Category: Economy

Piyush Goyal visits UK to boost economic ties, fast-track India–UK FTA implementation

Source: Government of India

Source: Government of India (4)

Union Minister of Commerce and Industry Piyush Goyal is on a two-day official visit to the United Kingdom from June 18 to 19, aimed at strengthening India–UK economic relations and expediting the implementation of the bilateral Free Trade Agreement (FTA).

The visit follows the announcement of the successful conclusion of the India–UK FTA by Prime Minister Narendra Modi and UK Prime Minister Keir Starmer on May 6.

“Goyal’s visit aims to accelerate bilateral engagements, harness emerging opportunities, and lay a robust foundation for a forward-looking, resilient, and mutually beneficial economic relationship,” the Commerce Ministry said in a statement.

During the visit, Goyal will hold key meetings with UK Secretary of State for Business and Trade Jonathan Reynolds to review ongoing FTA negotiations and outline a time-bound roadmap for its conclusion. He will also meet UK Chancellor of the Exchequer Rachel Reeves to discuss financial cooperation and investment promotion.

Additionally, the Minister will engage with UK Secretary of State for Culture, Media and Sport Lisa Nandy to explore partnerships in creative and innovation-driven sectors.

Goyal is scheduled to participate in several high-level sessions at the India Global Forum (IGF), including a roundtable titled ‘From Agreement to Action: UK–India FTA’, which will bring together global business leaders and investors to discuss the strategic direction of bilateral trade ties.

As part of his business outreach, Goyal will interact with top CEOs and industry leaders from key sectors such as fintech, logistics, shipping, and advanced manufacturing to promote cross-border investment and collaboration.

The visit reinforces India’s strategic focus on transforming its trade relationship with the UK into a robust, inclusive, and sustainable economic partnership.

June 18, 2025
MIL-OSI United Kingdom: Lesley Cowley OBE appointed as Chair of Building Digital UK
Source: United Kingdom – Executive Government & Departments

Press release

Lesley Cowley OBE appointed as Chair of Building Digital UK

Lesley Cowley OBE has been appointed by Technology Secretary Peter Kyle to chair Building Digital UK (BDUK).
Lesley Cowley OBE has been appointed by Technology Secretary Peter Kyle to chair Building Digital UK (BDUK) – the government agency responsible for rolling out fast and reliable broadband and mobile coverage to hard-to-reach places across the UK.

The British businesswoman is widely regarded as an accomplished leader in the digital and technology sectors, offering decades of experience leading a variety of public services and businesses.

The role will see Lesley advise and support BDUK’s executive team on the delivery of BDUK’s two main programmes: Project Gigabit, the government’s rollout of lightning-fast broadband to areas that would otherwise be stuck with slower speeds, and the Shared Rural Network, a joint programme with mobile network operators to boost 4G mobile coverage in rural communities all over the country.

Chair of BDUK Lesley Cowley OBE said:

It is a privilege to join Building Digital UK at such a pivotal moment in its journey. The challenge of ensuring every corner of the UK benefits from fast, reliable digital infrastructure is one I am deeply passionate about.

BDUK is a critical enabler of the Prime Minister’s Plan for Change, helping to grow the economy while ensuring communities are not left behind in the digital age. Working alongside the talented team at BDUK, we will continue to deliver on our mission of creating a more connected, inclusive, and digitally empowered nation.

Technology Secretary Peter Kyle said:

Lesley’s commitment to making a positive difference to public facing services, together with her track record in leading digital transformation and delivering innovative solutions, make her an outstanding choice for Chair of Building Digital UK.

She will be instrumental in helping us deliver on our growth mission, by continuing to drive forward our ambitious plans for better connectivity across the every part of UK, making communities and businesses better off.

Lesley will take up the post on 1 July 2025, taking over from Hazel Hobbs who has served as interim Chair since August 2024.

Her previous executive career culminated in her role as Chief Executive Officer of Nominet, the .uk domain name registry, where for over a decade she led significant growth and evolution from a technical organisation into a key player in the global internet space. She was appointed OBE in recognition of her services to the internet and digital economy.

In her subsequent career, Lesley was the first Chair of the Driver and Vehicle Licensing Agency (DVLA), Chair of Companies House and Lead Non-Executive Director and then first ever Chair of The National Archives. Her current roles include Chair of ACL Ltd and a Non-Executive Director of Public Digital Ltd., both private companies.

She was the Institute of Directors UK NED of the Year Winner, 2019 and has a strong track record of driving technology transformation and customer-first approaches.

ENDS

Notes to editors

Chair appointment

The appointment is for a term of three years.

Building Digital UK

Building Digital UK (BDUK) is an executive agency of the Department for Science, Innovation and Technology (DSIT). It is responsible for the rollout of gigabit-capable broadband and the expansion of 4G mobile coverage in hard-to-reach areas of the UK. BDUK works with suppliers and communities to ensure that people can access fast and reliable digital connectivity that can transform their lives and drive economic growth.

Project Gigabit

Project Gigabit is a government-funded programme to enable hard-to-reach communities to access fast, reliable gigabit-capable broadband. It targets homes and businesses that are not included in broadband suppliers’ commercial plans, reaching parts of the UK that might otherwise miss out on upgrades to next-generation speeds.

The connections delivered by Project Gigabit will benefit rural and remote communities, as well as tackling pockets of poor connectivity in urban areas. Project Gigabit is crucial to the government’s mission to break down barriers to opportunity and kickstart economic growth across the country.

Shared Rural Network

Jointly funded by the government and the UK’s main mobile network operators, the Shared Rural Network is delivering new 4G coverage to places where there is either limited or no 4G coverage at all.

The public and private investment in a shared network of phone masts is driving increases in coverage across all four nations, with the biggest coverage improvements in rural parts of Scotland, Northern Ireland and Wales.

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Published 18 June 2025
MIL OSI United Kingdom –
June 18, 2025
MIL-OSI United Kingdom: Community Wealth Building Plans to Boost Economy

Source: Scotland – City of Dundee

Plans to boost the Dundee economy and support local jobs and growth by harnessing the power of Community Wealth Building are to be discussed by councillors.

A proposed Community Wealth Building Strategy and Action Plan maps out how the city council and key partners will look to help give people a stake in their future.

The strategy builds on work that has been ongoing in the city for a number of years and is designed to complement a range of existing activities that support sustainable economic growth in Dundee.

A report explains how Community Wealth Building uses the power and influence of major anchor partners to work collaboratively. This joint effort will maximise the economic and social power of their organisations as major employers, procurers of goods and services, financial institutions, land and property owners and economic drivers for the city.

Community Wealth Building would help to deliver Dundee Partnership priorities to reduce poverty and inequalities, tackle climate change and enable inclusive economic growth. The strategy covering 2025-30 is described as one of the building blocks to develop a wellbeing economy in Dundee.

The City Governance Committee will be told that since the council began developing its Community Wealth Building approach, the council has improved its ability to track and influence direct procurement spend.

In financial year 2023/24, 47% of procurement spend was in Dundee city, up 7% on last year’s figures. Dundee City Council is ranked 3rd nationally for local spend and above the national average of 30.7%.

Actions detailed in the strategy include working with partners to increase the amount of their procurement spend which is spent locally, and maximising local subcontractor and supplier spend from major capital programmes.

The document outlines how partners would use their position as major employers to promote the principles of Fair Work and continue to tackle Dundee’s low wage employment through promotion of the Real Living Wage as a practical tool to increase families’ incomes.

Supporting inclusive ownership is another method outlined to help grow wealth in the city. This recognises that some business models including social enterprise, cooperative or employee-owned business are better at retaining wealth within a local area.

The City Governance Committee is being asked to approve the strategy at its meeting on Monday June 23.

Depute Convener Cllr Willie Sawers said: “Community Wealth Building focuses on local people and supporting local businesses, to drive wealth back into the community.

“Dundee partners have made good progress so far, as can be seen by the success of our Living Wage campaign.

“But there is still much more we can all do to take forward this new strategy to ensure that local economic development can have the maximum impact on communities and people’s lives.

“This is about making the city a better place for everyone by helping to increase opportunities, reduce unemployment and address issues like deprivation and poverty, as well as the climate emergency.”

MIL OSI United Kingdom –

June 18, 2025
MIL-OSI Asia-Pac: LCQ7: Measures to combat telephone fraud

Source: Hong Kong Government special administrative region

Following is a question by the Hon Duncan Chiu and a written reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (June 18):

Question:

In recent years, the HKSAR Government has adopted diversified measures to actively combat telephone fraud, including introducing the Real-name Registration Programme for Subscriber Identification Module (SIM) Cards (RNR Programme) and the Hong Kong Police Force’s “Scameter+” and requiring local telecommunications service providers (TSPs) to play a voice alert message for calls made from newly activated pre-paid SIM (PPS) cards and block suspicious calls, as well as strengthening co-operation with Mainland and international law enforcement agencies. However, there are views pointing out that local telephone fraud cases have not shown a decreasing trend, causing inconvenience and disturbance to the public in their daily lives. In this connection, will the Government inform this Council:

(1) of the number of telephone fraud cases received by the Police from January to May this year, as well as the amount of money involved in such cases, the number of victims and their age distribution;

(2) of the total number of PPS cards which have been rejected as the clients failed to provide information in compliance with the registration requirements since the introduction of the RNR Programme; the total number of the registration records of non-compliant PPS cards which have been cancelled by the TSPs, together with a breakdown and percentage by reason for non-compliance;

(3) whether it has estimated the number of registered PPS cards resold in the market under the RNR Programme; of the authorities’ countermeasures currently in place against the resale practice concerned, and how they follow up cases of members of the public purchasing and using PPS cards that have long been registered by other persons;

(4) as the 2024 Policy Address has mentioned that the Government would introduce a legislative amendment proposal into this Council to prohibit the resale of registered SIM cards with a view to further enhancing the RNR Programme, of the latest progress of such work and the legislative timetable;

(5) of the accumulated downloads of “Scameter+” since its launch by the Police in February 2023 and the respective numbers of call alerts issued to users and local and non-local suspicious telephone numbers which the TSPs have been required to block; of the details and outcome of the Police’s follow-up actions in respect of such suspicious and blocked telephone numbers; and

(6) whether it has comprehensively reviewed the effectiveness of the various measures introduced by the Government to combat telephone fraud; if so, of the results, and the measures in place to cope with the situation where the number of telephone fraud cases has not decreased, including whether it will adjust the existing overall strategy for combating telephone fraud, as well as introduce relevant enhancement measures and new measures?

Reply:

President,

The Office of the Communications Authority (OFCA) has been devising and implementing a series of preventive measures from the perspective of telecommunications services to assist the Hong Kong Police Force (Police) in combating phone deception at the source. In response to the question raised by the Hon Duncan Chiu, having consulted the Security Bureau, OFCA and the Police, our consolidated reply is as follows:

The Real-name Registration Programme for SIM Cards (RNR Programme) has been fully implemented since February 2023, requiring that all SIM cards issued and used locally (including SIM service plans and pre-paid SIM cards (PPS cards)) must complete real-name registration before service activation. Under the RNR Programme, OFCA has requested telecommunications service providers (TSPs) to conduct regular sampling checks on registered SIM card information, to step up verification of suspicious cases, and to refer cases suspected of violating the law to the Police for handling. If the users subject to sample checks are unable to verify their registered information in accordance with the instructions of the respective TSPs, the relevant PPS cards will be deregistered and cannot be used thereafter. As at end-April this year, around 4.71 million PPS cards were rejected for registration as the clients failed to provide information in compliance with the registration requirements (including cases where registration was done using a copy of an identity document and the information provided was inconsistent with the identity document, etc). Besides, the registration records of about 3.4 million non-compliant PPS cards have been deregistered (including cases where users failed to verify their identities as required during the TSPs’ sampling checks and were suspected of using forged documents for registration, etc). According to the information provided by the TSPs, the majority of deregistration was due to users failing to submit required identity documents for verification as required. OFCA does not maintain information on specific reasons for deregistration by breakdown.

To enhance the effective implementation of the RNR Programme, OFCA has required the TSPs to adopt “iAM Smart” as the default registration method for Hong Kong identity card (HKID) holders. For non-HKID holders, their real-name registration information will be manually verified. Currently, provision of false information and/or false documents under the RNR Programme may constitute a criminal offence. OFCA does not maintain information on the resale of registered PPS cards in the market.

In addition, the Police launched the mobile application “Scameter+” in February 2023 to help members of the public distinguish suspicious online platform accounts, payment accounts, phone numbers, email addresses, websites, etc, and to provide the public with anti-fraud tips. As at end-April this year, “Scameter+” had recorded over 960 000 downloads, 8.4 million searches in its search engine and 1 million alerts issued to members of the public. “Scameter+” has now been upgraded and is equipped with automatic detection functions. The Call Alert function and the Website Detection function within the mobile application will automatically identify scam calls and fraudulent websites. If potential fraud or cyber security risk is detected, “Scameter+” will issue a real-time notification, reminding users not to answer the call or browse the website. As at end-April this year, “Scameter+” had issued over 800 000 warnings about suspicious calls and websites to the public through its automatic function. Under OFCA’s co-ordination, the Police and major TSPs have established a mechanism where the TSPs will, based on the fraud records provided by the Police, block the telephone numbers suspected to be involved in deception cases and intercept suspicious website links as soon as possible. As at end-April this year, more than 50 000 website links and about 9 000 local and non-local phone numbers have been successfully blocked. The Police will also actively investigate cases related to these suspected scam phone numbers.

Apart from the above-mentioned measures, OFCA has also required the TSPs to intercept suspicious calls starting with “+852”, send voice alerts or text messages to all mobile users for overseas calls prefixed with “+852”, and play voice alerts for newly activated PPS cards, as well as has launched the SMS Sender Registration Scheme to assist members of public in distinguishing the identity of the SMS senders. OFCA has also been conducting continuous market surveillance and strengthening publicity activities, as well as has launched the District Anti-Phone Deception Ambassador Scheme in January this year, appointing over 300 District Council members and staff members of their ward offices as District Anti-Phone Deception Ambassadors. Starting from May this year, OFCA has collaborated with District Anti-Phone Deception Ambassadors through community activities to further promote anti-scam messages.

For telephone deception trends, the Police recorded a total of 1 816 telephone deception cases between January and April this year, averaging 454 cases per month and representing a significant 52.3 per cent decrease compared to the monthly average of 951 cases in the fourth quarter of 2024. The financial losses associated amounted to approximately HK$320 million, involving a total of 1 759 victims aged between 15 and 97. For telephone deception cases involving impersonation of customer service emerged since early last year, after focused enforcement efforts by the Police, the monthly average for the first four months this year dropped to approximately 190 cases, recording a decrease of over 80 per cent from the peak of about 1 110 cases in July 2024. These trends highlight the effectiveness of measures implemented by the Government in combating phone deception.

The Government will continue to adopt a multi-pronged approach to combat phone deception and protect the interests of the public. Regarding anti-phone deception measures and the RNR Programme, with reference to the overall implementation experience and the Police’s provision of scam trends on criminal groups using PPS cards, the Government is reviewing the implementation effectiveness of relevant measures and overall operation of the RNR Programme, including reviewing the limit on the number of PPS cards, the arrangement for prohibiting the sale of registered SIM cards or using information of others to conduct real-name registration for profit making, etc. The Government aims to consult relevant Legislative Council Panel within this year.

MIL OSI Asia Pacific News –

June 18, 2025
MIL-OSI Russia: Astana Declaration of the Second Central Asia-China Summit

Translation. Region: Russian Federal

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

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

ASTANA, June 18 (Xinhua) — The second China-Central Asia Summit was held in Astana, the capital of Kazakhstan, on June 17, 2025. Below is the full text of the Astana Declaration of the Second Central Asia-China Summit.

Astana Declaration of the Second Central Asia-China Summit

On June 17, 2025, the second Central Asia-China summit was held in Astana with the participation of the President of the Republic of Kazakhstan K.K. Tokayev, the Chairman of the People’s Republic of China Xi Jinping, the President of the Kyrgyz Republic S.N. Japarov, the President of the Republic of Tajikistan E.Rahmon, the President of Turkmenistan S.G. Berdimuhamedov and the President of the Republic of Uzbekistan Sh.M. Mirziyoyev.

The heads of state of the Central Asia-China format, recognizing the strategic importance of the region and recognizing the importance of further deepening multilateral cooperation based on equality, mutual respect and mutual benefit, declare their commitment to further strengthening friendly relations, deepening political trust and expanding economic cooperation between the countries of Central Asia and China.

In a friendly atmosphere, the parties summed up the results of comprehensive cooperation between the Central Asian states and China, summarized the experience of multifaceted mutually beneficial cooperation, outlined guidelines for further cooperation and stated the following.

1. The Parties highly appreciate the results of the first Summit of Heads of State of the Central Asia-China format (May 19, 2023, Xi’an), the meeting of foreign ministers of the Central Asia-China format (December 1, 2024, Chengdu and April 26, 2025, Almaty), and also actively support the development of priority areas of cooperation at the level of heads of relevant ministries, departments and various forms of interaction.

