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Category: Commerce

  • MIL-OSI: Oportun Lead Independent Director Neil Williams Issues Letter to Stockholders

    Source: GlobeNewswire (MIL-OSI)

    Highlights Board’s proactive measures to increase long-term stockholder value and record of effective oversight

    Urges stockholders to vote “FOR” Oportun’s two highly qualified nominees – CEO Raul Vazquez and Carlos Minetti – on the GREEN proxy card

    SAN CARLOS, Calif., June 12, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today issued a letter to stockholders from Lead Independent Director Neil Williams detailing the actions that Oportun’s Board of Directors has taken to drive improved financial performance and reposition the Company for future success.

    After nearly eight years of dedicated service to Oportun’s Board, Mr. Williams plans to retire at the Company’s upcoming 2025 Annual Meeting of Stockholders. In his letter urging shareholders to vote in favor of Oportun’s skilled and experienced nominees, Mr. Williams highlights:

    • In response to the changing economic environment, Oportun announced a detailed plan to reduce expenses and streamline operations in February 2023.
    • The announcement of that plan took place nearly two months before the Company was aware that Findell Capital Management was a stockholder. Over the next two years, Oportun:
      • Executed multiple reductions in force; eliminated expenses across the organization; initiated a strategic review process for the Company’s credit card portfolio that eventually resulted in its sale; and discontinued several non-core businesses.
    • Oportun has driven $240 million in cost savings since mid-2022, and over the last two quarters returned to GAAP profitability.
    • Oportun’s highly engaged and qualified Board possesses the right mix of skills and experience to continue driving Oportun’s strong momentum. The expertise of the Company’s nominees, CEO Raul Vazquez and Carlos Minetti, aligns with the needs of the business and provides a strong foundation to guide Oportun moving forward.

    The Board urges stockholders to vote “FOR” Oportun’s two highly qualified nominees using the GREEN proxy card or GREEN voting instruction form. The letter to stockholders and other important information related to the Annual Meeting can be found at VoteForOportun.com.

    The full text of the letter to stockholders follows:

    Dear Fellow Oportun Financial Stockholders,

    My name is Neil Williams and I am the Lead Independent Director at Oportun Financial Corporation.

    At our upcoming Annual Meeting of Stockholders, one of Oportun’s stockholders, Findell Capital, is seeking to remove our CEO, Raul Vazquez, from the Board of Directors. Findell seeks to replace Raul on the Board with an individual who we believe is substantially less qualified and lacks Raul’s institutional knowledge and experience with Oportun. Earlier this year, the Board conducted a comprehensive review of Raul’s performance – as we do every year – and unanimously concluded that Raul is the right person to lead the Company forward. Removing him from the Board would leave Oportun without a seasoned leader and risk destabilizing the Company at a critical time.

    I joined the Board in 2017, at a time when the Board’s focus was on capitalizing on favorable economic conditions to accelerate the Company’s growth. The Board recognized an opportunity to deepen and extend our relationship with our customers and, in doing so, increase long-term stockholder value.

    Together with management, we developed and executed a plan to expand the Company’s offerings to include credit cards, secured personal loans, and tools for savings, budgeting and investing, while also expanding our personal loan portfolio and its regional footprint. That strategy initially resulted in significant growth and improved credit metrics until the economic environment changed dramatically beginning in early 2022. At that point, it became clear that our growth-focused approach was no longer viable.

    Findell would like stockholders to believe that the Board was unresponsive to the challenges the Company faced and only took action after being prompted by Findell and its designees.

    Nothing could be further from the truth.

    When conditions changed, the Board did what responsible fiduciaries are expected to do: we acted decisively with management to put the Company on a better path. In February 2023 – nearly two months before we were even aware that Findell was a stockholder – we announced a detailed plan to reduce expenses and streamline operations. Over the next two years, we:

    • Executed multiple reductions in force;
    • Eliminated expenses across the organization;
    • Initiated a strategic review process for our credit card portfolio that eventually resulted in its sale; and
    • Discontinued several non-core businesses.

    Since we took these actions, our team has been executing well and delivering on our commitments. We have driven $240 million in cost savings since mid-2022, and over the last two quarters Oportun returned to GAAP profitability.

    We also focused on tightening our credit standards in light of the new environment. Our credit tightening actions have been effective in improving the quality of our loan portfolio, as evidenced by the $439 million asset-backed securitization transaction we executed earlier this month, featuring our first class of notes rated AAA. At a 5.67% average yield, this pricing was 128 basis points lower than our January ABS financing, under arguably a more uncertain macroeconomic backdrop.

    All of these actions were initiated before we added two individuals identified by Findell to the Board, and were part of a plan to reposition the Company we had developed independently of Findell.
    It is no coincidence that our longer-serving directors were able to develop and oversee a plan to transform Oportun. These individuals are exceptionally talented and deeply committed to the Company, each bringing complementary and relevant skills to the Board. Their expertise is aligned with the needs of our business and forms a strong foundation for effective oversight.

    • Jo Ann Barefoot is experienced in consumer finance regulation. Her background as former Deputy Comptroller of the Currency, as well as her experience serving on the Consumer Advisory Board of the Consumer Financial Protection Bureau, gives her critical insight into some of the Company’s most significant risks and opportunities. Since joining the Board in 2016, her background and expertise have been instrumental in navigating the regulatory landscape as we expanded our geographic footprint and evolved our business model.
    • As the former President and COO of Khan Academy, Ginny Lee has experience driving growth and operational excellence at a mission-driven, technology-focused organization. In addition, she spent more than 17 years at Intuit where she held multiple senior executive operational and technical roles, including Chief Information Officer. In that role, she helped grow Intuit, now one of the world’s largest fintech companies.
    • As a former senior and managing partner at KPMG, Louis Miramontes has advised hundreds of large public and private companies and their boards on audit, compliance and regulatory matters in the U.S. and Latin America. His expertise in public company financial reporting ensures strong oversight of the Company’s financial reporting processes and compliance.
    • Sandra Smith has a strong track record of building and scaling financial operations at leading technology companies. For example, she held senior financial roles at both public and venture-backed technology companies, including Twilio and Akamai Technologies, where she also led the investor relations program, enabling her to provide a valuable stockholder perspective in the boardroom. Her experience makes her an ideal Chair of our Audit Committee.
    • Raul Vazquez has served as Oportun’s CEO for more than a decade and has helped grow the Company’s loan portfolio from $100 million in 2012 to approximately $3 billion today. Under Raul’s leadership, Oportun grew loan originations from $243 million to $1.8 billion and expanded from 2 to 41 states. Before joining Oportun, he was a senior executive at Walmart.com and Walmart Inc., where he helped shape and scale the company’s multi-channel strategy and developed deep expertise in retail, operations and digital innovation – which prepared him well to lead a multi-channel, customer-centric business like Oportun.

    Over the last 16 months, we have appointed four new independent directors to the Board – Mohit Daswani, Carlos Minetti, Scott Parker and Richard Tambor. In addition, over the last two years, four other directors have stepped down. Importantly, two of the newly appointed directors, Scott and Richard, were recommended by Findell.

    Despite having a strong set of qualified directors, the Company’s 10-member Board was larger than our historical practice, and larger than the boards of many of our peers. We recognized that a smaller Board would be more in line with industry practice, increase focus and improve effectiveness, while also being consistent with feedback from stockholders, including Findell. Accordingly, to facilitate a reduction in Board size from 10 to eight directors, my colleague Scott and I are not standing for reelection at the upcoming Annual Meeting and will step down from the Board at that time.

    As I approach the end of my tenure at Oportun, I am confident that the Company is in good hands and on the right path, as demonstrated by continually improving financial performance in 2024 and the first quarter of 2025. The Board has worked energetically with the management team to create value. While there is more work to do, I am proud of the progress we have made to reposition the business for long-term success.

    Oportun’s transformation has occurred not because the Board was pushed reluctantly into action as Findell claims, but because the Board and management recognized the need for a different approach to address an evolving macroeconomic environment. We proactively set a new direction and have worked diligently to oversee its execution. The incumbent directors have driven that change, and, in my view, are best equipped to ensure Oportun’s momentum continues.

    For these reasons, I strongly encourage you to vote FOR Oportun’s director nominees – Raul Vazquez and Carlos Minetti – by following the instructions on the GREEN proxy card or GREEN voting instruction form.

    Sincerely,

    Neil Williams

    Your Vote Is Important!

    Please vote on the GREEN proxy card “FOR” the Company’s two nominees using one of the following options:

    • Follow the instructions set forth on the enclosed GREEN proxy card or GREEN voting instruction form to vote via the Internet,
    • Follow the instructions set forth on the enclosed GREEN proxy card or GREEN voting instruction form to vote by telephone, or
    • Sign and date the enclosed GREEN proxy card or GREEN voting instruction form and return it in the postage-paid envelope provided.

    Remember, please discard any white proxy card or white voting instruction form that you may receive from Findell. If you have already voted using a white proxy card or white voting instruction form, you may cancel that vote by simply voting again using the Company’s GREEN proxy card or GREEN voting instruction form. Only your latest-dated vote will count!

    If you have any questions about how to vote your shares, please call the firm assisting us with the solicitation of proxies:

    INNISFREE M&A INCORPORATED
    Shareholders may call:
    (877) 800-5195 (toll-free from the U.S. and Canada) or
    +1 (412) 232-3651 (from other countries)

    Cautionary Statement on Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements”. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this communication, including statements as to our future performance, financial position and our strategic initiatives, and the Annual Meeting, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the year ended December 31, 2024, as well as our subsequent filings with the SEC. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/24cd006c-d8c9-4110-a2e8-aecbc29376a0

    The MIL Network –

    June 13, 2025

  • MIL-OSI: KraneShares Expands Single-Stock Levered ETF Suite With 2X Investment Exposure to Mercado Libre (KMLI)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 12, 2025 (GLOBE NEWSWIRE) — Krane Funds Advisors (“KraneShares”), an asset management firm known for its global exchange-traded funds (ETFs), today announced the expansion of its Single-Stock Levered ETF Suite with the KraneShares 2X Long MELI Daily ETF (Ticker: KMLI), which listed today.

    KMLI seeks daily investment results, before expenses and fees, of 2 times (200%) the daily percentage change of Mercado Libre, a key player in the digitalization of commerce in the developing world.

    Mercado Libre is Latin America’s most popular E-Commerce platform, beating out Amazon in the region in terms of users.1 Mercado Libre helps power the digital transformation in 18 developing and middle-income countries through frictionless commerce and financial inclusion.2

    “Global consumer internet companies continue to represent an important growth theme, as internet adoption increases, especially in the developing world,” said James Maund, KraneShares Head of Capital Markets. “We are excited to expand our Single-Stock Levered ETF Suite with KMLI, whose underlying exposure, Mercado Libre, is a cornerstone of the digital transformation in Latin America. We hope to continue to expand the Suite to help our investors capitalize on the latest growth trends within international internet and technology markets.”

    The global middle class already accounts for two-thirds of global spending,3 and an increasing portion of that spending is occurring online. Mercado Libre is an innovative player facilitating this transition and stands to benefit substantially from increasing E-Commerce penetration rates in global markets.

    For more information on the KraneShares Single Stock Levered ETFs, please visit https://kraneshares.com/kmli or consult your financial advisor.

    Investors should be aware that they can lose their entire investment. Single-stock ETFs, unlike traditional ETFs that diversify across a range of stocks, focus solely on the performance of a single stock, significantly increasing investment risk. KraneShares Single Stock Levered ETFs aim for daily investment results that match 2x the daily performance of the underlying stock. Investors should be aware that returns may diverge from the stock’s actual performance if held for more than a day.

    Due to their leveraged nature, these funds require close monitoring, as they can magnify both potential gains and losses. A flat performance of the underlying stock may lead to a loss, and in certain scenarios, these funds can incur losses even when the stock price fluctuates positively or negatively over several days. Therefore, they are not suitable for every investor and are specifically intended for knowledgeable individuals who grasp the mechanics of leveraged investing and are willing to actively manage risks. Understanding volatility is essential, as minor stock movements and increased volatility can result in returns that significantly deviate from the expected target.

    About KraneShares

    KraneShares is a specialist investment manager focused on China, Climate, and Alternatives. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

    Citations:

    1. Westberg Peter. “Mercado Libre: The Digital Backbone of Latin America,” Quartr. January 3, 2025.
    2. Company Reports as of 12/31/2025.
    3. Data from Brookings Institution as of 12/31/2021.

