external challenge. And the natural oligopoly (a market dominated by a few large players due to high entry barriers, reinforced by market preference for predictability) helps it stay that way.

The sovereign credit ratings of the three big agencies are built on quantitative and qualitative factors. But research shows that sovereign ratings are subjected to qualitative understandings. This puts developing economies at a disadvantage when agencies demonstrate pro-western biases because they lack data or knowledge.

The impact of a credit rating downgrade for a sovereign borrower is usually multifaceted. Research shows that a single-notch downgrade can raise borrowing costs by more than 100 basis points, equivalent to an extra US$100 million annually on a US$10 billion bond.

Investors prefer fewer, stronger signals rather than many competing views. So there’s little incentive for established players to change. The African Credit Rating Agency, as a new entrant, can offer something the incumbents won’t: governance innovation that serves both markets and nations.

Radical openness will shake markets, at least at first. Committee members might face political pressure. Transparency alone doesn’t guarantee fair outcomes.

But the world already demands transparency from central banks and constitutional courts. Why accept anything less from institutions that shape sovereign destiny?

Next steps

By 2050, one in four people on Earth will be African. The financial architecture serving them must evolve towards systems that recognise the continent’s unique strengths.

Opening the rating committee to view represents more than technical reform – it’s about shifting who holds power in global finance. If it does this, the African agency won’t just deliver better ratings; it will model how global finance can be governed more justly.

Daniel Cash 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. Africa’s new credit rating agency could change the rules of the game. Here’s how – https://theconversation.com/africas-new-credit-rating-agency-could-change-the-rules-of-the-game-heres-how-257138
MIL OSI – Global Reports –
June 2, 2025
MIL-OSI Europe: EIB Group Complaints Mechanism workshop for mediators in Tunisia

Source: European Investment Bank

The EIB Group Complaints Mechanism co-organised a workshop for 14 mediators based in the Middle East and North Africa. The workshop offered a deep dive into the specificities of mediating disputes arising in the context of development projects. As part of the workshop, participants conducted role plays, during which they had to navigate complex situations involving power imbalances, high emotions, and negotiation deadlock. The five-day workshop was held in Tunisia from 12 to 17 May 2025. It was organised together with the Compliance Advisor Ombudsman (CAO) for IFC and MIGA and the Independent Recourse Mechanism (IRM) of the African Development Bank.

Through this workshop, the Complaints Mechanism was able to strengthen its network of mediators in the region. Local facilitators and mediators play a crucial role in understanding local context and dynamics, which is paramount to designing impactful dispute resolution processes. Read more about our work with local facilitators here.

MIL OSI Europe News –

June 2, 2025
MIL-OSI Europe: Written question – Further sanctions against Nord Stream – P-002107/2025

Source: European Parliament

Priority question for written answer P-002107/2025
to the Commission
Rule 144
Christine Anderson (ESN)

Following the Commission’s announcement (President von der Leyen’s doorstep statement at the European Political Community Summit) of 16 May 2025, another package of sanctions is under preparation, which will include sanctions against Nord Stream 1 and Nord Stream 2. However, no information has been provided on the extent and precise purpose of these sanctions.

Yet, depending on their design, the announced measures may lead to immediate existential consequences for both operators of the Nord Stream gas pipelines (Swiss joint stock companies) and thus potentially irreversible changes in future international cooperation in the field of energy supply. The impact of these potentially serious decisions should be taken into account ahead of implementation.

Is it true that the announced sanctions are currently being prepared and what scope and form will they take?

Submitted: 26.5.2025

Last updated: 2 June 2025

MIL OSI Europe News –

June 2, 2025
MIL-OSI Europe: Written question – Update of the Commission’s 2020 study projecting the net fiscal impact of immigration in the EU – E-002052/2025
Source: European Parliament
Question for written answer E-002052/2025
to the Commission
Rule 144
Marieke Ehlers (PfE), Sebastiaan Stöteler (PfE), Ton Diepeveen (PfE), Rachel Blom (PfE), Auke Zijlstra (PfE), Sebastian Kruis (PfE)

In November 2020, the Commission published a comprehensive study on the net fiscal impact of immigration in the EU[1]. This study shows that non-EU immigration has a negative net benefit in almost all countries, even under the assumption of ‘perfect integration’.

The data is consistent with 2023[2] and 2024[3] studies, which show that immigrants migrating for other purposes than work, such as study, family reunification and asylum, all bring negative net contributions, ranging between EUR 200 000 for family migrants and EUR 400 000 for asylum seekers. The negative contribution is particularly large in the case of African and Middle Eastern asylum seekers.

The studies find evidence for a strong relationship between average net contributions by country and cultural distance, even after controlling for average education and the cito distribution-effect. The cultural distance to African-Islamic countries is large, and their emigrants bring large net fiscal costs, while the distance to Confucian countries is modest and their emigrants on average bring the largest net benefits.

1.When will the Commission publish an updated version of its 2020 study? If not, why not?

2.Will the Commission use the same methodology as the cited studies, differentiating immigrants by motive, source and generation? If not, why not?

Submitted: 21.5.2025

[1] https://www.econstor.eu/bitstream/10419/232517/1/GLO-DP-0814.pdf.

[2] Beek, Jan & Roodenburg, Hans & Hartog, Joop & Kreffer, Gerrit. (2023). Borderless Welfare State – The Consequences of Immigration for Public Finances.

[3] Beek, Jan & Roodenburg, Hans & Hartog, Joop & Kreffer, Gerrit. (2024), The Long-Term Fiscal Impact of Immigrants in the Netherlands, Differentiated by Motive, Source Region and Generation.
Last updated: 2 June 2025
MIL OSI Europe News –
June 2, 2025
MIL-OSI Europe: Written question – Protecting circular steel production by adopting a legal definition of green steel and amending CBAM – E-002051/2025
Source: European Parliament
Question for written answer E-002051/2025
to the Commission
Rule 144
Flavio Tosi (PPE), Massimiliano Salini (PPE), Letizia Moratti (PPE)

Presented in March 2025, the EU steel action plan aims to make the European steel industry more competitive, but does not provide a clear definition of the term ‘green steel’. The absence of objective criteria for production processes (their carbon footprint, the type of energy and raw materials they use) makes it impossible to introduce a labelling system that incentivises low-emission processes.

This legal vacuum is also reflected in the current design of the EU’s Carbon Border Adjustment Mechanism (CBAM), which does not guarantee a level playing field between EU producers and importers. Basing CBAM on the Emissions Trading System’s (ETS) free allocation benchmarks – which unfortunately take into account the process used rather than the product’s actual carbon footprint – will grant seamless access to the European market to third country steel products made using gas and virgin raw materials (DRI-EAF). Such a state of affairs would put the companies that use recycled scrap and renewable energies – which have to buy ETS credits for all their emissions – at a disadvantage.

In the light of the above:

1.Will the Commission provide a legal basis for green steel that is based on a product’s actual carbon footprint?

2.Will it amend CBAM to prevent any distortions that will harm circular steelmaking processes for flat and long products?

3.How will the Commission push for decarbonised steel to be included in industrial policies and public tenders?

Submitted: 21.5.2025
Last updated: 2 June 2025
MIL OSI Europe News –
June 2, 2025
MIL-OSI New Zealand: Celebrating World Milk Day

Source: Dairy Companies Association of New Zealand (DCANZ)

Milk continues to prove the vital part it plays in the health of New Zealanders and of billions of people around the world, says the Dairy Companies Association of New Zealand (DCANZ).

Today is World Milk Day, which is celebrated around the world to mark the contribution of dairy to the global food system.

DCANZ Executive Director Kimberly Crewther says milk’s contribution to health is well worth celebrating.

“As a nutrient-dense food it’s an important part of a healthy, balanced diet, not just for Kiwis of all ages, but also for people globally, including those in the more than 120 countries New Zealand exports dairy products to.”

Milk is a nutritional powerhouse with over 10 essential nutrients. Just one glass of milk delivers 35% of daily calcium, 40% of vitamin B2, and 37% of vitamin B12 requirements, along with high-quality protein.

Together, these nutrients support healthy bones, teeth, muscle function, skin, eyes, nervous system, and overall healthy growth and aging.

“That’s a massive amount of goodness in such a small – and tasty – serve.

“New Zealand’s most recent nutritional survey showed that in Kiwi diets, milk is the No 1 contributor of calcium, vitamin B2, and vitamin B12, and is the No 2 source of protein.

“Globally, milk contributes 49% of dietary calcium supply, 24% of vitamin B2, and 12% of protein, and is overall a top 5 source for 23 nutrients.

This nutrient density means milk and dairy products have an important role to play in the global fight against malnutrition.”

“Despite the impacts of strong global demand on dairy prices, at current prices, Kiwis can consume a serving of milk, cheese, and yoghurt for as little as $2 a day and in doing so receive more than a third of the recommended protein and more than three-quarters of recommended calcium needs.

“That works out at an impressive nutritional outcome for the investment of just 15% of the average weekly food bill of $475 for a family of 5, as reported in the latest [2023] Household Expenditure Statistics survey”

Also, according to the Food and Agriculture Organisation (FAO), dairy consumption reduces the risk of all-cause mortality, hypertension, stroke, type 2 diabetes, colorectal cancer, breast cancer, obesity, and osteoporosis in adults.

A 2018 study of children aged 1-12 years across Malaysia, Indonesia, Thailand and Vietnam also found the prevalence of stunting is significantly less in those who consume dairy every day compared to those who do not consume it at all.

Recognition of dairy’s nutritional goodness is fuelling demand growth globally and adding significantly to the industry’s economic contribution to New Zealand.

“The value of dairy exports increased by $3.5 billion in the year to April 2025, to $26.8 billion. That equalled one-in-every-three dollars New Zealand earnt from all goods trade, with the economic benefits flowing through the economy as farmers and dairy companies purchase goods and services from thousands of other companies.

“DCANZ thanks the thousands of people throughout New Zealand who support and contribute to this positive contribution.”

MIL OSI New Zealand News –

June 2, 2025
MIL-OSI New Zealand: Health – From Today Eligible People with Stage III Melanoma Can Access Funded KEYTRUDA® (pembrolizumab)

Source: Merck Sharp & Dohme (New Zealand)

Auckland, New Zealand, 1 June 2025 – MSD (tradename of Merck & Co., Inc., Rahway, N.J., USA (NYSE: MRK) is delighted to announce that from today, Pharmac will widen the funding of the immunotherapy cancer medicine KEYTRUDA® (pembrolizumab) to include the treatment of eligible people with stage III melanoma. 1

Vanessa Gascoigne, Merck Sharp & Dohme (New Zealand) Limited (MSD) Director, expressed her excitement, stating; “Funded access to KEYTRUDA has been available in New Zealand for certain people with advanced melanoma since 2016. 2

“We are thrilled that Pharmac has widened its funding of KEYTRUDA from today, to include eligible people with stage III melanoma. 1

“This marks the first time KEYTRUDA will be funded by Pharmac for the treatment of a cancer before it has progressed to an advanced stage. 1,3

“Thanks to the Government’s increase in the medicines budget last year, and National’s Cancer Policy, additional people living with cancer will now receive funded access to KEYTRUDA.” 1, 4, 5

New Zealand has one of the highest melanoma rates in the world; therefore preventing, and detecting melanoma early, must be absolute priorities. 6

KEYTRUDA is an immunotherapy cancer medicine registered for 31 indications and is now publicly funded for 12 of these indications.7,1 MSD will continue to work with the funding agency Pharmac, to try and obtain funded access for more people with cancer.