The Parties agree that the development of fruitful multifaceted cooperation between the Central Asian states and China meets the fundamental interests of all countries and their peoples. Against the backdrop of changes unprecedented in a century, the Parties, based on favorable prospects for the peoples of the region, confirm their desire to jointly create a closer community of common destiny for Central Asia and China.

Based on a comprehensive review of the experience of cooperation between Central Asia and China, the Parties noted the formation of the “Central Asia-China spirit”, characterized by mutual respect, mutual trust, mutual benefit, mutual assistance and the promotion of joint modernization through high-quality development. It is important to fully develop this spirit, which is intended to serve as a basis for the development of friendship and mutually beneficial cooperation between the states of the Format.

2. The Parties reaffirm their support for the protection of each other’s fundamental interests in the spirit of mutual understanding and respect.

China firmly supports the development path of the Central Asian states, their efforts to safeguard their national independence, sovereignty and territorial integrity, as well as their independent foreign and domestic policies. The Central Asian states reaffirm their commitment to the one-China principle and recognize that there is only one China in the world, Taiwan is an inalienable part of Chinese territory, and the PRC government is the sole legitimate government representing the whole of China. The Central Asian states oppose “Taiwan independence” in any form and firmly support the Chinese government’s efforts to reunify the country.

The parties reaffirmed their determination to strengthen centuries-old good-neighborliness, lasting friendship and reliable partnership, and noted the high relevance of signing a multilateral Treaty on Eternal Good-Neighborliness, Friendship and Cooperation, which will contribute to the long-term, healthy and sustainable development of relations between China and the Central Asian states.

The Parties reaffirm their commitment to the purposes and principles of the UN Charter, including respect for the state independence, equality, sovereignty and territorial integrity of states.

The Parties express their firm determination to uphold multilateralism, the generally recognized principles and norms of international law and international relations, promote an equal and orderly multipolar world and accessible and inclusive economic globalization, and jointly defend international justice and equality.

The parties will make efforts to further develop fruitful, multifaceted interaction within the framework of strengthening cooperation in various areas of the “Central Asia – China” format.

3. The heads of state of the participating countries of the Secretariat of the Central Asia-China format note the important role of the Secretariat of the Central Asia-China format in implementing the initiatives and tasks set by the heads of state, and also expressed their readiness to fully support the work of the Secretariat and provide it with favorable conditions and guarantees for development.

The Heads of State of the participating States of the Secretariat of the Central Asia-China format, on the basis of consensus, welcome the assumption of office of Secretary-General Sun Weidong from 1 May 2025.

4. The Parties confirm their commitment to strengthening the central role of the UN in ensuring international peace, security and sustainable development, disseminating universal human values – peace, development, justice, equality, democracy and freedom, and oppose attempts to politicize human rights issues. In this regard, they agreed to co-author the UN General Assembly resolution “On world unity for a just peace, harmony and development.”

The parties confirm their commitment to strengthening political dialogue and cooperation within the UN and other international organizations, exchanging views and coordinating positions on current regional and international issues.

The Parties welcome the proclamation of 2025 as the “International Year of Peace and Trust” in accordance with UN General Assembly Resolution No. 78/266 of 21 March 2024 and the holding of the “International Forum for Peace and Trust” in 2025 in Ashgabat.

The parties welcomed the UN General Assembly Resolution declaring Central Asia a “Zone of Peace, Trust and Cooperation,” adopted at the initiative of Turkmenistan.

The parties also welcome the adoption by the UN General Assembly of the Resolution “Permanent Neutrality of Turkmenistan”, dedicated to the 30th anniversary of the status of permanent neutrality of Turkmenistan.

The Parties note the importance of developing a Global Security Strategy based on UN principles and generally recognized principles and norms of international law, taking into account current realities and trends in global inequality.

The Parties reaffirm their strong commitment to the principles and objectives of international humanitarian law and highly appreciate the efforts of Kazakhstan and China as co-initiators of the Global Initiative to Strengthen Political Commitment to International Humanitarian Law. The Parties take note of the Global Initiative aimed at strengthening the principles of humanity and creating conditions conducive to achieving peace and breaking the endless cycle of violence in armed conflicts.

The parties participating in the SCO support China’s chairmanship of the SCO in 2024-2025 and are ready to provide all possible assistance in the successful holding of the SCO Summit in Tianjin.

5. The parties highly value the “One Belt, One Road” initiative and will continue to increase work to align this initiative with their national development strategies for the Central Asian states.

6. The Parties shall make efforts to strengthen the multilateral trading system based on WTO rules, support the adaptation of international trade rules to the changing world, and promote the liberalization and simplification of trade and investment procedures.

The Parties reaffirm the importance of intensifying the WTO discussion on development issues and emphasize the need to support open, inclusive, sustainable, resilient, diversified and secure global supply chains.

WTO member states also support the aspirations of Turkmenistan and Uzbekistan to join the WTO.

The interested parties intend to develop cooperation in six priority areas, including unimpeded trade, industry, investment, infrastructure connectivity, green subsoil use and agricultural modernization, and simplification of mutual travel for citizens.

The parties note the significant potential for trade and economic cooperation between the countries of the Format, express their readiness to use the role of the meeting of ministers of economy and trade “Central Asia – China”, promote high-quality development of trade, promote diversification of trade structure and simplification of trade procedures, update agreements on the promotion and mutual protection of investments between the countries of Central Asia and China, reveal the potential of the working group on unimpeded trade, the Roundtable on Digital Trade and the mechanism “Dialogue on Cooperation in the Field of Electronic Commerce”, as well as intensify interaction in new industries.

The parties intend to strengthen investment and industrial cooperation in the field of “green” minerals, alternative energy sources and infrastructure projects, as well as in ensuring the stable and uninterrupted operation of the production chain in the region. The parties expressed interest in strengthening exchanges and cooperation in housing and communal construction, increasing the interconnectivity of digital and green infrastructure, and jointly developing cooperation in the field of infrastructure and engineering construction.

The parties will continue their efforts to increase the contribution of the Central Asian states and China to ensuring international energy and food security, to develop international transport and logistics routes, and to prevent disruptions in the supply of key products.

The parties intend to expand the possibilities of transport corridors and cargo containerization in every possible way to simplify transportation as much as possible, strengthen cooperation in the framework of container train movement along the China-Europe route through Central Asia, develop transit and logistics potential, and promote joint projects that serve the interests of the states in the region.

The parties welcome the start of the implementation of the China-Kyrgyzstan-Uzbekistan railway project, which is of great importance for the Central Asian region and China.

The Parties are interested in the active use of the Turkmenbashi International Sea Port and the Aktau International Sea Trade Port by large transport and logistics companies of the Parties when transporting goods.

The parties, with the active participation of multimodal operators and based on geographical location, are developing a logistics mechanism for the railway, automobile and maritime industries in order to develop regular container transportation to expand the export of goods from Central Asian countries and further to world markets.

The parties welcomed the holding of the Third UN Conference on Landlocked Developing Countries (LLDC 3) in Turkmenistan in 2025.

The Parties support raising the level of favourable conditions for international road transport by digitalising permits for international road transport and jointly increasing the exchange of experience and cooperation in the field of sustainable transport.

The parties noted the importance of the established Central Asia-China Business Council and expressed their readiness to support trade promotion agencies, chambers of commerce and interested organizations in strengthening cooperation in the areas of trade and investment in order to make a greater contribution to the development of trade and economic cooperation between the Central Asian states and China.

The parties noted the important role of the Central Asia-China Industrial and Investment Cooperation Forum in promoting investment cooperation between the Central Asian states and China, expanding industrial cooperation, and ensuring the stability and efficiency of production and supply chains.

The parties highly appreciate the mechanism of the meeting of heads of customs services within the framework of the “Central Asia-China” format, are ready to expand the exchange of experience and mutual cooperation in the implementation of the “Smart Customs, Smart Borders and Smart Communications” project, effectively promote practical cooperation in the field of interconnection of relevant services within the framework of the work of checkpoints, “single window”, risk management, simplification of customs procedures, mutual assistance in customs matters.

7. The Parties believe that building and expanding scientific and technological partnerships and continuously deepening scientific and technological cooperation based on complementary advantages and mutual benefits are of great importance.

The parties are ready to further intensify the dialogue on scientific and technological development, regularly exchange information on national strategies, priority areas and programs for scientific and technological development, share development experience, and support the holding of the China (XUAR)-Central Asia Cooperation Forum on Scientific and Technological Innovation.

The parties will actively support exchanges between research institutes and employees, the establishment of a network of partner institutes for the implementation of joint and exemplary projects on the application of technologies, and the creation of platforms for interaction on this basis.

The Parties support efforts to transfer technology and implement scientific and technological achievements in order to promote economic and social development through scientific and technological innovation.

The parties shall strengthen cooperation in the field of science and technology, including the exchange of best practices.

China welcomes the participation of the Parties in the Group of Friends of International Cooperation on AI Capacity Building. The Parties are willing to jointly promote the implementation of the UN General Assembly Resolution on Strengthening International Cooperation on AI Capacity Building.

The parties noted the importance of the draft UN General Assembly Resolution “The Role of Artificial Intelligence in Creating New Opportunities for Socioeconomic Development and Acceleration of the Achievement of the SDGs in Central Asia,” initiated by Tajikistan.

8. The Parties express their readiness to utilize the potential of cooperation in the field of agriculture, including promoting investment in agriculture, industry interaction and cooperation in the field of trade in agricultural products. The Chinese side welcomes the active promotion of agricultural products of Central Asian countries, including through such important exhibitions as the China International Import Expo in Shanghai.

The parties will intensify efforts in the development of “smart” agriculture, exchange of experience in the implementation of water-saving, green and other highly efficient technologies, as well as best practices in this area.

The parties agreed to intensify the exchange of technologies and specialists in the field of melioration of arid, saline and alkaline soils, water-saving irrigation, pest control, livestock farming and veterinary medicine, and to strengthen the stress resistance of the agricultural sector with the aim of its sustainable development.

The Parties reaffirm the need for concerted efforts to ensure food security in the context of a changing climate, and also note the importance of farming in the most environmentally friendly ways that support biodiversity and make efficient use of land resources.

The parties welcomed the UN General Assembly Resolution “Central Asia Facing Environmental Challenges: Strengthening Regional Solidarity for Sustainable Development and Prosperity”, adopted at the initiative of the Republic of Uzbekistan, which confirms that climate change is one of the most complex problems of our time and creates serious difficulties on the path to sustainable development of all countries.

The parties also welcomed the UN General Assembly Resolutions “Promoting sustainable forest management, including afforestation and reforestation, on degraded lands, including in drylands, as an effective solution to environmental problems” and “The United Nations Decade of Afforestation and Reforestation in accordance with the Principles of Sustainable Forest Management (2027-2036)”, adopted at the initiative of the Republic of Uzbekistan.

The parties note the importance of consolidating efforts to improve policies in the area of poverty reduction, increasing employment and incomes of the population and creating jobs. The parties expressed their readiness to intensify cooperation in this area by implementing effective social support programs for the population, exchanging specialists and modern methodologies.

9. The parties support the establishment of a Central Asia-China partnership on energy development, strengthening cooperation along the entire industrial chain, further expanding cooperation in traditional energy sources, including oil, natural gas and coal, strengthening cooperation in hydropower, solar, wind, hydrogen and other environmentally friendly energy sources, deepening cooperation in the peaceful use of nuclear energy, implementing projects using green technologies and clean energy sources, and implementing the concept of innovative, coordinated, green, open and common development.

The Parties highlight cooperation in the energy sector as an important component of sustainable development of the region. The Parties express their readiness to continue deepening energy cooperation for the purpose of joint high-quality development of the energy industry of all countries in the spirit of mutually beneficial cooperation and taking into account the interests of the Parties.

10. The interested parties support further expansion of cooperation between China and the Central Asian states along the entire industrial chain of development and use of mineral resources. The Parties will explore the possibility, within the framework of the current legislation of the Parties, of conducting joint work on geological research, exploration of mineral resources and the development of green subsoil use.

11. The Parties confirm their readiness to hold joint events in such areas as culture, cultural heritage and tourism. The Parties also intend to expand youth exchange mechanisms, develop cooperation in conducting joint archaeological expeditions, research into the history and heritage of the Great Silk Road, preserving and restoring cultural heritage, museum exchanges, and searching for and returning missing and stolen cultural valuables.

The parties highly appreciated the successful holding of the International High-Level Conference on Glacier Conservation, as well as the documents adopted following the results of this conference (Dushanbe, May 29-31, 2025).

The parties also welcomed the decision of the UNESCO General Conference to hold its 43rd session in Samarkand in 2025. This event will be an important step in advancing UNESCO’s global agenda and promoting international dialogue in the field of cultural, educational and scientific cooperation.

The Parties will support the holding of youth festivals, forums and sports competitions, including the organization of the World Nomad Games in 2026, initiated by the Kyrgyz Republic, as a unique event that promotes traditional sports and cultural diversity.

Interested parties will continue their efforts to mutually establish cultural centers.

The parties support the joint practice of declaring cultural and tourist capitals in the “Central Asia-China” format.

The parties highly appreciate the successful holding of the first meeting of education ministers in the “Central Asia – China” format.

The parties support cooperation between higher education institutions and businesses, the integration of production and education, and the acceleration of the implementation of international cooperation projects in vocational training, including within the framework of the Lu Ban Workshop.

The Parties support joint scientific research by higher education institutions in such areas as energy, agriculture, medicine and healthcare, and artificial intelligence. The Parties support the establishment of Confucius Institutes and the teaching of the Chinese language in Central Asian countries.

The parties highly appreciate the establishment by China of the Central Asia-China Poverty Alleviation Cooperation Center, the Central Asia-China Education Exchange and Cooperation Center, the Central Asia-China Desertification Cooperation Center, and the Central Asia-China Unimpeded Trade Cooperation Platform.

The parties noted the initiative of the Republic of Kazakhstan to create a Global Coalition on Primary Health Care, the purpose of which is to support the fundamental reorientation of health systems towards primary health care throughout the world.

12. The Parties reaffirmed their commitment to the UN Framework Convention on Climate Change and the Paris Agreement, which are the main platform and legal basis for the international community to make joint efforts to combat climate change, and emphasized the need to comply with the goals, principles and institutional framework enshrined in the Framework Convention and the Paris Agreement, in particular the principle of common but differentiated responsibilities, and to promote the full and effective implementation of the provisions of the Framework Convention and the Paris Agreement with an emphasis on the formation of a fair, rational, cooperative and generally beneficial global climate governance system.

The parties expressed their readiness to hold dialogues within the framework of the “Central Asia – China” format to study the issue of developing and implementing measures to preserve biological diversity and adapt to climate change.

The parties noted the importance of implementing the Resolution adopted at the 77th session of the UN General Assembly “Sustainable Mountain Development”, which declared 2023-2027 the “Five Years of Action for Mountain Development”, in order to strengthen international cooperation on the mountain agenda and its further effective implementation.

The parties welcomed the initiatives of the Kyrgyz side aimed at promoting the issues of the mountain agenda and climate change, as well as the holding of the “High-Level Dialogue: Advancing the Mountain Agenda and Mainstreaming the Theme of Mountains and Climate Change” on the sidelines of COP-29 on November 13, 2024 in Baku, and expressed their readiness to explore the possibility of joining the “Declaration on Climate Change, Mountains and Glaciers” initiated by the Kyrgyz side, presented during the said Dialogue.

The parties took into account the proposal of the Tajik side to create transboundary specially protected natural areas, transboundary corridors and buffer zones for the conservation of individual species of fauna, the restoration and maintenance of populations of rare endangered and migratory species of animals, as well as the exchange of relevant experience and technologies.

The parties welcomed the accession of Uzbekistan and Kazakhstan to the Mountain Partnership Negotiating Group, representing the interests of mountain countries on the basis of the UNFCCC.

The Parties welcome the successful holding of the International Conference “Global Mountain Dialogue for Sustainable Development” in Bishkek on 24-25 April 2025, and also support the holding of the World Mountain Youth Festival (August 2025) and the Second Global Mountain Summit “Bishkek 25” (2027) in the Kyrgyz Republic.

The parties welcome the initiative to open a regional climate technology center for Central Asia under the auspices of the UN in Ashgabat as a platform for the transfer of technologies for adaptation to climate change and mitigation of its consequences.

The parties noted the significance of the results of the First Climate Forum, held in Samarkand on April 4-5, 2025, as an important step towards deepening regional dialogue and coordinating approaches to the climate agenda.

The Parties welcome the successful holding of the Central Asian Climate Change Conference 2025 in Ashgabat in May 2025 on the theme “Achieving the global goal on climate finance through regional and national actions in Central Asia”.

The parties support the holding of the Regional Climate Summit in Kazakhstan in 2026 under the auspices of the UN, which will give new impetus to climate action in Central Asia and consolidate the climate efforts of the countries of the region.

