NewzIntel.com

Category: Business

  • MIL-OSI Economics: Philip N Jefferson: Economic outlook

    Source: Bank for International Settlements

    Thank you, President Williams. It is wonderful to be back in New York, and it is an honor to speak to you, the directors and advisers to the Second District. You all play an extremely important role for the Federal Reserve Bank of New York and, indeed, for the entirety of the Federal Reserve System. You, and your peers around the country, inform President Williams and the other Bank presidents about how you see the economy unfolding in your communities and in your industries. The presidents, in turn, share that vital information with all the members of the Federal Open Market Committee (FOMC) so that we can make the best monetary policy decisions to benefit all Americans. Thank you for the important contributions.

    In the spirit of sharing information, I thought it would be helpful to share with you my economic outlook. First, I will discuss how I see recent economic activity. Next, I will talk about developments pertaining to both sides of our dual mandate, maximum employment and price stability. Finally, I will offer my current view of monetary policy.

    Economic Activity

    While the economy entered a period of heightened uncertainty this year, the underlying data through the first quarter showed resilience. As you can see in figure 1, gross domestic product (GDP) contracted slightly by 0.3 percent in the first quarter, on an annualized basis, after expanding at a 2.4 percent rate in the fourth quarter of 2024. That change, however, overstates the deceleration in activity. A surge in imports apparently ahead of anticipated changes to trade policy did not seem to be reflected fully in inventory or spending data. That misalignment complicated the interpretation of measured GDP data. Private domestic final purchases, which exclude government spending, inventory investment, and net exports, usually gives a better read than GDP on the underlying momentum in the economy. That came in at a 3 percent rate in the first quarter, consistent with readings from last year.

    MIL OSI Economics –

  • MIL-OSI Economics: Steven Maijoor: A race we cannot afford to lose – cybersecurity in an age of geopolitical tensions

    Source: Bank for International Settlements

    On April 22 the Dutch Military Intelligence and Security Service reported that it had detected a Russian cyberattack targeted at a Dutch critical public service. It was the first time a state-sponsored cyberattack was reported in the Netherlands. Which is not the same as saying that it happened for the first time.

    Geopolitical tensions have been rising for more than a decade, but over the past few years they have accelerated. Needless to say this is bad news for the world economy and the financial sector. But perhaps in no area is the geopolitical threat so real and acute as in the digital domain.

    State-sponsored cyberattacks are often very well concealed, so we do not have reliable numbers on how often they occur. But anecdotal information from intelligence agencies suggest their number is increasing.

    Traditionally, the financial sector has been targeted by cyber criminals with financial motives. But with the changing geopolitical climate, nation-state cyberattacks on financial institutions have become a realistic possibility. The aim of nation-state actors is usually not financial gain, but disruption. For them, the financial sector is an attractive target. The sector is crucial to the functioning of the economy. Also, many financial firms depend on the same third-party service providers. If one of these suppliers is attacked, large chunks of the financial sector may experience the knock-on effects. As we showed in our latest Financial Stability overview, a quarter of all reported global cyberattacks – so including energy and telecom – can potentially affect the financial sector through this channel.

    Artificial Intelligence is likely to reinforce the cybersecurity threat. AI makes cyber-attacks more sophisticated. At least some of them, like phishing. Also, the scale, access and speed of cyber-attacks will probably go up.

    Recently, we have seen this very clearly in the context of cyber-crime. For example, by enabling very advanced deepfakes. We had the rather spectacular case of a finance worker in Hong Kong, who was tricked into paying out $ 25 million. The fraudsters used deepfakes to pose as the company’s CFO in a videoconference call. Although nation-state actors use AI, we have not yet observed them using these techniques to create large scale disruptions. But what if nation-state actors fully exploit the potential of AI, and use it to disrupt vital processes on a larger scale?

    When we talk about financial institutions in this context, most people will first of all think of banks. But for you, I think Central Counterparty Clearing Houses and other market infrastructures are perhaps just as important. Many of you depend on them for the trading, clearing and settlement of transactions in foreign exchange, securities, options and derivatives.

    Market infrastructures occupy a unique position in the cyberthreat landscape. They seem to be targeted less, but if, for example, CCPs are attacked successfully, the impact could be very high. This is partly because there are relatively few of them. If party A goes down, it can be difficult for party B to compensate. Their attack surface is also relatively smaller because they offer fewer types of services compared to banks. Also, they have fewer public-facing web applications, and fewer customers than banks. However, the systems they do operate are highly advanced and very important for the functioning of the financial system.

    All of these features make them an attractive target for nation-state actors who want to cause maximum disruption. This does not mean that market infrastructure parties are currently being attacked. But given the geopolitical situation, tomorrow’s reality could be different.

    What makes CCPs potentially more vulnerable than banks is that most of them have outsourced part of their cybersecurity. That is understandable. If you are a large bank, having a few hundred cybersecurity experts is an affordable investment. CCPs do not have the resources for this. To them, outsourcing provides access to expertise and higher standards for cyber and information security. But the drawback of course is that it makes CCPs dependent on external parties, and it makes their cyber defence more complex.

    All this means CCPs need to stay alert. Cyber resilience is at least as important for CCPs as it is for other financials.

    Many financial institutions have taken big steps in recent years to boost their cyber resilience. But given the size, urgency and evolving nature of the threat, we need to do even more to keep financial services safe. It seems more and more that we are involved in a digital arms race. A race with a sophisticated and cunning opponent. A race in which we want to be roadrunner, and not the coyote.

    This is why cyber resilience will absolutely be a key focus area in our supervision of the financial industry in the coming years. Our aim as a supervisor is to make financial services and the financial system safer against cyber threats. Not only by increasing the resilience of the financial sector itself, but also by stepping up the robustness of the entire chain of ICT service providers. DORA, the European Digital Operational Resilience Act, that came into effect at the beginning of this year, gives us additional tools to accomplish this aim.

    To start with, under DORA, threat-led penetration tests are mandatory for the largest financial institutions in Europe. In the Netherlands we have been conducting these kinds of tests voluntarily for over eight years with good results, and we are very pleased that it is now becoming the norm at the European level. The largest CCPs within the EU will be part of the group of financial institutions for which the penetration tests will be mandatory.

    But DORA also imposes stricter requirements for managing cyber risks in outsourcing chains. For example, financial firms face stricter rules for conducting due diligence on potential ICT providers. And very importantly, under DORA, European supervisors can conduct inspections of critical third-party ICT service providers in tandem with national supervisory authorities. We expect big techs like Google and Microsoft to be placed under EU-wide supervision. And, just as with the banks, we are going to test their readiness to detect and withstand cyberattacks.

    Despite all efforts, there is no such thing as perfect cyber security. It is therefore vital that financial institutions take measures to recover quickly after cyber incidents. This is crucial to ensure that services can continue and people don’t lose trust in financial firms or the financial sector as a whole.

    The results of the ECB’s 2024 cyber stress test of a group of banks show that there is room for improvement on the recovery front. So it’s a very good thing that DORA also imposes new requirements on institutions’ continuity plans and backup policies. They need to develop a culture where cyber incidents are quickly detected and reported. They need to have their playbooks in place. And they need to have clearly defined management roles and responsibilities. And this includes good crisis communication, which is absolutely essential. These are all key ingredients for an effective response after a cyberattack.

    But even if we all have our own house in order, that is not enough. Because on a digital level the financial sector is so interconnected, and connected to other vital sectors of the economy as well, that some degree of overall coordination and cooperation is necessary.

    Governments should take the lead to improve cross-sectoral cooperation and coordination. They must continue to conduct large-scale cyber-drills and practice activating crisis plans. The insights gained should be used to enhance resilience.

    Under the new legislation supervisors also have an obligation to cooperate closely with other sectors. DNB is putting this into practice by working with sectors that are most critical to the financial sector, such as energy and telecommunications. Within our mandate, we support these sectors with information, cooperation and ethical hacking experience.

    To keep financial institutions and the financial system safe, resilience against cyberattacks has become just as important as holding sufficient capital and liquidity. So we need to do whatever we can to further boost it. Both in terms of detection and recovery. And we need to work together. Governments, banks, market infrastructures, supervisors, telecom, energy and other vital players in the outsourcing chain. Because this is a race we cannot afford to lose.

    MIL OSI Economics –

  • MIL-OSI Economics: Inclusion of “The Vishweshwar Sahakari Bank Ltd., Pune” in the Second Schedule of the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/41
    DoR.RET.REC.21/12.07.160/2025-26

    May 27, 2025

    All Banks,

    Madam / Sir,

    Inclusion of “The Vishweshwar Sahakari Bank Ltd., Pune” in the Second Schedule of the Reserve Bank of India Act, 1934

    It is advised that “The Vishweshwar Sahakari Bank Ltd., Pune” has been included in the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DoR.REG./LIC.No.S75/08.27.300/2025-26 dated April 07, 2025 and published in the Gazette of India (Part III – Section 4) dated May 09, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI Russia: The training of forensic experts and the production of forensic examinations were discussed at SPbGASU

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Dmitry Ivanov (behind the podium), Andrey Kokin, Oksana Dyakonova and Petr Kozin

    The National (All-Russian) scientific and practical conference “Improving the training of forensic experts and the production of forensic examinations in modern conditions” was held at SPbGASU. Current issues of professional training of forensic experts, modern technical and scientific-methodological support for the production of forensic examinations, as well as issues of legal, informational, financial and organizational support for forensic activities were discussed at a plenary session, two sections and at the podium of young scientists. In total, about 90 specialists and students from different regions of the country spoke.

    Opening the plenary session, Dmitry Ivanov, Chairman of the Organizing and Scientific Committees of the conference, Dean of the Faculty of Forensic Expertise and Law in Construction and Transport at SPbGASU, noted that the scientific community and the industry need to gather at one site, exchange experiences, discuss current problems and consider their possible solutions. He read out an address from the Rector of SPbGASU Evgeny Rybnov, who emphasized the importance of the presence at the conference of representatives of both the professional community, leading scientists, and students, whose ideas and initiatives will contribute to expanding the potential of the conference and successfully solving its tasks. “The conference is intended to become an effective platform for constructive dialogue on issues, including improving the quality of education,” the address said.

    So that there is no subjective opinion

    In his speech, Professor of the Department of Weapons Science and Trace Science of the Educational and Scientific Complex of Forensic Examinations of the Moscow University of the Ministry of Internal Affairs of Russia named after V. Ya. Kikot, Chief State Forensic Expert of the Department of Trace and Ballistic Examinations of the Federal State Budgetary Institution “Russian Federal State Center of Forensic Examinations named after Professor A. R. Shlyakhov under the Ministry of Justice of Russia” Andrey Kokin emphasized the factors of subjectivity in forensic examination.

    “Prejudice, that is, a biased or negative attitude, personal opinion or assessment based on stereotypes rather than specific experience or knowledge, has its own reasons in forensic examination. Among them are providing the expert with case materials that are not necessary, violation of the sequence of methodological actions, subordination of forensic units to law enforcement agencies. At the same time, there are ways to minimize the influence of subjectivity on forensic examination. The first is to increase the transparency of all stages of a detailed study, without ignoring points that seem insignificant at first glance. The second involves analyzing the expert’s conclusion by specialists with experience in a specific examination. This analysis must comply with certain principles: the specialist must record the entire course of the study and document his comments in one form or another, for example, in diagrams, graphs, displaying the most important and critical points on the basis of which conclusions can be drawn. In general, the conclusion must be understandable to all participants in the proceedings,” explained Andrey Kokin.

    Professor of the Department of Legal Regulation of Urban Development and Transport at SPbGASU Ivan Ivanov recalled that, according to statistics, 334 people were convicted of false expert opinions under various articles in 2023, and 317 in 2024.

    “Forensic and investigative practice with enviable consistency identifies and examines cases of false expert opinions, prepared intentionally. The scientific community believes that the responsibility of experts for knowingly false opinions is clearly insufficient and needs to be improved. Foreign criminal legislation is much stricter. For example, in France, for a knowingly false expert opinion, they sentence to five years in prison with a fine of 500 thousand euros. We propose introducing into the legislation a punishment in the form of a ban on holding a position and engaging in expert activity for up to three years. I think that in this case, all current legislative measures will be strengthened,” concluded Ivan Ivanov.

    How to improve the quality of education

    Oksana Dyakonova, professor of the forensic examination department at the Moscow State Law University named after O. E. Kutafin, voiced proposals for improving the quality of education in the specialty “Forensic examination”.

    “Firstly, it is necessary to increase the number of hours for fundamental disciplines – forensic science and forensic expertology, while introducing a reasonable combination of lectures and practical classes in different forms: laboratory work, field practical classes at forensic organizations. Secondly, it is necessary to exclude from the educational program disciplines that are not aimed at developing the much-needed competence of a future forensic expert, but are generalized and duplicate the main legal disciplines in content. Thirdly, it is necessary to increase students’ interest in participating in research projects, including under the joint supervision of a university teacher and a practicing expert,” Oksana Dyakonova believes.

    She also proposed to expand the training of forensic experts in master’s programs and programs of additional professional education in certain types and kinds of forensic examinations for persons with basic legal education. The expert doubted that graduates of a bachelor’s degree with a specialized education far removed from expertise would be able to become highly professional experts after completing a master’s degree.

    Professor, senior expert of RMS-OTSENKA LLC Petr Kozin refuted this opinion with his own example: by basic education he is a civil engineer, and he underwent retraining in expert activity. His colleague is a graduate of LISI (now SPbGASU), also an engineer Dmitry Kuznetsov. Based on extensive experience in conducting forensic examinations, the company’s representatives developed a draft of methodological recommendations for forensic cost (appraisal) examination.

    “In our methodology, we defined the type and kind of cost and appraisal expertise, which has not yet been done at the legislative level. Accordingly, there are no methodological recommendations, although in practice, disputes about cost arise most often. However, if conducting a forensic examination is prescribed by law, then conducting an appraisal study is not. Due to the absence of any legal acts, during the research we rely on information from various reference books. In addition, for this reason, we cannot examine a number of objects. Our methodology streamlines this process and assumes a broader approach that the appraiser uses. At the same time, it does not contradict the current legislation,” explained Petr Kozin.

    He proposed a number of recommendations included in the methodology. Thus, in the case of a lack of information for a comparative approach, analogs of relations or properties should be used, including from the practice of past years.

    Neural networks and drones

    In addition to knowledge of forensic expertise itself, a modern specialist needs knowledge in the field of digital technologies, noted Oksana Dyakonova. She recalled that already now in many examinations objects are presented in digital form.

    Professor of the Department of Forensic Science at SPbGASU Valery Kharchenko spoke about the department’s scientific research, which helps to teach students advanced digital competencies, and also allows the use of high-tech research methods in engineering and technical forensic science. Based on experience, the professor explained that, for example, the use of neural networks speeds up the research period, increases their accuracy and accessibility so much that they can be carried out using a regular phone. Professor of the Department of Forensic Technology of the Educational and Scientific Complex of Forensic Science and Research at the Volgograd Academy of the Ministry of Internal Affairs of Russia Olga Dronova told how an unmanned technical vehicle became a tool for technical and forensic support and an object of expert research. The efficiency is similar: accuracy, accessibility, speed.

    Legal Gaps

    Irina Vishnevskaya, Director of the State Autonomous Healthcare Institution “Republican Bureau of Forensic Medical Examination of the Ministry of Health of the Republic of Tatarstan”, touched upon the problems of legal regulation of forensic medical activities and ways to solve them in Tatarstan.

    Vadim Epshteyn, Director of Development of the ChEU “City Institution of Forensic Expertise” (St. Petersburg), explained current issues of collecting funds for forensic examinations conducted in civil proceedings.

    “Today, one of the significant problems has become the colossal debts for completed examinations in civil proceedings. For many years, legislative norms were simply ignored, and the problem acquired unimaginable proportions: by the end of 2023, the debt for such examinations to the expert system of the Ministry of Justice reached about 750 million rubles. Obviously, the debt to experts of the non-governmental sector, taking into account their number, is even greater. In 2023, the Constitutional Court identified the existing problem and ordered the legislative authorities to develop recommendations for their elimination. In 2024, amendments were made to the Civil Procedure Code, where a number of norms that contributed to the emergence of these debts were eliminated. For example, now the code clearly states: payment for the examination is made based on the results of the meeting at which the examination was considered,” said Vadim Epshtein.

    Despite all the positive expectations, the problem is getting worse, the expert added. And it is due to the specifics of the work of the courts and the judicial department: in many cases, the parties who are responsible for paying for the examination initially deposit a minimum amount into the account. When it will be possible to receive the remaining amount is a question, since the courts take into account the very fact of depositing funds. There are only a few courts that are engaged in further adjustment of amounts, since the legislation does not oblige them to do so, and therefore the remaining payment is delayed for a long time.

