Category: Economy

  • PM Modi shares article highlighting benefits of India-UK trade deal

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Friday shared an article highlighting the wide-ranging benefits of the landmark India-UK Comprehensive Economic and Trade Agreement (CETA), calling it a transformative step for various sections of the Indian economy.

    Reiterating Commerce Minister Piyush Goyal’s remarks, the Prime Minister’s Office (PMO) said on X:

    “Union Minister Shri @PiyushGoyal explains how the landmark India–UK Comprehensive Economic and Trade Agreement will empower Indian farmers, fishermen, artisans, and small businesses, while ensuring quality products at better prices for everyday consumers.”

    In his post on X, Goyal described the trade agreement as a “stellar example of how New India does business.” He noted that under the leadership of PM Modi, the deal would provide a significant boost to market access for Indian products and services, enhance competitiveness, and create jobs across sectors.

    Goyal added that the CETA will empower key contributors to the Indian economy—including farmers, fisherfolk, MSMEs, artisans, and service professionals—by opening new opportunities in the UK market. 

    https://x.com/PiyushGoyal/status/1948588543422394553

    Prime Minister Modi concluded a successful visit to the United Kingdom on Thursday, where he held talks with British Prime Minister Keir Starmer at Chequers, the official country residence of the UK Prime Minister.

    During the meeting, both leaders welcomed the signing of the India-UK Comprehensive Economic and Trade Agreement (CETA), which is poised to boost bilateral trade, attract investment, and generate employment opportunities in both countries.

  • MIL-OSI United Nations: Ukraine: UNESCO steps up support for the World Heritage site in Odesa amid escalating damage

    Source: UNESCO World Heritage Centre

    In January 2023, the site was simultaneously inscribed on the UNESCO World Heritage List and the List of World Heritage in Danger, in recognition of its Outstanding Universal Value and the immediate threats it faces.

    Over the last months – in November 2024, January 2025 and, more recently, during the week of 23 June 2025 –, in response to repeated attacks suffered by the city, UNESCO deployed several damage assessment missions all coordinated through its Office in Kyiv.

    In 2025, UNESCO and ICOMOS also jointly dispatched two technical assistance missions to Odesa to provide expert guidance to national, regional, and local authorities, as well as cultural heritage professionals. These missions aimed to support the revision of the site’s Management Plan and to strengthen local capacity in disaster risk management and heritage protection.

    Furthermore, UNESCO is facilitating urgent repair and rehabilitation works at key cultural landmarks in Odesa, with contributions from Italy and Japan. Beneficiary sites include the Odesa House of Scientists, the Odesa Fine Arts Museum, Stolyarsky Music School, and the Transfiguration Cathedral.

    All these efforts in Odesa complement the more general support provided by UNESCO to Ukraine with financial support from Japan, in developing a standardised methodology for on-site damage and risk assessment, in collaboration with ICCROM. This methodology is being disseminated through training sessions on its use and on advanced documentation techniques such as 3D architectural laser scanning.

    UNESCO’s assistance also extends to emergency preparedness, first aid for cultural property, and broader risk reduction strategies.

    UNESCO condemns any attack that threatens World Heritage sites and reiterates the obligations of States Parties under the 1972 World Heritage Convention and the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict. These Conventions prohibit deliberate acts that may cause damage to cultural and natural heritage.

    MIL OSI United Nations News

  • MIL-OSI United Kingdom: Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Joint statement from UK and Australia on the Australia-UK Ministerial Consultations (AUKMIN) July 2025

    1 . On 25 July 2025, the Minister for Foreign Affairs Senator the Hon Penny Wong and the Deputy Prime Minister and Minister for Defence the Hon Richard Marles MP hosted the Secretary of State for Foreign, Commonwealth and Development Affairs the Rt Hon David Lammy MP and the Secretary of State for Defence the Rt Hon John Healey MP for the Australia-UK Ministerial Consultations (AUKMIN) in Sydney.

    2 . Ministers noted the global security environment had become more dangerous and unpredictable since they last met in December 2024. They recognised the elevated importance of the enduring Australia-UK relationship in responding together to address these challenges.

    3 . Ministers agreed to significantly increase their cooperation to bolster Australia and the UK’s defence and national security, enhance economic security and mitigate and address the impacts of climate change. Ministers agreed on the enduring importance of the UK-Australia relationship in delivering economic growth to our peoples and globally.

    4 . Ministers underscored the role Australia and the UK play in upholding the rules, norms and institutions, including respect for universal human rights, that underpin global prosperity and security, and noted their deep, clear and longstanding commitment to the multilateral system. They committed to consider joint initiatives and advocacy on multilateral reform, including on the UN Secretary-General’s UN80 Initiative, to ensure the multilateral system is able to continue to deliver on critical core functions and mandates.

    Closer cooperation in the Indo-Pacific

    5 . Ministers reaffirmed that the security, resilience and prosperity of the Indo-Pacific and Euro-Atlantic regions are interconnected. They committed to continue to expand efforts to safeguard internationally agreed rules and norms and respect for sovereignty. Ministers agreed on the need to shape a world characterised by adherence to rules and norms, rather than power or coercion.

    6 . Ministers committed to further strengthen cooperation, bilaterally and with regional partners, to ensure a peaceful, stable and prosperous Indo-Pacific. Ministers agreed the UK and Australia’s enduring engagement in the Indo-Pacific was important to shaping a favourable strategic balance in the region.

    7 . Recognising the deteriorating geostrategic environment, Ministers emphasised the need for all countries to manage strategic competition responsibly, and the importance of dialogue and practical measures to reduce the risks of miscalculation, escalation and conflict.

    8 . Ministers reiterated their strong opposition to coercive or destabilising activities by China’s Coast Guard, naval vessels and maritime militia in the South China Sea, including sideswiping, water cannoning and close manoeuvres that have resulted in injuries, endangered lives and created risks of miscalculation and escalation. Ministers agreed to continue cooperating to support freedom of navigation and overflight in the region, including through participation in joint activities. They also reiterated their concern about the situation in the East China Sea.

    9 . Ministers emphasised the obligation of all states to adhere to international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS), which provides the comprehensive legal framework for all activities in the ocean and seas. They agreed that maritime disputes must be resolved peacefully and in accordance with international law. Ministers reaffirmed that the 2016 South China Sea Arbitral Tribunal decision is final and binding on the parties. They emphasised any South China Sea Code of Conduct must be consistent with UNCLOS and not undermine the rights of States under international law.

    10 . Ministers agreed on the critical importance of peace and stability across the Taiwan Strait. They called for the peaceful resolution of cross-Strait issues through dialogue and not through the threat or use of force or coercion, and reaffirmed their opposition to unilateral changes to the status quo. They expressed concern at China’s destabilising military exercises around Taiwan. Ministers recognised that the international community benefits from the expertise of the people of Taiwan and committed to support Taiwan’s meaningful participation in international organisations where statehood is not a pre-requisite or as an observer or guest where it is. They reiterated their will to continue to deepen relations with Taiwan in the economic, trade, scientific, technological, and cultural fields.

    11 . Ministers strongly condemned the DPRK’s ongoing nuclear and ballistic missile programs and called for the complete, verifiable and irreversible denuclearisation of the DPRK. Ministers also expressed grave concern over the DPRK’s malicious cyber activity, including cryptocurrency theft and use of workers abroad to fund the DPRK’s unlawful weapons of mass destruction and ballistic missile programs.

    12 . Ministers emphasised their commitment to ASEAN centrality and recognised the critical role of ASEAN-led architecture in promoting peace, stability and prosperity in the region. They reaffirmed their ongoing commitment to support the practical implementation of the ASEAN Outlook on the Indo-Pacific.

    13 . Ministers underscored their commitment to deepen engagement on trade and investment diversification in Southeast Asia, including through Invested: Australia’s Southeast Asia Economic Strategy to 2040, Australia’s AUD 2 billion Southeast Asian Investment Financing Facility and dedicated Southeast Asia Investment Deal Teams, and the UK’s enhanced economic engagement. Ministers agreed to continue to strengthen coordination on clean energy transition in Southeast Asia and cooperation to bolster the region’s economic resilience through the mobilisation of private finance for climate objectives and green infrastructure, exploring collaboration on financing of low-carbon energy projects, and coordination of support to the ASEAN Power Grid.

    14 . Ministers reaffirmed their commitment to combat people smuggling, human trafficking and modern slavery in South and Southeast Asia, recognising that women and girls were most impacted, with a focus on trafficking into scam centres.

    15 . Ministers reiterated their commitment to the Indian Ocean Rim Association (IORA) as the premier ministerial-level forum in the Indian Ocean region. They agreed to continue collaboration on shared priorities in the Indian Ocean, including maritime security.

    16 . Ministers reiterated their serious concern at the deepening humanitarian crisis and escalating violence in Myanmar, compounded by the devastating earthquake in March. They strongly condemned the Myanmar regime’s violent oppression of its people, including the continued bombardment of civilian infrastructure. They called for all parties to prioritise the protection of civilians. They called on the regime to immediately cease violence, release those arbitrarily detained, allow safe and unimpeded humanitarian access, and return Myanmar to the path of inclusive democracy. Ministers reiterated their support for ASEAN’s efforts to resolve the crisis, including through the Five Point Consensus and the work of the ASEAN Special Envoy and UN Special Envoy. They welcomed ASEAN leaders’ recent call for an extended and expanded ceasefire, and inclusive national dialogue.

    17 . Ministers highlighted their commitment to continue to work with Pacific island countries through existing regional architecture, recognising the centrality of the Pacific Islands Forum. They agreed on the importance of pursuing Pacific priorities as set out in the 2050 Strategy for the Blue Pacific Continent. Ministers joined Pacific partner calls for increased access to climate finance, including further support to Pacific-owned and led mechanisms such as the Pacific Resilience Facility. Ministers welcomed ongoing reform of multilateral climate funds, including the Green Climate Fund (GCF), to provide better outcomes for Pacific island countries, noting encouraging progress made regarding the accreditation of Direct Access Entities and GCF regional presence. Ministers welcomed the UK’s continued contributions to Pacific security through their assistance in the removal of explosive remnants of war via their participation in the Australian-led Operation Render Safe. Ministers agreed to continue to work together to advance transparent and high-quality development in line with the Pacific Quality Infrastructure Principles (PQIPs), including through the Pacific Business Club. Ministers committed to work collaboratively on respective approaches to the Multilateral Development Banks (MDBs) to encourage reform consistent with the PQIPs. Ministers underscored our shared commitment to cyber coordination and capacity-building in the Pacific including through support to the inaugural Pacific Cyber Week in August 2025, a concept endorsed by the Pacific Islands Forum. Ministers emphasised the importance of sharing expertise and strengthening people-to-people links for a more cyber-resilient Pacific.

    Ambitious partners, facing global challenges together

    18 . Ministers unequivocally condemned Russia’s full-scale invasion of Ukraine and called on Russia to immediately withdraw its troops from Ukraine’s internationally recognised territory, and adhere fully to its obligations under international law, including in relation to the protection of civilians and treatment of prisoners of war. They reiterated their commitment to making sure that Ukraine gets the military and financial support it needs to defend itself in the fight now and agreed to step up action against Russia’s war machine. They emphasised the importance of taking further action against Russia’s shadow fleet, acknowledging the sanctions both countries had imposed in this regard. They also called on Russia to immediately cease their illegal deportation of Ukrainian children and reunify those already displaced with their families and guardians in Ukraine.

    19 . Ministers reiterated their deep concerns about the role of third countries in supporting Russia’s illegal war in Ukraine and the associated impact for the security of the Indo-Pacific. They called on China to prevent its companies from supplying dual-use components to Russia’s war effort, and exercise its influence with Russia to stop Moscow’s military aggression and enter negotiations to end the war in good faith. Ministers strongly condemned the DPRK’s support for Russia through the supply of munitions and deployment of DPRK personnel to enable Russia’s war efforts. Ministers called on Iran to cease all support for Russia’s illegal war against Ukraine and halt the transfer of ballistic missiles, UAVs and related technology.

    20 . Ministers agreed deepening military cooperation between Russia and the DPRK was a dangerous expansion of Russia’s war that has significant implications for security in the Indo-Pacific region. They expressed deep concerns about any political, military or economic support Russia may be providing to the DPRK’s nuclear and ballistic missile programs. Ministers affirmed their commitment to cooperating with international partners to strengthen efforts to hold the DPRK to account for violations and evasions of UN Council Resolutions (UNSCRs) including as founding members of the Multilateral Sanctions Monitoring Team (MSMT). Ministers acknowledged the release of the MSMT’s first report, which shines a light on unlawful DPRK-Russia military cooperation including arms transfers and Russia’s training of DPRK troops. Ministers urged all UN Member States to abide by their international obligations under the UNSCRs to implement sanctions, including the prohibition on the transfer or procurement of arms and related material to or from the DPRK.

    21 . Ministers called on Iran and Israel to adhere to the ceasefire and urged Iran to resume negotiations with the US. Ministers stated their determination that Iran must never develop a nuclear weapon. It is essential that Iran act promptly to return to full compliance with its safeguards obligations, cooperate fully with the International Atomic Energy Agency, and refrain from actions that would compromise efforts to address the security situation in the Middle East. Ministers condemned Iran’s unjust detention of foreign nationals and raised ongoing concerns over the human rights situation in Iran, particularly the escalation of the use of the death penalty as a political tool during the 12-day conflict, and the ongoing repression of women, girls and human rights defenders.

    22 . Ministers reiterated their support for Israel’s security and condemnation of Hamas’ horrific attacks on 7 October 2023, and underlined that Israeli actions must abide by international law. They called for an immediate ceasefire in Gaza, an end to Israeli blocks on aid, and the urgent and unconditional release of all hostages.

    23 . Ministers reaffirmed their conviction that an immediate and sustained ceasefire, alongside urgent steps towards a credible and irreversible pathway to a two-state solution are the only ways to deliver lasting peace, security and stability for Israelis, Palestinians and the wider region.

    24 . Ministers expressed grave concerns at the horrific and intolerable situation in Gaza. They continue to be appalled by the immense suffering of civilians, including Israel’s blocking of essential aid. They reiterated their call for Israel to immediately enable full, safe and unhindered access for UN agencies and humanitarian organisations to work independently and impartially to save lives, end the suffering and deliver dignity. Ministers also condemned settler violence in the West Bank, which has led to deaths of Palestinian civilians and the displacement of whole communities, and expressed opposition to any attempt to expand Israel’s illegal settlements.

    25 . Ministers expressed their deep concern for the safety and security of humanitarian personnel working in conflict settings around the world. They reaffirmed their commitment to finalise a Declaration for the Protection of Humanitarian Personnel and implement practical actions to ensure greater respect for and protection of humanitarian personnel. Ministers also called on all countries to endorse the Declaration once launched and to reaffirm their responsibility to uphold humanitarian principles and ensure respect for international humanitarian law. Ministers discussed the essential role of the humanitarian system which is critical to saving lives and livelihoods and avoiding mass displacement. Ministers noted that the core work of the UN, the Red Cross and Red Crescent Movement, and international, national and local humanitarian organisations, must be preserved. Ministers also reiterated support for the Emergency Relief Coordinator’s humanitarian reset.

    26 . Ministers committed to continue close collaboration on protecting and promoting gender equality internationally and countering rollback of rights, including through Australia-UK Strategic Dialogues on Gender Equality and progressing subsequent agreed commitments, such as the UK-Australia Gender Based Violence MoU.

