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Category: Business

  • MIL-OSI Submissions: Energy Sector – Equinor second quarter 2025 results

    Source: Equinor

    23 JULY 2025 – Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

    Solid financial results

    • Strong operational performance and production growth
    • Higher US onshore gas production capturing higher prices
    • Stable cost and capex in line with guidance
    • Balance sheet remains robust through lower price environment

    Strategic progress

    • Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
    • Financial close of Bałtyk 2 & 3 offshore wind projects in Poland
    • Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

    Capital distribution

    • Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution of USD 9 billion in 2025

    Anders Opedal, President and CEO of Equinor ASA:
    “We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

    “Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

    “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

    Solid production

    Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

    On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

    The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

    The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

    In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

    Strong financial results

    Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

    The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

    Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

    Adjusted operating and administrative expenses* are stable from the same quarter last year.

    Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

    Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

    Cash flow from operations after taxes paid* ended at USD 1.94 billion.

    Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

    The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

    Strategic progress

    Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

    After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

    Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

    Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

    Financial close was announced on the Bałtyk 2 and Bałtyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

    The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    MIL OSI – Submitted News –

    July 23, 2025
  • Day 3 of Monsoon Session: Centre likely to table Sports Governance Bill as Parliament braces for opposition protests

    Source: Government of India

    Source: Government of India (4)

    The third day of the Monsoon Session of Parliament is set to begin on Wednesday, with both the Lok Sabha and Rajya Sabha bracing for heightened political tensions.

    The Centre is expected to introduce three key legislations in the Lok Sabha: the National Sports Governance Bill, 2025, the National Anti-Doping (Amendment) Bill, 2025. Additionally the Merchant Shipping Bill, 2024 will be taken up for consideration.

    According to the Lok Sabha Secretariat’s agenda, Union Minister for Youth Affairs and Sports Mansukh Mandaviya will move sports governance and anti-doping bills in the House, while Minister of Ports, Shipping and Waterways Sarbananda Sonowal will table the Merchant Shipping Bill.

    The Sports Governance Bill aims to promote the development of sports and ensure the welfare of sportspersons, while fostering ethical practices and governance aligned with the Olympic and Paralympic Charters, global best practices, and established legal norms. It also seeks to create a unified and equitable system for resolving sports-related grievances and disputes. The bill is seen as part of India’s broader push to strengthen its bid to host the 2036 Olympic Games.

    Meanwhile, in the Rajya Sabha, a meeting of the Business Advisory Committee (BAC) is scheduled for the afternoon, to be chaired by Deputy Chairman Harivansh. The committee is expected to decide the timing and format of a debate on Operation Sindoor.

    Following the sudden resignation of Vice-President and Rajya Sabha Chairman Jagdeep Dhankhar, Harivansh will preside over proceedings in the Upper House until a new Vice-President is elected. The House is also likely to take up several key maritime bills, including the Coastal Shipping Bill, 2025, the Bills of Lading Bill, 2025, and the Carriage of Goods by Sea Bill, 2025.

    Tensions remained high on Tuesday as both Houses were adjourned for the day amid noisy protests by the Opposition. The disruptions were primarily driven by outrage over the Special Intensive Revision (SIR) of electoral rolls in Bihar and Dhankhar’s unexpected resignation.

    The Monsoon Session will comprise 21 sittings spread over 32 days and will conclude on August 21. Both Houses will be adjourned on August 12 and reassembled on Monday, August 18, to facilitate Independence Day celebrations.

    July 23, 2025
  • Day 3 of Monsoon Session: Centre likely to table Sports Governance Bill as Parliament braces for opposition protests

    Source: Government of India

    Source: Government of India (4)

    The third day of the Monsoon Session of Parliament is set to begin on Wednesday, with both the Lok Sabha and Rajya Sabha bracing for heightened political tensions.

    The Centre is expected to introduce three key legislations in the Lok Sabha: the National Sports Governance Bill, 2025, the National Anti-Doping (Amendment) Bill, 2025. Additionally the Merchant Shipping Bill, 2024 will be taken up for consideration.

    According to the Lok Sabha Secretariat’s agenda, Union Minister for Youth Affairs and Sports Mansukh Mandaviya will move sports governance and anti-doping bills in the House, while Minister of Ports, Shipping and Waterways Sarbananda Sonowal will table the Merchant Shipping Bill.

    The Sports Governance Bill aims to promote the development of sports and ensure the welfare of sportspersons, while fostering ethical practices and governance aligned with the Olympic and Paralympic Charters, global best practices, and established legal norms. It also seeks to create a unified and equitable system for resolving sports-related grievances and disputes. The bill is seen as part of India’s broader push to strengthen its bid to host the 2036 Olympic Games.

    Meanwhile, in the Rajya Sabha, a meeting of the Business Advisory Committee (BAC) is scheduled for the afternoon, to be chaired by Deputy Chairman Harivansh. The committee is expected to decide the timing and format of a debate on Operation Sindoor.

    Following the sudden resignation of Vice-President and Rajya Sabha Chairman Jagdeep Dhankhar, Harivansh will preside over proceedings in the Upper House until a new Vice-President is elected. The House is also likely to take up several key maritime bills, including the Coastal Shipping Bill, 2025, the Bills of Lading Bill, 2025, and the Carriage of Goods by Sea Bill, 2025.

    Tensions remained high on Tuesday as both Houses were adjourned for the day amid noisy protests by the Opposition. The disruptions were primarily driven by outrage over the Special Intensive Revision (SIR) of electoral rolls in Bihar and Dhankhar’s unexpected resignation.

    The Monsoon Session will comprise 21 sittings spread over 32 days and will conclude on August 21. Both Houses will be adjourned on August 12 and reassembled on Monday, August 18, to facilitate Independence Day celebrations.

    July 23, 2025
  • MIL-OSI United Kingdom: UK sanctions notorious people-smuggling gangs and their enablers in global crackdown

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    UK sanctions notorious people-smuggling gangs and their enablers in global crackdown

    Gang ring leaders, key intermediaries and suppliers of people-smuggling equipment have today [July 23] been hit with the first ever sanctions targeting irregular migration by the UK.

    • UK sanctions 25 targets at the heart of people-smuggling networks that drive irregular migration to the UK. 
    • Sanctions come on day 1 of the UK’s world-first dedicated sanctions regime targeting irregular migration and organised immigration crime. 
    • Action marks latest step in government’s campaign to secure Britain’s borders and reduce irregular migration, delivering on the Plan for Change.  

    Gang ring leaders, key intermediaries and suppliers of people-smuggling equipment have today [July 23] been hit with the first ever sanctions targeting irregular migration by the UK. 
     
    Today’s sanctions target individuals and entities involved in people-smuggling and driving irregular migration to the UK, from a small boat supplier in Asia, to informal Hawala money movers in the Middle East, to gang leaders based in the Balkans and North Africa. 

    They cover a range of different activities from supplying small boats explicitly for smuggling, to sourcing fake passports, middlemen facilitating illicit payments through Hawala, people-smuggling via lorries and small boats, and the gangland leaders themselves. 

    Sanctions can disrupt the flow of money and materials – including freezing property, bank accounts and other assets – which allow organised criminal gangs to operate this vile trade.  
     
    The plans are a key example of the FCDO using innovative foreign policy approaches to deliver on the government’s Plan for Change. The regime will be the world’s first dedicated to targeting people-smuggling and organised immigration crime, with the exploitation of vulnerable people by criminals and their associated networks being one of the key drivers of irregular migration to the UK. 

    Foreign Secretary David Lammy said:  

    This is a landmark moment in the government’s work to tackle organised immigration crime, reduce irregular migration to the UK and deliver on the Plan for Change. 

    From Europe to Asia we are taking the fight to the people-smugglers who enable irregular migration, targeting them wherever they are in the world and making them pay for their actions.  

    My message to the gangs who callously risk vulnerable lives for profit is this: we know who you are, and we will work with our partners around the world to hold you to account. 

    Among those sanctioned today is Bledar Lala, an Albanian who is in control of the ‘Belgium operations’ of an organised criminal group which smuggles migrants from Belgium across the English Channel to the United Kingdom.

    Sanctions have also been brought against a company in China which has advertised their small boats on an online marketplace explicitly for the purpose of people-smuggling. The boats advertised are of the type used by criminal gangs in which migrants are packed, before being sent across the Channel at huge risk.

    The UK is also sanctioning Alen Basil, a former police translator who went on to lead a large smuggling network in Serbia, terrorising refugees, with the aid of corrupt policemen. Basil was subsequently found to be living in a house in Serbia worth more than one million euros, bought with money extorted from countless desperate migrants. 

    Also sanctioned is Mohammed Tetwani, the self-styled “King of Horgos”, who brutally oversaw a migrant camp in Horgos, Serbia and led the Tetwani people-smuggling gang. Tetwani and his followers are known for their violent treatment of refugees who decline their services or cannot pay for them. 

    Today’s package also includes individuals like Muhammed Khadir Pirot, a hawala banker involved in informal money transfer networks, which people-smugglers use as a way of taking payment from migrants.

    All of those sanctioned today are publicly named and barred from engaging with the UK financial system, helping to further undermine their operations. 

    NCA Director General Graeme Biggar said: 

    The NCA is determined to use every tool at our disposal to target, disrupt and dismantle the criminal networks involved in people-smuggling, preventing harm to those they exploit for profit and protecting the UK’s border security.    

    These new sanctions powers will complement that NCA activity. We have worked with the FCDO and partners to progress the designation of these sanctioned persons.   

    They will give the UK a new way of pursuing, undermining and frustrating the operational capability of a wide range of organised immigration crime networks, including those who facilitate or enable offending.

    Today’s designations are the first made under the UK’s new Global Irregular Migration Sanctions Regime. The regime is a world first and empowers the FCDO to impose sanctions not only on individuals and entities involved in people-smuggling to the UK, but also any financiers and companies found to be enabling their activities.

    The FCDO has worked closely with the National Crime Agency and other partners to develop its cases and ensure they complement law enforcement activity. 

    Today’s announcement is part of the FCDO’s three-pronged ‘disrupt, deter, return’ strategy to tackle irregular migration globally. In addition to disrupting organised immigration crime networks through sanctions, the FCDO works with source and transit countries to deter would-be migrants from making a dangerous journey in the first place and works with the Home Office to negotiate the return of people who have no right to be here to their countries of origin, including criminals and failed asylum seekers. Since the election, over 35,000 people have been returned, up 13% on the same period in the year before. 

    Background

    The individuals and entities sanctioned today can be seen below:

    Iraqi-linked people-smuggling 

    • Goran Assad Jalal, formed part of an organised crime group which stowed migrants in refrigerated lorries which crossed the English Channel from France to the United Kingdom on at least ten occasions between January and March 2019. 

    • Hemin Ali Salih, helped smuggle migrants into the UK in the backs of lorries. 

    • Dedawan Dazey, a people-smuggler who runs safe houses for migrants in Northern France before they are smuggled to the United Kingdom. 

    • Roman Ranyaye, an Iraqi people-smuggler responsible for the smuggling of migrants from Asia to Europe.   

    • Azad Khoshnaw, for supplying inflatable boats, onboard motors and other maritime equipment for use in people-smuggling of migrants from France to the UK.  

    • Nuzad Khoshnaw, for equipping gangs in Northern France with outboard motors, inflatable boats, and other maritime equipment for use in people-smuggling to the UK.  

    • Nihad Mohsin Xoshnaw, for providing inflatable boats, outboard motors and other maritime equipment used by migrants to cross the English Channel from France. 

    Hawala Network 

    • Muhammed Khadir Pirot, a hawala banker who controls payments from people being smuggled from the Kurdistan region of Iraq to Europe via Turkey. 

    • Mariwan Jamal, controls money movements through a Hawala banker, which handles payments to people smugglers from migrants in Iraq. 

    • Rafiq Shaqlaway, involved in hawala banking as an advisor to migrants looking to pay smugglers operating routes into Europe via Turkey. 

