Category: Economy

  • MIL-OSI: TGS Q2 2025 Operational and Financial Update

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (8 July 2025) – TGS ASA (“TGS”), a leading global provider of energy data and intelligence, routinely publishes a quarterly operational update six working days after quarter-end. For Q2 2025, it also includes a financial update.

    The table below shows TGS’ normalized Ocean Bottom Node (OBN) crew count¹:  

      Q2 2025 Q2 2024
    Normalized crew count Contract1 1.7 2.7
    Normalized crew count Multi-client1 1.1 0.0

    1) The table shows the average number of crews in operation when assuming a normalized crew size.

    The table below shows TGS’ allocation of active seismic streamer 3D vessel capacity2:

      Q2 2025 Q2 2024
    Contract 55% 28%
    Multi-client 23% 36%
    Steaming 9% 14%
    Yard 7% 6%
    Stacked/Standby 6% 16%
    Number of vessels 6 6

    2) The statistics include only active seismic 3D streamer vessels (capacity working on New Energy Solutions projects are excluded).

    Based on preliminary reporting from operating units, management of TGS expects IFRS revenues to be approximately USD 332 million in Q2 2025, compared to USD 224 million in Q2 2024 (USD 353 million proforma⁴ in Q2 2024).

    Produced revenues³ are expected to be approximately USD 306 million in Q2 2025, compared to USD 215 million in Q2 2024 (USD 381 million proforma⁴ in Q2 2024).

    Produced multi-client revenues are estimated to be approximately USD 135 million in Q2 2025, compared to USD 115 million in Q2 2024 (USD 194 million proforma⁴ in Q2 2024). Multi-client investment is expected to be approximately USD 120 million in Q2 2025, compared to USD 52 million in Q2 2024 (USD 92 million proforma⁴ in Q2 2024).

    Contract revenues amounted to approximately USD 171 million in Q2 2025, compared to USD 100 million in Q2 2024 (USD 187 million proforma⁴ in Q2 2024).  

    Kristian Johansen, CEO of TGS commented: “After several strong quarters, Q2 came in below expectations mainly due to three main factors. First, the end-of-quarter data licensing came in below internal forecasts, with several data licensing deals being postponed. Second, we encountered challenging operational conditions and stand-by time on one of our streamer projects, negatively impacting revenue recognition. Third, lower-than-expected JV-partner participation on certain multi-client projects resulted in recognition of higher multi-client investments and lower contract revenues. Discussions with our clients support our view that exploration activity will gradually increase from today’s levels. The successful offshore licensing round in Brazil and the recent announcement of a lease sale in the US Gulf of America are both positive drivers in facilitating more seismic activity in two of our key markets.”

    TGS will release its Q2 2025 results at 07:00 a.m. CEST on 17 July 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST, webcasted live.

    The webcast can be followed live via this link:

    https://channel.royalcast.com/landingpage/hegnarmedia/20250717_2/

    ³For the purpose of Produced revenues, multi-client revenues committed prior to completion of projects are recognized on a percentage of completion basis. This differs from IFRS reporting, where revenues committed prior to completion are recognized when the customers receive access to the finished data.

    Adjustments between preliminary IFRS and Produced revenue numbers for Q2 2025: Preliminary reported IFRS revenue: USD 332 million

    – Revenue recognized from performance obligations met during Q2 for completed projects: USD 95 million

    + Revenue recognized under Produced during Q2: USD 69 million

    = Preliminary reported Produced revenue: USD 306 million

    ⁴Proforma considers TGS acquisition of PGS, which was completed 1 July 2024.

    For more information, visit TGS.com (http://www.tgs.com) or contact:

    Bård Stenberg, VP IR & Communication

    Tel.: +47 992 45 235

    E-mail: investor@tgs.com

    About TGS

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

    Forward Looking Statement

    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network

  • MIL-OSI: TGS Q2 2025 Operational and Financial Update

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (8 July 2025) – TGS ASA (“TGS”), a leading global provider of energy data and intelligence, routinely publishes a quarterly operational update six working days after quarter-end. For Q2 2025, it also includes a financial update.

    The table below shows TGS’ normalized Ocean Bottom Node (OBN) crew count¹:  

      Q2 2025 Q2 2024
    Normalized crew count Contract1 1.7 2.7
    Normalized crew count Multi-client1 1.1 0.0

    1) The table shows the average number of crews in operation when assuming a normalized crew size.

    The table below shows TGS’ allocation of active seismic streamer 3D vessel capacity2:

      Q2 2025 Q2 2024
    Contract 55% 28%
    Multi-client 23% 36%
    Steaming 9% 14%
    Yard 7% 6%
    Stacked/Standby 6% 16%
    Number of vessels 6 6

    2) The statistics include only active seismic 3D streamer vessels (capacity working on New Energy Solutions projects are excluded).

    Based on preliminary reporting from operating units, management of TGS expects IFRS revenues to be approximately USD 332 million in Q2 2025, compared to USD 224 million in Q2 2024 (USD 353 million proforma⁴ in Q2 2024).

    Produced revenues³ are expected to be approximately USD 306 million in Q2 2025, compared to USD 215 million in Q2 2024 (USD 381 million proforma⁴ in Q2 2024).

    Produced multi-client revenues are estimated to be approximately USD 135 million in Q2 2025, compared to USD 115 million in Q2 2024 (USD 194 million proforma⁴ in Q2 2024). Multi-client investment is expected to be approximately USD 120 million in Q2 2025, compared to USD 52 million in Q2 2024 (USD 92 million proforma⁴ in Q2 2024).

    Contract revenues amounted to approximately USD 171 million in Q2 2025, compared to USD 100 million in Q2 2024 (USD 187 million proforma⁴ in Q2 2024).  

    Kristian Johansen, CEO of TGS commented: “After several strong quarters, Q2 came in below expectations mainly due to three main factors. First, the end-of-quarter data licensing came in below internal forecasts, with several data licensing deals being postponed. Second, we encountered challenging operational conditions and stand-by time on one of our streamer projects, negatively impacting revenue recognition. Third, lower-than-expected JV-partner participation on certain multi-client projects resulted in recognition of higher multi-client investments and lower contract revenues. Discussions with our clients support our view that exploration activity will gradually increase from today’s levels. The successful offshore licensing round in Brazil and the recent announcement of a lease sale in the US Gulf of America are both positive drivers in facilitating more seismic activity in two of our key markets.”

    TGS will release its Q2 2025 results at 07:00 a.m. CEST on 17 July 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST, webcasted live.

    The webcast can be followed live via this link:

    https://channel.royalcast.com/landingpage/hegnarmedia/20250717_2/

    ³For the purpose of Produced revenues, multi-client revenues committed prior to completion of projects are recognized on a percentage of completion basis. This differs from IFRS reporting, where revenues committed prior to completion are recognized when the customers receive access to the finished data.

    Adjustments between preliminary IFRS and Produced revenue numbers for Q2 2025: Preliminary reported IFRS revenue: USD 332 million

    – Revenue recognized from performance obligations met during Q2 for completed projects: USD 95 million

    + Revenue recognized under Produced during Q2: USD 69 million

    = Preliminary reported Produced revenue: USD 306 million

    ⁴Proforma considers TGS acquisition of PGS, which was completed 1 July 2024.

    For more information, visit TGS.com (http://www.tgs.com) or contact:

    Bård Stenberg, VP IR & Communication

    Tel.: +47 992 45 235

    E-mail: investor@tgs.com

    About TGS

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

    Forward Looking Statement

    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network

  • MIL-OSI Africa: Kholo Capital provides Bayport South Africa with a R200 million mezzanine debt growth funding facility to support the roll out of the Bayport South Africa (SA) Financial Wellness Solutions Programme

    Source: APO


    .

    Kholo Capital Mezzanine Debt Fund I (“Kholo Capital”) (www.KholoCapital.com) announced today the injection of a R200 million mezzanine debt growth funding facility into Bayport Securitisation (“Bayport South Africa” or “Bayport SA”) to support the roll out of the Bayport SA Financial Wellness Solutions Programme. Bayport SA is committed to alleviating employee over-indebtedness in South Africa and promoting long-term financial wellness of employees. This is achieved by offering them with practical debt solutions, which include debt reduction through negotiating settlement terms and discounts with creditors, halting legal action where possible, and improving employees’ credit scores, through its financial wellness solutions programme.

    Through the Bayport SA Financial Wellness Programme, Bayport SA addresses the widespread issue of over-indebtedness among South African employees. By providing tailored debt reductions (wherein the benefit of all settlement discounts negotiated with creditors is passed to the employees), debt consolidation and rehabilitation solutions, Bayport enables employees to regain financial stability and improve their long-term financial standing. The programme includes structured debt management processes and financial literacy initiatives, ensuring that employees not only reduce their debt obligations and debt repayments resulting in financial breathing room but also develop healthier long-term financial habits.

    Recent market data indicates that more than 60% of employed individuals in South Africa are struggling with over-indebtedness, while less than 14% of the South African population can afford to retire. Alarmingly, an average of 74% of income is spent on debt repayments, with 49% of all consumers falling more than one month behind on at least one loan. These findings highlight a critical socioeconomic issue that not only affects individual well-being and family units, but also impacts workplace productivity, stability, and staff morale.

    As a vital component of its initiative, Bayport SA offers employees, through partnerships with employers, a structured 10-week financial wellness journey aimed at providing both immediate relief and fostering long-term behavioural change. Employees can expect significant improvements in monthly cash flow (i.e., including significant debt reduction), enhanced expense management, and the ability to effectively plan for future financial milestones. The program includes personal financial health assessments, individualized coaching, and practical exercises to build sustainable financial habits. Additionally, employees engage in peer-led group sessions that promote accountability and support the development of effective money management practices.

    To further amplify the financial wellness program’s impact, Bayport SA supplies a range of digital tools and support services. These include a gamified financial wellness app that facilitates goal tracking and provides access to educational resources, along with one-on-one sessions with personal money coaches throughout the journey. The Bayport SA Academy offers online financial education and workshops to enhance financial literacy, while structured emergency credit facilities provide responsible short-term relief as an alternative to high-cost payday loans.

    Bayport SA is currently in partnership with more 70 employers across various industries in South Africa, including blue-chip corporations in FMCG, financial services, telecommunications, automotive, and mining sectors, as well as government entities at local, provincial, and national levels.