    27 . Ministers reaffirmed their commitment to the full implementation of the Women Peace and Security (WPS) agenda. They acknowledged the 25th anniversary of UN Security Council Resolution 1325 and agreed to continue working together on implementing the WPS agenda, promoting the full, equal, meaningful and safe participation and leadership of women in conflict prevention, mediation and resolution, and working together on preventing conflict-related sexual violence and ending impunity.

    28 . Ministers reiterated their serious shared concerns about human rights violations in China, including the persecution and arbitrary detention of Uyghurs and Tibetans and the erosion of their religious, cultural, education and linguistic rights and freedoms. They expressed their deep concern with the transfer of a cohort of 40 Uyghurs to China against their will in February this year. Ministers shared grave concerns about the ongoing systemic erosion of Hong Kong’s autonomy, freedom, rights and democratic processes, including through the imposition of national security legislation and the prosecution of individuals such as British national Jimmy Lai and Australian citizen Gordon Ng. They shared their deep concern over the actions of Hong Kong authorities in targeting pro-democracy activists both within Hong Kong and overseas, including in Australia and the UK.

    29 . Ministers expressed growing concern over foreign information manipulation and interference (FIMI) and attempts to undermine security and democratic institutions and processes. They committed to working closely to analyse and respond to FIMI in order to raise the costs for malign actors, and build collective responses to FIMI, including in multilateral fora, and to promote resilient, healthy, open and fact-based environments.

    30 . Ministers acknowledged the unprecedented opportunities presented by critical and emerging technologies, including artificial intelligence, and the need to mitigate harms to build trust and confidence. They committed to collaborate on reciprocal information sharing on advanced AI capabilities and research, including between Australian agencies and the UK AI Security Institute, and working together to capture the opportunities of AI through the bilateral Cyber and Critical Technology Partnership.

    31 . Australia welcomed the UK’s new Laboratory for AI Security Research (LASR) and looked forward to exploring the opportunities for cooperation between our nations. The lab will pull together our world-class industry, academia and government agencies to ensure we reap the benefits of AI, while detecting, disrupting and deterring adversaries who would use it to undermine our national security and economic prosperity.

    32 . Ministers expressed shared concern over the persistent threat of malicious cyber activities impacting our societies and economies and agreed to continue to work closely on leveraging all tools of deterrence, including the use of attributions and sanctions to impose reputational, financial costs and travel bans on these actors. Our respective statements calling out the egregious activity of Russia’s GRU on Friday 18 July is a good example of such cooperation.

    33 . The UK is pleased to welcome Australia as a partner to the Common Good Cyber Fund, designed to strengthen cybersecurity for individuals most at risk from digital transnational repression. The Fund was first launched by the Prime Ministers of the UK and Canada under the G7 Rapid Response Mechanism. This participation underscores the growing commitment among G7 partners and like-minded nations to counter this threat and to deliver support to those who may be targeted.

    34 . Ministers reiterated their commitment to the Commonwealth as a unique platform for cross-regional dialogue and cooperation. They noted the importance of the Commonwealth in elevating the voices of small developing states on issues of global importance. Ministers took note of the important role of the Commonwealth Small States Offices in New York and Geneva, and committed to looking into options for expansion of this offer.

    Building shared defence capability

    35 . Ministers welcomed the continued growth in the bilateral defence relationship including the deployment of a British Carrier Strike Group to Australia for Exercise Talisman Sabre 2025 as part of an Indo-Pacific deployment. HMS Prince of Wales is the first UK aircraft carrier to visit Australia since 1997 and the deployment demonstrates the UK’s ongoing commitment to increase interoperability with Australia in the Indo-Pacific following significant contributions to Exercises Pitch Black and Predator’s Run in 2024. Ministers look forward to future opportunities in Australia and the wider region, including leveraging the Royal Navy’s (RN) offshore patrol vessels persistently deployed in the Indo-Pacific.

    36 . Ministers also welcomed the success of the inaugural Australia-UK Staff Level Meeting, with the second meeting set to take place in Australia later this year. This forum will continue to progress joint strategic and operational objectives, supporting the evolution of the bilateral relationship.

    37 . Ministers reaffirmed their enduring commitment to the generational AUKUS partnership, which is supporting security and stability in the Indo-Pacific and beyond, enhancing our collective deterrence against shared threats. This capability and technology sharing partnership will deliver military advantage to deter adversaries and promote regional security. The partnership also provides new pathways for innovation, boosting interoperability between partners and strengthening our combined defence industrial base.

    38 . Ministers announced their intent to sign a bilateral AUKUS treaty between the UK and Australia on Saturday, 26 July. The Treaty is a landmark agreement, which will underpin the next 50 years of UK-Australian bilateral cooperation under AUKUS Pillar I.

    39 . The Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines; support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia’s nuclear-powered submarine program; and realise increased port visits and the rotational presence of a UK Astute Class submarine at HMAS Stirling under Submarine Rotational Force – West.

    40 . The Treaty will enable our two countries to deliver a cutting-edge undersea capability through the SSN-AUKUS, in conjunction with our partner the US. Through working together we are supporting stability and security in the Indo-Pacific and beyond for decades to come, creating thousands of jobs, strengthening our economies and supply chains, building our respective submarine industrial bases and providing new opportunities for industry partners.

    41 . Ministers welcomed the significant progress made towards delivering Pillar I, including the entry into force of the AUKUS Naval Nuclear Propulsion Agreement between Australia, the UK and US on 17 January 2025 and the progress in design of the SSN-AUKUS submarines that will be operated by the RN and the Royal Australian Navy (RAN).

    42 . Ministers welcomed the UK’s June commitment, in its Strategic Defence Review, to build up to 12 SSN-A submarines, and continuous submarine production through investments in Barrow and Raynesway that will allow the UK to produce a submarine every 18 months, and recognised the UK’s additional investment to transform the UK’s submarine industrial base.

    43 . Ministers reaffirmed Australia and the UK’s strong and ongoing commitment to the delivery of the AUKUS Optimal Pathway. Reflecting the UK’s enduring dedication to this partnership, and long-standing engagement in the Indo-Pacific, Ministers welcomed the planned deployment of a RN submarine to undertake a port visit to Australia in 2026, delivering a varied programme of operational and engagement activities. The visit will support preparations for the establishment of the Submarine Rotational Force – West from as early as 2027, and represents another step forward on the shared path towards the delivery of SSN-AUKUS – ensuring our navies are ready, integrated, and capable of operating together to promote security and stability in the region.

    44 . Ministers underscored the importance of ensuring Australia’s acquisition of a conventionally-armed, nuclear-powered submarine capability sets the highest non-proliferation standard, and endorsed continued close engagement with the International Atomic Energy Agency.

    45 . Ministers affirmed their commitment under AUKUS Pillar II to continue to deliver tangible advanced capabilities to our defence forces and welcomed progress to date. By leveraging advanced technologies, our forces become more than the sum of their parts. They underlined the importance of Pillar II in streamlining capability acquisition and strengthening our defence innovation and industry sectors.

    46 . As part of Talisman Sabre 25, AUKUS partners participated in Maritime Big Play activities as well as groundbreaking AI and undersea warfare trials. The partners tested the remote operation of the UK’s Extra Large Unmanned Underwater Vehicle, Excalibur, controlled from Australia while operating in UK waters. The exercise once again accelerated interoperability between our forces and the accelerated integration of remote and autonomous systems.

    47 . Ministers noted the successful UK E-7A Seedcorn training program in Australia. The program, which is set to conclude in December 2025, was established to preserve a core of Airborne Early Warning and Control expertise within the Royal Air Force (RAF) and to lay a strong foundation for the introduction of the UK’s own Wedgetail aircraft. Thanks to the exceptional support of the Royal Australian Air Force (RAAF), since its inception in 2018, 30 RAF personnel – including pilots, mission crew, engineer officers, aircraft technicians, and operations specialists – have benefited from world-class training and exposure to the Wedgetail capability.

    48 . Ministers welcomed the upcoming deployment of a RAAF E-7A Wedgetail to Europe in August under Operation Kudu to help protect vital supply lines for humanitarian aid and military assistance into Ukraine. Delivering upon the vision for true interchangeability detailed in the Wedgetail Trilateral Joint Vision Statement in 2023, this deployment will see the Wedgetail jointly crewed by Australian and British service members in a live operational setting.  Ministers also welcomed Australia’s decision to extend support for training Ukrainian personnel under Operation Interflex, through Operation Kudu, to the end of 2026. Australia and the UK will also continue to work closely together to share insights and observations from the conflict.

    49 . Ministers reiterated their nations’ continued investment in the Five Power Defence Arrangements (FPDA) as a unique multilateral arrangement that plays a constructive role in building habits of cooperation and enhancing the warfighting capabilities of its members. They look forward to Exercise Bersama Lima 2025 which will feature high-end warfighting serials and next-generation assets such as Australia’s F-35s and the UK’s Carrier Strike Group.

    50 . Ministers affirmed their shared ambition to conduct a bilateral defence industry dialogue at both the Senior Official and Ministerial levels, providing a forum to deepen defence industry collaboration, enhance joint capability development, and cooperate on procurement reform to ensure improved efficiency in capability acquisition and sustainment.

    51 . Ministers agreed to deepen cooperation on using Active Electronically Scanned Array (AESA) radar technology in both nations. This includes exploring the potential of using Australian AESA radar technologies for UK integrated air and missile defence applications. They agreed to undertake a series of targeted risk reduction activities in the near future to inform future decisions.”

    52 . Ministers agreed to progress personnel exchanges that support the future combat effectiveness of the Australian Hunter Class and British Type 26 Frigates. To support the introduction of these platforms into service, the RAN and RN will undertake a series of maritime platform familiarisation activities that enable our people to gain experience in critical capabilities, including underwater and above water weapon systems, primary acoustical intelligence analysis, and overall signature management.

    53 . Ministers agreed to strengthen their sovereign defence industries through closer collaboration between the UK’s Complex Weapons Pipeline and Australia’s Guided Weapons and Explosive Ordnance Enterprise. As a first step the Ministers announced a collaborative effort to develop modular, low cost components for next-generation weapon systems.

    54 . Ministers acknowledged the shared legacy and the contribution of veterans to the bilateral relationship. They reaffirmed their commitment to identify avenues for closer collaboration on improving veterans’ health and transition services.

    Partnering on trade, climate and energy

    55 . Ministers agreed to work closely to safeguard and strengthen the role that free and fair trade and the rules-based multilateral trading system plays in economic prosperity and building resilience against economic shocks.

    56 . Ministers reaffirmed the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, to economic security and prosperity. Ministers agreed to deepen cooperation to reform and reposition the Organization, and the broader global trading system, to meet the trade challenges of the new economic and geopolitical environment. Ministers agreed to continue working together to overcome blockages in multilateral rulemaking, including by working in smaller and more agile plurilateral groupings to address contemporary challenges, such as non-market policies and practices, which could complement ongoing multilateral efforts. They welcomed cooperation on plurilateral rulemaking, including efforts to have the E-Commerce Agreement incorporated into WTO architecture and brought into force as soon as possible. They reaffirmed the importance of restoring a fully-functioning dispute settlement system as soon as possible, welcoming the UK’s decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) while our countries work to fix the system.

    57 . Ministers welcomed the entry into force of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024 and welcomed Australia as 2025 Chair. Ministers affirmed the need to work cooperatively together to ensure the CPTPP remains high standard and fit-for-purpose in addressing evolving challenges through continued progress on the CPTPP General Review and expansion of the membership. They looked forward to planned CPTPP trade and investment dialogues with the EU and with ASEAN.

    58 . Ministers welcomed the second meeting of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) Joint Committee on 3 June which celebrated the strong and growing trade and investment relationship between the UK and Australia and the strong uptake of the agreement’s benefits.

    59 . Ministers welcomed close engagement on economic security under the annual United Kingdom-Australia Economic Security Dialogue, noting that its establishment by AUKMIN in 2023 was timely in preparing for future needs. They reflected on the closer integration of our analysis capabilities and committed to a joint-funded track 1.5 to generate practical insights and informal policy dialogue that will inform our joint economic security efforts.

    60 . As both countries continue to develop their bilateral partnership through the UK-Australia FTA, the Economic Security Dialogue, and other fora, Ministers committed to deepening cooperation in key sectors of mutual interest. Ministers view this as an opportunity to explore new areas of collaboration and share best practices in the interests of boosting bilateral trade and investment, facilitating innovation and research, and supporting our mutual economic security and resilience. This year, officials in relevant departments will compare approaches with the aim to identify areas of common interest or complementary strength and discuss further opportunities for related cooperation. This may include initiatives to advance supply chain resilience, frontier research, investment promotion, public finance cooperation, and effective regulation.

    61 . Ministers affirmed the calls in the Global Stocktake under the Paris Agreement for countries to come forward in their next NDCs with ambitious emissions reduction targets aligned with keeping 1.5 degrees within reach. In that context, Ministers recognised the immense economic opportunities in ambitious climate action and a rapid transition to renewable energy. Ministers welcomed the UK’s ambitious NDC and looked forward to Australia’s NDC and Net-Zero Plan. Ministers further welcomed the report released by the UN Secretary General titled ‘Seizing the Moment of Opportunity: Supercharging the new energy era of renewables, efficiency, and electrification’ that highlighted the compelling economic case for the rapidly declining cost of renewable energy, and the rapidly growing role of the clean energy economy in powering jobs and economic growth. Ministers affirmed their determination to fulfil multilateral climate commitments and reiterated the importance of reforming the finance system and improving access to climate finance for developing countries. Ministers recommitted to building nature-positive economies to support a central theme of Brazil’s COP Presidency. The UK reiterated its support for Australia’s bid to host COP31 in partnership with the Pacific and expressed the hope that a decision would soon be reached. Ministers welcomed UK sharing its hosting experience and agreed to explore secondments to support COP31 planning. The UK and Australia welcome the close collaboration between our countries in the Intergovernmental Negotiating Committee (INC) negotiations for an international legally binding instrument on plastic pollution, including through our shared membership of the High Ambition Coalition to End Plastic Pollution. At this critical juncture ahead of INC-5.2, the final opportunity to secure an agreement, we call upon all members of the INC to recommit to working constructively to achieve an effective comprehensive agreement that addresses the full lifecycle of plastic. We recognise that Commonwealth countries are particularly affected by plastic pollution and in that regard we renew our commitment to collaborating through the Commonwealth Clean Ocean Alliance, to tackle plastic pollution in the commonwealth. Ministers pledged to deepen collaboration through the UK-Australia Climate and Clean Energy Partnership.

    62 . Ministers welcomed close cooperation to support the development of resilient critical mineral supply chains governed by market principles. This includes developing a roadmap to promote a standards-based market to reflect the real costs of responsible production, processing and trade of critical minerals as agreed at the recent G7 meeting on 17 June. Ministers agreed upon the importance of the sustainable and responsible extraction and processing of critical minerals for the energy transition, and committed to working together on solutions. These include the new Critical Minerals Supply Finance developed by UK Export Finance (UKEF) which can provide finance support to overseas critical minerals projects that supply the UK’s high-growth sectors. UKEF has up to £5bn in finance support available for projects in Australia and will work closely with Export Finance Australia. Ministers also undertook to ensure the UK is consulted on the design and implementation of Australia’s Critical Minerals Strategic Reserve.

