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  • MIL-OSI: Shell second quarter 2025 update note

    Source: GlobeNewswire (MIL-OSI)

    The following is an update to the second quarter 2025 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on July 31, 2025. Unless otherwise indicated, all outlook statements exclude identified items. 

    See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure.

       Integrated Gas

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Production (kboe/d) 927 900 – 940  
    LNG liquefaction volumes (MT) 6.6 6.4 – 6.8  
    Underlying opex 1.0 1.0 – 1.2  
    Adjusted Earnings:
    Pre-tax depreciation 1.4 1.4 – 1.8  
    Taxation charge 0.8 0.3 – 0.6  
    Other Considerations:
    Trading & Optimisation is expected to be significantly lower than Q1’25.

     Upstream

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Production (kboe/d) 1,855 1,660 – 1,760 Reflects scheduled maintenance and the completed sale of SPDC in Nigeria.
    Underlying opex 2.2 1.9 – 2.5  
    Adjusted Earnings:
    Pre-tax depreciation 2.2 2.0 – 2.6  
    Taxation charge 2.6 1.6 – 2.4  
    Other Considerations:
    The share of profit / (loss) of joint ventures and associates in Q2’25 is expected to be ~$0.2 billion. Q2’25 exploration well write-offs are expected to be ~$0.2 billion.

     Marketing

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Sales volumes (kb/d) 2,674 2,600 – 3,000  
    Underlying opex 2.4 2.3 – 2.7  
    Adjusted Earnings:
    Pre-tax depreciation 0.6 0.5 – 0.7  
    Taxation charge 0.4 0.2 – 0.6  
    Other Considerations:
    Marketing adjusted earnings are expected to be higher than Q1’25.

      Chemicals and Products

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Indicative refining margin* $6.2/bbl $8.9/bbl  
    Indicative chemicals margin* $126/tonne $166/tonne The Chemicals sub-segment adjusted earnings are expected to be a loss.
    Refinery utilisation 85% 92% – 96%  
    Chemicals utilisation 81% 68% – 72% Chemicals utilisation impacted by unplanned maintenance at Monaca.
    Underlying opex 2.0 1.7 – 2.1  
    Adjusted Earnings:
    Pre-tax depreciation 0.9 0.8 – 1.0  
    Taxation charge / (credit) 0.1 (0.3) – 0.2  
    Other Considerations:
    Trading & Optimisation is expected to be significantly lower than Q1’25. The Chemicals & Products segment adjusted earnings is expected to be below break-even in Q2’25.

    *See appendix

     Renewables and Energy Solutions

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted Earnings — (0.4) – 0.2 Trading & Optimisation is expected to be lower than Q1’25.

    Corporate

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted Earnings (0.5) (0.6) – (0.4)  

    Shell Group

    $ billions Q1’25 Q2’25 Outlook Comment
    CFFO:
    Tax paid 2.9 2.8 – 3.6  
    Derivative movements — (1) – 3  
    Working capital (2.7) (1) – 4  
    Other Shell Group Considerations:
    – 

    Guidance

    The ‘Quarterly Databook’ contains guidance on Indicative Refining Margin, Indicative Chemicals Margin and full-year price and margin sensitivities.

    Consensus

    The company compiled consensus, managed by Vara Research, is expected to be published on July 23, 2025.

    Appendix

    Indicative Margins

    Chemicals & Products Q1’25 Q2’25 Updated Outlook
    Indicative refining margin $6.2/bbl $8.9/bbl
    Indicative chemicals margin $126/tonne $166/tonne

    The formulas for Indicative refining margin (IRM) and Indicative chemicals margin (ICM) have been updated following the completion of the Singapore divestment. Applying the previous formula for Q2’25 the IRM would have been: $7.5/bbl and the ICM $143/tonne. 

    Volume Data

    Operational Metrics Q1’25 Q2’25 QPR Outlook Q2’25 Updated Outlook
    Integrated Gas      
    Production (kboe/d) 927 890 – 950 900 – 940
    LNG liquefaction volumes (MT) 6.6 6.3 – 6.9 6.4 – 6.8
    Upstream      
    Production (kboe/d) 1,855 1,560 – 1,760 1,660 – 1,760
    Marketing      
    Sales volumes (kb/d) 2,674 2,600 – 3,100 2,600 – 3,000
    Chemicals & Products      
    Refinery utilisation 85% 87% – 95% 92% – 96%
    Chemicals utilisation 81% 74% – 82% 68% – 72%

    Underlying Opex

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. For further details see the 1st Quarter 2025 unaudited results.

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Production and manufacturing expenses 5.5    
    Selling, distribution and administrative expenses 2.8    
    Research and development 0.2    
    Operating Expenses (Opex) 8.6 8.6  
    Less: Identified Items   0.1  
    Underlying Opex   8.5  
        of which:      
        Integrated Gas 1.0 1.0 1.0 – 1.2
        Upstream 2.2 2.2 1.9 – 2.5
        Marketing 2.4 2.4 2.3 – 2.7
        Chemicals and Products 2.1 2.0 1.7 – 2.1
        Renewables and Energy Solutions 0.7 0.7  

    Depreciation, depletion and amortisation

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Depreciation, Depletion & Amortisation 5.4 5.4  
    Less: Identified Items   0.3  
    Pre-tax depreciation (as Adjusted)   5.1  
        of which:      
        Integrated Gas 1.4 1.4 1.4 – 1.8
        Upstream 2.2 2.2 2.0 – 2.6
        Marketing 0.5 0.6 0.5 – 0.7
        Chemicals and Products 1.1 0.9 0.8 – 1.0
        Renewables and Energy Solutions 0.1 0.1  

    Taxation Charge

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Taxation Charge 4.1 4.1  
    Less: Identified Items and Cost of supplies adjustment   0.3  
    Taxation Charge (as Adjusted)   3.8  
        of which:      
        Integrated Gas 0.8 0.8 0.3 – 0.6
        Upstream 3.0 2.6 1.6 – 2.4
        Marketing 0.4 0.4 0.2 – 0.6
        Chemicals and Products — 0.1 (0.3) – 0.2
        Renewables and Energy Solutions — 0.1  

    Adjusted Earnings

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest. For further details see the 1st Quarter 2025 unaudited results.

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Income/(loss) attributable to Shell plc shareholders 4.8 4.8  
    Add: Current cost of supplies adjustment attributable to Shell plc shareholders   —  
    Less: Identified items attributable to Shell plc shareholders   (0.8)  
    Adjusted Earnings   5.6  
        of which:      
        Renewables and Energy Solutions (0.2) — (0.4) – 0.2
        Corporate (0.5) (0.5) (0.6) – (0.4)

    Enquiries

    Media International: +44 (0) 207 934 5550

    Media U.S. and Canada: Contact form

    Cautionary Note

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.  The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The numbers presented in this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.

    Forward-Looking statements
    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 7, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

    Shell’s net carbon intensity
    Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target
    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years.  However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings, Adjusted EBITDA, Cash flow from operating activities excluding working capital movements, Cash capital expenditure, Net debt and Underlying operating expense.

    Adjusted Earnings and Adjusted EBITDA are measures used to evaluate Shell’s performance in the period and over time.
    The “Adjusted Earnings” and Adjusted EBITDA are measures which aim to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items.
    Adjusted Earnings is defined as income/(loss) attributable to shareholders adjusted for the current cost of supplies and excluding identified items. “Adjusted EBITDA (CCS basis)” is defined as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component.
    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period. Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Underlying operating expenses is a measure of Shell’s cost management performance and aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. Underlying operating expenses comprises the following items from the Consolidated statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses and removes the effects of identified items such as redundancy and restructuring charges or reversals, provisions or reversals and others.

    We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
    The contents of websites referred to in this announcement do not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.  Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    The MIL Network –

  • MIL-Evening Report: A test of political courage: Yoorrook’s final reports demand action, not amnesia

    Source: The Conversation (Au and NZ) – By Jeremie M Bracka, Law Lecturer and Transitional Justice Academic, RMIT University

    Australia’s colonial era may be formally over but its legacies of inequality, land dispossession and systemic racism continue to shape daily life for First Peoples.

    Last week, the Victorian Yoorrook Justice Commission delivered its two final reports to the Victorian governor, concluding the most ambitious effort yet to reckon with these injustices.

    The reports, Yoorrook for Transformation and Yoorrook Truth Be Told, contain 100 detailed recommendations across five volumes. They deliver a devastating account of dispossession, family separation, cultural erasure and structural racism, past and present.

    Their scope is historic. But the question remains: will they change anything?

    A bold innovation in truth-telling

    Yoorrook is not just another inquiry.

    Established in 2021, it is Australia’s first formal truth commission and the only one globally to be established alongside a Treaty process in a settler-colonial democracy.

    It was designed by the First Peoples’ Assembly of Victoria and has been led and shaped by Aboriginal communities.

    Its mandate is wide: to investigate both historical and ongoing injustices across all areas of life from land, law, health and education to housing, finance and child protection.

    Over the past four years, Yoorrook has compelled testimony from ministers and senior bureaucrats, visited prisons and out-of-home care facilities, and travelled across the state to conduct on-country truth-telling with Elders.

    In the words of one witness, Aunty Stephanie Charles:

    Our Land, Our Language, Our
    Lore and Our Lives have been denied
    for far too long. In order to move
    forward these must be recognised
    an respected. This is Yoo-rrook.

    Why truth commissions matter

    Truth commissions emerged most famously in South Africa, where they were used to document atrocities during apartheid.

    In recent years, however, they’ve also appeared in stable democracies grappling with colonial legacies: Canada’s commission on residential schools, Belgium’s commission on its African empire, and multiple United States commissions examining slavery, segregation and systemic racism.

    In postcolonial states such as Australia, truth-telling is particularly powerful and necessary, because harm has not only been inflicted but denied.

    As anthropologist W.E.H. Stanner put it in 1968, Australia has long maintained a “great Australian silence” – a wilful forgetting of how the nation was built on the dispossession of others.

    Yoorrook challenges this silence. It has created an official record of Victoria’s colonial and ongoing harms, and opened a rare space for Indigenous people to define harm on their own terms, including what justice and healing should look like.

    Structural injustice laid bare

    The commission’s final reports lay out both stories and statistics. These include:

    • in the past, Victoria explicitly authorised child removals on racial grounds and controlled every aspect of Aboriginal life under protectionist laws
    • today, the state still removes Aboriginal children at more than 20 times the rate of non-Indigenous children
    • Aboriginal people remain vastly over-represented in police custody, prison populations and cases of public housing exclusion.

    Yoorrook is connecting these dots, showing how the injustices of colonisation did not end but evolved into contemporary legal and institutional forms.

    Importantly, the commission has not shied away from naming these harms. It has condemned Victoria’s systemic racism – including alleged genocide – and called for radical change not just recognition.

    Among its recommendations are calls to return land and water to Traditional Owners, to embed First Peoples’ control over education and child protection, and to establish reparations and shared governance structures across public institutions.

    Will this lead to real change?

    Yoorrook’s reports could be transformative if acted on – but this is far from guaranteed.

    The Canadian experience is instructive. While its Truth and Reconciliation Commission garnered attention, many Canadians today are unfamiliar with its findings and progress on its recommendations has been slow.

    In Australia, there’s a similar risk that Yoorrook may preach to the choir while political leaders move on. Despite a public apology in 2008, most recommendations of the 1991 Royal Commission into Aboriginal Deaths in Custody remain unfulfilled.

    Since then, more than 500 additional Indigenous people have died in custody.

    We must resist the cycle of “truth without justice.”

    In recent hearings, Yoorrook commissioners pressed ministers to move beyond rhetoric. While several public apologies were made, including from Victoria’s attorney-general and the police minister, the commission rightly warned apologies without action are hollow.

    Where to from here?

    The failure of the Voice referendum in 2023 showed just how contested questions of history, race and recognition remain in Australia.

    But it also underscored the need for renewed engagement with the truth, not just in parliaments but in homes, schools, workplaces and media.

    Yoorrook’s challenge is not only to shape policy but to shift public consciousness. In this sense, it must speak to all Victorians.

    Without broader buy-in, even the best-designed truth commission risks being forgotten.

    A test of political courage

    Yoorrook has done its part. It has listened to more than 1,500 voices. It has built the record. It has made the case for transformation.

    Now, the Victorian government and indeed all of us must decide what to do with that truth. Will we confront it? Will we act on it? Or will we retreat once more into silence?

    Yoorrook has narrowed the range of permissible lies in this country. But narrowing lies is not the same as achieving justice. That next step is ours to take.

    Jeremie M Bracka was awarded the Malcolm Moore Industry Research Grant to support the implementation of the Final Reports of the Yoorrook Justice Commission.

    – ref. A test of political courage: Yoorrook’s final reports demand action, not amnesia – https://theconversation.com/a-test-of-political-courage-yoorrooks-final-reports-demand-action-not-amnesia-260580

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    • Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
    • Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
    • Transaction immediately accretive to Capgemini’s revenue growth and operating margin
    • Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
    • Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
    • Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year

    Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average1 share price, of 27% to the last 30-day average1 share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt2. The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    “Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

    WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

    “As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

    “WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

    WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

    WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as3 United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

    The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years4, to reach $1,266 million of revenue5 in fiscal year 20254 with an 18.7%6 operating margin.

    Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

    Immediate unlocking of value

    This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

    The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

    Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

    The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

    Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

    AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

    Combining the capabilities and scale required to lead in Intelligent Operations

    Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai7 to strengthen its data, analytics and AI capabilities.

    The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

    This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

    This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

    Value creation

    Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin6 in 2024.

    The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

    Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

    With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

    Smooth integration

    WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

    Key transaction terms and timeline

    The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

    Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

    Financing

    Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations8 of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

    The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

    Q2 and H1 2025 performance

    The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

    Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

    Outlook

    Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    Conference call

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:

    • at 8.00 a.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
    • and at 3.00 p.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information

    Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    IMPORTANT NOTICE

    This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

    The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

    SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

    The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

    PARTICIPANTS IN THE SOLICITATION

    Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

    FORWARD LOOKING STATEMENTS

    Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

    Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

    Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

    Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

    The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | www.capgemini.com

    ABOUT WNS

    WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

    For more information, visit www.wns.com

    1 Volume-weighted average
    2 Net financial debt of WNS was negligible as at March 31, 2025
    3 Clients of WNS based on public domain information
    4 WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
    5 Revenue represents revenue less repair payments
    6 WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
    7 See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
    8 Including considerations to be paid in connection with Restricted Share Units

    Attachment

    The MIL Network –

  • MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    • Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
    • Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
    • Transaction immediately accretive to Capgemini’s revenue growth and operating margin
    • Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
    • Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
    • Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year

    Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average1 share price, of 27% to the last 30-day average1 share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt2. The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    “Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

    WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

    “As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

    “WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

    WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

    WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as3 United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

    The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years4, to reach $1,266 million of revenue5 in fiscal year 20254 with an 18.7%6 operating margin.

    Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

    Immediate unlocking of value

    This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

    The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

    Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

    The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

    Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

    AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

    Combining the capabilities and scale required to lead in Intelligent Operations

    Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai7 to strengthen its data, analytics and AI capabilities.

    The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

    This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

    This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

    Value creation

    Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin6 in 2024.

    The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

    Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

    With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

    Smooth integration

    WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

    Key transaction terms and timeline

    The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

    Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

    Financing

    Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations8 of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

    The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

    Q2 and H1 2025 performance

    The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

    Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

    Outlook

    Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    Conference call

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:

    • at 8.00 a.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
    • and at 3.00 p.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information

    Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    IMPORTANT NOTICE

    This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

    The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

    SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

    The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

    PARTICIPANTS IN THE SOLICITATION

    Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

    FORWARD LOOKING STATEMENTS

    Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

    Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

    Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

    Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

    The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | www.capgemini.com

    ABOUT WNS

    WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

    For more information, visit www.wns.com

    1 Volume-weighted average
    2 Net financial debt of WNS was negligible as at March 31, 2025
    3 Clients of WNS based on public domain information
    4 WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
    5 Revenue represents revenue less repair payments
    6 WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
    7 See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
    8 Including considerations to be paid in connection with Restricted Share Units

    Attachment

    The MIL Network –

  • MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations

    • Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
    • Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
    • Transaction immediately accretive to Capgemini’s revenue growth and operating margin
    • Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
    • Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
    • Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year

    Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average1 share price, of 27% to the last 30-day average1 share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt2. The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    “Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

    WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

    “As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

    “WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

    WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

    WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as3 United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

    The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years4, to reach $1,266 million of revenue5 in fiscal year 20254 with an 18.7%6 operating margin.

    Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

    Immediate unlocking of value

    This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

    The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

    Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

    The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

    Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

    AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

    Combining the capabilities and scale required to lead in Intelligent Operations

    Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai7 to strengthen its data, analytics and AI capabilities.

    The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

    This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

    This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

    Value creation

    Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin6 in 2024.

    The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

    Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

    With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

    Smooth integration

    WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

    Key transaction terms and timeline

    The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

    The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

    Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

    Financing

    Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations8 of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

    The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

    Q2 and H1 2025 performance

    The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

    Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

    Outlook

    Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    Conference call

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:

    • at 8.00 a.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
    • and at 3.00 p.m. Paris time (CET)
      • for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
        • for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information

    Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    IMPORTANT NOTICE

    This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

    The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

    SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

    The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

    PARTICIPANTS IN THE SOLICITATION

    Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

    FORWARD LOOKING STATEMENTS

    Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

    Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

    Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

    Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

    The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | www.capgemini.com

    ABOUT WNS

    WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

    For more information, visit www.wns.com

    1 Volume-weighted average
    2 Net financial debt of WNS was negligible as at March 31, 2025
    3 Clients of WNS based on public domain information
    4 WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
    5 Revenue represents revenue less repair payments
    6 WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
    7 See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
    8 Including considerations to be paid in connection with Restricted Share Units

    Attachment

    The MIL Network –

  • MIL-OSI Submissions: Australia – Albanese Government Must Act, CSIRO Research Fuels Calls for Deep Sea Mining Moratorium

    Source: Deep Sea Mining Campaign

    As the peak international body on deep sea mining begins a three-week meeting, CSIRO has released a series of reports commissioned by mining proponent The Metals Company (TMC) that underscore the severe environmental risks and scientific uncertainty surrounding the dangerous industry.

    The findings confirm international consensus; the deep ocean is too poorly understood to proceed with deep sea mining safely or responsibly, prompting major environmental organisations to call on the Albanese Government to support a moratorium.

    The timing of the CSIRO reports appears to align with what was, until recently, TMC’s plan to submit an application to the ISA on June 27 – plans the company has now abandoned in favour of a controversial U.S. based pathway via a dormant 1980s law and enabled by the Trump administration. 

    Pressure is mounting on the Albanese Government to adopt a precautionary stance supporting a moratorium at the ISA in line with many of its major partners, including the UK, Canada, France, Germany and New Zealand. Currently, 37 countries back a deep sea mining moratorium.

    TMC continues to apply pressure on international regulators to accelerate approvals for this high-risk untested industry. With a state-funded agency producing research likely to be used to legitimise mining in international waters, ocean advocates are calling on the Albanese Government to direct CSIRO to take no further actions on behalf of TMC. 

    The CSIRO reports confirm the likely damage to the seafloor and to the marine environment that civil society, Indigenous Pacific communities, and independent scientists have warned about; deep sea mining is too destructive and there is too much uncertainty to proceed. 

    “These findings echo the concerns we’ve heard right across the Pacific region – that the deep ocean is a highly complex, precious environment, and that accelerating deep sea mining would be dangerous,” said Phil McCabe, Pacific Regional Coordinator at the Deep Sea Conservation Coalition.

    There remains a severe lack of real-world data about deep sea ecosystems – particularly in relation to the long-term environmental impacts and the risk of toxic pollution entering the food chain. Scientists warn that many of these impacts are likely to be irreversible in human timeframes. The CSIRO reports acknowledge the potential for heavy metals to bioaccumulate in marine life, including tuna, swordfish, whales, and dolphins. 

    “We’ve seen this before; traffic light systems, digital twin technology, adaptive management systems – all designed to give the illusion of sustainable management,” said Dr. Helen Rosenbaum, Research Coordinator at the Deep Sea Mining Campaign. “When the science is this uncertain, the only responsible signal is red.”

    TMC’s recent decision to abandon its application to the ISA and instead issue permits through a dormant U.S. law has been widely condemned by governments and legal experts as a direct challenge to international law and multilateralism. The move undermines the ISA’s authority just as states prepare to negotiate key regulations. 

    “Australia’s credibility is on the line,” said Duncan Currie, International Lawyer and advisor to the Deep Sea Conservation Coalition. “CSIRO’s involvement with The Metals Company (TMC) risks implicating Australia in their attempt to sidestep international governance. The Albanese Government must now draw a clear line; support a moratorium at the International Seabed Authority, and ensure CSIRO takes no further action on TMC’s behalf.”

    “At the ISA, a moratorium or precautionary pause on deep sea mining is the only viable path to protecting the deep sea,” said Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific. “Delegates at the ISA must listen to the science and the voices of Pacific nations and back a moratorium to stop deep sea mining before it starts.”

    The Deep Sea Mining Campaign, Deep Sea Conservation Coalition, Greenpeace Australia Pacific, and Surfrider Australia call on the Albanese Government to announce its support for a Moratorium at the upcoming ISA meeting in Jamaica; and direct CSIRO to take no further actions on behalf of TMC.

    MIL OSI – Submitted News –

  • MIL-OSI Australia: ACT firefighters deployed to support Canada’s wildfire response

    Source: Northern Territory Police and Fire Services

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 26/06/2025

    15 firefighters from ACT Parks & Conservation Service (ACTPCS) and 5 firefighters from the ACT Rural Fire Service (ACTRFS) are leaving for Canada today to assist with wildfires burning throughout the country.

    The firefighters will be based in the province of Alberta for 38 days helping to control and put out wildfires. There are currently over 290 fires burning this severe wildfire season in Canada and over 50 of these are in Alberta. Australian firefighters have been deployed in Canada since 12 June 2025, and this group leaving today is the first ACT contingent.

    Minister for Police, Fire and Emergency Services, Dr Marisa Paterson, is proud to see ACT firefighters giving up their time to help our friends overseas.

    “The past year has been a busy one for our ACT emergency services as they’ve responded to incidents across Australia. The deployment of ACT personnel to Canada is a powerful reflection of our people’s unwavering commitment to helping communities in need, wherever and whenever they’re called upon.”

    “I would like to wish all our firefighters departing today a safe journey. I look forward to hearing about their experiences and the valuable insights gained upon their return.”

    Quotes attributable to ACTRFS Chief Officer, Rohan Scott

    “Australia and Canada share a strong resource sharing relationship. ACT firefighters have been supporting Canadian wildfire efforts since 2016 and in return, Canada stood with us during the devastating Black Summer bushfires of 2019-2020.

    “Having just returned from visiting the aftermath of the Los Angeles fires, it is clear to me both North America and Australia can benefit from shared experiences and lessons learned. I look forward to seeing what our firefighters learn in Canada during this deployment that can impact how we prepare for and tackle bushfires here in Australia.”

    Quotes attributable to ACTPCS Director of Operations, Ailish Milner

    “The ACT Parks and Conservation Service is honoured to support Canada by sending our crews alongside the ACT Rural Fire Service to join the Canadian firefighting effort.

    “ACT firefighters have a proud history of supporting our international colleagues, joining multiple deployments overseas, including to Canada, over the past decade. Our skilled and experienced firefighters will provide Canada with much-needed relief during their difficult fire season.

    “Thank you to the crews deployed today who are really going above and beyond to will help protect life, environment and property abroad.”

    – Statement ends –

    Marisa Paterson, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI Analysis: We don’t need deep-sea mining, or its environmental harms. Here’s why

    Source: The Conversation – Global Perspectives – By Justin Alger, Associate Professor / Senior Lecturer in Global Environmental Politics, The University of Melbourne

    Potato-sized polymetallic nodules from the deep sea could be mined for valuable metals and minerals. Carolyn Cole / Los Angeles Times via Getty Images

    Deep-sea mining promises critical minerals for the energy transition without the problems of mining on land. It also promises to bring wealth to developing nations. But the evidence suggests these promises are false, and mining would harm the environment.

    The practice involves scooping up rock-like nodules from vast areas of the sea floor. These potato-sized lumps contain metals and minerals such as zinc, manganese, molybdenum, nickel and rare earth elements.

    Technology to mine the deep sea exists, but commercial mining of the deep sea is not happening anywhere in the world. That could soon change. Nations are meeting this month in Kingston, Jamaica, to agree to a mining code. Such a code would make way for mining to begin within the next few years.

    On Thursday, Australia’s national science agency, CSIRO, released research into the environmental impacts of deep-sea mining. It aims to promote better environmental management of deep-sea mining, should it proceed.

    We have previously challenged the rationale for deep-sea mining, drawing on our expertise in international politics and environmental management. We argue mining the deep sea is harmful and the economic benefits have been overstated. What’s more, the metals and minerals to be mined are not scarce.

    The best course of action is a ban on international seabed mining, building on the coalition for a moratorium.

    The Metals Company spent six months at sea collecting nodules in 2022, while studying the effects on ecosystems.

    Managing and monitoring environmental harm

    Recent advances in technology have made deep-sea mining more feasible. But removing the nodules – which also requires pumping water around – has been shown to damage the seabed and endanger marine life.

    CSIRO has developed the first environmental management and monitoring frameworks to protect deep sea ecosystems from mining. It aims to provide “trusted, science-based tools to evaluate the environmental risks and viability of deep-sea mining”.

    Scientists from Griffith University, Museums Victoria, the University of the Sunshine Coast, and Earth Sciences New Zealand were also involved in the work.

    The Metals Company Australia, a local subsidiary of the Canadian deep-sea mining exploration company, commissioned the research. It involved analysing data from test mining the company carried out in the Pacific Ocean in 2022.

    The company has led efforts to expedite deep-sea mining. This includes pushing for the mining code, and exploring commercial mining of the international seabed through approval from the US government.

    In a media briefing this week, CSIRO Senior Principal Research Scientist Piers Dunstan said the mining activity substantially affected the sea floor. Some marine life, especially that attached to the nodules, had very little hope of recovery. He said if mining were to go ahead, monitoring would be crucial.

    We are sceptical that ecological impacts can be managed even with this new framework. Little is known about life in these deep-water ecosystems. But research shows nodule mining would cause extensive habitat loss and damage.

    Do we really need to open the ocean frontier to mining? We argue the answer is no, on three counts.

    How does deep-sea mining work? (The Guardian)

    1. Minerals are not scarce

    The minerals required for the energy transition are abundant on land. Known global terrestrial reserves of cobalt, copper, manganese, molybdenum and nickel are enough to meet current production levels for decades – even with growing demand.

    There is no compelling reason to extract deep-sea minerals, given the economics of both deep-sea and land-based mining. Deep-sea mining is speculative and inevitably too expensive given such remote, deep operations.

    Claims about mineral scarcity are being used to justify attempting to legitimise a new extractive frontier in the deep sea. Opportunistic investors can make money through speculation and attracting government subsidies.

    2. Mining at sea will not replace mining on land

    Proponents claim deep-sea mining can replace some mining on land. Mining on land has led to social issues including infringing on indigenous and community rights. It also damages the environment.

    But deep-sea mining will not necessarily displace, replace or change mining on land. Land-based mining contracts span decades and the companies involved will not abandon ongoing or planned projects. Their activities will continue, even if deep-sea mining begins.

    Deep-sea mining also faces many of the same challenges as mining on land, while introducing new problems. The social problems that arise during transport, processing and distribution remain the same.

    And sea-based industries are already rife with modern slavery and labour violations, partly because they are notoriously difficult to monitor.

    Deep-sea mining does not solve social problems with land-based mining, and adds more challenges.

    Hidden Gem was the world’s first deep-sea mineral production vessel with seabed-to-surface nodule collection and transport systems.
    Photo by Charles M. Vella/SOPA Images/LightRocket via Getty Images

    3. Common heritage of humankind and the Global South

    Under the United Nations Convention on the Law of the Sea, the international seabed is the common heritage of humankind. This means the proceeds of deep-sea mining should be distributed fairly among all countries.

    Deep-sea mining commercial partnerships between developing countries in the Global South and firms from the North have yet to pay off for the former. There is little indication this pattern will change.

    For example, when Canadian company Nautilus went bankrupt in 2019, it saddled Papua New Guinea with millions in debt from a failed domestic deep-sea mining venture.

    The Metals Company has partnerships with Nauru and Tonga but the latest deal with the US creates uncertainty about whether their agreements will be honoured.

    European investors took control of Blue Minerals Jamaica, originally a Jamaican-owned company, shortly after orchestrating its start up. Any profits would therefore go offshore.

    Australian Gerard Barron is Chairman and CEO of The Metals Company, formerly DeepGreen.
    Carolyn Cole / Los Angeles Times via Getty Images

    A wise investment?

    It is unclear whether deep-sea mining will ever be a good investment.

    Multiple large corporate investors have pulled out of the industry, or gone bankrupt. And The Metals Company has received delisting notices from the Nasdaq stock exchange due to poor financial performance.

    Given the threat of environmental harm, the evidence suggests deep-sea mining is not worth the risk.

    Justin Alger receives funding from the Social Sciences and Humanities Research Council of Canada.

    D.G. Webster receives funding from the National Science Foundation in the United States and various internal funding sources at Dartmouth University.

    Jessica Green receives funding from the Social Sciences and Humanities Research Council of Canada.

    Kate J Neville receives funding from the Social Sciences and Humanities Research Council of Canada.

    Stacy D VanDeveer and Susan M Park 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.

    – ref. We don’t need deep-sea mining, or its environmental harms. Here’s why – https://theconversation.com/we-dont-need-deep-sea-mining-or-its-environmental-harms-heres-why-260401

    MIL OSI Analysis –

  • MIL-OSI Analysis: We don’t need deep-sea mining, or its environmental harms. Here’s why

    Source: The Conversation – Global Perspectives – By Justin Alger, Associate Professor / Senior Lecturer in Global Environmental Politics, The University of Melbourne

    Potato-sized polymetallic nodules from the deep sea could be mined for valuable metals and minerals. Carolyn Cole / Los Angeles Times via Getty Images

    Deep-sea mining promises critical minerals for the energy transition without the problems of mining on land. It also promises to bring wealth to developing nations. But the evidence suggests these promises are false, and mining would harm the environment.

    The practice involves scooping up rock-like nodules from vast areas of the sea floor. These potato-sized lumps contain metals and minerals such as zinc, manganese, molybdenum, nickel and rare earth elements.

    Technology to mine the deep sea exists, but commercial mining of the deep sea is not happening anywhere in the world. That could soon change. Nations are meeting this month in Kingston, Jamaica, to agree to a mining code. Such a code would make way for mining to begin within the next few years.

    On Thursday, Australia’s national science agency, CSIRO, released research into the environmental impacts of deep-sea mining. It aims to promote better environmental management of deep-sea mining, should it proceed.

    We have previously challenged the rationale for deep-sea mining, drawing on our expertise in international politics and environmental management. We argue mining the deep sea is harmful and the economic benefits have been overstated. What’s more, the metals and minerals to be mined are not scarce.

    The best course of action is a ban on international seabed mining, building on the coalition for a moratorium.

    The Metals Company spent six months at sea collecting nodules in 2022, while studying the effects on ecosystems.

    Managing and monitoring environmental harm

    Recent advances in technology have made deep-sea mining more feasible. But removing the nodules – which also requires pumping water around – has been shown to damage the seabed and endanger marine life.

    CSIRO has developed the first environmental management and monitoring frameworks to protect deep sea ecosystems from mining. It aims to provide “trusted, science-based tools to evaluate the environmental risks and viability of deep-sea mining”.

    Scientists from Griffith University, Museums Victoria, the University of the Sunshine Coast, and Earth Sciences New Zealand were also involved in the work.

    The Metals Company Australia, a local subsidiary of the Canadian deep-sea mining exploration company, commissioned the research. It involved analysing data from test mining the company carried out in the Pacific Ocean in 2022.

    The company has led efforts to expedite deep-sea mining. This includes pushing for the mining code, and exploring commercial mining of the international seabed through approval from the US government.

    In a media briefing this week, CSIRO Senior Principal Research Scientist Piers Dunstan said the mining activity substantially affected the sea floor. Some marine life, especially that attached to the nodules, had very little hope of recovery. He said if mining were to go ahead, monitoring would be crucial.