    Mokgome Mogoba, Managing Partner and Founder at Kholo Capital, remarked: “The positive ESG and social impact on the South African society by Bayport SA is substantial as the company provides significant debt relief to over-indebted employees. We are very passionate about financial inclusion and this investment achieves that. Bayport SA’s intervention in the South African economy is significant and measurable. Settlement discounts negotiated with creditors on behalf of employees can range between 25% and 80% of the total debt amount outstanding. The average increase in monthly disposable income is R7,450, representing 32.8% of the average basic salary of R22,865. This increase in financial flexibility is directly correlated with a substantial reduction in the total debt amount outstanding and reduction in monthly debt repayment obligations.”                                                                                                                        

    Zaheer Cassim, Managing Partner and Founder at Kholo Capital, asserted: “Bayport SA’s securitization program, is one of the best in South Africa. There has never been any payment defaults or covenant breaches, even during the challenging period of the COVID-19 pandemic. The securitization program is supported by leading South African institutional investors and South African banks. Bayport SA is also highly regarded for its first-class management team, transparent reporting practices and strong management engagement, with regular investor reporting and quarterly meetings with investors. The business is supported by strong shareholders of reference which include the Public Investment Corporation (PIC). We are very pleased with this investment in Bayport SA, and we look forward to supporting this highly talented and highly motivated management team in their vision to grow the business, by providing financial wellness solutions to the South African people.”

    Alfred Ramosedi, Chief Executive Officer of Bayport SA, commented: “We are proud to partner with Kholo Capital, whose commitment to impact investing aligns seamlessly with our mission to drive meaningful financial change. As one of South Africa’s leading financial wellness companies, this funding will enable us to scale our reach and deepen our impact – empowering even more South Africans with the tools and support to break free from debt and build financially resilient futures.”

    Norton Rose Fulbright acted as legal counsel to Kholo Capital and Werksmans acted as legal counsel for Bayport SA.

    Distributed by APO Group on behalf of Kholo Capital.

    Notes to Editors

    About R1,4 billion Kholo Capital Mezzanine Debt Fund I

    Please keep Kholo Capital Mezzanine Debt in mind whenever equity funding is needed, we can plug some of the equity funding gap with mezzanine debt loan funding (subordinated loans) so that shareholders don’t give up too much equity and don’t suffer too much equity dilution.

    The R1,4bn Kholo Capital Mezzanine Debt Fund provides mezzanine debt funding R70m to R205m to medium sized businesses generating minimum R25m EBITDA per annum. We can invest in all sectors including real estate (but excluding primary mining, resources, commodities, primary farming, micro lending, gambling, ammunition, hard liquor and tobacco). However, we can invest in mining services/products, mining logistics/transportation, mineral processing, and Agri-processing.

    We provide growth capital and acquisition funding to mid-market companies with operations in South Africa, Botswana, Namibia, Swaziland, or Lesotho. Investment tenor 4 to 7yrs targeting returns above 17% (interest rate plus equity upside). Leverage up to 3,5x to 4x Total Debt (senior debt and mezzanine debt) to EBITDA and/or up to 80% LTV.

    Kholo Capital is passionate about investing in sectors of the Southern African economy with high social impact including financial inclusion, affordable housing, healthcare, education, renewable energy, food security, ICT, and infrastructure. Our guiding business principles include commitment to add sustainable value to our investee companies and to adhere to the best ESG practices. The Fund uses the United Nation’s 17 Sustainable Development Goals as guiding principles with key focus on those linked to job creation and sustainable growth.

    We also fund share buy backs, refinancing of shareholder loans and dividend recaps. We also fund management buy-outs, leveraged buyouts and private equity buy-outs.

    We can also pay down portion of senior debt bank funding especially where the senior debt has steep capital repayments, in order to create cashflow headroom for the business. Mezzanine debt loan funding is typically 5-6yr flexible bullet loan funding with capital repayable right at the end on the maturity of the loan. The business only has to service interest payments during the loan tenor thereby creating cashflow headroom and the business can re-invest the excess cashflows for growth.

    Business or project must be generating minimum R25m EBITDA per annum at the time of investment. Meaning we can’t fund greenfield projects or new developments on a ring-fenced basis. We can look at greenfield opportunities or new projects provided there is an external guarantee (i.e., third party guarantee) from a business (i.e., balance sheet) that generates the minimum R25m EBITDA. The guarantee can fall away once the business meets the threshold and covenants are met.

    Also, we can’t fund distressed assets or big turnarounds.

    Kholo Capital is a specialist alternative investment fund management company with deep experience and track record in private markets. It was founded in 2020 by Mokgome Mogoba and Zaheer Cassim. The Kholo Capital investment team has more than 100 years of collective credit and investment experience and is highly skilled in senior debt, mezzanine debt and private equity. The investment team has a strong track record in the credit and investment space and has invested in excess of R50bn of mezzanine debt, private equity and senior debt investment transactions in over 90 transactions in more than 10 African countries. Kholo Capital is managed by a cohesive, dynamic and nimble team and the management team has worked together over the last 21 years.

    Website: www.KholoCapital.com

    Website: www.Bayport.co.za

    For more information contact:
    Mokgome Mogoba
    Managing Partner – Kholo Capital Mezzanine Debt Fund I
    mokgome@kholocapital.com
    Tel: +27-79-631-5860

    Zaheer Cassim
    Managing Partner – Kholo Capital Mezzanine Debt Fund I
    zaheer@kholocapital.com
    Tel: +27-83-786-0845

    MIL OSI Africa

  • China warns Trump on tariffs, threatens retaliation on supply chain deals

    Source: Government of India

    Source: Government of India (4)

    China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains.

    Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente.

    On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from August 1, after he delayed all but 10% of his April duties on most countries to give them time to strike deals with the world’s largest economy.

    China, initially singled out with tariffs exceeding 100%, has until August 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May.

    “One conclusion is abundantly clear: dialogue and cooperation are the only correct path,” the official People’s Daily said in a commentary, referring to the exchanges in the current round of China-U.S. trade tension.

    The article was signed “Zhong Sheng”, or “Voice of China”, a term the paper uses to express views on foreign policy.

    Reiterating Beijing’s view that Trump’s tariffs amount to “bullying”, the paper added, “Practice has proven that only by firmly upholding principled positions can one truly safeguard one’s legitimate rights and interests.”

    The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party’s official daily said was “a so-called ‘final deadline.’”

    The average U.S. tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on U.S. goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said.

    The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the United States that cut China out of their supply chains.

    Last week, Vietnam secured a tariff reduction to 20% from 46% with a deal for goods “transshipped” through it, typically originating from China, to be subjected to a levy of 40%.

    “China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,” the paper said.

    “If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests.”

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • MIL-OSI: Diginex Announces Plans for Eight-for-One Forward Stock Split

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 07, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”) (NASDAQ: DGNX), a leading provider of Sustainability RegTech solutions, today announced that on July 1, 2025 the Diginex Board of Directors (the “Board”) adopted resolutions recommending that its shareholders approve an eight-for-one (8:1) forward stock split. 

    The Board has scheduled an extraordinary general meeting of its shareholders to be held on July 29, 2025 (the “EGM”) for shareholders of record as of July 3, 2025 (the “Record Date”) to vote on the forward stock split and the filing of a second amended and restated memorandum and articles of association (the “Proposals”). Should the Proposals be approved by shareholders the forward stock split will be effective from August 1, 2025. 

    Should the Proposals be approved at the EGM, (i) each ordinary share of US$0.00005 par value shall be subdivided into eight (8) ordinary shares of US$0.00000625 par value each; (ii) each preferred share of US$0.00005 par value shall be subdivided into eight (8) preferred shares of US$0.00000625 par value each; and (iii) the authorized share capital of the Company shall become US$50,000 divided into 7,680,000,000 ordinary shares of par value US$0.00000625 each and 320,000,000 preferred shares of par value US$0.00000625 each. Any fractional shares, as a result of the forward stock split, will be rounded up. There will be no cash in lieu shares payments.

    The forward stock split is intended to make Diginex’s shares more accessible to a wider range of investors while maintaining the company’s market capitalization.

    “We are pleased to propose this forward stock split, which reflects our commitment to enhancing shareholder accessibility and liquidity,” said Miles Pelham, Chairman and Founder of Diginex. “This move aligns with our strategic goals to broaden our investor base and support the long-term growth of our business.” 

    The forward stock split will not affect the total value of an investor’s holdings of Diginex shares at the time of the forward split. The Notice of the Extraordinary General Meeting, Proxy Statement and Proxy Card has been mailed on or about July 7, 2025, to all shareholders of the Company as of the Record Date. Shareholders can review copies the Notice of the Extraordinary General Meeting, Proxy Statement and Proxy Card at www.sec.gov in the Company’s Form 6-K and at https://www.cstproxy.com/diginex/2025

    About Diginex

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. 

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website:

    https://www.diginex.com/.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    Diginex
    Investor Relations
    Email: ir@diginex.com 

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de 

    IR Contact – US
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global 

    IR Contact – Asia
    Shelly Cheng
    Strategic Financial Relations Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk 

    The MIL Network

  • MIL-OSI: Diginex Announces Plans for Eight-for-One Forward Stock Split

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 07, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”) (NASDAQ: DGNX), a leading provider of Sustainability RegTech solutions, today announced that on July 1, 2025 the Diginex Board of Directors (the “Board”) adopted resolutions recommending that its shareholders approve an eight-for-one (8:1) forward stock split. 

    The Board has scheduled an extraordinary general meeting of its shareholders to be held on July 29, 2025 (the “EGM”) for shareholders of record as of July 3, 2025 (the “Record Date”) to vote on the forward stock split and the filing of a second amended and restated memorandum and articles of association (the “Proposals”). Should the Proposals be approved by shareholders the forward stock split will be effective from August 1, 2025. 

    Should the Proposals be approved at the EGM, (i) each ordinary share of US$0.00005 par value shall be subdivided into eight (8) ordinary shares of US$0.00000625 par value each; (ii) each preferred share of US$0.00005 par value shall be subdivided into eight (8) preferred shares of US$0.00000625 par value each; and (iii) the authorized share capital of the Company shall become US$50,000 divided into 7,680,000,000 ordinary shares of par value US$0.00000625 each and 320,000,000 preferred shares of par value US$0.00000625 each. Any fractional shares, as a result of the forward stock split, will be rounded up. There will be no cash in lieu shares payments.

    The forward stock split is intended to make Diginex’s shares more accessible to a wider range of investors while maintaining the company’s market capitalization.

    “We are pleased to propose this forward stock split, which reflects our commitment to enhancing shareholder accessibility and liquidity,” said Miles Pelham, Chairman and Founder of Diginex. “This move aligns with our strategic goals to broaden our investor base and support the long-term growth of our business.” 