Ms Gascoigne says, “Faster funded access to cancer treatment may benefit people across New Zealand and we believe patients should have access to KEYTRUDA where clinical evidence exists, ensuring fair and equitable access.”

KEYTRUDA® (pembrolizumab) is available as a 100 mg/4 mL concentrate for solution for infusion.

The KEYTRUDA Consumer Medicine Information (CMI) is available at www.medsafe.govt.nz.

KEYTRUDA is a Prescription Medicine and may be used in adults:

· After surgery to remove melanoma, non-small cell lung cancer or renal cell carcinoma to help prevent the cancer from coming back

· Before surgery to treat triple-negative breast cancer and then continued after surgery to help prevent the cancer from coming back

· To treat bladder cancer which has not spread to nearby tissues but is at high-risk of spreading and where bladder removal is not preferred

· To treat certain patients with the following types of advanced cancers:

o Melanoma

o Non-small cell lung cancer

o Malignant pleural mesothelioma (MPM)

o Classical Hodgkin Lymphoma (cHL)

o Urothelial carcinoma

o Head and neck squamous cell carcinoma

o Renal cell carcinoma

o Gastric or gastroesophageal junction adenocarcinoma

o Oesophageal carcinoma

o Cutaneous squamous cell carcinoma.

o Cervical cancer

o Endometrial carcinoma

o Triple-negative breast cancer

o A kind of cancer that can occur in any part of the body and is shown by a laboratory test to be microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR)

o Colon or rectal cancer that is shown by a laboratory test to be MSI-H or dMMR

o Merkel cell carcinoma (MCC)

o Biliary tract carcinoma

KEYTRUDA may be used in children with MPM, cHL, MCC, MSI-H or dMMR cancer, or after surgery to remove melanoma. It is not known if KEYTRUDA is safe and effective in children with MSI-H or dMMR cancer of the brain or spinal cord (central nervous system cancers).

You should not be given KEYTRUDA if you are allergic to pembrolizumab or to any of the other ingredients listed at the end of the CMI.

KEYTRUDA can cause harm or death to unborn babies. Talk to your doctor if you are a woman who could become pregnant and use effective contraception while you are being treated with KEYTRUDA and for at least 4 months after the last dose of KEYTRUDA. Do not breastfeed while taking KEYTRUDA.

Serious immune-mediated side effects have occurred affecting the lungs, intestines, liver, kidneys, hormone glands, blood sugar levels, skin, other organs and in transplant recipients. Some of these side effects can sometimes become life-threatening and can lead to death. These side effects may happen anytime during treatment or even after your treatment has ended and you may experience more than one side effect at the same time. Serious infusion reactions have also occurred.

Very common side effects with KEYTRUDA alone include diarrhoea, nausea, itching, rash, joint pain, back pain, feeling tired, cough, patches of discoloured skin, stomach pain, decreased levels of sodium in blood and low levels of thyroid hormone.

When KEYTRUDA was given in combination with chemotherapy, hair loss, vomiting, decreased white-blood cell count, mouth sores, fever, decreased appetite, decreased number of red blood cells, decreased number of platelets in the blood and swelling of the lining of the digestive system (for example mouth, intestines) were also commonly reported.

When KEYTRUDA was given in combination with axitinib, high blood pressure, fatigue, low levels of thyroid hormone, decreased appetite, blisters or rash on palms of your hands and soles of your feet, increased liver enzyme levels, hoarseness, and constipation were also commonly reported.

When KEYTRUDA was given in combination with lenvatinib, high blood pressure, decreased appetite, low levels of thyroid hormone, vomiting, weight loss, headache, constipation, hoarseness, urinary tract infection, stomach-area (abdominal pain), blisters or rash on the palms of your hands and soles of your feet, protein in your urine, increased liver enzyme levels and feeling weak were also commonly reported.

The most common side effects when KEYTRUDA is given alone to children include fever, vomiting, headache, stomach pain, decreased number of red blood cells, cough, and constipation. (v56)

KEYTRUDA has risks and benefits. Talk to your doctor to see if KEYTRUDA is right for you. If symptoms continue or you have side effects, tell your doctor.

KEYTRUDA is funded to treat certain patients with the following types of advanced cancers: melanoma, non-small cell lung cancer, MSI-H or dMMR colorectal cancer, triple-negative breast cancer, head and neck squamous cell carcinoma, urothelial carcinoma, and classical Hodgkin lymphoma. KEYTRUDA is also funded for certain patients with Stage IIIB-D melanoma. Patients must meet specific criteria for funding.

KEYTRUDA is not funded for the treatment of all other cancers , which means you will need to pay for the full cost of the medicine and its administration. Ask your doctor about the cost of the medicine and any other medical fees that may apply.

Merck Sharp & Dohme (New Zealand) Limited. Level 3, 123 Carlton Gore Road, Newmarket, Auckland.

Copyright © 2025 Merck & Co., Inc., Rahway, NJ, USA, and its affiliates. All rights reserved.

About MSD

At MSD, known as Merck & Co., Inc., Rahway, N.J., USA in the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.msd.com

Copyright © 2025 Merck & Co., Inc., Rahway, NJ, USA, and its affiliates. All rights reserved.
Merck Sharp & Dohme (New Zealand) Limited. Level 3, 123 Carlton Gore Road, Newmarket, Auckland. NZ-NZ-KEY-00984 V1.0 NP22833 June 2025

References

1. Pharmac Community Schedule: Pembrolizumab Special Authority Form SA2491 June 2025. Available at https://schedule.pharmac.govt.nz/2025/06/01/SA2491.pdf Accessed May 2025

2. Pharmac. News and resources. Decision regarding funding of pembrolizumab (Keytruda), nivolumab (Opdivo), posaconazole (Noxafil) and raltegravir (Isentress) Available at:

https://www.pharmac.govt.nz/news-and-resources/consultations-and-decisions/decision-regarding-funding-of-pembrolizumab-keytruda-nivolumab-opdivo-posaconazole-noxafil-and-raltegravir-isentress?keyword=KEYTRUDA&type=all&page=1 Accessed May 2025

3. Pharmac Community Schedule: Pembrolizumab Special Authority Form SA2386 May2025. Accessed May 2025

4. Pharmac. News and resources. Update on new medicines funding after the budget uplift. Available at:

https://www.pharmac.govt.nz/news-and-resources/news/update-on-new-medicines-funding-after-the-budget-uplift Accessed May 2025

5. National Party. Policies. Helping More Kiwis Fight Cancer. Available at:

https://assets.national.org.nz/Plan_Helping_More_Kiwis_Fight_Cancer.pdf Accessed May 2025

6. MelNet: Skin Cancer Prevention and Early Detection Strategy 2024 – 2028. Available athttps://strategy.melnet.org.nz/ Accessed May 2025

7.KEYTRUDA Data Sheet. Available at: https://www.medsafe.govt.nz/profs/Datasheet/k/Keytruda.pdf Accessed May 2025

MIL OSI New Zealand News –

June 2, 2025
MIL-OSI: Plantro Demands Immediate Action from Dye & Durham Board to Halt Value Destruction and Pursue Strategic Alternatives
Source: GlobeNewswire (MIL-OSI)

Almost $1 billion in shareholder value destroyed since December 2024

Governance Failures: A revolving door of CEOs, director entrenchment as Board refuses to engage unsolicited bids for the business, and allegations of serious director misconduct

ST. HELIER, Jersey, June 02, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) which is one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company’’) (DND: TSX) today called on the board of directors (the “Board”) to take immediate action to address and reverse the nearly $1 billion in shareholder value destroyed over the last six months.

The Value Destruction at Dye & Durham has Reached Crisis Proportions

Prior to the Company’s December 17, 2024 annual and special meeting of shareholders (the “Annual Meeting”), members of the current Board promised shareholders a “Path to Enhanced Value Creation.” Instead, since their election, the Company’s share price has collapsed by a staggering ~60%.

Shareholders were assured that the new Board would accelerate the deleveraging of the Company. Instead, the opposite has occurred. Since the current Board took control, Dye & Durham’s financial performance has materially worsened. Adjusted EBITDA has declined, as costs have increased sharply, and revenues have remained flat, reflecting a fundamental failure to control expenses or drive growth.

As a result, the Company’s debt levels have risen substantially, both in absolute terms and as a multiple of Adjusted EBITDA. With no credible plan in place to reverse this trend, the Company’s leverage is expected by sell-side analysts to increase further, with consensus estimates projecting net debt to Adjusted EBITDA reaching approximately 6.0x in less than a year from now.

Most alarming by far is the sharp deterioration in cash generation. The combination of eroding margins, stagnant revenue, and poor management of the business and its obligations is rapidly depleting the Company’s available cash. Dye & Durham was on course to generate $100 million in leveraged free cash flow in FY 2025 (with actual results of generating $46 million in the last twelve-month period at September 30, 2024). Plantro now believes based on consensus estimates that the Company will generate only $29 million over the next year.

Perhaps this isn’t surprising. After all, since December 2024, the Company has churned through multiple CEOs, and no permanent CEO has been appointed despite prior assurances that one would be named within eight weeks of the Annual Meeting. The Company is now 24 weeks post-Annual Meeting, on its second interim CEO, and stuck with a largely interim executive team. The Company is drifting, rudderless.

Escalating Governance Crisis at Dye & Durham

Plantro is further concerned by the serious governance shortcomings that have take place on this Board’s watch. Namely:
- The entrenched Board refuses to engage with credible private equity buyers. Based on media reports, the Board refused to engage with credible acquisition offers of approximately $20 per share, representing more than a 100% premium to the Company’s trading price at the time. In doing so, it has denied basic due diligence access to prospective buyers, undermining the possibility of higher bids and raising serious questions about the Board’s ability to exercise its actual mandate. It is Plantro’s understanding that these credible private equity sponsors continue to approach the Board without success.
- Recent events suggest a clear pattern of punitive action from the current Board against senior leaders who attempt to uphold their fiduciary duties. Plantro understands that former CEO and Chairman Hans Gieskes was abruptly dismissed shortly after recommending an independent investigation into alleged board misconduct. Plantro believes that other senior managers have also been dismissed after highlighting and uncovering board misconduct. Plantro is increasingly alarmed that the Board may now be pursuing retaliatory measures against the CFO, following a formal complaint regarding an allegation of serious misconduct by certain directors.
- There are credible media reports that the Company approved multimillion-dollar cash payments to Engine Capital and OneMove Capital. These payments were not separately itemized in the Company’s financials and instead were characterized with other proxy contest expenses. Shareholders have no assurance over the veracity of the expenses claimed by Engine, OneMove and potentially others, nor the quantum, nor have these payments delivered any discernible benefit to the Company. Rather, they appear to be self-serving cash extractions—executed even as the Company lacked sufficient liquidity to meet interest payments on its debt.
Plantro Demands Immediate Action

Shareholder losses since this Board took over now total nearly $1 billion. This is unsustainable and untenable for any business, but especially for Dye & Durham, given the precarious financial position and governance challenges created by the current Board.

The Board must take the following actions to restore value for shareholders:
1. Sell the Financial Services business to reduce the Company’s indebtedness. Divesting this asset represents a significant and immediate leaver in Dye & Durham’s efforts to reduce its growing debt load.
2. A full sale of the remaining Company. With a strengthened balance sheet, Dye & Durham would attract a valuation that would likely be greater than the current, approximately $20 per share offers from credible private equity buyers, unlocking material value upside for all shareholders.
3. A thorough and comprehensive investigation of Board conduct since the December 2024 Annual Meeting.
Plantro has provided notice to the Board that it has exercised its contractual right and is appointing a Board observer effective immediately. Plantro intends to advocate constructively in the boardroom to action the above initiatives for the benefit of all shareholders.

