NewzIntel.com

Category: Economy

  • India hosts first-ever ASEAN–India Cruise Dialogue in Chennai to boost maritime cooperation and tourism

    Source: Government of India

    Source: Government of India (4)

    Union Minister for Ports, Shipping & Waterways Sarbananda Sonowal inaugurated the first-ever ASEAN–India Cruise Dialogue in Chennai on Monday, marking a significant milestone in maritime cooperation between India and Southeast Asian nations.

    Held aboard the MV Empress at Chennai Port, the dialogue brought together over 30 delegates from all ten ASEAN countries, along with Timor Leste, to explore ways to enhance cruise connectivity, promote sustainable tourism, and strengthen cultural and economic ties across the Indo-Pacific region.

    Sonowal emphasized India’s vision to professionalise 5,000 km of navigable waterways and boost cruise passenger traffic to one million annually by 2029 under the Sagarmala initiative. He also outlined plans for an integrated cruise network linking Indian and ASEAN ports, aligned with the Viksit Bharat 2047 and ASEAN Community Vision 2045.

    “Together, we want to develop a sustainable cruise circuit among culturally vibrant coastal regions of India and ASEAN, transforming the region into the hub of cruise tourism for the Global South,” the Minister said.

    The two-day dialogue includes thematic sessions on investment and cruise tourist circuits, and will continue in Mamallapuram, a UNESCO World Heritage Site. Delegates will visit historic temples and monuments, highlighting India’s rich coastal tourism potential.

    Minister of State Shantanu Thakur highlighted ASEAN’s central role in India’s Act East Policy and reiterated India’s commitment to revitalising centuries-old maritime ties through cruise tourism and the blue economy.

    The event also saw participation from senior government officials and industry leaders. The Indian government envisions making the ASEAN–India Cruise Dialogue a recurring platform for advancing regional cruise tourism and maritime cooperation.

  • MIL-OSI Russia: China Allocates $3.08 Billion in New QDII Quotas

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, July 1 (Xinhua) — China’s State Administration of Foreign Exchange (SAFE) recently allocated investment quotas totaling $3.08 billion to qualified domestic institutional investors (QDIIs) to meet demand for overseas asset allocation, according to a statement released Monday.

    The allocation of new quotas is aimed at further supporting the QDII institution in carrying out cross-border investment activities in accordance with laws and regulations. Based on the principle of effective risk prevention, such a step is aimed at satisfying the reasonable needs of domestic residents for foreign investment, the GUVK said in a statement.

    The QDII program is a key institutional mechanism for opening up China’s financial market. It allows eligible domestic financial institutions to transfer both RMB and foreign currency overseas within set quotas to make investments in overseas financial markets.

    “Under the current stable and positive conditions in the foreign exchange market, the provision of quotas at an appropriate time can orderly meet the legitimate investment needs of market participants and promote the healthy development of the QDII system,” the department said in a statement.

    As follows from the same document, in the process of allocating quotas, such factors as the scale of asset management, as well as internal control and compliance with the requirements of QDII institutions are comprehensively taken into account. -0-

    MIL OSI Russia News –

  • MIL-OSI: Zscaler Announces Pricing of $1.5 Billion Offering of 0.00% Convertible Senior Notes Due 2028

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS) today announced the pricing of $1.5 billion aggregate principal amount of 0.00% convertible senior notes due 2028 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Zscaler also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $225 million aggregate principal amount of notes. The offering is expected to close on July 3, 2025, subject to customary closing conditions.

    The notes will be senior unsecured obligations of Zscaler. The notes will not bear regular interest and the principal amount of the notes will not accrete. The notes will mature on July 15, 2028, unless earlier converted or repurchased. The initial conversion rate will be 2.2752 shares of Zscaler’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $439.52 per share). The initial conversion price of the notes represents a conversion premium of approximately 40% over the closing price of Zscaler’s common stock on June 30, 2025. The notes will be convertible under certain circumstances into cash, shares of Zscaler’s common stock or a combination of cash and shares of Zscaler’s common stock, at Zscaler’s election.

    Zscaler estimates that the net proceeds from the offering will be approximately $1.48 billion (or approximately $1.70 billion if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discount and estimated offering expenses payable by Zscaler. Zscaler intends to use $171.0 million of the net proceeds from the offering to pay the cost of the capped call transactions described below. Zscaler intends to use the remainder of the net proceeds for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions and strategic transactions.

    Further, in connection with the pricing of the notes, Zscaler entered into privately negotiated capped call transactions with certain of the initial purchasers and/or their respective affiliates and other financial institutions (the “option counterparties”). The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Zscaler’s common stock that initially underlie the notes. The capped call transactions are expected generally to reduce the potential dilution to Zscaler’s common stock upon any conversion of notes and/or offset any cash payments Zscaler is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially equal to $784.85 per share (which represents a premium of 150% over the closing price of Zscaler’s common stock on June 30, 2025). If the initial purchasers exercise their option to purchase additional notes, Zscaler expects to enter into additional capped call transactions with the option counterparties.

    Zscaler has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates may purchase shares of Zscaler’s common stock and/or enter into various derivative transactions with respect to Zscaler’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Zscaler’s common stock or the notes at that time.

    In addition, Zscaler has been advised that the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Zscaler’s common stock and/or purchasing or selling Zscaler’s common stock or other securities of Zscaler in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the observation period related to a conversion of the notes, in connection with any fundamental change repurchase of the notes, and to the extent Zscaler unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of Zscaler’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that a noteholder will receive upon conversion of its notes.

    The notes are only being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes, nor any shares of Zscaler’s common stock issuable upon conversion of the notes, have been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” or “expect,” or the negative of these words, or other similar terms or expressions that concern Zscaler’s expectations, strategy, plans, or intentions. Forward-looking statements in this release include, but are not limited to, statements concerning the capped call transactions and repurchase or early conversion of the notes, exercise of the purchasers option to purchase additional notes, and the anticipated use of proceeds from the offering.

    Zscaler’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Zscaler’s filings with the Securities and Exchange Commission, including Zscaler’s Quarterly Report on Form 10-Q filed on May 29, 2025. The forward-looking statements in this release are based on information available to Zscaler as of the date hereof, and Zscaler disclaims any obligation to update any forward-looking statements, except as required by law.

    Investor Relations Contact:

    Ashwin Kesireddy
    Vice President, Investor Relations & Strategic Finance
    ir@zscaler.com

    Media Contact:

    Nick Gonzalez, Sr. Manager, Media Relations
    press@zscaler.com

    The MIL Network –

  • MIL-OSI China: China’s bond market issuances reach 7.2 trillion yuan in May

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

    People walk on an overpass in Lujiazui, a finance zone in Shanghai, east China, Nov. 3, 2023. [Photo/Xinhua]

    Bond issuances in China neared 7.2 trillion yuan (about 1 trillion U.S. dollars) in May this year, data from the country’s central bank shows.

    Specifically, issuances of treasury bonds came in at 1.49 trillion yuan, while local government bond issuances amounted to 779.44 billion yuan, according to the People’s Bank of China.

    Financial bond issuances stood at 1.22 trillion yuan, and corporate credit bond issuances reached 902.27 billion yuan.

    Outstanding bonds held in custody came in at 187.2 trillion yuan at the end of May. 

    MIL OSI China News –

  • Amit Shah chairs ‘Manthan Baithak’ to mark International Year of Cooperatives 2025

    Source: Government of India

    Source: Government of India (4)

    Union Home Minister and Minister of Cooperation, Amit Shah, chaired a “Manthan Baithak” with Cooperation Ministers from all States and Union Territories in New Delhi on Monday. The meeting was organised to commemorate the International Year of Cooperatives (IYC) 2025 and was hosted by the Ministry of Cooperation.

    In his address, Shah said that Prime Minister Narendra Modi established the Ministry of Cooperation to revive India’s long-standing tradition of cooperation while addressing present-day needs.

    Highlighting the transformative work done over the past decade, Shah said, “When the Modi government came to power in 2014, nearly 60 to 70 crore people lacked basic facilities and had lived for generations in scarcity. In ten years, the government has provided housing, toilets, drinking water, food grains, healthcare, gas cylinders, and other essential facilities to crores of people.”

    He added that those who had benefited now aspired to become entrepreneurs but lacked sufficient capital. “For them, cooperation is the only way to do meaningful work with their limited resources,” he said, stressing that cooperation is vital for employment generation in a country of 140 crore people.

    Shah emphasised the need to revitalise cooperation for the welfare of small farmers and rural communities, noting that the sector holds vast potential. “With sensitivity, we must bring cooperation back to life,” he said.

    He also shared that the Government of India has launched 60 initiatives to ensure that every citizen secures employment and lives with dignity. One key step, he said, is the creation of the National Cooperative Database to identify gaps and ensure that every village has at least one cooperative institution. “Our goal is that within five years, there should not be a single village in the country without a cooperative,” Shah said.

    He pointed out three main reasons for the weakening of the cooperative movement in the past: outdated laws, lack of expansion, and nepotism in recruitments. “The Modi government has amended the laws and conceived the idea of the Tribhuvan Sahkari University to train cooperative personnel,” he said. He urged every state to establish at least one cooperative training institution affiliated with the Tribhuvan Sahkari University to strengthen the training system.

    Shah said that a new National Cooperative Policy will be introduced soon, covering the period from 2025 to 2045, leading up to the centenary of India’s independence. He said, “Under this policy, each state will prepare its own cooperative policy according to local needs and conditions. Every state should announce its cooperative policy before January 31, 2026.”

    He also called for discipline, innovation and transparency in the sector through the Model National Cooperative Policy Act. Stressing the importance of timely implementation, he said the target of setting up two lakh Primary Agricultural Credit Societies (PACS) for the financial year 2025–26 must be achieved by February next year.

    “Now that cooperative banks come under the Banking Act, and the Reserve Bank of India has shown flexibility, remaining issues can only be resolved if we run these banks transparently and recruit staff based on merit,” he said, underlining the need for transparency in Credit Cooperative Societies and Urban Cooperative Banks.

    Promoting natural farming was another key area of focus. Shah urged all State Cooperation Ministers to work with their Agriculture counterparts to encourage natural farming, which, he said, would benefit both public health and the environment.

    He further said that ‘Cooperation Amongst Cooperatives’ has been a proven and successful model in Gujarat and should be replicated nationwide. “This initiative is crucial for building national capacity and strengthening cooperatives across India,” he added.

    The meeting also discussed progress on setting up two lakh Multi-Purpose Primary Agricultural Credit Societies (M-PACS) and the promotion of dairy and fisheries cooperatives to boost rural service delivery. The implementation of the world’s largest grain storage scheme in the cooperative sector was reviewed in detail.

     

  • Indian stock market opens higher, Nifty above 25,500

    Source: Government of India

    Source: Government of India (4)

    The Indian benchmark indices opened higher on Tuesday amid positive global cues, with buying seen in the auto and IT sectors in early trade.

    At around 9:26 a.m., the Sensex was trading 188.66 points, or 0.23 per cent, higher at 83,795.12, while the Nifty rose 54.80 points, or 0.21 per cent, to 25,571.85.