    Tribune of young scientists

    The “Young Scientists’ Tribune” section attracted the largest number of speakers. The fifth-year student of SPbGASU Yulia Sedykh was interested in the conference due to the large amount of information on modern technologies of engineering and technical expertise, and current problems of the industry. The topic of her speech concerned the logical foundations of expert research from the point of view of algorithmization.

    “My work is dedicated to the creation and implementation of algorithms that work with the help of modern technologies, such as CAD – construction design systems, unmanned aerial vehicles with built-in machine vision, neural networks, into traditional methods of expert examination. I offer mechanisms and specific software products for writing modern methods of certain types of forensic examinations,” Yulia explained.

    Third-year student of SPbGASU Anastasia Savintseva in her research examined complex ethical issues – the lack of specificity regarding the essence of expert ethics and its proper consolidation. “I propose to solve this problem by expanding the list of principles presented in Federal Law No. 73, adding such as responsibility, integrity, organization, incorruptibility. Another option is to form such a general principle as the ethics of the activities of a forensic expert. It would allow us to unite all the moral principles that forensic experts should be guided by,” Anastasia said.

    Anastasia noted that the conference allowed her to broaden her horizons both in expertology and in related disciplines, to understand that each study is unique, and to pay attention to some aspects of expert activity that she had not thought about before.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Government announces 30 measures to be implemented by Working Group on Promoting Silver Economy

    Source: Hong Kong Government special administrative region

    Government announces 30 measures to be implemented by Working Group on Promoting Silver Economy 
         Mr Cheuk said, “Population ageing is becoming an increasingly serious issue around the world, and the situation in Hong Kong is of particular concern. The Census and Statistics Department predicts that by 2043, more than one in every three Hong Kong residents will be an elderly person. In light of this demographic shift, we must actively address the various challenges brought about by an ageing population. At the same time, we should seize development opportunities amid the challenges, explore new industries and new businesses, and break new ground for Hong Kong in a time of change.
     
         “The elderly account for a large proportion of Hong Kong’s population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy related products and services. Boosting the silver economy will inject vitality into the local economy and promote overall economic development, as well as spurring the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.”  
     
         The Working Group has proposed 30 measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements”, and unleashing “silver productivity”. This plentiful and practical series of measures involves collaboration across different bureaux and sectors. Jointly promoted by different policy bureaux and multiple organisations from different sectors, the measures aim to boost consumption among the elderly, develop silver products and services, and enhance the recognition of products and services through accreditation to drive sales, make good use of and safeguard the financial resources of the elderly, and attract the elderly to join the labour market, with a view to enhancing social productivity and building a silver-friendly society together. 
     
     (I) Boosting “silver consumption”
     
         Owing to their health conditions and lifestyle practices, the elderly’s consumption needs are different from those of other consumers, with great consumption potential in areas including catering, personal hygiene and healthcare. The Government aims to boost “silver consumption” through various means, including exhibitions and retail concessions, electronic commerce, the Silver Summit, developing catering initiatives for the elderly, and protecting elderly consumers’ rights and interests.
     
         The Commerce and Economic Development Bureau (CEDB) will take the lead in boosting “silver consumption”, and the 11 measures include:
      (II) Developing “silver industry”

         The health and daily needs of the silver-haired group have led to a huge demand for products and services. Silver products (including gerontechnology products) have hence come into being.
     
         The work of developing the “silver industry” is led by the Innovation, Technology and Industry Bureau. The four measures are:
     (III) Promoting “quality assurance of silver products”
     
         Quality assurance for products and services can enhance their acceptance and attractiveness, helping to establish brand value and expand sales network.
     
         The work of promoting “quality assurance of silver products” is led by the CEDB. The four measures are:
     (IV) Enhancing “silver financial and security arrangements”
     
         Elderly people in Hong Kong possess a certain degree of wealth, which provides the prerequisite for developing silver finance. The Government’s objective is to assist the elderly to best utilise their financial resources and financial management tools, and to protect their financial resources through a comprehensive package of measures.
     
         There will be seven measures for enhancing the “silver financial and security arrangements”, which will be led by the Financial Services and the Treasury Bureau:
     (V) Unleashing “silver productivity”
     
         The Government will encourage and assist more elderly persons to join the labour market through employment support and training, as well as the promotion of elderly-friendly employment practices, in a bid to unleash the labour force.
     
         The Labour and Welfare Bureau (LWB) will take the lead in driving the measures for unleashing “silver productivity”, including:
    Mr Cheuk said, “The silver economy holds tremendous business opportunities. With the joint efforts of the Government and various sectors, we can certainly expand the scale and industrial chain of the silver economy, enhance the quality of life for the elderly in all aspects, and increase their sense of contentment and happiness.”
     
         The Chief Executive announced in his Policy Address 2024 the setting up of a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration, to implement measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements” and unleashing “silver productivity”. Other members of the Working Group include the Secretary for Commerce and Economic Development (Deputy Leader); the Secretary for Labour and Welfare; the Secretary for Innovation, Technology and Industry; the Secretary for Financial Services and the Treasury; and the Secretary for Health.
    Issued at HKT 18:08

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Results Announcement

    Source: GlobeNewswire (MIL-OSI)

    27 May 2025. The Republic of Iceland (the “Offeror“) announces today the results of its invitation to holders of its €500,000,000 0.625 per cent. Notes due 3 June 2026 (ISIN: XS2182399274) (of which €500,000,000 in aggregate nominal amount is outstanding as at the date hereof) (the “Notes“) to tender their Notes for purchase by the Offeror for cash (such invitation, the “Offer“).

    The Offer was announced on 19 May 2025 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 19 May 2025 (the “Tender Offer Memorandum“) prepared by the Offeror in connection with the Offer. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum.

    The Expiration Deadline for the Offer was 5.00 p.m. (CEST) on 23 May 2025.

    The Offeror announces today that it has decided to accept all Notes validly tendered pursuant to the Offer and, accordingly, it will accept for purchase €203,709,000 in aggregate nominal amount of the Notes pursuant to the Offer.

    A summary of the final results of the Offer appears below:

    Description of the Notes ISIN /
    Common Code    		 Aggregate nominal amount of Notes validly tendered and accepted for purchase 1 Year Euro Mid-Swap Rate Fixed Spread Amount Purchase Price
    €500,000,000 0.625 per cent. Notes due 3 June 2026 XS2182399274/ 218239927 €203,709,000 1.967 per cent. -15 basis points 98.810 per cent.

    The Purchase Price the Offeror will pay for those Notes accepted for purchase pursuant to the Offer is 98.810 per cent. of their nominal amount. The Offeror will also pay an Accrued Interest Payment in respect of such Notes.

    The Tender Offer Settlement Date is expected to be 28 May 2025. Following settlement of the Offer, €296,291,000 in aggregate nominal amount of the Notes will remain outstanding.

    THE DEALER MANAGERS

    Barclays Bank Ireland PLC
     One Molesworth Street
    Dublin 2
    D02 RF29
    Ireland

    Attention: Liability Management Group
    Email: eu.lm@barclays.com

    		 Citigroup Global Markets Europe AG
     Börsenplatz 9
    60313 Frankfurt am Main
    Germany

    Attention: Liability Management Group
    Telephone: +44 20 7986 8969
    Email: liabilitymanagement.europe@citi.com
    J.P. Morgan SE
     Taunustor 1 (TaunusTurm)
    60310 Frankfurt am Main
    Germany

    Telephone: +44 20 7134 2468
    Attention: EMEA Liability Management Group
    Email: liability_management_emea@jpmorgan.com

    DISCLAIMER

    This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Bangladesh and New Development Bank Co-Host High-Level Seminar on Accountability and Learning in Development

    Source: New Development Bank

    Dhaka, Bangladesh, 26 May 2025: The Economic Relations Division (ERD) of Bangladesh’s Ministry of Finance and the New Development Bank’s (NDB) Independent Evaluation Office (IEO), Internal Audit Department and Compliance and Investigations Department co-hosted a high-level seminar in Dhaka focused on embedding accountability, evaluation, and integrity at the heart of development projects—key pillars for delivering on Bangladesh’s growth priorities.

    The seminar, titled “Transforming Development: Building a Culture of Accountability through Evaluation, Auditing, and Ethics” highlighted NDB’s approach to sustainable development through integrated evaluation, audit, and compliance systems. With over 150 participants—including senior level policymakers, development experts, private sector leaders and others—it served as a dynamic platform for cross-learning among emerging economies.

    Opening the event, His Excellency Dr. Salehuddin Ahmed, Honourable Adviser of the Ministry of Finance, underscored Bangladesh’s commitment to strengthening governance in public investment: “The foundation of sustainable development rests on three pillars: accountability, transparency, and ethical governance. These are not abstract ideals-they are practical necessities. Evaluation, auditing, and compliance are the tools that help us build these pillars. They ensure that our policies and projects do not merely exist on paper, but deliver real, tangible benefits to our citizens.”

    Mr. Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division, added: “We must learn from international experiences and adapt global best practices to our own context. The presence of distinguished experts and partners from the New Development Bank, as well as from key ministries and agencies, is a valuable opportunity for dialogue and knowledge exchange.”

    The one-day event featured keynote addresses from global leaders in development policy. Nobel Laureate Professor Abhijit Banerjee, of the Massachusetts Institute of Technology, emphasised the value of evidence-based policymaking and timely impact evaluations in ensuring that development investments deliver real results.

    H.E. Dr. Rania A. Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, and NDB Governor, shared her country’s efforts to strengthen project transparency through digital monitoring platforms, offering insights relevant to fast-growing economies like Bangladesh.

    Participants also explored key themes including the role of evaluation in accelerating the achievement of the United Nations’ Sustainable Development Goals (SDGs), private sector engagement in development interventions, risk-based internal auditing, and ethical standards in development finance. These sessions were led by senior officials from NDB and enriched by perspectives from international partners such as the Asian Development Bank, the Department of Planning, Monitoring and Evaluation of South Africa, the Ministry of Finance, Brazil, and the International Fund for Agricultural Development.

    “Good development isn’t just about how much is built, but how well it lasts—economically, socially, and institutionally,” said Mr. Henrique Pissaia, Principal Professional Specialist at NDB’s Independent Evaluation Office. “This seminar showed that accountability and learning are catalysts for better results. Bangladesh’s leadership in this space reflects our shared commitment to making learning, ethics, and South-South knowledge exchange central to impact-driven development.”

    The seminar signalled growing cooperation between NDB and Bangladesh, which joined the Bank in 2021 – the first non-BRICS country to do so. As the Government of Bangladesh continues to scale up its infrastructure ambitions, today’s discussions underscored the importance it places on good governance, evaluability and long-term sustainability, as well as NDB’s commitment to working closely with Bangladesh, financing infrastructure and sustainable development projects that support its national development objectives and commitments under the SDGs.

    MIL OSI Economics –

  • MIL-OSI Economics: CBB Government Development Bond Issue No.40 Oversubscribed

    Source: Central Bank of Bahrain

    Published on 27 May 2025

    Manama, Bahrain –27th May 2025 – The Central Bank of Bahrain (CBB) announces that the issue of the 3-year Government Development Bond has been oversubscribed by 203%.

    Subscriptions worth BD 507.802 million were received for the BD 250 million issue, which carries a maturity of 3 years.

    The fixed annual coupon rate on the issue, which begins on 29th May 2025 and matures on 29th May 2028, is 6.125%.

    The Government Development Bonds are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

    This is Government Development Bond issue No.40 (ISIN BH00010U5465).

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    MIL OSI Economics –

  • MIL-OSI Economics: Štramberk municipal heritage site on a new CNB gold coin

    Source: Czech National Bank

    The Czech National Bank (CNB) is issuing a CZK 5,000 gold coin featuring a motif of the Town of Štramberk. The coin is part of the Municipal Heritage Sites cycle and will go on sale on 27 May 2025.

    The design of the coin was chosen in an artistic competition. At the recommendation of an expert commission, the CNB Bank Board selected the design submitted by Veronika Prokopová. Her work stood out with its clean execution and meticulous collage of the town’s most significant sights. Oldřich Škrabal, the secretary of Štramberk municipal authority, acted as expert adviser to the commission.

    “The Town of Štramberk is among the most treasured municipal heritage sites in the Czech Republic, owing to thorough cultural heritage preservation and respect for tradition. The significance and value of this town is rightly honoured by the Czech National Bank issuing this gold coin,” said CNB board member Karina Kubelková.

    The obverse side of the coin features a wall painting from the interior of the Jaroňkova útulna building near the Trúba tower in Štramberk. It is located in the upper part of the coin above heraldic animals from the large national coat-of-arms. On the reverse side of the coin, the designer placed a collage of the most significant sights of the Štramberk municipal heritage site – a neo-Renaissance fountain, the Church of St. John of Nepomuk, a one-storey house with a neo-Baroque gable and the ruin of Strallenberg castle with the cylindrical Trúba tower.

    The CNB had a total of 12,800 coins of 999.9 purity gold made (3,800 of normal quality and 9,000 of proof quality). They weigh half an ounce (15.5 g) and have a diameter of 28 mm. They are issued in two versions, normal quality and proof quality, which differ in surface treatment and edge marking. Proof-quality coins have a highly polished field, a matt relief and a plain edge. Normal-quality coins are fully matt and have milled edges.

    The coin’s denomination of CZK 5,000 does not equal the sale price. The latter is higher, reflecting, among other things, the current price of gold and production costs. The coins were minted by Česká mincovna, a. s., in Jablonec nad Nisou and are available for purchase from selected contractual partners. The CNB does not sell numismatic material directly to the public.

    The Štramberk gold coin is the ninth in the Municipal Heritage Sites cycle. The previous coins featured Cheb, Jihlava, Mikulov, Litoměřice, Kroměříž, Hradec Králové, Olomouc and Moravská Třebová. The 2021–2025 cycle will be completed this year with a tenth coin showing motifs of the town of Tábor. The whole schedule of issuance of coins and banknotes is available on the CNB website.

    Štramberk municipal heritage site

    The mountain town of Štramberk in the Moravian-Silesian Region perfectly combines architectural heritage, living traditions and picturesque nature. Its historical heart, designated as a municipal heritage site in 1969, is characterised by town houses, a neo-Renaissance fountain and the Church of St. John of Nepomuk. Other inseparable parts of the town include its narrow, winding alleys lined with authentic timbered cottages, and the majestic ruin of Strallenberg castle with the Trúba cylindrical tower, which completes its distinctive silhouette.

    Besides its historic sites, Štramberk is famous for a confectionery product – the gingerbread “Štramberk ears”, baked here over many centuries in commemoration of the legendary victory of the Štramberk Christians over the Mongolian army on 8 May 1241 on the eve of the Feast of the Ascension.

    Jaroslav Krejčí
    CNB Spokesperson

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Trading Standards close two shops after persistent illegal seizures

    Source: City of Stoke-on-Trent

    Published: Tuesday, 27th May 2025

    Two premises with a long history of selling illegal tobacco, cigarettes and vapes have been issued with closure notices by Trading Standards.

    Abbey Hulton Supermarket on Leek Road and Easy Shop on Weston Road in Meir both have history of supplying illegal products and have been subject to enforcement action multiple times.

    Since 2021, Abbey Hulton Supermarket has had 17 test purchases of illegal cigarettes and vapes and five seizures, totalling £28,164 in retail value.

    Easy Shop has had 42 interventions by Trading Standards since 2019 and in 2025 alone, illegal products worth £11,309 have been seized.

    This work forms part of Operation Cece – a national operation with HMRC and National Trading Standards to tackle illegal tobacco.

    Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability at Stoke-on-Trent City Council, said: “We will not tolerate the sale of illegal tobacco and vapes, and I welcome these closures of two persistent offenders.

    “Our Trading Standards teams work hard to remove illegal tobacco and vapes off the streets to keep everybody safe and make sure legal businesses are not being undermined.

    “This work is part of the council’s commitment to creating a cleaner, greener and safer city for all and you will face serious consequences if you choose to sell illegal products.”

    Anyone with concerns about illegal tobacco, vapes and underage sales can contact Trading Standards on the hotline at 01782 238884 or visit www.stoke.gov.uk/tradingstandards

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SFST visits Toronto and calls on enterprises to develop wealth management and family businesses in Hong Kong (with photos)

    Source: Hong Kong Government special administrative region

    SFST visits Toronto and calls on enterprises to develop wealth management and family businesses in Hong Kong Issued at HKT 11:38

    The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his five-day visit to Canada on May 26 (Toronto Time). His first stop was Toronto, where he met with representatives of two banks and an insurance group immediately after his arrival in the city.