It is abundantly clear that the Company has been gripped by serious financial, operational, and governance crisis under the current Board. Plantro encourages its fellow shareholders to contact the Board and make their views known.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

The MIL Network –
June 2, 2025

MIL-OSI: RBC iShares Expands iShares Core Offering with Launch of New ETFs

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 02, 2025 (GLOBE NEWSWIRE) — Today, RBC iShares expands its iShares Core exchange traded fund (ETF) lineup with the launch of two iShares ETFs (each an ‘iShares Fund’ and collectively, the ‘iShares Funds’).

The iShares Core S&P Total U.S. Stock Market Index ETF (XTOT) will provide investors with broad-based exposure to the total U.S. equity market, covering large-, mid-, small-, and micro-capitalized companies. The iShares Core S&P Total U.S. Stock Market Index ETF will also be available in a U.S.-dollar denominated class (XTOT.U).

“We are pleased to expand our suite of low-cost, diversified core ETFs with the addition of the iShares Core S&P Total U.S. Stock Market Index ETF. This new ETF offers investors a convenient way to access broad-based exposure to the total U.S. equity market, making investing in global markets easier and more affordable for Canadians,” said Steven Leong, Head of Product at BlackRock Canada.

The iShares Core Canadian Short-Mid Term Universe Bond Index ETF (XSMB) will provide investors with exposure to a broadly diversified range of Canadian domiciled bonds with maturities between 1 and 10 years, which may include any or all of federal, provincial, corporate (including certain qualifying asset-backed securities) and municipal bonds.

“Canadians continue to embrace fixed income ETFs as efficient tools for building resilient, well-diversified portfolios. With this launch, we are excited to provide access to a broad portfolio of Canadian government and corporate bonds with 10 years remaining to maturity or less. This exposure allows investors to generate income while offering a source of portfolio stabilization amid volatility,” added Mr. Leong.

The iShares Funds are listed in the table below and are expected to begin trading on the Toronto Stock Exchange (TSX) today; the iShares Funds are managed by BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect wholly-owned subsidiary of BlackRock, Inc.

Fund Name	Ticker	Annual Management Fee¹
iShares Core S&P Total U.S. Stock Market Index ETF	XTOT, XTOT.U	0.07%²
iShares Core Canadian Short-Mid Term Universe Bond Index ETF	XSMB	0.15%

RBC iShares aims to help clients achieve their investment objectives by empowering them to build efficient portfolios and take control of their financial futures. RBC iShares is committed to delivering a truly differentiated ETF experience and positive outcomes for clients.

For more information about RBC iShares, please visit https://www.rbcishares.com.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) manage approximately $710 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.

RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2025 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.

Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com

As an annualized percentage of the iShares Fund’s daily net asset value.

If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an “underlying product fee” and together with the management fee payable to BlackRock Canada, the “total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.

The MIL Network –

June 2, 2025

MIL-OSI: Convening of extraordinary general meeting of Nykredit Realkredit A/S

Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen

2 June 2025

Convening of extraordinary general meeting of Nykredit Realkredit A/S

Nykredit Realkredit A/S will hold its extraordinary general meeting on Tuesday 24 June 2025 at 15:30 at the Company’s offices at Sundkrogsgade 25, DK-2150 Nordhavn.

-o0o-

Agenda:

Election of member of the Board of Directors.
Any other business.

The agenda of the Company’s general meeting and the complete proposals have been submitted to Nykredit A/S, which owns all the shares of the Company.

Item 1 on the agenda proposes election of Lasse Nyby to the Board of Directors. Information about Lasse Nyby’s education, professional experience, independence and other directorships and executive positions is provided in Appendix 1.

Admittance to the general meeting is subject to collection of an admission card at least three days prior to the general meeting.

Copenhagen, 2 June 2025

Nykredit Realkredit A/S
Board of Directors

Contact:
Questions may be addressed to Press Relations, tel +45 31 21 06 39.

Appendix 1 – CV of Lasse Nyby

Lasse Nyby
Year of birth: 1960
Non-independent

Professional experience
2000-	Chief Executive Officer, Spar Nord Bank A/S
1995	Joined the Executive Board of Spar Nord Bank A/S
1986 – 1995	Various positions at Spar Nord Bank A/S

Education
Financial services background
B. Com. (Management Accounting)
Executive education from Insead

Directorships and other positions (current)
Aktieselskabet Skelagervej 15 (Chair)
AP Pension Livsforsikringsaktieselskab (Deputy Chair)
Foreningen AP Pension f.m.b.a. (Deputy Chair)
Nykredit A/S (Board Member)
Landsdækkende Banker (Board Member)
Finance Denmark (Board Member)
FR I af 16. september 2015 A/S (Board Member)

Directorships and other positions (previous)
PRAS A/S (Deputy Chair)

Attachment

Notice to extraordinary general meeting – Nykredit Realkredit AS – 02062025

The MIL Network –

June 2, 2025

MIL-OSI Russia: Materials and technologies of the oil and gas industry were discussed at the Polytechnic University

Translation. Region: Russian Federal

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

The V international industry conference “Materials and Technologies in the Oil and Gas Industry” was held at the Advanced Engineering School of SPbPU “Digital Engineering” (AES SPbPU). Leading experts in the field of materials and technologies, corrosion, metal science, mechanical engineering, additive technologies, digitalization, and the oil and gas industry discussed current issues in the industry. The Scientific and Technological Complex (STC) “New Technologies and Materials” of AES SPbPU organized the event. Partners were Gazprom 335 and VNIKTIneftekhimoborudovanie.

This year, the business program included an expanded list of areas, including digital materials science, polymer composite materials for the oil and gas industry, hydrogen energy, issues of construction and industrial safety of oil and gas infrastructure, personnel training, and others. More than a hundred reports were presented at 15 thematic sections and round tables. Experts demonstrated developments in the field of materials and technologies as part of the exhibition.

The event was attended by industry leaders and high-tech companies such as Gazprom, Gazpromneft NTC, Gazpromneft, Gazprom VNIIGAZ, Gazprom 335, Gazpromneft – Service Technologies, Rosneft, Lukoil, Transneft, Irkutsk Oil Company, Tatneft-Presskomposit, Sibir, RN-BashNIPIneft, Sibur Holding, Severstal, VNIKTIneftekhimoborudovanie, IC TMK, Kolskaya GMK, OMK, UMATEX, PM-Composite and others.

Representatives of scientific centers and leading technical universities of the country spoke in thematic discussions. At the plenary session “Materials and technologies in the oil and gas industry – paths to technological leadership” scientists, government officials and heads of high-tech enterprises in the metallurgy and oil and gas sector presented reports.

This is our fifth conference, we are celebrating a small anniversary. This year, more than 334 participants have registered, representing 150 organizations. I am sure that we will have fruitful work, which is divided into 15 sections and round tables. You will be able to share experiences, discuss current issues on the scientific and technological agenda and find useful business contacts, – Alexey Borovkov, Vice-Rector for Digital Transformation of SPbPU, greeted the participants.

Alexey Borovkov spoke about the competencies of the SPbPU PISh in solving the problems of technological leadership, noted the extensive project activities in the interests of the industrial partners of the SPbPU PISh at a unique Digital platform for the development and application of digital twins CML-Bench®Alexey Ivanovich presented the main provisions of digital twin technology and emphasized its advantages as a driver for the development of industries, which contributes to the digitalization of production and the revision of traditional practices of product design and testing.

Gazprom Neft Science Director Mars Khasanov emphasized the importance of engineering artificial intelligence for the application and development of digital engineering technologies. He noted the importance of integrated modeling, complex processing of large volumes of data, reduction of timeframes and success of modeling. Mars Khasanov spoke about the role of artificial intelligence in decision generation, multivariate modeling and impact analysis.

All intelligent agents that make up engineering artificial intelligence solve certain engineering problems that are common to system engineering, and neurosymbolic technologies are used. The best environment for implementing engineering artificial intelligence is what Alexey Borovkov talked about. This is model-oriented system engineering, approaches and this entire huge system that was created, for example, at SPbPU. I think it would be great to implement all elements of engineering artificial intelligence into this system, Mars Khasanov emphasized.

Ayar Suleimanov, Chief Operating Officer of Gazpromneft — Service Technologies, shared his experience in implementing new approaches to integrity and reliability management. He noted the development of projects on predictive failure analytics, online corrosion monitoring, and the development of self-cleaning devices for oil wells. They are aimed at ensuring technological independence, digitalization, and sustainable development of the enterprise. Ayar Suleimanov concluded that the implemented measures have significantly improved efficiency and reduced accidents. In the near future, it is planned to reduce diagnostic costs by 40-50%.

The strategic session “Modern Materials in Equipment and Technologies for the Development of Oil and Gas Resources on the Russian Continental Shelf” was attended by Grigory Kuropatkin, Head of the Gazprom Department, Kirill Frolov, Chief Engineer and Deputy General Director of Gazprom 335, Yaroslav Kosmatsky, Deputy General Director for Research at the TMK Research Center, and Andrey Drinberg, Professor at the Hero of the Russian Federation, General of the Army E. N. Zinichev, St. Petersburg University of the State Fire Service of the Russian Emergencies Ministry. The moderator was Maxim Korobchuk, Chief Specialist of the Scientific and Technical Directorate of Gazprom 335.

The experts discussed the prospects for developing offshore deposits in the Russian Arctic zone, the achievements and current challenges of creating domestic equipment for underwater production, problems in materials science, training professional personnel for the emerging new industry, and the possibilities of using modern digital technologies and artificial intelligence.

The issues raised at the strategic session were examined in more detail by the participants at the relevant thematic sessions:

“RF SHELF: Steels and alloys for equipment of underwater hydrocarbon production systems”; “RF SHELF: Modern polymeric materials in equipment and technology of underwater hydrocarbon production”; “RF SHELF: Protective and functional coatings for equipment of underwater production complexes of offshore hydrocarbon fields”.

At the section “Corrosion Management in Oil Refining and Petrochemical Industries”, participants discussed the problems and achievements of oil refining and petrochemical enterprises, as well as specialized institutes and organizations in combating and controlling corrosion of process equipment. Experts considered the causes of equipment and pipeline failures due to corrosion, assessed various mechanisms of corrosion wear and corrosion monitoring, and also conducted a risk assessment in this area.

Materials and technologies for hydrogen energy were discussed at the round table of the same name. The discussion was moderated by Yuri Aristovich, an expert of the Scientific and Educational Center for Digital Engineering of the Main Equipment of Chemical-Engineering Systems at the St. Petersburg Polytechnical School, Viktor Bolobov, a professor at the Empress Catherine II St. Petersburg Mining University, and Gleb Semernin, head of the department for the development of new product categories at the United Metallurgical Company.

Hydrogen energy is not a short-term trend, but a conscious choice in favor of the future, where environmental safety and economic efficiency go hand in hand. This is an opportunity to diversify energy sources, reduce dependence on fossil fuels and create new jobs in high-tech industries. Hydrogen energy can become a catalyst for technological progress, stimulating the development of related industries, such as mechanical engineering, chemical industry, energy and transport. This is a chance for Russia to take a leading position in the global market of hydrogen technologies, exporting not only raw materials, but also advanced solutions. For the successful development of this area, comprehensive government support is needed, including the creation of a favorable investment climate, the development of a regulatory framework, stimulating demand for hydrogen and supporting scientific research, – noted Yuri Aristovich.

