NewzIntel.com

Category: Economy

  • MIL-OSI: NBPE – NB Private Equity Partners Announces Transaction in Own Shares

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey 9 June 2025

    NB Private Equity Partners (“NBPE” or the “Company”) today announces details of Class A Shares bought back pursuant to general authority granted by shareholders of the Company on 12 June 2024 and the share buy-back agreement with Jefferies International Limited.

    Transaction on London Stock Exchange

    Date of purchase of Shares 6 June 2025
    Number of Shares purchased 3,000 Class A Shares
    Highest price/lowest price paid £14.50 / £14.34
    ISIN for the Shares GG00B1ZBD492

    All Class A Shares bought back will be cancelled. Following the cancellation, the number of outstanding Class A Shares is 45,533,911‬. The Company also has 3,150,408 Class A shares held in treasury. For reporting purposes under the FCA’s Disclosure Guidance and Transparency Rules the market should use the figure of 45,533,911 voting rights when determining if they are required to notify their interest in, or a change to their interest in the Company.

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman

    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    The MIL Network –

  • MIL-OSI: Municipality Finance issues a EUR 1 billion green benchmark under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    9 June 2025 at 10:00 am (EEST)

    Municipality Finance issues a EUR 1 billion green benchmark under its MTN programme

    Municipality Finance Plc issues a EUR 1 billion green benchmark on 10 June 2025. The maturity date of the benchmark is 14 June 2032. The benchmark bears interest at a fixed rate of 2.625% per annum.

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

    MuniFin has applied for the benchmark to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on on 10 June 2025.

    Danske Bank A/S, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, J.P. Morgan SE and Skandinaviska Enskilda Banken AB (publ) act as the Joint Lead Managers for the issue of the benchmark.

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

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

    Important Information

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

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

    The MIL Network –

  • MIL-OSI: WAYS.cash Wins Grand Champion Title at Solrift Hackathon for Privacy-Focused Payment Toolkit

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 09, 2025 (GLOBE NEWSWIRE) — WAYS.cash, the first self-custodial stealth-address payment toolkit on Solana, has been named Grand Champion of the “A Breach in the Norm” hackathon hosted by Solrift. The win earned the New York–based project a $100,000 grand prize and marked a significant milestone in blockchain privacy innovation.

    WAYS.cash

    Selected from a pool of 127 teams, WAYS.cash impressed judges with its approach to secure and user-friendly crypto payments. The hackathon featured a total prize pool of $650,000 and included opportunities for incubation support and introductions to a $50 million+ venture funding network.

    The WAYS.cash toolkit introduces a stealth-address system that enables private, self-custodial payments. Instead of revealing a user’s primary wallet address, WAYS generates a unique, unlinkable stealth address for each transaction, accessible through a human-readable link. This allows freelancers, creators, and small businesses to accept crypto payments without compromising on-chain privacy.

    “Winning Solrift from New York validates our vision of private, effortless payments,” said Jordan Yoo, co-founder and lead developer of WAYS.cash. “Building this alongside my daughter makes the experience even more meaningful.”

    In addition to the top prize, WAYS.cash also secured 1st place in the Consumer track, surpassing finalists like Fanplay and Blinkord. The project is now gearing up for larger hackathons and plans to expand its offering with a broader product release later this year.

    The WAYS.cash toolkit is compatible with all SPL tokens and supports cross-chain USDC payments via Circle’s CCTP, eliminating the need for bridges or wrapped tokens. With features like automatic file delivery, real-time notifications, and customizable checkout links, the product caters to independent professionals seeking privacy and simplicity in web3 payments.

    Founded by cryptography engineer and serial hackathon winner Jordan Yoo, WAYS.cash addresses key concerns such as wallet traceability, transaction clutter, and custodial limitations. The team positions the toolkit as a solution for those who value financial sovereignty, including freelancers, content creators, and small businesses.

    Learn more at https://ways.cash and follow updates at https://x.com/WaysCashApp.

    About WAYS.cash

    WAYS.cash is a privacy-forward payment toolkit on Solana that enables private, one-time stealth address transactions without custody or complexity. Designed for freelancers, creators, and businesses, it transforms payment links into secure, self-custodial transactions with optional digital delivery.

    Media Contact:

    Jordan S.
    WaysCashApp
    hello@ways.cash
    https://ways.cash/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ac2b5d9-8ee1-4735-878d-30904f11842d

    The MIL Network –

  • Modi govt creating new history in every field: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi is leading one of the most transformative phases of Bharat’s journey for the past 11 years, as the country is creating new history today in every field from economy to technology, from society to inclusive development, Commerce and Industry Minister Piyush Goyal said on Monday

    “While 11 years ago, the country was lagging behind in every way, during the Modi government, it is touching the heights of development, and the far-reaching changes of his government’s policies have left no section of society untouched, the minister further stated.

    This period has proved to be a symbol of good governance through service in the direction of the poor, youth, farmers and women empowerment. Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas, this is not just a mantra but the strength of the new India, he said.

    Under the guidance of Prime Minister Narendra Modi, India is continuously moving ahead on the path of becoming developed by leading the world with rapid development, comprehensive change and public participation. The minister was referring to the fact that India has emerged as the fastest-growing economy in the world.

    The IMF stated in its World Economic Outlook report last month that India is poised to become the world’s fourth-largest economy in 2025, with the country’s nominal GDP rising to $4,187.017 billion to surpass Japan’s GDP pegged at $4,186.431 billion.

    According to the report, India continues to be the world’s fastest-growing major economy and the only country expected to clock over 6 per cent growth in the next two years.

    The high rate of growth will see India’s GDP increasing to $5,584.476 billion in 2028 as it overtakes Germany to become the third-largest economy.

    The IMF has projected a zero growth rate for Germany in 2025, followed by 0.9 per cent in 2026 as it is expected to be hit the hardest among the European countries due to the ongoing global trade war. Germany’s GDP is projected at $5,251.928 in 2028.

    Japan, on the other hand, is expected to be hard hit by the global trade war, with its growth stagnating at 0.6 per cent for 2025 and 2026.