    63 . Ministers discussed the leading roles being played by Australia and the UK in the full and effective implementation of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement welcoming in particular Australia’s role as Co-Chair of the Preparatory Commission. Ministers were encouraged by each country’s progress towards ratification of the treaty, which is a landmark agreement for protection of the world’s ocean.

    64 . Ministers discussed the increasing geostrategic, climatic, and resource pressures on the Antarctic and Southern Ocean region and reaffirmed their shared and long-standing commitment to the Antarctic Treaty System (ATS). Ministers committed to upholding together the ATS rules and norms of peaceful use, scientific research, international cooperation and environmental protection, and to deepen understanding of the impact of climate change on the oceans and the world through Antarctic research including in the context of the International Polar Year of 2032/33. Ministers welcomed the United Kingdom’s chairing of CCAMLR for 2024-5 and 2025-6.

    65 . Ministers agreed on the importance of ensuring all children have the right to grow up in a safe and nurturing family environment. Ministers recognised the transformative impact on children’s health, capacity to learn and economic prospects that growing up in a family-based environment can have. Ministers acknowledged the UK’s Global Campaign on Children’s Care Reform and agreed to work together to drive international awareness and demonstrate their commitment to children’s care reform.

    66 . Ministers reiterated their commitment to upholding shared values and continuing to invest in sustainable development, gender equality, disability equity and social inclusion, which underpin global prosperity. To support sustainable development, Ministers agreed to deepen cooperation with emerging donors of development assistance, to diversify funding, enhance development effectiveness, share lessons and build trust and transparency with partners. Ministers committed to work together to deliver sustainable solutions for Small Island Developing States (SIDS), recognising their unique vulnerabilities and to ensure meaningful engagement in international processes, including ODA graduation.

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    Published 25 July 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Appointments to the Board of Royal Botanic Gardens, Kew

    Source: United Kingdom – Executive Government & Departments

    News story

    Appointments to the Board of Royal Botanic Gardens, Kew

    Three new appointments and two reappointments made

    A series of appointments and reappointments have been made to the Board of Royal Botanic Gardens, Kew.

    Dame Dervilla Mitchell, Dr Fiona Pathiraja and Sarah Greasley have been appointed as Trustees. Dervilla and Fiona’s four-year terms commenced on 1 July 2025. Sarah’s four-year term will commence on 1 October 2025.

    Steve Almond and Kate Priestman have been reappointed as Trustees for a second term of four years from 2 October 2025 to 1 October 2029.

    These appointments have been made in accordance with the Governance Code on Public Appointments published by the Cabinet Office. All appointments are made on merit and political activity plays no part in the selection process.

    Biographies

    Dame Dervilla Mitchell

    Dervilla is an experience engineering leader who has been involved in significant infrastructure programmes at Heathrow, Dublin and Abu Dhabi airports. She has also led the design of a range of new build and renovation projects in different sectors. She spent the majority of her career at Arup, a trust-owned organisation, latterly serving as Global Deputy Chair and Ethics Director.

    She became involved in the decarbonisation agenda whilst a member of the Council for Science and Technology and subsequently took on the role of Chair of the National Engineering Policy Centre’s decarbonisation working group. Her non-executive experience has been gained through Trustee roles as Vice President of the Royal Academy of Engineering and serving as a school governor at three different girls’ schools in London.

    She was awarded a DBE for Services to Engineering in 2024, having previously received a CBE in 2014. She has received Honorary Doctorates from University College Dublin, as well as Imperial College London, where she now sits on the Industry Advisory Board for the Department of Civil and Environmental Engineering.

    Dr Fiona Pathiraja

    Fiona is an investor and philanthropist. She is Managing Partner of Crista Galli Ventures, a pan-European healthtech venture capital firm. She serves on several boards and is currently a trustee of the Royal College of Physicians and the Royal College of Arts. Fiona leads philanthropic endeavours at IPQ Capital, her Family Office, and is vice-chair of London Business School’s fundraising board.

    A former NHS consultant radiologist at University College London Hospital, Fiona has held a range of strategic and leadership roles across healthcare, including Clinical Advisor to the Department of Health and Social Care. She is a Fellow of the Royal College of Radiologists, a Member of the Faculty of Public Health, and holds Master of Business Administration and Master of Public Health degrees. Fiona is an advocate for greater diversity in technology and investment.

    Sarah Greasley

    Sarah is an accomplished technology leader with more than 40 years’ expertise working in both the technology and financial services industries. She was Solutions Architecture Director for Europe, Middle East and Africa at Amazon Web Services, and prior to that, she was Group Chief Technology Officer at Direct Line Group and a Distinguished Engineer at IBM. She has a broad range of leadership experience across new technologies, strategy, risk and resilience. She also has a strong focus on increasing diversity, equity and inclusion.

    She has a degree in Mathematics from the University of Cambridge and is a Chartered Fellow of the British Computing Society, as well as a Fellow of the Institute of Engineering and Technology. Sarah is a Trustee of the British Exploring Society and a Governor at Charterhouse School.

    Steve Almond

    After obtaining a BA in History at Royal Holloway College, University of London, Steve trained as a Chartered Accountant at Deloitte and spent much of his career there as an Audit Partner specialising in the financial services industry. He worked in a variety of roles for 16 years on the Deloitte UK Executive and, concurrently, eight years on the Global Executive. He has a wealth of experience advising large company boards and audit committees and served for 10 years on the board of Deloitte UK. In 2011, he was elected Chairman of Deloitte’s Global Board. In that capacity, he represented Deloitte on various external bodies, including the Accounting for Sustainability Advisory Board; International Integrated Reporting Council; Social Progress Index Advisory Board; and the World Business Council for Sustainable Development.

    Kate Priestman

    Kate has worked in the biopharma industry for over 25 years and is currently Chief Corporate and External Affairs Officer at CSL. Before joining CSL, Kate served as Senior Vice-President of R&D Strategy and Portfolio at GlaxoSmithKline, focused on the development of transformational medicines and vaccines. Kate also serves as a Non-Executive Director at Oxford Nanopore Technologies PLC. Kate’s career has spanned roles in commercial, corporate governance, communications and government affairs, following an early career at the BBC as a presenter and documentary maker. In her spare time, Kate is an artist and creator of a popular design blog; her work inspired an installation in the Chicago Botanic Garden in 2016 and is used in schools as part of the creative arts curriculum.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: ECB appoints Isabel Vansteenkiste as Counsellor to President Lagarde

    Source: European Central Bank

    25 July 2025

    • Isabel Vansteenkiste to become Principal Counsellor to the President and Coordinator of the Counsel to the Executive Board
    • Her predecessor Roland Straub to become Deputy Director General Market Operations
    • Both appointments effective as of 15 September 2025

    The Executive Board of the European Central Bank (ECB) has appointed Isabel Vansteenkiste, currently Director General International and European Relations, as Principal Counsellor to the President and Coordinator of the Counsel to the Executive Board. Ms Vansteenkiste will take up her new role on 15 September 2025. In this role, she will advise the President on a wide range of economic and strategic policy matters and support preparations for Executive Board and Governing Council meetings, as well as for high-level international engagements. She will also oversee the work of the Counsel to the Executive Board. Ms Vansteenkiste succeeds Roland Straub, who has been appointed Deputy Director General Market Operations as of the same date.

    “I am very much looking forward to working with Isabel Vansteenkiste in her new role and would like to express my heartfelt gratitude to Roland Straub for his hugely valuable contributions and unwavering commitment over many years, which I know will continue in his new role,” said ECB President Christine Lagarde.

    As Deputy Director General Market Operations, Mr Straub will play a pivotal role in shaping the strategy and work agenda of the Directorate General Market Operations. The Directorate General is responsible for preparing and implementing monetary policy and foreign exchange operations, managing the ECB’s foreign reserves and monitoring market developments. Mr Straub joined the ECB in 2007 and previously served as Counsellor to former ECB President Mario Draghi and former Executive Board member Benoît Cœuré, as well as holding positions in the areas of research and international and European relations. He holds a master’s degree in economics from Goethe University Frankfurt and a PhD in economics from the European University Institute in Florence.

    Ms Vansteenkiste has been at the ECB for 23 years, holding various professional and senior managerial roles in areas including international and European relations, economics and monetary policy. In her current position, she oversees monitoring and analysis of global economic trends and supports the Executive Board in formulating policy positions on international, EU and euro area matters. She holds a PhD in economics from KU Leuven.

    For media queries, please contact Eszter Miltényi-Torstensson, tel.: +49 171 7695305.

    Notes

    MIL OSI Europe News

  • MIL-OSI Africa: SA signs US$474.6 million loan for Just Energy Transition

    Source: Government of South Africa

    Friday, July 25, 2025

    South Africa and the African Development Bank (AfDB) have signed a US$474.6 million loan agreement aimed at supporting the implementation of the Just Energy Transition (JET).

    The loan agreement with the AfDB follows the first policy loan concluded in 2023 to support South Africa’s Just Energy Transition. 

    “This new agreement highlights the importance of South Africa’s partnership with the AfDB in advancing South Africa’s development agenda. It strengthens efforts to improve energy security measures, accelerate the decarbonisation of the economy, and enhance the socio-economic benefits of the energy transition enabling inclusive economic growth and fostering job creation,” National Treasury said on Thursday.

    This loan is part of the third Development Policy Operation which includes participation from the World Bank, KFW Development Bank, Japan International Cooperation Agency, and the Organisation of the Petroleum Exporting Countries Fund for International Development (OPEC Fund) to support structural reforms to enhance the efficiency, resilience, and sustainability of the country’s infrastructure services.

    It offers favourable concessional financial terms at a nominal value of US$474.6 million with a maturity of 15 years and a 3-year grace period at an interest rate of a daily Secured Overnight Financing Rate (SOFR) plus 1.22%.

    “The National Treasury wishes to express its appreciation to the AfDB for its continued partnership and support of South Africa’s development objectives. 

    “This includes efforts to implement critical reforms in the energy and transport sectors, while also advancing the country’s Just Energy Transition goals and meeting foreign currency commitments at lower interest rates.” – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: Hlabisa to lead third roundtable with business on local government review

    Source: Government of South Africa

    The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, will lead the third CoGTA–National Business Initiative (NBI) Roundtable on the review of the 1998 White Paper on Local Government.

    According to the department, Hlabisa will be joined by Deputy Minister Dr Namane Dickson Masemola at the East London International Convention Centre in East London on Wednesday, 30 July 2025.

    The roundtable, themed ‘Every Municipality Must Work – A Call to Collective Action’, is part of an inclusive policy reform process aimed at shaping a modern and effective local government system.

    This engagement will allow the business sector to reflect on the legacy and limitations of the 1998 White Paper and identify policy priorities for a renewed local government framework. 

    The platform will also offer practical recommendations from business and provincial perspectives and strengthen partnerships to improve governance and infrastructure delivery.

    “Efficient local government is critical to economic growth and business sustainability. Poor service delivery increases operational costs, disrupts business, and threatens jobs. 

    “This roundtable offers business leaders a platform to influence policies that reduce investment risk and foster a conducive business environment,” the advisory read. 

    Attendees will include business leaders, key economic institutions, Buffalo City Metro executive leadership, NBI, local business chambers in the Eastern Cape, and other private sector stakeholders. 

    In April this year, Hlabisa officially published a discussion document on the Review of the 1998 White Paper on Local Government. 

    This represents a significant and necessary step towards creating a reimagined and results-oriented local government system in South Africa.

    This document, published under Notice No. 6118 (Gazette: 52498), initiates a national discussion aimed at producing a revised White Paper on Local Government by March 2026.

    According to the department, the review aims to incite fresh thinking, honest reflection, and decisive action toward building a fit-for-purpose local government system that truly serves the people of South Africa. 

    In addition, the document aims to assess and revise outdated assumptions of the 1998 White Paper on Local Government and strengthen cooperative governance among the three spheres of government. 

    The initiative aims to align reforms with related efforts, including amendments to the Municipal Finance Management Act (MFMA), the Municipal Structures Act, and the Spatial Planning and Land Use Management Act (SPLUMA). 

    It also seeks to enhance integration with traditional leadership, improve community participation, and address systemic challenges, such as municipal financial sustainability, over-politicisation, climate risk, and spatial inequality. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Europe: Monetary developments in the euro area: June 2025

    Source: European Central Bank

    25 July 2025

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 decreased to 3.3% in June 2025 from 3.9% in May, averaging 3.7% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 4.6% in June from 5.1% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.1% in June, compared with -0.1% in May. The annual growth rate of marketable instruments (M3-M2) decreased to 10.4% in June from 11.5% in May.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.9 percentage points (down from 3.2 percentage points in May), short-term deposits other than overnight deposits (M2-M1) contributed -0.3 percentage points (down from 0.0 percentage points) and marketable instruments (M3-M2) contributed 0.7 percentage points (down from 0.8 percentage points).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 3.3% in June from 3.5% in May, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.5% in June from 2.7% in May. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 13.1% in June from 15.4% in May.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in June 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 2.6 percentage points (up from 2.4 percentage points in May), net external assets contributed 2.4 percentage points (down from 2.5 percentage points), claims on general government contributed 0.0 percentage points (down from 0.2 percentage points), longer-term liabilities contributed -1.1 percentage points (as in the previous month), and the remaining counterparts of M3 contributed -0.6 percentage points (down from -0.1 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 2.0% in June 2025, compared with 1.9% in the previous month. The annual growth rate of claims on general government decreased to 0.1% in June from 0.6% in May, while the annual growth rate of claims on the private sector increased to 2.7% in June from 2.5% in May.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 3.0% in June from 2.8% in May. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 2.2% in June from 2.0% in May, while the annual growth rate of adjusted loans to non-financial corporations increased to 2.7% in June from 2.5% in May.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News

  • MIL-OSI Russia: The number of direct flights from Ordos to Ulaanbaatar has been increased

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    Recently, the number of direct flights from Ordos (Inner Mongolia Autonomous Region of China) to Ulaanbaatar (Mongolia) was officially increased to 5 flights per week.

    The new Ordos to Ulaanbaatar flight is operated by China United Airlines under the number KN807. It successfully took off from Ejin Horo International Airport in Ordos on July 18. China United Airlines operates three flights a week on Mondays, Fridays and Sundays, with a one-way flight time of about 2 hours 5 minutes.

    The opening of this route will further promote cooperation between the two regions in the fields of tourism, trade, economy and culture, and will have a positive impact on strengthening regional connectivity.

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

    .

    MIL OSI Russia News

  • MIL-OSI Africa: Her Excellency (H.E.) Bridget Motsepe-Radebe to Headline WomenIN Festival 2025 as Keynote Speaker

    Source: APO

    The WomenIN (WiN) (www.WeAreWomenIN.com) Festival is proud to announce Her Excellency Bridget Motsepe-Radebe, Chairman & Founder of Mmakau Mining and Ambassador for Economic Development at the Pan-African Parliament, as the official keynote speaker for the highly anticipated WomenIN Festival 2025, taking place from 13–14 November 2025 in Cape Town, South Africa.

    Renowned for her bold leadership, advocacy for gender and economic equality, and trailblazing legacy in the mining sector, H.E. Motsepe-Radebe has consistently broken barriers and redefined power and influence on the continent. Her presence at this year’s festival is set to ignite conversations, inspire generations, and elevate the mission of WomenIN — to connect, empower, and celebrate women across industries and borders.

