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Category: Commerce

  • Piyush Goyal holds high-level meeting with Italian Deputy PM Antonio Tajani in Brescia

    Source: Government of India

    Source: Government of India (4)

    Union Minister of Commerce and Industry Piyush Goyal on Thursday co-chaired the 22nd session of the India-Italy Joint Commission for Economic Cooperation (JCEC) alongside Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani.

    The high-level meeting was held in Brescia, a key manufacturing hub in northern Italy, during Goyal’s two-day visit to the country. He was accompanied by a business delegation comprising senior leaders from nearly 90 Indian companies.

    The JCEC brought together senior officials, policymakers, and key industry stakeholders from both countries.

    According to the Ministry of Commerce and Industry, the discussions aligned with the India-Italy Joint Strategic Action Plan 2025–2029, which aims to enhance economic resilience, promote industrial collaboration, and support inclusive and sustainable growth.

    Both sides agreed to intensify cooperation in priority sectors such as Industry 4.0, aerospace, energy transition, and sustainable mobility. The talks also emphasized collaboration in skill development, digital transformation, migration and mobility, and joint initiatives under global connectivity frameworks like the India-Middle East-Europe Economic Corridor (IMEC).

    In addition, India and Italy resolved to boost ties in agriculture and food processing and agreed to establish Joint Working Groups in the automobile and space sectors to deepen technological and industrial cooperation.

    A high-level growth forum was held on the sidelines of the JCEC to explore emerging business opportunities and foster potential industrial partnerships.

    Goyal also held one-on-one meetings with prominent Italian corporate leaders and welcomed their plans to expand operations in India.

    Marking World Environment Day, Goyal and Tajani visited A2A, an Italian waste-to-energy company, to explore collaboration in the clean energy space. They also planted saplings at the Santa Giulia UNESCO World Heritage complex in memory of their mothers, under Prime Minister Narendra Modi’s “Ek Ped Maa Ke Naam” initiative.

  • MIL-OSI USA: CPSC Provides Important Safety Tips This Pool Season as Americans Dive into Summer

    Source: US Consumer Product Safety Commission

    CPSC Provides Important Safety Tips This Pool Season as Americans Dive into Summer | CPSC.gov

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    Release Date: June 05, 2025

    WASHINGTON, DC – As the U.S. Consumer Product Safety Commission’s (CPSC) Pool Safely public education campaign marks its 15th year, parents and caregivers can follow these simple steps to keep children safer in and around the water:

    Never leave a child unattended in or near water and always designate an adult Water Watcher. This person should not be reading, texting, using a phone or being otherwise distracted. In addition to pools and spas, this warning includes bathtubs, buckets, decorative ponds and fountains.
    If you own a pool or spa, install layers of protection, including barriers to prevent an unsupervised child from accessing the water. Homes can use door alarms, pool covers, and self-closing, self-latching devices on fence gates and doors that access pools.
    Learn how to perform CPR on children and adults. Many communities offer online CPR training.
    Learn how to swim and teach your child how to swim.
    Keep children away from pool drains, pipes and other openings to avoid entrapments.
    Ensure any pool and spa you use has drain covers that comply with federal safety standards. If you do not know, ask your pool service provider about safer drain covers.

    You can read the CPSC recent drowning and entrapment reports by visiting PoolSafely.gov.
    ###
    Pool Safely, a national public education campaign supporting the requirements of Section 1407 of the Virginia Graeme Baker Pool and Spa Safety Act, to reduce child drownings, nonfatal drownings and entrapment incidents in swimming pools and spas. Parents, caregivers and the media are encouraged to visit: PoolSafely.gov or to follow Pool Safely on, Facebook, Instagram, Threads, and X for vital safety information regarding the prevention of child drownings in and around pools and spas.

    Release Number
    25-310

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    Report an unsafe product

    The link you selected is for a destination outside of the Federal Government. CPSC does not control this external site or its privacy policy and cannot attest to the accuracy of the information it contains. You may wish to review the privacy policy of the external site as its information collection practices may differ from ours. Linking to this external site does not constitute an endorsement of the site or the information it contains by CPSC or any of its employees.
    Click Ok if you wish to continue to the website; otherwise, click Cancel to return to our site.

    MIL OSI USA News –

  • MIL-OSI USA: CPSC Highlights the Safety of Older Americans During National Safety Month

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – Consumer products present significant injury risks to older Americans, sending more than three million seniors to the hospital each year. The Consumer Product Safety Commission (CPSC) is hard at work addressing these hazards and helping them to live safer, more independent lives.
    According to CPSC’s most recent report, Senior Injuries and Deaths Associated with Consumer Products: 2024 Report, consumer products are associated with 41,000 senior deaths each year. CPSC is emphasizing the importance of keeping older adults safe during June—National Safety Month. 
    This report comes as the CPSC sets yet another recall record for products violating the Safety Standard for Adult Portable Bed Rails. Last week CPSC announced the results of a recent enforcement sweep targeting these products, which can pose deadly entrapment and strangulation hazards when they do not comply with federal safety standards. In doing so, CPSC secured remedies for consumers in multiple recalls, totaling more than 95,000 units.
    “CPSC continues to carry out its vital mission and is outpacing key safety and performance metrics from recent years, including with respect to senior safety,” said Acting Chairman Peter Feldman. “I want to recognize the leadership of my colleague Commissioner Dziak, who has done more than others to advance this cause.”
    “My family has seen firsthand how a senior injury can change lives forever,” said Commissioner Douglas Dziak. “Several years ago, my mother-in-law suffered a serious head injury after an in-home fall. She has never fully recovered and requires significant ongoing treatment and care. Unfortunately, as the Commission’s report describes, our story is not unique, and I will continue to prioritize senior safety by seeking to reduce consumer hazards for seniors and increase awareness regarding senior injury risk.”
    Older adults and their caregivers can work to prevent these tragic injuries and deaths by following these safety steps:

    Check if the portable adult bed rails in your home have been recalled. If they have, do not use them. If purchasing new ones, look for bed rails that meet the ASTM voluntary standard ASTM F3186 – 17, Standard Specification for Adult Portable Bed Rails and Related Products.
    Install handrails on both sides of any stairs in your home and grab bars in bathrooms. Keep stairs well-lit and free of clutter.
    Install smoke alarms on every level of the home, outside sleeping areas and inside each bedroom. Install carbon monoxide alarms on each floor outside sleeping areas.
    Do not wear loose clothing while cooking on the stove. The clothing can catch fire. Keep an eye on food cooking on the stovetop and in the oven. Stand by your pan.
    Do not swim alone. Take swimming lessons. Use a U.S. Coast Guard-approved flotation device if you are unsure of your swimming ability.
    Never operate a portable generator inside the home. Generators should be used outside at least 20 feet away from the house, and never near windows or vents.
    Watch for traffic and wear the appropriate gear when riding four-wheelers, bicycles and e-scooters, including bicycle helmets.

    For more tips go to Older Adult Safety | CPSC.gov. 

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News –

  • MIL-OSI: Lucinity Appoints Payoneer CCO and Goldman Sachs MD as Strategic Advisors

    Source: GlobeNewswire (MIL-OSI)

    REYKJAVIK, Iceland, June 06, 2025 (GLOBE NEWSWIRE) — Lucinity has expanded its Advisory Council with the appointment of industry leaders Micheal Sheehy, Chief Compliance Officer at Payoneer, and Konstantinos Rizakos, Managing Director of Compliance Engineering at Goldman Sachs. Both bring deep expertise to Lucinity from their experience in managing large compliance and technology programs across global financial institutions.

    Lucinity helps financial institutions detect and investigate financial crime faster and smarter using AI-powered tools. Its Advisory Council brings together industry leaders to guide the company’s international expansion, go-to-market strategy, and customer-driven product innovation.

    Micheal brings over a decade of leadership across AML/CTF, payments compliance, and regulatory risk management. He has extensive experience leading global FCC/compliance operations in the U.S., Europe, and APAC. At Payoneer and throughout his career, he has built and scaled compliance programs, managed regulatory obligations across highly regulated markets, and implemented advanced RegTech solutions. His hands-on expertise with the U.S. Bank Secrecy Act, various EU AML directives, and multiple APAC regulatory frameworks will be instrumental in guiding Lucinity’s strategy to serve clients operating globally.

    Konstantinos has been a leading figure in compliance technology for over twenty years, having run the Compliance application portfolios at Goldman Sachs, Citigroup, and Morgan Stanley. He has been an advocate of machine learning, workflow automation, and large-scale data platforms, and has driven their adoption in the industry as a whole. In the (new) age of AI, he plays an active role in AI product governance and in steering enterprise platforms, both through committee memberships and by launching an AI product management course at NYU Stern School of Business.

    Micheal and Konstantinos both bring a rare combination of regulatory expertise and technical depth that will help shape Lucinity’s global strategy and platform evolution. Their expertise will help Lucinity deepen its impact: improving investigation efficiency, enhancing team productivity, and reducing the cost and complexity of compliance for financial institutions.

    “We brought in Micheal and Konstantinos because they’ve built and run compliance programs at the highest levels. They know what works, what breaks, and what it takes to scale. They understand where compliance is headed, and with their guidance, our product will be moving faster, getting better, and raising the bar for the industry,” said Guðmundur Kristjánsson (GK), CEO and Founder of Lucinity.

    Lucinity’s Advisory Council now includes:

    • Ed Wilson – Former Partner at Venable LLP with legal expertise in cross-border financial law 
    • Tanya Ziv – Former CCO at Visa Cross-Border Solutions and Former COO at Yapily
    • Frank Lawrence – VP and Head of Global Operations, Legal and Chief Compliance Officer at Facebook Payments
    • John McCarthy – Former AML/Sanctions Officer at Airbnb with law enforcement expertise
    • Micheal Sheehy – Chief Compliance Officer at Payoneer 
    • Konstantinos Rizakos – Managing Director of Compliance Engineering at Goldman Sachs

    As Lucinity continues to scale globally, the addition of Micheal and Konstantinos brings vital real-world insight to further align Lucinity’s platform with the goals of global compliance leaders.

    Contact:

    Celina Pablo
    celina@lucinity.com
    +354 792 4321

    The MIL Network –

  • MIL-OSI Europe: Written question – Protecting EU passengers from illegal charges for hand baggage imposed by certain airlines – P-002169/2025

    Source: European Parliament

    Priority question for written answer  P-002169/2025/rev.1
    to the Commission
    Rule 144
    Elena Kountoura (The Left)

    The European Consumer Organisation (BEUC) has recently lodged a complaint with the European Commission about unfair commercial practices by certain ‘low-cost’ airlines, which subject consumers to unreasonable charges for their hand baggage[1]. These unacceptable practices violate EU consumer law, the Air Services Regulation and the relevant CJEU case law, in particular judgment C-487/12 of 2014, which recognises hand baggage as an integral part of passenger air transport and states that it should not incur additional charges, ‘on condition that such hand baggage meets reasonable requirements in terms of its weight and dimensions’[2].

    In view of the European Parliament resolution of October 2023 calling on the Commission to revise the current EU legislation on air services and to implement the relevant CJEU ruling[3], can the Commission answer the following:

    • 1.What measures does it intend to take, within its competences, to support the effective implementation of the relevant CJEU ruling by airlines?
    • 2.Does it intend to support the clarification/harmonisation of the rules on hand baggage and the definition thereof in the revision of the passenger rights regulation[4] to ensure the protection of consumers / air passengers in the EU?
    • 3.Alternatively, does it intend to propose a specific definition of the term ‘reasonable requirements in terms of the weight and dimensions’ of hand baggage in the upcoming revision of Regulation (EC) No 1008/2008, on the basis of the relevant CJEU ruling?

    Submitted: 30.5.2025

    • [1] These companies impose additional charges on passengers for carrying hand baggage, which are often not displayed from the outset when searching for and comparing prices between the options on offer. https://www.beuc.eu/press-release/eu-consumer-groups-denounce-seven-airlines-charging-hand-baggage
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:62012CJ0487
    • [3] According to the resolution, harmonising requirements on the size, weight and type of hand baggage for all airlines operating in the European Union would enhance transparency and consumer protection for all air travellers. https://www.europarl.europa.eu/doceo/document/TA-9-2023-0344_EN.html
    • [4] The regulation is already in the process of being revised by the co-legislators. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52023PC0753.
    Last updated: 6 June 2025

    MIL OSI Europe News –

  • MIL-OSI Russia: The HSE has completed the TMH management reserve training program

    Translation. Region: Russian Federal

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

    As part of the corporate program “Key Reserve: Broad Development Horizons,” the heads of TMH enterprises prepared to solve the company’s strategic tasks. Training in Higher School of Business The HSE University aimed to develop key competencies among TMH employees, which are necessary for the effective management of a modern business.