    The forward stock split will not affect the total value of an investor’s holdings of Diginex shares at the time of the forward split. The Notice of the Extraordinary General Meeting, Proxy Statement and Proxy Card has been mailed on or about July 7, 2025, to all shareholders of the Company as of the Record Date. Shareholders can review copies the Notice of the Extraordinary General Meeting, Proxy Statement and Proxy Card at www.sec.gov in the Company’s Form 6-K and at https://www.cstproxy.com/diginex/2025

    About Diginex

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. 

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website:

    https://www.diginex.com/.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    Diginex
    Investor Relations
    Email: ir@diginex.com 

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de 

    IR Contact – US
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global 

    IR Contact – Asia
    Shelly Cheng
    Strategic Financial Relations Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk 

    The MIL Network

  • MIL-OSI Economics: Money Market Operations as on July 07, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,13,280.00 5.14 2.00-6.25
         I. Call Money 17,060.89 5.26 4.75-5.35
         II. Triparty Repo 4,00,746.10 5.11 5.00-5.26
         III. Market Repo 1,92,328.36 5.18 2.00-5.60
         IV. Repo in Corporate Bond 3,144.65 5.42 5.32-6.25
    B. Term Segment      
         I. Notice Money** 167.35 5.19 4.85-5.25
         II. Term Money@@ 1,465.00 5.30-5.70
         III. Triparty Repo 1,375.00 5.23 5.20-5.25
         IV. Market Repo 1,283.93 5.32 5.28-5.35
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 07/07/2025 1 Tue, 08/07/2025 1,051.00 5.75
    4. SDFΔ# Mon, 07/07/2025 1 Tue, 08/07/2025 2,50,865.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,49,814.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       5,987.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -94,022.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,43,836.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 07, 2025 9,30,865.97  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 07, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/674

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on July 07, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,13,280.00 5.14 2.00-6.25
         I. Call Money 17,060.89 5.26 4.75-5.35
         II. Triparty Repo 4,00,746.10 5.11 5.00-5.26
         III. Market Repo 1,92,328.36 5.18 2.00-5.60
         IV. Repo in Corporate Bond 3,144.65 5.42 5.32-6.25
    B. Term Segment      
         I. Notice Money** 167.35 5.19 4.85-5.25
         II. Term Money@@ 1,465.00 5.30-5.70
         III. Triparty Repo 1,375.00 5.23 5.20-5.25
         IV. Market Repo 1,283.93 5.32 5.28-5.35
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 07/07/2025 1 Tue, 08/07/2025 1,051.00 5.75
    4. SDFΔ# Mon, 07/07/2025 1 Tue, 08/07/2025 2,50,865.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,49,814.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       5,987.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -94,022.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -3,43,836.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 07, 2025 9,30,865.97  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 07, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/674

    MIL OSI Economics

  • MIL-OSI China: China ready to work with intl community to get world economy back on track, says Premier Li

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

    Chinese Premier Li Qiang meets with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala in Rio de Janeiro, Brazil, July 7, 2025. [Photo/Xinhua]

    Chinese Premier Li Qiang said Monday that China stands ready to work with the international community to get the world economy back on track at an early date.

    Li made the remarks when meeting with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala on the sidelines of the 17th BRICS Summit.

    The global trade has undergone significant changes with rising unilateralism and protectionism, which has severely impacted the international economic and trade order and posed grave challenges to the world economy and countries’ development, said Li.

    Against this backdrop, the international community has a stronger call for safeguarding the multilateral trading system and has growing expectations for the WTO to play a more active role, he added.

    Noting that economic globalization is an irreversible trend of history, Li said that China will, as always, continue to practice and safeguard multilateralism and free trade, actively support the reform and development of the WTO to restore its authority, accelerate the improvement of trade rules, and push for more concrete outcomes of the 14th WTO Ministerial Conference.

    Li said China has abundant resources and means to counter adverse external impacts, and is confident in and capable of promoting a steady and healthy economic development.

    This year, China has implemented more proactive and effective macro policies, advanced the strategy of expanding domestic demand, and launched special initiatives to boost consumption, he said, noting the huge, growing demand unleashed by the super-large market of over 1.4 billion consumers.

    China, Li added, will introduce more measures for voluntary and unilateral opening up, strictly abide by the principles and market rules of the WTO, and continue to share development opportunities with other countries, so as to inject positive energy into the world. 

    Chinese Premier Li Qiang meets with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala in Rio de Janeiro, Brazil, July 7, 2025. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI China: China ready to work with intl community to get world economy back on track, says Premier Li

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

    Chinese Premier Li Qiang meets with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala in Rio de Janeiro, Brazil, July 7, 2025. [Photo/Xinhua]

    Chinese Premier Li Qiang said Monday that China stands ready to work with the international community to get the world economy back on track at an early date.

    Li made the remarks when meeting with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala on the sidelines of the 17th BRICS Summit.

    The global trade has undergone significant changes with rising unilateralism and protectionism, which has severely impacted the international economic and trade order and posed grave challenges to the world economy and countries’ development, said Li.

    Against this backdrop, the international community has a stronger call for safeguarding the multilateral trading system and has growing expectations for the WTO to play a more active role, he added.

    Noting that economic globalization is an irreversible trend of history, Li said that China will, as always, continue to practice and safeguard multilateralism and free trade, actively support the reform and development of the WTO to restore its authority, accelerate the improvement of trade rules, and push for more concrete outcomes of the 14th WTO Ministerial Conference.

    Li said China has abundant resources and means to counter adverse external impacts, and is confident in and capable of promoting a steady and healthy economic development.

    This year, China has implemented more proactive and effective macro policies, advanced the strategy of expanding domestic demand, and launched special initiatives to boost consumption, he said, noting the huge, growing demand unleashed by the super-large market of over 1.4 billion consumers.

    China, Li added, will introduce more measures for voluntary and unilateral opening up, strictly abide by the principles and market rules of the WTO, and continue to share development opportunities with other countries, so as to inject positive energy into the world. 

    Chinese Premier Li Qiang meets with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala in Rio de Janeiro, Brazil, July 7, 2025. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI New Zealand: Business gives clear backing to RSB

    Source: New Zealand Government

    Regulation Minister David Seymour is welcoming BusinessNZ’s strong support for the Regulatory Standards Bill as a means to deal with red tape and regulation.
    “After all the misinformed opposition we’ve heard, the people who get up in the morning to make an honest buck and deliver goods and services to New Zealanders want red tape and regulation dealt to and believe this Bill will help them do that. 
    “Submitting on the Bill at select committee today, BusinessNZ said it was an important step towards improving the quality of regulation and reducing the compliance burden on businesses by putting more scrutiny on politicians when law is made.
    “The academics who have been so loud about this Bill are so far removed from reality partly because many of Parliament’s damaging laws don’t frustrate their ability to make a living. If they were held back by red tape and regulation on a daily basis, like many businesses are, they would support this Bill.
    “Too often, politicians find regulating politically rewarding, and we need to make it less rewarding by putting more sunlight on their activities.
    “The Bill doesn’t stop politicians or their officials making bad laws, but it makes it transparent that they’re doing it. It makes it easier for voters to identify those responsible for making bad rules. Over time, it will improve the quality of rules we all have to live under by changing how politicians behave.
    “In a high-cost economy, regulation isn’t neutral – it’s a tax on growth. This Government is committed to clearing the path of needless regulations by improving how laws are made.”

    MIL OSI New Zealand News

  • MIL-OSI Russia: Xunke checkpoint imported frozen fish products from Russia for the first time

    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

    BEIJING, July 8 (Xinhua) — As a refrigerated truck smoothly entered the Xunke Port, the border crossing witnessed a historic moment: the first 12 tons of frozen Russian chum salmon cleared customs. The event marks the first time chilled fish products have been imported into Xunke County, northeast China’s Heilongjiang Province, marking a major step in the high-quality development of border trade with Russia.

    According to local newspaper Heilongjiang Daily, during the import of this batch of chum salmon, Xunke Customs provided support services at all stages, helping enterprises understand the procedures for importing fish. The entire process, from product registration and permit processing to customs declaration and cargo inspection, was completed efficiently with the assistance of customs officers, ensuring prompt and proper clearance of the products.

    The imported chum salmon will be sent to the Imported Chilled Fishery Products Processing Park in Xunke County. After deep processing, the products will be put on the market in more diversified forms, increasing the added value and expanding the industrial chain in trade.

    This year, Xunke County has been actively implementing the “Interaction between the checkpoint and the industrial zone” initiative, accelerating the formation of coordinated logistics between the border checkpoint and rear processing sites. The construction of the fish processing park in the economic development zone is progressing smoothly. The launch of the park will create a solid foundation for processing and increasing the added value of products.

    The successful clearance of the first batch of fish products at customs has become a living embodiment of the deepening of trade and economic cooperation between Xunke and Russia. As the processing park is put into operation, the county’s competitiveness in trade with Russia will steadily increase, making a sustainable contribution to the high-quality development of the regional economy. -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: 3,716 Foreign Businessmen in China’s Yiwu Granted Skilled Personnel Status

    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 8 (Xinhua) — As of the end of June this year, 3,716 foreign entrepreneurs in Yiwu City, east China’s Zhejiang Province, had been granted the status of skilled personnel under a new assessment system launched by the local government. Among them, 37 were classified as Category A (foreign highly skilled personnel) and 3,679 as Category B (foreign professional specialists), according to the Yiwu City Science and Technology Administration.

    Yiwu has pioneered the creation of an innovative “foreign talent contribution evaluation system,” with key criteria including annual exports, job creation for local residents, and sustainable contribution to the regional economy.

    To qualify for Category A, foreign investors/entrepreneurs must meet conditions such as the company’s annual sales volume exceeding RMB 50 million (about US$6.99 million) with an individual annual salary of RMB 600,000 or more; or the company employs more than 10 local people and has 10 years of continuous individual work experience in Zhejiang Province with an annual income of RMB 600,000 or more.

    Category B is assigned if the company has such indicators as an annual volume of foreign exchange transactions of USD 500,000 or an annual foreign trade turnover of over 10 million yuan.

    According to the established rules, foreign personnel of category A receive 5-year work permits and priority processing of documents, and foreigners of category B receive work permits for a period of 2 to 4 years.

