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Category: Economy

  • MIL-OSI Europe: Euro area bank interest rate statistics: June 2025

    Source: European Central Bank

    31 July 2025

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in June 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months remained broadly unchanged at 3.29%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 7 basis points to 3.41%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 17 basis points to 3.54%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 7 basis points to 3.71%.

    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 12 basis points to 1.93% in June 2025. The interest rate on overnight deposits from corporations fell by 5 basis points to 0.53%.

    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 14 basis points to 3.97%.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, showed no change in June 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 9 basis points to 3.61%. The rate on housing loans with an initial rate fixation period of over one and up to five years stayed almost constant at 3.41%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years remained broadly unchanged at 3.47%. The rate on housing loans with an initial rate fixation period of over ten years stayed constant at 3.12%. In the same period the interest rate on new loans to households for consumption decreased by 13 basis points to 7.40%, driven by both the interest rate and the weight effects.

    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 7 basis points to 1.77%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.44%. The interest rate on overnight deposits from households remained broadly unchanged at 0.27%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for June 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Europe News –

  • MIL-OSI: The recording of Artea Bank Investor Conference Webinar of introducing the financial results for 6M 2025

    Source: GlobeNewswire (MIL-OSI)

    During the Investor Conference Webinar by Vytautas Sinius, CEO and Tomas Varenbergas, Head of Investment Management Division introduced the Bank’s financial results for 6M 2025 and recent developments and answered the participant questions afterwards.

    The recording of it can be found on Nasdaq youtube channel there.

    Presentation and the recording of webinar are also posted on the Bank’s website https://www.artea.lt/en/investors

    Artea Bank thanks all participants.

    If you would like to receive Artea Bank news for investors directly to your inbox, subscribe to our newsletter.

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@artea.lt , +370 610 44447

    The MIL Network –

  • MIL-OSI Africa: Petrofund Launches Flagship Scholarship to Empower Namibian Youth in Oil and Gas

    Source: APO

    Namibia’s Petroleum Training and Education Fund (Petrofund) officially launched its flagship scholarship program during the 2nd Youth in Oil and Gas Summit, reinforcing its commitment to building a highly skilled national workforce for the country’s burgeoning oil and gas sector. The new scholarship complements the Namibian government’s free tertiary education policy by fully funding undergraduate and postgraduate students in engineering, geosciences, paramedics and technical vocational training disciplines relevant to upstream oil and gas operations. Courses will be offered at accredited institutions across the Southern African Development Community region and internationally.

    As the voice of the African energy sector, the African Energy Chamber (AEC) commends Petrofund’s leadership and forward-thinking strategy to anchor Namibian youth at the core of the country’s growing energy economy. With major discoveries in the Orange Basin and increasing momentum towards first oil, initiatives like this are essential to ensure local capacity meets international operational standards.

    In addition to its flagship scholarship program, Petrofund has introduced several strategic initiatives to accelerate youth integration into Namibia’s oil and gas industry. Through its expanded on-the-job training program, more than 82 young professionals have been deployed across various technical roles in collaboration with premier service and operating companies including TechnipFMC, SBM, Subsea 7, Baker Hughes, Halliburton, SLB, BW Energy, Shell, ReconAfrica, TotalEnergies and QatarEnergy. Petrofund has also signed ten memoranda of understanding to deepen these partnerships and enhance practical industry exposure. Additionally, the government-led fund is developing a national oil and gas CV repository – set to launch in Q4 2025 – to bridge the gap between skilled graduates and industry demand.

    Petrofund is also strengthening its collaboration with Namibian institutions of higher learning. Partners include the Namibia University of Science and Technology and University of Namibia, along with regulatory authorities such as the Namibia Qualifications Authority; National Council for Higher Education; Namibia Training Authority; and Ministry of Education, Innovation, Youth, Sports, Art and Culture. This initiative aims to introduce and accredit more oil and gas-related programs locally, enhancing access to technical education aligned with global industry standards. To date, Petrofund has invested over N$115 million to support 438 Namibians in petroleum-related studies, achieving a 90% internship and employment placement rate for its Master’s level beneficiaries.

    As Namibia progresses towards final investment decisions for high-impact offshore projects led by operators such as TotalEnergies and Shell, this program ensure that Namibians are equipped with the technical expertise to actively participate and lead in-country value creation. Imminent first production means Petrofund’s holistic approach to human capital development can align with the country’s Local Content Policy and sets the foundation for long-term, inclusive growth. The AEC supports these efforts as a model for Africa’s youth empowerment in energy.

    “Petrofund is setting the standard for what youth empowerment in Africa’s energy sector should look like. By aligning skills development with industry demand and embracing inclusivity, Namibia is not just preparing its young people for jobs – it’s preparing them for leadership. The Chamber fully supports these efforts, which will ensure that Namibians are not just bystanders, but key drivers of their energy future,” states NJ Ayuk, Executive Chairman, AEC.

    Distributed by APO Group on behalf of African Energy Chamber.

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: Op-Ed: Financing Energy Access in Africa: Leveraging Fossil Fuel Revenues to End Energy Poverty

    Source: APO

    NJ Ayuk, Executive Chairman of the African Energy Chamber
     

    In an emissions-focused world, do oil and gas revenues have a role to play in ending energy poverty in Africa? It may sound counterintuitive, but many would argue that they do, albeit as enablers of a future powered by alternative energy sources.  

    The key lies in recognizing that Africa’s situation is unique, and solutions take time, building on what we have and what we can do with it. This means that, in working towards a just energy transition, the continent’s oil and gas resources shouldn’t be viewed as obstacles that need to be immediately replaced by renewable energy sources. Instead, rather than prematurely phasing out fossil fuels in response to global pressure, Africa should harness these revenues responsibly to finance its energy transition and ultimately eradicate energy poverty. 

    Prioritizing Development Alongside Sustainability 

    Nearly 600 million Africans still live without access to electricity (https://apo-opa.co/3IV6Rd8). This access is a fundamental human right, yet energy poverty remains one of the continent’s most significant barriers to development. This undermines health systems, education, industrialization, and dignity. As the world debates how to rapidly achieve net-zero, Africa’s priority is different: how to power its people now, while building a sustainable future. 

    Measuring Africa’s energy transition progress against external calls for an abrupt end to fossil fuels risks leaving millions behind. Our continent contributes less than 4% (https://apo-opa.co/40Ilfvu) to global emissions, yet we are expected to decarbonize at the same pace as industrialized nations that built their wealth on hydrocarbons. 

    Instead, the continent’s abundance of fossil fuels should be viewed as a bridge, not a barrier. The African Energy Chamber (AEC) Africa-Paris Declaration (https://apo-opa.co/4l4JTO2) underscores this principle – Africa’s oil and gas revenues can and must be used as a financial lever to invest in electrification, clean energy, and infrastructure projects. This pragmatic and just approach prioritizes development alongside sustainability, not instead of.  

    There are several ways to achieve this. First, reinvesting oil and gas revenues into rural electrification can transform communities. Decentralized solutions like off-grid solar and mini-grids offer practical ways to reach remote areas. Although urban dwellers do experience power outages, for many rural populations, it’s a way of life. For the mother cooking with firewood or the student studying by candlelight, a small solar grid is life-changing. Fossil fuel revenues can finance these systems at scale, bridging the immediate access gap while longer-term grid expansions are in progress.  

    Second, establishing innovative financing mechanisms is essential. For instance, the fledgling Africa Energy Bank (https://apo-opa.co/4laFrh1) aims to bridge the continent’s estimated $31 billion to $50 billion annual energy funding gap by focusing predominantly on financing energy projects. Launched in 2025, the bank is poised to play a transformative role in mobilizing capital for African energy projects. Additionally, global investors are increasingly exploring energy investment opportunities in Africa. In support of this, development finance institutions, such as the African Development Bank, the World Bank, and the International Finance Corporation, are de-risking investments by offering concessional loans, guarantees, and technical assistance, making investment in African energy projects more attractive.  

    Third, policy reforms that create enabling environments are critical. Here, governments have a role to play in prioritizing revenue-generating projects, creating stable regulatory frameworks, and offering incentives for public-private partnerships. This will support investment, reduce risks, and unlock the transformative power of energy access. 

    These solutions demonstrate the importance of a fair and equitable transition and the vital role that fossil fuels will continue to play in achieving this goal. They also prove that this goal is achievable, even if it is on the continent’s own terms. 

    Unique Solutions to Africa’s Energy Challenges 

    Africa’s path to net-zero has the same end goal as the rest of the world, but it can’t mirror their journey. Our starting points are different, and our development needs are urgent. We understand that climate action can’t be delayed. But it can be just, inclusive, and rooted in African realities. And it can also be supported by revenues from our abundant natural resources.   

    The Africa-Paris Declaration notes that ‘a fair transition recognizes that fossil fuels remain valuable for Africa’s development, prosperity, and energy access goals. Africa doesn’t need to choose between oil and gas or renewables. Given our current position, all are important and require both strategic and sensible deployment. Fossil fuels generate the revenues to invest in solar, wind, hydropower, and grid infrastructure. They fuel industries that create jobs. They support healthcare, education, and innovation. 

    When managed responsibly, Africa’s fossil fuel revenue can serve as a bridge to a brighter, greener, and more prosperous continent. Will it be quick and easy? No. Will some question the approach? Most certainly. But the alternative is leaving hundreds of millions of people in the dark. 

    Distributed by APO Group on behalf of TotalEnergies.

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: 5 Reasons to Consider Payroll Outsourcing

    Source: APO

    Accurate and timely payroll impacts costs, tax compliance, and employee morale. Many organisations assume that insourced payroll is inherently superior. Yet in today’s dynamic business environment, this assumption can be more costly. It can burden valuable personnel, increase compliance risks, and saddle organisations with expensive, yet obsolete, software.