In this regard, the Parties call for exploring ways of cooperation within the framework of the Project Office for Central Asia on Climate Change and Green Energy, whose work is aimed at accelerating the climate transition in Central Asia through support for policies, innovation and partnership.

13. The Parties believe that stability, development and prosperity in Central Asia meet the common interests of the peoples not only of the six countries, but of the entire world community.

While strongly condemning terrorism, separatism and extremism in all their forms and manifestations, the Parties expressed their readiness to work together to combat the “three forces of evil”, in particular the cross-border movement of terrorist groups, illegal drug trafficking, transnational organized crime and cybercrime, to ensure the stable and successful progress of cooperation projects and to jointly counteract security threats.

The parties consider the platform for dialogue on security within the framework of the Dushanbe process on combating terrorism, as well as the initiative put forward by Tajikistan “Decade of Strengthening Peace for Future Generations”, to be important.

The parties will take joint measures to strengthen cooperation in the field of environmental protection, prevention of large-scale disasters and crises, joint response to the epidemiological situation, as well as in other relevant areas of security.

The parties confirmed the importance of UN General Assembly Resolution 72/283 of 22 June 2018 on strengthening regional and international cooperation to ensure peace, stability and sustainable development in Central Asia, adopted at the initiative of Uzbekistan.

The parties welcomed the UN General Assembly Resolution “Readiness of Central Asian countries to act as a united front and cooperate to effectively address and eliminate drug-related problems,” adopted at the initiative of Uzbekistan.

The parties noted the need to strengthen cybersecurity in the region against the backdrop of the rapid development of information technology and artificial intelligence. The parties intend to use the infrastructure of IT parks in Central Asian countries to implement innovations, launch startups, conduct joint projects and exchange experiences.

The parties expressed their readiness to regularly exchange information, as well as to apply best practices and advanced experience aimed at ensuring the stable functioning of the information infrastructure in the region.

The parties are ready, together with the international community, to continue to provide assistance to the people of Afghanistan in maintaining peace and stability, restoring social infrastructure, and integrating into the regional and global economic system.

The Parties support and advocate the development of Afghanistan as a peaceful, stable, prosperous country free from terrorism and drugs.

The Parties reaffirm their commitment to actively participate in the Doha process under the auspices of the UN and welcome the efforts in this area undertaken by UNAMA and the UN Office on Drugs and Crime.

The parties welcomed the inclusion of the regional humanitarian logistics centre in Termez, Republic of Uzbekistan, into the UNHCR global network of warehouses for emergency humanitarian response, which will strengthen the ability of the international community to quickly deliver essential supplies to internally displaced persons around the world.

The Parties highly appreciate the efforts of Kazakhstan to institutionalize the initiative to establish in Almaty the UN Regional Centre for Sustainable Development Goals for Central Asia and Afghanistan with the aim of accelerating the achievement of the SDGs in the region and addressing development challenges in Afghanistan, and also welcome the efforts of the Government of Tajikistan to provide its logistical capabilities for the delivery of international humanitarian aid to the people of Afghanistan.

The Parties welcomed Turkmenistan’s efforts to create appropriate conditions for the transportation of goods to/from Afghanistan, as well as humanitarian aid through its territory. In this regard, the Parties highly appreciated the commissioning of the Serhetabat-Turgundi and Kerki-Imamnazar railway links, as well as the start of work on the construction of a warehouse complex in the dry port of the Turgundi railway station.

The Parties note the need for joint efforts in combating the illegal trafficking of drugs and their precursors, the problem of the spread of new psychoactive substances, including through the use of new technologies and means for these purposes, and consideration of the possibility of developing a Joint Anti-Drug Action Plan with the participation of the United Nations Office on Drugs and Crime.

14. The Parties are ready to actively cooperate within the framework of the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative, and, through joint efforts, accelerate the implementation of the UN Agenda for Sustainable Development, ensure peace and security in the region and throughout the world, and promote the exchange and mutual enrichment of civilizations.

The Parties express their readiness to jointly hold relevant events based on the Resolution of the International Day of Dialogue among Civilizations adopted by the UN General Assembly, and to jointly promote the exchange and mutual enrichment of civilizations.

The Parties support the development of a peaceful, open, secure, cooperative and orderly cyberspace within the framework of the Global Data Security Initiative, emphasize the importance of jointly promoting the Central Asia-China Digital Data Security Cooperation Initiative, deepening practical cooperation in the field of ensuring international information security, jointly combating cybercrime and cyberterrorism, emphasize the key role of the UN in countering threats in the information space, in particular relevant rules in the field of data security, support the development within the UN of universal rules of responsible behavior of states in the information space, call on the international community to sign as soon as possible the UN Comprehensive Convention on Countering the Use of Information and Communication Technologies for Criminal Purposes, approved by UN General Assembly Resolution 79/243 of December 24, 2024.

The Parties emphasize the significant role of the Treaty on a Nuclear-Weapon-Free Zone in Central Asia in strengthening the global nuclear non-proliferation regime. In this regard, the Parties note the need for further development of cooperation between countries within the framework of the Treaty, as well as the establishment of interaction with other regional nuclear-weapon-free zones in the world.

The parties note the importance of expanding cooperation in the field of biological safety.

The parties noted Kazakhstan’s efforts to establish the UNESCAP Digital Solutions Centre for Sustainable Development in the Asia-Pacific region.

15. The Parties declare that, starting from the Second Central Asia-China Summit, they will hold thematic years every two years, with 2025-2026 being declared the “Years of High-Quality Development of Central Asia-China Cooperation”.

16. The parties express their gratitude to the Kazakh side for the high level of organization of the second Central Asia-China summit.

The parties decided to hold the third Central Asia-China summit in 2027 in China.

President of the Republic of Kazakhstan K. Tokayev

Chairman of the People’s Republic of China Xi Jinping

President of the Kyrgyz Republic S. Japarov

President of the Republic of Tajikistan E.Rahmon

President of Turkmenistan S. Berdimuhamedov

President of the Republic of Uzbekistan Sh. Mirziyoyev

Astana, June 17, 2025

MIL OSI Russia News –

June 18, 2025
MIL-OSI Russia: Treaty on Eternal Good-Neighborliness, Friendship and Cooperation between the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Turkmenistan, the Republic of Uzbekistan and the People’s Republic of China

Translation. Region: Russian Federal

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

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

ASTANA, June 18 (Xinhua) — The second China-Central Asia Summit was held in Astana, the capital of Kazakhstan, on June 17, 2025. Below is the full text of the Treaty on Eternal Good-Neighborliness, Friendship and Cooperation among the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Turkmenistan, the Republic of Uzbekistan and the People’s Republic of China.

TREATY on eternal good-neighborliness, friendship and cooperation between the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Turkmenistan, the Republic of Uzbekistan and the People’s Republic of China

The Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, Turkmenistan, the Republic of Uzbekistan and the People’s Republic of China, hereinafter referred to as the Parties,

considering that the comprehensive strengthening of good-neighborliness, friendship and mutually beneficial cooperation meets the fundamental interests of the peoples of the Parties,

Noting that ensuring peace, stability and development in the region and strengthening comprehensive cooperation meets the common aspirations and fundamental interests of the peoples of all countries and is of great importance for Asia and the entire world,

Reaffirming their commitment to the purposes of the Charter of the United Nations and other generally recognized principles and norms of international law,

based on the provisions of the legislation of each Party,

reaffirming strong support for the independence, state sovereignty, territorial integrity and principles of sovereign equality and inviolability of borders of the Parties,

striving to ensure sustainable development of relations between the Parties and an increase in the level of cooperation between States in various areas,

wishing to strengthen and pass on from generation to generation the friendship of the peoples of their states,

reaffirming their commitment to jointly creating a closer community of shared destiny for Central Asia and China,

agreed on the following:

Article 1

The Parties, in accordance with the generally recognized principles and norms of international law, shall comprehensively develop long-term and strong strategic partnership relations based on the principles of mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in internal affairs, equality, mutual benefit and peaceful coexistence.

The Parties also confirm the mutual non-use of force or threat of force, and the peaceful settlement of disputes.

Article 2

The parties comprehensively strengthen mutual trust and strategic interaction, support each other in choosing development paths and models that correspond to their national realities, support each other’s positions on key issues affecting their fundamental interests, and support the economic development strategies being implemented.

Article 3

The Parties, respecting the principles of state sovereignty and territorial integrity, shall take measures to prevent any activity on their territory that is contrary to these principles.

The Parties do not participate in alliances or blocs directed against other Parties, and do not support any actions hostile to other Parties.

Article 4

The parties attach great importance to holding political consultations and use the mechanism of meetings at all levels, including visits at the highest and high levels, to regularly exchange and coordinate positions on relations between the Central Asian countries and China, global and regional issues of mutual interest.

Article 5

The parties are ready to develop cooperation on the principles of equality and mutual benefit in such areas as trade, economics, investment, infrastructure connectivity, engineering, energy, including hydropower, renewable energy sources, transport, minerals, agriculture, environmental protection, processing industry, science and technology, and in other areas of mutual interest.

Article 6

The Parties shall take the necessary measures to develop exchanges and cooperation in the fields of culture, education, healthcare and medical services, tourism, sports, mass media, as well as in other areas of mutual interest.

Article 7

The Parties, in accordance with their legislation and international obligations, develop cooperation in bilateral and multilateral formats in the joint fight against terrorism, separatism, extremism and transnational organized crime, illegal migration, illegal trafficking of weapons and narcotic drugs, psychotropic substances and their precursors.

Article 8

The Parties, in accordance with their legislation and international obligations, shall strengthen mutual trust in the areas of defense, defense industry and security, and shall expand bilateral and multilateral cooperation on other issues in these areas.

Article 9

The Parties shall strengthen contacts and interaction within the framework of the United Nations and other multilateral organizations and mechanisms of which they are members, and shall make efforts to ensure global and regional peace, stability and sustainable development.

Article 10

Any disputes and disagreements that may arise during the interpretation and implementation of this Agreement shall be resolved by the Parties through friendly negotiations and consultations.

Article 11

This Treaty does not affect the rights and obligations of the Parties arising from other bilateral and multilateral international treaties to which they are parties, and is not directed against any third state.

Article 12

In order to implement the provisions of this Agreement, the Parties shall, if necessary, conclude separate international agreements in specific areas of cooperation of mutual interest.

Article 13

By agreement of the Parties, amendments and additions may be made to this Agreement, which shall be formalized in separate protocols that shall be an integral part thereof.

Article 14

The depositary of this Treaty shall be the Ministry of Foreign Affairs of the People’s Republic of China.

The Depository shall send a certified copy of this Agreement to all signatory Parties within 15 (fifteen) days from the date of its signing.

Article 15

This Agreement is concluded for an indefinite period and shall enter into force on the date of receipt by the depositary through diplomatic channels of the last written notification of the completion by the Parties of the internal state procedures necessary for the entry into force of this Agreement.

The Depository shall notify the Parties of the date of entry into force of this Agreement.

Each Party shall have the right to withdraw from this Agreement by notifying the Depository in writing through diplomatic channels.

In relation to such Party, this Agreement shall terminate upon expiration of 12 (twelve) months from the date of receipt of such notice by the depository. The depository shall notify the other Parties of such decision.

The Depository shall inform the other Parties of the termination of this Agreement with respect to such Party.

Done in the city of Astana on June 17, 2025, in one copy in the Russian and Chinese languages, both texts being equally authentic.

For the Republic of Kazakhstan K. Tokayev

For the People’s Republic of China Xi Jinping

For the Kyrgyz Republic S. Japarov

For the Republic of Tajikistan E.Rahmon

For Turkmenistan S. Berdimuhamedov

For the Republic of Uzbekistan Sh. Mirziyoyev

MIL OSI Russia News –

June 18, 2025
MIL-OSI Europe: Frank Elderson: Europe at a crossroads: it is high time to complete the Single Market

Source: European Central Bank

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the SRB Legal Conference 2025

Brussels, 18 June 2025

Thank you for your kind invitation. It is a pleasure to join you this morning to discuss the key obstacles to completing the single European market from the ECB’s perspective.

40 years ago Jacques Delors presented a now-famous “White Paper”, outlining a bold and comprehensive vision for completing the single European market. This historic document identified 279 obstacles, many of them legal in nature, that stood in the way of the free movement of goods, people, capital and services across Europe.

Delors’ White Paper did not come out of nowhere – it was conceived as a solution to tackle the challenges plaguing Europe in 1985: eurosclerosis^[1], competitiveness crisis, paralysing political tensions. These issues dominated the headlines of the time.

Policymakers overcame these obstacles with the Single European Act building on a clear and actionable timeline. And the rest, as they say, is history.

Fast-forward 40 years and we now stand at a similar crossroads in Europe, this time facing even greater challenges. Geopolitical fragmentation is on the rise, sparking demand for more strategic autonomy to ensure we remain the masters of our own destiny. Our economies are undergoing profound structural changes as we navigate the clean energy and digital transitions. Meanwhile, there is a growing concern we are losing out on competitiveness, which risks threatening European standards of living.

I will start my remarks today by taking a look at why deepening the Single Market matters. I will then cover some of the main obstacles hindering the Single Market from developing its full potential and conclude by outlining a possible way forward.

In this, I am guided by Jacques Delors’ insight from 40 years ago, which could not be more relevant today – “The time for talk has now passed. The time for action has come.”

Deepening the Single Market is key for prosperity and our mandates

Over the past decades the Single Market has delivered remarkable economic results and substantially improved the wellbeing of more than 440 million citizens across the continent.

ECB economists have found that the Single Market has added between 12% and 22% to long-run EU GDP^[2]. We saw a remarkable five-fold increase in the intra-EU trade of goods between 1993 and 2021^[3]. And, importantly, the Single Market forms the bedrock of a predictable investment and business environment, founded on the rule of law.^[4]

Yet, markets remain fragmented and too many internal barriers are preventing the Single Market from developing its full potential.

This is particularly the case for services, which account for around 75% of the EU’s GDP. Soberingly, 60% of barriers to trade in services are still the same as they were 20 years ago. And, worryingly, intra-EU services trade is no higher than services trade with non-EU countries, suggesting that the Single Market for services operates significantly below its potential.

This self-induced straightjacket comes with a significant price tag.

The IMF estimates that internal barriers to the Single Market are, on average, equivalent to a tariff of 44% for goods and a staggering 110% for services. These figures underline an ironic reality: while much of our focus is directed at the potential economic impact of external tariffs applied to goods traded with non-EU trading partners, we risk overlooking the far greater burden of self-imposed internal barriers. These barriers are weighing on our economy every single day. Fortunately, unlike external tariffs imposed on us by non-EU countries, the decision to address internal barriers lies entirely within our own competence.

One might ask: why should deepening the Single Market concern the ECB?

The establishment of a fully integrated single market could enhance the effectiveness of our monetary policy. The euro area’s single monetary policy cannot be tailored to national circumstances. Economic theory identifies this as one of the inherent costs for countries joining a monetary union. However, merging currencies can still yield substantial net benefits when countries’ economic cycles are closely synchronised, as this ensures that the ECB’s single monetary policy is appropriate for all euro area countries.^[5] A deeper internal market works as a catalyst for such synchronisation by aligning the economic structures of the countries subject to a single monetary policy. This is achieved either through enhanced risk sharing and the free movement of goods, services, capital and labour.^[6]

A more integrated single market is also crucial for effective banking supervision. Although we have a Single Rulebook in the banking union, national variations remain within this single prudential rulebook. In addition, foundational elements of the prudential framework, such as accounting standards, securities and insolvency laws, continue to differ across Member States, which adds unnecessary complexity. A more integrated banking system with more harmonised rules would yield significant benefits: it would make the allocation of credit inside the Single Market more efficient while providing opportunities for banks to grow and compete across borders.^[7]

Deepening the internal market also offers broader advantages. It could enhance euro area competitiveness by enabling businesses to scale up, achieve economies of scale and allocate resources more efficiently. Increased competition drives innovation and productivity, while harmonised regulations lower costs and reduce administrative burdens for firms across borders. This environment attracts investment, strengthens supply chains and enhances the euro area’s strategic autonomy by reducing dependence on external markets. These advancements not only support the effectiveness of our monetary policy and banking supervision but also address the challenges of an increasingly fragmented geopolitical landscape.^[8]

But we cannot succeed if we have 27 different policies for our firms and industries.

We cannot succeed if we fail to recognise professional qualifications across the EU.

And we certainly will not succeed if we allow a self-defeating spiral of national fragmentation to take hold. Instead, any meaningful debate on growth, productivity and strategic autonomy must begin – and end – with a firm commitment to completing the Single Market and to do so in a timely manner.

Deepening the Single Market is a legal imperative

Completing the Single Market is not only necessary in light of the challenges of our times – it is also a legal imperative anchored in the EU Treaties.

Let me first recall that the ultima ratio of the Single Market is its completion. As long as barriers persist to the free movement of persons, goods, services and capital, the Single Market remains an unfinished promise.

