Source: People’s Republic of China – State Council News
Guests attend the opening ceremony of the 2025 China Smart Industry Trade Exhibition (2025 CSITE) in Kuala Lumpur, Malaysia, May 15, 2025. The 2025 CSITE, together with Chinese technology expositions, is adding momentum to Malaysia’s development aspirations, especially in the adoption of new technologies and digitalization, Deputy Communications Minister Teo Nie Ching said here on Thursday. [Photo/Xinhua]
The 2025 China Smart Industry Trade Exhibition (2025 CSITE), together with Chinese technology expositions, is adding momentum to Malaysia’s development aspirations, especially in the adoption of new technologies and digitalization, Deputy Communications Minister Teo Nie Ching said here on Thursday.
Coming at a time when Malaysia, as 2025 chair of the Association of Southeast Asian Nations (ASEAN) grouping, is advocating for greater cooperation and regional integration, the exhibition reinforces efforts to improve connectivity in trade, tourism, education, and cultural diplomacy, Teo said in her remarks at the exhibition’s launch.
“I am heartened to see the participation of nearly 100 companies from China, Malaysia, and around the region. Your presence here speaks volumes about the potential for partnerships that can help shape a smarter, safer, and more connected ASEAN,” she said.
“China has remained Malaysia’s largest trading partner for 16 consecutive years… What these enormous figures tell us is that there is strong trust, shared aspirations, and a readiness to innovate together. In addition to growing trade and investment links, people-to-people ties between our nations continue to deepen,” she added.
This year marks the 5th edition of the expo with the theme of “Smart Technology, Digitalization, and Education.” The event also coincides with the 10th anniversary of the China Entrepreneurs Association in Malaysia (PUCM).
Teo noted PUCM’s key role in building mutual understanding, business collaboration, and cultural exchange between Malaysia and China. “Your dedication has helped develop strong and lasting partnerships across a range of sectors, from technology and telecommunications to culture and education,” she said.
Meanwhile, Minister of the Chinese Embassy in Malaysia Zheng Xuefang said the cooperation potential and prospects between China and Malaysia in the field of artificial intelligence (AI) are immense and promising.
“China is now a global AI powerhouse with advanced technology, strong government backing and a huge market, while Malaysia is an emerging player aimed to achieve economic growth and regional competitiveness via AI development. There is great potential in cooperation for both countries,” he said.
For his part, PUCM president Keith Li said that the 2025 CSITE has emerged as a major platform, serving as a vital bridge, linking Chinese innovation with Malaysian opportunities and continuing its mission to strengthen partnerships between Chinese and Malaysian entrepreneurs.
“Beyond business, we have cultivated strong people-to-people connections through exhibitions, cultural videos, forums, and outreach efforts. PUCM remains proud to be a trusted platform that advances both commercial ties and community engagement,” he said.
Source: People’s Republic of China – State Council News
An aerial drone photo taken on Oct. 9, 2024 shows a view of the Ciqikou ancient town in southwest China’s Chongqing Municipality. [Photo/Xinhua]
China is intensifying efforts to advance its urban renewal initiative as it strives to build livable, resilient and smart cities, and to bolster high-quality development.
In its latest push, the country on Thursday unveiled a set of guidelines, pledging increased policy and financial support for urban renewal projects, which can range from gas pipe updates and lift installations to the renovation of old factories into commercial zones.
The guidelines, issued by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, are designed to achieve key progress in the country’s urban renewal campaign by 2030. They also aim to improve safety conditions, enhance service efficiency, elevate living environments, develop business models, and preserve cultural heritage.
Efforts should be focused on reinforcing and renovating existing buildings as well as old residential areas, while optimizing their infrastructure, including parking, charging, fire protection and communication.
The update and renovation of old commercial blocks, factory areas and urban villages will be advanced, according to the guidelines, which also urged establishing multi-level and all-coverage public service networks to meet people’s living needs.
The guidelines also called for accelerating the construction and renovation of gas, water supply, drainage, sewage, heat supply along with other underground pipeline networks and underground utility tunnels, while strengthening the construction of public fire protection facilities, and improving transportation infrastructure.
They also established requirements on restoring the ecological system in cities, and preserving urban history and culture.
In the meantime, an urban renewal implementation mechanism should be established, while the land use policy should be optimized, the guidelines said, adding that a whole-life-cycle housing safety management system needs to be created.
The latest document came as Chinese authorities issue a slew of measures to upgrade urban areas.
The country initiated over 60,000 urban renewal projects in 2024, with a total investment of 2.9 trillion yuan (about 402.8 billion U.S. dollars).
In January this year, a meeting of the State Council said that urban renewal “serves as an important lever for the expansion of domestic demand.”
The renovation of old residential communities, blocks, factory areas and urban villages in cities should be accelerated, and the renovation of urban infrastructure should be strengthened, the meeting noted.
In April, the Ministry of Finance pledged central budget support for the urban renewal initiative in up to 20 cities over the course of this year, noting that priority will be given to mega and super large cities, as well as large cities along key river basins such as the Yellow River and the Pearl River.
Municipalities, along with cities in the country’s western regions, can each receive up to 1.2 billion yuan in subsidies for upgrade projects. Urban areas in China’s central regions can obtain up to 1 billion yuan, while those in eastern regions can receive up to 800 million yuan.
Source: People’s Republic of China – State Council News
In a smart factory of China’s home appliance giant Midea Group, more than 10 robots are busy screwing and welding. But here’s the twist: these robots are not simply assembling the company’s iconic air conditioners or fridges; instead, they are building other industrial robots.
This “robots producing robots” production line in Foshan, Guangdong Province, operates fully automated and around the clock, rolling out one robot every 30 minutes on average.
The factory sits amid a thriving robot industry ecosystem, where suppliers of core components are just a 10-minute drive away. Benefiting from the efficient supply chain, the Midea factory has delivered more than 80,000 industrial robots since it was set up in 2020.
Midea started its foray into the robotics in 2015, with hopes of harnessing the technology to make its home appliances smarter while gaining a strategic foothold in the futuristic industry of smart robots.
In March this year, the group unveiled a humanoid robot prototype capable of performing a variety of movements, including shaking hands, dancing, tightening screws, as well as understanding voice commands and doing operations as instructed.
“We expect that the humanoid robot can be applied and commercialized in specific scenarios such as industry and manufacturing,” said Wei Chang, vice president and chief technology officer of Midea.
COMPREHENSIVE CHAIN
Midea epitomizes Guangdong’s robot boom. The manufacturing heartland in south China is home to more than 160,000 robotics enterprises, constituting the country’s largest industrial cluster for intelligent robots.
According to the provincial government, Guangdong’s industrial robot output exceeded 240,000 units or sets in 2024, marking a year-on-year growth of 31.2 percent. One out of every three industrial robots in China is now made in Guangdong.
With Shenzhen as its tech hub, Guangdong boasts advantages in mechatronics and digital intelligence technologies, said Lin Yi, deputy head of the industry and information technology bureau of Shenzhen.
Excellent mechatronics enable rapid assembly of a robot’s body and limbs, while digital intelligence technologies empower a robot with a smart brain. The two strengths help foster a comprehensive industry chain in the province, extending from the production of chips and core components to downstream applications.
A sophisticated and well-rounded industrial chain is credited with lowering costs for both development and manufacturing of new products. This infrastructure has supported the rapid emergence of many industries in China, ranging from drones to new energy, in recent years.
Although humanoid robots first emerged abroad, the most likely place for their industrialization and commercialization is China, said Zhang Jin, president of SIASUN Robot & Automation Co., Ltd.
“In China, there are companies focusing on making robots’ brain, while others specialize in arms, feet and other components. Altogether, they form a complete and vibrant industry eco-system,” Zhang said.
TALENT, MONEY & POLICIES
By the end of 2024, China had a total of 451,700 smart robotics firms, marking a staggering 206.7-percent increase from 2020, according to official data.
Apart from industrial chain prowess, China’s vast pool of engineers has also added momentum to the industry. More than 300 colleges and universities nationwide now offer undergraduate programs in robotics engineering, which was approved as an undergraduate major by the Ministry of Education in 2016.
Supportive policies also play a crucial role. In 2023, China issued a guidance on the innovative development of humanoid robots, declaring that they were expected to become revolutionary products following computers, smartphones and new energy vehicles.
China’s government work report this year pledges to establish a mechanism to increase funding for industries of the future including embodied artificial intelligence, which refers to AI with physical bodies such as robots.
Many local governments have also come up with ambitious plans. In February, Beijing, which boasts a congregation of leading universities and technological startups, issued a detailed action plan for embodied intelligence, setting a national benchmark for the industry.
By 2027, the city is expected to employ robots in more than 100 scenarios covering areas from manufacturing to logistics, especially taking up jobs that are perilous, repetitive and laborious, it said.
Source: People’s Republic of China – State Council News
In Pingxiang, a border county in south China’s Chongzuo city, Guangxi Zhuang Autonomous Region, flat-bed and container trucks carrying fruits, building materials and industrial equipment are lining up to cross the China-Vietnam border.
The county, home to around 130,000 people, has witnessed the rapidly growing trade and even closer practical cooperation between the two neighboring countries in recent years, which also gave a strong boost to local trade and economic development and brought more benefits to the people of both countries.
After China and Vietnam normalized their relationship over 30 years ago, they forged a comprehensive strategic cooperative partnership in 2008, and the two countries have been maintaining communication at all levels, and working together to step up synergy in development strategies, facilitate practical cooperation, promote cultural and people-to-people exchanges and advance regional connectivity.
With joint efforts, the two countries’ cooperation has been advancing steadily. China has remained Vietnam’s biggest trading partner and the second largest export destination, while Vietnam has continued to be China’s biggest trading partner in the Association of Southeast Asian Nations. Bilateral cooperation in such areas as investment, infrastructure and green energy has also flourished.
Statistics of China’s customs showed that the two countries’ trade increased by 19.7 percent to 230.2 billion U.S. dollars in 2021, the first time in history surpassing the 200-billion mark. It is a hard-won achievement amid the impacts of the COVID-19 pandemic and the staggering global economy.
The booming cross-border fruit trade has been one of the new highlights of bilateral trade in recent years. Thanks to fast transportation, cold chain logistics and the development of e-commerce, Vietnam’s fruit exports to China have increased rapidly year by year, and the China-Vietnam border city Chongzuo has become the largest city for import and export of border fruits trade in China.
In the third quarter this year, the foreign trade volume of Chongzuo jumped to 78.12 billion yuan (10.6 billion dollars) with a surge of nearly 50 percent year-on-year.
On Sept. 19, after years of small-scale trade around the border areas, fresh durians from Vietnam were officially exported to China for the first time, offering new opportunities to durian growers, packers and producers in the country.
Eyeing the huge potential of China’s market with over 1.4 billion consumers, Rang Dong Agricultural Product Import-Export Company in Vietnam’s southern Long An province hopes to deliver more fresh and processed fruits to China, especially after the Regional Comprehensive Economic Partnership came into effect on Jan. 1.
Nguyen Tat Quyen, the company’s director, said that besides the gigantic size, the Chinese market has another big advantage, namely being close to Vietnam, and convenient for road, sea and air transport.
During the 14th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation in July, the two sides agreed to bolster their Belt and Road cooperation, work together to build a mechanism for ensuring and promoting the stability of industrial and supply chains, strengthen port construction and facilitate customs clearance.
As a flagship project of Belt and Road cooperation, the China-constructed Cat Linh-Ha Dong metro line project in Hanoi, the first of this type in the Southeast Asian country, has transported millions of Vietnamese since its commercial operation in November last year.
The metro project has greatly facilitated the travel of residents along the route. Many residents have begun to abandon the traditional travel mode of motorcycles and choose to take the metro.
“Taking these trains, I will no longer have to worry about congestion every morning while going to work,” said Hoang Thi Huong, a 30-year-old passenger from Hanoi’s Thanh Xuan district, hoping that more urban railway projects will be constructed to ease transportation in the city.
The past years have also witnessed growing friendship and mutual understanding between the people of the two countries. An increasing number of Chinese films and TV series have gained popularity in Vietnam, while the flourishing bilateral ties have attracted more and more Vietnamese students to study and work in China.
“As a Vietnamese student in China, I’m familiar with both countries, and I hope to help promote exchanges and make the two countries better understand each other,” said Nguyen Huyen Trang, a medical student at Guangxi University in China.
Seeing the bright development prospect of China, Nguyen said he plans to find a job related to China-Vietnam medical cooperation and stay in Guangxi. “The experience of studying in China will give me more advantages in this regard,” he added.
Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX) today introduced legislation to reimburse the State of Texas for the more than $11 billion dollars Texas taxpayers spent on Operation Lone Star, Texas’ border security mission launched due to President Biden’s dereliction of duty. Sen. Ted Cruz (R-TX) is a cosponsor of the legislation in the Senate, and Congressman Chip Roy (TX-21) will be a leader for this measure in the U.S. House of Representatives.