    Yiwu, known as the “supermarket of the world,” maintains trade links with more than 230 countries and regions around the world. More than 28,000 foreign traders visit here every day, accounting for about a fifth of the total number in Zhejiang Province. To further attract investment, the city launched this pilot program for foreign business personnel in September 2024. -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: The role of BRICS as a pillar of a multipolar world is becoming critically important – Belarusian Foreign Minister

    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

    MINSK, July 8 (Xinhua) — The role of BRICS as a pillar of the multipolar world is becoming critically important, Belarusian Foreign Minister Maxim Ryzhenkov said in Rio de Janeiro during an extended session of the 17th BRICS summit. The corresponding information was published by the press service of the Belarusian Foreign Ministry on Monday.

    In his speech, M. Ryzhenkov noted that modern global challenges require not only strengthening of internal potential, but also a truly multilateral approach in international affairs.

    “Belarus sees the practical embodiment of this ideology in BRICS – an association based on equality, mutual respect and the search for collective solutions. Today, when outdated unipolar mechanisms demonstrate their ineffectiveness and politicization, the role of BRICS as a support for a multipolar world, as a foundation and an integral part of a fair world order is becoming critically important,” the minister emphasized.

    He also noted that the New Development Bank is the most important element of the emerging financial architecture of BRICS. Belarus sent an official request to join its members in March of this year.

    “Belarus’ geopolitical position in Eurasia opens up broad prospects for cooperation in logistics. Belarus is ready to become a platform for creating modern logistics hubs, where advanced technologies, including blockchain and the Internet of Things, will be used to build transparent and efficient supply chains,” the head of the Belarusian Foreign Ministry noted. -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 China: Tianjin accelerates integration of digital economy with real economy

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

    This photo taken on July 4, 2025 shows the laptop production line of the carbon-neutral smart manufacturing factory of Lenovo in north China’s Tianjin. In recent years, Tianjin has been committed to building smart factories and accelerating the deep integration of the digital economy with the real economy. As of now, the city has established a total of 400 smart factories and digital workshops, continuously promoting the digital transformation of its manufacturing sector. (Xinhua/Zhao Zishuo)

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    MIL OSI China News

  • MIL-Evening Report: Being kind to people – the new challenge for the public service

    Source: The Conversation (Au and NZ) – By Jennifer Smith-Merry, Director, Centre for Disability Research and Policy, University of Sydney

    When Labor was re-elected in May, Prime Minister Anthony Albanese used his acceptance speech to describe the type of country he wanted to lead.

    He spoke of how the Australian people had voted for fairness, aspiration and opportunity for all:

    For the strength to show courage in adversity and kindness to those in need. And Australians have voted for a future that holds true to these values.

    Prime Minister Anthony Albanese election victory speech declaring the Australian people had voted for Australian values.

    Noble sentiments from the prime minister.

    But can this translate into real change in government organisations? How much work do they have to do to live up to Albanese’s mantra of fairness and kindness towards those in need?

    Bureaucracy can be kind

    It is important our public institutions, such as the Australian Public Service, are kind, even when they are deciding who can access limited public resources.

    We conducted a review of academic research on organisational kindness to understand how organisations can be more generous to those they interact with.

    We discovered public service processes often lack kindness, which causes distress and sometimes significant harm. Many people would be familiar with unkind interactions with public services that should be there to serve us, but sometimes make us feel like an enemy.

    Kindness has positive benefits not just for the people being served, but for organisations themselves. Our research has found kindness contributes to profit, productivity, performance and favourable community perceptions.

    A kinder organisation is also a more trusted one, which is essential for any public service – funded by the public – to retain legitimacy.

    Lack of trust

    The National Disability Insurance Scheme (NDIS) is a case in point.

    Other research we have conducted shows individuals find it hard to apply for the NDIS.

    In part this stemmed from previous traumatic experiences with accessing government agencies, which resulted in a lack of trust in other public services.

    A study of NDIS participant experiences has also found complexity, poor communication, and confusing or inconsistent rules causes distress.

    Recent media coverage has focused on National Disability Insurance Agency (NDIA) decision-making processes that participants and families believe to be unkind. This includes surprise plan reviews where people feel unprepared and unsupported.

    Another example is the combative approach by the NDIA to people’s complaints, which makes complaining distressing and adversarial.

    Complaints are a legal, necessary aspect of a any organisation that services the public. But making it tortuous to complain is a lose-lose situation. It is not just unkind to the individual but problematic in effective running of public services.

    What makes public services unkind?

    Organisations may not set out to be unkind, but may become that way because of the way they work and think. They may see themselves in service of the public purse, rather than in service to the public.

    Particularly in times of budget constraint – such as the 8% growth cap to the NDIS – helping people access services may be seen as undermining cost savings goals. This can lead to practices that degrade or even demonise people who deserve help.

    Streamlining ways of working, cutting costs or even making decisions “fairer” by applying the same rules to everyone can be dehumanising.

    Individuals often face a “machinery of government” approach based on automated decision-making that lacks warmth and understanding, even where the decisions can be life-changing.

    This was most clear in the Morrison government’s Robodebt scheme. Assumptions were made about people based upon incomplete information gathered from administrative systems that did not fully reflect the lives of individuals. This had devastating consequences for many people, as outlined in the Royal Commission findings.

    Institutions may also be influenced by political narratives about deserving versus undeserving welfare recipients which prejudice how they are viewed. The “lazy dole bludger” is a classic trope.

    These narratives can result in unkind treatment when people need to access unemployment or disability benefits through Centrelink.

    How can public institutions be kinder?

    Being kind does not mean giving everyone everything they want, or even need.

    While hard decisions are sometimes necessary, they can be made in ways considerate of the people receiving the decision.

    We identified key barriers and enablers to organisational kindness.

    The main hurdles related to organisational culture and entrenched practices which make kindness difficult.

    Enablers for building a more generous approach include entrenching kindness as a core value within how organisational policies, processes and practices are structured.

    Kindness must be built into the organisational fabric not just enabled at the point of contact with individuals accessing the service.

    A kinder community

    The values of public services should reflect community values. However, sometimes communities lack kindness as an implicit value or, as noted in the earlier example about welfare recipients, may lack kindness towards particular groups.

    Broader kindness movements operating internationally include Kindness Singapore and Kindness UK. These movements aim to make kindness a core social value.

    Australian public institutions have received a strong cue from the prime minister that kindness should also be a core business value when serving clients, especially those in need.

    Jennifer Smith-Merry receives funding from the Australian Research Council through an Industry Laureate Fellowship. The National Disability Insurance Agency is a partner on that grant but had no involvement in this article. She is a member of the Grattan Institute Disability Program Reference Group.

    Damian Mellifont, Justin Scanlan, and Nicola Hancock do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Being kind to people – the new challenge for the public service – https://theconversation.com/being-kind-to-people-the-new-challenge-for-the-public-service-260068

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: Speech by SJ at business seminar and dinner in Amsterdam, Netherlands (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following are the welcome remarks by the Secretary for Justice, Mr Paul Lam, SC, at a business seminar and dinner organised by the Netherlands Hong Kong Business Association with the support of the Hong Kong Economic and Trade Office in Brussels and Invest Hong Kong on July 7 (Amsterdam time):
     
    His Excellency Mr Tan Jian (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Kingdom of the Netherlands), dear friends from the Association, and distinguished guests in the Netherlands,
     
    Firstly, I’m really delighted and honoured to be given the chance to speak to these distinguished audience this evening. Perhaps I should begin by telling you a little bit more about myself and the purpose of my present trip. I have used to practice in Hong Kong as a civil and commercial barrister. I’ve been practicing in Hong Kong for almost 30 years and then joined the Government about three years ago. So that’s when I became the Secretary for Justice.
     
    I had considered to come to the Netherlands and this part of the world for a very long time. Unfortunately, for many reasons I was unable to do this until this occasion. So this is in fact my first trip to Europe after I took my office. So I’ve chosen the Netherlands.
     
    For personal reasons, I love travelling in the past. I travelled quite a lot. Amsterdam is very top on my list, I always come to Amsterdam to stay a couple of days, go to museums, restaurants, just to walk around, and then I move on as a stopover, and move on to other destinations. But Amsterdam is always a stop that I could not miss, so I have very good personal reasons to come to Amsterdam once again.
     
    For official reasons, the Netherlands is the second-largest trading partner of Hong Kong within Europe. There are more than 170 companies in Hong Kong. And I was invited to join the National Day Reception in late April. So, I have too many reasons to choose the Netherlands as my best destination.
     
    Returning to today’s seminar, I understand that you have heard from many eminent speakers this afternoon who have shared with you many important information about the latest development in Hong Kong in different areas. I know that you are all very keen supporters of Hong Kong and there must be reasons why you were attracted to Hong Kong. Maybe the probable reason is that you see Hong Kong as a very open society. We offer a very fair, transparent, predictable environment for you to explore business opportunities, either in Hong Kong, in China, or the Asia Pacific region. But I think all these characteristics are highly concerned with the political and legal landscape of Hong Kong. This is an important point in the sense that we are living at a rather difficult time. And Hong Kong has faced a lot of challenges in recent years. You are all keen supporters of Hong Kong. But outside this room, I’m clearly aware of the fact that many people do have a lot of questions about the future of Hong Kong. They may not be as confident as you of the future of Hong Kong. There are a lot of misgivings, misunderstandings, so on and so forth. I do believe that it’s my duty, not simply as a government official, but as a Hong Kong citizen, to bite the bullet, to face the music, to try to convince people why Hong Kong is still the Hong Kong that you are familiar with, why Hong Kong is still the Hong Kong that we all love.
     
    There’s one single message that I wish to convey, and that is “Hong Kong is still Hong Kong”. I wish to perhaps look at the latest development or something that I regard to be of great importance insofar as political landscape and legal landscape are concerned. Let me begin by the political landscapes of Hong Kong. I make it all boiled down to one very important thing. The gist of the matter is the principle of “one country, two system”. It’s because of “one country, two systems”, Hong Kong enjoys a number of very unique strengths and characteristics which are unparalleled. For example, we have our own independent legal system based on common law, our own independent financial system, our own currency, free flow of capital, we have trade port, we have no tariffs, no trade barriers, but all these things are because of the fact that we have “one country, two systems”.
     
    So the elephant in the room is this, is the principle of “one country, two systems” to be maintained, or is it going to be changed in whatever way in future? I wish to give you three reasons, why there shouldn’t be any worry or concern that the principle of “one country, two systems” will be altered or changed in future. The first reason is that the principle of “one country, two systems”, notwithstanding the fact that it’s a political concept, but actually it’s constitutional entrenched in the sense that its implementation is guaranteed by a constitutional document which is the Basic Law. I’m sure that many people in this room is familiar with the Basic Law. But what I wish to highlight is that on July 1, we celebrated the 28th anniversary of China’s resumption of sovereignty over Hong Kong. And for 28 years, and notwithstanding the fact that we had encountered a number of difficulties and challenges, not a single word, not a single clause in our Basic Law had been changed.
     