    Important Notes:

    Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kmli. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    The Fund may invest in derivatives, which are often more volatile than other investments and may magnify Fund’s gains or losses. Derivatives (i.e., futures/forward contracts, swaps, and options) are contracts that derive their value from the performance of underlying assets. The primary risk of derivatives is that changes in the assets’ market values and the derivatives may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risks. The Fund is subject to liquidity risks, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If transactions for these securities are large, it may not be possible to initiate them, which may cause the Fund to suffer losses. Counterparty risks are the risks of loss in the event that the counterparties to an agreement fail to make required payments or otherwise comply with the terms of the derivatives.

    The Underlying Stocks are exposed to numerous risks that can impact their revenues and viability, such as price volatility, management, inflation, global economic conditions, and natural disasters. Their performances may be influenced by trends in commerce, cloud computing, international trade policies, and regulatory changes. The Fund’s daily returns rely on the Underlying Stocks’ performances and volatility. Issuer-specific factors may increase Fund investment volatility compared to the overall market. Mercado Libre faces risks from competition in E-Commerce, economic uncertainties, demand declines, revenue concentration, geopolitical events, intellectual property issues, exchange rates, reliance on third-party manufacturing, shortages, cybersecurity threats, system failures, rising costs, government regulations, compliance expenses, litigation, taxes, debt, and talent retention.

    The Fund aims for daily investment results of 200% of the daily percentage changes of the Underlying Stock. Their performances over longer periods will likely differ from the Underlying Stock due to compounded returns, which significantly affect leveraged funds. If the Underlying Stock perform poorly, the dollar losses for shareholders will be smaller if their investments have already decreased. Conversely, if the stocks perform well, future losses will be larger as the investment values have increased. Compounding effects become more pronounced with higher volatility and longer holding periods, impacting shareholders differently based on their investment durations and the stocks’ volatility. Various factors can impact the Fund’s correlations with Underlying Stocks, and achieving high correlations is not guaranteed. If the Fund fails to achieve correlation, they may not meet their investment objectives, with NAV changes varying significantly from 200% of the Underlying Stocks’ changes. To maintain correlations, the Fund’s attempt daily rebalancing for consistent exposures. Major deviations can increase leverage risks. Market disruptions and volatility can hinder the Fund’s ability to adjust. Target exposures fluctuate, making perfect 200% exposures unlikely, especially on volatile days. Other elements, like fees and market conditions, can also affect correlations. The Fund may change positions for tax efficiency, which could harm correlations. Large asset movements or trading discrepancies may lead to under- or overexposures, reducing the Fund’s ability to meet their daily objectives. The Fund uses leverage to gain investment exposure beyond their net assets, leading to potentially greater losses in adverse conditions than non-leveraged funds. A decline in the Underlying Stocks’ daily performance can magnify losses, decreasing the Fund’s value by 2% for each 1% drop, excluding costs. Losses could exceed net assets if the Underlying Stock falls over 50%. Due to limited investments, the Fund may need to limit or suspend the creation or redemption of Creation Units. During these times, shares might trade at significant premiums or discounts to their net asset values. If creations are halted, large redemptions could force the Fund to sell securities at unfavorable prices, increasing costs and taxable distributions to shareholders. The Underlying Stock is listed on an exchange, but an active trading market isn’t guaranteed, and trading can be halted. A halt in the Underlying Stock usually leads to a halt in the Fund’s shares. Trading may stop due to market conditions or exchange decisions, and halts can occur from extraordinary volatility under circuit breaker rules. Extended trading halts may hinder the Fund’s ability to arrange necessary swaps for its investment strategy.

    Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a single stock. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KMLI is non-diversified.

    The Latin American economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Fund. Regulatory standards in these markets are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Fund and leading to unexpected liabilities for foreign investors. The economies of certain Latin American countries have experienced high interest rates, economic volatility, inflation, and high unemployment rates. Fluctuations in the currencies of foreign countries may have an adverse effect on domestic currency values. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Fund, or any sub-advisers for the Fund.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

    June 13, 2025

  • MIL-OSI: NordPass aims to solve the password sharing mess in companies with a new feature

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 12, 2025 (GLOBE NEWSWIRE) — NordPass, a password manager and innovator of seamless authentication solutions, has introduced a unique, user-friendly dashboard that gives businesses control over all their shared credentials and folders. This new feature will give dedicated administrators in the organization the ability to oversee and modify permissions, as well as revoke access to those items from a centralized sharing control panel.

    “As organizations scale, credentials and other sensitive resources are frequently shared across teams informally or without consistent oversight. Without a centralized system to manage these interactions, organizations face several critical risks, like retaining access to sensitive resources for offboarded or role-changed users. Thus, the new feature addresses the root issues of fragmented visibility and lack of control,” says Karolis Arbaciauskas, Head of Business Product at NordPass.

    A centralized sharing control panel within the NordPass Admin Panel will help dedicated employees to oversee and manage all shared items across the organization. The Sharing Hub provides full visibility into shared data, including who has access, the level of their access, and who shared the items.

    NordPass’ Sharing Hub brings a unique, streamlined approach, providing a level of centralized visibility and direct control that is not available in other solutions today. This includes the ability to view and manage peer-to-peer shared individual items. This Enterprise plan feature enables businesses to monitor changes and respond quickly to potential misconfigurations or threats, taking action before incidents occur.

    Additionally, NordPass aligns with the vision of effortless cybersecurity, ease of use, and flexibility for all employees. “Strictly prohibiting credential sharing often drives employees to insecure workarounds. For example, when password managers restrict sharing, employees may resort to copying credentials into unencrypted channels like messaging platforms or emails. These fragmented practices compromise both security and usability. Thus, our goal is to enable employees to easily share credentials when needed while ensuring that admins retain oversight and control, guaranteeing that sharing remains safe and appropriate,” says Arbaciauskas.

    The latest research from NordPass reveals that corporate passwords are shockingly predictable across industries, making businesses an easy target for cybercriminals. Despite investing millions in security and innovation, companies still rely on weak, easily guessed passwords. Among the most popular ones are “123456”, “admin”, “password”, and “secret.”

    ABOUT NORDPASS

    NordPass is a password manager for both business and consumer clients. It’s powered by the latest technology for the utmost security. Developed with affordability, simplicity, and ease of use in mind, NordPass allows users to securely access passwords on desktop, mobile, and browsers. All passwords are encrypted on the device, so only the user can access them. NordPass was created by the experts behind NordVPN – the advanced security and privacy app. For more information: nordpass.com.

    More information: egidijus@nordsec.com

    The MIL Network –

    June 13, 2025

  • MIL-OSI China: China to enhance review, approval of rare-earth export license applications: Commerce ministry

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

    An undated file phto shows the entrance to China’s Ministry of Commerce in Beijing. [Photo/Xinhua]

    China will continue to enhance its review and approval of compliant export license applications for rare-earth-related items, a spokesperson for the country’s Ministry of Commerce said on Thursday.

    Spokesperson He Yadong made the remarks at a regular press briefing when answering a relevant question.

    In accordance with laws and regulations, China has reviewed and approved a certain number of export license applications for rare-earth-related items, taking the reasonable demands and concerns of various countries for the civilian purposes fully into account, He said.

    Rare-earth-related items have dual-use attributes, with both military and civilian purposes, the spokesperson stressed, noting that imposing export controls on such items is in line with international practices.

    China will continue enhancing its review of compliant applications, and is ready to enhance communication and dialogue on export controls with relevant countries to facilitate compliant trade, the spokesperson said.

    MIL OSI China News –

    June 13, 2025

  • MIL-OSI China: China’s foreign trade shows resilience amid complex global environment: ministry

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

    This aerial photo taken on March 13, 2023 shows a container terminal of Taicang Port, east China’s Jiangsu province. [Photo/Xinhua]

    China’s Ministry of Commerce on Thursday said that the country’s foreign trade has demonstrated resilience and vitality so far this year despite a complex external environment, with growth recorded in both the scale and quality of trade in goods.

    In the first five months of this year, China’s imports and exports with Belt and Road partner countries, ASEAN member states and Africa grew 4.2%, 9.1% and 12.4%, respectively, according to ministry spokesperson He Yadong.

    These figures show that China’s trade network is becoming increasingly diverse, with emerging markets driving incremental growth, He said at a regular press briefing.

    The country’s high-tech and high-value-added products have become more competitive, with exports of electromechanical products rising 9.3% in the first five months of the year, accounting for 60% of China’s total exports.

    During the same period, imports and exports by private enterprises grew 7%, accounting for 57.1% of China’s total foreign trade.

    In the face of a complex and volatile external environment, China will steadfastly expand its high-standard opening-up and address the uncertainty of drastic changes in the external environment with the certainty of its own high-quality development, the spokesperson said.

    China looks forward to working with more trade partners to address risks and challenges, and to promote mutually beneficial cooperation, he added.

    MIL OSI China News –

    June 13, 2025

  • MIL-OSI China: China urges US to adhere to WTO rules, work with China to promote trade relations

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

    A file photo shows the national flags of China (R) and the United States as well as the flag of Washington D.C. on the Constitution Avenue in Washington, capital of the United States. [Photo/Xinhua]

    China has urged the United States to adhere to World Trade Organization (WTO) rules and work with China, based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, to jointly promote the stable and sustainable development of China-U.S. economic and trade relations, a spokesperson with the Ministry of Commerce said Thursday.

    Spokesperson He Yadong made the remarks at a regular press briefing while answering a relevant question, noting that China’s position against unilateral tariff increases is consistent.

    He said that from June 9 to 10, the economic and trade teams of China and the United States held the first meeting of the China-U.S. economic and trade consultation mechanism in London.

    The two sides reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other’s economic and trade concerns.

    Next, the two sides will make better use of the China-U.S. economic and trade consultation mechanism, maintain communication and dialogue, enhance consensus, reduce misunderstanding, and strengthen cooperation to jointly promote the stable and long-term development of China-U.S. economic and trade relations, He said.

    MIL OSI China News –

    June 13, 2025

  • India’s inflation falls to 2.82% in May 2025, lowest since February 2019

    Source: Government of India

    Source: Government of India (4)

    India’s Consumer Price Index (CPI) inflation rate dropped to 2.82% in May 2025, marking the lowest year-on-year rate since February 2019, according to the Ministry of Statistics & Programme Implementation. This provisional figure, measured against May 2024, reflects a 34-basis-point decline from April 2025’s 3.16%, signaling robust economic stability.

    Food inflation, a key driver, fell sharply to 0.99% in May 2025, the lowest since October 2021, down 79 basis points from April’s 1.78%. Rural areas recorded a food inflation rate of 0.95%, while urban areas saw 0.96%. The decline is attributed to lower prices for pulses, vegetables, fruits, cereals, household goods, sugar, confectionery, and eggs, supported by a favorable base effect.

    Headline inflation in rural areas decreased to 2.59% in May 2025 from 2.92% in April, while urban areas saw a reduction from 3.36% to 3.07%. Rural food inflation dropped from 1.85% to 0.95%, and urban food inflation fell from 1.64% to 0.96%. Other sectors showed varied trends: housing inflation, measured only in urban areas, rose slightly to 3.16% from 3.06%, while education and health inflation stood at 4.12% and 4.34%, respectively. Transport and communication inflation increased to 3.85% from 3.67%, and fuel and light inflation eased to 2.78% from 2.92%.

    The National Statistical Office collected price data from 1114 urban markets and 1181 villages across all states and Union Territories, achieving a 100% response rate for villages and 98.6% for urban markets. States with the highest inflation rates include Kerala (6.46%), Punjab (5.21%), and Jammu & Kashmir (4.55%), though most states reported moderated rates.

    Tracked on a 2012 base year since January 2013, the combined CPI for May 2025 reached 193.0, up marginally by 0.21% from April’s 192.6. The Consumer Food Price Index (CFPI) remained nearly stable at 194.5, with a minimal monthly change of -0.05%, reflecting effective economic management and affordability for millions of Indians.

    June 13, 2025

  • PM Modi, world leaders react after Air India plane with 242 on board crashes in Ahmedabad

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi has expressed deep shock over the Air India plane crash in Ahmedabad, describing the incident as “heartbreaking beyond words.”

    “The tragedy in Ahmedabad has stunned and saddened us. It is heartbreaking beyond words. In this sad hour, my thoughts are with everyone affected by it. I have been in touch with ministers and authorities who are working to assist those affected,” PM Modi said in a post on X on Thursday.

    An Air India plane headed to London with 242 people on board crashed minutes after taking off from Sardar Vallabhbhai Patel International Airport in Ahmedabad on Thursday, airline and police officials said.