    The training was aimed at developing key competencies in TMH employees, necessary for effective management of a modern business. Over the course of a year, 47 program participants mastered strategic financial management, operational efficiency, change management and team development. The program also covered such areas as B2B and B2G marketing, making management decisions in conditions of uncertainty, conducting negotiations and implementing changes in the company.

    The educational trajectory included five modules, midterm tests and final defense of individual projects. Each participant demonstrated how he or she applies new knowledge in his or her management activities.

    The program combined the knowledge of the HSE professors and practitioners and the expertise of TMH top managers. The leading teachers were Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities — Member of the TMH Management Board, Andrey Vasiliev, Deputy General Director for Operations — Member of the TMH Management Board, Oleg Domsky, Deputy General Director for Economics and Finance — Member of the TMH Management Board, Andrey Sheremetyev, Deputy General Director for Commercial Activities — Member of the Management Board, and Vladimir Chekalin, General Director of DMZ JSC.

    The results of the training were summed up on May 16: the program participants presented their work to a committee that included top managers of TMH and teachers of the Higher School of Business of the National Research University Higher School of Economics.

    Natalia Shumkova, Deputy Director for Corporate Training at the Higher School of Business, National Research University Higher School of Economics

    “The partnership with TMH is a shining example of successful interaction between business and education. Joint work on the program allowed us to create a unique educational product that not only forms the management competencies of the participants, but also directly influences the strategic development of the company. We see the high practical value of the training and the willingness of the participants to apply the knowledge they have gained in their work.”

    Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities – Member of the Management Board of TMH

    “The Key Reserve: Broad Development Horizons program, implemented in partnership with the HSE Graduate School of Business, has become an important stage in TMH’s systematic work on developing its management reserve. Thanks to its practical focus, the participants mastered the tools of operational efficiency, strategic financial management, and teamwork. This knowledge is already being applied in projects, improving the quality of management decisions, transparency of processes, and coordination of actions. A comprehensive understanding of interrelated production and management factors helps to formulate mature and sustainable solutions. Inclusion in the teaching staff of the TMH senior management program in cooperation with the HSE Graduate School of Business played a key role in achieving these results: the expertise of the business school, the flexibility of the format, and deep immersion in the specifics of TMH’s business made it possible to make the program as practical as possible and focused on real tasks.”

    The program covered the best practices of senior management development. This allowed its participants not only to develop important management skills, but also to contribute to the further development of the holding, which is the leading manufacturer of rolling stock in Russia.

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

    MIL OSI Russia News –

  • EAM Jaishankar lauds Central Asia’s support in condemning Pahalgam attack at 4th India-Central Asia Dialogue

    Source: Government of India

    Source: Government of India (4)

    External Affairs Minister S. Jaishankar on Friday expressed gratitude to Central Asian nations for their solidarity in condemning the April 22, 2025, terrorist attack in Pahalgam, Jammu and Kashmir, during his opening remarks at the 4th India-Central Asia Dialogue. “I appreciate that your countries stood by India and condemned the heinous terrorist attack that took place in April in Pahalgam,” Jaishankar stated, underscoring the shared commitment to countering terrorism.

    Highlighting the deep historical and cultural connections between India and Central Asia, Jaishankar noted that these ties, spanning millennia, have evolved into a robust partnership. “India deeply cherishes its millennia-old civilizational and cultural ties with Central Asia. These age-old bonds forged through trade, exchange of ideas, and people-to-people contacts have strengthened over time,” he said. The minister traced the modern diplomatic relationship to 1992, with a significant boost following Prime Minister Narendra Modi’s visits to all five Central Asian capitals in July 2015.

    Jaishankar emphasized the growth in trade and economic ties over the past decade, facilitated by enhanced connectivity through direct flights and increased two-way tourism and business exchanges. He highlighted the popularity of Central Asian countries as destinations for Indian students pursuing higher education, which further strengthens people-to-people ties.

    India’s role as a trusted development partner was also a key focus. Jaishankar pointed to initiatives such as I-Tech training programs, Indian Council for Cultural Relations (ICCR) scholarships, and High-Impact Community Development Projects, including equipping schools with computers and hospitals with medical equipment. These efforts, he said, reflect India’s commitment to supporting socio-economic development in Central Asia.

    The minister recalled the elevation of India-Central Asia cooperation to a leaders’ level with the first virtual summit in January 2022, which expanded collaboration in areas such as trade, culture, security, and diplomacy. He also referenced productive discussions held on Thursday at the India-Central Asia Business Council, focusing on digital technology, fintech, and inter-bank relations to unlock the full potential of economic cooperation.

    Jaishankar reaffirmed India’s commitment to advancing mutually beneficial partnerships across sectors, including trade, investment, defense, agro-processing, textiles, pharmaceuticals, regional connectivity, security, education, culture, and emerging technologies. “I am sure that these deliberations would help us in forging even closer, deeper, stronger, and wider partnership which would serve the interest of the people of our countries,” he concluded, expressing optimism about the outcomes of the dialogue.

    (With ANI inputs)

  • MIL-OSI Europe: The Bundesbank’s forecast for Germany: Economic recovery slowly getting started | US tariffs initially weigh on economic growth; fiscal policy provides impetus from 2026

    Source: Deutsche Bundesbank in English

    The recovery of the German economy is being delayed by uncertainty surrounding international trade policy. Only gradually will economic activity be boosted by fiscal measures. The German economy will continue to tread water in the current year. The new US tariffs and uncertainty about future US policy are dampening economic growth for the time being, said Bundesbank President Joachim Nagel, presenting the Bundesbank’s new Forecast for Germany. This has hit German industry at a time when it had begun to stabilise after a long period of weakness. However, the sharp rise in government defence and infrastructure expenditure is likely to cause a marked surge in demand and an increase in gross domestic product (GDP) from 2026 onwards. Moreover, according to the new forecast, inflationary pressures in Germany are continuing to ease. The Forecast for Germany thus also provides good news for consumers and the economy, Mr Nagel said.
    Calendar-adjusted GDP is expected to stagnate in 2025. However, the Bundesbank’s experts expect stronger growth rates of 0.7 % and 1.2 % for 2026 and 2027. Compared with the December Forecast for Germany, the growth outlook is thus revised downwards for 2025 and upwards for 2027. According to the Bundesbank’s experts, the outlook is clouded in the short term by the protectionist trade policy of the United States and the associated uncertainty. Overall, exports will decline significantly in 2025 and increase only slightly next year. Reduced momentum in industrial production due to tariffs will contribute to a slowdown in the labour market and weigh on wage growth. From 2026 onwards, the expansionary fiscal policy and the lessened growth-dampening impact of US economic policy will lead to a marked recovery for the German economy.
    Following the easing of the debt brake, fiscal policymakers are financing a substantial portion of spending, particularly on defence and government infrastructure, via loans. Government consumption and, above all, government investment will therefore rise steeply from 2026 onwards. We expect the additional government spending on defence and infrastructure to significantly increase GDP growth by the end of 2027, said Bundesbank President Nagel.
    Although the government deficit ratio is likely to decline further this year, it will then rise sharply to just over 4 % by 2027. The significant increase is largely attributable to the fiscal package, which includes not only higher spending on defence and government infrastructure, but also tax cuts, increased subsidies and transfers to enterprises and households. The Maastricht debt ratio will rise to around 66 % by 2027. It had already reached 62.5 % at the end of 2024. Germany’s public finances can cope with a temporary increase in the deficit and debt ratios, Mr Nagel said.
    The rise in inflation as measured by the Harmonised Index of Consumer Prices (HICP) will slow to 2.2 % as an annual average in 2025. Inflation is then likely to decline temporarily to 1.5 % in 2026 due to energy prices, before rising again to 1.9 % in 2027. The core rate (excluding energy and food) will fall to 2.6 % this year and thus remain markedly higher. It will then fall to 1.9 % in 2026. From 2026 onwards, the core rate will settle at around 2 %,” Bundesbank President Nagel said. The reasons for this decline are the decreasing price pressures from labour costs and the initially still weak demand. We’re also seeing the delayed effect of the Eurosystem’s tight monetary policy up to 2024.
     
    Projection June 2025

    Year-on-year percentage change

    2024

    2025

    2026

    2027

    Real GDP, calendar adjusted

    − 0.2

    0.0

    0.7

    1.2

    Real GDP, unadjusted

    − 0.2

    − 0.1

    1.0

    1.3

    Harmonised Index of Consumer Prices

    2.5

    2.2

    1.5

    1.9

    Harmonised Index of Consumer Prices excluding energy and food

    3.2

    2.6

    1.9

    2.0

    Source: Federal Statistical Office (data as at 21 May 2025). Annual figures for 2025 to 2027 are Bundesbank forecasts.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

    Business and Financial Highlights for the Third Quarter of FY 2025

    • Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
    • Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
    • Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
    • Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
    • Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
    • Paying learners was approximately 0.3 million in the third quarter of FY 2025.

    Company Highlight for the Third Quarter of FY 2025

    • Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

    Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

    Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

    Financial Results for the Third Quarter of FY 2025

    Revenues

    Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

    • Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
    • Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
    • Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
    • Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

    Cost of revenues

    Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

    Sales and marketing expenses

    Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

    Research and development expenses

    Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

    General and administrative expenses

    General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

    Remeasurement gain of previously held equity interests in connection with step acquisitions

    Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

    Others, net

    Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

    Net income and adjusted net income

    Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

    Earnings per share and adjusted earnings per share4

    Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

    Balance Sheet

    As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

    Recent Developments

    Investments in Letsvan

    On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

    Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

    International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

    Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

    2024 Share Repurchase Program

    On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

    2025 Share Repurchase Program

    On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

    Conference Call Information

    The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

    Listeners may access the call by dialing the following numbers:

    International:   1-412-902-4272
    United States Toll Free:   1-888-346-8982
    Mainland China Toll Free:   4001-201203
    Hong Kong Toll Free:   800-905945
    Conference ID:   QuantaSing Group Limited
         

    The replay will be accessible through June 13, 2025 by dialing the following numbers:

    International:   1-412-317-0088
    United States Toll Free:   1-877-344-7529
    Replay Access Code:   3611954
         

    A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.

    Non-GAAP Financial Measures

    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited

    QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

    For more information, please visit: https://ir.quantasing.com.

    Contact

    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429

    _________________________________
    1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    3 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
    4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    ASSETS          
    Current assets:          
    Cash and cash equivalents 779,931   985,677   135,830
    Restricted cash 160   675   93
    Short-term investments 246,195   148,532   20,468
    Accounts receivable, net 16,676   37,392   5,153
    Amounts due from related parties 4,488   489   67
    Inventory, net 6,345   28,120   3,875
    Prepayments and other current assets 275,549   173,582   23,920
    Total current assets 1,329,344   1,374,467   189,406
               
    Non-current assets:          
    Property and equipment, net 6,569   11,571   1,595
    Long-term investments 9,010   44,428   6,122
    Intangible assets, net –   68,973   9,505
    Operating lease right-of-use assets 58,889   29,479   4,062
    Deferred tax assets 847   914   126
    Goodwill –   187,598   25,852
    Other non-current assets 21,360   5,177   713
    Total non-current assets 96,675   348,140   47,975
    TOTAL ASSETS 1,426,019   1,722,607   237,381
               
    LIABILITIES          
    Current liabilities:          
    Short-term Borrowings –   14,500   1,998
    Accounts payables 62,066   55,219   7,609
    Accrued expenses and other current liabilities 190,508   186,084   25,643
    Income tax payable 20,399   53,565   7,381
    Contract liabilities, current portion 385,227   310,189   42,745
    Advance from customers 162,257   148,332   20,441
    Operating lease liabilities, current portion 49,099   30,837   4,249
    Total current liabilities 869,556   798,726   110,066
               
    Non-current liabilities:          
    Contract liabilities, non-current portion 11,365   33,495   4,616
    Operating lease liabilities, non-current portion 16,989   3,123   430
    Deferred tax liabilities 11,625   42,269   5,825
    Total non-current liabilities 39,979   78,887   10,871
    TOTAL LIABILITIES 909,535   877,613   120,937
               
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    MEZZANINE EQUITY          
    Non-controlling interests with liquidation preferences –     40,999     5,650  
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 81     81     11  
    Class B ordinary shares 34     34     5  
    Treasury stock (109,257 )   (41,898 )   (5,774 )
    Additional paid-in capital 1,192,474     1,069,620     147,398  
    Accumulated other comprehensive income 17,313     18,491     2,548  
    Accumulative deficit (584,161 )   (335,573 )   (46,243 )
    TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY 516,484     710,755     97,945  
    Non-controlling interests –     93,240     12,849  
    TOTAL SHAREHOLDERS’ EQUITY 516,484     803,995     110,794  
    TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 1,426,019     1,722,607     237,381  
                     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (Amounts in thousands, except for shares and per share data)
           