    Workplaces are becoming more complex through a wide variety of employment conditions, frequent regulation changes, and growth risks (especially when operating in multiple regions). Payroll systems don’t always keep up, which is why over a third of companies are dissatisfied with their internal payroll systems (http://apo-opa.co/45tJ0Ko).

    “The importance of accurate and timely payroll is undeniable. But assuming that insourcing payroll is inherently superior misses the mark. In today’s dynamic business environment, clinging to outdated internal systems is costly, diverts valuable personnel, and complicates software management,” says Heinrich Swanepoel, Head of Business Development at Deel Local Payroll, powered by PaySpace.

    Outsourced payroll’s strategic advantages

    Outsourcing payroll is a strategic move that adds scale and flexibility to an organisation’s operations. Whether it’s for five or five thousand employees, one office or multiple countries, using an experienced and technologically capable outsourced payroll provider creates crucial advantages in workforce management and adaptability.

    Here are five key reasons why payroll outsourcing is a game-changer:

    1. Remove Legacy System Limitations and Costs: Outdated payroll software an expose you to delays, errors, and fragmented workflows. Outsourcing with modern technology provides flexibility. Providers can efficiently handle payroll tasks regardless of onboarding surges, market expansions, or workforce adjustments.
    1. Empower Staff for Higher-Impact Work: Outsourced experts add knowledge, coupled with payroll automation, secure collaboration tools, data integration, and enhanced financial visibility. They help key personnel in payroll, HR, and finance to focus on strategic, high-value priorities.
    1. Navigate Payroll Compliance: Outsourcing specialists make it their business to know local and international tax rules, labour laws, and data regulations. They use software with built-in compliance checks, audit trails, and secure document tracking. The provider shares and even inherits the responsibility of payroll software compliance such as GDPR, POPIA, SOC 1 & 2, and ISO 27001.
    1. Flexible payroll management: Outsourced payroll providers use scalable and flexible software to align with organisational changes, enabling their clients to adapt without reconfiguring payroll departments with restructuring or new hires.
    1. Access Advanced Features: Keeping up with new features and aligning them with operations is expensive and disruptive. Outsourced payroll providers introduce cutting-edge technologies like cloud computing, artificial intelligence, and data analytics as part of their core business strategies. They offer seamless integration with client business systems for real-time, fully compliant payroll operations that the client controls without adding technical risks.

    Evaluating an outsourced payroll partner

    Outsourcing payroll creates huge advantages. But not all outsourced payroll providers are the same. The best candidates combine human expertise with the advantages of modern cloud-native payroll platforms.

    To evaluate a provider, test their payroll expertise and compliance knowledge. Security and data protection are non-negotiable, and assess their track record with other clients. Look at what software they use—the capabilities of the software and how well their people can use those features are as important as the staff’s professional capabilities. Are they masters of their tools as well as their craft?

    Interrogate their service levels and how they extend capabilities to clients, such as self-service and ad hoc reporting. Evaluate the technology platform in terms of real-time data access, automated calculations, integration with HR and accounting tools, and compliance.

    “Outsourcing payroll isn’t just about saving time — it’s a strategic move that positions your business for growth, compliance, and agility,” says Swanepoel. “With the right partner, you can reduce costs, streamline operations, and focus your energy where it matters most: on your people and your business.”

    Distributed by APO Group on behalf of Deel Local Payroll, powered by PaySpace.

    For media queries please contact:
    Victoria Lindsay:
    victoria@innocomm.co.za.

    About Deel Local Payroll:
    Deel Local Payroll, powered by PaySpace (www.PaySpace.com), revolutionises payroll management. It offers online, multi-country payroll and HR management for businesses from start-ups through to enterprise in over 40 African countries, the United Kingdom, the Middle East, and Brazil.

    Cloud-native, Deel Local Payroll, is scalable, configurable, highly secure, and easy-to-use—delivering anytime, anywhere access. It features payroll automation, self-service features, automatic legislation and feature updates, customised reporting, and more.

    Since 2024, Deel Local Payroll has been part of Deel, operating as an independent subsidiary, serving its customers through the PaySpace platform. 

    Media files

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    MIL OSI Africa –

  • MIL-OSI Europe: OLAF Director-General Ville Itälä concludes 7-year mandate

    Source: European Anti-Fraud Offfice

    Press release no. 23/2025

    PDF version

    The European Anti-Fraud Office (OLAF) announces the departure of Ville Itälä, who has concluded his non-renewable seven-year term as Director-General of OLAF. Itälä played a pivotal role in strengthening the EU’s fight against fraud. During his tenure, OLAF closed 1,588 investigations, recommended the recovery of over €4 billion in misused EU funds, and prevented the undue spending of more than €810 million. 

    Appointed in 2018, Mr Itälä led OLAF through a period marked by major challenges and unprecedented developments in the protection of the European Union’s financial interests – from the COVID-19 pandemic, during which OLAF prevented the undue spending of billions on fake medical supplies and vaccines, to the EU’s response to Russian invasion of Ukraine, where OLAF worked to enforce sanctions and bolster Ukraine’s anti-fraud system. 

    During Mr Itälä’s tenure, OLAF successfully concluded numerous high-profile investigations and reinforced its role as a central pillar in the EU’s anti-fraud architecture. Moreover, over the course of seven years, OLAF continuously improved its effectiveness, built capacity and competences, helped to recover misused funds, protected citizens’ health and safety and safeguarded the environment. 

    Mr Itälä also enhanced OLAF’s cooperation with key anti-fraud partners including the European Court of Auditors (ECA) Europol, Eurojust, as well as the European Public Prosecutor’s Office (EPPO), whose creation he witnessed.

    “It has been an honour to lead OLAF in its vital mission of protecting European taxpayers’ money and promoting integrity within the EU institutions. I am proud of what we have achieved together – from strengthening OLAF’s investigative capabilities to fostering strong partnerships across Europe and beyond. I extend my sincere thanks to my colleagues and partners for their unwavering dedication and professionalism,” said Ville Itälä. 

    With the conclusion of Mr Itälä’s mandate, current Deputy Director-General Salla Saastamoinen will assume the role of Acting Director-General of OLAF as of 1 August 2025, ensuring continuity of leadership until the appointment of a new Director-General, the selection process of which is ongoing. 

    OLAF remains fully committed to its mission to detect, investigate and prevent fraud and other illicit activities affecting the EU budget. The Office will continue its work in close cooperation with national, EU and international partners to safeguard Union’s financial interests. 

    Background 

    In line with procedures, the Director-General is appointed via a competitive selection process, followed by public hearings at the European Parliament and a formal appointment by the European Commission. As of the end of July 2025, the selection procedure remains in progress, with candidates being evaluated in accordance with applicable rules.

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, please leave us your contact data.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Ofqual to fine WJEC after 1,500 GCSE students received wrong results

    Source: United Kingdom – Executive Government & Departments

    Press release

    Ofqual to fine WJEC after 1,500 GCSE students received wrong results

    Awarding body faces £350,000 penalty for breaches that led to incorrect grades and reviews of marking failures that affected nearly 4,000 other exam papers.

    Ofqual is to fine awarding organisation WJEC £350,000 in total for breaching exams rules in 2 separate cases – including one that meant over 1,500 students received the wrong GCSE grades on results day. 

    The 1,527 students who received the incorrect results had taken WJEC’s Eduqas GCSE Food Preparation and Nutrition qualification in summer 2024. 

    WJEC had failed to adjust teachers’ marking of coursework – which made up 50% of the qualification – to ensure results were in line with national standards. 

    It subsequently found that, while 17,610 results did not need to be changed, 847 students received lower grades and 680 got higher grades than they should have.  

    The students who received the incorrect lower grades were eventually issued with the correct grade in October 2024. In considering Ofqual guidance, WJEC decided those who received the incorrect higher grades should keep them, to avoid unfairly penalising students who may have already used those results.  

    Ofqual is set to fine WJEC £175,000 for this case, caused by an error in WJEC’s external moderation of teachers’ marking. 

    In the second case, WJEC reported that between 2017 and 2023 it had allowed 3,926 exam papers, out of 120,094 reviews of marking across 38 Ofqual-regulated qualifications, to be reviewed by the same assessors who had originally marked at least part of them, breaking regulations. 

    In this case, WJEC will be fined another £175,000 for breaching its Conditions of Recognition concerning how it conducted ‘reviews of marking’. 

    One student had their grade increased in 2024 after a fully independent review of marking was conducted. In response to the incident, WJEC issued credit notes as financial compensation to schools and colleges, for all affected reviews, totalling just over £219,000. 

    Amanda Swann, Ofqual’s Executive Director for General Qualifications, said:

    Students must be able to trust that their results accurately reflect their performance, and what they know, understand and can do. 

    These proposed fines reflect the serious nature of WJEC’s failures and our commitment to protecting the interests of students and maintaining the integrity of our qualifications system. This includes the requirement that GCSE, AS and A levels students are entitled to an independent review of their exam marks.

    Ofqual’s enforcement panel concluded a fine was appropriate and also took into account several mitigating factors. These included that WJEC had admitted the breaches, fully accepted responsibility, taken steps to prevent the problems happening again, and engaged fully with Ofqual. 

    Ofqual has today published 2 Notice of Intention (to accept a settlement proposal) documents for each case against WJEC. The documents give more details of the cases and invite interested parties to make representations ahead of final decisions:

    We continue to work closely with WJEC to ensure the mitigations they have put in place for this summer and subsequent exam series are effective. 

    Background information 

    Ofqual’s Taking Regulatory Action Policy  sets out how it will use its powers to take regulatory action.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Flagship play centre for disabled children

    Source: Scottish Government

    Three-year funding commitment supports expanded play and family support.