    “Having H.E. Bridget Motsepe-Radebe headline this year’s WomenIN Festival is a full-circle moment for so many of us,” says Naz Fredericks Maharaj, Director of the WomenIN Portfolio. “She is a living symbol of what it means to lead with both courage and conviction. Her voice reflects the essence of this year’s theme — Limitless. No Labels. No Limits. No Apologies. We are honoured to welcome her to the stage, and even more excited for what her message will unlock in every woman attending this year’s festival.”

    The WomenIN Festival brings together women leaders, entrepreneurs, creatives, and changemakers from diverse sectors including mining, energy, mobility, finance, fashion, media, and the green economy. With a curated program of thought-provoking dialogues, fireside chats, capacity-building sessions, live activations, and power networking, the festival is a movement — not just a moment.

    This keynote announcement marks the first of many exciting speaker and program reveals as the WomenIN team rolls out its boldest edition yet.

    Tickets are officially on sale — reserve your seat and be part of a movement that’s shaking the world:

    Visit www.WeAreWomenIN.com to get your ticket, sponsor someone else’s, or explore partnership opportunities.

    Come as you are. Leave ignited.

    Distributed by APO Group on behalf of VUKA Group.

    Additional Links:
    Website: www.WeAreWomenIN.com
    Link to tickets : https://apo-opa.co/450gy1h

    WomenIN (WiN): Empowering Women, Breaking Barriers, Creating Impact
    WomenIN is a powerful cross-sector movement that connects, inspires, and uplifts women across Africa through collaboration, leadership, and sustainable development. From energy and mobility to retail, gaming, and the green economy, WiN is driving real change by building inclusive ecosystems where women can thrive.

    Through a range of in-person gatherings, digital content, workshops, and sector-specific initiatives, WomenIN provides a trusted platform for female professionals, entrepreneurs, changemakers, and allies to grow together, break silos, and co-create solutions for Africa’s future. With a strong focus on capacity building, leadership development, and market access for female-owned businesses, WomenIN is building a legacy of impact for generations to come.

    Whether you’re a corporate, NPO, SMME, or individual changemaker, there is space for you at the table—because we win when we WiN together.

    For more information, please visit: www.WeAreWomenIN.com or contact our team at info@wearewomenin.com.

    ABOUT VUKA Group:
    VUKA Group brings people and organisations together to connect with information and each other in meaningful conversations that drive growth and transformation across Africa’s industries. With 20+ years of experience on the continent, the group delivers sector-leading platforms across Energy, Mining, Smart Mobility, Transport, Retail, and Women Empowerment.

    The WomenIN (WiN) portfolio is a flagship initiative of VUKA Group, championing gender inclusivity and creating opportunities for women to lead, influence, and innovate across sectors. With a proudly African team and a commitment to sustainable development, VUKA is creating a future where everyone has the opportunity to rise.

    Learn more at: www.WeAreWomenIN.com

    Media files

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    MIL OSI Africa

  • MIL-OSI Africa: The Gambia: African Development Fund Approves $19.93 Million Grant to Tackle Fragility and Expand Opportunities for Rural Youth and Women

    Source: APO

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved $19.93 million grant funding for the Resilience Building – Vulnerable Youth and Women Support Project, designed to improve access to basic social services for underserved communities in The Gambia.

    The initiative seeks to address the root causes of poverty and irregular migration by creating sustainable livelihoods and tackling early signs of fragility and preventing structural drivers of conflict and instability in the targeted region. It forms part of the Bank’s scaled-up prevention agenda under the Prevention Envelope of the Transition Support Facility (TSF), which emphasizes early response to fragility risks and systematic drivers of conflict.

    The Gambia faces severe economic challenges, with 53.4% of the population living below the poverty line. Poverty is particularly severe in rural areas, affecting 76 percent of residents, compared to 34 percent in urban areas. Youth unemployment stands at 38.6%, with women disproportionately impacted — 1.3 unemployed women for every unemployed man. These socio-economic disparities, coupled with limited access to services, are major push factors fuelling irregular migration and social instability.

    Although the country has achieved robust electricity access nationwide, glaring regional inequalities persist. In areas such as Kuntaur and Janjanbureh, fewer than one in four people have access to electricity, compared to 95 percent in the capital. Additionally, one in four children suffers from malnutrition. By targeting these gaps, the project aims to renew the social contract and foster community resilience.

    “This project represents our commitment to tackling the foundational causes of fragility, poverty, exclusion, and lack of opportunity, by investing in people and systems that build community resilience and hope,” said Dr. Joseph Ribeiro, African Development Bank Deputy Director General for West Africa, and Country Manager for The Gambia. “Through the TSF Prevention Envelope, we are acting early to prevent conflict and youth migration by fostering inclusive growth, gender equality, and institutional stability, while building foundations for sustainable livelihoods that will keep families and communities together.”

    The project will directly create 1,500 jobs, enhance productivity for 5,000 existing positions, and provide annual skills training to 500 youth in high-demand sectors such as agriculture, engineering, ICT, and renewable energy. In addition, support will be extended to 500 women-led micro and small enterprises and 50 women’s cooperatives.

    Key investments in health infrastructure will include rehabilitating four primary health facilities vulnerable regions, including Basse, Kuntaur, and Janjanbureh, where maternal mortality and child malnutrition rates exceed national averages. Enhanced nutrition surveillance systems will enable early detection for 22,000 children and facilitate treatment for 1,000 children requiring specialized care.

    Food insecurity has surged, rising from 13.4 percent in 2021 to 29 percent in 2023, with peaks of 61 percent in areas such as Kuntaur. The project will address this crisis by promoting climate-smart agriculture and strengthening local values chains to improve food security and reduce vulnerability to climate shocks.

    Financial inclusion is a core pillar of the intervention. With 77 percent of Gambian youth currently excluded from formal financial services, the project will establish dedicated credit lines and provide business development support to unlock entrepreneurship, particularly for women who face systemic barriers to accessing capital and markets.

    The initiative also includes scaling up efforts to tackle gender-based violence and inequality, and capacity-building for government institutions to enhance data-driven policymaking and long-term monitoring of fragility trends.

     Civil society organisations, including the Association of Non-Governmental Organizations (TANGO), will be central to ensuring the project is inclusive, participatory, and aligned with national priorities.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Natalie Nkembuh,
    Communication and Media Relations Department
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

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    MIL OSI Africa

  • MIL-OSI: Bitcoin Swift Presale Enters Final 24 Hours of Stage 1 with Token Fixed at $1

    Source: GlobeNewswire (MIL-OSI)

    Stage 2 Will Introduce Price Increase and APY Adjustment as Project Prepares for Solana Deployment and AI-Driven Governance Rollout

    LUXEMBOURG, July 25, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a new decentralized infrastructure protocol focused on AI automation, privacy-first identity, and programmable staking, has officially entered the final 24 hours of its Stage 1 presale. During this period, the token remains available at a fixed price of $1.00 with an annual percentage yield (APY) of 143%, set to adjust at the start of Stage 2. The full presale is scheduled to conclude on September 18, 2025, with a planned launch price of $15.00.

    The limited-time window marks the last opportunity for early participants to gain access to the Bitcoin Swift ecosystem at its initial entry point. Stage 2 of the presale will begin with a 100% price increase and rebalanced staking terms aligned with the protocol’s Proof-of-Yield (PoY) mechanism.

    Building a Programmable Financial Layer

    Bitcoin Swift is introducing what it describes as a “programmable financial operating system” — integrating AI-powered smart contracts, zk-SNARK privacy layers, and decentralized identity for user-based governance.

    Rather than limiting functionality to post-launch phases, BTC3 is designed to allow token holders to interact with key protocol features during the presale itself. Users are able to stake tokens, participate in AI-curated governance decisions, and engage with beta smart contract modules backed by federated AI oracles.

    The platform utilizes a hybrid proof-of-work and proof-of-stake (PoW/PoS) consensus layer while incorporating AI oversight to enhance consensus efficiency and reward accuracy. Its modular design allows Bitcoin Swift to evolve as user behavior and network activity scale.

    Security and Compliance

    Bitcoin Swift has completed KYC verification for its core development team and has undergone audits by both Spywolf and Solidproof. According to project documentation, these evaluations assessed smart contract integrity, tokenomics security, and compliance readiness. A detailed audit summary is available on the Bitcoin Swift website.

    Upcoming Milestones on the Roadmap

    The Bitcoin Swift roadmap includes a staged rollout with the following key deliverables:

    • Q3–Q4 2025: Launch on Solana network; activation of Proof-of-Yield (PoY) rewards and presale utility access
    • Q1 2026: Integration of reinforcement learning modules into the smart contract engine
    • Q2 2026: Deployment of zk-ledger privacy infrastructure and beta release of shielded DeFi tools
    • Q3 2026: Activation of full DAO governance structure with AI-powered voting simulator
    • Q4 2026: Migration from Solana to native BTC3 chain through trustless 1:1 bridge and institutional onboarding

    Each phase represents a tangible product or infrastructure milestone with scheduled delivery dates. The current presale period enables community participation ahead of full mainnet deployment.

    Community and Ecosystem Growth

    Since the start of the presale, Bitcoin Swift has seen growing community engagement on its governance forums and social platforms. The protocol’s on-chain identity framework enables quadratic voting — a mechanism where governance influence is weighted by user reputation and verified credentials, rather than token quantity alone.

    The early traction reflects broader industry interest in decentralized ecosystems that offer programmable value accrual mechanisms and built-in security frameworks. The Proof-of-Yield (PoY) model distributes staking rewards at the close of each presale stage, incentivizing long-term engagement.

    Time-Sensitive Participation Window

    With Stage 1 concluding in less than 24 hours, the Bitcoin Swift presale is entering its first major transition point. Following this window, the token price will double to $2.00, and staking APY will be recalculated based on the updated tokenomics schedule. Only 64 total days have been allocated for the presale, with a hard stop date of September 18, 2025.

    The protocol’s structure offers early participants real-time access to evolving features, rather than requiring them to wait for mainnet activation. This model has attracted interest from a range of developers, users, and prospective governance delegates.

    About Bitcoin Swift

    Bitcoin Swift (BTC3) is a decentralized platform combining AI, privacy technology, and on-chain governance to create a scalable and adaptable financial protocol. It is built with a modular framework that supports programmable smart contracts, zk-SNARK privacy features, and a hybrid consensus mechanism optimized for real-world utility.

    The presale is currently live, with details, documentation, and roadmap updates available on the official website.

    For more information, visit:
    https://bitcoinswift.com

    Contact:
    Luc Schaus
    support@bitcoinswift.com 

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

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2262bfc1-38f1-4d98-9143-e444e8838e3e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1150a950-2f95-4a97-bcc8-4be8bc637e63

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1e943815-e52c-49ff-a5c2-d77949a0ec3e

    The MIL Network

  • MIL-OSI China: ​Internet industry conference shines light on future development

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

    The opening ceremony of the 24th China Internet Conference in Beijing, July 23, 2025. [Photo by Liu Sitong/China.org.cn]

    The 24th China Internet Conference opened in Beijing on July 23, with industry experts gathering to share their thoughts on the development and future of the internet sector. 

    At the event’s opening ceremony, Wu Hequan, former vice president of the Chinese Academy of Engineering, said the internet sector has entered an era of development driven by artificial intelligence (AI). As such, he said that the industry should rely on AI agents, instead of generative AI, to create new application scenarios in order to realize commercial success. 

    Wu added that “AI for Internet” and “Internet for AI” will empower new quality productive forces and drive the transformation of business formats; however, related applications still require further innovations in technology and to business models. 

    Tang Ke, deputy general manager of China Telecom, spoke about the profound upgrading of AI-related computing power, data, algorithms, applications and security technology amid the new round of sci-tech revolution and industrial transformation that has reshaped the industrial ecosystem. 

    To ride this trend, Tang explained that China Telecom has been innovating technologies and fully developing its strength in AI. In addition, the company is building smart cloud capabilities, exploring computing power coordination to improve efficiency, and enriching AI applications while ensuring security. 

    Cheng Jianjun, vice president of China Mobile, said as a new driving force for digital economy, computing power has been growing faster than they could have been imagined. He explained that the company has so far established 13 smart computing centers and are currently building several super-large smart computing centers. 

    He added that the company has also invested in quantum technology, including a quantum computing cloud platform that has connected 500 universities and colleges and incubated a dozen enterprises. Meanwhile, to serve the development of low-altitude economy, the company is building a digital infrastructure network enabling integrated sensing and communication.

    Hao Liqian, deputy general manager of China Unicom, spoke about his company’s efforts to accelerate the integrated development of computing power, network, digital technology and large-scale models, and their focus on offering AI services that are convenient, efficient, practical, safe and inclusive. By innovating services, the company has also helped various regions such as Beijing and Chongqing to upgrade their government service hotlines to go smart. 

    Zhu Zheng, senior vice president and chief development officer of the popular e-commerce company Pinduoduo, introduced a program they launched in April. The company plans to invest 100-billion-yuan worth of resources over the next three years to improve the e-commerce ecosystem and help businesses on their platform transform and upgrade. 

    According to Zhu, the company has so far connected 1,000 agricultural areas and helped 16 million agricultural workers to participate in the digital economy. Meanwhile, the firm also provides digital services for manufacturing enterprises regarding product design and development, production and branding. 

    Gao Ji, chief executive officer of Chinese semiconductor provider HiSilicon, said that the audio video industry is highly relevant to the development of the internet sector. The company aims to provide an improved consumer experience with audio and video products. 

    Han Yonggang, vice president of China’s leading cybersecurity company QAX, said the company has aligned cybersecurity capabilities with digital development. He said that AI security means ensuring safe use of AI technology as well as using AI as a new driving force to enhance our security capabilities. He called for cybersecurity management and technology to be better connected, ensuring cybersecurity management with systematic technical support. 

    The China Internet Conference was organized by the Internet Society of China and will run until July 25.

    MIL OSI China News

  • MIL-OSI Banking: BSTDB Backs Renewable Energy Expansion in Bulgaria and Romania with €40 Million Loan to Renalfa IPP

    Source: Black Sea Trade and Development Bank

    Press Release | 24-Jul-2025

    Joint €315 million international financing to accelerate clean energy investments

    The Black Sea Trade and Development Bank (BSTDB) is providing up to €40 million loan to support the development, hybridization, and expansion of Renalfa IPP’s renewable energy assets in Bulgaria and Romania. The financing forms part of a broader €315 million financing package secured from leading development finance institutions and commercial banks, including the European Bank for Reconstruction and Development (EBRD), Kommunalkredit Austria AG, OTP Hungary, NLB Slovenia, and UniCredit BulBank.

    The funds will enable Renalfa IPP to upgrade its portfolio of renewable energy and battery energy storage systems (BESS), contributing to the decarbonization of Bulgaria’s and Romania’s power systems. The project will help diversify the countries’ energy mix, enhance energy security, and accelerate their transition to low-carbon economies. The BSTDB financing will also help catalyze further private and public sector investments, generate employment during both the construction and operation phases, and create long-term value for local communities. The operation represents a major step forward in the region’s transition toward cleaner, more secure, and sustainable energy systems.