    Secondly, which is a matter of law, I think lawyers would be interested in what I am saying. In the Basic Law, there’s a provision which allows amendment to be made to the Basic Law, subject to a very important qualification. There’s a very clear, expressed provision, that any amendment cannot contravene, or cannot change the basic policy of the People’s Republic of China regarding Hong Kong, and that basic policy is precisely “one country, two systems”. So legally speaking, as a matter of constitutional, our constitutional order, you cannot really change the fundamental principle of “one country, two systems”. So if you feel that I’m not too legalistic, I move on to my second point, my second reason.
     
    The second reason is highly political, but it’s of crucial importance in the present context. That goes to the reassurances given by the top state leaders of the People’s Republic of China. I would mention three very important speeches, two made by President Xi Jinping. And the last speech was given by Wang Yi, the Minister of Foreign Affairs. First, President Xi Jinping said on July 1, 2022, it was the 25th anniversary of China’s resumption of sovereignty over Hong Kong. It was when I assumed my current position as the Secretary for Justice. In his very important speech, he made a very important point. He said that the principal of “one country, two systems” is a good policy that must be adhered to in the long run. I think he was trying to convey a very important message, to dispel any misgivings, any doubts that Beijing had any intention whatsoever to change its basic policy towards Hong Kong. The “one country, two systems” principle also applies to Macau. So more recently, on December 20, 2024, also at the 25th anniversary of China’s resumption of sovereignty over Macau, President Xi Jinping made another very important speech, repeating why the principle of “one country, two systems” is a good system. At the end, he said that the principle of “one country, two systems” actually embodies very important universal values – peace, openness, inclusiveness, and sharing. And he said that these values are valuable, important, not just to China, Macau, or even China as a whole, but to the whole world. So the China’s national strategy is to make use of this principle of “one country, two systems” to assist its modernisation. So as a matter of logic and common sense, it’s unthinkable that either HKSAR (Hong Kong Special Administrative Region) or Beijing would shoot ourselves in the foot by damaging or destroying the most valuable asset which makes Hong Kong being in a position to contribute to the success or even survival of Hong Kong.
     
    The last speech was given by Mr Wang Yi, the Minister of Foreign Affairs, when he attended the signing ceremony of a very important international convention. It’s known as the Convention on the Establishment of the International Organization for Mediation. It is an international treaty signed by 33 countries, including China. And most of these countries include countries in Southeast Asia, Africa, and even one in Europe, Serbia. The Swiss foreign minister came to Hong Kong to give a speech. The purpose of the convention is to set up the first inter-governmental international organisation, which is devoted to use mediation as a means to resolve different types of international disputes, including disputes between sovereign states, disputes between states and foreign nationals, say, for example, investor-state disputes, and even international civil and commercial disputes. The important thing is that the state parties, in particular China, supported that the headquarters of this new organisation will be situated in Hong Kong. The question is why. Just imagine for Beijing or even other countries, they have a lot of options. Why not in Beijing, why not in Shanghai, why not in Shenzhen or anywhere? But Hong Kong, why Hong Kong? I think Mr Wang Yi gave the answer in his important speech. He mentioned once again it’s because of “one country, two systems”. Because under “one country, two systems”, Hong Kong inherits the common law tradition, but at the same time, the Mainland China practises a civil law system. There’s a synergy between the systems. So we are the best of both worlds, so to speak. And that’s precisely the reason why such an important international organisation, the headquarters of such an organisation will be situated in Hong Kong. This is a very important message. It is a very strong vote of confidence and given by not just China, but other state parties in the future of Hong Kong. So that’s my second reason.
     
    The third reason concerns a piece of law passed last year in Hong Kong. For people familiar with Hong Kong, you would be aware that all lands in Hong Kong are held pursuant to government leases, except for St. John’s Cathedral. For people who have been to Hong Kong, you know that St. John’s Cathedral is a freehold land for historical reasons. But otherwise, all lands in Hong Kong that were held pursuant to government leases, which means that they were for a fixed time, very often for 99 years. And the reality is that many of these government leases, hundreds and thousands, will expire by 2047. That is 50 years after China’s resumption of sovereignty over Hong Kong. So last year, we passed a legislation, the effect of which is that all these leases, which are going to expire before, or by 2047 will be automatically renewed for 50 years, without any additional premium. That means that these land ownership will be guaranteed, they will continue, they will go beyond 2047. Of course, land ownership is extremely important. It is not simply concerned with the provision of shelter or home for people. It serves as very important security, a very valuable asset for business people, for financial institution. So that’s the way we assure people that our system will not change because I cannot find a more important example showing the distinguished feature of “one country, two systems” by referring to our land ownership system. So I think this is a very compelling piece of evidence. I have three pieces of evidence to convince people that any misgiving would be misplaced. So this is about the political landscape.
     
    What about the legal landscape? I mentioned a moment ago that one of the essential characteristics of “one country, two systems” is the fact that we are still using the common law system. I wish to highlight three very important features of our common law system that will be maintained, enhanced, and of great importance in ensuring Hong Kong’s continued success in the future.
     
    Firstly, the credibility of our common law system. Our people are willing to come to Hong Kong because they believe in Hong Kong’s legal system. And one of the key reasons is that in Hong Kong we have a very reputable and credible independent judiciary. Judicial independence is a very key element of a legal system. How do we show to people that Hong Kong’s judicial system, Hong Kong’s judiciary, will remain independent? The answer is that we are a very open system. We have invited many eminent foreign judges from other common law jurisdictions to sit in our court. I wish to give two very concrete examples. Under the Basic Law, Hong Kong enjoys the power of final adjudication, because before 1997, all the final appeal cases would have to be heard in Privy Council in London. But after 1997, we enjoy the final power of adjudication. So the highest court will be the Court of Final Appeal and that’s a very special arrangement, which I’m sure that some of you would be aware of. We are at liberty, we are permitted to invite judges from other common law jurisdictions to sit as foreign non-permanent judges. At the moment, and I would say that even after 2019 and 2020 when Hong Kong experienced some challenges, even after 2020, or since 2020, we have three foreign judges agreeing to come to Hong Kong. So for the time being, there are altogether six foreign non-permanent judges. Two from England, Lord Hoffmann and Lord Neuberger. For lawyers, they would be very familiar names. And then three judges from Australia, and one from New Zealand. The most recent appointment was Sir William Young, a former judge of the Supreme Court of New Zealand. He was appointed in June, so less than a month ago. So why would these eminent judges agree to come to Hong Kong if they are not confident and do not believe in Hong Kong itself? The other thing is that even at the Court of First Instance level, the judiciary has been inviting judges from other common law jurisdictions to sit as part-time judges. And I can also give a very recent example. I know that very soon, a judge who is a British, a very eminent British lawyer, will come to Hong Kong to sit in commercial cases. So these are the continuous efforts made by Hong Kong to ensure that we will retain the international characteristic to give people confidence.
     
    And of course, I have to mention, it’s something that I hesitate to mention, that the Government still loses cases from time to time, but it’s the most compelling evidence to prove the existence of judicial independence. Of course I would not say that I was very happy with the outcome, but I described it as a very healthy phenomenon. It’s very cogent and conclusive proof of the fact that our legal and judicial system functions properly. So this is my first point, the credibility of a judicial system.
     
    The second characteristic goes to the fact that we have a very user-friendly system – common law system. One thing that may be very often can be overlooked is that Hong Kong is the only bilingual common law system using both English and Chinese.

    Notwithstanding that China has resumed sovereignty over Hong Kong, one would have naturally expected that Chinese would be the only authentic language, but that’s not true. Even in our legislation, in our court judgments, things would be written in both languages, which is of course important to the international community.
     
    The second thing is that we have made tremendous effort to ensure that our law will meet the changing needs of society, not just within Hong Kong but also the international community. I give two examples. The first example is that we have just amended our company ordinance, which came into effect in late May. It provides a scheme to enable companies being operated overseas to re-domicile to Hong Kong, by a very simple mechanism, so that they can enjoy tax advantage, a relatively simple regulatory regime, so on and so forth. I understand that two major insurance companies have indicated that they will re-domicile to Hong Kong probably in November this year. The second example goes to digital assets, the Stablecoins Ordinance. The ordinance will come into effect on August 1. I think it’s an indication of our determination to strike a balance. You have to have some sort of regulation, some sort of licensing, but at the same time, you have to enable this digital thing to be able to develop in a healthy manner. So this is my second point, we have a very user-friendly common law system.
     
    The last point, which is really unique, which is something that cannot be found, is our connection with the Mainland legal system. Under “one country, two systems”, we have our common law system, we do not use the Mainland legal system. It doesn’t mean that there’s no connection or no linkage between the two systems. On the contrary, there are very important connections between the two legal systems, which are of great practical importance to the international business community. And once again, I wish to use some examples. The first example concerns arbitration. Can arbitration awards in Hong Kong be recognised or enforced in Mainland China? The answer is that we have a very special mutual legal assistance arrangement with Mainland China. There are altogether nine, but suffice for me to mention that’s an arrangement which enables an arbitration award in Hong Kong to be easily recognised and enforced in China. It’s modelled on a well-known New York convention. So it’s no different as any other international award. And another special thing which also about arbitration is that Hong Kong and Mainland China has entered into a very special arrangement to enable arbitration to start or commence in Hong Kong. People engaged in this sort of arbitration would be entitled to apply for interim measures like interim injunction to freeze the assets of the opposing party to preserve evidence in Mainland China by making application in the Mainland court. For example, you start an arbitration in Hong Kong, then you can go to the Mainland court to apply to freeze the assets of your opponent to preserve evidence. I can give you the statistics to see how important and how successful this arrangement is. The arrangement came into existence on the October 1, 2019, and up to mid-May this year, there were altogether around 146 applications. And the value of assets which were subject to this interim preservation order would be around US$5 billion. That will be a very important and practical legal tool to use Hong Kong as a legal dispute resolution centre. And the second more recent example, that I wish to introduce to you, concerns the Greater Bay Area (GBA). The Greater Bay Area consists of Hong Kong, Macau, and mainly the nine important cities in the Guangdong province. The population is 86 million. I think the size is more like Croatia, but the GDP has exceeded Australia. I think it would be top 10 as it seen as a single entity. So a lot of opportunities. So just on the February 14, we have introduced special measures to enable Hong Kong enterprise, if they set up an office or their own company in GBA cities, they would have the right to choose Hong Kong law to govern their contracts. In the old days, there were very serious restrictions. Even if you’re a foreign company, a Hong Kong company, if you set up your company in Mainland China, you have no option. You have to use Mainland law to govern your contractual relationship. The second thing is that you can also choose Hong Kong as the seat of arbitration to resolve any potential dispute. And once again, in the past, that option would not be open. You have to use the dispute resolution mechanism or arbitration in Mainland China. So these are special measures which were recently introduced to give people more options. We can readily understand that, in particular for people outside Hong Kong, they may feel more familiar with Hong Kong’s legal system, whether it’s used as the governing law or whether it’s used as the place to resolve disputes. The choice belongs to the end users, but you have to give people the choice. So we are offering people this choice.
     