    We are sceptical that ecological impacts can be managed even with this new framework. Little is known about life in these deep-water ecosystems. But research shows nodule mining would cause extensive habitat loss and damage.

    Do we really need to open the ocean frontier to mining? We argue the answer is no, on three counts.

    How does deep-sea mining work? (The Guardian)

    1. Minerals are not scarce

    The minerals required for the energy transition are abundant on land. Known global terrestrial reserves of cobalt, copper, manganese, molybdenum and nickel are enough to meet current production levels for decades – even with growing demand.

    There is no compelling reason to extract deep-sea minerals, given the economics of both deep-sea and land-based mining. Deep-sea mining is speculative and inevitably too expensive given such remote, deep operations.

    Claims about mineral scarcity are being used to justify attempting to legitimise a new extractive frontier in the deep sea. Opportunistic investors can make money through speculation and attracting government subsidies.

    2. Mining at sea will not replace mining on land

    Proponents claim deep-sea mining can replace some mining on land. Mining on land has led to social issues including infringing on indigenous and community rights. It also damages the environment.

    But deep-sea mining will not necessarily displace, replace or change mining on land. Land-based mining contracts span decades and the companies involved will not abandon ongoing or planned projects. Their activities will continue, even if deep-sea mining begins.

    Deep-sea mining also faces many of the same challenges as mining on land, while introducing new problems. The social problems that arise during transport, processing and distribution remain the same.

    And sea-based industries are already rife with modern slavery and labour violations, partly because they are notoriously difficult to monitor.

    Deep-sea mining does not solve social problems with land-based mining, and adds more challenges.

    Hidden Gem was the world’s first deep-sea mineral production vessel with seabed-to-surface nodule collection and transport systems.
    Photo by Charles M. Vella/SOPA Images/LightRocket via Getty Images

    3. Common heritage of humankind and the Global South

    Under the United Nations Convention on the Law of the Sea, the international seabed is the common heritage of humankind. This means the proceeds of deep-sea mining should be distributed fairly among all countries.

    Deep-sea mining commercial partnerships between developing countries in the Global South and firms from the North have yet to pay off for the former. There is little indication this pattern will change.

    For example, when Canadian company Nautilus went bankrupt in 2019, it saddled Papua New Guinea with millions in debt from a failed domestic deep-sea mining venture.

    The Metals Company has partnerships with Nauru and Tonga but the latest deal with the US creates uncertainty about whether their agreements will be honoured.

    European investors took control of Blue Minerals Jamaica, originally a Jamaican-owned company, shortly after orchestrating its start up. Any profits would therefore go offshore.

    Australian Gerard Barron is Chairman and CEO of The Metals Company, formerly DeepGreen.
    Carolyn Cole / Los Angeles Times via Getty Images

    A wise investment?

    It is unclear whether deep-sea mining will ever be a good investment.

    Multiple large corporate investors have pulled out of the industry, or gone bankrupt. And The Metals Company has received delisting notices from the Nasdaq stock exchange due to poor financial performance.

    Given the threat of environmental harm, the evidence suggests deep-sea mining is not worth the risk.

    Justin Alger receives funding from the Social Sciences and Humanities Research Council of Canada.

    D.G. Webster receives funding from the National Science Foundation in the United States and various internal funding sources at Dartmouth University.

    Jessica Green receives funding from the Social Sciences and Humanities Research Council of Canada.

    Kate J Neville receives funding from the Social Sciences and Humanities Research Council of Canada.

    Stacy D VanDeveer and Susan M Park 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.

    – ref. We don’t need deep-sea mining, or its environmental harms. Here’s why – https://theconversation.com/we-dont-need-deep-sea-mining-or-its-environmental-harms-heres-why-260401

    MIL OSI Analysis –

  • MIL-OSI Analysis: Ageing bridges around the world are at risk of collapse. But there’s a simple way to safeguard them

    Source: The Conversation – Global Perspectives – By Andy Nguyen, Senior Lecturer in Structural Engineering, University of Southern Queensland

    The Story Bridge, with its sweeping steel trusses and art deco towers, is a striking sight above the Brisbane River in Queensland. In 2025, it was named the state’s best landmark. But more than an icon, it serves as one of the vital arteries of the state capital, carrying more than 100,000 vehicles daily.

    But a recent report revealed serious structural issues in the 85-year-old bridge. These included the deterioration of concrete, corrosion and overloading on pedestrian footpaths.

    The findings prompted an urgent closure of the footpath for safety reasons. They also highlighted the urgency of Brisbane City Council’s planned bridge restoration project.

    But this example – and far more tragic ones from around the world in recent years – have also sparked a broader conversation about the safety of ageing bridges and other urban infrastructure. A simple, proactive step known as structural health monitoring can help.

    A number of collapses

    In January 2022, the Fern Hollow Bridge in Pittsburgh, Pennsylvania, in the United States collapsed and injured several people. This collapse was caused by extensive corrosion and the fracturing of a vital steel component. It stemmed from poor maintenance and failure to act on repeated inspection recommendations. These problems were compounded by inadequate inspections and oversight.

    Three years earlier, Taiwan’s Nanfang’ao Bridge collapsed. Exposure to damp, salty sea air had severely weakened its suspension cables. Six people beneath the bridge died.

    In August 2018, Italy’s Morandi Bridge fell, killing 43 people. The collapse was due to corrosion in pre-stressed concrete and steel tendons. These factors were worsened by inspection and maintenance challenges.

    In August 2007, a bridge in the US city of Minneapolis collapsed, killing 13 people and injuring 145. This collapse was primarily due to previously unnoticed problems with the design of the bridge. But it also demonstrated how ageing infrastructure, coupled with increasing loads and ineffective routine visual inspections, can exacerbate inherent weaknesses.

    A technology-driven solution

    Structural health monitoring is a technology-driven approach to assessing the condition of infrastructure. It can provide near real-time information and enable timely decision-making. This is crucial when it comes to managing ageing structures.

    The approach doesn’t rely solely on occasional periodic inspections. Instead it uses sensors, data loggers and analytics platforms to continuously monitor stress, vibration, displacement, temperature and corrosion on critical components.

    This approach can significantly improve our understanding of bridge performance compared to traditional assessment models. In one case, it updated a bridge’s estimated fatigue life – the remaining life of the structure before fatigue-induced failure is predicted to occur– from just five years to more than 52 years. This ultimately avoided unnecessary and costly restoration.

    Good structural health-monitoring systems can last several decades. They can be integrated with artificial intelligence techniques and bridge information modelling to develop digital twin-based monitoring platforms.

    The cost of structural health monitoring systems varies by bridge size and the extent of monitoring required. Some simple systems can cost just a few thousand dollars, while more advanced ones can cost more than A$300,000.

    These systems require ongoing operational support – typically 10% to 20% of the installation cost annually – for data management, system maintenance, and informed decision-making.

    Additionally, while advanced systems can be costly, scalable structural health monitoring solutions allow authorities to start small and expand over time.

    A model for proactive management

    The design of structural health monitoring systems has been incorporated into new large-scale bridge designs, such as Sutong Bridge in China and Governor Mario M. Cuomo Bridge in the US.

    But perhaps the most compelling example of these systems in action is the Jacques Cartier Bridge in Montreal, Canada.

    Opened in 1930, it shares design similarities with Brisbane’s Story Bridge. And, like many ageing structures, it faces its own challenges.

    Opened in 1930, the Jacques Cartier Bridge in Montreal, Canada, shares design similarities with Brisbane’s Story Bridge.
    Pinkcandy/Shutterstock

    However, authorities managing the Jacques Cartier Bridge have embraced a proactive approach through comprehensive structural health monitoring systems. The bridge has been outfitted with more than 300 sensors.

    Acoustic emission monitoring enables early detection of micro-cracking activity, while long-term instrumentation tracks structural deformation and dynamic behaviour across key spans.

    Satellite-based radar imagery adds a remote, non-intrusive layer of deformation monitoring, and advanced data analysis ensures that the vast amounts of sensor data are translated into timely, actionable insights.

    Together, these technologies demonstrate how a well-integrated structural-health monitoring system can support proactive maintenance, extend the life of ageing infrastructure – and ultimately improve public safety.

    A way forward for Brisbane – and beyond

    The Story Bridge’s current challenges are serious, but they also present an opportunity.

    By investing in the right structural health monitoring system, Brisbane can lead the way in modern infrastructure management – protecting lives, restoring public confidence, preserving heritage and setting a precedent for cities around the world.

    As climate change, urban growth, and ageing assets put increasing pressure on our transport networks, smart monitoring is no longer a luxury – it’s a necessity.

    Andy Nguyen receives funding from the Queensland government, through the Advance Queensland fellowship. He is on the executive committee of Australian Network of Structural Health Monitoring.

    – ref. Ageing bridges around the world are at risk of collapse. But there’s a simple way to safeguard them – https://theconversation.com/ageing-bridges-around-the-world-are-at-risk-of-collapse-but-theres-a-simple-way-to-safeguard-them-260005

    MIL OSI Analysis –

  • MIL-Evening Report: We don’t need deep-sea mining, or its environmental harms. Here’s why

    Source: The Conversation (Au and NZ) – By Justin Alger, Associate Professor / Senior Lecturer in Global Environmental Politics, The University of Melbourne

    Potato-sized polymetallic nodules from the deep sea could be mined for valuable metals and minerals. Carolyn Cole / Los Angeles Times via Getty Images

    Deep-sea mining promises critical minerals for the energy transition without the problems of mining on land. It also promises to bring wealth to developing nations. But the evidence suggests these promises are false, and mining would harm the environment.

    The practice involves scooping up rock-like nodules from vast areas of the sea floor. These potato-sized lumps contain metals and minerals such as zinc, manganese, molybdenum, nickel and rare earth elements.

    Technology to mine the deep sea exists, but commercial mining of the deep sea is not happening anywhere in the world. That could soon change. Nations are meeting this month in Kingston, Jamaica, to agree to a mining code. Such a code would make way for mining to begin within the next few years.

    On Thursday, Australia’s national science agency, CSIRO, released research into the environmental impacts of deep-sea mining. It aims to promote better environmental management of deep-sea mining, should it proceed.

    We have previously challenged the rationale for deep-sea mining, drawing on our expertise in international politics and environmental management. We argue mining the deep sea is harmful and the economic benefits have been overstated. What’s more, the metals and minerals to be mined are not scarce.

    The best course of action is a ban on international seabed mining, building on the coalition for a moratorium.

    The Metals Company spent six months at sea collecting nodules in 2022, while studying the effects on ecosystems.

    Managing and monitoring environmental harm

    Recent advances in technology have made deep-sea mining more feasible. But removing the nodules – which also requires pumping water around – has been shown to damage the seabed and endanger marine life.

    CSIRO has developed the first environmental management and monitoring frameworks to protect deep sea ecosystems from mining. It aims to provide “trusted, science-based tools to evaluate the environmental risks and viability of deep-sea mining”.

    Scientists from Griffith University, Museums Victoria, the University of the Sunshine Coast, and Earth Sciences New Zealand were also involved in the work.

    The Metals Company Australia, a local subsidiary of the Canadian deep-sea mining exploration company, commissioned the research. It involved analysing data from test mining the company carried out in the Pacific Ocean in 2022.

    The company has led efforts to expedite deep-sea mining. This includes pushing for the mining code, and exploring commercial mining of the international seabed through approval from the US government.

    In a media briefing this week, CSIRO Senior Principal Research Scientist Piers Dunstan said the mining activity substantially affected the sea floor. Some marine life, especially that attached to the nodules, had very little hope of recovery. He said if mining were to go ahead, monitoring would be crucial.

    We are sceptical that ecological impacts can be managed even with this new framework. Little is known about life in these deep-water ecosystems. But research shows nodule mining would cause extensive habitat loss and damage.

    Do we really need to open the ocean frontier to mining? We argue the answer is no, on three counts.

    How does deep-sea mining work? (The Guardian)

    1. Minerals are not scarce

    The minerals required for the energy transition are abundant on land. Known global terrestrial reserves of cobalt, copper, manganese, molybdenum and nickel are enough to meet current production levels for decades – even with growing demand.

    There is no compelling reason to extract deep-sea minerals, given the economics of both deep-sea and land-based mining. Deep-sea mining is speculative and inevitably too expensive given such remote, deep operations.

    Claims about mineral scarcity are being used to justify attempting to legitimise a new extractive frontier in the deep sea. Opportunistic investors can make money through speculation and attracting government subsidies.

    2. Mining at sea will not replace mining on land

    Proponents claim deep-sea mining can replace some mining on land. Mining on land has led to social issues including infringing on indigenous and community rights. It also damages the environment.

    But deep-sea mining will not necessarily displace, replace or change mining on land. Land-based mining contracts span decades and the companies involved will not abandon ongoing or planned projects. Their activities will continue, even if deep-sea mining begins.

    Deep-sea mining also faces many of the same challenges as mining on land, while introducing new problems. The social problems that arise during transport, processing and distribution remain the same.

    And sea-based industries are already rife with modern slavery and labour violations, partly because they are notoriously difficult to monitor.

    Deep-sea mining does not solve social problems with land-based mining, and adds more challenges.

    Hidden Gem was the world’s first deep-sea mineral production vessel with seabed-to-surface nodule collection and transport systems.
    Photo by Charles M. Vella/SOPA Images/LightRocket via Getty Images

    3. Common heritage of humankind and the Global South

    Under the United Nations Convention on the Law of the Sea, the international seabed is the common heritage of humankind. This means the proceeds of deep-sea mining should be distributed fairly among all countries.

    Deep-sea mining commercial partnerships between developing countries in the Global South and firms from the North have yet to pay off for the former. There is little indication this pattern will change.

    For example, when Canadian company Nautilus went bankrupt in 2019, it saddled Papua New Guinea with millions in debt from a failed domestic deep-sea mining venture.

    The Metals Company has partnerships with Nauru and Tonga but the latest deal with the US creates uncertainty about whether their agreements will be honoured.

    European investors took control of Blue Minerals Jamaica, originally a Jamaican-owned company, shortly after orchestrating its start up. Any profits would therefore go offshore.

    Australian Gerard Barron is Chairman and CEO of The Metals Company, formerly DeepGreen.
    Carolyn Cole / Los Angeles Times via Getty Images

    A wise investment?

    It is unclear whether deep-sea mining will ever be a good investment.

    Multiple large corporate investors have pulled out of the industry, or gone bankrupt. And The Metals Company has received delisting notices from the Nasdaq stock exchange due to poor financial performance.

    Given the threat of environmental harm, the evidence suggests deep-sea mining is not worth the risk.

    Justin Alger receives funding from the Social Sciences and Humanities Research Council of Canada.

    D.G. Webster receives funding from the National Science Foundation in the United States and various internal funding sources at Dartmouth University.

    Jessica Green receives funding from the Social Sciences and Humanities Research Council of Canada.

    Kate J Neville receives funding from the Social Sciences and Humanities Research Council of Canada.

    Stacy D VanDeveer and Susan M Park 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.

    – ref. We don’t need deep-sea mining, or its environmental harms. Here’s why – https://theconversation.com/we-dont-need-deep-sea-mining-or-its-environmental-harms-heres-why-260401

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: We don’t need deep-sea mining, or its environmental harms. Here’s why

    Source: The Conversation (Au and NZ) – By Justin Alger, Associate Professor / Senior Lecturer in Global Environmental Politics, The University of Melbourne

    Potato-sized polymetallic nodules from the deep sea could be mined for valuable metals and minerals. Carolyn Cole / Los Angeles Times via Getty Images

    Deep-sea mining promises critical minerals for the energy transition without the problems of mining on land. It also promises to bring wealth to developing nations. But the evidence suggests these promises are false, and mining would harm the environment.

    The practice involves scooping up rock-like nodules from vast areas of the sea floor. These potato-sized lumps contain metals and minerals such as zinc, manganese, molybdenum, nickel and rare earth elements.

    Technology to mine the deep sea exists, but commercial mining of the deep sea is not happening anywhere in the world. That could soon change. Nations are meeting this month in Kingston, Jamaica, to agree to a mining code. Such a code would make way for mining to begin within the next few years.

    On Thursday, Australia’s national science agency, CSIRO, released research into the environmental impacts of deep-sea mining. It aims to promote better environmental management of deep-sea mining, should it proceed.