      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues 945,570     570,706     78,645     2,795,248     2,107,757     290,457  
    Cost of revenues (145,848 )   (96,556 )   (13,306 )   (409,058 )   (353,516 )   (48,716 )
                           
    Gross Profit 799,722     474,150     65,339     2,386,190     1,754,241     241,741  
                           
    Operating expenses:                      
    Sales and marketing expenses (729,620 )   (395,175 )   (54,457 )   (2,006,884 )   (1,317,206 )   (181,516 )
    Research and development expenses (38,840 )   (20,891 )   (2,879 )   (123,655 )   (77,325 )   (10,656 )
    General and administrative expenses (36,390 )   (25,049 )   (3,452 )   (114,211 )   (86,194 )   (11,878 )
    Total operating expenses (804,850 )   (441,115 )   (60,788 )   (2,244,750 )   (1,480,725 )   (204,050 )
                           
    (Loss)/Income from operations (5,128 )   33,035     4,551     141,440     273,516     37,691  
                           
    Other income:                      
    Interest income 2,513     880     121     8,369     4,040     557  
    Remeasurement gain of previously held equity interests in connection with step acquisitions –     8,109     1,117     –     8,109     1,117  
    Others, net 7,685     15,400     2,122     22,163     31,418     4,330  
                           
    Income before income tax 5,070     57,424     7,911     171,972     317,083     43,695  
    Income tax benefit/(expense) 9,560     (16,280 )   (2,243 )   16,948     (68,495 )   (9,439 )
                           
    Net income 14,630     41,144     5,668     188,920     248,588     34,256  
    Net loss attributable to noncontrolling interests –     1     –     –     1     –  
    Net income attributable to QuantaSing Group Limited 14,630     41,145     5,668     188,920     248,589     34,256  
                           
    Other comprehensive income/(loss)                      
    Foreign currency translation adjustments, net of nil tax 423     (289 )   (40 )   (4,954 )   1,178     162  
    Total other comprehensive income/(loss) 423     (289 )   (40 )   (4,954 )   1,178     162  
                           
    Total comprehensive income 15,053     40,855     5,628     183,966     249,766     34,418  
    Total comprehensive loss attributable to noncontrolling interests –     1     –     –     1     –  
    Comprehensive income attributable to QuantaSing Group Limited 15,053     40,856     5,628     183,966     249,767     34,418  
                           
    Net income per ordinary share                      
    – Basic 0.09     0.25     0.03     1.14     1.55     0.21  
    – Diluted 0.09     0.25     0.03     1.10     1.52     0.21  
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256     162,791,862     162,791,862     166,399,349     160,479,027     160,479,027  
    – Diluted 170,890,581     165,216,173     165,216,173     171,089,530     163,949,787     163,949,787  
    Share-based compensation expenses included in                      
    Cost of revenues (2,878 )   (1,431 )   (197 )   (9,945 )   (5,214 )   (719 )
    Sales and marketing expenses (2,779 )   (642 )   (88 )   8,678     (1,540 )   (212 )
    Research and development expenses (3,599 )   (167 )   (23 )   (10,611 )   (2,474 )   (341 )
    General and administrative expenses (8,039 )   (2,571 )   (354 )   (28,961 )   (8,073 )   (1,112 )
                                       

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues of individual online learning services: 828,127     467,247     64,388     2,457,588     1,777,552     244,953  
    Add: value-added tax 52,986     27,919     3,847     147,665     101,969     14,052  
    Add: ending deferred revenues(1) 744,320     461,026     63,531     744,320     461,026     63,531  
    Less: beginning deferred revenues(1) (643,929 )   (440,632 )   (60,721 )   (661,360 )   (565,030 )   (77,863 )
    ​                      
    Gross billings of individual online learning services 981,504     515,560     71,045     2,688,213     1,775,517     244,673  
     
    (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.
     

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

      For the Three Months
    Ended March 31,    		   For Nine Months
    Ended March 31,
      2024   2025     2025     2024   2025     2025  
      RMB   RMB     US$     RMB   RMB       US$  
                           
    Net income 14,630   41,144     5,668     188,920   248,588     34,256  
    Add: Share-based compensation expenses 17,295   4,811     662     40,839   17,301     2,384  
    Less: Remeasurement gain of previously held equity interests in connection with step acquisitions –   (8,109 )   (1,117 )   –   (8,109 )   (1,117 )
    ​                      
    Adjusted net income 31,925   37,846     5,213     229,759   257,780     35,523  
    Attributable to noncontrolling interests –   1     –     –   1     –  
    Adjusted net income attributable to QuantaSing Group Limited 31,925   37,847     5,213     229,759   257,781     35,523  
                           
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
    Weighted average number of ordinary shares used in computing adjusted net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
                           
    Net income per ordinary share                      
    – Basic 0.09   0.25     0.03     1.14   1.55   0.21  
    – Diluted 0.09   0.25     0.03     1.10   1.52   0.21  
    Non-GAAP adjustments to net income per ordinary share                      
    – Basic 0.10   (0.02 )   0.00     0.24   0.06   0.01  
    – Diluted 0.10   (0.02 )   0.00     0.24   0.05   0.01  
    Adjusted net income per ordinary share                      
    – Basic 0.19   0.23     0.03     1.38   1.61   0.22  
    – Diluted 0.19   0.23     0.03     1.34   1.57   0.22  
                                 

    The MIL Network –

  • MIL-OSI United Kingdom: Australia-UK Free Trade Agreement Joint Committee Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    Australia-UK Free Trade Agreement Joint Committee Statement

    Summary of a joint statement following the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee on 3 June 2025

    Alongside the OECD 2025 Ministerial Council Meeting held in Paris, Australian Minister for Trade and Tourism, Senator the Honourable Don Farrell and UK Secretary of State for Business and Trade, the Rt Hon Jonathan Reynolds MP, met on 3 June 2025, for the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee.

    The Ministers celebrated the strong trade and investment relationship between the UK and Australia.  Two-way trade between our economies reached AUD36bn or GBP23bn in 2024.

    As of 2024, the stock of UK Foreign Direct Investment in Australia reached AUD156bn or GBP77bn, and Australian Foreign Direct Investment in the UK rose to AUD210bn or GBP104bn – an increase of 6.5% and 11.5% respectively on the previous year.

    The strong uptake of the Agreement’s benefits is resulting in real savings for businesses, workers and consumers.

    Since entry into force on 31 May 2023, AUD4.7 bn or GBP2.4bn worth of traded goods benefited from preferential tariff access, i.e. around 70% of goods traded between the UK and Australia made use of available preferences.

    Between June 2023 and December 2024:

    • AUD3.4bn or GBP1.8bn (65%) of eligible goods imports into Australia from the UK made use of an FTA tariff preference.

    Had this trade occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP89m or AUD172m in duties would have been collected.

    • GBP662m or AUD1277m (77%) of eligible goods imports into the UK from Australia made use of FTA tariff preferences.

    Had these occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP139m or AUD269m in duties would have been paid.

    The Ministers noted that free and inclusive trade is a cornerstone of prosperity in both countries.

    Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.  

    Ministers also noted progress on recognition of professional qualifications in key sectors through the FTA’s Professional Services Working Group, and the ongoing work under the FTA’s Innovation Chapter to explore the potential for a ‘biobridge’ between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market. 

    The Ministers agreed to continue working together to strengthen the role that free trade plays in increasing prosperity and reinforcing resilience against economic turbulence and share the benefits of trade to all including through the World Trade Organization, OECD and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

    Note to editors:

    Figures reported are from UK Official Statistics and Australian official sources.

    Australian trade data is sourced from the Australian Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-trade-supplementary-information-calendar-year/2024

    UK trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Trade asymmetries exist between the UK and Australia official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Investment data is sourced from the Australia Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-investment-position-australia-supplementary-statistics/2024

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, April 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data. For UK imports, these are all calculated using the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June 2023-December 2024) was used to convert from GBP to AUD.

    Estimates of Australia’s preference utilisation and duty savings for the June 2023 to December 2024 period are drawn from Department of Foreign Affairs and Trade calculations using ABS trade data and DFAT tariff schedule data.

    Investment data is sourced from the Australian Bureau of Statistics.

    UK-AUS total goods trade values may not equal the sum of UK goods imports and AUS goods imports due to rounding and methodological differences in calculating preference eligible imports.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Government bans unfair bonuses for water companies that don’t meet high standards

    • Unfair bonuses now banned for water companies that don’t meet high standards.  

    • Water bosses awarded themselves over £112 million in bonuses and incentive payments in the last decade.  

    • Strengthened enforcement is just one part of the Government’s strategy to reform the water sector and attract investment as part of its Plan for Change.  

    Unfair bonuses have been banned for senior executives at six water companies, as new measures in the Water (Special Measures) Act come into force today (Friday, 6th June).  

    The government is clear that transformative change across the water sector is needed to clean up our rivers, lakes and seas, and modernise the sector for decades to come.  

    Under new rules, companies are not permitted to pay bonuses to water bosses that oversee poor environmental and customer outcomes. This delivers on a key manifesto commitment and has been backdated to apply to any bonuses relating to the financial year from April last year.  

    This applies to Thames Water, Yorkshire Water, Anglian Water, Wessex Water, United Utilities, and Southern Water, where bosses are not permitted to receive bonuses with immediate effect.  

    Water companies have awarded over £112 million in bonuses and incentives over the last decade. Last year alone, £7.6 million in bonuses were paid to water bosses in England. 

    It’s crucial that companies attract the best talent to deliver essential upgrades to the water system. Companies that do meet Ofwat’s standards will still be eligible to pay executives bonuses – a powerful incentive for them to deliver immediate environmental improvements, better customer outcomes, and improve financial resilience.  

    Environment Secretary Steve Reed said:      

    Water company bosses, like anyone else, should only get bonuses if they’ve performed well, certainly not if they’ve failed to tackle water pollution.  

    Undeserved bonuses will now be banned as part of the Government’s plan to clean up our rivers, lakes and seas for good. 

    Promise made, promise delivered. 

    Today’s ban holds water bosses to account and ensures they can no longer cash in while their companies pollute rivers, neglect customers, or mismanage finances.  

    Strengthened enforcement is just one part of the government’s strategy to reform the water sector, which also includes working with the companies and their investors to make the water industry one of growth and opportunity, attracting investment and ensuring its stable financial footing for years to come. 

    The government is determined to reform the sector in a way that continues to attract high quality, long-term investors to rebuild our water infrastructure. Following the publication of the Independent Water Commission’s interim report, Ministers will look at proposals carefully, and outline further action in due course. 

    While it is for water companies to set their own remuneration, new standards published by Ofwat that come into force today mean bonuses will not be permitted be handed out in specific cases when a water company:   

    • Fails to meet core environmental standards and presides over serious pollution offences 

    • Fails to meet basic financial resilience standards (e.g. meet minimum credit rating requirements)    

    • Fails to meet core consumer standards (e.g. failure to operate and maintain sewage networks)   

    • Is convicted of a criminal offence (e.g. criminal convictions for serious environmental failings including illegal spills)   

    Under new rules published by Ofwat today, any company failing to meet key standards will automatically lose the right to award bonuses. If a company pays a bonus while banned, Ofwat has the powers under the Water (Special Measures) Act to direct the company to claw back the money. Any company that does not comply with Ofwat’s directions will face enforcement action. 

    To further protect customers and clean up our waterways, the government has secured a record £104 billion of private investment – the largest ever since privatisation to cut sewage discharges by nearly half over the next five years. This money will now be ringfenced for new pipes and treatment works, not shareholder payouts.  

    Notes to editors  

    • The table below outlines companies’ compliance on current information. 

    • It is up to individual water companies to determine appropriate financial rewards. Ofwat will consider action required once water companies publish their remuneration decisions in their annual reports for the 2024-25 financial year.