    The Directorate General of Civil Aviation (DGCA) confirmed that the Boeing 787-8 aircraft, registered as VT-ANB, was operating Flight AI-171 to Gatwick Airport when it went down shortly after departure. The aircraft was carrying 2 pilots, 10 cabin crew members, and 230 passengers.

    Finance Minister Nirmala Sitharaman also expressed her heartfelt condolences following the crash of an Air India aircraft near Ahmedabad Airport, which was carrying 242 people, including crew members.

    “Distressed on hearing about the flight crash in Ahmedabad. My prayers are with all families and friends of those on board the flight,” said Sitharaman.

    Commerce and Industry Minister Piyush Goyal said he was “deeply pained to learn about the plane crash in Ahmedabad.”

    “I convey my deepest condolences to the families of those who have lost their loved ones. We stand firmly with those grieving and pray for the quick recovery of the injured. Om Shanti,” he posted.

    Offering his condolences, UK Prime Minister Keir Starmer said his thoughts were with the passengers and their families.

    “The scenes emerging of a London-bound plane carrying many British nationals crashing in the Indian city of Ahmedabad are devastating,” Starmer wrote on X.
    “I am being kept updated as the situation develops, and my thoughts are with the passengers and their families at this deeply distressing time,” he added.

    British Foreign Minister David Lammy said he was deeply saddened by the news and that the UK was working with Indian authorities.

    “Deeply saddened by news of a devastating plane crash in Ahmedabad, India,” Lammy said on X. “My thoughts are with all those affected. The UK is working with local authorities in India to urgently establish the facts and provide support.”

    Speaking later in the British Parliament, Lammy said the UK had activated a crisis team in both India’s capital, New Delhi, and in London.

    Ukrainian President Volodymyr Zelenskyy also extended his condolences.
    “Horrible news of a passenger plane crash in India. My deepest condolences to Prime Minister @narendramodi and the entire people of India on this tragic day. Our thoughts are with all victims’ relatives and close ones in India, the UK, Portugal, and Canada. We share your shock and grief. We pray for as many lives to be saved as possible and wish a speedy recovery to the injured,” he said in a post on X.

    The Airports Authority of India (AAI) said an operational control room had been activated “to oversee and coordinate all necessary response measures.”

    It also shared emergency contact numbers for assistance and information: the Delhi control room can be reached at 011-24610843 and 9650391859, while the Ahmedabad control room can be contacted at 9978405304 and 079-23251900.

    June 13, 2025

  • MIL-OSI: Rumble Names Ben Torres Ezrick, Former Marketing Leader with Zoom and Google, as First-Ever CMO

    Source: GlobeNewswire (MIL-OSI)

    LONGBOAT KEY, Fla., June 12, 2025 (GLOBE NEWSWIRE) — Rumble (NASDAQ:RUM), the video-sharing platform and cloud services provider, today named its first-ever Chief Marketing Officer, Ben Torres Ezrick, a marketing leader with a career spanning the tech, content, and agency sectors. As the company’s first CMO, he will be vital to Rumble’s aggressive efforts to grow new audiences and customer bases as a content-rich video platform, cloud provider, and future home of a non-custodial crypto wallet.   

    Ezrick most recently served as Head of Brand for Zoom Communications after stints as Head of Brand and Growth for Google Maps and Head of Consumer Marketing for Waze.

    “Ben Torres Ezrick is a top-tier marketing professional, and we are bringing him into Rumble at a key time,” said Rumble Chief Executive Officer Chris Pavlovski. “The growth Rumble has seen over the last few years has been completely organic and is the result of the amazing content creators and audiences drawn to our adherence to the principles of free speech. It’s time to take advantage of Rumble’s rising profile and be more aggressive with our first-ever Chief Marketing Officer to help grow all of our businesses. We can’t wait to get started with Ben.”

    “Rumble deeply understands the power of its audience, and I look forward to helping to connect businesses and advertisers with these users,” Ezrick said. “You can’t have free enterprise without free speech, and I am proud to be joining the team at Rumble where the innate human right to free expression is the driving principle.”

    As Head of Brand at Zoom, Ben Torres Ezrick introduced the company’s AI Companion and led efforts to reposition Zoom beyond video meetings into a full collaboration platform. At Google, he held multiple leadership roles, including leading user-generated content marketing across Search and Maps, where he evolved Maps into a daily local discovery experience.

    Prior to that, Ben launched the Ad Sales Marketing function at AT&T. He also supported C-suite clients through growth strategy and market disruption at MediaLink, led sales development for branded content at Katalyst Media, and worked at Ogilvy on digital innovation and media strategy. He currently serves on the ANA Global CMO Growth Council.

    ABOUT RUMBLE

    Rumble is a high-growth video platform and cloud services provider that is creating an independent infrastructure. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit: corp.rumble.com.

    Contact: press@rumble.com.

    ###

    The MIL Network –

    June 12, 2025

  • MIL-Evening Report: Grattan on Friday: the galahs are chattering about ‘productivity’, but can Labor really get it moving?

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Former prime minister Paul Keating famously used to say the resident galah in any pet shop was talking about micro-economic policy. These days, if you encounter a pet shop with a galah, she’ll be chattering about productivity.

    Productivity is currently the hot topic for a conversation on economic reform. Australia, like many other countries, has a serious problem with it. Our productivity hasn’t significantly increased for more than a decade (apart from a temporary spike during the pandemic).

    Now Treasurer Jim Chalmers has named productivity as his priority for Labor’s second term; assistant minister Andrew Leigh, part of the government’s economic team, has had it inserted into his title; the Productivity Commission has put out 15 potential reform areas for discussion, and Prime Minister Anthony Albanese has announced a roundtable to canvass the way ahead.

    The roundtable appears to be a prime ministerial initiative. Announcing it at the National Press Club on Tuesday, Albanese made a point of saying he had asked Chalmers to convene it. Perhaps it’s a case of the prime minister emulating his forerunner Bob Hawke, with his penchant for summits, while Chalmers seeks to be a contemporary Keating, as he searches for reforms to promote.

    It would be a major achievement if people were able to remember the second-term Albanese government for paving the way for a significant lift in Australia’s productivity. It would probably also be an economic and political miracle.

    Let’s never knock a summit, but let’s not be taken in by the suggestion that the planned August meeting, involving employers, unions and the government, will mark some breakthrough moment. Business representatives are approaching it with a degree of cynicism; they saw the 2022 jobs and skills summit as preparing the ground for the new government to meet union demands.

    This summit is expected to have fewer participants than the 2022 meeting, and may be briefer. Albanese described it as “a more streamlined dialogue than the jobs and skills summit, dealing with a more targeted set of issues”. Chalmers will announce more details next week. We can expect the government will package a collection of initiatives at least for further work, and perhaps a few for early action.

    While many stakeholders give lip service to improving productivity, there are huge obstacles to actually doing so.

    There’s perennial talk about tax reform – from business and economists, rather than the government. But serious change produces winners and losers, and having “losers” has become a political no-no, especially when there is not enough money to compensate them.

    The housing crisis could be eased, with more homes built faster, if there were less onerous regulations, notably at state and local level. Governments are working around the edges of this, but attempting to seriously slash regulation immediately runs into opposition from those who, variously, argue that will harm city-scapes, the environment, safety or the like.

    Red tape hampers big projects, but interest groups concerned about fauna, flora or the climate defend extensive hurdles and appeals processes as important for other priorities.

    We’d be more productive if people with skills (whether immigrants or those moving between states) faced fewer complexities in getting their credentials recognised. But critics would point to the risk of underqualified people getting through.

    Regulations are both barriers and protections. Whether you see particular regulations as negative or positive will depend where you are coming from. Less regulation can enhance productivity – but in certain cases the trade-off can be less protection and/or more risk. We have, for good or ill, become a more risk-averse community.

    Employers say various industrial relations laws and regulations restrict changes that could boost productivity. A Labor government interlocked with the union movement is going to listen to its industrial base on that one. Asked on Tuesday whether his message to business groups going to the summit was, “don’t waste your breath if you’re going to raise IR” Albanese said, “People are entitled to raise whatever they want to raise. But I’m a Labor prime minister.”

    Artificial Intelligence presents great opportunities to advance productivity. But it will cost some jobs and produce dislocation. Industry Minister Tim Ayres said recently, “I will be looking in particular at how we can strengthen worker voice and agency as technology is diffused into every workplace in the Australian economy. I look forward to working with our trade union movement on all of this.” Employers’ ears pricked at the union reference.

    While the government is signalling it wants to do something meaningful on productivity, the prime minister is also highly cautious when it comes to getting ahead of what he considers to be the government’s electoral mandate. Nor is he one to gamble political capital.

    He is not like, for example, John Howard, who before the 1996 election said he would “never ever” have a GST, then brought forward an ambitious GST package that he took to the 1998 election. That package had plenty of compensation for losers but Howard, who had a big parliamentary majority, was nearly booted out of office.

    Reform is more difficult than it was in the Hawke–Keating era – though it wasn’t as easy then as is often portrayed now. The voters are less trusting of government, and less willing to accept the downsides of change.

    The voices of those wanting to say “no” to various proposed changes are greatly amplified, in a highly professionalised political milieu and ubiquitous media opportunities. In the era of the “permanent campaign”, opinion polling has become so constant that politicians are always measuring their support in the moment, making a government hyper-nervous.

    Progress on productivity is also harder these days because the easier things have been done, and because changes in our economy – especially the growth of the care economy – mean in some sectors efficiencies are not so readily available, or measurable.

    We don’t actually need more inquiries, or a roundtable, to come up with ideas for what could or should be done on productivity. There have been multiple reports and thousands of recommendations. What is required is for the government to devise a bold program, have the will and the skill to implement it, and the ability to sell it to the public. But that runs into the problem of not having sought permission from the voters – which forces the government back to incrementalism.

    Whatever the problems, it is not too fanciful to see Chalmers hanging his hat on the productivity peg in his longer-term bid to be the next Labor prime minister. We’ll see how he goes.

    Michelle Grattan 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. Grattan on Friday: the galahs are chattering about ‘productivity’, but can Labor really get it moving? – https://theconversation.com/grattan-on-friday-the-galahs-are-chattering-about-productivity-but-can-labor-really-get-it-moving-257337

    MIL OSI Analysis – EveningReport.nz –

    June 12, 2025

  • 11 years of Modi govt: Digital finance drives unprecedented financial inclusion

    Source: Government of India

    Source: Government of India (4)

    During the 11 years of Prime Minister Narendra Modi-led NDA government, India has emerged as a global leader in digital finance and inclusion, harnessing technology to deliver accessible, efficient, and transparent financial services to every corner of the country. This digital transformation has played a pivotal role in bridging the urban-rural divide and reshaping India’s economic landscape.

    The Unified Payments Interface (UPI) has revolutionised digital transactions, with over 1,867.7 crore transactions worth ₹24.77 lakh crore recorded in April 2025 alone. Now used by nearly 460 million individuals and 65 million merchants, UPI has gone global, with its presence in more than seven countries, including the UAE, Singapore, and France. According to ACI Worldwide’s 2024 report, India accounted for 49% of all global real-time transactions in 2023, underscoring its leadership in digital payments innovation.

    The Aadhaar-enabled e-KYC system has simplified access to banking and public services, with over 141.88 crore Aadhaar IDs issued as of April 2025. It has become a foundational pillar of India’s digital infrastructure, ensuring faster verification and enhanced transparency.

    Direct Benefits Transfer (DBT), backed by Aadhaar authentication, has streamlined welfare delivery. Over ₹44 lakh crore has been transferred directly to beneficiaries’ accounts as of May 2025, eliminating middlemen and fake beneficiaries. This has saved the exchequer more than ₹3.48 lakh crore since 2015. The system has also removed over 5.87 crore ineligible ration card holders and 4.23 crore fake LPG connections, making welfare schemes more targeted.

    In the realm of e-commerce, the Open Network for Digital Commerce (ONDC), launched in 2022, has expanded to over 616 cities, empowering small sellers and service providers. By January 2025, more than 7.64 lakh sellers had joined the platform, boosting MSME participation in the digital economy.

    Similarly, the Government e-Marketplace (GeM), launched in 2016, has transformed public procurement. By January 2025, GeM had achieved a gross merchandise value (GMV) of ₹4.09 lakh crore in just 10 months of FY 2024–25, marking nearly 50% growth over the previous year. With over 1.6 lakh government buyers and 22.5 lakh sellers, GeM continues to enhance transparency and efficiency in government transactions.