“For four years, Governor Abbott and Texas taxpayers were forced to bear the brunt of the Biden-Harris border crisis. Today, I am proud to introduce my legislation to reimburse Texas for its historic efforts to secure the southern border. My bill will ensure the Lone Star State is repaid for stepping up to protect and defend our nation’s southern border while the Biden-Harris administration abdicated its federal duty,” said Sen. Cornyn. “Thanks to the strong leadership of President Trump, Secretary Kristi Noem, Border Czar Tom Homan, and Border Patrol Chief Mike Banks, our country is finally back to enforcing the immigration laws that have been on the books for years, and I will continue to work with the Trump administration to ensure Texas never again has to endure an open-border disaster like we saw under Joe Biden.”
“For four years, Texans stood in the breach of the worst border crisis in recent American history. Joe Biden and Alejandro Mayorkas’s dereliction of duty led to an invasion of lawlessness, crime, danger, and drugs, putting Texans, and every American in harms way,” said Rep. Roy. “The states like Texas that stood on the front lines to defend our nation when the federal government would not, deserve to be reimbursed by the very federal government that should have done its job in the first place. It’s critical states like Texas have these resources to ensure adequate law enforcement funding to partner with the Trump administration to secure our border.”
Background:
The State Border Security Assistance Act would:
Create funds at the Departments of Justice and Homeland Security to reimburse states for actions they took after January 20, 2021, to secure the border;
Reimburse costs of activities such as construction of border wall, surveillance of the border, and apprehension, detention, and prosecution of individuals who illegally entered the United States;
Appropriate enough money to the funds to ensure that Texas is fully reimbursed;
And sunset the funds after the end of the Trump Administration and return any remaining money to the Treasury for debt-reduction purposes.
Senator Cornyn has led the fight in Washington to secure federal reimbursement for Texas by:
Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV), Shelley Moore Capito (R-WV), and Jim Justice (R-WV) introduced a bill to protect a centralized, online hub for small businesses. Their bipartisan One Stop Shop for Small Business Licensing Act would require the Small Business Administration to maintain its website that contains centralized information for licensing and business permit information and materials for small businesses.
“Small businesses are central to Nevada’s economy, and I’m committed to doing everything I can to help them succeed,” said Senator Rosen. “During National Small Business Month, I’m proud to introduce a bipartisan bill with Senators Capito and Justice to support our small business startups by protecting federal resources available to them.”
“West Virginia’s small businesses are the backbone of our communities and local economies, making up more than 98% of businesses in our state, but too often, entrepreneurs face unnecessary red tape when trying to get off the ground,” said Senator Capito. “The One Stop Shop for Small Business Licensing Act cuts through that bureaucracy by streamlining the federal licensing process, making it easier for small businesses to thrive from day one.”
As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has worked to support Nevada’s small businesses. Earlier this year, she helped introduce the bipartisan Small Business Technological Advancement Act to cut red tape and help small business owners integrate digital tools into their businesses. Each year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape.
Thank you to Scott and the entire ISDA team for the invitation to speak today at the 39th ISDA Annual General Meeting (AGM) in Amsterdam. It’s a real pleasure to see so many friends and colleagues in the room.
This year not only marks the 50th anniversary of the CFTC, but it also is the 40th anniversary of ISDA. That is an impressive milestone, outlasting a few key benchmark rates along the way. But beyond the longevity is a legacy of real significance, reflected in the documentation and standards that underpin the global derivatives markets.
The centerpiece of ISDA’s transformation of derivatives markets is, of course, the ISDA Master Agreement. The years 1992 and 2002 need no introduction—if you know, you know. The ISDA Master is the legal and operational foundation for trillions of dollars in transactions each day. It is no exaggeration to say that standardized ISDA documentation is one of the most important innovations in modern finance. The ISDA Master even made it to Hollywood in the movie The Big Short, featured alongside famous movie stars.
Even though the $700 trillion notional derivatives markets are the largest financial markets in the world, the derivatives community is relatively small and close-knit to this day. That sense of community also brings with it a sense of responsibility, and I believe that is why the derivatives markets have always been characterized by proactive efforts to create industry standards.
The scale and reach of ISDA cannot be overstated. I know from personal experience in the private sector that ISDA has around 150 committees, working groups, and forums to address every product, asset class, and process associated with a swap, in every region around the world, because not only did I personally approve each of the hundreds of firm employees who participated in ISDA, I joined many of these calls myself.
So on behalf of the CFTC, I want to thank each of you for the countless hours and wealth of expertise that you contribute to making our markets safer and more efficient. You create the standard for industry best practices, and then you keep raising that standard and innovating. I commend all of ISDA’s leaders over the decades for making ISDA what it is today, but I especially want to congratulate ISDA CEO Scott O’Malia for all your success and the tremendous growth in ISDA initiatives and solutions—and not just because you’re my old boss.
Let me now tell you about the first 100 days of this Administration and all we’ve done at the CFTC to deliver results for not just the American people, but also for all stakeholders in our global markets.
Improving Efficiency and Effectiveness
Cost Savings
First, pursuant to the President’s executive orders, General Services Administration (GSA) guidance, and at my direction, the CFTC’s Division of Administration has achieved significant cost savings for our agency. By conducting a comprehensive review of all CFTC contracts and procurement, and then applying basic cost management principles, the CFTC has saved nearly $20 million dollars without compromising CFTC operations or services.
On an annualized basis, after including other reductions to costs including leasing, the CFTC is on track to save about $50 million dollars. That is a cost savings of roughly 14% of the CFTC’s appropriated budget, which was $365 million dollars for fiscal year 2025.
No magic was involved in achieving these significant savings for the American taxpayer—just prudent and experienced management.
Transformation and Optimization
We’ve also completed organizational changes to the CFTC’s divisions and offices to break down silos, enhance coordination, and minimize duplication. It was not necessary to create or eliminate any agency components—instead, we looked at what CFTC organizational structure has been proven to work in the past over many decades.
These changes help the CFTC to return to regular order and are expected to generate short-term and long-term improvements to agency operations and other efficiencies. And, various sections have been realigned within divisions into functional units to enhance operational efficiency and effectiveness.
The Market Surveillance Section has returned to the Division of Market Oversight (DMO), where it had historically been located, from the Division of Enforcement (DOE). The Office of the Chief Economist has also moved to DMO and was renamed the Economic Research Section to further enhance the CFTC’s market analysis capabilities. Both of these sections are within DMO’s Product and Market Analytics Branch.
In addition to the above changes, DMO now has a DCM, SEF, and SDR Branch that includes a Data Reporting Section and a Market Review Section.
The Market Participants Division (MPD) is now organized into the Examinations Branch; Financial Requirements Branch with a Financial Resources Section and Financial Risk Management Section; and Registration and Compliance Branch with a Registration and Swaps Oversight Section and a Managed Funds and Intermediaries Section.
The Office of Proceedings and the Whistleblower Office have moved to the Office of the General Counsel to better reflect their adjudicatory functions and minimize conflicts of interest.
CFTC FY 2026 Annual Performance Plan
For the first time since fiscal year (FY) 2018–eight years ago—the CFTC has updated its Annual Performance Plan with key performance indicators (KPIs) that is submitted to the Office of Management and Budget (OMB). The Annual Performance Plan is the key tool used to measure the CFTC’s performance results against the CFTC’s mission and 5-year strategic plan.
The goals included in the FY 2026 Annual Performance Plan prioritize improving market integrity and transparency, promoting derivatives markets’ financial integrity and avoiding systemic risk, promoting smart enforcement, and engaging in robust domestic and international cooperation. Together, the goals and KPIs prepare the CFTC to execute the President’s agenda and measure our success in doing so.
Importantly, a major change to the CFTC’s approach to KPIs is to measure the CFTC’s efficiency in executing the agency’s core functions by establishing baseline expectations for timeliness of activities such as processing registrations, other applications, or rule submissions; performing examinations; conducting investigations; and other oversight activities.
Aging dashboards will be established and routinely monitored so that agency underperformance can be detected and promptly addressed. Appropriate KPIs enable American taxpayers to better assess the value provided by the CFTC and ensure accountability in the use of public funds.
Delivering Results
I want to highlight some of the key accomplishments that the CFTC has achieved in just 100 days, in addition to our day-to-day work. I’m proud to say we have completed all items that were prioritized based on the inventory of open matters that was identified at the beginning of my chairmanship, and I thank my directors and their teams who have been working so hard these past five months to deliver these results. Most of these initiatives address proposals or concerns I raised as a Commissioner.
Swaps Market and Reducing Regulatory Burdens
MPD and DMO issued an interpretative letter that FX window forwards and package FX spot transactions are not swaps. This lack of regulatory clarity has resulted in uncertainty and disruption to the FX market for nearly 10 years.
MPD issued an interpretative letter providing that swap dealers could post and collect shares of certain U.S. Treasury ETFs as eligible margin collateral for uncleared swap transactions. This was a recommendation from the CFTC’s Global Markets Advisory Committee (GMAC) and its Global Market Structure Subcommittee to enhance market liquidity and efficiency.
MPD issued a no-action letter providing relief to swap dealers from the pre-trade mid-market mark disclosure requirement to reduce regulatory burden. The CFTC has provided such relief for certain swaps since 2012. Notably, the CFTC has never rescinded no-action letters that address unworkable or overly burdensome Dodd-Frank requirements.
The Division of Clearing and Risk (DCR) and MPD circulated for a Commission vote an amended order to permit an exempt derivatives clearing organization (DCO) to clear certain swaps for U.S. customers through a non-U.S. clearing member affiliate of a futures commission merchant (FCM) to mitigate systemic risk and promote market liquidity.
DMO withdrew an advisory that created regulatory uncertainty regarding whether certain entities are required to register as swap execution facilities (SEFs).
The CFTC and SEC adopted a joint final rule extending the compliance date for amendments to Form PF because the original implementation timeframe was unworkable.
DCR and MPD issued a no-action letter which permits DCOs and FCMs to retain current separate account treatment up to the compliance date for the final rule to reduce regulatory burden.
DCR and DMO issued a no-action letter from swap data reporting and recordkeeping regulations to reduce regulatory burden.
MPD and DCR issued a no-action letter which allows a non-U.S. swap dealer to retain exemptions to uncleared margin and clearing mandate requirements for its legacy swap portfolio in connection with an acquisition of another entity.
DMO issued a no-action letter in connection with KRX’s KOSPI.
MPD issued an interpretative letter to allow non-U.S. swap dealers domiciled in Japan that elect substituted compliance for capital and financial reporting to file only certain defined schedules of the home country Japanese Annual Business Report to eliminate overly burdensome reporting requirements.
Innovation and Market Structure
The CFTC hosted a first-ever Crypto CEO Forum of industry-leading firms to discuss the launch of the CFTC’s digital asset markets pilot program for tokenized non-cash collateral such as stablecoins. The CFTC’s GMAC and its Digital Asset Markets Subcommittee previously made a recommendation.
The CFTC will soon participate as an observer in industry tokenization pilot programs.
DCR and DMO withdrew two advisories relating to virtual currency derivative product listings and clearing that were no longer needed given additional staff experience and increasing digital asset market growth and maturity.
DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading and clearing of perpetual derivatives contracts in CFTC-regulated markets.
DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading on a 24/7 basis in derivatives markets and associated clearing risk management.
MPD will soon issue an interpretative letter regarding the circumstances for which a person that has a place of organization, and the location where its high-level officers primarily direct, control, and coordinate such person’s activities, is in a foreign jurisdiction, that such person is not a “person located in the United States” for purposes of the “foreign futures or foreign options customer” definition in CFTC regulation 30.1(c); is not a “participant located in the United States” for purposes of CFTC regulation 48.2(c); is a “foreign located person” for purposes of CFTC regulation 3.10(c)(1)(ii); and is a “non-U.S. person” as defined in CFTC regulation 23.23(a) and the CFTC’s 2013 cross-border swaps activity guidance, among other things. The CFTC’s regulation by enforcement approach to crypto and novel interpretations that contravene decades of CFTC precedent have created regulatory uncertainty and disruption to the global derivatives markets, as I predicted in my prior public statement in a CFTC enforcement action.
DCR and DMO will soon issue an advisory on the benefits of and associated considerations for exchange volatility controls. This was a recommendation from the CFTC’s GMAC and its Global Market Structure Subcommittee to mitigate systemic risk and promote market resiliency.
MPD will soon issue a FAQ to remind the public of the significant regulatory obligations associated with registering and operating an FCM.
Enforcement and Compliance
DOE dispositioned 50% (representing several hundreds) of its open enforcement matters, including preliminary investigations, investigations, and litigation. Of these resolved matters, over a dozen had been open for over 15 years and over three dozen had been open for over 10 years. Resolving this backlog will enable DOE to focus its resources on catching fraudsters and scammers and helping victims.
DOE issued an advisory on self-reporting, cooperation, and remediation with a first-ever matrix for mitigation credit to provide fair notice to the public and guidance that is designed to ensure due process in DOE’s investigations and enforcement actions. The advisory provides transparency, predictability, returns to decades of prior CFTC policy on self-reporting, and is aligned with best practices for assessing penalties followed by the Department of Justice and other U.S. financial regulators. This advisory implements my proposals as a Commissioner.