Second, the completion of the Single Market is not just an aspiration – it is a legal obligation. Article 3.4 of the Treaty on European Union states unequivocally that “the Union shall establish an internal market”. Hence, the Single Market is nothing less than an explicit objective of the Union under the Treaties.

And third, the Treaties are very clear that the Single Market is a key lever to foster citizens’ welfare and promote the Union’s interests in the world.^[9] This is important at a time when increasing strategic autonomy has become essential in light of geopolitical rifts and shifts.

Thus, completing the Single Market is not merely something that is “nice to have”, something we might do when the moment is right, something that depends on the political winds and tides. It is a legal imperative strongly anchored in the Treaties.

So, if the Treaties are crystal clear about the need to complete the internal market, one may ask: what are the main impediments to its full completion? And, more importantly, what can be done to address them?

The “troubling three” for the ECB

To be clear, Member States and EU institutions are in the driving seat when it comes to addressing the barriers hindering the Single Market – not central bankers or prudential supervisors. However, the ECB very much welcomes the recent momentum to deepen the internal market, and I would like to reflect on this important endeavour from our perspective.

Encouragingly, the challenge of completing the internal market is well understood. The Commission has accelerated its work on making the Single Market simpler, seamless and stronger.^[10] As a first step, the EU and the Member States must work together to prevent the emergence of new barriers. However, to achieve meaningful progress, the EU must also remove the barriers that obstruct the functioning of the Single Market.

In this regard, the European Commission’s new single market strategy provides a clear and focused roadmap by identifying the “terrible ten” – the most significant barriers that must be addressed.^[11] This prioritisation is both pragmatic and effective. While clearly all barriers need to be removed in the long term, the Commission’s strategy wisely concentrates efforts on those whose resolution promises the greatest economic impact.

Let me highlight three key points relevant for delivering on our mandate.

Overly complex EU rules

The first one is complexity. The key issue here is not complexity per se, but excessive complexity. As Albert Einstein wisely said, “Everything should be made as simple as possible, but no simpler”. This principle applies equally to regulation.

EU market legislation must often balance a wide array of diverse market interests and national policy preferences, which inevitably results in complexity and diverging rules. In this context, we welcome ongoing simplification efforts provided they do not compromise the fundamental purpose of the rules.^[12]

In this respect, it is important to emphasise that reducing complexity is best achieved through European harmonisation, not by lowering regulatory requirements. Harmonisation not only simplifies the legal framework but also makes it more seamless and, when based on best practices, stronger. As I stated earlier this year: don’t cut rules, harmonise them.^[13] After all these decades of European integration there is still no better way to simplify and to lower the regulatory burden than to reduce 27 regimes to one.

Lack of Single Market ownership by Member States

Another main obstacle to advancing the internal market lies in the fact that it is a shared competence between the EU and the Member States.^[14] Member States have legitimate policy interests that may have unintended consequences for the Single Market. Think about areas like consumer protection or health and safety. In these fields, national preferences differ, driving fragmentation and complexity in EU regulation.

Member States also contribute to market fragmentation through delayed transposition, incorrect application, or overly burdensome and unnecessarily divergent implementation of EU law – a practice commonly referred to as “gold-plating”, although it would be more fitting to speak of “lead-plating” as from a European perspective this practice results in something that is not shiny like gold but heavy like lead.

Such practices are also evident in banking supervision because the prudential framework also consists of EU directives that need to be transposed into national law.

For example, in several areas, including licensing and governance, rules differ across Member States because laws transposing EU directives are not fully harmonised. Dealing with a wide array of different national rules is far from ideal for the single European supervisor. Further harmonising the regulatory framework for the banking sector would further enhance our effectiveness as a bank supervisor.

While harmonisation within the internal market has typically been achieved through directives, there is an increasing reliance on regulations to legislate in the financial sector. Regulations offer a clear advantage: they do not require transposition into national legislation, thereby avoiding delays, transposition deficits and the risk of national preferences diluting the intended benefits of internal market rules. In areas where full harmonisation is currently politically or technically unfeasible, alternative approaches, such as introducing a “28th regime”, could provide a practical and effective interim step.

Complicated business establishment and operations

Finally, the establishment and operation of companies across the EU remains unnecessarily complex and costly, largely due to the fragmentation of legal rules across Member States. This hinders businesses, particularly start-ups, from scaling up effectively.

A related challenge persists in the banking sector where cross-border banking integration remains limited despite the banking union’s Single Rulebook, Single Supervisory Mechanism and Single Resolution Mechanism.

The advantages of deeper cross-border banking integration are clear.

Eliminating barriers to integration would enable banks to achieve economies of scale and enhance risk diversification, with cross-border mergers offering opportunities for greater profitability. However, the current limited level of cross-border integration restricts the potential for private risk-sharing within the European banking market. This fragmentation also hampers banks’ ability to optimise liquidity management, ultimately increasing risks to financial stability.^[15]

European banking supervision has taken important steps to tackle obstacles to cross-border banking integration. For example, we issued a guide affirming that cross-border mergers within the euro area will be treated the same as domestic mergers.^[16] We clarified that European banking supervision will not hinder banks wishing to convert subsidiaries into branches.^[17] Additionally, we made it clear that banks operating across borders through subsidiaries can apply for liquidity waivers to pool liquidity across legal entities. In short, we made it as clear as we could and let me repeat this message just as clearly today: as long as regulatory prudential requirements are met, we will not stand in the way of cross-border banking consolidation and cross-border integration more generally, very much to the contrary.

However, despite these efforts, progress on financial integration in the euro area remains limited. This indicates that remaining obstacles are influenced by factors unrelated to banking supervision. In this context, reaching a political agreement on the banking union’s third pillar, a European deposit insurance scheme, is more critical than ever. Moreover, avoiding undue fragmentation of the single market and unjustified impact on the freedoms of the Treaty is critical.

Beyond progress on the banking union, advancing the capital markets union is equally critical, as the two are intrinsically linked and mutually reinforcing.^[18] A stronger banking union, for instance, helps prevent shocks from spreading to broader capital markets, while robust capital markets diversify funding sources and reduce banking risks.

Currently, financial institutions looking to expand across borders face a fragmented landscape of national specificities and procedures, for example, securities, accounting and insolvency laws. Addressing these barriers through the harmonisation of securities laws, accounting frameworks and corporate insolvency rules is essential to fostering a truly integrated financial market.

Encouragingly, the Commission’s savings and investment union (SIU) proposal, with the capital markets union as a key pillar, brings renewed momentum to these efforts. Swift implementation of the full SIU strategy requires decisive action. At EU level, this includes advancing policy initiatives on supervision, as well as trading and post-trading infrastructure. At national level, reforms such as taxation of cross-border investments remain crucial.

Conclusion

Before concluding, let me offer one final practical suggestion drawing from our own experience with the Economic and Monetary Union. The success of the euro was, in part, built on the foundation of a clear and well-defined timeline in the Maastricht Treaty setting out a roadmap for economic convergence and the creation of a common currency.

Similarly, the adoption of the Single Market in 1993 crucially built on the timeline contained in the Single European Act of 1986, which was championed by Jacques Delors.

Also today, in light of the mounting challenges we face, we do not have time to waste.

Also today, we need to move forward and complete the Single Market.

To effectively drive progress, we need a clear and time-limited roadmap, which includes concrete interim milestones and – crucially – a final “mobilising deadline”, as the governor of the Banque de France has called it.^[19]

We must undertake this endeavour jointly – EU institutions, Member States, businesses – ultimately all of us. Because, ultimately, completing the Single Market concerns all of us.

As Jacques Delors wisely said “Europe is not just about markets. It is about a way of life.”

To protect that European way of life and to foster prosperity, strategic autonomy and competitiveness, our best course of action is to timely complete the Single Market.^[20]

Thank you for your attention.

MIL OSI Europe News –

June 18, 2025
MIL-OSI Asia-Pac: LCQ17: Consolidating Hong Kong’s status as an international financial centre

Source: Hong Kong Government special administrative region

LCQ17: Consolidating Hong Kong’s status as international financial centre
Question:

     There are views that Hong Kong should continue to consolidate and enhance the development of an international financial centre, further dovetail with the national development strategies, expand various mutual access mechanisms, and enhance Hong Kong’s functions in the overall development of the country, so as to attract more Mainland and international capital to Hong Kong. In this connection, will the Government inform this Council:

(1) as some members of the industry have relayed that at present, under the Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area, products under the Southbound Scheme cannot be directly promoted in the Mainland by Hong Kong financial institutions, and products under the Northbound Scheme cannot be directly promoted in Hong Kong by Mainland financial institutions, whether the authorities will discuss with Mainland regulators enhancement measures on cross-boundary sales and promotion, so as to enable practitioners in both places to fully launch their businesses;

(2) as it is learnt that under the existing arrangements for mutual recognition of professional qualifications with the Mainland, Hong Kong practitioners holding the relevant licences of the Hong Kong Securities and Futures Commission are still required to pass the examination on relevant Mainland laws and regulations before they are allowed to practise in the Mainland, whether the authorities will further discuss with the Mainland regulators to explore the streamlining or exemption of the examination on relevant laws and regulations, so as to facilitate Hong Kong practitioners to develop their business in the Mainland;

(3) given the views relayed by some members of the industry, whether the authorities can expand the scope of investment products under the WMC Scheme, including providing additional investment options other than those with low or medium risk, including but not limited to alternative investments or private equity funds, so as to meet the diversified risk management needs of both Mainland and overseas investors; and

(4) as it has been mentioned in this year’s Budget that the Government will actively enhance the mutual market access mechanism with the Mainland, including the plan for the issuance of offshore Mainland government bond futures in Hong Kong, and implementing block trading of stocks as soon as possible, what measures the authorities have in place to further improve market liquidity and facilitate market transactions when exploring further expansion initiatives in the future?

Reply:

President,

     Hong Kong has been actively leveraging our unique advantages under the “one country, two systems” principle, with the support of our motherland and our connectivity to the world. We have proactively aligned with national strategies such as the 14th Five-Year Plan, the Belt and Road Initiative, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, with an aim to promoting deeper integration with the Mainland financial markets and to fully capitalising on the opportunities brought by our country’s development. In consultation with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), my reply to the various parts of the question is as follows:

(1) and (3) Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diverse wealth management products and marks a milestone in the financial development of the GBA.

     WMC has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced in February 2024. Enhancement measures include increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements.

     In terms of sales and promotion, taking banks as an example, enhanced promotion and sales arrangements were introduced last year under the Southbound Scheme. After obtaining written consent from a Southbound Scheme client, the Hong Kong bank concerned could proactively introduce products and relevant information that align with the client’s risk appetite during that sales promotion process. This not only simplifies the sales process of the relevant institutions but also allows Southbound Scheme investors to more conveniently access the needed product information and professional guidance.

     In June 2025, we also jointly implemented with relevant Mainland financial regulatory authorities a “Tri-party Online Meeting” sales arrangement. Under this arrangement, at the request of a Southbound Scheme client, a Mainland bank may assist him/her at its Mainland branch to set up a tri-party online dialogue or video conference with a Hong Kong bank in relation to the Southbound Scheme services. During such meeting, representative(s) from the Hong Kong bank can introduce eligible wealth management products under the Southbound Scheme to the Southbound Scheme client. This arrangement provides Southbound Scheme investors with a convenient online channel to learn about relevant Hong Kong wealth management products and is also expected to enhance the convenience of sales and communication for local banks.

     Furthermore, we are committed to further enhancing the range of investment products under the “WMC 2.0” policy framework. For example, in the area of funds, since the launch of “WMC 2.0”, the number of eligible public funds under the Southbound Scheme has increased from around 160 in end-2023 to 358 by the end of March 2025, thereby strengthening the range of products available. We will continue to review the operation of “WMC 2.0” under the principles of controllable risk and adequate investor protection, and work with relevant Mainland regulatory authorities to explore the feasibility of further optimisation and expansion of WMC.

     As an innovative financial co-operation measure in the GBA involving three different regulatory systems, WMC has been implemented under a pilot approach in a gradual and incremental manner. Since the implementation of “WMC 2.0”, operations have been smooth, with a significant increase in the number of investors and amount of cross-boundary fund remittances. According to statistics from the People’s Bank of China, up to end-April 2025, over 154 200 individual investors in the GBA participated in WMC, with cross-boundary fund remittances (including Guangdong, Hong Kong, and Macao) amounting to over RMB112.2 billion had been recorded. The Government and the financial regulators will continue to monitor market developments and the operation of WMC, collaborate with the Mainland regulatory authorities and the industry to explore room for further enhancement.

(2) Regarding mutual recognition of financial professional qualifications with the Mainland, the SFC and the China Securities Regulatory Commission have implemented an arrangement for mutual recognition of professional qualifications for the securities and futures sector, and simplified the relevant procedures for obtaining securities practising registration and applying for the futures or fund practising qualifications in the Mainland. Hong Kong professionals with relevant licence issued by the SFC only need to pass the Mainland’s examination on the relevant laws and regulations; and the examination on the foundation paper is not required.

     For the banking sector, the Hong Kong Institute of Bankers (HKIB) and the China Banking Association (CBA) signed the Memorandum of Understanding on Mutual Recognition of Personal Wealth Management Qualification Certificates in 2009, officially launching the mutual recognition mechanism. Subsequently, the two sides signed addendums twice to improve the relevant arrangements. The CBA, the China Bankers Institute and the HKIB signed Addendum III in 2022 to ensure eligible practitioners can obtain the Associate Retail Wealth Professional (ARWP) professional qualification issued by the HKIB. Under the Agreement, financial practitioners from the Mainland and Hong Kong can obtain “dual qualifications” (Level 1 of Qualification Certificate of Banking Professional and ARWP) through the mutual recognition mechanism.

     We will continue to examine enhancement measures with Mainland regulatory authorities to explore ways of broadening Hong Kong professionals’ entry into the Mainland market, thereby increasing the flexibility in the provision of human capital for the Mainland and Hong Kong markets.

(4) The Government, together with financial regulatory authorities, is actively working with relevant Mainland authorities to advance the inclusion of the Renminbi counters under the Southbound Trading of Stock Connect, introduction of block trading, and the expansion of mutual-market access regime to cover Real Estate Investment Trusts (REITs), with a view to attracting and facilitating greater participation in Hong Kong’s securities market and enhancing market liquidity. We will continue discussions with Mainland counterparts on further expansion and optimisation of the financial market connectivity schemes. This will better meet the needs of domestic and overseas investors for cross-market and diversified asset allocation, supporting the healthy integration and development of the Mainland and Hong Kong capital markets.
Issued at HKT 15:00

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

June 18, 2025
MIL-OSI: Institutional Demand Supports Crypto as Bitwise marks five-year anniversary of listing its first European product
Source: GlobeNewswire (MIL-OSI)
- Five-year anniversary of Bitwise Physical Bitcoin ETP (BTCE) listing – first spot crypto ETP on Deutsche Börse Xetra
- Use of German regulator approved prospectus, and an innovative, robust product structure contributed to broader market adoption
- Adding value: €100 invested into BTCE at launch would now be worth over €1,000¹– long-term trends continue to support investor interest in digital assets
June 18, 2025. Frankfurt: Bitwise today celebrates the five-year anniversary of its first European product: the Bitwise Physical Bitcoin ETP (BTCE), the world’s first-ever centrally cleared Bitcoin ETP. The listing on 18 June 2020 marked Bitwise’s debut in European markets and became a catalyst for a wave of listings of crypto products on Xetra, Europe’s largest ETF trading venue.

Bradley Duke, Head of Europe at Bitwise, said: “Reaching the five-year mark is not just a milestone, it is also a point of reflection on our long-term vision and commitment to building transparent, reliable, and secure access to digital asset investments for European investors. Bitwise is 100% focused on crypto, but many of our experts come from traditional finance, putting us in a unique position to accompany investors on their journey into this new and unique investment class. We thank the pioneering investors and partners who believed in this asset class early on, and we look forward to continuing to serve the evolving needs of the market.”

Stephan Kraus, Head of ETF & ETP at Deutsche Boerse, said: “We congratulate Bitwise on the fifth anniversary of its Bitcoin ETP on Xetra. The listing of this pioneering product marked the start of our segment for crypto ETNs and was an important step towards giving investors access to the performance of cryptocurrencies in a regulated market environment. It was also the first centrally-cleared product of its kind in the world. As the largest trading venue for crypto ETNs in Europe, we greatly appreciate the partnership with Bitwise, and look forward to continued collaboration.”

A market benchmark for product design and transparency

BTCE is now one of Europe’s largest physically backed Bitcoin ETPs by assets under management and the most actively traded. Its structure — featuring full physical backing, physical redemption option, and a strict no-lending policy — has set a new standard for crypto ETP design and reflects the priorities of investors who demanded greater transparency from the outset. Bitwise is grateful to the early adopters who set high expectations and helped raise the standard across the industry.