    Mr Hui arrived in Toronto in the afternoon. He started his itinerary with a meeting with the Group Head, RBC Wealth Management, Mr Neil McLaughlin, and Executive Vice President and Global Head, Strategy, Products and Digital Investing, Mr Stuart Rutledge, of the Royal Bank of Canada. He then proceeded to Scotiabank to meet with its Group Head for Global Wealth Management, Ms Jacqui Allard, and Vice President, Strategic Cultural Segments, Mr Amit Brahme.

    Both banks are deeply interested in the development of the wealth management business in Hong Kong. Mr Hui shared that Hong Kong is currently the largest cross-border wealth management hub in Asia, and some anticipate that Hong Kong will leap into first place globally by 2028. The family office business is an important segment of the asset and wealth management sector in Hong Kong. As of end-2023, the size of private banking and private wealth management business attributed to family offices and private trusts clients reached US$185.2 billion (HK$1,452 billion), providing huge business opportunities for the asset and wealth management sector and other related professional services (such as legal and accounting services). Mr Hui also highlighted the diversity of financial products in Hong Kong and the latest passage of the stablecoins legislation, providing investors with numerous investment options. The banks were encouraged to utilise the developmental strengths of Hong Kong’s asset and wealth management industry and establish their presence in Hong Kong.

    Mr Hui also met with the Group Vice President and Head of Asia of Power Corporation of Canada, Mr Henry Liu, this evening. He introduced to him the facilitation and concession provided by the Government to family offices looking to set up or expand their business in Hong Kong, such as no licence being required for a single family office under the Securities and Futures Ordinance if it does not carry on a business of regulated activity in Hong Kong. Single family offices can also enjoy profit tax exemption for qualifying transactions. Mr Hui highlighted the Government’s efforts in enhancing the preferential tax regimes for funds, single family offices and carried interest, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices and enhancing the tax concession arrangement on the distribution of carried interest by private equity funds. The Government targets working out the details of the proposals by this year and submitting the legislative proposals to the Legislative Council for consideration in 2026, striving to implement the relevant measures from the year of assessment 2025/26. Mr Hui called on the company to leverage the ideal business environment with stability and predictability to set up family offices in Hong Kong. Power Corporation of Canada operates a wide range of businesses covering North America, Europe and Asia, including insurance, wealth management and investment businesses.

    On May 27 (Toronto Time), Mr Hui will visit two insurance companies, meet with the Hong Kong-Canada Business Association (Toronto Chapter) and attend a business luncheon with financial leaders in Toronto. He will also pay a courtesy call to the Consul-General of the People’s Republic of China in Toronto.

    Ends/Tuesday, May 27, 2025
    Issued at HKT 11:38

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: France: Treefrog Therapeutics secures €30 million from EIB marking a significant milestone in the company’s journey to accelerate the field of cell therapy

    Source: European Investment Bank

    EIB

    • €30 million financing with mix of dilutive and venture debt financing
    • Funds to advance Parkinson’s disease cell therapy program to the clinic and further develop their internal pipeline of cell therapies
    • Deal benefits from guarantee under European Commission’s Invest EU program

    TreeFrog Therapeutics, a French biotech specializing in cell therapy has secured a €30 million financing from the European Investment Bank (EIB). The financing will support the advancement of their lead cell therapy program in Parkinson’s Disease to the clinic. Funds will also be used to reinforce their internal pipeline in other disease areas with large unmet needs.

    Regenerative medicine holds immense potential to revolutionize healthcare to treat or cure some of the world’s unmet needs in diseases of the major organs, such as the heart, lungs, pancreas and brain. Parkinson’s disease is the second most common neurodegenerative disorder and the fastest growing with more than 10 million people worldwide suffering from the disease. Prevalence doubled in the last 25 years and is expected to double again before 2050. Current solutions treat symptoms only. The cell therapy in development at TreeFrog has the potential to be a best-in-class treatment due to its unique 3D format microtissues, developed from induced pluripotent cells (iPSC). The program is on track to be ready for a first-in-human trial in 2027. 

    The €30 million financing will be available in 3 tranches of €10 million each, with TreeFrog benefiting from a new vehicle from the EIB, mixing dilutive financing, hence no principal repayment required for the initial two tranches and venture debt for the last tranche. The initial €10 million will be withdrawn during the second quarter of 2025. EIB’s investment aligns with the InvestEU objective of fostering research, development and innovation.

    Ambroise Fayolle, vice-president of the EIB, said: “Regenerative medicine is a field that has growing importance as life expectancy rises and some diseases are still untreated. This EIB is keen to support young, dynamic European and French companies that focus on research, development and product innovation. Support from InvestEU is testimony of a wider European interest in TreeFrog’s business model and new solutions for the health sector”.

    Jaime Arango, Chief Finance Officer, TreeFrog Therapeutics, said: “We are delighted to receive this support from EIB which bolsters our cash visibility trajectory and enables us to bring our Parkinson’s cell therapy to the clinic, while also reinforcing our internal pipeline of cell therapies in other disease areas.”

    TreeFrog’s success in attracting investment and partners to date is based on their proprietary technology platform, C-Stem . This platform addresses some of the major challenges by producing high quality cells, efficiently, at commercial scale. C-Stem combines microfluidics and stem cell biology to mimic the natural environment for cells. The cells are encapsulated in alginate capsules seeded with iPSCs. These capsules protect the cells, allowing them to do what they do naturally – self-organise and grow. The protected cells are nurtured and nourished, expand exponentially and can be turned into any type of cell in large-scale bioreactors without damage and stress. This results in 3D microtissues that have unique benefits in terms of quality and functionality and integrate well after transplant.

    Background information

    About EIB

    The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. Across eight major priorities, we support investments in climate action and the environment, digital transition and technological innovation, security and defense, cohesion, agriculture and the bioeconomy, social infrastructure, capital markets union, and a stronger Europe in a more peaceful and prosperous world. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 projects in Europe and worldwide. In France, the EIB Group signed over a hundred operations in 2024 for a total amount of €12.6 billion. Nearly 60% of the EIB Group’s annual financing supports projects contributing to climate change mitigation and adaptation, as well as the creation of a healthier environment.

    About TreeFrog Therapeutics

    TreeFrog Therapeutics is a French-based regenerative medicine biotech set to unlock access to cell therapies for millions of patients. TreeFrog is unique in its approach to cell therapy development, bringing together biophysicists, cell biologists and bioproduction engineers to address the challenges of the industry – producing and differentiating cells of quality at unprecedented scale, cost-effectively. To succeed in their mission of Cell Therapy for all, TreeFrog operates a business model that includes its own therapeutic programs and partnerships with leading biotech and industry players. Since 2021, the company has raised $82 million to advance a pipeline of stem cell-based therapies in regenerative medicine.

    MIL OSI Europe News –

  • MIL-OSI: XRP News: Buy $XDX By XenDex On XRP Ledger As Ripple Acquires Circle While Volatility Shares Launches XRPI Futures ETF

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 27, 2025 (GLOBE NEWSWIRE) — XenDex is moving to end its presale in about 24 hours, and top crypto analysts have confirmed that the $XDX token with its utility, has the potential of attaining various all time high and great profits for its holders because of the massive adoption it witnessed in the XRP community. With its unique features, and problems it aims to solve, XenDex is positioning itself to be the next go-to DeFi on the Ripple blockchain, and their spokesperson has confirmed that the pre token sale will end in about 24 hours. To buy and hold some $XDX tokens, please visit XenDex Docs.

    Buy $XDX Before Listing On Binance

    While Ripple (XRP) is once again making headlines after reports emerged that it’s in talks to acquire Circle, the issuer of the popular USDC stablecoin, and the bullish momentum of the launch of Volatility Shares’ XRPI Futures ETF, the first of its kind, signaling rising institutional appetite for XRP, XenDex is positioning itself as the most promising decentralized exchange (DEX) on the XRP Ledger.

    What is XenDex On XRP Blockchain?

    XenDex is the first all-in-one decentralized exchange (DEX) built natively on the XRP Ledger (XRPL). The platform offers secure, fast, and low-fee trading, combined with advanced DeFi tools like AI copy trading, non-custodial lending & borrowing, and cross-chain swaps, all from a clean, intuitive dashboard built for mass adoption.

    Purchase $XDX At A low Price

    Features And Problems XenDex Aims To Solve on XRP Ledger?

    • AI Copy Trading – Automatically mimic trades from top-performing wallets, and minimize losses
    • Lending & Borrowing – Lend or borrow crypto assets on XenDex without intermediaries
    • Cross-Chain Trading – Swap XRP with tokens across Ethereum, Solana, and BNB Chain
    • DAO Governance – Let $XDX holders vote on upgrades and listings

    Why Should I Buy $XDX?

    Asides from making profits from potential pump upon listing on various exchanges, holding $XDX gives you:

    • Voting rights over platform upgrades
    • Staking and liquidity rewards
    • Reduced trading, lending and borrowing fees
    • Access to exclusive platform features & airdrops

    Where Can I Trade $XDX?

    After presale, $XDX will be listed on: Binance, Gate.io, MEXC, BitMart, FirstLedger, MagneticX

    Is XenDex A Legit Project On XRP?

    Purchase XDX And Earn Rewards

    Yes. XenDex is backed by experienced developers and is undergoing third-party smart contract audits. It’s already integrated with top XRPL tools like Xaman, XRP Toolkit, and Gitbook.

    How Do I Buy $XDX?

    XenDex Presale Details

    • Soft Cap: Reached
    • Hard Cap: Almost Filled
    • Time Left: Only 1 Day Remaining

    Join XenDex Community Below

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea571100-e2a3-405e-9bcc-65422870842a

    The MIL Network –

  • MIL-OSI: Castellum, Inc. Announces Information Concerning 2025 Annual Stockholders Meeting

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., May 27, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “CTM”), a cybersecurity, electronic warfare, and software engineering services company focused on the federal government, reminds stockholders that its 2025 annual meeting of stockholders (“2025 Annual Meeting”) will be held on Wednesday, May 28, 2025 at 10:00 a.m. (Eastern Time) and that stockholders of record on the close of business on March 21, 2025, will be entitled to notice of, and to vote at, the 2025 Annual Meeting and any adjournment or postponement thereof.

    The 2025 Annual Meeting will be held at the offices of Pillsbury Winthrop Shaw Pittman LLP, 7900 Tysons One Place, Suite 500, Tysons, VA 22102, and will be conducted in person and virtually via live audio conference call. Stockholders interested in accessing the live audio conference call may dial 1 (800) 715-9871 or 1 (646) 307-1963. The conference identification number is 9842123.

    After adjourning the 2025 Annual Meeting, members of CTM’s management will conduct an informal presentation followed by a question-and-answer session. A copy of the informal presentation is posted to the Company’s website under the “Investor” tab at https://investors.castellumus.com/events-and-presentations/default.aspx. Investors are encouraged to download a copy of the presentation on Tuesday morning when available, as it will not be presented live.

    About Castellum, Inc. (NYSE-American: CTM):

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – https://castellumus.com/.

    Cautionary Statement Concerning Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Contact:

    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com
    https://castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50f4abcc-d3ff-42eb-aabc-339704b54996

    The MIL Network –

  • MIL-OSI: Bitget Wallet Integrates with LINE Dapp Portal to Enhance Access to Mini Dapps on LINE

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, May 27, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, is now officially supported on LINE’s Mini Dapps, following a recent software update by LINE NEXT Inc.. The update allows users to connect Bitget Wallet directly to games and services built on the Dapp Portal — LINE NEXT’s Mini Dapp platform.

    Mini Dapp powered by Kaia is growing its ecosystem of digital applications, including games, rewards platforms, and interactive tools. Built with a focus on mobile-first design, LINE NEXT aims to bring Web3 experiences to LINE’s over 196 million monthly active users. “Our goal with Bitget Wallet integration is to broaden user bases and give them more choice and better tools within Mini Dapp.” said Youngsu Ko, CEO of LINE NEXT.

    With Bitget Wallet, users can buy, trade, and manage Kaia-based assets within Mini Dapp, including using real-time charts, cross-platform trading features, and direct purchase options. This means users can more easily join popular Mini Dapps and interact with the ecosystem without needing separate tools or apps.

    The integration is designed for ease of use, especially for mobile-first users. Bitget Wallet supports more than 130 networks, including Kaia, and helps users access digital games and apps with fewer steps. It also simplifies how users handle transactions and rewards inside these games — without needing to manually adjust settings or switch between platforms.

    Bitget Wallet will launch a large-scale user rewards campaign in June, including fee discounts and game-related bonuses for early users. A broader collaboration between Bitget Wallet and LINE NEXT is also in the works. “We’re making it easier for people to join and enjoy the digital experiences offered on LINE,” said Alvin Kan, COO of Bitget Wallet. “By giving users more control and flexibility, we’re helping make these technologies feel familiar and useful in everyday life.”

    For more information, visit Bitget Wallet’s official channel and LINE Dapp Portal.

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

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

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

    About LINE NEXT Inc.
    LINE NEXT Inc., LINE’s venture dedicated to developing and expanding the Web3 ecosystem, providing new digital experiences, and leading Web3 innovation.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/79db1694-3084-4e86-9261-cd2cc25830d1

    The MIL Network –

  • MIL-OSI Economics: Huawei’s New Single SitePower Solution Creates Four Synergies to Accelerate Site Intelligence

    Source: Huawei

    Headline: Huawei’s New Single SitePower Solution Creates Four Synergies to Accelerate Site Intelligence

    [Dubai, UAE, May 27, 2025] During the 9th Global ICT Energy Efficiency Summit in Dubai, Huawei showcased its next-generation digital and intelligent site power facility solution Single SitePower, which is set to drive the intelligent transformation of ICT energy infrastructure. Themed “Green Site, Building an Intelligent Future,” the Summit brought together industry leaders and energy experts from leading operators, tower companies, and industry organizations worldwide gathered at the event to discuss the energy transition for greener ICT.
    Global operators and tower companies are facing a wide range of energy challenges. The communications industry consumes 2.5% of the world’s electricity, with base stations accounting for over 60%. Along with the rapid development of new technologies such as AI, network traffic and energy consumption are surging. Additionally, power shortages, aging infrastructure, and natural disasters put immense strain on network resilience and evolution. To help overcome these challenges, the Single SitePower solution leverages technological innovations to build four intelligent synergy systems, helping operators build simple, green, resilient, and safe sites.

    Single SitePower

    Solar-Battery Synergy: Based on Huawei’s iSolar green site solution, solar systems and lithium batteries can be deployed at sites to ensure diverse energy supplies, reducing the risk of site breakdown due to external energy environment changes. Moreover, the Solar-Battery Synergy technology enables the 100% integration of surplus solar energy, increasing the energy yield by 55% compared with the traditional solution.
    Power-Grid Synergy: Huawei’s iGrid grid adaptation technology helps base stations run stably even in the case of frequent power outages and weak grids. In Africa, the technology has helped operators improve the site power availability (PAV) from 60% to 99.9% in areas with frequent power outages.
    Power-RAN Synergy: Huawei’s unique adaptive power backup technology doubles the power backup time for communication services without changing the battery configuration. In Europe, the solution has helped operators cope with large-scale power outages, with the power backup time drastically extended from 2.5 hours to more than 7 hours.
    Power-Service Synergy: Huawei’s O&M management system integrates AI diagnosis to implement proactive analysis, risk prediction, precise fault locating, rapid root cause analysis, and precise energy scheduling. This improves network O&M efficiency and fault recovery speed, enhances network resilience, and reduces OPEX by 50%.

    James Chen, President of Huawei’s Carrier Business

    According to James Chen, President of Huawei’s Carrier Business, the levelized costs of electricity (LCOE) of solar systems and batteries keep declining, and their payback periods have become shorter, presenting tremendous opportunities for operators and tower companies to achieve the green energy transition. Huawei integrates digital and power electronics technologies, drives intelligent transformation through high-quality products, and continuously develops innovative energy infrastructure solutions for the digital industry. These efforts will accelerate the green energy transition and promote the sustainable development of operators and tower companies, paving the way for a better, greener future.

    MIL OSI Economics –

  • MIL-OSI Global: What the hidden rhythms of orangutan calls can tell us about language – new research

    Source: The Conversation – UK – By Chiara De Gregorio, Post Doctoral Research Fellow, University of Warwick

    Don Mammoser/Shutterstock

    In the dense forests of Indonesia, you can hear strange and haunting sounds. At first, these calls may seem like a random collection of noises – but my rhythmic analyses reveal a different story.