DOE launched a 30-day compliance and remediation initiative, or enforcement sprint, in March to expeditiously resolve outstanding investigations and enforcement matters regarding compliance violations without customer harm or market abuse. Of approximately two dozen firms that expressed interest in participating in the enforcement sprint, over five matters are, or will soon be, in circulation for a Commission vote on administrative settlement orders. These proposed settlement orders resolve years of investigation, apply the new DOE advisory regarding mitigation credit, and have civil monetary penalties that are reflective of historical amounts—a fraction of DOE’s previous initial demand amounts that were often disproportionately 10, 20, or 100 times larger than in the past.
MPD, DCR, DMO, and DOE issued a joint advisory on the materiality or other criteria that the operating divisions will use to determine whether to make a referral to DOE for self-reported violations, or supervision or non-compliance issues. This advisory implements my proposals as a Commissioner.
MPD and DOE issued a CFTC internal memorandum that establishes the procedures MPD and DOE will follow when non-U.S. swap dealers are suspected of violating foreign comparable standards when relying on substituted compliance. Any inquiry involving substituted compliance will be handled by MPD, unless MPD determines that a supervision or non-compliance issue is material and makes a referral to DOE pursuant to CFTC Staff Letter 25-13. Generally, the procedures require CFTC staff to adhere to principles of international comity and deference to the foreign regulator, including that the foreign regulator interprets and applies the home country regulation (not the CFTC), and that MPD and DOE will not pursue an inquiry if the foreign regulator determines that the non-U.S. swap dealer is in compliance with foreign comparable standards, or the foreign regulator is addressing the non-compliance issue through its supervisory process. This advisory implements my proposals as a Commissioner.
DOE reorganized its task forces to combat fraud and help victims while ending the practice of regulation by enforcement. The new task force model allows enforcement attorneys to specialize in categories of cases, thereby enhancing relevant knowledge, practices and mentoring opportunities, and reducing the risk of legal or ethical lapses. It is also more efficient by enabling staffing assignments irrespective of location in headquarters or regional offices.
DOE launched a Basic Trial Advocacy Skills training series, with sessions ranging from opening, closing and direct examinations, interactions with jury and opposing counsel, and techniques to avoid creating misimpressions, with more sessions being planned. The sessions offer practical instruction on investigations and litigation as well as opportunities to discuss ethical and discovery dilemmas that can occur in real life litigation scenarios. These training programs and the following ethical conduct and culture initiatives address concerns I had raised as a Commissioner.
DOE delivered various ethics training, including ensuring candor and openness in engagement with the Court and defense counsel. DOE also hosted a training on the American Bar Association’s Model Rules of Professional Conduct as applied to government attorneys, with additional trainings being planned.
DOE promoted greater transparency with the defense bar by sponsoring open forum discussions with practicing defense attorneys and, where appropriate, providing greater detail about the status of open cases.
Recognizing CFTC Staff
I think we can all agree that based on sheer productivity and impact, these first 100 days have been nothing short of remarkable. The CFTC has provided an outstanding return on investment for the American taxpayer. None of this would have been possible if it were not for the unwavering commitment of CFTC staff to our mission and our markets.
The work of our dedicated employees—often behind the scenes, but always indispensable—is the bedrock of our balanced, principles-based regulatory framework that promotes market integrity and protects the public from fraud, manipulation, and abuse.
It was my great honor to celebrate our core values, recognize the achievements of our talented staff, and commemorate the CFTC’s 50th anniversary last month with special awards for exceptional CFTC employees that exemplify Mission Excellence, Market Excellence, and Mindset Excellence. We recognized 28 of our staff, some of whom have loyally served the CFTC for over 40 years.
In addition, we launched a CFTC Leadership Speaker Series, and are working on additional staff development opportunities throughout the year.
I am especially indebted to my executive management team, especially Harry Jung, acting Chief of Staff; Meghan Tente, acting General Counsel; Brigitte Weyls, Chief Counsel; Taylor Foy, acting Director of Public Affairs; and Nick Elliot, acting Director of Legislative Affairs. They have each been pulling double duty since January, and their tireless work ethic, positive attitude, collegiality, and genuine care mean so much to me.
I have been truly lucky to have the benefit of the decades of CFTC leadership by acting MPD Director Tom Smith and acting MPD Deputy Director Frank Fisanich; acting DCR Director Richard Haynes; acting DMO Director Rahul Varma and former acting DMO Director Amanda Olear; DOE Director Brian Young; DOE Deputy Director Paul Hayeck, acting Chief of the Complex Fraud Task Force; DOE Deputy Director Charles Marvine, acting Chief of the Retail Fraud and General Enforcement Task Force; acting Deputy General Counsel Anne Stukes; acting and acting OIA Director Mauricio Melara. They are the very embodiment of public service, duty, and dedication.
Conclusion
When I became acting Chairman this year, I noted that for the past half century, the CFTC has proudly served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade—ensuring American growers, producers, merchants and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth. I also said it was time for the CFTC to get back to the basics. We delivered on that promise.
It’s a very fitting bookend that I am here today to talk about what the CFTC has accomplished in just 100 days under my leadership as acting Chairman, because three years ago, I was a new Commissioner at the beginning of my term speaking at the ISDA AGM in Madrid.
As some of you may have caught on Bloomberg TV last week during my interview at the Milken Institute Global Conference, I have announced that I will be returning to the private sector once Brian Quintenz is confirmed as Chairman. While I don’t have any specific plans for what’s next for me personally yet, I hope to make some over the next several months.
The United States recently celebrated Mother’s Day. My own mom always told me when I was growing up, that anything is possible if you put your mind to it. I had a vision of what could be accomplished at the CFTC, the agency where I began as a law student intern, came back for the fourth time as a Commissioner, and will now leave as acting Chairman. I hope you will agree that I put my mind, heart, body, and soul into this job, and achieved my vision of what was possible. I hope that this might inspire others to achieve their vision of what is possible too.
It has been the honor of a lifetime to serve as a Commissioner and now acting Chairman, and I will leave with deep pride in what we’ve accomplished and great confidence in what the CFTC will continue to achieve in the years ahead. I am grateful for having had this incredible opportunity to make a difference. Thank you.
Source: United States Senator for Washington State Patty Murray
ICYMI: Murray, Hayes, Levin Introduce Bill to Expand Summer EBT Program to School Breaks, Ensure Kids Don’t Go Hungry When School is Closed During the Year
ICYMI: Senator Murray, WA Food Banks, and Farmers Lay Out How Trump’s Cuts to Local Food Programs Will Hurt Families and Communities
***WATCH HERE***
Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual event with hunger relief organizations across Washington state to hear about the challenges they are facing amid recent steep cuts by the Trump administration to U.S. Department of Agriculture (USDA) programs that provide funding for food banks and schools to purchase locally-produced food and looming draconian Republican cuts to the Supplemental Nutrition Assistance Program (SNAP), which helps over 42 million people across the country purchase fresh produce and other groceries. Republicans’ reconciliation legislation—which only requires a simple majority to pass in both the House and Senate—would cut SNAP by a staggering $300 billion, according to legislative text that was advanced by the House Agriculture Committee this week. Participating in the virtual event today were representatives from Food Lifeline, Washington Food Coalition, Second Harvest, Northwest Harvest, Harvest Against Hunger, Feeding the Northwest, EastWest Food Rescue, and the Anti-Hunger & Nutrition Coalition.
President Trump and Republicans’ cuts to USDA and SNAP come as Washington state has been experiencing a notable rise in food insecurity in recent years. Data from the Washington State Department of Agriculture indicates that food bank visits rose from 10.9 million in 2023 to 13.3 million in 2024, with one in four Washingtonians utilizing food banks in 2024, up from one in five the previous year. Children are particularly affected by food insecurity in Washington state, with nearly 50 percent of students—approximately 538,000 children—qualifying for free or reduced-price school lunches.
“If we needed any more proof Trump is still trying to take food off the shelves at food banks, and off families’ dinner tables, all you need to do is look at the bill Republicans are marking up right now, which includes the biggest SNAP cut in history—$230 billion over the next decade. We should not be cutting off food assistance so Trump can cut his fellow billionaires a massive check,” Senator Murray said on the call today. “These cuts won’t make things more efficient, they won’t solve any problems. They just take food away from people who need it most. Investing in nutrition assistance? Investing in SNAP? That’s an investment in people.”
“My family relied on food stamps briefly when I was a kid—our country had our back, and all seven of us kids grew up to give back to our communities in different ways,” Murray continued. “As you all know, Washington state has one of the strongest, most inclusive SNAP programs in the country. So you can bet I am going to continue to be one of its strongest champions in Congress. I am not going to stand by while Republicans push families off this program and slash it to ribbons, and I am not going to be quiet as they take food from our kids.”
In March, the Trump administration inexplicably ripped away more than $660 million in funding for the Local Food for Schools Program (LFS)—which schools and child care facilities in Washington state use to purchase berries, meat, seafood, and more from local farmers and producers—as well as $500 million from the Local Food Purchase Assistance Program (LFPA) and $500 million from The Emergency Food Assistance Program (TEFAP), which helps food banks buy nutritious food from local farms for the communities they serve. According to an updated estimate based on data provided by USDA, Washington state is set to lose nearly $12 million in federal funding it was set to receive from these programs this year alone—a $2.9 million cut to LFS, $3.9 million cut to LFPA, and $4.7 million cut to TEFAP—and the Trump administration’s cuts have left schools and food banks scrambling to fill the gap. Last month, Senator Murray held a virtual press conference with local food banks in Washington state raising the alarm over the Trump administration’s senseless cuts to these programs.
“Food Lifeline is deeply concerned about the proposed cuts to SNAP. Already, Washington’s hunger relief community is overwhelmed with demand. Demand that exceeds what we experienced during the pandemic. Unlike then, the Trump Administration, newly controlled Congress, and USDA, aren’t coming to help. SNAP, the first line of defense against hunger, it must be strengthened, not diminished,” said Aaron Czyzewski, Director of Advocacy & Public Policy at Food Lifeline.
“The Washington Food Coalition supports our state’s network of food banks and pantries, which are facing unprecedented demand as food insecurity is on the rise. SNAP is the first and best defense against hunger, but the proposed House cuts would do lasting damage to families and communities and overwhelm our food banks,” said Trish Twomey, Executive Director of the Washington Food Coalition.
“At EastWest Food Rescue, we see every day how layered and fragile our food system truly is, from farmers facing uncertainty to families struggling with hunger. We are deeply grateful to Senator Murray for taking the time to prioritize this complex issue and for recognizing that real solutions require collaboration across sectors. Her leadership brings hope to those working at every level of the food chain,” Monika Whitfield, Executive Director of EastWest Food Rescue.
“The proposed federal cuts to SNAP and food bank funding would have devastating consequences for Washington families already struggling to put food on the table. At a time when food insecurity remains at alarming levels across our state, our elected representation needs to strengthen our hunger relief systems, not dismantle them. We’re grateful for Senator Murray’s steadfast leadership and commitment to protecting these vital programs that serve as a lifeline for so many in our communities. Today’s summit highlights the critical importance of federal support in our collective fight against hunger, and we stand ready to work alongside Senator Murray and our partners to ensure no Washingtonian has to wonder where their next meal will come from,” said Jamielyn Wheeler, Senior Director of Strategic Initiatives at Northwest Harvest.
Having relied on food stamps for a brief time during her childhood, Senator Murray knows firsthand the difference a helping hand can make in the lives of children, and as Vice Chair of the Senate Appropriations Committee, Senator Murray is working around the clock to protect vital nutrition assistance and child nutrition programs. Senator Murray was the leading Congressional champion in the more than decade-long fight to reduce child summer hunger by providing families whose children are eligible for free and reduced-price school meals with an electronic benefit transfer (EBT) card to buy groceries over the summer—a policy knows as “Summer EBT.” During the academic year, more than 30 million kids from low-income families rely on free or reduced-priced meals they receive at school—but when school lets out for the summer, those kids lose access to regular meals and frequently go hungry. Senator Murray first introduced legislation to establish a permanent Summer EBT program in 2014, helped to secure and extend the Pandemic EBT (P-EBT) program that provided summer grocery benefits to families during the COVID-19 public health emergency in 2020, 2021, and 2022, and ultimately helped negotiate and pass a permanent Summer EBT program—based on her original Stop Child Summer Hunger Act—as part of the omnibus government funding bill that was signed into law in December 2022. The Summer EBT program officially launched in 2024, with 37 states participating, including Washington state. Nearly 600,000 children in Washington state received Summer EBT—also known as SUN Bucks—last summer.
Just last week, Senator Murray introduced bicameral legislation to expand the Summer EBT program to include periods when schools are closed or operating remotely for five or more consecutive weekdays—including winter break, spring break, and other prolonged school closures—and provide funding for new implementation grants to help states implement the Summer EBT program more effectively.
Senator Murray’s full remarks, as delivered, are available below and HERE:
“It’s so good to see you all. I know this is not an easy moment—not for Washington state families, and not for all of you. You all are on the frontlines serving people in our communities, keeping them fed when times are tough. And that has been especially crucial in recent years.