    A charity that supports disabled children and young people and their families can provide 300 more places throughout the year after opening new premises in Glasgow for the first time.

    The dedicated play centre, supported with £500,000 from the Scottish Government, joins existing premises in Dundee, Fife and Edinburgh where The Yard supports disabled children and young people, and their families.

    The new facility provides children with a sensory room, play hall and outdoor space, while also providing a meeting room for parents and carers to receive family support.

    The Scottish Government funding is part of a £2 million commitment over three years from 2024-25 to support The Yard to grow its services, including tailored support, and expand its spaces for disabled children and young people to play and socialise.

    Children and Young People’s Minister Natalie Don-Innes officially opened the new facility and joined a family session as part of The Yard’s school holiday programme.

    Ms Don-Innes said:

    “Working with charities is vital to improving outcomes for disabled children and their families. Our three-year funding will help The Yard to continue to grow and support more families across Scotland.

    “This wonderful new facility, backed by £500,000 Scottish Government funding, has allowed the Yard to expand to new premises in Glasgow for the first time. The smiles on the faces of the children and families who rely on The Yard for support show what a difference this service makes to their lives.”

    Celine Sinclair, CEO of The Yard said;

    “We are incredibly proud to launch our new Glasgow service, building on the success of our centres in Edinburgh, Dundee and Fife. The Yard team provide exemplary, safe, inclusive spaces where children can play, grow and connect, while families feel supported, empowered and included. We are just thrilled to be in the West of Scotland and would like to thank Scottish Government and our funders for helping us realise this ambition.

    “Working alongside our partners in Glasgow, this new service builds on our legacy and expands our reach to meet the needs of families and schools. As we continue developing The Yard into a nationally recognised Centre of Excellence, the opening of our Glasgow centre marks a major step forward in our mission to inspire and to help build meaningful inclusion across the country.”

    Background

    Up to £2 million funding for The Yard over three financial years from 2024-25 was confirmed in October 2023, subject to due diligence and approval of the budget by the Scottish Parliament.

    Providing this additional capital and resource funding has enabled The Yard to take forward development of a site in Glasgow and refurbishment in Dundee and to expand their existing services in Edinburgh and Fife.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Exciting new future for waterfront location

    Source: City of Plymouth

    One of the Plymouth’s waterfront locations is set for an exciting future thanks to a long-term agreement with Cattewater Harbour Commissioners.

    A 30-year lease on Commercial Wharf on Madeira Road is to be granted to the commissioners who want to invest, improve and manage the location, to continue to grow the visitor economy of marine visitors to our city from the water.

    The wharf is already home to 19 boathouses, which are used for a variety of commercial purposes, including marine, storage and leisure. The site includes the quay wall, a 17th century quay from the Mayflower Steps to a public access slipway as well as a public open space.

    The commissioner’s plan is to make the area a destination in itself, to create a more welcoming feel to this historic wharf, to attract more tourists, events, visitors and marine tourism including cruise, tall ships, superyacht and leisure passengers embarking or disembarking from the nearby Barbican Landing Stage, and visitor moorings.

    Cattewater Harbour Commissioners (CHC) took back ownership and responsibility for managing and maintaining the Barbican Landing Stage from the Council in early 2023 – a decision that not only saved the Council future maintenance costs, but meant that, CHC, as the Statutory Harbour Authority, had better access to resources and expertise to maintain the safe operation of the facility.

    Council leader Tudor Evans said: “We constantly review all our assets and as we have said before, try to find creative solutions for some of our properties that can unlock jobs, opportunities and prospects – and this certainly hits the mark.

    “It just makes sense for the wider good of the city. We do not have the resources or the expertise to carry out repairs to the sea wall – they do.

    “We still retain the long-term interest in the wharf, but this deal will allow the commissioners to create something special and look after this landmark using the expertise they have on tap. I can’t wait to see what they do!”

    Captain Richard Allan, CEO and Harbour Master, Cattewater Harbour Commissioners: “As we continue to grow the number of visiting leisure vessels to the Port, and invest in nearby facilities including toilets and showers, it’s a logical next step that we take on the lease of the wharf.

    “We have thousands of visitors who’s first experience of Plymouth is coming ashore at Commercial Wharf, we want to make this experience better, and we’re looking forward to ensuring the site provides one of the best step off points in the South West.”

    Cattewater Harbour is a trust port, an independent statutory body. There are no shareholders, or owners, and any surplus generated is reinvested into the port for the benefit of its stakeholders.

    Since April 2020, the Council’s Facilities Management have spent over £400,000 including over £300,000 on capital repairs to the sea wall. Significant capital expenditure, major repair and maintenance issues remain.

    As part of the tenancy agreement CHC will ensure the wharf remains in good repair – including structures, surfaces and sea walls. They will also be responsible for keeping the public spaces neat and tidy and have agreed to invest in critical maintenance and improvements to the site.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: York welcomes over £1 million to tackle economic inactivity

    Source: City of York

    The Get Britain Working Trailblazer programme is aimed at reducing economic inactivity and supporting residents into good jobs, volunteering, and training opportunities.

    The funding, totalling £1,038,250, comes from the York and North Yorkshire Combined Authority (YNYCA) and will support a wide range of local projects targeting groups most affected by long-term unemployment, including young people, disabled residents, unpaid carers, and veterans.

    Peter Roderick, Director of Public Health at City of York Council, said:

    “This funding is a real opportunity to make a difference in the lives of York residents who face barriers to employment due to health or personal circumstances. We’re proud to be delivering a programme that puts people first—offering tailored support, improving wellbeing, and helping individuals find meaningful work. It’s about building a healthier, more inclusive city.”

    Cllr Pete Kilbane, Deputy Leader and Executive Member for Economy & Culture, added:

    “This investment aligns perfectly with our Economic Strategy and our ambition to create good jobs and a thriving local economy. By working with partners across the city, we’re scaling up what works and piloting new, innovative approaches. It’s a bold step forward in unlocking York’s hidden talent and ensuring no one is left behind.”

    The funding will support 15 York-specific schemes, including mental health hubs, youth mentoring, workplace health checks, and employer engagement initiatives. It also complements wider regional programmes such as wage subsidies and primary care interventions.

    The Council has committed to delivering all projects within the 2025/26 financial year, with a focus on collaboration, innovation, and measurable impact. A report detailing the funding will go to a joint councillor decision session on 5 August.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Russia has already acquired immunity to Western sanctions – Russian President’s press secretary

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    Moscow, July 30 (Xinhua) — Russia’s economy has already managed to develop immunity to Western sanctions, Russian presidential spokesman Dmitry Peskov said, commenting on U.S. President Donald Trump’s threats to introduce new restrictive measures.

    “We have been living under a huge number of sanctions for quite a long time. Our economy operates under a huge number of restrictions. Therefore, of course, we have already developed a certain immunity in this regard,” he said, answering a question about preparations for the introduction of new restrictions.

    Earlier, D. Trump announced that he was reducing the 50-day deadline he had set for reaching a ceasefire between Russia and Ukraine to 10 days. If the negotiations fail, he plans to introduce new import duties, sanctions or “something else.” –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Government meeting (2025, No. 25)

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    1. On Amendments to the Resolution of the Government of the Russian Federation of June 12, 2008 No. 450

    The draft resolution was developed in order to consolidate the powers of the Ministry of Agriculture of the Russian Federation, established by Federal Law No. 52-FZ of April 1, 2025 “On Amendments to Certain Legislative Acts of the Russian Federation”.

    2. On the draft federal law “On Amendments to Article 61-1 of the Federal Law “On Consumer Credit (Loan)”

    The bill is aimed at supporting citizens in the event of the birth or adoption of a second child or subsequent children.

    3. On the draft federal law “On Amending Article 3462 of Part Two of the Tax Code of the Russian Federation”

    The bill is aimed at preserving the status of agricultural producers for organizations and individual entrepreneurs operating in the constituent entities of the Russian Federation, in whose territory the legal regime of the counter-terrorism operation has been introduced and (or) was in effect.

    4. On the allocation of budgetary allocations to Rosleskhoz in 2025 from the reserve fund of the Government of the Russian Federation for the provision of subventions from the federal budget to the budgets of the constituent entities of the Russian Federation

    The draft order is aimed at providing financial support for the costs of the constituent entities of the Russian Federation for extinguishing forest fires in emergency situations in forests of various types.

    5. On the draft federal constitutional law “On Amendments to Certain Federal Constitutional Laws”

    The draft law proposes to establish that in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic, the Zaporizhia and Kherson regions, documents on the verification of measuring instruments issued by state and other official bodies of Ukraine, state and other official bodies of new entities, are valid until the end of their validity period. The draft law is expected to enter into force on January 1, 2026.

    6. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 840725-8 “On Amendments to Articles 2463 and 427 of Part Two of the Tax Code of the Russian Federation”

    The draft amendments are aimed at increasing the investment attractiveness of the preferential regime created in the Kuril Islands.

    7. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 819547-8 “On Amendments to the Federal Law “On Protection of Competition” and Certain Legislative Acts of the Russian Federation”

    The draft amendments are aimed at clarifying the provisions of the bill, which provides for the transfer of mandatory auctions by law to electronic form according to uniform unified rules.

    8. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation and the regulations on federal executive bodies subordinate to it)

    The draft act is aimed at implementing the powers to establish a public easement by Rosmorrechflot, Rosavtodor, Rosaviatsia and the Ministry of Transport of Russia in cases stipulated by Federal Law No. 254-FZ of July 31, 2020 “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure and on amendments to certain legislative acts of the Russian Federation.”