    (IANS)

  • MIL-OSI USA: WATCH: Padilla Slams Trump Administration for Terrorizing Los Angeles Communities Through ICE Raids, Deploying National Guard

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Slams Trump Administration for Terrorizing Los Angeles Communities Through ICE Raids, Deploying National Guard

    Padilla: California is “the fourth-largest economy in the world, not despite our immigrant population, but because of our immigrant population, who contribute so much as [a] workforce, as consumers, as entrepreneurs. That’s something to be respected, not insulted.”

    “Our nation is better than this. Look to California as a way forward.”

    Watch the full interview here.

    WASHINGTON, D.C. — In case you missed it, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, joined MSNBC’s “The Weekend: Primetime” to condemn the Trump Administration’s Immigration and Customs Enforcement (ICE) raids across Los Angeles and President Trump’s ensuing unprecedented deployment of nearly 2,000 members of California’s National Guard to the region.

    Senator Padilla slammed President Trump for manufacturing a cruel crisis to scapegoat immigrants and distract from Republicans’ harmful budget bill that will cut critical services that millions of Americans depend on to give tax cuts to the ultra-wealthy. He also blasted the Trump Administration for their hypocrisy in calling the largely peaceful Los Angeles protests an “insurrection” as President Trump and Republicans refuse to use that word to describe the January 6th Capitol insurrection. Padilla encouraged Californians to continue peacefully protesting the Trump Administration’s inhumane immigration enforcement.

    Key Excerpts:

    On Trump demonizing immigrants to distract from Republicans’ harmful budget bill:

    • “The Senate Republicans are on the verge of passing what House Republicans just passed in this bill that threatens to cut Medicaid, cut the social safety net for so many, and underwrite tax breaks for billionaires. So to distract from that, it never fails. This is [Trump’s] classic playbook. He’s not brokering peace between Russia and Ukraine. His tariff war has gone horribly wrong. So when all else fails, he demonizes immigrants again.”
    • “If we were having a serious, substantive policy conversation, I think there is room to discuss increased funding for our immigration system, not just smarter enforcement at the border, utilizing technology, focusing on ports of entry, but also for all the people who have pending cases, whether it’s an asylum case, whether it’s anything else, there is a need for more immigration judges and hearing officers and counsel, those sorts of things. And let’s reduce the backlog. But what the Trump Administration is doing is exactly the opposite, shifting it to complete enforcement and aggressive, extreme, cruel enforcement for that matter, while the backlogs continue to grow because they’ve shifted resources away from those services and those programs.”
    • “By and large, this supposedly Big Beautiful Bill, which is anything but, is nothing but increasing funding for … immigration enforcement, gutting so many other critical areas of the budget that working families across the country depend on, all to underwrite tax breaks for the most wealthy in America, including somebody like Elon Musk. You know, Donald Trump didn’t like the headlines he was getting because of his fallout with Elon Musk, and so again, what happens? He stages a crisis, manufactures a cruel crisis to try to change the news of the day.”

    On Trump’s hypocrisy in his response compared to January 6:

    • “The other thing he wants is for people to, yes, maybe get out of hand, so that he has the justification to escalate and increase the use of force. Look what happened in his first term. Look what happened on January 6. You’ve got to call out the hypocrisy. He did not once say “insurrectionist” for the people who stormed the Capitol and attacked police officers, but one protester who gets a little bit out of hand in Los Angeles and all of a sudden, he’s going to bring in the Marines? That’s beyond hypocritical.”
    • “If it’s one thing that the Team Trump does have going for it, is they are masters of misinformation and disinformation. What’s happening in Los Angeles is not an insurrection. What happened on January 6 at the nation’s Capitol was an insurrection. So intellectual dishonesty is nothing new for J.D. Vance, or Donald Trump, or anybody in the White House right now. They should know better.”

    On the cruelty of Trump’s ICE raids and the importance of peaceful protests:

    • “These raids are not new. Obviously, we’ve been seeing them around the country for a few months, but increasingly with extremism and cruelty. And that’s what people in Los Angeles are responding to. Again, as others have said, you want to focus on violent and dangerous criminals? Great, there’s no disagreement there. But when you’re going after kids that are depending on lifesaving treatment, when you’re going after people in the workplace, in houses of worship, children in schools — that’s a whole thing altogether. So in a diverse community like Los Angeles, there’s going to be a lot of people who are passionate about defending fundamental rights and due process and to speak up when they see that not being respected.”
    • “So for all the people in Los Angeles, I do say protest. Protest peacefully, but protest because Donald Trump wants one of two things. He wants people … to be quiet, to suck it up, and ignore what’s happening, let him do whatever he wants. That’s not in our DNA.”

    On immigrants’ integral role in driving California’s economic success:

    • “We are not just the most populous state in the nation, we’re the most diverse state in the nation, home to more immigrants than any state in the nation, both mostly documented, some undocumented. But remember, folks, this is also the largest economy of any state in the nation, by far. The fourth-largest economy in the world, not despite our immigrant population, but because of our immigrant population, who contribute so much as [a] workforce, as consumers, as entrepreneurs. That’s something to be respected, not insulted.”

    On his personal story growing up as the son of immigrants from Mexico and fighting against anti-immigrant actions:

    • “You can’t help but take this personal because you can relate to the story, because you can relate to the sacrifice, because you can relate to that journey — not just me, my brother, my sister, my parents, and our family, but everybody, frankly, in the community where and how I grew up, which is indicative of millions of families across the country. You know, my parents came in pursuit of the American Dream, as so many have over generations, and my parents found it. My dad as a short order cook for 40 years, my mom cleaning houses. And to think that in one generation, someone like me can grow up in public schools in Los Angeles, go on to college, and one day represent our state in the United States Senate.”
    • “But there’s a reason why I left my engineering degree behind in 1994. It’s because of the rhetoric I saw back then in California, very different than the California we see today. Governor Pete Wilson, at the time, standing for re-election, down in the polls, turns to anti-immigrant rhetoric to try to seek re-election and divide the people. And it was because of … that Proposition 187 that people like my parents, finally took the steps to become citizens, as opposed to just being long-term permanent residents, but also my generation choosing to get involved in government and politics and change the trajectory of our state. California is very different today, but it is just so heartbreaking and offensive that the rhetoric continues to this day, even more so, because it’s not just coming out of the governor’s office in California back then, not now, but out of the Oval Office. Our nation is better than this. Look to California as a way forward.”