    North African gangs operating in the Balkans 

    • Kazawi Gang, a people-smuggling network which controls people-smuggling routes from North Africa into the EU known to deal out harsh punishments to migrants who are unable to pay.   

    • Tetwani Gang, known as one of the Balkan’s most violent people-smuggling gangs, members are reported to hold migrants for ransom and sexually abuse women unable to pay their fees. 

    Gangland bosses 

    • Bledar Lala, leads a smuggling ring moving people from Belgium across the English Channel to the UK.  

    • Alen Basil, a former police translator who through violence and intimidation became boss of a large people-smuggling network. 

    • Mohammed Tetwani, the head of the ‘Tetwani’ gang and self-styled “King” of Horgos in Serbia. 

    • Yassine Al Maghribi Al-Kasaoui, the boss of the “Kazawi” gang. 

    Balkan gangs supplying fake passports 

    • Kavač Gang, a Balkan organised crime organisation known to use fake passports to smuggle its gang members between the Balkans and Turkey. 

    • Škaljari Gang, an organised crime organisation in Montenegro that smuggles criminals between the Balkans and Turkey. 

    • Dalibor Ćurlik, procures fake passports and forged documents for use in the Kavač gang’s people-smuggling. 

    • Almir Jahović, member of the Kavač gang, which is involved in supplying fake passports for smuggling gang members across borders 

    • Marko Petrović, a member of the Kavač gang which sources false identification and passports for use in people-smuggling.  

    • Nikola Vein helps the Škaljari Gang secure fake passports and travel documents for use in people smuggling. 

    • Ratko Živković, a Škaljari Gang associate, which gathers fake passports for the purpose of smuggling gang members across borders. 

    • Dejan Pavlović, a member or close associate of the Škaljari Gang, which supports the manufacture of false identities and passports.  

    The following company based in China has been designated over the manufacture of inflatable boats being advertised for people smuggling.  

    • Weihai Yamar Outdoors Product Co 

    Background to the Global Irregular Migration sanctions regime 

    • Using the powers conferred by the Sanctions and Anti-Money Laundering Act (the Sanctions Act) the Government has laid secondary legislation before Parliament that introduces a new Global Irregular Migration sanctions regime. The Regulations will be debated by both Houses of Parliament when they return from the summer recess in line with the made affirmative procedure.   

    • The UK Sanctions List FCDO – UK Sanctions List Search – GOV.UK 

    Asset freeze 

    • An asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person.

    Travel ban 

    • A travel ban means that the designated person must be refused leave to enter or to remain in the United Kingdom, providing the individual is an excluded person under section 8B of the Immigration Act 1971.

    Director disqualifications 

    • Where director disqualification sanctions apply, it will be an offence for a person designated for the purpose of those sanctions to act as a director of a company or to take part in the management, formation or promotion of a UK company.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

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

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    Published 23 July 2025

    MIL OSI United Kingdom –

    July 23, 2025
  • MIL-OSI Russia: More than practice: graduates of capital colleges showed their skills at a demonstration exam

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    An important disclaimer is at the bottom of this article.

    Demonstration exams have been completed in the capital’s colleges. This year, more than 25,000 graduates took part in the tests. As part of the certification, they demonstrated their skills in conditions as close as possible to real production. This was reported by the press service of the capital’s Department of Education and Science.

    “The demonstration exam is conducted not only in college workshops and laboratories, but also at leading employers’ sites. Based on the results of the certification, graduates receive a digital competency passport – a document with scores for various indicators clearly shows the skills of young specialists and helps employers evaluate their training. In total, over 25 thousand students from Moscow colleges passed the demonstration exam this year, of which more than 15 thousand received excellent marks. The most successful received a job offer,” the department’s press service said.

    Thus, graduates of the Moscow Transport College in the specialty “technical operation of rolling stock of railways” demonstrated their professional competencies at the Moscow Metro. During the exam, they performed operations on the technical maintenance of the current collector and safety valve of the electric train. The guys were faced with the task of identifying and replacing faulty elements, and most of them did an excellent job.

    Students from the A.A. Nikolaev Moscow Automobile and Road College and the I.A. Likhachev Moscow Technological College were able to demonstrate their skills in updated laboratories and workshops. Future specialists diagnosed faults in the chassis, steering and braking systems, disassembled and assembled engines, eliminated faults in electrical equipment, and adjusted wheel alignment angles. Representatives of leading industry companies such as Rolf, Avtogermes, Setrans, Avtotrans, Favorit Motors, MASH, Haval Motor Manufacturing Rus, Severny Put, AMO and the Irbis Group of Companies acted as experts.

    Students of the capital’s college will learn to repair cars using virtual technologies

    Students of Polytechnic College No. 8 named after twice Hero of the Soviet Union I.F. Pavlov and Moscow State Educational Complex passed a demonstration exam at the site of practical training of Moscow colleges “Rudnevo”. Future electricians assembled signal analyzers, eliminated coded faults and adjusted equipment. Welders worked with carbon and alloy steel and made seams. Machine operators adjusted equipment, manufactured parts on it, checked the obtained accuracy and quality of products. Representatives of partner enterprises monitored the progress of the tasks: Moscow Machine-Building Plant “Avangard”, Moscow Design and Production Complex “Universal” named after A.I. Privalov, production complex “Salut” of JSC “United Engine Corporation” of Rostec.

    Students of the College of Architecture, Design and Reengineering No. 26 demonstrated professional skills in the field of polymer composite manufacturing technology. Young craftsmen developed product drawings, compiled an operational map of the technological process and calculated the characteristics according to which they manufactured a compressed gas cylinder from basalt plastic.

    The exam was held at the State Research Institute (RI) of Graphite-Based Structural Materials “NIIgrafit” of the state corporation “Rosatom”. As Deputy Director for Science and Innovations of this institute Artur Gareev noted, before the exam, students underwent intensive specialized training in the laboratories and workshops of the institute. According to him, the demonstration exam became an objective confirmation that graduates have all the necessary competencies to work with modern polymeric materials and technologies.

    The Institute has been fruitfully cooperating with the College of Architecture, Design and Reengineering No. 26 for seven years, annually accepting up to 40 students for practical training in various specialties. The most talented and motivated students join the team of specialists. Today, graduates of this college successfully work in key divisions of the Research Institute, for example, in the testing center, the functional materials department and the technology department, and make a real contribution to the development of materials science and high-tech production.

    Exhibition of professions: how open days are held at the College of Architecture, Design and Reengineering No. 26

    At the updated culinary training ground, students of the Moscow educational complex “West” studying in the areas of “cooking and confectionery” and “cook, confectioner” took a demonstration exam. The guys prepared dishes using classic and modern technologies – from stewing and baking to tempering and working with a vacuum. Experts assessed compliance with sanitary standards, taste qualities, organization of the workplace and accuracy of recipes.

    “Taking the demonstration exam was nerve-wracking, but incredibly valuable. After all, you work under the supervision of experts and must show results not just for a grade, but according to professional standards. This is a real simulation of the conditions of a professional kitchen. During the exam, I understood how important it is to organize the workplace and the logic of actions – everything that the masters taught. In college, I learned to work according to regulations, keep the pace, control the quality of products at each stage and observe safety precautions. Now I work in a restaurant as a hot shop cook and I can say: the demonstration exam was the final test of professionalism for me,” said Sofia Sitnikova, a graduate of the Moscow educational complex “West”.

    Future tourism specialists from the College of Hospitality Industry and Management No. 23 confirmed their professional competencies at the Lotte Hotel Moscow. They met and accommodated guests, made work schedules, conducted business correspondence and developed communication templates with clients. Experts assessed politeness, literacy and understanding of the principles of hotel service.

    This year, the number of budget places in Moscow colleges for ninth-graders in the capital has increased to a record 43 thousand. Applicants can choose from more than 150 professions and specialties in all sectors of the city’s economy.

    Moscow ninth-graders who graduated from school this year will be able to submit applications until July 26. The application period for programs with entrance examinations has ended. Moscow ninth-graders of previous years, Moscow eleventh-graders, as well as out-of-town applicants will be able to submit applications until August 15, and for programs with entrance examinations – until August 10.

    Applicants are allowed to choose five specialties at one educational institution at the same time or distribute them among several. Applications can be submitted electronically viamos.ru portal.

    Detailed information about in-demand professions and specialties taught in the capital’s colleges is available on the website “Colleges of Moscow”, in the same names telegram channel and the community on the social network “VKontakte”.

    Sharpening Your Skills. Teachers on How Internships Work in Moscow Colleges

    Get the latest news quicklyofficial telegram channel the city of Moscow.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI China: More imported products to enjoy zero-tariff policy in Hainan Free Trade Port

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

    BEIJING, July 23 — The proportion of tariff lines with zero-tariff products in Hainan Free Trade Port will increase from 21 percent to 74 percent, according to a press conference held on Wednesday.

    Wang Changlin, deputy head of the National Development and Reform Commission, announced that the free trade port will launch island-wide independent customs operation on Dec. 18, 2025.

    Vice Minister of Finance Liao Min noted that duty-free items in Hainan will increase from about 1,900 to around 6,600, marking a significant boost in openness.

    Imported products that undergo at least 30 percent value-added processing in Hainan can enter the mainland tariff-free. Certain goods currently banned or restricted nationwide will enjoy open policies in Hainan.

    “We will take a targeted regulatory approach of low-intervention and high-efficiency for zero-tariff and relaxed management goods, ensuring smooth implementation of the opening-up policies,” Wang said.

    MIL OSI China News –

    July 23, 2025
  • MIL-OSI China: Chinese commerce minister holds video meeting with EU trade commissioner

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

    BEIJING, July 23 — Chinese Commerce Minister Wang Wentao held a meeting via video link with the European Commissioner for Trade and Economic Security Maros Sefcovic on Tuesday, according to a statement released Wednesday by China’s Ministry of Commerce.

    The two sides conducted frank and in-depth discussions on China-European Union (EU) economic and trade cooperation and related key issues. Wang also made solemn representations regarding the EU’s inclusion of two Chinese financial institutions in its 18th round of sanctions against Russia, said the statement.

    MIL OSI China News –

    July 23, 2025
  • MIL-OSI: BAWAG Group publishes Q2 2025 results: Net profit € 210 million and RoTCE 27.6%, full year outlook reconfirmed

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Austria – July 23, 2025 – Today, BAWAG Group released its results for the second quarter 2025, reporting a net profit of € 210 million, earnings per share of € 2.65, and a RoTCE of 27.6%. Pre-provision profits were at € 345 million and the cost-income ratio at 37.5%. This resulted in a net profit of € 411 million, earnings per share of € 5.19, and a RoTCE of 26.7% for the first half of 2025.

    The CET1 ratio was at 13.5% after deducting the share buyback of € 175 million and the dividend accrual of € 226 million for the first half 2025. The NPL ratio remained at a low level of 0.7% at the end of the second quarter, reflecting our consistently strong asset quality.

    The operating performance of our business remained solid during the second quarter 2025. The ECB policy rates have come down further with average 3-month Euribor down by 50 basis points in the second quarter compared to the prior quarter. We reconfirm our outlook across P&L lines as well as our full year and mid-term targets, as presented during the Investor Day on March 4, 2025.

    Anas Abuzaakouk, CEO, commented: “We delivered another strong quarter with net profit of € 210 million, EPS of € 2.65, and a return on tangible common equity of 28% while continuing to integrate our recent acquisitions, which are progressing well. The operating performance of our businesses across the Group was solid, but we continue to be patient and disciplined with € 15 billion cash, over 20% of our balance sheet, in a market environment where we believe credit is frothy. We also received regulatory approval for a share buyback of € 175 million, in line with our capital distribution target of over 13% through 2025, landing at a CET1 ratio of 13.5% after deducting the buyback in the second quarter. 