    According to analysts, with US markets hitting new record highs, the mood in global equities remains upbeat, and West Asian geopolitical tensions are no longer perceived as a threat to the global economy.

    “Going forward, the market is likely to be influenced by developments on the tariff front. An India-US trade deal will be positive, but if it does not materialise, the market is likely to be impacted,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    The Nifty Bank index was up 51.95 points, or 0.09 per cent, at 57,364.70 in early trade. The Nifty Midcap 100 index was trading at 59,887.65 after adding 146.45 points, or 0.25 per cent. The Nifty Smallcap 100 index rose 52.50 points, or 0.28 per cent, to 19,127.60.

    Experts noted that the Nifty’s short-term trend remains positive, as it continues to hold above its nearest moving average support, the 5-day EMA.

    “The Nifty has partially filled the gap in the 25,640–25,740 range that was formed on October 3, 2024. Any move and close above 25,740 would negate this gap resistance and could potentially extend the Nifty’s upward rally towards the 26,000 mark. Immediate support for the Nifty comes in at 25,400,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

    In the Sensex pack, Asian Paints, BEL, Bharti Airtel, HDFC Bank, PowerGrid, ITC, HCL Tech, Tata Motors, and Hindustan Unilever Limited were among the top gainers. Axis Bank, Trent, Tata Steel, Sun Pharma, Tech Mahindra, Maruti Suzuki, and Eternal were the top laggards.

    Experts said that the strong fundamentals of the Indian economy could attract increased fund flows into Indian equities. Sustained weakness in the dollar (with the dollar index now at 96.81) means the likelihood of heavy selling by foreign institutional investors (FIIs) is low; they may even continue to buy despite high valuations.

    FIIs were net sellers on June 30, offloading equities worth Rs 831.50 crore, while domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Rs 3,497.44 crore.

    In Asian markets, China, Bangkok, Seoul, and Jakarta were trading in the green, while Japan was the only market trading in the red.

    In the previous trading session, the Dow Jones in the US closed at 44,094.77, up 275.50 points, or 0.63 per cent. The S&P 500 ended with a gain of 31.87 points, or 0.52 per cent, at 6,204.94, while the Nasdaq closed at 20,369.73, up 96.27 points, or 0.47 per cent.

    —IANS

  • MIL-OSI Australia: Exemptions and deferrals from lodgment

    Source: New places to play in Gungahlin

    We can consider a deferral or extension of time to lodge. This has the effect of extending the due date for lodgment for the specified reporting period/s.

    Each application is considered on a case-by-case basis, taking into account the individual circumstances of the EDP.

    Some examples for granting a deferral or exemption can include where the EDP:

    • has only just become aware of their SERR reporting obligation and is unable to implement system changes in time to meet the reporting due date
    • requires additional time to prepare their report in the approved form, which is the SETP XML Schema
    • will be able to report all data values for the period but require additional time to prepare and submit the report
    • is in the process of implementing system changes but will be unable to obtain and report historic values (past data) once system changes have been implemented.

    There may also be an additional interim option available where an EDP has collected all required data except for one mandatory field which is preventing them from lodging. In this instance, we would need to liaise directly with the EDP to better understand their circumstances and provide the most appropriate support option. 

    To have an application for an exemption or deferral considered, email the deferral or exemption request to sharingeconomyreporting@ato.gov.au. Ensure you include the:

    • client name
    • ABN/ARN
    • reporting period
    • proposed lodgment date
    • reason for the deferral exemption request.

    MIL OSI News –

  • MIL-OSI Economics: Lufthansa Group appoints Kevin Markette as Senior Director – Regional Sales South Asia

    Source: Lufthansa Group

    Lufthansa Group is pleased to announce the appointment of Kevin Markette as Senior Director – Regional Sales South Asia. Based in New Delhi, Kevin will oversee all commercial activities across the South Asia region, including the strategically important Indian market.

    A seasoned aviation executive, Kevin brings over 20 years of leadership experience within Lufthansa Group, having successfully managed commercial, customer, and operational teams across Africa, the Middle East, and the Americas. Raised in Spain and South Africa and trained as a Commercial Pilot, Kevin offers a truly global perspective and strong intercultural fluency.

    Kevin began his career with Lufthansa in South Africa in 2000, eventually managing Pricing, Reservations, and Ticketing for Southern Africa. In 2008, he moved to Dubai to lead Marketing and Business Development for the Gulf States, and later became Country Manager for Ghana, where he was responsible for Lufthansa’s operations in Accra.

    From 2016 to 2020, Kevin served as Head of Sales for the Southeast USA, based in Atlanta, overseeing six major gateways operated by four Lufthansa Group airlines. He was subsequently promoted to Head of Customer Relations for the Americas, based in New York, where he managed service recovery, customer feedback strategy, and commercial insights across North and South America until the end of 2022.

    Since 2022, Kevin has been based in Nairobi as General Manager for East Africa, leading the Group’s commercial strategy and partnerships across Kenya, Uganda, Rwanda, Burundi, and Tanzania. In this role, he spearheaded digital transformation initiatives, supported Brussels Airlines’ regional expansion, and championed sustainability efforts.

    According to Lufthansa Group Vice President Asia Pacific and Joint Ventures East, Felipe Bonifatti:

    “With over two decades at Lufthansa Group, Kevin brings extensive international experience to the Asia Pacific region. His sharp commercial insight and passion for our industry make him an invaluable addition. I am delighted to welcome him to Delhi, where he will lead all commercial activities for the Lufthansa Group in this strategically important market.”

    Kevin is passionate about building high-performing, cross-cultural teams and cultivating long-term partnerships with customers and stakeholders. Outside of work, he and his wife Jolene enjoy traveling, culinary adventures, and spending time outdoors.

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees from 164 nations worldwide, Lufthansa Group generated revenue of €37.6bn in the financial year 2024. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complementary components of the Group. All airlines and business segments play leading roles in their respective markets.

     

    MIL OSI Economics –

  • MIL-OSI Russia: China’s bond market issuance in May totaled nearly 7.2 trillion yuan

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, July 1 (Xinhua) — A total of 7.195 trillion yuan (about 1 trillion U.S. dollars) in debt was issued in China’s bond market in May 2025, according to the latest data from the People’s Bank of China (PBOC, the central bank).

    In particular, the volume of government bond issuance amounted to 1.49 trillion yuan, and local government bonds amounted to 779.44 billion yuan.

    In addition, financial bonds worth 1.22 trillion yuan and unsecured corporate bonds worth 902.27 billion yuan were also issued during the reporting period.

    The balance of funds under trust management in the bond market at the end of May was 187.2 trillion yuan. -0-

    MIL OSI Russia News –

  • MIL-OSI Australia: Press Conference – Bankstown

    Source: Murray Darling Basin Authority

    PROFESSOR GEORGE WILLIAMS, VICE-CHANCELLOR AND PRESIDENT OF WESTERN SYDNEY UNIVERSITY: I’d like to begin by acknowledging the people of the Dharug Nation and pay my respects to elders past and present, and particularly welcome Minister Jason Clare, the Education Minister, Mary O’ Kane, we’ve also got Andrew Giles here as well; Emeritus Professor Barney Glover and we’ve got Professor Geoff Lee as well from WSU.

    I’m delighted that this is the first day of ATEC here on our Bankstown campus. It’s a particularly important place to recognise the start of ATEC. We’re going to have TAFE moving into this building shortly and I’m looking forward to our students whizzing up and down the lifts. I’m delighted to see a lot of our students here today as well, studying education. From our point of view, we’re really committed as a university to delivering on the Accord. We see ourselves as the university of the Accord that will make sure we reach our targets of 1.8 million people by 2050 studying at university. That gets us from 45 to 55 per cent of students studying a bachelor’s degree. And we know here what is needed to get those students into study, particularly equity students, and to give them the opportunities that they deserve.

    I’d also say, though, what we’re seeing at Western as the Accord recognised, is that there are problems with the system that are getting in the way of us being able to deliver on that ambitious goal. We’ve seen 10 to 15 per cent decreases in the number of students from low SES and also equity backgrounds, such as first in family coming to university. And so, for us today, this is a really important announcement because it marks the opportunity to start fixing a broken system so that every student, irrespective of their postcode, irrespective of their background, has the opportunity to world world-class university education.

    From our point of view, we look forward to working with the Minister in ATEC, particularly to fix the Job-ready Graduates programme, which is means a $50,000 arts cost of a degree for many of our students and that’s actively dissuading our students from studying at university. We also know that it needs to go beyond the really good package that reduces student debt to actually dealing with the fees in the first place to make sure that students can afford to come to university. We also look forward to working with ATEC, particularly on international students. They are critical contributors to the Western Sydney economy, particularly nurses and other areas where we’re dealing with critical shortages. And in our case, 24 cents in every dollar paid by an international student supports an Australian student in their study. They support food, equity programmes and the like. And again, we look forward to contributing there. So, from our point of view, we’re really delighted here at Bankstown on this historic day. I’d also like particularly to acknowledge Barney, whose vision led to this building some years ago. And we’re pleased to be here, pleased to support ATEC and look forward to supporting its work.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, George. And this is really the perfect place to launch the Australian Tertiary Education Commission. As George mentioned, this is the vision of Barney in many senses. This building emerged out of the ground over the course of COVID and now stands as the tallest building in Bankstown, with that big sign at the top saying Western Sydney University. And I said when this building was officially opened a couple of years ago that this is more than just a building, it’s a beacon. When those lights shine brightly over Bankstown every night, people see it. I know the students here would see it. And I hope that young people right across our community see it and think, well, maybe university is for me as well.

    When I was a kid growing up in Western Sydney, university was somewhere else. And for a lot of kids that I went to school with, university felt like it was for someone else, that it was not for kids in the western suburbs of Sydney. There was lots of Macca’s logos, lots of KFC logos, lots of Westfield logos, not a lot of university logos. That’s now changing, and that’s important if we’re going to break down that invisible barrier that stops a lot of young people from giving university a crack in the first place. And that’s a big part of what the Universities Accord was about. It’s also a big part of what ATEC is about. And as you just mentioned a moment ago, George, something else exciting is about to happen here at this fantastic building, and that is, from January next year, Bankstown TAFE is moving in. The top eight floors of this building will be occupied by students from Bankstown TAFE that are just across the road at the moment. And so, from next year, in one building, you’re going to have TAFE and university all under one roof. That sends a really important message as well, about making sure that our tertiary education system is more joined up, that we’re working together, that we’re making it easier for students to move between TAFE and university. And again, that’s a really big part of what the Universities Accord report was all about, about trying to break down that artificial barrier that stops a lot of people from moving from one part of the system to another.

    The Universities Accord report was released just over a year ago and it’s a really important piece of work. And I want to thank Professor Mary O’ Kane in particular, and the team that she led for producing that report for the nation. It’s a blueprint for how we reform higher education for the next decade and beyond. And we’ve now started the process of implementing its recommendations. That includes things like university study hubs in our regions and in our suburbs. It includes fee-free university courses, those bridging courses that help young people – that might have finished school, but they’re not ready for uni yet – to do a free course to get ready to start a university degree. It includes the changes we’re making to HECS. We’ve made changes to indexation last year. In a couple of weeks, I’ll introduce legislation into the Parliament that will cut the student debt of 3 million Australians by 20 per cent, including the students that are here with us today.