    We have previously challenged the rationale for deep-sea mining, drawing on our expertise in international politics and environmental management. We argue mining the deep sea is harmful and the economic benefits have been overstated. What’s more, the metals and minerals to be mined are not scarce.

    The best course of action is a ban on international seabed mining, building on the coalition for a moratorium.

    The Metals Company spent six months at sea collecting nodules in 2022, while studying the effects on ecosystems.

    Managing and monitoring environmental harm

    Recent advances in technology have made deep-sea mining more feasible. But removing the nodules – which also requires pumping water around – has been shown to damage the seabed and endanger marine life.

    CSIRO has developed the first environmental management and monitoring frameworks to protect deep sea ecosystems from mining. It aims to provide “trusted, science-based tools to evaluate the environmental risks and viability of deep-sea mining”.

    Scientists from Griffith University, Museums Victoria, the University of the Sunshine Coast, and Earth Sciences New Zealand were also involved in the work.

    The Metals Company Australia, a local subsidiary of the Canadian deep-sea mining exploration company, commissioned the research. It involved analysing data from test mining the company carried out in the Pacific Ocean in 2022.

    The company has led efforts to expedite deep-sea mining. This includes pushing for the mining code, and exploring commercial mining of the international seabed through approval from the US government.

    In a media briefing this week, CSIRO Senior Principal Research Scientist Piers Dunstan said the mining activity substantially affected the sea floor. Some marine life, especially that attached to the nodules, had very little hope of recovery. He said if mining were to go ahead, monitoring would be crucial.

    We are sceptical that ecological impacts can be managed even with this new framework. Little is known about life in these deep-water ecosystems. But research shows nodule mining would cause extensive habitat loss and damage.

    Do we really need to open the ocean frontier to mining? We argue the answer is no, on three counts.

    How does deep-sea mining work? (The Guardian)

    1. Minerals are not scarce

    The minerals required for the energy transition are abundant on land. Known global terrestrial reserves of cobalt, copper, manganese, molybdenum and nickel are enough to meet current production levels for decades – even with growing demand.

    There is no compelling reason to extract deep-sea minerals, given the economics of both deep-sea and land-based mining. Deep-sea mining is speculative and inevitably too expensive given such remote, deep operations.

    Claims about mineral scarcity are being used to justify attempting to legitimise a new extractive frontier in the deep sea. Opportunistic investors can make money through speculation and attracting government subsidies.

    2. Mining at sea will not replace mining on land

    Proponents claim deep-sea mining can replace some mining on land. Mining on land has led to social issues including infringing on indigenous and community rights. It also damages the environment.

    But deep-sea mining will not necessarily displace, replace or change mining on land. Land-based mining contracts span decades and the companies involved will not abandon ongoing or planned projects. Their activities will continue, even if deep-sea mining begins.

    Deep-sea mining also faces many of the same challenges as mining on land, while introducing new problems. The social problems that arise during transport, processing and distribution remain the same.

    And sea-based industries are already rife with modern slavery and labour violations, partly because they are notoriously difficult to monitor.

    Deep-sea mining does not solve social problems with land-based mining, and adds more challenges.

    Hidden Gem was the world’s first deep-sea mineral production vessel with seabed-to-surface nodule collection and transport systems.
    Photo by Charles M. Vella/SOPA Images/LightRocket via Getty Images

    3. Common heritage of humankind and the Global South

    Under the United Nations Convention on the Law of the Sea, the international seabed is the common heritage of humankind. This means the proceeds of deep-sea mining should be distributed fairly among all countries.

    Deep-sea mining commercial partnerships between developing countries in the Global South and firms from the North have yet to pay off for the former. There is little indication this pattern will change.

    For example, when Canadian company Nautilus went bankrupt in 2019, it saddled Papua New Guinea with millions in debt from a failed domestic deep-sea mining venture.

    The Metals Company has partnerships with Nauru and Tonga but the latest deal with the US creates uncertainty about whether their agreements will be honoured.

    European investors took control of Blue Minerals Jamaica, originally a Jamaican-owned company, shortly after orchestrating its start up. Any profits would therefore go offshore.

    Australian Gerard Barron is Chairman and CEO of The Metals Company, formerly DeepGreen.
    Carolyn Cole / Los Angeles Times via Getty Images

    A wise investment?

    It is unclear whether deep-sea mining will ever be a good investment.

    Multiple large corporate investors have pulled out of the industry, or gone bankrupt. And The Metals Company has received delisting notices from the Nasdaq stock exchange due to poor financial performance.

    Given the threat of environmental harm, the evidence suggests deep-sea mining is not worth the risk.

    Justin Alger receives funding from the Social Sciences and Humanities Research Council of Canada.

    D.G. Webster receives funding from the National Science Foundation in the United States and various internal funding sources at Dartmouth University.

    Jessica Green receives funding from the Social Sciences and Humanities Research Council of Canada.

    Kate J Neville receives funding from the Social Sciences and Humanities Research Council of Canada.

    Stacy D VanDeveer and Susan M Park 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.

    – ref. We don’t need deep-sea mining, or its environmental harms. Here’s why – https://theconversation.com/we-dont-need-deep-sea-mining-or-its-environmental-harms-heres-why-260401

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Ageing bridges around the world are at risk of collapse. But there’s a simple way to safeguard them

    Source: The Conversation (Au and NZ) – By Andy Nguyen, Senior Lecturer in Structural Engineering, University of Southern Queensland

    The Story Bridge, with its sweeping steel trusses and art deco towers, is a striking sight above the Brisbane River in Queensland. In 2025, it was named the state’s best landmark. But more than an icon, it serves as one of the vital arteries of the state capital, carrying more than 100,000 vehicles daily.

    But a recent report revealed serious structural issues in the 85-year-old bridge. These included the deterioration of concrete, corrosion and overloading on pedestrian footpaths.

    The findings prompted an urgent closure of the footpath for safety reasons. They also highlighted the urgency of Brisbane City Council’s planned bridge restoration project.

    But this example – and far more tragic ones from around the world in recent years – have also sparked a broader conversation about the safety of ageing bridges and other urban infrastructure. A simple, proactive step known as structural health monitoring can help.

    A number of collapses

    In January 2022, the Fern Hollow Bridge in Pittsburgh, Pennsylvania, in the United States collapsed and injured several people. This collapse was caused by extensive corrosion and the fracturing of a vital steel component. It stemmed from poor maintenance and failure to act on repeated inspection recommendations. These problems were compounded by inadequate inspections and oversight.

    Three years earlier, Taiwan’s Nanfang’ao Bridge collapsed. Exposure to damp, salty sea air had severely weakened its suspension cables. Six people beneath the bridge died.

    In August 2018, Italy’s Morandi Bridge fell, killing 43 people. The collapse was due to corrosion in pre-stressed concrete and steel tendons. These factors were worsened by inspection and maintenance challenges.

    In August 2007, a bridge in the US city of Minneapolis collapsed, killing 13 people and injuring 145. This collapse was primarily due to previously unnoticed problems with the design of the bridge. But it also demonstrated how ageing infrastructure, coupled with increasing loads and ineffective routine visual inspections, can exacerbate inherent weaknesses.

    A technology-driven solution

    Structural health monitoring is a technology-driven approach to assessing the condition of infrastructure. It can provide near real-time information and enable timely decision-making. This is crucial when it comes to managing ageing structures.

    The approach doesn’t rely solely on occasional periodic inspections. Instead it uses sensors, data loggers and analytics platforms to continuously monitor stress, vibration, displacement, temperature and corrosion on critical components.

    This approach can significantly improve our understanding of bridge performance compared to traditional assessment models. In one case, it updated a bridge’s estimated fatigue life – the remaining life of the structure before fatigue-induced failure is predicted to occur– from just five years to more than 52 years. This ultimately avoided unnecessary and costly restoration.

    Good structural health-monitoring systems can last several decades. They can be integrated with artificial intelligence techniques and bridge information modelling to develop digital twin-based monitoring platforms.

    The cost of structural health monitoring systems varies by bridge size and the extent of monitoring required. Some simple systems can cost just a few thousand dollars, while more advanced ones can cost more than A$300,000.

    These systems require ongoing operational support – typically 10% to 20% of the installation cost annually – for data management, system maintenance, and informed decision-making.

    Additionally, while advanced systems can be costly, scalable structural health monitoring solutions allow authorities to start small and expand over time.

    A model for proactive management

    The design of structural health monitoring systems has been incorporated into new large-scale bridge designs, such as Sutong Bridge in China and Governor Mario M. Cuomo Bridge in the US.

    But perhaps the most compelling example of these systems in action is the Jacques Cartier Bridge in Montreal, Canada.

    Opened in 1930, it shares design similarities with Brisbane’s Story Bridge. And, like many ageing structures, it faces its own challenges.

    Opened in 1930, the Jacques Cartier Bridge in Montreal, Canada, shares design similarities with Brisbane’s Story Bridge.
    Pinkcandy/Shutterstock

    However, authorities managing the Jacques Cartier Bridge have embraced a proactive approach through comprehensive structural health monitoring systems. The bridge has been outfitted with more than 300 sensors.

    Acoustic emission monitoring enables early detection of micro-cracking activity, while long-term instrumentation tracks structural deformation and dynamic behaviour across key spans.

    Satellite-based radar imagery adds a remote, non-intrusive layer of deformation monitoring, and advanced data analysis ensures that the vast amounts of sensor data are translated into timely, actionable insights.

    Together, these technologies demonstrate how a well-integrated structural-health monitoring system can support proactive maintenance, extend the life of ageing infrastructure – and ultimately improve public safety.

    A way forward for Brisbane – and beyond

    The Story Bridge’s current challenges are serious, but they also present an opportunity.

    By investing in the right structural health monitoring system, Brisbane can lead the way in modern infrastructure management – protecting lives, restoring public confidence, preserving heritage and setting a precedent for cities around the world.

    As climate change, urban growth, and ageing assets put increasing pressure on our transport networks, smart monitoring is no longer a luxury – it’s a necessity.

    Andy Nguyen receives funding from the Queensland government, through the Advance Queensland fellowship. He is on the executive committee of Australian Network of Structural Health Monitoring.

    – ref. Ageing bridges around the world are at risk of collapse. But there’s a simple way to safeguard them – https://theconversation.com/ageing-bridges-around-the-world-are-at-risk-of-collapse-but-theres-a-simple-way-to-safeguard-them-260005

    MIL OSI Analysis – EveningReport.nz –

  • Good catching up with my friend: PM Modi meets South African President Ramaphosa

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi met South African President Cyril Ramaphosa in Rio de Janeiro on Sunday on the sidelines of the BRICS summit, shortly before Ramaphosa backed his call for reform of the United Nations Security Council.

    “Good catching up with my friend, President Ramaphosa of South Africa,” PM Modi said in a post on X.

    Speaking at the summit, Ramaphosa backed the demand for reform, saying the Council “has become too rigid, too narrow and too disconnected from today’s multipolar realities”, and is unable to fulfil its primary function of maintaining international peace and security.

    Ramaphosa said the Council cannot react effectively to global dangers “ranging from humanitarian crises to open acts of aggression”. “Reform is a necessity. The Security Council must be made more democratic, more regionally representative and more accountable,” he said.

    Sunday’s ‘catch-up’ was the second meeting between PM Modi and Ramaphosa in 19 days, having last met in Canada during the G7 Summit.

    India and South Africa have several joint projects covering skills development, trade, economic cooperation and technology. They plan to deepen their strategic partnership, focusing on sectors such as agro-processing, defence, mining and finance. Bilateral trade between the two countries currently stands at nearly $20 billion.

    PM Modi last visited South Africa in 2023 for the BRICS summit and held bilateral talks with leaders there.

    Notably, Ramaphosa was the chief guest at India’s Republic Day celebrations in 2019 and last visited India in 2023 to attend the G20 summit.

    As one of Africa’s leading voices, South Africa joins India in representing the Global South in international forums.

    IANS

  • MIL-OSI: BJMINING Unleashes AI-Powered Energy Arbitrage to Revolutionize Bitcoin Mining Profitability

    Source: GlobeNewswire (MIL-OSI)

    London, July 06, 2025 (GLOBE NEWSWIRE) — With Bitcoin currently trading at $107,000 — up 60% year-to-date—many U.S.-based mining operations are facing existential threats as single-coin production costs soar to $137,000. In stark contrast, BJMINING, the UK-based cloud mining giant founded in 2015, has reduced its breakeven threshold to $68,000 by leveraging AI-powered dynamic energy networks. Operating more than 60 mining farms globally—100% powered by renewable energy sources such as solar, wind, geothermal, and hydro—BJMINING now serves over 5 million users across 180+ countries and has emerged as a premier ESG-compliant target for institutional capital.

    The 2025 Hashrate War: Survival Through AI and Green Innovation
    (1) Crisis of Inverted Margins

    Electricity Pricing Power: Electricity accounts for 75% of mining operation costs. In regions where prices exceed $0.12/kWh, over 40% of small and medium-sized mining farms have shut down.

    Profit Compression: Despite a 47% increase in global hashrate since the 2024 halving, block rewards have dropped to 3.125 BTC—bringing marginal profits dangerously close to zero.

    Seasonal Opportunity: Historical data shows a 70% probability of Bitcoin price increases in July. A breakout above $116,000 could potentially triple cloud mining returns.

    (2) BJMINING’s AI-Powered Energy Arbitrage Engine

    By dynamically reallocating computational workloads to regions with the lowest operational costs, BJMINING achieves a 42% reduction in energy-related expenses per unit of computing power. Highlights include:

    Midnight Hydropower in Norway: $0.028/kWh by leveraging off-peak grid loads

    Icelandic Geothermal: Stable year-round supply at $0.04/kWh

    Heat Recovery in Canada: Community heating technology slashes energy waste by 30% and earns government-backed carbon credits

    The Foundation of Trust: Triple-Layer Certification and Frictionless Experience

    Certification Dimension Backing Institution User Value
    Carbon-Neutral Operations United Nations Certification Compliant with ESG fund requirements
    Full Asset Insurance AIG (American International Group) Protection against hackers and natural disasters
    Security Defense McAfee® + Cloudflare® 99.99% DDoS protection success rate

    Transparency Engine: All mining operations and revenue distributions are verifiable on-chain.

    2025 Contract Yield Matrix (July Performance Test)
    CEO William Thomas launches tiered hedging contracts with zero management fees and multi-currency payment support:

    Contract Project Investment Amount The term Total revenue
    WhatsMiner M50S+ $100 2days $100+$6
    WhatsMiner M60S++ $600 7days $600+$52.50
    Avalon Miner A1566 $1,200 15days $1,200+$234
    WhatsMiner M66S+ $5,800 30days $5,800+$2,610
    Antminer L7 $12,000 40days $12,000+$8,160
    ANTSPACE HD5 $96,000 54days $96,000+$119,232

    “Our AI processes 170,000 energy data points per second—10,000 times more efficient than manual operations.”
    — William Thomas, CEO of BJMINING

    Technology Moat: Surpassing Human Limits

    AI Forecasting System: Anticipates hashrate surges 12 hours in advance, boosting returns by 19.7%.

    Auto-Reinvestment: Reinvestment efficiency is 23% higher than manual operations, ensuring no missed gains during bull markets.

    XRP/DOGE Payments: Cross-border settlements in under 2 minutes, enabling seamless DeFi yield scenarios.

    Industry Inflection Point: Retail Hashpower Migrates to AI Platforms
    According to Bitdeer, 35% of retail mining hashpower is expected to shift to AI-optimized platforms by 2026. With a decade of operational experience, BJMINING sets the new benchmark:

    Frictionless Onboarding: DOGE/XRP payments activate within 120 seconds; new users receive a $15 welcome bonus.

    Volatility-Resistant Architecture: Multi-currency mining (BTC/DOGE/XRP) automatically balances yield fluctuations.

    Global Consensus: Over 60 mining farms span Kazakhstan (nuclear energy at $0.03/kWh), Norway, and other low-cost energy regions.

    How to get started-

    Official Website: https://bjmining.com
    App Download: https://bjmining.com/xml/index.html#/app

    Since its founding in the UK in 2015, BJMINING has continuously integrated low-cost green energy networks worldwide. With over 60 mining farms strategically located in resource-rich regions such as Iceland (geothermal), Norway (hydropower), and Kazakhstan (nuclear), the company has built a dual moat of AI-powered energy scheduling and zero-carbon mining. Over the past decade, BJMINING has served more than 5 million users, with over 500,000 active miners operating daily.