    Those noises are the calls of Sumatran orangutans (Pongo abelii), used to warn others about the presence of predators. Orangutans belong to our animal family – we’re both great apes. That means we share a common ancestor – a species that lived millions of years ago, from which we both evolved.

    Like us, orangutans have hands that can grasp, they use tools and can learn new things. We share about 97% of our DNA with orangutans, which means many parts of our bodies and brains work in similar ways.

    That’s why studying orangutans can also help us understand more about how humans evolved, especially when it comes to things like communication, intelligence and the roots of language and rhythm.

    Research on orangutan communication conducted by evolutionary psychologist Adriano Lameira and colleagues in 2024 focused on a different species of orangutan, the wild Bornean orangutan (Pongo pygmaeus wurmbii). They looked at a type of vocalisation made only by males, known as the long call, and found that long calls are organised into two levels of rhythmic hierarchy.

    This was a groundbreaking discovery, showing that orangutan rhythms are structured in a recursive way. Human language is deeply recursive.

    Recursion is when something is built from smaller parts that follow the same pattern. For example, in language, a sentence can contain another sentence inside it. In music, a rhythm can be made of smaller rhythms nested within each other. It’s a way of organising information in layers, where the same structure repeats at different levels.

    So, when the two-level rhythmic pattern was discovered in the long calls of male Bornean orangutans, my team wanted to know whether this kind of rhythm was unique to those particular calls, or revealed a deeper part of how orangutans communicate. To find out, we studied the alarm calls of wild female Sumatran orangutans and found something surprising.

    Instead of two levels, as had been seen in the Bornean males, this time we found three. This is an even more sophisticated pattern than we expected.

    The shared roots of language

    Returning to those alarm calls echoing through the Indonesian forest, we can now hear them with new ears. With the help of statistical tools, what sounded like random noise now takes on a clear structure – a rhythmic pattern of calls grouped into regular bouts and repeated in sequences.

    Each layer follows a steady rhythm, like the ticking of a metronome.

    Until recently, many scientists believed only humans could build layered vocal structures. This belief helped reinforce the idea of a divide between us and other animals.

    But our discovery adds to a growing body of research showing this divide may not be so clear-cut. Studies on great apes and other animals such as lemurs, whales and dolphins have revealed they are capable of rhythmic structuring, vocal learning, combining signals and sounds to make new ones, and even using vowels and consonants. These findings suggest the roots of language may lie in shared evolutionary mechanisms.

    Human language is unique in many ways. But it probably did not appear suddenly. Even the most striking traits in life evolve by reshaping what already exists, through the slow work of variation and natural selection. Our work suggests the brain systems needed to build recursive patterns were present in our ancestors millions of years ago.

    The evolution of language

    We wanted to take our investigation a step further and ask why recursive patterns evolved. So, we designed an experiment in which wild orangutans were exposed to different predator models, some posing a more realistic threat than others.

    This involved a person walking on all fours under different-coloured blankets. One had tiger stripes (tigers are orangutan predators). The other blankets were blue, white or multi-coloured.

    We found that more structured, regular and faster orangutan alarm sequences were made in response to tiger stripes. When the predator seemed less convincing, the vocalisations lost that regularity and slowed down. So, rhythm may help listeners gauge the seriousness of a situation.

    These patterns in orangutan calls give us some important hints about how language might have started. But it’s possible that other animals have similar ways of communicating that we haven’t discovered yet. To really understand how things like evolution, social life and the environment shape these interesting communication skills, we need to keep studying many different animals.

    Perhaps the most surprising lesson is this: complexity doesn’t always need words. The rhythms, patterns and structures we have uncovered in orangutan alarms remind us that meaningful communication can emerge in many forms – and that the roots of our language may lie not just in what is said, but how it is expressed.

    Chiara De Gregorio 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. What the hidden rhythms of orangutan calls can tell us about language – new research – https://theconversation.com/what-the-hidden-rhythms-of-orangutan-calls-can-tell-us-about-language-new-research-257400

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: First stage Central Library improvements completed paving way for Adult Education works

    Source: City of Wolverhampton

    The 1970s extension to the rear of the library has been internally remodelled, providing 2 new first floor offices, along with WCs, a kitchenette and ground floor space for booking deliveries, sorting and collections.

    This paves the way for further works to be undertaken by contractor Speller Metcalfe, with Adult Education Wolverhampton’s Alan Garner Building on Old Hall Street set to undergo internal remodelling and refurbishment, plus the construction of a 2 storey glazed link building to connect it directly to Central Library’s 1930s extension.

    Ongoing works on the restoration of the building façade and roof of the Grade II* listed library started in November, with a new rear entrance lobby and landscaping also in the pipeline.

    The overall redevelopment will create a modernised, reconfigured and accessible, digitally enabled Central Library for the public and an expanded centralised Adult Education provision that meets post-16 learner and employer demands.

    The improved Central Library and Adult Education Wolverhampton facilities will sit alongside a new state of the art education facility for City of Wolverhampton College currently being constructed by McLaughlin & Harvey on the site of the college’s former Metro One campus and land on the corner of Garrick Street and Bilston Street, where the Faces nightclub building once stood.

    Central Library and Adult Education Wolverhampton are continuing to operate throughout the works, which are expected to be completed during the winter.

    The council’s Cabinet Member for City Development, Jobs and Skills, Councillor Chris Burden, said: “The improvement works to Central Library and our Adult Education facilities are integral to our City Learning Quarter vision alongside the new college campus being developed.

    “Together they will provide state of the art facilities in the city centre and improve life chances for people of all ages through learning, apprenticeship and employment offers.

    “The restoration and development of the Grade II* listed library and Adult Education building will enhance the offer for current users of these services and attract new users, providing an inspirational learning environment that is easy to reach by bus, rail, tram and bicycle.”

    Ninder Johal, Chair of Wolverhampton’s City Investment Board, said: “Excellent progress is being made in delivering Wolverhampton City Learning Quarter.

    “This regeneration will ensure the city’s Central Library and Adult Education facilities are the best they can be to support the delivery of an outstanding education and skills offer and enhanced public facilities.”

    The exciting City Learning Quarter proposals were initially supported by investment from the council with a further £49 million coming through UK Government funding, plus additional government grants and contributions from the college and council.

    It will pave the way for City of Wolverhampton College to move from its 1960s Paget Road site, which has been identified as land to build much needed housing.

    The college forecasts that over a 10 year period approximately 45,000 people will benefit from learning at the City Learning Quarter and around 7,500 apprenticeships will be started.

    Its central location and close proximity to the new £150 million transport interchange will make it easily accessible. It will also boast environmental benefits in line with council’s climate emergency agenda.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Alpha Chance: Polytechnicians Receive Grants of 300,000 Rubles

    Translation. Region: Russian Federal

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

    Students of the Saint Petersburg Polytechnic University received grants in the Alfa-Chance project. This is a grant program initiated and financed by Alfa-Bank. The competition is aimed at identifying talented young people, creating the necessary conditions for their intellectual development, assisting in choosing a profession and increasing motivation in achieving career goals.

    Having studied the resumes and motivation letters, the expert committee, which included company representatives and employees of the career development department, identified the top 100 student winners. They received personal grants in the amount of 300,000 rubles. A total of 300 educational institutions participated.

    The winners included SPbPU PISh student Stepan Akimov and IMMIT student Artemy Bazeltsev.

    The awards were presented to the winners by Svetlana Tonofa, Head of the HR Department of the St. Petersburg branch of Alfa-Bank. The guys received cash certificates and gifts from the company. The ceremony took place at the fair of student projects and initiatives “Idea v Delo”, held jointly with the course Fundamentals of Project Activities. The winners will be able to use the grant funds to implement their own initiative projects.

    Last year, I participated in the Alfa-Bank ambassador program, where I learned about the grant competition. I wanted to set myself an interesting goal and see if I could achieve it. In the end, I managed to win by betting on the most important criterion – the creativity of the motivation letter, – said Stepan Akimov.

    Stepan shared that he intends to spend the grant on creating a music rehearsal base on the territory of SPbPU. Artemy plans to use the grant to implement the cargo module of the agricultural platform.

    The project is a small-sized tracked platform to which various modules can be attached — tools for working on a country plot. The modular agricultural platform can be useful for many people living in rural areas, as it will facilitate the work process, — noted Artemy Bazeltsev.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: A task force has been sent to Shandong Province where a chemical plant explosion occurred

    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

    BEIJING, May 27 (Xinhua) — China’s Ministry of Emergency Management on Tuesday dispatched a task force to the city of Gaomi in east China’s Shandong Province where an explosion occurred at 11:57 a.m.

    The emergency occurred in the workshop of one of the local chemical companies. At the moment, 232 rescuers and 55 vehicles have been mobilized to eliminate the consequences of the incident.

    The ministry demanded that the fire be put out as quickly as possible, that search and rescue operations be organized in every possible way, and that everything necessary be done to provide assistance to the victims. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: The N.A. Rimsky-Korsakov Conservatory in St. Petersburg has received permission to start operation

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    N.A. Rimsky-Korsakov Conservatory in St. Petersburg

    The historic building of the St. Petersburg State Conservatory named after N.A. Rimsky-Korsakov has received permission to put it into operation. One of the most beautiful buildings in St. Petersburg will reopen its doors to students on September 1. At the same time, it is ready to resume its work as a concert venue this summer, Deputy Prime Minister Marat Khusnullin reported.

    “The reconstruction of the N.A. Rimsky-Korsakov Conservatory began back in 2015, but due to the change of several contractors, the building ended up in a state of disrepair. If it were not for the direct order of the President to intervene in this matter, we could simply lose this beautiful historical building. In 2021, the implementation of the project was transferred to the company “Single Customer in the Sphere of Construction”. A team of builders, restorers, and acousticians was able to complete a very large and complex project for the restoration of a cultural heritage site in three years – significantly ahead of the deadlines established by the contract. As of today, permission for commissioning has already been received. The facades and interiors of the building have been returned to their historical appearance. After the reconstruction, the historical building of the first music university in the country is equipped with the most modern technologies for teaching music,” said Marat Khusnullin.

    The reconstruction and restoration of the N.A. Rimsky-Korsakov Conservatory was carried out within the framework of the comprehensive state program “Construction”.

    “The building of the St. Petersburg Conservatory has a rich history. Here in 1783, Antonio Rinaldi erected the first Stone Theatre in Russia. Fragments of the walls and foundation of the theatre were used by the architect Vladimir Nikolay to build the conservatory building, which was opened in 1896. At different times, such architects as A. Cavos, T. Bardt and Thomas de Thomon worked here. The result of a large-scale restoration was the return of the facades to their historical light beige colour, as a result of the scientific restoration of the house church, the paintings by famous artists of the late 19th century Andrei Ryabushkin and Vasily Belyaev, lost in Soviet times, were returned. Thanks to the construction of new domes made of glass and aircraft-grade aluminium, the usable area of the conservatory increased by 700 sq. m – to 31,864 sq. m,” said Minister of Construction and Housing and Public Utilities Irek Fayzullin.

    In the summer of 2025, after the finishing works are fully completed, the staff of the N.A. Rimsky-Korsakov Conservatory will finish preparing the premises for the resumption of the educational process for students, and will finish tuning the historical musical instruments that were returned to the building from the restoration workshops. The mechanism of the German organ from the late 19th century in the Glazunov Small Hall will also be tuned.

    “The reconstruction and restoration of the St. Petersburg Conservatory is a unique, incredibly complex project, where we carefully combined the past and the future, strictly following the principles of the Venice Charter – specialists tried to use materials and technologies from the time of the building’s construction as much as possible. We managed to completely restore the sound of instruments that are rare today – harmoniums, which will sound like new again. In total, there are about 1,000 unique exhibits – from grand pianos and paintings by the founders of the conservatory to furniture. All stages of design, construction work and restoration were coordinated with the Committee for the Protection of Monuments of St. Petersburg, in agreement with the Academic Council of the University, the historical decoration in the style of the Renaissance was returned to the interiors of the Great Hall of the Conservatory,” emphasized Karen Oganesyan, General Director of the Unified Customer in Construction.

    Rector of the St. Petersburg State Conservatory named after N.A. Rimsky-Korsakov Alexey Vasiliev noted that the renovated building is equipped with first-class technologies that improve the educational process. “The Rubinstein Great Hall for 1,100 people is equipped with variable acoustics technologies, which will allow performing not only opera and symphonic music, but also works of a wide variety of genres, such as jazz, musicals, rock. 40 classrooms of the conservatory are equipped with the latest equipment for recording and playing music, which enables the faculty to actively use digital technologies and modern teaching standards,” he said.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Bank of Russia revised the parameters of the limit for immobilized assets

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    The regulator plans to limit the risks of bank investments in non-core assets that do not have repayment requirements, are of limited liquidity and bear shareholder risks (immobilized assets). These include investments in equity instruments, tangible property, excess fixed assets, and ecosystems.

    For this purpose, a risk-sensitive limit (RSL) will be introduced: immobilized assets exceeding the RSL will have to be covered by the bank with capital. As a result, the risks of excess investment in such assets will be transferred from depositors and creditors to the bank’s shareholders.

    The new regulation will apply to banks with a universal license and is planned to come into effect in 2026.

    The mechanism for calculating the RFL, initially published in 2021, was revised based on the results of a survey of banks and an assessment of the effect of introducing a limit on the sector. As a result, the composition of assets included in the RCL was clarified and supplemented, the maximum immobilization coefficient was reduced, and the schedule for achieving the target limit level was relaxed. The updated parameters of the RCL are given in the Bank of Russia report.

    Answers to the questions presented in the material, as well as comments and suggestions, can be sent to the Bank of Russia up to and including June 27, 2025.

    Preview photo: ARVD73 / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 24632

    MIL OSI Russia News –

  • MIL-OSI Economics: Luis de Guindos: Interview with Ta Nea

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Leonidas Stergiou on 21 May 2025

    27 May 2025

    What is the key message from the latest issue of the ECB’s Financial Stability Review?

    Uncertainty in the global economy has increased significantly since the last Financial Stability Review in November 2024, mainly because of the abrupt change in US tariff policy. Given this level of uncertainty, we see three main risks to financial stability.

    First, market valuations are very high and are now pricing in a benign scenario with no recession, lower inflation and lower interest rates. High valuations and high uncertainty could give rise to sharp market corrections – as we saw after the US tariff announcements on 2 April – and adjustments could become disorderly. Second, the heightened uncertainty is already affecting growth, which could elevate credit risks for banks and non-banks. The European Commission’s growth forecasts have been revised downwards for 2025 and 2026, businesses are postponing investments and households are delaying major purchases. Third, fiscal pressures are on the rise owing to higher defence spending in a low-growth environment. This could affect sovereign bond yields and raise concerns about sovereign debt sustainability in some countries.

    How do trade tensions with the United States affect the economy?

    We do not know what the final outcome of the ongoing trade negotiations will be, but they have certainly created uncertainty and volatility. They are affecting investment, weakening household confidence and reducing the growth prospects of the European economy. The trade negotiations are still ongoing but, ultimately, the level of tariffs is likely to be higher than it was before the start of the new US Administration. And we shouldn’t only focus on bilateral tariffs between the United States and the EU – we also need to look at global trade patterns and disruptions. If China redirects its exports to Europe, for example, the impact will be significant.

    What are the risks from non-banks?

    The non-bank financial sector is a very broad term that covers investment funds, insurance companies, pension funds and other financial intermediaries. Non-banks have weathered recent market disruptions well overall. But, in such an uncertain environment, with trade tensions increasing market volatility and weighing on asset quality, they could face higher valuation losses and more frequent margin calls.

    Hedge funds are our main concern here. First, because of liquidity risk: if redemptions increase, they might not have enough liquid assets to meet them. Second, because they can be extremely leveraged – not only in the traditional sense but also through derivatives – there is a risk that they might need to fire-sell assets and unwind their leverage. These factors may increase pressure on the market and exacerbate the risk of contagion in the event of a shock.

    The non-bank sector has grown significantly over the past few years and is less supervised than the banking sector. This is why we need an effective policy framework that improves the sector’s resilience and levels the playing field across Europe.

    Is the supervisory framework fair for small and medium-sized banks in the euro area?

    We think there is scope to simplify European banking regulation and reporting frameworks, in line with the initiatives of the European Commission. We have therefore created a task force within the Eurosystem to develop proposals on how to simplify the regulatory framework for European banks. Once approved by the Governing Council, these proposals will be sent to the European legislators for their consideration.