    “This investment marks an important milestone in BSTDB’s efforts to support the clean energy transition in the Black Sea region,” said Dr. Serhat Köksal, BSTDB President.  “By backing the development of solar, wind, and battery storage infrastructure in Bulgaria and Romania, we are strengthening the resilience and competitiveness of their electricity sectors. The operation will play a key role in addressing the countries’ growing energy demands, while also reducing carbon emissions and supporting their commitments to climate goals. Moreover, it aligns closely with BSTDB’s Climate Strategy and reinforces our commitment to financing sustainable infrastructure and regional growth.”

    Ivo Prokopiev, CEO of Renalfa IPP, commented: “The successful raising of growth funding is an important milestone for Renalfa IPP and for our whole group. It proves the competitiveness of our integrated model for developing, investing and operating large hybrid assets. The early implementation of long duration co-located BESS allows Renalfa IPP to start offering green baseload products to market in CEE for the first time. We are proud, together with our partners from RGreen, to be on the frontier of energy transition not only in CEE, but in the whole EU.”

    Renalfa IPP is a leading independent power producer based in Vienna, specializing in the development, construction, and operation of renewable energy projects across Central and Eastern Europe. As an established platform with strong business model capabilities, Renalfa IPP works across the full value chains from project origination to asset operation. The company focuses on solar, wind, and Battery Energy Storage Systems (BESS), supporting the region’s transition to a sustainable and low-carbon energy future. Renalfa IPP is a joint venture between Renalfa Solarpro Group and RGREEN INVEST. 

    Renalfa Solarpro Group is a Vienna based clean energy and e-mobility investment group with a focus on renewable energy generation assets. Renalfa Solarpro is an established platform with strong business model capabilities, working across the full solar PV, wind, and BESS value chains from project origination to asset operation.

    RGREEN INVEST is an independent French mission-driven investment management company committed to helping investors channel their capital towards financing projects dedicated to accelerating the energy transition, mitigation, and adaptation to climate change.

    https://www.renalfa.com

    https://www.rgreeninvest.com

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks

  • MIL-OSI: Stage 8 Presale Live for EVM Layer 2 Meme Coin Little Pepe, With Over $12M Raised in Total

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 25, 2025 (GLOBE NEWSWIRE) — Little Pepe (LILPEPE) is redefining what meme coins can accomplish in 2025. Built on an Ethereum Virtual Machine (EVM)-compatible Layer 2 community, this rapidly rising meme token has formally entered stage 8 of its presale. Priced at $0.0017, the latest stage follows a major milestone: over $12 million raised and more than 8.5 billion tokens sold so far. These numbers are turning heads across the crypto area, signaling both strong investor confidence and a brand-new wave of demand for meme coins that blend utility with viral culture.

    While many meme coins rely completely on internet hype and celebrity-pushed buzz, Little Pepe sticks out by way of turning in a scalable infrastructure built for long-term use. Its success in investment rounds and engaged network endorse that it can turn out to be one of the standout meme projects of the year.

    Layer 2 Power Meets Meme Energy

    What makes Little Pepe different is its Ethereum Layer 2 foundation, a crucial advancement that enhances the project’s overall utility and user experience. By operating on a Layer 2 chain, $LILPEPE can offer key benefits such as Lower transaction fees, Faster execution times, Reduced network congestion, and Ethereum-level security

    For users tired of expensive gas fees and slow transactions, Little Pepe’s infrastructure offers a welcome alternative. The EVM compatibility ensures seamless integration with existing Ethereum dApps and tools, increasing accessibility for developers and investors alike.

    This tech-forward approach gives Little Pepe a critical edge. While meme coins are typically seen as speculative, $LILPEPE is being increasingly viewed as a platform in development—a token with the architecture to support real-world applications in the near future.

    Over $12 Million Raised—and Counting

    Little Pepe’s presale has already crossed the $12 million mark, showcasing serious interest from retail and possibly even institutional investors. With each stage offering a higher price, whale investors have already seen the value of their holdings increase, reinforcing confidence in the project’s long-term prospects.

    More than 8.5 billion tokens have been sold, showing rapid and sustained interest as the presale progresses. Unlike many projects that struggle to maintain attention beyond initial hype, Little Pepe is building momentum with each passing week. The pace of this funding also indicates growing demand for Ethereum-based meme coins that offer something more. Investors aren’t just betting on humor—they’re betting on blockchain performance, future integrations, and scalability.

    Stage 8: A Crucial Presale Chapter

    Stage 8 marks a critical moment in the presale journey. At $0.0017, the current token price reflects the project’s rising profile and strong community support. As Little Pepe gets closer to potential exchange listings, this stage may represent one of the final opportunities for whale investors to secure a favorable entry point.

    Interest in Stage 8 is already climbing, mirroring the energy seen in previous rounds. With such a strong funding record and an increasingly global presence, it’s likely that this stage will sell out quickly—especially as the project approaches a broader marketing push and public launch. 

    As presale stages progress, each phase tends to close faster than the last. Investors following the project closely are now eyeing Stage 8 as a key moment to get in before $LILPEPE becomes more widely available.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:

    Website: https://littlepepe.com/

    Telegram: https://t.me/littlepepetoken

    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e74c864-def7-475a-a4cf-261380ce4586

    The MIL Network

  • MIL-OSI Russia: Chinese and Russian think tanks should strengthen cooperation – Alexander Lukin

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    ZHENGZHOU, July 25 (Xinhua) — In the current complex and changing international situation, think tanks in Russia and China should strengthen cooperation, said Alexander Lukin, research director of the Institute of China and Modern Asia at the Russian Academy of Sciences, on the sidelines of the SCO Media and Think Tank Summit, which is being held from July 23 to 27 in Zhengzhou, capital of Henan Province, central China.

    Many scientific centers in Russia are already working on this, including the Institute of China and Modern Asia of the Russian Academy of Sciences. Analytical centers of China and Russia are strengthening cooperation in such areas as economics, international security, world politics, etc., added A. Lukin.

    “Strengthening cooperation between analytical centers of China and Russia, first of all, contributes to mutual understanding between the peoples, scientists and governments of our countries,” said A. Lukin. “In addition, such cooperation helps to strengthen and improve the quality of analytics and scientific information of both countries, and its promotion both within their countries and in the world as a whole.”

    A. Lukin noted that China’s economic development at the end of the 20th and beginning of the 21st centuries is a completely unique achievement in the history of mankind. Its uniqueness lies in the fact that such a combination of these methods was found that was suitable for such a huge country as China.

    According to him, this successful experiment deserves a thorough study, which is what researchers in many countries around the world are doing. -0-

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

    .

    MIL OSI Russia News

  • MIL-OSI Russia: Chinese company launches pilot autonomous taxi service in Saudi Arabia

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    RIYADH, July 25 (Xinhua) — Chinese technology company WeRide on Wednesday launched a pilot autonomous taxi service under the Robotaxi brand in Saudi Arabia.

    Several dozen vehicles serve King Khalid International Airport and several key areas of Riyadh, including major highways and select destinations in the city centre.

    WeRide said it expects to launch full commercial operations by the end of 2025.

    “The pilot launch of the autonomous taxi service reflects the Kingdom’s vision and strategic investment in the future of mobility,” said Saudi Arabia’s Minister of Transport and Logistics Services Saleh bin Nasser Al Jasser. “This step reinforces our commitment to fostering innovation, adopting cutting-edge technologies, and creating a globally competitive, efficient and sustainable transport sector that supports economic growth and improves quality of life for all,” he added.

    “The kingdom’s forward-thinking approach and commitment to innovation make it a natural market for our regional expansion,” said Li Xuan, WeRide’s chief financial officer and head of international. –0–

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

    .

    MIL OSI Russia News

  • MIL-OSI Australia: Press conference, Calamvale, Queensland

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Jim Chalmers:

    The purpose of economic reform is to boost incomes and lift living standards over time. When we came to office, living standards were in free fall, inflation was much higher and galloping, real wages were falling, interest rates had already started to come up – and we’ve been turning things around. We’ve got inflation much lower, sustainably within the Reserve Bank’s target band, real wages are growing again, interest rates have started to come down, unemployment is low, we’ve delivered a couple of surpluses and we’ve got the Liberal debt down as well.

    We’ve made a lot of progress together in our economy, but we know that there’s more work to do. We’ve got a big agenda that we are delivering, that we are rolling out. But we know that at a time when people are still under pressure, the global economic environment is uncertain and when we’ve got these persistent structural issues in our economy as well, we’ve got more work to do and that’s what our efforts on economic reform are all about.

    Our Economic Reform Roundtable is all about making our economy more productive and more resilient and our budget more sustainable at the same time. Now, these are long‑standing issues in our economy and there’s no quick fix. We have an agenda that we’re rolling out, and we are looking to build consensus about next steps when it comes to our economy.

    Now, when it comes to the range of views which have been provided, especially in the last couple of days, whether it be from the union movement, the business community, the Productivity Commission, there have been a range of proposals put to us. I know that the Member for Wentworth and the federal parliament is hosting a tax reform discussion today as well.

    I want to make it really clear – we welcome ideas on the future of our economy from every corner of our economy and every part of our communities. This is a good thing to see the kind of engagement and interest that we’ve seen in the government’s Economic Reform Roundtable and all of the processes which surround it. We don’t expect there to be a unanimous view, but we are seeking common ground. We do welcome ideas from all parts of our country and we’re very encouraged by the level of interest and engagement that we are seeing.

    When it comes to the Productivity Commission report released overnight, I wanted to make a couple of points specifically about that. The Productivity Commission makes it really clear that this challenge in our economy has not been just a feature of our economy the last couple of years, but for the last couple of decades. Our productivity challenge is a long‑standing challenge. The weakest decade for productivity growth in the last 60 years was the decade that our political opponents presided over. So, this challenge has been in our economy for some time.

    There are no quick fixes and we want to work with business and unions and the community more broadly to turn that around over time. Making our economy more productive is one of the most important ways that we can boost incomes and lift living standards over time, and that’s why it’s such a priority for us. Our priorities are to make our economy more productive, to make our economy more resilient in the face of all this global uncertainty, and also to make our budget more sustainable. At the same time, the Productivity Commission has provided some thinking to help us work through these issues. We also welcome the input from unions and businesses and others. I suspect that there will be more of this between now and the Roundtable next month, and that’s a very good thing. Happy to take a couple of questions.

    Journalist:

    Minister, I’ve just got a few questions from our journos in Canberra. On productivity, business and unions are already taking shots at each other in the media over the Productivity Roundtable. Are you worried that the process is becoming unconstructive already?

    Chalmers:

    Not at all. There’ll be a range of views about our productivity challenge and that’s a good thing. We welcome engagement and interest and ideas from unions, from business, from the Productivity Commission, from the community sector and from others. It’s a good thing in a country like ours that we can tease out our differences and seek common ground and that’s what we’re seeing right now. This is precisely why we’re seeking to bring people together. Not because we expect everyone to have a unanimous view. But because everyone’s got an interest in strengthening our economy and strengthening our budget, making our economy more productive and more resilient, lifting living standards and boosting incomes.

    Every Australian has an interest in that. Not every Australian will have a unanimous view, but this is our best effort to seek common ground around these big, persistent structural challenges in our economy. We think it’s a good thing that that conversation that people are engaged in is robust. We think it’s a good thing that people are being blunt and upfront about their views. I think that gives us the best possible chance of working out if there’s common ground and where that common ground might exist.

    Journalist:

    How does Queensland benefit from the opening of [INAUDIBLE] beef imports from the US?

    Chalmers:

    Well, this has been a long standing process that has been underway. It’s a scientific process that involves experts and scientists and it makes sure that our arrangements are up to scratch. I see that there’s a lot of commentary around this in the last day or 2. I know that our political opponents want to play their usual low‑rent politics over it but this is a long‑standing scientific process. It’s coming to a conclusion and it’s all about making sure that we have the best arrangements based on the best scientific advice.

    Journalist:

    The ACTU says that workplace managers are dragging down the nation’s productivity. Is that a view you share?

    Chalmers:

    I think it’s obvious that when it comes to decisions taken by managers and by boards and by others, obviously, that has implications for productivity. I think it would be unusual in the extreme if the ACTU representing Australian workers weren’t able to make that view public. And as I said before, and in answer to your colleague’s question here, I think it’s a good thing.

    Whether it’s the unions, the business community, the PC or others, people should be free to express their views about the best way forward when it comes to making our economy more productive. Obviously, decisions taken by managers and by boards and by others are relevant here to the productivity challenge and I think the ACTU should be able to make their views public.

    Journalist:

    Hoping to ask you a question about the ABC’s Four Corners story about the ATO and Paul Keating’s company. Are you confident that ordinary taxpayers would have the same level of access and the opportunity to get a similar outcome on a tax write‑off as the former Prime Minister Paul Keating?

    Chalmers:

    Well, first of all, I want to make it clear that the first I knew about that decision was when I read it on the ABC website. It’s not something that I was involved in or aware of. In fact, the decision, as I understand it, was made about a decade ago in 2015. That’s 3 treasurers ago, 4 if you include Scott Morrison’s sneaky second stint as Treasurer. So, a long time ago under a government of a different persuasion and a few treasurers ago.

    The ATO takes these decisions independently, that’s how the system works, and treasurers of both political persuasions don’t make commentary on the tax affairs of individuals or individual companies. These decisions are rightly taken independently by the ATO. They have their own processes when it comes to reviewing and considering appeals and feedback that they get from different taxpayers. And that is appropriately a matter for them.

    Journalist:

    Will you be contacting them though, and asking them for a full explanation?

    Chalmers:

    Look, I speak regularly with the Commissioner of Tax Rob Heferen. I appointed him not that long ago. We met not that long ago, we catch up relatively frequently, but it’s not for me to second‑guess decisions taken 10 years ago under other treasurers and other tax commissioners. There are good reasons why the ATO takes those sorts of decisions independently, free of political involvement or interference.

    Journalist:

    Do you think that Glencore is bluffing when it says it’s going to close its copper smelter? And if it isn’t bluffing, what is the federal government doing to protect 17,000 indirect jobs through the chain of supply in North Queensland?

    Chalmers:

    This is a very anxious time for the workers of North Queensland and North West Queensland as well. Very anxious time. The Industry Minister, Tim Ayres, gave an update to the Senate yesterday – as I understand it – on these matters. Our priority is to try and find a way through. Minister Ayres, I think, is convening the major players involved here in the next few weeks to try and find a way through.

    I’m not interested in second guessing the explanations that the company might be providing. I’m interested in trying to find a way through, so I work with Tim Ayres. He’s been very focused on this. We’re obviously very aware of it. It’s obviously an anxious time for all of the workers and communities involved and so if we can find a way through, we will. Tim Ayres is bringing people together to try and see what the next steps could be.

    Journalist:

    Minister, France has announced it will recognise Palestine at the UN General Assembly in September, would that influence Australia’s position?

    Chalmers:

    That’s a matter for the French government. Our Australian position is very clear. We’ve called for an immediate end of the war in Gaza and we support an enduring 2 state solution as the best pathway out of this endless cycle of violence. So the Australian position is clear. I know that Penny Wong will be speaking later on today in the context of the AUKMIN ministers meeting in Sydney, so she might have more to add about that then.

    Journalist:

    Ms Spender is hosting her own tax roundtable today where halting the $3 million super tax will be discussed. Would you be open to hearing those similar sorts of views from that roundtable in your own discussions and roundtable?