Timofey Sokolov, an engineer at the Digital Engineering of the Main Equipment of Chemical-Engineering Systems Research and Education Center at the SPbPU PIS, presented a report on the analysis and development prospects of modern burner devices as a new industry standard. His colleague Andrey Efremov spoke about a critical analysis of the characteristics of internal combustion engines and hydrogen fuel cells. Anton Tsvetkov, a senior lecturer at the Higher School of Advanced Digital Technologies at the SPbPU PIS, presented the results of a study on the resistance of steel to hydrogen in aqueous and gaseous environments. Sergey Dagayev, a research engineer at the testing laboratory at the SPbPU PIS, spoke about hydrogen embrittlement of pipeline steels in a high-pressure hydrogen gas environment. The participants of the round table developed optimal solutions in terms of the emerging regulatory framework and the introduction of materials and technologies for hydrogen energy.

Director of the Higher School of Advanced Digital Technologies PISH SPbPU Valery Leventsov presented the educational model of the Advanced Engineering School of SPbPU “Digital Engineering” and approaches to organizing the educational process, in which representatives of industrial partners, along with the school’s teachers, act as mentors for master’s students.

Director of the Center for Continuing Professional Education of the SPbPU Advanced Engineering School Sergey Salkutsan spoke about the experience of developing and implementing training programs for managers and engineering personnel of high-tech companies on the topic of organizing advanced production. Students of the Advanced Engineering School of SPbPU “Digital Engineering”, engineers of the Scientific and Technical Complex “New Technologies and Materials” of the SPbPU Advanced Engineering School Ksenia Grigorieva and Rodion Ermolaev demonstrated tools and approaches that help future engineers maintain efficiency, involvement and sustainability in the educational and professional environment.

Read more about the conference on the website.

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

MIL OSI Russia News –

June 2, 2025
MIL-OSI: Global Net Lease Appoints Robert Kauffman as Board Chair

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) today announced the appointment of Robert Kauffman as Non-Executive Chairperson of its Board of Directors (the “Board”), effective immediately. Mr. Kauffman succeeds Sue Perrotty, who resigned from her position as Non-Executive Chairperson but will continue to serve on the Board as an independent director.

Mr. Kauffman, a Co-Founder and former member of the Board of Directors of Fortress Investment Group, joined the GNL Board in March 2024.

“We are excited that Rob Kauffman has become Chair of our Board at this transformative time for GNL,” said Michael Weil, CEO of GNL. “Since joining the Board, Rob has played an active role in our strategic initiatives – including our multi-tenant asset sale – and has added tremendous value through his extensive real estate and capital markets experience at Fortress, UBS and BlackRock. As we move toward a new era for GNL as a pure-play single-tenant net lease company, which we believe positions us to deliver additional value for shareholders, we look forward to benefiting from his leadership for years to come.”

“Our entire Board thanks Sue Perrotty for her many years of dedication and leadership as Board Chair through a period of considerable evolution for GNL,” Mr. Weil added.

“I am honored to step into this new role at such an important time for GNL,” said Mr. Kauffman. “GNL has taken significant steps over the last year to streamline its portfolio, strengthen its balance sheet, and enhance financial flexibility. I look forward to continuing to work closely with my fellow directors and GNL’s seasoned management team to capitalize on our strong momentum.”

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:
Investor Relations
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020

The MIL Network –

June 2, 2025
Centre notifies guidelines for electric passenger vehicle manufacturing scheme

Source: Government of India

Source: Government of India (4)

The Centre on Monday issued detailed guidelines for a new scheme aimed at promoting domestic manufacturing of electric passenger vehicles, marking a key step in its broader push for green mobility and sustainable industrial development. The “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI), notified by the Ministry of Heavy Industries (MHI), is intended to attract global investments in India’s electric vehicle (EV) sector while strengthening the country’s position as a global automotive manufacturing hub.

Announced in March 2024, the scheme aligns with India’s climate goals, including its commitment to achieve net-zero emissions by 2070. The initiative also supports the government’s vision of fostering economic growth, job creation, and environmental sustainability through strategic policy interventions in the EV ecosystem.

Speaking at a press conference, Union Minister for Heavy Industries, H.D. Kumaraswamy, described the scheme as a forward-looking and transformative step. He noted that the scheme is designed not only to bring cutting-edge EV technologies into the Indian market but also to build indigenous manufacturing capabilities through a clear framework of domestic value addition (DVA) targets.

Under the scheme, approved companies will be allowed to import a limited number of completely built electric four-wheelers (e-4W) at a reduced customs duty rate of 15 per cent for a period of five years. These imports must meet a minimum cost, insurance and freight (CIF) value of USD 35,000 per unit. The concession is capped at 8,000 units per year, with the flexibility to carry forward unused quotas. However, the total duty foregone will be limited to either Rs 6,484 crore or the actual investment made by the applicant, whichever is lower.

To qualify for these benefits, applicants must commit to a minimum investment of Rs 4,150 crore within three years of receiving approval. They must also establish manufacturing facilities and commence production within this period. The guidelines stipulate that a minimum of 25 per cent domestic value addition should be achieved within three years, rising to 50 per cent within five years. The DVA assessment will follow the existing Standard Operating Procedure of the PLI Scheme for Automobile and Auto Components, with certifications to be carried out by MHI-approved testing agencies.

While there is no cap on maximum investment, only specific categories of expenditure—such as new plant and machinery, engineering research and development, and essential buildings—will be counted towards the investment threshold. Notably, expenditure on land is excluded, while spending on charging infrastructure will be considered up to a limit of five per cent of the total committed investment.

Applicants will be required to furnish a bank guarantee equivalent to the higher of the duty foregone or Rs 4,150 crore, valid for the entire duration of the scheme. The application window, expected to open soon, will remain active for a minimum of 120 days, with the government retaining the option to reopen it until March 2026. A non-refundable application fee of Rs 5 lakh will be applicable.

Eligibility is restricted to companies or global groups with an automotive manufacturing revenue of at least Rs 10,000 crore and fixed asset investments of not less than Rs 3,000 crore, based on their latest audited financial statements.

The Ministry of Heavy Industries said the scheme would catalyse the development of a competitive and self-reliant EV manufacturing ecosystem in India, contributing to the larger goals of the ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives. The effort is also expected to generate high-quality employment, accelerate the adoption of clean energy technologies, and position India as a preferred destination for global automotive innovation.

June 2, 2025
India to create 7.29 million green jobs by FY28, 35 million by 2047: Report

Source: Government of India

Source: Government of India (4)

India’s green economy is growing rapidly and is expected to reach a value of $1 trillion by 2030, and a staggering $15 trillion by 2070, a new report said on Monday.

With this massive growth, India is also set to create a huge number of green jobs – around 7.29 million by the financial year 2027-28 and 35 million by the year 2047, according to a NLB Services report.

NLB Services CEO Sachin Alug said: “In the past 4–5 years, we’ve seen green jobs evolve from niche roles to mainstream opportunities across renewable energy, EVs, and sustainable infrastructure. What’s changed pragmatically is the skillsets.”

“Today’s green workforce needs both sustainability know-how and digital fluency, and the increased integration of AI, IoT, blockchain, GIS, and data-driven tools are laying the foundation for progressive, new-age green careers,” Alug mentioned.

As the green sector expands, industries are not just investing in green technology and renewable energy, but also focusing on building a skilled workforce to meet the rising demand.

This shift is driving companies to change their hiring strategies. Rather than relying only on traditional degrees, employers are now giving more importance to practical green skills and hands-on experience.

Many companies are also working closely with colleges and universities to equip young people with sustainability-related skills, while also investing in inclusive hiring and re-skilling programmes, the report stated.

The new employment outlook is stronger than earlier predictions. In 2024, the green sector was expected to grow at a pace of 15–20 per cent annually in terms of job demand.

However, new estimates show an even faster increase, especially in fields like renewable energy, electric vehicles, green construction, waste management, and sustainable textiles.

Most green jobs are still based in big cities like Mumbai, Bengaluru, and Delhi. But smaller cities such as Jaipur, Indore, Visakhapatnam, Coimbatore, Bhubaneswar, Chandigarh, and Ahmedabad are also becoming key green job hubs.

Tier II and Tier III cities are expected to create 35-40 per cent of the projected 7.29 million jobs by FY28, helped by the growth in sustainable agriculture, logistics, and warehousing, as per the report.

Green job roles are also becoming more diverse. Demand for professionals in areas such as ESG (Environmental, Social and Governance) analytics, climate data analysis, and green technology is growing fast, with a projected 20–30 per cent yearly rise.

(IANS)

June 2, 2025
RBI may opt for 50 bps jumbo rate cut to counter uncertainty: SBI report

Source: Government of India

Source: Government of India (4)

The Reserve Bank of India (RBI) may implement a 50-basis point rate cut in its June Monetary Policy Committee (MPC) meeting to revive the credit cycle and mitigate economic uncertainty, according to a report by the State Bank of India (SBI) released on Monday.

The cumulative rate cut during the ongoing cycle could total 100 basis points, said Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI.

“Domestic liquidity and financial stability concerns have eased. Inflation is expected to remain within the tolerance band. Preserving domestic growth momentum should be the primary policy objective, justifying a jumbo rate cut,” he noted.

With liquidity in sustained surplus, banks are repricing liabilities more rapidly amid the rate-easing cycle. Savings account interest rates have already been reduced to a floor rate of 2.70 per cent.

Fixed deposit (FD) rates have also been cut by 30 to 70 basis points since February 2025. SBI anticipates a strong transmission to deposit rates in the coming quarters.

India’s economy expanded by 7.4 per cent in Q4 FY25, down from 8.4 per cent in the same quarter last year. This growth was largely driven by a sharp rise in capital formation, which registered a 9.4 per cent year-on-year increase.

An above-normal monsoon forecast by the IMD, robust crop arrivals, and declining crude oil prices have led SBI to revise its CPI inflation estimate downward to 3.5 per cent for FY26.

Based on the latest RBI Annual Report, SBI expects higher household savings, adequate to support economic growth without creating demand-driven inflationary pressures in FY26.

The report also highlighted the strong performance of Indian banks, particularly public sector banks (PSBs), which recorded a 26 per cent year-on-year rise in profits. In comparison, private banks saw a 5.8 per cent increase.

System liquidity turned positive, standing at ₹1.2 lakh crore as of March 31. Factoring in the recent ₹2.68 lakh crore RBI dividend to the government, SBI projects core liquidity to reach ₹5.3 lakh crore by the end of June. Durable liquidity is likely to remain in surplus throughout FY26.

Against this backdrop, the report suggests that the RBI will need to strike a balance between managing contained inflation and preventing a slowdown in domestic growth.

“We expect that the RBI will proceed with a 50 bps rate cut to support growth,” the report concluded.

-IANS

June 2, 2025
India, Oman close to finalizing free trade agreement: Piyush Goyal

Source: Government of India

Source: Government of India (4)

India is nearing the conclusion of a Free Trade Agreement (FTA) with Oman, with Commerce and Industry Minister Piyush Goyal indicating that an announcement could be made soon. The move is expected to significantly boost bilateral trade and investment flows between the two countries.

“I think you will see some good news very soon on the Oman FTA,” Goyal told journalists during his ongoing official visit to France, where he is promoting Indian trade and investment interests. He is also scheduled to attend a ministerial meeting of the World Trade Organization (WTO) on Tuesday.

Negotiations for the proposed India-Oman Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. Goyal’s visit to Oman in late January 2025, where he co-chaired the 11th session of the India-Oman Joint Commission Meeting with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, marked a key step in advancing the talks.

During the high-level meeting, both ministers reviewed bilateral relations and held in-depth discussions on cooperation in areas such as trade, investment, technology, food security, and renewable energy. They agreed to accelerate negotiations for the CEPA, with the aim of signing the agreement at the earliest.