    Together, these initiatives reflect a decade of digital empowerment under the Modi government, setting the foundation for a more inclusive, transparent, and resilient financial ecosystem.

    June 12, 2025

  • MIL-OSI Asia-Pac: Hong Kong Customs special operation combats use of counterfeit devices by beauty parlours to provide beauty and slimming treatments (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs special operation combats use of counterfeit devices by beauty parlours to provide beauty and slimming treatments (with photo) 
    Customs earlier received information alleging that suspected counterfeit devices were being used by beauty parlours to provide beauty and slimming treatments for customers. After an in-depth investigation and with the assistance of the trademark owner, Customs officers took enforcement action and raided three beauty parlours in Lai Chi Kok, Mong Kok and Tsim Sha Tsui yesterday. Three suspected counterfeit beauty and slimming devices were seized at the beauty parlours.
     
    During the operation, four women aged between 27 and 56 were arrested for being suspected of contravening the Trade Descriptions Ordinance. Two of them are shop owners and two are employees. An investigation is ongoing, and the likelihood of further arrests is not ruled out.
     
    Customs will continue to take stringent law enforcement action and collaborate with relevant trademark owners to closely monitor the market situation with a view to fighting against the use of counterfeit goods for the purpose of trade.
     
    Customs reminds traders to be cautious and prudent in merchandising since possession of counterfeit goods for any purpose of trade is a serious crime, and offenders are liable to criminal sanctions. Consumers are also reminded to make purchases at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt.
     
    Under the Ordinance, any person who possesses for the purpose of trade any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
     
    Members of the public may report any suspected counterfeiting activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 15:35

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    June 12, 2025

  • MIL-OSI: Radware Cyber Survey Uncovers Critical Weaknesses in Application Security Measures

    Source: GlobeNewswire (MIL-OSI)

    • Only 8% of organizations use AI-based protection solutions
    • Just 6% of respondents have full documentation for all their APIs
    • Half of respondents don’t know what third-party code is being used by their apps
    • Only 29% of security staff are fully trained to handle API business logic attacks

    MAHWAH, N.J., June 12, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released its new report, 2025 Cyber Survey: Application Security at a Breaking Point. The survey reveals threat areas of rapidly growing concern as organizations’ cyber defenses lag well behind. This includes a major lack of protection against AI threats, as well as API and business logic attacks, among others.

    “The weaponization of AI by malicious actors is intensifying cybersecurity threats and drawing even more attention to areas where companies are simply ill-protected,” said Shira Sagiv, Radware’s vice president of product portfolio. “Internal alarms should be sounding. Companies openly admit to major concerns about gaps in cyber protection and lack of readiness, especially around web applications and APIs; yet their usage continues to climb creating even more risk and exposure.”

    KEY FINDINGS

    The scramble is on to catch up with AI
    According to the report, the use of AI to improve and intensify hacking tradecraft is of greatest concern. Organizations have significant concerns about threat actors using AI to generate new attacks at a faster cadence, bypassing existing defenses and compromising areas that were previously too difficult to attack.

    • Top concerns: The following percentage of respondents are highly or extremely concerned about hackers using AI:
      • To create/improve hacking tools – 70%.
      • To generate a larger volume of cyberattacks – 67%.
      • To launch new zero-day attack vectors – 66%.
    • Large readiness gap: Despite the concerns about hackers embracing AI, only 8% of organizations are currently using AI-based solutions for defenses.
    • AI adoption: Four out of five organizations plan to implement AI-based cybersecurity solutions within the next 12 months.

    Security fails to keep up with sprawling API ecosystems
    APIs are in a constant state of fluctuation. Organizations are increasing their use of APIs even while they remain ill-protected.

    • Surge in API usage and updates: In 2025, API usage is up 42% compared to the highest rate of usage in 2023, with multiple daily updates to APIs surging 6X during the same time frame.
    • Widespread third-party usage: On average, organizations are using 19 third-party APIs per application, which introduces new types of threats around data compromise that cannot be mitigated at a coding level.
    • Poor business logic attack mitigation: Business logic attacks, a common form of API attacks, represent a threat area of rapidly growing concern. While 81% of respondents say it is very or extremely important to have real-time protection measures in place:
      • Just half have deployed runtime business logic protections.
      • Only 29% have security staff fully trained to detect and mitigate these attacks.
    • Lack of preparedness:
      • On average, only 6% of respondents have full documentation for all their APIs.
      • Half of respondents don’t know what third-party code is being used by their web applications, which data is being leaked to third-party services, and when malicious scripts and services are introduced.

    Risks to resilience continue to rise
    Survey respondents expressed a lack of confidence in the effectiveness of their defensive posture against growing threats.

    • Third-party breaches: Only 16% of respondents are confident in their current protection against data breach attempts of third-party services code running on their web applications.
    • Costly DDoS disruptions: Downtime caused by an application DDoS attack averages $6,100 per minute or $366,000 per hour.
    • High compliance pressures: An average of 54% of respondents express high or extreme concern about a range of regulations, including NIS2, HIPAA, SEC, PCI DSS 4, GDPR, DORA, and SOX.

    Methodology
    The survey, which was conducted with Osterman Research, includes responses from compliance, chief risk, and data privacy officers; vice presidents of research and development; senior network security administrators; senior DevOps and DevSecOps administrators; cloud security; API architects; among other titles. The survey was conducted in nine countries across North America, EMEA, APAC, and LATAM.

    Radware’s complete 2025 Cyber Survey: Application Security at a Breaking Point can be downloaded here.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    THIS PRESS RELEASE AND THE 2025 CYBER SURVEY: APPLICATION SECURITY AT A BREAKING POINT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that the weaponization of AI by malicious actors is intensifying cybersecurity threats and drawing even more attention to areas where companies are simply ill-protected and that their usage continues to climb creating even more risk and exposure, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    Media Contact:
    Gerri Dyrek
    Radware
    Gerri.Dyrek@radware.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f5342914-5ae1-430e-a838-b75e663c5eb4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/83a75b37-0294-485f-a2b8-c968fd9fce15

    https://www.globenewswire.com/NewsRoom/AttachmentNg/08209312-e0da-48d4-a5aa-aa7deea6b77d

    The MIL Network –

    June 12, 2025

  • MIL-OSI Africa: Wood Mackenzie Joins African Energy Week (AEW) 2025 with Senior Delegation, Driving Investment and Insight Across Africa’s Energy Sector

    Energy research and consultancy firm Wood Mackenzie will participate in the African Energy Week (AEW) 2025: Invest in African Energies conference, with a senior delegation comprising Mansur Mohammed, Head of New Business Development, Africa; Gavin Thompson, Vice Chairman, EMEA; David Parkinson, Head of Exploration; and Ian Thom, Research Director, Upstream. The team will speak across multiple sessions, contributing data-led insights and strategic analysis on upstream investment, exploration trends and Africa’s energy transition planning.  

    With over five decades of experience, Wood Mackenzie has become a central player in global energy markets. In Africa, the firm’s work has been particularly impactful in supporting the development of long-term energy planning and project structuring. Its collaboration with national governments and state-owned oil companies has helped shape policy frameworks, evaluate exploration potential and guide infrastructure development. 

    One of the firm’s most notable recent contributions has been its support to the Republic of Congo in developing the country’s first Gas Master Plan, in partnership with the Ministry of Hydrocarbons. The plan outlines strategies for monetizing gas resources, expanding domestic access and establishing export mechanisms that will contribute to economic diversification. In line with this work, Wood Mackenzie has provided analysis for key projects such as the Marine XII LNG development, which recently delivered its first cargo and is progressing toward expansion with a second 3.5 billion-cubic-meter-per-year facility. 

    In the broader upstream sector, Wood Mackenzie tracks and forecasts capital investment trends across the continent. The firm’s research highlights a stabilization of upstream spending around $40 billion annually, with particular emphasis on gas and LNG-led growth. Countries such as Namibia and Mozambique are attracting heightened interest from international investors, while established producers including Angola and Nigeria continue to recalibrate their upstream portfolios in response to global energy dynamics. Wood Mackenzie’s data and modelling are often used by governments and private operators alike to assess fiscal terms, licensing strategy and project economics. 

    The firm is also playing a leading role in contextualizing Africa’s energy transition. According to its long-term energy outlooks, Africa is expected to see electricity demand double by 2050. While renewables will form an increasing share of generation, Wood Mackenzie maintains that oil and gas will remain vital to meeting the continent’s industrial and energy access needs. The firm projects that Africa will account for just 3–6% of global emissions by mid-century, underscoring the argument that continued hydrocarbon development can coexist with climate responsibility. 

    “Wood Mackenzie brings the rigorous data and applied insight necessary to unlock Africa’s energy potential. At AEW 2025, their contributions will help shape a narrative that highlights investment opportunity, energy security and the responsible pursuit of development across the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber. 

    The delegation’s participation at AEW 2025: Invest in African Energies comes at a time when African states are intensifying their focus on exploration licensing rounds, domestic gas utilization and large-scale LNG developments. With deep experience in asset valuation, fiscal benchmarking and upstream project modelling, Wood Mackenzie remains a trusted partner to investors, ministries and NOCs seeking to maximize returns and mitigate risk across the continent. 

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

    Distributed by APO Group on behalf of African Energy Chamber.

    MIL OSI Africa –

    June 12, 2025

  • Indian startups, emerging entities attract over $150 billion funding in a decade: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    There has been a surge in private investments in the last 11 years, with Indian startups and emerging entities attracting significant private funding to the tune of over $150 billion in the past decade, Commerce and Industry Minister Piyush Goyal said on Thursday.

    More than Rs 22,900 crore have been invested in over 1,270 startups via the government’s Fund of Funds for Startups scheme.

    “India is embracing technology like no other! This digital transformation is the outcome of the forward-looking vision and timely policy interventions under the leadership of Prime Minister Narendra Modi. Every section of society and every aspect of life has been positively impacted by 11 years of Digital India,” Goyal said in a post on social media platform X.

    IP filings by the domestic startups surged from 2017 to 2024, with over 355 per cent growth in patents and more than 543 per cent growth in trademarks.

    India now ranks 39th globally on the ‘Global Innovation Index 2024’.

    Goyal said he is proud to witness the profound impact of PM Narendra Modi’s revolutionary initiative ‘Startup India’ on boosting innovation and enterprise in the country.

    “The remarkable talent of our youth and women is powering this revolution and driving India’s economic growth with unparalleled vigour,” he mentioned.

    India has become the third-largest startup ecosystem in the world, with more than 1.5 lakh startups and over 100 unicorns.

    “11 years of Digital India has empowered every citizen with seamless services, financial access, and last-mile connectivity,” said Minister of State for Commerce and Electronics and IT, Jitin Prasada.

    The digital revolution, which began 11 years ago, is entrenched in almost every policy-making and public welfare scheme delivery with elaborate plans on how to bring benefits to the poor, downtrodden and marginalised sections.

    Prime Minister Modi took to X on Thursday and wrote about “leveraging the power of technology in bringing innumerable benefits for people”.

    “Service delivery and transparency have been greatly boosted. Technology has become a means of empowering the lives of the poorest of the poor,” he further said.

    (IANS)

    June 12, 2025

  • MIL-OSI United Kingdom: Environment Secretary leads a new push with business to restore nature

    Source: United Kingdom – Government Statements

    Press release

    Environment Secretary leads a new push with business to restore nature

    • Environment Secretary Steve Reed has brought business leaders and investors together to scale up private investment in nature

    Woods and fields

    • Government launches Call for Evidence on boosting private sector investment in nature recovery, delivering a key recommendation of the Corry Review. 

    • Action supports the Government’s aims to secure long-term economic growth and environmental health as part of the Plan for Change. 

    Environment Secretary Steve Reed champions private investment in nature recovery as the government launches a new call for evidence (12 June).

    Speaking to leading figures from financial institutions, property, retail and sustainability sectors at a roundtable event in London, the Environment Secretary emphasised the importance of fostering partnerships between the public and private sectors to support economic growth while powering nature recovery. 

    Businesses across the UK, whether in food and agriculture, construction, finance, or retail, rely on a healthy natural environment to operate, grow and innovate.

    Whether powering our industries, safeguarding our food security or protecting public health, over half of global GDP is highly or moderately dependent upon nature. England’s natural capital is valued at £1.4 trillion and generates over £35 billion worth of economic benefits annually excluding oil and gas, more than any single manufacturing sector.  