“A quarter of people in Washington state used a food bank last year and visits have jumped to 13 million a year. But despite the crucial role you play serving our communities you all have unfortunately had a front row seat to a lot of pointless, lawless chaos President Trump has caused.
“I know this has turned your work upside down; grants being frozen, cancelled, and unfrozen; tariffs being throttled and reversed; and the threat of painful cuts in just about every proposal Republicans put forward. I have visited food banks, and heard from families and from some of you, about how this has already been incredibly harmful. I am listening—and more than that I am fighting for you. My goal is to lift your stories up, put a spotlight on these problems, and get these disastrous policies reversed.
“We have seen a few times now that when we push back hard, when we speak up loud, when we name and shame the harms that Trump is causing we can get them to back down, and reverse course—at least while the pressure stays on. Some grants have gotten moving again. Some cuts and firings are being reversed. Tariffs are being walked back a little, though Trump is still committed to an expensive trade war.
“But the fight is not over. Not by a long shot, because for every small retreat, we have seen Trump launch another devastating attack on our social safety net. If we needed any more proof Trump is still trying to take food off the shelves at food banks and off families’ dinner tables all you need to do is look at the bill Republicans are marking up right now, which includes the biggest SNAP cut in history—$230 billion over the next decade. We should not be cutting off food assistance so Trump can cut his fellow billionaires a massive check.
“These cuts won’t make things more efficient. They won’t solve any problems. They just take food away from people who need it most. Investing in nutrition assistance? Investing in SNAP? That’s an investment in people. My family relied on food stamps briefly when I was a kid. Our country had our back, and all seven of us kids grew up to give back to our communities in different ways.
“This shouldn’t even need saying, but if Republicans won’t listen to common sense and common decency, then we are going to get a megaphone and shout it from the roof tops: ‘Hands off SNAP!’
“As you all know, Washington state has one of the strongest, most inclusive SNAP programs in the country. So you can bet I am going to continue to be one of its strongest champions in Congress. I am not going to stand by while Republicans push families off this program and slash it to ribbons. I am not going to be quiet as they take food from our kids’ mouths. I am standing up. I am getting loud. And I am making your voices heard.
“We are going to fight for SNAP and for our families.”
Headline: Canadian industry urges Carney cabinet to drive transition with ‘ambition and action
Fernando Melo, federal director of policy and government affairs at the Canadian Renewable Energy Association, which represents almost 350 companies in the wind, solar and energy storage sectors, said the government must first ensure the clean economy tax credit is “finalized and improved.” Read more.
The post Canadian industry urges Carney cabinet to drive transition with ‘ambition and action appeared first on Canadian Renewable Energy Association.
Second annual CanREA Summit a major event for Quebec’s energy transition.
Montréal, May 15, 2025 – Drawing more than 220 attendees, the second edition of the Canadian Renewable Energy Association (CanREA) Net-Zero Quebec Summit, presented by Desjardins, was a great success in Montréal today.
“The CanREA Net-Zero Quebec Summit is a major opportunity for Quebec’s renewable energy industry, serving as a hub for discussions about the energy transition needed for the province to achieve net zero by 2050,” said Jean Habel, Senior Director, Québec and Atlantic Canada, CanREA. “Harnessing this energy will allow Quebecers to be more self-sufficient, greener and more prosperous.”
The day centred around in-depth discussions on the economic realities of the energy transition, including supply chain pressures, greater competition and the economic impact of decarbonization.
Discussions also focused on renewable energy projects in Quebec, particularly challenges and best practices for optimizing the rollout of energy transition projects in order to reach carbon neutrality by 2050.
“Desjardins is proud to support Net-Zero Quebec, a key event for Quebec’s energy transition. This Summit presents a unique platform for discussing the challenges and opportunities relevant to the energy transition. We are determined to play an active role in providing innovative financial services and supporting initiatives that promote autonomy, prosperity and sustainability. Together, we can build a greener and more resilient Quebec,” said Mathieu Talbot, Vice President, Business Services Group and Corporate Banking, Desjardins.
The event opened with “Indigenous Communities: Essential Actors in the Energy Transition.” This inclusive panel focused on how the renewable energy and energy storage industries must commit to continuously improving their approaches to ensure that their plans align with the priorities of Indigenous communities. CanREA was thrilled to hear from panellists Chief Paul Rice from the Mohawk Council of Kahnawà:kes, Jean Roy, Senior Vice President & Chief Operating Officer at Kruger, and Grand Chief Jacques Tremblay of the Wolastoqiyik Wahsipekuk First Nation, who took part in the insightful conversation.
This was a special opportunity to enrich the conversation and educate participants about how best to work together toward implementing renewable energy across Quebec.
Later, CanREA was pleased to welcome Dave Rhéaume, Executive Vice President – Commercial Activities and Chief Customer Officer at Hydro-Québec, for a discussion on solar energy development in Quebec. The discussion was moderated by Jean-Hugues Lapointe, Partner and Project Director, Energy and Resources, Power System Studies at CIMA+.
Other highlights included an enlightening discussion on Quebec’s energy advantage and a vision for the future with Philippe Dunsky, President of Dunsky Energy + Climate, moderated by Eva Lotta Schmidt, Head of Global Sustainability at ENERCON.
An inspiring discussion was also held with Stéphane Labrie, President, Commission de protection du territoire agricole du Québec (CPTAQ), moderated by Étienne Chabot, General Manager, Electricity for the Ministère de l’Économie, de l’Innovation et de l’Énergie.
“The panels and discussions at the Summit sparked vital conversations and broadened the knowledge of everyone who attended, which will help to accelerate Quebec’s energy transition,” says Habel.
CanREA would like to thank all of the participants, moderators and speakers who helped make the Summit a success. It would also like to extend a special thanks to its presenting sponsor, Desjardins, and to all of the sponsors for this event, including Amazon Web Services and EDF Renewables.
Photos
PHOTO: Net Zero Quebec 2025’s opening panel, “Indigenous communities: Essential actors in the energy transition,” examined how Quebec’s renewable energy and energy storage industries can align their plans with the priorities of Indigenous communities. From left to right: Moderator Émilie Sénéchal (Hydro Quebec), Jean Roy (Kruger Energy), Chief Paul Rice (Mohawk Council of Kahnawá:ke), Grand Chef Jacques Tremblay (Wolastoqiyik Wahsipekuk First Nation).
Quotes
“The CanREA Net-Zero Quebec Summit is a major opportunity for Quebec’s renewable energy industry, serving as a hub for discussions about the energy transition needed for the province to achieve carbon neutrality by 2050. Harnessing this energy will allow Quebecers to be more self-sufficient, greener and more prosperous. The panels and discussions at the Summit sparked vital conversations and broadened the knowledge of everyone who attended, which will help to accelerate Quebec’s energy transition.”
—Jean Habel, Senior Director, Québec and Atlantic Canada, CanREA
“Desjardins is proud to support Net-Zero Quebec, a key event for Quebec’s energy transition. This Summit presents a unique platform for discussing the challenges and opportunities relevant to the energy transition. We are determined to play an active role in providing innovative financial services and supporting initiatives that promote autonomy, prosperity and sustainability. Together, we can build a greener and more resilient Quebec.”
—Mathieu Talbot, Vice President, Business Services Group and Corporate Banking, Desjardins
For media interviews, please contact:
Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Association communications@renewablesassociation.ca
The Canadian Renewable Energy Association
The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca.
The post NEWS RELEASE: Net-Zero Quebec Summit gains momentum appeared first on Canadian Renewable Energy Association.
YUBA CITY, Calif., May 15, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC Markets: RVCB) is pleased to announce the formation of an experienced banking team for its new Roseville branch. This group of skilled banking professionals adds to an existing experienced team, all of which are ready to deliver the kind of personalized, full-service community banking that local businesses throughout Placer County deserve.
The Roseville team embodies River Valley Community Bank’s promise of banking done differently – where relationships matter, decisions happen locally, and every action is taken with an absolute focus on client success.
“Our approach in Roseville centers on building long-standing relationships with our clients through personalized service and tailored financial solutions,” said Steve Berry, Senior Vice President / Head of Commercial Banking. “The Roseville team has the experience and expertise to carry out that mission — and we believe that’s what community banking is all about.”
The Roseville branch brings together exceptional talent with a passion for community banking:
Andrew Tagg, SVP/Market Manager covering all of Placer County, leads the team with extensive experience in relationship banking and a deep understanding of our local business landscape.
Kristen Holihan, VP/Relationship Manager, ensures seamless client service and operational excellence with a specialization in deposits and treasury management. Works closely with clients to optimize their cash flow and financial operations.
Steve Martinez, VP/Business Development Officer, brings valuable expertise in commercial lending and business development.
Rob Gutowski, SVP/Relationship Manager provides continuity and established knowledge of the bank’s comprehensive service offerings.
Kyle Petrucelli, VP/Commercial Banker, specializing in commercial and industrial lending.
“We’ve built this team to take ownership of our clients’ needs and surpass their expectations,” said Luke Parnell, Executive Vice President / Chief Credit and Lending Officer. “Relationship banking is in our team’s DNA. And ultimately, it’s this kind of commitment to the success of our clients that has helped us grow from one branch in Yuba City to five across our region.”
The Roseville branch, located at 2901 Douglas Blvd, Suite 140, will offer a full range of business and personal banking services when it opens in mid-2025. The location will absorb the bank’s current loan production office in Roseville and serve as a hub for the bank’s expanded presence in Placer County.
For more information, please visit our website at: www.myrvcb.com or contact John M. Jelavich at 530-821-2469.
Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.
ER Report: Here is a summary of significant articles published on EveningReport.nz on May 16, 2025.
Waste-to-energy in Australia: how it works, where new incinerators could go, and how they stack up Source: The Conversation (Au and NZ) – By Ali Abbas, Associate Dean (Research), University of Sydney Martin Mecnarowski, Shutterstock. Every year, Australia buries millions of tonnes of waste in landfills. But these sites are filling fast, recycling has its own limitations, and most waste export is banned. So councils and state governments are looking for
The sun will come out tomorrow: remembering the life and music of Charles Strouse Source: The Conversation (Au and NZ) – By Mara Davis Johnson, Lecturer in Creative and Performing Arts, University of Wollongong The Broadway community is today mourning the passing of Charles Strouse at the age of 96, the legendary composer behind hits like Bye Bye Birdie (1960), Applause (1970) and Annie (1976). Strouse was born on
No chance to say goodbye – defeated MPs will rue not giving valedictory speeches Source: The Conversation (Au and NZ) – By Amy Nethery, Associate professor of politics and policy, Deakin University Former Greens leader Adam Bandt’s 15-year career in federal parliament came to an end in a nondescript park in Melbourne, far from the seat of power in Canberra. He was there to concede defeat in the federal
How accurate are my medical records? You might be surprised how often errors creep in Source: The Conversation (Au and NZ) – By Sheree Lloyd, Senior Lecturer in Health Services Management, University of Tasmania DC Studio/Shutterstock Medical records of hundreds of patients at a Sydney hospital’s cancer genetics service have been reviewed following irregularities related to care by a single specialist. According to St Vincent’s Hospital, in about 520 records,
So your primary school child has a ‘boyfriend’ or ‘girlfriend’. Should you be worried? Source: The Conversation (Au and NZ) – By Cher McGillivray, Assistant Professor in Psychology, Bond University Karhut/Shutterstock If you have a child in primary school you may not be expecting to help them manage romantic relationships. Surely this is an issue for the high school years? While young children do not experience romantic love in
Viral ‘Hongdae boy’ videos expose the fringe group of South Korean men trying to sleep with foreign women Source: The Conversation (Au and NZ) – By Joanna Elfving-Hwang, Associate Professor (Korean Society and Culture), Dean International (Korea), Curtin University Shutterstock If you’re on TikTok, you may have come across “Hongdae boys” or “Hongdae guys” recently. In a social media context, the term refers to a group of young South Korean men who prey
A trial is testing ways to enforce Australia’s under-16s social media ban. But the tech is flawed Source: The Conversation (Au and NZ) – By Alexia Maddox, Senior Lecturer in Pedagogy and Education Futures, La Trobe University De Visu/Shutterstock Australia’s move to ban under-16s from social media is receiving widespread praise. Other countries, including the United Kingdom, Ireland, Singapore and Japan, are also now reportedly considering similar moves. The ban was legislated
Banning young people from social media sounds like a silver bullet. Global evidence suggests otherwise Source: The Conversation (Au and NZ) – By Jasleen Chhabra, Research Fellow, Centre for Youth Mental Health, The University of Melbourne Monkey Business / Shutterstock Around 98% of Australian 15-year-olds use social media. Platforms such as TikTok, Snapchat and Instagram are where young people connect with friends and online communities, explore and express their identities,
This election, young people held the most political power. Here’s how they voted Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University This election, a lot of focus was directed at young voters. With Millennials and Gen Z now making up a larger share of the electorate than Baby Boomers, this was deserved. But for all the attempts to reach these cohorts,
Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future? Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra With the future of the Coalition relationship on the line, Nationals leader David Littleproud drove to his Liberal counterpart Sussan Ley’s hometown of Albury this week. They had much to talk about, and it wasn’t going to be easy. Littleproud
Likely final House seat outcome: 94 Labor, 44 Coalition, 12 Others Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The ABC has called Labor wins in 93 of the 150 House of Representatives seats. The Coalition has won 43 seats, the Greens one and all Others
Fresh start for the Greens, with new leader Larissa Waters Source: The Conversation (Au and NZ) – By Nathan Fioritti, Lecturer in Politics, School of Social Sciences, Monash University Queensland Senator Larissa Waters is the new leader of the Australian Greens, following a two-hour partyroom meeting held in the wake of the party’s lacklustre performance in the May 3 election. Waters was elected unopposed. New
The new leader of the Greens sits in the Senate. Why is that so unusual in Australian politics? Source: The Conversation (Au and NZ) – By Anne Twomey, Professor Emerita in Constitutional Law, University of Sydney The 2025 federal election resulted in some unexpected outcomes, including the loss by the Greens Leader, Adam Bandt, of his seat in the House of Representatives. The new Greens leader is Senator Larissa Waters. Does it matter
Trump signed plenty of contracts in the Middle East, but he’s no closer to the two ‘deals’ he really wants Source: The Conversation (Au and NZ) – By Shahram Akbarzadeh, Convenor, Middle East Studies Forum (MESF), and Deputy Director (International), Alfred Deakin Institute for Citizenship and Globalisation, Deakin University US President Donald Trump’s visit to Arab states in the Middle East this week generated plenty of multibillion-dollar deals. He said more than US$1 trillion (A$1.5
As the Latrobe Valley moves away from coal jobs, could a green worker’s cooperative offer a solution? Source: The Conversation (Au and NZ) – By Gregory Patmore, Emeritus Professor of Business and Labour History, University of Sydney Workers at Earthworker Energy Manufacturing Co-op Worker cooperatives may sound like something out of the 19th century, but they still exist in the age of global capitalism. In Spain, for instance, the Mondragon Corporation is
It’s wild mushroom season in Australia. Here’s how to stay safe and avoid poisoning Source: The Conversation (Au and NZ) – By Darren Roberts, Conjoint Associate Professor in Clinical Pharmacology and Toxicology, St Vincent’s Healthcare Clinical Campus, UNSW Sydney dannersjb/Shutterstock A number of Australian states including New South Wales, Victoria and South Australia have issued warnings in recent weeks about the risks of eating wild mushrooms. Mushrooms generally grow
Dishevelled, dehydrated delirium: new Aussie film The Surfer, starring Nicolas Cage, is an absolute blast Source: The Conversation (Au and NZ) – By Grace Russell, Lecturer, School of Media, Film and Journalism, Monash University Madman Entertainment Nicolas Cage has made a career from his highly entertaining scenery chewing. He follows a performance style he calls “Nouveau Shamanic” – an exaggerated form of method acting where he acts according to the
Disheveled, dehydrated delirium: new Aussie film The Surfer, staring Nicolas Cage, is an absolute blast Source: The Conversation (Au and NZ) – By Grace Russell, Lecturer, School of Media, Film and Journalism, Monash University Madman Entertainment Nicolas Cage has made a career from his highly entertaining scenery chewing. He follows a performance style he calls “Nouveau Shamanic” – an exaggerated form of method acting where he acts according to the
Source: The Conversation (Au and NZ) – By Peter Zámborský, Senior Lecturer, Management & International Business, University of Auckland, Waipapa Taumata Rau
The space economy is being reshaped — not just by innovation, but by geopolitics. What was once dominated by state space agencies, and more recently by private ventures, is evolving into a hybrid model in which government priorities and commercial capabilities are intertwined.