    Moscow, July 30, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Materials for the Government meeting on July 31, 2025

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    The following issues are planned to be considered at the meeting:

    1. On Amendments to the Resolution of the Government of the Russian Federation of June 12, 2008 No. 450

    The draft resolution was developed in order to consolidate the powers of the Ministry of Agriculture of the Russian Federation, established by Federal Law No. 52-FZ of April 1, 2025 “On Amendments to Certain Legislative Acts of the Russian Federation”.

    2. On the draft federal law “On Amendments to Article 61-1 of the Federal Law “On Consumer Credit (Loan)”

    The bill is aimed at supporting citizens in the event of the birth or adoption of a second child or subsequent children.

    3. On the draft federal law “On Amending Article 3462 of Part Two of the Tax Code of the Russian Federation”

    The bill is aimed at preserving the status of agricultural producers for organizations and individual entrepreneurs operating in the constituent entities of the Russian Federation, in whose territory the legal regime of the counter-terrorism operation has been introduced and (or) was in effect.

    4. On the allocation of budgetary allocations to Rosleskhoz in 2025 from the reserve fund of the Government of the Russian Federation for the provision of subventions from the federal budget to the budgets of the constituent entities of the Russian Federation

    The draft order is aimed at providing financial support for the costs of the constituent entities of the Russian Federation for extinguishing forest fires in emergency situations in forests of various types.

    5. On the draft federal constitutional law “On Amendments to Certain Federal Constitutional Laws”

    The draft law proposes to establish that in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic, the Zaporizhia and Kherson regions, documents on the verification of measuring instruments issued by state and other official bodies of Ukraine, state and other official bodies of new entities, are valid until the end of their validity period. The draft law is expected to enter into force on January 1, 2026.

    6. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 840725-8 “On Amendments to Articles 2463 and 427 of Part Two of the Tax Code of the Russian Federation”

    The draft amendments are aimed at increasing the investment attractiveness of the preferential regime created in the Kuril Islands.

    7. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 819547-8 “On Amendments to the Federal Law “On Protection of Competition” and Certain Legislative Acts of the Russian Federation”

    The draft amendments are aimed at clarifying the provisions of the bill, which provides for the transfer of mandatory auctions by law to electronic form according to uniform unified rules.

    8. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation and the regulations on federal executive bodies subordinate to it)

    The draft act is aimed at implementing the powers to establish a public easement by Rosmorrechflot, Rosavtodor, Rosaviatsia and the Ministry of Transport of Russia in cases stipulated by Federal Law No. 254-FZ of July 31, 2020 “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure and on amendments to certain legislative acts of the Russian Federation.”

    Moscow, July 30, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF raises Malaysia’s economic growth forecasts for 2025 and 2026

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    KUALA LUMPUR, July 31 (Xinhua) — The International Monetary Fund (IMF) on Wednesday raised its economic growth forecasts for Malaysia for 2025 and 2026.

    Malaysia’s real gross domestic product (GDP) growth will be 4.5 percent and 4 percent in 2025 and 2026, respectively, the IMF said in its latest World Economic Outlook.

    Growth forecasts were revised upward by 0.4 percentage points and 0.2 percentage points compared with previous estimates in April.

    Malaysia’s economy grew by 3.5 percent and 5.1 percent year-on-year in 2023 and 2024, respectively.

    These upward forecasts coincided with the IMF’s higher forecasts for global economic growth. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: New Hangzhou-Dubai flight launched

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    HANGZHOU, July 31 (Xinhua) — A new flight linking the eastern Chinese city of Hangzhou and the United Arab Emirates (UAE) city of Dubai was launched on Wednesday.

    The first passenger flight on this route arrived at Hangzhou Xiaoshan International Airport at about 15:24 on Wednesday. The new passenger flight will be operated daily by Emirates using Boeing 777-300ER aircraft starting from Thursday, Xiaoshan Airport Authority said, adding that the arrival of the Emirates aircraft at the airport also marked the official opening of the airport for Emirates, one of the world’s leading airlines.

    Flight EK311 is scheduled to depart Hangzhou at 00:10 Beijing time and arrive in Dubai at 04:55 local time. On the return journey, flight EK310 will leave Dubai at 09:40 local time and arrive in Hangzhou at 22:00 Beijing time. The one-way flight time is approximately 8 hours 45 minutes.

    Emirates China CEO Li Xun said Hangzhou’s vibrant cross-border e-commerce ecosystem and rich sci-tech resources are closely aligned with Dubai’s status as a free trade port.

    The launch of a new air route between the two cities will create more opportunities for their cooperation in areas such as the digital economy, international trade and passenger transportation, he noted.

    With the launch of the new route, Xiaoshan Airport now operates 10 Hangzhou-Dubai flights per week, up from the previous 3. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Advance estimates on Gross Domestic Product for second quarter of 2025

    Source: Hong Kong Government special administrative region

    The Census and Statistics Department (C&SD) released today (July 31) the advance estimates on Gross Domestic Product (GDP) for the second quarter of 2025.
     
    According to the advance estimates, GDP increased by 3.1% in real terms in the second quarter of 2025 over a year earlier, compared with the increase of 3.0% in the first quarter.
     
    Analysed by major GDP component, private consumption expenditure increased by 1.9% in real terms in the second quarter of 2025 over a year earlier, as against the decrease of 1.2% in the first quarter.
     
    Government consumption expenditure measured in national accounts terms recorded an increase of 2.5% in real terms in the second quarter of 2025 over a year earlier, compared with the increase of 0.9% in the first quarter.
     
    Gross domestic fixed capital formation increased by 2.9% in real terms in the second quarter of 2025 over a year earlier, following the increase of 1.1% in the first quarter.
     
    Over the same period, total exports of goods measured in national accounts terms recorded an increase of 11.5% in real terms over a year earlier, accelerated further from the growth of 8.4% in the first quarter. Imports of goods measured in national accounts terms grew by 12.7% in real terms in the second quarter of 2025, compared with the increase of 7.2% in the first quarter.
     
    Exports of services rose further by 7.5% in real terms in the second quarter of 2025 over a year earlier, after the increase of 6.3% in the first quarter. Imports of services increased by 7.0% in real terms in the second quarter of 2025, compared with the increase of 4.7% in the first quarter.
     
    On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.4% in real terms in the second quarter of 2025 when compared with the first quarter.

    Commentary
     
    A Government spokesman said that the Hong Kong economy continued to expand solidly in the second quarter of 2025, supported by strong exports performance and improved domestic demand. According to the advance estimates, real GDP grew by 3.1% over a year earlier, picking up slightly from the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 0.4%.
     
    Analysed by major expenditure component, total exports of goods saw accelerated growth, as the external demand was resilient and the temporary easing of US tariff measures led to some “rush shipments”. Exports of services continued to expand notably, thanks to strong growth in inbound tourism, further expansion in cross-boundary traffic, and vibrant financial and related business service activities amid the buoyant local stock market. Domestically, private consumption expenditure resumed moderate growth after four consecutive quarters of decline, as supported by the stabilisation in the domestic consumption market. Meanwhile, overall investment expenditure increased further alongside the economic expansion.
     
    The Hong Kong economy exhibited remarkable resilience in the first half of 2025. Looking ahead, steady economic growth in Asia, particularly in the Mainland, combined with the Government’s various measures to bolster consumption sentiment, attract investment, diversify markets, and promote economic growth, will continue to provide steadfast support for various segments of the Hong Kong economy. Nevertheless, uncertainties in the external environment remain elevated. The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment. Moreover, the “rush shipment” effect is expected to fade later this year. Hong Kong’s economic performance going forward will, to a certain extent, depend on how these factors evolve.
     
    The revised figures on GDP and more detailed statistics for the second quarter of 2025, as well as the revised GDP forecast for 2025, will be released on August 15, 2025.
     
    Further information
     
    The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the second quarter of 2024 to the second quarter of 2025 are shown in Table 1.
     
    When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the second quarter of 2025 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html) and the Gross Domestic Product by Expenditure Component report (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030001&scode=250) on August 15, 2025.
     
    For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for June 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (July 31).

         The value of total retail sales in June 2025, provisionally estimated at $30.1 billion, increased by 0.7% compared with the same month in 2024. The revised estimate of the value of total retail sales in May 2025 increased by 2.4% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of total retail sales decreased by 3.3% compared with the same period in 2024.

         Of the total retail sales value in June 2025, online sales accounted for 8.5%. The value of online retail sales in that month, provisionally estimated at $2.5 billion, increased by 8.4% compared with the same month in 2024. The revised estimate of online retail sales in May 2025 decreased by 1.2% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of online retail sales decreased by 0.4% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in June 2025 decreased by 0.3% compared with a year earlier. The revised estimate of the volume of total retail sales in May 2025 increased by 1.9% compared with a year earlier. For the first half of 2025, the provisional estimate of the total retail sales decreased by 4.7% in volume compared with the same period in 2024.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing June 2025 with June 2024, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 6.8%. This was followed by sales of other consumer goods not elsewhere classified (+7.2% in value); commodities in supermarkets (+0.4%); medicines and cosmetics (+6.0%); commodities in department stores (+5.7%); and optical shops (+1.0%).

         On the other hand, the value of sales of wearing apparel decreased by 4.3% in June 2025 over a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (-1.5% in value); electrical goods and other consumer durable goods not elsewhere classified (-9.3%); motor vehicles and parts (-6.0%); fuels (-8.7%); furniture and fixtures (-16.3%); footwear, allied products and other clothing accessories (-7.2%); Chinese drugs and herbs (-2.0%); and books, newspapers, stationery and gifts (-4.7%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 0.3% in the second quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.7%.
     
    Commentary

         A government spokesman said that retail sales showed signs of stabilisation in recent months. The value of total retail sales increased further by 0.7% in June 2025 over the year.