    And it also includes paid prac for the first time ever. From today, the Australian Government will be investing in providing financial support for teaching students, for nursing students, for midwifery students, and for social work students while they do the practical part of their training. It’s worth almost half a billion dollars and it’s real practical support while you do your practical training. These are young people who are going to teach our children, who are going to look after us when we’re sick, who are going to help women during childbirth, help women fleeing domestic violence, some of the most important jobs in this country. And this is real practical help to help with the practical part of their degree.

    And today something else happens, something else from the Accord comes to life. And that’s the establishment of the Australian Tertiary Education Commission. And its real purpose is to drive long term reform. Implementing the Accord is the job of more than just one minister or two ministers or, or one government or two governments. It’s long-term reform, and that requires a steward that’s going to drive and implement reform over the next decade and beyond. And that’s why Mary and the team recommended it. That’s why the government is implementing it. From today, an interim Australian Tertiary Education Commission comes to life while we introduce legislation to make it permanent. And the people who recommended it are the people who are going to help to bring it to life. I’m bringing the band back together.

    Professor Mary O’ Kane, thank you for agreeing to be the interim chair of, well, the chair of the interim ATEC. Barney, you’re sort of wearing a semi hat here as the head of JSA, but helping us as one of the commissioners as well. And Larissa Behrendt, distinguished Professor Larissa Behrendt, who’s not with us today, but has also agreed to be one of the commissioners of the interim ATEC. It’s about getting the people who recommended this to help bring it to life, to lift words off the page and make this real. As George pointed out, the role of the ATEC is critical. It’s about making the system more joined up. It’s about compacts with universities about what they do. It’s about striking funding agreements with universities to implement the important work that universities do in different parts of the country. Not every university needs to be the same or do the same thing and the ATEC will be critical in that and providing advice to us on the cost of courses and the funding of courses and the costs that students pay. So, this is really important and it’s not just about universities. We called this the Australian Tertiary Education Commission for a reason, because we want to look at the whole system, make sure that it’s more joined up and working together. And so, this body reports to both of us, Minister for Education and the Minister for Skills. And I’d ask Andrew to say a few words.

    ANDREW GILES, MINISTER FOR SKILLS AND TRAINING: Yeah, thanks very much, Jason. This is a really important day. Jason, you’ve just been talking about long term reform. Well, I’m conscious that people have been talking about harmonisation in tertiary education for a very, very long time. But today it becomes concrete, with the interim Australian Tertiary Education Committee taking its first steps. And I really do look forward to hearing from Mary and from Barney in a few minutes about the journey to date and the journey going forward.

    Because this is long term reform that has been a long time in the making but is absolutely fundamental for the reasons that Jason set out. But also as we think about the needs of the Australian economy today and into the future, I’m very conscious that Jobs and Skills Australia are telling us that nine in 10 jobs require some form of post compulsory qualification and that amongst those there’s roughly a 50/50 split between those that require a university degree and those that require vocational education and training. So, when I think about that split, I think about how important it is that we’re standing right here in Bankstown, in your electorate Jase, in a building that will very shortly bring that vision to physical life with the proximity of TAFE and university students. And that’s a symbol also of a big part of the ongoing work of the ATEC about building clearer pathways between vocational and university education, breaking down some of those barriers, because there’s really two barriers that we’re talking about here. The ones that are preventing too many Australians from accessing university or vocational pathways, and those that are stopping people from being the adaptive learners that they want to be and which our economy demands. So, there’s really important work in two respects for the ATEC to get underway.

    I feel really excited, though, to be at the ground floor of this great long-term enterprise as we seek to do two things. We seek to support a labour market that works for Australia to grow the Australian economy, to make sure that there’s a better fit between the jobs that are out there and the pathways that we are offering and making accessible to young and indeed not so young Australians. And on the other hand, to make sure that every Australian can access the skills they want for a fulfilling, rewarding and secure job into the future. So, today we take a really big step forward. It’s a step that’s really all about partnership. I’m thrilled to work so closely with Jason in his capacity as Minister for Education. I’m thrilled to work with people across the sector, whether it’s in vocational education, whether it’s in university, whether it’s employers, whether it’s unions, whether it’s experts, to make sure that we have an education system that is fit for purpose. And when I say fit for purpose, that’s fit for the needs of our economy and fit to meet the needs and the aspirations of every Australian in every corner of this great country. With that, I’m really pleased to hand over to Mary O’ Kane, who really in, in many senses is the architect of this vision and then will take on board stewardship of seeing it realised. So, thank you, Mary.

    MARY O’KANE, CHIEF COMMISSIONER OF THE INTERIM AUTRALIAN TERTIARY EDUCATION COMMISSION: Thank you, Minister. Well, this is a very exciting day and it’s particularly thrilling to have a group of teaching students here. You’re the symbol of why we worked hard on the Accord and why we’re so thrilled that the Tertiary Education Commission is starting. It’s actually starting again. A little bit of a history lesson. It actually was the Labor Government at the end of the war established it. It was then picked up by the Menzies Government, the Liberal Government after that, and added to, and went for a long time to 1988. And there hasn’t been one for a while. But in the Accord work, we determined that you really need something that interprets the higher education system to the community, to government, and that can listen to the higher education system and interpret that back. So, if you like, it’s a whisperer, it’s the higher education whisperer for the nation.

    And like the commission of post the Second World War, this one has some really big things to advise government on. We just heard Minister Giles talk about the importance of the national economy. And unless we have the right skills, we won’t have the economy or the society we want. And this is really about growing that skills base enormously, growing the types of skills, modernising them, but also making sure that we have the right pathways, we have the right and above all, the numbers going in. And we’re not going to get the numbers into higher education unless we have different mechanisms to the ones we have now. It’s not just about people going to school and going on to higher ed; it’s about people being able to come back in to do university later in life. It’s about going through different pathways. And this is why there’s a lot about access in the Accord and that we’ll be trying to enliven in the Tertiary Education Commission. So, how can people have done really good courses at TAFE, go to university and the other way around?

    When I was in South Australia, we had, one of the favourite things people would do, would do a degree in history at one of the universities and then go to Regency TAFE and do a hospitality qualification. And that combination was a really good one for the tourism industry and so on. So, it’s very exciting to be part of this sort of new, looking at new ways to realise a much larger higher education system, even stronger knowledge system than we have in Australia. A new, the economy being stronger and our place in the sort of international system, you know, being even more marked than it is at present. And so, I hope that for you, you’ll be measuring us. I hope you’ll be looking at the Tertiary Education Commission and saying, yes, it’s doing what I want or it’s not, and if not, I hope you’ll come and talk to us, because it’s very much an open for business, talking to the students, talking to the universities and passing it all on to government. So, thank you for being here today while we celebrate. And I’ll do a shout out to Larissa. Hopefully she’s watching on some sort of thing. She’s up in Yucala with a range of Indigenous students who are there with her and filming for various things. So, thank you very much. I should have said we’d talk to Barney.

    BARNEY GLOVER, JOBS AND SKILLS AUSTRALIA COMMISSIONER: You probably, you could not stop me. Thank you, Mary, for those words. I want to particularly thank the two ministers that are here today. My minister, Andrew Giles, Minister for Skills and Training in Australia. The real energy behind what Andrew wants to achieve, to transform the Australian vocational education and training system to support the labour market we need now and into the future and the work that Jason Clare has done as Minister for Education to bring the ATEC today into fruition to support the Accord and to see today not just the ATEC established and for Mary to lead this implementation phase with the support of Larissa and myself, but so many other aspects of the Accord recommendations that the government’s already picked up and are in place. And placement payments today for those students you mentioned across nursing, midwifery, social work and teaching, to receive the benefit they need to avoid poverty in placements is a wonderful achievement of the accord and congratulations to the government.

    There are a number of reasons why I think this is a really important day. It’s not just that two ministers are here that’s significant in itself. I want to congratulate George for the work that Western Sydney has done to take this building, to make it what I believe will be one of the most important dual sector enterprises in higher education and vocational education training in Australia. When those TAFE students are here next year, this will be as big as most dual-sector universities in Australia. So, it will be in itself a great opportunity to press what joined up means for tertiary education Australia to have a harmonised tertiary education system in this country and to do it in ways we haven’t been able to do before. So, there’s a challenge here for TAFE NSW and for George and for Michelle Simons, who does a wonderful job here as the Dean of the School of Education. A wonderful challenge to say, what can we do differently? What can we do better? How can we ensure that we produce graduates from higher ed and those who complete vet qualifications with the skills and knowledge they need for the economy of the future, as Mary said, because there are wonderful opportunities in the future for all Australians, but we’ve got to match up our skills and our jobs.

    It’s one thing that Jobs and Skills Australia has been saying for some time, we need a joined up tertiary education system. We need to better match our skills from our education and training into our job market. We need to recognise that increasingly we need post-secondary qualifications for the future. And as Minister Giles said, we’ve got to get the balance right between higher education and vet. And that’s not about different ways of cutting the same cake. It’s growing this cake. And that really means. And this is another reason why it’s exciting to be here in Bankstown, because as Mary said, we’ve got to uplift more Australians to participate in post-secondary education more than we’ve ever done before. And that means reaching into equity, in first in family, as George said, students from a low socio-economic background, First Nations Australians. I pay tribute to the work that Larissa has done to make First Nations Australians at the centre of the Accord and at the centre of the ATEC. And she does a wonderful job in supporting that. And people with disability and other equity groups, we need to make sure they’re fully represented.

    So, this is a great place to do this. It was a great place to build this building. Not just that it was 50 metres from the Minister for Education’s electoral office. That was just an additional benefit, but to put it here in the South-West of Sydney and to reach out to these communities and say it’s not just higher education, tertiary education is in reach and it will be transformational and it will ensure that this region has the economic uplift and the social and cultural benefits that tertiary education can bring. Exciting day. Well done to everyone. Thank you.

    CLARE: Can I just make some comments on reports this morning of alleged sexual assault of children in childcare centres in Victoria. This morning I’ve spoken to Lizzie Blandthorn, the Minister for Children. I’ve also spoken to Tim Watts, member for Gellibrand, in the area where some of these child care centres are located in Victoria. This is extremely serious. There is nothing more serious than this. The alleged perpetrator is in custody right now, but this is one of the reasons why this was top of the agenda when education ministers met in Adelaide on Friday. It’s one of the reasons why we’ve banned the use of personal mobile phones in childcare centres. It’s one of the reasons why we’ve made mandatory reporting of physical and sexual assaults in childcare centres a requirement within 24 hours rather than seven days. It’s one of the reasons why I will bring legislation to the Federal Parliament in the next few months to cut off funding to childcare centres that aren’t up to scratch. And as I said, it’s one of the reasons why this was top of the agenda when education ministers met on Friday to look at what are the next steps that we need to take to make sure that our children are safe in child care centres. There are more than 1 million parents who rely on our early education and care system to care for our children, to educate our children and to keep our children safe. This is personal for me because I’m one of those parents and there is nothing more important to me than making sure that we take every step we need to take to keep our kids safe. Thanks very much.