The rise of protectionist policies, tariff wars, export controls and national security concerns is forcing space firms to adapt their strategies – and in many cases, to rethink where and how they operate.
This offers countries such as New Zealand the opportunity to stand out in the new space race – becoming neutral ground with fewer trade and other regulatory barriers for the growth of the emerging hybrid space economy.
New Zealand’s flagship player in the space sector is Rocket Lab. Founded in 2006, the integrated space firm was listed on NASDAQ in 2021. By the end of 2024, the company was worth around US$8 billion.
While its headquarters are in the United States, Rocket Lab also operates in Canada and keeps around 700 of its 2,000 global staff and its key launch site in New Zealand. Recently, it also announced the acquisition of a German optical communications supplier, Mynaric.
Founded in New Zealand by Peter Beck, Rocket Lab is now headquartered in the United States with sites in Canada and elsewhere. Phil Walter/Getty Images
Opportunities in US trade war
Rocket Lab’s decision to engage in substantial foreign investment and diversify its operations across the US, New Zealand, Canada and Europe gives it flexibility in responding to the US-initiated trade war.
The current and possible future US tariffs have created uncertainty for investors. Along with retaliatory measures by China and other nations, these developments have significant consequences for space firms.
Companies in this field rely on globally sourced components (for example, semiconductors and electronic components) and materials such as steel and specialised fuel for their operations.
Firms based in just one location can suffer from tariffs or retaliatory restrictions. But those with operations in several countries — especially in more neutral countries such as New Zealand and some Southeast Asian nations — may benefit from geopolitical tensions. Geostrategic diversification gives them more options, including less risky locations for operations, trade and investments in the space sector.
A recent Deloitte report noted that companies in the space ecosystem may prefer to look for launch sites and satellite providers on neutral ground.
Initiatives are already emerging in Indonesia and Malaysia to construct commercial spaceports and attract investment in satellite manufacturing.
The benefits of being neutral
The rising geopolitical tensions mean new space firms from relatively neutral countries such as New Zealand are increasingly aligning with national defence priorities. The emerging hybrid space economy is, in some ways, a response to this global power realignment.
New Zealand has historically sought to balance strong trade ties with China, its largest trading partner, with security cooperation with the US as part of the Five Eyes intelligence alliance. But recent developments have prompted a reassessment.
Notably, the presence of Chinese warships in the Tasman Sea and upheavals in the global security climate after Russia’s invasion of Ukraine has led to a review of New Zealand’s defence posture.
Earlier this year, Rocket Lab also declared it was “ready to serve the Pentagon”. For example, it secured contracts worth about US$500 million to launch a satellite from New Zealand for BlackSky, a US-based space-based intelligence provider.
Rocket Lab also became one of five launch companies invited to compete for missions under the US National Security Space Launch program. This program puts the most valuable military and spy satellites into orbit, worth up to US$6 billion of Pentagon contracts in the next few years.
Ongoing economic strife and possible military conflicts have important implications for the strategies of new space firms and the policies of nations seeking space investment.
New space firms may redirect their investment to countries where their main customers are located (for example, the US or European Union) or to neutral countries less affected by geopolitical tensions (for example, New Zealand). This allows them to diversify and reduce exposure to tariffs and other restrictions.
In New Zealand, this may mean more government investment not only by Rocket Lab, but also involvement by other industry players from the US, Japan or Europe.
Commercial opportunities in the new space sector will remain. But the shape of the sector may move towards a more hybrid space, recognising both commercial and national security interests in times of economic war.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
When Prime Minister Anthony Albanese steps into St Peter’s Square for the inaugural Mass of Pope Leo XIV on Sunday, the optics will be far more than pious courtesy.
For a day, the Vatican will temporarily be the world’s premier diplomatic stage. And a canny Australian leader can use such an occasion to advance domestic and foreign policy agendas simultaneously.
Faith optics and domestic politics
Albanese has lately spoken of “reconnecting” with his Catholic heritage. He called the election of the US-born pontiff “momentous” for believers and non-believers alike.
In multicultural Australia, where roughly one in four citizens identifies as Catholic, Albanese’s trip to the Vatican allows him to reassure a core constituency that sometimes feels politically overlooked: Catholics.
This signalling costs Albanese nothing. Yet, it helps to boost Labor’s broader narrative of inclusion and respect for faith communities.
St Peter’s Square as a diplomatic crossroads
The inaugural mass will also attract a rare concentration of global powerbrokers in one square kilometre. The head-of-state guest list is still fluid, but several confirmations make the trip worth Albanese’s while.
The Australian has reported that Albanese hopes to bend the ear of European Commission President Ursula von der Leyen and European Council President António Costa.
Albanese will also get a chance to meet Prince Edward, who will represent King Charles III, as well as his newly elected counterpart in Canada, Prime Minister Mark Carney.
Ukrainian President Volodymyr Zelensky is also expected to attend after a week of overtures to the new pope concerning Kyiv’s quest for a just peace in its war with Russia.
Speculation was swirling around the possibility of US President Donald Trump returning to Rome, fresh from his high-visibility appearance at Pope Francis’s funeral on April 26.
For Albanese, a corridor encounter with Vance would allow him to set a personal tone before his expected visit to Washington later this year, without the media glare that accompanies an Oval Office photo-op.
Why leaders flock to the Vatican
Some commentators may frame the attendance of world leaders at the mass cynically: a chance to use a sacred event for their own political purposes.
Yet, politicians have long been a fixture at papal events. Such participation is hardly exceptional. It reflects a centuries-old dynamic in which those with temporal political power seek moral sanction, and the papacy demonstrates its enduring capacity to convene the political order.
First, it is a neutral micro-state whose moral authority can confer legitimacy on secular, political initiatives. Consider, for example, John Paul II’s role in Poland’s democratic revolution.
Second, the Holy See’s diplomatic corps is the world’s oldest continuous foreign service. It boasts diplomatic relations with 184 states, including Palestine and Taiwan (one of a dozen states in the world to do so).
Although every pontiff is first and foremost the universal pastor of the Catholic Church, the Lateran Treaty of 1929 also endowed him with full sovereignty over the territory of Vatican City.
The pope’s head-of-state status is most visible at multilateral forums. In 2024, for instance, Pope Francis became the first pontiff to address a G7 summit, speaking in a special session on artificial intelligence.
He also had a string of bilateral meetings on the sidelines with the leaders of the United States, Ukraine, France, Brazil, Turkey, Canada and India, among others.
When a pope travels, host governments roll out the symbols of a state visit, though the Vatican insists on calling such trips “apostolic journeys”. Conversely, when foreign leaders come to Rome, they are received in the pope’s own apartments, not in a government palace. These meetings therefore take on a spiritual, as well as political, cast.
In short, the pope moves with ease between being a shepherd and sovereign. His spiritual authority opens doors for dialogue, while his head-of-state status allows him to receive ambassadors, sign treaties and sit across the table from presidents and prime ministers.
The result is a singular blend of moral voice and diplomatic reach unmatched in global affairs.
Pragmatic statecraft under the colonnade
For a middle-power such as Australia, dialogue between a prime minister and a pope can have a multiplier top-down effect. These discussions often echo across chancelleries in the Global South, especially in Catholic Latin America and the Philippines. These are both priority markets for Australian education and green-hydrogen exports.
In Rome, Albanese can also affirm Australia’s commitment to multilateralism at a moment when Indo-Pacific tensions have nudged Canberra towards increased defence spending and an over-militarised image. The sacred stage permits a softer register: diplomacy as dialogue, not deterrence.
When the incense clears on Sunday, most viewers will remember the pageantry: the fisherman’s ring (a gold signet ring cast for each new pope), the pallium (the white woollen band draped over the pope’s shoulders during mass), and the roar of 100,000 pilgrims.
Yet, the quieter choreography in the diplomatic boxes may shape trade flows, security partnerships and refugee corridors for years.
Albanese appears to have recognised this rare alchemy. Showing up in Rome is pragmatic statecraft, executed under Bernini’s colonnade. This is where religious and political figures have long mingled — and will continue to do so as long as popes and prime minister seize the moment.
Darius von Guttner Sporzynski 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.
This week, on his tour of the Middle East, United States President Donald Trump unveiled a suite of new deals with Saudi Arabia.
Trump claimed the deals were worth more than US$1 trillion (A$1.5 trillion). This is likely an overestimate. What’s less murky is that many of these deals involve the development of artificial intelligence (AI) technology.
This news came shortly after Saudi Arabia’s Crown Prince and de facto ruler, Mohammed bin Salman, launched a new company known as Humain to develop and manage AI. The company is part of Saudi Arabia’s state-run investment firm, and is seeking to create powerful Arabic large language models. This would be significant for the more than 450 million people who speak Arabic around the world.
The country has been criticised by Human Rights Watch for human rights issues, including suppressing free speech and targeting government critics.
In one extreme example, in October 2018, one of the government’s most vocal critics, Washington Post columnist Jamal Khashoggi, was assassinated at the Saudi consulate in Istanbul, Turkey. A 2021 US intelligence report concluded Mohammed bin Salman approved the assassination.
Saudi Arabia is expanding its efforts to extend economic opportunities while positioning the country at the forefront of global AI innovation. According to the Global AI Index, the country’s public AI spending commitments significantly outrank those of the US and China, totalling more than $40 billion over the next decade.
The newly-launched AI company, Humain, is at the centre of Saudi Arabia’s efforts to become a global AI hub.
This week the company announced a partnership with NVIDIA, which develops special computer chips known as graphic processing units – or GPUs – for AI. NVIDIA will support the creation of AI data centres in Saudi Arabia by exporting “several hundred thousand” of its most advanced GPUs over the next five years.