    As always, our success was not possible without our team members across BAWAG Group who work tirelessly on behalf of our customers, shareholders, and the communities we serve. Their dedication, passion, and relentless pursuit of excellence set us apart. I’m incredibly proud of what we’ve achieved together – and even more excited about what lies ahead.”           

    The earnings presentation is available on https://www.bawaggroup.com.

    Delivering strong H1 2025 results as a larger group

    in € million Q2 ’25 Change vs prior year (in %) H1’25 Change vs prior year (in %)
    Core revenues 547.9 40 1,082.7 38
    Net interest income 457.6 45 903.4 43
    Net commission income 90.3 19 179.3 18
    Operating income 551.9 41 1,085.7 40
    Operating expenses (206.7) 62 (404.3) 59
    Pre-provision profit 345.2 31 681.4 31
    Regulatory charges (10.4) >100 (20.0) >100
    Risk costs (52.0) 86 (111.2) 92
    Profit before tax 283.9 22 551.9 21
    Net profit 210.2 20 411.2 20
             
    RoTCE 27.6% 3.3pts 26.7% 2.7pts
    CIR 37.5% 4.9pts 37.2% 4.4pts
    Earnings per share (€) 2.65 20% 5.19 20%
    Liquidity Coverage Ratio (LCR) 237% 17pts 237% 17pts

    Earnings presentation
    BAWAG Group will host the earnings call with our CEO Anas Abuzaakouk and CFO Enver Siručić at 10 a.m. CEST on 23 July 2025. The webcast details are available on our website under Financial Results | BAWAG Group.

    About BAWAG Group
    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Ireland, the United Kingdom, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward-looking statement
    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Communications & Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network –

    July 23, 2025
  • MIL-OSI: BAWAG Group publishes Q2 2025 results: Net profit € 210 million and RoTCE 27.6%, full year outlook reconfirmed

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Austria – July 23, 2025 – Today, BAWAG Group released its results for the second quarter 2025, reporting a net profit of € 210 million, earnings per share of € 2.65, and a RoTCE of 27.6%. Pre-provision profits were at € 345 million and the cost-income ratio at 37.5%. This resulted in a net profit of € 411 million, earnings per share of € 5.19, and a RoTCE of 26.7% for the first half of 2025.

    The CET1 ratio was at 13.5% after deducting the share buyback of € 175 million and the dividend accrual of € 226 million for the first half 2025. The NPL ratio remained at a low level of 0.7% at the end of the second quarter, reflecting our consistently strong asset quality.

    The operating performance of our business remained solid during the second quarter 2025. The ECB policy rates have come down further with average 3-month Euribor down by 50 basis points in the second quarter compared to the prior quarter. We reconfirm our outlook across P&L lines as well as our full year and mid-term targets, as presented during the Investor Day on March 4, 2025.

    Anas Abuzaakouk, CEO, commented: “We delivered another strong quarter with net profit of € 210 million, EPS of € 2.65, and a return on tangible common equity of 28% while continuing to integrate our recent acquisitions, which are progressing well. The operating performance of our businesses across the Group was solid, but we continue to be patient and disciplined with € 15 billion cash, over 20% of our balance sheet, in a market environment where we believe credit is frothy. We also received regulatory approval for a share buyback of € 175 million, in line with our capital distribution target of over 13% through 2025, landing at a CET1 ratio of 13.5% after deducting the buyback in the second quarter. 

    As always, our success was not possible without our team members across BAWAG Group who work tirelessly on behalf of our customers, shareholders, and the communities we serve. Their dedication, passion, and relentless pursuit of excellence set us apart. I’m incredibly proud of what we’ve achieved together – and even more excited about what lies ahead.”           

    The earnings presentation is available on https://www.bawaggroup.com.

    Delivering strong H1 2025 results as a larger group

    in € million Q2 ’25 Change vs prior year (in %) H1’25 Change vs prior year (in %)
    Core revenues 547.9 40 1,082.7 38
    Net interest income 457.6 45 903.4 43
    Net commission income 90.3 19 179.3 18
    Operating income 551.9 41 1,085.7 40
    Operating expenses (206.7) 62 (404.3) 59
    Pre-provision profit 345.2 31 681.4 31
    Regulatory charges (10.4) >100 (20.0) >100
    Risk costs (52.0) 86 (111.2) 92
    Profit before tax 283.9 22 551.9 21
    Net profit 210.2 20 411.2 20
             
    RoTCE 27.6% 3.3pts 26.7% 2.7pts
    CIR 37.5% 4.9pts 37.2% 4.4pts
    Earnings per share (€) 2.65 20% 5.19 20%
    Liquidity Coverage Ratio (LCR) 237% 17pts 237% 17pts

    Earnings presentation
    BAWAG Group will host the earnings call with our CEO Anas Abuzaakouk and CFO Enver Siručić at 10 a.m. CEST on 23 July 2025. The webcast details are available on our website under Financial Results | BAWAG Group.

    About BAWAG Group
    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Ireland, the United Kingdom, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward-looking statement
    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Communications & Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Equinor second quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

    Solid financial results

    • Strong operational performance and production growth
    • Higher US onshore gas production capturing higher prices
    • Stable cost and capex in line with guidance
    • Balance sheet remains robust through lower price environment

    Strategic progress

    • Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3 and Fram South/Troll
    • Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
    • Financial close of Baltyk 2 & 3 offshore wind projects in Poland
    • Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

    Capital distribution

    • Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution of USD 9 billion in 2025

    Anders Opedal, President and CEO of Equinor ASA:

    “We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

    “Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

    “We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

    Solid production

    Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

    On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

    The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

    The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

    In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

    Strong financial results

    Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

    The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

    Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

    Adjusted operating and administrative expenses* are stable from the same quarter last year.

    Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

    Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

    Cash flow from operations after taxes paid* ended at USD 1.94 billion.

    Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

    The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

    Strategic progress

    Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are  expected to increase the recoverable volumes from the field by 40-50 million boe.

    After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

    Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

    Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

    Financial close was announced on the Baltyk 2 and Baltyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

    The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    – – –

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    – – –

    Further information from:

    Investor relations
    Bård Glad Pedersen, Senior vice president Investor relations,
    +47 918 01 791 (mobile)

    Press
    Sissel Rinde, Vice president Media relations,
    +47 412 60 584 (mobile)

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

    Attachments

    • Equinor Second quarter 2025 Financial Statements and Review
    • CFO presentation – Second quarter 2025 results

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Equinor ASA: Key information relating to cash dividend for the second quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Key information relating to the cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for the second quarter 2025. 

    Cash dividend amount: 0.37

    Announced currency: USD

    Last day including rights: 12 November 2025

    Ex-date Oslo Børs: 13 November 2025

    Ex-date New York Stock Exchange: 14 November 2025

    Record date: 14 November 2025

    Payment date: 26 November 2025

    Date of approval: 22 July 2025

    Other information: The cash dividend per share in NOK will be communicated on 20 November 2025.

    This information is published in accordance with the requirements of the Euronext Oslo Børs Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act. 

    The MIL Network –

    July 23, 2025
  • MIL-OSI: Equinor to commence third tranche of the 2025 share buy-back programme

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE: EQNR, NYSE: EQNR) will on 24 July 2025 commence the third tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the second quarter results 23 July 2025. 

    In this third tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total third tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 27 October 2025. 

    Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the third tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

    Commencement of new share buy-back tranches after the third tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

    The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the third tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026. 

    Further information about the share buy-back programme and the third tranche:

    The third tranche of the share buy-back programme for 2025 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2025. According to the authorisation, the maximum number of shares which can be purchased in the market is 84 million, of which 67,622,812 remain available per commencement of the third tranche in 2025 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

    An agreement between Equinor and the Norwegian State regulates the State’s participation in the share buy-back: at the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid. 

    In the third tranche in 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025. 

    The board of directors will propose to the annual general meeting to be held in May 2026, to cancel shares purchased in the market in this third tranche in 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Any shares purchased under subsequent tranches of the share buy-back programme for 2025, including a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2026. 

    This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    Further information from: 

    Investor relations 
    Bård Glad Pedersen, senior vice president Investor Relations, 
    +47 918 01 791 

    Media 
    Sissel Rinde, vice president Media Relations, 
    +47 412 60 584  

    The MIL Network –

    July 23, 2025
  • Amarnath Yatra: Pilgrim count crosses 3.3 lakh in 20 days

    Source: Government of India

    Source: Government of India (4)

    The total number of pilgrims who have had ‘darshan’ at the Amarnath holy cave shrine has crossed the 3.31 lakh mark in its first 20 days, reflecting a continuous influx of devotees from across India.

    “Another batch of 2,837 yatris left Jammu in two escorted convoys comprising 118 vehicles. The first convoy, with 49 vehicles carrying 1,036 pilgrims, departed at 3:25 a.m. for the Baltal base camp. The second convoy of 69 vehicles, carrying 1,801 yatris to the Pahalgam base camp, left at 3:58 a.m.,” officials said on Wednesday.

    The massive rush continues, with a significant number of pilgrims arriving directly—outside the escorted convoys – and opting for on-the-spot registration to reach the shrine.

    The Yatra is being conducted amid elaborate multi-tier security arrangements. In addition to the Army, BSF, CRPF, SSB, and local police, 180 extra companies of Central Armed Police Forces (CAPFs) have been deployed. The Army alone has positioned over 8,000 special commandos to ensure the safety of the pilgrims.

    The annual pilgrimage, which began on July 3, is scheduled to conclude after 38 days on August 9, coinciding with Shravan Purnima and Raksha Bandhan.

    (With inputs from IANS)

    July 23, 2025
  • Amarnath Yatra: Pilgrim count crosses 3.3 lakh in 20 days

    Source: Government of India

    Source: Government of India (4)

    The total number of pilgrims who have had ‘darshan’ at the Amarnath holy cave shrine has crossed the 3.31 lakh mark in its first 20 days, reflecting a continuous influx of devotees from across India.

    “Another batch of 2,837 yatris left Jammu in two escorted convoys comprising 118 vehicles. The first convoy, with 49 vehicles carrying 1,036 pilgrims, departed at 3:25 a.m. for the Baltal base camp. The second convoy of 69 vehicles, carrying 1,801 yatris to the Pahalgam base camp, left at 3:58 a.m.,” officials said on Wednesday.

    The massive rush continues, with a significant number of pilgrims arriving directly—outside the escorted convoys – and opting for on-the-spot registration to reach the shrine.

    The Yatra is being conducted amid elaborate multi-tier security arrangements. In addition to the Army, BSF, CRPF, SSB, and local police, 180 extra companies of Central Armed Police Forces (CAPFs) have been deployed. The Army alone has positioned over 8,000 special commandos to ensure the safety of the pilgrims.

    The annual pilgrimage, which began on July 3, is scheduled to conclude after 38 days on August 9, coinciding with Shravan Purnima and Raksha Bandhan.

    (With inputs from IANS)

    July 23, 2025
  • MIL-OSI Russia: NSU Advanced Engineering School Launches Three Advanced Training Programs as Part of the National Project “New Materials and Chemistry”

    Translation. Region: Russian Federal

    Source: Novosibirsk State University –

    An important disclaimer is at the bottom of this article.

    The NSU Advanced Engineering School has launched three unique advanced training programs within the framework of the national project “New Materials and Chemistry”. These courses are aimed at training specialists capable of solving critical import substitution problems in high-tech industries. The training is free thanks to a state subsidy.

    The national project “New Materials and Chemistry” sets an ambitious goal: to achieve technological independence of Russia in the production of chemical products, advanced materials and rare earth metals by 2030. To do this, it is necessary to train a new generation of personnel – engineers who are proficient in digital design tools and capable of implementing innovations.

    NSU PISh was among the winners of the competition of the Ministry of Education and Science of the Russian Federation for the provision of subsidies for the implementation of educational programs. Director of NSU PISh Sergey Golovin noted:

    — The training of elite engineers is carried out through a project approach with the participation of high-tech companies. These courses are a tool for closing the personnel shortage in strategic sectors of the economy.