    MIL OSI News –

  • Iran-linked hackers threaten to release Trump aides’ emails

    Source: Government of India

    Source: Government of India (4)

    Iran-linked hackers have threatened to disclose more emails stolen from U.S. President Donald Trump’s circle, after distributing a prior batch to the media ahead of the 2024 U.S. election.

    In online chats with Reuters on Sunday and Monday, the hackers, who go by the pseudonym Robert, said they had roughly 100 gigabytes of emails from the accounts of White House Chief of Staff Susie Wiles, Trump lawyer Lindsey Halligan, Trump adviser Roger Stone and porn star-turned-Trump antagonist Stormy Daniels.

    Robert raised the possibility of selling the material but otherwise did not provide details of their plans. The hackers did not describe the content of the emails.

    U.S. Attorney General Pam Bondi described the intrusion as “an unconscionable cyber-attack.”

    The White House and the FBI responded with a statement from FBI Director Kash Patel, who said: “Anyone associated with any kind of breach of national security will be fully investigated and prosecuted to the fullest extent of the law.”

    “This so-called cyber ‘attack’ is nothing more than digital propaganda, and the targets are no coincidence. This is a calculated smear campaign meant to damage President Trump and discredit honorable public servants who serve our country with distinction,” cyberdefense agency CISA said in a post on X.

    Halligan, Stone and a representative for Daniels did not respond to requests for comment. Iran’s mission to the United Nations did not return a message seeking comment. Tehran has in the past denied committing cyberespionage.

    Robert materialized in the final months of the 2024 presidential campaign, when they claimed to have breached the email accounts of several Trump allies, including Wiles.

    The hackers then distributed emails to journalists.

    Reuters previously authenticated some of the leaked material, including an email that appeared to document a financial arrangement between Trump and lawyers representing former presidential candidate Robert F. Kennedy Jr. – now Trump’s health secretary.

    Other material included Trump campaign communication about Republican office-seekers and discussion of settlement negotiations with Daniels.

    Although the leaked documents did garner some coverage last year, they did not fundamentally alter the presidential race, which Trump won.

    The U.S. Justice Department in a September 2024 indictment alleged that Iran’s Revolutionary Guards ran the Robert hacking operation. In conversations with Reuters, the hackers declined to address the allegation.

    After Trump’s election, Robert told Reuters that no more leaks were planned. As recently as May, the hackers told Reuters, “I am retired, man.” But the group resumed communication after this month’s 12-day air war between Israel and Iran, which was capped by U.S. bombing of Iran’s nuclear sites.

    In messages this week, Robert said they were organizing a sale of stolen emails and wanted Reuters to “broadcast this matter.”

    American Enterprise Institute scholar Frederick Kagan, who has written about Iranian cyberespionage, said Tehran suffered serious damage in the conflict and its spies were likely trying to retaliate in ways that did not draw more U.S. or Israeli action.

    “A default explanation is that everyone’s been ordered to use all the asymmetric stuff that they can that’s not likely to trigger a resumption of major Israeli/U.S. military activity,” he said. “Leaking a bunch more emails is not likely to do that.”

    Despite worries that Tehran could unleash digital havoc, Iran’s hackers took a low profile during the conflict. U.S. cyber officials warned on Monday that American companies and critical infrastructure operators might still be in Tehran’s crosshairs.

    (Reuters)

  • MIL-OSI New Zealand: Reserve Bank Board appointments announced

    Source: New Zealand Government

    Former Acting Governor Grant Spencer has been appointed to the Reserve Bank of New Zealand Board, Finance Minister Nicola Willis has announced.
    Board member Byron Pepper has been reappointed. Both are on five-year terms, beginning today.
    “Grant Spencer brings expertise in central banking, financial stability, and monetary policy,” Nicola Willis says.
    Spencer also served as Deputy Governor, Head of Financial Stability from 2007 to 2017 and was Acting Governor from 2017 to 2018.
    Nicola Willis says Byron Pepper’s reappointment reflects his contribution to the Reserve Bank Board.
    “Mr Pepper has recently been made chairman of the RBNZ’s Financial Stability Oversight Committee. He is an experienced investment banking advisor and director with more than 25 years of experience, including 22 years at Goldman Sachs, bringing expertise in corporate strategy, financial services, and insurance.”
    Nicola Willis also acknowledged the contribution of Rawinia Higgins, who retired from the Board effective June 30.
    There remains one vacancy on the Board, which will be filled in due course.

    MIL OSI New Zealand News –

  • MIL-OSI Banking: Money Market Operations as on June 30, 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) 6,12,012.57 5.41 3.50-5.80
         I. Call Money 13,225.85 5.50 4.75-5.70
         II. Triparty Repo 3,96,463.00 5.42 5.10-5.52
         III. Market Repo 2,00,456.17 5.38 3.50-5.75
         IV. Repo in Corporate Bond 1,867.55 5.67 5.64-5.80
    B. Term Segment      
         I. Notice Money** 62.73 5.19 5.00-5.25
         II. Term Money@@ 250.00 – 5.80-5.80
         III. Triparty Repo 7,727.30 5.52 5.25-5.70
         IV. Market Repo 0.00 – –
         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, 30/06/2025 1 Tue, 01/07/2025 5,705.00 5.75
    4. SDFΔ# Mon, 30/06/2025 1 Tue, 01/07/2025 1,89,751.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,84,046.00  
    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, 27/06/2025 7 Fri, 04/07/2025 84,975.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,247.29  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -77,727.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,61,773.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on June 30, 2025 10,15,732.28  
         (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¥ June 30, 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: 2025-2026/632

    MIL OSI Global Banks –

  • MIL-OSI China: US stocks extend gains to conclude first half of 2025

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

    U.S. stocks continued to climb higher on Monday as signs of progress in trade negotiations buoyed investor sentiment, closing out one of the most volatile first halves in recent years.

    The Dow Jones Industrial Average rose 275.50 points, or 0.63 percent, to 44,094.77. The S&P 500 added 31.88 points, or 0.52 percent, to 6,204.95. The Nasdaq Composite Index increased 96.28 points, or 0.47 percent, to 20,369.73.

    Nine of the 11 primary S&P 500 sectors ended higher, with technology and financials leading the advance by rising 0.98 percent and 0.86 percent, respectively. Consumer discretionary and energy lagged behind, falling 0.86 percent and 0.66 percent.

    Monday’s gains came after Canada announced it would withdraw its digital services tax, a move widely seen as an effort to smooth relations with the United States just days after U.S. President Donald Trump declared an end to all trade discussions with Ottawa. The tax, which was set to take effect Monday, would have targeted major tech firms such as Google, Meta, and Amazon.

    Market participants are now looking ahead to the expiration of Trump’s 90-day tariff pause next week. Also on Monday, U.S. Treasury Secretary Scott Bessent said some countries are “negotiating in good faith,” though he warned that tariffs could return to previously announced levels if talks falter.

    Meanwhile, attention turned to the U.S. Senate, where lawmakers began a marathon session to debate amendments to Trump’s proposed 4.5 trillion U.S. dollars tax package. The Congressional Budget Office projected the bill could add 3.3 trillion dollars to the federal deficit over the next ten years.

    Despite the looming tariff deadline and uncertainty surrounding the tax legislation, analysts believe strong equity fundamentals and broader market participation could sustain the recent rally. Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, noted that improving breadth supports the view that gains may continue into the second half of the year.

    “While the market has had much to digest the first six months of 2025, resiliency has prevailed,” Leslie Falconio, head of taxable fixed income strategy at UBS Financial Services, wrote last Friday. “However, we are not out of the woods just yet, as bouts of volatility and pockets of vulnerability are expected in the second half of the year.”

    Among individual movers, Apple surged 2.03 percent after Bloomberg reported the company may integrate AI technology from OpenAI or Anthropic into its Siri voice assistant. Broadcom rose 2.34 percent, while Nvidia, Microsoft, and Meta Platforms posted modest gains. On the downside, Amazon and Tesla fell nearly 2 percent, and Alphabet declined 0.49 percent. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Kiwis’ hard-earned money safer

    Source: New Zealand Government

    New rules taking effect today will provide greater protection for Kiwis’ money in the unlikely event of a bank collapse, Finance Minister Nicola Willis says.

    From today, deposits at banks, building societies, credit unions and finance companies are insured up to $100,000 per person, per institution.

    The change comes from the launch of the Depositor Compensation Scheme (DCS).

    “The implementation of this scheme should give New Zealanders extra peace of mind that if something were to go wrong at the institution where they have entrusted their money, they will get their money back.

    “It has the additional benefit of promoting better competition by providing smaller deposit takers the ability to compete on a level playing field.

    “Sometimes a smaller deposit taker can provide a more competitive deal, but the consumer’s confidence is undermined by that organisation’s exposure to risk. This scheme helps overcome that issue, promoting better competition, and therefore better deals for Kiwis.”

    The introduction of the scheme, which is funded by deposit takers and administered by the Reserve Bank, brings New Zealand in line with internation peers, such as Australia and the United Kingdom.

    Under the DCS, each depositor is protected up to $100,000 per deposit taker. That means that in the unlikely event of a deposit taker collapse, people who have put their money in eligible accounts will get back up to $100,000 per person.

    The DCS covers money held in standard banking products, including transaction, savings, notice and term deposit accounts.

    The change is automatic and depositors do not have to do anything to be covered, but it is recommended people check with their deposit taker – be it a bank or something else – to see what is protected by the scheme.

    Notes:

    For more information on the Depositor Compensation Scheme, including what it covers, and which banks and non-bank deposit takers provide DCS-protected deposits visit this page.

    MIL OSI New Zealand News –

  • MIL-OSI China: China allocates additional 140 mln yuan for flood relief in Guizhou, Hunan

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

    BEIJING, June 30 — China’s Ministry of Finance on Monday announced the allocation of an additional 140 million yuan (about 19.5 million U.S. dollars) in emergency disaster relief funds for flood-hit Guizhou and Hunan provinces.

    The new allocation follows an earlier disbursement of 160 million yuan on June 23, according to the ministry.

    Since mid-June, both provinces have experienced heavy rainfall and severe flooding. The situation is particularly serious in areas such as Rongjiang and Congjiang in Qiandongnan Miao and Dong Autonomous Prefecture of Guizhou Province, where large numbers of residents have been evacuated, and significant damage has occurred.

    Rongjiang County, widely known as the birthplace of the Village Super League, or Cun Chao, is beginning post-disaster recovery after being hit by two severe floods in less than a week. Since June 24, back-to-back floods have inundated large parts of the county, with the Cun Chao stadium, which is situated in a low-lying urban area, submerged twice within five days.

    The emergency funds will primarily support search and rescue operations, the relocation of affected residents, temporary living assistance, and reconstruction of damaged homes, the ministry said.

    The funds aim to support the affected areas in restoring daily life and economic activity as soon as possible, the ministry added.

    As China is currently in its flood season, the finance ministry said it will strengthen coordination with the Ministry of Emergency Management and other relevant departments to closely monitor developments and promptly allocate relief funds as needed to ensure disaster relief operations and protect people’s lives and property.