    That is why more private sector investment in nature recovery is vital. To help deliver that increased investment a new government Call for Evidence has launched today seeking ideas from business and investors – delivering a key recommendation of the Corry Review and the commitments made in the Land Use Framework consultation.

    Environment Secretary Steve Reed said: 

    “Nature is essential to strong and sustained economic growth, which is this Government’s highest priority. 

    “Private investment will help us to protect and restore our natural environment while creating new economic opportunities as part of the Plan for Change.

    “This is an exciting opportunity to hear from businesses, investors, and other stakeholders on how we can work together to increase investment in nature.”

    Dr Rhian-Mari Thomas, OBE, CEO of the Green Finance Institute, said:

    “Unlocking the billions needed for UK nature restoration hinges on effective revenue models. UK businesses, as buyers of environmental outcomes, are crucial in creating those revenue models, and we’re looking forward to supporting Defra in better understanding how we can encourage and support business engagement.”

    Andrew Walton, Chief Sustainability Officer, Lloyds Banking Group said:

    “As the UK’s largest infrastructure finance provider, we know how blended finance can help deliver a step change in private investment to drive sustainable growth. We welcome the Government’s ambition on nature markets and the opportunity to establish the UK as a global leader in this important area. Robust standards, reliable data and long-term policy direction are key to building confidence in the investment case for nature and can place it at the heart of UK growth.”

    The roundtable, hosted by Lloyds Banking Group and led in partnership with the Green Finance Institute (GFI), brought together leaders from across finance and business, including leaders from Aviva Investors, Barclays, Barratt Homes and more. 

    Defra will partner with the GFI to engage businesses on the call for evidence and wider nature finance priorities –alongside ongoing work with UK businesses to implement the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).

    Promoting investment opportunities in nature creates opportunities for business growth across multiple sectors, including farmers looking to diversify their revenues, agri-food businesses securing supply chain resilience, insurers and water companies reducing costs from floods, droughts, and pollution, developers managing climate and environmental risks to new homes and infrastructure, as well as growth in the tourism and recreational sectors.

    The meeting also discussed the next steps for the Big Nature Impact Fund, the Defra-backed public-private blended impact fund for nature. Finance Earth will act as sole fund manager and will begin fund-raising soon. The Fund will invest in woodland creation, peatland restoration and other habitat creation projects that aim to maximise social and environmental impact by funding the right activity in the right place.

    The Call for Evidence will be open for responses until 10 August 2025.  

    ENDS 

    Notes to Editors: 

    ·         For more information on the Call for Evidence, visit:  

    ·         In March, The British Standards Institution launched the Government-backed Nature Investment Standards, which will help nature-friendly investments across the UK to grow by building confidence among investors: New world-leading nature finance standards launched to encourage green investment – GOV.UK 

    ·         In April, the Government launched a consultation on how to raise the integrity of Voluntary Carbon and Nature Markets, which is open for responses until 10th July: Voluntary carbon and nature markets: raising integrity – consultation document (accessible webpage) – GOV.UK

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    Published 12 June 2025

    MIL OSI United Kingdom –

    June 12, 2025

  • MIL-OSI NGOs: Toxic Pollution Knows No Borders: Greenpeace Thailand and EARTH Thailand Urge ASEAN Leaders to Adopt a Legally Binding Environmental Rights Framework

    Source: Greenpeace Statement –

    Bangkok, 24 May 2025 — Ahead of the ASEAN Civil Society Conference/ASEAN Peoples’ Forum in Kuala Lumpur, Malaysia, taking place from 24–25 May 2025 under the theme “Inclusivity and Sustainability”, Greenpeace Thailand, Ecological Alert and Recovery – Thailand (EARTH), and regional civil society networks are calling on ASEAN leaders to collectively endorse a legally binding ASEAN Environmental Rights (AER) framework to address the region’s worsening transboundary pollution and environmental injustice.

    Cases of transboundary pollution illustrate ASEAN’s failure to jointly address and act on the cross-border ecological and health crises. The current key threat in the Greater Mekong subregion, gold and rare earth mining operations in Shan State, Myanmar—only 20 kilometers from the Thai border and 2–3 kilometers from the Kok River are threatening ecosystems, public health, and local economies in Chiang Rai and Chiang Mai provinces. Toxic heavy metals discharged from mining activities are likely to accumulate in the environment and risk spreading downstream into the Mekong River Basin. This is not merely an environmental issue, but a serious violation of human rights, particularly those of ethnic minorities and vulnerable groups who deserve stronger protection.

    Meanwhile, the recurring transboundary haze pollution from large-scale agro-industrial burning (e.g., corn, sugarcane, palm oil) in neighboring countries has become a chronic crisis, severely impacting provinces in Northern and Southern Thailand with dangerously high levels of PM2.5 air pollution, threatening public health and tourism.

    Rattanasiri Kittikongnapang, Food and Forest Campaigner at Greenpeace Thailand stated:
    “ASEAN can no longer remain silent in the face of public outcry over transboundary pollution, whether it’s toxic haze drifting into our lungs or dangerous chemicals contaminating the Kok River from mining in neighboring states. We must acknowledge today that geographical borders cannot stop the spread of pollution into our air and water. ASEAN must advance the principle of ‘Polluter Pays’ that holds transnational corporations accountable for the environmental damage they cause across borders. This is a matter of justice and shared responsibility to protect our regional commons.”

    Penchom Saetang, Director of the EARTH Foundation, added:
    “Southeast Asia is facing escalating environmental and health risks due to industrialisation, fossil fuel dependency, and mining. Without urgent action, these could spiral into irreversible disasters. For over 30 years, the United Nations has emphasized that sustainable development must be grounded in public participation, access to information, and environmental justice. ASEAN must evolve to promote transparency, resilience, and long-term regional stability, ensuring that all people have the right to live in a safe and healthy environment.”

    Policy Recommendations to ASEAN Leaders:

    1. Promote Sustainable and Responsible Business Practices
      • Establish cross-border corporate accountability frameworks that uphold human welfare and well-being. Enforce environmental and human rights obligations across all levels of the supply chain.
    2. Strengthen Legal Accountability for Transboundary Pollution
      • Mandate Strategic Environmental Assessments (SEA) and legally binding Transboundary Environmental Impact Assessments (TEIA). Empower home states of parent companies to exercise extraterritorial jurisdiction over corporate misconduct.
    3. Enhance Public Participation and Transparency
      • Advocate for an ASEAN Protocol on the Right to Know to guarantee public access to environmental information, participation, and justice. Establish a regional pollutant release and transfer register (ASEAN-PRTR) and promote human rights due diligence (HRDD) throughout supply chains.
    4. Support Peace and Inclusive Coexistence for Equitable Society
      • Prioritize the rights of ethnic minorities, Indigenous peoples, and vulnerable communities. Recognise the critical role of local communities in safeguarding ecosystems and ensuring social cohesion.
    5. Establish a Legally Binding ASEAN Environmental Rights (AER) Framework
      • Develop a legal instrument to address high-risk transboundary environmental threats, such as rare earth mining in Myanmar. Review ASEAN–China Environmental Cooperation Strategies to include robust mechanisms for joint environmental and human rights impact assessments.

    International civil society groups are also calling on ASEAN leaders, particularly the Prime Minister of Malaysia as the 2025 ASEAN Chair to support the development of a legally binding ASEAN Environmental Rights framework encompassing corporate accountability, pollution liability, public participation, and the protection of Indigenous and local communities. It must also foster long-term ASEAN–China cooperation on sustainable environmental governance and human rights protection.

    For more information, please contact:
    Somrudee Panasudtha, Senior Media Campaigner, Greenpeace Thailand
    Tel. 081 929 5747 Email: [email protected]

    MIL OSI NGO –

    June 12, 2025

  • MIL-OSI United Kingdom: Council collaboration delivers Sustainable Tourism Programme

    Source: Northern Ireland City of Armagh

    Joanne McElmeel, ABC Tourism Trade Liaison Officer pictured with local tourism businesses who successfully completed the Sustainable Business Pathway Programme.

    Armagh City, Banbridge and Craigavon Borough Council in partnership with Tourism Northern Ireland has successfully delivered the Sustainable Business Pathway Programme, reinforcing their commitment towards becoming a more sustainable and resilient tourism destination.

    As one of the first councils in Northern Ireland to introduce the localised Sustainable Tourism Business initiative, the Council is taking steps to support the local industry in adopting environmentally and socially responsible practices. Facilitated by sustainability training specialists The Tourism Space, the 15-week programme supported ten tourism businesses from across the Borough and encouraged practical, collective action on sustainability at a local level.

    Each business developed its own sustainability action plan as part of the programme, outlining measurable targets for reducing environmental impact, identifying cost savings and enhancing visitor experience. Their participation and sustained commitment was recognised with a Level 4 Certificate in Sustainable Tourism Practice in Destinations, accredited by Ulster University.

    Speaking about the programme, Lord Mayor of Armagh City, Banbridge and Craigavon Borough Alderman Stephen Moutray said:

    “As one of the first councils in Northern Ireland to partner with Tourism NI on this important initiative, we are proud to be leading the way in sustainable tourism development. The Sustainable Business Pathway Programme reflects our Borough’s commitment to responsible growth and innovation. I commend all participating businesses for embracing this opportunity. Their dedication not only strengthens our local tourism sector but also helps secure a more sustainable future for our communities and visitors alike.”

    Reflecting on her experience, Helen Forster of Charlemont Arms Hotel commented,

    “This programme has equipped me with new insights, renewed confidence and a clear sense of direction. As a small hotel in beautiful historic City of Armagh we have both a responsibility and an opportunity to contribute to the promotion of the place we call home as a sustainable destination.”

    With the programme now complete, ABC Council are now part of a growing network of destinations across Northern Ireland working to embed sustainability into the visitor experience. The insights gained and outcomes achieved will help shape future council initiatives, while participating businesses are now well placed to begin acting as local champions for more sustainable tourism.

    For more information on support available for Tourism and Hospitality businesses, please contact Joanne McElmeel 

    *protected email*

    MIL OSI United Kingdom –

    June 12, 2025

  • MIL-OSI Banking: Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment) 2025

    Source: Reserve Bank of India

    RBI/2025-26/52
    DOR.SOG(LEG).REC/32/09.08.024/2025-26

    June 12, 2025

    All Commercial Banks (including RRBs) and all Co-operative Banks

    Madam/ Dear Sir

    Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment) 2025

    As per instructions, issued vide circular DOR.SOG (LEG).REC/64/09.08.024/2023-24 dated January 1, 2024 (hereinafter called the extant instructions), the credit balance in any deposit account maintained with banks, which have not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more, as mentioned in paragraph 3(iii) of the “Depositor Education and Awareness” (DEA) Fund Scheme, 2014, are required to be transferred by banks to DEA Fund maintained by the Reserve Bank of India. There is a need to enable Business Correspondents to facilitate updation of KYC.

    2. Accordingly, in exercise of the powers conferred by sections 35A of the Banking Regulation Act, 1949 read with sections 26A, 51 and 56 of the Act ibid and all other provisions of this Act or any other laws enabling Reserve Bank to issue instructions in this regard, these instructions are being issued to amend the extant instructions as given hereunder.

    3. (i) These instructions shall be called the Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment), 2025.

    (ii) The amended instructions shall come into force with immediate effect.

    4. In the extant instructions, the paragraph 6.1 is hereby substituted by the following, namely:

    “6.1 A bank shall make available the facility of updation of KYC for activation of inoperative accounts and unclaimed deposits at all branches (including non-home branches). Further, a bank shall endeavour to provide the facility of updation of KYC in such accounts and deposits through Video-Customer Identification Process (V-CIP). The V-CIP related instructions under Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time) shall be adhered to by the bank. Additionally, the services of an authorised Business Correspondent of the bank may be utilized for activation of inoperative accounts as prescribed in paragraph 38(a)(iia) of the above Master Direction.”.

    Yours faithfully

    (Usha Janakiraman)
    Chief General Manager-in-Charge

    MIL OSI Global Banks –

    June 12, 2025

  • MIL-OSI Asia-Pac: InvestHK and London ETO strengthen HKSAR-UK innovation ties at London Tech Week 2025 (with photos)

    Source: Hong Kong Government special administrative region

    InvestHK and London ETO strengthen HKSAR-UK innovation ties at London Tech Week 2025       
         As the official Founders Fuse Partners at London Tech Week, InvestHK and the London ETO hosted a series of fireside chats moderated by the Head of Business and Talent Attraction/Investment Promotion at InvestHK London Office, Ms Daisy Ip. Speakers included members of InvestHK’s Innovation and Technology teams, who outlined Hong Kong’s strengths as a hub for global start-ups, research and development and business expansion. The Senior Manager, New Ventures Development at Hong Kong Science and Technology Parks Corporation, Ms Josephine Chan, and Associate Director of Ecosystem Development (Artificial Intelligence) at the Hong Kong-Shenzhen Innovation and Technology Park Limited Mr Sean Chen also shared the latest developments in the region’s vibrant innovation and technology ecosystem.
          