Transparency remains central to Bitwise’s approach. Weekly balance reports are published by an independent administrator, and the blockchain addresses of Bitwise’s primary BTC and ETH product custody wallets are publicly disclosed, enabling any investor to verify collateral levels independently. To further reduce operational risk, Bitwise pioneered a safeguard mechanism requiring all crypto and securities asset movements to be approved by an independent transaction administrator, who holds a legally enforceable veto right embedded in the Bitwise ETP structure.

Bitwise’s management company is ISO/IEC 27001:2017 certified, reflecting its commitment to operational integrity. With no proprietary trading, Bitwise remains fully aligned with client interests.

As cryptoassets become an accepted component of diversified portfolios, Bitwise continues to support investors with practical tools and evidence-based insights. Internal analysis shows that adding a 5% allocation to Bitcoin within a traditional 60/40 portfolio between 2014 and 2025 would have increased average annual returns from 6.2% to 10.6%, with limited impact on volatility, drawdowns, or risk-adjusted returns.
Today, more than 250 crypto ETPs are listed across XETRA and other leading European exchanges. Bitwise’s offering has grown in tandem with investor demand, expanding beyond single asset strategies such as Bitcoin, Ethereum, and Solana to include diversified crypto baskets and index-based staking ETPs.

Bitwise products are designed to integrate seamlessly into professional portfolios, offering exposure to cryptoassets through regulated vehicles— without the operational risks of holding a physical wallet. They are also accessible to individual investors via leading brokerage platforms, with features such as physical redemption included as standard.

Fundamental trends supporting the demand for crypto assets

Bitwise believes that a number of fundamental trends may support the value of crypto assets over the long term. In portfolio context, digital assets can be deployed as effective hedge against inflation that is not as susceptible to fiscal or global trade political agendas as traditional currencies. Crypto is more widely accepted by Gen Z investors, who are about to benefit from a wealth transfer from some of the richest generations that ever existed. Many coins have use cases that are independent of their use as a currency. And finally, crypto assets are a welcome solution for the unbanked or underbanked, particularly in parts of the world that are politically unstable. With crypto, access to a smartphone and the internet is enough to make payments.

Bitwise is continuing to launch innovative new products regularly, such as the Bitwise Diaman Bitcoin & Gold ETP launched in March. Bitwise ETPs can be seamlessly integrated into standard brokerage or ETF portfolio accounts and are often eligible for SIPP and ISA inclusion, making them accessible for long-term investment planning in the UK.

Resources:

Dedicated website for the 5 year anniversary of BTCE

About Bitwise

Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence, managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

In Europe, for the past five years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

This family of crypto ETPs is domiciled in Germany and issued under a base prospectus approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit http://www.bitwiseinvestments.eu

Media contacts:

JEA Associates
John McLeod
00 44 7886 920436
john@jeaassociates.com

Important information
This press release does not constitute investment advice, nor does it constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.

Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:
Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.

¹ Bloomberg, BTCE GY, data from 18 June 2020 to 27 May 2025

The MIL Network –
June 18, 2025
MIL-OSI Russia: The CPC Central Committee held a symposium to mark the 120th anniversary of Comrade Chen Yun’s birth, at which Xi Jinping delivered an important speech.

Translation. Region: Russian Federal

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

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

BEIJING, June 18 (Xinhua) — The Central Committee of the Communist Party of China (CPC) held a symposium to mark the 120th anniversary of Comrade Chen Yun’s birth at the Great Hall of the People on the morning of June 13. General Secretary of the CPC Central Committee and Chinese President and Chairman of the Central Military Commission Xi Jinping delivered an important speech, stressing that Comrade Chen Yun’s life was truly great and glorious. The high moral principles he established, the rich leadership experience he gained, and the scientific thinking and work he systematized are all priceless assets for eternity. This precious spiritual heritage should be thoroughly studied, creatively applied, and developed and glorified in keeping with contemporary realities. With the determination to move forward with determination and work hard in the new era and new campaign, we will make unremitting efforts to comprehensively advance China’s development into a great country and the great rejuvenation of the Chinese nation through Chinese modernization.

Li Qiang, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi attended the event. Zhao Leji, a member of the Standing Committee of the Politburo of the CPC Central Committee, chaired the symposium.

In his speech, Xi Jinping paid tribute to Comrade Chen Yun’s brilliant life and summed up his immortal merits in the historical process of revolution, construction and reform of the country, stressing that Comrade Chen Yun was a great proletarian revolutionary and political figure, an outstanding Marxist, one of the pioneers of the formation of socialist economy in China, and a time-tested outstanding leader of the Party and state. As an important member of both the first-generation leading staff of the CPC Central Committee with Comrade Mao Zedong at its core and the second-generation leading staff of the CPC Central Committee with Comrade Deng Xiaoping at its core, Comrade Chen Yun made great contributions to the cause of the Party and the people.

In his many years of revolutionary activity, Comrade Chen Yun upheld and defended unwavering adherence to his ideals and convictions, unwavering adherence to Party principles, a pragmatic work style based on the pursuit of truth, sincere and devoted service to the people, and an unremitting pursuit of learning, Xi Jinping noted. These qualities embody the lofty moral values inherent in a communist. Following Comrade Chen Yun’s example, we should cultivate high moral qualities and strengthen faith in our ideals and convictions, remain confident of inevitable victory, and demonstrate political steadfastness in the face of a changing and complex situation characterized by a mixture of instability and uncertainty. At the same time, we must consciously implement selfless service to the people as the fundamental purpose of the Party, firmly adhere to the Party’s mass line in the new era, and, relying on the creative power of the people, accomplish the great historical cause. It is important to ensure that the spirit of the “Eight Points” of the CPC Central Committee is deeply implemented, backed up by real achievements in improving the work style, and thereby gain broad support from the people.

Xi Jinping focused on the fact that, regardless of the leading position and the scope of responsibility, Comrade Chen Yun invariably demonstrated exceptional zeal in his studies, the depth of analysis of issues, the ability to identify patterns and penetrate the essence of the matter. Outstanding leadership qualities and the rich experience of the leadership of comrade Chen Yunya are a valuable heritage that retains its relevance to this day. We must study and master the extensive experience of the leadership of comrade Chen Yun, directing our efforts both to build the party’s potential in the leadership of socio-economic development, and to increase the efficiency of party construction. It is fundamentally important to strengthen the leading role of the party in economic work, deepening the understanding of the objective laws of socialist economic construction. It is necessary to fully, accurately and comprehensively implement a new concept of development, accelerate the formation of new development architecture and steadily contribute to the achievement of high -quality development. The dynamic and confident stimulation of a comprehensive deepening of the reforms in the future, along with the decisive and consistent expansion of the horizons of high -level openness to the outside world, are designed to give a new impetus and inexhaustible energy process of Chinese modernization. The intensive promotion of the comprehensive arrangement of the intra -party management and continuous contribution to self -purification, self -improvement, self -renewal and its own growth of the party makes it possible to create reliable guarantees so that the party always serves strong leading core in socialism with Chinese specifics.

As Xi Jinping pointed out, steady adherence to the principle of realistic analysis of reality based on facts was a distinctive feature of comrade Chen Yun. In his creative arsenal there is a quintessence of materialistic dialectics, expressed in the laconic “fifteen -eared motto”: “Do not lift the opinions of the authorities over yourself, do not follow blindly book dogmas, rely only on facts, exchange opinions, compare and rethink.” Possessing the ability to apply strategic thinking, Comrade Chen Yun considered a preliminary study and study a prerequisite for making reasonable decisions. It is necessary to master the scientific methods of thinking and work embodied by Comrade Chen Yun. Adhering to the ideological line of the party, we must deeply study and effectively apply the worldview and methodological foundations of ideas about socialism with the Chinese specificity of the new era, as well as the positions, points of view and methods contained in them. This will provide us with the opportunity to adequately evaluate the current situation, in a scientific plan to plan development prospects and consistently increase the systemicity, prudence and creative potential of our work. It is necessary to pay special attention to improving the quality of examination and study in order to timely identify and correctly evaluate new circumstances, new problems and new trends in socio-economic development. Only on the basis of a clear definition of needs at the lower level and a deep understanding of the aspects of the masses can be developed and decisions that are more consistent with the realities and expectations of the people.

Chairmaning at the Symposium, Zhao Lesji noted that in his important speech, General Secretary of Xi Jinping with spiritual warmth and deep respect paid tribute to the life of Chang Yun’s life path, characterizing him as great and glorious. Highly appreciating the immortal contribution of Chen Yun to the Communist Party of China and the Chinese people, Xi Jinping addressed all members of the party calling for an example of Chen Yuni and comprehend the depth of his spiritual heritage, which includes high moral qualities, the rich experience of managing work and a scientific-based approach to thinking and work. Zhao Lesji noted that the performance of the Secretary General, made by him from the dominant height of strategic wisdom and far -sighted planning, has significant political, ideological and directive value. It is of great importance for the CCP in terms of firmly following the path of socialism with Chinese specifics, a steady continuation of the policy of reform and the openness and advance of the Chinese modernization, and requires a thorough study, deep understanding and effective implementation in practice. Zhao Lesji called for more closely rally around the CPC Central Committee, whose core is Comrade Xi Jinping, to comprehensively implement the spirit of the 20th All-Chinese Congress of the CPC, the 2nd and 3rd plenums of the Central Committee of the CPC of the 20th convocation under the guidance of the ideas of Xi Jinping about socialism with the Chinese specificity of the new era, and it is not good to fight for the comprehensive Promoting the great work of building a powerful power and national revival at the expense of Chinese modernization.

The symposium featured speeches by Qu Qingshan, Director of the Institute for the Study of Party History and Documentation under the CPC Central Committee; Liu Qi, Secretary General of the Standing Committee of the National People’s Congress; Wang Zhijun, Deputy Secretary General of the State Council; and Gong Zheng, Mayor of Shanghai.

The symposium was attended by members of the Secretariat of the CPC Central Committee, relevant leading comrades from the Standing Committee of the National People’s Congress, the State Council, the National Committee of the Chinese People’s Political Consultative Conference and the Central Military Commission.

The participants of the symposium included responsible comrades from the competent bodies of the central party, government and military departments, mass organizations, responsible comrades from the cities of Beijing and Shanghai, relatives of Comrade Chen Yun, representatives from his small homeland, as well as comrades who worked alongside him in different years. -0-

MIL OSI Russia News –

June 18, 2025
MIL-OSI: Agentic AI integration set to accelerate this year among Gen AI early adopters
Source: GlobeNewswire (MIL-OSI)

Press contact:
Antara Nandy
Tel.: +91 9674515119 
Email: antara.nandy@capgemini.com

Agentic AI integration set to accelerate this year among Gen AI early adopters
- Two in five organizations expect to achieve positive return on their AI investments in 1-3 years
- By embedding a targeted set of AI capabilities into core business processes such as procurement, customer service, supply chain optimization, and finance operations, organizations are already achieving significant cost efficiencies
Paris, June 18, 2025 – A Capgemini Research Institute report published today, ‘AI in action: How Gen AI and agentic AI redefine business operations,’ finds that AI is now driving positive returns on investment (ROI), with the average being nearly a 1.7 times return. The report highlights that this has now laid the groundwork for widespread agentic AI implementation. Among those early adopter organizations that have implemented generative AI (Gen AI), around 30% have already integrated AI agents into their business operations. Agentic AI projects are expected to rise by 48% by the end of 2025. The research also finds that one in five organizations already use AI agents or multi-agent systems, with Gen AI and agentic AI already delivering significant cost savings and operational efficiencies in business functions.

With businesses planning investments in AI infrastructure, some organizations had expressed concerns about achieving ROI from their large-scale AI and Gen AI rollouts. However, the report finds that these initial concerns are fading fast, as enterprises are now seeing substantial returns, with those surveyed achieving a 1.7 times ROI from their Gen AI and AI investments. As a result, enterprises are increasing their Gen AI investments, with 62% of those surveyed growing their investment in Gen AI this year as compared to last year.

“Gen AI and agentic AI can truly transform business services – enabling the shift from traditional cost-focused models towards an AI-enabled, value and insight driven business. Those that adopt an integrated approach with data and AI at its core will be set to achieve a truly connected, frictionless enterprise,” said Oliver Pfeil, CEO of Business Services at Capgemini and Member of the Group Executive Committee. “While the research suggests increased adoption of AI agents, organizations still face numerous barriers to implementation at scale. Adopting a pragmatic approach, fostering trust in AI, and creating a strong data foundation will go a long way in transforming business services into a strategic powerhouse to fuel any enterprise.”

Gen AI adoption has laid the groundwork for agentic AI implementation
Gen AI is expected to drive improvements in key metrics such as insight accuracy, productivity, time to market, and customer and employee experience over the next three years. As a result, more businesses are seeing the value of Gen AI, with 36% of organizations already implementing it, up from 20% last year. Among those that have adopted Gen AI at a limited or full scale, around 30% have integrated AI agents into their operations.
The total number of AI agent projects in an average organization are expected to grow 48% in 2025.

According to the report, AI agents are already delivering significant benefits across business functions, with agents and multi-agent systems reducing errors, improving customer satisfaction levels, increasing operational efficiency, and reducing operational costs. The top five industries adopting AI agents are high tech, industrial manufacturing, consumer products, energy & utilities, and pharma & healthcare.

Strong leadership and workforce transformation are key to faster returns
To achieve strong ROI on Gen AI investments, organizations should focus on developing strong leadership, governance, and AI readiness. According to the report, organizations who establish this foundation achieve ROI 45% faster. However, most enterprises currently lack this strong leadership, with only one in three leaders being a strong advocate of Gen AI.

In addition, organizations must also transform their workforce to derive business value cites the report. In the past two years, enterprises that introduced automation and AI-based use cases have been able to automate 30% of operational tasks, and expect to automate further in the next two years. As responsibilities evolve, organizational upskilling, reskilling, training and job role transitions will feature highly, with almost two-thirds of employees expecting to see their job descriptions altered by 2028. According to the report, employee interaction with AI agents is expected to increase by 2028, so training and upskilling will be needed to prepare workforces for effective human-AI collaboration.

Report Methodology
The Capgemini Research Institute conducted a survey of 1,607 executives from organizations with at least $1 billion in global revenue in the last financial year, who are responsible and accountable for one or more AI and gen AI initiatives in business operations. Executives were from supply chain & procurement, finance & accounting, people operations, customer operations, AI leadership and strategy, AI application development and maintenance, AI ethics, regulations, and compliance functions. The executives were from 15 countries across multiple regions and spanning 13 industries. The Institute also interviewed 15 senior executives leading business operations and AI implementation at their respective organizations from across sectors and countries.

About Capgemini
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

Get The Future You Want | www.capgemini.com

About the Capgemini Research Institute
The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

Visit us at https://www.capgemini.com/researchinstitute/

Attachments
- 06_18_Capgemini news alert_AI in Business Operations CRI report
- Final-Infographic-AI-in-Business-Operations
The MIL Network –
June 18, 2025
MIL-OSI Russia: Capital chemical companies ramp up production

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

In the first four months of this year, the capital saw a more than 40 percent increase in the production of chemicals and products compared to the same period in 2024. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

“Companies in the chemical sector produce critically important products that are widely used in the economy of the entire country. On behalf of Sergei Sobyanin, the city provides comprehensive support to plants, thanks to which the capital is actively developing its own technological competencies and increasing the production of high-quality goods, which helps strengthen the independence of the domestic industry. Thus, in the first four months of 2025, the production of chemical products in Moscow increased by 42.8 percent compared to the same period last year,” said Maxim Liksutov.

In particular, companies began to produce more paints, varnishes and other coating materials, as well as soaps, detergents, cleaning and polishing agents, perfumes and cosmetics.

“Today, more than 260 industrial companies are involved in the chemical complex of Moscow – these are high-tech enterprises with high social responsibility, which actively implement the principles of sustainable development and care about the environment. Manufacturers regularly improve the quality of their products, which are in demand not only in the capital, but also in other regions of the country, as well as abroad. This is confirmed by the growing volume of shipments. In January – April 2025, it exceeded 103 billion rubles – 38.2 percent more than last year’s figures,” said the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

Anatoly Garbuzov.

For example, the scientific and production enterprise “Neftekhimiya” produces polypropylene in Moscow – a key component for the production of medical products, reliable packaging, building materials, tableware, kitchen utensils, children’s toys, as well as fibers, threads, non-woven materials and stationery. Today, the plant’s product line includes about 60 different brands of polymer.

The medical and cosmetic company “Geltek-Medika” produces gels for medical research, as well as highly effective cosmetics for home care and hardware cosmetology.

A comfortable investment climate has been created in Moscow to develop production potential. More than 20 comprehensive support measures are available to enterprises. These include preferential investment loans, the opportunity to lease land from the city at a preferential rate when building an enterprise as part of large-scale investment projects, the assignment of special statuses, and other tools.

