NewzIntel.com

Category: Commerce

  • MIL-OSI Asia-Pac: LCQ6: Supporting freight and logistics sector

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Frankie Yick and a reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (May 21): 

    Question:

    There are views pointing out that although the United States (“US”) has seen its ranking as Hong Kong’s major important trading partner decline in recent years, the imposition of high tariffs on Hong Kong goods and the elimination of the duty-free de minimis treatment for small parcels continue to have a significant impact on Hong Kong’s freight and logistics sector. Members of the sector have predicted that the US tariff trade war against China will lead to a sustained decline in Hong Kong’s freight volumes and could trigger an immediate supply chain disruption crisis, and the measures taken under the five major strategies as indicated earlier on by the Secretary of Transport and Logistics will be difficult to see results in the short term. In this connection, will the Government inform this Council:

    (1) whether it has assessed the specific impact of the tariff trade wars launched by US to date on Hong Kong’s freight and logistics sector (including sea, land, and air transport);

    (2) in order to make up for the shortfall resulting from the loss of the US market and to consolidate Hong Kong’s position as a regional logistics hub, of the short-term measures taken by the authorities to assist the logistics sector in accelerating the development of new markets; and

    (3) in response to cash flow problems faced by logistics companies due to shipment delays or cancellations caused by the tariff trade wars, of the support measures put in place by the Government, such as the consideration of providing low-interest loans to these companies to address their immediate needs?

    Reply:

    President,

    Hong Kong has long supported and upheld the multilateral trading system. The imposition of tariffs and other trade protectionist measures by certain countries not only disregards Hong Kong’s status as a free port with zero tariffs, but also damages the global multilateral trading system. Such measures disrupt global supply chains, harming all parties involved including the implementing countries themselves.

    As previously announced by the Chief Executive, in response to the relevant developments, the Government will strengthen its strategy in seven areas, including to fully seize the opportunities in our country, China’s development, and actively integrate into the national development; to strengthen international exchanges and deepen regional ties and co-operation; to accelerate industrial transformation; to intensify efforts to develop technological innovation; to vigorously advance international financial co-operation; to proactively attract foreign companies and capital to establish in Hong Kong; and to provide various support to help Hong Kong enterprises. 

    Having consulted the Commerce and Economic Development Bureau and the Hong Kong Monetary Authority (HKMA), our reply to the Hon Frankie Yick’s question is as follows:

    (1) Hong Kong recorded a 3.2 per cent year-on-year increase in air cargo volume in thefirst quarter of 2024, reaching 1.16 million tonnes. Container throughput of our port also grew by 2.7 per cent year-on-year to approximately 3.4 million twenty-foot equivalent units. The observed growth in cargo volumes is believed to be attributable to shippers’ urgency to ship goods ahead of the anticipated implementation of reciprocal tariffs. Recently, our country and the United States (US) have reached a provisional agreement to reduce bilateral tariffs for 90 days. It is expected that shippers will maximise shipments during this window. However, it is expected such volume growth is unlikely to be sustained. In fact, the negative impact of the reckless imposition of tariffs by the US on global trade will be far-reaching. The overall global trade volume is expected to fall, and the logistics industry will inevitably be affected.

    (2) In light of the new international trade environment, we must make preparations to avoid and mitigate risks while seizing new opportunities arising from the changing landscape. To this end, the Transport and Logistics Bureau will closely monitor developments, maintain proactive engagement with the trade, and lead Hong Kong’s logistics sector to cope with challenges by adopting five major strategies.

    Firstly, we will explore emerging markets including the Middle East and the Association of South East Asian Nations (ASEAN), while continuing our collaboration with the Hong Kong Logistics Development Council (LOGSCOUNCIL) to promote Hong Kong’s logistics advantages by conducting promotional visits to and exploring other markets along the “Belt and Road”. Secondly, we will strengthen collaboration with ports located in the Guangdong-Hong Kong-Macao Greater Bay Area, and establish a comprehensive “rail-sea-land-river” intermodal transport system, thereby developing new cargo sources. Thirdly, we are actively studying the exemption of the import and export licence requirements for certain products to attract more transhipment cargoes. Fourthly, we will deepen international port and shipping co-operation by pursuing digitalisation and green and smart transformation of our port to enhance Hong Kong’s port competitiveness. Fifthly, we will further expand Hong Kong’s maritime and aviation networks to diversify our markets and reduce reliance on the US market.

    (3) The HKSAR Government has been assisting small and medium enterprises (SMEs) in addressing challenges and maintaining competiveness amid a complicated and ever-changing economic environment through various funding schemes and support measures. As regards alleviating cash flow pressure, the Government has kept on enhancing the SME Financing Guarantee Scheme (SFGS) so as to meet the financing needs of SMEs during the economic downturn. Borrowing enterprises under the SFGS (including enterprises in the logistics sector) are now allowed to apply for principal moratorium arrangement for up to 12 months (the application period will last until November 17, 2025), and the maximum loan guarantee periods of the 80% and 90% Guarantee Products be extended to ten years and eight years respectively. At the same time, the partial principal repayment options will be offered to new loans so as to provide more repayment flexibility.

    The HKMA, together with the banking sector, introduced in April 2025 additional support measures to further assist SMEs in obtaining bank financing and in their upgrade and transformation. In addition, all the 18 participating banks in the Taskforce on SME Lending have reaffirmed their commitment to actively implementing the “9+5” SME support measures launched by the HKMA and the banking sector in 2024. Referencing the principles under the Pre-approved Principal Payment Holiday Scheme, the banking sector will continue offering flexible repayment arrangements and deferment of repayment period. The total amount of dedicated funds for SMEs set aside by these banks in their loan portfolio has increased from $370 billion in October 2024 to more than $390 billion at present.

    As regards export credit insurance, further to the 2024 Policy Address initiative on increasing the maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation (ECIC) to 95 per cent, ECIC already launched three more support measures on April 10, 2025, including extending the free pre-shipment cover for holders of the Small Business Policy (SBP); offering a 50 per cent discount on pre-shipment risks to cover premiums for non-SBP holders; and aligning the premium rates for new markets with those for traditional markets to assist exporters in tapping into the new markets. ECIC will also provide 20 additional free credit assessment service on the buyers in the Mainland, ASEAN and Middle East, collaborate with various financial institutions to provide financing support for e-commerce, and providing credit insurance for export services relating to multinational supply chain to support Hong Kong export trade.

    Thank you, President.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China offers global consumers fresh shopping experiences

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

    Mok Jin Jin, a Malaysian student at Nankai University in north China’s Tianjin Municipality, has observed a shift in his family’s lifestyle since they received a Chinese-made blender.

    His mother now frequently tries new healthy breakfast beverages like soy milk, milkshakes and freshly made juices. She particularly appreciates the one-button self-cleaning function, which saves her time and effort.

    Not long ago, Mok purchased the blender through a Chinese e-commerce platform as a gift for his family. “Chinese-made products excel in performance and design. They not only improve the living quality but also fulfill consumers’ expectations of modern consumption,” Mok said.

    The notion that Chinese products were “cheap and low-quality” was for long a common stereotype. However, in recent years, China has made significant strides in technological innovation and industrial upgrades, resulting in a remarkable improvement in the competitiveness of Chinese products.

    At the same time, China’s increasingly diverse consumer market has provided foreign consumers with a more international, fashionable and multifaceted shopping experience.

    “International brands are ubiquitous in China’s major cities, and global products are easily accessible through online shopping platforms. This has made shopping in China extremely convenient,” Mok said. He was also pleasantly surprised to find several Malaysian food brands available in Chinese supermarkets and on e-commerce platforms. “It’s wonderful to be able to enjoy familiar tastes while abroad,” he said.

    Phan Dinh Thang, a Vietnamese student studying Chinese at Nankai University, echoed this sentiment. “Shopping in China feels like ‘global shopping’ with an incredibly wide range of options,” he said. As more Vietnamese people learn Chinese, they find it easier to purchase quality products on Chinese e-commerce platforms.

    Thanks to China’s robust supply chain system and efficient logistics network, goods shipped from China to Vietnam not only arrive quickly but are also cost-effective and often more affordable than local options in Vietnam. “This has made ‘Chinese shopping’ a new trend in Vietnam and highlights the increasingly close consumer ties between China and Vietnam,” Phan explained.

    With China continuously optimizing its international consumption environment, such as offering visa exemptions for some countries, enhancing departure tax refund policies and expanding international credit card payment channels — making shopping trips to China a new trend in cross-border tourism.

    Maltseva Varvara, a Russian visitor, shared her experience: “The best thing about shopping in China is how fast, convenient and hassle-free it is.” After linking her international credit card to Alipay, Varvara found it easy to pay as she simply needed to scan via her phone by using a quick tap on its screen. “The recent improvements in the departure tax refund policy have made shopping and traveling in China even more convenient and welcoming.”

    Some overseas consumers have formed “shopping groups” and flown long distances to China to purchase popular products. According to data from China’s Ministry of Commerce, the number of foreign visitors to Shanghai, Beijing, Guangzhou, Tianjin and southwest China’s Chongqing in 2024 was nearly double the figure of the previous year. These five cities are home to almost 70 percent of China’s tax refund stores, while their imports of consumer goods accounted for over half of China’s total last year.

    Foreign consumption in China has seen a noticeable increase. The National Immigration Administration reported that, since the implementation of a 240-hour visa-free transit policy, the number of foreign visitors has grown by 40.2 percent year on year, with 71.3 percent of them entering visa-free.

    The recent signing of a visa exemption agreement between China and Malaysia has made travel for Malaysian tourists more convenient. “It’s much easier for my friends and family to visit China now, and they get to experience firsthand the increasingly convenient living environment and vibrant consumer market here,” Mok said.

    China’s Vice Commerce Minister Sheng Qiuping recently stated that China will continue to improve its international consumption environment, increase the supply of high-quality products, and create more diversified consumption scenarios to boost inbound consumption.

    Li Wei, dean of the Honor College of Tianjin Foreign Studies University, said that China is fostering an open, inclusive and diverse consumption environment that appeals to foreign visitors. “This offers more opportunities for global consumers and businesses.”

    MIL OSI China News –

  • MIL-OSI: Wix Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Strong start to year with Q1’25 total bookings of $511 million, up 12% y/y, with very robust top of funnel demand in the quarter and new cohort strength continuing through April and early May
    • Q1’25 total revenue of $474 million exceeded expectations, up 13% y/y, driven by accelerating Self Creators growth accompanied by solid Partners momentum as Studio adoption continued to ramp healthily
    • Launched Wixel, a new standalone AI-powered visual design platform that brings the most advanced creative tools into a single intuitive interface and puts complete visual editing control into the hands of everyone – marking Wix’s milestone foray into creation beyond websites
    • Achieved FCF margin of 30% in Q1’25 as we continued to maintain a resilient operating cost structure amidst robust top-line performance
    • Increased share repurchase board authorization to a total of $400 million under current program

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX) (the “Company”), the leading SaaS website builder platform1, today reported financial results for the first quarter of 2025. In addition, the Company provided its outlook for the second quarter and an updated outlook for full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q1’25 Shareholder Update and other materials.

    “This year we are setting out to reimagine and expand the online creation experience and have set the bar high with the milestone release of Wixel, which I believe will democratize digital creation,” said Avishai Abrahami, Wix Co-founder and CEO. “We have been transforming web development since 2006 and are now organically extending our user-first design expertise, AI leadership and focus on accessibility to beyond websites. What you see today is the first version of our standalone next-gen visual design platform, representing the culmination of years of development in advanced design and AI and unifying the best models, intuitive UI, and powerful high-end features into one cohesive platform. Importantly, with Wixel, anyone, regardless of skill level, can now create beautiful visuals with just a few clicks. We have an ambitious roadmap for Wixel ahead and I’m excited to see how Wixel starts to reshape the design world.”

    Lior Shemesh, CFO at Wix, added, “Our strong first quarter results demonstrate the critical value of the Wix platform to anyone and everyone requiring an online presence globally amid an ever evolving macro environment, particularly SMBs. Top of funnel demand was very strong with Q1’25 new user cohort bookings finishing 12% higher than the bookings generated by the Q1’24 cohort in its first quarter. This acceleration in new cohort growth was almost entirely driven by better fundamentals, particularly an increased number of users, as well as product innovation. Encouragingly, these strong cohort trends have continued through April and early May, bolstering confidence in 2H bookings and revenue growth acceleration as additional cohorts layer on through the year. As a result of this new cohort strength and healthy existing user behavior, bookings grew a solid 12% y/y and revenue growth of 13% y/y finished above expectations in Q1. Durability was broad based across our segments with our Partners business delivering 24% y/y revenue growth, fueled by ongoing market share gains driven by Studio, as well as another consecutive quarter of Self Creators growth acceleration as AI continued to remove friction for more users in the website creation journey.”

    Q1 2025 Financial Results

    • Total revenue in the first quarter of 2025 was $473.7 million, up 13% y/y
    • Creative Subscriptions revenue in the first quarter of 2025 was $337.7 million, up 11% y/y
      • Creative Subscriptions ARR increased to $1.373 billion as of the end of the quarter, up 10% y/y
    • Business Solutions revenue in the first quarter of 2025 was $136.0 million, up 18% y/y
      • Transaction revenue2 was $58.9 million, up 19% y/y
    • Partners revenue3 in the first quarter of 2025 was $171.6 million, up 24% y/y
    • Total bookings in the first quarter of 2025 were $510.9 million, up 12% y/y
      • Creative Subscriptions bookings in the first quarter of 2025 were $369.5 million, up 10% y/y
      • Business Solutions bookings in the first quarter of 2025 were $141.4 million, up 15% y/y
    • Total gross margin on a GAAP basis in the first quarter of 2025 was 68%
      • Creative Subscriptions gross margin on a GAAP basis was 83%
      • Business Solutions gross margin on a GAAP basis was 30%
    • Total non-GAAP gross margin in the first quarter of 2025 was 69%
      • Creative Subscriptions gross margin on a non-GAAP basis was 84%
      • Business Solutions gross margin on a non-GAAP basis was 31%
    • GAAP net income in the first quarter of 2025 was $33.8 million, or $0.61 per basic share and $0.57 per diluted share
    • Non-GAAP net income in the first quarter of 2025 was $93.9 million, or $1.69 per basic share and $1.55 per diluted share
    • Net cash provided by operating activities for the first quarter of 2025 was $145.5 million, while capital expenditures totaled $3.1 million, leading to free cash flow of $142.4 million
    • In January, we completed $200 million of share repurchases, repurchasing 868,026 Wix ordinary shares in total at an approximate volume-weighted average price per share of $230.41
    • Total employee count at the end of Q1’25 was 5,275

    Increase to Share Repurchase Program

    Wix’s Board of Directors has authorized an increase to its program to repurchase the Company’s securities (ordinary shares and/or convertible notes) by an additional amount of up to $200 million, on top of the $200 million previously approved by the Board on February 26th, 2025 (which has not been used to date). This approval brings the repurchase authorization under the program to a total amount of up to $400 million.

    ____________________
    1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.
    2 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.
    3 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

    Financial Outlook

    Healthy first quarter results demonstrate impactful product innovation and disciplined execution of our key growth initiatives, including Studio, AI and our focus empowering Self Creators. Notably, new cohort strength remains robust through April and early May against a dynamic macro backdrop. We expect new cohort strength to continue and drive top-line growth acceleration in 2H as additional cohorts layer on throughout the year.

    While we are encouraged by our strong Q1 results and robust top of funnel, we are maintaining full year bookings outlook of $2,025 – 2,060 million, up 11-13% y/y. This reflects conservatism due to macro uncertainty, specifically in our Business Solutions segment, with potential volatility offset by fully dissipating FX headwinds.

    With these same considerations, we are also maintaining our full year revenue outlook of $1,970 – 2,000 million, up 12-14% y/y.

    We expect total revenue in Q2 2025 to be $485 – 489 million, up 11-12% y/y.

    For the full year 2025, we continue to expect non-GAAP total gross margin of ~70% and non-GAAP operating expenses to be 47-48% of revenue for the full year.

    We continue to expect to generate free cash flow of $590 – 610 million, or ~30-31% of revenue.

    As a result, we remain on track to achieve Rule of 45 in 2025 at the high end of our outlook.

    Conference Call and Webcast Information

    Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, May 21st, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

    For more about Wix, please visit our Press Room
    Media Relations Contact: PR@wix.com

    Share Repurchase Program

    Under the Board authorized repurchase program, Company securities may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its securities under this Board authorization. The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Repurchases under the repurchase program may begin after conclusion of the 30-day period for creditors of the Company to object to the Company’s intent to perform the distribution by way of repurchase in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Regulations (Approval of Distribution), 5761–2001. The actual timing, number and value of securities repurchased depend on a number of factors, including the market price of the Company’s ordinary shares, general market and economic conditions, any objections received by the Company from its creditors, the Company’s financial results and liquidity, and other considerations. The Company expects to fund repurchases with cash on hand and future cash generated from its operations.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

    The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow margin, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

    Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

    Forward-Looking Statements

    This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “subject”, “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our ability to attract and retain registered users and partners, and generate new premium subscriptions and additional business solutions as we continuously adjust our marketing strategy and customer care; maintenance of our brand and reputation, and generation of revenue from sources other than premium subscriptions; risks associated with international operations and the use of platform in various countries; risks related to the macroeconomic environment and ongoing global conflicts; security risks and payment risks and fluctuations in foreign currency exchange rates; failures of third-party hardware, software and infrastructure on which we rely, or failure to manage the operation of our infrastructure; adverse market conditions, including inflation, interest rates and other adverse developments that may adversely affect our cash balances and investment portfolio; our history of operating losses and inability to achieve sustained profitability; downturns or upturns in sales are not immediately reflected in full in our operating results; our ability to repurchase our ordinary shares and/or 0.00% Convertible Senior Notes due 2025 pursuant to our repurchase program; our ability to raise capital when needed or on acceptable terms; risks related to acquisitions and investments, pricing decisions, pandemics, natural disasters and other catastrophic events; our ability to develop and introduce new products and services, as well as maintain third-party products and are ability to keep up with rapid changes in design and technology; our ability to attract and retain qualified employees and key personnel; our ability to attract a diversified customer base and increased competition; our ability to maintain compatibility of our platform and solutions with changes in third-party applications and changes to technologies used in our solutions; our ability to acquire and service small business users; risks related to security breaches and unauthorized access to data, cyberattacks; our expectation regarding the uncertain future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs; our ability to comply with the regulations applicable to our operations, including new governmental regulations regarding the internet, consumer protection, artificial intelligence (“AI”), privacy and data protection laws and regulations, as well as contractual privacy and data protection obligations; risks relating to intellectual property, including infringements, litigation and claims, and our ability to maintain and protect our intellectual property rights and proprietary information; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; risks related to the development and integration of AI, generative AI, agentic AI, machine learning, and similar tools into our offerings, and comply with the regulatory environment impacting AI and AI-related activities; risks related to activities of registered users or content of their websites, and risks related to domain names and industry regulations; risks related to compliance with laws and regulations, including those related to economic sanctions, tariffs, export controls, anti-corruption and anti-money laundering, anti-trust, and consumer protection, and changes in these laws and regulations; risks related to tax, including application of indirect taxes, tax laws, changes in tax laws or changes in provision for income tax and examination of income tax returns; risks related to ordinary shares, activist shareholders, and our status as a foreign private issuer; risks related to our incorporation and location in Israel, including conflicts in the area; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; and our ability to enter into new markets and attracting new customer demographics, including our ability to successfully attract new partners and large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 21, 2025. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

     
    Wix.com Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
    (In thousands, except loss per share data)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues      
    Creative Subscriptions $ 337,676     $ 304,293  
    Business Solutions   135,975       115,483  
        473,651       419,776  
           
    Cost of Revenues      
    Creative Subscriptions   56,067       54,803  
    Business Solutions   95,725       82,494  
        151,792       137,297  
           
    Gross Profit   321,859       282,479  
           
    Operating expenses:      
    Research and development   127,497       124,245  
    Selling and marketing   111,563       107,234  
    General and administrative   45,394       41,330  
    Total operating expenses   284,454       272,809  
    Operating income   37,405       9,670  
    Financial income, net   5,832       18,884  
    Other income, net   64       211  
                   
    Income before taxes on income   43,301       28,765  
    Income tax expenses   9,535       4,763  
    Net income $ 33,766     $ 24,002  
           
    Basic net income per share $ 0.61     $ 0.43  
                   
    Basic weighted-average shares used to compute net income per share   55,708,670       56,098,997  
           
    Diluted net income per share $ 0.57     $ 0.41  
                   
    Diluted weighted-average shares used to compute net income per share   60,384,510       58,647,238  
           
    Wix.com Ltd. 
    CONDENSED CONSOLIDATED BALANCE SHEETS 
    (In thousands) 
           
      Period ended
      March 31,   December 31,
        2025       2024  
    Assets (unaudited)   (audited)
    Current Assets:      
    Cash and cash equivalents $ 653,276     $ 660,939  
    Short-term deposits   112,078       106,844  
    Restricted deposits   793       773  
    Marketable securities   304,555       338,593  
    Trade receivables   47,328       44,674  
    Prepaid expenses and other current assets   59,132       128,577  
     Total current assets   1,177,162       1,280,400  
           
    Long-Term Assets:      
    Prepaid expenses and other long-term assets   31,343       27,021  
    Property and equipment, net   125,450       128,155  
    Marketable securities   6,183       6,135  
    Intangible assets, net   20,680       22,141  
    Goodwill   49,329       49,329  
    Operating lease right-of-use assets   395,513       399,861  
     Total long-term assets   628,498       632,642  
           
     Total assets $ 1,805,660     $ 1,913,042  
           
    Liabilities and Shareholders’ Deficiency      
    Current Liabilities:      
    Trade payables $ 38,032     $ 47,077  
    Employees and payroll accruals   78,983       143,131  
    Deferred revenues   698,343       661,171  
    Current portion of convertible notes, net   573,674       572,880  
    Accrued expenses and other current liabilities   79,546       63,246  
    Operating lease liabilities   29,369       27,907  
    Total current liabilities   1,497,947       1,515,412  
    Long Term Liabilities:      
    Deferred revenues   96,461       89,271  
    Deferred tax liability   1,066       1,965  
    Other long-term liabilities   19,414       16,021  
    Operating lease liabilities   359,389       369,159  
    Total long-term liabilities   476,330       476,416  
           
     Total liabilities   1,974,277       1,991,828  
           
    Shareholders’ Deficiency      
    Ordinary shares   107       107  
    Additional paid-in capital   1,923,576       1,840,574  
    Treasury shares   (1,225,165 )     (1,025,167 )
    Accumulated other comprehensive loss   641       7,242  
    Accumulated deficit   (867,776 )     (901,542 )
    Total shareholders’ deficiency   (168,617 )     (78,786 )
           
    Total liabilities and shareholders’ deficiency $ 1,805,660     $ 1,913,042  
           
    Wix.com Ltd.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    OPERATING ACTIVITIES:      
    Net income $ 33,766     $ 24,002  
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation   6,137       6,442  
    Amortization   1,461       1,483  
    Share based compensation expenses   60,261       58,142  
                   
    Amortization of debt discount and debt issuance costs   794       790  
    Changes in accrued interest and exchange rate on short term and long term deposits   (224 )     880  
    Amortization of premium and discount and accrued interest on marketable securities, net   3,557       597  
                   
    Remeasurement loss (gain) on Marketable equity   –       (3,367 )
    Changes in deferred income taxes, net   1       (5,011 )
    Changes in operating lease right-of-use assets   4,803       5,024  
    Changes in operating lease liabilities   (8,763 )     (3,652 )
    Loss (gain) on foreign exchange, net   (2,006 )     553  
    Decrease (increase) in trade receivables   (2,654 )     1,119  
    Decrease (increase) in prepaid expenses and other current and long-term assets   58,289       (12,568 )
    Decrease in trade payables   (9,338 )     (2,123 )
                   
    Decrease in employees and payroll accruals   (64,148 )     (2,429 )
                   
    Increase in short term and long term deferred revenues   44,362       41,319  
                   
    Increase in accrued expenses and other current liabilities   19,193       2,635  
                   
    Net cash provided by operating activities $ 145,491       113,836  
    INVESTING ACTIVITIES:      
                   
    Proceeds from short-term deposits and restricted deposits   107,780       823  
                   
    Investment in short-term deposits and restricted deposits   (112,810 )     (30,162 )
    Investment in marketable securities   (27,693 )     (27,847 )
    Proceeds from marketable securities   58,292       52,805  
                   
    Purchase of property and equipment and lease prepayment   (2,629 )     (7,715 )
    Capitalization of internal use of software   (421 )     (410 )
    Proceeds from sale of equity securities   –       22,148  
    Proceed from realization of investments in privately held companies   417       –  
                   
    Purchases of investments in privately held companies   (750 )     (550 )
                   
    Net cash provided by investing activities $ 22,186       9,092  
    FINANCING ACTIVITIES:      
                   
    Proceeds from exercise of options and ESPP shares   22,654       22,628  
    Purchase of treasury stock   (200,000 )     (241,302 )
                   
    Net cash used in financing activities $ (177,346 )     (218,674 )
    Effect of exchange rates on cash, cash equivalent and restricted cash   2,006       (553 )
                   
    DECREASE IN CASH AND CASH EQUIVALENTS   (7,663 )     (96,299 )
                   
    CASH AND CASH EQUIVALENTS—Beginning of period   660,939       609,622  
    CASH AND CASH EQUIVALENTS—End of period $ 653,276     $ 513,323  
           
    Wix.com Ltd.
    KEY PERFORMANCE METRICS
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Creative Subscriptions   337,676       304,293  
    Business Solutions   135,975       115,483  
    Total Revenues $ 473,651     $ 419,776  
           
    Creative Subscriptions   369,469       334,637  
    Business Solutions   141,436       122,644  
    Total Bookings $ 510,905     $ 457,281  
           
    Free Cash Flow $ 142,441     $ 105,711  
                   
    Free Cash Flow excluding HQ build out $ 142,441     $ 111,073  
    Creative Subscriptions ARR   1,372,670     $ 1,244,264  
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF REVENUES TO BOOKINGS
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues $ 473,651     $ 419,776  
    Change in deferred revenues   44,362       41,319  
    Change in unbilled contractual obligations   (7,108 )     (3,814 )
    Bookings $ 510,905     $ 457,281  
           
    Y/Y growth   12 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Creative Subscriptions Revenues $ 337,676     $ 304,293  
    Change in deferred revenues   38,901       34,158  
    Change in unbilled contractual obligations   (7,108 )     (3,814 )
    Creative Subscriptions Bookings $ 369,469     $ 334,637  
           
    Y/Y growth   10 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Business Solutions Revenues $ 135,975     $ 115,483  
    Change in deferred revenues   5,461       7,161  
    Business Solutions Bookings $ 141,436     $ 122,644  
           
    Y/Y growth   15 %    
     
     
     
    Wix.com Ltd.
    RECONCILIATION OF COHORT BOOKINGS
    (In millions)
      Three Months Ended
      March 31,
        2025       2024  
           
    Q1 Cohort revenues   9     $ 9  
    Q1 Change in deferred revenues   27       23  
    Q1 Cohort Bookings $ 36     $ 32  
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
    (In thousands)
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues $ 473,651     $ 419,776  
    FX impact on Q1/25 using Y/Y rates   4,225       –  
    Revenues excluding FX impact $ 477,876     $ 419,776  
    Y/Y growth   14 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Bookings $ 510,905     $ 457,281  
    FX impact on Q1/25 using Y/Y rates   7,775       –  
    Bookings excluding FX impact $ 518,680     $ 457,281  
    Y/Y growth   13 %    
           
           
           
    Wix.com Ltd.
    TOTAL ADJUSTMENTS GAAP TO NON-GAAP
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
    (1) Share based compensation expenses: (unaudited)
    Cost of revenues $ 3,320     $ 3,590  
    Research and development   31,491       31,102  
    Selling and marketing   9,177       10,483  
    General and administrative   16,273       12,967  
    Total share based compensation expenses   60,261       58,142  
    (2) Amortization   1,472       1,483  
    (3) Acquisition related expenses   –       5  
    (4) Amortization of debt discount and debt issuance costs   794       790  
    (5) Sales tax accrual and other G&A expenses   699       121  
    (6) Unrealized loss (gain) on equity and other investments   (42 )     (3,367 )
    (7) Non-operating foreign exchange income   (3,079 )     (4,663 )
    (8) Provision for income tax effects related to non-GAAP adjustments   –       774  
    Total adjustments of GAAP to Non GAAP $ 60,105     $ 53,285  
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit $ 321,859     $ 282,479  
    Share based compensation expenses   3,320       3,590  
    Amortization   667       667  
    Non GAAP Gross Profit   325,846       286,736  
           
    Non GAAP Gross margin   69 %     68 %
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit – Creative Subscriptions $ 281,609     $ 249,490  
    Share based compensation expenses   2,367       2,669  
    Non GAAP Gross Profit – Creative Subscriptions   283,976       252,159  
           
    Non GAAP Gross margin – Creative Subscriptions   84 %     83 %
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit – Business Solutions $ 40,250     $ 32,989  
    Share based compensation expenses   953       921  
    Amortization   667       667  
    Non GAAP Gross Profit – Business Solutions   41,870       34,577  
           
    Non GAAP Gross margin – Business Solutions   31 %     30 %
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Operating income $ 37,405     $ 9,670  
    Adjustments:      
    Share based compensation expenses   60,261       58,142  
    Amortization   1,472       1,483  
    Sales tax accrual and other G&A expenses   699       121  
    Acquisition related expenses   –       5  
    Total adjustments $ 62,432     $ 59,751  
           
    Non GAAP operating income $ 99,837     $ 69,421  
           
    Non GAAP operating margin   21 %     17 %
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
    (In thousands, except per share data)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Net income $ 33,766     $ 24,002  
    Share based compensation expenses and other Non GAAP adjustments   60,105       53,285  
    Non-GAAP net income $ 93,871     $ 77,287  
           
                   
    Basic Non GAAP net income per share $ 1.69     $ 1.38  
                   
    Weighted average shares used in computing basic Non GAAP net income per share   55,708,670       56,098,997  
           
    Diluted Non GAAP net income per share $ 1.55     $ 1.29  
                   
    Weighted average shares used in computing diluted Non GAAP net income per share   60,384,510       60,073,986  
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Net cash provided by operating activities $ 145,491     $ 113,836  
    Capital expenditures, net   (3,050 )     (8,125 )
    Free Cash Flow $ 142,441     $ 105,711  
           
           
    Capex related to HQ build out   –       5,362  
                   
    Free Cash Flow excluding HQ build out $ 142,441     $ 111,073  

    The MIL Network –

  • MIL-OSI: Bitcoin Buys a View: Trump Tower Dubai Embraces Cryptocurrency Payments via Deus X Pay

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, May 21, 2025 (GLOBE NEWSWIRE) — Deus X Pay, a licensed institutional stablecoin payment solution setting new standards across the luxury sectors, is now enabling crypto payments for property purchases at the new Trump Tower Dubai, the first Trump International Hotel to be built in the Middle East.

    The new $1 billion Trump Tower Dubai, unveiled through partnership with London-listed Dar Global, marks a breakthrough in global luxury real estate. Eric Trump, Executive Vice President of the Trump Organisation and son of US President Donald Trump, has recently announced that Bitcoin and other digital currencies will be accepted for condo sales.

    Ziad El Chaar, CEO of Dar Global, said the Trump Tower Dubai is among the most ambitious Trump-branded residential towers globally, reflecting the project’s magnitude, stature, and symbolic significance in the region and internationally.

    Trump previously told Gulf Business that Dubai is where luxury real estate and financial innovation intersect, and projects like Trump Tower Dubai are leading the way. By embracing technologies like stablecoins, buyers gain a faster, cheaper and more transparent way to secure exclusive, high-end properties while reshaping how luxury transactions are conducted.

    Deus X Pay, a licensed Virtual Asset Service Provider (VASP) in Lithuania, offers institutional stablecoin payment solutions, enabling luxury sectors such as real estate, aviation and yachting to capitalise on this new era of finance. Deus X Pay CEO, Richard Crook, highlights that Dubai has created an environment where stablecoins can flourish as a practical, secure tool for international transactions (with Crypto Watch reporting that crypto adoption in the UAE is expected to surge 210% in 2025), giving premium buyers faster, frictionless access to high-value assets.

    “Dubai’s forward-thinking stance has unlocked a whole new economy, and the gold standard for transactions of high-value assets. International buyers seek faster settlements, fewer cross-border complications and seamless access to premium developments. This project is a defining moment — not just for Deus X Pay, but for the global real estate sector. We are thrilled to deliver the regulated rails that make it possible for premium property buyers to transact instantly, compliantly and without the traditional delays or friction.”

    The Trump Tower Dubai, an 80-story architectural icon, offers the highest international standards for ultra-high-net-worth travellers and long-stay residents. The exclusive building boasts 2-3 bedroom apartments and 4-bedroom penthouses valued at over AED 73 million, the highest outdoor swimming pool in the world, and has views of the world’s tallest building, the Burj Khalifa.

    This new skyscraper is part of an expanding trend across private aviation, superyachts, and luxury collectables as high-end sectors embrace digital assets as a payment option to future-proof legacy industries.

    For media enquiries, contact:
    Sarah Tran
    Head of Marketing
    media@deusxpay.com

    About Deus X Pay
    Deus X Pay is a regulated provider of institutional stablecoin payment solutions, revolutionising the authorisation, clearing, and settlement of cryptocurrency payments. We enhance global payment options for institutions, businesses, and corporations by seamlessly merging traditional finance with advanced digital payment infrastructure, enabling faster, more cost-effective, and secure transactions.

    Fully compliant and regulated as a Virtual Asset Service Provider, Deus X Pay operates under a license in Lithuania, supervised by the Financial Crime Investigation Service (FNTT), the Czech Republic, supervised by the Financial Analytical Office (FAU), and in Canada, supervised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

    As a part of the innovative crypto investment firm Deus X Capital, we equip organisations with state-of-the-art financial tools aimed at fostering growth and success in today’s dynamic market.

    Disclaimer: This is a paid post and is provided by Deus X Pay. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4da4d9a6-74af-4322-b030-f4ed0f09eb4f

    The MIL Network –

  • MIL-OSI Russia: Students from Moscow Colleges Win Computer Game Development Marathon

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The final of the unique all-Russian marathon GameCraft 2.0 on game development ended at the Moscow State College of Electromechanics and Information Technology. Students of the capital’s secondary specialized educational institutions won awards in all nine nominations. This was reported by the press service of the capital’s Department of Education and Science.

    “This year, 80 teams from all over the country, including Tomsk and Krasnodar Krai, joined the GameCraft 2.0 marathon and demonstrated their developments in nine competition nominations. Over the course of several months, participants created their own computer games in 3D or 2D graphics. In the final, 19 best teams presented original projects — from 3D worlds to pixel platformers. Students from Moscow colleges showed the best results and became winners in all nominations of the marathon,” the department’s press service reported.

    The marathon was won by teams from six Moscow educational institutions: Moscow State College of Electromechanics and Information Technology, Small Business College No. 4, College of Architecture, Design and Reengineering No. 26, Financial College No. 35, Moscow Automobile and Road College named after A.A. Nikolaev and Moscow College of Management, Hotel Business and Information Technology “Tsaritsyno”. The winners will have the opportunity to undergo an internship with the prospect of further employment in the CDK company, which became a partner of the marathon.

    Student teams competed for the Best 3D Game, Best 2D Game, Best Graphics, Best Gameplay, Most Creative Idea, Best Sound and Music, Best Artificial Intelligence, Most Original Concept, and Audience Choice Award. They were assisted by mentors through webinars and consultations.

    Thus, the team “Tadpoles” of the College of Small Business No. 4 won first place in the nomination “Best 2D Game”. The guys developed a puzzle game that offers to catch a butterfly in a jar using logic and improvised means. According to the expert jury, the project has a chance to get into online app stores.

    “At first we wanted to make a detective game, but then we decided to create a puzzle – it seemed more interesting to us and suitable for the marathon format. Working on the project was not easy, but very exciting: in the process, we constantly returned to the finished elements, reviewed ideas, made changes. Thanks to a special system of intermediate stages – checkpoints – we could understand what works and what needs to be improved. This helped us grow as a team and make the game better,” shared Pavel Zelenin, a student at Small Business College No. 4.

    The team from the Moscow State College of Electromechanics and Information Technology presented the game Cat’s Delivery in the genre of endless running about a delivery cat who dreams of saving up for his first electric guitar. All the characters were hand-drawn by the participants, and an original music playlist was written to create the atmosphere. The project won in the nomination “Best Sound and Musical Accompaniment” and took second place among 2D games.

    Taisiya Gritsenko, a student at the educational institution, said that the idea of the game Cat’s delivery was born spontaneously. The girl decided to combine what is close to her: music, cats and the atmosphere of the night city. The marathon became her first step in creating computer games.

    The projects of the participants were evaluated by an expert jury, headed by the CEO of the partner company Egor Pynzar, a teacher of the Moscow State College of Electromechanics and Information Technology Gadzhi Gadzhiev, an expert of the Professionals championship in the 3D modeling for computer games competency Magomed Omarov, as well as students Nikita Braga, Feodosiy Yachmenev and Ruslan Korobchenko.

    The idea of holding the marathon belongs to students of the Moscow State College of Electromechanics and Information Technology. Last year it was held for the first time. In 2025, the students from the educational institution applied for a grant from the Federal Agency for Youth Affairs (Rosmolodezh) for further development of the project.

    This summer, the Moscow State College of Electromechanics and Information Technology will begin recruiting for a new specialty, “Development of Computer Games, Augmented and Virtual Reality.” Students will be able to obtain a sought-after profession and master the latest technologies for creating modern games.

    Detailed information about the specialties taught in the capital’s colleges is available in the “Colleges” section on the portal“School.Moscow”, in the telegram channel“Colleges of Moscow” And community of the same name on the social network VKontakte.

    Get the latest news quickly official telegram channel the city of Moscow.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154115073/

    MIL OSI Russia News –

  • MIL-OSI USA: Tuberville Introduces Legislation to Help Cattlemen Defend Livestock from Vultures

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined Senator Markwayne Mullin (R-OK) and Eric Schmitt (R-MO) to reintroduce the Black Vulture Relief Act to allow farmers and producers to protect their newborn livestock from black vultures without burdensome government interference. The legislation would remove the current requirement that farmers and cattlemen first obtain a sub-permit before shooting vultures.  Vultures are protected under the Migratory Bird Treaty Act of 1918 (MBTA)—meaning permission from U.S. Fish and Wildlife Service is needed to remove them, despite growing population numbers. Currently, Alabama cattlemen who receive sub-permits can only shoot up to three black vultures until the state’s total 500 bird limit is reached—even though attacks routinely come from more than 20 vultures at a time. It’s estimated that cattlemen lose an average of $2,000 per calf lost.
    “Alabama’s cattlemen work hard to feed our communities and shouldn’t have to jump through a bunch of hoops just to protect their herds,” said Senator Tuberville. “Adjusting these sub-permit requirements that are based on outdated data is just one more commonsense way we can support our cattlemen and help them keep more of their hard-earned dollars. I’ll continue using the feedback from Alabama’s agriculture community to guide my work here in D.C.”
    BACKGROUND:
    Over the past several decades, black vultures’ expanding population has led to an additional burdensome and costly strain on livestock producers due to increased livestock depredation by these birds. Black vultures are most prevalent in the Southeast and Midwest but have been spotted as far north as New York and Michigan and as far west as Arizona. Black vultures, often in flocks of more than 20 , brutally attack and eat newborn calves, lambs, goat kids, and piglets. These attacks are gruesome, lasting an average of 3.5 hours as the vultures eat the animal alive. They will also attack/injure female adults during or after birth when they are more vulnerable. In 2015, vultures caused 24,600 calf deaths, accounting for 10% of all calf deaths due to predators.
    Vultures were the third leading cause of calf deaths due to predators, only behind coyotes and unknown predators. This number has undoubtedly increased in recent years as black vulture populations have increased. According to the U.S. Geological Survey’s Breeding Bird Survey, the black vulture population has increased by approximately 468% since 1990. In 2016, the North American Bird Conservation Initiative rated black vultures as a species of lowest conservation concern, indicating “a widespread, relatively secure species.” Despite the bird’s robust population, the black vulture is protected under the Migratory Bird Treaty Act of 1918 (MBTA) making it illegal to take one without obtaining a depredation permit. For black vultures, FWS issues master permits to states who then issue sub-permits to ranchers.
    Sub-permittees are limited to 3-10 black vulture takes annually, depending on the state. This take limit is the main roadblock that farmers and ranchers face to protect their livestock. From 2015-2019, requests to FWS for depredation permits for take of black vultures increased by 26%. Black vulture cattle depredation has been confirmed in 18 states and is expected to grow due to the bird’s expanding population range from the southeastern and midwestern regions toward the north.
    MORE:
    Tuberville, Cotton Take Action to Allow Farmers to Protect Catfish from Predatory Birds
    Tuberville, Cruz Introduce Legislation to Protect American Fishermen from Cartels
    Tuberville, Crapo Introduce Legislation to Level Playing Field for Alabama Sporting Equipment Businesses
    Tuberville, Cornyn Introduce Bill to Help Farmers Impacted by Feral Swine
    Tuberville Introduces Legislation to Support Domestic Beekeepers and Honey Producers
    Tuberville Introduces Bill To Put American Farmers and Producers First
    Tuberville, Daines Fight for Outdoorsmen Across the Country
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: 16th Annual NICE Conference and Expo

    Source: US Government research organizations

    The NICE Conference and Expo will take place June 1-3, 2025. Location to be announced. 

    This event is supported by the National Initiative for Cybersecurity Education (NICE), a program of the National Institute of Standards and Technology in the U.S. Department of Commerce, under NIST Financial Assistance Award #70NANB23H004.

    MIL OSI USA News –

  • MIL-OSI China: China’s pizza market to exceed 100B yuan within 5 years: report

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

    Visitors taste pizza at the booth of Italy at 2025 Chengdu Europe Culture Season & European Culture Street in Chengdu, southwest China’s Sichuan Province, April 12, 2025. [Photo/Xinhua]

    China’s pizza market is projected to surpass 100 billion yuan (about 13.9 billion U.S. dollars) over the next five years, driven by rapid growth in lower-tier cities and rising demand for delivery and ready-to-eat products, according to an industry report.

    The market is forecasted to grow from 48 billion yuan in 2024 to 60.8 billion yuan in 2025, said the report released at the ongoing SIAL Shanghai, an international food exhibition. China had more than 60,000 pizza outlets nationwide by the end of March.

    Between 2016 and 2022, pizza chains in China’s third-tier cities and below grew at a compound annual growth rate of 10 percent, outpacing 7.6 percent growth in first-tier cities. An estimated 15,000 new stores are expected to open in lower-tier markets between 2025 and 2027.

    China’s online pizza market share surpassed in-store sales for the first time in 2022, reaching 58.1 percent. The proportion is expected to continue rising in the coming years, according to the report.

    Pizza entered the Chinese mainland in 1990 with the launch of the first foreign-invested restaurant. Initially considered a premium Western offering confined to top-tier cities, the food item has gained traction over the past decades.

    Analysts attribute the market expansion to increased food delivery adoption, rising consumer spending in smaller cities, and growing demand for personalized, healthier pizza options tailored to local tastes.

    The report noted that despite this momentum, China’s pizza store density remains low compared with other countries. As of 2022, China had 11.7 pizza outlets per million people, compared with 232.4 in the United States and roughly one-third the density of Japan and the Republic of Korea, suggesting ample room for further expansion.

    According to industry experts, the evolution of China’s pizza market reflects both the openness of its consumer market and long-term growth potential.

    SIAL Shanghai, an international food and beverage trade show co-hosted by multiple organizations including France’s Comexposium Group and the China General Chamber of Commerce, spans 200,000 square meters and features more than 5,000 exhibitors from 75 countries and regions.

    The event runs from May 19 to 21 in the eastern Chinese metropolis. 

    MIL OSI China News –

  • MIL-OSI USA: Lummis Introduces Landmark Autonomous Vehicle Legislation to Accelerate Safe Deployment

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis
    Washington, D.C.— Senator Cynthia Lummis (R-WY), member of the U.S. Senate Committee on Commerce, Science, and Transportation, this week introduced the Autonomous Vehicle Advancement Act, groundbreaking legislation aimed at transforming autonomous vehicle (AV) deployment in the United States. The Autonomous Vehicle Advancement Act seeks to move the nation beyond policy discussions and toward practical implementation of self-driving technology.
    “For nearly a decade, Washington has talked about autonomous vehicles without meaningful action,” Lummis said. “This legislation cuts through the red tape and establishes a clear path forward for getting safe autonomous vehicles on American roads where they can save lives, create jobs, and maintain our technological leadership. Wyoming is a highway state and ensuring that autonomous vehicles are integrated in the safest way possible remains my number one priority.”
    Background:
    The bill addresses two critical components for AV advancement:
    1. It requires federal agencies to implement recommendations from the landmark 2016 federal report on autonomous vehicles within one-year, jumpstarting progress on long-dormant policy objectives.
    2. Most significantly, the legislation establishes a comprehensive roadmap for achieving commercially viable Level 4 and Level 5 autonomous vehicles – advanced self-driving systems that require minimal to no human intervention. The Secretary of Transportation will be tasked with identifying essential needs and regulatory barriers that must be addressed to facilitate widespread deployment.
    Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI Australia: Attention all trustees: Top 5 EOFY checklist!

    Source: New places to play in Gungahlin

    As the 30 June deadline for trust resolutions approaches, it’s crucial for trustees and their advisers to be clear about their obligations. Our end of financial year (EOFY) checklist will help you avoid basic trust errors that can arise if you don’t fully understand your obligations or take reasonable care to get things right.

    1. Understand how income is defined for the trust estate.

    Trustees must be familiar with their trust deeds and accurately determine the income of the trust estate for each financial year. Common errors include actions that are inconsistent with the deed, mistaking accounting profit for distributable income, and misinterpreting trustee powers. To avoid these errors, trustees should:

    • review the trust deed and distribute income according to each beneficiary’s entitlements
    • review the trust deed to understand how it defines income.
    1. Identify the trust’s beneficiaries.

    Trustees need to correctly identify the beneficiaries of their trust. Errors often occur when trustees fail to read the deed, distribute to non-beneficiaries, or distribute outside the family group when a family trust election (FTE) or interposed entity election (IEE) is in place. To prevent these mistakes, trustees should:

    • identify beneficiaries as per the trust deed
    • ensure all entitled beneficiaries quote their TFN and are notified of their entitlement.
    1. Understand resolutions and present entitlement.

    Trustees must make valid resolutions to appoint or distribute income to beneficiaries by

    30 June of the relevant tax year. If resolutions aren’t made by this date, the trustee may be liable for all income of the trust and taxed at their marginal rates. Errors such as invalid resolutions and back-dated resolutions can be avoided by:

    • reading the trust deed
    • making clear and timely resolutions.
    1. Identify any family trust elections (FTE) or interposed entity elections (IEE).

    A family trust is a trust where the trustee has made a valid FTE. Family trusts can access tax concessions but, distributions made outside the family group will trigger family trust distributions tax (FTDT). This is a specific 47% tax payable by the trustee on the distribution. The Commissioner has no discretion with FTDT once it is triggered. Therefore, trustees should be vigilant about existing FTEs or IEEs in place and maintain accurate records.

    We’re seeing an increase in trustees distributing outside the family group triggering FTDT. To limit FTDT risks, trustees should:

    • be aware of all FTE or IEEs made and their family group
    • keep copies of all elections.
    1. Maintain clear and accurate records.

    Poor record keeping is the most common cause of issues related to trusts. Trustees need to understand that they’re personally liable for the debts of the trusts they administer. Keeping complete and accurate records can prevent unforeseen tax liabilities falling upon the trustee.

    More resources

    You can also use our Trust tax-time toolkit for more useful information, checklists and tips to ensure you correctly meet your trust tax obligations.

    We also recommend you favourite or bookmark our comprehensive web Trustscontent so you can access it whenever you need it.

    Keep up to date

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

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

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

    MIL OSI News –

  • MIL-OSI USA: 05.20.2025 Sen. Cruz’s ‘No Tax on Tips’ Legislation Passes Senate

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) issued a statement following the passing of his No Tax on Tips Act in the U.S. Senate with a vote of 100-0. This bipartisan legislation will exempt tips from being subject to taxation under the federal income tax.
    Sen. Cruz said, “President Trump made a promise to the American people that he would eliminate taxes on tips. In Congress, I formed a bipartisan, bicameral coalition to get that done, and in the Senate introduced the No Tax on Tips Act. Today, I went with Senator Rosen to the floor to secure Senate passage of the bill. This legislation will have a lasting impact on millions of Americans by protecting the hard-earned dollars of blue-collar workers, the very people who are living paycheck-to-paycheck. I urge my colleagues in the House to pass this important bill and send it to the President’s desk to be signed into law.”
    BACKGROUND
    The bill exempts “cash tips”—cash, credit and debit card charges, and checks—from federal income tax by allowing taxpayers to claim a 100% deduction at filing for tipped wages. The updated text includes guardrails to ensure only traditionally tipped employees will benefit from No Tax on Tips.
    Read the bill text here.
    Sen. Cruz has consistently prioritized tax cuts and job access:
    Sen. Cruz helped enact historic tax reform in 2017, which gave a tax cut to virtually every taxpayer in America. It reduced taxes on small businesses, farmers, ranchers, and job producers, which has helped bring jobs to Texas.
    He has fought to make permanent the 2017 historic tax cuts for individuals.
    Sen. Cruz also helped pass the USMCA trade agreement, which was signed by President Trump, a decisive victory for Texas farmers, ranchers, businesses, and manufacturers.
    For his efforts to support Texas businesses large and small, Sen. Cruz received the U.S. Chamber of Commerce’s prestigious “Spirit of Enterprise” award.

    MIL OSI USA News –

  • MIL-OSI Security: Business Owner Pleads Guilty to Fraud and Money Laundering Schemes

    Source: United States Department of Justice (National Center for Disaster Fraud)

    PHILADELPHIA – United States Attorney David Metcalf announced that Zaven Yeghiazaryan, 44, of Newtown, Pennsylvania, pleaded guilty before the Honorable Gerald J. Pappert to 13 counts of an indictment charging him with conspiracy, health care fraud, wire fraud, and money laundering in connection with his execution of a variety of schemes.

    The charges arose from the defendant’s commission of fraud offenses targeting, among others, government programs, including through the use of shell companies and false identities, between January 2020 and April 2024. The defendant’s fraud offenses targeted two government programs which offered relief during the Covid-19 pandemic: the Small Business Administration’s Economic Injury Disaster Loan program, and the Pandemic Unemployment Assistance Program. In addition, the defendant admitted that he participated in a scheme to defraud the Medicaid program.

    Based upon his guilty pleas to the 13 counts, the defendant faces a maximum possible sentence of 230 years in prison, a three-year period of supervised release, and a $3,250,000 fine, restitution of $334,905 and forfeiture. Sentencing is scheduled for September 4, 2025.

    The case was investigated by the Social Security Administration – Office of the Inspector General, Internal Revenue Service – Criminal Investigation, the United States Postal Inspection Service, Homeland Security Investigations, the Department of Health and Human Services – Office of Inspector General, the United States Department of Labor, the United States Department of Transportation – Office of the Inspector General and the State Department. It is being prosecuted by Assistant United States Attorneys Mary E. Crawley and Special Assistant United States Attorney Megan Curran. 

    MIL Security OSI –

  • MIL-OSI: ASUS and AMD Jointly Unveil Full 2025 Expert P Series Lineup at AMD Keynote

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) —  ASUS and AMD today jointly announced the launch of the all-new ASUS Expert P-series Copilot+ PCs at Computex 2025, spotlighting its leadership in the commercial AI PC space. Powered by the latest AMD Ryzen™ AI 300 Series processors, the new lineup includes ExpertBook P3 (PM3) laptop, ExpertCenter P700 (PM700MK, PM700SK) desktops, ExpertCenter P600 (PM640, PM670) all-in-one PCs, and ExpertCenter PN54 Mini PC.

    These next-generation business devices are engineered to deliver lightning-fast AI computing, seamless productivity, and enhanced security for working professionals — all within a future-ready, sustainable design.

    “We’re proud to deepen our collaboration with AMD as we usher in a new era of AI-powered computing. At ASUS, we believe AI will fundamentally transform the PC — from system architecture to real-world applications,” said S.Y. Hsu, ASUS Co-CEO. “With the addition of the new Expert series — built from the ground up to revolutionize performance and efficiency for the modern workplace — to our broad AI PC portfolio, and commitment to innovation, we aim to deliver next-gen AI experiences that empower users everywhere.”

    ASUS ExpertBook P3 series

    Leading the charge is the ExpertBook P3 Series, the fastest ASUS ExpertBook AI PC to date. Available in 14-inch (PM3406) and 16-inch (PM3606) variants, ExpertBook P3 is powered by up to AMD Ryzen™ AI PRO 7 processors and offers up to 66 total TOPS of AI performance. It features ExpertCool thermal technology that keeps its cool whether opened or closed, a full metal chassis, and a full array of I/O ports positioned to enhance comfort and mouse movement.

    AMD Ryzen PRO processors provide business users with 18 months of planned software stability, 24 months of planned availability, and a rigorous platform validation process to ensure long-term quality.

    ASUS ExpertCenter P600 series

    The ExpertCenter P600 series represents the first Copilot+ PC all-in-one from ASUS, available in both 24-inch (PM640) and 27-inch screen (PM670) sizes. Designed for privacy and performance, P600 delivers up to 50 TOPS of dedicated NPU power for real-time content creation, and includes a retractable camera, wide-view FHD touchscreen, and business-grade durability. Microsoft Copilot is integrated for seamless collaboration.

    ASUS ExpertCenter P700 series

    Similarly, the ExpertCenter P700 series debuts as the first Copilot+ PC desktop from ASUS, offered in mini tower (PM700MK) and small-form factor (PM700SK) options. With up to 50 TOPS of AI compute power, a tool-free chassis, and MIL-STD-810H durability, it’s built to power through every business scenario.

    ASUS ExpertCenter PN54 Mini PC

    Completing the P series is the ExpertCenter PN54 Mini PC, which brings Copilot+ capabilities to a palm-sized form factor, making it the ideal solution for space-constrained environments such as kiosks, retail setups, and minimalist workstations. Despite its compact design, PN54 delivers robust performance and AI acceleration, enabling smarter workflows and seamless multitasking in any setting.

    Comprehensive AI tools and enterprise-grade security

    All ASUS ExpertBook and ExpertCenter P-series models come equipped with ASUS AI ExpertMeet and ASUS ExpertGuardian — powerful tools that are available today to enhance collaboration and ensure business-grade protection.

    AI ExpertMeet is our exclusive on-device assistant that elevates meeting experiences with AI-powered translation, meeting transcript and summary. ExpertGuardian provides all-around protection from hardware and software to firmware. P-series machines are also engineered with a commercial-grade, NIST SP 800-155-compliant BIOS, built-in TPM 2.0 and five years of ASUS BIOS and driver-updates support, offering layered security from software to firmware to hardware.

    ASUS also offers all-around and added-value support for businesses of all sizes to maximize efficiency and minimize IT-management overhead. Our flexibility, world-class experience and instant support lets you focus on growing your business to incredible heights.

    AVAILABILITY & PRICING

    The new ASUS ExpertBook P3 powered by up to the AMD Ryzen™ AI PRO 7 processors are expected to be available in Canada starting from late Q3 2025.

    The new ExpertCenter P series with the new AMD Ryzen™ AI 300 Series processors is expected to be available in Canada in early Q1 2026.

    Please contact your local ASUS representative for further information.

    NOTES TO EDITORS

    ASUS ExpertBook laptops: https://www.asus.com/ca-en/business/laptops/expertbook/

    ASUS ExpertCenter desktops: https://www.asus.com/ca-en/displays-desktops/tower-pcs/expertcenter/

    ASUS Business website: https://www.asus.com/ca-en/business/

    ASUS LinkedIn: https://www.linkedin.com/company/asus/posts/

    ASUS Business LinkedIn: https://www.linkedin.com/showcase/asus-business/

    ASUS Pressroom: http://press.asus.com

    ASUS Canada Facebook: https://www.facebook.com/asuscanada/

    ASUS Canada Instagram: https://www.instagram.com/asus_ca

    ASUS Canada YouTube: https://ca.asus.click/youtube

    ASUS Global X (Twitter): https://www.x.com/asus

    About ASUS

    ASUS is a global technology leader that provides the world’s most innovative and intuitive devices, components, and solutions to deliver incredible experiences that enhance the lives of people everywhere. With its team of 5,000 in-house R&D experts, the company is world-renowned for continuously reimagining today’s technologies. Consistently ranked as one of Fortune’s World’s Most Admired Companies, ASUS is also committed to sustaining an incredible future. The goal is to create a net zero enterprise that helps drive the shift towards a circular economy, with a responsible supply chain creating shared value for every one of us.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f3f4814-2879-465c-823a-62d00d90bcc9

    The MIL Network –

  • MIL-OSI New Zealand: Is taking photos on a plane allowed?

    Source:

    Reviewed May 2025

    Can passengers take photos and videos on a plane? That’s a good question when most of us have easy access to our phones and inflight Wi-Fi being increasingly offered to passengers. Another public setting where this question might arise is recording of patients and staff in hospitals. Read our AskUs answer to the question, ‘Can I record someone without telling them?‘

    An important consideration is whether the recording is taking place in a public or private space. Generally, the Privacy Act says taking photos or recordings in public places is allowed. It also depends on who is taking the photo or making the recording, and whether the photos could be categorised as highly offensive.

    Businesses

    If you’re an agency (business or organisation) or if you’re taking the photo or making the recording on behalf of a business or agency, you need to consider the general obligations around collection of personal information (see principles 1-4 of the Privacy Act).

    Individuals

    If you are an individual and you’re taking the photo or making the recording in a personal capacity, it won’t usually be an issue under the Privacy Act. Most passengers on planes and visitors to hospitals will fall into this category, and if they were to make a recording on a flight, it will be in their personal capacity. But there are two things that a passenger should keep in mind.

    1. It is always good practice to seek permission when an individual is the subject of your photo or recording. This is courteous and respectful of the privacy of others
    2. The use of some public facilities, for instance, parks or swimming pools, will be subject to conditions that may impose limits on what you can film or record. For example, many swimming pools have clearly stated policies that photos and recordings are not permitted. Similar restrictions could apply to a passenger planeor a hospital.

    While a commercial space like a passenger plane is essentially a public space, the airline may impose rules around whether a passenger can film or record. It can set this out in its passenger terms and conditions and in its passenger education.

    However, the personal capacity exemption does not apply where the collection, use or disclosure could be “highly offensive”. This means there are circumstances where it generally isn’t appropriate for individuals to take photos or make recordings, even when they’re in a public space.

    Emergencies

    Is it acceptable for other passengers to film a mid-air medical emergency involving another passenger and post it online? We don’t think so. A medical situation would likely involve sensitive information about an individual who is vulnerable, and so this could be considered highly offensive.

    In our view, an incident that may be embarrassing to an airline does not mean it is highly offensive. The case involving United Airlines and David Dao on a US domestic flight is a famous example. In this case, video taken by other passengers of Mr Dao being forcibly removed from the flight after he refused to give up his seat was used as key evidence.

    What happens when people disagree? 

    Individual passengers and air crew may disagree about whether photos or recordings are acceptable. Ultimately, all parties should exercise restraint, consideration and common sense on a flight, as they should in other walks of life. If you wouldn’t want someone to do it to you, don’t do it to others.

    , , , ,

    Back

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Family trust distributions tax – what you need to know

    Source: New places to play in Gungahlin

    When considering trustee resolutions in the lead up to 30 June, it’s important for trustees of family trusts who have made a Family Trust Election (FTE), or entities with an Interposed Entity Election (IEE) to:

    • review their FTEs and IEEs
    • understand who is in their family group.

    This is critical to help lower the risk of any FTDT liabilities arising.

    Once a valid FTE or IEE is made, it’s important to be mindful of who the specified individual is (for each election). This is because there is a strict legal definition of family group, and it’s based on who the members of the ‘specified individual’s’ family group are. Often in private groups, there may be multiple family trusts with different specified individuals (which means there will be differences in who is in the ‘family groups’). There may have also been expansion of the business with new entities or changes in family members (e.g. if there was a divorce). While the election is in effect, FTDT will apply if any distributions are made outside the family group. FTDT is a 47% tax, payable by a trustee, director, or partner.

    To ensure you don’t trigger FTDT liabilities, before making distributions, trustees should:

    • maintain strong governance and record-keeping practices
    • understand what FTE or IEE elections an entity or group has in place
    • identify the members of the specified individual’s family group.

    Trustees should review this information on an annual basis and keep these elections front of mind when administering their tax affairs.

    The Commissioner has no discretion to ignore the application of FTDT, cannot limit the period FTDT applies and has no power to extend the time to revoke or vary elections.

    If you’ve not made an FTE or IEE before, or are considering making one at the end of the financial year, it’s important to consider both the current and future impacts of making the election. While the concessions from making elections can be advantageous, there can be future limitations, constraints and potentially significant financial impacts for the private group for generations to come. 

    We’re seeing an increase in FTDT issues due to inadequate record keeping, succession planning, intergenerational expansion of businesses and evolving private groups. We encourage trustees and their advisers to review now.

    If you’re unsure about any matters related to FTE or IEEs you should speak to your registered tax agent.

    Resources

    Web content:

    • Family trusts concessions – our web content covers FTEs, IEEs, the benefits of family trusts and FTDT.
    • Trusts – favourite or bookmark our comprehensive Trusts web content so you can access it whenever you need it.

    Keep up to date

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

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

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

    MIL OSI News –

  • MIL-OSI New Zealand: Have your say on Financial Service Providers (Registration and Dispute Resolution) Amendment Bill

    Source:

    Media Release

    Organisation:   Finance and Expenditure Committee

    For release:     21 May 2025

    Have your say on Financial Service Providers (Registration and Dispute Resolution) Amendment Bill

    The Finance and Expenditure Committee is calling for submissions on the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025.

    This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Credit Contracts and Consumer Finance Amendment Bill and the Financial Markets Conduct Amendment Bill.

    Please take care to upload your submission on the relevant bill. 

    Financial dispute resolution is a free way for consumers to resolve disputes with their bank, insurer, KiwiSaver provider, or other financial service provider. This bill would make two changes to financial dispute resolution. The changes aim to ensure:

    • improved oversight of approved dispute resolution scheme performance, by requiring the responsible Minister to decide how the schemes must undertake their independent reviews
    • effective and impartial governance of the schemes’ boards, by providing for a regulation-making power that can be used to set skills, experience, and independence requirements of board members.

    Tell the Finance and Expenditure Committee what you think:

    Make a submission on the bill by 11.59pm on Monday, 23 June 2025.

    For more details about the bill:

    ENDS

    For media enquiries contact:

    Finance and Expenditure Committee Staff

    fe@parliament.govt.nz

    MIL OSI

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Have your say on Financial Markets Conduct Amendment Bill

    Source:

    Media Release

    Organisation:   Finance and Expenditure Committee

    For release:     21 May 2025

    Have your say on Financial Markets Conduct Amendment Bill

    The Finance and Expenditure Committee is calling for submissions on the Financial Markets Conduct Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025.

    This bill is one of three that the Finance and Expenditure Committee is considering related to financial services.  The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Credit Contracts and Consumer Finance Amendment Bill.

    Please take care to upload your submission on the relevant bill.

    The bill would:

    • change minimum requirements for fair conduct programmes to allow for more flexibility and to reduce unnecessary prescription and compliance costs
    • require the Financial Markets Authority (FMA) to issue a single licence covering different classes of market services
    • change provisions that require firms holding a licence under the Financial Markets Conduct Act, or authorised bodies, to obtain regulatory approval from the FMA before certain changes in firms take effect
    • introduce on-site inspection powers for the FMA to, without notice, enter and remain at a place of business of a financial markets participant for compliance monitoring purpose
    • make a number of other technical amendments.

    Tell the Finance and Expenditure Committee what you think:

    Make a submission on the bill by 11.59pm on Monday, 23 June 2025.

    For more details about the bill:

    ENDS

    For media enquiries contact:

    Finance and Expenditure Committee Staff

    fe@parliament.govt.nz

    MIL OSI

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Have your say on Credit Contracts and Consumer Finance Amendment Bill

    Source:

    Media Release

    Organisation:   Finance and Expenditure Committee

    For release:     21 May 2025

    Have your say on Credit Contracts and Consumer Finance Amendment Bill

    The Finance and Expenditure Committee is calling for submissions on the Credit Contracts and Consumer Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025.

    This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Financial Markets Conduct Amendment Bill.

    Please take care to upload your submission on the relevant bill.

    This bill would:

    • transfer regulatory responsibility for credit contracts and consumer finance from the Commerce Commission to the Financial Markets Authority
    • make certain alignments between the Credit Contracts and Consumer Finance Act 2003 and other financial markets legislation to support a consistent and proportionate regulatory system, including transitioning lenders from a certification to a licensing regime
    • remove features of the Credit Contracts and Consumer Finance Act 2003 (such as the due diligence duty for directors and senior managers) that are unnecessary because of, or do not fit as well with, the new regulatory approach (including the adoption of a licensing model)
    • limit the situations in which a creditor’s failure to make required initial or variation disclosure can mean that the debtor is not liable for the costs of borrowing.

    Tell the Finance and Expenditure Committee what you think:

    Make a submission on the bill by 11.59pm on Monday, 23 June 2025.

    For more details about the bill:

    ENDS

    For media enquiries contact:

    Finance and Expenditure Committee Staff

    fe@parliament.govt.nz

    MIL OSI

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Introduction of new professions in China reflects the vitality of the country’s economic development

    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

    At the closed test site of the National Internet of Vehicles Pilot Zone in Tianjin City (Xiqing District), Yao Zhonghua, an intelligent and connected vehicle (ICV) test specialist, is fully engrossed in creating a test scenario to prepare for the discovery of the ICV’s automatic emergency braking (AEB) function.

    “We use test equipment to conduct tests on the efficiency and reliability of intelligent and connected vehicle functions, and record test videos and data in real time,” said Yao Zhonghua, 33.

    In July 2024, the Ministry of Human Resources and Social Security of China and two other departments jointly released a list of 19 new occupations, and ICV tester is one of them.

    According to analysis by Wang Linlin, dean of the Department of Human Resource Management at Nankai University Business School, over 70 percent of these new jobs are aimed at building new-quality productive forces, covering cutting-edge areas of “digital intelligence” such as the digital economy, green energy and intelligent manufacturing, which are the result of China’s technological revolution and industrial upgrading.

    The introduction of new occupations leads to a broader range of products and services, allowing more people to make full use of their own advantages and open up new development opportunities. The new advanced occupations are highly consistent with the core content of the concept of “new quality productive forces” and reflect the vitality of China’s economic development.

    At present, China’s renewing professional system has accelerated its development towards digitalization and intellectualization. Both the emergence of many new professions and the diversification of employers also reflect the acceleration of the country’s economic transformation and modernization.

    “The emergence of new occupations creates a human resource base to ensure the growth of productive forces of new quality, promotes the movement of labor from low-value-added industries to high-skilled industries, and improves the overall quality of employment,” Wang Linlin said.

    Taking the ICV industry as an example, more and more Chinese auto enterprises are pursuing innovative changes driven by new technologies. Digital workshops, smart factories, etc. are being built one after another, and innovative technological solutions and application scenarios are being introduced, leading to the constant emergence of new types of work and new professions.

    She Hongzhi, deputy general manager of Yongtai Henji Investment (Tianjin), the operator of the National Internet of Vehicles Pilot Zone in Tianjin City (Xiqing District), said that in 2024, the total testing time at the closed testing site in the pilot zone exceeded 5,000 hours, showing a year-on-year increase of 150%.

    “We have activated the development of the ICV industry, promoted the integration of enterprises into an industrial chain, created hundreds of vacancies in new professions, and the demand for skilled personnel in the fields of artificial intelligence, intelligent manufacturing and big data continues to grow,” She Hongzhi emphasized.

    With the steady development of the digital economy, intelligent manufacturing and other fields, the demand for talent in new professions continues to grow. For example, according to forecasts in a report by consulting company McKinsey, by 2030, China’s demand for artificial intelligence specialists will reach 6 million people, and the shortage may reach 4 million people. According to the company’s estimates, the shortage of highly qualified digital specialists in China has already reached 25-30 million people, and it will continue to increase.

    MIL OSI Russia News –

  • MIL-OSI China: MNCs foresee tailwinds for vibrancy

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

    The momentum generated by government policies aimed at stabilizing foreign investment, combined with the rapid growth of green and artificial intelligence-driven economies, will deliver strong tailwinds for foreign companies in China this year, said foreign business executives.

    With rising global economic headwinds and uncertainty over United States’ trade policies, many global enterprises are opting to consolidate their presence in China, with plans to maintain or expand investment.

    China’s stable and business-friendly environment supported a modest rebound in foreign direct investment in March, with actual FDI inflows into the Chinese mainland increasing by 13.2 percent year-on-year, data from the Ministry of Commerce showed.

    Marelli Holdings Co Ltd, a Saitama, Japan-headquartered multinational automotive parts manufacturer with more than 50 manufacturing facilities across the world, will expand its engineering team from 800 to 1,000 in China over the next three years.

    “Many opportunities arise from Chinese automakers’ rapid shift toward electrification and intelligence, especially in the form of software-defined vehicles, which are setting new benchmarks for speed, scale and innovation,” said David Slump, the group’s president and CEO.

    With China and the US agreeing to de-escalate trade tensions last week, Slump said that these two countries are major markets for Marelli.

    “We are closely monitoring and assessing the situation, and are committed to minimizing any impact on our operations and customers,” said Slump. He added that the company is already exporting advanced products and solutions from China to other markets, including Europe, Mexico and Southeast Asia.

    Also upbeat about the Chinese market, British pharmaceutical company AstraZeneca announced in March an investment of $2.5 billion to establish in Beijing its sixth global strategic R&D center, and further expand its biotech innovation partnerships and local manufacturing capabilities.

    The new facility will advance early-stage research and clinical development and will be enabled by a new AI and data science laboratory.

    Susan Galbraith, executive vice-president, oncology R&D, Astra-Zeneca, said that having two of its six global strategic R&D centers in China reflects the group’s confidence in China’s world-class biomedical innovation ecosystem and reinforces the nation’s critical role in its global R&D strategy.

    Ji Wenhua, a professor at the Academy of China Open Economy Studies, which is part of the University of International Business and Economics in Beijing, said that China’s well-developed industrial bases, strong supply chain resilience and policy emphasis on innovation continue to make it an attractive destination for global capital.

    According to China’s 2025 Action Plan for Stabilizing Foreign Investment, the country will support pilot regions in effectively implementing opening-up policies related to areas such as value-added telecommunication, biotechnology and wholly foreign-owned hospitals, providing whole-journey services for foreign-invested projects in these sectors.

    The action plan also supports foreign businesses to participate in China’s new industrialization, with a focus on high-tech fields. Global capital has been welcomed in service sectors such as elderly care, culture and tourism, sports, healthcare, vocational education and finance.

    As part of its strategy to strengthen operations in China, US express transportation service provider FedEx Corp announced in mid-May that it would enhance its international export services from Shanghai.

    The cutoff times for same-day outbound shipments from Shanghai to Europe, Asia-Pacific and the Middle East, India and Africa will be further extended.

    The foreign trade value of foreign-invested businesses reached 4.1 trillion yuan ($567.51 billion) in China between January and April, up 1.9 percent year-on-year, accounting for 29 percent of China’s total foreign trade value, statistics from the General Administration of Customs showed.

    In the meantime, Jiangsu province, a major hub for foreign-invested companies, recorded 864.25 billion yuan in foreign trade value, up 7.2 percent year-on-year, according to Nanjing Customs.

    MIL OSI China News –

  • MIL-OSI USA: Idaho Delegation Urges Administration to Move Small Business Regional Office to Idaho

    US Senate News:

    Source: United States Senator for Idaho James E Risch
    WASHINGTON – U.S. Senators Jim Risch and Mike Crapo and Representatives Mike Simpson and Russ Fulcher today sent a letter to Small Business Administrator Kelly Loeffler urging the Small Business Administration (SBA) to move the Seattle regional office from Washington to Idaho.
    “[. . .] unlike other states served by the Seattle Office, Idaho has demonstrated a strong commitment to putting American citizens first. Our state has enacted a statewide ban on sanctuary cities, and the Idaho Congressional Delegation has repeatedly worked to prevent illegal immigrants and sanctuary cities from abusing federal funding,” wrote the lawmakers. “By relocating the regional office to Idaho, the SBA would ensure its services align with President Trump’s priorities, directly benefitting law-abiding business owners.”
    In March, Administrator Loeffler announced her intention to relocate six regional offices from cities that have refused to comply with U.S. Immigration and Customs Enforcement. The SBA Region 10 Office in Seattle oversees Idaho, Washington, Alaska, and Oregon.
    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock Encourages Atlanta Business, Civic Leaders to Continue Putting Service Over Self in Remarks to Rotary Club of Atlanta

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Encourages Atlanta Business, Civic Leaders to Continue Putting Service Over Self in Remarks to Rotary Club of Atlanta

    Senator Reverend Warnock encouraged over 100 Georgia business and civic leaders to continue living out their motto of “service above self” in this moment of political and economic uncertainty
    The Georgia Rotarians held a luncheon at the Loudermilk Center in Atlanta, Georgia, including leaders and representatives from various non-profit and small business leaders across the Atlanta region
    Established in 1913, the Rotary Club of Atlanta has grown to be one of the most influential business and civic clubs in the world
    ICYMI from Saporta Report: U.S. Sen. Raphael Warnock: ‘Uncertainty is never a friend of business’
    Watch Senator Reverend Warnock’s remarks to the Rotary Club of Atlanta HERE
    Atlanta, GA – In remarks to the Rotary Club of Atlanta yesterday, U.S. Senator Reverend Raphael Warnock (D-GA)encouraged over 100 Georgia business and civic leaders to continue living out their motto of “service above self” in this moment of political and economic uncertainty. 
    “As an alum of Head Start, as an alum of Upward Bound, another federal program called Trio that put a kid in housing projects on a college campus every summer so that I could know that I belonged there, as someone who’s been a beneficiary of Pell grants and low-interest student loans. I’m fighting for that kid on Cape Street, and every variation of that kid in rural communities all across our state. And so in this moral moment, I hope that we will recommit ourselves to standing in the best of the Rotarian spirit of service over self. It’s the reason why I’m deeply concerned about much of what is happening right now. I am worried about our country,” said Senator Reverend Warnock. 
    The Georgia Rotarians held a luncheon at the Loudermilk Center in Atlanta, Georgia, including leaders and representatives from Centers for Disease Control and Prevention (CDC), the Metro Chamber, YMCA of Metro Atlanta, Ideas United, and various non-profit and small business leaders representing industries across the Atlanta region. 
    Above: Senator Reverend Warnock greeting constituents and local business and civic leaders
    After greeting constituents, the Senator was recognized by the Club’s Board Chair John Yates with a personalized poem he authored highlighting Senator Warnock’s commitment to service for all Georgians. The Senator was introduced by Program Chair and CEO of Ideas United David Roemer ahead of his keynote remarks, where the Senator discussed the detrimental effects of policy unpredictability on businesses and his concerns about tariffs impacts on Georgia small businesses and consumers. Senator Warnock encouraged business leaders to advocate for common-sense leadership and to be unafraid in using their voices to call out the danger and damage Washington politicians pose to Georgia workers and families. 
    “Like many of you, I’m very concerned about these tariffs. I haven’t met anybody yet who’s excited about it. I talked to business leaders. They are worried. I was down in my hometown of Savannah, Georgia a couple of weeks ago meeting with leaders at the port. […] And while there I was talking to leaders and farmers and small businesses, and they feel the uncertainty. One gentleman involved with beekeeping and honey paid more than $25,000 in tariffs on his last import. He’s a small business owner. He doesn’t get to just move something around and be okay for the next quarter. He could lose his business. He does not know what he is going to do. He does not want to pass that cost on to the consumer, but understandably, he does not want to eat those costs himself. We’re hearing stories like that across Metro Atlanta, where business owners and leaders are left scratching their heads because the math ain’t mathing,” said Senator Reverend Warnock. 
    “They cannot plan in this uncertain, unpredictable environment. […] And so this is such an important moment for business leaders to stand up, to raise your voices, to use your influence in the ways that you can. Now, I’m not naive. I know that when you’re running a business, you want to stay as far from politics as you can. I don’t blame you. But there comes a moment when that which is so fundamental to opportunity and possibility is at stake that we have to raise our voices. We have to use our influence in the same way to stand up and fight for tax cuts, stand up and fight for immigration policy that makes good business sense,” Senator Reverend Warnock continued. 
    Above: Senator Reverend Warnock gives remarks to the Rotary Club of Atlanta
    Additionally, Senator Warnock reflected on his new report that uplifts the success of the clean energy tax credits he helped put into law and propelled Georgia to the forefront of our nation’s clean energy economy, but which are now under threat as Washington Republicans seek to scale back these clean energy jobs and investments. 
    “According to my report, in Georgia, nearly all the new [clean energy] investments and the new jobs are in counties outside of Metro Atlanta. Nationwide analyzes show that the vast majority of projects announced following the passage of these clean energy tax credits. Over three and four projects have gone to House districts currently held by Republicans. But this is especially true in Georgia. […] This is good news for Georgia, and to undermine it does not make good sense, it’s hard to defend that. The data is clear, and so my colleagues have a decision to make about who they will fight for and what they believe in. Who will they support? But this I do know: uncertainty is never a friend of business, right? It’s hard to know where they invest. You’re not certain about what’s going to happen along the supply chain, it’s hard to know that you should continue to lean in and invest in a clean energy future in Georgia if the Congress can simply undo two years later what it decided to do two years ago, right at the moment that we’re beginning to make progress,”said Senator Reverend Warnock. 
    Above: Senator Reverend Warnock participates in a fireside chat with Program Chair and Ideas United CEO David Roemer
    Following his remarks, the Senator participated in a fireside chat conversation with David Roemer and fielded questions from members of the Rotary Club of Atlanta. Senator Warnock closed by reiterating his service to all Georgians is rooted in his mission to see America win by making sure every child has a chance, and the next kid growing up in public housing or relying on low-interest loans for an education knows that anything is possible in America. 
    “It’s our job to tell our children that in America anything is possible,” Senator Reverend Warnock said in closing. 

    MIL OSI USA News –

  • MIL-OSI China: China’s private economy gets new boost as landmark law takes effect

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

    China’s first fundamental law dedicated to promoting the private sector came into effect Tuesday, strengthening legal protections and injecting fresh momentum into a key driver of the world’s second-largest economy.

    The Private Sector Promotion Law, passed in late April, aims to optimize the development environment for the sector, ensure fair market competition, and promote the growth of both the private economy and private entrepreneurs.

    It clearly states that the private sector is “an important part of the socialist market economy,” and promoting its sustained, healthy and high-quality development is a significant and long-term policy.

    This legislation marks a milestone in the development of the sector, which contributes more than 60 percent of China’s GDP.

    “The law demonstrates the country’s long-term commitment to the private sector, and is expected to further unlock its innovation potential and reinforce the confidence of private entrepreneurs,” said Wen Bin, chief economist at China Minsheng Bank.

    From ensuring fair market access and financing support to enhancing services and protection of original innovation, the 78-article law cements efforts to encourage, support and guide the growth of the private sector.

    The private sector has become a prominent part of China’s economy thanks to a nurturing policy environment, which has led to it driving innovation, employment and overall economic growth.

    Private firms make up more than 90 percent of the country’s total enterprises and more than 80 percent of urban employment. They have also become key players in China’s push for innovation-driven growth, contributing to more than 70 percent of the country’s technological innovation achievements.

    Experts and business leaders view the law as “highly timely and absolutely essential.” It comes as China revs up efforts to bolster the private sector and the broader economy, as the country tries to navigate external shocks and domestic development challenges.

    Private firms are facing mounting pressures, including international trade barriers, weak domestic demand and the pressing need for industrial transformation and upgrading, but opportunities coexist alongside these challenges, said Cheng Xiaobo, chairman of Lifang Group, a vision tech firm headquartered in Shanghai.

    With the legal safeguards and a focus on core tech breakthroughs, and by capitalizing on China’s emerging new consumption scenarios, private firms are better positioned to turn the headwinds into tailwinds, Cheng added.

    “The rule of law is the best business environment,” said Qi Xiangdong, chairman of cybersecurity firm Qi-Anxin and vice chairman of the All-China Federation of Industry and Commerce, noting that the law transforms policy support into legal guarantees.

    The legislation follows a series of pro-business measures rolled out this year. In February, China held a high-level symposium on private enterprises, which was widely viewed as a strong signal to boost the confidence and growth of the private sector.

    A month later, at the “two sessions,” the country reiterated support for private enterprises, vowing to take effective moves to stimulate the vitality of all market entities.

    China is also beefing up financial support for the private sector, and working to level the playing field. Last month, a new version of the market access negative list was unveiled, specifying fields that are off-limits to both domestic and overseas business entities. The new negative list reduced the number of items on it from 117 to 106.

    Executives of high-tech private firms particularly welcomed the law’s focus on tech innovation and enhanced protection for original innovation and intellectual property rights.

    Han Dongcheng, chairman of Anhui Easpeed Technology Co., Ltd., a firm focusing on holographic imaging technology, said the law served not only as an incentive for tech firms like his, but also as a strong institutional safeguard, enabling firms to focus on research and development with greater confidence in defending their achievements.

    Similarly, Tan Limin, chairman of Westwell, a Chinese tech firm that develops AI applications and autonomous driving solutions, highlighted the law’s broader significance. From ensuring a more level playing field, enabling fairer market competition, to encouraging innovation and enhancing intellectual property protection, “the law delivers concrete safeguards for private businesses and bolsters confidence for both their daily operation and long-term growth,” Tan said.

    Backed by follow-up policies and stricter enforcement, the law will further improve the business environment, unleash private-sector vitality, and promote the forging of a new development paradigm, cementing its role as a legal cornerstone for high-quality development of the private economy, said Wen of China Minsheng Bank. 

    MIL OSI China News –

  • MIL-OSI Australia: Bedshed pays penalties for allegedly misleading customers over NDIS endorsement

    Source: Australian Ministers for Regional Development

    Bedding retailer Bedshed Franchising Pty Ltd has paid $39,600 in penalties after the ACCC issued it with two infringement notices for allegedly making false or misleading representations to consumers through advertising that suggested certain products it sold had been evaluated or approved by the National Disability Insurance Scheme (NDIS).

    This action comes after the ACCC put businesses on notice of its focus on problematic advertising practices targeting NDIS participants in November 2024.

    The ACCC alleges that Bedshed advertised on its website and Google Ads that some of its mattresses, furniture and bedding accessories were ‘NDIS approved’ and ‘NDIS permitted’.

    “The NDIS does not approve any specific goods or services and to suggest otherwise is misleading and risks taking advantage of vulnerable consumers,” ACCC Chair Gina Cass-Gottlieb said.

    “Each NDIS participant has unique needs, and what’s funded under their plan is determined individually, not through a list of approved products. Targeting consumers experiencing vulnerability or disadvantage with misleading advertising is particularly concerning, and we are continuing to investigate companies making similar claims.”

    “These infringement notices should serve as a warning to all businesses that advertise their products or services to NDIS participants – your advertising must reflect the facts,” Ms Cass Gottlieb said.

    In December 2023, the Australian Government established the NDIS (Fair Price and Australian Consumer Law) Taskforce, which comprises of the ACCC, the NDIS Quality and Safeguards Commission and the National Disability Insurance Agency (NDIA). The taskforce was established to address concerns that NDIS participants were being charged more for goods and services than other consumers, and to address potential breaches of Australian Consumer Law.

    If an NDIS participant thinks a business has made false or misleading statements about products or services, including whether they are endorsed or approved by the NDIS, or if they consider their consumer rights have not been met, they can make a report to the ACCC.

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

    Note to editors

    The ACCC can issue an infringement notice when it has reasonable grounds to believe a person or business has contravened certain consumer protection provisions in the Australian Consumer Law.

    The payment of a penalty specified in an infringement notice is not an admission of a contravention of the Australian Consumer Law. The Australian Consumer Law sets the penalty amount.

    What false or misleading advertising about the NDIS might look like

    Examples of concerning advertising that may be false, or misleading include:

    • The use of the words ‘NDIS approved’ as the NDIS does not have the function of approving or endorsing particular goods or services.
    • Advertising suggesting NDIS funds will cover “all inclusive” holidays, when general costs associated with holidays would not be covered by NDIS funding.
    • Meal delivery services suggesting the cost of meals is covered by the NDIS, when the NDIS does not cover food expenses.
    • Advertising that provides instructions on how to use NDIS funding codes to cover costs of recreational services that are not covered by the NDIS – for example, going to the movies or a theme park.
    • Advertising that suggests a business is affiliated or endorsed by the NDIS, by using NDIS in its business name or in the description of its services, for example ‘NDIS therapies’.

    Background

    Bedshed is a franchise that supplies mattresses, bedding, furniture and related accessories to consumers. The business operates at a retail level with an online store and 43 brick-and-mortar stores in locations across WA, Victoria, Queensland, ACT and NSW. Of the 43 brick-and-mortar stores, 11 are registered NDIS providers.

    In December 2024, the ACCC instituted proceedings against registered NDIS provider Ausnew Home Care Service Pty Ltd, for alleged false and misleading representations, including statements that certain products were ‘NDIS approved’, relating to aged care and disability products. The matter remains before the Court.

    MIL OSI News –

  • MIL-OSI Banking: Samsung Art Store Brings Disney, Pixar, Star Wars and More to Screens in 4K

    Source: Samsung

     
    Samsung Electronics today announced the addition of new pieces from Disney’s iconic portfolio to the Samsung Art Store,1 offering TV users worldwide a stunning new way to enjoy beloved visuals from Disney, Pixar, Star Wars and National Geographic — all in crystal-clear 4K resolution.
     
    “We’re thrilled to expand our collaboration with Disney to offer their most beloved artwork to our global community of Art Store users,” said Heeyeong Ahn, Vice President of the Visual Display Business at Samsung Electronics. “By offering a diverse range of artistic content that transcends genres and generations, we aim to enrich the everyday lives of our users with art.”
     

     
    The new Disney Collection transforms living rooms into immersive digital galleries, featuring classic and contemporary works that celebrate storytelling, adventure and the beauty of our planet. From the heartwarming tales of Disney princesses from films like “The Little Mermaid,” “Snow White,” and “Tangled” to the legendary “Star Wars saga” and the breathtaking wildlife of “Planet Earth,” the collection also offers fans a chance to discover new favorites — all through the lens of stunning digital art.
     
    Samsung Art Store, a global digital art subscription platform available on Samsung TVs, now offers over 3,500 curated artworks from more than 800 artists and 70 world-class galleries and museums. First launched in 2017 with The Frame, the Art Store experience is now available on 2025 Samsung AI-powered Neo QLED and QLED TVs,2 giving more viewers access to premium art in 4K resolution.
     
    In addition to this latest Disney collaboration, users can easily enjoy masterpieces from world-renowned museums such as the Museum of Modern Art (MoMA), the Metropolitan Museum of Art and the Musée d’Orsay, as well as a variety of contemporary and modern artworks showcased at Art Basel, from the comfort of their homes. The service also includes curated selections handpicked by professional art experts on a monthly basis, enhancing the overall viewing experience.
     
    For more information, visit www.samsung.com.
     
     
    1 The Disney Collection is now available in selected countries across Asia, North America (including the United States and Canada), and Europe, where the Samsung Art Store is supported.
    2 For models Q7F and above.

    MIL OSI Global Banks –

  • MIL-OSI New Zealand: Awards – Outstanding exporters to be recognised at ExportNZ ASB Bay of Plenty Export Awards

    Source: EMA

    Judges for the ExportNZ ASB Bay of Plenty Export Awards have announced the finalists who will be honoured at the awards gala on Friday 18 July at Mercury Baypark, Mount Maunganui. The awards, organised by the EMA, celebrate the exceptional achievements of Bay of Plenty businesses who are exporting goods and services to markets around the world.
    The event is proudly supported by principal sponsor ASB, as well as Sharp Tudhope, Air NZ Cargo, Page Macrae, Zespri, and Orbit Travel, and supporting partners NZTE, Comvita and Port of Tauranga.
    Winners announced at Awards Gala on 18  July, at Mercury Baypark, Mount Maunganui
    The success of each finalist will be celebrated at the 1920s-themed awards gala on 18 July, which promises to be a night of elegance, glamour and celebration, honouring the innovation and resilience of the region’s exporters. Gala tickets are available at ExportNZ ASB Bay of Plenty Export Awards 2025 .
    List of finalists – ExportNZ ASB Bay of Plenty Export Awards
    Finalists in the 2025 awards encompass a broad range of innovative businesses, showcasing the breadth and depth of exporting excellence in the Bay of Plenty region. These include heavy engineering and precision machine manufacturers, technology and software solution providers for the agricultural, health and legal sectors, as well as a manufacturer of kids’ cycling accessories. The finalists for the 2025 ExportNZ ASB Bay of Plenty Export Awards are:
    • Bluelab – a manufacturer of precision instruments for measuring pH, electrical conductivity and temperature in controlled agricultural environments.
    • Carepatron – a provider of a secure, cloud-based healthcare solution for practitioners to manage clients, appointments, payments, and records.
    • Kids Ride Shotgun – a designer and manufacturer of mountain bike seats and accessories for young children to enjoy biking with their families.
    • LawVu – a provider of a unified, cloud-based legal workspace, designed for in-house legal teams to efficiently manage matters, contracts, spend, documents, and reporting within a single, secure platform.
    • Medella Health – a developer of innovative wellness devices, including the Flowpresso therapy suit, which combines compression, deep pressure and thermo therapy.
    • Oasis Engineering – a manufacturer of high-pressure control devices for gases, such as hydrogen and compressed natural gas.
    • Plazmax – a designer and manufacturer of advanced computer numerical control (CNC) plasma cutting and robotic welding systems for precision engineering.
    • Rhino Manufacturing – an industry-leading supplier of parts for trucks and trailers; Rhino guards blend powerful performance with striking style.
    • Spida Machinery – a manufacturer of high-quality, precision machinery for the frame, truss, and building-component industries.
    • Trimax Mowing Systems – a designer and manufacturer of tractor-powered roller and flail mowers for commercial use.
    The short-listed exporting companies will be judged over the following categories:
    – Best Emerging Business (in partnership with Air New Zealand Cargo) – recognising businesses in the early stage of their international growth journey.
    – Excellence in Innovation (in partnership with Page Macrae) – recognising success in the commercialisation of innovation in international markets, incorporating intellectual property, strategy, processes and monitoring.
    – Exporter of the Year (in partnership with Sharpe Tudhope) – recognising the success of those businesses that are established in their international growth journey.
    In addition, the Export Achievement Award (in partnership with Zespri) recognises an individual who has made a material contribution to the export success of a business. Finalists for this category are:
    – Sarah Webb, LawVu
    – Karl Stevenson, BlueLab
    Finally, the Services to Export Award (in partnership with Orbit Travel) recognises an individual or business, who may or may not be directly involved with exporting, but has made a significant contribution to exporting success in the Bay of Plenty. Entry for this award is by nomination only, with the winner announced at the awards gala on 18 July.
    Highlighting export innovation in Bay of Plenty
    The awards are organised by the EMA on behalf of ExportNZ. EMA Chief Executive John Fraser-Mackenzie says, “We look forward to honouring these outstanding companies at this year’s awards gala on 18 July, which will harness the spirit of the ‘Roaring Twenties’.
    “The awards celebrate the community of business, providing an opportunity for peer-to-peer networking and knowledge sharing among like-minded, export-oriented companies.”
    Chair of the ExportNZ BoP Executive Committee Warwick Downing says, “These awards shine a well-deserved spotlight on the incredible exporters in the Bay of Plenty who work tirelessly to bring New Zealand products and services to the world.
    “Equally important is the opportunity they provide to bring the exporting community together, to share stories, challenges, and insights that help drive the sector forward.”
    Head of Trade Finance at ASB Bank Mike Atkins says, “We are excited to partner with ExportNZ to celebrate the export champions from the Bay of Plenty region.
    “At ASB, we are passionate about enabling exporters to scale up, be it through working capital funding or other advisory initiatives across productivity, sustainability, clean tech, and food & fibre.”
    Executive Director of ExportNZ Josh Tan says, “These awards are a recognition of the incredible mahi of exporters in the Bay of Plenty who continue to deliver excellence.
    “The awards not only celebrate the individual enterprises, importantly they encourage a collaborative culture that nurtures exporting success across the region.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Senators Gillibrand And Schumer, Rep. Torres Statement On United States Consumer Product Safety Commission Vote To Withdraw E-Bike Safety Proposed Rulemaking

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    Today, United States Senators Kirsten Gillibrand and Charles Schumer, along with Congressman Ritchie Torres, released the following statement on the U.S. Consumer Product Safety Commission (CPSC) decision to withdraw the notice of proposed rulemaking (NPRM) on lithium-ion batteries in micromobility devices:
    “As New Yorkers, we know firsthand how destructive faulty lithium-ion batteries can be, causing hundreds of fires, including fatalities, just last year. These unregulated products have killed and injured innocent New Yorkers, while putting our public safety officers, especially our firefighters, in harm’s way. We were pleased with the U.S. Consumer Product Safety Commission’s initial decision to begin the rulemaking process that would make the lithium-ion batteries safer. However, we are dismayed at their decision to withdraw the notice of proposed rulemaking. We need the CPSC as a partner to help make critical progress in our fight to crack down on unregulated lithium-ion batteries, and we encourage them to reevaluate their dangerous and faulty decision.”
    If enacted, the NPRM would start the process to finalize federal regulations for lithium-ion batteries. Additionally, Senator Gillibrand, Senator Schumer, and Congressman Torres authored the bipartisan Setting Consumer Standards for Lithium-Ion Batteries Act, legislation that would establish the first federal safety standards for lithium-ion batteries used in e-bikes, e-scooters, and other micromobility devices. The House of Representatives passed this critical legislation on April 28, 2025.
    Lithium-ion batteries, which are commonly used in e-bikes, electric scooters, and other micromobility devices, are often manufactured abroad without being subject to acceptable safety standards. As a result, they commonly cause explosions and fires that lead to property damage and loss of life. In New York City alone, the New York City Fire Department reports that rechargeable lithium-ion batteries have caused more than 1,000 fires since 2019, resulting in 523 injuries, 34 deaths and damage to over 650 structures. In 2024, there were 279 e-bike and e-mobility device battery fires in NYC, a dramatic increase from the 30 that occurred in 2019.
    Last month, Gillibrand, Schumer, and Torres called on the CPSC to vote in favor of the NPRM on lithium-ion batteries as soon as possible in order to protect the lives of Americans who rely on e-bikes and e-scooters.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Young Kim Bill to Support Small Business Passes Out of Committee

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, the House Financial Services Committee passed the Improving Access to Small Business Information Act (H.R. 3351), a bipartisan bill led by Reps. Young Kim (CA-40) and Josh Gottheimer (NJ-05) to cut burdensome regulations hurting small business owners.  

    The Improving Access to Small Business Information Act would 

     amend the Securities Exchange Act of 1934 to specify that actions—like conducting field surveys—of the Advocate for Small Business Capital Formation are not a collection of information under the Paper Reduction Act (PRA).   

    Rep. Kim spoke in Committee in support of the bill. Read her remarks below or watch HERE.  

    Thank you, Chairman Hill and Ranking Member Waters, for holding this important markup.   

    I also want to thank my colleague and friend, Representative Gottheimer from New Jersey, for co-leading H.R. 3351 – the Improving Access to Small Business Information Act – with me.    

    My bill is simple. The legislation would specify that activities, like conducting field surveys, carried out by the Advocate for Small Business Capital Formation, are not a collection of information under the Paper Reduction Act (PRA). Currently, OMB’s approval process is prolonged and bureaucratic, which delays feedback collection from small businesses and their investors.    

    I am proud to represent Orange County which is home to over 100,000 small businesses. It takes grit, perseverance, and commitment to start with an idea and make it a reality. As a former small business owner myself, I remember often wondering if the government truly understood the way that its policies impacted small businesses.  

    Former Director of the Office of the Advocate, Martha Miller, said that “the Office went through a yearlong process just to collect registration information for our annual forum and ask a few basic questions to understand the audience attending”. Our regulations are restricting the government from understanding the needs of small businesses.   

    The SEC’s Office of the Advocate for Small Business Capital Formation is the primary office charged with advancing the interests of small businesses and their investors. With the ever-changing economic and regulatory environment, the Office must be able to adapt quickly to the needs of small businesses and gather timely feedback to improve policy. H.R. 3351 reduces red tape and streamlines access to tools that the Office can utilize to gather more effective and timely data. The better information that the Office can gather, the better the SEC can respond, and the better off our small businesses will be.   

    I urge my colleagues from both sides of the aisle to support H.R. 3351. With that, I yield the balance of my time.    

    MIL OSI USA News –

  • MIL-OSI New Zealand: Budget 2025 – Businesses Watching Closely as Budget 2025 Nears

    Source: Business Canterbury

    With Budget 2025 being released tomorrow, businesses across Canterbury will be watching closely to see what’s on the table. With clear signals from the Government that this year’s budget has been signalled as a tight one, the focus for business will be on how the initiatives, continued or added, can support economic growth and create the right conditions for them to invest and grow.

    Business Canterbury will be releasing a response to Budget 2025 by 3:00pm tomorrow, and Leeann Watson will be available for comment following.

    On pre-Budget expectations, Business Canterbury Chief Executive Leeann Watson says, “The key area businesses will be looking at is continued investment in infrastructure, careful spending to continue the downward trend in inflation and interest rates, and initiatives that enable and help boost investment in R&D and growth.

    “Two key areas are top of mind for our business community, and this starts with the Government having a long-term plan that focuses on infrastructure investment. New Zealand’s infrastructure deficit continues to grow, and here in the South Island, strong connections to ports, airports, and across the supply chain are essential for the connectivity of our exports, imports and people.

    “Investment in critical transport links, including the Interislander replacements and roading projects, needs to remain a priority, even in a fiscally constrained environment. When the economy turns a corner, we need the infrastructure in place to support it.

    “Our latest Quarterly Canterbury Business Survey results showed increasing confidence, but this optimism hasn’t yet translated into investment. The right policy settings could shift that.

    “Targeted business support that enables innovation and investment, especially among SMEs, will be hugely important as we look ahead at a better economy, but with intentions around investment and creating jobs remaining subdued. Practical and efficient support for research and development, such as accelerated depreciation for R&D activities, for example, would give businesses the confidence to invest now in future growth.

    About Business Canterbury

    Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cortez Masto Grills Trump’s Nominee for IRS Commissioner about his Involvement in a Fraudulent Tax Scheme

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) grilled Billy Long, President Trump’s nominee to lead the Internal Revenue Service (IRS), about his involvement in a tax fraud scheme in which he encouraged people to claim a fake Tribal tax credit. Long repeatedly failed to provide her with clear answers.
    Long has close ties to Capital Edge and the White River Energy Corporation, which promoted Tribal tax credits that the IRS later confirmed do not exist. Long reported earning $65,000 for his work related to the scheme. Cortez Masto has repeatedly sounded the alarm about Long’s alleged participation in tax fraud. Last month, she called for a criminal investigation into this scheme, and last week, she demanded answers from the White River Energy Corporation. Long suddenly received thousands of dollars campaign donations from individuals employed by these companies shortly after he was nominated to serve as IRS Commissioner, which he used to pay off a personal loan to his campaign.
    Cortez Masto pressed Long on his admission that he was involved in the scam, saying “In response to the question ‘How many Tribal tax credit referrals did you work on for Capital Edge and White River?’ […] you responded, ‘Less than ten close friends and acquaintances to Capital Edge.’ So, you did refer Tribal tax credits to individuals, correct?”
    “I referred them to Capital Edge Strategies, yes,” Long replied.
    “Knowing that they are illegal, and the IRS has said they are illegal, how do you stand here before this committee and tell the Chairman just a few minutes ago that you have no conflict of interest?” Cortez Masto asked.
    Mr. Long did not provide a clear answer.
    “We have asked the IRS to investigate these Tribal tax credits and the scam, and the companies that were involved, and some of the companies allegedly that were involved were [White River Energy Corporation], a company that you received compensation from,” Cortez Masto said. “How can you sit here today and say there’s no conflict knowing now that there is an investigation underway with the IRS and we’re asking them to look at this scam and it may involve a company that you are affiliated with?”
    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. She introduced legislation to protect and support whistleblowers reporting wrongdoing to the Consumer Financial Protection Bureau, and her bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020.

    MIL OSI USA News –