    The courses were developed jointly with industrial partners – enterprises of the petrochemical cluster, and cover popular areas of CFD modeling.

    Basic Course on Modeling Flow Dynamics in Ansys Fluent CFD Package 

    The ANSYS software suite is an advanced suite of computer-aided engineering modeling tools that uses the finite element method.

    The main objective of this course is to introduce students to the basic principles of CFD (computational fluid dynamics) modeling. Three main stages can be distinguished: preprocessing — preparation of a geometric model, creation of a finite element mesh, setting the physical properties of the medium, initial and boundary conditions; calculation stage, postprocessing — visualization and interpretation of the obtained calculation results, assessment of the adequacy of the selected model. The course covers all stages of hydrodynamics modeling in the Ansys environment. As a result, each participant in the program will be able to solve several problems from start to finish using the Ansys Fluent package.

    Video about the course 

    Computer simulation of reactive flows in the Ansys Fluent software package

    Ansys Fluent can be used to simulate a wide range of chemical processes.

    There are several approaches to mathematical modeling of chemical processes. This course examines an approach that simultaneously calculates both flow hydrodynamics and chemical transformations. This is possible using the Ansys Fluent package, a modern and versatile software suite that allows you to take into account the flow of the medium, the thermal processes that occur during this, as well as chemical transformations during reactions and combustion. Students will not only learn about the theoretical foundations of mathematical models, but will also solve several problems – from creating a geometric model and constructing a grid to performing calculations and processing the results.

    Video about the course

    Course on modeling heat transfer processes in the CFD package Ansys Fluent

    All types of heat transfer, such as conduction, convection and radiation, can be calculated in the Ansys Fluent software package.

    There are three types of heat exchange: conduction, convection and radiation. The course offers basic mathematical models for all of the above processes. Using the example of such problems as mixing liquids of different temperatures, heating a thick-walled closed metal cell with air, and propagation of a rectilinear radiation beam, students will learn about choosing physical models in the Ansys Fluent PC, setting the physical properties of the medium for such problems, and will gain experience in solving them and processing the results. The course will be an excellent starting point for modeling heat exchange problems in hydrodynamics.

    Video about the course

    The courses are designed for students and citizens of the Russian Federation with higher or secondary specialized education. All programs are conducted remotely with a flexible schedule. Upon completion of training, participants receive a state-issued certificate of advanced training.

    You can choose a course and register by link

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI Asia-Pac: LCQ21: Schemes for attracting talents and capital to Hong Kong

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Elizabeth Quat and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (July 23):
     
    Question:
     
         At present, there are nine schemes mainly for attracting talents and capital to Hong Kong, including the Top Talent Pass Scheme (TTPS), the General Employment Policy (GEP), the Admission Scheme for Mainland Talents and Professionals (ASMTP), the Quality Migrant Admission Scheme, the Immigration Arrangements for Non-local Graduates, the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents, the New Capital Investment Entrant Scheme, the Technology Talent Admission Scheme and the Vocational Professionals Admission Scheme (such talent admission schemes). In addition, the Immigration Facilitation Scheme for Visitors Participating in Short-term Activities in Designated Sectors (the STV Scheme) was introduced on June 1 last year to provide immigration facilitation to visitors invited/sponsored by authorised host organisations for undertaking specified short-term activities which are beneficial to the Hong Kong Special Administrative Region. In this connection, will the Government inform this Council:
     
    (1) of the respective numbers of applications received and approved by the authorities under such talent admission schemes from June to last month, as well as the respective incomes involved;

    (2) of the distribution of the regions or countries of applicants admitted to Hong Kong each year since the implementation of the TTPS;

    (3) among applicants admitted to Hong Kong through such talent admission schemes in each of the past three years, of the respective numbers of those who were engaged in the area of innovation and technology, with a breakdown by such talent admission schemes;

    (4) of the respective numbers of persons who were approved to take up short-term employment in Hong Kong through the GEP and the ASMTP in each of the past five years, as well as the respective distribution of their industries/sectors; apart from these two schemes, whether the Government will explore the introduction of other measures or schemes to enable non-Hong Kong residents to apply for short-term employment in Hong Kong (i.e. the limit of stay is not more than 180 days);

    (5) of the respective numbers of applicants admitted to Hong Kong since the implementation of the STV Scheme, the distribution of their regions or countries and their designated sectors;

    (6) whether the authorities have plans to expand the list of authorised host organisations and/or designated sectors under the STV Scheme; if so, of the details; if not, the reasons for that; and

    (7) as it is learnt that the introduction of a series of new policies by the United States (US) Government in recent years, including tightening the visa regime and substantially reducing research funding, has led to a large number of local scientific researchers (especially Chinese scientists) considering leaving the US, of the Government’s measures (including whether it will introduce targeted talent admission schemes or measures) to support local universities in striving to attract such top-notch overseas scientists to Hong Kong for development?

    Reply:
     
    President,
     
         The Government has been implementing various admission schemes to attract talents and capital investors, actively trawling for professionals, entrepreneurs and individuals with substantial assets. This is to enrich the local talent pool and bring in more new capital to Hong Kong, so as to enhance Hong Kong’s overall competitiveness, and promote the diversified and innovative development of the local economy.
     
         Our reply to the Member’s question, in consultation with the Security Bureau (SB), the Education Bureau (EDB), the Innovation, Technology and Industry Bureau, the Financial Services and the Treasury Bureau, and the Immigration Department (ImmD), is as follows:

    (1) Since June 1 last year and up to end-June this year, more than 190 000 applications were received under the Top Talent Pass Scheme (TTPS), the General Employment Policy (GEP), the Admission Scheme for Mainland Talents and Professionals (ASMTP), the Quality Migrant Admission Scheme (QMAS), the Immigration Arrangements for Non-local Graduates, the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents, and the Technology Talent Admission Scheme (TechTAS). Among them, nearly 140 000 applications were approved. A breakdown of the relevant statistics is at Annex 1. The Vocational Professionals Admission Scheme will only begin to accept applications from mid-2026 onwards upon graduation of the first batch of students from eligible full-time Higher Diploma programmes.

         Under the New Capital Investment Entrant Scheme (New CIES), Invest Hong Kong is responsible for assessing whether the applications fulfil the relevant financial requirements, and the ImmD is responsible for assessing the applications for visa/entry permit, extension of stay and unconditional stay. From June 1 last year to end-June this year, the ImmD received a total of 1 295 applications under the New CIES, of which 673 were approved. The ImmD does not maintain the statistics on the income generated from applications and visa fees under various schemes mentioned in the question.

    (2) The TTPS, which aims to attract individuals with high-income or bachelor’s degree graduates from top universities, has received enthusiastic responses since its launch in end-2022. As at end-June this year, about 135 000 applications were received, of which nearly 109 000 were approved. About 40 per cent (about 32 000) applicants in Categories B and C graduated from bachelor’s degree programmes offered by top overseas universities. The breakdown of the numbers of the applications approved under the TTPS by regions of the applicants and the eligible universities from which they graduated is at Annex 2.

    (3) In the past three years, among the around 76 000 and 57 000 applications approved under the GEP and the ASMTP respectively, the numbers of approved applicants working in innovation and technology (I&T) related fields are 1 654 and 4 006 respectively. Under the QMAS, among the around 27 000 approved cases which successfully passed the selection exercise in the past three years, 8 021 applicants were in I&T-related fields. As for the TechTAS, which aims to attract technology talents to come to undertake research and development work in Hong Kong, a total of 334 applicants were approved in the past three years, all working in the I&T field.

         Regarding the TTPS, the ImmD adjusted the application procedures on March 1, 2023, requiring applicants with work experience to declare the sectors of their occupations. From March 2023 to end-June this year, 26 211 applicants out of nearly 100 000 approved applications declared that their previous occupations were in I&T-related fields.

         For other talent admission schemes referred to in the question, applicants are not required to have secured offers of employment in Hong Kong upon application, nor are they required during the validity period of the first visas to notify the ImmD after they are employed or have established/joined in business in Hong Kong. Given the nature of the scheme, the New CIES does not require applicants to declare their occupational backgrounds. The ImmD does not maintain the statistics on the industries engaged by successful applicants under other schemes when they first arrived in Hong Kong.

    (4) In the past five years, over 112 000 applications were received under the GEP with over 103 000 approved. Of which, about 63 000 concerned short-term positions with contract duration of less than 12 months. The ASMTP received nearly 88 000 applications in the past five years. Of which, more than 77 000 were approved, and about 31 000 applications concerned short-term positions. The breakdown of the numbers of cases approved for short-term positions under the two schemes by industry/sector are at Annex 3.

         Enterprises with job vacancies and facing difficulties to fill the vacancies in local recruitment may apply under the above two employment-tied schemes to employ outside talents with special skills, knowledge or experience not readily available in Hong Kong to take up short-term or long-term employment in Hong Kong.

         With a view to facilitating business, promoting the development of the relevant sectors and raising Hong Kong’s international profile, the Government also launched the Pilot Scheme on Immigration Facilitation for Visitors Participating in Short-term Activities in Designated Sectors (Pilot Scheme) in June 2022, and regularised the Pilot Scheme to the Immigration Facilitation Scheme for Visitors Participating in Short-term Activities in Designated Sectors (STV Scheme) in June 2024. Under the Pilot Scheme/STV Scheme, organisations authorised by the relevant government bureaux or departments can issue invitation letters to relevant non-local talents in their sectors. Invited persons may come to Hong Kong to participate in specified short-term activities as visitors without the need to apply for employment visas or entry permits from the ImmD. They may participate in the specified short-term activities for up to 14 consecutive calendar days during each trip to Hong Kong, and receive remuneration for the specified activities concerned.

         The above schemes have already met the needs of local enterprises in recruiting outside talents to take up short-term employment in Hong Kong. There is no plan now to introduce more measures or schemes for non-local residents to apply for short-term positions in Hong Kong.

    (5) and (6) At present, the STV Scheme covers 12 sectors with a total of some 400 authorised organisations. As of end-March 2025, the Pilot Scheme/STV Scheme had benefited a total of nearly 34 000 non-local talents, facilitating their entry into Hong Kong as visitors to participate in various short-term events and activities. The statistics by sector and the beneficiaries’ place of origin are at Annex 4.

         The SB indicates that to ensure the scheme keeping pace with the times, the Government reviews the coverage of the Pilot Scheme/STV Scheme from time to time, with a view to ensuring that it can continue to effectively achieve the relevant policy objectives. Since the launch of the Pilot Scheme, the Government expanded the scheme twice in February 2023 and June 2024, by adding two new sectors, namely “Finance” and “Development and Construction”, to the original 10 designated sectors, with the addition of authorised organisations to over 400 at present. The Government will continue to monitor the implementation of the STV Scheme and the views of relevant departments and the sectors, as well as to review the coverage of the STV Scheme in a timely manner.

    (7) In the light of the changes in the global higher education landscape, the EDB has promptly called on all universities in Hong Kong to introduce facilitation measures for affected students and scholars with a view to safeguarding their legitimate rights and interests. As for the affected researchers, the EDB has all along been encouraging various institutions to attract top-notch talents in accordance with their diversified talent policies. The EDB is pleased to see that the local universities have been responding proactively and closely monitoring the situation, and have fully utilised the Government’s facilitation initiatives that support the capacity expansion and quality enhancement of post-secondary institutions in Hong Kong. The Government will continue to keep an eye on the development and, having regard to their needs, consider support measures in a holistic approach, including gradually increasing the number of places under the Hong Kong PhD Fellowship Scheme to attract more top scholars to Hong Kong, so as to give full play to Hong Kong’s role as an international post-secondary education hub.

         Meanwhile, the Government is committed to promoting Hong Kong’s development into an international I&T centre and has been adopting a multi-pronged approach in providing more quality employment and development opportunities to pool together global I&T talents. For instance, the InnoHK Research Clusters (InnoHK) have pooled together about 2 500 researchers locally and from all over the world. The Government is taking forward the establishment of the third InnoHK research cluster, SEAM@InnoHK, focusing on sustainable development, energy, advanced manufacturing and materials, which is expected to bring in more talents.