    On Trump’s mismanagement of the protests in Los Angeles:

    • “Law enforcement on the ground knows the community, and the community knows LAPD and the Sheriff’s Department. This is just a reminder that what happens when you don’t know what you’re doing as President United States, when you send in DHS, when you send in the National Guard, and they don’t know the community, they don’t have the rapport and the trust of the community, things get out of hand. And then the federal officials are in the position of having to call in LAPD to help them bring the temperature down in a situation, or the sheriff’s office in parts of the county outside the city of Los Angeles. It’s pointing out the weaknesses and the inability, the inexperience, and irresponsibility, frankly, of the Trump Administration.”

    Video of the full interview is available here.

    Senator Padilla also joined Los Angeles outlets KTLA and KNX tonight to discuss the fear and chaos the Trump Administration is stoking in Los Angeles and across California. On Friday, Padilla issued a statement condemning the Los Angeles ICE raids.

    MIL OSI USA News –

  • 11 years of PM Modi: Tap water now reaches nearly 80% of rural households under Jal Jeevan Mission

    Source: Government of India

    Source: Government of India (4)

    In a landmark achievement reflecting the progress made during Prime Minister Narendra Modi’s 11 years of governance, the Jal Jeevan Mission (JJM) has successfully brought tap water connections to over 15.60 crore rural households, now covering nearly 80% of all rural homes across India. This represents a dramatic rise from just 3.23 crore households—or 17% coverage—when the mission was launched on August 15, 2019, under his leadership.

    The Jal Jeevan Mission aims to ensure access to safe and adequate drinking water through functional household tap connections. More than just addressing the issue of water scarcity, the initiative has become a transformative force in rural India, particularly benefiting women by alleviating the centuries-old burden of fetching water. This has had far-reaching effects on women’s health, education, and overall participation in the economy.

    According to data released by the Ministry of Jal Shakti, 189 districts have reported complete tap water coverage under the Har Ghar Jal initiative, with 108 of these districts certified through Gram Sabha resolutions. At the block level, 1,862 blocks have reported full coverage, with 892 receiving certification. Among gram panchayats, 1,18,230 have reported tap water availability in all households, and 79,402 have been certified. Additionally, of the 2,51,579 villages that have submitted reports, 1,53,193 have achieved certified status.

    Eleven states and Union Territories, including Goa, Gujarat, Telangana, Punjab, and the Andaman & Nicobar Islands, have reached 100% tap water connectivity for all rural households. The mission has also made a significant impact on education and childcare infrastructure, with 9.32 lakh schools and 9.69 lakh Anganwadi centres now equipped with functional tap water supply.

    To ensure long-term sustainability, JJM includes a strong emphasis on greywater management, augmentation of water sources, rainwater harvesting, and local community involvement. It is supported by a robust Information, Education and Communication (IEC) campaign to promote water conservation as a people’s movement—jan andolan. The initiative not only focuses on infrastructure but also encourages communities to take ownership of water systems through participation in operations, maintenance, and water quality monitoring.

    The mission’s impact extends well beyond infrastructure. The World Health Organization (WHO) estimates that achieving JJM’s objectives could save over 5.5 crore hours per day that would otherwise be spent collecting water—time saved primarily by women. WHO also estimates that safely managed drinking water could prevent up to 400,000 deaths annually from diarrheal diseases and save approximately 14 million Disability-Adjusted Life Years (DALYs). Research by Nobel laureate Professor Michael Kremer indicates that safe water access could reduce mortality among children under five by nearly 30%, potentially saving 136,000 lives each year.

    The employment impact of the mission is equally significant. According to a joint study by the Indian Institute of Management Bangalore and the International Labour Organization, the mission is projected to generate 59.9 lakh person-years of direct employment and 2.2 crore person-years of indirect employment during its capital expenditure phase. Additionally, the operation and maintenance phase is expected to create 13.3 lakh person-years of direct employment.

    A strong focus on quality assurance supports the mission’s objectives. A network of 2,162 laboratories has tested 66.32 lakh water samples, while 24.80 lakh women have been trained to use Field Testing Kits (FTKs). These efforts have resulted in the testing of 85.39 lakh water samples using FTKs, enabling early detection of contamination and fostering local capacity for water monitoring.

    Running parallel to JJM, the Jal Shakti Abhiyan: Catch the Rain campaign has been instrumental in raising public awareness about sustainable water practices. The 2023 campaign focused on source sustainability for drinking water, while the 2024 edition emphasized the theme “Nari Shakti se Jal Shakti,” highlighting the critical role of women in water conservation and community engagement.

  • Ayushman Bharat scheme led to historic development in health in last 11 years: Nadda

    Source: Government of India

    Source: Government of India (4)

    The flagship Ayushman Bharat – Jan Arogya scheme has led to historic development in the health sector in the last 11 years, said Union Health Minister JP Nadda on Monday.

    In a post on X, Nadda elucidated the progress made by the country in various fields under the Prime Minister Narendra Modi-led government over the last decade.

    “In the last 11 years, there has been historic development in all areas, including education, health, transport, infrastructure, and defense,” Nadda said.

    The Union Minister noted how every section of society has been uplifted due to unprecedented initiatives, such as the “Ayushman Bharat – Jan Arogya” by the government.

    As of May 30, more than 41.02 crore Ayushman Cards have been created in 33 states and union territories.

    The AB-PMJAY has emerged as one of the world’s largest publicly funded health insurance schemes. It has enabled 8.59 crore hospital admissions worth Rs 1,19,858 crore, ensuring access to secondary and tertiary care without pushing families into debt, according to an official statement by the government.

    Further, the number of Jan Aushadhi Kendras rose to 16,469, as of May 30, from just 80 in 2014. It brought essential medicines within reach of the common citizen.

    “Under the leadership of Hon’ble Prime Minister Narendra Modi ji, India has made remarkable progress in every field in the last 11 years. From becoming the fourth largest economy globally to international diplomacy, unprecedented work has been done on the upliftment of every section including farmers, women, youth, elderly, laborers, businessmen, infrastructure development, and inclusive policies,” Nadda said.