         Looking ahead, the spokesman said continued increase in employment earnings, buoyant local stock market, coupled with the Government’s proactive efforts in promoting tourism and mega events and also enterprises’ strenuous effort in providing more diversified experiences would provide support to the consumption sentiment in the domestic market and businesses of the retail sector.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first half of 2025 are also shown.

         Table 2 presents the revised figures on value of online retail sales for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email: mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government’s financial results for three months ended June 30, 2025

    Source: Hong Kong Government special administrative region

    Government’s financial results for three months ended June 30, 2025 

     June 30, 2025
    HK$ millionJune 30, 2025
    HK$ millionand repayment of
    Government Bondsissuance of
    Government BondsGovernment Bonds*and repayment of
    Government BondsGovernment Debts as at June 30, 2025 (Note 3)
        HK$323,357 million
    Debts Guaranteed by Government as at June 30, 2025 (Note 4)
        HK$121,369 million

    TABLE 2. FISCAL RESERVES
     

     June 30, 2025
    HK$ millionJune 30, 2025
    HK$ millionissuance and repayment of
    Government Bonds(Note 5)Notes:

    1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at June 30, 2025, was HK$216,709 million.Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Exchange Fund Position at end-June 2025

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) today (July 31) published the unaudited financial position of the Exchange Fund at end-June 2025.

         The Exchange Fund recorded an investment income of HK$194.4 billion in the first half of 2025. The main components were:
     

    • gains on bonds of HK$75.3 billion;
    • gains on Hong Kong equities of HK$22.9 billion;
    • gains on other equities of HK$27.4 billion;
    • positive currency translation effect of HK$56.8 billion on non-Hong Kong dollar assets (Note 1); and
    • gains on other investments of HK$12.0 billion (Note 2).

         Fees on placements by the Fiscal Reserves and placements by Hong Kong Special Administrative Region Government funds and statutory bodies were HK$8.5 billion (Note 3) and HK$8.3 billion respectively in the first half of 2025, with the rate of fee payment at 4.4 per cent for 2025.

         Total assets of the Exchange Fund stood at HK$4,297.1 billion at end-June 2025, an increase of HK$216.1 billion from the end of 2024. Accumulated surplus stood at HK$877.9 billion at end-June 2025.

         The Chief Executive of the HKMA, Mr Eddie Yue, said, “The global financial markets experienced significant volatility in the first half of 2025 due to escalating trade barriers and frictions, as well as intensifying geopolitical tensions in the Middle East. In particular, following the announcement of a series of aggressive tariff measures by the US Government in early April, the global financial markets underwent massive sell-offs, with the equity and bond markets experiencing sharp declines. The S&P 500 fell by roughly 12 per cent over a few days since April 3. The 10-year US Treasury yield also surged by 50 basis points to around 4.5 per cent within a week in April, registering the sharpest weekly change since the pandemic outbreak in 2020.

         As the US and major economies made progress in tariff negotiations, investor confidence stabilised and global equity markets rebounded. The Hong Kong equities also benefitted from capital inflows and the Hang Seng Index rose by about 20 per cent in the first half. As for the bond market, the US Fed kept its monetary policy target unchanged in the first half of the year. Hence, US bond yields stayed at relatively high levels, generating good interest income for the Exchange Fund’s bond portfolio. 

         Against this backdrop, the Exchange Fund recorded a decent investment income in the first half of 2025, with positive returns across major asset classes of bonds, equities and alternative investments. The weakening of the US dollar against major currencies in the first half also resulted in significant positive currency translation effect on the Exchange Fund’s assets.”

         He added, “While the Exchange Fund achieved good returns in the first half of the year, the investment landscape in the second half remains highly uncertain. The uncertainty of US Government’s economic and trade policies will affect international capital flows, as well as corporates’ earnings and investment decisions. Any increase in trade frictions or deterioration in geopolitical situations may cause a slowdown in global economic growth, and may also trigger a sharp reversal of market optimism, bringing shocks to the financial markets. In addition, the pace of adjustments of the Fed’s monetary policy and concerns over the US Government’s debt servicing ability may also affect the performance of US dollar assets and the US dollar against other currencies. While a sizeable part of the Exchange Fund’s investment income in the first half was from the positive foreign currency translation effect, these valuation changes are subject to fluctuations and may not be sustained in the second half of the year.

         In the face of the complex and volatile investment environment, the HKMA will continue to adhere to the principle of capital preservation first while maintaining long-term growth. We will continue to manage the Exchange Fund with prudence and flexibility, implement appropriate defensive measures, and maintain a high degree of liquidity. We will also continue our investment diversification to strive for higher long-term returns, and ensure that the Exchange Fund remains effective in achieving its purpose of maintaining monetary and financial stability of Hong Kong.”

    Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.
    Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure reflects the valuations at the end of March 2025. Valuation changes of these investments from April to June are not yet available.
    Note 3: This does not include the 2025 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2025 is available.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Results of the June 2025 Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

    Source: European Central Bank

    31 July 2025

    • Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, tightening slightly for certain counterparty types
    • Demand for lending against collateral and financing rates/spreads increased across all asset classes except equities
    • Tariff turmoil in April 2025 had a limited but slightly negative impact on bank clients’ ability to meet margin calls

    Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, with a slight tightening of non-price terms across banks and dealers, non-financial corporations and sovereigns. For price terms, survey responses indicated no net change. General market liquidity and functioning was most frequently cited as the primary driver behind tightening. Looking ahead, some survey respondents expect credit terms and conditions to ease slightly in the third quarter of 2025. However, the vast majority (86%) stated that, overall, no changes were foreseen (Chart 1).

    Chart 1

    Expected and realised quarterly changes in overall credit terms and price/non-price terms offered to counterparties across all transaction types

    (net percentages of survey respondents)

    Source: ECB.

    Note: Net percentages are calculated as the difference between the percentage of respondents reporting “tightened somewhat” or “tightened considerably” and the percentage reporting “eased somewhat” or “eased considerably”.

    Turning to financing conditions for funding secured against the various types of collateral, financing rates/spreads increased across nearly all collateral types except equities for both average and most-favoured clients, reversing the decline observed in the preceding quarter. Furthermore, respondents indicated that demand for funding secured against any type of collateral except equities increased in the most recent period (Chart 2). Maximum maturities of funding decreased slightly for most collateral types, especially for government bonds, with only high-quality, non-financial corporate bonds showing a small net increase.

    Chart 2

    Securities financing transactions experienced an increase in financing rates/spreads and demand for funding, except for equities

    a) Change in financing rates/spreads for average clients by collateral type

    b) Change in overall demand for term funding by collateral type

    (net percentages of survey respondents, inverted)

    (net percentages of survey respondents, inverted)

    Source: ECB.

    Note: Net percentages are calculated as the difference between the percentage of respondents reporting “decreased somewhat” or “decreased considerably” and the percentage reporting “increased somewhat” or “increased considerably”.

    Against the background of broadly unchanged credit terms and conditions for the various types of non-centrally cleared over-the-counter (OTC) derivatives, including initial margin requirements, survey respondents pointed out a few changes regarding credit limits, liquidity and valuation disputes. The volume of valuation disputes increased for a few types of derivatives, particularly foreign exchange derivatives and credit derivatives referencing structured credit products. The maximum allowed exposure decreased for interest rate and commodity derivatives, while it increased slightly for credit derivatives. This was paired with reported improvements in the liquidity and trading of credit derivatives.

    The survey found that the US tariff announcements on 2 April had a limited but slightly negative impact on clients’ ability to meet margin calls. At the same time, the announcements did not significantly increase forced asset sales. The survey also featured a set of special questions examining euro area government bond (EGB) repo market activity and trading strategies. A large majority of respondents confirmed that they had engaged in trades combining EGB repo and reverse repo transactions, with margin offsets being a common practice for these types of transactions. However, other EGB repo trades were less common, such as those in combination with EGB futures or other interest rate derivatives. Yield curve or duration trades were named the most popular trades among client hedge funds, although alternative strategies, including cash-futures basis trades and intra-euro area sovereign repo trades, were also prevalent. Moreover, the majority of respondents indicated they had conducted a material number of EGB repo or reverse repo transactions as non-CCP bilateral trades in the last year and that they also expected the share of these trades to increase further over the next year.

    The results of the June 2025 SESFOD survey, the underlying detailed data series and the SESFOD guidelines are available on the ECB’s website, together with all other SESFOD publications.

    The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over three-month reference periods ending in February, May, August and November. The June 2025 survey collected qualitative information on changes between March 2025 and May 2025. The results are based on the responses received from a panel of 26 large banks, comprising 14 euro area banks and 12 banks with head offices outside the euro area.

    For media queries, please contact Verena Reith, tel.: +49 172 2570849.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    Source: United Kingdom – Executive Government & Departments

    Press release

    Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    The company also received a £150,000 fine from the Information Commissioner’s Office

    • Mohammed Liaqat and Rubani Ghulam were directors of a company which harassed people with nuisance cold-calls in 2020 and 2021 

    • Posh Windows UK Ltd, based in Stoke-on-Trent, made more than 400,000 unsolicited marketing calls trying to sell home improvements within a nine-month period 

    • Both have now been disqualified as company directors following investigations by the Insolvency Service 

    Two businessmen from Stoke-on-Trent who allowed their home improvements company to make hundreds of thousands of nuisance cold-calls have been banned as directors. 

    Mohammed Liaqat, 37, and Rubani Ghulam, 55, were directors of Posh Windows UK Ltd, which specialised in a range of products including windows, doors and conservatories. 

    However, the company made 461,062 unsolicited marketing calls in a nine-month period between August 2020 and April 2021. 

    The calls were to people who had registered with the Telephone Preference Service (TPS), a statutory register of people who have said they do not want to receive marketing calls.  

    Posh Windows UK Ltd was fined £150,000 by the Information Commissioner’s Office (ICO) in 2022 but went into liquidation in the same year without having paid any of the fine. 