         Besides, the Government has secured funding approval from the Legislative Council in May 2025 for the establishment of the $3 billion Frontier Technology Research Support Scheme (FTRSS), which is aimed at supporting, through matching funds, the eight universities funded by the University Grants Committee to attract international top-notch researchers for conducting research projects on frontier technology in Hong Kong and enhance basic research facilities. It is the plan to launch the FTRSS in September 2025. The Government has also set aside $6 billion to support local universities to set up Life and Health Technology Research Institute(s) to foster multi-disciplinary co-operation among universities/research institutions from Hong Kong, the Mainland and overseas, and attract top-notch scholars and scientists to Hong Kong.

         At present, top international scholars, scientists and researchers can apply for entry into Hong Kong under suitable talent admission schemes according to their own circumstances. There is no need to set up a separate talent admission scheme. If meeting the relevant professional qualifications in the Talent List, they can also enjoy immigration facilitation when applying for entry into Hong Kong under the relevant schemes. Among the various schemes, the TechTAS specifically targets the admission of non-local technology talents to Hong Kong for research and development work, and processes applications from eligible companies expeditiously.

    MIL OSI Asia Pacific News –

    July 23, 2025
  • MIL-OSI Asia-Pac: LCQ19: Combating traffic offences

    Source: Hong Kong Government special administrative region

    ​Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (July 23):

    Question:

    It has been reported that after the occurrence of traffic accidents recently, many drivers who caused the accidents chose to hit and run or refused to provide the drivers’ personal particulars. There are views that the reason for the drivers who caused the accidents taking such actions is the lighter penalty for the relevant traffic offences, thereby enabling them to circumvent more serious offences such as causing casualties by dangerous driving, which reflected the existence of legal loopholes in the authorities’ efforts to combat traffic offences. In this connection, will the Government inform this Council:

    (1) of the respective numbers of persons who were (i) arrested, (ii) prosecuted, (iii) convicted after trial and on own plea for being involved in traffic accidents in each of the past five years, together with a breakdown by the offenses involving the drivers concerned (including but not limited to (a) careless driving, (b) causing grievous bodily harm by dangerous driving, (c) causing death by dangerous driving, (d) failing to stop after a traffic accident, (e) failing to report after a traffic accident, and (f) refusing to provide the driver’s information after a traffic accident);

    (2) given that under the Road Traffic Ordinance (Cap. 374) (the Ordinance), the maximum penalty for refusal to give information on the driver of a vehicle suspected of having committed an offence under the Ordinance is liable to a fine of $10,000 and an imprisonment for six months, whereas the maximum penalty for dangerous driving causing death is a fine of $50,000 and an imprisonment for 10 years; disqualification from driving for not less than five years on first conviction and not less than 10 years or life on subsequent conviction, there are views that the disparity in the penalties between the two offences is significant, which may indirectly encourage drivers who caused accidents to circumvent serious offences by refusing to give personal particulars, whether the Government has plans to increase the penalties and maximum penalty for refusal to give a driver’s personal particulars, so as to enhance the deterrent effect; if so, of the details; if not, the reasons for that;

    (3) it is learnt that if the registered owner of the vehicle concerned is a limited company and the relevant person refused to give the driver’s personal particulars after the traffic accident, the penalty is only limited to a fine and no one has to be imprisoned, whether the Government has plans to review the responsibility of the registrant of the vehicle concerned after a traffic accident, e.g. whether it will hold the responsible individuals of companies of the vehicle involved (including director, general manager or company secretary) responsible for the traffic accident, and whether it will study empowering the Commissioner for Transport to refuse to issue licences to owners of company vehicles who have repeatedly committed offences under section 63(1) of the Ordinance; if so, of the details; if not, the reasons for that;

    (4) given that Schedule 8 to the Criminal Procedure Ordinance (Cap. 221) sets out the level of fines for offences, but there are views that the Schedule was last revised in 1994 and has failed to adequately reflect the severity of some of the offences (including behaviour in contravention of traffic legislation) taking into account the current social environment and economic changes, whether the Government has plans to review the Schedule and increase the corresponding amounts of fines; if so, of the details; if not, the reasons for that; and

    (5) given that under the Magistrates Ordinance (Cap. 227), the maximum sentence Magistrates’ Courts can impose is generally two years’ imprisonment and a fine of $100,000; and maximum three years’ imprisonment where there are two or more indictable offences being dealt with by the courts at the same time, whether the Government will review the Ordinance and study expanding the Magistrates’ power to impose imprisonment and fine in parallel, so as to ensure that they can impose deterrent penalties when more serious offences (including contravention of traffic legislation) are being adjudicated; if so, of the details; if not, the reasons for that?

    Reply:

    President,

    After consulting the Hong Kong Police Force (HKPF), the Department of Justice, and the Judiciary Administration, my consolidated reponse to the questions raised by the Hon Yung Hoi-yan on combating traffic offences is as follows:

    (1) The numbers of arrests related to the offences mentioned in the question from 2020 to 2024 are listed in the table below. Apart from the initial figures, which may have been influenced by the COVID-19 pandemic, the numbers have remained generally stable in recent years.
     

    Offences 2020 2021 2022 2023 2024
    Careless Driving 26 48 25 36 34
    Causing grievous bodily harm by dangerous driving 84 93 102 103 102
    Causing death by dangerous driving 51 55 54 56 34
    Failing to stop after a traffic accident 7 20 24 23 33
    Failing to report a traffic accident 7 18 24 20 31
    Failing to give particulars after a traffic accident 0 1 0 1 0

    The HKPF does not maintain a breakdown of statistical data for “prosecutions”, “convictions through trial”, or “guilty pleas”. 

    (2) and (3) In accordnance with sections 63(1), (2) and (3) and 63B(2) and (3) of the Road Traffic Ordinance (Cap. 374) (the Ordinance), if the driver of a vehicle is suspected of having committed an offence under the Ordinance, or an accident occurs owing to the presence of a vehicle on a road, a police officer may, within six months after the date of the alleged offence or accident, demand any person to provide the personal particulars of the driver involved and the relationship (if any) of the person to the driver concerned. Sections 63B(5) and (7) of the Ordinance provide that any person who contravenes section 63B(2) or (3) commits an offence and is liable on conviction to a fine at level 3 (i.e. $10,000) and to imprisonment for six months, unless the person proves that he did not know, and could not with reasonable diligence have ascertained, the personal particulars of the driver involved.

    The Government agrees that a registered vehicle owner should have a certain degree of responsibility with regard to who drives the vehicle registered under his name. However, the registered owner may not actually have full control of all operational information of his vehicle. Therefore, the current section 63B of the Ordinance provides a defence provision to exempt registered vehicle owners from the responsibility of providing driver information in respect of the vehicle concerned under certain circumstances to strike a proper balance.

    The HKPF has consistently enforced the law strictly and effectively, striving to bring offenders to justice. When investigating traffic accidents, apart from requiring the registered vehicle owner to provide information on the driver who may have been involved in the accident under section 63 of the Ordinance, the HKPF will, depending on the nature of the case, use various methods to gather evidence. These methods include analysing footage from nearby security cameras, dash cameras, or even fingerprints to identify the driver involved. In other words, even if the HKPF cannot obtain information of the driver who may have been involved in the accident from the registered owner, there are still ways for the HKPF to find out the cause of the accident through other means and to prosecute the suspected offender.

    The Government will continue to pay heed to stakeholders’ views and review the legislation when appropriate.

    (4) Schedule 8 to the Criminal Procedure Ordinance (Cap. 221) sets out different levels of fines applicable to penalty provisions under various ordinances. Bureaux and departments will from time to time review and propose adjustments to penalties under relevant legislation based on their policy considerations to ensure that the penalties reflect the severity of the offences. The Government will review the fine levels table as appropriate.

    (5) The scope of charges heard in the Magistrates’ Courts includes summary offences and indictable offences, with the maximum penalty for indictable offences generally being imprisonment for two years and a fine of $100,000. The Government may, in accordance with relevant policies, empower magistrates to impose maximum penalties under specific legislation when enacting or amending such laws to enhance deterrent effect, instead of amending the Magistrates Ordinance (Cap. 227). Currently, certain ordinances already authorise magistrates to impose a maximum penalty of up to three years’ imprisonment and a fine of $5 million for a single offence. In addition, while all criminal proceedings commence in the Magistrates’ Courts, more serious indictable offences may be transferred to the District Court or the Court of First Instance of the High Court for trial. The District Court has a sentencing limit of up to seven years’ imprisonment, while the Court of First Instance may impose the maximum penalty prescribed by the relevant legislative provisions. This mechanism has been operating effectively.

    Currently, different levels of courts (including the Magistrates’ Courts) have distinct judicial jurisdictions, allowing cases to be reasonably allocated based on their nature, severity, and complexity to ensure the efficiency of judicial operations. Any proposals to adjust the judicial jurisdiction of individual court levels (including the Magistrates’ Courts) should go through a comprehensive and prudent review and an extensive consultation with stakeholders, before any decisions are made. Key considerations include the demarcation of judicial jurisdiction among different court levels, ensuring that each level of courts has adequate judicial manpower and legal support to handle relevant cases, as well as the overall resources, facilities, and supporting arrangements of the courts.

    MIL OSI Asia Pacific News –

    July 23, 2025
  • MIL-OSI Russia: Financial Literacy Marathon to Be Held in Zaryadye Park in August

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    An important disclaimer is at the bottom of this article.

    At the forum-festival “Territory of the Future. Moscow 2030” A financial literacy marathon will be held from August 8 to 24. This was reported by Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The Zapovednoye Posledstvo and the small amphitheater in Zaryadye Park will become the centers of financial education in Moscow.

    “Moscow invests in people and continues to develop projects that shape the financial culture of city residents. A bright and large-scale event of the summer in the city will be the financial literacy marathon. Over 350 various events will be held in Zaryadye Park over 17 August days – from interactive games, master classes and quizzes to financial cartoons, film lectures and humorous monologues. The marathon program is designed to meet the interests of all age groups. It does not matter whether you are a schoolchild, a student, a parent, an entrepreneur or a representative of the older generation – everyone will find a clear, useful and interesting format for improving financial literacy. We are especially looking forward to seeing young people at the marathon. Through games, technology and communication, we will help you learn how to manage your finances easily and interestingly. These skills will be needed in everyday life, will allow you to build your future and develop the city,” said Elena Zyabbarova.

    Marathon for everyone

    For children aged six to 10, the organizers have prepared a special program. It includes events of various formats – financial cartoons, interactive game classes, master classes and quizzes. Young guests in the company of their peers, experts and teachers will learn what money is and how to use it correctly, learn to plan purchases, and will be able to set their first financial goals in life and achieve them.

    Children aged 11 to 14 will discuss topics of digital and tax literacy, financial security, fraud, banking products and services. Participants will gain theoretical knowledge and practical skills that will help them feel more confident when making important decisions in the family and understand that financial literacy is very important for achieving success and prosperity in the future. Board games and quizzes will give them the opportunity to demonstrate their erudition, imagination and resourcefulness – both individually and in teams.

    Young and adult visitors will meet not only practicing experts from the financial sphere, but also representatives of other professions, media personalities and popular bloggers. Using examples from their practice and personal life, they will show that finances are not only a budget, income and expenses, but also our habits, attitudes, desires and life goals.

    Together with the guests, the experts will analyze practical situations and give advice on managing personal finances. In addition, they will tell you how to skillfully avoid various traps, touch on the topic of the psychology of the family budget, answer current questions and help you look at yourself from the outside with humor.

    The marathon program also includes theme days. For example, guests can expect Savings and Investments Day, Long-Term Planning Day, Financial Security Day, Responsible Borrowing Day, and Entrepreneurship Day.