    MIL OSI China News –

  • MIL-OSI China: SCO digital economy forum to be held in China, highlighting cooperation

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

    TIANJIN, June 30 — The 2025 Shanghai Cooperation Organization (SCO) Digital Economy Forum will be held in north China’s Tianjin Municipality from July 10 to 11, its organizers announced on Monday.

    Themed “New Bonds in the Digital Economy, New Horizons for Cooperation,” the forum aims to expand new development space for the SCO and ensure digital dividends benefit people across the region.

    Over 600 participants from China and abroad will discuss data circulation and trade, industrial digitalization, digital infrastructure, AI applications, smart cities, and digital talent development — key areas of common interest to SCO members.

    The event is co-organized by the National Data Administration (NDA) and the Tianjin municipal government.

    Speaking at a press conference, Yu Ying, deputy director of the NDA, said that China places great importance on international cooperation on the digital economy.

    Since the establishment of the NDA in October 2023, China has signed memorandums of understanding on digital economy cooperation with 26 countries, including Russia, Brazil, Hungary, Nigeria and Malaysia.

    China has achieved positive progress in developing the digital economy in recent years, with the added value of its core digital economy industries accounting for about 10 percent of its GDP by the end of 2024, Yu said.

    MIL OSI China News –

  • MIL-OSI China: China grants 3.08B USD QDII quota in financial opening move

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

    The State Administration of Foreign Exchange has recently granted a total of 3.08 billion U.S. dollars in investment quotas to eligible Qualified Domestic Institutional Investors (QDII) to meet the demand for overseas asset allocation, it said Monday.

    The move aims to further support QDII institutions in conducting cross-border investment activities in compliance with laws and regulations. Under the premise of effectively preventing risks, it seeks to meet the reasonable overseas investment demands of domestic residents, the administration said.

    The QDII program is a key institutional arrangement for China’s financial market opening. It allows eligible domestic financial institutions to remit both RMB and foreign currencies abroad within specified quotas to invest in overseas financial markets.

    “Under the current stable and positive conditions in the foreign exchange market, granting quotas at an appropriate time can orderly meet the legitimate investment needs of market participants and contribute to the healthy development of the QDII system,” the administration said.

    The administration said that the quota allocation process comprehensively considers factors such as the asset management scale as well as internal control and compliance of QDII institutions. 

    MIL OSI China News –

  • MIL-OSI: DRC Medicine Ltd. Announces the Business Combination Agreement with Ribbon Acquisition Corp.

    Source: GlobeNewswire (MIL-OSI)

    Combined Company Expected to be Listed on NASDAQ Global Market

    • DRC Medicine Ltd. (“DRC Medicine” or the “Company”), is an innovative healthcare and biotechnology company headquartered in Japan, focused on the research, development, and commercialization of advanced medical technologies that address significant global health challenges.
    • The Company is best known for its proprietary Hydro Silver Titanium® technology, initially applied in consumer hygiene products such as masks and towels, and now being advanced to obtain medical device certification as among the world’s first therapeutic masks for seasonal allergic rhinitis.
    • Combined company to have an implied initial pro forma equity value of approximately $422.15 Million, (assuming no redemptions) and the transaction is expected to deliver cash proceeds of around $50.42 Million to DRC Medicine (assuming no redemptions) to fund DRC Medicine’s business and operations, which include devices’ clinical trial and certification.
    • Current DRC Medicine shareholders will retain 100% of their equity and will continue to own approximately 82.91% of the combined company on a pro forma basis, assuming no redemptions by Ribbon’s shareholder.

    Tokyo, June 30, 2025 (GLOBE NEWSWIRE) — DRC Medicine Ltd., an innovative healthcare and biotechnology company based in Tokyo, Japan (“DRC” or the “Company”), announced today that it has entered into a business combination agreement (the “Business Combination Agreement”) with Ribbon Acquisition Corp. (NASDAQ: RIBB) (“Ribbon”), a special purpose acquisition company, DRC Medicine Inc., a Delaware company limited by shares (DRC Medicine) and DRC Merger Inc. (“Merger Sub”), a Delaware company limited by shares and a directly owned subsidiary of DRC Medicine, which would result in DRC Medicine becoming a publicly-traded company (the “Proposed Transaction”).

    DRC Medicine Ltd. is an innovative healthcare and biotechnology company headquartered in Japan, focused on the research, development, and commercialization of advanced medical technologies that address significant global health challenges. The Company is best known for its proprietary Hydro Silver Titanium® technology, initially applied in consumer hygiene products such as masks and towels, and now being advanced to obtain medical device certification as among the world’s first therapeutic masks for seasonal allergic rhinitis. In addition to medical devices, the Company is developing a pipeline of In Vitro Diagnostic (“IVD”) kits for infectious diseases and allergen detection, combining its world-only cell-free protein synthesis technology leveraging AI powered Apps and is in final negotiation in acquiring an innovative ATP-enhancing drug for Parkinson’s disease drugs development company, the drug is currently in clinical trials. This diverse portfolio is driven by a strong focus on unmet medical needs, AI-assisted discovery, and global healthcare infrastructure transformation. For more information, visit https://drciyaku.co.jp/ and https://drciyaku.jp/.

    Dr. Marumi Okazaki, President & CEO of DRC, said: “This transaction will give us the resources that will enable us to capture the positive trends in our industry. Given the growth of airborne allergens, respiratory diseases and infectious diseases, increasing demand for better respiratory protection mask and faster and a more accurate IVD kits, we intend to invest in more IVD kits paired with AI-powered Apps in achieving universal diagnostics to empower the general public in guarding their health and fight against allergen, respiratory diseases and infectious diseases as well as catapult our research and development, production capabilities to meet the rising demand for better respiratory protection mask and AI-powered IVD kits.”

    Mr. Angshuman (Bubai) Ghosh, Chairman/CEO of Ribbon, said, “This business combination agreement with DRC is a great opportunity to enter into an exciting and accelerating growth healthcare and biotechnology industry. We believe its highly capable and experienced management team with all of the founders with substantial experience in developing innovative technologies, supported by their technology-savvy specialists and R&D team who are committed to pioneering innovations, will enable DRC to continuously innovate and advance their healthcare and biotechnology applications to gain a greater foothold in the global market.”

    Transaction Overview

    As a part of the Proposed Transaction, an intermediate holding company incorporated in Japan (the “Intermediate Co.” will acquire the shares of DRC Medicine, after which the Intermediate Co. will engage in a share exchange transaction with the  shareholders of the Company, such that the Company will become a wholly-owned subsidiary of Intermediate Co. and the shareholders of the Company will become shareholders of DRC Medicine (the “DRC Restructuring”). Following the consummation of the DRC Restructuring and subject to the terms and conditions of the Business Combination Agreement, Ribbon will merge with and into the Merger Sub, with Merger Sub continuing as the surviving company and remaining a wholly owned subsidiary of DRC Medicine.

    The Proposed Transaction implies a pre-money equity value of US$350 million of DRC on a fully diluted basis, and is expected to provide DRC with access to approximately US$50 million cash from Ribbon’s IPO proceeds held in trust, assuming no redemption by Ribbon’s shareholders in connection with the current and future proxy exercises and prior to the payment of any transaction expenses. The parties will cooperate in connection with any financing arrangement the parties seek in connection with the Proposed Transaction.

    Advisors

    A.G.P./Alliance Global Partners serves as the financial advisor and lead capital markets advisor to Ribbon. Geneva Capital Group serves as the financial advisor to DRC. Celine & Partners serves as the legal advisor to Ribbon. Ross Law Group serves as the legal advisor to DRC.

    About DRC Medicine Ltd. 

    Founded in 2007, DRC is an innovative healthcare and biotechnology company headquartered in Japan, focused on the research, development, and commercialization of advanced medical technologies that address significant global health challenges. The Company is best known for its proprietary Hydro Silver Titanium® technology, initially applied in consumer hygiene products such as masks and towels, and now being advanced to obtain medical device certification as among the world’s first therapeutic masks for seasonal allergic rhinitis . In addition to medical devices, the Company is developing a pipeline of In Vitro Diagnostic (“IVD”) kits for infectious diseases and allergen detection, combining its world-only cell-free protein synthesis technology leveraging AI powered Apps and is in final negotiation in acquiring an innovative ATP-enhancing drug for Parkinson’s disease.

    About Ribbon Acquisition Corp. 

    Ribbon is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While Ribbon intends to conduct a global search for target businesses without being limited by geographic region, certain executive officers and independent directors are based in Hong Kong, and certain executive officers have experience investing in and building businesses in the Asia Pacific region and have a deep understanding of the region’s business environment, regulations, regulatory bodies and culture. Ribbon will not undertake an initial business combination with any company being based in or having the majority of the company’s operations in Greater China. Ribbon is led by Mr. Angshuman (Bubai) Ghosh, Ribbon’s Chief Executive Officer, and Ms. Zhiyang (Anna) Zhou, Ribbon’s Chief Financial Officer.

    Important Additional Information Regarding the Transaction Will Be Filed With the SEC

    This press release relates to the proposed business combination between Ribbon Acquisition Corp. and DRC Medicine Ltd.. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. DRC intends to file a Registration Statement on Form S-4 with the SEC, which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all Ribbon shareholders. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Ribbon and DRC will also file other documents regarding the proposed business combination with the SEC. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF RIBBON ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.

    Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Ribbon and DRC through the website maintained by the SEC at www.sec.gov. The documents filed by Ribbon and DRC with the SEC also may be obtained free of charge upon written request to Ribbon Acquisition Corp., Central Park Tower LaTour Shinjuku Room 3001, 6-15-1 Nishi Shinjuku, Shinjuku-ku Tokyo 160-0023.

    Participants in the Solicitations

    Ribbon, DRC and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from Ribbon’s shareholders in connection with the proposed business combination. You can find information about Ribbon’s directors and executive officers and their interest in Ribbon in Ribbon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was originally filed with the SEC on April 1, 2025. A list of the names of the directors, executive officers, other members of management and employees of Ribbon and DRC, as well as information regarding their interests in the business combination, will be contained in the Registration Statement on Form S-4 to be filed with the SEC by DRC. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.

    Caution About Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to Ribbon and DRC. These forward-looking statements are based on Ribbon’s and DRC’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including projections of market opportunity and market share, the capability of DRC’s business plans including its plans to expand, the anticipated enterprise value of the combined company following the consummation of the proposed business combination, anticipated benefits of the proposed business combination and expectations related to the terms and timing of the proposed business combination, are also forward-looking statements.

    Although each of Ribbon and DRC believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of Ribbon and DRC cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. These factors are difficult to predict accurately and may be beyond Ribbon’s and DRC’s control. In addition, there will be risks and uncertainties described in the proxy statement/prospectus on Form S-4 relating to the proposed business combination, which is expected to be filed by DRC with the SEC and other documents filed by Ribbon or DRC from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those expressed or implied in the forward-looking statements.