    Another important thing is the definition of Hong Kong enterprise. It doesn’t mean that it has to be a 100 per cent owned Hong Kong company. So long as there’s some Hong Kong interest, say 1 per cent Hong Kong interest. So if you get a business partner who’s willing to invest 1 per cent in a business venture, then you will be qualified to be a Hong Kong enterprise. And if you use this in the name of this Hong Kong enterprise, you go into a GBA area, then you can take advantage of the measures that I have just mentioned. I’m using this example to highlight the very unique connection between the Hong Kong common law system and the Mainland legal system, which offers very important practical advantages to the international business community.
     
    Lastly, you may say that I’m just selecting the good news. What about external views on the state of the rule of law in Hong Kong? I wish to refer to two very recent international surveys to support that what I have been telling you is not some sort of self-serving statement trying to paint a rosy picture. Firstly, the IMD, the Institute for Management Development in Switzerland, published a competitiveness survey in June, so about a month ago. In terms of global competitiveness, Hong Kong is the third. In the last survey, we were the fifth, so we moved two places up. We ranked second in terms of government efficiency and also business efficiency. And most importantly, Hong Kong ranked the first when it comes to business legislation, which means our business law and also our tax policy. This is the external view based on a very credible international survey. The second international survey that I wish to refer to is an international survey concerning international arbitration. It’s a survey done by the Queen Mary University of London, together with the law firm White & Case. It’s a regular survey done once every three or four years. In the very recent survey, Hong Kong is regarded to be the second most preferred seat of arbitration in the world. Hong Kong and Singapore both enjoy the second place. And in fact, Hong Kong is the most preferred place for arbitration in the Asia-Pacific region. So once again, this serves as a very strong piece of objective evidence to demonstrate people’s confidence in our legal system.
     
    We are living at a time of uncertainties and challenges, many of these challenges were caused by reasons or factors beyond our control. Some of them goes to geopolitical situations, things like that. The role of Hong Kong can play from the perspective be considered in a wider context, not just as a matter of bilateral relationship between Hong Kong and the Netherlands. It has to be perhaps considered in the wider context of the overall relationship between Europe and China, or perhaps Europe and Asia-Pacific, as a whole. I think the relationship between Europe and China and Hong Kong has become even more relevant and important at this time of great uncertainties and challenges. But amid all these challenges and difficulties, in sharp contrast to these challenges and difficulties, what Hong Kong can offer would be certainty and opportunities. Certainty that you will have a very secure, very user-friendly, very credible legal system to safeguard interests, to manage risk, but enormous opportunities to be found, not just in Hong Kong, not just in the GBA, but China as a whole.
     
    So I do believe, I speak from the bottom of my heart that there are very good reasons for us to remain very confident and optimistic in the future of Hong Kong. And for this, of course, I’m most grateful to the continued support by our friends in this room. I do ask you to continue your support. Whenever people speak in front of you, express any doubt, I do invite you to speak on our behalf to convince them that there’s no reason whatsoever to feel pessimistic. There’s no reason whatsoever for them to be concerned about the future of Hong Kong, because Hong Kong will still be the Hong Kong that we all love, that we are all familiar with. This is all I wish to say. Thank you very much.

    MIL OSI Asia Pacific News

  • MIL-OSI China: Mainland expresses sympathy for people in Taiwan affected by Typhoon Danas

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

    A Chinese mainland spokesperson on Monday expressed the mainland’s deep sympathy for those in Taiwan affected by Typhoon Danas, which resulted in casualties and financial losses.

    Chen Binhua, a spokesperson for the State Council Taiwan Affairs Office, conveyed the mainland’s sympathy for the lives lost in the disaster, extended condolences to the bereaved families, and expressed concern for all those injured.

    “We hope that those affected will be able to return to normal life and work at an early date,” he said.

    Typhoon Danas made landfall in Taiwan late Sunday night and exited to sea early Monday morning, leaving two people dead and hundreds injured, according to Taiwan media.

    MIL OSI China News

  • MIL-OSI China: Texas floods raise doubts over US weather warnings, response levels

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

    As the desperate search continues for survivors of the flash floods in Central Texas, concerns have already been raised about the shortcomings of the United States’ weather warning service and the response of local authorities.

    The death toll stood at 82 late on Sunday, with Texas Governor Greg Abbott saying that 41 people were unaccounted for across the state, adding that more people could be missing, local media reported.

    In Kerr County, home to Camp Mystic and other youth camps in the Texas Hill Country, searchers have found the bodies of 68 people, including 28 children, said Sheriff Larry Leitha, who pledged to keep searching until “everybody is found”.

    The flash floods happened in a region where the natural beauty of rivers, lakes and hills has made it a popular destination for summer vacations. The Guadalupe River bank area had attracted many visitors for the long Fourth of July weekend.

    However, before daybreak on Friday destructive, fast-moving waters rose rapidly on the river in only 45 minutes, washing away homes and vehicles.

    Questions are growing about whether enough warnings were issued in an area long vulnerable to flooding and whether enough preparations were made.

    Families were allowed to look around Camp Mystic, a Christian summer camp along the river where 10 girls and a counselor were still unaccounted for, on Sunday morning.

    One girl was seen walking out of a building carrying a large bell. A woman and a teenage girl, both wearing rubber waders, briefly went inside one of the cabins, which stood next to a pile of soaked mattresses, a storage trunk and clothes. At one point, the pair doubled over, sobbing before they embraced.

    Father’s sacrifice

    Several of those who died in the floods have already been praised by loved ones for their heroism.

    Julian Ryan, 27, died trying to save his mother, his fiancee Christina Wilson, and the couple’s two young children, according to local media reports.

    Wilson told a Houston television station the water came to the front step of their trailer home near the river in Ingram before dawn on Friday and rose fast. Their mattress began to float. The door was stuck shut and Ryan broke a window with his arm for the family to escape. However, he suffered serious cuts from the broken glasses and soon bled to death.

    “He had lost so much blood and knew he wasn’t going to make it,” Wilson said. “He said, ‘I love you. I’m so sorry.’ In minutes, he was gone. He died trying to save us.”

    Camp Mystic director Dick Eastland, 70, died while trying to rescue campers during the catastrophic flooding, according to a tribute shared by his grandson on Instagram on Saturday.

    “If he wasn’t going to die of natural causes, this was the only other way — saving the girls that he so loved and cared for,” George Eastland wrote. “That’s the kind of man my grandfather was. He was a husband, father, grandfather, and a mentor to thousands of young women.”

    A Camp Mystic employee, Glenn Juenke, told CNN Eastland died “remaining a true hero until the very end”.

    Almost a century old and founded in 1926, Camp Mystic had been run by Dick and Tweety Eastland since 1974 and can host up to 700 children.

    In Kerrville, Tivy High School boys soccer coach Reece Zunker and his wife Paula died in the flood, according to a Facebook post. Their two young children were missing.

    The Guadalupe River Heart O’ the Hills Camp announced on its website that its director and co-owner Jane Ragsdale was killed in the flood. Luckily no children were at the camp at the time.

    Two sisters from Dallas, Blair and Brooke Harber, 11 and 13 respectively, were staying with their grandparents in a cabin along the Guadalupe River, which was washed away by the flood. The sisters were confirmed dead and their grandparents were missing, according to The New York Times.

    Too late, inaccurate

    The National Weather Service first issued a forecast on Thursday afternoon that heavy rain was coming and flooding was possible. It predicted 127 to 177 millimeters of rain.

    The flood warning was issued at 1:14 am on Friday when most people were asleep. It triggered Wireless Emergency Alerts which sent notifications to all the mobile phones in the emergency area.

    However, it’s a feature that mobile phone users can disable and parts of the Hill Country lack good mobile phone reception.

    The rain began to fall around midnight, but actual rainfall far exceeded the forecast. Some local weather stations recorded 305 mm of rainfall by sunrise on Independence Day, local meteorologists said.

    The water level rose rapidly. The water gauge in a section of the Guadalupe River gauge where it forks recorded a 6.7-meter rise in only two hours, Bob Fogarty, a meteorologist at the NWS Austin/San Antonio office said.

    In Kerrville, the water level rose from 0.3 meters to 10.3 meters between 2 am and 7 am on Friday.

    Fogarty said the alert was updated nine times throughout Friday. The most serious warning came at 4:03 am when NWS issued a flood emergency, warning of an “extremely dangerous and life-threatening situation “and urging “immediate evacuations”.

    The riverbank overflow occurred about three hours after the first flood warning, with the strong torrent washing away cabins and vehicles.

    Some meteorologists said local authorities are partially responsible for the devastating consequences of the floods.

    “The heartbreaking catastrophe that occurred in Central Texas is a tragedy of the worst sort because it appears evacuations and other proactive measures could have been undertaken to reduce the risk of fatalities had the organizers of impacted camps and local officials heeded the warnings of the government and private weather sources, including AccuWeather,” AccuWeather chief meteorologist Jonathan Porter wrote in a statement on Saturday morning.

    Local officials blamed the NWS for inadequate weather information. Nim Kidd, chief of the Texas Division of Emergency Management pointed to NWS forecasts that projected up to 152 mm of rain. “It did not predict the amount of rain that we saw,” Kidd said.

    Facing questions on why officials didn’t organize evacuations, Kerr County Judge Rob Kelly said: “We didn’t know this flooding was coming. Rest assured, no one knew this kind of flood was coming.”

    Kelly said they deal with floods frequently and locals know the area as “flash flood valley”. However, Kerr County doesn’t have a flood warning system in place. Kelly said the county considered implementing one a few years ago, but the plan was put aside due to the cost.

    Kerrville City Manager Dalton Rice told the media that the suddenness and intensity of the flood caught city officials flat-footed.