Describing the CEPA as a potential milestone in India-Oman relations, officials said the pact could significantly expand two-way trade and investments.

Oman is India’s third-largest export destination among Gulf Cooperation Council (GCC) nations. In 2024-25, bilateral trade between the two countries stood at approximately USD 10.5 billion, with Indian exports worth USD 4 billion and imports valued at USD 6.54 billion.

(With IANS inputs)

June 2, 2025
MIL-OSI United Kingdom: Godiva Festival opens volunteer opportunities for 2025
Source: City of Coventry

Join the crew for Godiva Festival and apply to be a volunteer for 2025.
This week is national Volunteers Week and Godiva Festival, one of the UK’s most anticipated music festivals which is held annually in Coventry, is thrilled to announce a range of exciting opportunities to volunteer at the event.

Godiva Festival is back in the stunning War Memorial Park, Coventry, from 4-6 July.

Be among the team of local volunteers supporting the event crew across a wide range of roles and experiences that could include:

Front of House: welcoming and supporting spectators.

Street Theatre Escorts: accompanying roaming street performers.

Family Field Team: guiding families, supporting performances, arts and crafts activities.

Across the weekend, War Memorial Park will play host to Coventry’s flagship event with a line-up packed with genres that music lovers and families can enjoy from pop to rock and 2-tone to hip hop.

Councillor Abdul Salam Khan, Cabinet Member for Events, said: “This is a great opportunity for residents to get involved in the flagship summer festival in Coventry. There are lots of exciting volunteering roles from “meeting and greeting” festival goers as they arrive to supporting performers, all the while promoting Coventry as the welcoming city it is.

“It has been shown that volunteering is great for health and social wellbeing and with the incentives including free access to the festival, this is a lovely opportunity to be part of something really special.”

David Boughey MBE, EnV said: “The annual Godiva Festival certainly ranks high amongst the highlight moments over the years that the volunteers and I come away from thinking “Wow! What a weekend!” We are really looking forward to welcoming new and existing team members again this year who will be providing their time, energy and support to help make Godiva Festival 2025 great for everyone who visits!”

In addition to the range of health and social benefits volunteering brings, some incentives on offer for Godiva Festival Volunteers can include access to the festival, complimentary lunch pack and festival site parking and a truly unique experience at a large-scale event working with EnV, a Queen’s Award-winning social enterprise for volunteering.

Pete, Godiva Festival Volunteer Team Leader in 2024, said: “Being a Godiva Festival Volunteer is a fantastic opportunity to be part of an exciting event for Coventry. It is great to welcome all the visitors as well as help and support across lots of activities for all the family. I enjoy being able to make a difference! Taking part in events with EnV is like joining a big, supportive family but with the extra plus knowing you are supporting the city.”

Applicants must be 18 or over.

Find out more and apply online.

The Godiva Festival volunteer programme is being managed and coordinated by EnV (Coventry) CIC.

Godiva Festival is proudly delivered by Coventry City Council. BBC CWR is the official media partner. Music Smart sponsors the Godiva Calling competition, and Coventry College sponsors the Family Field.

For Godiva Festival Volunteer enquiries and questions, you can contact the EnV Volunteer team at env.volunteers@env.uk.com
MIL OSI United Kingdom –
June 2, 2025
MIL-OSI USA: In face of layoffs, Golden co-sponsors Protect our Parks Act of 2025

Source: United States House of Representatives – Congressman Jared Golden (ME-02)

WASHINGTON — Congressman Jared Golden (ME-02) this week announced the introduction of H.R. 3555, the Protect our Parks Act of 2025, to ensure the country’s 63 national parks and hundreds of other sites managed by the National Park Service (NPS) are adequately staffed.

“If there’s one thing Mainers know, it’s the value of the great outdoors. As we approach the busy summer season, Congress must act to ensure our treasured national parks have the resources they need to meet their mission,” Golden said. “Prior generations ensured the federal lands managed by the National Park Service were protected for us. Now it’s our turn to step up and guarantee their future for our grandchildren.”

Golden is an original co-sponsor of the bill, which directs the Secretary of the Interior to ensure adequate staffing within the NPS for the overall safety and wellbeing of visitor safety and natural and cultural resource protection.

It orders the reinstatement of any individuals terminated as part of the Administration’s mass firings, beginning on January 20, 2025, providing staffing levels necessary to keep critical federal projects moving — including those funded by the Great American Outdoors Act; Infrastructure Investment and Jobs Act; Inflation Reduction Act; and Federal Lands Recreation Enhancement Act.

Golden is a member of the House Committee on Natural Resources and the Subcommittee on Federal Lands. In a May committee vote, he opposed the House GOP’s plan to slash $279 million from the NPS. He has a long track record of support for America’s parks system.

“Our national parks are invaluable treasures, preserving America’s natural and cultural heritage,” said Eric Stiles, president and CEO of Friends of Acadia. “Ensuring national parks are fully staffed is crucial for conservation, the visitor experience, and the success of vital projects. The Protect Our Parks Act calls for the reinstatement of dedicated personnel and safeguards key investments like the Great American Outdoors Act. Friends of Acadia applauds Congressman Jared Golden’s leadership in co-sponsoring this bill, ensuring these cherished places remain protected and accessible for future generations.”

“Friends of Katahdin Woods & Waters thanks Congressman Golden for cosponsoring the Protect Our Parks Act,” said Brian Hinrichs, executive director of Friends of Katahdin Woods & Waters. “At this critical time, we value his leadership in voicing the need for the National Park Service to be fully staffed and funded. Katahdin Woods and Waters National Monument not only protects a treasured landscape, but serves as an economic driver in the community, especially when full hiring is permitted and critical projects can move forward.”

Maine’s 2nd Congressional District is home to Acadia National Park — one of the ten most visited national parks in the United States — and the Katahdin Woods and Waters National Monument. With annual visitation numbers continuing to increase, these public lands need significant infrastructure investments. In the 118th Congress, Golden helped pass the Great American Outdoors Act to address maintenance backlogs at places such as Acadia and to establish permanent funding for the Land and Water Conservation Fund.

Full text of the bill can be found here.

###

MIL OSI USA News –

June 2, 2025
MIL-OSI USA: Reps. Craig, Hinson Lead Bipartisan Call to Expand Homegrown Biofuels Production

Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)

WASHINGTON, DC – Today, U.S. Representatives Angie Craig (D-MN) and Ashley Hinson (R-IA) led 26 of their bipartisan colleagues in calling on the Administration to expand annual Renewable Volumes Obligations for biomass-based diesel in their upcoming rulemaking for 2026.

In a letter to President Donald Trump, the Members urged the Administration to support a strong Renewable Fuel Standard (RFS) by adopting timely, robust blending requirements in the upcoming “Set 2” rule establishing Renewable Volume Obligations (RVOs) for 2026 and beyond.

“Even before you took office, the EPA was months behind meeting the statutory deadline to set RVOs, which only exacerbated market instability,” the Members wrote. “Domestic biofuel production facilities have already idled, and further delays in action could result in additional closures, putting Americans out of work and disrupting key markets for farmers.”

“Congress established the Renewable Fuel Standard (RFS) to provide certainty and encourage investment in biofuels to the benefit of American families, the economy, and U.S. energy security,” the Members continued. “A strong Set 2 will benefit our constituents by lowering prices at the pump, creating and maintaining U.S. biomanufacturing jobs, and driving economic growth. A strong RVO will also support market growth for farmers at a time when global markets are experiencing uncertainty.”

The EPA’s Renewable Volume Obligations for 2023 – 2025 were significantly lower than industry production trends, leading to a collapse in the value producers can receive in the renewable fuels market. Those poor market conditions led several biodiesel plants across the country to shut down last year. Higher RVOs will support market growth for farmers at a time when global markets are experiencing uncertainty.

In Congress, Rep. Craig has worked across the aisle for years to promote homegrown biofuels. Last month, following her push, the Environmental Protection Agency (EPA) issued an emergency fuel waiver allowing the sale of E15 nationwide this summer.

Earlier this year, she introduced her bipartisan Nationwide Consumer and Fuel Retailer Choice Act to make year-round access to E15 permanent nationwide – expanding market access for Minnesota farmers and lowering costs for drivers at the gas pump. And in February, she led a bipartisan letter to newly confirmed Environmental Protection Agency (EPA) Administrator Lee Zeldin, urging the Agency to prioritize biofuels as part of the Administration’s energy agenda.

The full text of the letter can be found HERE.

###

MIL OSI USA News –

June 2, 2025
MIL-OSI Africa: Africa’s new credit rating agency could change the rules of the game. Here’s how
Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

For governments, a credit rating is more than a financial signal. It is a verdict that can influence the cost of borrowing, access to markets and, ultimately, the ability to provide for their citizens.

Rating decisions are made behind closed doors in a private process that isn’t open to assessment or scrutiny.

For African countries, this opacity can be especially damaging. When rating decisions lack transparency, it’s impossible to challenge potential biases or inconsistencies in methodology that put developing economies at a disadvantage. The result is higher borrowing costs that drain resources from healthcare, education and infrastructure investment.

Africa’s new credit rating agency has the chance to change this. The African Credit Rating Agency is an initiative under development by the African Union and its partners. It is more than a new entrant; it is an attempt to rethink how financial authority is earned, exercised and scrutinised. The new agency plans to introduce transparent governance structures that could revolutionise rating methodology.

As a researcher who has looked closely at the working of rating agencies, I believe this opportunity to bring transparency to financial governance isn’t just about better ratings. It’s a step towards economic sovereignty.

Success for the African Credit Rating Agency shouldn’t be measured by whether it displaces the “big three” rating agencies (Standard & Poor’s, Moody’s and Fitch). The real question isn’t whether an African agency can compete, but rather whether it can show the world how to rate credit differently.

A flawed process

The three big agencies do publish their methodologies – their criteria and risk models. This creates an illusion of transparency. Yet the final judgments emerge from committee meetings that produce no public record, no accountability, and no right of meaningful appeal.

These rating committees typically comprise five to 10 analysts who meet in closed sessions to make each sovereign rating decision. S&P, Moody’s and Fitch each operate internal rating committees for every sovereign rating decision. The deliberations, dissenting views, and specific reasoning behind final votes remain confidential. Only a brief summary is provided with a rating decision.

Research has shown that credit rating agencies are more accurate at assessing the creditworthiness of advanced economies than developing economies. There have also been studies on the discrepancy between what is expected when the public methodologies are applied and what the agencies actually rate. These studies have been done for economies like Hong Kong and China, but no equivalent research has yet been undertaken for African sovereigns.

This discrepancy exposes an accountability void. When methodology-based predictions miss the mark, we must question what happens in those committee rooms. Especially when African nations are being assessed by analysts stationed continents away, with limited understanding of local economic and political realities.

The African Credit Rating Agency could make three changes to the way ratings are done:
- through public deliberations
- by forming hybrid committees
- with technological intervention.
First, it could release committee transcripts within 30 days of each decision. This would give markets and governments unprecedented insight into rating rationales. This isn’t radical – central banks already publish meeting minutes, and courts publish opinions with dissenting views.

Second, it could pioneer panels that include not only rating analysts, but regional economists, sectoral specialists, and even civil society observers. All with recorded votes. This diversified expertise would disrupt “group think” while capturing nuances of African economies that traditional agencies overlook.

I have examined this idea from the perspective of injecting climate and sustainability-related expertise into credit rating committees. I believe this is a crucial step to take to evolve the concept of the credit rating committee.