    Chalmers:

    I’ve been consulting on that issue for 2 and a half years now. We announced that decision, that policy, 2 and a half years ago. We’ve done 3 rounds of formal consultation, there’s been Treasury‑led technical roundtables, stakeholder roundtables, bilateral engagement, so we’ve been engaging and consulting on that for years now. I know that Allegra has a view about it and she has a right to express that view, as do people participating at the roundtable. I want to say this more broadly, I think it’s absolutely terrific that Allegra Spender is bringing people together as part of the tax component of this Economic Reform Roundtable.

    The Economic Reform Roundtable, as I said, is about productivity, resilience and budget sustainability and obviously, tax has a role to play in all 3 of those things so I think it’s a really good thing that Allegra is bringing those experts together in Canberra today. As I understand it, I will obviously listen to and respect the views put forward around that table today in Canberra. My position on making these generous tax concessions – still generous, still concessional – but fairer and more sustainable is well known, well established.

    Thanks very much.

    Journalist:

    Thank you very much, Treasurer.

    MIL OSI News

  • MIL-OSI: Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 July 2025 at 10:00 am (EEST)

    Municipality Finance issues EUR 20 million zero coupon notes under its MTN programme

    Municipality Finance Plc issues EUR 20 million zero coupon notes on 28 July 2025. The maturity date of the notes is 28 July 2065. MuniFin has a right, but no obligation, to redeem the notes early on 28 July 2033.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 July 2025.

    Goldman Sachs Bank Europe SE acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI Economics: ToolShell: a story of five vulnerabilities in Microsoft SharePoint

    Source: Securelist – Kaspersky

    Headline: ToolShell: a story of five vulnerabilities in Microsoft SharePoint

    On July 19–20, 2025, various security companies and national CERTs published alerts about active exploitation of on-premise SharePoint servers. According to the reports, observed attacks did not require authentication, allowed attackers to gain full control over the infected servers, and were performed using an exploit chain of two vulnerabilities: CVE-2025-49704 and CVE-2025-49706, publicly named “ToolShell”. Additionally, on the same dates, Microsoft released out-of-band security patches for the vulnerabilities CVE-2025-53770 and CVE-2025-53771, aimed at addressing the security bypasses of previously issued fixes for CVE-2025-49704 and CVE-2025-49706. The release of the new, “proper” updates has caused confusion about exactly which vulnerabilities attackers are exploiting and whether they are using zero-day exploits.

    Kaspersky products proactively detected and blocked malicious activity linked to these attacks, which allowed us to gather statistics about the timeframe and spread of this campaign. Our statistics show that widespread exploitation started on July 18, 2025, and attackers targeted servers across the world in Egypt, Jordan, Russia, Vietnam, and Zambia. Entities across multiple sectors were affected: government, finance, manufacturing, forestry, and agriculture.

    While analyzing all artifacts related to these attacks, which were detected by our products and public information provided by external researchers, we found a dump of a POST request that was claimed to contain the malicious payload used in these attacks. After performing our own analysis, we were able to confirm that this dump indeed contained the malicious payload detected by our technologies, and that sending this single request to an affected SharePoint installation was enough to execute the malicious payload there.

    Our analysis of the exploit showed that it did rely on vulnerabilities fixed under CVE-2025-49704 and CVE-2025-49706, but by changing just one byte in the request, we were able to bypass those fixes.

    In this post, we provide detailed information about CVE-2025-49704, CVE-2025-49706, CVE-2025-53770, CVE-2025-53771, and one related vulnerability. Since the exploit code is already published online, is very easy to use, and poses a significant risk, we encourage all organizations to install the necessary updates.

    The exploit

    Our research started with an analysis of a POST request dump associated with this wave of attacks on SharePoint servers.

    Snippet of the exploit POST request

    We can see that this POST request targets the “/_layouts/15/ToolPane.aspx” endpoint and embeds two parameters: “MSOtlPn_Uri” and “MSOtlPn_DWP”. Looking at the code of ToolPane.aspx, we can see that this file itself does not contain much functionality and most of its code is located in the ToolPane class of the Microsoft.SharePoint.WebPartPages namespace in Microsoft.SharePoint.dll. Looking at this class reveals the code that works with the two parameters present in the exploit. However, accessing this endpoint under normal conditions is not possible without bypassing authentication on the attacked SharePoint server. This is where the first Microsoft SharePoint Server Spoofing Vulnerability CVE-2025-49706 comes into play.

    CVE-2025-49706

    This vulnerability is present in the method PostAuthenticateRequestHandler, in Microsoft.SharePoint.dll. SharePoint requires Internet Information Services (IIS) to be configured in integrated mode. In this mode, the IIS and ASP.NET authentication stages are unified. As a result, the outcome of IIS authentication is not determined until the PostAuthenticateRequest stage, at which point both the ASP.NET and IIS authentication methods have been completed. Therefore, the PostAuthenticateRequestHandler method utilizes a series of flags to track potential authentication violations. A logic bug in this method enables an authentication bypass if the “Referrer” header of the HTTP request is equal to “/_layouts/SignOut.aspx”, “/_layouts/14/SignOut.aspx”, or “/_layouts/15/SignOut.aspx” using case insensitive comparison.

    Vulnerable code in PostAuthenticateRequestHandler method (Microsoft.SharePoint.dll version 16.0.10417.20018)

    The code displayed in the image above handles the sign-out request and is also triggered when the sign-out page is specified as the referrer. When flag6 is set to false and flag7 is set to true, both conditional branches that could potentially throw an “Unauthorized Access” exception are bypassed.

    Unauthorized access checks bypassed by the exploit

    On July 8, 2025, Microsoft released an update that addressed this vulnerability by introducing additional checks to detect the usage of the “ToolPane.aspx” endpoint with the sign-out page specified as the referrer.

    CVE-2025-49706 fix (Microsoft.SharePoint.dll version 16.0.10417.20027)

    The added check uses case insensitive comparison to verify if the requested path ends with “ToolPane.aspx”. Is it possible to bypass this check, say, by using a different endpoint? Our testing has shown that this check can be easily bypassed.

    CVE-2025-53771

    We were able to successfully bypass the patch for vulnerability CVE-2025-49706 by adding just one byte to the exploit POST request. All that was required to bypass this patch was to add a “/” (slash) to the end of the requested “ToolPane.aspx” path.

    Bypass for CVE-2025-49706 fix

    On July 20, 2025, Microsoft released an update that fixed this bypass as CVE-2025-53771. This fix replaces the “ToolPane.aspx” check to instead check whether the requested path is in the list of paths allowed for use with the sign-out page specified as the referrer.

    CVE-2025-53771 fix (Microsoft.SharePoint.dll version 16.0.10417.20037)

    This allowlist includes the following paths: “/_layouts/15/SignOut.aspx”, “/_layouts/15/1033/initstrings.js”, “/_layouts/15/init.js”, “/_layouts/15/theming.js”, “/ScriptResource.axd”, “/_layouts/15/blank.js”, “/ScriptResource.axd”, “/WebResource.axd”, “/_layouts/15/1033/styles/corev15.css”, “/_layouts/15/1033/styles/error.css”, “/_layouts/15/images/favicon.ico”, “/_layouts/15/1033/strings.js”, “/_layouts/15/core.js”, and it can contain additional paths added by the administrator.

    While testing the CVE-2025-49706 bypass with the July 8, 2025 updates installed on our SharePoint debugging stand, we noticed some strange behavior. Not only did the bypass of CVE-2025-49706 work, but the entire exploit chain did! But wait! Didn’t the attackers use an additional Microsoft SharePoint Remote Code Execution Vulnerability CVE-2025-49704, which was supposed to be fixed in the same update? To understand why the entire exploit chain worked in our case, let’s take a look at the vulnerability CVE-2025-49704 and how it was fixed.

    CVE-2025-49704

    CVE-2025-49704 is an untrusted data deserialization vulnerability that exists due to improper validation of XML content. Looking at the exploit POST request, we can see that it contains two URL encoded parameters: “MSOtlPn_Uri” and “MSOtlPn_DWP”. We can see how they are handled by examining the code of the method GetPartPreviewAndPropertiesFromMarkup in Microsoft.SharePoint.dll. A quick analysis reveals that “MSOtlPn_Uri”  is a page URL that might be pointing to an any file in the CONTROLTEMPLATES folder and the parameter “MSOtlPn_DWP” contains something known as WebPart markup. This markup contains special directives that can be used to execute safe controls on a server and has a format very similar to XML.

    WebPart markup used by the attackers

    While this “XML” included in the “MSOtlPn_DWP” parameter does not itself contain a vulnerability, it allows attackers to instantiate the ExcelDataSet control from Microsoft.PerformancePoint.Scorecards.Client.dll with CompressedDataTable property set to malicious payload and trigger its processing using DataTable property getter.

    Code of the method that handles the contents of ExcelDataSet’s CompressedDataTable property in the DataTable property getter

    Looking at the code of the ExcelDataSet’s DataTable property getter in Microsoft.PerformancePoint.Scorecards.Client.dll, we find the method GetObjectFromCompressedBase64String, responsible for deserialization of CompressedDataTable property contents. The data provided as Base64 string is decoded, unzipped, and passed to the BinarySerialization.Deserialize method from Microsoft.SharePoint.dll.

    DataSet with XML content exploiting CVE-2025-49704 (deserialized)

    Attackers use this method to provide a malicious DataSet whose deserialized content is shown in the image above. It contains an XML with an element of dangerous type “System.Collections.Generic.List1[[System.Data.Services.Internal.ExpandedWrapper2[…], System.Data.Services, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089]]”, which allows attackers to execute arbitrary methods with the help of the well-known ExpandedWrapper technique aimed at exploitation of unsafe XML deserialization in applications based on the .NET framework. In fact, this shouldn’t be possible, since BinarySerialization.Deserialize in Microsoft.SharePoint.dll uses a special XmlValidator designed to protect against this technique by checking the types of all elements present in the provided XML and ensuring that they are on the list of allowed types. However, the exploit bypasses this check by placing the ExpandedWrapper object into the list.

    Now, to find out why the exploit worked on our SharePoint debugging stand with the July 8, 2025 updates installed, let’s take a look at how this vulnerability was fixed. In this patch, Microsoft did not really fix the vulnerability but only mitigated it by adding the new AddExcelDataSetToSafeControls class to the Microsoft.SharePoint.Upgrade namespace. This class contains new code that modifies the web.config file and marks the Microsoft.PerformancePoint.Scorecards.ExcelDataSet control as unsafe. Because SharePoint does not execute this code on its own after installing updates, the only way to achieve the security effect was to manually run a configuration upgrade using the SharePoint Products Configuration Wizard tool. Notably, the security guidance for CVE-2025-49704 does not mention the need for this step, which means at least some SharePoint administrators may skip it. Meanwhile, anyone who installed this update but did not manually perform a configuration upgrade remained vulnerable.

    CVE-2025-53770

    On July 20, 2025, Microsoft released an update with a proper fix for the CVE-2025-49704 vulnerability. This patch introduces an updated XmlValidator that now properly validates element types in XML, preventing exploitation of this vulnerability without requiring a configuration upgrade and, more importantly, addressing the root cause and preventing exploitation of the same vulnerability through controls other than Microsoft.PerformancePoint.Scorecards.ExcelDataSet.

    DataSet with XML content exploiting CVE-2025-49704 (deserialized)

    CVE-2020-1147

    Readers familiar with previous SharePoint exploits might feel that the vulnerability CVE-2025-49704/CVE-2025-53770 and the exploit used by the attackers looks very familiar and very similar to the older .NET Framework, SharePoint Server, and Visual Studio Remote Code Execution Vulnerability CVE-2020-1147. In fact, if we compare the exploit for CVE-2020-1147 and an exploit for CVE-2025-49704/CVE-2025-53770, we can see that they are almost identical. The only difference is that in the exploit for CVE-2025-49704/CVE-2025-53770, the dangerous ExpandedWrapper object is placed in the list. This makes CVE-2025-53770 an updated fix for CVE-2020-1147.

    DataSet with XML content exploiting CVE-2020-1147

    Conclusions

    Despite the fact that patches for the ToolShell vulnerabilities are now available for deployment, we assess that this chain of exploits will continue being used by attackers for a long time. We have been observing the same situation with other notorious vulnerabilities, such as ProxyLogon, PrintNightmare, or EternalBlue. While they have been known for years, many threat actors still continue leveraging them in their attacks to compromise unpatched systems. We expect the ToolShell vulnerabilities to follow the same fate, as they can be exploited with extremely low effort and allow full control over the vulnerable server.

    To stay better protected against threats like ToolShell, we as a community should learn lessons from previous events in the industry related to critical vulnerabilities. Specifically, the speed of applying security patches nowadays is the most important factor when it comes to fighting such vulnerabilities. Since public exploits for these dangerous vulnerabilities appear very soon after vulnerability announcements, it is paramount to install patches as soon as possible, as a gap of even a few hours can make a critical difference.

    At the same time, it is important to protect enterprise networks against zero-day exploits, which can be leveraged when there is no available public patch for vulnerabilities. In this regard, it is critical to equip machines with reliable cybersecurity solutions that have proven effective in combatting ToolShell attacks before they were publicly disclosed.

    Kaspersky Next with its Behaviour detection component proactively protects against  exploitation of these vulnerabilities. Additionally, it is able to detect exploitation and the subsequent malicious activity.

    Kaspersky products detect the exploits and malware used in these attacks with the following verdicts:

    • UDS:DangerousObject.Multi.Generic
    • PDM:Exploit.Win32.Generic
    • PDM:Trojan.Win32.Generic
    • HEUR:Trojan.MSIL.Agent.gen
    • ASP.Agent.*
    • PowerShell.Agent.*

    MIL OSI Economics

  • MIL-OSI Economics: ToolShell: a story of five vulnerabilities in Microsoft SharePoint

    Source: Securelist – Kaspersky

    Headline: ToolShell: a story of five vulnerabilities in Microsoft SharePoint

    On July 19–20, 2025, various security companies and national CERTs published alerts about active exploitation of on-premise SharePoint servers. According to the reports, observed attacks did not require authentication, allowed attackers to gain full control over the infected servers, and were performed using an exploit chain of two vulnerabilities: CVE-2025-49704 and CVE-2025-49706, publicly named “ToolShell”. Additionally, on the same dates, Microsoft released out-of-band security patches for the vulnerabilities CVE-2025-53770 and CVE-2025-53771, aimed at addressing the security bypasses of previously issued fixes for CVE-2025-49704 and CVE-2025-49706. The release of the new, “proper” updates has caused confusion about exactly which vulnerabilities attackers are exploiting and whether they are using zero-day exploits.

    Kaspersky products proactively detected and blocked malicious activity linked to these attacks, which allowed us to gather statistics about the timeframe and spread of this campaign. Our statistics show that widespread exploitation started on July 18, 2025, and attackers targeted servers across the world in Egypt, Jordan, Russia, Vietnam, and Zambia. Entities across multiple sectors were affected: government, finance, manufacturing, forestry, and agriculture.

    While analyzing all artifacts related to these attacks, which were detected by our products and public information provided by external researchers, we found a dump of a POST request that was claimed to contain the malicious payload used in these attacks. After performing our own analysis, we were able to confirm that this dump indeed contained the malicious payload detected by our technologies, and that sending this single request to an affected SharePoint installation was enough to execute the malicious payload there.