    “This happened very quickly over a very short amount of time that could not be predicted,” Rice said,”… things like this happen in a very strategic, very isolated area and when those two things converge you have what happened today.”

    Staff shortage at NWS

    The unexpectedness of the flood has led many to question whether the understaffed NWS has contributed to the tragedy.

    Its ability to help the entire country prepare for natural disasters was also questioned due to funding cuts under the Trump administration’s Big Beautiful Bill which was passed the day before July 4.

    Federal funding cuts made earlier by the Department of Government Efficiency led to staff cuts in the NWS, which the service says has resulted in many of its local offices being understaffed.

    Its mission statement is to: “Provide weather, water and climate data, forecasts, warnings, and impact-based decision support services for the protection of life and property and enhancement of the national economy.”

    Accurate weather warnings are the key to “give every individual a fighting chance to survive nature’s worst”, it adds.

    Since President Donald Trump took office, almost 600 people have left the NWS, equivalent to the total number of employees who left the service in the past 15 years.

    Many of those who left were seasoned meteorologists with experience in dealing with a variety of weather scenarios. Experts had previously warned that the service had already been crippled due to its large number of vacant positions and sudden departure of senior staff.

    The NWS Austin/San Antonio Office, which oversees flood-devastated Kerr County, is currently short six staff members. A senior hydrologist, staff forecaster and meteorologist in charge were missing, according to the NWS website.

    While no one at the NWS has explained the big gap between the forecast and actual rainfall, Homeland Security Secretary Kristi Noem defended the administration, saying that it’s hard to accurately predict rainfall.

    Noem argued that the technology was “ancient” and that the Trump administration is working to upgrade it.

    “We know that everybody wants more warning time, and that’s why we’re working to upgrade the technologies that have been neglected (for) far too long,” Noem said at a Saturday news conference.

    Houston has a problem

    Jason Walls, a Houston resident, told China Daily the tragedy unfolding in Central Texas had made him worried about his own safety in Houston.

    “We are in the hurricane season right now. I can’t imagine how many people would die from an inaccurate weather forecast and inadequate warning because we are much more populated than Central Texas. I am very concerned,” Walls said.

    He’s aware that the NWS Houston/Galveston Office has a serious staff shortage with 11 positions out of 25 vacant. The departures happened after a number of experienced meteorologists left due to the DOGE cuts.

    The vacancies include meteorologist-incharge, warning coordination meteorologist, science and operations officer, and port meteorological officer. In addition, four meteorologists, including two senior positions, are also vacant.

    Meteorologist Jeff Masters, a former National Oceanic and Atmospheric Administration hurricane hunter, earlier told the Texas Tribune that most of the roles won’t be able to be filled in time for the 2025 hurricane season.

    “This was done very inefficiently,” Masters told the newspaper. “First, all of the probationary employees were fired, then incentives were given to get the most experienced managers out through early retirement. Now they’re trying to do some rehiring, and then it’s just not being done very efficiently.”

    Masters said that the local offices across the country have lost critical institutional knowledge and expertise. Nationwide, reduced staff numbers have meant fewer weather balloon launches, therefore fewer data critical to accurate storm modeling is available.

    Currently, the Houston office is being helped by members from other NWS locations, and a meteorologist in Oklahoma is helping as an acting meteorologist-incharge for Houston.

    “Look at what happened in Kerr County when the NWS local office is without a warning coordination meteorologist,” Walls said. “We are in a worse situation in Houston — we don’t have a warning coordinator, we don’t have one in charge, we are missing almost half of very critical positions. How can we be ready for any weather disaster in the coming months?”

    MIL OSI China News

  • MIL-OSI China: Global industrial software giant doubles down on China amid faster digital shift

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

    AVEVA, a leading global industrial software provider, has underscored its optimism about China’s market potential, highlighting the country’s role as a key growth driver and the company’s commitment to deepening local engagement.

    Chris Lee, AVEVA’s senior vice president and head of Asia Pacific, noted that China is the clear leader in the Asia-Pacific region for the company, and has generated abundant successful industrial digital transformation cases.

    “China is the leading force in our Asia-Pacific operations,” Lee said, adding that the region is rapidly reaping the benefits of transformation. With nearly half of the Asia-Pacific’s resources allocated to China, Lee said AVEVA was sending a strong message to its Chinese clients: “We are committed to growing alongside them.”

    Cui Jingyi, the company’s vice president and head of AVEVA China, observed that China has evolved from a follower to a leader in the global digital transformation wave, driven by its mature industrial system, thriving digital economy, and open attitude toward new technologies.

    The company’s optimism aligns with China’s ongoing efforts to advance digitalization, especially in the industrial sector. By mid-March, the country had established over 30,000 basic-level smart factories, 1,200-plus advanced-level smart factories, and more than 230 excellence-level smart factories.

    The country has issued nearly 500 national standards for smart manufacturing, with plans to develop over 100 more national and industrial standards by 2026. The recent implementation of a national standard for digital transformation management, the first of its kind in China, provides a framework for enterprises to upgrade their artificial intelligence (AI) applications and accelerate digital transformation.

    In addition to traditional industrial sectors, Cui highlighted the significant potential in sectors like fast-moving consumer goods and food & beverage, where digital transformation demands are rising and market opportunities are vast.

    She also noted Chinese clients’ surging interest in AI applications, particularly since the launch of DeepSeek.

    “Many clients have proactively adopted DeepSeek and are exploring how AI can transform their operations,” Cui said. However, she emphasized the unique challenges of deploying AI in industrial settings, where high-quality data is critical for training models that meet strict requirements for precision, accuracy, and safety.

    Shenoy Janardhan, the company’s vice president and head of presales for Asia Pacific, outlined AVEVA’s vision for AI in industrial software, including transforming non-intelligent information into smart data and exploring applications like humanoid AI.

    “We’re looking at natural language processing models to enable voice recognition and direct user interaction,” Janardhan said, adding that AI will also be used to simplify user interfaces for better usability.

    Despite global uncertainties, AVEVA executives said the company remained committed to increasing its investment in China, aiming to grow in sync with the country and continue its partnership with Chinese clients on their digital transformation journeys.

    A key milestone in AVEVA’s China strategy is the recent launch of its China Intelligent Innovation Center, the first product R&D hub the company has established in the country.

    “This center allows us to better address local market requirements and adapt our software to China’s evolving infrastructure and technology landscape,” Cui said. It will also focus on fostering open collaboration with local clients and partners to accelerate the deployment of AI solutions in industrial settings.

    “AVEVA is confident in China’s economic development and proud to be part of China’s digitalization drive,” she said. “Our commitment to ‘In China, For China’ is not just a slogan but a tangible action.”

    MIL OSI China News

  • MIL-OSI China: EU races to finalize trade deal with US before July 9 tariff deadline

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

    The European Union (EU) is intensifying its efforts to finalize a trade agreement with the United States before the looming July 9 deadline, aiming to avert a new wave of punitive tariffs.

    European Commission spokesperson Olof Gill confirmed on Monday that “political and technical contacts” between Brussels and Washington are ongoing, with the EU still committed to securing an agreement in principle by Wednesday.

    While hopes for a comprehensive trade deal have been abandoned due to time constraints, the EU remains focused on establishing a framework that can prevent further tariff increases. If no agreement is reached, U.S. tariffs on most EU imports are expected to rise from the current 10 percent to 20 percent, and potentially up to 50 percent, in line with rates announced by U.S. President Donald Trump on April 2.

    On Friday, the European Commission held consultations with EU member states to assess the situation. Further high-level engagement took place over the weekend, with Commission President Ursula von der Leyen speaking by phone with President Trump on Sunday. Although no formal breakthrough was reported, officials described the call as a “good exchange.”

    On Sunday, U.S. Treasury Secretary Scott Bessent said that tariffs for countries that had not reached an agreement with the United States would take effect on Aug. 1 instead of July 9. Trump said that the United States would begin issuing tariff notification letters to a dozen countries starting Monday at 12 p.m. Eastern Time (1600 GMT).

    The European Commission continues to weigh its options. A retaliatory tariff list has been prepared and reviewed with member states and industry stakeholders. However, according to Gill, there are no immediate plans to activate it, as “diplomatic efforts remain the priority.”

    Germany, France, and Italy remain closely engaged in the negotiations. German Chancellor Friedrich Merz has emphasized the need for a deal to protect industries vulnerable to tariffs, including the automotive and pharmaceutical sectors.

    As the July 9 deadline approaches, analysts remain skeptical about the feasibility of concluding multiple lasting agreements within such a short period.

    “Trade deals typically take years to negotiate. It would be surprising to see long-term deals materialize so quickly,” said Andrew Lapping, chief investment officer at Ranmore Fund Management.

    “Trump is in a teasing mood, hinting at more deals while keeping markets guessing. Investors are bracing for fresh volatility,” said Susannah Streeter, head of Money and Markets at Hargreaves Lansdown, a British financial services company. 

    MIL OSI China News

  • MIL-OSI China: New talent system benefits over 3,700 foreign businesspeople in China’s Yiwu

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

    Foreigners carry a suitcase for sample purchasing at Yiwu International Trade Market in Yiwu, east China’s Zhejiang Provence, May 16, 2025. [Photo/Xinhua]

    A total of 3,716 foreign businesspeople operating in the city of Yiwu, east China’s Zhejiang Province, have been recognized as talent by the local government as of the end of June.

    The group includes 37 classified as A-level (foreign high-end talent) and 3,679 as B-level (foreign professional talent), according to Yiwu’s science and technology bureau.

    The city has pioneered a novel “contribution-based evaluation system” for identifying foreign talent. Factors such as annual export volumes, job creation for local workers, and sustained contributions to the local economy are key determinants.

    Foreign investors/businesspeople can qualify as A-level talent if they meet certain conditions, such as annual sales of their company exceeding 50 million yuan (about 6.99 million U.S. dollars) while they receive an annual salary of over 600,000 yuan each; or the company employing over 10 local workers while they have worked in Zhejiang continuously for 10 years with a similar salary.

    B-level status is attainable through metrics such as foreign exchange settlements of a company exceeding 500,000 U.S. dollars annually, or generating annual import-export volumes surpassing 10 million yuan.

    A-class talent receive longer work permits valid for five years and prioritized approval services, while B-level talent qualify for work permits lasting two to four years, according to the policy.

    Renowned as the “world supermarket,” Yiwu maintains trade links with over 230 countries and regions. With over 28,000 foreign merchants daily — constituting about one-fifth of Zhejiang’s total — the city launched this foreign business talent pilot program in September 2024 to further attract investment. 