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

    The MIL Network –

  • MIL-OSI Analysis: The oldest rocks on Earth are more than four billion years old

    Source: The Conversation – Canada – By Hanika Rizo, Associate Professor, Department of Earth Sciences, Carleton University

    Earth formed about 4.6 billion years ago, during the geological eon known as the Hadean. The name “Hadean” comes from the Greek god of the underworld, reflecting the extreme heat that likely characterized the planet at the time.

    By 4.35 billion years ago, the Earth might have cooled down enough for the first crust to form and life to emerge.

    However, very little is known about this early chapter in Earth’s history, as rocks and minerals from that time are extremely rare. This lack of preserved geological records makes it difficult to reconstruct what the Earth looked like during the Hadean Eon, leaving many questions about its earliest evolution unanswered.

    We are part of a research team that has confirmed the oldest known rocks on Earth are located in northern Québec. Dating back more than four billion years, these rocks provide a rare and invaluable glimpse into the origins of our planet.

    Geologists Jonathan O’Neil and Chris Sole examine rocks in northern Québec.
    (H. Rizo), CC BY

    Remains from the Hadean Eon

    The Hadean Eon is the first period in the geological timescale, spanning from Earth’s formation 4.6 billion years ago and ending around 4.03 billion years ago.

    The oldest terrestrial materials ever dated by scientists are extremely rare zircon minerals that were discovered in western Australia. These zircons were formed as early as 4.4 billion years ago, and while their host rock eroded away, the durability of zircons allowed them to be preserved for a long time.

    Studies of these zircon minerals has given us clues about the Hadean environment, and the formation and evolution of Earth’s oldest crust. The zircons’ chemistry suggests that they formed in magmas produced by the melting of sediments deposited at the bottom of an ancient ocean. This suggests that the zircons are evidence that the Hadean Eon cooled rapidly, and liquid water oceans were formed early on.

    Other research on the Hadean zircons suggests that the Earth’s earliest crust was mafic (rich in magnesium and iron). Until recently, however, the existence of that crust remained to be confirmed.

    In 2008, a study led by one of us — associate professor Jonathan O’Neil (then a McGill University doctoral student) — proposed that rocks of this ancient crust had been preserved in northern Québec and were the only known vestige of the Hadean.

    Since then, the age of those rocks — found in the Nuvvuagittuq Greenstone Belt — has been controversial and the subject of ongoing scientific debate.

    The Nuvvuagittuq Greenstone Belt in northern Québec.
    (H. Rizo), CC BY

    ‘Big, old solid rock’

    The Nuvvuagittuq Greenstone Belt is located in the northernmost region of Québec, in the Nunavik region above the 55th parallel. Most of the rocks there are metamorphosed volcanic rocks, rich in magnesium and iron. The most common rocks in the belt are called the Ujaraaluk rocks, meaning “big old solid rock” in Inuktitut.

    The age of 4.3 billion years was proposed after variations in neodymium-142 were detected, an isotope produced exclusively during the Hadean through the radioactive decay of samarium-146. The relationship between samarium and neodymium isotope abundances had been previously used to date meteorites and lunar rocks, but before 2008 had never been applied to Earth rocks.

    This interpretation, however, was challenged by several research groups, some of whom studied zircons within the belt and proposed a younger age of at most 3.78 billion years, placing the rocks in the Archean Eon instead.

    Confirming the Hadean Age

    In the summer of 2017, we returned to the Nuvvuagittuq belt to take a closer look at the ancient rocks. This time, we collected intrusive rocks — called metagabbros — that cut across the Ujaraaluk rock formation, hoping to obtain independent age constraints. The fact that these newly studied metagabbros are in intrusion in the Ujaraaluk rocks implies that the latter must be older.

    The project was led by masters student Chris Sole at the University of Ottawa, who joined us in the field. Back in the laboratory, we collaborated with French geochronologist Jean-Louis Paquette. Additionally, two undergraduate students — David Benn (University of Ottawa) and Joeli Plakholm (Carleton University) participated to the project.

    We combined our field observations with petrology, geochemistry, geochronology and applied two independent samarium-neodymium age dating methods, dating techniques used to assess the absolute ages of magmatic rocks, before they became metamorphic rocks. Both assessments yielded the same result: the intrusive rocks are 4.16 billion years old.

    Sunset at the Nuvvuagittuq Greenstone Belt.
    (H. Rizo), CC BY

    The oldest rocks

    Since these metagabbros cut across the Ujaraaluk formation, the Ujaraaluk rocks must be even older, placing them firmly in the Hadean Eon.

    Studying the Nuvvuagittuq rocks, the only preserved rocks from the Hadean, provides a unique opportunity to learn about the earliest history of our planet. They can help us understand how the first continents formed, and how and when Earth’s environment evolved to become habitable.

    Hanika Rizo receives funding from the Natural Sciences and Engineering Research Council of Canada (NSERC).

    Jonathan O’Neil receives funding from the Natural Sciences and Engineering Research Council of Canada.

    – ref. The oldest rocks on Earth are more than four billion years old – https://theconversation.com/the-oldest-rocks-on-earth-are-more-than-four-billion-years-old-259657

    MIL OSI Analysis –

  • MIL-OSI Analysis: The oldest rocks on Earth are 4.3 billion years old

    Source: The Conversation – Canada – By Hanika Rizo, Associate Professor, Department of Earth Sciences, Carleton University

    Earth formed about 4.6 billion years ago, during the geological eon known as the Hadean. The name “Hadean” comes from the Greek god of the underworld, reflecting the extreme heat that likely characterized the planet at the time.

    By 4.35 billion years ago, the Earth might have cooled down enough for the first crust to form and life to emerge.

    However, very little is known about this early chapter in Earth’s history, as rocks and minerals from that time are extremely rare. This lack of preserved geological records makes it difficult to reconstruct what the Earth looked like during the Hadean Eon, leaving many questions about its earliest evolution unanswered.

    We are part of a research team that has confirmed the oldest known rocks on Earth are located in northern Québec. Dating back 4.3 billion years, these rocks provide a rare and invaluable glimpse into the origins of our planet.

    Geologists Jonathan O’Neil and Chris Sole examine rocks in northern Québec.
    (H. Rizo), CC BY

    Remains from the Hadean Eon

    The Hadean Eon is the first period in the geological timescale, spanning from Earth’s formation 4.6 billion years ago and ending around 4.03 billion years ago.

    The oldest terrestrial materials ever dated by scientists are extremely rare zircon minerals that were discovered in western Australia. These zircons were formed as early as 4.4 billion years ago, and while their host rock eroded away, the durability of zircons allowed them to be preserved for a long time.

    Studies of these zircon minerals has given us clues about the Hadean environment, and the formation and evolution of Earth’s oldest crust. The zircons’ chemistry suggests that they formed in magmas produced by the melting of sediments deposited at the bottom of an ancient ocean. This suggests that the zircons are evidence that the Hadean Eon cooled rapidly, and liquid water oceans were formed early on.

    Other research on the Hadean zircons suggests that the Earth’s earliest crust was mafic (rich in magnesium and iron). Until recently, however, the existence of that crust remained to be confirmed.

    In 2008, a study led by associate professor Jonathan O’Neil (then a McGill University doctoral student) proposed that rocks of this ancient crust had been preserved in northern Québec and were the only known vestige of the Hadean.

    Since then, the age of those rocks — found in the Nuvvuagittuq Greenstone Belt — has been controversial and the subject of ongoing scientific debate.

    The Nuvvuagittuq Greenstone Belt in northern Québec.
    (H. Rizo), CC BY

    ‘Big, old solid rock’

    The Nuvvuagittuq Greenstone Belt is located in the northernmost region of Québec, in the Nunavik region above the 55th parallel. Most of the rocks there are metamorphosed volcanic rocks, rich in magnesium and iron. The most common rocks in the belt are called the Ujaraaluk rocks, meaning “big old solid rock” in Inuktitut.

    The age of 4.3 billion years was proposed after variations in neodymium-142 were detected, an isotope produced exclusively during the Hadean through the radioactive decay of samarium-146. The relationship between samarium and neodymium isotope abundances had been previously used to date meteorites and lunar rocks, but before 2008 had never been applied to Earth rocks.

    This interpretation, however, was challenged by several research groups, some of whom studied zircons within the belt and proposed a younger age of at most 3.78 billion years, placing the rocks in the Archean Eon instead.

    Confirming the Hadean Age

    In the summer of 2017, we returned to the Nuvvuagittuq belt to take a closer look at the ancient rocks. This time, we collected intrusive rocks — called metagabbros — that cut across the Ujaraaluk rock formation, hoping to obtain independent age constraints. The fact that these newly studied metagabbros are in intrusion in the Ujaraaluk rocks implies that the latter must be older.

    The project was led by masters student Chris Sole at the University of Ottawa, who joined us in the field. Back in the laboratory, we collaborated with French geochronologist Jean-Louis Paquette. Additionally, two undergraduate students — David Benn (University of Ottawa) and Joeli Plakholm (Carleton University) participated to the project.

    We combined our field observations with petrology, geochemistry, geochronology and applied two independent samarium-neodymium age dating methods, dating techniques used to assess the absolute ages of magmatic rocks, before these become metamorphic rocks. Both assessments yielded the same result: the intrusive rocks are 4.16 billion years old.

    Sunset at the Nuvvuagittuq Greenstone Belt.
    (H. Rizo), CC BY

    The oldest rocks

    Since these metagabbros cut across the Ujaraaluk formation, the Ujaraaluk rocks must be even older, placing them firmly in the Hadean Eon.

    Studying the Nuvvuagittuq rocks, the only preserved rocks from the Hadean, provides a unique opportunity to learn about the earliest history of our planet. They can help us understand how the first continents formed, and how and when Earth’s environment evolved to become habitable.

    Hanika Rizo receives funding from the Natural Sciences and Engineering Research Council of Canada (NSERC).

    Jonathan O’Neil receives funding from the Natural Sciences and Engineering Research Council of Canada.

    – ref. The oldest rocks on Earth are 4.3 billion years old – https://theconversation.com/the-oldest-rocks-on-earth-are-4-3-billion-years-old-259657

    MIL OSI Analysis –

  • MIL-OSI Analysis: The oldest rocks on Earth are 4.3 billion years old

    Source: The Conversation – Canada – By Hanika Rizo, Associate Professor, Department of Earth Sciences, Carleton University

    Earth formed about 4.6 billion years ago, during the geological eon known as the Hadean. The name “Hadean” comes from the Greek god of the underworld, reflecting the extreme heat that likely characterized the planet at the time.

    By 4.35 billion years ago, the Earth might have cooled down enough for the first crust to form and life to emerge.

    However, very little is known about this early chapter in Earth’s history, as rocks and minerals from that time are extremely rare. This lack of preserved geological records makes it difficult to reconstruct what the Earth looked like during the Hadean Eon, leaving many questions about its earliest evolution unanswered.

    We are part of a research team that has confirmed the oldest known rocks on Earth are located in northern Québec. Dating back 4.3 billion years, these rocks provide a rare and invaluable glimpse into the origins of our planet.

    Geologists Jonathan O’Neil and Chris Sole examine rocks in northern Québec.
    (H. Rizo), CC BY

    Remains from the Hadean Eon

    The Hadean Eon is the first period in the geological timescale, spanning from Earth’s formation 4.6 billion years ago and ending around 4.03 billion years ago.

    The oldest terrestrial materials ever dated by scientists are extremely rare zircon minerals that were discovered in western Australia. These zircons were formed as early as 4.4 billion years ago, and while their host rock eroded away, the durability of zircons allowed them to be preserved for a long time.

    Studies of these zircon minerals has given us clues about the Hadean environment, and the formation and evolution of Earth’s oldest crust. The zircons’ chemistry suggests that they formed in magmas produced by the melting of sediments deposited at the bottom of an ancient ocean. This suggests that the zircons are evidence that the Hadean Eon cooled rapidly, and liquid water oceans were formed early on.

    Other research on the Hadean zircons suggests that the Earth’s earliest crust was mafic (rich in magnesium and iron). Until recently, however, the existence of that crust remained to be confirmed.

    In 2008, a study led by associate professor Jonathan O’Neil (then a McGill University doctoral student) proposed that rocks of this ancient crust had been preserved in northern Québec and were the only known vestige of the Hadean.

    Since then, the age of those rocks — found in the Nuvvuagittuq Greenstone Belt — has been controversial and the subject of ongoing scientific debate.

    The Nuvvuagittuq Greenstone Belt in northern Québec.
    (H. Rizo), CC BY

    ‘Big, old solid rock’

    The Nuvvuagittuq Greenstone Belt is located in the northernmost region of Québec, in the Nunavik region above the 55th parallel. Most of the rocks there are metamorphosed volcanic rocks, rich in magnesium and iron. The most common rocks in the belt are called the Ujaraaluk rocks, meaning “big old solid rock” in Inuktitut.

    The age of 4.3 billion years was proposed after variations in neodymium-142 were detected, an isotope produced exclusively during the Hadean through the radioactive decay of samarium-146. The relationship between samarium and neodymium isotope abundances had been previously used to date meteorites and lunar rocks, but before 2008 had never been applied to Earth rocks.

    This interpretation, however, was challenged by several research groups, some of whom studied zircons within the belt and proposed a younger age of at most 3.78 billion years, placing the rocks in the Archean Eon instead.

    Confirming the Hadean Age

    In the summer of 2017, we returned to the Nuvvuagittuq belt to take a closer look at the ancient rocks. This time, we collected intrusive rocks — called metagabbros — that cut across the Ujaraaluk rock formation, hoping to obtain independent age constraints. The fact that these newly studied metagabbros are in intrusion in the Ujaraaluk rocks implies that the latter must be older.

    The project was led by masters student Chris Sole at the University of Ottawa, who joined us in the field. Back in the laboratory, we collaborated with French geochronologist Jean-Louis Paquette. Additionally, two undergraduate students — David Benn (University of Ottawa) and Joeli Plakholm (Carleton University) participated to the project.

    We combined our field observations with petrology, geochemistry, geochronology and applied two independent samarium-neodymium age dating methods, dating techniques used to assess the absolute ages of magmatic rocks, before these become metamorphic rocks. Both assessments yielded the same result: the intrusive rocks are 4.16 billion years old.

    Sunset at the Nuvvuagittuq Greenstone Belt.
    (H. Rizo), CC BY

    The oldest rocks

    Since these metagabbros cut across the Ujaraaluk formation, the Ujaraaluk rocks must be even older, placing them firmly in the Hadean Eon.

    Studying the Nuvvuagittuq rocks, the only preserved rocks from the Hadean, provides a unique opportunity to learn about the earliest history of our planet. They can help us understand how the first continents formed, and how and when Earth’s environment evolved to become habitable.

    Hanika Rizo receives funding from the Natural Sciences and Engineering Research Council of Canada (NSERC).

    Jonathan O’Neil receives funding from the Natural Sciences and Engineering Research Council of Canada.

    – ref. The oldest rocks on Earth are 4.3 billion years old – https://theconversation.com/the-oldest-rocks-on-earth-are-4-3-billion-years-old-259657

    MIL OSI Analysis –

  • MIL-OSI Analysis: Parental controls on children’s tech devices are out of touch with child’s play

    Source: The Conversation – Canada – By Sara M. Grimes, Wolfe Chair in Scientific and Technological Literacy and Professor, McGill University

    Parenting in the digital age can be stressful and demands a lot from parents.

    The Family Online Safety Institute (FOSI) recently released its annual Online Safety Survey that discovered almost 50 per cent of parents surveyed aren’t using parental controls to manage their children’s devices. These are tools that would ostensibly help parents filter out inappropriate content or unwanted interactions on their children’s devices.

    The FOSI authors conclude the reason parents aren’t using the tools is because they feel “overwhelmed” and recommend parents educate themselves as a good first step toward broader use.

    While overwhelm is a real thing, we suggest a bigger problem with parental controls is how they are designed. This includes how little attention is given to supporting open communication between parents and children.

    Once a year for the past three years, we’ve asked the same 33 children (initially aged six to 12) what they think about content ratings, online safety, game monetization and privacy.
    Our team’s combined expertise in communication, education, policy and game studies analyzed their answers.