    Liaqat, of Clarke Street, and Ghulam, of Thorndyke Street, have now been disqualified as company directors for four years. 

    Simon Gillett, Chief Investigator at the Insolvency Service, said: 

    Mohammed Liaqat and Rubani Ghulam allowed their company to make nearly half a million nuisance calls to people who had explicitly said they did not want to receive marketing calls, causing significant inconvenience to members of the public. 

    Many of the victims were also subjected to aggressive pressure tactics and repeated calls. 

    Directors who ignore privacy regulations and allow their companies to harass the public through relentless cold-calling will face the consequences. In this case, both Liaqat and Ghulam have been banned from running companies for four years, protecting consumers from further misconduct.

    Posh Windows UK Ltd was based on Cheapside in Stoke-on-Trent, with Liaqat and Ghulam appointed as directors in 2018. 

    The company first came to the attention of the ICO in January 2021 when one of its employees received an unsolicited direct marketing call in the evening. 

    During the call, the caller referred to government grants for home improvements and wanted to book an appointment for the following day. 

    They only hung up when the recipient told them that the telephone number was registered with the TPS. 

    Further complaints to the TPS and ICO indicated that pressure tactics were being used and constant calls were made, often outside standard business hours. Some callers were called more than 10 times, even after they had told them to stop. 

    In total, Posh Windows UK Ltd made 630,971 calls between 1 August 2020 and 30 April 2021. Of those, 461,062 were made to subscribers whose telephone numbers had been registered with the TPS for more than 28 days 

    All but 84 of the 461,062 calls were made from a withheld number, breaching privacy regulations. 

    ICO investigations began in March 2021 but Liaqat still allowed the company to trade for more than a year without the ability to adequately screen numbers against the TPS register. 

    Andy Curry, Head of Investigations at the ICO, said:  

    We welcome the decision to disqualify Mohammed Liaqat and Rubani Ghulam as directors of Posh Windows UK Ltd.  

    Nobody should be made to feel uncomfortable or distressed after simply answering the phone, and our investigation found that this company showed complete disregard for both the law and the thousands of people they were aggressively pestering.  

    Our Financial Investigation Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Mohammed Liaqat and Rubani Ghulam, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

    The Secretary of State for Business and Trade accepted disqualification undertakings from Liaqat and Ghulam, and their bans started on Thursday 31 July. 

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court.  

    Further information  

    About us 

    The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors. 

    The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade. 

    Read more about what we do 

    Press Office 

    Journalists with enquiries can call the Insolvency Service Press Office on 0303 003 1743 or email press.office@insolvency.gov.uk (Monday to Friday, 9am to 5pm). 

    Out of hours 

    For any out of hours media enquiries, please contact the Department for Business and Trade (DBT) newsdesk on 020 7215 2000.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Aurora Mobile and Figma: Unleashing Design to Drive Innovation

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, July 31, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it plans to incorporate products from Figma, a world – renowned design platform, into its service offerings. Figma’s tools will empower Aurora Mobile to revolutionize the way it approaches design within its business model, ecosystems, and various services.

    How Aurora Mobile’s Business Model Will Benefit from Figma

    Aurora Mobile’s business model is centered on providing comprehensive services to mobile app developers, leveraging vast amounts of real – time and anonymous device – level mobile behavioral data. By integrating Figma’s design services, Aurora Mobile can enhance the user interface (UI) and user experience (UX) of its own platforms and the solutions it offers its clients.
    Figma’s intuitive design tools will enable Aurora Mobile’s design teams to create more engaging and user – friendly interfaces for its data analytics dashboards, marketing campaign management platforms, and customer engagement tools.

    Strengthening Aurora Mobile’s Ecosystem with Figma

    Aurora Mobile has built a robust ecosystem with partnerships across multiple industries, including mobile app developers, telecommunications carriers, data analytics providers, and AI technology firms. Figma’s stools will play a crucial role in enhancing the design – related aspects of this ecosystem.

    For mobile app developers within Aurora Mobile’s network, Figma’s design capabilities can be integrated into the app development process. Designers and developers can collaborate more efficiently using Figma’s real – time collaboration features, ensuring that the final versions of apps have a seamless and attractive design. This will not only improve the quality of apps but also reduce the time – to – market.

    In the context of vertical application service offerings, Figma can be leveraged to design more effective data visualization tools. By presenting data in a more visually appealing and understandable way, Aurora Mobile can help its partners to extract deeper insights from the data, leading to better – informed business decisions.

    With the services of Figma, Aurora Mobile can enhance the design of its AI – powered solutions, such as GPTBots.ai. A well – designed interface for AI agents can improve user interaction, making it easier for enterprises to use these services and unlocking greater value from the AI technology.

    Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “We are thrilled about the potential of integrating Figma’s services into our operations. Design is playing an increasingly vital role in the success of our services and the overall user experience. By leveraging Figma’s world – class design platform, we will drive innovation across our business model, ecosystems, and services, ultimately delivering greater value to our customers and partners.”

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI United Kingdom: What’s The Story? Grassroots glory – Council reveals plan to turn big gig revenue into support for smaller venues

    Source: City of Manchester

    Manchester City Council is set to earmark almost £250,000 to support grassroots music venues in the city and help them share the success of the city’s summer of music.

    In recent weeks, hundreds of thousands of music fans have converged on the city to celebrate its music scene – 340,000 at the five Oasis Heaton Park homecoming gigs alone. Other star names appearing in Manchester this summer include Olivia Rodrigo, Billie Eilish, Charlie XCX, Elbow, Fontaines DC and Robbie Williams.

    Over the course of the summer it has been estimated that Manchester will have attracted 1.3 million music tourists – a tremendous boost for the city’s economy as a whole, especially the hospitality industry.

    These huge events are also generating income for the Council, either by being hosted in the city’s largest parks – with commercial arrangements for their use – or through the business rates paid by major venues.

    As well as reinvesting part of this revenue in parks, the Council is planning to set aside £245,000 to be made available in financial support for Manchester’s grassroots venues.

    While exact details are being finalised, the intention is that the scheme will be administered by Music Venue Trust to ensure that the money gets to where it is needed as quickly and effectively as possible.

    It comes as small venues across the country face a difficult economic climate, with a combination of increasing costs and reducing incomes leaving some in a precarious position. One particular challenge is an increase in nationally-set business rates. These had been significantly reduced for the sector in response to the impacts of the pandemic, but this financial year (2025/26) – while still being lower than pre-pandemic levels – they have gone back up significantly.

    Councillor Bev Craig, Leader of Manchester City Council, said: “Manchester is a big noise in the music world. This summer all eyes have been on the city as we’ve hosted some huge concerts and seen unprecedented success in our large venues as the EMA MTV Music Awards showed.

    “But while the biggest gigs – in the city’s arenas and parks – might dominate the headlines, we know they are only possible because they are part of a wider ecosystem with smaller, grassroots venues providing the launchpads for acts to develop and grow.

    “We know that across the country grassroots venues are struggling. That’s why we want to ensure that our grassroots venues can share some of the benefit from the success of those big events.

    “We’re blessed in Manchester with an array of great smaller venues. They are there to be enjoyed and I’d encouraged anyone who values them to get out and support them.”

    Jay Taylor, Music Venue Trust National Co-ordinator, said: “Music Venue Trust wants to thank and congratulate Manchester City Council for leading on this crucial support for grassroots music venues. It’s inspiring to see Manchester recognise its place as one of the world’s leading music cities, and acknowledge that the fantastic grassroots music venue network in the city is an essential cornerstone of the amazing music being produced by Manchester artists.

    “In April, the government reduced business rates relief in England for many grassroots music venues, significantly impacting their long-term sustainability. Manchester City Council has taken the lead with this bold and innovative action and we hope many more cities and towns across the country can join their efforts to secure the future of the UK’s grassroots music venue network.”

    Kate Lowes, Director, Brighter Sound (sector lead Manchester Music City) said: “Grassroots venues sit at the heart of our city’s music scene – supporting emerging artists, bringing people together, and enriching local communities.

    “Recent research, commissioned by Manchester Music City and delivered by the hub, has shown that business rates relief is one of the sector’s most pressing concerns. We therefore welcome this announcement and are encouraged to see Manchester City Council and Music Venue Trust working in partnership to deliver meaningful and targeted support.

    “Manchester Music City is now working with the council to shape a full sector response and action plan, with a further set of actions to be announced this autumn. This type of collaborative approach and investment is essential to ensuring that Manchester remains a city where music and creativity can thrive at every level.”

    MIL OSI United Kingdom –

  • MIL-OSI Europe: The EBA consults on harmonised reporting for third-country branches across the EU

    Source: European Banking Authority

    The European Banking Authority (EBA) today launched a public consultation on its draft Implementing Technical Standards (ITS) for the supervisory reporting of third-country branches under the Capital Requirements Directive (CRD). This initiative aims to establish uniform formats, definitions, and reporting frequencies for third-country branches, ensuring a consistent and comprehensive approach to regulatory and financial information reporting across the EU. The consultation runs until 31 October 2025. 

    The draft ITS not only aim at harmonising reporting formats and definitions but also at enhancing supervisory oversight of third-country branches. By introducing structured data collection –  covering both the third-country branches and their head undertakings – the ITS support the effective supervision of third-country branches by addressing previous inconsistencies in national approaches and enabling a standardised reporting of their activities across the Union. The new templates should provide a clear picture of the financial soundness, risk exposures, and intra-group dependencies of third-country branches, thereby supporting more effective and consistent supervision across the EU. Importantly, the ITS incorporate a proportionate approach through a “core + supplement” model, ensuring that reporting obligations are tailored to the systemic relevance of each third-country branch. This ensures that supervisory scrutiny is risk-sensitive while maintaining a level playing field. 