    The group is going to look at four main areas. First, how the capital structure could be made simpler and easier to understand for investors. Second, the remaining steps in the implementation of Basel III, considering what will be decided in other countries, like the United States. If the United States pursues a more lenient approach, the EU could be put at a competitive disadvantage. Third, simplifying the extensive reporting obligations that banks face, with a view to avoiding overlaps and reducing the administrative burden. And finally, simplifying our own supervisory framework. Our banking supervision arm has already taken several steps in this area, for example by streamlining our annual assessment of banks’ risk profiles.

    In any case, our recommendations will not undermine resilience, and banks’ capital levels should not be reduced. The aim is to make the regulatory and reporting frameworks simpler and easier to follow, without reducing banks’ solvency.

    In the Financial Stability Review, you mention the high deposit franchise value of Greek banks. Is this an advantage or a risk?

    Banks with a stable and strong deposit base are more resilient. By providing steady, low-cost funding, strong deposit franchises are a source of bank profitability. Greek banks are a case in point and so have a comparative advantage over banks that rely more on market financing.

    What is currently the main challenge for the Greek economy?

    Greece has made remarkable progress since the sovereign debt crisis ten years ago. Greek bond yields are now at historically low levels, banks are solvent and robust and the economy is growing faster than the euro area average. The labour market has also strengthened, with unemployment levels dropping significantly. This has been acknowledged by markets, rating agencies and institutions, including the European Commission and the ECB.

    To maintain this momentum, the main challenge at present is to enhance economic productivity by investing in education, innovation and infrastructure. This will help to boost wages and improve living standards in a sustainable manner and will support Greece in maintaining its strong economic performance in the medium term.

    MIL OSI Economics –

  • MIL-OSI Economics: Christopher J Waller: The role of economic research in central banking

    Source: Bank for International Settlements

    Thank you for the opportunity to speak to you today.1

    I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.

    Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.

    The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.

    Research at the Federal Reserve

    Research is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.

    To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.

    When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.

    Academic Research

    Academic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”-it focuses on intellectually interesting issues often before they become relevant for monetary policy.

    Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.

    Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.

    Directed Research

    Then there is directed research. Directed research is just that-an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting-an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.

    Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.

    Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.

    Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book-which is a survey of regional economic conditions done by the Reserve Banks-is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.

    History of Research at the Federal Reserve

    Economic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.2 Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.3 This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.

    Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.4 Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.

    In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.

    But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.

    In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.5 Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.6 This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.

    In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.

    A critical finding of all this research was that private agents’ inflation expectations were forward looking-they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.

    A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.

    Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.7

    Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not-there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.8 In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.

    In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

    MIL OSI Economics –

  • MIL-OSI Russia: HSE Oriental Studies students accompanied foreign delegations to the anniversary Victory Parade

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    In early May, official delegations from all over the world arrived in the Russian capital for the Victory Day celebrations. Volunteers were brought in to meet and accompany the distinguished guests, including students from the OP “Oriental Studies” Faculty of World Economy and World Politics (FMEiMP) HSE Natalia Kulakova (3rd year) and Polina Slobodenko (1st year), as well as Anton Klyuev, a 2024 graduate of the same program, visiting lecturer Schools of Oriental Studies HSE.

    Volunteers acted as translators and assistants, ensuring the high-ranking guests had a comfortable stay in the capital.

    Natalia Kulakova and Polina Slobodenko worked with the delegation from the People’s Republic of China, and Anton Klyuev joined in accompanying the Palestinian delegation. The HSE students not only provided language support, but also participated in a volunteer program, collaborating with liaison officers of the Russian Foreign Ministry.

    “The HSE motto “Not for school, but for life” is not just words. It is our approach to relations with the world. The opportunity, as a student, to apply your knowledge, to feel professional life, to see how history is made, from the inside, and not in the news feed – this is not just interesting. Such moments allow you to better understand yourself, what you want to do, what inspires you,” commented Anastasia Likhacheva, Dean of the Faculty of World Economy and International Relations at HSE.

    She also added that it is necessary to try professional life as early as possible and that HSE provides such opportunities. At the Faculty of World Economy and World Politics, this is considered one of the priority tasks.

    “I learned about volunteering from friends, participation in such an event is professional experience for me, so I was happy to join the volunteer corps. I attended a planning meeting, passed an interview – and I was sent to accompany the delegation of the PRC,” shared Natalia Kulakova.

    The student also said that she had to help representatives of the Ministry of Foreign Affairs accompany delegations, mainly at the hotel. “I was pleased with the opportunity to feel the kitchen from the inside. This is an invaluable experience of working with foreign delegations,” she believes.

    Before participating in the volunteer project, Polina and Natalia were not acquainted. “We had no problems with work communication. Together with representatives of the embassy in Moscow, we followed the Victory Parade ceremony, we told foreign guests in detail what was happening on the screen,” shared Polina Slobodenko.

    Polina has been studying Chinese for a long time and says that she was interested in observing the processes that took place inside the delegations. “What was the process of preparing the motorcades and the reaction of foreign students who were waiting for their country’s delegation to leave on the street worth,” Polina explained.

    She is confident that such events can help students, especially juniors, to get in touch with the region they are studying during their studies at the university and gain excellent experience in intercultural communication at a high level. “In addition to achieving professional goals, participation in such events allows us to make a small contribution to the celebration of such an important memorable date for our country,” the student added.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: United Kingdom: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 27, 2025

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

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

    • An economic recovery is underway. Growth is projected at 1.2 percent in 2025 and will gain momentum next year, although weak productivity continues to weigh on medium-term growth prospects.
    • The authorities’ fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability. It will be important to stay the course and deliver the planned deficit reduction over the next five years to stabilize net debt and reduce vulnerability to gilt market pressures. Further refinements of the fiscal framework could help minimize the frequency of fiscal policy changes. In the longer term, the UK will face difficult choices to align spending with available resources, given ageing-related expenditure pressures.
    • The Bank of England (BoE) should continue to ease monetary policy gradually, while remaining flexible in light of elevated uncertainty. Calibrating the monetary policy stance has become more complex, given the recent pickup in inflation, still fragile growth, and higher long-term interest rates.
    • The authorities’ Growth Mission focuses on the right areas to lift productivity. Given the breadth of the agenda, prioritizing and sequencing of structural reforms, along with clear communication, will be key to success.

    Washington, DC – May 27, 2025:

    Economic Outlook

    After a slowdown in the second half of 2024, an economic recovery is underway and is expected to gain momentum. Economic activity decelerated during 2024 H2, partly reflecting weaker export performance in the challenging global environment. In recent months, high frequency indicators have shown signs of improvement. Growth is projected at 1.2 percent in 2025 and 1.4 percent in 2026, as monetary easing, positive wealth effects, and an uptick in confidence bolster private consumption, while the boost to public spending in the October budget will also help support growth. The forecast assumes that global trade tensions lower the level of UK GDP by 0.3 percent by 2026, due to persistent uncertainty, slower activity in UK trading partners, and the direct impact of remaining US tariffs on the UK. The authorities’ structural reforms, including to planning, and the increase in infrastructure investment could increase potential growth if properly implemented. However, medium-term growth is still forecast to remain subdued relative to the pre-GFC trend, at 1.4 percent, given weak productivity.

    Risks to growth remain to the downside. Tighter-than-expected financial conditions, combined with rising precautionary saving by households, would hinder the rebound in private consumption and slow the recovery. Persistent global trade uncertainty could further weigh on UK growth, by weakening global economic activity, disrupting supply chains, and undermining private investment.

    Fiscal Policy

    The authorities’ fiscal strategy for the next five years appropriately supports growth while safeguarding fiscal sustainability. The new spending plans are credible and growth-friendly, taking account of pressures on public services and investment needs. They are expected to provide an economic boost over the medium term that outweighs the impact of higher taxation. As revenue is projected to increase, deficits are set to decline and stabilize net debt.

    It will be important to stay the course and reduce fiscal deficits as planned over the medium term. There are significant risks to the successful implementation of the fiscal strategy, from the high level of global uncertainty, volatile financial market conditions, and the challenge of containing day-to-day spending. Materialization of these risks could result in market pressures, put debt on an upward path, and make it harder to meet the fiscal rules, given limited headroom. To this end, staff recommends adhering to the current plans, and implementing additional revenue or expenditure measures as needed if shocks arise, to maintain compliance with the rules.

    In the longer term, difficult fiscal choices will likely be needed to address spending pressures and rebuild fiscal buffers. Under current policies, staff analysis suggests spending to be around 8 percent of GDP higher by 2050, mainly due to additional outlays on health and pensions from population ageing. There is limited space to finance this spending through extra borrowing, given high debt and elevated borrowing costs. Unless revenue is increased, for which there is scope, tough policy decisions on spending priorities and the role of the state in certain areas will be needed to better align the coverage of public services with available resources.

    While recent reforms of the fiscal framework enhance its credibility and effectiveness, further refinements could improve predictability and reduce pressure for frequent fiscal policy changes. The new current balance rule helps preserve space for investment, while the debt rule safeguards fiscal sustainability. The transition to a three-year rule horizon, aligned with the spending reviews, is expected to make the rules more credible, while allowing time to adjust gradually to shocks. Staff welcomes the authorities’ commitment to hold a single annual fiscal event, but notes that there is still significant pressure for frequent fiscal policy changes, given that small revisions to the economic outlook can erode the headroom within the rules, which is the subject of intense market and media scrutiny. Refinements to the fiscal framework could promote further policy stability. Options include (1) de-emphasizing point estimates of headroom in OBR assessments of rule compliance; (2) establishing a formal process so that small rule breaches do not trigger corrective fiscal action outside of the single fiscal event; or (3) assessing rules only once per year at the time of the fiscal event.

    Monetary Policy and Operations

    A gradual and flexible approach to monetary easing continues to be appropriate to support the economy and protect against inflationary risks. The pickup in inflation that began in 2024 is expected to last through the second half of this year, with a return to target later in 2026 as underlying inflationary pressures continue to recede. Although monetary policy calibration has become more difficult due to still-weak growth, the temporary rise in inflation and high long-term interest rates, staff sees the BoE’s gradual pace of easing as appropriate. Given the elevated uncertainty, the MPC is encouraged to retain flexibility to adjust the monetary stance in either direction if needed.

    The BoE should continue to strengthen its forecasting capacity and communications. Staff welcomes the implementation of the Bernanke Review and the use of scenarios and conditional guidance in the BoE’s communications. The BoE will benefit from continuing to invest in modeling capacity, data and personnel, to be able to tailor scenarios promptly as economic conditions change. In the scenarios, interest rates should be allowed to adjust to economic developments, so that the scenarios are more informative and consistent, rather than assume that interest rates follow current market expectations. Lastly, MPC members could make greater use of the information from the central forecast and the alternative scenarios to justify the MPC decision and explain their personal views.

    The BoE’s transition to a repo-based framework will mitigate balance sheet risks. QT continues to be conducted in a gradual and predictable manner. As the balance sheet normalizes, transitioning to a demand-driven approach, with reserves provided to banks mainly through repo operations, will reduce the market footprint of the BoE and limit its exposure to interest and credit risks. This will also maintain monetary control and the flexibility for new QE in the future, while providing sufficient reserves for financial stability reasons. The transition is being accompanied by a timely review of BoE instruments to consider the relative role of repo operations and asset purchases, as well as the balance between short and long-term repos.

    Financial Sector Policies

    The banking sector remains broadly resilient and macroprudential settings are appropriate, despite global financial stability risks increasing over the past year. The banking system is adequately capitalized and liquid with healthy levels of profitability, and the 2024 desk-based stress test showed that it can support households and businesses during times of severe stress. Macroprudential settings remain appropriate, as indicators of financial vulnerabilities are close to their long-term average, although global risks have risen in the past year given more volatile asset prices and credit spreads.

    Significant progress has been made assessing and reducing vulnerabilities in the non-bank sector and work should continue at the domestic and international levels. Managing risks in the sector is critical, as it accounts for over half of UK financial assets. The system-wide exploratory scenario (SWES) has improved understanding of linkages with the banking sector and contagion risks, while the BoE’s new repo facility for non-banks is in line with previous AIV recommendations. The BoE could, in the future, consider expanding access to this facility so as to include a broader range of non-banks with a large gilt market footprint, provided they are adequately supervised and regulated. Ongoing work, including with the FSB, is essential to better monitor and manage non-bank leverage, concentration, and liquidity risks. Work should also continue on closing data gaps to enhance financial system surveillance.

    Recent episodes of global bond market turbulence underscore the importance of enhancing gilt market resilience. Gilt market functioning has remained orderly. Vulnerabilities have nonetheless risen, given increased supply and the reduction in demand by more patient investors, with hedge funds and non-residents playing a greater role, and the BoE reducing its holdings as part of QT. Staff recommends close monitoring as well as regular stress testing and engagement with market participants to detect and manage future risks. In this regard, the shift of issuance toward shorter-dated securities for FY2025/26 has been well received by the market. The authorities are considering policies to enhance structural resilience, such as central clearing for gilt repo transactions, which is welcome.

    Reforms to the financial sector and its regulation should balance promoting growth with preserving continuity and financial stability. While staff supports the government’s aim of enhancing the role of financial services as a driver of growth, risks will need to be carefully managed. Regulatory reforms should balance simplification and modernization with mitigating vulnerabilities, while being well-communicated. Consolidating pension funds has the potential to reduce fees and expand access to diverse asset classes, but it will be important to guard against possible unintended side-effects, including from reduced competition. Staff supports the FPC’s recommendation that the Pensions Regulator has the remit to take financial stability considerations into account. This would strengthen its ability to oversee the evolving pensions landscape and help manage potential risks from consolidation of funds and changes in investment strategies.

    Structural Policies

    Persistently weak productivity remains the UK’s primary obstacle to lifting growth and living standards. The UK has faced a decline in trend productivity growth since the Global Financial Crisis (GFC), further widening the gap with the US. Along with adverse shocks, including Brexit, the pandemic and the energy price crisis, the slowdown has left the level of UK GDP around one quarter below what the pre-GFC trend would imply. This slowdown has multiple causes, including chronic under-investment, low private R&D, limited access to finance for businesses to scale up, skill gaps, and a deterioration in health outcomes.

    While the authorities’ Growth Mission focuses on the right areas, careful prioritizing and sequencing of policies will be key to success. The agenda is ambitious and impacts many parts of the economy. Reforms are broadly aligned with past IMF recommendations, although many of them are still at the formulation and consultation stage. Delivering on the Growth Mission involves significant challenges given limited fiscal space, the breadth of the reforms, and the volatile external environment. In refining their strategy, the authorities will thus need to carefully sequence reforms, ensure internal coherence among them, and prioritize early wins to build momentum and garner support for more complex initiatives. Continued clear communication with the public and markets will also be essential.

    Stability, capital, and skills are the most important aspects of the Growth Mission. Staff recommends prioritizing the following three most binding constraints to growth. First, policy stability is critical to support business confidence in an increasingly uncertainty global environment. In this context, recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrate the authorities’ commitment to finding common ground and establishing a more predictable environment for UK exporters. Second, the planning reform and complementary public infrastructure projects can lift the chronically-low private investment, which has weighed on productivity. Finally, boosting people’s skills, enhancing their health, and incentivizing work will address shortages in sectors like construction and healthcare, while providing the productive workforce needed by growth industries. Reforms in these three areas are likely to deliver the largest growth benefits, while laying a strong foundation for progress on other fronts.

    Industrial policy can play a complementary role to support particular sectors, but economy-wide reforms should remain the main tool to boost competitiveness and growth. Structural reforms that apply horizontally across the whole economy, such as easing planning restrictions, are likely to have the greatest impact. These reforms are prerequisites to realize the full potential of vertical interventions at the sectoral level, such as investments by the National Wealth Fund and initiatives under the new industrial strategy. Sectoral interventions should be focused on addressing market failures, identified using an evidence-based approach, and supported by rigorous appraisal processes, while being subject to strict budgetary limits, prudent risk management, and comprehensive risk reporting.