    ANNEX A: Companies affected by the ban:

    Water company Consumer standards Environment standards Financial resilience Criminal offence Subject to ban? Details of criteria
    Anglian Water Fail – 1 incident CEO bonus banned* Cat.1 data in Annex C
    Northumbrian Water Company can pay bonuses
    Severn Trent Company can pay bonuses
    Southern Water Fail – 1 incident CEO and CFO bonus banned Cat.1 data in Annex C
    South West Water Company can pay bonuses
    Thames Water Fail – 7 incidents Fail – April 2024 CEO and CFO bonus banned Thames Water Utilities Limited (‘Thames Water’) – undertakings under Section 19 – Ofwat
    United Utilities Fail – 1 incident CEO & CFO bonus banned Cat.1 data in Annex C
    Wessex Water Fail – 1 Conviction CFO bonus banned** Wessex Water fined £500,000 for sewage killing thousands of fish – GOV.UK
    Yorkshire Water Fail – S94 Breach Fail – 1 incident CEO & CFO bonus banned Yorkshire Water to pay £40m enforcement package following Ofwat wastewater investigation – Ofwat

    *Anglian Water’s CFO is not subject to the ban because they were not in post for the Cat.1 incident. Their CEO was in post during the Cat.1 incident and therefore faces a ban.   

    **Wessex Water’s CEO is not subject to the ban because they were not in post for the criminal offence that triggers the ban.

    ANNEX B: Total CEO/CFO bonuses paid by water companies in England (in thousands)

    Water company 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Total
    Anglian Water 1,482 1,798 1,569 3,429 3,234 713 2,222 1,152 1,291 95 16,984
    United Utilities 3,227 2,942 2,284 2,247 2,733 2,733 3,138 2,763 2,377 1,366 25,810
    Northumbrian Water 597 484 595 479 384 269 259 214 311 315 3,907
    Southern Water 757* 427 187 756 645 815 842 669 – 312 5,410
    Severn Trent Water 3,367 2,294 2,978 1,788 2,201 2,674 2,777 4,471 3,413 3,309 29,271
    South West Water 556 832 640 259 521 984 1,230 755 362 470 6,609
    Thames Water 2,432 609 203 807 448 937 538 794 – 770 7,538
    Wessex Water 236 353 482 552 485 – 640 651 459 387 4,246
    Yorkshire Water 2,305 1,288 1,588 631 1,547 1,666 1,568 1,122 571 616 12,902
    Total 14,959 11,027 10,526 10,948 12,197 10,791 13,213 12,591 8,784 7,639 112,676

    *Long Term Incentive Plan value for Southern Water is a four-year figure, from 2011-15. Since there was no annual breakdown for 2014/15, the LTIP value has been divided by 4.

    ANNEX C: Category 1 incidents

    Water company Number of Category 1 incidents Date Location
    Anglian Water 1 September 2024 Peterborough
    Southern Water 1 August 2024 New Forest District
    Thames Water 7 January 2024 Three Rivers District
    January 2024 Chiltern District
    February 2024 Slough
    April 2024 Enfield London Borough
    April 2024 Sevenoaks District
    November 2024 Reigate and Banstead District
    December 2024 Runnymede District
    Yorkshire Water 1 December 2024 Kirklees District
    United Utilities 1 December 2024 Bolton

    Quotes

    Ali Plummer, Director of Policy & Advocacy at Wildlife and Countryside Link, said: 

    Bonuses should reflect excellence, not routine negligence and widespread environmental degradation. Our rivers and wildlife continue to suffer because companies have repeatedly prioritised profit over public health and nature protection. Removing bonuses if high standards aren’t met, is a welcome first step from Ofwat. 

    This must be backed up with strong resources for environmental regulators to ensure this is enforced.

    Ben Seal, Head of Access & Environment, Paddle UK, said:

    When something so precious as our nations water is on the line, public outrage at water executives pocketing big bonuses for failing to prevent pollution, is entirely justified.  

    It is positive to see the steps taken through the new Water Special Measures Act beginning to take effect. Let’s hope that blocking the payment of these bonuses is just another means of helping focus minds on driving up environmental performance, rather than prioritising profit. 

    Mark Lloyd, CEO, The Rivers Trust, said:

    The fact that water company bosses will no longer be rewarded for poor environmental performance is a significant moment in rebuilding public trust. It’s great to see the environment being valued as it should be, and that the personal responsibility of water industry leaders in looking after the environment is being recognised. 

    The measures announced today tackle the most serious pollution incidents, but we still need to be aware that the vast majority of pollution comes from smaller, more insidious events which, in combination, can cause far greater harm to our rivers.

    Ali Morse, Water Policy Manager at The Wildlife Trusts, said:  

    This is a change that’s important to billpayers. Customers don’t think it’s right that senior staff are rewarded whilst our rivers and seas bear the brunt of poor water sector performance. No one is under any illusions that this alone will significantly ease pressure on household bills, or make good the harms caused to the environment already; it’s more a point of principle – that even a single incident can result in a bonus ban –  and, along with other recent changes, sends a strong signal to the industry that it must do more to prioritise the health of the environment upon which its business relies.

    Deborah Meaden, Businesswoman, entrepreneur and Dragons Den Investor, said:

    This is a very welcome step as part of the battle to better protect our waters and waterways. Bonuses should rightly be focused on constantly improving water quality in our seas and rivers, not just to stop the damage but actually repair and restore.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Derby Market Hall launches booking process for pop-up traders

    Source: City of Derby

    Derby Market Hall has launched a new booking process for those who are interested in having a temporary pop-up stall.

    The revitalised Grade II listed building has undergone a significant £35.1m transformation, creating a vibrant hub in the heart of the city that brings together the best of the region’s independent shopping, eating, drinking, and entertainment under one stunning roof. 

    The Market Hall was officially reopened on Saturday 24 May – drawing in over 34,500 visitors during its first three days – and hosted a week-long celebration packed with live music and family-friendly workshops. 

    The pop-up barrows offer visitors an opportunity to enjoy something different each time they visit. With a central location, they offer a prime opportunity for traders to showcase their products in one of Derby’s most historic and iconic buildings. With rates starting at just £15 per day, these pop-up barrows have been carefully designed for Derby creatives to showcase their talent to visitors from across the region. 

    Pop-up traders will not only benefit from the incredible footfall at the Market Hall, but they will be trading and selling their products under a new vision for the Market Hall and will a part of the new vision to offer something for everyone.

    Carla Dee, owner of Love Lalaland, said:

    I had such an awesome experience at the opening week at the Derby Market Hall. It was the perfect spot in the centre of Derby and the most stunning venue to showcase my work and meet so many wonderful people. The Market Hall team are always on hand to help, and most importantly, with a smile on their faces. I will definitely have a pop-up again in the near future.

    Eve Ward, owner of Ivy Rose, said:

    I absolutely loved my pop-up. The size of the barrow was perfect, and I found the cupboards underneath very handy.

    Traders who are interested in booking a pop-up can apply through the Eventaly platform where they can also check availability and terms and conditions. 

    In addition to pop-up stalls, Derby Market Hall is also recruiting permanent traders to join its diverse community. Since the reopening, Derby Market Hall has received 46 enquiries from prospective permanent traders. Businesses who are interested in having a permanent stall can submit their applications on the Derby Market Hall’s website. 

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said:

    The revitalised Derby Market Hall is more than just a marketplace. We’re marking a new era for the historic Grade II listed building, and it has been transformed into a vibrant hub in the heart of the city which is marking a new era for the region’s independent shopping, dining, and entertainment. 

    We have received such positive feedback from our pop-up and permanent traders since opening. This is an amazing opportunity for creatives from across the region to sell their products to a diverse range of visitors.

    More information about traders and events is available on the Derby Market Hall website. You can also follow Derby Market Hall on Facebook and Instagram. 

    Derby Market Hall is open 8am – 3pm from Monday to Wednesday; 8am – 10pm Thursday to Saturday and 11am until 3pm on Sunday. 

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.

    Read more: African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.

    Read more: African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    – African countries are bad at issuing bonds, so debt costs more than it should: what needs to change
    – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Businesses invited to support fostering in their community

    Source: City of Derby

    Local businesses across Derbyshire and Nottinghamshire are being invited to play a vital role in shaping a brighter future for children and young people by supporting , a new regional fostering initiative.

    Foster for East Midlands Councils is a collaboration between Derby City, Derbyshire, Nottingham City and Nottinghamshire Councils. Launched in March 2024, it brings the four councils together for the first time to increase the number of local authority foster carers and strengthen support for those already fostering.

    As part of the campaign to engage the wider community, businesses are being encouraged to get involved by attending upcoming Business Breakfast Events. These informal networking sessions are designed to introduce organisations to fostering, offer insights from experienced foster carers, and provide practical steps for how businesses can help.

    Events are taking place on Thursday 19 June, 7.45am to 10am at Pride Park Stadium in Derby, and Wednesday 25 June, 7.45am to 10am at Notts County Football Club in Nottingham. Breakfast is complimentary and spaces are limited, so early booking is recommended. Visit the Foster for East Midlands Councils business support web page to book and find out more. 

    There are many additional ways businesses can support fostering in the community. This includes displaying posters or materials, sharing information on social media, including fostering updates in staff newsletters or intranet pages, hosting information events, offering promotional space or perks for foster families, and sponsoring local fostering initiatives.

    Businesses are also being invited to become fostering friendly employers by joining The Fostering Network’s recognised scheme. The scheme provides employers with the tools and guidance needed to support staff who foster and demonstrates a commitment to social responsibility. Foster for East Midlands Councils offers one-to-one guidance, sample policies, and ongoing support to help businesses adapt and submit their policy to the Fostering Network for approval. Once recognised, businesses can be celebrated publicly as Fostering Friendly.

    Foster for East Midlands Councils stresses that the involvement of the local business community is essential in building awareness, encouraging potential carers, and reinforcing a culture of support for children who need it most.

    Cllr Paul Hezelgrave, Lead Council’s Cabinet Member for Foster for East Midlands Councils said:

    Fostering doesn’t just transform a child’s life—it strengthens the entire community. By partnering with local businesses, we can inspire more people to step forward as carers and ensure every child grows up with stability, love and opportunities close to home.

    Any business interested in supporting fostering or attending an event can call 03033 132 950 or visit the how businesses can support fostering web page to book onto the events or make a general enquiry. The team welcomes all forms of partnership and is ready to help businesses find the right way to contribute.

    MIL OSI United Kingdom –

  • MIL-OSI: Bitget Wallet and Tether Discuss Stablecoin Adoption and Real-World Payments at Solana Summit 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, June 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the non-custodial crypto wallet with over 80 million users, took center stage at Solana Summit 2025, joining a panel on “Programmable Capital: The Future of Paying, Financing, and Spending Onchain” alongside speakers from Tether, Venta, and Ripe. The discussion explored how wallets, stablecoins, and DeFi infrastructure are transforming payments, credit, and financial access across global markets.

    Xavier Ow Yeong, Business Development Lead at Bitget Wallet Pay team, shared how the wallet is building infrastructure to make crypto spending as intuitive as fiat. He pointed to Bitget Wallet’s multi-pronged approach: supporting QR code payments with Solana Pay and national QR standards; expanding crypto card options in Asia and Europe; and enabling direct in-app purchases of hotel stays, gaming credits, and gift cards through thousands of merchant integrations — all within its full self-custodial wallet.

    “The future of crypto payments lies in familiarity and simplicity,” said Xavier. “By embedding stablecoins into everyday behaviors like QR scanning and card tapping, we eliminate barriers and unlock true utility for users — especially in mobile-first markets. When users can scan, tap, and spend without worrying about gas fees or chains, stablecoins begin to look like a real alternative to cash. And wallets are becoming the next primary interface for onboarding users into Web3 — not just for holding tokens, but for everyday financial activity.” Bitget Wallet also shared updates on its Scan to Pay roadmap, including its recent integration of Solana Pay for instant USDC payments and its upcoming support for national QR systems in Southeast Asia and Latin America, aimed at enabling seamless crypto-to-fiat spending across millions of merchants.

    The panel explored broader infrastructure trends enabling this shift, including the role of stablecoin adoption in cross-border finance and how decentralized credit models can serve digitally native businesses. Bitget Wallet emphasized that the wallet interface is central to making programmable capital usable. The team is focused on minimizing transaction friction through features like gas abstraction, real-time bridging, and integrated payment gateways. Beyond spending, the wallet is positioning itself as a commerce hub — where users can earn rewards, access credit tools, and interact with onchain services across networks.

    Find out more on Bitget Wallet’s official channels.

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

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac3f8b2f-9ddb-45bf-b701-0241688a37bc

    The MIL Network –

  • MIL-OSI Global: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.



    Read more:
    African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.



    Read more:
    African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    Misheck Mutize is affiliated with the African Union as a Lead Expert on Credit Ratings

    – ref. African countries are bad at issuing bonds, so debt costs more than it should: what needs to change – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  

    Source: Republic of China Taiwan

    Details
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

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

    MIL OSI Asia Pacific News –

  • Trump and Xi agree to more talks as trade disputes brew

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks.