    Other initiatives that contributed to the growth of the country include Pradhan Mantri Ujjwala Yojana, Pradhan Mantri Awas Yojana, PM Jan Dhan, Mudra Yojana, Drone Didi, self-help groups, and self-employment scheme.

    These have uplifted “crores of citizens across the country to come out of the poverty line and live a life of dignity,” the Minister said.

    He stated that the 11 years of the Modi government have been dedicated to “service, good governance and welfare of the poor”, which is enabling the country to rapidly progress towards building a ‘developed India’.

    (With inputs from IANS)

  • MIL-OSI China: US economic growth slows amid rising trade barriers

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

    This photo taken on March 29, 2023 shows the White House in Washington, D.C., the United States. [Photo/Xinhua]

    The Organization for Economic Cooperation and Development (OECD) released its latest Economic Outlook on June 3, projects global GDP growth to decelerate from 3.3% in 2024 to 2.9% for both this year and the next. The United States economy is expected to see a significant slowdown, with growth dropping to 1.6% in 2025 and 1.5% in 2026. So, what’s behind this slowdown? Let’s take a closer look at the role of trade barriers.

    First, let’s get a handle on the current state of trade barriers. In recent years, the U.S. has been at the forefront of implementing a series of protectionist trade measures. These include imposing tariffs and erecting various trade barriers. For example, on May 23, U.S. President Donald Trump proposed directly imposing a 50% tariff on EU products starting from June 1. Products manufactured or produced in the U.S. would be exempt from this tariff. However, according to the latest news, after a phone call between President Trump and EU Commission President Ursula von der Leyen, it was decided to postpone the implementation of the 50% tariff on EU products until July 9. While the intention might have been to shield domestic industries and jobs, the reality has turned out to be quite different.

    Trade barriers have had a profound impact on U.S. exports. As a major export-oriented economy, the U.S. relies heavily on international markets for many of its industries. However, these barriers have diminished the competitiveness of U.S. products abroad. In retaliation for U.S. protectionist moves, other countries have also raised tariffs on U.S. goods. This has left U.S. exporters grappling with higher costs and shrinking market shares. Take U.S. agricultural exports, for example. Due to retaliatory tariffs from other nations, U.S. agricultural products have found it increasingly difficult to penetrate international markets. In 2024, the export value of U.S. soybeans was $24.5 billion, lower than the $27.7 billion in 2023 and the record high of $34.4 billion in 2022. This has led to a drop in domestic agricultural prices and a decline in farmers’ incomes.

    Trade barriers have also wreaked havoc on supply chains. In today’s globalized world, many U.S. industries depend on intricate global supply chains. These barriers have caused these supply chains to fracture and reconfigure. Numerous companies have had to scramble to find new suppliers, incurring additional costs and experiencing reduced production efficiency. For instance, U.S. manufacturing firms often rely on imported components. Trade barriers have disrupted the supply of these parts, forcing companies to spend more time and money seeking alternatives. This not only affects production but also drives up product prices. The manufacturing PMI for May shows that the prices index was as high as 69.4%. Although it slightly decreased compared to last month, it still remained at a high level, indicating that raw material costs have been rising for eight consecutive months.

    Trade barriers have led to a decline in business investment. Amid the uncertainty of the trade environment, many companies have become wary of future market prospects. They fear that escalating trade barriers could further erode their profits. As a result, they have cut back on investments in new projects and equipment. This not only hampers long-term corporate development but also has a negative impact on economic growth. For example, some U.S. tech companies had planned to expand production, but they have had to either delay or shelve these plans due to the impact of trade barriers. Green energy projects have also been suspended to varying degrees, with major clean energy projects not being spared. Flagship projects that have been put on hold include the $1 billion solar panel factory in Oklahoma by Italy’s Enel Green Power, the $2.3 billion battery storage facility in Arizona by South Korea’s LG Energy Solution, and the $1.3 billion lithium refinery in South Carolina by the world’s largest lithium miner, U.S.-based Albemarle.

    Lastly, trade barriers have eroded consumer confidence. Consumers are a vital part of the economy, and their spending behavior directly affects economic growth. Trade barriers have caused product prices to rise, increasing the cost of living for consumers. For example, in April 2025, the U.S. CPI increased by 3.4% year on year. At the same time, trade barriers have led to job losses, with unemployment in the U.S.at 4.2% in April, heightening consumers’ concerns about the economic outlook. This has led consumers to cut back on spending, which in turn has had a negative impact on economic growth.

    So, what does the future hold for the U.S. economy in the face of these trade barriers? In the short term, the U.S. economy is likely to continue facing the pressure of slower growth. The impact of trade barriers won’t vanish overnight, and companies will need time to adapt to the new trade landscape. In the long run, the U.S. will need to reassess its trade policies and seek more open and cooperative trade relations. Only by strengthening international cooperation and reducing trade barriers can sustainable economic growth be achieved.

    In summary, trade barriers are a key factor in the projected U.S. economy slowdown. They have affected U.S. exports, disrupted supply chains, reduced business investment and eroded consumer confidence. The U.S. must take proactive measures to address these challenges. 

    The author is an associate professor in economics at Beijing International Studies University.

    MIL OSI China News –

  • India embraces cashless revolution in last 11 years: FM Nirmala Sitharaman

    Source: Government of India

    Source: Government of India (4)

    Union Finance Minister Nirmala Sitharaman on Monday said that India is embracing a cashless revolution with world-class digital initiatives like Unified Payments Interface (UPI).

    “In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi. From making life easier for the common citizen to boosting business confidence, it’s been a decade of real and visible change,” the Finance Minister said on a post on X.

    “India is embracing a cashless revolution! With Rs 70,000 Cr+ worth UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,” the minister added.

    India today is not just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation.

    In the month of May, UPI posted a robust growth by processing 18.68 billion transactions, up from 17.89 billion in April. As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33 per cent year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.

    The UPI transactions rose to Rs 25.14 lakh crore (by value) last month, a 5 per cent increase from Rs 23.95 lakh crore in April. This reflects a 23 per cent rise from Rs 20.45 lakh crore in May last year. The average daily transaction volume stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.