Humain will also deploy an AI platform developed by NVIDIA to enable industries to create digital twins. These are virtual replicas of physical environments that aim to enhance efficiency and sustainability.
Alongside its partnership with NVIDIA, Humain also announced a new US$5 billion partnership with Amazon Web Services. This will help build a suite of AI infrastructure in Saudi Arabia.
More broadly, Saudi Arabia is embedding AI into urban development. The technology is at the heart of its megacity development known as The Line. AI is also being deployed to streamline traffic systems and enhance energy efficiency.
This is something the general public in Saudi Arabia support. For example, a 2022 survey by Ipsos found 76% of adults in Saudi Arabia believed that products and services using AI have more benefits than drawbacks. This compared to a global country average of 52%.
Nonprofit organisation Freedom House says the monarchy that governs Saudi Arabia restricts almost all political rights and civil liberties. Chaudhary Umair Ahmad/Shutterstock
For example, the country reportedly used spyware on devices belonging to Jamal Khashoggi’s relatives in the lead up to his murder.
The Line will also incorporate digital tracking systems of citizens. This has led some critics to describe it as a “surveillance city”.
With the country’s track record in mind, the huge expansion of Saudi Arabia’s AI capabilities creates further opportunities for the regime to use the technology in ways that could be of concern.
In a 2024 paper political scientist Nayera Mohamed Hamed Ibrahim described AI in Saudi Arabia as being a “digital authoritarian tool” which further entrenched the absolute power of the monarchy and its control over civilian life.
The technology risks becoming an even more powerful digital authoritarian tool in Saudi Arabia as the country continues its march to becoming one of the world’s biggest developers of AI.
Niusha Shafiabady 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.
Source: Hong Kong Government special administrative region
The Government published in the Gazette today (May 16) the Land Registration Fees (Amendment) Regulation 2025 (the Amendment Regulation) to revise the fees for registration services provided by the Land Registry Trading Fund.
The types of fees to be revised include: (i) registration of instruments including assignment and mortgage; (ii) registration of agreement for sale and purchase; (iii) registration of lease, agreement for a lease, or renewal or surrender of a lease; (iv) registration of other instruments; and (v) registration of instruments whereby any charge or mortgage on any share or interest in any property is assigned or transferred.
A Government spokesman said, “The above-mentioned five types of fees have not been adjusted for almost 30 years and are significantly under-recovered. The Government has reviewed and adjusted the relevant fees in accordance with the established mechanism and ‘user pays’ principle. The revised fees are set at levels generally adequate for recovering the full costs of providing the services. In order for the affected parties to adapt to the fee revisions progressively, we propose to increase the above-mentioned fees in three phases in the financial years of 2025-26, 2026-27 and 2027-28 respectively, with the increases ranging from around 15 per cent to around 35 per cent in each phase. Among them, registration fee types (i) and (ii) are related to conveyancing transactions. After the fee revisions, the increase in registration fees is still limited compared with the overall costs involved in a typical property conveyancing transaction including property price, stamp duty, and fees for conveyancing solicitors and estate agents. Regarding the other three types of non-conveyancing related registration fees, the payers are primarily corporate clients and financial institutions. It is anticipated that the impact of the fee revisions will be manageable to them.” The revised fees can be viewed from the Land Registry’s website (www.landreg.gov.hk/en/new/fee.htm).
The Amendment Regulation was published in the Gazette today and will be tabled at the Legislative Council (LegCo) next Wednesday (May 21). Subject to approval of the Amendment Regulation by the LegCo by negative vetting, the revised fees will come into effect in three phases on July 16, 2025, July 1, 2026, and July 1, 2027, respectively.
Source: The Conversation – Global Perspectives – By Mireille Rebeiz, Chair of Middle East Studies and Associate Professor of Francophone and Women’s, Gender and Sexuality Studies, Dickinson College
Within a span of two weeks from late April to early May 2025, Israel launched two aerial attacks ostensibly targeting Hezbollah in Lebanon: The first, on April 27, struck a building in Beirut’s southern suburbs; the second, an assault in southern Lebanon, left one person dead and eight others injured.
While the attacks may not be an aberration in the long history of Israel’s military action in Lebanon, the latest episodes were notable given the context: Israel and Hezbollah have been nominally locked in a truce for five months.
As an expert on Lebanese history and culture, I believe the latest violations clearly show the fragility of that ceasefire. But more importantly, they complicate the Lebanese government’s mission of disarming Hezbollah, the paramilitary group that remains a powerful force in the country despite a series of Israeli targeted killings of its senior members. That task forms the backbone of a nearly 20-year-old United Nations resolution meant to bring lasting peace to Lebanon.
The long road to a ceasefire
In the aftermath of Hamas’ attack on Israel on Oct. 7, 2023, Hezbollah vowed solidarity with the Palestinian movement, resulting in a running series of tit-for-tat attacks with Israel that escalated into a full-blown war in the fall of 2024.
On Oct. 1, 2024, Israel invaded Lebanon – the sixth time since 1978 – in order to directly confront Hezbollah. That operation led to the killing of an estimated 3,800 Lebanese people and the displacement of over 1 million civilians. The damage to Lebanon’s economy is estimated at US$14 billion, according to the World Bank.
Hezbollah lost a lot of its fighters, arsenal and popular support as a result. More importantly, these losses discredited Hezbollah’s claim that it alone can guarantee Lebanon’s territorial integrity against Israel’s invasion.
The United States and France brokered a ceasefire between Hezbollah and Israel on Nov. 27, 2024. The agreement was based in part on United Nations Security Council Resolution 1701, which was adopted in 2006 to end that year’s 34-day war between Israel and Hezbollah. The resolution had as a central tenet the disarmament of armed militias, including Hezbollah, and the withdrawal of Israeli forces from Lebanon.
The 2024 ceasefire built on that resolution. It required Hezbollah’s retreat beyond the Litani River, which at its closest point is about 20 miles from northern Israel. In return, and by February 2025, Israel was to gradually withdraw from Lebanese territories in order to allow the Lebanese army to take control of areas in the south and to confiscate all unauthorized weapons – a nod to Hezbollah’s arsenal.
Despite these violations, large-scale war between Israel and Hezbollah has not resumed. But the next step, a lasting peace based on the laying down of Hezbollah arms, is complicated by a series of factors, not least the sectarian nature of Lebanese politics.
Since its inception in 1920, Lebanon’s governance has been defined by a polarized and formally sectarian political system, which seeded the roots of a decades-long civil conflict that began in 1975. A series of invasions by Israel in response to attacks from Lebanese-based Palestinian groups exacerbated sectarianism and instability.
The Taif Agreement, ending Lebanon’s civil war in 1989, formally recognized the state’s right to resist the Israeli occupation of Lebanese territories – and with it Hezbollah’s presence as a force of resistance. An uneasy coexistence between the government and Hezbollah emerged, which often spilled over into violence, including assassinations of important public figures.
A view from the southern Lebanese district of Marjeyoun shows smoke billowing from the site of Israeli airstrikes on May 8, 2025. Rabih Daher/AFP via Getty Images
The acquiescence of Hezbollah and its allies was in part a sign of how much the power of the Shiite militia had been diminished by Israel during the conflict.
But it is also the result of a widespread general understanding in Lebanon of the need to end the humanitarian crisis caused by Israel’s war. The new president has brought much-needed hope to a battered country – one that has been plagued by numerous crises, including a collapsed economy that by 2019 had pushed 80% of the population into poverty.
But Aoun’s presidency signals the changing political environment in another key way; unlike his predecessors, Aoun has not endorsed Hezbollah as a legitimate resistance movement.
To this end, Aoun has made impressive gains. According to state officials, the Lebanese army had by the end of April 2025 dismantled over 90% of Hezbollah’s infrastructure south of the Litani River and taken control over these sites.
Yet Hezbollah’s chief, Naim Kassem, doggedly rejects calls to disarm and integrate the group’s fighters into the Lebanese armed forces.
Even in Hezbollah’s weakened position, Kassem believes only his movement, and not the Lebanese state, can guarantee Lebanon’s safety against Israel. And Israel violations of the ceasefire only play into this narrative.
“We will not allow anyone to remove Hezbollah’s weapons,” Kassem said after one recent airstrike, vowing that the group would hand over weapons only when Israel withdrew from southern Lebanon and ended it’s air incursions.
Yet countries including the United States and Qatar – not to mention Israel – consider Hezbollah’s disarmament a prerequisite to both peace and much-needed international assistance.
And this makes the task ahead for Aoun difficult. He will be well aware that international aid is desperately needed. But pressing too hard to accommodate either Israel’s or Hezbollah’s interests risks, respectively, exacerbating either domestic political pressures or jeopardizing future foreign investment.
To complicate matters further, the situation in Lebanon is hardly helped by developments in neighboring Syria.
The fall of Syrian President Bashar Assad in December 2024 has added another element of regional uncertainty and the fear in Lebanon of further sectarian violence. Although Syria’s new leader, Ahmed al-Sharaa, has vowed to protect all religious groups, he was not able to prevent the massacre of Alawite civilians in several coastal towns – an attack that triggered a fresh wave of refugees heading toward Lebanon.
The removal of Assad was another blow for Hezbollah, a strong Assad ally that benefited from years of Syrian interference in Lebanon.
The challenge of international relations
For now, a return to full-scale war in Lebanon does not appear to be on the table.
But what comes next for Lebanon and Hezbollah depends on many factors, not least the state of Israel’s ongoing war on Gaza and any spillover into Lebanon. But the actions of other regional actors, notably Saudi Arabia and Iran, matter too. Should Saudi Arabia be encouraged down the path of normalizing relations with Israel – a process interrupted by the Oct. 7 attack – then it would impact Lebanon in many ways.
Meanwhile, Iran, too, is seemingly turning to diplomatic means to address some of its regional issues, with nascent moves to both improve ties with Saudi Arabia and forge forward with a new nuclear deal with the U.S. This could see Tehran turn away from a policy of trying to impose its influence throughout the region by arming groups aligned with Tehran – first among them, Hezbollah.
Mireille Rebeiz is affiliated with the American Red Cross.
Source: Novosibirsk State University – Novosibirsk State University –
The Advanced Engineering School “Cognitive Engineering” of Novosibirsk State University presented the results of its work for 2024 and long-term development plans at the Council for the consideration of issues and coordination of the activities of the Advanced Engineering School chaired by the head of the Ministry of Education and Science of Russia Valery Falkov.
The flagship project of the Ministry of Education and Science “Advanced Engineering Schools” has been implemented since 2022. Currently, 50 such schools have been created within its framework, and by 2030, on the instructions of Russian President Vladimir Putin, their number should be increased to 100. Thanks to this program, new competence centers in the fields of biotechnology, oil and gas engineering, space instrumentation, optical sensors and closed-loop technologies have appeared at NSU. Students of the Advanced Engineering Schools study in 5 master’s programs of NSU and 6 network educational programs of higher education created jointly with NSTU, NSAU, Ufa State Petroleum Technological University.
Starting this year, the first 30 schools from 15 regions, including NSU PISh, are moving to a new stage of financing under the terms of the project – after three years of budget financing, they will move to off-budget financing and will operate at the expense of funds attracted from industrial partners and other competitive programs of the Ministry of Education and Science of Russia.
— The first 30 advanced engineering schools are moving to a new qualitative level of development. The results presented by the university teams show that together we have managed to create an effective model for integrating education, science and production. The next stage for the first wave of schools will be scaling up their activities. Everything necessary for this is available: modern equipment, competencies, established contacts with industrial partners. It is important that regional authorities pay great attention to the development of advanced engineering schools in their cities, understanding their value for strengthening relations between higher education and the real sector of the economy, — emphasized the head of the Russian Ministry of Education and Science Valery Falkov.
At the defense of the results of the work, Novosibirsk State University was represented by the Vice-Rector for Research Activities of NSU Dmitry Churkin, the Director of the NSU Cognitive Engineering School Sergey Golovin, the Deputy General Director for Expertise and Functional Development of Gazpromneft NTC LLC Veronika Filimonova, the founder of Sibsensor LLC Ivan Shelemba, and a graduate and junior research fellow of the NSU Cognitive Engineering School Stepan Karmushin.
The NSU Advanced Engineering School presented key results of its activities over 3 years of work. During this time, a number of new educational spaces were created at the NSU Advanced Engineering School: three laboratories in the field of biotechnology, a research and testing laboratory in optical sensorics, a digital factory and fab lab in the field of space instrumentation, a fab lab in chemical synthesis, as well as a VR studio and coworking for project work. The involvement of leading specialists in the activities of the laboratories and good equipment allows students and employees to work at the cutting edge of technological developments.
The main achievements and contribution of the NSU Advanced Engineering School to the process of scientific and technological development of the country were highlighted by the director of the NSU Advanced Engineering School, Sergei Valerievich Golovin:
— The main result of 2024 is the completion of the formation of technology platforms for the development of new products and the implementation of educational programs. New centers for biotechnology, optical sensorics, closed-loop technologies have been created, and existing divisions in the field of space instrumentation and oil and gas technologies are implementing new large projects. Among the achievements of the past year: the creation of a digital factory of small spacecraft and the production of the first commercial CubeSat satellites, the development of new equipment and methods for express diagnostics of the state of permafrost soils, the development of a reagent base for high-performance DNA and RNA sequencing with subsequent data processing using multifunctional software, the creation of a unique metrology complex for fiber-optic sensors. The creation of the PIS gave a new impetus to work with schoolchildren on their early career guidance and involvement in science and technology.