    During the more than one-hour-long call, Xi told Trump to back down from trade measures that roiled the global economy and warned him against threatening steps on Taiwan, according to a Chinese government summary.

    But Trump said on social media that the talks focused primarily on trade led to “a very positive conclusion,” announcing further lower-level U.S.-China discussions, and that “there should no longer be any questions respecting the complexity of Rare Earth products.”

    He later told reporters: “We’re in very good shape with China and the trade deal.”

    The leaders also invited each other to visit their respective countries.

    The highly anticipated call came in the middle of a dispute between Washington and Beijing in recent weeks over “rare earths” minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. It was not clear from either countries’ statements that the issue had been resolved.

    A U.S. delegation led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will meet with their Chinese counterparts “shortly at a location to be determined,” Trump said on social media.

    The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump’s January inauguration.

    Though stocks rallied, the temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and U.S. complaints about China’s state-dominated, export-driven economic model.

    Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives.

    China’s decision in April to suspend exports of a wide range of critical minerals and magnets continues to disrupt supplies needed by automakers, computer chip manufacturers and military contractors around the world.

    Beijing sees mineral exports as a source of leverage – halting those exports could put domestic political pressure on the Republican U.S. president if economic growth sags because companies cannot make mineral-powered products.

    The 90-day deal to roll back tariffs and trade restrictions is tenuous. Trump has accused China of violating the agreement and has ordered curbs on chip-design software and other shipments to China. Beijing rejected the claim and threatened counter-measures.

    “The U.S. side should take a realistic view of the progress made and withdraw the negative measures imposed on China,” the Chinese government said in a statement summarizing Xi’s call with Trump published by the state-run Xinhua news agency. “Xi Jinping emphasized that the United States should handle the Taiwan issue prudently.”

    TOP RIVALS

    In recent years, the United States has identified China as its top geopolitical rival and the only country in the world able to challenge the U.S. economically and militarily.

    Despite this and repeated tariff announcements, Trump has spoken admiringly of Xi, including of the Chinese leader’s toughness and ability to stay in power without the term limits imposed on U.S. presidents.

    Trump has long pushed for a call or a meeting with Xi, but China has rejected that as not in keeping with its traditional approach of working out agreement details before the leaders talk.

    The U.S. president and his aides see leader-to-leader talks as vital to sort through log-jams that have vexed lower-level officials in difficult negotiations.

    Thursday’s call came at Trump’s request, China said.

    It’s not clear when the two men last spoke.

    Both sides said they spoke on Jan. 17, days before Trump’s inauguration and Trump has repeatedly said that he had spoken to Xi since taking office on Jan. 20. He has declined to say when any call took place or to give details of their conversation. China had said that the two leaders had not had any recent phone calls.

    The talks are being closely watched by investors worried that a chaotic trade war could disrupt supply chains in the key months before the Christmas holiday shopping season. Trump’s tariffs are the subject of ongoing litigation in U.S. courts.

    Trump has met Xi on several occasions, including exchange visits in 2017, but they have not met face to face since 2019 talks in Osaka, Japan.

    Xi last traveled to the U.S. in November 2023, for a summit with then-President Joe Biden, resulting in agreements to resume military-to-military communications and curb fentanyl production.

    (Reuters)

  • MIL-OSI United Kingdom: Amazon gives undertakings to CMA to curb fake reviews

    Source: United Kingdom – Government Statements

    Press release

    Amazon gives undertakings to CMA to curb fake reviews

    Commitments include enhanced detection systems and sanctions for businesses and mark another milestone in CMA’s ongoing action to curb fake reviews.

    iStock

    • Amazon commits to tough sanctions for businesses using fake reviews to boost their product ratings, as well as users who post fakes
    • Move comes after Google signed undertakings in January and CMA published guidance to help businesses comply with consumer law on reviews
    • CMA now actively sweeping review platforms as it considers how to take action under new consumer regime

    Amazon, one of the largest online retailers in the world, has given undertakings to the Competition and Markets Authority (CMA) committing to enhance its existing systems for tackling fake reviews, which are now explicitly banned under the Digital Markets, Competition and Consumers Act (DMCCA).

    The undertakings also tackle CMA concerns about ‘catalogue abuse’. This is where sellers hijack the reviews of well-performing products and add them to an entirely separate and different product, in order to falsely boost its star rating – and mislead consumers. In practice, this could mean a consumer thinks they have found a pair of 5-star headphones, but on closer inspection, the majority of reviews are about a mobile phone charger.

    Amazon has also agreed to sanction businesses that boost their star ratings via bogus reviews or catalogue abuse, including bans from selling on the website. Sanctions will also be applied to users who post fake reviews, who could be banned from posting reviews altogether.

    These undertakings build on Amazon’s existing processes to ensure rigorous and robust systems are in place – meaning consumers can have greater trust and confidence in both star ratings and online reviews.

    The update comes as part of continued action from the CMA to protect consumers online. Earlier this year, it secured undertakings from Google that saw the company make significant changes to its processes for tackling fake reviews, including sanctions for repeat offenders.

    Amazon’s Undertakings

    The undertakings come after the CMA launched an investigation into Amazon over concerns that the company was breaching consumer law by failing to take adequate action to protect people from fake reviews – including not doing enough to detect and remove fake reviews, act on suspicious patterns of behaviour, or properly sanction reviewers and businesses taking part in fake review activity.

    Online reviews can have a huge impact on people’s spending. Around 90% of consumers use reviews when making purchasing decisions, and the CMA has estimated that as much as £23 billion of UK consumer spending is potentially influenced by online reviews annually.

    The CMA welcomes the constructive and collaborative approach from Amazon in developing these undertakings, and its commitment to implement them swiftly to protect its customers.

    Sarah Cardell, Chief Executive of the CMA, said:

    So many people use Amazon, from buying a new bike lock to finding the best coffee machine – and what’s clear is that star ratings and reviews have a huge impact on their choices. That’s why these new commitments matter and help set the standard. They mean people can make decisions with greater confidence – knowing that those who seek to pull the wool over their eyes will be swiftly dealt with.  

    The undertakings from Amazon and Google, alongside our recently published advice to review platforms, paint a clear picture of what the law requires from businesses. Following this, we’re now launching the next phase of our work.  This will scrutinise whether review platforms, businesses who list products on them, and reviewers themselves, are complying with the strengthened laws around fake reviews – and whether further action will be needed to see real change for shoppers.

    To address the CMA’s concerns, Amazon has committed to:

    • Rigorous processes to tackle fake reviews and catalogue abuse: Amazon has committed to have in place robust processes to quickly detect and remove fake reviews and catalogue abuse – meaning it can better identify those businesses and reviewers that are breaking the law, and take the necessary action.
    • Sanctions for businesses and reviewers: Businesses selling on Amazon face being sanctioned for catalogue abuse or using fake reviews to falsely boost their star ratings – and can be banned from selling on the site altogether. Users who post fake reviews, positive or negative, risk being banned from writing further reviews, and all their previous reviews being deleted.
    • Easier reporting functions: The undertakings commit Amazon to ensure they have clear and robust mechanisms that allow consumers – and businesses – to report fake reviews and catalogue abuse quickly and easily.

    What’s next

    The CMA is currently conducting an initial sweep of review platforms following the publication of its Fake Reviews Guidance in April. This seeks to identify review platforms that may need to do more to ensure they are complying with consumer law (as is outlined in the guidance).

    This action will form part of a new phase of the CMA’s work looking into the conduct of players across the sector, including businesses whose products and services are listed on review sites. It will determine whether further CMA action is needed under the new consumer regime.

    Under the DMCCA, the CMA can now decide independently whether consumer law has been infringed, rather than going through the courts. It can also tackle consumer law breaches directly, including issuing fines, ordering businesses to improve their practices to make sure they are in line with the law, and making them pay redress to affected consumers. 

    More information on this case can be found on the Online Reviews case page.

    Notes to editors

    1. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.
    2. The undertakings relate to the reviews, review counts and star ratings for products listed on and visible to consumers when searching Amazon’s UK online store.
    3. As part of the CMA’s Online reviews and endorsements findings report, it estimated that £23 billion a year of UK consumer spending is potentially influenced by online reviews across the 6 broad sectors looked into.
    4. The CMA’s case against Amazon was opened under the previous consumer enforcement regime. Accordingly, the undertakings have been given to the CMA pursuant to Part 8 of the Enterprise Act 2002. Under the new Digital Markets, Competition and Consumers Act 2024 enforcement regime, if a business infringes consumer protection law, the CMA can fine them up to 10% of their global turnover. The new regime came into effect on 6 April 2025.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: China is committed to promoting healthy development of auto industry – Ministry of Commerce of the People’s Republic of China

    Translation. Region: Russian Federal

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

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

    BEIJING, June 6 (Xinhua) — China will work to remove obstacles and restrictions that hinder the circulation and consumption of automobiles to promote the healthy development of the domestic auto industry, Ministry of Commerce spokesperson He Yongqian said Thursday.

    At the next departmental press conference, she emphasized that for the Chinese national economy, the auto industry is a strategic and supporting industry that plays an important role in ensuring stable growth and expanding consumption.

    In recent years, the Ministry of Commerce of the People’s Republic of China has deeply implemented such measures as the trade-in program for new cars and pilot reforms in the field of car circulation and consumption, which are designed to free up even more consumer opportunities in the car market and develop a new driver for consumption growth, He Yongqian noted.

    According to her, the Ministry of Commerce of the People’s Republic of China is ready, in coordination with other competent departments, to strengthen monitoring and studying the auto market, as well as to strengthen the political orientation of its development in order to better meet the diversified and individualized needs of the population.

    As for the current phenomena of “involutionary” competition in the auto sector, the Ministry of Commerce of the People’s Republic of China will actively assist the relevant authorities in tightening comprehensive control in order to ensure fair and honest competition in the auto market, He Yongqian assured. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: /Voice of the South/ Expert’s view｜The establishment of the International Mediation Organization is particularly relevant in the context of the current unstable situation

    Translation. Region: Russian Federal

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

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

    Author: Serik Korzhumbayev

    On May 30, a historic event took place in Hong Kong that could revolutionize the approach to international dispute resolution. Representatives of 32 countries signed the Convention Establishing the International Mediation Organization (IOM). Delegations from more than 85 countries and nearly 20 international organizations, including the UN, also attended the ceremony. The IOM became the world’s first intergovernmental body created exclusively for the peaceful resolution of international conflicts through mediation. China was the main initiator of this initiative, demonstrating new strategic thinking focused on dialogue, mutual respect, and joint search for solutions. In this analytical material, we examine the significance of the new body, China’s role in its development, and the IOM’s potential to promote peace and global cooperation.

    The ceremony in Hong Kong’s Wanzai Business District was not just a diplomatic act, but a symbol of the beginning of a new era in international relations. In his speech, Wang Yi, member of the Politburo of the CPC Central Committee and head of the PRC Foreign Ministry, emphasized that the IOM reflects the spirit of the UN Charter, in particular Article 33, which mentions mediation as one of the preferred instruments for the peaceful resolution of disputes. For a long time, the international community lacked a specialized legal framework focused on dialogue. The IOM fills this gap by offering a universal platform for states, investors and commercial organizations.

    The establishment of the IOM is particularly relevant in the context of the current unstable situation: growing geopolitical contradictions, trade wars, regional conflicts. In 2025, the world celebrates the 80th anniversary of the creation of the UN and the victory in World War II – it is symbolic that right now a mechanism is emerging that can replace confrontation with dialogue.

    China’s initiative is not accidental. In recent years, Beijing has confidently positioned itself as a supporter of peace and diplomacy, acting as a mediator in resolving crises in Africa, the Middle East and Asia. The proposal to establish the IOM was put forward by China three years ago and became a logical continuation of the idea of a “community with a shared future for mankind” put forward by Chinese President Xi Jinping. This idea has now received institutional embodiment – with its center in Hong Kong.

    China’s role in the creation of the IOM is not only a diplomatic success, but also a testament to its growing influence as a responsible global power. Unlike Western approaches, which often rely on coercion or rigid legal procedures, the Chinese model of mediation is based on principles of harmony, Confucian ethics, and consensus-seeking.

    Chinese Foreign Minister Wang Yi noted that mediation is a “natural continuation” of China’s historical tradition of resolving disputes through mutual respect. The effectiveness of this approach has been proven in practice. In 2023, China brokered a historic rapprochement between Saudi Arabia and Iran, which was a breakthrough for the Middle East. Beijing has also played an active role in peace processes in Sudan, Myanmar and other countries, avoiding interference and relying on trust.