    The UPI has strengthened its dominance in India’s digital payments system with its share in the total transaction volume rising to 83.7 per cent in 2024-25 from 79.7 per cent in the previous financial year.

    The RBI’s annual report shows that UPI facilitated 185.8 billion transactions during 2024-25, which represents a 41 per cent year-on-year increase. In value terms, UPI transactions rose to Rs 261 lakh crore from Rs 200 lakh crore in FY24.

    (With inputs from IANS)

  • MIL-OSI Global: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast?

    Source: The Conversation – Global Perspectives – By Henry Maher, Lecturer in Politics, Department of Government and International Relations, University of Sydney

    A no-holds-barred and very public blow-up between the world’s richest man and the president of the United States has had social media agog in recent days, with each making serious accusations against the other.

    And while tech billionaire Elon Musk appears to have cooled the spat somewhat – deleting some of his more incendiary social media posts about Donald Trump – the president still appears to be in no mood to make up, warning Musk of “very serious consequences” if he backs Democrats at the mid-term elections in 2026.

    Tensions erupted over Trump’s “One Big Beautiful Bill” (OBBB). The OBBB proposes extensive tax cuts which could add roughly US$3 trillion (A$4.62 trillion) to the US national debt.

    After stepping down from his role as advisor to Trump, Musk criticised the OBBB as “disgusting abomination” that would “burden America [sic] citizens with crushing unsustainable debt”. Trump returned fire, suggesting “Elon was ‘wearing thin’, I asked him to leave […] and he just went CRAZY!”.

    In a dramatic escalation, Musk responded by calling for Trump’s impeachment. Musk also tweeted allegations that Trump was implicated in the Epstein files related to child sex offender Jeffrey Epstein. He has since deleted those tweets.

    Why has the much-hyped “bromance” between Musk and Trump suddenly ended? And what was the basis of their alliance in the first place?

    Musk in politics

    Like many billionaires, Musk had previously been hesitant to get involved in frontline politics. He says he voted for Hillary Clinton in 2016 and Joe Biden in 2020, but claimed in 2021 “I would prefer to stay out of politics”.

    In early 2024, Musk was still claiming to be politically non-aligned, suggesting he would not donate to either presidential campaign.

    This apparent neutrality ended following the attempted assassination of Trump at a July 2024 campaign rally, with Musk immediately endorsing Trump.

    In reality, Musk’s conversion to the MAGA movement long predated the assassination attempt. Musk’s hyperactive Twitter/X account shows a steady radicalisation.

    Across 2020-2024, Musk engaged with accounts sharing MAGA and far-right conspiracy theories. These include the antisemitic Great Replacement Theory, and the related South African white genocide conspiracy. Musk’s posts also show the obsession with opposing diversity, equity and inclusion (DEI) policies characteristic of the MAGA movement.

    After endorsing Trump, Musk spent US$288 million (A$444 million) supporting Trump’s election and appeared at campaign events around the country.

    Musk’s support for Trump was both ideological and pragmatic.

    From tax cuts to immigration restrictions to opposing DEI, there were clearly many ideological commonalities between Musk and Trump.

    There were also clear practical benefits for both men. Trump gained the financial backing of the world’s wealthiest man. Musk gained not only unparalleled access to the US president, but also a role leading the new Department of Government Efficiency (DOGE).

    DOGE: success and failure

    Early reporting on the second Trump presidency noted the omnipresence of Musk, who at one point moved into Trump’s Mar-a-Lago resort to be close to the president.

    However, observers were sceptical about the potential effectiveness of DOGE, and Musk’s claim it would save the government US$2 trillion (A$3.02 trillion).

    In the early months of the Trump administration, Musk cut government programs and employees at a remarkable rate. The USAID program was particularly hard hit, as were the Department of Education and the Consumer Financial Protection Bureau.

    As the spending cuts picked up pace, Musk began to attract more controversy. Critics questioned the apparent power wielded by the unelected billionaire. Musk’s ties to the far right were also in the spotlight after he appeared to perform two “Roman salutes”, which many observers believed to be a Nazi salute.

    Trump clips Musk’s wings

    Musk’s apparent rampage through government did not last long. As Trump’s executive appointees assumed control of their departments, Musk and DOGE experienced increasing resistance. After a series of fractious cabinet meetings, Trump reportedly reduced the power of DOGE in March.

    Political attention was also clearly affecting Musk’s businesses. The negative publicity has significantly damaged the Tesla brand, leading to declining sales around the world and repeated falls in Telsa’s share price.

    On May 1, Musk announced he would be leaving DOGE, claiming the department had saved the government US$180 billion (A$277 billion) in spending. This number is likely an exaggeration, but still falls well short of his original target.

    Musk has learned a harsh lesson in politics – that the complexities of government resist simple reform and cannot be easily rolled back in the way a CEO might slim down a company.

    For Trump, his manoeuvring of Musk appears to be another smart political move. As the public face of DOGE, Musk bore the negative rap for early government cuts and chaos. Having used his money and reputation, Trump dispensed with Musk as he has with so many advisers and appointees before.

    The falling out

    Musk departed his role in a muted White House ceremony, where Trump thanked him for his service and presented him with a ceremonial “golden key” to the White House.

    However, behind the public show of civility, tension was brewing over Trump’s One Big Beautiful Bill.

    Trump and Musk had originally claimed that the US$2 trillion (A$3.02 trillion) in DOGE savings could be used to fund a substantial tax cut. With the efficiency savings not eventuating, Musk worried the OBBB would significantly increase US public debt.

    Unable to convince Trump or other Republican legislators, Musk took to X, launching a “Kill the Bill” campaign that ultimately led to his incendiary showdown with Trump.

    For his part, Trump has belittled Musk, suggesting Musk only opposed the OBBB because it cut subsidies for electric vehicles.

    Though the subsidy cuts will affect Tesla, Musk has previously supported eliminating subsidies. Musk’s anger at the OBBB is more likely driven by the realisation he has been played by Trump.

    What now?

    Trump has used and discarded many other powerful figures in his chaotic political career. Musk has more power than most, and might be able to strike back at Trump.

    Yet, with his public reputation and brands already tarnished, Musk would be ill-advised to pick further fights with Trump and his adoring MAGA movement.