    We also asked their parents how they mediated their kids’ gaming. Nearly half of them don’t use parental controls either. They say parental controls don’t always work as promised, offer little context about how settings affect gameplay and force binary choices that don’t align with household rules or with children’s maturity levels.

    The parents we asked said they aren’t avoiding parental controls because they feel overwhelmed by them. It’s that the tools are poorly designed.

    Parent controls can introduce more problems

    At the same time, many of the parents described themselves as highly engaged in their child’s gameplay; talking with their children regularly or encouraging play in shared, supervised spaces. Several said they choose to trust their child rather than set top-down limits.

    Our findings align with previous research on digital parenting. In one British study, parents said they felt some controls were valuable supplements to mediation, while other controls were poorly designed, introducing more problems than solutions.

    The use of parental controls doesn’t necessarily translate to increased child safety. In fact, using parental controls can create a disconnect between parents and children on key safety issues.

    Awareness of risks

    Six children we interviewed were not aware their parents were using controls, and at least two children revealed they didn’t even know why a parent would use parental controls in the first place. In this context, parents’ efforts to protect their children had the unintended side effect of obscuring vital knowledge, leaving the children unaware of some of the key risks associated with playing online. Parental controls can remove opportunities to teach kids about safety if they aren’t part of the conversation.

    We believe that the behind-the-scenes protections enabled by (some) parental controls can be detrimental to parent-child communication about online safety. What are the risks? How can children avoid the riskiest behaviour? What should they do when or if they’ve encountered danger?

    Meanwhile, parents aren’t always familiar with the features and activities they are asked to restrict or allow. Very few parental controls contain information about how gameplay will be impacted by their settings. Many contain terms only someone familiar with the game would understand, while others are hard to navigate.

    All of this can lead to misinterpretations and parent-child conflicts, making the tools even harder to use.

    Power of communication

    Open communication between parents and children on safety topics fosters trust, which increases the likelihood kids will turn to their parents for help when something dangerous happens.

    It enables children to build resiliency, which in turn reduces the risk they’ll be harmed by negative online encounters.

    Research also suggests that parent-child communication may be more effective at helping to avoid harm than embedded restrictions enabled by parental controls.

    The importance of open communication is also emphasized in the FOSI report. In households where conversations about online safety happened regularly (six times or more a year), parents and children were both more likely to view parental controls as a useful and valuable tool for online safety.

    This, the authors conclude, “supports the view of online safety as a collaborative effort as opposed to a priority imposed by parents on their children.”

    On this point, we couldn’t agree more. Families would benefit from making parental controls and safety settings a family affair. Kids and parents have a lot to learn from each other about the digital world, and reviewing these systems together can provide a much-needed opening for crucial conversations about risk, safety and what kids find meaningful about digital play.

    Rethinking safety tools

    Let’s not pretend parental controls are a panacea for child safety.

    Many parental controls contain serious design flaws and limitations. Very few comprehensively address the needs and concerns of either children or their parents.

    Now that lawmakers are starting to make parental controls a mandatory part of new child safety legislation, we urgently need to start taking a closer and more critical look at what they can and can’t do.

    Parental controls can be a useful tool when they are designed well, applied with transparency, and provide families with ample options so they can be tailored to not only fit with but foster household rules and open communication.

    There’s a lot of work to be done before this is the standard. But also a growing impetus for game and other tech companies to make it happen.

    Sara M. Grimes receives funding from the Social Sciences and Humanities Research Council (SSHRC) of Canada,

    Riley McNair does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Parental controls on children’s tech devices are out of touch with child’s play – https://theconversation.com/parental-controls-on-childrens-tech-devices-are-out-of-touch-with-childs-play-257874

    MIL OSI Analysis –

  • MIL-OSI Analysis: Workplaces have embraced mindfulness and self-compassion — but did capitalism hijack their true purpose?

    Source: The Conversation – Canada – By Yasemin Pacaci, Postdoctoral Fellow, Smith School of Business, Queen’s University, Ontario

    When practiced with integrity, mindfulness and self-compassion can improve the collective well-being and personal agency of employees. (Shutterstock)

    Mindfulness and self-compassion have become popular tools for improving mental health and well-being in the workplace. Mindfulness involves paying attention to thoughts, emotions and surroundings without judgment, much like watching clouds pass in the sky. This moment-to-moment awareness helps people respond skilfully rather than react automatically.

    Self-compassion builds on mindfulness by encouraging people to meet difficult feelings and experiences with kindness instead of resistance. In other words, mindfulness helps people first recognize their suffering, while self-compassion helps people respond with kindness.

    Both mindfulness and self-compassion can be practised formally through meditations like body scans, breath awareness or loving-kindness meditation, and informally by bringing mindful attention to mind, emotions and everyday activities.

    Both practices have the potential to transform dysfunctional workplaces by improving the collective well-being and personal agency of employees.

    Yet too often, these practices are introduced superficially to boost productivity and performance, rather than used to address the root causes of workplace stress. It’s a pattern I’ve witnessed repeatedly in my years as a mindfulness teacher and researcher.

    This brings into question whether these practices can thrive in capitalist systems that prioritize profit over people. But rather than rejecting mindfulness and self-compassion as incompatible with capitalism, I argue we need a more thoughtful framework that stays true to their essence while tackling common misunderstandings and misuses.

    How capitalism is co-opting mindfulness

    Academic and practitioner critics have raised concerns about how mindfulness and self-compassion practices are being integrated into corporate life.

    Some of these critics argue that companies are incorporating mindfulness and self-compassion practices not to fix systemic problems, but to boost their own productivity and shift the responsibility for stress onto employees.

    In these cases, critics use the term “McMindfulness” to describe a commodified, diluted version of mindfulness that is stripped of its roots in Buddhist philosophy.

    If organizations want to reap the full benefits of mindfulness and self-compassion, they need to take a more deliberate, systemic approach.
    (Unsplash/Redd Francisco)

    Some critics have gone further, claiming that mindfulness encourages contentment with the status quo and may make employees more vulnerable to exploitation.

    While these critiques raise valid concerns, they often create more confusion and resistance than meaningful dialogue or practical solutions for implementing mindfulness and self-compassion in the workplace.

    Empirical research offers a more nuanced perspective. Mindfulness and self-compassion, when practised consistently, can strengthen employees’ sense of agency, improve their self-confidence, support ethical decision-making and action for meaningful change.

    Done right, mindfulness can help workers

    Employees who develop mindfulness and self-compassion skills tend to respond in three main ways, according to research.

    First, they become more aware of dysfunction in the workplace. This awareness can empower them to speak up and advocate for change if it’s within their control and in their own interest. It can also cause them to engage in more ethical practices, especially in toxic work environments.

    Second, they are more likely to leave toxic work environments. When employees realize change is beyond their control, mindfulness and self-compassion can cause them to lose their motivation for work and, indirectly, might prompt them to leave toxic workplaces altogether.

    Third, for employees who end up staying in their roles, they are better able to acknowledge and become less effected by stressors. However, this doesn’t mean they become more productive or blindly enthusiastic about their jobs. Mindfulness enhances motivation that stems from genuine interest, not from pressure or obligation.

    It’s important to note that mindfulness doesn’t mean these employees condone poor conditions or toxic practices. Rather, it helps them see reality more clearly, without denial or avoidance.

    And for employers hoping mindfulness will instantly boost engagement or drive performance, research shows employees may actually become more critical of their work and less willing to perform mundane tasks.

    Towards true workplace transformation

    Mindfulness alone cannot fix a toxic workplace. When organizations introduce mindfulness programs without first addressing the underlying causes of stress or toxicity, they’re unlikely to see the results they expect.

    If organizations want to reap the full benefits of mindfulness and self-compassion, they need to take a more deliberate, structured approach. Psychologist Kurt Lewin’s three-step change management model offers a useful guide:

    Step 1. Unfreeze: Address the root causes of workplace stress

    • Address systemic stressors. Before introducing any well-being initiative, organizations must confront actual sources of stress such as excessive workloads, toxic leadership and job insecurity.
    • Correct misunderstandings. Clarify what mindfulness and self-compassion actually is to reduce scepticism and confusion.
    • Avoid mandatory participation. Giving employees the freedom to opt in fosters authentic engagement and sustains interest.
    Without addressing the systemic causes of stress, mindfulness practices can prove ineffective.
    (Shutterstock)

    Step 2. Change: Implement practices ethically and intentionally

    • Lead by example at the top. Instead of only offering these programs to employees, leaders should engage with mindfulness and self-compassion practices themselves. When senior figures lead by example, these programs gain legitimacy and workplaces foster more ethical, people-centered leadership that goes beyond performance and productivity.
    • Ensure cultural sensitivity. Small cultural adaptations can improve the inclusion of mindfulness and self-compassion sessions. For instance, research has found that in Hispanic communities, using familiar stories or proverbs can make mindfulness sessions more relatable and improve engagement.
    • Preserve ethical foundations. Present mindfulness and self-compassion as universal practices, not tied to any one religion. This preserves their ethical underpinnings while ensuring they remain universal and accessible to all.

    Step 3. Freeze: Embed mindfulness and self-compassion into workplace culture

    • Encourage small, daily practices. Offer simple tools like journaling or mindful breathing breaks that employees can tailor to their own needs and schedules.
    • Provide ongoing support. Create time and space for continued practice, such as guided meditations, mindfulness moments in meetings or gratitude boards so new habits take root.
    • Measure impact holistically. Consider hiring qualified professionals to evaluate program effectiveness, address emerging needs and keep the organization moving forward.

    Moving beyond wellness window-dressing

    Mindfulness and self-compassion are not magic bullets, but they can still be powerful catalysts for change.

    When introduced with a deliberate and thoughtful approach, mindfulness and self-compassion can help workplaces move beyond shallow wellness “hacks” toward truly transformative practices, even in high-pressure, profit-driven environments.

    Far from serving as a quick fix or a mere productivity tool, these practices encourage employees to challenge the status quo, take meaningful action, build healthier relationships and make more ethical decisions. They can help individual employees flourish within and beyond their workplaces.

    The true value of mindfulness and self-compassion practices lies not in short-term outcomes or surface-level improvements, but in helping individuals be more aware of themselves, their surroundings and the choices they make, which is beyond any outcome or context.

    Yasemin Pacaci does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Workplaces have embraced mindfulness and self-compassion — but did capitalism hijack their true purpose? – https://theconversation.com/workplaces-have-embraced-mindfulness-and-self-compassion-but-did-capitalism-hijack-their-true-purpose-258043

    MIL OSI Analysis –

  • MIL-OSI Analysis: Workplaces have embraced mindfulness and self-compassion — but did capitalism hijack their true purpose?

    Source: The Conversation – Canada – By Yasemin Pacaci, Postdoctoral Fellow, Smith School of Business, Queen’s University, Ontario

    When practiced with integrity, mindfulness and self-compassion can improve the collective well-being and personal agency of employees. (Shutterstock)

    Mindfulness and self-compassion have become popular tools for improving mental health and well-being in the workplace. Mindfulness involves paying attention to thoughts, emotions and surroundings without judgment, much like watching clouds pass in the sky. This moment-to-moment awareness helps people respond skilfully rather than react automatically.

    Self-compassion builds on mindfulness by encouraging people to meet difficult feelings and experiences with kindness instead of resistance. In other words, mindfulness helps people first recognize their suffering, while self-compassion helps people respond with kindness.

    Both mindfulness and self-compassion can be practised formally through meditations like body scans, breath awareness or loving-kindness meditation, and informally by bringing mindful attention to mind, emotions and everyday activities.

    Both practices have the potential to transform dysfunctional workplaces by improving the collective well-being and personal agency of employees.

    Yet too often, these practices are introduced superficially to boost productivity and performance, rather than used to address the root causes of workplace stress. It’s a pattern I’ve witnessed repeatedly in my years as a mindfulness teacher and researcher.

    This brings into question whether these practices can thrive in capitalist systems that prioritize profit over people. But rather than rejecting mindfulness and self-compassion as incompatible with capitalism, I argue we need a more thoughtful framework that stays true to their essence while tackling common misunderstandings and misuses.

    How capitalism is co-opting mindfulness

    Academic and practitioner critics have raised concerns about how mindfulness and self-compassion practices are being integrated into corporate life.

    Some of these critics argue that companies are incorporating mindfulness and self-compassion practices not to fix systemic problems, but to boost their own productivity and shift the responsibility for stress onto employees.

    In these cases, critics use the term “McMindfulness” to describe a commodified, diluted version of mindfulness that is stripped of its roots in Buddhist philosophy.

    If organizations want to reap the full benefits of mindfulness and self-compassion, they need to take a more deliberate, systemic approach.
    (Unsplash/Redd Francisco)

    Some critics have gone further, claiming that mindfulness encourages contentment with the status quo and may make employees more vulnerable to exploitation.

    While these critiques raise valid concerns, they often create more confusion and resistance than meaningful dialogue or practical solutions for implementing mindfulness and self-compassion in the workplace.

    Empirical research offers a more nuanced perspective. Mindfulness and self-compassion, when practised consistently, can strengthen employees’ sense of agency, improve their self-confidence, support ethical decision-making and action for meaningful change.

    Done right, mindfulness can help workers

    Employees who develop mindfulness and self-compassion skills tend to respond in three main ways, according to research.

    First, they become more aware of dysfunction in the workplace. This awareness can empower them to speak up and advocate for change if it’s within their control and in their own interest. It can also cause them to engage in more ethical practices, especially in toxic work environments.

    Second, they are more likely to leave toxic work environments. When employees realize change is beyond their control, mindfulness and self-compassion can cause them to lose their motivation for work and, indirectly, might prompt them to leave toxic workplaces altogether.

    Third, for employees who end up staying in their roles, they are better able to acknowledge and become less effected by stressors. However, this doesn’t mean they become more productive or blindly enthusiastic about their jobs. Mindfulness enhances motivation that stems from genuine interest, not from pressure or obligation.

    It’s important to note that mindfulness doesn’t mean these employees condone poor conditions or toxic practices. Rather, it helps them see reality more clearly, without denial or avoidance.

    And for employers hoping mindfulness will instantly boost engagement or drive performance, research shows employees may actually become more critical of their work and less willing to perform mundane tasks.

    Towards true workplace transformation

    Mindfulness alone cannot fix a toxic workplace. When organizations introduce mindfulness programs without first addressing the underlying causes of stress or toxicity, they’re unlikely to see the results they expect.

    If organizations want to reap the full benefits of mindfulness and self-compassion, they need to take a more deliberate, structured approach. Psychologist Kurt Lewin’s three-step change management model offers a useful guide:

    Step 1. Unfreeze: Address the root causes of workplace stress

    • Address systemic stressors. Before introducing any well-being initiative, organizations must confront actual sources of stress such as excessive workloads, toxic leadership and job insecurity.
    • Correct misunderstandings. Clarify what mindfulness and self-compassion actually is to reduce scepticism and confusion.
    • Avoid mandatory participation. Giving employees the freedom to opt in fosters authentic engagement and sustains interest.
    Without addressing the systemic causes of stress, mindfulness practices can prove ineffective.
    (Shutterstock)

    Step 2. Change: Implement practices ethically and intentionally

    • Lead by example at the top. Instead of only offering these programs to employees, leaders should engage with mindfulness and self-compassion practices themselves. When senior figures lead by example, these programs gain legitimacy and workplaces foster more ethical, people-centered leadership that goes beyond performance and productivity.
    • Ensure cultural sensitivity. Small cultural adaptations can improve the inclusion of mindfulness and self-compassion sessions. For instance, research has found that in Hispanic communities, using familiar stories or proverbs can make mindfulness sessions more relatable and improve engagement.
    • Preserve ethical foundations. Present mindfulness and self-compassion as universal practices, not tied to any one religion. This preserves their ethical underpinnings while ensuring they remain universal and accessible to all.

    Step 3. Freeze: Embed mindfulness and self-compassion into workplace culture

    • Encourage small, daily practices. Offer simple tools like journaling or mindful breathing breaks that employees can tailor to their own needs and schedules.
    • Provide ongoing support. Create time and space for continued practice, such as guided meditations, mindfulness moments in meetings or gratitude boards so new habits take root.
    • Measure impact holistically. Consider hiring qualified professionals to evaluate program effectiveness, address emerging needs and keep the organization moving forward.