    Conversational robots and virtual reality

    In addition to educational events, guests will also be entertained. Digital tools will be used for this purpose at the marathon site. Guests of the “Zapovedny Posledstvo” will be greeted by robotic cats and robotic dogs, with whom they can play and take memorable photos.

    Android robots will tell visitors the schedule of events, talk about finances and family budgets. A robot artist will draw a portrait of a financially literate person of the future, and robot bartenders will treat them to drinks. In a futuristic “laboratory” Muscovites will be able to take a financial DNA test, and on the “Catch a Fraud” slot machine – check their reaction.

    Visitors will also be offered to take a financial test to assess their own knowledge. After answering a few questions, they will receive personal recommendations and links to useful materials for further self-education.

    In the virtual reality simulator area, those who wish can hone their skills in managing personal finances. Here you can try yourself in the role of a tax consultant or a bank employee and learn how to recognize fraudsters and check the reliability of organizations.

    Interactive art objects will help to understand the strategic importance of financial literacy and the practical benefits of knowledge, and time capsules will help to set an important goal. Photos with the marathon mascot, Murrfin, will help to preserve vivid memories and emotions.

    All events will be free, but pre-registration is required to attend. The most active participants will receive surprises and memorable souvenirs.

    You can find out more and find the program of events at the “Zapovedny Posledstvo” on the official website of the forum-festival “Territory of the Future. Moscow 2030”. Information about events in the small amphitheater of Zaryadye Park is also available onwebsite. You can also follow the news of the financial literacy marathon in the telegram channel “Open Budget of Moscow”.

    “Territory of the Future. Moscow 2030” is an opportunity to get acquainted with the future on a citywide scale by trying out its technologies that are already being used in the capital today. Children and adults will be able to communicate with robots and artificial intelligence, watch modern unmanned transport in action, play on technologically advanced sports grounds, study educational, medical and industrial innovations, immerse themselves in VR space and discover much more.

    A large-scale forum-festival will be held within the framework of the project “Summer in Moscow”. From August 1 to September 14, dozens of venues will host cultural, sports, educational and other events dedicated to the development of one of the most modern megacities in the world. Information about the venues and a detailed program are available on the official website of the forum-festivalMoskov 2030.mos.ru.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI USA: July 22nd, 2025 Heinrich Announces Committee Passage of $6.5 Million to Combat Crime, Save Lives, & Keep New Mexicans Safe

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) announced the bipartisan Senate Appropriations Committee passage of the Fiscal Year 2026 (FY26) Commerce, Justice, Science, and Related Agencies Appropriations Bill. With Committee approval of this bill, Heinrich secured support for over $6.5 million for nine local projects in New Mexico.

    “While this Appropriations bill isn’t perfect, it includes resources and investments I negotiated for New Mexico that will help our law enforcement officers solve and reduce violent crime, keep our communities safe, and save lives,” said Heinrich, a member of the Senate Appropriations Committee. “This legislation will allocate additional resources to investigate, respond to, and prevent crimes in Tribal communities, including funding to address the crisis of Missing and Murdered Indigenous Persons. Additionally, the bill creates a fentanyl tracking system, builds on my work to prevent firearm straw purchases and illegal gun trafficking, and makes opioid use disorder medications more accessible to New Mexicans. As a member of the Senate Appropriations Committee, I will always fight for investments that put New Mexico communities first.”

    Next, the bill will be considered by the full United States Senate.

    Congressionally Directed Spending

    Heinrich successfully included $6,521,000 in investments for the following 9 local projects in the bill:

    • $1,668,000 for the New Mexico Statewide Sexual Assault Program to increase capacity at the Helpline and Work Force Trauma Institute.
    • $1,050,000 for the Bernalillo County Sheriff’s Office for forensic analysis and crime scene reconstruction equipment.
    • $1,000,000 for the Las Cruces Police Department to establish an Evidence Processing Lab for local law enforcement agencies.
    • $908,000 for the Albuquerque Police Department to purchase crime scene processing equipment at the Metropolitan Forensic Science Center.
    • $629,000 for the City of Farmington to acquire forensic DNA and narcotics identification equipment, training, and personnel.
    • $533,000 for Eastern New Mexico University Campus to enhance lighting and safety on campus.
    • $350,000 for New Mexicans to Prevent Gun Violence to expand its youth gun violence prevention programs.
    • $268,000 for the Doña Ana County Sheriff’s Office to purchase mobile security trailers.
    • $115,000 for Gallup Police Department to purchase crime scene reconstruction equipment.

    Additionally, Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $1,000,000 for the New Mexico Medical Investigator to enhance the DNA Processing Laboratory.

    Commerce, Justice, Science, and Related Agencies Key Points and Highlights

    Combatting Crimes on Tribal Lands: Heinrich successfully included language directing the Department of Justice (DOJ) to continue to allocate additional resources to address the crisis of Missing and Murdered Indigenous Persons, including providing sufficient funding to investigate, respond to, and prevent crimes in Tribal communities. Heinrich helped secure $95,000,000 within the Crime Victims Fund specifically for law enforcement efforts on Tribal lands and in order for federal, state, and tribal governments to coordinate on these critical public safety initiatives.

    Fentanyl Tracking System: Heinrich successfully included language directing the Drug Enforcement Administration (DEA) to develop a comprehensive fentanyl tracking system. That tracking system would include documentation of seizure location, chemical composition, probable or known manufacturing location, and probable or known point of entry into the United States. Currently, fentanyl interdiction is compiled at land ports of entry by the Department of Homeland Security (DHS), but the DEA does not have readily accessible tracking data on the movement of illicit drugs within the U.S. or their point of origin. Requiring the compilation and organization of that data will complement DHS’ work and improve our country’s work to effectively combat the fentanyl crisis.

    Firearm Straw Purchases Prevention: Heinrich successfully included language calling on the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to continue its public awareness campaign to reduce firearm straw purchases at the retail level and to educate would-be straw purchasers of the penalties associated with knowingly participating in an illegal firearm purchase. This language builds on Heinrich’s work to negotiate and author the provision in the Bipartisan Safer Communities Act that increased criminal penalties for straw purchases and made it illegal to traffic firearms out of the United States. To date, more than 1,000 defendants have been charged by the Department of Justice because of those provisions, removing hundreds of firearms from the streets.

    Removing Barriers to Lifesaving Medication: Heinrich successfully included language directing the DEA to take further action to remove barriers to access for opioid use disorder medications such as buprenorphine. The data clearly shows that prescriptions of medications for opioid use disorder significantly reduce the risk of overdose death, but despite their demonstrated effectiveness, approximately 87% of those suffering from opioid use disorder do not have a prescription for these lifesaving medications. The inclusion of this language will assist local medical and mental health providers and make medications, including buprenorphine, more accessible to New Mexicans.

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI USA: July 22nd, 2025 Heinrich Announces Committee Passage of $6.5 Million to Combat Crime, Save Lives, & Keep New Mexicans Safe

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) announced the bipartisan Senate Appropriations Committee passage of the Fiscal Year 2026 (FY26) Commerce, Justice, Science, and Related Agencies Appropriations Bill. With Committee approval of this bill, Heinrich secured support for over $6.5 million for nine local projects in New Mexico.

    “While this Appropriations bill isn’t perfect, it includes resources and investments I negotiated for New Mexico that will help our law enforcement officers solve and reduce violent crime, keep our communities safe, and save lives,” said Heinrich, a member of the Senate Appropriations Committee. “This legislation will allocate additional resources to investigate, respond to, and prevent crimes in Tribal communities, including funding to address the crisis of Missing and Murdered Indigenous Persons. Additionally, the bill creates a fentanyl tracking system, builds on my work to prevent firearm straw purchases and illegal gun trafficking, and makes opioid use disorder medications more accessible to New Mexicans. As a member of the Senate Appropriations Committee, I will always fight for investments that put New Mexico communities first.”

    Next, the bill will be considered by the full United States Senate.

    Congressionally Directed Spending

    Heinrich successfully included $6,521,000 in investments for the following 9 local projects in the bill:

    • $1,668,000 for the New Mexico Statewide Sexual Assault Program to increase capacity at the Helpline and Work Force Trauma Institute.
    • $1,050,000 for the Bernalillo County Sheriff’s Office for forensic analysis and crime scene reconstruction equipment.
    • $1,000,000 for the Las Cruces Police Department to establish an Evidence Processing Lab for local law enforcement agencies.
    • $908,000 for the Albuquerque Police Department to purchase crime scene processing equipment at the Metropolitan Forensic Science Center.
    • $629,000 for the City of Farmington to acquire forensic DNA and narcotics identification equipment, training, and personnel.
    • $533,000 for Eastern New Mexico University Campus to enhance lighting and safety on campus.
    • $350,000 for New Mexicans to Prevent Gun Violence to expand its youth gun violence prevention programs.
    • $268,000 for the Doña Ana County Sheriff’s Office to purchase mobile security trailers.
    • $115,000 for Gallup Police Department to purchase crime scene reconstruction equipment.

    Additionally, Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $1,000,000 for the New Mexico Medical Investigator to enhance the DNA Processing Laboratory.

    Commerce, Justice, Science, and Related Agencies Key Points and Highlights

    Combatting Crimes on Tribal Lands: Heinrich successfully included language directing the Department of Justice (DOJ) to continue to allocate additional resources to address the crisis of Missing and Murdered Indigenous Persons, including providing sufficient funding to investigate, respond to, and prevent crimes in Tribal communities. Heinrich helped secure $95,000,000 within the Crime Victims Fund specifically for law enforcement efforts on Tribal lands and in order for federal, state, and tribal governments to coordinate on these critical public safety initiatives.

    Fentanyl Tracking System: Heinrich successfully included language directing the Drug Enforcement Administration (DEA) to develop a comprehensive fentanyl tracking system. That tracking system would include documentation of seizure location, chemical composition, probable or known manufacturing location, and probable or known point of entry into the United States. Currently, fentanyl interdiction is compiled at land ports of entry by the Department of Homeland Security (DHS), but the DEA does not have readily accessible tracking data on the movement of illicit drugs within the U.S. or their point of origin. Requiring the compilation and organization of that data will complement DHS’ work and improve our country’s work to effectively combat the fentanyl crisis.

    Firearm Straw Purchases Prevention: Heinrich successfully included language calling on the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to continue its public awareness campaign to reduce firearm straw purchases at the retail level and to educate would-be straw purchasers of the penalties associated with knowingly participating in an illegal firearm purchase. This language builds on Heinrich’s work to negotiate and author the provision in the Bipartisan Safer Communities Act that increased criminal penalties for straw purchases and made it illegal to traffic firearms out of the United States. To date, more than 1,000 defendants have been charged by the Department of Justice because of those provisions, removing hundreds of firearms from the streets.

    Removing Barriers to Lifesaving Medication: Heinrich successfully included language directing the DEA to take further action to remove barriers to access for opioid use disorder medications such as buprenorphine. The data clearly shows that prescriptions of medications for opioid use disorder significantly reduce the risk of overdose death, but despite their demonstrated effectiveness, approximately 87% of those suffering from opioid use disorder do not have a prescription for these lifesaving medications. The inclusion of this language will assist local medical and mental health providers and make medications, including buprenorphine, more accessible to New Mexicans.

    MIL OSI USA News –

    July 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN visits the AIIB Headquarters

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, and was received by the President of AIIB, Jin Liqun. They exchanged views on areas of mutual interest and opportunities to strengthen cooperation between ASEAN and AIIB, particularly in advancing regional connectivity including on sustainable infrastructure, the ASEAN Power Grid, and the digital economy. SG Dr. Kao looked forward to the AIIB’s continued support for ASEAN and ASEAN Member States in achieving a resilient, innovative, dynamic, and people-centred ASEAN by 2045.