    There may be additional risks that neither Ribbon or DRC presently know or that Ribbon and DRC currently believe are immaterial and that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Ribbon or DRC, their respective directors, officers or employees or any other person that Ribbon and DRC will achieve their objectives and plans in any specified time frame, or at all. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Ribbon or DRC to predict these events or how they may affect Ribbon or DRC. Except as required by law, neither Ribbon nor DRC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect Ribbon’s and DRC’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against Ribbon or DRC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of Ribbon or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of Ribbon or DRC as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; costs related to the business combination; changes in applicable laws or regulations; Ribbon’s estimates of expenditures and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; the impact of the COVID-19 pandemic; changes in laws and regulations that impact DRC; ability to enforce, protect and maintain intellectual property rights; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Ribbon’s final prospectus dated January 14, 2025 relating to its initial public offering and in subsequent filings with the SEC, including the registration statement on Form S-4 relating to the business combination expected to be filed by DRC.

    No Offer or Solicitation

    This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

    For further queries please contact:

    Geneva Capital Group on behalf of DRC

    Bob Lau, bob.lau@genevagroup.com.sg 

    The MIL Network –

  • MIL-OSI Economics: Joint Statement: Heads of Multilateral Development Banks commit to strong joint action on development priorities

    Source: New Development Bank

    PARIS (28 June) – The Heads of Multilateral Development Banks (MDBs) met today in Paris, hosted by the Council of Europe Development Bank (CEB), which currently chairs the Heads of MDBs Group. The meeting focused on advancing their joint efforts to address  development priorities.

    Amid rising global uncertainty, the Heads reaffirmed their commitment to working as a system to deliver greater impact and scale, in line with their Viewpoint Note and the recommendations of the G20 Roadmap towards Better, Bigger, and More Effective MDBs.  The Roadmap outlines an ambitious vision for MDB reform to better address regional and global challenges, support job creation, and help countries achieve their development aspirations.

    The Heads welcomed ongoing efforts to improve the way MDBs work with clients through operational efficiency and enhanced coordination. In 2025 alone, five mutual reliance agreements  have been signed, helping streamline the preparation and implementation of  co-financed projects across institutions.

    Private capital mobilization remains a system-wide priority, with the last joint report of the MDBs reflecting a positive trend in volumes mobilized. To build on this momentum, the Heads reaffirmed their commitment to developing local currency lending and foreign exchange solutions. They also reaffirmed  the importance of adequate risk assessment for private sector investment in emerging markets and developing economies; in this context, the valuable contribution of disaggregated statistics on credit risk published through the Global Emerging Markets Risk Database (GEMs) was recognized.

    The Heads reiterated their continued commitment to implementing the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks (CAF).  Further reform efforts by MDBs since mid-2024 have increased the additional lending headroom for development projects in all countries of operation, including high-income ones, over the next decade by more than US$250 billion, thus reaching a total of over US$650 billion.

    The publication in the coming weeks of the Comparison Report by the MDBs’ Global Risk and Finance Forum (GRaFF) will provide metrics and data relating to MDBs’ financial positions, promoting a better understanding of their financial models and supporting both balance sheet optimization and private sector mobilization.

    The Heads also agreed to continue advancing promising initiatives already underway to strengthen system-wide impact. These include: 1) Mission 300, which aims to connect 300 million people in Africa to electricity by 2030 through public and private collaboration;  2) Association of South East Asian Nations (ASEAN) Power Grid, which aims to boost energy security, strengthen resilience, and promote decarbonization for the region’s 670 million people by connecting its electricity systems; and 3) Digital Transformation in Education in Latin America and the Caribbean, which aims to connect 3.5 million students and train over 250,000 teachers.

    In addition, MDBs are exploring joint actions to scale up investments in social infrastructure, including health, education, housing, and water and sanitation. Building on structured dialogue led by the CEB, the Heads welcomed progress made through recent cross-MDB consultations and recognized the key role these sectors play in enabling jobs, productivity, and inclusive growth, while noting persistent financing and delivery challenges that constrain impact.

    Meeting in advance of the Fourth International Conference on Financing for Development (FfD4), which will take place in Sevilla, Spain, from 30 June to 3 July, MDBs remain committed to working better as a system, in alignment with country-led development priorities and strategies to promote jobs and prosperity. In view of water’s role in human development, MDBs committed to significantly increasing collective support for global water security by 2030, and will launch the first “Joint Annual MDB Water Security Financing Report” at FfD4. Heads noted the importance of the upcoming COP30 in Belem, Brazil, in November 2025.

    Today’s meeting in Paris marks a significant step toward effective collaboration and scaled-up collective action for development priorities. MDB reforms are advancing, moving from concept to execution.

    With streamlined operations, better risk tools, and growing financial capacity, MDBs are delivering real impact – from expanding energy access and digital education to scaling investment in water security.

    MIL OSI Economics –

  • MIL-OSI USA: ICYMI—Hagerty Joins Balance of Power on BloombergTV to Discuss Senate Passage of “One, Big Beautiful Bill”

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Balance of Power on BloombergTV to discuss Senate passage of the budget reconciliation package.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on the economic growth that will result from passing the budget reconciliation package: “It’s going to be a very long night and could well go into tomorrow morning. But at the end of the day, what we’re going to do is prevent the largest tax increase that Americans have ever seen. This is a tax relief that Americans need. We’re talking about a four-plus trillion-dollar tax increase. That would be the case if it were allowed to not pass. If you think about it, it’s a generational investment in our national defense. It’s going to put us back on the path for energy independence as a nation. And most important, it’s going to stimulate longer-term capital investment, which will beget growth. That growth will beget more employment, more employment will beget more economic activity, which means we’re going to have higher tax revenues for the government as a result.”

    Hagerty on the inaccurate scoring of the budget reconciliation package: “I don’t agree with their willingness to rely on authorities. I’m putting air quotes around that, like the Congressional Budget Office (CBO). The CBO missed the 2017 Tax Cuts and Jobs Act revenue by more than a trillion dollars. As a businessperson—I’ve been a businessperson my entire life—the type of capital investment they’re going to stimulate over the long term is definitely going to generate much more economic activity. And I think the models are wrong. I do not agree with the approach that has been taken that suggests this is going to be a big deficit bomb. In fact, I think it’s going to be a growth generator that’s going to put our deficit back on the curve in the right direction to reduce the deficit […] It’s been quite frustrating to see numbers that just as a logical person, as a businessperson, clearly you say that there’s no way these calculations are right. What they leave out, what they don’t include, that the overreliance on tax revenue, so to speak, when you know that companies and individual behaviors will change if taxes go up. The model does not work.”

    Hagerty on future budget reconciliation packages: “I certainly support another one of these packages. We’ll have an opportunity to do it again and again. If you think about the work that was undertaken by Elon Musk and the team at DOGE that’s continuing, every department head, every agency head, has been charged with figuring out how to reduce the dramatic burden of regulations that was imposed just in the last administration. And to quantify that over the past four years of [former President] Joe Biden’s administration, that was an additional $1.4 trillion of compliance costs that were added to the U.S. economy. As that comes out, as these conflicting regulations, these burdensome sclerotic regulations come out of the system, I expect to see that those funds, instead of going toward a compliance, fall to the bottom line and get reinvested in the economy. Again, all very pro-growth.”

    Hagerty on the collaboration between House and Senate Leadership: “Leader [John] Thune is trying to thread a very difficult needle, in terms of navigating through the Senate, with fifty-plus-one votes and having something that will work in the House of Representatives. Make no mistake: the leadership at the House of Representatives and here in the Senate have been working very closely together to make certain that we do thread that needle, that we’re able to turn something over to the House of Representatives that convenes tomorrow at noon, to set up the [Rules Committee] so that they can move this through the House, we can get it to the President’s desk, and get it signed by the 4th of July.”

    Hagerty on potential late-night votes: “It easily could go that way. I’ve been here voting all the way through the night and into the next morning, but we will vote as long as it takes to get here. There’s no time limit on this. It really has to do with how long the Democrats want to continue to fight, to put up their resistance movement again. They keep offering the same type of challenge over and over and over again and certainly dragging out the clock. I think what they want to do is get to primetime tonight. I’ve got to believe that their interest will wane after primetime hours. So, we’ll see how long it goes.”

    MIL OSI USA News –

  • MIL-OSI Russia: China to host SCO Forum on Digital Economy

    Translation. Region: Russian Federal

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

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

    TIANJIN, July 1 (Xinhua) — The Shanghai Cooperation Organization (SCO) Forum on Digital Economy will be held in north China’s Tianjin City from July 10 to 11.

    The event, entitled “New Ties of the Digital Economy, New Horizons of Cooperation,” will aim to highlight the role of the digital economy as a hub and driving force in creating a new space for the development of the SCO and ensuring the availability of digital dividends for the population of the organization’s member states, the organizers said.

    More than 600 participants from China and abroad are expected to discuss topics of common interest: data circulation and trade, industrial digitalization, digital infrastructure, artificial intelligence applications, smart cities and digital talent development.

    The forum was organized by the State Data Administration (SDA) of the People’s Republic of China and the Tianjin Municipal Government.

    China attaches great importance to international cooperation in the digital economy, Yu Ying, deputy head of the department, said at a press conference on Monday. Since the establishment of the GUD in October 2023, China has signed memorandums of understanding on cooperation in the digital economy with 26 countries, including Russia, Brazil, Hungary, Nigeria and Malaysia.

    In recent years, China has made positive progress in developing its digital economy, with the added value created by key digital industries accounting for 10 percent of the country’s GDP by the end of 2024, Yu Ying said. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation and Completes the Eighth Review under the Extended Credit Facility with Guinea-Bissau

    Source: IMF – News in Russian

    June 30, 2025

    • The IMF Executive Board today concluded the 2025 Article IV consultation and completed the eighth review under the Extended Credit Facility (ECF) for Guinea-Bissau. The completion of the review allows for an immediate disbursement of SDR 4.73 million (about US$ 6.5 million), bringing total disbursement under the arrangement to SDR 35.04 million (about US$ 48.1 million)
    • Program performance was mixed. Seven out of nine Quantitative Performance Criteria and three out of four Structural Benchmarks for end-December 2024 were met. The continuous Structural Benchmark on debt service payments was met while the continuous Structural Benchmark on the expenditure committee (COTADO) was missed.
    • Growth is expected to reach 5.1 percent in 2025 while inflation should average 2 percent. The current account deficit is expected to narrow to 5.8 percent of GDP in 2025, reflecting better terms of trade. The authorities are committed to achieving a fiscal deficit of 3.4 percent of GDP in 2025, to put public debt on a firm downward trajectory. The economic outlook is positive but remains subject to significant domestic and external risks.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the 2025 Article IV consultation[1] and completed the eighth review under Extended Credit Facility (ECF) arrangement for Guinea-Bissau. The three-year arrangement, approved on January 30, 2023, aims to secure debt sustainability, improve governance, and reduce corruption, while creating fiscal space to foster inclusive growth. The Executive Board granted an augmentation of access (140 percent of quota or SDR 39.76 million) on November 29, 2023. The completion of the eighth review enables the disbursement of SDR 4.73 million (about US$ 6.5 million) to help meet the country’s balance-of-payments and fiscal financing needs. This brings total disbursement under the arrangement to SDR 35.04 million (about US$ 48.1 million). The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Program performance was mixed. Seven out of nine Quantitative Performance Criteria and three out of four Structural Benchmarks for end-December 2024 were met. The continuous Structural Benchmark on debt service payments was met while the continuous Structural Benchmark on the expenditure committee (COTADO) was missed. In completing the eighth review, the Executive Board granted waivers for the non-observance of quantitative performance criteria based on corrective actions taken by the authorities [including the revenue and expenditure measures adopted as prior actions for the review], approved the authorities’ request for modification of performance criteria and indicative targets, and completed the financing assurance review. The Executive Board also approved the authorities’ request for the program extension until July 29, 2026, and rephasing of access to provide them with sufficient time to implement fiscal consolidation policies supported by the ECF program.