    The mission thanks the authorities and other counterparts for open discussions, productive collaboration, and constructive policy dialogue.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/05/27/cs-uk-aiv-2025

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam

    Source: Republic of China Taiwan

    Details
    2025-05-27
    President Lai meets delegation from European Parliament
    On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties.  MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

    Details
    2025-05-20
    President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau
    On the evening of May 20, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, hosted a state banquet at the Presidential Office in honor of President Surangel Whipps Jr. of the Republic of Palau and his wife. In remarks, President Lai said that he looks forward to working closely with President Whipps to promote tourism exchanges and sports cooperation so that Taiwan and Palau shine brightly together on the international stage. A translation of President Lai’s remarks follows: It is a pleasure to host this banquet tonight at the Presidential Office for President Whipps, First Lady Valerie Whipps, and the esteemed members of their delegation. Welcome to Taiwan. During my trips to Palau in 2022 and last year, President and First Lady Whipps received me with great hospitality. Wearing my island shirt, I enjoyed a very friendly reception from the people of Palau. It felt warm and friendly, just like being welcomed back home. The first time I visited Palau, President Whipps and I piloted a boat to the Milky Way lagoon. We both tried volcanic mud facial masks. We also fished together and enjoyed the breeze as we walked on the beach. Last year, on my second visit to Palau, I was honored to be invited to address the National Congress. I also observed the results of the close bilateral cooperation between our two nations. Due to its world-famous ocean scenery, Palau is sometimes referred to as “God’s aquarium.” And it is even possible to snorkel with sharks. It leaves a deep impression. Nothing compares to seeing Palau firsthand. During the COVID-19 pandemic, Taiwan and Palau launched a travel bubble that created a safe means of travel. Now, with the pandemic behind us, I hope that even more Taiwanese can tour Palau and gain a greater understanding of our diplomatic ally. In addition to tourism exchanges, I mentioned on my visit to Palau last year that I hoped Taiwan and Palau could promote sports cooperation by providing training away from home. Next month, Palau will be holding the Pacific Mini Games. And right now, Palau’s national baseball and table tennis teams are holding training sessions here in Taiwan. We will do our utmost to support Palau’s national players and we hope they stand out and achieve outstanding results in the events. I look forward to working closely with President Whipps so that Taiwan and Palau shine brightly together on the international stage. Thank you! Mesulang! President Whipps then delivered remarks, saying that it is truly an honor to be here once again one year after President Lai’s inauguration. Mentioning that this is his first state visit after being reelected to a second term, he said that it is important to be here among friends, and that we are more than friends, we are family. He thanked President Lai for the generous words and, most importantly, Taiwan’s enduring support. He remarked that our relationship continues to get stronger in each passing year. President Whipps said that President Lai’s diplomacy initiative, leadership, and vision deeply resonate with them. Diplomacy must be rooted in our shared values, he said, and an unwavering support for our allies and a commitment to a sustainable, inclusive development are all deeply appreciated by their people. President Whipps emphasized that, as we look into the future and the challenges that we face, from security to climate change, it is so important that we are united. He added that it is important for the world, and especially important for them in Palau, that they stand up for Taiwan, so that Taiwan can participate on international fora that address climate change, security, and health, because they know the world is better when Taiwan has a seat at the table. Mentioning that Palau will host the Pacific Islands Forum next year, President Whipps said that Palau remains committed to working closely with Taiwan to ensure a successful event, and that they will continue to speak up for Taiwan’s indispensable contributions as we stand together against any efforts to silence or isolate democratic partners. President Whipps said that our nations have navigated challenges and emerged stronger, bound by a partnership that is built on trust, respect, and hope for a better world. Whether it is in clean energy, education, smart medicine, or tourism, our shared journey is just beginning, he said, and we are stronger together.  Also in attendance at the banquet were Palauan Minister of State Gustav Aitaro, Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

    Details
    2025-05-20
    President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements  
    On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.  

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

    Details
    2025-05-13
    President Lai interviewed by Japan’s Nikkei  
    In a recent interview with Japan’s Nikkei, President Lai Ching-te responded to questions regarding Taiwan-Japan and Taiwan-United States relations, cross-strait relations, the semiconductor industry, and the international economic and trade landscape. The interview was published by Nikkei on May 13. President Lai indicated that Nikkei, Inc. is a global news organization that has received significant recognition both domestically and internationally, and that he is deeply honored to be interviewed by Nikkei and grateful for their invitation. The president said that he would like to take this rare opportunity to thank Japan’s government, National Diet, society, and public for their longstanding support for Taiwan. Noting that current Prime Minister Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio have all strongly supported Taiwan, he said that the peoples of Taiwan and Japan also have a deep mutual affection, and that through the interview, he hopes to enhance the bilateral relationship between Taiwan and Japan, deepen the affection between our peoples, and foster more future cooperation to promote prosperity and development in both countries. In response to questions raised on the free trade system and the recent tariff war, President Lai indicated that over the past few decades, the free economy headed by the Western world and led by the US has brought economic prosperity and political stability to Taiwan and Japan. At the same time, he said, we have also learned or followed many Western values. The president said he believes that Taiwan and Japan are exemplary students, but some countries are not. Therefore, he said, the biggest crisis right now is China, which exploits the free trade system to engage in plagiarism and counterfeiting, infringe on intellectual property rights, and even provide massive government subsidies that facilitate the dumping of low-priced goods worldwide, which has a major impact on many countries including Japan and Taiwan. If this kind of unfair trade is not resolved, he said, the stable societies and economic prosperity we have painstakingly built over decades, as well as some of the values we pursue, could be destroyed. Therefore, President Lai said he thinks it is worthwhile for us to observe the recent willingness of the US to address unfair trade, and if necessary, offer assistance. President Lai emphasized that the national strategic plan for Taiwanese industries is for them to be rooted in Taiwan while expanding their global presence and marketing worldwide. Therefore, he said, while the 32 percent tariff increase imposed by the US on Taiwan is indeed a major challenge, we are willing to address it seriously and find opportunities within that challenge, making Taiwan’s strategic plan for industry even more comprehensive. When asked about Taiwan’s trade arrangements, President Lai indicated that in 2010 China accounted for 83.8 percent of Taiwan’s outbound investment, but last year it accounted for only 7.5 percent. In 2020, he went on, 43.9 percent of Taiwan’s exports went to China, but that figure dropped to 31.7 percent in 2024. The president said that we have systematically transferred investments from Taiwanese enterprises to Japan, Southeast Asia, Europe, and the US. Therefore, he said, last year Taiwan’s largest outbound investment was in the US, accounting for roughly 40 percent of the total. Nevertheless, only 23.4 percent of Taiwanese products were sold to the US, with 76.6 percent sold to places other than the US, he said.  The president emphasized that we don’t want to put all our eggs in one basket, and hope to establish a global presence. Under these circumstances, he said, Taiwan is very eager to cooperate with Japan. President Lai stated that at this moment, the Indo-Pacific and international community really need Japan’s leadership, especially to make the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) excel in its functions, and also requested Japan to support Taiwan’s CPTPP accession. The president said that Taiwan hopes to sign an Economic Partnership Agreement (EPA) with Japan to build closer ties in economic trade and promote further investment, and that we also hope to strengthen relations with the European Union, and even other regions. Currently, he said, we are proposing an initiative on global semiconductor supply chain partnerships for democracies, because the semiconductor industry is an ecosystem. The president raised the example that Japan has materials, equipment, and technology; the US has IC design and marketing; Taiwan has production and manufacturing; and the Netherlands excels in equipment, saying we therefore hope to leverage Taiwan’s advantages in production and manufacturing to connect the democratic community and establish a global non-red supply chain for semiconductors, ensuring further world prosperity and development in the future, and ensuring that free trade can continue to function without being affected by dumping, which would undermine future prosperity and development. The president stated that as we want industries to expand their global presence and market internationally while staying rooted here in Taiwan, having industries rooted in Taiwan involves promoting pay raises for employees, tax cuts, and deregulation, as well as promoting enterprise investment tax credits. He said that we have also proposed Three Major Programs for Investing in Taiwan for Taiwanese enterprises and are actively resolving issues regarding access to water, electricity, land, human resources, and professional talent so that the business community can return to Taiwan to invest, or enterprises in Taiwan can increase their investments. He went on to say that we are also actively signing bilateral investment agreements with friends and allies so that when our companies invest and expand their presence abroad, their rights and interests as investors are ensured.  President Lai mentioned that Taiwan hopes to sign an EPA with Japan, similar to the Taiwan-US Initiative on 21st-Century Trade and the Economic Prosperity Partnership Dialogue, or the Enhanced Trade Partnership arrangement with the United Kingdom, or similar agreements or memorandums of understanding with Canada and Australia that allow Taiwanese products to be marketed worldwide, concluding that those are our overall arrangements. Looking at the history of Taiwan’s industrial development, President Lai indicated, of course it began in Taiwan, and then moved west to China and south to Southeast Asia. He said that we hope to take this opportunity to strengthen cooperation with Japan to the north, across the Pacific Ocean to the east, and develop the North American market, making Taiwan’s industries even stronger. In other words, he said, while Taiwan sees the current reciprocal tariffs imposed by the US as a kind of challenge, it also views these changes positively. On the topic of pressure from China affecting Taiwan’s participation in international frameworks such as the CPTPP or its signing of an EPA with Japan, President Lai responded that the key point is what kind of attitude we should adopt in viewing China’s acts of oppression. If we act based on our belief in free trade, he said, or on the universal values we pursue – democracy, freedom, and respect for human rights – and also on the understanding that a bilateral trade agreement between Taiwan and Japan would contribute to the economic prosperity and development of both countries, or that Taiwan’s accession to the CPTPP would benefit progress and prosperity in the Indo-Pacific region, then he hopes that friends and allies will strongly support us. On the Trump administration’s intentions regarding the reciprocal tariff policy and the possibility of taxing semiconductors, as well as how Taiwan plans to respond, President Lai said that since President Trump took office, he has paid close attention to interviews with both him and his staff. The president said that several of President Trump’s main intentions are: First, he wants to address the US fiscal situation. For example, President Lai said, while the US GDP is about US$29 trillion annually, its national debt stands at US$36 trillion, which is roughly 124 percent of GDP. Second, he went on, annual government spending exceeds US$6.5 trillion, but revenues are only around US$4.5 trillion, resulting in a nearly US$2 trillion deficit each year, about 7 percent of GDP. Third, he said, the US pays nearly US$1.2 trillion in interest annually, which exceeds the US$1 trillion defense budget and accounts for more than 3 percent of GDP. Fourth, President Trump still wants to implement tax cuts, aiming to reduce taxes for 85 percent of Americans, he said, noting that this would cost between US$500 billion and US$1 trillion. These points, President Lai said, illustrate his first goal: solving the fiscal problem. President Lai went on to say that second, the US feels the threat of China and believes that reindustrialization is essential; without reindustrialization, the US risks a growing gap in industrial capacity compared to China. Third, he said, in this era of global smart technology, President Trump wants to lead the nation to become a world center of AI. Fourth, he aims to ensure world peace and prevent future wars, President Lai said. In regard to what the US seeks to achieve, he said he believes these four areas form the core of the Trump administration’s intentions, and that is why President Trump has raised tariffs, demanded that trading partners purchase more American goods, and encouraged friendly and allied nations to invest in the US, all in order to achieve these goals. President Lai indicated that the 32 percent reciprocal tariff poses a critical challenge for Taiwan, and we must treat it seriously. He said that our approach is not confrontation, but negotiation to reduce tariffs, and that we have also agreed to measures such as procurement, investment, resolving non-tariff trade barriers, and addressing origin washing in order to effectively reduce the trade deficit between Taiwan and the US. Of course, he said, through this negotiation process, we also hope to turn challenges into opportunities. The president said that first, we aim to start negotiations from the proposal of zero tariffs and seek to establish a bilateral trade agreement with the US. Second, he went on, we hope to support US reindustrialization and its aim to become a world AI hub through investment, while simultaneously upgrading and transforming Taiwan’s industries, which would help further integrate Taiwan’s industries into the US economic structure, ensuring Taiwan’s long-term development.  President Lai emphasized again that Taiwan’s national industrial strategy is for industries to stay firmly rooted in Taiwan while expanding their global presence and marketing worldwide. He repeated that we have gone from moving westward across the Taiwan Strait, to shifting southbound, to working closer northward with Japan, and now the time is ripe for us to expand eastward by investing in North America. In other words, he said, while we take this challenge seriously to protect national interests and ensure that no industry is sacrificed, we also hope these negotiations will lead to deeper Taiwan-US trade relations through Taiwanese investment in the US, concluding that these are our expectations. The president stated that naturally, the reciprocal tariffs imposed by the US will have an impact on Taiwanese industries, so in response, the Taiwanese government has already proposed support measures for affected industries totaling NT$93 billion. In addition, he said, we have outlined broader needs for Taiwan’s long-term development, which will be covered by a special budget proposal of NT$410 billion, noting that this has already been approved by the Executive Yuan and will be submitted to the Legislative Yuan for review. He said that this special budget proposal addresses four main areas: supporting industries, stabilizing employment, protecting people’s livelihoods, and enhancing resilience. As for tariffs on semiconductors, President Lai said, Taiwan Semiconductor Manufacturing Company (TSMC) has committed to investing in the US at the request of its customers. He said he believes that TSMC’s industry chain will follow suit, and that these are concrete actions that are unrelated to tariffs. However, he said, if the US were to invoke Section 232 and impose tariffs on semiconductors or related industries, it would discourage Taiwanese semiconductor and ICT investments in the US, and that we will make this position clear to the US going forward. President Lai indicated that among Taiwan’s exports to the US, there are two main categories: ICT products and electronic components, which together account for 65.4 percent. These are essential to the US, he said, unlike final goods such as cups, tables, or mattresses. He went on to say that what Taiwan sells to the US are the technological products required by AI designers like NVIDIA, AMD, Amazon, Google, and Apple, and that therefore, we will make sure the US understands clearly that we are not exporting end products, but the high-tech components necessary for the US to reindustrialize and become a global AI center. Furthermore, the president said, Taiwan is also willing to increase its defense budget and military procurement. He stated that Taiwan is committed to defending itself and is strongly willing to cooperate with friends and allies to ensure regional peace and stability, and that this is also something President Trump hopes to see. Asked whether TSMC’s fabs overseas could weaken Taiwan’s strategic position as a key hub for semiconductor manufacturing, and whether that could then give other countries fewer incentives to protect Taiwan, President Lai responded by saying that political leaders around the world including Japan’s Prime Minister Ishiba and former Prime Ministers Abe, Suga, and Kishida have emphasized, at the G7 and other major international fora, that peace and stability in the Taiwan Strait are essential for global security and prosperity. In other words, he explained, the international community cares about Taiwan and supports peace and stability in the Taiwan Strait because Taiwan is located in the first island chain in the Indo-Pacific, directly facing China. He pointed out that if Taiwan is not protected, China’s expansionist ambitions will certainly grow, which would impact the current rules-based international order. Thus, he said, the international community willingly cares about Taiwan and supports stability in the Taiwan Strait – that is the reason, and it has no direct connection with TSMC. He noted that after all, TSMC has not made investments in that many countries, stressing that, on that point, it is clear. President Lai said that TSMC’s investments in Japan, Europe, and the US are all natural, normal economic and investment activities. He said that Taiwan is a democratic country whose society is based on the rule of law, so when Taiwanese companies need to invest around the world for business needs, the government will support those investments in principle so long as they do not harm national interests. President Lai said that after TSMC Chairman C.C. Wei (魏哲家) held a press conference with President Trump to announce the investment in the US, Chairman Wei returned to Taiwan to hold a press conference with him at the Presidential Office, where the chairman explained to the Taiwanese public that TSMC’s R&D center will remain in Taiwan and that the facilities it has already committed to investing in here will not change and will not be affected. So, the president explained, to put it another way, TSMC will not be weakened by its investment in the US. He further emphasized that Taiwan has strengths in semiconductor manufacturing and is very willing to work alongside other democratic countries to promote the next stage of global prosperity and development. A question was raised about which side should be chosen between the US and China, under the current perception of a return to the Cold War, with East and West facing off as two opposing blocs. President Lai responded by saying that some experts and scholars describe the current situation as entering a new Cold War era between democratic and authoritarian camps; others assert that the war has already begun, including information warfare, economic and trade wars, and the ongoing wars in Europe – the Russo-Ukrainian War – and the Middle East, and the Israel-Hamas conflict. The president said that these are all matters experts have cautioned about, noting that he is not a historian and so will not attempt to define today’s political situation from an academic standpoint. However, he said, he believes that every country has a choice, which is to say, Taiwan, Japan, or any other nation does not necessarily have to choose between the US and China. What we are deciding, he said, is whether our country will maintain a democratic constitutional system or regress into an authoritarian regime, and this is essentially a choice of values – not merely a choice between two major powers. President Lai said that Taiwan’s situation is different from other countries because we face a direct threat from China. He pointed out that we have experienced military conflicts such as the August 23 Artillery Battle and the Battle of Guningtou – actual wars between the Republic of China and the People’s Republic of China. He said that China’s ambition to annex Taiwan has never wavered, and that today, China’s political and military intimidation, as well as internal united front infiltration, are growing increasingly intense. Therefore, he underlined, to defend democracy and sovereignty, protect our free and democratic system, and ensure the safety of our people’s lives and property, Taiwan’s choice is clear. President Lai said that China’s military exercises are not limited to the Taiwan Strait, and include the East China Sea, South China Sea, and even the Sea of Japan, as well as areas around Korea and Australia. Emphasizing that Taiwan, Japan, Australia, and the Philippines are all democratic nations, the president said that Taiwan’s choice is clear, and that he believes Japan also has no other choice. We are all democratic countries, he said, whose people have long pursued the universal values of democracy, freedom, and respect for human rights, and that is what is most important. Regarding the intensifying tensions between the US and China, the president was asked what roles Taiwan and Japan can play. President Lai responded that in his view, Japan is a powerful nation, and he sincerely hopes that Japan can take a leading role amid these changes in the international landscape. He said he believes that countries in the Indo-Pacific region are also willing to respond. He suggested several areas where we can work together: first, democracy and peace; second, innovation and prosperity; and third, justice and sustainability. President Lai stated that in the face of authoritarian threats, we should let peace be our beacon and democracy our compass as we respond to the challenges posed by authoritarian states. Second, he added, as the world enters an era characterized by the comprehensive adoption of smart technologies, Japan and Taiwan should collaborate in the field of innovation to further drive regional prosperity and development. Third, he continued, is justice and sustainability. He explained that because international society still has many issues that need to be resolved, Taiwan and Japan can cooperate for the public good, helping countries in need around the world, and cooperating to address climate change and achieve net-zero transition by 2050. Asked whether he hopes that the US will continue to be a leader in the liberal democratic system, President Lai responded by saying that although the US severed diplomatic ties with the Republic of China, for the past few decades it has assisted Taiwan in various areas such as national defense, security, and countering threats from China, based on the Taiwan Relations Act and the Six Assurances. He pointed out that Taiwan has also benefited, directly and indirectly, in terms of politics, democracy, and economic prosperity thanks to the US, and so Taiwan naturally hopes that the US remains strong and continues to lead the world. President Lai said that when the US encounters difficulties, whether financial difficulties, reindustrialization issues, or becoming a global center for AI, and hopes to receive support from its friends and allies to jointly safeguard regional peace and stability, Taiwan is willing to stand together for a common cause. If the US remains strong, he said, that helps Taiwan, the Indo-Pacific region, and the world as a whole. Noting that while the vital role of the US on the global stage has not changed, the president said that after decades of shouldering global responsibilities, it has encountered some issues. Now, it has to make adjustments, he said, stating his firm belief that it will do so swiftly, and quickly resume its leadership role in the world. Asked to comment on remarks he made during his election campaign that he would like to invite China’s President Xi Jinping for bubble tea, President Lai responded that Taiwan is a peace-loving country, and Taiwanese society is inherently kind, and therefore we hope to get along peacefully with China, living in peace and mutual prosperity. So, during his term as vice president, he said, he was expressing the goodwill of Taiwanese society. Noting that while he of course understands that China’s President Xi would have certain difficulties in accepting this, he emphasized that the goodwill of Taiwanese society has always existed. If China reflects on the past two or three decades, he said, it will see that its economy was able to develop with Taiwan as its largest foreign investor. The president explained that every year, 1 to 2 million Taiwanese were starting businesses or investing in China, creating numerous job opportunities and stabilizing Chinese society. While many Taiwanese businesses have profited, he said, Chinese society has benefited even more. He added that every time a natural disaster occurs, if China is in need, Taiwanese always offer donations. Therefore, the president said, he hopes that China can face the reality of the Republic of China’s existence and understand that the people of Taiwan hope to continue living free and democratic lives with respect for human rights. He also expressed hope that China can pay attention to the goodwill of Taiwanese society. He underlined that we have not abandoned the notion that as long as there is parity, dignity, exchange, and cooperation, the goodwill of choosing dialogue over confrontation and exchange over containment will always exist. Asked for his view on the national security reforms in response to China’s espionage activities and infiltration attempts, President Lai said that China’s united front infiltration activities in Taiwan are indeed very serious. He said that China’s ambitions to annex Taiwan rely not only on the use of political and military intimidation, but also on its long-term united front and infiltration activities in Taiwanese society. Recently, he pointed out, the Taiwan High Prosecutors Office of the Ministry of Justice prosecuted 64 spies, which is three times the number in 2021, and in addition to active-duty military personnel, many retired military personnel were also indicted. Moreover, he added, Taiwan also has the Chinese Unification Promotion Party, which has a background in organized crime, Rehabilitation Alliance Party, which was established by retired military personnel, and Republic of China Taiwan Military Government, which is also composed of retired generals. He explained that these are all China’s front organizations, and they plan one day to engage in collaboration within Taiwan, which shows the seriousness of China’s infiltration in Taiwan. Therefore, the president said, in the recent past he convened a high-level national security meeting and proposed 17 response strategies across five areas. He then enumerated the five areas: first, to address China’s threat to Taiwan’s sovereignty; second, to respond to the threat of China’s obscuring the Taiwanese people’s sense of national identity; third, to respond to the threat of China’s infiltrating and recruiting members of the ROC Armed Forces as spies; fourth, to respond to the threat of China’s infiltration of Taiwanese society through societal exchanges and united front work; and fifth, to respond to the threat of China using “integration plans” to draw Taiwan’s young people and Taiwanese businesses into its united front activities. In response to these five major threats, he said, he has proposed 17 response strategies, one of which being to restore the military trial system. He explained that if active-duty military personnel commit military crimes, they must be subject to military trials, and said that this expresses the Taiwanese government’s determination to respond to China’s united front infiltration and the subversion of Taiwan. Responding to the question of which actions Taiwan can take to guard against China’s threats to regional security, President Lai said that many people are worried that the increasingly tense situation may lead to accidental conflict and the outbreak of war. He stated his own view that Taiwan is committed to facing China’s various threats with caution. Taiwan is never the source of these problems, he emphasized, and if there is an accidental conflict and it turns into a full-scale war, it will certainly be a deliberate act by China using an accidental conflict as a pretext. He said that when China expanded its military presence in the East China Sea and South China Sea, the international community did not stop it; when China conducted exercises in the Taiwan Strait, the international community did not take strong measures to prevent this from happening. Now, he continued, China is conducting gray-zone exercises, which are aggressions against not only the Taiwan Strait, the South China Sea, and the East China Sea, but also extending to the Sea of Japan and waters near South Korea. He said that at this moment, Taiwan, the Philippines, Japan, and even the US should face these developments candidly and seriously, and we must exhibit unity and cooperation to prevent China’s gray-zone aggression from continuing to expand and prevent China from shifting from a military exercise to combat. If no action is taken now, the president said, the situation may become increasingly serious. Asked about the view of some US analysts who point out that China will have the ability to invade Taiwan around 2027, President Lai responded that Taiwan, as the country on the receiving end of threats and aggression, must plan for the worst and make the best preparations. He recalled a famous saying from the armed forces: “Do not count on the enemy not showing up; count on being ready should it strike.” This is why, he said, he proposed the Four Pillars of Peace action plan. First, he said, we must strengthen our national defense. Second, he added, we must strengthen economic resilience, adding that not only must our economy remain strong, but it must also be resilient, and that we cannot put all our eggs in the same basket, in China, as we have done in the past. Third, he continued, we must stand shoulder to shoulder with friends and allies such as Japan and the US, as well as the democratic community, and we must demonstrate the strength of deterrence to prevent China from making the wrong judgment. Fourth, he emphasized, as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China and seek cross-strait peace and mutual prosperity through exchanges and cooperation. Regarding intensifying US-China confrontation, the president was asked in which areas he thinks Taiwan and Japan should strengthen cooperation; with Japan’s Ishiba administration also being a minority government, the president was asked for his expectations for the Ishiba administration. President Lai said that in the face of rapid and tremendous changes in the political situation, every government faces considerable challenges, especially for minority governments, but the Japanese government led by Prime Minister Ishiba has quite adequately responded with various strategies. Furthermore, he said, Japan is different from Taiwan, explaining that although Japan’s ruling party lacks a majority, political parties in Japan engage in competition domestically while exhibiting unity externally. He said that Taiwan’s situation is more challenging, because the ruling and opposition parties hold different views on the direction of the country, due to differences in national identity. The president expressed his hope that in the future Taiwan and Japan will enjoy even more comprehensive cooperation. He stated that he has always believed that deep historical bonds connect Taiwan and Japan. Over the past several decades, he said, when encountering natural disasters and tragedies, our two nations have assisted each other with mutual care and support. He said that the affection between the people of Taiwan and Japan is like that of a family. Pointing out that both countries face the threat of authoritarianism, he said that we share a mission to safeguard universal values such as democracy, freedom, and respect for human rights. The president said that our two countries should be more open to cooperation in various areas to maintain regional peace and stability as well as to strengthen cooperation in economic and industrial development, such as for semiconductor industry chains and everyday applications of AI, including robots and drones, adding that we can also cooperate on climate change response, such as in hydrogen energy and other strategies. He said our two countries should also continue to strengthen people-to-people exchanges. He then took the opportunity to once again invite our good friends from Japan to visit Taiwan for tourism and learn more about Taiwan, saying that the Taiwanese people wholeheartedly welcome our Japanese friends.  