    The post Secretary-General of ASEAN visits the AIIB Headquarters appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    July 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN visits the AIIB Headquarters

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, and was received by the President of AIIB, Jin Liqun. They exchanged views on areas of mutual interest and opportunities to strengthen cooperation between ASEAN and AIIB, particularly in advancing regional connectivity including on sustainable infrastructure, the ASEAN Power Grid, and the digital economy. SG Dr. Kao looked forward to the AIIB’s continued support for ASEAN and ASEAN Member States in achieving a resilient, innovative, dynamic, and people-centred ASEAN by 2045.

    The post Secretary-General of ASEAN visits the AIIB Headquarters appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    July 23, 2025
  • MIL-OSI Asia-Pac: Waste Generation Rate Continues To Trend Downloads In 2024

    Source: Government of Singapore

    Per capita daily domestic waste decreased by more than 20 per cent over the past decade; per billion dollar GDP daily non-domestic waste decreased by more 30 per cent over the same period. The recycling rate continues to hover around 50 per cent. 

    Singapore, 23 July 2025 – Singapore continued to see a decrease in waste generation rate in 2024. The daily domestic waste generated per capita decreased from 0.88 kg in 2023 to 0.85 kg in 2024. The daily non-domestic waste  generated per billion dollar Gross Domestic Product (GDP) decreased from around 25 tonnes in 2023 to around 23 tonnes in 2024. This reflects the sustained reduction and reuse efforts by households and businesses in 2024.

    Per capita and per billion dollar GDP waste generated decreased in past decade

    2          Over the past decade, daily domestic waste generated per capita decreased by more than 20 per cent, and daily non-domestic waste generated per billion dollar GDP decreased by more than 30 per cent.

    Fig. 1. Chart on the daily domestic waste generated per capita from 2014 to 2024.

     

    Fig. 2. Chart on the daily non-domestic waste generated per billion dollar GDP from 2014 to 2024.

    Recycling rate continues to hover at around 50 per cent

    3          Overall recycling rate continues to hover at around 50 per cent (refer to Table 1 in 

    Annex). The recycling rate of paper/cardboard, food, and plastics remained similar. The slight reduction in recycling rate is driven largely by the reduction in the amount of Construction & Demolition (C&D) waste (by 122,000 tonnes) and used slag (by 63,000 tonnes) generated, which are almost completely recycled. This resulted in a corresponding reduction in overall recycling volume. Additionally, there was a reduction in the amount of wood waste recycled, by 49,000 tonnes, due to a short-term reduction in wood waste processing capacity in 2024 as a result of the closure of one biomass plant and prolonged maintenance of another.

    10-year Recycling Trends

    4          Over the past decade, the recycling rate dropped from 60 per cent in 2014 to 50 per cent in 2024 (refer to Table 2 in Annex). This is driven by two factors.

    a.     There was a 44 per cent and 69 per cent decrease in the volume of C&D waste and used slag generation, respectively. As C&D waste and used slag are almost fully recycled, the decrease in volume generated and consequently recycled led to a significant reduction (7 percentage points) in the overall recycling rate (refer to Chart 1 and Chart 2 in Annex). This is due to the reduction in C&D waste volume generated from demolition projects in recent years, while the lower amount of used slag generated is due to a reduction in steel smelting activities in Singapore. 

    b.     The amount of paper/cardboard waste generated has been similar between 2014 and 2024, although paper waste generated had been on a downtrend from 2014 to 2019, before rising again post-2019 driven in part by e-commerce packaging. However, there has been a steep reduction in the paper recycling rate, from 52 per cent to 32 per cent (refer to Chart 3 in Annex). The decline is driven by factors such as the cost of collecting and freight as well as commodity prices.

    Upcoming efforts to improve recycling of key waste streams

    5          NEA will continue to partner the community and businesses to encourage the reduction of waste generated and to increase recycling efforts. Our efforts will be focused on food, paper, and plastics as these make up the largest amount of waste that is not recycled.

    a.     The recycling rate for food waste increased from 13 per cent in 2014 to 18 per cent in 2024. To drive the reduction and recycling of food waste, all new large commercial and industrial food waste generators have been required since March 2024 to segregate, treat and report their food waste. In addition, we will progressively extend these requirements to existing large commercial and industrial food waste generators in tandem when the Food Waste Treatment Facility becomes operational, as we progressively complete the Integrated Waste Management Facility (IWMF) from 2027 onwards.

    b.     To encourage reduction in paper/cardboard waste and improve recycling rates, NEA supported the development of a set of Guidelines on Sustainable E-commerce Packaging in March 2025. The guidelines offer practical 3R (Reduce, Reuse, Recycle) strategies tailored to common types of e-commerce packaging, including cardboard boxes. Furthermore, NEA is looking to strengthen support for paper recycling, working together with waste collectors, recycling companies, and the community.

    c.     We will also increase plastic recycling through initiatives such as the beverage container return scheme, which will take effect next year. Under the scheme, a 10-cent deposit will be fully refunded when consumers return the empty beverage containers at designated return points such as reverse vending machines. The scheme will aggregate clean and high-quality plastic recyclables, which can be made into new products. NEA is working with the licensed scheme operator, Beverage Container Return Scheme Ltd. (BCRS Ltd.) on the return point network and deposit refund options to provide a convenient return and refund journey for consumers, when the scheme rolls out on 1 April 2026.

    Waste Disposed of

    6          Our combined commitment to reducing the amount of waste generated and improving recycling efforts is reflected in the waste disposed of at our waste-to-energy plants and Semakau Landfill. While the waste disposal rate has similarly trended downwards in the last decade, the total amount of waste disposed of has increased from 3.04 million tonnes in 2014 to 3.33 million tonnes in 2024. This is due to the recycling amount declining faster than the total amount of waste generated. Hence, the net effect is an increase in the total amount of waste disposed of. When everyone plays their part to reduce, reuse, and recycle, we avoid sending waste for disposal, thus reducing our environmental footprint and extending the lifespan of Semakau Landfill.

    7          The latest waste and recycling statistics can be accessed at go.gov.sg/waste-statistics-and-overall-recycling.

    ——————

    [1] Domestic waste is waste collected from households and trade premises (e.g., shophouses, educational institutions, petrol stations, hawker centres and places of worship).

    [2] Non-domestic waste is waste generated at industrial and commercial premises.

     

    ~~ End ~~

    For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.

     

    MIL OSI Asia Pacific News –

    July 23, 2025
  • MIL-OSI Australia: Private groups: watch out for common CFC errors

    Source: New places to play in Gungahlin

    Compliance reviews have revealed a high error rate in privately owned and wealthy group CFC disclosures.

    Australian resident taxpayers (e.g. the head of a group of companies) must apply the CFC provisions if they have a controlling interest in a foreign company. If this applies to you, you need to disclose all CFCs, and their income, in tax returns and the international dealings schedule (IDS).

    We monitor private group compliance through a review program, where we’re regularly seeing incorrect disclosures that highlight knowledge gaps around the CFC provisions.

    Common errors

    Common errors we see are:

    • under-reporting of CFC attributable income in tax returns, often from errors in applying the active income test, or from failing to recognise tainted income
    • deemed dividends from unlisted country CFCs omitted from the taxpayer’s assessable income
    • incorrect IDS disclosures, including
      • completely overlooking CFCs including where there is associate-inclusive control
      • inaccurate reporting of CFC gross revenue and the number of CFCs acquired and disposed of.

    Private group compliance continues to be a key focus of our Tax Avoidance Taskforce. You need to lodge correct information, otherwise you’re risking lengthy review processes and costly amendments, so it’s important to check you’re complying.

    Get across your CFC obligations

    Follow these tips to make sure you’re getting it right:

    1. Review our Controlled foreign company page for the Private Wealth International Program. Knowing the CFC basics might help avoid mistakes.
    2. Discuss the CFC provisions with your adviser.
    3. Take care if your group is growing rapidly in size and complexity. This is when you’re most susceptible to mistakes.
    4. Keep your adviser across all business developments – seemingly small changes can have big tax implications.
    5. Amend any previously lodged tax returns if you discover an error. Waiting for us to notice may result in a tax bill including penalties and interest. 

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

    July 23, 2025
  • MIL-OSI Russia: Israel says ‘total victory’ in Gaza is necessary

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    JERUSALEM, July 23 (Xinhua) — Israel must achieve a complete victory in the war in the Gaza Strip, Israeli Defense Minister Israel Katz said on Tuesday.

    According to a statement released by the minister’s office, I. Katz assessed the situation on several fronts with IDF Chief of Staff Eyal Zamir and other senior commanders.

    “We have come as close as possible to achieving the goals of the war. We have two open theaters of military operations left in Gaza and Yemen, and we must strive for complete victory in both,” the head of the Ministry of Defense noted.

    I. Katz emphasized the importance of achieving the set military goals, primarily the return of all Israeli hostages and the capitulation of the Hamas movement.

    He added that there was a possibility of a renewed war against Iran and pointed to the need to preserve the “achievements” of the June operation against the Islamic Republic and develop an effective plan to force Iran to abandon its nuclear and missile programs.

    I. Katz also said that the IDF’s presence at checkpoints and in security zones in various areas, including Syria and Lebanon, is necessary to protect Israeli communities. The IDF will remain in refugee camps in the West Bank and will operate in other camps if necessary, he added.

    The minister’s comments came as talks on a Gaza ceasefire continue in Doha and Israeli media reports earlier in the day indicated significant progress.–0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI Russia: Prime Ministers of Belarus and Tanzania held talks on promising areas of cooperation

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    MINSK, July 23 /Xinhua/ — Belarusian Prime Minister Aleksandr Turchin and his Tanzanian counterpart Kassim Majaliwa Majaliwa held talks in Minsk on Tuesday to develop political and interdepartmental dialogue, and discussed ways to develop bilateral trade and cooperation in food security, BelTA reported.

    During the meeting, A. Turchin noted that Belarus views Tanzania as an important partner in East Africa. “We see significant prospects for expanding cooperation in such areas as mechanical engineering, petrochemistry, medical, food and military-technical industries, tourism,” he noted and added that Belarus is ready to supply a wide range of quarry, road construction, municipal and fire-fighting equipment.

    Also, according to A. Turchin, Belarus is open to expanding supplies of coffee, tea, nuts, cotton, fruits and other products from Tanzania, including for processing and sale on the market of the Eurasian Economic Union.

    The Prime Minister of Tanzania noted that Belarusian business could consider opportunities for closer cooperation with the Tanzanian side in the agricultural sector. “The main focus should be on cooperation in the sphere of trade and economy,” he said.

    Following the negotiations, a number of agreements were concluded, in particular memorandums on political consultations, on cooperation in agriculture and on interaction in the field of education. A memorandum of cooperation was also signed between the Belarusian Chamber of Commerce and Industry and the Chamber of Commerce, Industry and Agriculture of Tanzania. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 23, 2025
  • MIL-OSI Banking: Money Market Operations as on July 22, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,13,605.52 5.69 4.75-6.60
         I. Call Money 17,157.62 5.62 4.75-5.80
         II. Triparty Repo 4,17,073.80 5.69 5.50-5.83
         III. Market Repo 1,76,684.55 5.69 5.00-5.90
         IV. Repo in Corporate Bond 2,689.55 5.90 5.84-6.60
    B. Term Segment      
         I. Notice Money** 140.50 5.48 4.95-5.70
         II. Term Money@@ 806.00 – 5.40-5.85
         III. Triparty Repo 1,820.00 5.66 5.40-5.70
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 22/07/2025 1 Wed, 23/07/2025 13,273.00 5.75
    4. SDFΔ# Tue, 22/07/2025 1 Wed, 23/07/2025 63,745.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -50,472.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 18/07/2025 7 Fri, 25/07/2025 2,00,027.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,574.40  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,91,452.60  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,41,924.60  
    G. Cash Reserves Position of Scheduled Commercial Banks          
         (i) Cash balances with RBI as on July 22, 2025 9,44,918.11  
         (ii) Average daily cash reserve requirement for the fortnight ending July 25, 2025 9,63,288.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 22, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 27, 2025 5,79,904.00  

    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

    – Not Applicable / No Transaction.