    The choice of Hong Kong as the IOM headquarters has symbolic and strategic significance. As Wang Yi emphasized, Hong Kong’s return to China in 1997 is an example of a successful diplomatic settlement. The city, with its Anglo-Chinese legal system, business infrastructure, and status as an arbitration center in Asia, is ideal for such a structure. According to the International Arbitration Review of Queen Mary, University of London, in 2025 Hong Kong tied with Singapore as the preferred jurisdiction for dispute resolution.

    The IOM also reflects China’s broader ambition to reform the global governance system. In a context of growing great power competition, China offers an inclusive, equitable order. The support of 32 founding members, including Indonesia, Pakistan, Serbia, and Cambodia, underscores the credibility of the Chinese initiative, especially among countries in the Global South.

    IOM’s mission is to create a universal platform for resolving interstate, investment and commercial disputes through dialogue and voluntary participation. Unlike courts, where one often wins at the expense of the other, mediation involves a win-win solution, strengthening trust and stability in the long term.

    IOM is based on the principles of equality, fairness and respect for sovereignty. The organization takes into account the specifics of different legal systems and offers a flexible approach that reduces the costs and time spent on dispute resolution. This makes mediation attractive not only for states, but also for businesses.

    The creation of the IOM also offers an alternative to existing Western institutions, such as the International Court of Justice or the Permanent Court of Arbitration. While these bodies remain important, their procedures often exacerbate conflicts. China’s concept of a “culture of harmony” offers a different path – cooperation instead of confrontation, which is especially relevant in a context of global interdependence.

    Despite the bright start, IOM has a difficult path ahead. One of the main challenges will be to ensure trust from a wide range of countries, including Western powers. Some analysts are already expressing doubts about IOM’s ability to remain a neutral structure amid global turbulence. However, professional mechanisms are being created for this purpose – training of mediators, uniform protocols, procedures for implementing decisions.

    Ratification of the Convention by member states and expansion of membership, including major powers, will be of great significance. China has already promised to establish a team of high-level international mediators, which will give the organization credibility.

    IOM can be a key instrument for de-escalation in hot spots from the South China Sea to the Middle East. In Central Asia, where integration and sustainable development are important, mediation can be used to resolve disputes over trade, investment, water, and energy. Kazakhstan, as a strategic partner of China, can also benefit from such an approach.

    In closing, Wang Yi recalled the ancient Chinese parable of the “six-foot alley”: two neighbors each gave each other three feet to walk down a narrow street. The story is a metaphor for the IOM philosophy: the path to cooperation is through compromise. In a world where conflicts are becoming chronic, this idea sounds like a call to reason.

    The creation of the IOM under the auspices of China is not just a diplomatic victory. It is an invitation to the world to resolve disputes not from a position of strength, but through equal dialogue. And if this structure works effectively, it will become the basis for a new architecture of international relations – more just, peaceful and inclusive.

    Note: Serik Korzhumbayev is the editor-in-chief of the newspaper “Business Kazakhstan”.

    The views expressed in this article are those of the author and do not necessarily reflect the views of Xinhua News Agency. –0–

    MIL OSI Russia News –

  • Musk-Trump breakup puts $22 billion of SpaceX contracts at risk, jolting US space program

    Source: Government of India

    Source: Government of India (4)

    About $22 billion of SpaceX’s government contracts are at risk and multiple U.S. space programs could face dramatic changes in the fallout from Elon Musk and President Donald Trump’s explosive feud on Thursday.

    The disagreement, rooted in Musk’s criticism of Trump’s tax-cut and spending legislation that began last week, quickly spiraled out of control. Trump lashed out at Musk when the president spoke in the Oval Office. Then in a series of X posts, Musk launched barbs at Trump, who threatened to terminate government contracts with Musk’s companies.

    Taking the threat seriously, Musk said he would begin “decommissioning” SpaceX’s Dragon spacecraft used by NASA.

    Hours later, however, Musk appeared to reverse course. Responding to a follower on X urging him and Trump to “cool off and take a step back for a couple of days,” Musk wrote: “Good advice. Ok, we won’t decommission Dragon.”

    Still, Musk’s mere threat to abruptly pull its Dragon spacecraft out of service marked an unprecedented outburst from one of NASA’s leading commercial partners.

    Under a roughly $5 billion contract, the Dragon capsule has been the agency’s only U.S. vessel capable of carrying astronauts to and from the International Space Station, making Musk’s company a critical element of the U.S. space program.

    The feud raised questions about how far Trump, an often unpredictable force who has intervened in past procurement efforts, would go to punish Musk, who until last week headed Trump’s initiative to downsize the federal government.

    If the president prioritized political retaliation and canceled billions of dollars of SpaceX contracts with NASA and the Pentagon, it could slow U.S. space progress.

    NASA press secretary Bethany Stevens declined to comment on SpaceX, but said: “We will continue to work with our industry partners to ensure the president’s objectives in space are met.”

    Musk and Trump’s tussle ruptured an extraordinary relationship between a U.S. president and industry titan that had yielded some key favors for SpaceX: a proposed overhaul of NASA’s moon program into a Mars program, a planned effort to build a gigantic missile defense shield in space, and the naming of an Air Force leader who favored SpaceX in a contract award.

    Taking Dragon out of service would likely disrupt the ISS program, which involves dozens of countries under a two-decade-old international agreement. But it was unclear how quickly such a decommissioning would occur. NASA uses Russia’s Soyuz spacecraft as a secondary ride for its astronauts to the ISS.

    SPACEX’S RISE

    SpaceX rose to dominance long before Musk’s foray into Republican politics last year, building formidable market share in the rocket launch and satellite communications industries that could shield it somewhat from Musk’s split with Trump, analysts said.

    “It fortunately wouldn’t be catastrophic, since SpaceX has developed itself into a global powerhouse that dominates most of the space industry, but there’s no question that it would result in significant lost revenue and missed contract opportunities,” said Justus Parmar, CEO of SpaceX investor Fortuna Investments.

    Under Trump in recent months, the U.S. space industry and NASA’s workforce of 18,000 have been whipsawed by looming layoffs and proposed budget cuts that would cancel dozens of science programs, while the U.S. space agency remains without a confirmed administrator.

    Trump’s nominee for NASA administrator, Musk ally and billionaire private astronaut Jared Isaacman, appeared to be an early casualty of Musk’s rift with the president when the White House abruptly removed him from consideration over the weekend, denying Musk his pick to lead the space agency.

    Trump on Thursday explained dumping Isaacman by saying he was “totally Democrat,” in an apparent reference to reports Isaacman had donated to Democrats. Isaacman has donated to some Republican but mostly Democratic candidates for office, according to public records.

    Musk’s quest to send humans to Mars has been a critical element of Trump’s space agenda. The effort has threatened to take resources away from NASA’s flagship effort to send humans back to the moon.

    Trump’s budget plan sought to cancel Artemis moon missions beyond its third mission, effectively ending the over-budget Space Launch System rocket used for those missions.

    But the Senate Commerce Committee version of Trump’s bill released late on Thursday would restore funding for missions four and five, providing at least $1 billion annually for SLS through 2029.

    Since SpaceX’s rockets are a less expensive alternative to SLS, whether the Trump administration opposes the Senate’s changes in the coming weeks will give an indication of Musk’s remaining political power.

    SpaceX, founded in 2002, has won $15 billion of contracts from NASA for the company’s Falcon 9 rockets and development of SpaceX’s Starship, a multipurpose rocket system tapped to land NASA astronauts on the moon this decade.

    The company has also been awarded billions of dollars to launch a majority of the Pentagon’s national security satellites into space while it builds a massive spy satellite constellation in orbit for a U.S. intelligence agency.

    In addition to not being in U.S. interests, former NASA Deputy Administrator Lori Garver said canceling SpaceX’s contracts would probably not be legal.

    But she also added, “A rogue CEO threatening to decommission spacecraft, putting astronauts’ lives at risk, is untenable.”

    (Reuters) 

  • MIL-OSI: TGS Commences Ultra-High Resolution 3D Seismic Survey for Green Volt Wind Development

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom (06 June 2025) – TGS, a leading global provider of energy data and intelligence has commenced a geophysical survey for the pioneering Green Volt floating offshore wind farm. Mobilization initiated in Aberdeen last week and the work scheduled throughout June will include an ultra-high resolution 3D (UHR3D) seismic survey used to deliver detailed subsurface data for the floating wind farm’s site characterization.

    The Green Volt project is a joint venture between leading offshore wind developers Flotation Energy and Vårgrønn. As Europe’s first commercial-scale floating windfarm at 560 MW, the project is a catalyst for developing a highly specialized UK floating wind supply chain.

    Utilizing integrated Multibeam Echo Sounder, Side Scan Sonar, Sub-bottom Profiler and Magnetometer sensors, the advanced survey will enhance geological understanding and provide critical insights for the project’s site planning and risk assessments.

    Spanning the full lifecycle from acquisition planning to imaging and interpretation, this campaign for Green Volt will support employment opportunities across the UK, where TGS maintains a significant presence. TGS has 3 offices in the UK with over 200 employees. Offshore survey crews, geophysicists and onshore geoscientists will be engaged throughout the project, ensuring the delivery of high-quality processed data and interpretations.

    UHR3D data will provide detailed understanding of the subsurface conditions, revealing potential risks and challenges that are not always accurately captured through traditional 2D data interpolation. The enhanced data collection will help the Green Volt project team identify geological hazards and structural complexities, contributing to improved site assessment and risk mitigation strategies. This, in turn, will form a reliable foundation for the project’s ongoing planning and execution. By leveraging the latest acquisition configurations, TGS will enhance efficiency and improve target resolutions to meet the highest industry standards.

    Commenting on the start of this survey, TGS EVP New Energy Solutions, Will Ashby, said:

    “This represents a key milestone for TGS to utilize our expertise, technology and resources to support the development of the first commercial floating offshore wind farm, Green Volt. This simultaneous acquisition of all sensors and the application of our cutting-edge processing techniques is reinforcing our commitment to delivering industry-leader data solutions. UHR3D will be a key aspect to developing floating wind farms.”

    Matt Green, Project Director for Green Volt said:

    “Green Volt is pleased to be working alongside TGS on these important geophysical site surveys, which will not only advance our project but will also further develop our understanding of how the UKCS subsea offshore landscape can support deeper, larger windfarms as we continue to develop our industry.  Accurate data is vital component in our learning and will help strengthen the UK’s floating wind supply chain. This contract supports local jobs and innovation, helping to build a world-leading offshore wind sector right here in the UK.”

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    For media inquiries, contact:

    Bård Stenberg
    IR & Business Intelligence
    investor@tgs.com

    About Green Volt
    Green Volt is set to become Europe’s first commercial scale floating offshore wind farm, located approximately 80 kilometres off the northeast coast of Scotland.

    Jointly developed by Flotation Energy and Vårgrønn, the project will feature up to 35 floating wind turbines with a total capacity of 560 megawatts. Once operational, Green Volt will provide clean power to the UK grid and facilitate the electrification of participating oil and gas platforms.

    Developed under Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round, Green Volt aims to reduce carbon emissions by one million tonnes per year, significantly contributing to the UK’s and Scotland’s net-zero targets. The project has secured all necessary planning approvals and, in September 2024, was awarded a Contract for Difference (CfD) by the UK Government.

    The MIL Network –

  • MIL-OSI: Defiance Launches PLTZ: The First 2X Short ETF for Palantir Technologies Inc.

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, June 06, 2025 (GLOBE NEWSWIRE) — Defiance ETFs announces the launch of the Defiance Daily Target 2X Short PLTR ETF (Ticker: PLTZ), the first 2X short single-stock ETF designed to provide amplified daily inverse exposure to Palantir Technologies Inc. (NASDAQ: PLTR).

    Founded in 2003 to support U.S. intelligence operations, Palantir Technologies Inc. now provides software solutions for complex data environments across the public and private sectors.

    PLTZ seeks daily investment results, before fees and expenses, that correspond to -2 times (-200%) the daily percentage change of Palantir’s common stock price. The Fund offers active traders a tactical tool to express bearish views on Palantir’s short-term movements—without the need for margin accounts or complex derivatives.

    For more information, visit DefianceETFs.com.

    The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues a daily inverse leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage or short strategies because the Fund magnifies the inverse performance of the Underlying Security. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and short exposure, and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of their investment within a single day.

    An investment in PLTZ is not an investment in Palantir Technologies Inc.

    About Defiance ETFs

    Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    Total return represents changes to the NAV and accounts for distributions from the fund.

    PLTR Risks: The Fund invests in swap contracts and options that are based on the share price of PLTR. This subjects the Fund to certain of the same risks as if it owned shares of PLTR even though it does not.