         Complementing these were case studies from UK-based founders who have successfully entered the Hong Kong market with support from InvestHK. Featured speakers included the Founder of Comms8, Ms Carol Chan; Co-founder and Managing Director of HOMETAINMENT, Mr Antoine Melon; Founder and Chief Executive Officer of Assureful, Mr Rohit Nair; Chief Executive Officer and Founder of upLYFT, Mr Aalok Rai; Founder of Owl + Lark, Mr Hafiz Shariff; Chief Executive Officer of Westwell Holdings (Hong Kong) Limited, Ms Yang Ming; Chief Executive Officer and Founder of Guildhawk, Ms Jurga Zilinskiene. Their experiences reflect the diversity of sectors, from artificial intelligence (AI) and lifestyle to technology-enabled marketing and consumer products, where British businesses are thriving in Hong Kong’s vibrant and globally connected economy.
          
         InvestHK also co-organised a networking reception with the London ETO on June 9 (London time) for participants of the London Tech Week to promote business opportunities in Hong Kong, attracting over 130 participants from the UK Government, as well as the financial, innovation and technology, and business sectors.
          
         Ms Ip said, “Hong Kong is a dynamic launch pad for British entrepreneurs to Asia’s fastest-growing markets in innovation, backed by over HK$200 billion in government support for technology growth in AI, biotech, Web3, and more. With initiatives like the Top Talent Pass Scheme and access to the 87 million consumers with a Gross Domestic Product of US$2 trillion in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong offers start-ups and scale-ups unparalleled opportunities. This week’s engagement reflects the strong appetite for collaboration between our two technology ecosystems. We see great potential for long-term partnerships that drive global innovation and growth.”
          
         According to InvestHK’s 2024 Startup Survey, the UK is the second-largest source of international start-up founders in Hong Kong, underscoring the city’s strong appeal among British entrepreneurs.
    Issued at HKT 15:10

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    June 12, 2025

  • MIL-OSI Africa: World Football Summit Monterrey Confirms Mexico’s Rise as Global Football Business Hub

    World Football Summit (WFS) (www.WorldFootballSummit.com) concluded its second Mexican edition yesterday in Monterrey, bringing together over 1,700 football industry leaders, executives, and pioneers from 40 countries to explore the extraordinary opportunities shaping the future of football in Latin America and North America. The summit’s timing was particularly significant, taking place exactly one year before the inauguration of the 2026 FIFA World Cup.

    The two-day summit, held June 9-10 at Pabellón M, positioned Monterrey as a central hub for football business conversations in the Americas, particularly as the region prepares for the transformative impact of the 2026 FIFA World Cup co-hosted by Mexico, the United States, and Canada.

    Strategic Timing for Regional Transformation

    WFS Monterrey addressed the pivotal moment the football industry faces in the America’s, with the 2026 World Cup promising a $5 billion economic impact and unprecedented infrastructure development across the region. The summit explored how Mexico’s football industry, projected to reach $1.044 billion by 2029, can leverage this momentum alongside the booming Latin American sponsorship market valued at $745 million across Brazil, Mexico, and Argentina, to name a few of its major markets.

    “Exactly one year before the 2026 World Cup kicks off, Monterrey has proven itself as the epicenter of the most important conversations about the future of football in the Americas,” said Jan Alessie, Co-Founder and Managing Director of World Football Summit. “The incredible response we received, with over 1,700 industry leaders from 40 countries participating, demonstrates that this event has become fundamental to understanding where the global football industry is heading. The decisions and partnerships forged here will directly influence how the sport develops across the region as we approach this historic World Cup.”

    World-Class Speaker Lineup Drives Strategic Discussions

    The summit featured an exceptional lineup of industry leaders, including:

    • Davor Šuker, Croatian football legend
    • Jurgen Mainka, Chief Tournament Officer Mexico, FWC26
    • Mauricio Culebro, President of TIGRES UANL
    • Pedro Esquivel, President at Club de Futbol Monterrey (Rayados)
    • Hector Gonzalez, Chief Operating Officer at Club América
    • Alejandro Hutt, Host City Manager at FWC26 Monterrey
    • Arturo Pérez, President at Toluca
    • Olek Loewenstein, Global President of Sports at Televisa Univision
    • Isabella Echeverri, Board Member at Common Goal USA
    • Iñigo Riestra, General Secretary at the Mexican Football Federation
    • Héctor Herrera, Mexican Football Player
    • Mariana Gutiérrez, President of Liga MX Femenil
    • Grace Ahrens, Executive Director, Women in Soccer
    • Fernando Palomo, Host at ESPN

    Furthermore, the support of the Mexican political ecosystem was made evident through the participation of top tier representatives, including:

    • Samuel García – Constitutional Governor of the State of Nuevo León
    • Rommel Pacheco – Minister of Sports of the Mexican Government
    • Melody Falcó – General Manager at Instituto Estatal de Cultura Física y Deporte
    • Martha Herrera – Secretary of Equality and Inclusion for Nuevo León
    • Maricarmen Martinez – Secretary of Tourism State of Nuevo León
    • Melissa Segura – Secretary of Culture State of Nuevo León

    Recognizing Regional Excellence Through WFS Honors

    A highlight of the summit was the WFS Honors ceremony, recognizing outstanding contributions to football development across six categories:

    • WFS Honor for Leading Women in Sport – Mariana Gutiérrez
    • Honor for Transformative Partnerships Shaping the Future of Sport – Club Tigres UANL & DC Comics
    • Honor for Local Grassroots Strategy to Develop Sport – Club de Fútbol Monterrey
    • Honor for Outstanding Leadership in Sport – Don Valentín Diez Morodo, Deportivo Toluca FC
    • Honor for Social & Community Impact Through Sport – Blue Women, Pink Men
    • WFS Honor for Legacy & Greatness  – Davor Šuker

    Strategic Partnerships and Regional Collaboration

    The event, co-organized with Soccer Media Solutions, showcased strong institutional and commercial support, with key participation from the Government of Nuevo León, FWC 26 Monterrey, Mexican Football Federation, UN Tourism, and LALIGA. Strategic commercial partners included OCV Monterrey (Monterrey Convention and Visitors Bureau), PM SHOP, Caliente MX, Codetur, and Senn Ferrero, with 25 companies exhibiting their products and services at the event.

    Building on Mexico’s Growing Football Business Ecosystem

    WFS Monterrey builds on the success of the inaugural Mexican edition held in Mexico City in June 2024, demonstrating the country’s rapidly expanding role in global football business. The summit addressed critical topics including private equity investment growth, women’s football development, local talent academy programs, fan engagement through technology and data analytics, and cross-border collaboration opportunities.

    Key Focus Areas Explored:

    • Maximizing the 2026 World Cup’s economic impact and infrastructure legacy
    • Private equity’s growing interest in Latin American football
    • Women’s football development and commercial potential
    • Multi-club ownership models and governance challenges
    • Broadcasting rights strategy in the digital age
    • Sustainable practices and long-term sport legacy
    • Technology integration and fan engagement innovation

    Looking Forward

    The success of WFS Monterrey reinforces Mexico’s position as a bridge between North and South American football markets, with Monterrey emerging as a key strategic location for industry development. The summit’s outcomes will contribute to shaping investment, development, and collaboration strategies across the Americas as the region prepares for its starring role in the 2026 World Cup.

    WFS continues its global expansion with upcoming events in Hong Kong (September 3-4), Madrid (October 15-16), and Riyadh (December 10-11), further cementing its position as the world’s premier football business platform.

    Distributed by APO Group on behalf of World Football Summit.

    Media Contact:
    Jaime Domínguez
    press@worldfootballsummit.com
    For more information: www.WorldFootballSummit.com

    About World Football Summit:
    World Football Summit is a leading international organization for the football industry. Through its platform, we organize events across four continents that bring together key stakeholders from the ecosystem, fostering business opportunities, collaboration, and innovation in the sector. Thousands of professionals representing companies and institutions from around the world actively engage with WFS.

    MIL OSI Africa –

    June 12, 2025

  • MIL-OSI: Aerospace and defense leaders are prioritizing digital continuity to tackle industry disruption

    Source: GlobeNewswire (MIL-OSI)

    Press contact: 
    Florence Lièvre
    Tel.: +33 1 47 54 50 71
    Email: florence.lievre@capgemini.com

    Aerospace and defense leaders are prioritizing digital continuity to
    tackle industry disruption

    • 77% of aerospace and defense leaders believe improving digital continuity will accelerate production ramp-up as it drives shorter time to market, with a 13% reduction on average
    • More than 8 out of 10 (86%) defense organizations recognize the need to integrate AI and gen AI in engineering and product development

     Paris, June 12 2025 – The Capgemini Research Institute’s latest report, ‘The strategic edge: How digital continuity drives business outcomes in aerospace and defense,’ published today, finds that digital continuity1– the seamless integration of data and information across all stages of the product lifecycle and linked to the external partner ecosystem – is emerging as a critical enabler of business transformation in the aerospace and defense (A&D) sector. Over 80% of A&D leaders surveyed view digital continuity as a driver of business transformation and a route to gaining a competitive advantage. In 2024, A&D organizations on average allocated a significant 2.1% of their annual revenue to these initiatives, to ramp up production, accelerate development cycles, reduce operational costs, and stay agile amid global pressures. In the context of rising costs, supply chain instability, and geopolitical movement, investments in digital continuity are expected to increase to 3.4% by 2028.

    “Digital continuity is a critical imperative for aerospace and defense organizations to thrive in today’s challenging and uncertain geopolitical environment. If it is embraced as a way of working, it will help organizations increase productivity and free up key resources from the waste created by disconnected systems and data. Ultimately, it enables operational excellence, reduces product development cycle times and fosters a collaborative culture, setting A&D players up for long-term success. Business leaders clearly recognize this and as a result have been ramping up their investments in these initiatives,” said Lee Annecchino, Global Industry Lead, Aerospace and Defense at Capgemini. “In order to leverage the full potential, A&D organizations must focus on building interoperability across systems, enabling robust data management and adopting a comprehensive change management strategy.”

    Digital continuity helps A&D organizations to ramp up quickly, driving many business benefits
    Nearly nine in 10 (86%) A&D executives agree that digital continuity is important to their organizations’ ramping-up strategies, and 77% believe that improving digital continuity will accelerate the process.

    Around a third (34%) of A&D organizations have already reduced costs with 13% cost reduction on average because of digital continuity. Thirty percent of A&D organizations have already realized shortened time to market and 18% have accelerated product development cycle times because of digital continuity, making it a top priority for investment.

    Defense organizations are better prepared to ramp up production
    According to the survey, 44% of defense organizations are prepared to ramp up production compared to just over a third of civil aerospace organizations. The readiness of defense organizations to ramp up production can be driven by geopolitical uncertainty and technological and infrastructure investment, including a more flexible manufacturing execution system (MES), and a more resilient supply chain. For example, 65% of defense organizations agree that their supply chain is adaptable to quickly changing customer demands, while only 45% of civil aerospace organizations believe the same.

    The report also finds that more than 8 out of 10 (86%) defense organizations recognize the need to integrate AI and generative AI in engineering and product development and over half (56%) to develop autonomous systems. However, less than half of the defense organizations are prepared to integrate AI (44%) and only 35% are prepared to develop autonomous systems.

    In order to thrive, A&D organizations must continually evolve in terms of skills, processes, technologies, security methods, and compliance policies concludes the report.

    Report Methodology
    In March 2025, the Capgemini Research Institute conducted a global survey to assess the maturity of digital continuity in aerospace and defense (A&D) organizations and the benefits achieved. The survey included 179 A&D organizations across 16 countries in Asia-Pacific, Europe, the Americas, and the Middle East. Over half (51%) of the participating organizations are headquartered in the United States. The survey sample also included 28 public sector or government organizations. All surveyed organizations have annual revenues exceeding $500 million, with the majority (56%) reporting revenues greater than $1 billion.