    Accordingly, Musk has indicated over the weekend he is open to a détente. Tesla investors will no doubt be relieved if Musk makes good on his pledge to step back from politics and return to his businesses.

    More concerning are the prospects for democracy. With wealth and power continuing to concentrate in a handful of billionaires, voters appear reduced to the role of viewers forced to watch the reality TV drama unfold.

    Though Trump appears to have won this round of billionaire battle royale, whatever happens next, democracy is the real loser.

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

    – ref. The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast? – https://theconversation.com/the-blow-up-between-elon-musk-and-donald-trump-has-been-entertaining-but-how-did-things-go-so-bad-so-fast-258394

    MIL OSI – Global Reports –

  • MIL-OSI Global: How Trump’s trade war is supercharging the fast fashion industry

    Source: The Conversation – Global Perspectives – By Mona Mashhadi Rajabi, Postdoctoral Research Fellow, University of Technology Sydney

    Jade Gao/Getty Images

    When US President Donald Trump introduced sweeping new tariffs on Chinese imports the goal was to bring manufacturing back to American soil and protect local jobs.

    However, this process of re-shoring is complex and requires years of investment and planning – far too slow for the world of ultra-fast fashion, where brands are used to reacting in weeks, not years.

    Many clothing companies started to move production out of China during Trump’s first term. They relocated to countries such as Vietnam and Cambodia when the initial China-specific tariffs hit.

    This trend accelerated with the newer “reciprocal” tariffs. Instead of re-shoring production, many fashion brands are simply sourcing from whichever country offers the lowest total cost after tariffs. The result? The ultra-fast fashion machine adapted quickly and became even more exploitative.

    From Guangzhou to your wardrobe in days

    Platforms such as Shein and Temu built their success by offering trend-driven clothing at shockingly low prices. A $5 dress or $3 top might seem like a bargain, but those prices hide a lot.

    Much of Shein’s production takes place in the so-called “Shein village” in Guangzhou, China, where workers often sew for 12–14 hours a day under poor conditions to keep pace with the demand for new items.

    When the US cracked down on Chinese imports, the intention was to make American-made goods more competitive. This included raising the tariff on Chinese goods as high as 145% (since paused), and closing the “de minimis” loophole, which had allowed imports under US$800 to enter tariff-free.

    But these tariffs did not halt ultra-fast fashion. They just rerouted production to countries with lower tariffs and even lower labour costs. The Philippines, with a comparatively low tariff rate of 17%, emerged as a surprising alternative. However, the country can’t provide the industrial scale and infrastructure to match what China can offer.

    So why does Australia matter?

    Much of the cheap fashion previously bound for the US is now flooding other markets, including Australia.

    Australia still allows most low-value imports to enter tax-free, and platforms such as Shein and Temu have taken full advantage. Australian consumers are among the most frequent Shein and Temu buyers per capita globally.

    Just 3% of clothing is made in Australia and most labels rely on offshore manufacturing. This makes Australia an ideal target market for ultra-fast fashion imports. We have high purchasing power, lenient import rules and strong demand for low-cost style, especially due to the cost-of-living crisis.

    The hidden costs of cheap clothes

    The environmental impact of fast fashion is well known. However, amid the chaos of Trump’s tariff announcements, far less attention has been paid to how these policies – together with the retreat from climate commitments – worsen environmental harms, including those linked to fast fashion.

    The irony is that the tariffs meant to protect American workers have, in some cases, worsened conditions for workers elsewhere. Meanwhile, consumers in Australia now benefit from faster delivery of even cheaper goods as Temu, Shein and others have improved their shipping capabilities to Australia.

    Australian consumers send more than 200,000 tonnes of clothing to landfill each year. But the deeper problem is structural. The entire business model is built on exploitation and environmental damage.

    Factory workers bear the brunt of cost-cutting. In the race to stay competitive, many manufacturers reduce wages and overlook hazardous working conditions.

    Will ethical fashion ever compete?

    Fixing these problems will require a global rethink of how fashion operates.
    Governments have a role in regulating disclosures about supply chains and enforcing labour standards.

    Brands need to take responsibility for the conditions in their factories, whether directly owned or outsourced. Transparency is essential.

    Alternatives to fast fashion are gaining traction. Clothing rentals are emerging as a promising business model that help build a more circular fashion economy. Charity-run op shops have long been a sustainable source of second-hand clothing.

    Australia’s new Seamless scheme seeks to make fashion brands responsible for the full life of the clothes they sell. The aim is to help people buy, wear and recycle clothes in a more sustainable way.

    Consumers also matter. If we continue to expect clothes to cost less than a cup of coffee, change will be slow. Recognising that a $5 t-shirt has hidden costs, borne by people on the factory floor and the environment, is a first step.

    Some ethical brands are already showing a better way and offer clothes made under fairer conditions and with sustainable materials. These clothes are not as cheap or fast, but they represent a more conscious alternative especially for consumers concerned about synthetic fibres, toxic chemicals and environmental harm.

    Trump reshuffled the deck, but did not change the game

    Trump’s trade rules aim to re-balance global trade in favour of American industry, yet have cost companies more than US$34 billion in lost sales and higher costs. This cost will eventually fall on US consumers. In ultra-fast fashion, it mostly exposed how fragile and exploitative the system already was.

    Today, brands such as Shein and Temu are thriving in Australia. But unless we address the systemic inequalities in fashion production and rethink the incentives that drive this market, the true cost of cheap clothing will continue to be paid by those least able to afford it.

    Mona Mashhadi Rajabi receives funding from the Department of Foreign Affairs and Trade (DFAT), the Accounting and Finance Association of Australia and New Zealand (AFAANZ), and a Business Research Grant from the University of Technology Sydney.

    Lisa Lake previously received funding from NSW Department of Education Innovation and Collaboration grant to establish the Centre of Excellence in Sustainable Fashion + Textiles.

    Martina Linnenluecke receives funding from The Department of Foreign Affairs and Trade (DFAT) and the Australian Research Council. Her work is also supported by a Strategic Research Accelerator Grant from the University of Technology Sydney (UTS).