Project work in the competence centers of the PIS or in the framework of industrial partners on applied tasks to be solved is the basis of student training. The opportunity to interact at the training stage with the competence centers of the PIS NSU, scientific organizations, private technology businesses and large companies forms a holistic picture of the possibilities for further employment or the creation of their own technology business for students.
— Novosibirsk State University is one of the key partners in our ecosystem. Together, we implement projects in the field of geological exploration, production and development of science-intensive software, including the use of mathematical modeling and artificial intelligence methods. Particular attention is paid to the integration of fundamental science into solving current industry problems. NSU students undergo training in our master’s programs and participate in practical work in the company’s scientific division. This cooperation opens up new prospects for the development of engineering education and technology, — Veronika Filimonova, Deputy General Director for Expertise and Functional Development of Gazpromneft NTC LLC, spoke about the training of new generation engineers and the projects implemented jointly with the PISH partner.
The implementation of the socio-economic development initiative “Advanced Engineering Schools” in the period from 2022 to 2024 was carried out within the framework of the federal project “Advanced Engineering Schools” of the state program “Scientific and Technological Development of the Russian Federation”. Since 2025, the continuity of the activities of the project “Advanced Engineering Schools” was ensured by including them in the federal project “Universities for the Generation of Leaders” of the national project “Youth and Children”.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
In the underwriting auction conducted on May 16, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
The domestic benchmark indices opened lower on Friday amid mixed global cues, with selling pressure seen in the IT, financial services, and pharma sectors during early trade.
At around 9:29 a.m., the Sensex was trading 231.64 points, or 0.28 per cent, lower at 82,299.10, while the Nifty declined 49.95 points, or 0.20 per cent, to 25,012.15.
The Nifty Bank index was down 52.40 points, or 0.09 per cent, at 55,303.20. Meanwhile, the Nifty Midcap 100 was trading at 56,700.05, up 169.20 points, or 0.30 per cent. The Nifty Smallcap 100 index stood at 17,318.40, having risen 78.45 points, or 0.46 per cent.
According to analysts, from a technical perspective, the Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.
Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.
Among the Sensex constituents, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech, and M&M were the top losers. On the other hand, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki, and Axis Bank emerged as the top gainers.
In the broader Asian markets, China, Hong Kong, and Japan were trading in the red, whereas Bangkok, Jakarta, and Seoul were in the green.
In the previous trading session, the Dow Jones Industrial Average in the U.S. closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93, while the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.
April’s economic data presented a mixed picture of the U.S. economy. The Producer Price Index (PPI) unexpectedly declined by 0.5 per cent, significantly diverging from economists’ expectations of a 0.2 per cent increase. This drop suggests easing inflationary pressures at the wholesale level, according to experts.
On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth ₹5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth ₹1,668.47 crore.
Source: The Conversation (Au and NZ) – By Amali Cooray, PhD Candidate in Genetic Engineering and Cancer, WEHI (Walter and Eliza Hall Institute of Medical Research)
In the 2000s, biotech company Theranos promised to revolutionise blood testing. Founder Elizabeth Holmes claimed Theranos technology could perform hundreds of tests using just a finger-prick drop of blood. If true, their diagnostics would be faster, cheaper and more accessible.
Theranos raised hundreds of millions of dollars from investors and was valued at more than US$9 billion in 2015.
However, the technology never worked, leading to one of the biggest scandals in biotech history. Theranos was secretly using traditional machines to run many tests, then claiming the results came from its own (non-functional) device. Holmes was eventually convicted of fraud and sentenced to 11 years in prison.
Today, a new startup, Haemanthus, claims to have developed a similar technology. Co-founded by Billy Evans (Holmes’ partner), this new company says it can detect and diagnose illnesses using tiny amounts of blood, urine, or even saliva.
While technology has advanced since Theranos’ time, it’s important to consider these claims carefully.
Clinicians and lab techs can currently detect many conditions with blood, and some with urine or saliva. These are an important tools in modern medicine. However, the volumes required are usually much greater than a few drops or a dab.
What can blood detect?
Blood circulates through all organs, transporting cells, nutrients, hormones and waste products. Blood tests collect several millilitres of blood from a vein and send this to a laboratory for analysis.
Blood tests can check if a person has signs of infection or disease, to monitor organ function, or to show how a person is responding to medical treatment. Blood tests are widely used to monitor heart disease, diabetes, kidney disease, or deficiencies in iron or vitamins.
A significant proportion of medical decisions are based on laboratory analysis of blood tests. Making them more affordable and accessible would have great benefits.
What about urine?
Urine is produced by the kidneys and contains waste filtered from the blood. The colour and composition of urine gives you a snapshot of any problems the body might be trying to fix.
Urine analysis can detect urinary tract infections, kidney disorders, diabetes and liver diseases by measuring sugars, proteins and cells.
As urine tests are non-invasive and easy to administer, they can be used to quickly screen for some conditions.
However, factors such as how much you’ve had to drink and what you’ve eaten can influence urine composition, potentially affecting test results.
Saliva can also be used for diagnoses
Saliva is the clear, watery liquid produced by salivary glands in the mouth. It’s mostly water (around 99%), but also contains various substances such as hormones, antibodies, enzymes, DNA, RNA and metabolites.
Saliva testing is already used in clinical settings to detect HIV antibodies, monitor levels of cortisol (a marker of stress) and to diagnose viral infections such as COVID.
The potential of saliva as another non-invasive diagnostic tool is growing, especially as researchers identify more markers of disease that it can contain.
However, saliva production varies between individuals. The composition of saliva can be impacted by what you eat and drink, the time of day, or even stress. These variations can limit how consistent and reliable saliva can be for making a diagnosis.
But how much of it do you need?
While diagnosing diseases using bodily fluids isn’t new, Haemanthus and other startups differentiate themselves by aiming (and claiming) to need only small amounts for multiple tests: a drop of blood, a swab of saliva, or a few milliliters of urine. This would mean faster, cheaper, more convenient tests that cause less discomfort.
But there are physical limitations of small samples. Many diagnostic markers (called biomarkers) are only present in very low amounts in our body fluids.
When the sample amount decreases, so do the amounts of the biomarkers, making it harder to detect them reliably. This is particularly true for biomarkers such as hormones, cancer markers, or early-stage disease indicators.
What can you detect with a few drops?
Of course, some conditions can be diagnosed using small samples, but generally only one condition is tested for with each small sample, unlike the claims of companies like Theranos.
Finger-prick blood samples, for example, can monitor blood glucose levels of people with diabetes.
The specific biomarkers for these conditions can be reliably detectable in small amounts of fluid.
To diagnose more complex conditions, or even unknown conditions, multiple tests may be required, each needing different sample preparations. This requires both volume and precision – two things tests with small sample volumes struggle to deliver.
What happens next?
While the idea of diagnosing illnesses with small fluid samples is promising, especially for remote or resource-limited settings, the science suggests we should be cautious.
Most human diseases are complicated, and we usually need comprehensive testing approaches to diagnose them. Relying only on small fluid samples could lead to misdiagnosis, delayed treatments, or unnecessary interventions.
John (Eddie) La Marca receives funding from Cancer Council Victoria. He is affiliated with the Olivia Newton-John Cancer Research Institute and the Walter and Eliza Hall Institute of Medical Research.
Sarah Diepstraten receives funding from Cure Cancer Australia and My Room Children’s Cancer Charity.
Amali Cooray 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.
Source: People’s Republic of China – State Council News
China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year, almost tripling the current number, as the country continues to boost inbound tourism and consumption, a senior official said.
By the end of last year, China had more than 3,700 stores nationwide available for tax refunds for overseas visitors, adding more than 600 stores over the previous year, the Ministry of Commerce said.
Promoting inbound consumption serves as an important lever to help vigorously boost consumption, and it holds great growth potential. It will also help offset the impact of additional tariffs to a certain extent, said Sheng Qiuping, vice-minister of commerce, during a conference on Thursday in Beijing.
China will continue to optimize the layout of tax refund stores, and encourage various regions to set up such stores in major commercial complexes, shopping streets, tourist attractions, resorts, cultural and museum venues, airports, passenger ports, hotels and other places where overseas tourists gather, according to a guideline issued by the Ministry of Commerce and five other departments in late April.
The country has lowered the starting point for tax refunds from 500 yuan ($69.3) to 200 yuan and doubled the limit for cash refunds from 10,000 yuan to 20,000 yuan.
In addition, the country will relax the registration requirements for retailers to become tax refund stores, allowing newly opened shops that have been established for less than a year to apply to become tax refund shops, and the filing time has been shortened to within five working days, the guideline said.
“Tax refund stores are also encouraged to broaden product offerings to include time-honored brands, renowned Chinese consumer goods, smart devices, intangible cultural heritage items, crafts and specialty products,” Sheng said.
Globally, Japan has more than 60,000 stores that are available for tax refunds for overseas visitors, and South Korea has some 20,000 such stores. France, Germany and Italy each have over 10,000 such stores. The number of such stores in China is far from enough, the Ministry of Commerce said.
Last year, the total expenditure of inbound tourists in China reached $94.2 billion, accounting for 0.5 percent of China’s GDP, which is lower than the proportions of 1 percent to 3 percent for major countries in the world, said the commerce ministry.
“Accelerating the promotion of the tax refund policy will help reduce shopping costs for overseas travelers and inject new impetus to boost consumption. This is an important measure for China to cope with external uncertainties,” Sheng said.
China has been opening its doors wider to international travelers. In 2024, the country expanded its unilateral visa-free policy to include 38 countries, allowing visits of up to 30 days, according to the National Immigration Administration.
Multiple favorable policies have helped significantly boost inbound consumption. During the recent five-day May Day holiday, the country saw the number of inbound and outbound passenger trips of foreign visitors exceed 1.1 million, up 43.1 percent year-on-year, said the National Immigration Administration.
Shanghai, one of the cities with the highest concentration of foreign tourists, said inbound consumption has become an important lever for it to actively respond to the trade frictions between China and the United States, and promoting inbound consumption will help the city to build itself into an international consumption center.
Source: People’s Republic of China – State Council News
People talk at a business event in Tel Aviv, Israel, on May 15, 2025. The business event aimed at promoting cooperation between Chinese and Israeli enterprises in the life and health industry was held on Thursday in Tel Aviv, Israel’s economic hub. [Photo/Xinhua]
A business event aimed at promoting cooperation between Chinese and Israeli enterprises in the life and health industry was held on Thursday in Tel Aviv, Israel’s economic hub.
The event, organized by the China-Israel Changzhou Innovation Park, brought together over 100 representatives from the government and the business, technology, and medical sectors of both countries. During the event, Chinese and Israeli companies inked agreements on technological cooperation, and several Israeli firms signed deals to join the innovation park.
Speaking at the event, Chinese Ambassador to Israel Xiao Junzheng emphasized that technological innovation is a key driver of the healthy development of China-Israel relations.
He said that China, boasting a vast, unified market, a comprehensive industrial system, and a growing innovation ecosystem, complements Israel’s strengths in original research and its well-established innovation environment.
Shen Dong, a senior official from east China’s Changzhou city, home to the innovation park, said the park has become a “key window” for China-Israel scientific cooperation over the past decade, particularly in the health sector. He noted that it has attracted nearly 300 Israeli companies and joint ventures.
Source: People’s Republic of China – State Council News
People shop at a Walmart store in Rosemead, California, the United States, on May 15, 2025. Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers. [Photo/Xinhua]
Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers.
While the company beat earnings estimates, Walmart CEO Doug McMillon warned that current tariff levels — despite a temporary reduction on Chinese imports — are “still too high” for Walmart or its suppliers to fully absorb.
“We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon said Thursday on an earnings call. “The higher tariffs will result in higher prices,” he said.
Walmart’s revenue for the quarter totaled 165.61 billion U.S. dollars, up 2.5 percent from a year ago but slightly below analysts’ expectations of 165.84 billion dollars. Adjusted earnings per share came in at 61 cents, beating the forecast of 58 cents. Net income declined to 4.49 billion from 5.10 billion dollars a year earlier.
While Walmart achieved its first profitable quarter for its e-commerce operations both in the United States and globally, concerns about future pricing overshadowed the milestone. Tariffs on Chinese imports, particularly in categories like toys and electronics, continue to exert pressure, as do duties on products from countries like Costa Rica, Peru, and Colombia, which have affected prices for items such as coffee, bananas, avocados, and roses.
“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Walmart Chief Financial Officer John David Rainey told CNBC. “It’s more than any supplier can absorb. And so I’m concerned that consumers are going to start seeing higher prices.”
Rainey said the impact would likely start to show toward the end of May and become more noticeable in June. Walmart is working closely with suppliers to maintain value but admitted the speed and scale of cost increases are “a little bit unprecedented.”