    Our analysis of the exploit showed that it did rely on vulnerabilities fixed under CVE-2025-49704 and CVE-2025-49706, but by changing just one byte in the request, we were able to bypass those fixes.

    In this post, we provide detailed information about CVE-2025-49704, CVE-2025-49706, CVE-2025-53770, CVE-2025-53771, and one related vulnerability. Since the exploit code is already published online, is very easy to use, and poses a significant risk, we encourage all organizations to install the necessary updates.

    The exploit

    Our research started with an analysis of a POST request dump associated with this wave of attacks on SharePoint servers.

    Snippet of the exploit POST request

    We can see that this POST request targets the “/_layouts/15/ToolPane.aspx” endpoint and embeds two parameters: “MSOtlPn_Uri” and “MSOtlPn_DWP”. Looking at the code of ToolPane.aspx, we can see that this file itself does not contain much functionality and most of its code is located in the ToolPane class of the Microsoft.SharePoint.WebPartPages namespace in Microsoft.SharePoint.dll. Looking at this class reveals the code that works with the two parameters present in the exploit. However, accessing this endpoint under normal conditions is not possible without bypassing authentication on the attacked SharePoint server. This is where the first Microsoft SharePoint Server Spoofing Vulnerability CVE-2025-49706 comes into play.

    CVE-2025-49706

    This vulnerability is present in the method PostAuthenticateRequestHandler, in Microsoft.SharePoint.dll. SharePoint requires Internet Information Services (IIS) to be configured in integrated mode. In this mode, the IIS and ASP.NET authentication stages are unified. As a result, the outcome of IIS authentication is not determined until the PostAuthenticateRequest stage, at which point both the ASP.NET and IIS authentication methods have been completed. Therefore, the PostAuthenticateRequestHandler method utilizes a series of flags to track potential authentication violations. A logic bug in this method enables an authentication bypass if the “Referrer” header of the HTTP request is equal to “/_layouts/SignOut.aspx”, “/_layouts/14/SignOut.aspx”, or “/_layouts/15/SignOut.aspx” using case insensitive comparison.

    Vulnerable code in PostAuthenticateRequestHandler method (Microsoft.SharePoint.dll version 16.0.10417.20018)

    The code displayed in the image above handles the sign-out request and is also triggered when the sign-out page is specified as the referrer. When flag6 is set to false and flag7 is set to true, both conditional branches that could potentially throw an “Unauthorized Access” exception are bypassed.

    Unauthorized access checks bypassed by the exploit

    On July 8, 2025, Microsoft released an update that addressed this vulnerability by introducing additional checks to detect the usage of the “ToolPane.aspx” endpoint with the sign-out page specified as the referrer.

    CVE-2025-49706 fix (Microsoft.SharePoint.dll version 16.0.10417.20027)

    The added check uses case insensitive comparison to verify if the requested path ends with “ToolPane.aspx”. Is it possible to bypass this check, say, by using a different endpoint? Our testing has shown that this check can be easily bypassed.

    CVE-2025-53771

    We were able to successfully bypass the patch for vulnerability CVE-2025-49706 by adding just one byte to the exploit POST request. All that was required to bypass this patch was to add a “/” (slash) to the end of the requested “ToolPane.aspx” path.

    Bypass for CVE-2025-49706 fix

    On July 20, 2025, Microsoft released an update that fixed this bypass as CVE-2025-53771. This fix replaces the “ToolPane.aspx” check to instead check whether the requested path is in the list of paths allowed for use with the sign-out page specified as the referrer.

    CVE-2025-53771 fix (Microsoft.SharePoint.dll version 16.0.10417.20037)

    This allowlist includes the following paths: “/_layouts/15/SignOut.aspx”, “/_layouts/15/1033/initstrings.js”, “/_layouts/15/init.js”, “/_layouts/15/theming.js”, “/ScriptResource.axd”, “/_layouts/15/blank.js”, “/ScriptResource.axd”, “/WebResource.axd”, “/_layouts/15/1033/styles/corev15.css”, “/_layouts/15/1033/styles/error.css”, “/_layouts/15/images/favicon.ico”, “/_layouts/15/1033/strings.js”, “/_layouts/15/core.js”, and it can contain additional paths added by the administrator.

    While testing the CVE-2025-49706 bypass with the July 8, 2025 updates installed on our SharePoint debugging stand, we noticed some strange behavior. Not only did the bypass of CVE-2025-49706 work, but the entire exploit chain did! But wait! Didn’t the attackers use an additional Microsoft SharePoint Remote Code Execution Vulnerability CVE-2025-49704, which was supposed to be fixed in the same update? To understand why the entire exploit chain worked in our case, let’s take a look at the vulnerability CVE-2025-49704 and how it was fixed.

    CVE-2025-49704

    CVE-2025-49704 is an untrusted data deserialization vulnerability that exists due to improper validation of XML content. Looking at the exploit POST request, we can see that it contains two URL encoded parameters: “MSOtlPn_Uri” and “MSOtlPn_DWP”. We can see how they are handled by examining the code of the method GetPartPreviewAndPropertiesFromMarkup in Microsoft.SharePoint.dll. A quick analysis reveals that “MSOtlPn_Uri”  is a page URL that might be pointing to an any file in the CONTROLTEMPLATES folder and the parameter “MSOtlPn_DWP” contains something known as WebPart markup. This markup contains special directives that can be used to execute safe controls on a server and has a format very similar to XML.

    WebPart markup used by the attackers

    While this “XML” included in the “MSOtlPn_DWP” parameter does not itself contain a vulnerability, it allows attackers to instantiate the ExcelDataSet control from Microsoft.PerformancePoint.Scorecards.Client.dll with CompressedDataTable property set to malicious payload and trigger its processing using DataTable property getter.

    Code of the method that handles the contents of ExcelDataSet’s CompressedDataTable property in the DataTable property getter

    Looking at the code of the ExcelDataSet’s DataTable property getter in Microsoft.PerformancePoint.Scorecards.Client.dll, we find the method GetObjectFromCompressedBase64String, responsible for deserialization of CompressedDataTable property contents. The data provided as Base64 string is decoded, unzipped, and passed to the BinarySerialization.Deserialize method from Microsoft.SharePoint.dll.

    DataSet with XML content exploiting CVE-2025-49704 (deserialized)

    Attackers use this method to provide a malicious DataSet whose deserialized content is shown in the image above. It contains an XML with an element of dangerous type “System.Collections.Generic.List1[[System.Data.Services.Internal.ExpandedWrapper2[…], System.Data.Services, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089]]”, which allows attackers to execute arbitrary methods with the help of the well-known ExpandedWrapper technique aimed at exploitation of unsafe XML deserialization in applications based on the .NET framework. In fact, this shouldn’t be possible, since BinarySerialization.Deserialize in Microsoft.SharePoint.dll uses a special XmlValidator designed to protect against this technique by checking the types of all elements present in the provided XML and ensuring that they are on the list of allowed types. However, the exploit bypasses this check by placing the ExpandedWrapper object into the list.

    Now, to find out why the exploit worked on our SharePoint debugging stand with the July 8, 2025 updates installed, let’s take a look at how this vulnerability was fixed. In this patch, Microsoft did not really fix the vulnerability but only mitigated it by adding the new AddExcelDataSetToSafeControls class to the Microsoft.SharePoint.Upgrade namespace. This class contains new code that modifies the web.config file and marks the Microsoft.PerformancePoint.Scorecards.ExcelDataSet control as unsafe. Because SharePoint does not execute this code on its own after installing updates, the only way to achieve the security effect was to manually run a configuration upgrade using the SharePoint Products Configuration Wizard tool. Notably, the security guidance for CVE-2025-49704 does not mention the need for this step, which means at least some SharePoint administrators may skip it. Meanwhile, anyone who installed this update but did not manually perform a configuration upgrade remained vulnerable.

    CVE-2025-53770

    On July 20, 2025, Microsoft released an update with a proper fix for the CVE-2025-49704 vulnerability. This patch introduces an updated XmlValidator that now properly validates element types in XML, preventing exploitation of this vulnerability without requiring a configuration upgrade and, more importantly, addressing the root cause and preventing exploitation of the same vulnerability through controls other than Microsoft.PerformancePoint.Scorecards.ExcelDataSet.

    DataSet with XML content exploiting CVE-2025-49704 (deserialized)

    CVE-2020-1147

    Readers familiar with previous SharePoint exploits might feel that the vulnerability CVE-2025-49704/CVE-2025-53770 and the exploit used by the attackers looks very familiar and very similar to the older .NET Framework, SharePoint Server, and Visual Studio Remote Code Execution Vulnerability CVE-2020-1147. In fact, if we compare the exploit for CVE-2020-1147 and an exploit for CVE-2025-49704/CVE-2025-53770, we can see that they are almost identical. The only difference is that in the exploit for CVE-2025-49704/CVE-2025-53770, the dangerous ExpandedWrapper object is placed in the list. This makes CVE-2025-53770 an updated fix for CVE-2020-1147.

    DataSet with XML content exploiting CVE-2020-1147

    Conclusions

    Despite the fact that patches for the ToolShell vulnerabilities are now available for deployment, we assess that this chain of exploits will continue being used by attackers for a long time. We have been observing the same situation with other notorious vulnerabilities, such as ProxyLogon, PrintNightmare, or EternalBlue. While they have been known for years, many threat actors still continue leveraging them in their attacks to compromise unpatched systems. We expect the ToolShell vulnerabilities to follow the same fate, as they can be exploited with extremely low effort and allow full control over the vulnerable server.

    To stay better protected against threats like ToolShell, we as a community should learn lessons from previous events in the industry related to critical vulnerabilities. Specifically, the speed of applying security patches nowadays is the most important factor when it comes to fighting such vulnerabilities. Since public exploits for these dangerous vulnerabilities appear very soon after vulnerability announcements, it is paramount to install patches as soon as possible, as a gap of even a few hours can make a critical difference.

    At the same time, it is important to protect enterprise networks against zero-day exploits, which can be leveraged when there is no available public patch for vulnerabilities. In this regard, it is critical to equip machines with reliable cybersecurity solutions that have proven effective in combatting ToolShell attacks before they were publicly disclosed.

    Kaspersky Next with its Behaviour detection component proactively protects against  exploitation of these vulnerabilities. Additionally, it is able to detect exploitation and the subsequent malicious activity.

    Kaspersky products detect the exploits and malware used in these attacks with the following verdicts:

    • UDS:DangerousObject.Multi.Generic
    • PDM:Exploit.Win32.Generic
    • PDM:Trojan.Win32.Generic
    • HEUR:Trojan.MSIL.Agent.gen
    • ASP.Agent.*
    • PowerShell.Agent.*

    MIL OSI Economics

  • MIL-OSI: 39/2025・Trifork Group: Reporting of transactions made by persons discharging managerial responsibilities

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 39 / 2025
    Schindellegi, Switzerland – 25 July 2025

    Reporting of transactions made by persons discharging managerial responsibilities

    Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Jørn Larsen
    2. Reason for the notification
    a) Position/status CEO
    b) Initial notification/
    Amendment
    Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    Shares

    ISIN CH1111227810

    b) Nature of the transaction A share of 25% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 1,142
    d) Aggregated information

    Aggregated volume —
    Price
    N/A
    e) Date of the transaction 25 July 2025
    f) Place of the transaction Outside a trading venue
    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Kristian Wulf-Andersen
    2. Reason for the notification
    a) Position/status CFO
    b) Initial notification/
    Amendment
    Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    Shares

    ISIN CH1111227810

    b) Nature of the transaction A share of 10% of the fixed monthly salary is paid out in shares as described in the company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 304
    d) Aggregated information

    Aggregated volume —
    Price
    N/A
    e) Date of the transaction 25 July 2025
    f) Place of the transaction Outside a trading venue


    Investor and media contact

    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork (Nasdaq Copenhagen: TRIFOR) is a pioneering global technology company, empowering enterprise and public sector customers with innovative digital products and solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specializes in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Learn more at trifork.com.

    Attachment

    The MIL Network

  • MIL-OSI: Marex Group plc to acquire UK equity market maker Winterflood Securities

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 25, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; NASDAQ: MRX), the diversified global financial services platform, today announces that it has agreed to acquire UK equity market maker Winterflood Securities (Winterflood) from Close Brothers Group plc (Close Brothers) for approximately £103.9 million in cash, which represents a premium of £15 million.

    Winterflood is one of the UK’s leading equity market makers, delivering execution services to over 400 institutional clients and ranking consistently as a top three market counterparty with a market share of about 15% by volume on the London Stock Exchange1. Winterflood has well-established client connectivity through its proprietary technology platform.

    The acquisition is expected to enhance Marex’s existing UK cash equities business, consistent with its strategy to bring new clients and new capabilities onto its platform and diversify earnings. It is also expected to add a substantial distribution offering servicing the UK institutional community, in particular asset and wealth management companies, with the potential to deepen these relationships by offering access to a broader range of Marex’s products from across its platform.

    Winterflood also operates Winterflood Business Services, which provides outsourced dealing, settlement and custody services to a diverse range of clients, including large institutions, investment platforms, wealth managers, and retail aggregators.

    The deal is subject to regulatory approval and is expected to close in early 2026.

    Ian Lowitt, Marex Group Chief Executive Officer, commented:

    “This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market. This deal is consistent with our strict financial criteria, and we see opportunities to materially improve Winterflood’s profitability and pay back its premium within two to three years. We believe we can gain economies from operating at scale and also benefit from Winterflood’s great technology and strong client relationships, which will enable us to introduce additional products and services from across our platform to a new set of clients.”

    Bradley Dyer, CEO of Winterflood Securities, commented:

    “We’re delighted to become part of Marex, which is a high-growth, global financial services company with a strong balance sheet. Our clients will continue to be served by the same team, while also benefitting from the backing of a large and growing company as well as access to a broader range of products and services from Marex. We’re excited to be joining a fast-paced organisation where our teams can thrive.”

    Mike Morgan, Close Brothers Group Chief Executive, commented:

    “We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years and wish them every success in their next chapter with Marex.”

    Forward-Looking Statements:
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected acquisition of Winterflood Securities and the closing of the transaction as well as expected benefits from the acquisition. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    About Marex:
    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.  

    Enquiries please contact:

    Marex: Nicola Ratchford / Adam Strachan

    +44 778 654 8889 / +1 914 200 2508

    nratchford@marex.com / astrachan@marex.com

    FTI Consulting US / UK

    +1 716 525 7239 / +44 7976870961

    marex@fticonsulting.com

    _______________________________

    1Rank and market share is based on Bloomberg data for London Stock Exchange market volumes from January 2019 to December 2024

    The MIL Network

  • MIL-OSI: Annual Financial Report and Notice of AGM

    Source: GlobeNewswire (MIL-OSI)

    25 JULY 2025

    NORTHERN 3 VCT PLC

    ANNUAL REPORT AND FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING

    The annual report and financial statements of Northern 3 VCT PLC (“the Company”) for the year ended 31 March 2025 (“the Annual Report”) and a circular to shareholders including the notice of the 2025 Annual General Meeting, to be held on to be held on Thursday 7 August 2025 (“the Circular”) have been submitted to the National Storage Mechanism.

    Copies of the Annual Report and the Circular are also available on the Company’s website at: www.mercia.co.uk/vcts/n3vct/

    Enquiries:

    Sarah Williams / James Sly, Mercia Fund Management Limited – 0330 223 1430

    Website: www.mercia.co.uk/vcts

    Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.