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

    MIL OSI Asia Pacific News –

  • MIL-OSI: Golar LNG Limited Interim results for the period ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Highlights and subsequent events

    • Golar LNG Limited (“Golar” or “the Company”) reports Q1 2025 net income attributable to Golar of $8 million, Adjusted EBITDA1 of $41 million and Total Golar Cash1 of $678 million.
    • Concluded the 20-year charter of FLNG Hilli for Southern Energy S.A. (“SESA”) in Argentina.
    • Signed definitive agreements for a 20-year charter for the MKII FLNG to SESA. Combined with the FLNG Hilli charter, the project will be for 5.95 mtpa of nameplate capacity – one of the world’s largest FLNG development projects.
    • FLNG Gimi in final stages of commissioning on the GTA field, Commercial Operations Date (“COD”) expected within Q2.
    • MKII FLNG conversion vessel Fuji LNG arrived at the shipyard for conversion works, conversion project on schedule for Q4 2027 delivery.
    • FLNG Hilli maintained market-leading operational track record and delivered its 132nd LNG cargo since contract start-up.
    • Sold minority shareholding in Avenir LNG Limited.
    • Completed exit from LNG shipping segment with sale of Golar Arctic.
    • Declared dividend of $0.25 per share for the quarter.
    • Progressed FLNG growth opportunities with commercial leads, shipyard availability and long lead equipment timing.

    FLNG Hilli: Maintained leading operational track record with 132 cargoes offloaded to date and over 9 million tons of LNG produced since operations commenced.

    Final Investment Decision (“FID”) for the 20-year redeployment of FLNG Hilli to Southern Energy in Argentina concluded (further details provided in the SESA charter agreements section). A dedicated team has progressed detailed work on Hilli’s re-deployment scope, vessel upgrade and transit to her new location.

    Following the conclusion of FLNG Hilli’s re-deployment contract, we will initiate discussions for debt optimization that reflects the strong earnings visibility for the FLNG unit.

    FLNG Gimi: In January 2025, the bp operated FPSO provided feedgas from the GTA field allowing for full commissioning to commence, triggering the final upward adjustment to the commissioning rate under the commercial reset agreed in August 2024. First LNG was achieved in February and in April 2025, FLNG Gimi completed the offload of its first full LNG cargo. This introduced Mauritania and Senegal as LNG exporters to the international gas market and triggered the final pre-COD milestone bonus payment to Golar under the terms of the commercial reset. COD, which remains on schedule for Q2 2025, triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog1 (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

    As of May 2025, Golar has invoiced $195.9 million of pre-COD fees under the commercial reset arrangements, with this amount currently recognized on the balance sheet.

    On March 20, 2025, a $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of leading Chinese leasing companies. The contemplated sale and leaseback facility features a tenor of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million. This amount includes the release of existing interest rate swaps. Golar stands to benefit from 70% of these proceeds, equivalent to approximately $371 million. The transaction remains subject to customary closing conditions and third party stakeholder approvals. Golar has also progressed a rating process to further evaluate debt optimization alternatives for the vessel during the quarter.

    MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. The conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025 and in April the vessel was successfully separated into forward and aft sections. A mid-ship section housing the liquefaction unit will be inserted between and attached to the refurbished forward and aft sections later in the conversion process. Fabrication of the topsides for the mid-ship section is also underway. As of March 31, 2025, Golar has spent $0.7 billion on the MKII FLNG conversion, all of which is equity funded. The MKII FLNG is expected to be delivered in Q4 2027.

    With a definitive agreement that contemplates a 2H 2025 FID now secured, Golar will consider alternatives for asset level MKII FLNG financing.

    Southern Energy charter agreements: On May 2, 2025, Golar announced a FID for the 20-year charter of FLNG Hilli. The vessel will be chartered to SESA offshore Argentina. Golar and SESA also signed definitive agreements for a 20-year charter of the MKII FLNG. The MKII FLNG charter remains subject to FID and the same regulatory approvals as those granted to the FLNG Hilli project, expected within 2025.

    Key commercial terms for the respective 20-year charter agreements include:

    • FLNG Hilli (nameplate capacity of 2.45mtpa): Expected contract start-up in 2027, expected  Adjusted EBITDA1 to Golar of $285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu; and,
    • MKII FLNG (nameplate capacity of 3.5mtpa): Expected contract start-up in 2028, expected  Adjusted EBITDA1 to Golar of $400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu.

    The two FLNG agreements are expected to add $13.7 billion in Adjusted EBITDA backlog1 to Golar over 20 years, before inflationary adjustments (30% of U.S. CPI from year 6) to the charter hire, and before the commodity linked tariff upside. Where achieved FOB prices exceed the $8/MMBtu reference price, Golar will receive 25% of the excess amount (this reference price is subject to the same 30% US CPI adjustment from year 6). The commodity linked element in the FLNG charter provides an upside of $70 million per year to Golar for every $ 1/MMBtu the achieved FOB price is higher than the USD 8/MMBtu reference price. The upside calculation is based on monthly achieved FOB prices.

    While the commodity linked tariff component is upside oriented, the Company has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below $7.5/MMBtu, down to a floor of $6/MMBtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of $210 million, and any outstanding discounted charter hire amounts will be recovered through additional upside sharing if FOB prices return to levels above $7.5/MMBtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism. The upside calculation is based on monthly achieved FOB prices, whilst the downside adjustment is based on annual average achieved FOB prices. The downside mechanism is based on annual average achieved FOB prices.

    SESA, a company formed to export Argentinian LNG, is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%). The four gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements at a fixed price per MMBtu. Golar’s 10% shareholding in SESA provides additional commodity exposure. The 10% equity stake equates to approximately $28 million in annual additional commodity exposure to Golar for every $1/MMBtu change in achieved FOB prices versus SESA’s cash break even.

    With the combination of the fixed charter hire with 30% of U.S. CPI inflation from year 6, operating expenses pass through, 25% commodity exposure in the FLNG tariff for FOB prices above $8/MMBtu and Golar’s 10% shareholding in SESA, Golar believes it has secured a highly attractive risk-reward in the SESA charters. For every $1 FOB price above $8/MMBtu, Golar’s total commodity upside is approximately $100 million, versus approximately $28 million in downside for every $1/MMBtu that realized FOB prices are below SESA’s cash break even.

    Located offshore in close proximity of each other in Rio Negro’s Gulf of San Matias, the FLNG’s will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in Argentina’s Neuquen province. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate the construction of a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.

    The charters are also subject to strong legal and regulatory protections including:

    • both charter agreements are subject to English Law with dispute resolution pursuant to ICC arbitration in Paris, France;
    • hire and other payments under both contracts are fully paid in U.S. dollars;
    • SESA has obtained Argentina’s first ever 30-year non-interruptible LNG export license for FLNG Hilli, providing security of exports, necessary for the significant upstream and midstream investments, as well as securing offtake contracts; and
    • MKII FLNG is expected to obtain a similar term export license within 2025.

    FLNG Hilli has been approved for adherence to the Large Investments Incentive Scheme (“RIGI”), as a Long-Term Strategic Export project. The RIGI was implemented by the current administration of President Milei to incentivize large investments in Argentina. Under the RIGI, there are incentives and protections granted to the project company (SESA), with Golar benefiting as an international asset provider and investor, mostly notably:

    • guaranteed legal certainty and regulatory stability for the duration of the project, covering taxes, customs, duties, and foreign exchange controls;
    • any new national, provincial, or municipal taxes or restrictions would not apply to RIGI projects beyond those existing when the project was approved; and
    • freedom to repatriate profits, dividends, and capital including exemption from potential Central Bank restrictions on access to foreign exchange for repatriation purposes.