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

    – ref. How Trump’s trade war is supercharging the fast fashion industry – https://theconversation.com/how-trumps-trade-war-is-supercharging-the-fast-fashion-industry-257727

    MIL OSI – Global Reports –

  • MIL-OSI: LHV Group Elects Mihkel Torim as New CEO

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of AS LHV Group has elected Mihkel Torim as Chairman of the Management Board and CEO of LHV Group. He currently serves as Head of Investment Banking at LHV Bank. Torim will assume the role on 22 July 2025, succeeding Madis Toomsalu, who announced his intention to step down earlier this year after serving as CEO since 2016.

    Mihkel Torim is a seasoned leader in capital markets and investment banking, with over 20 years of experience across financial institutions in the Baltics and Northern Europe. He joined LHV in early 2023 to lead the bank’s investment banking operations. Prior to that, he held senior positions at Swedbank, including as Head of Baltic Investment Banking and Manager of the Finnish investment banking unit.

    As Chairman of the LHV Group’s Management Board, Torim has also been elected to the Supervisory Board of AS LHV Pank as of 22 July. Whether the new board member meets the eligibility requirements will also be approved bv the ECB. Conjointly, he is expected to join the Supervisory Boards of the Group’s other key subsidiaries: LHV Kindlustus, and LHV Varahaldus, as well as the Board of Directors of LHV Bank Ltd.

    Torim holds a bachelor’s degree in finance from Audentes University and has completed various professional development programs. He currently serves on the Management Board of Fortima OÜ. While he does not presently hold shares in LHV Group, he has been granted options to subscribe for a total of 199,575 shares issued in 2023 and 2024.

    Rain Lõhmus, Chairman of the Supervisory Board of LHV Group, commented:
    “Mihkel has proven himself through dedication and results. His high agency and commitment to continuous learning make him well-suited to steer LHV into its next stage of development. His investment banking background gives him a sharp understanding of where and how value is created. As LHV prepares for significant technological transformation, these qualities are essential.
    I would also like to thank Madis Toomsalu, who has been instrumental in shaping LHV into the strong financial group it is today.”

    Mihkel Torim commented:
    “I take on this new challenge knowing that LHV is very well managed. Together, our team is well-positioned to deliver on LHV’s vision to become the most trusted and forward-thinking financial group. My priority will be set on growing the value of the company. We are committed to innovation, operational excellence, and long-term growth —underpinned by a vigilant, client-first culture.”

    Besides Mihkel Torim, the Management Board of LHV Group also includes Meelis Paakspuu, Kadri Haldre and Jüri Heero.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the end of April, LHV’s banking services are being used by 468,000 clients, the pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    The MIL Network –

  • MIL-OSI: Mihkel Kasepuu to Join Management Board of LHV Pank

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of AS LHV Pank, subsidiary of AS LHV Group, has elected Mihkel Kasepuu as a Member of the Management Board, with responsibility for technology and product development. Whether the new board member meets the eligibility requirements will also be approved bv the ECB. Kasepuu will assume his new position on 22, July for a five-year term.

    Mihkel Kasepuu has served as LHV Pank’s Chief Technology Officer and Chief Technology and Product Officer since 2024. Previously, he worked at Nortal from 2015 to 2023. At LHV, he has played a key role in building scalable, secure systems and driving product innovation. His expertise will be central to advancing the bank’s digital capabilities.

    Kasepuu holds a master’s degree in IT from Taltech. He is a shareholder and a management board member in several small IT consultancy and software development companies Panda Solutions OÜ, SM Capital OÜ, and Futuleap OÜ. Kasepuu owns 10 ordinary shares in AS LHV Group and holds options to subscribe for 79,733 shares for options issued in 2024.

    Rain Lõhmus, Chairman of the Supervisory Board of LHV Group, commented:
    “Mihkel Kasepuu’s appointment to the Management Board of LHV Pank supports our ambition to become more technology and product driven. As role of engineers and engineering is growing, so shall their representation at Board. Mihkel shall lead LHV’s strategic direction focused on consistently shipping intelligent, desirable, and user-friendly products by leveraging machine learning and rapidly evolving technologies. Mihkel is known for his top-level engineering mindset, and high agency. In a short time at LHV he has already demonstrated his ability to deliver acceleration in infrastructure platform change and ability to energize product organization. Keep going.” 

    Comment from Mihkel Kasepuu:
    “While we’ve made strong progress in recent years — implementing our cloud strategy, automating processes, and modernising our banking system — a lot of interesting challenges still lie ahead. Our goal is for LHV’s product and technology to represent world-class product-led engineering, capable of competing with the best globally. That ensures our solutions are sustainable and deliver security, speed, and convenience for our customers. We have a proud, skilled and motivated team, ready to take bold steps forward.”

    In addition to Mihkel Kasepuu, the Management Board of LHV Pank includes: Kadri Kiisel (Chief Executive Officer), Meelis Paakspuu (Chief Financial Officer), Kadri Haldre (Chief Risk Officer), Jüri Heero (Chief Information Officer), Annika Goroško (Head of Retail Banking), and Indrek Nuume (Head of Corporate Banking).

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the end of April, LHV’s banking services are being used by 468,000 clients, the pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

  • China’s May exports slow, deflation deepens as tariffs bite

    Source: Government of India

    Source: Government of India (4)

    China’s May export growth slowed to a three-month low as U.S. tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world’s second-largest economy on both the domestic and external fronts.

    The global trade war and the swings in China-U.S. trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth.

    Exports expanded 4.8% year-on-year in value terms in May, slowing from the 8.1% jump in April and missing the 5.0% growth expected in a Reuters poll, customs data showed on Monday, despite a lowering of U.S. tariffs on Chinese goods which had taken effect in early April.

    Imports dropped 3.4% year-on-year, deepening sharply from the 0.2% decline in April and worse than the 0.9% downturn expected in the Reuters poll.

    Exports had surged 12.4% year-on-year and 8.1% in March and April, respectively, as factories rushed shipments to the U.S. and other overseas manufacturers to avoid U.S. President Trump’s hefty levies on China and the rest of the world.

    While exporters in China found some respite in May as Beijing and Washington agreed to suspend most of their levies for 90 days, tensions between the world’s two largest economies remain high and negotiations are underway over issues ranging from China’s rare earths controls to Taiwan.