Trade policy remains a significant uncertainty, with about one-third of Walmart’s U.S. merchandise imported from countries including China, Mexico, and Vietnam. While Walmart has not canceled any orders due to tariff concerns, it has scaled back the size of certain shipments to adjust for anticipated changes in consumer demand tied to higher prices. Tariffs have already driven up prices on items like mattresses, toys, and strollers, contributing to higher costs for both businesses and consumers.
According to the Federal Reserve, tariffs have added approximately 0.3 percent to overall prices this year. In response, some companies are raising prices across their product lines, while others are targeting specific items. Many are choosing to remove high-cost products from their offerings altogether, rather than risk losing sales due to price resistance or being undercut by competitors.
Despite these challenges, Walmart reported decent performance last quarter. Comparable store sales rose 4.5 percent, largely driven by gains in its grocery segment. The company also reported increased spending from higher-income customers. Walmart maintained its full-year guidance, projecting sales growth of 3.5 percent to 4.5 percent for the current quarter, although it did not provide updated profit forecasts due to the volatility in trade policy. The company’s shares fell slightly in Thursday trading, reflecting investor caution amid the pricing pressures.
Bank of America analyst Robert Ohmes noted this week that Walmart is “well positioned to manage tariffs,” thanks to its strong supplier relationships and commitment to low prices. Unlike many of its competitors, Walmart sources only about 15 percent of its merchandise from China, reducing its exposure to tariff-related cost spikes. Additionally, roughly 60 percent of Walmart’s inventory consists of groceries, the majority of which are sourced domestically.
Source: People’s Republic of China – State Council News
Hungarian Prime Minister Viktor Orban (L) and BYD’s Chairman and CEO Wang Chuanfu attend a press conference in Budapest, Hungary, on May 15, 2025. [Photo/Xinhua]
Chinese investments have become an “indispensable engine” of Hungary’s economic growth, Hungarian Prime Minister Viktor Orban said on Thursday.
Orban made the remarks here at a press conference announcing Chinese leading electric vehicle manufacturer BYD’s decision to base its European business headquarters and a new research and development center in Budapest.
“We are living in a time of transformation,” said Orban. “New technologies, new consumer demands, and new manufacturers have emerged. And we Hungarians do not want to be left out of this new era. That’s why we made a strategic decision: the Hungarian industry must join the age of electromobility.”
Orban said that Hungary cannot enter this new technological era alone. “We need partners. And we can only enter this new era if there is Chinese-Hungarian strategic cooperation, because China leads in this industry’s technology.”
Orban also underscored Hungary’s “connectivity strategy.” “Hungary aspires to be a meeting point for Eastern and Western capital, trade, and innovation,” he said.
In the past decade, Hungary’s trade volumes have doubled, and China consistently ranks among the country’s top three investors. “In some years, China has even been the number one investor in Hungary,” Orban said. “This means Chinese investments have become an important, even indispensable engine of Hungarian economic growth.”
The prime minister also highlighted major infrastructure projects supported by Chinese cooperation, such as the Budapest-Belgrade railway. “China plays a crucial role in financing Hungary’s modernization,” he said.
Commenting on broader relations between the European Union (EU) and China, Orban said, “We believe we must return to economic cooperation based on mutual respect and look forward to the opening of new chapters in EU-China cooperation.”
The BYD project will create 2,000 jobs, mostly for university-trained engineers. It also includes strategic partnerships with Hungarian universities and vocational institutions, aiming to link research and development efforts with local talent.
BYD’s Chairman and CEO Wang Chuanfu highlighted Hungary’s advantageous location, deep-rooted automotive industry, and developed infrastructure as key factors behind the company’s decision. “Hungary lies at the heart of Europe, with a mature industrial base that has attracted many global automakers,” Wang said.
Source: People’s Republic of China – State Council News
The fourth Changsha International Construction Equipment Exhibition (CICEE) opened on Thursday in the central Chinese city of Changsha, bringing together over 1,800 global exhibitors to showcase cutting-edge machinery and technologies that are shaping the industry’s future.
This year’s exhibition, themed “High-end, Intelligent, and Green,” has seen the participation of global industry leaders such as Caterpillar and Hitachi Construction Machinery, as well as Chinese construction machinery giants like Sany and Zoomlion.
Exhibitors are showcasing new-energy machinery, unmanned technology and other high-end equipment across an exhibition space of about 300,000 square meters. Exhibits cover equipment used in the fields of construction, emergency rescue, mining, agriculture and transportation.
Some 760 international buyers from over 20 countries and regions are also attending to explore procurement opportunities.
Tsunetaka Mori, Hitachi Construction Machinery’s representative in China, told the opening ceremony that the CICEE has grown into a globally renowned industry event and a world-class platform for market participants over the years.
Noting that the Chinese market remains a top priority in Hitachi’s global strategy, Mori said the company will ramp up its investments in China and provide stronger technology and resource support.
This year’s CICEE, scheduled to run through Sunday, also features a slate of forums, technical exchange events and business-matching activities.
China’s machinery industry posted a steady performance in 2024, buoyed by the country’s large-scale equipment upgrade program and a slew of incremental pro-growth policies. According to the China Machinery Industry Federation, the added value of major machinery enterprises increased 6 percent in 2024 when compared to the previous year. Major enterprises are those with an annual main business revenue of 20 million yuan or more (about 2.78 million U.S. dollars).
Changsha, the capital of central China’s Hunan Province, is known as a construction machinery manufacturing powerhouse as it hosts the headquarters of China’s top players, including Sany, Zoomlion and Sunward.
Source: People’s Republic of China – State Council News
A maiden flight from Lhasa to Pokhara is seen at Lhasa Konggar International Airport in Lhasa, southwest China’s Xizang Autonomous Region, March 31, 2025. (Xinhua/Tenzin Nyida)
Southwest China’s Xizang Autonomous Region opened three new international and regional cargo flight routes in the first quarter (Q1).
The routes link Lhasa, the regional capital, to the Hong Kong Special Administrative Region, Nepal’s capital city of Kathmandu, and Pokhara, the second-largest city in Nepal, according to the Xizang regional office of the Civil Aviation Administration of China (CAAC).
The maiden flight from Hong Kong arrived at the Lhasa Konggar International Airport at the end of April, carrying 868 kilograms of prepackaged food and other items, including preserved prunes with dried tangerine peel, preserved ginger with plum, and loquat syrup with fritillaria extract.
“Over the years, Xizang has witnessed a sustained increase in demand for imported snacks, with consumers showing growing preference for high-quality and diverse food products,” said Tenzin, general manager of the marketing department of Xizang airport group.
“The specialty snacks in this shipment from Hong Kong will further diversify market offerings, providing consumers with more premium choices,” Tenzin added.
This batch of goods was not only the first shipment of cross-border e-commerce imported through Xizang’s aviation port, but also marked the first-ever air cargo connection between Hong Kong and the region, according to the airport customs.
“The smooth customs clearance of this shipment showed Xizang’s breakthrough in cross-border air freight channels, significantly enhancing the efficiency and competitiveness of regional cross-border trade,” said Li Shisen, director of the airport customs.
The two air routes between Lhasa and Nepal will facilitate imports of high-quality textiles and distinctive copper handicrafts from Nepal. “This strategic addition will diversify our import portfolio while strengthening bilateral trade ties,” Li added.
The new cargo flight routes have also accelerated the distribution of Xizang’s distinctive products to domestic and global markets. According to official statistics, Xizang’s civil aviation sector handled 11,375.3 tonnes of air freight in Q1, up 12.4 percent year on year.
This year, Xizang’s foreign trade has seen steady growth. In Q1, the total import and export value of the region reached 2.308 billion yuan (about 320.72 million U.S. dollars), a 5.9 percent increase compared to the same period last year, according to the customs of Lhasa.
Of the total, Xizang’s exports reached 1.95 billion yuan, remaining stable compared with last year, while its imports amounted to 358 million yuan, marking a 56.7 percent year-on-year increase.
Xizang now has a network of 79 domestic air cargo routes, and continues to strengthen logistics connectivity with other regions across the country.
“Now, fresh agricultural products like matsutake mushrooms can be delivered from the plateau to major cities across the country within 72 hours, with some cities enjoying an ultra-fast two-hour delivery service,” said Liu Jie of the Xizang branch of China Post Group Corporation Limited.
Not only domestic and international trade, but also the tourism industry in Xizang is being driven by the takeoff of the region’s civil aviation sector.
With the arrival of the peak tourist season in Xizang, which will last until the end of October, airlines have been launching new routes and increasing flight frequencies to meet the growing travel demand from domestic and international passengers. Data shows that 11 domestic and foreign airlines currently operate flights to Xizang, connecting it to 58 cities worldwide.
The ever-expanding flight network is providing residents in Xizang with more travel options than ever before.
“Today our tour group will depart from Lhasa, then travel to Pokhara and Kathmandu in sequence, before finally flying back from Kathmandu,” said Pasang, a tour guide with a local travel agency. “The launch of these new air routes has significantly reduced travel time, directly boosting our company’s business.”
According to Penpa Tsering, a regional civil aviation official, Xizang’s civil aviation sector will continue its aviation network development to achieve convenient connectivity with more cities in home and abroad.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
PARIS, May 16 (Xinhua) — China is willing to work with France to strengthen coordination in multilateral international affairs and maintain an open and cooperative international economic and trade environment, Vice Premier He Lifeng said here on Thursday at the 10th China-France High-Level Economic and Financial Dialogue.
He Lifeng represented the Chinese side at the meeting, while Eric Lombard, Minister of Economy, Finance, Industrial and Digital Sovereignty of France, participated on the French side.
The Vice Premier of the State Council of the People’s Republic of China recalled that last year China and France celebrated the 60th anniversary of the establishment of diplomatic relations, and the heads of the two states reached a number of important consensuses on deepening bilateral relations and cooperation.
China is willing to work with France to implement these consensuses, strengthen coordination in multilateral international affairs, ensure an open and cooperative international economic and trade environment, enrich bilateral economic and financial cooperation, tap the potential of win-win cooperation, and create a favorable trade and investment environment, so as to inject new impetus into the China-France comprehensive strategic partnership and promote a new stage of China-EU cooperation, he said.
E. Lombard noted that France attaches great importance to relations with China and is ready to cooperate with it in solving global problems such as climate change, as well as in upholding the principles of multilateralism and free trade.
France will continue to supply high-quality products to the Chinese market and promote a better business environment to attract more Chinese investment, and achieve more fruitful results in practical economic and financial cooperation between the two countries, said E. Lombard.
During the dialogue, representatives of China and France held an in-depth exchange of views on many issues and signed documents on bilateral cooperation in the field of poultry farming. –0–
Minister of Transport Chris Bishop has welcomed funding to proceed with groundwork and geotechnical investigations for the next section of the State Highway 2 Hawke’s Bay Expressway Road of National Significance project.
“The expressway is a vital link for the whole region and for road users from neighbouring regions. Progress on the next section of the project – which will better connect Napier to Hastings and increase growth and productivity – is good news for a region with massive economic potential but which is still recovering from Cyclone Gabrielle.
“NZ Transport Agency’s board has confirmed $7.65 million for the work, which will enable the project team to begin early ground improvements alongside Ngaruroro River Bridge and geotechnical investigations in section 2 of the project,” Mr Bishop says.
“This funding will make more efficient and reliable travel another step closer.
“When that work begins, crews will repurpose safe, tested silt from the aftermath of Cyclone Gabrielle, provided free by Hastings District Council to raise the level of the land and create a wide, flat surface – just like the work already completed alongside Tutaekuri River Bridge and the Kennedy Road overpass.
“That silt will then be left to settle for 12 months prior to additional construction work starting, subject to further approvals, consents and funding.
“The latest funding will also allow geotechnical investigations at Ngaruroro River Bridge and other locations. Geotechnical investigations are really important for this project – they help to determine the detailed design.
“Work is well underway onsite within the first section of the project, and on the detailed design work needed for that first section. Section 1 of the project focusses on Taradale Road to Pākōwhai Road, which has been identified as the most congested section of the expressway.
“I’m confident that by starting early groundwork and investigations for the next part of the project soon, we can get section 2 shovel-ready for main works construction, pending further approvals and funding by the NZTA board.
“I know how important this project is to get commuters and freight moving through the region more quickly and more safely.”
While this funding allows NZTA to get on with section 2 investigations and ground conditions, an investment case is in development for the remainder of the project (including section 2 improvements), which will determine decisions on next steps.
Notes to Editor:
· Section 1 of the project spans from the Taradale Road to Pākōwhai Road roundabouts.
· Section 2 of the project stretches from Pākōwhai Road to York Road roundabouts in the south and Taradale Road to Prebensen Drive roundabouts in the north.
· Prebensen Drive to York Road is the busiest stretch of the expressway, with the most problematic intersections, and it connects the main urban areas of Napier and Hastings.
· Construction of the main works on section 1 are expected to start in late 2025, subject to consents and funding, and be completed in late 2027.
· An investment case is in development for the remainder of the project (including section 2 improvements). This Corridor Investment Case will be completed later this year, and a decision will be made on whether to proceed to detailed design