    Economic growth is projected to reach 5.1 percent in 2025, supported by strong exports and investments, while inflation is expected to decelerate and average 2 percent. The current account deficit should narrow to 5.8 percent of GDP in 2025, reflecting a significant improvement in Guinea-Bissau’s terms of trade. The authorities are committed to achieving a fiscal deficit of 3.4 percent of GDP in 2025 to put public debt on a firm downward trajectory. While the direct impact of recent global trade tensions on Guinea-Bissau is limited, the economy remains subject to significant downside risks amid a challenging socio-political climate in an election year and capacity constraints. The 2025 Article IV consultation discussions focused on policies aimed at supporting economic diversification to reduce dependency on cashew nuts, maintaining fiscal sustainability through domestic revenue mobilization, and bolstering social protection and human capital to promote inclusive growth.

    Following the Executive Board discussion, Mr. Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

    “The economy of Guinea-Bissau has been resilient, supported by strong investment spending. While growth is projected to continue around its potential of 4½-5 percent over the medium term, significant challenges remain. In particular, the high export dependency on cashew nuts and the high risk of debt distress leave the country vulnerable to adverse changes in the international environment. Against this background, the authorities are focused on policies designed to diversify the economy and broaden the export base, including by supporting additional growth sectors such as mining and fishing.

    “Achieving the fiscal consolidation target for 2025 is essential to reduce public debt vulnerabilities. In this context, the authorities remain committed to containing domestic primary spending within the 2025 budget and to maintain strict control over the wage bill. This is being supported by strong expenditure controls, including by ensuring that project disbursements are thoroughly verified and discretionary spending remains within agreed allocations. Measures to boost revenue mobilization to bring tax collection closer to its potential through a combination of tax policy measures and revenue administration reforms are vital to create fiscal space to support economic development while reducing fiscal risks.

    “Good progress has been made in addressing financial sector vulnerabilities. The recent approval by the regional Banking Commission for the purchase offer for the undercapitalized bank, and the authorities’ decision to divest the government’s stake in the bank, are important steps in reducing systemic financial sector risks.

    “Boosting inclusive growth calls for implementing sustained social protection programs to protect the poor, diversifying the economy, strengthening the business environment and governance, and improving the efficiency of education and health spending. Broadening the coverage of social protection programs and mainstreaming them within government structures would help reduce poverty indicators. At the same time, progressively reducing broad-based subsidies and moving towards more targeted programs would also boost the impact of social spending.”

     

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed the resilience of the economy and the significant progress in infrastructure development since the last Article IV consultation. Noting the mixed performance under the ECF and significant downside risks, they welcomed the strong corrective measures that have been implemented as prior actions for the eighth ECF review. They supported the authorities’ request for a six-month extension of the ECF, to help anchor the fiscal targets for the whole of 2025 and reinforce the commitment to fiscal consolidation.

    Given the high risk of debt distress, Directors underscored the critical importance of sustained fiscal consolidation and further reinforcing debt management to ensure that the debt to GDP ratio remains on a downward trajectory. They encouraged the authorities to boost revenue mobilization through tax policy and tax administration measures, thereby creating fiscal space for priority social and development spending while strengthening debt sustainability. They called for reinforcing expenditure controls and strengthening public financial management to contain the wage bill and prevent the recurrence of spending overruns. Continuing to refrain from nonconcessional borrowing while keeping further concessional borrowing within program targets remains important. Fiscal risks from the public utility company should also be addressed, including by speeding up its revenue mobilization.

    Directors welcomed the approval of the sale of the undercapitalized bank, which paves the way for the government’s disengagement. They called for a swift capitalization of the bank by its new owners to strengthen financial sector resilience.

    Directors stressed the need for sustained structural reforms to underpin macroeconomic stabilization and boost growth. They highlighted the importance of efforts to strengthen the business environment, remove market distortions, and reduce informality. Diversifying the economy, notably in sectors with potential such as fishing, mining, and traditional agriculture, remains critical for inclusive growth and reducing dependence on cashew exports. They urged the authorities to expedite steps to strengthen governance, anti-corruption, and AML/CFT standards. They called for reforms to strengthen procurement transparency and enhance the robustness of the audit function, to help improve public sector transparency and efficiency.

    Directors positively noted the authorities’ efforts to address gaps in the provision of macroeconomic data.

    It is expected that the next Article IV consultation with Guinea Bissau will be held on a 24-month cycle in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

     

    Guinea-Bissau: Selected Economic Indicators, 2022-26

    Population (2024): 2.0 million                                      Per capita GDP (2024): US$ 1,104

    Main export product: cashew nuts                               Key export markets: India, Vietnam

     

    2022

    2023

    2024

    2025

    2026
         

    Prel.

    Proj.

    Proj.

    Output

    		          

    Real GPD growth (%)

    4.6

    5.2

    4.8

    5.1

    5.0

    Prices

    		          

    Inflation (annual average, %)

    7.9

    7.2

    3.7

    2.0

    2.0

    Central government finances

    		          

    Revenue and grants (% GDP)

    15.2

    13.7

    13.1

    16.1

    15.7

    Expenditure (% GDP)

    21.3

    21.9

    20.4

    19.5

    19.2

    Fiscal balance (% GDP)

    -6.1

    -8.2

    -7.3

    -3.4

    -3.5

    Public debt (% GDP)

    80.7

    79.4

    82.2

    78.5

    76.3

    Money and credit

    		          

    Broad money (% change)

    3.5

    -1.1

    6.2

    5.6

    5.4

    Credit to economy (% change)

    23.5

    -9.4

    -12.2

    14.4

    13.8

    Balance of payments

    		          

    Current account (% GDP)

    -8.6

    -8.6

    -8.2

    -5.8

    -5.0

    FDI (% GDP)

    1.2

    1.2

    1.2

    1.2

    1.2

    WAEMU reserves (US$ billions)

    25.2

    26.1

    …

    …

    …

    External public debt (% GDP)

    39.0

    35.4

    34.7

    32.0

    30.9

    Exchange rate

    		          

    CFAF/US$ (average)

    622.4

    606.5

    606.2

    …

    …

    Sources: Guinea-Bissau authorities and IMF staff estimates and projections

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/guinea-bissau page.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/07/01/pr25230-guinea-bissau-2025-article-iv-and-eighth-review

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Speech by CE at reception in celebration of 28th anniversary of establishment of HKSAR

    Source: Hong Kong Government special administrative region

    ​Following is the translation of the speech by the Chief Executive, Mr John Lee, at the reception in celebration of the 28th anniversary of the establishment of the Hong Kong Special Administrative Region at the Hong Kong Convention and Exhibition Centre this morning (July 1):
     
    Distinguished guests, fellow citizens,

    Today marks the 28th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China and the third anniversary of the current term of the Government. Over these three years, the Government has forged ahead with reforms to build a safe and stable Hong Kong, and striven to develop the economy and improve people’s livelihood. Our efforts are gradually delivering results.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China rolls out 10 percent tax credit for foreign investors reinvesting dividends

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

    China rolls out 10 percent tax credit for foreign investors reinvesting dividends

    BEIJING, June 30 — China’s finance, taxation, and commerce authorities on Monday unveiled a tax incentive granting foreign investors a 10 percent corporate income tax credit on direct domestic investments funded by dividends from Chinese resident companies.

    The measure, which takes effect from Jan. 1, 2025 through Dec. 31, 2028, allows unused credits to be carried forward and applies lower rates under existing tax treaties.

    Eligible investors may reinvest dividends in equity capital increases, new resident enterprise establishments, or acquisitions of resident enterprise shares from non-affiliated parties. The industries or sectors in which the invested enterprise operates must be listed in the Catalogue of Encouraged Industries for Foreign Investment.

    Investors can apply retroactively for qualifying reinvestments made between Jan. 1, 2025, and the policy’s announcement date.

    MIL OSI China News –

  • MIL-OSI China: China grants 3.08 bln USD QDII quota in financial opening move

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

    BEIJING, June 30 — The State Administration of Foreign Exchange has recently granted a total of 3.08 billion U.S. dollars in investment quotas to eligible Qualified Domestic Institutional Investors (QDII) to meet the demand for overseas asset allocation, it said Monday.

    The move aims to further support QDII institutions in conducting cross-border investment activities in compliance with laws and regulations. Under the premise of effectively preventing risks, it seeks to meet the reasonable overseas investment demands of domestic residents, the administration said.

    The QDII program is a key institutional arrangement for China’s financial market opening. It allows eligible domestic financial institutions to remit both RMB and foreign currencies abroad within specified quotas to invest in overseas financial markets.

    “Under the current stable and positive conditions in the foreign exchange market, granting quotas at an appropriate time can orderly meet the legitimate investment needs of market participants and contribute to the healthy development of the QDII system,” the administration said.

    The administration said that the quota allocation process comprehensively considers factors such as the asset management scale as well as internal control and compliance of QDII institutions.

    MIL OSI China News –

  • MIL-OSI China: China allocates additional 140M yuan for flood relief in Guizhou, Hunan

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

    Residents get clean water from a temporary water supply station in Longshan County, central China’s Hunan province, June 20, 2025. [Photo/Xinhua]

    China’s Ministry of Finance on Monday announced the allocation of an additional 140 million yuan (about 19.5 million U.S. dollars) in emergency disaster relief funds for flood-hit Guizhou and Hunan provinces.

    The new allocation follows an earlier disbursement of 160 million yuan on June 23, according to the ministry.

    Since mid-June, both provinces have experienced heavy rainfall and severe flooding. The situation is particularly serious in areas such as Rongjiang and Congjiang in Qiandongnan Miao and Dong Autonomous Prefecture of Guizhou province, where large numbers of residents have been evacuated, and significant damage has occurred.

    Rongjiang County, widely known as the birthplace of the Village Super League, or Cun Chao, is beginning post-disaster recovery after being hit by two severe floods in less than a week. Since June 24, back-to-back floods have inundated large parts of the county, with the Cun Chao stadium, which is situated in a low-lying urban area, submerged twice within five days.

    The emergency funds will primarily support search and rescue operations, the relocation of affected residents, temporary living assistance, and reconstruction of damaged homes, the ministry said.

    The funds aim to support the affected areas in restoring daily life and economic activity as soon as possible, the ministry added.

    As China is currently in its flood season, the finance ministry said it will strengthen coordination with the Ministry of Emergency Management and other relevant departments to closely monitor developments and promptly allocate relief funds as needed to ensure disaster relief operations and protect people’s lives and property.