    Consultation Process 

    Comments on the draft ITS can be submitted to the EBA by clicking on the “send your comments” button on the consultation page. The deadline for the submission of comments is 31 October 2025. All contributions received will be published after the consultation closes, unless requested otherwise. 

    A public hearing on the draft ITS will take place on 5 September from 10:00 to 12:00 CEST. The deadline for registration is 2 September 2025, 16:00 CEST. 

    Legal Basis and next steps 

    The EBA has developed these draft ITS in accordance with Article 48l(1) of Directive 2013/36/EU, which mandates the EBA to specify uniform formats, definitions, and reporting frequencies for the supervisory reporting of third-country branches. 

    The consultation period will run for three months, during which the EBA invites comments and feedback from stakeholders. Following the consultation, the EBA will finalise the draft ITS and submit them to the European Commission by January 10, 2026. The first reference date for the application of these ITS is anticipated to December 2026, so as to grant Competent Authorities and third-country branches to have an implementation period of approximately one year.  

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Ofsted praises Plymouth’s progress in supporting care leavers

    Source: City of Plymouth

    Significant strides have been made in how care-experienced young people are supported in Plymouth according to Ofsted inspectors, who found ‘many improvements’ since their last visit in February 2024. The Council’s ambition and commitment to its role as a corporate parent were particularly highlighted.

    A focused visit in early July looked specifically at the arrangements for care leavers, who are young people aged 16 to 25-years-old who have previously lived in the local authority’s care. While focused visits do not result in a graded judgement, inspectors published a letter detailing their findings and areas for improvement today.

    The inspection found that ‘Plymouth City Council is an ambitious Corporate Parent, driven effectively by the Director of Children’s Services’.

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care said: “There is a lot in this inspection letter to celebrate and I am incredibly proud that we are now delivering a better service to all our care-experienced young people.

    “We are absolutely committed to being corporate parents, which means supporting our care-experienced young people as a family would support their own young adult children. As every parent knows, your responsibility does not end once your child reaches adulthood.

    “By working closely with partners across the city, we can ensure that care leavers are properly supported at this crucial time in their lives.”

    Corporate parenting means that it is the collective responsibility of the Council and partner organisations to support children in care and care leavers. 

    Plymouth City Council is committed to supporting care leavers as set out in the updated corporate parenting strategy, ‘The Sky’s the Limit’ and in the comprehensive local support offer, which was commended by Ofsted. This includes dedicated help to access health, education and wellbeing services, as well as financial support.

    The Council also agreed to treat care experience as a protected characteristic in March 2023 and is a signatory of the Care Leavers Covenant.

    The Council’s Corporate Parenting Board meets four times a year and works to advise on best practices in fulfilling the council’s role as a corporate parent to ensure the best possible outcomes for children in care and care leavers. Ofsted inspectors noted that the Board ‘provides effective governance and oversight of the council’s work with care-experienced young people’.

    There are currently 200 care-experienced young people in Plymouth aged 18 to 21-years-old, and a further 86 young people aged between 21 and 25 who have chosen to continue receiving support from the Council.

    Each of these young people has a personal adviser (PA) who works closely with them to offer advice and support. The inspectors highlighted how positive these trusting relationships are: young people ‘describe their PAs as always being responsive and kind’ and ‘receive timely practical and emotional support from social workers and PAs who know them well’.

    One young person shared that their PA ‘is amazing, I have no negatives about her, she is trying her best to get the right support for me.’

    Inspectors also noted that care-experienced young people who are pregnant or parents receive ‘dedicated effective support’ to help them ‘succeed in their parenting, and reduce risks in meeting the needs of their children’.

    Karen Blake, Head of Service for Permanence at Plymouth City Council, said: “I am delighted by the recognition we have received from Ofsted about the improvements that have been made for our care-experienced young people. Our staff are extremely dedicated and work incredibly hard every day to support young people as they transition into adulthood.

    “While we’re very proud of these achievements, we know what we need to do to make our service even better and will be focusing on the further improvements that are required as a priority.”

    The inspection letter outlines two key areas for improvement. The first is the effectiveness of joint working with housing to improve the quality and availability of accommodation for care leavers, with a small number of young people having spent too long living in bed and breakfast accommodation.

    Joint working across the Council is already taking place to address this issue, which includes finding alternative accommodation that is more suited to individual young people’s needs.

    The other area for improvement is the identification and management of risk for young people. An additional team manager had already been recruited and has since started with the team, providing additional management capacity which will help to address this issue and work is being undertaken to improve quality assurance across the service.

    Councillor Laing continued: “We completely accept that there are still improvements that need to be made in order to give our young people the best possible start to their adult life. Council teams are working collaboratively to make these improvements as swiftly as possible and the Corporate Parenting Board will have oversight of these improvements.”

    The inspection letter also positively highlights how partnership working between the Council and health organisations means that ‘the physical health needs of young people are well considered and well met’, with access to a flexible nursing team and dental services. Support is given to help young people access mental health services and more work is underway to develop bespoke mental health support.

    Penny Smith, Chief Nursing Officer at NHS Devon said: “It is great to see the hard work that has been put into improving health services for care-experienced young people in Plymouth over the last 18 months recognised by OFSTED.

    “These improvements include improved access to mental health support and dental services and are the result of strong partnership working between numerous organisations.

    “Care-experienced young people in Plymouth have for some time had access to well established, flexible, and responsive nursing teams and these improvements further enhance the support offer available to them.

    “We are committed to continuing to further improve health services for care-experienced young people in Plymouth and growing the strong partnership arrangements we have in place to do this.”

    Read the full inspection letter on the Ofsted website.

    For more information about Plymouth’s offer to care-experienced young people, please visit: www.plymouth.gov.uk/care-leavers.

    MIL OSI United Kingdom –

  • Centre constructs 16,207 km of highways, sanctions ₹69,342 crore for railway projects in Northeast

    Source: Government of India

    Source: Government of India (4)

    The Central Government has constructed 16,207 km of National Highways and sanctioned ₹69,342 crore for railway projects to bolster infrastructure and accelerate economic development in the Northeastern Region (NER), the Parliament was informed on Thursday.

    Minister of State for Development of North Eastern Region Sukanta Majumdar told the Rajya Sabha that the Ministry of Railways has approved 12 railway projects – including 8 new lines and 4 doubling projects – spanning a total length of 777 km, either partially or fully within the NER. Of this, 278 km have already been commissioned, and ₹41,676 crore has been expended up to March 2025.

    Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), the government has sanctioned 17,637 road works covering 89,436 km and 2,398 bridges in the Northeast. Out of these, 16,469 road works (80,933 km) and 2,108 bridges have been completed, the Minister added.

    To enhance digital connectivity in remote and rural areas of the Northeast, several initiatives have been undertaken with support from the Digital Bharat Nidhi. As many as 6,355 Gram Panchayats have been made service-ready under the BharatNet project. In addition, 3,297 mobile towers have been commissioned in the region under various government-funded mobile connectivity schemes.

    The Ministry of Civil Aviation, through the UDAN (Ude Desh ka Aam Nagrik) scheme, has significantly improved regional air connectivity by operationalising 90 routes in the Northeast. These routes connect 12 airports and heliports across the region, aiming to make air travel more accessible and affordable for the masses.

    Further, the Ministry of Development of North Eastern Region (MDoNER) is providing financial assistance to all eight Northeastern states for developmental projects related to infrastructure, connectivity, and communication, under five Central Sector Schemes.

    A key initiative in this regard is the Prime Minister’s Development Initiative for North East Region (PM-DevINE). This 100% centrally funded scheme, launched with a total outlay of ₹6,600 crore, is scheduled to run from 2022–23 to 2025–26. The scheme focuses on funding infrastructure projects in line with PM GatiShakti, supporting social development, and promoting livelihood opportunities for youth and women, while addressing developmental gaps in critical sectors.

    The DoNER Ministry is also providing financial support to boost tourism development across the eight Northeastern states through its various Central Sector Schemes.

    (With inputs from IANS)

  • MIL-OSI Africa: Gauteng Education provides update on municipal debt payment 

    Source: Government of South Africa

    The Gauteng Department of Education (GDE) has paid R426.27 million of the R426.45 million that was owed to municipalities and Eskom for schools without Section 21(1)(d) functions. 

    “As of 30 June 2025, the GDE had successfully paid a total of R426.27 million, representing 99.95% of the R426.45 million that was owed to municipalities and Eskom for schools without Section 21(1)(d) functions. The small outstanding balance of R175,853.61 (0.05%) was due to a delay resulting from updates to the Standard Chart of Accounts (SCOA), a reform implemented by the Provincial Treasury to improve public financial management systems,” the provincial department said.

    Earlier this month, the department reiterated that, in line with legislation, schools – specifically those granted Section 21 functions – are entrusted with managing their own finances. These schools are responsible for a range of functions, including the payment of municipal services such as electricity and water.

    READ | Gauteng Education allocates funds to schools 

    This as the department provided an update on the fulfilment of its commitment to settle all outstanding municipal debts owed by schools as of 31 March 2025 and outline critical infrastructure interventions aimed at addressing overcrowding across the province’s public schools.

    In its update on Thursday, the department confirmed that the remaining balance will be paid during the scheduled payment runs between 25 July and 8 August 2025. 

    “This payment will bring the total settlement to 100%, thereby closing the commitment made in April 2025,” it said.

    The GDE provides annual allocations to schools in accordance with the Amended National Norms and Standards for School Funding. School Governing Bodies (SGBs) are guided through circulars and compliance workshops to ensure appropriate usage of these funds and are expected to supplement state resources to ensure sustainability.

    Currently, the GDE retains direct financial oversight of 40 schools in the province that have not been granted Section 21 functions. 