    MIL OSI China News

  • MIL-OSI China: Unified market boost for foreign investors

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

    People visit the 23rd China Hi-Tech Fair in Shenzhen, south China’s Guangdong Province, Dec. 27, 2021. [Photo/Xinhua]

    China’s accelerated efforts to build a unified national market will not only eliminate domestic market barriers, but also open broader opportunities for foreign investors, as the country deepens market-oriented reforms and high-standard opening-up, experts said on Monday.

    “Building a unified national market is not just critical to smoothing out domestic circulation, but is also key to fostering a key competitive edge in global cooperation and competition,” said Wang Chenwei, director of the Macroeconomy Research Office at the National Development and Reform Commission’s Economic System and Management Institute.

    Wang’s comments came after a key meeting of the Central Commission for Financial and Economic Affairs held last week called for heightened efforts to develop a unified national market.

    The meeting highlighted key requirements for developing a unified national market — standardizing market rules, infrastructure, government conduct, market regulation and law enforcement, as well as resource allocation, while continuing to expand both domestic and international openness.

    China first outlined a detailed set of policy measures in 2022 to develop a unified national market, aimed at ending local protectionism and unifying the fragmented market in order to remove key hurdles to economic growth.

    “The accelerated push for building a unified national market means China will become more open, providing more space and opportunities for foreign capital to participate,” said Bai Wenxi, vice-chairman of the China Enterprise Capital Union.

    Bai said the latest policy language — shifting from “breaking barriers “to “establishing new systems” — signals a strategic pivot from internal integration toward coordinated development of both internal and external markets.

    “It underscores a systemic transformation toward aligning with international high-standard rules while deepening reforms of the market-based allocation of production factors and promoting regional integration,” he added.

    Bai also highlighted the unprecedented inclusion of “standardizing government conduct” as a formal policy requirement. “This will help guide greater coherence across other domains and sharpen the focus of building a unified national market.”

    Official data showed the updated negative list for market access has reduced the number of items from 117 in the 2022 version to 106 in 2025, further opening up sectors to both domestic firms and foreign enterprises.

    Despite the continued improvements, some challenges still persist. Wang from the NDRC’s Economic System and Management Institute noted there still remain issues in building a unified national market like market fragmentation and local protectionism, saying it is essential to build up institutional rules to support its construction while dismantling regulatory and administrative obstacles that hinder it.

    The message to global investors is clear — a more open, standardized and united Chinese market is taking shape, offering rising development opportunities for global stakeholders.

    “We have always had confidence in the China market and will continue to deepen our roots here,” said Kok Leong Lim, president of professional solutions at EssilorLuxottica Greater China. “We have high expectations for the future performance of the China market.”

    Grupo Bimbo, a Mexican food conglomerate, is also deepening its footprint in China with significant investments and strategic initiatives aimed at capitalizing on the country’s massive market potential, signaling optimism about China’s long-term development.

    “We greatly appreciate the government’s commitment to high-standard opening-up, which has consistently created opportunities for Bimbo China,” said Kelly Zhang, general manager of Bimbo China.

    “China grew dramatically during the past decades. It’s not an easy journey. As long as there is a clear direction, the Chinese government can put all the resources or energy together and create miracles.”

    MIL OSI China News

  • MIL-OSI China: Fluminense out ‘to make history’ against Chelsea, says manager

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

    Fluminense manager Renato Gaucho said his team had come to the United States to “make history” as it prepared to face Chelsea in the semifinals of the FIFA Club World Cup on Tuesday.

    Speaking at a press conference on Monday, Renato acknowledged the financial disparity between Fluminense and its European rivals but said that belief, focus and discipline had brought his side this far.

    “Fluminense being the ugly duckling has made it this far despite the financial disadvantages, but that doesn’t mean Fluminense can’t reach the final and win the Club World Cup,” he said.

    Niklas Suele (down) of Borussia Dortmund vies with Kevin Serna of Fluminense FC the Group F match between Fluminense FC of Brazil and Borussia Dortmund of Germany at the FIFA Club World Cup 2025 in New Jersey, the United States, June 17, 2025. (Xinhua/Li Rui)

    According to Renato, the Rio de Janeiro outfit has less than 10% of the financial capacity of clubs such as Chelsea, Real Madrid or Paris Saint-Germain.

    “These big clubs have all the conditions to sign the best players,” he said. “But we’ve made it here with a lot of hard work, humility and above all, by believing in ourselves.”

    Fluminense reached the last four by finishing second in Group F before beating Inter Milan and Al Hilal in the first two knockout rounds.

    Chelsea, meanwhile, overcame Benfica and Palmeiras in its last two games after finishing second in Group D.

    Renato praised the speed and technical quality of Chelsea’s forwards but said his team would not change its winning formula.

    “Without a doubt they have a very powerful attack,” he said. “Two very fast wingers in one-on-one situations, which I like a lot, and Joao Pedro is a great striker. Their midfield has players who think the game very well.

    “We always try to limit the impact of our opponent when it has possession, but when we have the ball, we’re going to play. It’s what we’ve been doing all tournament.”

    Renato declined to confirm his starting lineup or formation but said his tactical flexibility had been key.

    “In this Club World Cup I changed the formation twice and it worked,” he said. “We’re getting results because of our hard work.”

    The winner of the match at MetLife Stadium in New Jersey will meet either Paris Saint-Germain or Real Madrid in the final on Sunday. Renato insisted his team would not be content with a semifinal exit.

    “Have we made history so far? Yes. Are we happy? Yes. But we want more. Our goal is to reach the final,” he added. 

    MIL OSI China News

  • MIL-OSI: The Keg Royalties Income Fund Announces Receipt of Interim Order and Filing of Special Meeting Materials in Respect of Proposed Transaction with Fairfax

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. News wire services or dissemination in the U.S.

    VANCOUVER, British Columbia, July 07, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) today announced that, further to the arrangement agreement entered into among the Fund, 1543965 B.C. Ltd. (the “Purchaser”), a subsidiary of Fairfax Financial Holdings Limited (“FFHL” and together with the Purchaser and its affiliates, “Fairfax”), and FFHL and the transactions contemplated thereunder (collectively, the “Transaction”) as previously announced on June 17, 2025, on July 3, 2025, the Supreme Court of British Columbia granted an interim order authorizing various matters in connection with the Transaction, including the holding of the upcoming special meeting (the “Meeting“) of the holders (“Unitholders”) of units of the Fund (“Units”) and holders (“Exchangeable Securityholders”) of securities exchangeable for Units and the mailing of the management information circular (the “Circular“) in respect thereof. As such, the Fund has now filed on SEDAR+, and is in the process of mailing, the Circular and related materials in respect of the Meeting.

    The Meeting will be held at the offices of Lawson Lundell LLP, 925 West Georgia St., Suite 1600, Vancouver, BC, V6C 3L2 on August 1, 2025 at 10:00 a.m. (Vancouver Time). Registered Unitholders and registered Exchangeable Securityholders as of the record date, June 27, 2025, are entitled to receive notice of and vote at the Meeting. In order for the Transaction to become effective, the Arrangement Resolution (as defined in the Circular) must be approved by (a) more than two thirds (66 2/3%) of the votes cast by Unitholders (including for this purpose Exchangeable Securityholders) present in person or represented by proxy at the Meeting and (b) a simple majority of the votes cast by Unitholders present in person or represented by proxy at the Meeting, excluding the votes of Fairfax and any other Unitholders whose votes are required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

    The Board of Trustees Unanimously Recommends Unitholders Vote FOR the Arrangement Resolution.

    The Circular provides Unitholders with important information and Unitholders are urged to read the Circular and related materials carefully and in their entirety, and, if assistance is required, Unitholders are urged to consult their financial, legal, tax or other professional advisors. The Circular and related materials are available on the SEDAR+ profile of the Fund at www.sedarplus.ca

    Advisors

    Capital West Partners and Lawson Lundell LLP are acting as financial advisor and legal advisor, respectively, to the trustees of the Fund (“Trustees”) in respect of the Transaction. Torys LLP is acting as legal advisor to Fairfax in respect of the Transaction.

    Forward Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning the Fund’s objectives, its strategies to achieve those objectives, as well as statements made with respect to the Trustees’ beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Trustees’ expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release, which includes, among other things, statements relating to the Meeting, is necessarily based on a number of opinions and assumptions that the Trustees considered appropriate and reasonable as of the date such statements are made in light of their experience, current conditions and expected future developments.

    Risks and uncertainties related to the Transaction include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions currently contemplated; failure of the Fund and Fairfax to obtain the required regulatory, court, stock exchange and Unitholder approvals for, or satisfy other conditions to effect, the Transaction; the risk that the Transaction may involve unexpected costs, liabilities or delays; the risk of a change in general economic conditions; the risk that, prior to the completion of the Transaction, the business of KRL (as defined below) may experience significant disruptions; the risk that any legal proceedings may be instituted against the Fund or determined adversely to the interests of the Fund; and other risk factors contained in filings made by the Fund with the Canadian securities regulators, including the Circular, the Fund’s annual information form dated March 25, 2025 and financial statements and related management discussion and analysis for the financial year ended December 31, 2024 filed with the securities regulatory authorities in certain jurisdictions of Canada and available at www.sedarplus.ca.

    Although the Trustees have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Fund’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Fund disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

    About The Keg Royalties Income Fund

    The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    About Fairfax Financial Holdings Limited

    Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

    The MIL Network

  • MIL-OSI New Zealand: Tech Policy – National AI strategy will boost business large and small – BusinessNZ

    Source: BusinessNZ

    BusinessNZ welcomes a national strategy for artificial intelligence, saying the potential boosts to innovation, productivity and wellbeing can positively impact all sectors.
    Director of Advocacy Catherine Beard says the emerging technology could be worth billions to New Zealand’s GDP over the next decade.
    “BusinessNZ strongly supports guidance material from the Government to help answer any questions businesses may have, and be more confident in their AI decision-making process.
    “Artificial intelligence is already reframing the way we work, learn and interact daily. We’ve seen an increased uptake of generative models and more across the economy, but currently large businesses are more willing to make use of AI than smaller businesses.
    “AI and the benefits that come with it are for all businesses. There are ways in which small businesses could benefit from even a basic understanding of the technology to boost productivity.
    “While we should set rules that best advantage New Zealand, we don’t need to be entirely bespoke in the way we approach AI. So, it’s reasonable that New Zealand adopts policy aligned with other OECD countries.
    “By reducing regulatory barriers, leading the way and promoting the responsible use of AI, the Government can support businesses as they ‘go for growth’ with modern tools at their disposal.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News