Third, the agency could use artificial intelligence to analyse patterns across committee discussions, flagging potential regional biases or inconsistent methodology application. It might be able to use secure digital ledgers to create unchangeable records of decisions.

Why the big three keep it closed

The industry thrives on privacy – protecting proprietary methodologies and shielding decisions from external challenge. And the natural oligopoly (a market dominated by a few large players due to high entry barriers, reinforced by market preference for predictability) helps it stay that way.

The sovereign credit ratings of the three big agencies are built on quantitative and qualitative factors. But research shows that sovereign ratings are subjected to qualitative understandings. This puts developing economies at a disadvantage when agencies demonstrate pro-western biases because they lack data or knowledge.

The impact of a credit rating downgrade for a sovereign borrower is usually multifaceted. Research shows that a single-notch downgrade can raise borrowing costs by more than 100 basis points, equivalent to an extra US$100 million annually on a US$10 billion bond.

Investors prefer fewer, stronger signals rather than many competing views. So there’s little incentive for established players to change. The African Credit Rating Agency, as a new entrant, can offer something the incumbents won’t: governance innovation that serves both markets and nations.

Radical openness will shake markets, at least at first. Committee members might face political pressure. Transparency alone doesn’t guarantee fair outcomes.

But the world already demands transparency from central banks and constitutional courts. Why accept anything less from institutions that shape sovereign destiny?

Next steps

By 2050, one in four people on Earth will be African. The financial architecture serving them must evolve towards systems that recognise the continent’s unique strengths.

Opening the rating committee to view represents more than technical reform – it’s about shifting who holds power in global finance. If it does this, the African agency won’t just deliver better ratings; it will model how global finance can be governed more justly.

– Africa’s new credit rating agency could change the rules of the game. Here’s how
– https://theconversation.com/africas-new-credit-rating-agency-could-change-the-rules-of-the-game-heres-how-257138

MIL OSI Africa –
June 2, 2025
MIL-OSI United Kingdom: Forgotten assets to help families and young people thrive
Source: United Kingdom – Executive Government & Departments

Press release

Forgotten assets to help families and young people thrive

First ever Dormant Assets Scheme Strategy unlocks £440 million funding
First ever Dormant Assets Scheme Strategy unlocks £440 million funding for people and communities who need it most – redirecting money from long-unused accounts to important social causes

Money will get young people involved in music, drama and sport, plus give thousands of vulnerable households access to affordable loans, delivering opportunity through Plan for Change

Financial institutions including JP Morgan and AON welcomed to No11 today, as Chancellor and Culture Secretary encourage them to participate in the Scheme and support local communities

Families struggling with sudden costs and young people in deprived areas will get vital help, as £440 million from forgotten assets is put to work in communities across England through the first-ever Dormant Assets Scheme Strategy.

This includes £132.5 million to give young people in disadvantaged neighbourhoods new chances to take part in music, sport and drama to build skills for the future, improve their employment opportunities and ensure access is no longer the preserve of a privileged few.

A further £132.5 million will benefit those in financially vulnerable circumstances, providing them with the affordable credit and support they need to manage their money well. This will mean that people facing money worries will have a safety net for when things go wrong – from a broken fridge to an unexpected car repair – instead of leaving them at the mercy of loan sharks.

Local charities and community groups will also get extra funding, so they can run projects like food banks, youth clubs, and community events. This support will help bring people together, tackle loneliness, and make neighbourhoods safer and friendlier for everyone.

Chancellor of the Exchequer Rachel Reeves and Culture Secretary Lisa Nandy welcomed major financial institutions including JP Morgan, Schroders, AON, Jupiter Asset Management, Aberdeen Group and other industry champions into No11 Downing Street today, highlighting the tangible difference this money can make to local communities and encouraging future participation to support these important causes.

Secretary of State for Culture, Media and Sport, Lisa Nandy said:

“From supporting young people and enhancing financial inclusion to driving social investment, this transformational funding will reach some of the most disadvantaged areas across the country and have a real impact on people’s lives as we deliver our Plan for Change.

“Made possible thanks to the ongoing support of our industry partners, I’ve been delighted to speak to financial institutions today as we look to bring in new sectors to support growth and drive opportunity across England.”

Chancellor of the Exchequer Rachel Reeves said:

“We’re turning forgotten assets into fresh opportunities by unlocking £440 million that would otherwise be sitting idle to help young people realise their potential, and ensure vulnerable families aren’t excluded from the financial products they need. Through our Plan for Change, we’re backing communities and boosting opportunities to deliver growth and put more money in people’s pockets.”

Chris Cummings, CEO of the Investment Association said:

“We look forward to the further expansion of the Dormant Assets Scheme to the investment and wealth management sector. The Scheme has the potential to deliver real positive change to communities across the UK and our industry both warmly supports the initiative and is committed to exploring participating at the earliest opportunity.

“The Dormant Assets Scheme is an important opportunity for our industry to come together with government and deliver a positive, measurable social and environmental impact.”

The Dormant Assets Scheme has successfully released £1 billion to date to support thousands of frontline organisations and individuals in some of the most disadvantaged communities across the country. Funding has been channelled into a range of initiatives including tackling youth homelessness, supporting charities with the cost of living and breaking down barriers to financial inclusion to help vulnerable groups.

The £440 million package announced today represents a significant uplift with an estimated £90 million over previously announced figures set to become available through the Scheme in England by 2028.

Allocations set out in the Strategy will drive forward the growth and opportunity missions in the government’s Plan for Change, with full distributions to include:

£132.5 million for young people with funding going to services, facilities and opportunities to provide them with the skills and resources needed to succeed

£132.5 million for financial inclusion and education, equipping individuals with the tools and knowledge to build financial security

£87.5 million for social investment to strengthen the financial resilience of the voluntary sector, including £12.5 million reaching organisations that support youth outcomes

£87.5 million for community wealth funds, which will empower local people to make decisions about their communities, creating stronger neighbourhoods.

Notes to editors:

The Dormant Assets scheme redirects money from long-unused financial accounts to social causes, while preserving the original owners’ right to reclaim their funds.

The Dormant Assets Strategy sets out this government’s bold vision for the pioneering Dormant Assets Scheme, unlocking funds to support the communities who need it most and is available to view here.

The Strategy for the Scheme is centered around three long-term objectives:

Achieving long-term systems change through innovative programmes.

Protecting the integrity of the Scheme and its funding.

Becoming the best practice standard mechanism to deal with dormancy.

The Strategy reaffirms the importance of the collaboration between government and the financial services sector to make a success of the Dormant Assets Scheme

Last year, the government committed between the four named causes of the Scheme – financial inclusion, youth, social investment and community wealth funds – to break down barriers and drive growth as part of the Government’s Plan for Change.

Participants in today’s roundtable included representatives from JP Morgan, Schroders, AON, Jupiter Asset Management, Aberdeen Group, alongside industry champions from across banking, investment, wealth management, insurance and pensions sectors.

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Published 2 June 2025
MIL OSI United Kingdom –
June 2, 2025
MIL-OSI Russia: Chief adviser to Bangladesh caretaker government urges Chinese investors to make the country their home and manufacturing hub

Translation. Region: Russian Federal

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

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

DHAKA, June 2 (Xinhua) — Chief Adviser to Bangladesh’s Caretaker Government Muhammad Yunus on Sunday called on Chinese investors to make the country their homeland and manufacturing hub.

Speaking at the China-Bangladesh Investment and Trade Conference, M. Yunus said Chinese companies are masters of manufacturing and Bangladesh wants to be their partner.

According to him, the interim government of Bangladesh is consistently implementing reforms, improving the investment climate, streamlining the legal framework and providing favorable conditions for business activities.

M. Yunus suggested that Chinese investors explore the vast opportunities that Bangladesh offers in textile, pharmaceutical, food and agro-processing, fisheries and information technology.

The conference was attended by more than 400 representatives from Chinese and Bangladeshi enterprises and business associations. –0–

MIL OSI Russia News –

June 2, 2025

MIL-OSI: MoonFox Data Releases New Report: Pop Mart’s Emotional Consumption Model Drives Global Expansion and Record Growth

Source: GlobeNewswire (MIL-OSI)

Shenzhen, June 02, 2025 (GLOBE NEWSWIRE) — [Shenzhen, China] – [June 1, 2025] – MoonFox Data, a leading provider of market intelligence and data analytics, today released its latest report, “Pop Mart Business Decoded: Measuring the Value of Emotional Consumption.” The report reveals how Pop Mart, a pioneer in the pop toy industry, has leveraged emotional consumption and IP innovation to achieve record-breaking growth and global expansion in 2024 and 2025.

The year 2025 is undoubtedly a landmark year for Pop Mart. At the end of March, the company released financial results that drew wide attention across the industry: Pop Mart’s 2024 revenue exceeded RMB 13 billion, a fivefold increase since its listing on the HKEX in 2020. Just before the Labor Day holiday, the Pop Mart app topped the U.S. App Store shopping chart for the first time, with American consumers queuing overnight to purchase new releases. Despite tariff pressures, its new products continued to see rapid growth overseas…

16 years after its founding, Pop Mart’s ambition to “become a global super IP” is gradually materializing. What was once a trend-led toy store has transformed into a spiritual refuge for young people. So how exactly has Pop Mart captured the hearts of youth both in China and abroad? And what challenges lie ahead?

I. A Look Back: Repeated Comebacks in Brand Development

1. In the Early Stages, Focused Track and Model Innovation Drove Growth

Founded in 2010, Pop Mart began as an offline “trendy variety store” and struggled to survive amid the rise of e-commerce. In 2015, the founder drew inspiration from Japan’s blind box trend and introduced the popular Hong Kong pop toy BabyMolly to the Chinese mainland market. Pop Mart also secured domestic distribution rights for Japan’s Sonny Angel, successfully pivoting from a variety store to a curated pop toy store.

However, in the following year, the termination of several IP licensing agreements forced the company to pivot again. Pop Mart began aggressively seeking collaborations with original designers to acquire copyright partnerships. In 2016, it launched its own IP blind box product, the Molly Zodiac Series, which became a growth driver. At the time, Pop Mart’s pop toy model of fast product rotation, bulk sales, and the blind box mechanism was a novelty that disrupted the traditional toy market. From then on, Pop Mart shifted from an offline retail distributor to an IP operator, with Molly becoming its signature icon.

2. After Going Public: Diversification to Break the Revenue Ceiling

Pop Mart entered the overseas market in 2018 and continued its steady revenue growth after its 2020 IPO. However, from 2020 to 2022, its gross profit margin declined continuously. By 2022, Pop Mart hit a growth bottleneck, with negative product reviews on social media indicating weakening consumer interest in blind boxes.

In 2022, Pop Mart’s gross profit margin dropped by 4%, and operating profit fell by 49%. Domestically, revenue declined not only due to pandemic-related disruptions to offline store sales, but also because of a slump in online channel performance.

Table 1: Pop Mart Annual Revenue and Profit Changes (2018 – 2024)

Year	Revenue	Gross Profit	Operating Profit	Gross Profit Margin		Revenue Growth		Gross Profit Growth		Operating Profit Growth
2018	0.51 billion	0.3 billion	0.13 billion	57.9	%	225	%	296	%	2951	%
2019	1.68 billion	1.09 billion	0.6 billion	64.8	%	227	%	266	%	348	%
2020	2.51 billion	1.59 billion	0.72 billion	63.4	%	49	%	46	%	20	%
2021	4.49 billion	2.76 billion	1.15 billion	61.4	%	79	%	73	%	60	%
2022	4.62 billion	2.65 billion	0.58 billion	57.5	%	3	%	-4	%	-49	%
2023	6.3 billion	3.86 billion	1.23 billion	61.3	%	36	%	46	%	111	%
2024	13.04 billion	8.71 billion	4.15 billion	66.8	%	107	%	125	%	238	%

Data Source: Company financial reports, compiled by MoonFox Research Institute.