    “As of 30 June 2025, these schools collectively owed R105,391.24 in municipal debt. The department confirms that none of these schools experienced any water or electricity disconnections and continues to monitor and manage service payments on their behalf. The department reaffirms its commitment to ensuring no public school in Gauteng is or will be disconnected from water and electricity due to unpaid accounts,” it explained.
     

    Overcrowding 

    As part of efforts to address overcrowding in provincial schools, the department has allocated R2.8 billion in the 2025/26 financial year toward school infrastructure. 

    “Of this allocation, R1.489 billion is dedicated to the construction of new and replacement schools; R615 million will support upgrades and additions, including mobile classrooms and self-build projects; R166 million is earmarked for refurbishment and rehabilitation; and R476 million is allocated for maintenance interventions.”

    The GDE’s approach to overcrowding combines various infrastructure strategies, including the construction of new schools on available sites, brick-and-mortar self-build classroom projects within existing schools, and the provision of mobile classrooms where immediate relief is required. 

    It added that it procures mobile classrooms are procured directly and not through monthly lease agreements, ensuring cost-effectiveness in their deployment.

    To accelerate school infrastructure delivery in high-pressure areas, the department is exploring a Public-Private Partnership (PPP) model.

    Under this model, private sector partners would finance, design, build, and potentially operate or maintain public schools for a defined period, with the department amortising payments over time. This model aims to unlock private capital, fast-track delivery timelines, and ensure long-term sustainability while maintaining public oversight and accountability.

    MEC Matome Chiloane said the department remains committed to ensuring sound financial governance.

    “As the department, we remain committed to ensuring sound financial governance, transparency, and service continuity in all public schools. We call on all education stakeholders, particularly parents, communities, and School Governing Bodies, to continue working closely with the Department to deliver quality learning environments across Gauteng,” he said. –SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Monetary Statistics for June 2025

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hong Kong Monetary Authority:

    According to statistics published today (July 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.9 per cent in June 2025. Among the total, Hong Kong dollar deposits decreased by 0.9 per cent while foreign currency deposits increased by 2.4 per cent in June, mainly reflecting fund flows of corporates. For the first half of 2025 as a whole, total deposits and Hong Kong dollar deposits increased by 7.6 per cent and 7.0 per cent respectively. Renminbi deposits in Hong Kong decreased by 9.6 per cent in June to RMB882.1 billion at the end of June, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,223.5 billion in June, compared with RMB1,123.6 billion in May. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
     
    Total loans and advances increased by 1.1 per cent in June, and increased by 2.5 per cent in the first half of 2025. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.9 per cent and 1.8 per cent respectively in June. The Hong Kong dollar loan-to-deposit ratio increased to 72.0 per cent at the end of June from 70.5 per cent at the end of May, as Hong Kong dollar deposits decreased while Hong Kong dollar loans increased.
     
    For the second quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) increased by 1.6 per cent after increasing by 0.5 per cent in the previous quarter. Analysed by economic use, the increase in loans during the second quarter was mainly led by loans to financial concerns and loans to electricity and gas.
     
    Hong Kong dollar M2 and M3 both decreased by 0.8 per cent in June, while both increased by 8.4 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 4.4 per cent in June and increased by 23.7 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.8 per cent in June. Compared to a year earlier, total M2 and total M3 both increased by 11.5 per cent.  
     
    As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – EU financing for the fact-checking company Check First – P-003079/2025

    Source: European Parliament

    Priority question for written answer  P-003079/2025
    to the Commission
    Rule 144
    Isabella Tovaglieri (PfE)

    The Commission said that Putin’s Russia may have been behind the motion of censure against President von der Leyen. According to Commission spokesperson Thomas Reigner, the motion was part of Moscow’s plans, and independent fact-checkers have confirmed that fact[1].

    One of the fact-checkers that the Commission explicitly refers to is Check First. However, that company appears to receive direct funding from the European Union, which is also visible on their page[2].

    Specifically, it is receiving EU funds for the Crossover and OKSA projects[3], financed by means of EU funds, and is part of the European Fact-Checking Standards Network, which is also co-financed through EU programmes to fight disinformation[4].

    In the light of the above:

    • 1.What is the exact amount of EU funds received by Check First through calls or financing?
    • 2.Give its participation in the aforementioned EU programmes, can this company be regarded as an ‘independent’ fact-checker when it comes to judging a political entity (including the EU)?

    Submitted: 24.7.2025

    • [1] https://europa.today.it/unione-europea/mosca-dietro-mozione-sfiducia-von-der-leyen.html.
    • [2] https://checkfirst.network/about-us/?utm_source=chatgpt.com.
    • [3] https://checkfirst.network/2-years-of-checkfirst/?utm_source=chatgpt.com.
    • [4] https://enlargement.ec.europa.eu/news/commission-launches-eu5-million-call-strengthen-european-fact-checking-network-2025-05-27_en?utm_source=chatgpt.com.
    Last updated: 31 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Minister Burke publishes report identifying a €1 billion gap in financing for Irish enterprises looking to scale up and go international

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    31st July 2025

    Minister for Enterprise, Tourism and Employment, Peter Burke, today published a Report entitled “Market Demand for and Supply of Scaling Finance in Ireland”.

    The Report concludes that there is a gap in equity financing for Irish enterprises at the point where they are looking to scale up their businesses and realise their potential. It estimates that gap at about €1.1 billion over the next 2 to 5 years. It finds that demand for equity finance amongst scaling firms has increased in Ireland over the last decade and expects that trend will continue.

    The Report, which was prepared by SQW Economic Research Consultants for the Department of Enterprise, Tourism and Employment, also finds that the gap is particularly acute for –

    • Deals in the €5m – €10 m range;
    • Capital and research and development intensive sectors, where typically the most innovative start-ups are;
    • Firms requiring patient, long term, capital investment, such as those in sectors where product development can be lengthy.

    The Report goes on to describe other features of the gap and identify several factors that contribute to firms failing to secure adequate finance.

    Commenting on the Report, Minister Burke said:

    “One of the key commitments in the Programme for Government is to help Irish businesses scale up and grow internationally, retaining a substantial workforce here as well as building abroad. Ireland ranks highly in Europe for the number of start-ups, many of them truly pioneering. So, we have an excellent starting point to delivering on that commitment.

    I know from my engagement with enterprises across the country, that one of the key challenges they face is a gap in accessing capital. It can be the reason preventing them from realising their potential and growing into large, even multinational, businesses.

    The Report published today confirms and quantifies the gap in available finance for firms looking to scale up. The Report also provides us with insights on the nature, as well as the size, of that gap.

    These findings will inform the development of appropriate and targeted policy measures, which I intend to bring to Government later this year.”

    The Report can be found at: Market Demand for and Supply of Scaling Finance in Ireland

    NOTES FOR EDITORS:

    The Department of Enterprise, Tourism and Employment commissioned SQW Economic Research Consultants to conduct a market analysis to quantify the scaling finance gap. 

    SQW, supported by Middlesex University in London and the Oxford Innovation WorkIQ in Dublin, conducted research to define and quantify the market gap for Irish firms seeking equity capital to scale up their enterprises. The focus was on equity finance – venture capital (VC) and private equity (PE) – covering deal sizes from €2m to €50m for innovative firms in their late-stage growth phase. 

    The study gathered evidence through an e-survey of ‘potential scale-up firms’ in Ireland (166 responses); and interviews with fund managers, stakeholders and Irish firms. Across these interviews, feedback was obtained from nearly 60 individuals. The fieldwork was supported by analysis of private market data from PitchBook relating to potential scale-up firms in Ireland, investment funds, and fund managers (these data are not comprehensive). 

    The market gap (defined as the sum of ‘unmet’ and ‘discouraged’ demand) for scaling firms in Ireland was modelled using ‘Monte Carlo’ simulations: a statistical technique that helps to address the uncertainty associated with firm e-survey responses and the modest sample size. Monte Carlo simulated the likely equity needs and outcomes of fundraising at the firm level for an assumed population of potential scale-ups in Ireland (1,000 companies). 

    The report concludes that the equity market gap, for scaling firms in Ireland, is estimated to be approximately €1.1bn over the next 3 to 5 years.

    They also identified the gap is:

    • particularly acute for deals in the €5m-€10m range; 
    • from Series A and especially Series B+;
    • for capital and R&D intensive sectors;
    • for firms requiring patient capital investment. 

    The report found that the demand for equity finance amongst scaling firms has increased in Ireland over the last decade, including for larger deal sizes, and is expected to continue. The pace of funding delivery can be challenging, whether through slow release of finance or the peak and trough nature of its release however, transaction costs were generally not perceived to be a barrier on the demand or supply side.

    Additional contributing factors resulting in the lack of securing funding include:

    • undercapitalisation at earlier stages; 
    • firms not hitting their scaling metrics to secure funding; 
    • firms not able to recruit the personnel who have the capabilities to secure later stage financing and scale-up;
    • Irish firms tend to ask for less than they need to scale;
    • risk aversion. 

    On the supply side, the report found that most Irish funds are too small to execute scaling strategies or lead larger deals at later stage, especially in the range before international capital comes in. These Irish funds are smaller in size compared to their European counterparts. The average fund size in Ireland is just under €70m and Irish VC funds are even smaller at €60m on average. According to stakeholder consultees, an optimal fund size to execute a scaling strategy is in the region of €200m-€300. The lack of institutional capital is another barrier to increasing fund sizes. 

    There are only a limited number of funds actively investing in later stages with average deal sizes in Ireland at €6.5m compared to the European average of €8.9m. For many VCs, the focus was on earlier stage investment with only some follow-on at later stage. 

    Next Steps

    The Department is developing proposals for actions to address the gap. The Minister intends to bring those proposals to Government later this year.

    ENDS

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