    MIL OSI China News –

  • MIL-OSI China: Trump’s One Big Beautiful Bill reveals divisions in Washington

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

    This photo taken on Jan. 19, 2023 shows the U.S. Capitol building in Washington, D.C., the United States. [Photo/Xinhua]

    A marathon vote was underway Monday over U.S. President Donald Trump’s massive One Big Beautiful Bill, which highlights bitter partisan divisions in Washington.

    Trump said the bill will deliver the largest tax cut for working- and middle-class Americans in history and will “unleash our economy.”

    The bill contains a slew of tax cuts for businesses and families and will “turbo-charge our economy and bring back the American dream,” Trump said in a speech promoting the legislation.

    However, Democrats are vehemently opposed to the mega-bill, which, if passed, will fund Trump’s agenda and stand in stark contrast to what Democrats want for the country.

    Democrats blast Trump’s tax cuts as benefiting the wealthy, although Republicans maintain the cuts will help the middle class.

    The bill has angered Democrats for what that party says are cuts to essential programs such as Medicaid — health care coverage for low-income people — as well as food stamps.

    Democrats and a couple of Republicans also fret the bill will add trillions of U.S. dollars to the surging national debt.

    Christopher Galdieri, a political science professor at Saint Anselm College in the northeastern state of New Hampshire, told Xinhua the legislation is “essentially a mega-bill combining most of Trump’s legislative ambitions into one package — tax cuts, spending cuts, massively increasing the budget for ICE, and more.”

    The bill could provide additional funds for the U.S. Immigration and Customs Enforcement (ICE) to boost the number of agents and to provide pay bonuses.

    ICE is in large part carrying out Trump’s mass deportation of millions of people who entered the United States illegally during the previous administration. But Democrats blast the deportations as heavy-handed, inhumane and unconstitutional.

    Republicans argue that those funds for ICE are needed to reverse the damage they said Democrats did to the United States during the previous administration.

    The GOP accuses Democrats of purposely opening the floodgates to millions of immigrants to illegally enter the United States, in what the GOP labeled an “invasion” and a result of Democrats’ “radical left” agenda during the previous administration.

    The White House also argues that among those who have illegally entered are many criminals and gang members.

    Democratic Senate Minority Leader Chuck Schumer on Saturday criticized the bill, accusing Republicans of trying to dupe the American people and saying “most people hate this bill.”

    Some Republicans have also criticized the bill.

    GOP Senator Josh Hawley has raised concerns about cuts to Medicaid, saying the reductions are “morally wrong and politically suicidal.”

    But on Saturday, Hawley changed his tune and announced he would back the bill.

    Republican Senator Rand Paul blasted the bill for what he said was adding to the debt, labeling it “much more of a spending bill than a bill that rectifies the debt problem.”

    Paul has specifically lambasted the bill for what he said was adding to the national deficit by around 2.4 trillion U.S. dollars over a decade.

    GOP Senator Thom Tillis criticized the bill on Saturday, saying: “It is inescapable this bill will betray the promise that Donald Trump made.”

    The senator denounced proposed cuts to Medicaid and lambasted the “amateurs” advising Trump, who he said have “no insight into how these… Tax cuts are going to be absorbed without harming people on Medicare.”

    Clay Ramsay, a researcher at the Center for International and Security Studies at the University of Maryland, told Xinhua: “The core of the partisan divisions is that Medicaid recipients, which are a quite significant portion of each legislator’s constituents, are going to either suffer cutoffs or will have to spend a lot of time and energy to avoid that happening.”

    Republicans argue that the bill’s tax cuts will stimulate the economy.

    Dean Baker, a senior economist at the Center for Economic and Policy Research, told Xinhua: “There will be little net effect. The biggest effect is likely to be contractionary from the (tariffs).”

    MIL OSI China News –

  • MIL-OSI China: Hong Kong boasts largest IPO market worldwide in H1

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

    Photo taken on July 31, 2021 shows the statues on the square of Hong Kong Exchanges and Clearing Limited (HKEX) in south China’s Hong Kong. [Photo/Xinhua]

    Hong Kong has beaten all the other capital markets in the world to raise over 105 billion Hong Kong dollars (13.38 billion U.S. dollars) through initial public offerings (IPOs) in the first half of 2025, as capital inflows into the city continues amid global market jitters.

    The Hong Kong Exchanges and Clearing Limited (HKEX) data showed that 42 companies were listed in the first six months, up 40 percent from the same period last year. Total funds raised stood at the highest since 2021, crushing the 87.6 billion Hong Kong dollars annual total in 2024.

    The HKEX claimed top spot worldwide in terms of total IPO proceeds in the first half of this year, well ahead of Nasdaq’s 71.3 billion Hong Kong dollars, a Deloitte report showed.

    Industry insiders say Hong Kong’s securities market became a global investors’ go-to platform to add Chinese assets to their portfolios.

    Capital inflow into Hong Kong has risen from 366 billion U.S. dollars at the beginning of last year to 605 billion dollars in April, the highest since 2000, data from Hang Seng Bank showed.

    Many global investors first look to Hong Kong to diversify risks, and, impressed by the economic vitality of the Chinese mainland and Hong Kong, chose to increase their holdings, said Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government.

    Pro-growth policy efforts from the central government and the HKSAR’s measures to streamline listing procedures have worked together to lift Hong Kong’s stock market, said HKEX Chairman Carlson Tong.

    Among this year’s new IPOs, crowd favorites are those of tech firms in artificial intelligence, 5G and smart vehicles, as well as new consumption companies, which cultivate and profit on consumer behaviors with the help of new technologies. Both are signatures of China’s economic upgrades.

    Chinese electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) raised over 40 billion Hong Kong dollars in May, drawing investments from Europe, the Middle East and the United States. It is the largest IPO in Hong Kong in recent years and a shoo-in for the largest worldwide this year.

    As flag bearers of new consumption trends, bubble tea makers like Mixue Bingcheng and Auntea Jenny marked memorable H1 IPOs, while Chinese fast food chain Home Original Chicken and snack brand Three Squirrels are waiting in line.

    The avid investor turnout to these new consumption IPOs is a token of faith in the resilience of China’s domestic demand, as these companies have developed tried and tested business models to meet the needs of younger consumers, analysts say.

    Hong Kong’s IPO market is expected to maintain steam in the second half. Edward Au, southern region managing partner of Deloitte China, said there are currently more than 170 applications in progress and estimated that a total of 80 IPOs will raise around 200 billion Hong Kong dollars this year.

    As dependence on U.S. dollar-denominated assets wanes, global investors are increasingly seeking to diversify their portfolios, said Tong, adding that the HKEX is working with counterparts in the Middle East and Southeast Asia to widen access to funding for tech firms worldwide. 

    MIL OSI China News –

  • MIL-OSI China: Global investors double down on Chinese assets

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

    China’s resilient economy, robust growth potential and improving corporate profitability are fueling more optimism and renewed interest in Chinese assets among foreign investors.

    Driven by China’s advancements in technology and rising confidence in its policy support to stabilize economic growth in the second half of the year, global investors are ramping up their exposure to Chinese equities and bonds.

    Major foreign financial institutions, including United States asset manager Franklin Templeton, investment bank Goldman Sachs and Swiss bank UBS have stepped up their allocations or expressed optimism about Chinese equities, citing favorable valuations, a peak in China-US trade tensions and optimism regarding China’s artificial intelligence-led transformation.

    Market watchers and economists said that a combination of proactive fiscal measures, targeted industrial policies and accelerating technological innovation is reinforcing China’s appeal as a destination for global capital.

    According to data released on Monday by the National Bureau of Statistics, China’s factory activity gauge improved marginally in June, as the official purchasing managers index for the manufacturing sector came in at 49.7 in June, up from 49.5 in May. Notably, the PMIs for equipment manufacturing, high-tech manufacturing and the consumer products sector came in at 51.4, 50.9 and 50.4, respectively, remaining in expansion territory for two straight months.

    “The story of China now is about growth,” said Fang Dongming, head of China Global Markets at UBS.

    Foreign investors will be attracted as long as companies promise growth and profit, whether it is in technology, healthcare, new energy or new types of consumption, Fang said.

    Multibillion-dollar US fund manager Franklin Templeton has started edging back into Chinese stocks for the first time in years, with a group of its funds managing around $2 billion buying into Chinese stocks in recent weeks, Zehrid Osmani, head of the company’s Global Long-Term Unconstrained team, told Reuters recently.

    The company believes that trade tensions with the US have peaked, and that China is expected to further support its technology giants, according to Osmani.

    Economists believe that China is well-positioned to achieve its annual growth target of around 5 percent, backed by proactive fiscal policy and moderately accommodative monetary policy.

    Zhang Xiaoyan, associate dean at Tsinghua University’s PBC School of Finance, said that China’s top leadership may sharpen its focus on ensuring domestic economic stability and maintaining stable relationships with its trading partners, which would further boost the confidence of domestic and foreign investors in the Chinese economy.

    Liu Qiao, dean of Peking University’s Guanghua School of Management, said that new policy tools in the second half might include fiscal transfers or cash subsidies for low-income groups, and supportive policies to address pressure on enterprises, especially listed companies, which would improve corporate cash flow and strengthen investment appetite.

    Driven by this favorable policy environment and long-term opportunities in sectors like technology, new energy and advanced manufacturing, global asset managers are reassessing their China allocations.

    The return of global capital is reflected in broader data. According to Goldman Sachs, global active funds have increased their China equity allocations from 5 percent in late September to 6.4 percent by late April. The investment bank maintains an “increase” stance for Chinese stocks, citing improving corporate profitability, foreign capital inflows and long-term value in yuan-denominated assets.

    Fu Si, China portfolio strategist at Goldman Sachs, has forecast that the CSI 300 Index — tracking 300 heavyweight stocks in Shanghai and Shenzhen — could reach 4,600 points, about 10 percent above current levels. Similarly, the MSCI China Index, widely tracked by global investors, is expected to rise another 10 percent in the coming months, supported by its current price-to-earnings ratio of just 11.5.

    Goldman Sachs also identified artificial intelligence as a key growth driver. It estimated that AI proliferation could lift the overall profitability of Chinese stocks by 2.5 percent annually over the next decade. China’s AI breakthroughs may attract $200 billion in fresh capital into its equity market, potentially driving stock prices up 15 to 20 percent.

    Zhang Di, chief macro analyst at China Galaxy Securities, highlighted that new policy-based financial instruments are likely to be introduced soon to support economic growth.

    “That will help support the growth of infrastructure and real estate in the second half of the year. And the focus will also be placed on supporting technological innovation, consumer-related infrastructure, and key sectors such as trade-in deals for consumer goods,” he said.

    According to Nomura Orient International Securities, Chinese equities could outperform global peers in the second half of 2025. Factors include expectations of more supportive policy, improving domestic liquidity, and rising global interest in Asia-Pacific markets amid a weaker US dollar.

    Market performance so far reflects rising confidence. The Shanghai Composite Index has gained about 5.6 percent so far this year, while the CSI 300 is up over 3 percent. Meanwhile, the Hang Seng Index in Hong Kong has surged over 23 percent this year, second only to South Korea’s KOSPI, which saw a 28 percent increase.

    MIL OSI China News –