Table 2: Pop Mart Annual Online and Offline Revenue Changes (2020 – 2024)

Year	Online Channel Revenue	YoY		Offline Channel Revenue	YoY
2020	0.95 billion	77	%	1.33 billion	35	%
2021	1.9 billion	100	%	2.14 billion	61	%
2022	1.92 billion	1	%	2.22 billion	4	%
2023	1.68 billion	-12	%	3.85 billion	74	%
2024	4.15 billion	147	%	7.6 billion	97	%

Data Source: Company financial reports, compiled by MoonFox Research Institute.

In 2023, as offline economic activity rebounded, Pop Mart’s diversified business strategy began to show results. Its commitment to deepening overseas markets and refining IP operations laid the foundation for a strong performance in both 2024 and 2025.

On one hand, the brand’s overseas expansion has become a key secondary growth driver. While revenue from Hong Kong, Macao, Taiwan, and overseas markets accounted for only 9.8% of total revenue in 2022, this proportion rose to 38.9% by 2024. Pop Mart has expanded its network of international concept stores across Southeast Asia, Europe, and North America, growing the total number of overseas stores to 130.

Table 3: Number of Pop Mart Physical Stores in Hong Kong, Macao, Taiwan, and Overseas (2020 – 2024)

Year	Number of Stores	Number of Robot Shops	New Countries Entered	Overseas Theme Stores
2020	1	No statistics	South Korea
2021	7	9	Singapore and other Southeast Asian countries
2022	43	120	UK, New Zealand, USA, Australia
2023	80	159	France, Malaysia, Thailand, Netherlands
2024	130	192	Vietnam, Indonesia, Philippines, Italy, Spain	Louvre Theme Store (Paris) K-POP Theme Store (South Korea) CRYBABY Theme Store (Thailand)

Data Source: Company financial reports, compiled by MoonFox Research Institute.

Table 4: Pop Mart’s Revenue of Hong Kong, Macao, Taiwan, and Overseas (2021 – 2024)

2021 – 2024 Annual Revenue of Hong Kong, Macao, Taiwan, and Overseas
Year	Revenue	Proportion		Growth Rate
2021	1.9	4.10	%	156	%
2022	4.5	9.80	%	137	%
2023	10.7	16.90	%	138	%
2024	50.7	71.30	%	374	%
2021 – 2024 Revenue Breakdown by Channel of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
Year	Offline Channel	Online Channel		Wholesale & Other Channels
2021	0.1	0.4		1.4
2022	1.5	0.9		2.1
2023	6.4	1.6		2.7
2024	30.7	14.6		5.4
2024 Regional Revenue Distribution of Hong Kong, Macao, Taiwan, and Overseas (RMB 100 million)
Region	Revenue	Proportion		Growth Rate
Southeast Asia	24	47.40	%	619	%
East Asia & Hong Kong, Macao, Taiwan	13.9	27.40	%	185	%
North America	7.2	14.30	%	557	%
Europe, Oceania & Others	5.5	10.90	%	311	%

Data Source: Company financial reports, compiled by MoonFox Research Institute.

On the other hand, the company has shifted its focus from pursuing rapid product launches and expanding the number of IPs to prioritizing IP quality. The period from 2020 to 2022 marked a critical phase of supply chain upgrades for Pop Mart, including greater supply chain flexibility, digital transformation of warehousing and logistics, the establishment of self-owned factories, and overseas warehouse construction, all of which laid a strong foundation for future growth. Around 2023, Pop Mart began transforming its overseas business model by bypassing intermediary distributors and transitioning to a DTC (Direct-to-consumer) approach. This shift significantly improved the company’s ability to reach global consumers quickly. As a result, e-commerce revenue from overseas independent platforms surged in 2024.

Table 5: 2024 Pop Mart’s Online Revenue in Hong Kong, Macao, Taiwan, and Overseas Markets

Online Channel	Revenue (RMB 1 million)	Proportion		Growth Rate
Pop Mart Official Website	531	36.50	%	1246	%
Shopee	324	22.30	%	656	%
TikTok	262	18.00	%	5780	%
Other Online Channels	338	23.20	%	389	%

Data Source: Company financial reports, compiled by MoonFox Research Institute.

II. Building Deeper Connections with Consumers: Accelerating IP Universe Development Through User Value Alignment

1. From the “Lipstick Effect” to a Lifestyle Brand: Cultivating Long-Term Consumption Habits

Pop Mart has mastered the art of the blind box model. Before the product launch, intensive marketing campaigns are carried out, with each figurine being given a complete backstory. However, the blind box purchasing model extends the time it takes for consumers to have their expectations met. The unboxing experience after purchase creates delayed gratification and a sense of emotional reward. Meanwhile, the inherent consumer instinct to collect or complete a series further drives repeat purchases. While the inclusion of “hidden” editions creates an illusion of “scarcity”, adding perceived collectible value while stimulating consumer desire to purchase.

With low individual costs, intricate design, rapid product updates, and wide variety, consumers often become “loyal fans” without realizing it. Generation Z, who value emotional expression and self-exploration, are willing to pay for emotional fulfillment. Character-driven dolls and figurines have become tools for self-solace. Meanwhile, the use of social media further transforms blind boxes into a form of social currency. From celebrities and macro influencers to niche KOLs and even KOCs of WeChat Moments, posting about figurines, unboxing videos, and product swaps has spurred enthusiasm and imitation among fans.

Meanwhile, Pop Mart has deepened its IP development, expanding beyond toys into lifestyle products. For example, its original IP “HIRONO” features a rebellious child character whose lonely and aggrieved expressions still convey a defiant spirit, an image that has won over many fans. By 2025, the IP had evolved to its seventh generation, with related merchandise extending beyond blind boxes to include a wide range of products such as apparel, home goods, and digital accessories. In addition to blind boxes, “HIRONO” has expanded to apparel, home goods, and tech accessories. It also engages users emotionally through animated shorts, offline sculptures, and art exhibitions.

Table 6: Revenue Contribution of “HIRONO” IP

Revenue in 2024	Revenue Share		Revenue in 2023	Revenue Share		YoY Growth
0.73 billion	5.60	%	0.35 billion	5.60	%	106.9	%

Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

2. From Emotional Value to Cultural Identity: Brand Consumption as a Form of Self-Expression

In 2025, American consumers queued overnight for LABUBU from the classic IP “THE MONSTER”, known for its mischievous grin and dark aesthetic, a sharp contrast to Pop Mart’s other characters. Initially positioned as a “forest sprite”, LABUBU saw modest success until a 2024 rebranding introduced plush-skinned vinyl dolls that went viral in Thailand and later gained traction in China.

Today, LABUBU is not only a crowd favorite at Pop Mart’s themed parks but also a global “symbol of subculture”. The character’s sharp teeth, heterochromatic eyes, and dark style wrapped in soft textures challenge mainstream beauty standards, echoing youth subculture’s desire to break norms. On global social media platforms, celebrities like LISA, Rihanna, and Dua Lipa have been seen with LABUBU dolls, while fans engage in remakes and cosplay to express individuality.

Table 7: Revenue Contribution of “THE MONSTER” IP

Revenue in 2024	Revenue Share		Revenue in 2023	Revenue Share		YoY Growth
3.04 billion	23.30	%	0.37 billion	5.80	%	726.6	%

Data Source: Company financial reports & public data, compiled by MoonFox Research Institute.

Through diversified operations and refined strategies, Pop Mart is steadily constructing an IP universe that meets consumer needs in socialization, emotional expression, and self-identity.

Its in-house IP operations are now more finely segmented by target audience and product type, with distinct strategies for blockbuster development. For high-end consumers and international markets, Pop Mart strengthens its collaborations with cultural IPs across various fields, collaborating with cultural IPs, such as Chinese intangible heritage artists and British pop artists, producing limited editions (primarily under the MEGA line) that emphasize collectability and cultural expression. For mass-market consumers, collaborations between original IPs and fast fashion, coffee and beverage brands, and anime/gaming franchises have become routine, integrating Pop Mart products into daily life. Overseas, store design increasingly incorporates local cultural elements, offering immersive experiences, such as Korea’s K-POP theme store and France’s Louvre theme store, and launching regional co-branded limited editions to lower the threshold for cross-cultural interaction among consumers from different regions.

On the operational front, the growth of figurine revenues has slowed in recent years. To adapt, the company has launched new product lines, including Molly Beans, plush toys, and the MEGA series. In 2024, plush and MEGA categories accounted for 35% of revenue and showed rapid growth, now forming a major revenue pillar. In physical retail, Pop Mart is expanding from pure retail to experiential offerings. Beyond traditional stores and vending machines, more themed parks, pop-up stores, and curated art exhibitions are being introduced to enhance customer engagement.

III. Cracks beneath the Billion-RMB Myth

The booming pop toy industry is becoming increasingly competitive, with multiple players racing to innovate on both product and concept. As consumer aesthetics continue to evolve, this intensifies pressure on leading brands. TOPTOY, a pop toy chain under MINISO founded in 2020, has rapidly expanded into lower-tier cities with its more affordable pricing and iconic IP offerings. By the end of 2024, TOPTOY had opened 276 retail stores nationwide, generating over RMB 980 million in annual revenue. Meanwhile, classic international IPs are enjoying a resurgence in the Chinese market. In 2024, merchandise related to Harry Potter, the Disney 100th Anniversary, and Chiikawa surged in popularity, posing a growing challenge for the breakout success of original IPs. Backed by this trend, MINISO has leveraged the influence of established IPs to drive both revenue and brand recognition. The 2024 financial report shows the total revenues exceeding RMB 17 billion, a 22.8% YoY increase.

Turning the lens back to Pop Mart itself, managing the lifecycle of original IPs, and the handoff between older and newer IPs, remains a critical challenge for pop toy companies to build their “super IPs”. Pop Mart has been launching original IPs for over a decade. Iconic characters such as Molly, LABUBU, and THE MONSTER have recently reignited consumer interest through new product categories and refreshed designs. At the same time, many emerging IPs have gained visibility and emotional resonance with post-2000s and even younger generations. As Pop Mart’s portfolio of original IPs continues to expand, more of these properties will face the challenge of prolonged life cycles in the future. Maintaining innovation and consistently creating hit products that resonate with the evolving preferences of young consumers will become a long-term challenge for the brand’s development.

Overall, Pop Mart has successfully pioneered a business model that monetizes emotional value, anchoring its revenue growth in rich content and cultural significance. Its strong in-house production capabilities and DTC strategy have accelerated its reach among global consumers. While recent revenue surges are not a fleeting phenomenon, they do not come without risk. Looking ahead, Pop Mart must continue to enhance its content innovation capabilities to keep its IPs vibrant. Only by maintaining a careful balance between innovation and legacy, and between emotional appeal and cultural expression, can the brand sustain high growth and realize its long-term ambition of becoming a “super IP” powerhouse.

About MoonFox Data

As a sub-brand of Aurora Mobile, MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.

About Aurora Mobile

Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products.

For Media Inquiries:
Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

The MIL Network –

June 2, 2025

MIL-OSI Video: UK Watch live: draft border security laws up for debate in the Lords

Source: United Kingdom UK House of Lords (video statements)

Members of the House of Lords will debate the core aims of the Border Security, Asylum and Immigration Bill at second reading.