    ** Relates to uncollateralized transactions of 2 to 14 days tenor.

    @@ Relates to uncollateralized transactions of 15 days to one year tenor.

    $ Includes refinance facilities extended by RBI.

    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/763

    MIL OSI Global Banks –

    July 23, 2025
  • MIL-Evening Report: Young Japanese voters embrace right-wing populist parties, leaving the prime minister on the brink

    Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University

    Japan’s ruling coalition suffered the widely expected loss of its majority in the July 20 election, as young voters shifted to the populist right. As a result, Shigeru Ishiba’s prime ministership now hangs in the balance.

    The election was for half of the 248 members of the House of Councillors, the upper house of the National Diet, Japan’s parliament. The Liberal Democratic Party (LDP) secured 39 seats, and its minor coalition partner, the Komeito Party, just eight. This left it three seats short of the 50 required to maintain its majority, as populist opposition parties made dramatic gains.

    The LDP is now confronted with minorities in both houses of the Diet for the first time in the party’s 70-year history. It is a huge decline from its postwar dominance of Japanese politics.

    In a press conference on Monday, Ishiba said he would not resign, as the LDP remained the largest party in the upper house. He also insisted he needed to stay in office to complete negotiations with the Trump administration, which had threatened to continue harsh trade tariffs after August 1.

    But Ishiba is facing calls from disgruntled LDP Diet members to step down. He had already led the LDP into minority government in last October’s election for the lower house of the Diet, the House of Representatives. He called the snap election in the wake of securing LDP leadership last September.




    Read more:
    Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next?


    However, the main opposition Constitutional Democratic Party of Japan (CDP) was not responsible for this latest defeat – it managed only to retain its 22 seats. Instead, the LDP and Komeito instead lost out to the two rising populist parties: the centre-right Democratic Party for the People (DPFP), which went from four to 17 seats, and the far-right Sanseito party, which made the most dramatic gains, from one to 14 seats.

    Main opposition leader Yoshihiko Noda now needs to again consider whether to bring on a motion of no confidence in the Ishiba cabinet in the lower house. Last month, he backed away from doing so. Such a motion would likely succeed with the support of the other opposition parties, and immediately trigger a snap lower house election. But it would also be highly risky, as it could allow the two right-wing parties to again overshadow the main opposition.

    The young shift to the right

    Exit polls showed younger people voted in greater numbers for the two right-wing parties. Their dissatisfaction erupted against the political status quo that has long favoured older generations. Older Japanese remain the main supporters for the two major parties, as well as the smaller Komeito and the declining Japanese Communist Party.

    Many voters were angry about declining wages, persistent inflation, and a growing tax burden to fund the straining pension and welfare system that disproportionately benefits the elderly.

    The leaders of the two right-wing parties, 56-year-old Yuichiro Tamaki and 47-year-old Sohei Kamiya, more effectively used social media to exploit this electoral discontent and push their populist messages.

    Sanseito emerged at the start of the COVID pandemic in March 2020. It promoted anti-vaccination conspiracy theories and xenophobia through its campaign slogan of “Japanese First”.

    As more people have expressed frustration with Japan’s record tourist numbers, Sanseito and the smaller far-right Conservative Party of Japan sought to scapegoat the relatively small foreign resident population of waging a “silent invasion”.

    This includes spreading false stories about them causing local crime waves, depressing wages, hiking real estate prices, and abusing welfare.

    The number of foreign-born residents, mostly from other Asian countries, has steadily risen to 3.8 million to meet the demands of the shrinking labour force. However, it still only comprises about 3% of Japan’s (ageing and shrinking) population.

    Despite running and electing a majority of female candidates, Sanseito has also attracted criticism for wanting to end gender equality so as to raise the birth rate. It also wants to remove democratic protections from the postwar constitution and return to an imperial form of government.

    The success of the two right-wing parties, along with the nationalist neoliberal Japan Innovation Party, threatens to transform Japanese politics.

    However, it remains to be seen whether they will be able to cooperate effectively in the Diet with other parties to enact their policy agenda. This includes cutting the consumption tax rate while boosting subsidies to support families and farmers, and restricting immigration.

    Uncertainty reigns

    The increased political uncertainty will raise concerns about Japan’s ability to continue its strategic reorientation. It has pledged to increase its defence spending to 2% of gross domestic product (GDP). It also wants to increase security cooperation with Europe, India and Australia.

    The LDP’s Diet members will hold a full party meeting on July 31 to assess the election. If a majority of LDP members across both houses and representatives of the party’s prefectural chapters petition for a leadership ballot, they could mount a spill against Ishiba.

    Ishiba now needs to continue to negotiate with opposition parties to pass legislation in both houses of the Diet. US President Donald Trump’s sudden announcement that a “massive” deal has been struck with Japan for a reciprocal tariff rate of 15% may yet give him a temporary political reprieve.

    But as his post-election approval rating hits a record low 23%, his ailing premiership looks even more vulnerable.

    Craig Mark 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. Young Japanese voters embrace right-wing populist parties, leaving the prime minister on the brink – https://theconversation.com/young-japanese-voters-embrace-right-wing-populist-parties-leaving-the-prime-minister-on-the-brink-261673

    MIL OSI Analysis – EveningReport.nz –

    July 23, 2025
  • MIL-OSI China: Global investors more bullish on Chinese assets

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

    An aerial drone photo taken on Dec. 4, 2024 shows a view of Shenzhen, south China’s Guangdong Province. [Photo/Xinhua]

    China’s capital markets are gaining increasing traction among global investors as foreign investment surged back in the first half of this year, supported by the country’s economic resilience, continuing opening-up policies and growing demand for more diversified and renminbi-denominated assets, officials and experts said on Tuesday.

    Net inflows of foreign investment in China’s securities market — including bonds and equities — reached approximately $33 billion in the first five months of the year, reversing a net outflow seen in the second half of last year, the State Administration of Foreign Exchange said on Tuesday.

    The renewed confidence is particularly evident in the stock market, as foreign investors posted a net increase in holdings of $10.1 billion in onshore stocks and funds in the first half, ending a two-year trend of net outflows. During the May-June period, the net increase surged to $18.8 billion, the SAFE said.

    Driven by China’s sound economic fundamentals, large financial markets, improved market access and investors’ diversification demand, “we expect a continuing, gradual increase in foreign allocation to renminbi assets”, said Jia Ning, head of the administration’s Balance of Payments Department.

    Heightened volatility in global financial markets has led investors to seek more diversified asset portfolios. Renminbi-denominated assets — with currency stability and a relatively independent return profile — have become an important allocation target for global investors to diversify risks and enhance returns, Jia said.

    Citing a recent survey by the Official Monetary and Financial Institutions Forum, an independent think tank concerned with central banking, economic policy and public investment, Jia said that 30 percent of central banks worldwide plan to increase their allocation to renminbi assets, while several international investment banks have upgraded their outlook on Chinese assets from neutral to overweight.

    Thomas Fang, head of China global markets at UBS, said that the Swiss global wealth manager also sees rising confidence among global investors in Chinese markets, both A and H shares, as the nation’s shining economic prospects help them diversify allocations from US dollar-denominated assets.

    UBS has upgraded its full-year GDP growth forecast for China to 4.7 percent after the country posted 5.3 percent economic growth in the first half.

    “We’ve been pounding the table that the overall underweight of the China assets would not be sustainable,” Fang said, adding that recent opening-up policies have offered overseas investors more instruments — ranging from commodity futures to listed options — to invest in China, facilitating their risk management and helping them take bigger positions there.

    Li Bin, deputy head of the SAFE, said that China’s steady opening-up, high-quality economic development and growing foreign exchange market resilience will continue to help keep the renminbi exchange rate generally stable within a reasonable and balanced range, while foreign exchange regulators are well-positioned to mitigate any external shocks.

    Li said that China’s foreign exchange market has performed better than expected with strong resilience this year, as the renminbi strengthened by 1.9 percent against the greenback in the first half with no signs of a one-way expectation for either appreciation or depreciation.

    Guo Kai, executive president of the CF40 Institute, a research center affiliated with the China Finance 40 Forum think tank, said that China should advance institutional financial opening-up in order to sustain foreign investors’ rising allocation in renminbi-denominated assets and lift the Chinese currency’s role as a global reserve currency.

    “The key lies in continuing to improve the clarity of rules, policy transparency, data quality, market communication and the rule of law, to which international investors attach great attention,” Guo said.

    SAFE announced more measures on opening-up on Tuesday, including a nationwide removal of registration requirements for the reinvestment of foreign direct investment and the expansion of pilot programs that allow banks to directly process external debt registrations under the Qualified Foreign Limited Partner mechanism, through which foreign investors participate in China’s private equity and venture capital markets.

    From January to May, the net inflow of equity-based direct investment into China reached $31.1 billion, up 16 percent year-on-year, the administration said.

    MIL OSI China News –

    July 23, 2025
  • MIL-OSI China: Hong Kong sees equity market revival amid policy incentives, improved outlook

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

    Recent initiatives from the central government have boosted market liquidity. Upgrades to the Bond Connect, enhancements to the Cross-boundary Wealth Management Connect Scheme, and facilitative payment arrangements for Hong Kong and Macao residents purchasing properties in the Chinese mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), have contributed to this positive momentum.

    The China Securities Regulatory Commission’s efforts to optimize the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects further reinforce Hong Kong’s status as an international financial hub.

    Economist Leung Hoi Ming notes that China’s position as the world’s second-largest economy is expected to contribute about 21 percent of global GDP growth, providing solid support for Hong Kong stocks.

    Hong Kong consistently ranks as the world’s freest economy, third among global financial centers, and maintains top positions in investment climate, international trade, commercial regulations, and air cargo.

    The Hong Kong Special Administrative Region (HKSAR) government’s moves to streamline market listing procedures have helped boost initial public offerings (IPOs) by 30 percent year on year to 52 cases by mid-July. Total funds raised soared 590 percent to 124 billion Hong Kong dollars (15.8 billion U.S. dollars), making Hong Kong the biggest IPO market worldwide, HKSAR Chief Executive John Lee said in a social media post on Monday.

    The unique valuation advantage of Hong Kong stocks continues to attract both international and Chinese mainland investments. Recent data indicates a significant influx of southbound funds, reflecting renewed confidence among Chinese mainland investors.

    Carlson Tong, chairman of Hong Kong Exchanges and Clearing Limited (HKEX), mentioned that Chinese mainland companies currently listed in Hong Kong account for 81 percent of the total market value.

    The ongoing strength of Hong Kong stocks positively impacts both local and Chinese mainland capital markets, enhancing investor confidence and liquidity. Kevin Liu, chief offshore China and Overseas strategist at China International Capital Corporation, highlighted that active liquidity in the Hong Kong stock market is evident in an average daily trading volume of 240.6 billion Hong Kong dollars, showing a notable increase compared to the average daily trading volume in 2024, setting a historical high.

    Improved financing conditions are encouraging companies to list and refinance, particularly in high-growth sectors like technology and innovation. Since early 2025, driven by sectors such as AI, new consumption, and innovative pharmaceuticals, Hong Kong’s market has even outperformed its global counterparts at times, said Liu.

    As the stock market rises, global interest in China’s economy increases, promoting a virtuous circle of capital market openness and high-quality economic development, experts say.

    Leung believes that the stock market’s rise reflects positive expectations regarding the fundamentals of the economy of the Chinese mainland, attracting more attention and investment from global capital. This influx brings more mature investment concepts and resources into the capital market, further optimizing its structure, he added.

    Meanwhile, experts emphasize the need for continued market optimization to attract long-term investment, noting that encouraging more quality companies to list in Hong Kong will deepen and stabilize the market, enhancing its appeal as a global capital platform.

    The HKSAR government will continue to improve the listing regime and boost market liquidity to attract more high-quality global companies to list in Hong Kong, Lee pledged earlier. 

    MIL OSI China News –

    July 23, 2025
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