    If Argentina breaches the RIGI framework (e.g. by purporting to change the regime unilaterally), the beneficiary of the RIGI status can:

    • bring legal action against the National or Provincial Government (as applicable) under ICC arbitration, or elect to challenge the revocation through administrative channels; and
    • challenge the constitutionality of enacted law which breaches the RIGI protections.

    Business development: Detailed discussions for FLNG opportunities continue. With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, we see firming demand for the remaining available 2020s deliveries. Progress is being made on FLNG projects ranging from MKI, MKII and MKIII FLNG developments. We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders.

    On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025. Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long term charters.

    Corporate/Other: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG together with the  Golar Arctic up to her point of sale in March 2025, for $24 million, and the Fuji LNG, up to the point she entered CIMC’s yard in February 2025 for FLNG conversion.

    In February 2025, Golar also closed the sale of its non-core 23.4% interest in Avenir LNG Limited, for $39 million.

    Shares and dividends: As of March 31, 2025, 104.7 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q1 2025 dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025.

    Financial Summary

    (in thousands of $) Q1 2025 Q1 2024 % Change Q4 2024 % Change
    Net income 12,939 66,495 (81)% 15,037 (14)%
    Net income attributable to Golar LNG Ltd 8,197 55,220 (85)% 4,494 82%
    Total operating revenues 62,502 64,959 (4)% 65,917 (5)%
    Adjusted EBITDA 1 40,936 63,587 (36)% 59,168 (31)%
    Golar’s share of Contractual Debt 1 1,494,615 1,209,407 24% 1,515,357 (1)%

    Financial Review 

    Business Performance:

      2025 2024
    (in thousands of $) Jan-Mar Oct-Dec Jan-Mar
    Net income        12,939        15,037        66,495
    Income taxes              179            (504)              138
    Net income before income taxes        13,118        14,533        66,633
    Depreciation and amortization        12,638        13,642        12,476
    Impairment of long-term assets                —        22,933                —
    Unrealized loss/(gain) on oil and gas derivative instruments        25,001        14,269        (2,148)
    Other non-operating loss                —          7,000                —
    Interest income        (8,699)        (9,866)      (10,026)
    Loss/(gain) on derivative instruments, net          6,795        (8,711)        (6,202)
    Other financial items, net          2,292          1,153          2,640
    Net (income)/loss from equity method investments      (10,209)          4,215              214
    Adjusted EBITDA 1        40,936        59,168        63,587
      2025 2024
      Jan-Mar Oct-Dec
    (in thousands of $) FLNG Corporate and other Total FLNG Corporate and other Total
    Total operating revenues        55,688          6,814        62,502        56,396          9,521        65,917
    Vessel operating expenses      (18,785)        (9,685)      (28,470)      (19,788)        (8,121)      (27,909)
    Voyage, charterhire & commission expenses                —                —                —                —           (446)           (446)
    Administrative expenses           (588)        (8,999)        (9,587)           (264)        (7,241)        (7,505)
    Project development expenses        (2,351)           (968)        (3,319)        (3,624)        (1,236)        (4,860)
    Realized gain on oil and gas derivative instruments (2)        21,213                —        21,213        33,502                —        33,502
    Other operating income                —        (1,403)        (1,403)             469                —             469
    Adjusted EBITDA 1        55,177      (14,241)        40,936        66,691        (7,523)        59,168

    (2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

      2024
      Jan-Mar
    (in thousands of $) FLNG Corporate and other Total
    Total operating revenues               56,368                  8,591               64,959
    Vessel operating expenses              (18,784)                (7,078)              (25,862)
    Voyage, charterhire & commission expenses                       —                (1,770)                (1,770)
    Administrative expenses                   (471)                (6,604)                (7,075)
    Project development expenses/(income)                (1,085)                     273                   (812)
    Realized gain on oil and gas derivative instruments               34,147                       —               34,147
    Adjusted EBITDA 1               70,175                (6,588)               63,587

    Golar reports today Q1 2025 net income of $13 million, before non-controlling interests, inclusive of $32 million of non-cash items1, comprised of:

    • TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $25 million; and
    • A $7 million MTM loss on interest rate swaps.

    The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q1 2025, we recognized a total of $21 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a: 

    • $12 million realized gain on the Brent oil linked derivative instrument; and
    • $9 million realized gain in respect of fees for the TTF linked production.

    We also recognized $25 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:

    • $13 million loss on the Brent oil linked derivative asset; and
    • $12 million loss on the TTF linked natural gas derivative asset. 

    Balance Sheet and Liquidity:

    As of March 31, 2025, Total Golar Cash1 was $678 million, comprised of $522 million of cash and cash equivalents and $156 million of restricted cash. 

    Golar’s share of Contractual Debt1 as of  March 31, 2025 is $1,495 million. Deducting Total Golar Cash1 of $678 million from Golar’s share of Contractual Debt1 leaves a net debt position of $817 million. 

    Assets under development amounts to $2.5 billion, comprised of $1.8 billion in respect of FLNG Gimi and $0.7 billion in respect of the MKII FLNG. The carrying value of LNG carrier Fuji LNG, previously included under Vessels and equipment, net in Q4 2024 was transferred to Assets under development in Q1 2025.

    Non-GAAP measures

    In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

    This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2025 and for the three months ended March 31, 2025, from these results should be carefully evaluated.

    Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments
    Performance measures
    Adjusted EBITDA Net income/(loss)  +/- Income taxes
    + Depreciation and amortization
    + Impairment of long-lived assets
    +/- Unrealized (gain)/loss on oil and gas derivative instruments
    +/- Other non-operating (income)/losses
    +/- Net financial (income)/expense
    +/- Net (income)/losses from equity method investments
    +/- Net loss/(income) from discontinued operations    		 Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations.
    Distributable Adjusted EBITDA Net income/(loss)  +/- Income taxes
    + Depreciation and amortization
    + Impairment of long-lived assets
    +/- Unrealized (gain)/loss on oil and gas derivative instruments
    +/- Other non-operating (income)/losses
    +/- Net financial (income)/expense
    +/- Net (income)/losses from equity method investments
    +/- Net loss/(income) from discontinued operations
    – Amortization of deferred commissioning period revenue
    – Amortization of Day 1 gains
    – Accrued overproduction revenue
    + Overproduction revenue received
    – Accrued underutilization adjustment    		 Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi.
    Liquidity measures
    Contractual debt 1 Total debt (current and non-current), net of deferred finance charges  +/-Variable Interest Entity (“VIE”) consolidation adjustments
    +/-Deferred finance charges    		 During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt.

    Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE.

    The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
    Adjusted net debt Adjusted net debt based on
    GAAP measures:
    -Total debt (current and
    non-current), net of
    deferred finance
    charges
    – Cash and cash
    equivalents
    – Restricted cash and
    short-term deposits
    (current and non-current)
    – Other current assets (Receivable from TTF linked commodity swap derivatives)    		 Total debt (current and non-current), net of:
    +Deferred finance charges
    +Cash and cash equivalents
    +Restricted cash and short-term deposits (current and non-current)
    +/-VIE consolidation adjustments
    +Receivable from TTF linked commodity swap derivatives    		 The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors.
    Total Golar Cash Golar cash based on GAAP measures:

    + Cash and cash equivalents

    + Restricted cash and short-term deposits (current and non-current)

    		 -VIE restricted cash and short-term deposits We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE.

    Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE.

    Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

    (1) Please refer to reconciliation below for Golar’s share of contractual debt

    Adjusted EBITDA backlog (also referred to as “earnings backlog”): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

    Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

    Abbreviations used:

    FLNG: Floating Liquefaction Natural Gas vessel
    FSRU: Floating Storage and Regasification Unit
    MKII FLNG: Mark II FLNG
    FPSO: Floating Production, Storage and Offloading unit

    MMBtu: Million British Thermal Units
    mtpa: Million Tons Per Annum

    Reconciliations – Liquidity Measures

    Total Golar Cash

    (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024
    Cash and cash equivalents             521,434           566,384           547,868
    Restricted cash and short-term deposits (current and non-current)           172,879           150,198             92,159
    Less: VIE restricted cash and short-term deposits            (16,745)            (17,472)            (17,933)
    Total Golar Cash           677,568           699,110           622,094

    Contractual Debt and Adjusted Net Debt

    (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024
    Total debt (current and non-current) net of deferred finance charges        1,418,816        1,452,255        1,195,063
    VIE consolidation adjustments           251,728           241,666           213,042
    Deferred finance charges             20,946             22,686             22,337
    Total Contractual Debt        1,691,490        1,716,607        1,430,442
    Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt                     —                     —            (32,035)
    Less: Keppel’s share of the Gimi debt         (196,875)         (201,250)         (189,000)
    Golar’s share of Contractual Debt        1,494,615        1,515,357        1,209,407

    Please see Appendix A for a capital repayment profile for Golar’s Contractual Debt.

    Forward Looking Statements

    This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

    • our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c. (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays to FLNG commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”) could result in incremental costs to both parties to the LOA;
    • our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);
    • our ability to meet our obligations to SESA in connection with the recently signed agreement to deploy FLNG Hilli in Argentina, and SESA’s ability to meet its obligations to us;
    • our ability to meet our obligations to SESA in connection with the recently signed definitive agreement to deploy our FLNG in conversion, MKII FLNG in Argentina, including reaching a final investment decision, and SESA’s ability to meet its obligations to us;
    • our ability to obtain additional financing or refinance existing debt on acceptable terms or at all including the satisfaction of the conditions precedent to the consummation of the FLNG Gimi sale leaseback transaction;
    • global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on liquefied natural gas (“LNG”) supply and demand;
    • a material decline or prolonged weakness in tolling rates for FLNGs;
    • failure of shipyards to comply with schedules, performance specifications or agreed prices;
    • failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
    • an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated, or expect to operate;
    • continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government;
    • changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
    • changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;
    • continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party;
    • our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;
    • increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;
    • claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”), and Snam S.p.A. (“Snam”);
    • the ability of NFE, Energos, CoolCo, and Snam to meet their respective obligations to us, including indemnification obligations;
    • changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;
    • rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
    • actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and
    • other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 27, 2025 (the “2024 Annual Report”).

    As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

    Responsibility Statement

    We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

    May 27, 2025
    The Board of Directors
    Golar LNG Limited
    Hamilton, Bermuda
    Investor Questions: +44 207 063 7900
    Karl Fredrik Staubo – CEO
    Eduardo Maranhão – CFO

    Stuart Buchanan – Head of Investor Relations

    Tor Olav Trøim (Chairman of the Board)
    Benoît de la Fouchardiere (Director)
    Carl Steen (Director)
    Dan Rabun (Director)
    Lori Wheeler Naess (Director)
    Mi Hong Yoon (Director)
    Niels Stolt-Nielsen (Director)

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network –

  • MIL-OSI: Indonesia Energy Provides Update on its Strategic Vision and Dedication to the Future of Energy Development in Indonesia

    Source: GlobeNewswire (MIL-OSI)

    Follow IEC’s vision through its multi-weekly updates on LinkedIn and its website

    JAKARTA, INDONESIA AND DANVILLE, CA, May 27, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, issued today a letter to shareholders from the company’s senior management outlining IEC’s strategic vision and dedication to playing a key role in energy development in Indonesia as well as the country’s future in general.

    You can follow IEC’s vision through its multi-weekly updates on LinkedIn or at our website at the following link: https://ir.indo-energy.com/linkedin-updates/

    “Dear Fellow Indonesia Energy Shareholders:

    We are pleased to share an important update in the evolution of Indonesia Energy Corporation’s corporate vision, one that reaffirms our commitment to the future of Indonesia and complements our company’s role in supporting energy, resources, and sustainable growth for this dynamic region.

    Since our inception, IEC has remained committed to delivering energy security through our oil and gas exploration and production activities. While these core operations will continue to be a fundamental part of our strategy, we recognize that the definition of energy must evolve to meet the demands of a changing world, particularly in Indonesia.

    The time has come for IEC to expand our vision beyond traditional hydrocarbons and embrace a broader, more sustainable portfolio. This strategic focus will position IEC to unlock new value, enhance resilience, and capitalize on emerging opportunities in sectors that are inherently interconnected with energy.

    INDONESIA ENERGY: The Energy Driving Indonesia’s Future

    Indonesia, the world’s fourth most populous nation, is undergoing a demographic, economic, and technological transformation. With over 280 million people, nearly 70% under the age of 45, and an economy that has grown around 5% annually, the nation is on a clear path to becoming a growing force on the world stage.

    The government of Indonesia’s “Golden Indonesia 2045” vision aspires to position Indonesia among the world’s top five economies. To achieve this, the country is focusing on three fundamental pillars: energy, technology, and food security—the very elements that define human civilization and economic success.

    For IEC to play an important role in this transformation, we must recognize that energy is more than just oil and gas—it is the foundation of all progress. Throughout history, economies have grown, industries have thrived, and societies have advanced by harnessing energy in its many forms. But at its core, all energy that drives life and industry can be traced back to a single source—the Sun. From oil and gas to wind, hydropower, and even the food we eat, nearly all forms of energy originate from the Sun’s immense power. Fossil fuels are simply solar energy stored in organic matter over millions of years, while bioenergy, agriculture, and even wind patterns exist because of the Sun’s influence. Hydropower is made possible by the water cycle, driven by solar radiation. In essence, the energy that sustains economies, fuels innovation, and supports communities is a continuous transformation of sunlight into different usable forms.

    There are few exceptions, including deep geothermal energy, nuclear power, and tidal forces, which arise from the Earth’s internal heat, atomic forces, and the gravitational pull of the Moon and Sun. Yet, for nearly everything else, it is the Sun that provides the energy that shapes our world.

    This perspective reinforces IEC’s evolving mission. We are not just an oil and gas company; we are part of the larger system that transforms energy into progress, innovation, and prosperity in Indonesia. Our role is to harness and direct this energy—where it is needed most—to power Indonesia’s future. By embracing a new definition of energy, IEC is positioning itself at the heart of Indonesia’s transformation into a global economic power. As the country continues to grow, innovate, and secure its future, IEC will be there—as the energy that enables this progress.

    This is just the beginning of an exciting new chapter for IEC. Our evolving corporate vision will seek to accomplish three main goals:

    • First, our particular focus on supporting the future of Indonesia, which positions us as the purest U.S. public company play on Indonesia.
    • Second, our continuing drive to efficiently, effectively and sustainably develop and capitalize on our current oil and gas assets in Indonesia, Kruh and Citarum, which efforts have the strong support of the Government of Indonesia.
    • Finally, our passion for the future of Indonesia is leading us to explore other ways we can invest in the country’s infrastructure, whether that be energy related or other initiatives that we have the ability support given our management’s deep ties to Indonesia. We believe the potential to diversify our energy or other revenue streams will not only help Indonesia but also create the potential to drive value for our shareholders. We plan on sharing more details as this year unfolds and as our strategies solidify.

    Meanwhile, even as we are contemplating our expansion, this week we will be providing important updates on our key oil and gas assets, including an approximate 60% increase in proved reserves in our Kruh Block and the exciting results from a just competed geochemical survey on our potential billion-barrel equivalent Citarum Block, where we have a path to potentially move directly to drilling operations.

    We remain excited about our business and the future of Indonesia, so stay tuned for more details. Thank you as always for your continued trust and support,

    Sincerely,

    Dr Wirawan Jusuf, Chairman & CEO
    Frank Ingriselli, President
    James Huang, Director and Chief Investment Officer”

    About Indonesia Energy Corporation Limited

    Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this press release, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its management that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “potential,” “could,” “estimates,” “believes,” “hopes,” “expects,” “intends,” “future”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future strategic plans, including its plans for drilling at Kruh Block at Citarum Block, as well as any future evolution in IEC’s business vision and strategies. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Frank C. Ingriselli
    President, Indonesia Energy Corporation Limited
    Frank.Ingriselli@Indo-Energy.com

    The MIL Network –

  • MIL-OSI: RYVYL Receives Extension to Comply with Nasdaq Listing Rule 5550(b)

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, May 27, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology, announced today that it has received an extension from The Nasdaq Stock Market LLC to regain compliance with Nasdaq Listing Rule 5550(b), which requires minimum stockholders’ equity of $2.5 million, $35 million market value of listed securities, or $500,000 net income from operations, for continued listing on the Nasdaq Capital Market.

    On April 8, 2025, RYVYL received a notification from Nasdaq indicating that, based on the company’s reported stockholders’ equity of negative $1.5 million as of December 31, 2024, it was no longer in compliance with the minimum stockholders’ equity requirement. Following this, RYVYL submitted a compliance plan to Nasdaq outlining its strategy to address the deficiency. 

    Nasdaq has accepted this plan and granted the company an extension until October 6, 2025, to demonstrate compliance with the listing requirement.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:

    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –