Source: World Economic Forum (video statements)
Manufacturing in a Fragmented World
China’s industrial output grew by nearly 6% in 2024 and the country continues to dominate the manufacturing sector globally, which underpins its export growth.
As tariffs begin to take effect and China’s services sector ramps up, what is the outlook for both the traditional and new sources of production?
Source: European Commission (video statements)
The European Union is introducing its first EU Space Law on 25 June 2025 to respond to a rapidly evolving space sector. With more satellites and private actors in orbit than ever before, clear and consistent rules are needed.
The new law aims to support innovation, ensure safety, and strengthen Europe’s competitiveness in the global space economy. It’s a key step toward a more secure and strategic European presence in space.
Source: Government of India
Source: Government of India (4)
Source: Government of India
Source: Government of India (4)
NITI Aayog on Tuesday released the third edition of its quarterly insights series Future Front, titled “India’s Data Imperative: The Pivot Towards Quality.” The report focuses on the critical need to enhance data quality in order to strengthen digital governance, build public trust, and improve service delivery mechanisms across the country.
The publication addresses the persistent challenges caused by poor data quality in public systems and introduces two key tools to help tackle the issue: a Data-Quality Scorecard designed to assess and track essential data attributes, and a Data-Quality Maturity Framework that enables self-assessment and the development of actionable roadmaps for data improvement.
During the report’s launch, senior officials including B.V.R. Subrahmanyam, CEO of NITI Aayog; Dr. Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI); and Debjani Ghosh, Distinguished Fellow at NITI Aayog, emphasized the importance of establishing strong data foundations to support India’s evolving digital ecosystem.
The event saw participation from senior officials, experts, and NITI Aayog staff, who agreed that quality data is vital for effective governance and a digitally empowered India. The report aims to guide policymakers and institutions in aligning data systems with global standards for better decision-making.
Source: Government of India
Source: Government of India (4)
Fast bowler Josh Tongue insisted England only have victory in their sights ahead of the final day of a thrilling first test against India, despite the imposing 371 target set by the touring side on Monday.
Since coach Brendon McCullum and captain Ben Stokes came together in 2022, England have been famed for their aggressive, win-at-all-costs approach, leading to plenty of dramatic highs, and some lows, during that time.
England have only drawn one from 35 tests under the current regime, with one of their exhilarating run chases in that spell coming when they reached 378 against India in 2022 — the only time India have lost when defending test totals of more than 350.
Resuming on 21-0 on day five at Headingley on Tuesday, England will be looking to achieve their second-highest successful test run chase against India.
“Obviously we’re really confident,” Tongue, who took three wickets in four balls in the second innings to help rip through the India lower order and give England hope of victory, told reporters.
“We have a very strong battling line-up, we play a positive brand of cricket, so a 371 target would be good to chase tomorrow.
“No (draw has not been discussed). I think we just go for the win — that’s what the clear message in the changing rooms. I think it’s just been as positive as we can.”
Victory would also mean England chase down the second highest fourth innings target at Headingley, more than the Ben Stokes-inspired heroics on the same ground against Australia in 2019.
“Yeah, obviously I remember Stokes here against the Aussies. Like then, we have the batting line-up, I think we can chase down anything,” Tongue added.
“It’s just soaking up pressure and then reapplying that the pressure to put back onto the bowlers as well. I don’t see why not we can’t chase it.”
-Reuters
Source: City of Wolverhampton
Developer Morro Partnerships has constructed the two-bedroom, gas-free homes with solar panels, at the ‘Magic Gardens’ site off Sandmere Rise.
The council’s housing development team led on the project and the homes, built using sustainable building methods, have this week been handed over to Bushbury Estate Management Board (EMB) ready for existing council tenants to move in – in turn releasing larger family homes that will subsequently be relet to local people in accordance with the council’s allocations policy.
The eight bungalows form part of the latest phase of new council homes coming forward across the city, with development works underway or set to start in the coming months on 81 properties across six sites.
‘Magic Gardens’ was historically used for organised recreational community activities but has been unused since around 2011.
The development has been supported by a £600,000 grant from Homes England.
Councillor Steve Evans, the council’s Deputy Leader and Cabinet Member for City Housing, said: “One of our key priorities is to build new and better homes for local people in well-connected neighbourhoods across the city.
“It’s fantastic to see elderly residents from Low Hill, who predominantly live alone in a three-bedroom family house, now being able to downsize to a two-bedroom bungalow and free up a family home.
“This is also another example of the council’s brownfield land-first strategy bringing small disused sites back into use for the benefit of our residents and communities.”
Tom Broadway, Managing Director (West Midlands) at Morro Partnerships, said: “The transformation of Magic Gardens into high-quality, energy-efficient homes shows what’s possible when we bring purpose to every square metre of land.
“We’re proud to have delivered sustainable bungalows that not only meet the needs of older residents but also support the wider community by freeing up much-needed family housing.
“This project reflects our commitment to building better homes, regenerating forgotten spaces, and helping councils like Wolverhampton create lasting local impact.”
Translation. Region: Russian Federal
Source: State University of Management – Official website of the State –
The State University of Management won in the special nomination “Agenda Leaders” within the framework of the “University Race” of the youth festival “VuzEcoFest-2025”.
The 11th youth festival “VuzEcoFest-2025” was held throughout Russia, as well as in Armenia, Uzbekistan and the Republic of Belarus. The State University of Management has been actively participating in it since 2017.
The team of the EcoClub named after V.I. Vernadsky of the State University of Management held a series of events on environmental topics: a scientific seminar “Climate Change: Adaptation of the University and the Region of Its Presence”, environmental film screenings, the “Kind Chancellery” campaign, an environmental video relay race, a thematic game library and a quiz “Mysteries of Chukotka”. The key event was an excursion to the “Water Museum”, during which participants were able to get acquainted with the history of the water supply system, as well as learn about modern technologies in the field of water supply and sanitation.
In addition, students of the State University of Management, together with participants from other universities, took part in a survey on attitudes towards climate change. According to the results of the study, 78% of students expressed concern about climate change issues and noted that global warming is a problem.
“As part of the VuzEcoFest-2025 festival, it was important for us to address issues of adaptation to climate change, including at the level of regions where universities are present. The festival helped to increase the interest of young people in the topic and strengthen the desire to share their ideas and scientific developments,” shared Anastasia Okorochkova, director of the Territory of Sustainable Development ANO.
The annual international youth festival “VuzEcoFest” is a cultural and educational project to form a community of leaders-mentors and professionals in the field of sustainable development. The project is carried out by the ANO “Territory of Sustainable Development” with the support of the Ministry of Education and Science and the Ministry of Natural Resources of Russia.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: People’s Republic of China – Ministry of National Defense 2
BEIJING, June 24 — At the invitation of the Ministry of Armed Forces of Madagascar, the Chinese People’s Liberation Army (PLA) Support Base in Djibouti will send a detachment on June 26 to participate in the military parade marking the 65th anniversary of Madagascar’s independence and the founding of the Armed Forces of Madagascar, according to a written statement released by China’s Ministry of National Defense on Tuesday.
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Source: People’s Republic of China – State Council News
Bruce Lee, Jackie Chan and Jet Li are set to appear on the big screen in AI-generated form, after a new initiative to remake 100 classic Chinese martial arts films using artificial intelligence was announced on June 19 at the 27th Shanghai International Film Festival (SIFF).
Leaders, executives, partners and guests pose for a photo at the launch of an initiative to remake classic kung fu films using artificial intelligence during the 27th Shanghai International Film Festival, Shanghai, June 19, 2025. [Photo courtesy of SIFF Organizing Committee]
For the first phase of the project, Shanghai Canxing Culture & Media Co. will license 10 classic Hong Kong kung fu films from its archive — including “A Better Tomorrow,” “Police Story,” “King of Beggars” and “Swordsman” — under the “All-time Kung Fu Legends — Grand AI Revival of 100 Selected Chinese Kung Fu Epics” banner.
The company will collaborate with AI teams and animators to digitally reboot and adapt these martial arts classics.
Zhang Pimin, chairman of the China Film Foundation, said Chinese kung fu films are Chinese cultural treasures that capture the “chivalric spirit” that emphasizes the protection of the weak.
Zhang said the project will feature classics such as “Once Upon a Time in China” and “Fist of Fury” and marks an important step in blending traditional culture with modern innovation through AI.
“From Bruce Lee breaking cultural barriers with martial arts to Jackie Chan conquering the world with kung fu comedies, Chinese kung fu films have always been a golden brand for sharing China’s stories and values,” he said, urging cross-sector collaboration to carry the legacy of these films into the digital era. “With this project, we can use technology to help these classics transcend time, keeping the heroic spirit alive in the digital age.”
The project will not restore the original films, a China Film Foundation spokesman told China.org.cn. Instead, it will use AI and digital animation techniques to remake and reimagine classic titles.
He Tao, deputy director of the Industry Research Institute at the Development Research Center of the National Radio and Television Administration, said the remakes are designed to deliver better visual effects and faster-paced storytelling to better align with contemporary audience preferences.
“A Better Tomorrow: Cyber Frontier,” developed by Quantum Animation Studios, will be the first film produced under the initiative and is described as the world’s first fully AI-produced animated feature. The film reimagines John Woo’s classic using AI-driven character modeling, scene rendering and motion capture, blending traditional and cyberpunk elements for international audiences.
AI has revolutionized animation production cycles and costs, said Zhang Qing, chief producer at Quantum Animation Studios.
“Traditionally, an animated feature required thousands of staff and five to six years. For ‘A Better Tomorrow: Cyber Frontier,’ a 30-person team is producing a theatrical release,” he said.
The AI films will also target Gen Z audiences worldwide through multilingual dubbing and partnerships with international streaming platforms, Zhang added. “A Better Tomorrow: Cyber Frontier,” set for theatrical release next year, is being shopped for global distribution, with its producers in talks with Netflix and Disney+.
The project also aims to set technical standards for virtual production and develop new models for storytelling, organizers said.
Shanghai Canxing Culture & Media Co. Chairman Tian Ming also announced that subsidiary Canxing Productions will invest 100 million yuan ($14 million) to co-fund selected projects, taking part in revenue sharing, joint copyright and derivative development rights.
“Today we’re issuing an open invitation to AI production and animation companies worldwide,” Tian said. “With 100 Hong Kong film IPs available for licensing and extensive archival footage at your disposal.”
However, as technology evolves, Tian stressed that human creativity must remain central. “AI is the brush, but creativity is the soul,” he said.
“Algorithms can restore 4K resolution but cannot replicate an artist’s aesthetic insight,” said Tian. He added that while technology transcends borders, culture needs to connect with people on a deeper level and Eastern stories require contemporary interpretation with a global vision.
“Remaking classics calls for creative renewal — honoring the originals while reinventing visual philosophy,” Tian said.
Source: People’s Republic of China – State Council News
The Chinese people will never forget the invaluable assistance and support extended by peace-loving and justice-upholding nations, peoples, and international organizations across the globe during the fight against fascism, Major General Wu Zeke said during a press conference unveiling the country’s plans for marking the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War.
Source: People’s Republic of China – State Council News
From the viral appeal of Winter Olympics mascot Bing Dwen Dwen and popular collectible toy Labubu to centuries-old pharmacy Tongrentang now serving up coffee, and smart “human-car-home” tech integrations in smartphones, electric vehicles, and appliances, Beijing is stepping up efforts to become a hub of cutting-edge trends.
The city recently rolled out its first-ever roadmap for the sector, and the three-year plan aims to transform the capital into a global leader in shaping the trends, the municipal economy and information bureau announced Monday.
The plan focuses on boosting tech-infused products, premium brands, wellness-focused goods, and creative designs to meet evolving consumer needs.
“As consumer preferences evolve, fashion now extends far beyond just apparel and cosmetics. Emotion-motivated, pleasure-oriented spending is increasingly driving demand, expanding the industry’s boundaries into home goods, automobiles, food, consumer electronics and more,” a bureau official said.
According to the roadmap, for tech-infused products, the city will support the development of wearables, AI-powered personal computers, immersive AR/VR entertainment, and smart home and vehicle ecosystems.
For premium brands, it will elevate local apparel and cosmetics brands while attracting luxury R&D and production centers.
For wellness-focused goods, the city will encourage the development of high-tech fitness gear, outdoor sports equipment, tradition-inspired gourmet offerings, and high-tech pet gear. And for creative designs, the city will reimagine traditional crafts and develop creative collectible toys.
To spur innovation, Beijing will launch five key initiatives, including AI-enhanced design, service-oriented manufacturing, sustainable products with reduced environmental impact, new retail experiences, and industry cluster development. A city-wide trendy experience map will be unveiled to guide consumers to curated hotspots.
Source: People’s Republic of China – State Council News
The eastern Chinese tech city of Hangzhou, home to AI startup DeepSeek and humanoid robotics firm Unitree Robotics, has recently unveiled its 2025 action plan to further elevate its status as an AI innovation center.
According to the plan, by the end of this year, Hangzhou aims to expand its intelligent computing power from 25 to 50 EFLOPS, cultivate two world-class AI foundation models and more than 25 industry-specific large models, and raise the annual revenue of its core AI industry to over 390 billion yuan (about 54.43 billion U.S. dollars).
The city is also seeking to achieve major technological breakthroughs in terms of AI chips and further promote the application of AI in various fields such as manufacturing, healthcare, finance, transportation, education, science and governance.
To achieve these ambitions, Hangzhou has introduced a 1-billion-yuan computing power voucher program spanning four years to help local firms access computing resources at lower costs. This program will offer subsidies to cover up to 60 percent of the costs of firms in purchasing computing power and models for AI development.
The city has also pledged in the action plan to offer subsidies to attract global AI talent and incentivize innovation.
Hangzhou, capital of the economic powerhouse Zhejiang Province, has emerged as a leading AI hub in China’s tech landscape. By 2024, the city had hosted more than 500 AI companies, whose combined profits last year accounted for over 70 percent of Zhejiang’s provincial total, an industry report showed.
Source: People’s Republic of China – State Council News
The 2025 Global Digital Economy Conference will kick off on July 2 at the China National Convention Center in Beijing.
The event will foster deeper global collaboration and connectivity, according to a press briefing held on Monday. It will be the first time to be co-hosted by the United Nations Development Program. Meanwhile, overseas sessions will be held in Barcelona of Spain and Dubai of the UAE, while the conference will also build partnerships with the Mobile World Congress in Barcelona and a technology and culture festival in Germany.
The conference will feature 46 thematic forums covering emerging sectors such as AI integration, digital security, data, and digital healthcare.
A highlight of the event will be the release of the “Top 10 Benchmark Digital Economy Applications in Beijing,” along with a signature exhibition featuring debuts and launches of new technologies, products, and solutions. All these will showcase Beijing’s progress in becoming a benchmark city for the digital economy.
Among the six main forums, the Data Elements Development Forum is expected to be another standout session. It will bring together domestic and international guests to explore key trends in the supply, circulation, application, and security of data – widely seen as a core driver of the digital economy. The forum will include innovation showcases, roundtables, and regional cooperation exchanges, according to Peng Xuehai, deputy director of Beijing Municipal Bureau of Administrative Service and Data Management.
The conference serves as an international platform for digital cooperation, said Pan Feng, deputy director of the Beijing Municipal Cyberspace Administration. He said Beijing will use this opportunity to accelerate infrastructure upgrades, boost innovation in next-generation information technology, and promote the efficient circulation and use of data, further unleashing the power of information technology to drive economic and social development.
Source: People’s Republic of China – State Council News
In recent years, Beijing’s market regulators have taken steps to strengthen cooperation with Tianjin municipality and Hebei province by improving institutions, sharing resources, and using technologies to support coordinated development.
Businesses in the Beijing-Tianjin-Hebei region can now complete cross-province relocation procedures with just one visit, thanks to a new streamlined registration process.
This is the first such initiative in China enabling companies to move operations across the three areas by submitting one set of documents at a single service window.
So far, about 3,000 companies have benefited from the initiative. Registration data is now shared across the three regions, and services like remote processing and off-site collection of business licenses are being expanded.
In addition, the market regulators in these three regions are strengthening joint enforcement efforts. They have jointly released enforcement guidelines focused on intellectual property protection and online commerce to improve law enforcement consistency and efficiency.
To ensure food safety, the regions have conducted joint training exercises for the past three years. These include simulated inspections targeting products like dairy, meat, and beverages, helping inspectors better identify and address issues and thus contribute to enhanced food security supervision capabilities.
Source: People’s Republic of China – State Council News
China mulls toughening penalties for serious juvenile offenses
Xinhua | June 24, 2025
Chinese legislators are considering stricter punishment for minors involved in serious offenses through a draft revision to the Law on Penalties for Administration of Public Security.
The draft revision of the law is scheduled for a third reading during the upcoming 16th session of the Standing Committee of the 14th National People’s Congress (NPC), China’s top legislature, which will run from Tuesday to Friday. The draft has undergone two rounds of deliberation in 2023 and 2024.
According to the draft, minors aged 14 to 16 who violate the regulations for administration of public security two or more times within a year, as well as first-time offenders aged 14 to 18 who commit offenses under “serious circumstances” with “significant negative impacts,” may face administrative detention.
The draft also stipulates that those under the age of criminal liability, and therefore exempt from administrative penalties or detention, will face corrective education measures in accordance with the Law on the Prevention of Juvenile Delinquency, which was revised in 2020.
Under the current law, minors aged 14 to 16 and those aged 16 to 18 who violate public security administrative regulations for the first time are exempt from administrative detention, said Huang Haihua, spokesperson for the Legislative Affairs Commission of the NPC Standing Committee, at a press briefing on Monday.
Huang noted that there is rising public concern over minors intentionally taking advantage of their age to repeatedly violate regulations or commit serious offenses.
According to Huang, the draft revision also addresses bullying in schools. It specifies that public security authorities must impose administrative penalties or take corrective education measures in cases involving assault, insult and intimidation.
The draft also stipulates that schools failing to report or handle serious bullying incidents as required will be ordered to make corrections, and responsible personnel may be held accountable.
Source: People’s Republic of China – State Council News
Paw-some degree: China initiates pet-centric bachelor’s program for surging demand
A dog is taken care of at the pet waiting lounge of Shenzhen Bao’an International Airport in Shenzhen, south China’s Guangdong Province, May 8, 2024. (Xinhua)
Fresh from completing China’s rigorous college entrance exam, over 13 million high school graduates applying to university this year are faced with an intriguing academic path: the country’s first bachelor’s program entirely dedicated to pets.
Launched by the China Agricultural University (CAU), the four-year undergraduate program in companion animal science aims to train experts in pet nutrition, behavior, breeding, and care — meeting both student aspirations and the growing demands of China’s pet industry.
Unlike traditional animal science programs that concentrate on livestock such as pigs, chickens, cattle and sheep, the companion animal program focuses on pets like cats, dogs and horses. Fifty students will be admitted in the inaugural class. Upon graduation, they will receive a Bachelor of Agricultural Science degree.
“The curriculum is structured around real-world industry demands,” said Liu Guoshi, vice dean of the College of Animal Science of the CAU. “Courses include companion animal breeding, nutritional metabolism, feed processing, reproductive physiology, animal welfare and behavior studies, among other specialized courses.”
While the program may sound novel to some, it represents a significant transformation in Chinese higher education — a strategic shift away from traditional, supply-driven offerings toward demand-led disciplines tailored for emerging sectors.
China’s educational authority has called for dynamic optimization of academic disciplines to ensure alignment with economic priorities. In a notice on graduate employment for 2025, the Ministry of Education (MOE) urged universities to anticipate labor market shifts and accelerate the roll-out of emerging programs.
China’s pet economy offers a compelling case for this transformation. In 2024, the country’s urban population owned more than 120 million cats and dogs, driving a pet economy worth over 300 billion yuan (around 42 billion U.S. dollars).
However, the rapid growth of the pet economy has outpaced the supply of trained professionals. While about 500,000 pet-related businesses are now registered in China — ranging from pet food and supplies to grooming, insurance, and behavior training — the sector suffers from acute labor shortages.
For example, in veterinary care alone, more than 30,000 pet hospitals operate with just 40,000 certified veterinarians. That’s roughly one vet per clinic.
“The shortage of skilled professionals is one of the biggest constraints on the industry’s healthy development,” said Yan Jinsheng, vice chairman of the China Pet Industry Association. Yan mentioned that nearly every segment, from grooming and health care to behavior training, is experiencing staffing bottlenecks.
The companion animal science program is designed to address this gap. Graduates will be well-prepared for a wide range of careers — from conventional roles in pet food R&D, breeding operations and veterinary clinics to emerging specialties like pet genetic testing consultants and professional pet behavior trainers.
Their expertise will also be valued in academic research, government regulatory bodies and industry associations, Liu noted.
The launch of this new program has sparked lively discussions on social media. On Xiaohongshu, the Chinese platform known overseas as “rednote,” a user named Liuliu joked, “With my dog by my side, I could study all the way to a PhD!”
This “pet program” exemplifies how Chinese universities are recalibrating curricula to meet real-world demands.
The strategy builds on proven results: In 2024, the Yunnan Agricultural University launched the country’s first coffee science undergraduate program as domestic consumption skyrocketed — a market that surpassed the United States in 2023 to claim the world’s largest number of coffee outlets.
This industry-aligned approach is scaling nationwide. In the updated catalog of undergraduate majors for regular colleges and universities released by the MOE in April, newly established programs such as AI education, carbon neutrality science and engineering, and low-altitude technology and engineering have been specifically designed to address the pressing need for skilled professionals in rapidly expanding industries.
Amid mounting graduate numbers and growing skills mismatches, updating the national catalogue of academic majors has become a key policy tool to better align university programs with industry needs, job demand, and technical standards, thus promoting employment, said Zhang Duanhong, director of the Education Policy Research Center at Tongji University.
Source: People’s Republic of China – State Council News
Wang Jianwei (C), a professor at Peking University, tests an integrated photonic quantum chip with doctoral students Jia Xinyu (L) and Zhai Chonghao in a laboratory of Peking University in Beijing, capital of China, Feb. 18, 2025. (Xinhua)
In a significant stride toward practical quantum computing, a Chinese startup has successfully deployed its superconducting quantum processor to improve the accuracy of breast cancer screenings, showcasing the technology’s potential to revolutionize medical diagnostics.
The breakthrough came from Origin Quantum, a Hefei-based startup, which harnessed the parallel processing power of its “Origin Wukong” quantum computer to analyze medical images with unprecedented speed.
This pioneering work is indicative of China’s growing capability in translating quantum computing advancement into practical solutions. In an ambitious drive, the nation seeks to foster an industrial ecosystem of the future amid the global quantum computing race.
The Chinese government work report early this year called for the establishment of a growth mechanism for investment in future industries, including quantum technology, bio-manufacturing, embodied intelligence and 6G.
The national policy guideline spurred a swift market response with entities transforming frontier, lab-based research into operational technologies with tangible impact.
By tapping into the unique strengths of quantum technology, Origin Quantum’s innovative approach in processing medical imaging data, developed in collaboration with Bengbu Medical University, resulted in a dramatic reduction of misdiagnosis and missed cases.
“The system enhances mammogram screening accuracy on current noisy intermediate-scale quantum computers, enabling high-precision and rapid classification of both healthy images and lesion malignancy,” said Xie Zongyu, a physician from the university’s First Affiliated Hospital.
“Our ultimate goal is to establish a quantum intelligent diagnostic system,” Xie added.
REAL-WORLD USES
In March, a team of Chinese scientists unveiled Zuchongzhi 3.0, a 105-qubit superconducting quantum processor prototype with speed gains in the quadrillions over leading supercomputers for one specific task, showcasing capabilities that surpass those of classical supercomputers.
However, lab advances like this remain niche demonstrations with minimal real-world impact. Over the coming five years, global quantum scientists are aiming to pinpoint a handful of practical quantum applications — like quantum chemistry and drug discovery, now largely bolstered by supercomputers and AI algorithms.
A growing number of Chinese tech companies, including Origin Quantum, are gearing up to make their mark in this field.
“Computational chemistry can partly predict interactions between drug molecules and target proteins. But classical computers have difficulty in accurately predicting complex large molecules,” said Guo Guoping, chief scientist of Origin Quantum that launched the molecular docking software QDock.
“In theory, quantum computers can screen potential compounds and simulate complex reactions to break the computational bottleneck in drug discovery,” Guo added.
AceMapAI, a Suzhou-based biotech company, is working with partners including Tencent Quantum Lab to explore the potential of quantum computing in drug molecular dynamics simulation, and drug screening and optimization.
Zhao Xuejiao, deputy director of Anhui Quantum Computing Engineering Research Center, said that the complex computational problems in China’s biopharmaceutical industry will provide a broad application scope for quantum computing.
A Shanghai-based startup is also experimenting with applying quantum algorithms to the massive computations in smart cities.
TuringQ introduced this month a quantum-inspired solution for Autonomous Valet Parking (AVP) that significantly reduces parking wait time and enhances efficiency.
AVP is capable of autonomously navigating routes and parking accurately.
The firm’s solution has already been deployed in a large commercial parking lot.
The algorithm cuts the average customer search time from 19.8 minutes under traditional manual scheduling to about 5.5 minutes when the parking space vacancy rate is only 5 percent.
The application of quantum algorithms in the financial sector has become a significant area. Beijing Quantum firm QBoson, the Postal Savings Bank of China and China Mobile jointly designed a quantum algorithm-based bank teller scheduling solution.
QBoson’s quantum computer conducted a full search of the extremely large solution space and found the global optimum within milliseconds.
“Quantum computing companies design algorithms based on feedback from those with computational bottlenecks before testing them on quantum machines,” said Dou Mengan, vice president of Origin Quantum. “This model creates a sustainable industrial ecosystem.”
ENTREPRENEURIAL ZEAL
On a road in Hefei, Anhui Province, which is dubbed “Quantum Avenue,” dozens of quantum tech firms, including Origin Quantum, cluster along this compact stretch. In Shanghai and Beijing, the number of companies investing in this track is also on the rise.
CCID Consulting’s research shows that China’s quantum computing firms increased from 93 in 2023 to 153 in 2024, a rise of nearly 40 percent.
The country’s quantum computing industry scale will keep rising swiftly to 11.56 billion yuan (1.61 billion U.S. dollars) by 2025, maintaining an annual growth rate of over 30 percent, according to CCID Consulting.
In 2023 and 2024, the total R&D expenditure in quantum computing exceeded 100 percent of the total revenue, indicating that companies in the sector have entered a period of active development.
China’s quantum engineers are exploring multiple technological routes: Origin Quantum focuses on superconducting, TuringQ and QBoson on photonic quantum computing, and Hyqubit from Beijing on ion traps.
Now, in early development of quantum computing, the front-runners and best technical approaches have not yet been consolidated, meaning “any country that is able to deploy quantum tech first will have a first-mover advantage,” according to a report published by the Mercator Institute for China Studies last December.
China has built a full industrial chain ecosystem in quantum computing, covering quantum chip design and production, quantum computer manufacturing, quantum algorithm development and industry solutions, said Zhao.
Cutting-edge attempts also include integrating quantum computing with generative AI. In April, Origin Quantum successfully fine-tuned a billion-parameter AI model on its quantum computer Origin Wukong, marking the first real-world application of quantum computing in large-model tasks.
“In the past five years, the surge of generative AI has brought about many disruptive changes in computing models,” said Sun Xiaoming, a researcher at the Institute of Computing Technology under the Chinese Academy of Sciences.
“In the next five years, quantum computing is likely to move from labs to applications, and the integration of AI and quantum computing is expected to become a trend,” added Sun.
Source: Government of India
Source: Government of India (4)
Israeli Defence Minister Israel Katz said on Tuesday he had ordered the military to strike Tehran in response to what he said were missiles fired by Iran in a violation of the ceasefire announced hours earlier by U.S. President Donald Trump.
Iran denied violating the ceasefire. The armed forces general staff denied that there had been any launch of missiles towards Israel in recent hours, Iran’s Nour News reported.
The developments raised early doubts about the ceasefire, intended to end 12 days of war.
Katz said in a statement he had ordered the military to “continue high-intensity operations targeting regime assets and terror infrastructure in Tehran” in light of “Iran’s blatant violation of the ceasefire declared by the President of the United States.”
Hours earlier, Trump had posted on Truth Social: “THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT!”
Both Israel and Iran had confirmed the ceasefire after it was announced by Trump.
Israeli Prime Minister Benjamin Netanyahu said Israel had achieved the goals it had set in launching its June 13 surprise attack on Iran, to destroy its nuclear programme and missile capabilities.
“Israel thanks President Trump and the United States for their support in defence and their participation in eliminating the Iranian nuclear threat,” Netanyahu had said.
Iran says its nuclear programme is solely for peaceful purposes and denies seeking to develop nuclear weapons.
Iran’s top security body, the Supreme National Security Council, said its military had forced Israel to “unilaterally accept defeat and accept a ceasefire”.
Iran’s forces would “keep their hands on the trigger” to respond to “any act of aggression by the enemy”, it said.
Iran’s Foreign Minister Abbas Araqchi had earlier said that Iran would halt its retaliatory strikes provided that Israel stopped attacking as of 4:00 a.m. in Tehran.
Global stock markets surged and oil prices tumbled on Tuesday after the announcement of the ceasefire, in the hope it heralded a resolution of the war just two days after the United States joined it by hitting Iranian nuclear sites with huge bunker-busting bombs.
(Reuters)
Source: Government of India
Source: Government of India (4)
Rainfall activity is expected to intensify over large parts of India in the coming days, with the India Meteorological Department (IMD) forecasting isolated heavy to very heavy showers over northwest India from June 25 onwards.
Meanwhile, central, eastern, and northeastern India are likely to continue witnessing widespread rainfall through the week, with extremely heavy showers expected in parts of Konkan, central Maharashtra, and the Gujarat region on June 24.
The southwest monsoon has further advanced into the remaining parts of the north Arabian Sea, more areas of West Uttar Pradesh, parts of Haryana, Chandigarh, Himachal Pradesh, Jammu, and sections of Punjab.
The IMD has said that conditions remain favourable for the monsoon to cover additional parts of Rajasthan, Punjab, Haryana, Delhi, and the rest of West Uttar Pradesh within the next 36 hours.
Extremely heavy rainfall, exceeding 20 cm in 24 hours, is likely at isolated locations over Konkan, Madhya Maharashtra, and the Gujarat region on June 24. Very heavy rainfall is also expected across Konkan and Goa, Madhya Maharashtra, Gujarat, and Northeast India from June 24 to 30.
Other regions forecast to receive significant rain include Uttarakhand (June 24–27), East and West Rajasthan, Haryana, Punjab, Odisha, West Uttar Pradesh, Jammu and Kashmir, Madhya Pradesh, Sub-Himalayan West Bengal, Sikkim, Bihar, Jharkhand, and both interior and coastal Karnataka during various intervals of the week.
In Delhi-NCR, residents can expect some relief from the heat as the weather is set to remain cloudy with intermittent rain between June 24 and 27.
On June 24, the sky will be partly cloudy with very light to light rain or thunderstorms accompanied by gusty winds up to 40 kmph. Maximum temperatures are expected to range between 35°C and 37°C, slightly below normal levels. Southeast winds will dominate, gradually picking up in the evening.
From June 25 to 27, the capital is likely to experience generally cloudy skies with light to moderate rainfall, thunderstorms, and gusty winds. Maximum temperatures are expected to remain between 33°C and 35°C, and minimum temperatures between 26°C and 28°C, both slightly below the seasonal average. Winds will predominantly flow from the southeast and northeast directions, with speeds varying between 10 and 25 kmph.
Source: United Kingdom – Executive Government & Departments
The LAA will start to send contracts for signature to crime providers from 1 July.
The ongoing cyber security incident means that we are unable to issue the contract for signature for online acceptance in CWA. Therefore, the contract documentation will be sent out via email from 1 July. This will take up to 3 weeks to complete.
Full instructions on how to accept the contract will be provided in the covering letter. Once accepted the contract will be returned to the LAA to countersign. The contract will commence on 1 October.
If you have not received your contract documentation by 21 July, please contact the LAA through the eTendering message board.
For full details of the procurement process please read the Application Guide which is available at Crime Contract 2025 Tender – GOV.UK (www.gov.uk)
Source: United Kingdom – Executive Government & Departments
Royal Agricultural University to benefit from Defra funding to research the impacts of pollution on Ukraine’s arable soil due to the war with Russia.
New research into the impacts of war on Ukraine’s farmland is set to launch with £500,000 funding from Defra to the Royal Agricultural University.
Farming Minister Daniel Zeichner today set out how this research will support Ukraine’s farmers – guardians of the breadbasket of Europe. The research will fund UK researchers to analyse the impact of the war on Ukrainian soil, establish bespoke facilities in Ukrainian laboratories, and train specialists in Ukraine.
Soil pollution caused by Russia’s illegal invasion is a pressing issue for Ukraine. Ukraine’s farmland has suffered significant damage from Russian bombardments and other war-related toxic pollutants, as heavy metals and chemicals are leached into the earth, leading to the degradation of soil health. This damage to Ukraine’s soil presents real, and potentially long term, risks to the food production, yields and farmer safety.
This research is vital to understanding the impacts of this pollution, as well as potential solutions. It is crucial to help develop Ukraine’s capacity to analyse and address soil health in the long term, strengthening the food security of Ukraine and in turn global food security.
Daniel Zeichner, Minister for Food Security and Rural Affairs, said:
The UK’s support for Ukraine is ironclad.
This research is vital, helping Ukraine in understanding the impact the pollution from war has had on its soils and give them vital tools to recover farmland.
This funding forms part of our commitment in 100-year partnership with Ukraine to stand shoulder-to-shoulder with their farmers to deliver food production and environmental protection for the nation.
Professor Mark Horton, Pro Vice-Chancellor for Research and Enterprise at the Royal Agricultural University, said:
The war in Ukraine has severely damaged soil health across bombarded agricultural regions, threatening future food production and the country’s long-term recovery. This research will enhance Ukraine’s capacity to restore and manage its soils, laying an early groundwork for a more resilient, productive, and sustainable agriculture.
With this funding, the Royal Agricultural University will work closely with our Ukrainian partners to train local experts, establish state-of-the-art soil laboratories, and analyse thousands of soil samples across key farming regions.
These efforts are essential to building the tools and capacity Ukraine needs to safeguard its soil, ensure food security, and support national regeneration.
The Royal Agricultural University will work with Ukraine’s Sumy National Agrarian University in training experts in the country, establishing soil analysis functions in laboratories, and analysing over 8,000 soil samples across five regions, including Sumy and Kherson.
This funding follows the launch of the UK’s Grain Verification Scheme, announced earlier this year alongside the 100 Year Partnership, to help track grain stolen from occupied areas of Ukraine.
Source: United Kingdom – Government Statements
Five projects from across the UK will use satellite data to help transform the delivery of public services, thanks to new funding from the UK Space Agency.
GHGSat C9, C10, and C11 launched in space. Credit: GHGSat
The new projects bring innovative space companies together with public sector partners, ranging from local councils to government agencies. They will use a wealth of data from existing satellite networks to help monitor the safety of buildings and infrastructure, track animal and plant life, identify methane leaks and ensure farmers can access the right government support schemes.
Over £2.5 million of funding, announced today (24 June) at the European Space Agency’s Living Planet Symposium 2025, in Vienna, comes after a joint call for proposals from the UK Space Agency and ESA’s InCubed2 programme, which was launched in July 2024.
Harshbir Sangha, Director of Missions and Capabilities at the UK Space Agency, said:
By bringing together innovative space companies with public sector partners, we’re demonstrating that space technology delivers practical benefits here on Earth. From monitoring biodiversity to ensuring infrastructure safety, these initiatives show how satellite data can drive efficiency, sustainability and better decision-making.
This investment reflects our commitment to establishing the UK as a global leader in space-enabled public services, creating a blueprint for how space technology can address some of our most pressing societal challenges.
Geospatial Ventures in Nottingham is developing a system that tracks tiny movements in buildings, bridges and other structures to spot potential safety issues early. The system uses special radar technology and artificial intelligence to constantly monitor infrastructure that might be difficult or expensive to check manually. This provides a safer, more efficient way to survey large sites without sending engineers to dangerous locations.
AAC Clyde Space in Glasgow is creating a tool that helps farmers support wildlife on their land. Using their own constellation of satellites that frequently capture detailed images, the system will show farmers exactly what plants and animals are living on their land. This will help farmers make better decisions about sustainable farming and access government support schemes like the Sustainable Farming Incentive.
GHGSat UK in London is developing an advanced analytics platform that turns satellite data about greenhouse gases into practical information the government can use for increased accountability across emitting organisations and tailored mitigation strategies. Their constellation of satellites, which trace the source of greenhouse gases directly to industrial facilities focuses particularly on methane, providing accurate data within hours of an emission to help the UK government make informed decisions about reducing these harmful gases. This supports the government’s goal to reach net-zero emissions by 2050.
Earth-i in Guildford is building a system that creates useful environmental information from satellite images by developing novel indicators for environmental land monitoring. It will provide analytics directly to the Rural Payments Agency, which manages farming subsidies and environmental schemes. The service will help monitor land changes and support sustainable land management across the UK.
HR Wallingford in Oxfordshire is leading a project that uses satellite information to help improve plant and animal diversity. Working with multiple partners, including Water Resources South East, they’re developing ways to use Earth Observation data to track biodiversity changes over time. This will help landowners, developers and public bodies protect and enhance natural habitats and support the UK government’s biodiversity net gain requirements.
UKspace Executive Director, Colin Baldwin, said:
This investment into the application of satellite data into downstream services covering infrastructure, biodiversity, agriculture, methane emissions and sustainability is very welcome.
For some time, we have been working with our members and through our committees to highlight how the space industry can bring immense value to the public sector, so we are very encouraged to see the Government recognising the opportunity. Several UKspace member companies are benefiting from this programme and we look forward to seeing their ideas being adopted into new and improved operational services.
On Monday the Living Planet Symposium hosted a ceremonial signing of the ground segment development contract awarded to Telespazio UK for the TRUTHS mission, a UK-led climate mission developed with the European Space Agency. Under this agreement, Telespazio UK will be responsible for designing and developing the ground systems needed to receive, process, and distribute TRUTHS satellite data. Their role is vital to ensuring that this highly accurate climate data reaches scientists, policymakers, and organisations worldwide to support better climate monitoring and action.
The UK Space Agency is also due to launch a climate funding call, offering up to £300,000 in funding to help UK organisations develop new climate services using Earth Observation satellite data. These small grants, between £40,000 and £80,000 per project, are aimed at supporting early ideas that improve tools or services for tackling climate change, protecting nature, or helping society make more informed decisions for the planet.
Space is identified as a frontier industry in the government’s new Industrial Strategy, launched earlier this week, where investment supports both economic growth and security. The Industrial Strategy is a 10-year plan to increase business investment and grow the industries of the future in the UK.
Translation. Region: Russian Federal
Source: Moscow Government – Government of Moscow –
On July 5 and 6, the annual charity festival will be held in the N.E. Bauman Garden “City of the caring”. About this in his telegram channel Sergei Sobyanin reported.
The festival will be held as part of a large-scale project “Summer in Moscow”. The central event will be a charity fair of 30 capital non-profit organizations (NPOs). They will use the funds raised to help the foundations’ wards.
“The festival will be an interesting place to spend time with your whole family: take part in master classes, go on quests, do yoga, etc. A children’s area will be opened for the youngest guests. In the “Fluffy Friend” location, visitors will be able to walk with animals from shelters and, if they wish, take them home,” the Moscow Mayor wrote.
Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin
In addition, a business program with famous experts, a creative show and live music evenings are planned. Festival visitors will be able to get acquainted with city projects aimed at developing charity.
According to Sergei Sobyanin, the popularity of such events is growing every year. This shows that there are many caring people among Muscovites who want to help and do good deeds.
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/mayor/tkhemes/1299305/
Source: United Nations secretary general
Download the vídeo:
Excellencies,
I am pleased to take part in this Internet Governance Forum – and my thanks to the Kingdom of Norway for hosting.
This year marks the 20th anniversary of the Forum and its work advancing inclusive collaboration on internet public policy.
Through the years, you have shown how dialogue – across sectors, regions and generations – can help shape an internet that is rooted in dignity, opportunity and human rights.
You are carrying that forward through this year’s focus on “Building Digital Governance Together”, which could not be more timely.
Nine months ago, the Pact for the Future and the Global Digital Compact recognized the Internet Governance Forum as the primary multi-stakeholder platform for Internet governance issues.
The Compact also called for broader participation from developing countries – backed by voluntary funding.
Since then, we have begun translating global commitments into concrete action.
In New York, negotiations are underway to establish the Independent International Scientific Panel on Artificial Intelligence and a Global Dialogue on AI governance – within the United Nations.
In Geneva, a new United Nations multistakeholder Working Group is advancing principles on data governance and sustainable development.
As digital risks accelerate, so must we.
That means:
Bridging the digital divide by expanding affordable, meaningful internet access – to achieve universal connectivity by 2030;
Closing the skills gap;
Countering online hate speech;
Promoting information integrity, tolerance and respect;
Addressing the concentration of digital power and decision-making in the hands of a few;
And fostering greater diversity, transparency and trust in digital spaces.
Dear friends,
Two decades ago, the idea of digital cooperation was a bold aspiration.
Today, it is an absolute necessity – and a shared responsibility.
Let us keep building a digital future that protects, empowers, and includes everyone – everywhere.
Happy 20th anniversary.
Source: New Zealand Government
The Government is taking another step to strengthen the fiscal sustainability and integrity of the immigration system following the successful first reading of the Immigration (Fiscal Sustainability and System Integrity) Amendment Bill.
“Our immigration system needs to be smart, responsive and flexible to keep pace with the changing geopolitical context. The changes proposed will help ensure our settings appropriately respond to risk and are sustainable,” Immigration Minister Erica Stanford says.
“The Bill introduces appropriate safeguards in the system for vulnerable people and implements legislative recommendations from two independent King’s Counsel (KC) reviews of the immigration system. It also offers pragmatic updates to keep the Act current and support efficient visa processing.”
Changes include:
Other changes, such as the options to expand the immigration levy payer base and create a new immigration levy in the future, will enable a greater sharing of the costs of the immigration, although there is no intent to implement these changes this year.
“These sensible and timely changes will help futureproof the immigration system, and better balance the integrity of the immigration system with the rights of individuals,” Ms Stanford says.
Source: US Federal Emergency Management Agency
Headline: DHS Releases Statement on Major Victory for Trump Administration and the American People on Deporting Criminal Illegal Aliens to Third Countries
ASHINGTON – Today, the Department of Homeland Security (DHS) secured a legal victory in its efforts to remove the worst-of-the-worst illegal aliens
The U
S
Supreme Court issued a 6-3 order, staying a District Court’s order pending appeal with the U
S
Court of Appeals for the First Circuit
With this decision, DHS can finally exercise its undisputed authority to deport criminal illegal aliens–who are not wanted in their home country–to third countries that have agreed to accept them
This order comes after an activist judge caused Immigration and Customs Enforcement (ICE) agents and the eight barbaric criminals to be stranded in Djibouti
Attributable to Assistant Secretary Tricia McLaughlin:
“The Supreme Court ruling is a victory for the safety and security of the American people
The Biden Administration allowed millions of illegal aliens to flood our country, and now, the Trump Administration can exercise its undisputed authority to remove these criminal illegal aliens and clean up this national security nightmare
“If these activist judges had their way, aliens who are so uniquely barbaric that their own countries won’t take them back, including convicted murderers, child rapists and drug traffickers, would walk free on American streets
“DHS can now execute its lawful authority and remove illegal aliens to a country willing to accept them
“Fire up the deportation planes
”
Source: NASA
The section of the Yukon River between Whitehorse and Lake Laberge is a popular route for canoers. The sinuous stretch in Canada’s Yukon Territory brings paddlers through a broad glacial valley punctuated by cutbanks, sandbars, and oxbow lakes. As of May 2025, adventurers might encounter a new geologic feature: a concave slump that took a bite out of the east bank of the river, toppled and tilted trees, and deposited such a massive mound of debris that the river narrowed to less than half its normal width.
The OLI (Operational Land Imager) on Landsat 8 captured a clear view (right) of the landslide debris on June 22, 2025. The left image shows the same area on June 19, 2024, before the landslide. The slide occurred on a forested bank just west of Swan Lake. Ground photographs indicate that it was a rotational landslide, or slump, meaning the surface of the rupture occurred along a curved surface and left a spoon-shaped depression. Note that the river water levels were lower in June 2025, so sandbars appear slightly larger than in June 2024.
Based on satellite imagery and reports from people on the river, scientists with the Yukon Geological Survey reported that the slide was initially 950 meters (3,100 feet) wide and 250 meters (820 feet) long and occurred between May 14 and May 18.
“It’s a compound landslide of clay, silt, and sand from Glacial Lake Laberge sediments deposited at the end of the glaciation,” the survey noted in a post on Facebook. “The slide extended below the riverbed, thrusting sediments and vegetation several meters above river level—creating spectacular classic landslide landforms.”
Geologists noted impressive back-tilted blocks and horst and graben structures visible in photos of the debris, but such features are likely short-lived. The debris could erode away “quite quickly” given the fine-grained materials involved, wrote Dave Petley, vice-chancellor at the University of Hull and author of The Landslide Blog. “Landslides of this type are part of the functioning of the natural system, providing the mechanism through which the river can meander across the plain,” he said.
The next stop for much of the landslide debris is likely “The Flats”—a shallow delta-like area of mudflats and sand downriver, where the Yukon River slows, widens, and becomes Lake Laberge.
NASA Earth Observatory images by Michala Garrison, using Landsat data from the U.S. Geological Survey. Story by Adam Voiland.
Source: US Federal Emergency Management Agency
Headline: Disaster Recovery Centers in Butler, Phelps Counties to Close
Disaster Recovery Centers in Butler, Phelps Counties to Close
The Disaster Recovery Centers (DRC) in Butler and Phelps counties are scheduled to close permanently
The Butler County DRC will close Wednesday, June 25 at 7 p
m
The Butler County DRC is located at: MPC World Impact Center Conference Center727 Ridge Ave
Poplar Bluff, MO 63901Hours of operation – Mon – Wed: 8 a
m
to 7 p
m
The Phelps County DRC will close Thursday, June 26 at 7 p
m
The Phelps County DRC is located at: Phelps County Courthouse Community Room200 N
Main St
Rolla, MO 65401Hours of operation – Mon – Thurs: 8 a
m
to 7 p
m
Help is still available online and by phone
The fastest way to stay in touch with FEMA is online at DisasterAssistance
gov
You can also call 800-621-3362 or download the FEMA app
The FEMA application deadline for the March 14-15 severe storms is July 22, 2025
Apply online or by phone
Homeowners and renters affected by the March 14-15 disaster in Bollinger, Butler, Camden, Carter, Franklin, Howell, Iron, Jefferson, Oregon, Ozark, Perry, Phelps, Reynolds, Ripley, St
Louis, Wayne, Webster, and Wright counties may be eligible for FEMA assistance that includes rental assistance, lodging expenses reimbursement, home repair and other needs
sara
zuckerman
Mon, 06/23/2025 – 19:04
Source: NASA
Demonstration Motor-1 (DM-1) is the first full-scale ground test of the evolved five-segment solid rocket motor of NASA’s SLS (Space Launch System) rocket. The event will take place in Promontory, Utah, and will be used as an opportunity to test several upgrades made from the current solid rocket boosters. Each booster burns six tons of solid propellant every second and together generates almost eight million pounds of thrust.
Jonathan DealMarshall Space Flight Center, Huntsville, Ala. 256-544-0034 jonathan.e.deal@nasa.gov
Source: Bundesbank
Policymakers require banks to maintain sufficient capital to ensure their stability. However, they largely ignore who provides that capital, which could also shape bank risk-taking. Understanding how the ownership structure of banks influences their behaviour could enhance financial regulation and supervision, ultimately making the financial system more resilient.
The supervisory and regulatory rules banks need to comply with have changed dramatically over the last twenty years. Recent turmoil in financial markets, however, shows that banks are not necessarily safer these days. Are these new regulations and supervisory tools missing some important factors? What would help to improve the stability of the banking system?
The financial crisis of 2008 – 2009 and the subsequent economic slowdown put bankers’ actions in the crosshairs of the public. Policymakers reacted and overhauled existing regulation, introducing new supervisory powers and expanding the set of capital and liquidity regulations.
These updated rules were intended to improve bank’s balance sheets and help them better weather a potential future financial crisis. Narratives of the Great Financial Crisis (GFC), however, argue that weak corporate governance measures also played an important role in the severity of the financial crisis. Researchers produced a bulk of empirical evidence examining how different aspects of bank governance shape bank stability. Aside from executive compensation and board structure, researchers now also have a better understanding of shareholders’ role in shaping bank risk, and shareholders play an important role in bank stability. First, they provide banks with high quality capital in the form of common stock that serves as a hard capital buffer against potential losses. Second, they control banks, as they are owners and thus set banks’ courses of action. When evaluating the impact of shareholders on bank behaviour, researchers typically distinguish between “insider” and “outsider” shareholders. “Insiders” are shareholders that have a relationship with the bank beyond their investment, for instance, because they are also executive officers or directors of a bank. “Outsiders”, on the other hand, do not have any relationship with the bank except their investment. While all shareholders vote on a bank’s course of action and thus control a bank, “insiders” are thought to also enjoy “private” benefits of control. For instance, an “insider” may benefit from more favourable loan rates when applying for credit. This may give rise to a conflict of interest for “insiders”: to ensure their private benefits, “insiders” may have little incentive to dilute their ownership stake by issuing new common stock. This may be especially problematic in times of crisis when the issuance of common stock may be particularly important in strengthening a bank’s capital level.
In our paper, we collect novel data on the ownership structure of large US banks and find that banks with a larger share of “insider” ownership issue less common stock in the aftermath of the GFC. The effect is also quite large and we show that the gap in bank’s dependence on common stock between high and low insider ownership banks grows by almost a quarter in the aftermath of the financial crisis. To provide further evidence, we separately examine banks where “insiders” are thought to enjoy larger private benefits of control. Specifically, we consider banks where (a) “insiders” have larger loans, or banks that are (b) relatively more opaque to provide greater benefits of control to “insiders”. We find that the effect is especially strong for these banks and our results are consistent with the idea that insiders’ dilution reluctance hampers the build-up of hard capital via the issuance of common stock.