    Indirect Investment Risk. PLTR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares.

    PLTR Good Performance Risk. PLTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security. PLTR regularly provides guidance concerning its anticipated financial and business performance, including sales and production projections, future revenues, gross margins, profitability, and cash flows.

    Industry Recognition and Analyst Coverage Risk. Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance PLTR’s reputation and credibility among investors.

    Risks from Industry Growth and PLTR’s Business Success. PLTR develops software platforms designed to integrate data, enhance decision-making, and support operations for both commercial enterprises and government agencies, including the defense and intelligence sectors. PLTR has the potential for significant growth driven by increasing demand for advanced data analytics, artificial intelligence, and national security-related software solutions.

    Additional Risks:

    Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from -200% of the Underlying Security’s performance, before the Fund’s management fee and other expenses.

    Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risks related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions.

    Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

    Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-income securities owned by the Fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage Commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC

    Contact Information
    David Hanono
    info@defianceetfs.com 
    833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae189e62-5356-4e99-9ffc-a65332d40416

    The MIL Network –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 6, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 6, 2025.

    Defections are fairly common in Australian politics. But history shows they are rarely a good career move
    Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University For many years now, Australian political scientists have pointed out that that established partisan allegiance is in decline. In 1967, 36% of Coalition supporters and 32% of Labor voters reported lifetime voting

    Premature babies are given sucrose for pain relief – but new research shows it doesn’t stop long-term impacts on development
    Source: The Conversation (Au and NZ) – By Mia Mclean, Senior lecturer, Auckland University of Technology Getty Images Infants born very preterm spend weeks or even months in the neonatal intensive care unit (NICU) while their immature brains are still developing. During this time, they receive up to 16 painful procedures every day. The most

    Spit or swallow? What’s the best way to deal with phlegm?
    Source: The Conversation (Au and NZ) – By Niall Johnston, Conjoint Associate Lecturer, Faculty of Medicine, UNSW Sydney Pop Paul-Catalin/Shutterstock A spitting pot I consider as an essential part of the bed-room apparatus. That’s what French physician René Laennec wrote in 1821. Laennec, who invented the stethoscope, spent his days gazing at his patients’ phlegm.

    Australia is in the firing line of Trump’s looming ‘revenge tax’. It’s a fight we’re unlikely to win
    Source: The Conversation (Au and NZ) – By Graeme Cooper, Professor of Taxation Law, University of Sydney Alexey_Arz/Shutterstock The Australian Labor Party just won an election victory for the ages. Now, it may be forced to walk back one of the key achievements of its first term. Here’s why: United States President Donald Trump is

    ‘HIV shouldn’t be death sentence in Fiji’ – call for testing amid outbreak
    By Christina Persico, RNZ Pacific bulletin editor Fiji’s Minister for Health and Medical Services has revealed the latest HIV numbers in the country to a development partner roundtable discussing the national response. The minister reported 490 new HIV cases between October and December last year, bringing the 2024 total to 1583. “Included in this number

    E-bikes and e-scooters are popular – but dangerous. A transport expert explains how to make them safer
    Source: The Conversation (Au and NZ) – By Geoff Rose, Professor in Transport Engineering, Monash Institute of Transport Studies, Monash University nazar_ab/Getty Last weekend a pedestrian in Perth tragically died after being struck by an e-scooter. This followed the death of another person in Victoria last month who was hit and killed by a modified

    ‘There are too many unpleasant things in life without creating more’: why Impressionism is the world’s favourite art movement
    Source: The Conversation (Au and NZ) – By Sasha Grishin, Adjunct Professor of Art History, Australian National University Installation view of French Impressionism from the Museum of Fine Arts, Boston on display from June 6 to October 5, at NGV International, Melbourne. Photo: Sean Fennessy Impressionism is the world’s favourite art movement. Impressionist paintings create

    ‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy
    Source: The Conversation (Au and NZ) – By Stuart Murray, Associate Professor, International Relations and Diplomacy, Bond University Sean Garnsworthy/ALLSPORT Since coming to power in 2022, the Albanese government has focused strongly on the Indo-Pacific. The prime minister’s recent trip to Indonesia was the latest high-level bilateral summit as Australia seeks to recalibrate relationships, enhance

    Making it easier to build a granny flat makes sense – but it’s no solution to a housing crisis
    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau RyanJLane/Getty Images As part of its resource management reforms, the government will soon allow “super-sized granny flats” to be built without consent – potentially adding 13,000 dwellings over the next decade to provide “families

    Is black mould really as bad for us as we think? A toxicologist explains
    Source: The Conversation (Au and NZ) – By Ian Musgrave, Senior lecturer in Pharmacology, University of Adelaide Peeradontax/Shutterstock Mould in houses is unsightly and may cause unpleasant odours. More important though, mould has been linked to a range of health effects – especially triggering asthma. However, is mould exposure linked to a serious lung disease

    Resident-to-resident aggression is common in nursing homes. Here’s how we can improve residents’ safety
    Source: The Conversation (Au and NZ) – By Joseph Ibrahim, Professor, Aged Care Medical Research Australian Centre for Evidence Based Aged Care, La Trobe University Wbmul/Shutterstock The Coroners Court of Victoria is undertaking an inquest into the deaths of eight aged care residents across six facilities, over a nine-month period in 2021. Each death occurred

    We tracked 13,000 giants of the ocean over 30 years, to uncover their hidden highways
    Source: The Conversation (Au and NZ) – By Ana M. M. Sequeira, Associate Professor, Research School of Biology, Australian National University Alexandra Vautin, Shutterstock Big animals of the ocean go about their days mostly hidden from view. Scientists know this marine megafauna – such as whales, sharks, seal, turtles and birds – travel vast distances

    ‘No one knew what was happening’: new research shows how domestic violence harms young people’s schooling
    Source: The Conversation (Au and NZ) – By Steven Roberts, Professor of Education and Social Justice, Monash University Taiki Ishikawa/ Unsplash, CC BY Every school around Australia is almost certain to have students who are victim-survivors of family and domestic violence. The 2023 Australian Child Maltreatment Study found neglect and physical, sexual and emotional abuse

    Internal tensions throw PNG anti-corruption body into crisis
    By Scott Waide, RNZ Pacific PNG correspondent Three staffers from Papua New Guinea’s peak anti-corruption body are embroiled in a standoff that has brought into question the integrity of the organisation. Police Commissioner David Manning has confirmed that he received a formal complaint. Commissioner Manning said that initial inquiries were underway to inform the “sensitive

    Tasmania could go to an election just 16 months after its last one. What’s going on?
    Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania Tasmania’s Liberal government and its premier, Jeremy Rockliff, have come under huge pressure since the state budget was handed down last week. It’s culminated in the Tasmanian House of Assembly voting to pass a motion of no

    Grattan on Friday: Albanese will need some nuance in facing a female opposition leader
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Anthony Albanese loves a trophy, especially a human one. He prides himself on his various “captain’s pick” candidates – good campaigners he has steered into seats. Way back in the Gillard days, he was key in persuading discontented Liberal Peter

    Punishment for Te Pāti Māori over Treaty haka stands – but MPs ‘will not be silenced’
    RNZ News Aotearoa New Zealand’s Parliament has confirmed the unprecedented punishments proposed for opposition indigenous Te Pāti Māori MPs who performed a haka in protest against the Treaty Principles Bill. Te Pāti Māori co-leaders Debbie Ngarewa-Packer and Rawiri Waititi will be suspended for 21 days, and MP Hana-Rawhiti Maipi-Clarke suspended for seven days, taking effect

    Virgin Australia is coming back to the share market. Here’s what this new chapter could mean
    Source: The Conversation (Au and NZ) – By Rico Merkert, Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney Petr Podrouzek/Shutterstock It is finally happening. After five years of being a private company, Virgin Australia will relist on the

    GPs asking men about their behaviour in relationships could help reduce domestic violence
    Source: The Conversation (Au and NZ) – By Kelsey Hegarty, Professor of Family Violence Prevention, The University of Melbourne Domestic violence is increasing in Australia. A new report shows one in three men have ever made a partner feel frightened or anxious. One in 11 have used physical violence when angry. And one in 50

    The Top End’s tropical savannas are a natural wonder – but weak environment laws mean their future is uncertain
    Source: The Conversation (Au and NZ) – By Euan Ritchie, Professor in Wildlife Ecology and Conservation, School of Life & Environmental Sciences, Deakin University François Brassard The Top End of Australia’s Northern Territory contains an extensive, awe-inspiring expanse of tropical savanna landscapes. It includes well-known and much-loved regions such as Darwin, Kakadu National Park, Arnhem

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: China handles rare earth metal exports in accordance with law: Commerce Ministry

    Translation. Region: Russian Federal

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

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

    BEIJING, June 6 (Xinhua) — The Chinese government will review applications for rare earth metal export licenses in accordance with relevant laws and regulations, and those that meet the requirements will be approved, the Ministry of Commerce said Thursday.

    Rare earth metals and related products have obvious dual-use properties that can be used for both civilian and military purposes, so introducing export controls on them is a recognized international practice, said He Yongqian, spokesperson for the Ministry of Commerce, at a regular ministry press conference, responding to a media inquiry about China’s export of related products. -0-

    新华社北京6月5日电（记者谢希瑶）商务部新闻发言人何咏前在5日举行的例行新闻发布会上答记者问时表示，稀土等相关物项具有明显的军民两用属性，对中国政府依法依规对两用物项相关出口许可申请进行审查，对符合规定的申请，中方将予以批准，促进便利合规贸易。（完）

    MIL OSI Russia News –

  • MIL-OSI USA: Congresswoman Schrier’s Legislation to Improve Hydropower Relicensing Transparency, Support Clean Energy Production Passes Energy Subcommittee

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    WASHINGTON, DC – Today, Congresswoman Kim Schrier’s M.D. (WA-08) bipartisan bill, the Hydropower Relicensing Transparency Act (H.R. 3657), passed through the Energy Subcommittee of the House Committee on Energy and Commerce. This bill will support clean, reliable, and affordable energy for Washington state ratepayers by enhancing efficiency and transparency for all parties involved in the hydropower dam relicensing process. Hydropower dams must relicense their dams with the Federal Energy Regulatory Commission (FERC) in order to continue operating a facility every 30 to 50 years.  Congresswoman Schrier introduced this bill alongside Congressman Russ Fulcher (ID-01).

    “Over half of the energy produced in Washington State comes from hydropower, making it an essential part of our state’s economy, future, and clean energy goals,” said Congresswoman Schrier. “Chip manufacturing and data center expansion are driving energy demand through the roof, and it’s critical that we meet the moment. By providing transparency on the hydropower dam relicensing process, we can better inform all parties and streamline the process. I’m thrilled to work with both parties on this to bring this closer to the President’s desk.”

    “Hydropower is an essential and dependable baseload energy source for the Northwest,” said Congressman Fulcher. “I am proud to support the Hydropower Relicensing Transparency Act, H.R. 3657, with my colleague Representative Kim Schrier of Washington. This legislation requires the Federal Energy Regulatory Commission (FERC) to report annually—rather than every three years—on its progress in getting crucial hydropower facilities relicensed. FERC has not demonstrated its ability to license and relicense facilities in a timely manner to meet the growing demands of the region and support this clean energy. More congressional oversight is needed to increase transparency, address bottlenecks, and help ensure applicants can move through FERC’s process more efficiently.”

    According to a DOE report, FERC relicensing activity is set to more than double in the coming decade. On average, relicensing a hydropower facility takes between seven to ten years to complete. This legislation will help maintain resource adequacy in the Pacific Northwest by requiring the Federal Energy Regulatory Commission (FERC) to provide an annual report to Congress on the status of the relicensing process for each application for a renewed hydropower dam license. The bill now moves to the Full Committee of Energy and Commerce for consideration. 

    “The Hydropower Relicensing Transparency Act is a commonsense, bipartisan step toward greater accountability and public trust in how our rivers are managed,” said Thomas O’Keefe, PhD, Director of Policy and Science, American Whitewater. “By requiring the Federal Energy Regulatory Commission to provide annual updates on the status of pending hydropower relicensing proceedings, this bill empowers communities, Tribes, resource agencies, and stakeholders with the information they need to ensure that these critical decisions reflect today’s environmental values, energy priorities, and public interests.” 

    “I thank Rep. Schrier and the Energy Subcommittee of E&C for advancing this important legislation for the hydropower industry. At a time of rising energy demand, we need to protect as much clean energy as we can,” said Malcolm Woolf, President and CEO of the National Hydropower Association. “Hydropower can help ensure Americans’ electricity is reliable and affordable for decades to come, but it’s hampered by a prohibitively long, costly, and disorganized relicensing process that could ultimately take many GW of energy off the grid. This bill is a good first step to ensuring a more transparent regulatory process, and we urge the full House to pass it swiftly.”