Get the latest news quicklyofficial telegram channel the city of Moscow.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/155389073/

MIL OSI Russia News –

June 18, 2025
MIL-OSI Russia: 35 new houses will receive convenient access roads under the renovation program

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

This year, specialists from the city services complex will build convenient access roads to 35 buildings under the renovation program. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“Work is planned on local arrangement and expansion of access roads to 35 houses that were built as part of the renovation program. In the east, 10 such roads will appear, in the Southern, South-Eastern and North-Western administrative districts – five each, in the South-West and North – three each, two in the Western and one each in the North-Eastern district and Zelenograd. Work is already underway at 16 sites,” noted Pyotr Biryukov.

The construction of residential buildings under the renovation program is taking place not only on starting sites in areas of existing development, but also on the site of demolition of previously vacated houses. Yard areas designed more than 60 years ago are often not suitable for the passage of construction and modern fire-fighting equipment. The arrangement of access roads helps to solve this issue, subsequently they are included in the transport system of the districts. All objects have their own configuration, they have different widths of the roadway and sidewalks.

In total, about 10 kilometers of roads will be built, with a total area of almost 63 thousand square meters, with a roadway width of six meters. The width of the new sidewalks will be on average 1.2 meters, their total length will be about 23 kilometers, the area – about 27 thousand square meters.

The head of the city economy complex emphasized that an important component of comfort and safety is good lighting. When arranging access roads to the renovation sites, almost 230 lanterns with energy-efficient lamps will be installed. Overhead lines will be transferred to cable ducts.

The projects include laying out almost 60 thousand square meters of lawn and planting additional trees and shrubs.

Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses.

Get the latest news quicklyofficial telegram channel the city of Moscow.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/155390073/

MIL OSI Russia News –

June 18, 2025
MIL-OSI China: China to set up international operation center for digital RMB

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

China’s central bank governor Pan Gongsheng said on Wednesday that the country will establish an international operation center for the digital RMB.

The center aims to promote the internationalization of the digital currency and the development of financial market services while supporting innovation in digital finance, Pan said at the Lujiazui Forum held in east China’s Shanghai.

The initiative is part of a package of eight new measures announced by Pan that will be implemented in Shanghai, China’s financial hub.

Pan said a transaction reporting repository for the interbank market will also be established to collect transaction data and analyze activity across sub-markets such as bonds, currencies and derivatives, supporting macroeconomic policymaking and financial market supervision.

A personal credit reporting agency will be established to provide financial institutions with diversified and tailored credit products, further improving the country’s social credit system.

A pilot program for offshore trade finance reform will be launched in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone to support the city’s offshore trade development through innovative business rules, Pan said.

Other measures include the development of free trade offshore bonds to expand financing channels for companies, and the optimization of the free trade account system to facilitate cross-border trade and investment for enterprises.

In addition, the package includes the rollout of innovative structural monetary policy tools in Shanghai, and joint efforts with the country’s securities regulator to advance RMB foreign exchange futures trading, according to Pan.

MIL OSI China News –

June 18, 2025
MIL-OSI China: China’s consumer spending growth among world’s highest: FT

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

China’s private consumption has grown faster than that in any other major economy in the 21st century, according to a recent column in the Financial Times.

In real terms, private consumer spending in China has grown more than 8 percent annually this century, faster than in any other major economy, the paper said.

The myth that Chinese consumption is weak is largely based on its relatively low share of GDP — about 40 percent, noted columnist Ruchir Sharma, also chair of Rockefeller International. However, this ratio is influenced by the exceptionally high rate of capital investment in the economy, he said.

“The reason for this anomaly is not that consumption has grown slowly,” he explained, “it is that the other big component of GDP, investment — in infrastructure, real estate, export industries — has grown even faster, averaging 10 percent a year in this century.”

When adjusted for these factors, Sharma argued, the share of consumption in China’s GDP would be closer to 55 percent, a level more consistent with international norms.

He also noted that China’s consumer spending has outpaced that of both established and emerging Asian manufacturing powers, from Japan and South Korea to Indonesia and Malaysia.

“When the original miracle economies were reaching the level of development in China today, they too saw sharp slowdowns in consumer spending growth,” said Sharma.

Recent signs of deceleration in consumption, Sharma argued, are concentrated in specific sectors and should not be overinterpreted.

“Drill down into consumer spending, and growth looks to be weakening mainly for services, not goods,” he wrote. “But this, too, is partly illusory. If one factors in services provided by China’s government at little or no charge, including healthcare and education, consumption rises significantly as a share of GDP.”

MIL OSI China News –

June 18, 2025
MIL-OSI: Novian’s consolidated revenue increased 2.4% in 2024 to EUR 38.9 million
Source: GlobeNewswire (MIL-OSI)

The Novian IT group’s consolidated revenue in 2024 amounted to EUR 38.9 million and grew 2.4% compared to 2023. The group’s EBITDA for the 12-month period was EUR 2.57 million and was 2.1 times the previous year’s figure. The operating profit for last year was EUR 1.5 million, or 14.3 times the amount in 2023.

Novian last year earned most of its revenue – 59% – from activities related to IT solutions, with another 24% coming from software development and 17% from IT services. Its companies conducted operations in 37 countries, earning 77% of their revenue in Lithuania, 12% elsewhere in Europe, and 11% in other countries of the world.

“We are pleased with last year’s results, which again show that the success of an IT business depends not just on experience and the application of relevant innovations but also work together with clients to create innovations. I am grateful to the team, which has contributed to this,” says Tomas Vitkus, the CEO of the Novian group.

He says that, looking forward, the priority areas for Novian’s work include not only projects for national institutions and businesses, but also defence projects, artificial intelligence and high-performance computing solutions to address the challenges of climate change, and potential applications of quantum technologies.

“In the context of the digital era, with Lithuania and Europe actively considering ways to strengthen their defences, advanced technological and programming solutions that leverage artificial intelligence and other innovations should be among the top priorities for the country and the region. We are confident that Novian’s experience and know-how can be useful, and we are ready to contribute to projects in this area,” Vitkus says.

In the area of software services, the past year stood out not only for the creation of modern national-level information systems, but also for advanced defence, aviation and space projects carried out together with European partners.

Novian has undertaken a wide range of defence projects since as far back as 2004. In 2024 alone, Novian took part in a total of seven defence projects funded by the European Commission. This year it is continuing four such projects: PEONEER (implementing Activity Based Intelligence to complement geo-spatial activities), SESIOP (enhancing the interoperability of military Air C2 systems and integrating Single European Sky rules), FIRES 2 (developing next generation ammunition), and ODINS’ EYE 2 (developing a European space-based missile early warning system).

Another project currently underway is HIPSTER, which is developing an innovative software solution for effectively identifying, analysing and resolving hybrid threats. Using advanced OSINT, SocMINT, NLP, and AI technologies, HIPSTER will automatically detect threats and deploy countermeasures to prevent potential damage. The project is linked to EU initiatives.

“In the area of IT solutions and services, last year stood out for new public sector cloud computing architecture and procurement consulting projects in African countries. We also expanded our business client portfolio by offering IT infrastructure services and introduced high-performance computing solutions for weather forecasting and climate change modelling,” notes Gytis Umantas, the CEO of Novian Technologies. He says the company has played an active role too in creating a quantum technology ecosystem in Lithuania. Early this year, guidelines for the development of quantum technologies in Lithuania were presented, setting out the priorities and opportunities in that field.

Also noteworthy with regard to innovations is Novian’s membership of a consortium for implementing the Massachusetts Institute of Technology (MIT) International Science and Technology Initiatives Programme (MISTI) in Lithuania. The consortium signed a cooperation agreement with MIT in early 2025. In the course of this project, Novian aims to expand the uses of AI-related innovations, to create technologies for increasing public safety and resilience and for using high-performance computing to combat climate change, and to develop quantum technologies.

According to an independent valuation carried out by the financial consultancy Deloitte Verslo Konsultacijos, the fair value of the Novian group at the end of 2024 was almost EUR 22 million and was 11.7% higher than at the end of 2023. This figure reflects not only the financial performance of the group’s companies, but also the estimated one-off impact that could arise if there is an adverse court decision regarding the contract for a project undertaken by the group company Novian Systems to provide modernisation services for the Central Public Procurement Information System.

The Novian group consists of Novian Technologies, Novian Systems and Novian Pro in Lithuania, Novian Eesti of Estonia, Andmevara of Moldova, Zissor of Norway, and Novian Rwanda of Rwanda. The Novian group’s results for 2024 are based on the audited results of Novian Technologies, Novian Systems, Novian Pro, and Zissor, and the unaudited results of the group’s other companies. The Novian group is owned by INVL Technology, a company that invests in IT businesses.

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt

Attachment
- Novian 2024 results
The MIL Network –
June 18, 2025
MIL-OSI: Business aviation leader Luxaviation and Haffner Energy join forces to accelerate SAF production and promotion
Source: GlobeNewswire (MIL-OSI)

Business aviation leader Luxaviation and Haffner Energy join forces to accelerate SAF production and promotion

Luxaviation signals interest in active role in SAF-dedicated entity SAF Zero

Vitry-le-François, France / Luxembourg (June 18, 2025, 8:00 am CEST) –

SAF Zero, a Haffner Energy initiative, is gaining momentum: Luxaviation Group, a leading global operator in the business aviation sector, is exploring an active role in the new entity, both companies announced today at the International Paris Air Show. Luxaviation potential involvement could take the form of cash funding to finance initial development activities, support in the strategic definition and global visibility as well as offtake agreements in relevant SAF Zero projects such as Paris-Vatry SAF.
SAF Zero is dedicated to fast-tracking the production of sustainable aviation fuel (SAF) by establishing an investment and project development platform that brings key stakeholders together. Combining Haffner Energy’s proprietary technologies and Luxaviation’s experience and strategic positioning in the aviation sector, SAF Zero is to finance and develop industrial SAF production projects. Operating under an exclusive license, SAF Zero will supply Haffner Energy’s technologies to third parties under license agreements, designing, delivering and potentially operating key equipment based on these technologies.
“We are thrilled to collaborate with Luxaviation, a powerful partner working alongside us to position SAF Zero as a cornerstone of Europe’s clean aviation strategy ,” said Philippe Haffner, co-founder and CEO of Haffner Energy.
France-based Haffner Energy relies on its 32-year experience to design, manufacture, supply, license, and operate proprietary disruptive clean fuels solutions, including critical technologies for pathway-agnostic SAF production, using all types of residual biomass and municipal waste. The company has already announced the development of a number of SAF projects, notably Paris-Vatry SAF in France, where full scale production is expected to be reached by 2030 when the next stage of the European SAF mandate kicks in.
As a founding partner of SAF Zero, Haffner Energy will provide engineering support and supply of critical equipment as needed for the projects developed by SAF Zero.
“At Luxaviation, we believe that the future of aviation must be sustainable, and that requires bold partnerships and innovative solutions. Our collaboration with Haffner Energy and our interest in SAF Zero reflect our commitment to accelerating the adoption of sustainable aviation fuel and driving meaningful change across the industry. By combining our operational expertise with Haffner Energy’s cutting-edge technology, we are taking a decisive step toward a cleaner, more responsible future for aviation,” said Patrick Hansen, CEO of Luxaviation Group.
Luxaviation operates one of the largest fleets of private aircraft worldwide. It is actively committed to the decarbonization of aviation through a three-pronged strategy: improving fuel efficiency; reducing emissions by actively increasing SAF use and electrification of ground operations; buying offsets for remaining GHG emissions. Since 2021, Luxaviation’s annual sustainability report tracks progress against targets. In 2023, Luxaviation launched “Go-to-Zero” Investment Fund to foster SAF production.
Both Luxaviation and Haffner Energy are members of Project SkyPower, an international CEO-led initiative dedicated to accelerating the development and adoption of SAF.

About Haffner Energy
Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biochar. A company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. More information is available at www.haffner-energy.com.

About Luxaviation Group
Headquartered in Luxembourg, Luxaviation Group comprises top-of-the line aviation brands, including Luxaviation, Starspeed, ExecuJet and Paragon, operating across five continents. Services include aircraft management for private and commercial aircraft, private air charter services, and the management and operation of VIP passenger terminals throughout an FBO network of over 110+ facilities worldwide. Luxaviation Group is actively committed to the decarbonization of aviation by supporting the development of sustainable fuels and green infrastructure. More information is available at www.luxaviation.com.

Media relations
Haffner Energy
Laetitia Mailhes
laetitia.mailhes@haffner-energy.com
+33 (0)6 07 12 96 76

Luxaviation Group
Juliane Thiessen
Juliane.thiessen@luxaviation.com
+41 76 356 8251

Investor relations
Haffner Energy
investisseurs@haffner-energy.com

Attachment
- PR_Luxaviation_HE
The MIL Network –
June 18, 2025
MIL-Evening Report: Victoria is looking into religious cults – here’s what it should examine
Source: The Conversation (Au and NZ) – By Jaime Simpson, Doctoral Researcher, Domestic Family Violence Counsellor, University of Newcastle

Paul shuang/Shutterstock

The Victorian parliament has launched a long-overdue inquiry into abuse and coercive control within cults and religious fringe groups.

It is a welcome acknowledgement of the damage that can flourish under the guise of faith, and the unquestioning obedience to authoritarian leaders in religious groups.

The inquiry will hear victim-survivors can suffer a diverse range of harms, including sexual, financial and labour exploitation, spiritual manipulation, and institutional betrayal.

Abusive practices

Geelong state MP Christine Couzens says the Geelong Revival Centre has caused a great deal of hurt.
Parliament of Victoria, CC BY

The inquiry is the first of its kind in Australia.

Prompted by recent events, including reports of coercive behaviour at the Geelong Revival Centre, the inquiry will examine “the methods used to recruit and control their members, and the impacts of coercive control”.

According to the committee’s guidance note, the focus will be on techniques that can damage individuals emotionally, psychologically, financially and even physically.

Importantly, the inquiry will interrogate “abusive practices”, not the beliefs behind them:

There is a distinction between genuine religious practice and harmful behaviour. “Freedom of religion” is not freedom, for example, to defraud, nor is it freedom to cause significant psychological harm to any person.

Consideration will be given to whether the law adequately protects people when cults and fringe groups cause the types of harm that should be criminalised.

Sexual control

My research examined the sexual exploitation of congregation members perpetrated by pastors within evangelical, Pentecostal faith communities in Australia.

Respondents described feeling broken, shattered, and spiritually battered. The harms were similar to those experienced by survivors of incest, child sexual abuse and domestic violence.

For example:
- 72% of respondents were diagnosed with an anxiety disorder
- 52% suffered Post Traumatic Stress Disorder (PTSD)
- 48% were diagnosed with depression
- 48% experienced suicidal ideation.
As American sociologist and cult expert Janja Lalich explains:

Sexual control is seen as the final step in the objectification of the cult member by the authoritarian leader, who is able to satisfy his needs through psychological manipulation leading to sexual exploitation.

Power imbalance

My research uncovered instances of sexual exploitation by pastors that constitutes a form of sexual violence and coercive control. The absence of a centralised reporting body means there is no accessible data on the extent of clergy sexual exploitation of adults in Australian faith communities.

However, international research found around 3% of churchgoing women had been subjected to sexual advances from a married religious leader.

Too often, institutions downplay the abuse as a “moral failing” or a mutual lapse into sin, ignoring the profound power imbalance that makes meaningful consent impossible.

Pastor-congregant relationships are not consensual; they are violations of trust and authority. Survivors are often left with no pathways to justice or support because coercive control is not recognised in non-intimate settings.

Search for belonging

Victim-survivors would benefit from legal reform that formally recognises and criminalises this form of abuse.

Coercive control legislation covering institutional and spiritual settings, would help protect congregation members targeted by predator pastors.

I was recruited into a Pentecostal church as a teenager through a Bible college that was allowed into my public high school to “preach the gospel”. I know firsthand how easily these environments can entrap teenagers at an age when many are seeking identity outside of family.

The parliamentary inquiry is not designed to question people’s religion, but to protect them from harmful behaviour.
SibRapid/Shutterstock

What began as a search for belonging led to years of grooming and coercion, and it took over two decades to name and report the abuse. The response from the church was just as harmful as the abuse itself.

Fear and shame

The harms often extend beyond sexual exploitation in many of these groups. Marginalised individuals are particularly vulnerable in these environments.

LGBTQIA+ people in some evangelical churches have historically been subjected to conversion practices masquerading as prayer, counselling, or pastoral care. In one recent example, an evangelical church in New South Wales preached from the pulpit:

A gay person is at least three times more likely to kill themselves. A transsexual is 15 times more likely to kill themselves. So if you are a parent and you love your kids make sure they are not gay or trans.

This kind of messaging doesn’t protect children – it instils fear, shame, and self-hatred. It reflects a deeper pattern of spiritual abuse that pathologises identity and uses fear to exert control. The consequences are devastating, especially for young people already struggling to reconcile faith, identity, and belonging.

Template for reform

Many people fail to grasp how intelligent adults can become trapped in such environments.