Find out more and see who’s taking part https://www.parliament.uk/business/news/2025/june/border-security-legislation-at-heart-of-lords-debate/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• X: https://twitter.com/UKHouseofLords
• Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
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• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament #VEDay

https://www.youtube.com/watch?v=X6rTPAQ4WBk

MIL OSI Video –

June 2, 2025
MIL-OSI Africa: African Petroleum Producers Organization (APPO) Secretary General Joins Angola Oil & Gas (AOG) 2025 Ahead of Energy Bank Launch

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

CAPE TOWN, South Africa, June 2, 2025/APO Group/ —

Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), will speak at this year’s edition of the Angola Oil & Gas (AOG) conference – the country’s premier industry event, scheduled for September 3-4 in Luanda. Ibrahim’s return to the conference reflects his commitment to supporting oil and gas projects in the country and comes as the organization prepares to launch the Africa Energy Bank (AEB) – a financial institution created in partnership with the African Export-Import Bank (Afreximbank).

Established with the aim of improving access to financing for African oil and gas projects, the AEB is on track to commence operations in June 2025, with the finalization of key arrangements made in April 2025. Headquartered in Abuja, Nigeria, the bank will have an initial capitalization of $5 billion, supported by an $83 million commitment made by each APPO member state. As of March 2025, three member countries – Angola, Nigeria and Ghana – had contributed, reflecting the support from some of Africa’s biggest oil and gas producers. At AOG 2025, Ibrahim is set to share insight into the role the institution will play in markets such as Angola and how improved financing can support regional fuel security.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

As sub-Saharan Africa’s second largest oil producer, Angola strives to sustain oil production above one million barrels per day beyond 2027. In tandem, the country aims to bolster gas monetization, with its first non-associated gas project – led by the New Gas Consortium – coming online in late-2025 or early-2026. Through a multi-year strategy, improved fiscals and an upcoming Gas Master Plan, the country is incentivizing spending across the entire oil and gas value chain. The AEB will support these goals by offering project developers the requisite financing to accelerate exploration, production and project development.

Operating as a development finance institution, the AEB will focus on Africa. The bank will have three classes of shareholders, with Class A featuring founding countries, APPO member states and Afreximbank; Class B consisting of other African countries, alongside their national oil companies; and Class C being reserved for individual and corporate investors outside of the continent. This structure offers access to a wide investment pool and reflects the drive by APPO and Afreximbank to support African oil and gas developments. AOG 2025 offers a strategic platform for project developers in Angola to gain insight into financing opportunities made possible through the AEB. Ibrahim’s participation will not only provide a greater understanding of the role the bank can play in the country but foster dealmaking in Angola as companies seek new financing mechanisms to expand their portfolios.

MIL OSI Africa –

June 2, 2025
PM Modi, Paraguayan President Pena hold talks to strengthen bilateral relations

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi and President of Paraguay Santiago Peña held wide-ranging bilateral discussions at Hyderabad House in New Delhi on Monday. The talks were aimed at infusing new momentum into diplomatic and economic relations between India and the South American nation.

President Peña, who is on a three-day official visit to India at the invitation of the Prime Minister, was accorded a ceremonial Guard of Honour upon his arrival at Air Force Station Palam earlier in the day. He is accompanied by a high-level delegation comprising ministers, senior officials, and business leaders.

Welcoming the visiting leader, the Ministry of External Affairs (MEA) posted on social media, “Towards a new momentum in bilateral relationship. PM Narendra Modi welcomed President Santiago Peña of Paraguay at the Hyderabad House ahead of their deliberations.”

Prior to his meeting with the Prime Minister, President Peña called on External Affairs Minister Dr. S. Jaishankar. The two leaders discussed opportunities for enhancing bilateral cooperation.

“Pleased to call on President Santiago Peña of Paraguay at the start of his State Visit to India. Appreciate his positive sentiments and guidance for enhancing India–Paraguay cooperation in many domains. Confident that his talks with PM Narendra Modi today will open new avenues for India’s engagement with Paraguay and the South America region,” said Dr. Jaishankar in a post on X.

President Peña also paid floral tribute to Mahatma Gandhi at Rajghat during his engagements in the capital. Prime Minister Modi is hosting a luncheon in his honour, while President Droupadi Murmu is scheduled to host a banquet. Vice President Jagdeep Dhankhar will also call on the visiting dignitary.

This visit marks President Peña’s first official trip to India and is only the second time a head of state from Paraguay has visited the country.

In a statement, the MEA noted that India and Paraguay established diplomatic relations on September 13, 1961, and have since cultivated warm and friendly ties. Bilateral cooperation spans across key sectors including trade, agriculture, health, pharmaceuticals, and information technology.

Highlighting Paraguay’s strategic importance in Latin America, the MEA said that Indian companies in the automobile and pharmaceutical sectors are already active in Paraguay, while several Paraguayan firms operate in India through joint ventures.

The Ministry further noted that both countries share similar views on major global issues such as UN reforms, climate change, renewable energy, and counter-terrorism.

As part of his itinerary, President Peña will also visit Mumbai, where he is expected to meet state-level political leaders, as well as representatives from industry, startups, and technology sectors. The visit underscores the growing emphasis on economic and technological partnerships between the two countries.

The MEA said that the State Visit provides a timely opportunity to undertake a comprehensive review of bilateral ties and to discuss regional and international issues of mutual interest.

President Peña will conclude his visit and depart for Paraguay on June 4, 2025.

June 2, 2025
MIL-OSI USA: Congressman Krishnamoorthi Visits Rockford to Highlight How Trump’s Tariffs are Hurting Illinois Small Businesses and Workers

Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

Latest stop on Krishnamoorthi’s “Trump Tariff Tour” underscores toll on manufacturing jobs and local economies

ROCKFORD, IL – Today, Congressman Raja Krishnamoorthi (D-IL) continued his “Trump Tariff Tour” with a visit to a warehouse operated by Milescraft, a family-owned power tool manufacturer. During the visit, Congressman Krishnamoorthi toured the facility with Milescraft CEO Simon Karkosch and spoke to members of the press about how President Trump’s blanket tariffs are driving up costs, stifling growth, and forcing Illinois businesses to make painful decisions, including layoffs.

“At Milescraft and across our state, the real cost of Donald Trump’s tariff war is being paid by small businesses and working families,” Congressman Krishnamoorthi said. “These blanket tariffs aren’t targeting bad actors or protecting American jobs; they’re raising prices, slashing margins, and threatening the very businesses and workers that keep our local economies going. This isn’t smart economic policy. It’s time to put Illinois jobs and families first by ending this destructive tariff policy.”

Founded in 2002, Milescraft has grown from a small Original Equipment Manufacturer (OEM) into a leading designer of woodworking tools and power tool accessories. The company now produces and distributes hundreds of products each year. However, under the burden of President Trump’s tariffs, they’ve been forced to cut jobs and grapple with rising input costs. According to recent projections, if all of President Trump’s proposed tariffs are implemented, they could cost the average American household more than $4,400 annually. Already, the Budget Lab at Yale estimates that the 2025 tariffs have increased consumer prices by 2.3 percent, reducing household purchasing power by $3,800 per year on average. Illinois in particular faces significant exposure, with over $82 billion in imports from Canada and Mexico — the state’s two largest trading partners — at risk from these tariffs.

Congressman Krishnamoorthi launched his Trump Tariff Tour last month at Testa Produce in Chicago, followed by stops at Kindred Farms in Atlanta and Cloud Mountain Kombucha Brewery in Urbana. At each stop, he has heard directly from those on the front lines of Illinois’ economy — and pledged to keep fighting for fair trade policies that protect working families and small businesses, not punish them.

MIL OSI USA News –

June 2, 2025
MIL-OSI USA: Congressmen Krishnamoorthi and Moore Reintroduce Bipartisan Legislation to Bring Electronics Manufacturing to America and Strengthen Supply Chains
Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

WASHINGTON – Congressmen Raja Krishnamoorthi (D-IL) and Blake Moore (R-UT) have reintroduced bipartisan legislation to bolster domestic printed circuit board (PCB) and integrated circuit substrate production, which will strengthen U.S. supply chain security in a critical technology sector. The Protecting Circuit Boards and Substrates Act will encourage domestic PCB manufacturing and R&D to reduce supply chain disruptions, address national security concerns related to foreign PCB production, and further enhance America’s economic leadership.

“While we’ve made real progress in domestic chip production, microchips can’t function without printed circuit boards – 90% of which are made in Asia, including half in the People’s Republic of China,” Congressman Krishnamoorthi said. “Our bipartisan bill reduces that dangerous dependence by rebuilding U.S. manufacturing, strengthening supply chains, and supporting American workers.”

“There has never been a more important time for Congress to get to work on reshoring our manufacturing and strengthening our critical supply chains,” Congressman Blake Moore said. “The Chinese government’s open willingness to withhold access to technology and rare earth minerals proves that we are in a race against Beijing at all levels of the microelectronics ecosystem. This bill provides a tried-and-true approach to incentivizing American companies to produce printed circuit boards here at home: it will maintain the integrity of military and national security commercial materials, boost our economy and workforce, and usher in a new era of American manufacturing. I am grateful to reintroduce this bill with Congressman Krishnamoorthi and am hopeful this bipartisan effort will successfully move through the legislative process.”

“The PCBs Act addresses a critical and long-overlooked weakness in America’s electronics supply chain,” John W. Mitchell, IPC President and CEO, said. “Every electronic device relies on PCBs and substrates, but the U.S. no longer has the capabilities or capacity to meet current demand, much less address future technology requirements. This bill is a vital step toward rebuilding the nation’s ability to manufacture electronics from silicon to systems—an essential foundation for innovation, security, and economic strength.”

“Remember, chips don’t float. They need printed circuit boards and substrates to connect to any electronic device. With production of American-made semiconductors ramping up, we need to do the same for PCBs. Without a concurrent increase in support for PCBs and substrates, those new American-made chips travel to Asia to be packaged with Asian-made PCBs and substrates,” Shane Whiteside, Chairman of the Printed Circuit Board Association of America (PCBAA) and CEO of Summit Interconnect, said. “We need to end our over reliance on Asia through public and private investment. This bill will set that in motion.”

“From F-35s to F-150s, the modern world is built on printed circuit boards, and we need to make more of them in America,” David Schild, Executive Director of PCBAA, said. “This bill will lead to new factories, high paying jobs and an ecosystem to support the work being done by our colleagues in the semiconductor industry.”

Background

Printed circuit boards (PCBs) are the material on which semiconductors sit (often the green-colored surface in images of chips) and are a critical part of the supply chain. An assessment from the Departments of Commerce and Homeland Security called for domestic investment and production of key information and communications technology products such as PCBs.

The Protecting Circuit Boards and Substrates Act includes the following provisions to incentivize domestic PCB manufacturing and R&D:
1. Provides a 25% tax credit for the purchase or acquisition of American-made PCBs;
2. Establishes a financial assistance program, modeled on the CHIPS for America Act, for American facilities manufacturing or researching PCBs;
3. Requires a Presidential determination for single financial awards over $150 million;
4. Provides for delay and technology clawbacks of award funds in the event that funding is not used efficiently or in a manner that raises national security concerns;
5. Authorizes appropriations of $3 billion to carry out the program.
MIL OSI USA News –
June 2, 2025

Category: Business

Future This City sites include:

Council Leader Cllr Bev Craig said:

Cllr Gavin White, Executive Member for Housing and Development, said:

Cllr Eleanor Wills, Chair of GMPF, said:

A flawed process

Why the big three keep it closed

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Source: Dairy Companies Association of New Zealand (DCANZ)

A flawed process

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Latest stop on Krishnamoorthi’s “Trump Tariff Tour” underscores toll on manufacturing jobs and local economies