    Moving beyond wellness window-dressing

    Mindfulness and self-compassion are not magic bullets, but they can still be powerful catalysts for change.

    When introduced with a deliberate and thoughtful approach, mindfulness and self-compassion can help workplaces move beyond shallow wellness “hacks” toward truly transformative practices, even in high-pressure, profit-driven environments.

    Far from serving as a quick fix or a mere productivity tool, these practices encourage employees to challenge the status quo, take meaningful action, build healthier relationships and make more ethical decisions. They can help individual employees flourish within and beyond their workplaces.

    The true value of mindfulness and self-compassion practices lies not in short-term outcomes or surface-level improvements, but in helping individuals be more aware of themselves, their surroundings and the choices they make, which is beyond any outcome or context.

    Yasemin Pacaci does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Workplaces have embraced mindfulness and self-compassion — but did capitalism hijack their true purpose? – https://theconversation.com/workplaces-have-embraced-mindfulness-and-self-compassion-but-did-capitalism-hijack-their-true-purpose-258043

    MIL OSI Analysis –

  • MIL-OSI Analysis: University leaders have to make sense of massive disruption — 4 ways they do it

    Source: The Conversation – Canada – By Daniel Atlin, Adjunct Professor, Gordon S. Lang School of Business, University of Guelph

    Trying to navigate an environment where massive disruption and unprecedented change is the norm presents a challenge for business leaders everywhere.

    Social-purpose, multi-stakeholder organizations like post-secondary institutions, hospitals, governments and NGOs are particularly affected.

    The practice of “sense-making” — making sense of the situations people find themselves in, in the words of organizational theorist Karl Weick — offers an innovative and timely framework that can help social-purpose leaders address complexity.

    Senior post-secondary leaders study

    Management experts have described sense-making as the key skill needed in an age of disruption. This has been confirmed through my research while completing a master’s degree in change leadership.

    I interviewed more than two dozen senior leaders in complex organizations in Canada, the United Kingdom, Australia and New Zealand — the majority of whom were in the post-secondary sector. I found the leaders I interviewed were intuitively using elements from Weick’s organizational sense-making framework.

    As one leader shared:

    “The first thing you need to do is to recognize that it’s your role to help the rest of your community make sense of what’s happening around you. It’s something that I take very seriously.”

    Deborah Ancona, professor of management at MIT, says:

    “Sense-making is most often needed when our understanding of the world becomes unintelligible in some way. This occurs when the environment is changing rapidly, presenting us with surprises for which we are unprepared or confronting us with adaptive, rather than technical problems to solve.”

    Leading in ‘age of outrage’

    Social-purpose organizations face common issues such as a lack of funding, system fragmentation, competing stakeholders, new entrants and the challenges of emerging technologies.

    They are also at the centre of what business and public policy professor Karthik Ramana describes as “the age of outrage,” reflected in heightened polarization. Against this backdrop, it’s increasingly challenging to attract and retain leaders.

    I heard from leaders who felt they didn’t have the proper training for the job or support once they started their roles. In part, this is because few of them, including those involved in their hiring, seem to realize the actual messiness inherent within their organizations.

    This brings to mind the parable that writer David Foster Wallace used in his 2005 convocation speech at Kenyon College, in which two young fish are told by an older fish that they are swimming in water. One of the young fish then turns to the other in surprise and says: “What is water anyway?”

    Lack of agency

    I heard from various leaders who experienced an “aha” moment when they realized they were immersed within a fluid and dynamic organizational environment that they were expected to run like a traditional business. This realization gave them a framework to understand the lack of agency they often experienced.

    The challenge with social-purpose organizations is that they’re complex adaptive systems in which individual interactions form an ever-changing array of networks generating emergent behaviours that are often unpredictable. Complex adaptive systems also tend to revert to the status quo when faced with change.

    So how do social-purpose leaders navigate change and this challenging organizational context? They wrap their efforts around purpose. It’s an anchor point and unifying focus for leaders, teams and all stakeholders.

    4 strategies

    Based on my research, I’ve identified four main sense-making strategies that leaders use:

    Exploration and map-making: These pursuits help leaders extract a steady flow of information and data from their interactions both inside and outside their organizations. This allows them to develop high-level, adaptive frameworks that are constantly in flux — similar to Google Maps, as it generates live snapshots of traffic flows and suggested routes.

    Storytelling and narrative development: Leaders use storytelling and narrative development to project ideas, purposes and visions into the future. This allows them to connect emotionally and inspire people and communities. Recognizing their role as storyteller-in-chief can align disparate parts of an organization into a coherent and engaged whole.

    Invention and improvisation: These are employed by leaders to test assumptions as they learn what works and what doesn’t. This approach allows them to respond in real time to the never-ending flow of new information. Without taking risks, leaders are at risk of being stuck in paralysis.

    Adaptation and collaboration allows leaders to help their organizations remain relevant. Leaders spoke about the need to foster adaptation. They also stressed the need to attract new resources through collaboration across like-minded institutions, governments, funding partners and the private sector.

    Embracing a sense-making mindset

    Thinking that benefits the interests and perspectives of the total enterprise is a critical but challenging task for leaders in social- purpose organizations.

    Time and energy — two scarce resources — are necessary to build aligned and high-performing teams and to break down silos. Team alignment cannot be achieved through the occasional team-building session, but requires an ongoing commitment and a well-articulated plan.

    Social-purpose organizations need practices, frameworks and metrics that are tailored to organizations’ unique needs. Rather than spending resources, time and energy on strategic plans, some leaders are building more flexible strategic frameworks or using strategic foresight to guide an innovative vision for the future.

    Leadership can be lonely

    It’s also important to remember that leadership can be lonely. To survive and thrive, social-purpose leaders must remember to seek out their own coaches and build communities of practice to enhance their lived experience and activities.

    Developing an outer shell to weather criticism also helps. While leaders can’t please everyone, sense-making leaders find strength and build endurance in the recognition that the roles they play are meaningful, satisfying and essential — not only within the organizations they serve but through the collective work their organizations accomplish in the world.

    Leaders (and board members) must realize that hiring the same people with the same profile as the past won’t make an organization ready for change, but instead reinforces the status quo.

    By recognizing the messiness of their organizations and using sense-making skills, leaders in social-purpose organizations have better odds of surviving the perils and challenges of massive disruption and unprecedented change.

    Daniel Atlin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. University leaders have to make sense of massive disruption — 4 ways they do it – https://theconversation.com/university-leaders-have-to-make-sense-of-massive-disruption-4-ways-they-do-it-257866

    MIL OSI Analysis –

  • MIL-OSI Canada: Statement by Minister Freeland on the twelfth anniversary of the Lac-Mégantic tragedy

    Source: Government of Canada News

    July 6, 2025            Lac-Mégantic, Quebec            Transport Canada

    The Minister of Transport and Internal Trade, the Honourable Chrystia Freeland, today issued the following statement to mark the twelve years that have passed since the Lac-Mégantic tragedy:

    “Twelve years ago, the community of Lac-Mégantic experienced a devastating tragedy. On that day, 47 lives were lost, and a vibrant downtown was devastated by a train derailment that left an indelible mark on the heart of Quebec and all of Canada.

    “On this day of remembrance, we pause in memory of the victims, we offer our thoughts to the survivors, and we salute the courage of an entire community that, year after year, continues to rebuild itself with dignity and resilience.

    “The Government of Canada remains firmly committed to ensuring that such a tragedy never happens again. The construction of the Lac-Mégantic rail bypass is one of my priorities. We are committed to working closely with the local communities until its completion. We have strengthened rail safety rules, modernized our oversight systems, and continued to work with our partners to build a safer, more sustainable, and people-centred transportation system.

    “We have learned from the Lac-Mégantic derailment. This tragedy must never be forgotten, because it pushes us to do better, to be more rigorous, and to never accept the unacceptable. We owe our determination to the victims, and our concrete action to the generations to come.”

    MIL OSI Canada News –

  • MIL-OSI USA News: Presidential Message on the 211th Anniversary of the Battle of Chippawa

    Source: US Whitehouse

    On July 5, 1814, on the plains of Chippawa, near the shores of Lake Ontario, the United States left its adolescence as a nation, and took its place among the great powers of the world, with a stirring victory over the British Army.  At the Battle of Chippawa, a seminal battle in the War of 1812, the true might of the United States Army was revealed in full glory in a victory that rekindled American pride and respect for the Army, and foreshadowed the rise of the United States as the greatest military power that the world has ever seen.

    When the first shots of the War of 1812 were fired, the United States Army was outmatched and underprepared to fight the then-greatest power in the world, Great Britain.  To reform our Nation’s military, Secretary of War John Armstrong Jr. established “Camps of Instruction” in New York to instill readiness and discipline in his troops.  Guided by strong military leadership and rigorous training from the likes of General Winfield Scott and General Jacob Brown, the United States Army was transformed from ragtag regiments into a finely-honed professional force—changing the course of the war and paving the path to unrivaled American military dominance.

    On the morning of July 5, 1814, the British launched a surprise attack in Chippawa along the Niagara River in Ontario, Canada.  General Scott’s brigade of regulars wore the gray uniforms of American militiamen, leading the British to believe that they were facing undisciplined troops who would quickly retreat, unable to match British battlefield prowess honed over years of conflict in the Napoleonic Wars.  And yet, as the two armies exchanged volley after volley of musket fire and artillery barrages, the intrepid American Soldiers were the ones who heroically held the line, and it was the British who were forced into an embarrassing retreat.  Recognizing his grave error, the British General Phineas Riall famously cried out, “Those are regulars, by God!”

    That day, the American Army decisively defeated the enemy, protected the American homeland, and inspired a new wave of unity, patriotism, and urgently-needed military morale in our war-weary nation.  America’s resounding victory at Chippawa will forever be remembered as the moment that the United States Army took its place among the great armies of the world, and showed itself to be capable of defeating any threat to the safety and security of the great American nation.

    As we commemorate this epic battle, we honor the memory of the valiant warriors who fought and died to defend the sovereignty of our young Republic.  To this day, the proud legacy of the Battle of Chippawa endures in every Soldier who proudly wears the uniform of the United States of America.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by DSJ at International Symposium on Global Corporate Restructuring Center (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Following are the opening remarks by the Deputy Secretary for Justice, Dr Cheung kwok-kwan, at the International Symposium on Global Corporate Restructuring Center today (July 6):

    The Honourable Professor Leung (Hong Kong Special Administrative Region (HKSAR) Deputy to the National People’s Congress, Member of the HKSAR Basic Law Committee of the Standing Committee of the National People’s Congress and Member of the Legislative Council, Professor Priscilla Leung) , Dr Sun Jin (Director-General of the International Organization for Mediation Preparatory Office), distinguished guests, ladies and gentlemen,

    Good morning. It is my honour to join this International Symposium on Global Corporate Restructuring Centre. We all know that today’s global economy is interconnected yet volatile. In order to maintain financial stability and investor confidence, we must keep abreast with market changes and cope with the need of cross-border businesses.
     
    Corporate restructuring is inherently a crucial strategic tool wielded in financial distress, which is vital for survival, renewal and resilience of the businesses. Indeed, successful restructuring preserves value of the businesses. Successful restructuring protects jobs of the employees. Successful restructuring instills confidence of the creditors. In short, successful corporate restructuring allows businesses to navigate adversity and becomes stronger for sustainable growth.

    Hong Kong is unique in the sense that it is the only common law jurisdiction in China and is deeply integrated with the Mainland market. It is therefore ideally positioned as a global centre for corporate restructuring. Now, I would like to outline how Hong Kong’s legal system delivers unparalleled advantages for business and investment, corporate restructuring and dispute resolution across Asia and beyond.

    The Foundation: “one country, two systems” and Common Law

    Hong Kong’s distinctiveness lies in the framework of “one country, two systems”, which preserves the common law system which is highly regarded by international community and reinforce our unique position to bridge the East and the West. This is not just theoretical – it translates into tangible expertise through our 13 000 solicitors and barristers, 560 Hong Kong lawyers licensed to practice in the Greater Bay Area (GBA), as well as 1 500 registered foreign lawyers, many of whom are multilingual and qualified in multiple jurisdictions. The accounting profession also plays a crucial role in corporate restructuring. We currently have over 6 500 establishments providing accounting, auditing and tax consultancy services. The Hong Kong Institute of Certified Public Accountants boasts a membership of over 47 000, who are recognised globally in such diverse places as Australia, Canada, England and Wales, South Africa etc. 

    What does this mean? When international investors face cross-border restructuring or insolvency, they can count on our professionals who master common law principles and international standard as well as the complexities of the Mainland market.

    Connectivity: Mutual Legal Assistance

    Such expertise is amplified by Hong Kong’s unmatched connectivity with the Mainland, offering effective pathways through nine mutual legal assistance arrangements in civil and commercial matters.

    Consider this: a European investor restructuring a Mainland-based joint venture could gain critical tools simply by choosing Hong Kong.

    Firstly, in assets preservation, businesses may obtain Mainland court orders to freeze assets or preserve evidence — a relief which is not available for arbitration seated in common law jurisdiction other than Hong Kong.

    Secondly, in direct enforcement: Businesses may enforce Hong Kong arbitral awards and court judgments in the Mainland, the coverage of which is the widest globally, including judgments on intellectual property rights which are not covered in international conventions. 

    Thirdly, streamlined restructuring and liquidation: A Hong Kong-appointed liquidator can access Mainland courts in Shenzhen, Shanghai and Xiamen to take control of the company’s assets and records in the Mainland, facilitating an effective corporate restructuring or at times, winding up.

    This seamless integration makes Hong Kong the optimal choice for business and investment and also cross-border restructuring with Mainland elements.

    Dispute Resolution: Arbitration and the New Era of Mediation

    Our advantages also extend to dispute resolution. The evidence is compelling — Hong Kong ranked globally number two as an arbitration seat under the 2025 Queen Mary University of London and White & Case International Arbitration Survey; last year, over 76 per cent of the cases handled by the Hong Kong International Arbitration Centre were international, with claims averaging HK$375 million, reflecting international trust in Hong Kong’s role in high-stakes cases.

    We recognise that modern challenges require diverse solutions, which is why we are promoting mediation in the Greater Bay Area. The recent establishment of the International Organization for Mediation (IOMed) in Hong Kong highlights this commitment, as the city positions itself as the capital of mediation.
     
    In terms of local capacity building, we have generally mandated mediation clauses in government contracts and have been enhancing training of mediators. 

    For regional integration, we are closely collaborating with our GBA partners to deploy Hong Kong mediation organisations to handle commercial mediation cases as referred to by the GBA courts; export Hong Kong’s best practice to develop GBA standard, including specialised mediation rules; and establish a unified GBA Mediators Panel for cross-border expertise. 

    The Greater Bay Area: Where Policies Meet Practice

    These initiatives reflect Hong Kong’s strategic role in the GBA. Innovative policies have created unprecedented opportunities. 

    For example, a Shenzhen company with Hong Kong shareholders of any investment ratio can now choose Hong Kong law to govern contracts, and choose Hong Kong as the arbitration seat. And the impact is visible: international investors can benefit from comprehensive legal protection under Hong Kong’s common law regime while navigating in Mainland’s dynamic markets with certainty and efficiency.

    In an era of growing complexity, businesses need to anchor in a jurisdiction that offers stability and connectivity. Hong Kong delivers precisely this – a common law system integrated with the world’s second largest economy, powered by world-class professionals conversant in global commerce and a robust and reliable dispute resolution mechanism.

    Ladies and gentlemen, I am sure you would fully explore the China advantages and the international advantages offered by Hong Kong in today’s Symposium. The Government will continue to solidify Hong Kong’s role as the premier global hub for business and investment. We support business ventures at every stage – from set-up, financing, management and operation to disputes resolution and restructuring.

    On this note, I wish this Symposium every success. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by DSJ at International Symposium on Global Corporate Restructuring Center (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Following are the opening remarks by the Deputy Secretary for Justice, Dr Cheung kwok-kwan, at the International Symposium on Global Corporate Restructuring Center today (July 6):

    The Honourable Professor Leung (Hong Kong Special Administrative Region (HKSAR) Deputy to the National People’s Congress, Member of the HKSAR Basic Law Committee of the Standing Committee of the National People’s Congress and Member of the Legislative Council, Professor Priscilla Leung) , Dr Sun Jin (Director-General of the International Organization for Mediation Preparatory Office), distinguished guests, ladies and gentlemen,

    Good morning. It is my honour to join this International Symposium on Global Corporate Restructuring Centre. We all know that today’s global economy is interconnected yet volatile. In order to maintain financial stability and investor confidence, we must keep abreast with market changes and cope with the need of cross-border businesses.
     