But coercive control is not about intelligence – it’s about power, dependency, and the slow erosion of critical thinking by spiritual authority.

While coercive control in family violence is finally being addressed, spiritual and sexual coercive control within faith communities, cults, and fringe groups remains in a legal blind spot.

This is exactly why the Victorian probe and follow-up law reform are both necessary.

The inquiry should provide a framework for other states and territories to follow suit and scrutinise cults and organised fringe groups in their own jurisdictions.

Lead author Jaime Simpson is a survivor of sexual exploitation in an evangelical community. The research mentioned is this article was conducted by her.

Jaime Simpson received a Higher Degree Research tuition off-set to complete her Master in Philosophy

Kathleen McPhillips receives funding from the Australian Research Theology Foundation ARTFinc), the Ian and Shirley Norman Foundation (ISNF) and the Australia-Germany Joint Research Cooperation Scheme.

– ref. Victoria is looking into religious cults – here’s what it should examine – https://theconversation.com/victoria-is-looking-into-religious-cults-heres-what-it-should-examine-259152
MIL OSI Analysis – EveningReport.nz –
June 18, 2025
MIL-Evening Report: Victoria is looking into religious cults – here’s what it should examine
Source: The Conversation (Au and NZ) – By Jaime Simpson, Doctoral Researcher, Domestic Family Violence Counsellor, University of Newcastle

Paul shuang/Shutterstock

The Victorian parliament has launched a long-overdue inquiry into abuse and coercive control within cults and religious fringe groups.

It is a welcome acknowledgement of the damage that can flourish under the guise of faith, and the unquestioning obedience to authoritarian leaders in religious groups.

The inquiry will hear victim-survivors can suffer a diverse range of harms, including sexual, financial and labour exploitation, spiritual manipulation, and institutional betrayal.

Abusive practices

Geelong state MP Christine Couzens says the Geelong Revival Centre has caused a great deal of hurt.
Parliament of Victoria, CC BY

The inquiry is the first of its kind in Australia.

Prompted by recent events, including reports of coercive behaviour at the Geelong Revival Centre, the inquiry will examine “the methods used to recruit and control their members, and the impacts of coercive control”.

According to the committee’s guidance note, the focus will be on techniques that can damage individuals emotionally, psychologically, financially and even physically.

Importantly, the inquiry will interrogate “abusive practices”, not the beliefs behind them:

There is a distinction between genuine religious practice and harmful behaviour. “Freedom of religion” is not freedom, for example, to defraud, nor is it freedom to cause significant psychological harm to any person.

Consideration will be given to whether the law adequately protects people when cults and fringe groups cause the types of harm that should be criminalised.

Sexual control

My research examined the sexual exploitation of congregation members perpetrated by pastors within evangelical, Pentecostal faith communities in Australia.

Respondents described feeling broken, shattered, and spiritually battered. The harms were similar to those experienced by survivors of incest, child sexual abuse and domestic violence.

For example:
- 72% of respondents were diagnosed with an anxiety disorder
- 52% suffered Post Traumatic Stress Disorder (PTSD)
- 48% were diagnosed with depression
- 48% experienced suicidal ideation.
As American sociologist and cult expert Janja Lalich explains:

Sexual control is seen as the final step in the objectification of the cult member by the authoritarian leader, who is able to satisfy his needs through psychological manipulation leading to sexual exploitation.

Power imbalance

My research uncovered instances of sexual exploitation by pastors that constitutes a form of sexual violence and coercive control. The absence of a centralised reporting body means there is no accessible data on the extent of clergy sexual exploitation of adults in Australian faith communities.

However, international research found around 3% of churchgoing women had been subjected to sexual advances from a married religious leader.

Too often, institutions downplay the abuse as a “moral failing” or a mutual lapse into sin, ignoring the profound power imbalance that makes meaningful consent impossible.

Pastor-congregant relationships are not consensual; they are violations of trust and authority. Survivors are often left with no pathways to justice or support because coercive control is not recognised in non-intimate settings.

Search for belonging

Victim-survivors would benefit from legal reform that formally recognises and criminalises this form of abuse.

Coercive control legislation covering institutional and spiritual settings, would help protect congregation members targeted by predator pastors.

I was recruited into a Pentecostal church as a teenager through a Bible college that was allowed into my public high school to “preach the gospel”. I know firsthand how easily these environments can entrap teenagers at an age when many are seeking identity outside of family.

The parliamentary inquiry is not designed to question people’s religion, but to protect them from harmful behaviour.
SibRapid/Shutterstock

What began as a search for belonging led to years of grooming and coercion, and it took over two decades to name and report the abuse. The response from the church was just as harmful as the abuse itself.

Fear and shame

The harms often extend beyond sexual exploitation in many of these groups. Marginalised individuals are particularly vulnerable in these environments.

LGBTQIA+ people in some evangelical churches have historically been subjected to conversion practices masquerading as prayer, counselling, or pastoral care. In one recent example, an evangelical church in New South Wales preached from the pulpit:

A gay person is at least three times more likely to kill themselves. A transsexual is 15 times more likely to kill themselves. So if you are a parent and you love your kids make sure they are not gay or trans.

This kind of messaging doesn’t protect children – it instils fear, shame, and self-hatred. It reflects a deeper pattern of spiritual abuse that pathologises identity and uses fear to exert control. The consequences are devastating, especially for young people already struggling to reconcile faith, identity, and belonging.

Template for reform

Many people fail to grasp how intelligent adults can become trapped in such environments.

But coercive control is not about intelligence – it’s about power, dependency, and the slow erosion of critical thinking by spiritual authority.

While coercive control in family violence is finally being addressed, spiritual and sexual coercive control within faith communities, cults, and fringe groups remains in a legal blind spot.

This is exactly why the Victorian probe and follow-up law reform are both necessary.

The inquiry should provide a framework for other states and territories to follow suit and scrutinise cults and organised fringe groups in their own jurisdictions.

Lead author Jaime Simpson is a survivor of sexual exploitation in an evangelical community. The research mentioned is this article was conducted by her.

Jaime Simpson received a Higher Degree Research tuition off-set to complete her Master in Philosophy

Kathleen McPhillips receives funding from the Australian Research Theology Foundation ARTFinc), the Ian and Shirley Norman Foundation (ISNF) and the Australia-Germany Joint Research Cooperation Scheme.

– ref. Victoria is looking into religious cults – here’s what it should examine – https://theconversation.com/victoria-is-looking-into-religious-cults-heres-what-it-should-examine-259152
MIL OSI Analysis – EveningReport.nz –
June 18, 2025
PM Modi takes part in G7 outreach on energy security; calls for clean energy access, AI oversight, Global South priorities

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi on Tuesday participated in the outreach session on energy security at the 51st G7 Summit in Kananaskis, Canada, where he called for universal access to clean energy, responsible use of artificial intelligence, and greater attention to the needs of the Global South.

In a post on X, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal highlighted key takeaways from the Prime Minister’s address.

PM Modi emphasized that affordable, reliable, and sustainable energy remains India’s top priority in an increasingly technology-driven world.

“In the last century, we saw competition for energy. In this century, we will have to cooperate for technology. Moving forward on the fundamental principles of availability, accessibility, affordability, acceptability, India has chosen the path of inclusive development” PM Modi said.

He underscored India’s clean energy initiatives such as the International Solar Alliance, Coalition for Disaster Resilient Infrastructure (CDRI), and the Global Biofuels Alliance.

PM Modi noted that India has already fulfilled its Paris climate commitments ahead of schedule and is rapidly advancing toward its Net Zero target by 2070.

“Currently, renewable energy accounts for around 50 percent of our total installed capacity,” he added.

PM Modi also reiterated India’s commitment to representing the concerns of the Global South on the world stage.

“Unfortunately, the Global South countries suffer the most from uncertainty and conflicts. They are the first to be hit by crises related to food, fuel, fertilizer, and finance. India considers it its responsibility to bring the priorities and concerns of the Global South to the world stage,” he said.

Highlighting India’s success in democratizing technology through Digital Public Infrastructure, the Prime Minister stressed the importance of meaningful and high-quality data as the foundation for inclusive and responsible AI.

He called for global cooperation to build governance frameworks around artificial intelligence that both encourage innovation and address emerging risks.

“AI itself is an energy-intensive technology. If there is any way to sustainably fulfill the energy requirements of a technology-driven society, it is through renewable energy,” PM Modi said.

Addressing AI risks, PM Modi warned of the growing threat of deepfakes, urging the need for safeguards.

“Deep fake is a cause of great concern. Watermarking or clear declaration should be mandatory for AI-generated content,” he said.

On the issue of terrorism, the Prime Minister strongly condemned the recent Pahalgam terror attack, describing it as an attack on humanity and democratic values.

“There should be no place for double standards on terrorism,” he said, urging the global community to adopt a consistent and firm stance against terror networks.

“For global peace and prosperity, our thought and policy must be clear — if any country supports terrorism, it will have to pay the price for it. On one hand, we are quick to impose all kinds of sanctions based on our own preferences. On the other hand, countries that openly support terrorism are rewarded,” PM Modi added.

June 18, 2025
Jual Oram highlights Modi government’s commitment to tribal welfare

Source: Government of India

Source: Government of India (4)

Union Minister for Tribal Affairs Jual Oram on Tuesday reaffirmed the government’s commitment to the holistic development of tribal communities, stating that transparency, inclusivity, and efficiency are the core principles driving tribal welfare programs under Prime Minister Narendra Modi’s leadership.

Speaking at an event in New Delhi, the minister emphasized that the vision of a developed India cannot be achieved without empowering and uplifting tribal communities. “A community once politically marginalized is now playing a central role in the nation’s development journey,” he said.

Oram credited the Modi government for ensuring effective implementation of inclusive policies over the past 11 years, which have significantly transformed the lives of tribal families. He noted that while the Ministry of Tribal Affairs was founded in 1999 under former Prime Minister Atal Bihari Vajpayee, it has achieved real expansion and impact under PM Modi.

Highlighting achievements in education, Oram said over 700 Eklavya Model Residential Schools (EMRS) have been established with a budget of ₹25,000 crore, ensuring access to quality education for lakhs of tribal children. He also spoke about the financial empowerment of tribal artisans and entrepreneurs, who are now finding opportunities in national and global markets.

Praising the dignity and resilience of tribal communities, the minister remarked, “They do not believe in begging. They live with dignity and survive through hard work — and that is their true strength.”

Oram concluded by hailing Prime Minister Modi as a true champion of tribal welfare and a key force behind the transformation in tribal policy and empowerment.

June 18, 2025
MIL-OSI New Zealand: New Certification scheme unlocks $200M market for Kiwi cosmetics in China
Source: New Zealand Government

Trade and Investment Minister Todd McClay and Commerce and Consumer Affairs Minister Scott Simpson have welcomed a new certification scheme, announced by the Prime Minister in Shanghai today, that unlocks access to China’s $200 million cosmetics and skincare market — a move that will drive stronger returns for New Zealand exporters and boost the economy.

“This is a smart, practical step that removes a long-standing trade barrier and opens up valuable new channels for our exporters,” McClay says.

“It means more high-quality, innovative New Zealand products on shelves in China – not just online, but in stores across one of the world’s fastest-growing consumer markets.”

The scheme, developed with International Accreditation New Zealand (IANZ) and the Ministry of Business, Innovation and Employment (MBIE), provides exporters with a Government-issued Good Manufacturing Practice (GMP) certificate that meets Chinese regulatory requirements.

“This certification allows Kiwi-made cosmetics to be sold through traditional retail channels in China, significantly expanding market reach beyond cross-border e-commerce and supporting our goal of doubling exports by value in 10 years,” Mr McClay says.

Minister Simpson says the scheme is a strong example of the Government’s commitment to backing New Zealand businesses and removing barriers to growth.

“With global demand for health and beauty products rising, this gives our exporters the confidence to grow and compete in China; quickly, credibly, and at scale,” Mr Simpson says.

“It’s another example of how we’re cutting red tape and aligning our standards with key trading partners to give Kiwi firms the certainty they need to succeed.”

How it works:
- Exporters complete an independent GMP assessment with IANZ.
- If successful, MBIE confirms compliance with a certificate signed on behalf of the Government.
New Zealand’s ban on animal testing for cosmetics remains in place, giving Chinese consumers assurance that Kiwi products are high-quality, safe, sustainable, and ethically produced.

More information and application details will be available online soon.

MIL OSI New Zealand News –
June 18, 2025
MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

Source: GlobeNewswire (MIL-OSI)

Zurich: 18 June 2025

PRESS RELEASE

Ad hoc announcement pursuant to Art. 53 Listing Rules:

GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.

Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management.

Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

Biographies

Albert Saporta:

Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

Tim Rainsford:

Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint.

He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.

Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.

For further information please contact:

Colin Bennett | GAM Media Relations
T +44 (0) 20 73 938 544
colin.bennett@gam.com

Visit us: www.gam.com
Follow us: X and LinkedIn

About GAM

GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com.

Other Important Information

This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

Attachments

The MIL Network –

June 18, 2025
MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

Source: GlobeNewswire (MIL-OSI)

Zurich: 18 June 2025

PRESS RELEASE

Ad hoc announcement pursuant to Art. 53 Listing Rules:

GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.

Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management.

Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

Biographies

Albert Saporta:

Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

Tim Rainsford:

Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint.

He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.

Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.

For further information please contact:

Colin Bennett | GAM Media Relations
T +44 (0) 20 73 938 544
colin.bennett@gam.com

Visit us: www.gam.com
Follow us: X and LinkedIn

About GAM

GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com.

Other Important Information

This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

Attachments

The MIL Network –

June 18, 2025
MIL-OSI Submissions: MITP – Moldova’s Digital Engine Accelerates: Record Results In 2024 And Projections Of 1 Billion Euros In Revenues For 2025

Source: Moldova Innovation Technology Park

Chisinau, Moldova — The IT sector contributes 6% to the national GDP – a result that reflects the efficiency and impact of the ecosystem created by the Moldova Innovation Technology Park (MITP). The data were presented by Marina Bzovîi, Administrator of MITP, at the Moldova Digital Summit 2025, confirming the essential role of the Park in the digital transformation of the Republic of Moldova. With 2024 marked by record performance, MITP expects a clear upward trajectory for 2025, supported by the accelerated expansion of the resident base and the increase in revenues generated by the IT sector.

Unprecedented growth: 533 resident companies in a single year

Currently, Moldova Innovation Technology Park brings together over 2,370 resident companies, of which 533 joined in 2024 alone – the largest annual advance since the park’s launch. This record growth reflects Moldova’s growing attractiveness for international investors and technology companies looking for a stable, competitive and future-oriented environment.

The MITP model offers a unique framework in the region: an ultra-competitive tax regime with a flat tax of only 7%, VAT exemptions and simplified contributions, which allows companies to focus on growth and innovation. These conditions are guaranteed by law until 2035, providing investors not only with incentives, but also with long-term predictability.

MITP is 100% virtual, allowing remote operation without the obligation of a physical presence in the Republic of Moldova — a key advantage in an era where remote work is becoming the global norm. In addition, initiatives such as the Visa IT program facilitate the attraction of international talent, ensuring quick and legal access to the global workforce.

In this modern and well-connected ecosystem, residents benefit from quality digital infrastructure, constant dialogue with the authorities and specialized support for international expansion. It is no coincidence that more and more companies from Romania and Ukraine are choosing to relocate to Moldova, in search of a more efficient, flexible and innovation-friendly space.

MITP is no longer just a tax-advantaged framework — it’s a complete platform for accelerated growth, global connection, and sustainable digital transformation.

The park hosts companies with capital from 43 countries, most of them from Ukraine and Romania.

“The regional geopolitical context has had a major impact. If in 2021 only three Ukrainian companies were registered in the MITP, in 2024 their number increased 14 times, reaching 42, amid strategic relocations caused by the war. In the same period, the presence of companies with Romanian capital has almost doubled, boosted by the recent tax changes in Romania applied to the IT sector. Today, there are 41 companies in Romania in MITP”,

said Marina Bzovîi, MITP Administrator.

IT sector – a force in the economy: 6.3% of GDP

The contribution of the IT sector to the national economy has increased significantly, reaching 6.3% of GDP in 2024, according to preliminary estimates, compared to 1.8% in 2015. This remarkable evolution is a direct result of the expansion of tech companies, favorable fiscal policies and the sustained attraction of foreign investment.

“For 2025, we estimate that the revenues generated by MITP resident companies will reach 1 billion euros, with an increase of approximately 30% compared to 2024, when they totaled 785 million euros. It is a clear confirmation of the potential for sustainable growth and the value that the IT sector brings to the Moldovan economy”,

said Nadejda Hodus, Financial Manager MITP.

IT exports – Moldova, regional leader in growth rate

Exports of IT services increased spectacularly, reaching 523 million euros in 2023, 10 times more than in 2015 (53 million euros). Although the absolute volume is lower than that reported by countries such as Romania (7.5 billion euros) or Ukraine (6 billion euros), Moldova’s growth rate is the fastest in the region.