    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 the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

    Visit us at https://www.capgemini.com/researchinstitute/

    1Digital continuity in A&D refers to the seamless integration of data and information across the product lifecycle including the external partner ecosystem; thus, ensuring a “single source of truth” that enhances collaboration and streamlines design, production, operations, and service through a strengthened feedback loop.

    Attachments

    • 2025_06_12 – Digital Continuity in AD press release_EN
    • Capgemini-Infographic-Digital-Continuity-in-A&D

    The MIL Network –

    June 12, 2025

  • India, EU committed to inclusive growth through FTA: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    Union Commerce and Industry Minister Piyush Goyal on Thursday said that the proposed India-EU Free Trade Agreement (FTA) reflects a shared commitment to deepening economic ties and fostering inclusive growth across regions.

    Speaking at the India-Sweden High-Level Trade and Investment Policy Forum, Goyal underlined the potential for increased collaboration between India and Sweden. The forum was attended by members of the Confederation of Swedish Enterprises and leading Swedish and Indian businesses.

    “The joint paper on the proposed India-EU FTA, released at the event, underscores our collective commitment to strengthening economic ties and fostering inclusive growth. The India-Sweden partnership is a model of how two diverse economies can create mutual benefit through shared vision and cooperation. I look forward to translating these deliberations into concrete opportunities,” Goyal said.

    During his visit, Goyal also met Marie Sandin, Managing Director of Tetra Pak Sweden, and discussed ways to enhance cooperation in sustainable packaging solutions. The two sides explored opportunities for expanding research and development initiatives in India and strengthening capabilities in advanced equipment manufacturing.

    In an interaction with Swedish business leaders at a dinner reception hosted by the Sweden-India Business Council and the Embassy of India, Goyal highlighted India’s growing appeal as an investment destination. He cited the country’s steady progress in sustainable development and its Zero Defect, Zero Effect manufacturing philosophy as key drivers of economic opportunity.

    “I emphasised the remarkable progress India has made in technology, innovation, and R&D, backed by the strength of our skilled and talented workforce. I encouraged Swedish businesses to explore opportunities in India, where there is immense potential for collaboration and mutual growth,” he said.

    Goyal also participated in the concluding session of the Ministerial Meeting of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation, alongside Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa. The ministers discussed how capital, talent, and technology exchanges continue to shape the strategic partnership between the two countries, with science and innovation at the forefront.

    IANS

    June 12, 2025

  • MIL-OSI China: China bets on ‘scenes’ to turn innovation into growth

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

    In the dynamic economic hub of Shenzhen, commuters can now reserve seats on self-driving buses with just a few taps on an app. Far from a publicity stunt, this service is the first instance in China where intelligent connected buses have been incorporated into the wider public transport system.

    What is unfolding in Shenzhen is more than a transportation experiment. It is a glimpse into a consumer experience model that Chinese policymakers and entrepreneurs are calling the “scene economy.”

    The significance of this term, referring to the application of technology in real-life consumption scenarios, is perhaps best illustrated by its swift adoption: By June last year, more than 60 cities among the top 100 GDP cities had included this term in their economic plans, according to Greatwall Strategy Consultants.

    Some industry observers view such a move as part of a broader strategy to incubate new growth drivers in the face of global uncertainty. But what exactly does it mean?

    Is it about creating innovative parks, organizing promotional events or implementing a package of policy measures? Popular jargon in China’s tech sector may offer some clues. Terms like “paotong” (getting it running) and “bihuan” (closed-loop integration) are frequently used to assess whether a technology can be smoothly implemented and deliver tangible benefits.

    “New technologies must be applied to improve and evolve, and this requires suitable scenarios,” said Jason Tang, chairman of the Shanghai Consumer Foundation.

    “Thus, creating conditions for emerging technologies is crucial to transform laboratory results into economic returns,” Tang added.

    Digitally-enabled 

    Building accessible digital infrastructure is, of course, a prerequisite.

    In the case of Shenzhen’s driverless bus fleet, the initiative benefited greatly from the digital upgrades of the local public transport system. This system integrates intelligent scheduling platform, 5G vehicle-road coordination, multi-sensor fusion perception and high-precision map positioning, which enable millisecond-level response to road conditions and precise decision-making.

    At a recent forum in Shenzhen, the city unveiled China’s first technical guidelines for city-wide, all-vehicle and all-scenario road access. These guidelines are poised to provide an open framework for testing highly and fully autonomous vehicles in complex urban environments.

    Shenzhen had opened over 2,100 kilometers of test and demonstration roads by May, accounting for about 24 percent of the city’s total road mileage, said Xu Wei, deputy director of Shenzhen’s transportation bureau.

    Additionally, China is proactively driving the integration of AI and 5G technologies into traditional industries to unlock their potential applications.

    These technologies have started to make an impact elsewhere, too. Take China’s mining sector, this traditional industry is evolving to become more low-carbon and intelligent.

    A video clip of about 100 autonomous mining trucks in northern Chinese city of Hulunbuir has gone viral on social media as a “sci-fi blockbuster.” Guided by 5G signals, the trucks navigate through vast mines, automatically avoiding obstacles in low-visibility conditions like snow, dust and night with only 40 meters of visibility.

    Government initiatives 

    A 2024 RAND Corporation report noted that 80 percent of AI projects have stalled, and underscored the pressing challenge of how to translate AI’s enormous potential into concrete results.

    Many AI projects fail due to insufficient data, overemphasis on cutting-edge technology rather than real user problems, and inadequate infrastructure for data management and model deployment, according to the report.

    The Central Economic Work Conference last December, which called for large-scale demonstrations of new technologies, products and scenes, was the catalyst behind local government efforts to step up the real-world deployment of lab-developed technologies.

    Instead of relying solely on financial incentives to attract investors, they are now promoting the profit potential of application scenes as a new approach to draw in businesses.

    These cities are releasing “scene lists” to identify city-level needs and using measures, such as the establishment of promotional entities or pilot offices, and creating special funds to drive technology implementation.

    In Shenzhen, the entire city is a testing ground for new technologies and products.

    “We plan to open 100 more application scenes by 2025, with comprehensive, all-day, full-access in fields like municipal sanitation, emergency rescue, AI-assisted healthcare and medical wellness,” said Lin Yi, director of Shenzhen AI industry office.

    With the rapid growth of China’s silver economy, the elderly population is increasingly seen as an exciting frontier with rich potential for tech application. This week, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs initiated a pilot program for intelligent elderly care robots.

    The project will focus on care for the disabled and those living with neurodegenerative conditions, emotional companionship, health promotion, smart environments and daily living assistance.

    On June 6, Chongqing released its first list of 42 low-altitude economy application scenes, spanning urban governance, firefighting, emergency rescue, inspections and freight logistics.

    The same day, Shanghai announced a call for quantum computing scenario plans, targeting the development of quantum hardware, software, algorithms and cloud platforms.

    The Greatwall Strategy Consultants report has identified 419 key scenes, highlighting three critical innovation areas: energy storage, new energy vehicles and intelligent driving, and intelligent manufacturing.

    “China’s strong manufacturing base and its vast, deep consumer market offer immense innovation potential in applications, which in turn facilitate better supply-demand matching,” said Tang. 

    MIL OSI China News –

    June 12, 2025

  • MIL-OSI: Bigbank AS Results for May 2025

    Source: GlobeNewswire (MIL-OSI)

    May was a stable month for Bigbank – both the loan and deposit portfolios grew at a steady pace, and profitability remained at a solid level.

    The loan portfolio increased by a total of 43 million euros in May. The largest contributions came from business loans and home loans, which grew by 22 million and 15 million euros, respectively. The consumer loan portfolio grew by 6 million euros.

    The deposit portfolio grew by a total of 26 million euros in May. In a declining interest rate environment, the savings deposit product became more attractive to customers, with its portfolio increasing by 18 million euros during the month. The term deposit portfolio also returned to growth, increasing by 8 million euros.

    It is encouraging that despite falling interest rates, Bigbank has increased its net interest income during the first five months of 2025. The strong growth of the loan portfolio, along with maintaining the deposit portfolio at an optimal volume and pricing level, has offset the decline in interest income caused by the drop in Euribor and the upward pressure on interest expenses resulting from the growth of the deposit portfolio. As of the end of May, net interest income for 2025 exceeded the result for the same period in 2024 by 1 million euros.

    A positive development was the continued decline in net allowances for expected credit losses and provision expenses compared to 2024. In May, the expense amounted to 0.9 million euros, bringing the total for the five-month period to 6.7 million euros – 4.4 million euros, or 40%, less than in the same period last year. This improvement was primarily driven by better repayment behaviour in the consumer loan segment across all three Baltic countries.

    Net profit for May was 3.4 million euros, representing a strong result. In addition to the increase in net interest income and the decline in net expected credit losses, net fee and commission income rose by 0.5 million euros over the five-month period, while administrative expenses decreased by 0.4 million euros.

    Behind the bank’s growth and profitability is a strong team, which had grown to 600 employees by the end of May. The expansion of the team, combined with salary increases, led to a 2.2 million euro rise in personnel expenses over the five-month period.

    A negative development was the 1.3 million euro increase in income tax expenses over the same period, mainly due to higher income tax rates introduced in Estonia and Lithuania at the beginning of 2025.

    Bigbank’s key financial indicators for May 2025:

    • Customer deposits and loans received increased by 357 million euros over the year, reaching 2.57 billion euros (+16%).
    • Loans to customers grew by 564 million euros year-on-year, reaching 2.41 billion euros (+31%).
    • Net interest income totalled 8.8 million euros in May; the five-month total reached 42.8 million euros. Compared to the same period last year, net interest income increased by 1.0 million euros (+2%).
    • Net allowance for expected credit losses and provision expenses totalled 6.7 million euros in the first five months of the year, down 4.4 million euros or 40% year-on-year.
    • Net profit in May was 3.4 million euros. Cumulative profit for the first five months amounted to 16.3 million euros, an increase of 2.9 million euros or 22% compared to the same period in 2024.
    • Return on equity in May was 14.7%.
    Income statement, in thousands of euros May 2025 YTD25 YTD24 Difference YoY
    Total net operating income, incl. 9,480 47,716 45,983 1,733 +4%
    Net interest income 8,827 42,785 41,747 1,038 +2%
    Net fee and commission income 820 4,197 3,652 544 +15%
    Total expenses, incl. -4,377 -20,862 -18,922 -1,940 +10%
    Salaries and associated charges -2,749 -12,742 -10,542 -2,199 +21%
    Administrative expenses -919 -4,569 -4,938 369 -7%
    Profit before loss allowances 5,103 26,853 27,060 -207 -1%
    Net allowance for expected credit losses and provision expenses -866 -6,679 -11,076 4,397 -40%
    Income tax expense -844 -3,882 -2,615 -1,267 +48%
    Profit for the period from continuing operations 3,392 16,292 13,369 2,923 +22%
    Profit or loss before tax from discounted operations 0 0 29 -29  
    Profit for the period 3,392 16,292 13,398 2,894 +22%
               
               
    Business volumes, in thousands of euros May 2025 YTD25 YTD24 Difference YoY
    Customer deposits and loans received 2,574,153 2,574,153 2,216,907 357,246 +16%
    Loans to customers 2,413,543 2,413,543 1,849,189 564,354 +31%
               
    Key figures May 2025 YTD25 YTD24 Difference YoY
    ROE 14.7% 14.3% 13.0% +1.3pp  
    Cost / income ratio (C/I) 46.2% 43.7% 41.2% +2.6pp  
    Net promoter score (NPS) 55 58 58 +0  

    Compared to the financial results published for May 2024, the net interest income and the net allowance for expected credit losses for the prior period have been adjusted, both reduced by 1.1 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure rather than on a net basis. This correction does not impact the net profit for May 2024.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 May 2025, the bank’s total assets amounted to 3.0 billion euros, with equity of 278 million euros. Operating in nine countries, the bank serves more than 172,000 active customers and employs 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    The MIL Network –

    June 12, 2025

  • MIL-OSI: Codeproof Technologies Revolutionizes Device Management with Zero-Touch Enrollment for Android and iOS

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., June 12, 2025 (GLOBE NEWSWIRE) — Codeproof Technologies Inc., a leading provider of modern Unified Endpoint Management (UEM) and cybersecurity solutions for small to mid-size businesses (SMBs) across the U.S. and Canada, today announced Zero-Touch Device Enrollment for its Codeproof Cyber Device Manager MDM. The new feature enables seamless, automated onboarding of Android (via Zero-Touch Enrollment) and iOS (via Apple Business Manager) devices—eliminating manual setup, QR code scanning, or technical expertise. By simply uploading IMEI or serial numbers, SMB IT admins can now deploy company devices effortlessly, reducing downtime and complexity for teams with limited technical resources.