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Schrier, Ranking Member Pallone introduce Legislation to Protect Children and Mothers, Strengthen our Nation’s Vaccine Infrastructure

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    WASHINGTON, DC – Today, Congresswoman Kim Schrier, M.D. (WA-08) and Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (NJ-06) introduced the Family Vaccine Protection Act to remove politics from the life-saving immunization schedule, stand up to RFK Jr.’s dangerous anti-vaccine actions, and protect children, expectant mothers, and other vulnerable members of the community from vaccine-preventable diseases.

    “Our current Secretary of Health and Human Services continues to undermine science and peddle conspiracy theories. This nation’s physicians and public health system have relied upon the Advisory Committee for Immunization Practices (ACIP) for 61 years to evaluate scientific evidence, ask questions, and ultimately make a determination about whether to recommend a vaccine and for whom. This bill ensures that physicians and other scientific experts are the ones who evaluate those studies and make those decisions, as has always been the case. Recent efforts to undermine the ACIP by pressuring physicians like Dr. Lakshmi Panagiotakopoulos to parrot RFK Jr. talking points have unfortunately made this bill necessary,” said Congresswoman Schrier, M.D. “I will continue to stand up for scientific integrity and fight RFK Jr.’s peddling of conspiracy theories.”

    “Secretary Kennedy is governing by conspiracy theory and putting the health of our children at risk,” said Ranking Member Pallone. “After just a few months in office, he’s already broken the promise he made during his Senate confirmation hearing to not interfere with the lifesaving childhood vaccine schedule. He’s simultaneously presided over the largest measles outbreak in decades while actively undermining vaccination efforts for COVID-19, measles, polio, and the flu—especially for pregnant women and the tiniest infants, two of the highest risk populations. Enough is enough—it’s time to take politics out of medicine and ensure all families have access to affordable life-saving vaccines. Dr. Schrier and I are introducing this legislation to keep Secretary Kennedy’s conspiracy theories out of the doctor’s office and to protect moms and their kids.”

    The Family Vaccine Protection Act comes on the heels of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr.’s unilateral withdrawal of COVID-19 vaccine recommendations for children and pregnant women. This reckless decision—circumventing science-based approval—begins a slippery slope toward a sicker America where Kennedy alone decides what’s best for American children.

    For months, RFK, Jr.’s HHS and Centers for Disease Control and Prevention have ignored science-based recommendations by the independent Advisory Committee on Immunization Practices (ACIP). In April, ACIP voted unanimously to expand its respiratory syncytial virus (RSV) vaccine recommendation and to provide a meningococcal vaccine to healthy teens and college-aged kids—but Kennedy ignored these recommendations. These actions are setting a dangerous precedent and jeopardizing access through critical programs like the Vaccines for Children program.

    Secretary Kennedy is actively backtracking on his own promise in November 2024 that he wouldn’t “take away anybody’s vaccines” and contradicting his own Food and Drug Administration’s framework. His brazen undermining of ACIP’s independence and persistent spreading of anti-vaccine conspiracy theories threatens decades of public health progress—and will put the lives of pregnant women and unvaccinated infants at risk. 

    The Family Vaccine Protection Act protects access to affordable vaccines by: 

    • Codifying current practices of a rigorous, science-based system for recommending vaccines:
      • This bill sets a timeline for new vaccine consideration by ACIP and requires that both the CDC Director and HHS Secretary adopt such recommendations if supported by a preponderance of scientific evidence.
    • Strengthening the independence of the Advisory Committee:
      • This bill writes the role of ACIP into statute and specifies its structure, its membership selection processes, meeting frequency, and expertise requirements—protecting it from dissolution or undue interference by the HHS Secretary.
    • Keeping politics out of medicine by ensuring the Secretary cannot unilaterally make or withdraw vaccine recommendations contrary to the advice of scientific experts:
      • This bill requires the HHS Secretary to adopt the official vaccine decision as set by ACIP—and if the Secretary chooses to depart from an ACIP recommendation, it requires the Secretary to publish the basis for the agency action, including an explanation as to how the action is supported by the best available, peer-reviewed scientific evidence.
    • Establishing guardrails to ensure vaccines remain accessible to all:
      • This bill protects the role of ACIP in making immunization recommendations for the Vaccines for Children Program as well as for the purposes of cost-free coverage of vaccines by health insurance plans—ensuring continued widespread access to life-saving vaccines.

    The Family Vaccine Protection Act has received the support of the American Academy of Pediatrics, American Academy of Family Physicians, American Public Health Association, Infectious Disease Society of America, and Vaccinate Your Family.

    Read the full bill text HEREand a section-by-section summary HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Policy Briefing on the Property Insurance Crisis Hosted by Congresswoman Frederica Wilson

    Source: United States House of Representatives – Congresswoman Frederica S Wilson (24th District of Florida)

    Today, June 5th, 2025, Congresswoman Frederica Wilson (FL-24) hosted a policy briefing on the Property Insurance Crisis in Florida and across the nation. Congresswoman Frederica Wilson brought policy experts to discuss the rising costs of property insurance, its coverage, and the challenges consumers face when dealing with property insurance.

    “Everywhere I go in Florida, doesn’t matter what parts folks are from, people are concerned about our property insurance crisis. And with hurricane season just starting, causing a rush through the hearts of South Florida Families, the fear of the rising costs of homeowner’s insurance is real and tangible for folks,” Congresswoman Frederica Wilson said. “That’s why I introduced the Homeowners’ Defense Act and convened a policy briefing, because we need real solutions to this crisis. Property insurance has become too expensive, with limited options and many insurers refusing coverage. It’s time we tackle this issue head-on.”

    According to Insurify, Florida’s projected cost of property insurance averages about $11,000 a year.

    As part of the 119th Congress, Congresswoman Frederica Wilson introduced the Homeowners’ Defense Act.  The Act seeks to bolster state efforts in managing natural disaster risks, support insurance market stability, and encourage mitigation and preventive measures to reduce future losses.

    Joining Congresswoman Frederica Wilson in this briefing were Congressman Maxwell Frost (FL-10), Congressman Troy A. Carter, Sr. (LA-2), Congresswoman Nikema Williams (GA-5), and Congressman Jonathan Jackson (IL-1).

    “Florida’s property insurance crisis is pushing families to make impossible choices. I’ve heard from Central Floridians that they are forgoing coverage altogether because they can’t afford both healthcare and property insurance. It’s a shame that the property insurance crisis has put folks in this position,” said Congressman Maxwell Frost (FL-10). “And it’s leading to a dangerous situation as climate change creates even more devastating hurricane seasons. We need urgent, collective action from policymakers and industry leaders before this makes worse the ongoing housing crisis.”

    “The escalating cost of homeowners insurance is not just a coastal issue; it’s hitting families hard right here in Chicago and the First District. We’ve seen premiums jump by as much as 50% in Illinois in just a few short years. Many of my constituents, particularly those in historic neighborhoods with older homes, are facing a double whammy: skyrocketing rates and, in some cases, the inability to find coverage at all,” Congressman Jonathan Jackson said (IL-1). “We need to explore all avenues – from federal support for mitigation and reinsurance, like ideas in H.R. 827, to robust state oversight – to ensure that insurance remains accessible and affordable, and that homeowners are treated fairly.”

    “I was proud to join my friend Congresswoman Frederica Wilson today to confront one of the most pressing challenges facing homeowners across the country – skyrocketing property insurance costs. This is hitting working families in every corner of America, especially Louisiana, and it’s squeezing them out of homeownership. The briefing made one thing clear: as natural disasters become more prevalent, property and casualty insurance rates will continue to rise and impact more communities. We have more storms in more places that have historically never had this before. There will continue to be a strain on communities as people will be dropped from insurance coverage after sustaining damages. This is unacceptable. Property insurance should be fair, accessible, and affordable for everyone,” said Congressman Troy A. Carter, Sr. (LA-02).

    Congresswoman Nikema Williams said (GA-5), “Climate change’s impact on the insurance market is something I’ve experienced firsthand. After a hailstorm damaged my roof and those of my neighbors, I filed a claim—only to be labeled high-risk and dropped by my insurer. This is part of a growing trend of insurance companies pulling out of markets they consider too risky due to climate change. For families already struggling to get by, losing home insurance could mean losing the chance to build equity and generational wealth. If we leave this issue unaddressed—or worse, pretend it doesn’t exist—we put all homeowners at serious risk.”

    The panel included Doug Heller from the Consumer Federation of America, Robert Gordon from the American Property Casualty Insurance Association, and Baird Webel and Diane Horn from the Congressional Research Service. Alice Hill, the David M. Rubenstein senior fellow for energy and the environment at the Council on Foreign Relation, moderated the event.

    Vice Chairman of the Miami-Dade County Commission, Kionne McGhee, said “The crushing weight of mortgages, taxes, and insurance is already wiping out generational wealth. And with the high cost of property insurance, folks are struggling to even protect their families. Some insurance companies can raise rates and still stay within the law–decisions made behind closed doors with no regard for the people affected. For families with no savings, higher payments don’t mean just cutting back—it means choosing between skipping meals just to keep their homes. We need to address this property insurance crisis head-on for the sake of the families of Miami-Dade County and across the nation.”

    Douglas Heller, Director of Insurance at the Consumer Federation of America said, “Over the past several years, Americans have experienced an unprecedented increase in the cost of homeowners insurance and an equally unprecedented decrease in its availability. This is not only causing acute financial pain for millions of families, it is making homeownership less sustainable and less attainable. In order to address this crisis, as climate change increases risk across the country, we need to invest in loss mitigation and resilience, and we also need to demand better oversight and more scrutiny of the insurance companies that we rely on to protect our homes.”

    Robert Gordon, APCIA’s senior vice president of policy, research, and international  said, “APCIA commends Rep. Frederica Wilson, Rep. Maxwell Frost, Rep. Nikema Williams, Rep. Darren Soto, and Miami-Dade Board of County Commissioners Vice Chair Kionne McGhee for their interest in addressing factors impacting the cost of living, including housing and homeowners insurance.  The growing demographic shifts and property values to high-climate-risk areas, inflation in the cost to repair and replace property, climate change, legal system abuse, delayed regulatory approval of rate filings, and mandated coverages have collectively resulted in escalating insurance losses.  Insurance is a passthrough of those costs. While homeowners insurance is a relatively small percent of the overall cost of homeownership, APCIA is committed to working with housing groups and regulators on long-term solutions to improve the availability and affordability of insurance. APCIA is also committed to working with members of Congress on commonsense mitigation and resiliency solutions that will better protect consumers and slow the rate of increase in property losses.” 

    The Congressional Research Service has published multiple reports on the Property Insurance Crisis, including “Homeowners Insurance and California Wildfires,” “Natural Disasters and the Homeowners Insurance Market,” and ‘“Hearing on “The Factors Influencing the High Cost of Insurance for Consumers”’

    For photos and B-Roll of the event, click here.

    For the livestream of the event, click here.

    This event was held in Rayburn House Office Building; Room 2075.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Powering up New Zealand Cycle Trails

    Source: Ministry of Business Innovation and Employment (MBIE)

    Through the first round of the Electrifying the Great Rides Fund, $478,750 in co-funding has been approved to install 10 e-bike charging stations across the Hawke’s Bay Trails and the Remutaka Cycle Trail. These stations will be located at key points along the trails, including outside popular business premises and i-SITEs, enhancing accessibility for e-bike users and encouraging longer, more enjoyable rides.

    The $3 million Electrifying the Great Rides Fund was launched in 2024 to make New Zealand’s cycle trails more appealing to both domestic and international visitors.

    In a move to broaden the impact of the programme, the second round of funding – opening on 1 August 2025 – will expand eligibility to include Heartland and Connector Rides. These trails form part of the wider Ngā Haerenga New Zealand Cycle Trail network and often traverse rural and remote areas. The expanded criteria will allow more communities to benefit from increased tourism and improved trail infrastructure.

    The Ministry of Business, Innovation and Employment is also working with sector partners to refresh the overall New Zealand Cycle Trail programme, ensuring it continues to meet the growing demand for nature-based and environmentally friendly tourism experiences.

    More information about the second funding round will be available on the MBIE website from 30 June 2025. Territorial authorities and community groups supported by their local councils are encouraged to apply.

    Read the Minister’s release:

    E-bike upgrades for New Zealand Cycle Trails(external link) — Beehive.govt.nz

    MIL OSI New Zealand News –