“This performance is all the more impressive as Moldova is a small country, both in terms of territory and population. MITP’s development model proves to be an efficient and sustainable one, transforming Moldova into a regional digital hub with strategic potential”,

added Nadejda Hodus.

Record contributions to the state budget

The economic impact of the MITP is also directly felt in the revenues of the National Public Budget. In 2024, resident companies contributed €78 million – four times more than in 2017. About 50% of these amounts come from newly established businesses after the launch of the park.

According to a recent analysis conducted by MITP, the contributions paid by resident companies could cover up to 16% of the national expenditure on health care and about 90% of the financing of vocational higher education – an eloquent illustration of the real economic impact generated by the IT sector in the Republic of Moldova.

“Through these results, MITP imposes itself not only as a successful model in the region, but also as an example of effective public policy, which creates jobs, attracts investments and amplifies the country’s digital competitiveness. With clear objectives and a sustained pace of development, Moldova is getting closer to becoming a regional pole of innovation and technology”,

concluded the Administrator of Moldova Innovation Technology Park, Marina Bzovîi.

About Moldova Innovation Technology Park (MITP)

Launched in 2016, MITP is Moldova’s national platform dedicated to the tech industry, offering a unique 7% tax regime and 100% virtual operation. With more than 2,300 resident companies in 43 countries, MITP contributes significantly to the national GDP and attracts global investment. Supported by legislative guarantees until 2035, the park promotes innovation, IT exports and Moldova’s integration into the European digital economy.

MIL OSI – Submitted News –

June 18, 2025
MIL-OSI New Zealand: Statistics NZ Full Information – Modernising New Zealand’s data system

Source: Statistics New Zealand

Wide-ranging improvements to the data system will modernise and future-proof how New Zealand’s economic and population statistics are produced.

Minister of Statistics Hon Dr Shane Reti announced today sweeping changes that will see Stats NZ moving in a bold, future-focused direction to provide more timely and relevant data.

“People’s information needs are changing and today’s announcements ensure we keep delivering data that improves lives today and for generations to come,” Acting Stats NZ Chief Executive and Government Statistician Mary Craig said.

The changes include moving to an admin-data-first census and publishing a monthly consumers price index (CPI), as well as a programme of work to meet new international standards for macroeconomic statistics.

“As New Zealand faces widespread and long-term social, economic, environmental, and technological change, people’s need for information is growing exponentially.

“These changes will help ensure Stats NZ continues to adapt and provide high-quality information that supports New Zealand’s economic and social wellbeing,” Craig said.

New Zealand’s census is evolving

Cabinet has endorsed the Government Statistician’s decision to prioritise the use of information already collected by government, known as administrative (admin) data, for future censuses.

The approach builds on the combined survey and admin data models successfully used since the 2018 Census.

“This is an exciting and necessary change. The traditional way of running a nationwide survey on census day can no longer be justified, due to rising costs, declining survey response rates, and disruption from events, like Cyclone Gabrielle in 2023,” Craig said.

“From 2030, key New Zealand census data and statistics will be produced every year, in a cost-effective and sustainable way.

“By tapping into information New Zealanders have already provided, we will deliver more relevant, useful, and timely data to help inform quality planning and decision making.”

Surveys will continue to play an important role, with a new annual survey asking census-type questions of a small percentage of the population.

“The new survey will be set up to be highly flexible, with opportunities to change content and topics much more frequently.”

Stats NZ will also work in partnership with smaller population groups to develop tailored solutions that will help meet their information needs.

Stats NZ is working together with other government agencies to ensure that legislation supports the new approach and to make sure the admin data collected improves in quality over the next five to 10 years.

“Ensuring the ongoing privacy and protection of data is a priority as we introduce these improvements,” Craig said.

Modernising economic statistics to support economic growth and social investment

New funding of $16.5 million over four years will enable Stats NZ to deliver a monthly CPI from the beginning of 2027.

“The CPI is a key indicator of economic health and is used in monetary policy to set interest rates and index contracts, and influences things like benefit payments.

“More frequent inflation data is important for policy, forecasting, and informing decisions that help address cost-of-living pressures and drive economic growth.

“We are pleased to be taking this next step in enhancing our economic data,” Craig said.

To ensure Stats NZ successfully delivers a monthly CPI, we are already updating our prices technology platform and building up the project team.

Budget 2025 also includes tagged contingency funding of just over $61 million over four years to meet new international standards for macroeconomic statistics.

The changes are extensive, and Stats NZ is preparing a detailed business case which, once approved, will see the new standards implemented by 2030.

“The Measuring a Modern Economy programme will allow us to adopt the standards at the same time as our major trading partners, and ensure New Zealand has reliable data that provides a clearer picture of the economy,” Craig said.

More information

www.stats.govt.nz/modernising-the-census provides more information about the changes to modernise the census.

MIL OSI New Zealand News –

June 18, 2025
Indian stock market trades in green amid rising geopolitical tensions

Source: Government of India

Source: Government of India (4)

The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

“Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

In the broader Asian markets, indices in Bangkok, Japan, and Seoul were trading in green, while Jakarta, Hong Kong, and China were in the red.

In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

-IANS

June 18, 2025
Indian stock market trades in green amid rising geopolitical tensions

Source: Government of India

Source: Government of India (4)

The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

“Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

In the broader Asian markets, indices in Bangkok, Japan, and Seoul were trading in green, while Jakarta, Hong Kong, and China were in the red.

In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

-IANS

June 18, 2025
MIL-OSI Russia: The Fast Treasury Payments service has launched in Moscow

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

The “Fast Treasury Payments” service has been launched in Moscow in the public procurement system. This is one of the important stages in the development of a technological platform for managing public finances, reported Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance. The purpose of the service is to robotize operations in settlements under government contracts within the framework of treasury services.

The Fast Treasury Payments project was implemented as a result of combining in a single circuit data from a single automated information system for trades, a supplier portal, an automated information system for managing the budget process, a single accounting system, and a single information system in the sphere of public procurement. This made it possible to synchronize the processing of data on government contracts from the moment they are concluded until payment and to make payments automatically.

“The service has improved the quality of services for clients – contractors and suppliers – recipients of budget funds. It has made it possible to automate and speed up the execution of routine operations by employees of financial services of capital organizations and the city treasury on the formation of payment documents, their verification and approval of payment of monetary obligations of city executive authorities and institutions subordinate to them,” Elena Zyabbarova emphasized.

Every year, Moscow treasurers process over 1.7 million payment orders for concluded contracts. Their validity is checked and payment is authorized manually and can take up to one day. On average, over 44 thousand documents are returned to suppliers and contractors for revision due to improper preparation. And the labor costs associated with the execution of payment orders reach almost 200 thousand man-hours per year.

In the “Fast Treasury Payments” service, data is generated immediately upon signing a contract. During execution, the system automatically checks the compliance of its terms with electronic acts on acceptance of goods, works and services. Based on this data, the service independently creates a draft payment order. It is signed by the customer, and the documents are transferred to the Moscow City Treasury, where automatic verification and authorization of payment occurs. At the same time, data on the settlements made and information on the execution of the contract are received in the unified procurement information system.

Elena Zyabbarova added that the service had been operating in test mode for over six months. The quality check was successful, and today everything is ready for its implementation in the system of execution of state contracts. The test results showed that “Fast Treasury Payments” allow to significantly increase the efficiency of settlements due to the robotization of standard operations and reduction of the number of errors. The number of payment documents returned by the treasury for revision has noticeably decreased. The labor costs of contractors and suppliers – recipients of budget funds associated with their preparation have decreased by 75 percent. The average time of automatic verification of payment details, contract parameters and payment approval was about seven seconds. The emergence of the service will allow to conduct all operations on state contracts concluded by executive authorities and institutions under the 44th federal law and financed from the Moscow budget, in automatic mode.

The use of the project has shown that the tools underlying the service can be scaled. The Moscow Department of Finance plans to implement it in the processes of providing subsidies and grants to state and non-state organizations.

The project is an important stage in the development of the city procurement system, which involves a complete transition to digital contracts and automation of all stages of their execution. The functionality of “Fast Treasury Payments” is being implemented by the Moscow Department of Finance together with Department of Information Technology capitals and Main Control Directorate cities.

Information on the development of budget management technologies in Moscow can be found in telegram channel Department of Finance of Moscow and on the portal “Open Budget of the City of Moscow”.

Get the latest news quickly official telegram channel the city of Moscow.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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https: //vv.mos.ru/nevs/ite/155381073/

MIL OSI Russia News –

June 18, 2025
MIL-OSI Asia-Pac: LCQ20: Carbon emission reduction

Source: Hong Kong Government special administrative region

Following is a question by the Hon Adrian Ho and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (June 18):

Question:

In October 2021, the Government announced Hong Kong’s Climate Action Plan 2050, which aims to reduce Hong Kong’s carbon emissions by half from the 2005 level before 2035 and outlines four major decarbonisation strategies, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction. In this connection, will the Government inform this Council:

(1) whether it will duly adjust its green policies in response to Hong Kong’s actual carbon emissions in recent years to accelerate the overall pace of decarbonisation in Hong Kong and thus achieve its carbon reduction targets as scheduled;

(2) of the respective performances of various government departments over the past five years in key carbon reduction measures, such as energy saving, emission reduction, consumption and carbon emission reduction, as well as green procurement; whether government departments have set carbon reduction targets and timetables for the series of policy measures implemented in recent years, including the establishment of the Green Technology and Finance Development Committee and the implementation of the Uncertificated Securities Market initiative;

(3) as there are views that the broad participation of businesses in decarbonisation efforts is vital for Hong Kong to achieve carbon neutrality, how many businesses and organisations have, as of May this year, joined the “Green Hong Kong．Carbon Audit” campaign by signing the Carbon Reduction Charter and agreeing to undertake and implement activities in support of reducing greenhouse gas emissions; whether it has assessed the effectiveness of the participating businesses and organisations in formulating and implementing carbon reduction measures;

(4) as it is learnt that the Hong Kong Exchanges and Clearing Limited established the Hong Kong International Carbon Market Council and subsequently launched an international carbon marketplace “Core Climate” in 2022, whether Government is aware of the current operational status of both the Council and Core Climate, as well as their respective effectiveness in promoting the implementation of decarbonisation measures among businesses in Hong Kong; and

(5) given that green transport is one of the Government’s decarbonisation strategies, which includes achieving zero vehicular emissions and zero carbon emissions in the transport sector before 2050 through promoting the electrification of vehicles, and ceasing new registrations of fuel-propelled and hybrid private cars in or before 2035, whether the Government has assessed if the current progress of such efforts will enable the carbon reduction targets to be achieved on schedule?

Reply:

President,

In consultation with the Financial Services and the Treasury Bureau, the reply to the question raised by the Hon Adrian Ho is as follows:

(1) The Government has proposed four major decarbonisation strategies in the Hong Kong’s Climate Action Plan 2050, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction, to lead Hong Kong to halve its carbon emissions from the 2005 level by 2035, with a view to achieving carbon neutrality before 2050. With our efforts in recent years in these four decarbonisation strategies, Hong Kong is making steady progress towards the carbon reduction target of 2035.

Hong Kong’s total greenhouse gas (GHG) emissions have been on a downward trend after reaching its peak in 2014. With the gradual replacement of coal-fired power generation by natural gas and zero-carbon energy, the popularisation of electric vehicles, the reduction of municipal solid waste disposal, and the increased recovery and use of landfill gas for energy generation in Hong Kong, the total GHG emissions in 2023 were reduced by about 20 per cent from the 2005 level and about a quarter from the peak in 2014. The per capita GHG emissions in 2023 was 4.58 tonnes, which is a new low since 1990. It is nearly 30 per cent lower than those in 2005 and 2014, and is about a quarter of that of the United States and 60 per cent of that of the European Union.

Combating climate change is a long-term task. In line with the spirit of the Paris Agreement, we will review the Hong Kong’s Climate Action Plan 2050 about every five years to update the strategies and targets for decarbonisation and other climate actions, and expect to release the review result in 2026.

(2) To enhance the performance of government departments in energy conservation and carbon emissions, the Government has promulgated relevant internal circulars and guidelines to require departments to perform well in the area of environmental protection in their daily operations. Specific measures include energy conservation, adoption of renewable energy (RE), waste reduction and recycling, installation of electric vehicle charging facilities, water conservation and recycling, procurement of green products and services, etc. with a view to reducing carbon emissions. These government circulars and guidelines cover environmental targets for government buildings, carbon emission management, preparation of environmental reports by government departments, as well as green procurement, etc.

The Government strives to improve the overall energy performance of government buildings and infrastructure by more than 6 per cent in 2024-25, compared to the 2018-19 baseline. To this end, the Electrical and Mechanical Services Department (EMSD) has requested all bureaux and departments (B/Ds) to provide information on the energy consumption and RE of government buildings and facilities annually, and organised briefing sessions to discuss energy performance, and provides technical advice on energy-saving measures and planning of RE projects. As at 2022-23, the Government’s overall energy performance has improved by about 5.3 per cent. While the data for 2023-24 is still being compiled, based on the recent trends in energy performance, the Government is confident that the target of over 6 per cent improvement can be achieved. The Environment and Ecology Bureau (EEB) will continue to encourage all B/Ds to take measures to enhance energy performance and explore means to leverage innovative technologies to promote cost-effective solutions for improving energy efficiency in government buildings.
(3) The Government launched the “Green Hong Kong．Carbon Audit” campaign with a view to encouraging organisations of various sectors to support greenhouse gas emission reduction activities. The participating organisations would, according to their respective situations, formulate and implement carbon reduction measures such as promoting carbon audits, establishing environmental management systems, and installing and replacing energy-efficient office equipment. Currently, over 140 organisations, including property management companies, universities, professional bodies, non-profit-making organisations and other business organisations, have joined the “Green Hong Kong．Carbon Audit” campaign. In addition to raising the awareness of participating organisations in carbon reduction and encouraging these organisations to conduct carbon audits and implement carbon reduction plans, the campaign also helps corporates prepare for addressing new climate-related disclosure requirements.

The Government launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong (Roadmap), injecting new impetus into the carbon management work of large publicly accountable entities (PAEs) (including large listed issuers and non-listed financial institutions carrying a significant weight). As the first step, Hong Kong Exchanges and Clearing Limited (HKEX) has introduced new climate-related disclosures requirements (New Climate Requirements) which have been developed based on International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures. The New Climate Requirements, covering, among others, mandating all listed issuers to disclose scope 1 and scope 2 GHG emissions, have been implemented in phases starting from January 2025.
(4) HKEX launched the Hong Kong International Carbon Market Council (the Council) in July 2022, with members comprising Mainland, Hong Kong, and international corporates and financial institutions, to facilitate the development of an efficient and effective Hong Kong-based international carbon market with best-in-class market infrastructure, products and services, promoting the transition to a low-carbon economy in the region.

Subsequently, HKEX launched the Core Climate, an international carbon marketplace, in October in the same year, facilitating effective and transparent trading of carbon credits and instruments to support the global transition to Net Zero. It offers quality carbon credits from internationally-certified projects in Asia, South America and Africa, covering forestry, solar, wind and biomass initiatives. Core Climate is currently the only carbon marketplace that offers HKD and RMB settlement for the trading of international voluntary carbon credits. The platform’s participant number reached 100 by end of 2024. Core Climate has facilitated carbon credit trading by various corporates through the provision of trustworthy settlement services, enhancing efficiency and mitigating risks, including Cathay Pacific Airways Limited’s settlement of 50 000 tonnes of voluntary carbon credits in December last year, fully demonstrating the important role of Core Climate in supporting corporates on their climate transition journey.
(5) The Government is committed to promoting the use of electric vehicles (EV). The Hong Kong Roadmap on Popularisation of Electric Vehicles announced in March 2021 covers policy directions and targets in various areas in promoting the adoption of new energy transport technologies, so as to guide Hong Kong towards zero vehicular emissions before 2050. In recent years, Hong Kong has achieved remarkable results in the popularisation of EV. The number of EV was eightfold from about 14 000 five years ago to about 110 000 at the end of last year. Currently, about seven out of every ten newly registered private cars are electric private cars (e-PC), and the proportion is among the highest in the world, with a good growth momentum.

Charging network is critical to the popularisation of EV. As of March 2025, Hong Kong had nearly 100 000 parking spaces equipped with charging infrastructure. There are 11 180 public charging facilities, of which about 2 000 are quick or fast charging facilities. We will continue to adopt a multi-pronged approach to increase charging facilities, including (i) tightening the exemption measure for calculating the gross floor area of buildings to encourage parking spaces in new private buildings to be equipped with charging infrastructure; and (ii) launching the $3.5 billion “EV-charging at Home Subsidy Scheme” to assist existing private residential buildings and housing estate car parks to install EV charging infrastructure. It is estimated that by mid-2027, more than 200 000 parking spaces in private buildings will be equipped with charging infrastructure.

MIL OSI Asia Pacific News –

June 18, 2025