    With Zero-Touch Enrollment, IT administrators can now:

    • Automate Device Onboarding: Enroll devices in bulk by uploading IMEIs (via Google’s Android Zero-Touch Portal) or serial numbers (via Apple Business Manager).
    • Eliminate QR Code Hassles: MDM configurations are pushed directly to devices, removing dependency on physical scans.
    • Prevent Data Loss with Factory Reset Protection (FRP): Even after a factory reset, devices automatically re-enroll in MDM, ensuring corporate data security and continuous GPS tracking.
    • Centralize Management: The Codeproof Admin Console syncs with zero-touch portals, allowing real-time policy enforcement and configuration updates.

    “With MDM software deployment via IMEI or serial numbers, IT teams can remotely secure and manage work phones—zero physical handling required,” said Satish Shetty, CEO of Codeproof Technologies. “As an official T-Mobile reseller, we enable businesses to provision devices straight out of the box, eliminating setup delays while ensuring instant security compliance.”

    Why Zero-Touch Enrollment Matters

    For enterprises, schools, and government agencies managing large fleets of devices, manual enrollment is time-consuming and error-prone. Codeproof’s Zero-Touch solution ensures:
    ✔ Faster Deployment – Set up hundreds of devices in minutes.
    ✔ Stronger Security – Prevents unauthorized access with enforced MDM policies.
    ✔ Lower IT Overhead – Reduces on-site IT intervention.

    About Codeproof Technologies Inc.

    Codeproof Technologies Inc. is a leader in cybersecurity and mobile device management (MDM), delivering innovative SaaS solutions that help organizations secure and manage endpoints with ease. Through strategic partnerships with T-Mobile for Business, Verizon, and leading telecom providers, Codeproof ensures seamless integration and enterprise-grade security for businesses worldwide.

    Learn more or request a demo:
     https://codeproof.com
     sales@codeproof.com
    1.866.986.BYOD (2963)

    Media Contact:
    press@codeproof.com
    1.866.986.BYOD

    A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26088061-2773-4bff-ab19-ed5aba31a493. 

    The MIL Network –

    June 12, 2025

  • MIL-OSI Economics: ASEAN TVET Council advances inclusive skills development for rural and regional communities

    Source: ASEAN

    MELAKA, 12 June 2025 -The 4th Regional Policy Dialogue of ASEAN TVET Council on “TVET for Rural and Regional Advancement” was successfully convened on 11–12 June 2025 in Melaka, Malaysia. The Dialogue brought together approximately 220 participants both onsite and online from ASEAN Member States and partner organisations, representing ministries of labour, education, and economic planning, TVET institutions, industry leaders, and international development partners.
     
    Hosted by the Ministry of Rural and Regional Development of Malaysia with the support of the ASEAN Secretariat, Aus4ASEAN Digital Transformation and Future Skills Initiative (funded by the Government of Australia), and RECOTwin (funded by the Government of Germany), and the Dialogue provided a platform for participants to exchange strategies and good practices on how TVET can serve as a driver of inclusive, sustainable growth in rural and regional communities across ASEAN.
     
    Key discussions focused on expanding access to TVET, fostering technopreneurship, promoting green and digital skills, and aligning curricula with the demands of high-growth, high-value sectors. The Dialogue concluded with actionable insights and recommendations to guide ASEAN’s collective efforts toward enhancing employability, productivity, and socio-economic resilience through skills development.
     
    During the Dialogue, the Study Report on the Promotion of Business Engagement Models for Upskilling and Reskilling of the ASEAN Workforce was launched on 12 June 2025. Coordinated by the ASEAN Secretariat under the guidance of ASEAN Senior Labour Officials Meeting (SLOM) and with the support of the Aus4ASEAN Digital Transformation and Future Skills Initiative, the Study explores how ASEAN businesses are adapting to rapid changes in technology, Industry 4.0, and the green economy by investing in workforce upskilling and reskilling. It emphasises the importance of inclusive training and stronger engagement between governments, businesses, and TVET institutes. Find out more about the Study here.
     
    ###

    The post ASEAN TVET Council advances inclusive skills development for rural and regional communities appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    June 12, 2025

  • MIL-OSI Australia: Disability and aged care support platform amends unfair contract terms

    Source: Australian Ministers for Regional Development

    Online services platform Mable Technologies Pty Ltd (Mable) has admitted to breaching the Australian Consumer Law (ACL) by using unfair contract terms when connecting people seeking care support to independent support workers.

    Support services facilitated through Mable include social support, domestic support, nursing services and allied health services. Clients using the platform include participants on the National Disability Insurance Scheme (NDIS), the elderly and other people requiring support.

    Mable admitted the breaches of the ACL in a court-enforceable undertaking accepted by the ACCC.

    The unfair contract terms were in place between 9 November 2023 and 22 August 2024. These terms included the potential for Mable to receive a minimum penalty fee of $5,000 from clients and support workers in particular circumstances. For example, a support worker who leaves the Mable platform would be liable to pay the penalty fee if, within 12 months of leaving, they continued their care arrangement with a client they were introduced to through the platform.

    The terms also provided for a client’s ‘service log’ (similar to an attendance record or timesheet) to be automatically deemed approved unless the client disputed it within 24 hours. Other terms allowed Mable to change some of its fees and terms without reasonable notice. Mable also included terms which sought to limit its liability for claims and losses.

    “We were concerned Mable’s unfair contract terms potentially disadvantaged its clients, about half of whom are NDIS participants, as well as the support workers operating as sole traders or small businesses,” ACCC Deputy Chair Catriona Lowe said.

    “Contractual relationships with consumers and small businesses should be fair and more powerful parties should not stipulate terms which are unfair or limit existing rights. This is especially concerning where the clients are people experiencing vulnerabilities and disadvantage.”

    Mable has cooperated with the ACCC’s investigation, amended its website and terms of use and offered a court-enforceable undertaking to address the ACCC’s concerns.

    The undertaking prohibits Mable from entering into particular terms with its clients and support workers, and to clearly and prominently communicate significant terms to clients and support workers. It also requires Mable to establish and maintain an ACL compliance program.

    “We were concerned that the terms, which Mable has admitted were unfair, were so weighted in Mable’s favour that they created a significant imbalance in the contractual rights and obligations between Mable and its clients and support workers,” Ms Lowe said.

    “We remind businesses who have not yet reviewed their contracts and removed or amended unfair terms that we are continuing to monitor the disability and aged care sector and will take appropriate action when warranted,” Ms Lowe said.

    Businesses can view information about changes to the unfair contract terms laws on the ACCC’s website.

    Further information for NDIS participants is available on the ACCC website.

    A copy of the undertaking is available at Mable Technologies Pty Ltd.

    Background

    Mable is an online platform provider for assisted care services. It operates a two-sided online platform that connects people looking for care support with independent support workers. Support services provided through Mable include social support, domestic support, nursing services and allied health services.

    From November 2023, changes to the ACL prohibit businesses from proposing, using, or relying on unfair contract terms in standard form contracts with consumers and small businesses.

    Note to editors

    Each year, the ACCC announces a list of Compliance and Enforcement priorities. These priorities outline the areas of focus for the ACCC’s compliance and enforcement activities for the following year.

    As part of the 2025/26 Compliance and Enforcement Priorities, the ACCC is prioritising improving compliance by NDIS providers with their obligations under the Australian Consumer Law.

    Enforcement activities in relation to unfair contract terms in consumer and small business contracts are another 2025/26 Compliance and Enforcement Priority.

    The ACCC recognises that consumers experiencing vulnerability or disadvantage can be disproportionately affected by breaches of the law. Addressing conduct that impacts this cohort of consumers is always an ACCC priority. 

    In December 2023, the government established the NDIS (Fair Price and Australian Consumer Law) Taskforce comprising the ACCC, the NDIS Quality and Safeguards Commission and the NDIA. The Taskforce was established to address concerns that NDIS participants were being charged more for goods and services than other people, and to address potential breaches of Australian Consumer Law.

    MIL OSI News –

    June 12, 2025

  • MIL-OSI New Zealand: Businessman Aaron Coupe sentenced to a further 3 years

    Source: Ministry of Business Innovation and Employment (MBIE)

    Businessman Aaron Coupe:

    • was sentenced to 3 years and 9 months for managing companies while prohibited under the Companies Act and concealing property worth more than $1.7 million from the Official Assignee.
    • during his second bankruptcy, breached restrictions and took part in the management of businesses through actively managing several construction projects.

    Jailed businessman Aaron Coupe was further sentenced at Auckland District Court on Friday 6 June 2025 to 3 years and 9 months for taking part in the management of businesses while bankrupt and concealing property worth more than $1.7 million from the Official Assignee.

    Mr Coupe was jailed for 4 years and 5 months in January 2025 for managing companies while prohibited under the Companies Act and the latest sentencing will see him serve up to 8 years and 2 months in total.

    During his second bankruptcy in 2022, Mr Coupe breached the restrictions imposed on him by taking part in the management of businesses through actively managing construction projects in Tuakau, Wiri and Auckland.

    Under the alias ‘Aaron McGregor’, his birth name, Mr Coupe overtly sought out projects to manage and directed payments for these projects into an account under his mother’s name. Mr Coupe did not disclose an interest in this account to the Official Assignee.

    In court, Judge Kathryn Maxwell said Mr Coupe’s “arrogance is incomprehensible”.

    “We’re also dealing with a maximum penalty that is arguably inadequate,” Judge Maxwell said.

    “You have barely taken a breath since you started offending in 2013.”

    This is the most recent prosecution taken against Mr Coupe by the Ministry of Business, Innovation and Employment (MBIE), following original charges that were laid in 2014 for offending that arose from his conduct during his first bankruptcy in 2010.

    He was sentenced in 2016 to 12 months’ home detention, 200 hours’ community work, and $75,100.68 reparation. The convictions also meant he was banned from being a director of or involved in the management of a company for 5 years.

    Despite his prohibition, and without seeking an exemption to the imposed prohibition from the Court, Mr Coupe took part in the management of 5 companies causing substantial financial losses and significant emotional distress to his business partners, stakeholders, and creditors.

    Business Registries Investigations and Compliance Team Manager Vanessa Cook says it was important that Mr Coupe was held to account for his ongoing offending.

    “The sentence reflects the harm that Mr Coupe caused through his failure to comply with conditions imposed on him, not only by being adjudicated bankrupt, but also by the Court,” Ms Cook says.

    “By intentionally evading the measures that were put in place to protect the public, Mr Coupe was able to deceive people into engaging in business with him, enabling him to conceal $1.7 million that could have been paid to his creditors.

    “It’s important that responsibility is accepted by those whose behaviour causes significant harm to the community and MBIE would like to thank all the witnesses who came forward to assist in ensuring that Mr Coupe’s unscrupulous behaviour was stopped.”

    Prohibited directors can be found by searching on the Companies register:
    Searching the Companies Register(external link) – New Zealand Companies Office

    Individuals who are currently adjudicated bankrupt can found by searching on the insolvency register:
    Search the insolvency register(external link) – New Zealand Insolvency and Trustee

    MIL OSI New Zealand News –

    June 12, 2025

  • MIL-OSI USA: SBA Opens Business Recovery Center in the Independent City of St. Louis to Help Businesses Impacted by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in the Independent City of St. Louis to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds, tornadoes and flooding occurring May 16.

    Beginning Thursday, June 12, SBA customer service representatives will be on hand at the Business Recovery Center in St. Louis to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    THE INDEPENDENT CITY OF ST. LOUIS
    Business Recovery Center
    St. Louis Community College
    Harrison Education Center
    3140 Cass Ave., Rm. #104
    St. Louis, MO  63106

    Opens at 1:00 p.m., Thursday, June 12

    Mondays – Fridays, 8:30 a.m. – 6:00 p.m.

    The following Disaster Loan Outreach Center (DLOC) location is also open and continues to serve survivors:

    ST. LOUIS COUNTY
    Disaster Loan Outreach Center
    St. Louis County Library
    Florissant Valley Branch 
    Quiet Room
    195 S. New Florissant Rd.
    Florissant, MO   63031

    Mondays – Thursdays, 9:00 a.m. – 6:00 p.m.
    Fridays – Saturdays, 9:00 a.m. – 5:00 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.62 for nonprofits, and 2.81% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Aug. 11, 2025. The deadline to return economic injury applications is March 9, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

    June 12, 2025
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