    The MIL Network

  • MIL-OSI: Management changes in Inbank’s subsidiary companies

    Source: GlobeNewswire (MIL-OSI)

    AS Inbank has updated its group-wide governance principles, including the articles of association, resulting in changes to the management across several significant subsidiaries.

    As of 10 July 2025, AS Inbank CFO and Member of the Management Board Marko Varik was recalled from the Supervisory Board of AS Inbank Finance and appointed to its Management Board. AS Inbank Finance Management Board consists of Marko Varik, AS Inbank Head of Growth and Business Development Piret Paulus and Head of Baltic Business and Member of the Management Board Margus Kastein. On the same date, AS Inbank Chief of Staff and Member of the Management Board Ivar Kurvits, was appointed to the Supervisory Board. The three-member Supervisory Board of AS Inbank Finance now includes AS Inbank CEO and Chairman of the Management Board Priit Põldoja, Head of Risk Control and Member of the Management Board Evelin Lindvers and Ivar Kurvits.

    As of 26 May 2025, the new Management Board Members of Inbank Ventures OÜ are Margus Kastein and Ivar Kurvits. The three-member Management Board of Inbank Ventures OÜ also includes Marko Varik. 

    As of 2 June 2025, Inbank’s Head of Baltic Credit Underwriting Gatis Bergs, was recalled from the Management Board of Inbank Latvia SIA. The three-member Management Board of Inbank Latvia SIA now consists of Inbank Latvia Country Manager Dainis Skrinda, Head of Credit Risk Control Juris Filipovs and Margus Kastein.

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,600 merchants, Inbank has 941,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    The MIL Network

  • Storms dump nearly a year of rain in northern China, 19,000 evacuated

    Source: Government of India

    Source: Government of India (4)

    Storms in northern China have poured nearly a year’s rainfall on the city of Baoding, forcing more than 19,000 people out of their homes, the national forecaster said on Friday.

    Rainfall in Yi, in the western part of Baoding, reached as much as 447.4 mm (17.6 inches) in the 24 hours to early Friday morning, and records were reset at a number of weather stations in Hebei province, which Baoding is part of.

    Official records show that annual rainfall in Baoding averaged above 500 mm.

    A total of 19,453 people from 6,171 households were evacuated, the China Meteorological Administration (CMA) said in a social media post.

    The forecaster did not mention where the residents were moved to but shared a short clip showing two policemen in neon rain jackets boot-deep on a waterlogged street as the rain poured at night.

    The forecaster compared the amount of precipitation to the exceptional rainfall brought by the powerful Typhoon Doksuri to the Hai River basin in 2023, which inundated the capital Beijing with rains unseen since records began 140 years ago.

    The Hai River basin includes Beijing, Hebei province and the big port city of Tianjin.

    Hebei recorded 640.3 mm in annual rainfall last year, 26.6% more than a decades-long average, according to CMA’s 2024 climate bulletin on the province.

    The report said Hebei has been recording consecutive above-average annual precipitation since 2020.

    Last summer, Baoding, together with neighbouring cities Zhangjiakou, Langfang, Xiongan and Cangzhou had 40% more than the usual seasonal precipitation, with some localised areas within Baoding recording 80% more rains, the report showed.

    The intensifying rainfall forms part of the broader pattern of extreme weather across China due to the East Asian monsoon, which has caused disruptions in the world’s second-largest economy.

    Baoding maintained a red alert for heavy rains on Friday morning while Hebei upgraded its emergency response preparedness.

    Chinese authorities are watchful of extreme rainfall and severe flooding, which meteorologists link to climate change, as they challenge China’s ageing flood defences, threaten to displace millions and wreak havoc on a $2.8 trillion agricultural sector.

    (Reuters)

  • Storms dump nearly a year of rain in northern China, 19,000 evacuated

    Source: Government of India

    Source: Government of India (4)

    Storms in northern China have poured nearly a year’s rainfall on the city of Baoding, forcing more than 19,000 people out of their homes, the national forecaster said on Friday.

    Rainfall in Yi, in the western part of Baoding, reached as much as 447.4 mm (17.6 inches) in the 24 hours to early Friday morning, and records were reset at a number of weather stations in Hebei province, which Baoding is part of.

    Official records show that annual rainfall in Baoding averaged above 500 mm.

    A total of 19,453 people from 6,171 households were evacuated, the China Meteorological Administration (CMA) said in a social media post.

    The forecaster did not mention where the residents were moved to but shared a short clip showing two policemen in neon rain jackets boot-deep on a waterlogged street as the rain poured at night.

    The forecaster compared the amount of precipitation to the exceptional rainfall brought by the powerful Typhoon Doksuri to the Hai River basin in 2023, which inundated the capital Beijing with rains unseen since records began 140 years ago.

    The Hai River basin includes Beijing, Hebei province and the big port city of Tianjin.

    Hebei recorded 640.3 mm in annual rainfall last year, 26.6% more than a decades-long average, according to CMA’s 2024 climate bulletin on the province.

    The report said Hebei has been recording consecutive above-average annual precipitation since 2020.

    Last summer, Baoding, together with neighbouring cities Zhangjiakou, Langfang, Xiongan and Cangzhou had 40% more than the usual seasonal precipitation, with some localised areas within Baoding recording 80% more rains, the report showed.

    The intensifying rainfall forms part of the broader pattern of extreme weather across China due to the East Asian monsoon, which has caused disruptions in the world’s second-largest economy.

    Baoding maintained a red alert for heavy rains on Friday morning while Hebei upgraded its emergency response preparedness.

    Chinese authorities are watchful of extreme rainfall and severe flooding, which meteorologists link to climate change, as they challenge China’s ageing flood defences, threaten to displace millions and wreak havoc on a $2.8 trillion agricultural sector.

    (Reuters)

  • Sensex, Nifty fall as FPI selling, weak global cues weigh on sentiment

    Source: Government of India

    Source: Government of India (4)

    India’s benchmark indices declined in early trade on Friday, weighed down by sustained selling by Foreign Portfolio Investors (FPIs) and weak global cues.

    The Nifty fell 110 points, or 0.44 per cent, to 24,943, while the Sensex shed 290 points, or 0.35 per cent, to 82,065.76.

    Ajay Bagga, Banking and Market Expert, said, “Indian markets are pointing to a continued negative outlook as per the traded futures. FPIs remain sellers while DIIs are absorbing the selling. Key support levels are being tested, making today’s price action crucial for the market’s health.”

    He added, “Earnings have largely remained weak, and with no India–US trade deal expected before the August 1 deadline, markets are entering a zone of concern. Fasten seat belts—we are seeing key support holding mainly due to resilient Indian retail investors, who continue to buy on dips and maintain faith in domestic management and the economy.”

    Broad market indices were also under pressure, with the Nifty 100 down 0.53 per cent, the Nifty Midcap 100 slipping 0.34 per cent, and the Nifty Smallcap 100 losing 0.56 per cent.

    Among sectors, only Nifty Pharma stayed in the green, up 0.26 per cent. Others posted losses: Nifty Auto fell 0.66 per cent, Nifty IT 0.19 per cent, Nifty Media 0.40 per cent, and Nifty Metal 0.46 per cent.

    Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty erased all its Wednesday gains on Thursday, dropping 159 points to close at 25,062. Yesterday’s candle formed another bearish engulfing: two in quick succession, which is rare. The key levels now are 25,000 as vital support and 25,245 as resistance. Bears will retain control unless we see a close above 25,340.”

    On the earnings front, several major companies are scheduled to report their quarterly results today, including Bajaj Finserv, Bank of Baroda, Cipla, Shriram Finance, SBI Cards, Schaeffler India, SAIL, Petronet LNG, Laurus Labs, Poonawalla Fincorp, Tata Chemicals, Aadhar Housing Finance, Grindwell Norton, and ACME Solar Holdings.

    Meanwhile, global cues remained weak. Upcoming US–China trade talks in Sweden on Monday are expected to shape the tone for US–India trade negotiations, particularly amid discussions on Russian oil supplies.

    With the RBI’s monetary policy meeting scheduled for August 6, investors are bracing for a potentially weak end to the week.

    Across Asia, markets traded lower. Japan’s Nikkei 225 was down 0.79 per cent, Singapore’s Straits Times slipped 0.48 per cent, Hong Kong’s Hang Seng dropped 1.19 per cent, and Taiwan’s Weighted Index edged down 0.08 per cent. South Korea’s KOSPI was the lone gainer, rising 0.35 per cent.

    (With inputs from ANI)

  • MIL-OSI Analysis: As seas rise and fish decline, this Fijian village is finding new ways to adapt

    Source: The Conversation – Global Perspectives – By Celia McMichael, Professor in Geography, The University of Melbourne

    Celia McMichael, CC BY-NC-ND

    In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland. Once abundant, fish are now harder to find. Sandy beaches and coconut trees have been washed away.

    Like many coastal communities, including those across the Pacific Islands region, this village is now under real pressure from climate change and declining fish stocks. Methods of fishing are no longer guaranteed, while extreme weather and coastal erosion threaten homes and land. As one villager told us:

    we can’t find fish easily, not compared to previous times […] some fish species we used to see before are no longer around.

    When stories like this get publicity, they’re often framed as a story of loss. Pacific Islanders can be portrayed as passive victims of climate change.

    But Nagigi’s experience isn’t just about vulnerability. As our new research shows, it’s about the actions people are taking to cope with the changes already here. In response to falling fish numbers and to diversify livelihoods, women leaders launched a new aquaculture project, and they have replanted mangroves to slow the advance of the sea.

    Adaptation is uneven. Many people don’t want to or can’t leave their homes. But as climate change intensifies, change will be unavoidable. Nagigi’s experience points to the importance of communities working collectively to respond to threats.

    Unwelcome change is here

    The communities we focus on, Nagigi village (population 630) and Bia-I-Cake settlement (population 60), are located on Savusavu Bay in Vanua Levu, Fiji’s second largest island. Fishing and marine resources are central to their livelihoods and food security.

    In 2021 and 2023, we ran group discussions (known as talanoa) and interviews to find out about changes seen and adaptations made.

    Nagigi residents have noticed unwelcome changes in recent years. As one woman told us:

    sometimes the sea is coming further onto the land, so there’s a lot of sea intrusion into the plantations, flooding even on land where it never used to be

    Tides are pushing ashore in Nagigi, threatening infrastructure.
    Celia McMichael, CC BY-NC-ND

    In 2016, the devastating Tropical Cyclone Winston destroyed homes and forced some Nagigi residents to move inland to customary mataqali land owned by their clan.

    As one resident said:

    our relocation was smooth because […] we just moved to our own land, our mataqali land.

    But some residents didn’t have access to this land, while others weren’t willing to move away from the coast. One man told us:

    leave us here. I think if I don’t smell or hear the ocean for one day I would be devastated.

    Adaptation is happening

    One striking aspect of adaptation in Nagigi has been the leadership of women, particularly in the small Bia-I-Cake settlement.

    In recent years, the Bia-I-Cake Women’s Cooperative has launched a small-scale aquaculture project to farm tilapia and carp to tackle falling fish stocks in the ocean, tackle rising food insecurity and create new livelihoods.

    Women in the cooperative have built fish ponds, learned how to rear fish to a good size and began selling the fish, including by live streaming the sale. The project was supported by a small grant from the United Nations Development Programme and the Women’s Fund Fiji.

    Recently, the cooperative’s women have moved into mangrove replanting to slow coastal erosion and built a greenhouse to farm new crops.

    As one woman told us, these efforts show women “have the capacity to build a sustainable, secure and thriving community”.

    The community’s responses draw on traditional social structures and values, such as respect for Vanua – the Fijian and Pacific concept of how land, sea, people, customs and spiritual beliefs are interconnected – as well as stewardship of natural resources and collective decision-making through clans and elders, both women and men.

    Nagigi residents have moved to temporarily close some customary fishing grounds to give fish populations a chance to recover. The village is also considering declaring a locally-managed marine area (known as a tabu). This is a response to climate impacts as well as damage to reefs, pollution and overfishing.

    For generations, village residents have protected local ecosystems which in turn support the village. But what is new is how these practices are being strengthened and formalised to respond to new challenges.

    A women’s cooperative have built aquaculture ponds to raise and sell fish.
    Celia McMichael, CC BY-NC-ND

    Adaptation is uneven

    While adaptation is producing some successes, it is unevenly spread. Not everyone has access to customary land for relocation and not every household can afford to rebuild damaged homes.

    What Nagigi teaches us, though, is the importance of local adaptation. Villagers have demonstrated how a community can anticipate risks, respond to change and threats, recover from damage and take advantage of new opportunities.

    Small communities are not just passive sites of loss. They are collectives of strength, agency and ingenuity. As adaptation efforts scale up across the Pacific, it is important to recognise and support local initiatives such as those in Nagigi.

    Sharing effective adaptation methods can give ideas and hope to other communities under real pressure from climate change and other threats.

    Many communities are doing their best to adapt often undertaking community-led adaptation, even despite the limited access Pacific nations have to global climate finance.

    Nagigi’s example shows unwelcome climatic and environmental changes are already arriving. But it’s also about finding ways to live well amid uncertainty and escalating risk by using place, tradition and community.

    The authors acknowledge the support of the people of Nagigi and Bia-I-Cake, and especially the Bia-I-Cake Women’s Cooperative, for sharing their time and insights.

    Celia McMichael receives funding from the Australian Research Council (ARC).

    Merewalesi Yee does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. As seas rise and fish decline, this Fijian village is finding new ways to adapt – https://theconversation.com/as-seas-rise-and-fish-decline-this-fijian-village-is-finding-new-ways-to-adapt-261573

    MIL OSI Analysis

  • MIL-OSI China: ECB keeps rates on hold

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

    European Central Bank President Christine Lagarde attends a press conference in Frankfurt, Germany, on July 24, 2025. [ECB/Handout via Xinhua]

    The European Central Bank (ECB) announced on Thursday that it will keep key interest rates unchanged at its latest rate-setting meeting.

    The deposit facility rate, through which the central bank steers the monetary policy stance, remains unchanged at two percent.

    Inflation in the euro area inched up to two percent in June from 1.9 percent in May, according to data released by the statistical office of the European Union (EU). The ECB said in a statement that domestic price pressures continue to ease and wages grow at a slower pace.

    While short-term consumer inflation expectations declined for two consecutive months in a row, most measures of longer-term inflation expectations continue to stand at around two percent, explained the central bank.

    As inflation in the euro area hovers around the targeted level of two percent, the ECB reaffirmed that it is determined to make sure the inflation stabilises in the medium term.

    “The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its two percent target in the medium term and to preserve the smooth functioning of monetary policy transmission,” it said.

    Data indicate that the euro area economy has turned out to be resilient. The gross domestic product (GDP) in the first quarter this year rose by 0.6 percent, stronger than expected.

    The ECB cut the interest rate of the deposit facility by two percentage points from June 2024 to June this year.

    While the ECB insists in its press release that the governing council is not pre-committing to a particular rate path, Isabel Schnabel, member of the Executive Board of the ECB, was quoted as saying that the interest rates are in a good place and the bar for another rate cut is very high.

    According to Schnabel, the euro area economy is navigating uncertainties better than expected and “a large fiscal impulse” will further support the economy.

    MIL OSI China News