    Corporate restructuring is inherently a crucial strategic tool wielded in financial distress, which is vital for survival, renewal and resilience of the businesses. Indeed, successful restructuring preserves value of the businesses. Successful restructuring protects jobs of the employees. Successful restructuring instills confidence of the creditors. In short, successful corporate restructuring allows businesses to navigate adversity and becomes stronger for sustainable growth.

    Hong Kong is unique in the sense that it is the only common law jurisdiction in China and is deeply integrated with the Mainland market. It is therefore ideally positioned as a global centre for corporate restructuring. Now, I would like to outline how Hong Kong’s legal system delivers unparalleled advantages for business and investment, corporate restructuring and dispute resolution across Asia and beyond.

    The Foundation: “one country, two systems” and Common Law

    Hong Kong’s distinctiveness lies in the framework of “one country, two systems”, which preserves the common law system which is highly regarded by international community and reinforce our unique position to bridge the East and the West. This is not just theoretical – it translates into tangible expertise through our 13 000 solicitors and barristers, 560 Hong Kong lawyers licensed to practice in the Greater Bay Area (GBA), as well as 1 500 registered foreign lawyers, many of whom are multilingual and qualified in multiple jurisdictions. The accounting profession also plays a crucial role in corporate restructuring. We currently have over 6 500 establishments providing accounting, auditing and tax consultancy services. The Hong Kong Institute of Certified Public Accountants boasts a membership of over 47 000, who are recognised globally in such diverse places as Australia, Canada, England and Wales, South Africa etc. 

    What does this mean? When international investors face cross-border restructuring or insolvency, they can count on our professionals who master common law principles and international standard as well as the complexities of the Mainland market.

    Connectivity: Mutual Legal Assistance

    Such expertise is amplified by Hong Kong’s unmatched connectivity with the Mainland, offering effective pathways through nine mutual legal assistance arrangements in civil and commercial matters.

    Consider this: a European investor restructuring a Mainland-based joint venture could gain critical tools simply by choosing Hong Kong.

    Firstly, in assets preservation, businesses may obtain Mainland court orders to freeze assets or preserve evidence — a relief which is not available for arbitration seated in common law jurisdiction other than Hong Kong.

    Secondly, in direct enforcement: Businesses may enforce Hong Kong arbitral awards and court judgments in the Mainland, the coverage of which is the widest globally, including judgments on intellectual property rights which are not covered in international conventions. 

    Thirdly, streamlined restructuring and liquidation: A Hong Kong-appointed liquidator can access Mainland courts in Shenzhen, Shanghai and Xiamen to take control of the company’s assets and records in the Mainland, facilitating an effective corporate restructuring or at times, winding up.

    This seamless integration makes Hong Kong the optimal choice for business and investment and also cross-border restructuring with Mainland elements.

    Dispute Resolution: Arbitration and the New Era of Mediation

    Our advantages also extend to dispute resolution. The evidence is compelling — Hong Kong ranked globally number two as an arbitration seat under the 2025 Queen Mary University of London and White & Case International Arbitration Survey; last year, over 76 per cent of the cases handled by the Hong Kong International Arbitration Centre were international, with claims averaging HK$375 million, reflecting international trust in Hong Kong’s role in high-stakes cases.

    We recognise that modern challenges require diverse solutions, which is why we are promoting mediation in the Greater Bay Area. The recent establishment of the International Organization for Mediation (IOMed) in Hong Kong highlights this commitment, as the city positions itself as the capital of mediation.
     
    In terms of local capacity building, we have generally mandated mediation clauses in government contracts and have been enhancing training of mediators. 

    For regional integration, we are closely collaborating with our GBA partners to deploy Hong Kong mediation organisations to handle commercial mediation cases as referred to by the GBA courts; export Hong Kong’s best practice to develop GBA standard, including specialised mediation rules; and establish a unified GBA Mediators Panel for cross-border expertise. 

    The Greater Bay Area: Where Policies Meet Practice

    These initiatives reflect Hong Kong’s strategic role in the GBA. Innovative policies have created unprecedented opportunities. 

    For example, a Shenzhen company with Hong Kong shareholders of any investment ratio can now choose Hong Kong law to govern contracts, and choose Hong Kong as the arbitration seat. And the impact is visible: international investors can benefit from comprehensive legal protection under Hong Kong’s common law regime while navigating in Mainland’s dynamic markets with certainty and efficiency.

    In an era of growing complexity, businesses need to anchor in a jurisdiction that offers stability and connectivity. Hong Kong delivers precisely this – a common law system integrated with the world’s second largest economy, powered by world-class professionals conversant in global commerce and a robust and reliable dispute resolution mechanism.

    Ladies and gentlemen, I am sure you would fully explore the China advantages and the international advantages offered by Hong Kong in today’s Symposium. The Government will continue to solidify Hong Kong’s role as the premier global hub for business and investment. We support business ventures at every stage – from set-up, financing, management and operation to disputes resolution and restructuring.

    On this note, I wish this Symposium every success. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: International health tourism booming on China’s Hainan Island

    Translation. Region: Russian Federal

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

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

    HAIKOU, July 5 (Xinhua) — Located in the coastal town of Boao in south China’s Hainan Province, the Boao Lecheng International Health Tourism Pilot Zone is fast becoming a leading healthcare and innovation hub in China, attracting increasing attention from around the world.

    The pilot zone, which is considered the only special medical service zone in China, hosts more than 30 leading domestic and foreign medical institutions. With special policy support, the pilot zone has introduced 485 advanced drugs and medical devices that have been approved abroad but have not yet entered the domestic market, benefiting more than 130,000 patients.

    Canadian figure skating coach Mark Batka, suffering from growing tumors on his chest and back that were hampering his ability to work, decided to have surgery during a four-day recuperation trip to the pilot zone.

    “In Canada it’s more expensive and it takes time to get an appointment for the surgery. And since I was here, I decided to give it a try and I was very happy, I think it went very well,” he said.

    Mark Batka is just one of many foreign visitors who have taken advantage of the medical services at the pilot zone, which offers a world-class package of services, from premium medical check-ups and a combination of traditional Chinese and Western treatments to cultural experiences such as incense tasting, tea ceremonies and calligraphy.

    Boao Yiling Life Support Center, a leading provider of comprehensive medical services in the pilot zone, provides a wide range of services such as health care, disease prevention, specific therapies, rehabilitation and mental health.

    Janet Wong, who went on a Canadian wellness tour with Mark Batka, said she was impressed by the high-quality medical check-up she received at the centre.

    “We were so surprised from the very beginning when we arrived,” she said, adding that the treatment was excellent and the medical examination incredibly thorough.

    “In a way, it really does feel like a vacation,” said Stephanie Wing See Yau, another member of the Canadian group, calling the centre a truly world-class facility.

    “It’s really impressive how they’ve put all these treatments together in one place,” she said, noting that she was glad to see that there was a focus on overall wellness, not just physical wellness but mental wellness as well. She described her trip as a great experience and said she would definitely recommend it to friends.

    As part of the pilot zone’s efforts to develop health tourism, 25 specialized routes have been launched, tailored to different needs, from traditional Chinese medicine and chronic disease treatment to high-end medical check-ups and medical cosmetology. These routes are increasingly popular around the world. The pilot zone has also become a key platform supporting Hainan’s efforts to become a hub for international tourism and consumption.

    By the end of 2024, more than 410,000 people had taken medical tours in the pilot zone, which is 36.76 percent more than in the previous year. Since the beginning of this year, 188,300 tourists from countries such as Canada, Spain, Russia, Uzbekistan and Cuba have already visited the zone to use medical services.

    Kareldus Agas, an official with the International Tourism Promotion Department of Indonesia’s Ministry of Tourism and Creative Economy, was deeply impressed by the comprehensive services at the pilot zone after visiting some wellness projects and traditional cultural activities, including calligraphy and cupping.

    He said that Boao Lecheng not only offers advanced medical services, but also a harmonious combination of relaxation, wellness and spiritual healing, creating a truly unforgettable experience. He expressed a strong desire to visit the area again, even without a medical request, just to enjoy the unique feeling of relaxation he felt there.

    The pilot zone has established partnerships with more than 180 pharmaceutical companies and medical equipment manufacturers from 20 countries, providing access to advanced international medical services for both domestic and foreign visitors, said He Ying, an official with the Boao Lecheng International Health Tourism Pilot Zone.

    He added that the zone will continue to strengthen its service platforms and capacity to receive foreign tourists with the aim of becoming a world-class health tourism destination.

    As part of its broader economic strategy, China is turning Hainan into a free trade port and aims to turn the province into a global tourist and consumer destination by 2035. -0-

    MIL OSI Russia News –

  • MIL-OSI China: Hainan emerges as China’s premier international medical tourism destination

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

    HAIKOU, July 5 — Nestled in the coastal town of Boao in south China’s Hainan Province, the Boao Lecheng International Medical Tourism Pilot Zone is rapidly becoming a leading hub for health and innovation in China, drawing increasing attention from around the world.

    Hailed as China’s sole “medical special zone,” the pilot zone is home to over 30 top-tier domestic and international medical institutions. Thanks to special policy support, the medical zone has introduced 485 advanced medicines and medical devices approved overseas but not yet available in the domestic market, benefiting over 130,000 patients.

    Plagued by growing lumps on his chest and back that interfered with his work, Canadian figure skating coach Mark Batka chose to undergo surgery during a four-day wellness trip to the pilot zone.

    “In Canada, it is more expensive, and also it takes time to book it. And I was here, so I thought I would give it a try and I was very happy and I think it went very well,” he said.

    Mark is just one of many international visitors who have benefited from the medical zone’s services, which go beyond world-class treatments to offer a holistic experience, ranging from premium health check-ups and a fusion of traditional Chinese and Western therapies to cultural activities like incense appreciation, tea ceremonies and calligraphy.

    The Boao Yiling Life Care Center, a premier integrated medical service provider within the medical zone, offers a wide range of services like health management, disease prevention, specialized treatments, rehabilitation, and mental wellness.

    Janet Wong, who is part of the Canadian wellness tour group with Mark, said she was astounded by the high-end health check-up she received at the life care center.

    “We were so amazed right from the start when we arrived,” she said, adding that the treatments were excellent and the medical check-up was incredibly thorough.

    “In some ways, it does feel like a vacation,” said Stephanie Wing See Yau, another member of the Canadian group, praising the center as a truly top-notch facility.

    “It’s very impressive how they put all these treatments in one place,” she said, noting that it’s refreshing to see a focus on overall wellness, not just physical, but mental as well. She described the medical tour as a great experience and said she would definitely recommend it to her friends.

    As part of its push to become the “capital of medical tourism,” the pilot zone has launched 25 specialized routes tailored to diverse needs, from traditional Chinese medicine and chronic disease management to luxury diagnostics and cosmetic rehabilitation, gaining growing popularity worldwide. It has also become a key platform supporting Hainan’s efforts to build an international hub for tourism and consumption.

    In 2024, the pilot zone attracted over 410,000 medical visitors, up 36.76 percent year on year. So far this year, the medical zone has already welcomed 188,300 medical tourists from countries including Canada, Spain, Russia, Uzbekistan and Cuba.

    Kareldus Agas, director of International Tourism Promotion, Ministry of Tourism and Creative Economy of Indonesia, was deeply impressed by the comprehensive services in Lecheng after experiencing health projects featuring traditional Chinese cultural activities like calligraphy and Chinese cupping.

    He said Lecheng offered not only cutting-edge medical services but also a seamless blend of relaxation, wellness and spiritual healing, creating a truly remarkable experience. Even without the need for medical treatment, he expressed a strong desire to return, simply to enjoy the unique sense of relaxation it provides.

    The medical zone has established partnerships with over 180 pharmaceutical and medical device companies from 20 countries, ensuring access to advanced international medical services for both domestic and international visitors, said He Ying, an official with the medical tourism department of the Boao Lecheng International Medical Tourism Pilot Zone Administration.

    He added that the zone will continue to strengthen its service platforms and international reception capabilities, with the goal of becoming a world-class medical tourism destination.

    As part of its broader economic strategy, China is building Hainan into a Free Trade Port and aims to transform the province into a globally influential tourism and consumption destination by 2035.

    MIL OSI China News –

  • MIL-OSI: High Arctic Overseas Issues Clarifying News Release

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, July 05, 2025 (GLOBE NEWSWIRE) — High Arctic Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) is issuing this press release to clarify the qualifications of Matthew Cocks, the Chief Financial Officer of the Corporation, whose appointment was previously announced on June 23, 2025. Mr. Cocks completed his qualifications and became a Chartered Accountant in 2010 through the Institute of Chartered Accountants Australia & New Zealand, however he is not currently designated a Chartered Accountant by the Institute. Mr. Cocks did not renew membership with the Institute in 2020 and is not a current member of the Institute. Mr. Cocks does not intend to seek reinstatement in the immediate future.

    The appointment of Mr. Cocks as CFO has been accepted by the TSXV.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material handling and drilling support equipment.

    For further information, please contact:
    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

    The MIL Network –

  • MIL-OSI United Nations: World Refugee Day: telling their stories

    Source: United Nations MIL OSI

    While hotspots include Sudan, Syria, Afghanistan, Ukraine and Palestine, displacement affects every region of the world.

    In the lead-up to World Refugee Day, Friday, the UN is spotlighting the importance of solidarity with refugees through support, solutions, and the power of storytelling.

    Zahra Nader: Reporting from exile

    Ahead of World Refugee Day, UN News spoke with Zahra Nader, a journalist from Afghanistan.

    At age six, Nader and her family fled to Iran after the Taliban first took power, where she was denied access to education and faced racism.

    Returning to Afghanistan years later, the stark contrast between life in exile and the opportunity to attend school ignited her passion for journalism and advocacy.

    In August 2021, while she was pursuing a PhD in Canada, the Taliban regained control, shattering her dreams of returning home to teach and conduct fieldwork.

    “I felt as a journalist who grew up in Kabul, who became a journalist there, I have a right and responsibility to tell these stories of women in Afghanistan,” she said. “This is really inhuman, for half of the population of a country to be stripped of their basic human rights because they were born female.”

    Channeling that pain into action, she founded Zan Times, an Afghan women-led newsroom in exile documenting human rights abuses in Afghanistan, particularly those affecting women.  

    Despite limited funding and growing risks to her reporters, Nader continues her work to ensure that Afghan women are seen and heard.

    She described the situation in Afghanistan as “the most severe women’s rights crisis of our time”, calling international action insufficient and warning that inaction emboldens the Taliban and its misogynistic ideologies.  

    Despite her trauma and current inability to return, Nader remains optimistic and urges young Afghan women to resist through learning and preparing for a better future.

    “I am hopeful, and I want to be also part of that change, to envision a better future for Afghanistan, and do my part to make that future happen.”  

    Barthelemy Mwanza: From survival to leadership

    On Thursday, UN Video featured the story of Barthelemy Mwanza, a refugee from the Democratic Republic of the Congo (DRC) who is now a youth leader and advocate.

    At 18, Mwanza was caught between pressure to join an armed tribal group involved in nationwide conflict and his father’s plea to stay out of the fight, a decision that could have cost him his life.

    To survive, he fled to the Tongogara refugee camp in Zimbabwe.

    Emotionally overwhelmed from being displaced from his home country, “It really made me cry to say ‘Where am I?’” Mwanza said. “Later on, I was like, ‘Till when will I continue to cry? Shouldn’t I look at the future?’”

    He began volunteering with UNHCR, leading more than 5,000 young refugees through initiatives tackling gender-based violence, youth protection, and climate action.

    Now resettled in Ohio, United States, Mwanza continues to collaborate with UNHCR to elevate refugee voices, inspire climate action and share his story.

    Empowering and advocating for refugees on a global stage “was one of my dreams, and now I can really see that it’s coming to life,” he concluded.  

    © UNHCR/Nicolo Filippo Rosso

    Barthelemy Mwanza Ngane is a refugee from the Democratic Republic of the Congo and is currently living in Akron, Ohio, US.

    MIL OSI United Nations News –