    Trade representatives from China and the U.S. are meeting in London on Monday to resume talks after a phone call between their top leaders on Thursday.

    “Export growth was likely stalled by heavy customs inspections in May due to tightened export control efforts,” said Xu Tianchen, senior economist at the Economist Intelligence Unit, noting that rare earth exports nearly halved last month, while electric machinery exports also slowed significantly.

    Underscoring the U.S. tariff impact on shipments, customs data showed that China’s exports to the U.S. slumped 34.5% year-on-year in May in value terms, widening from a 21% drop the previous month. Imports to the U.S. also lost further ground, dropping 18.1% from a 13.8% slide in April.

    China’s May trade surplus came in at $103.22 billion, up from the $96.18 billion the previous month.

    Other data, also released on Monday, showed China’s import of crude oil, coal, and iron ore dropped last month, underlining the fragility of domestic demand at a time of rising external headwinds.

    Beijing in May rolled out a series of monetary stimulus measures, including cuts to benchmark lending rates and a 500 billion yuan low-cost loan program for supporting elderly care and services consumption.

    The measures are aimed at cushioning the trade war’s blow to an economy that relied on exports in its recovery from the pandemic shocks and a protracted property market slump.

    China’s markets showed muted reaction to the data. The blue-chip CSI300 Index CSI300 and the benchmark Shanghai Composite Index SSEC were up around 0.2%.

    DEFLATIONARY PRESSURES

    Producer and consumer price data, released by the National Bureau of Statistics on the same day, showed that deflationary pressures worsened last month.

    The producer price index fell 3.3% in May from a year earlier, after a 2.7% decline in April and marked the deepest contraction in 22 months, while consumer prices extended declines, having dipped 0.1% last month from a year earlier.

    Cooling factory activity also highlights the impact of U.S. tariffs on the world’s largest manufacturing hub, dampening faster services growth as suspense lingers over the outcome of U.S.-China trade talks.

    Sluggish domestic demand and weak prices have weighed on China’s economy, which has struggled to mount a robust post-pandemic recovery and has relied on exports to underpin growth.

    Retail sales growth slowed last month as spending continued to lag amid job insecurity and stagnant new home prices.

    U.S. coffee chain Starbucks said on Monday it would lower prices of some iced drinks by an average of 5 yuan in China.

    The core inflation measure, excluding volatile food and fuel prices, registered a 0.6% year-on-year rise, slightly faster than a 0.5% increase in April.

    However, Zichun Huang, China economist at Capital Economics, said the improvement in core prices looks “fragile”, adding “we still think persistent overcapacity will keep China in deflation both this year and next.”

    (Reuters)

  • India’s inclusive development journey: 11 years of transformative social welfare under ‘Sabka Saath, Sabka Vikas’

    Source: Government of India

    Source: Government of India (4)

    Marking eleven years of transformative governance under the banner of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas,” the Government of India has unveiled an extensive account of its welfare-driven initiatives that have reshaped the socio-economic landscape of the nation. Prime Minister Narendra Modi, in a statement released by the Press Information Bureau (PIB), said, “Bharat is changing, and it is changing rapidly. People’s self-confidence, their trust in the government, and the commitment to build a new Bharat is visible everywhere.”

    Over the past decade, the government has focused on complete saturation of welfare schemes, ensuring no eligible citizen is left behind. This approach has led to the expansion of access to essential services such as clean water, housing, electricity, sanitation, healthcare, and social security, significantly improving the lives of millions across the country.

    The Jal Jeevan Mission has brought tap water to over 15.59 crore rural households, achieving full coverage in eight states and three union territories. In the housing sector, nearly 4 crore homes have been completed under the Pradhan Mantri Awas Yojana (PMAY), with over 90 lakh homes under the urban component now owned by women. Rural electrification has also seen remarkable progress, with 2.86 crore homes electrified under the SAUBHAGYA scheme. As a result, the average daily electricity supply in rural areas has risen from 12.5 hours in 2014 to 22.6 hours in 2025.

    The Swachh Bharat Mission has transformed sanitation across India, resulting in the construction of 12 crore household toilets and the declaration of over 5.64 lakh villages as Open Defecation Free (ODF) Plus. In the realm of healthcare, the Ayushman Bharat scheme now covers 55 crore individuals, while the Ayushman Vay Vandana scheme provides additional support for all citizens aged 70 and above. Free ration distribution through the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) has benefited 81 crore citizens since its launch during the COVID-19 pandemic, with a financial commitment of ₹11.80 lakh crore until 2028.

    Efforts to ensure clean cooking fuel have reached a milestone with 10.33 crore LPG connections distributed under the Pradhan Mantri Ujjwala Yojana. Additionally, the PM SVANidhi scheme has extended loans to 68 lakh street vendors, helping formalize 76.28 lakh vendors into the economic mainstream. In the field of entrepreneurship, India now boasts 1.57 lakh recognized startups and 118 unicorns, reflecting the vibrancy of its innovation ecosystem. Worker welfare has also been strengthened, with more than 30.86 crore unorganised workers registered on the eShram portal, of whom over half are women.

    India’s anti-poverty efforts have been globally recognized. The World Bank’s Spring 2025 Poverty and Equity Brief reports that 171 million people have been lifted out of extreme poverty, with the rate falling from 16.2 percent in 2011–12 to just 2.3 percent in 2022–23. The UNDP’s Multidimensional Poverty Index also shows a dramatic decline from 53.8 percent in 2005–06 to 16.4 percent in 2019–21, underscoring gains in health, education, and living standards.

    Rural consumption indicators further reflect these improvements. The average monthly per capita expenditure in rural areas has nearly tripled, increasing from ₹1,430 in 2011–12 to ₹4,122 in 2023–24. Urban spending has shown similar growth, rising from ₹2,630 to ₹6,996 in the same period.

    The government’s empowerment initiatives have particularly benefitted women, artisans, and marginalized communities. The Pradhan Mantri Mudra Yojana has disbursed ₹33.33 lakh crore in loans to over 52 crore accounts, with 68 percent allocated to women. The Stand-Up India scheme continues to support SC/ST and women entrepreneurs through substantial bank financing. The PM Vishwakarma Yojana has provided toolkits, collateral-free loans, and training support to 2.37 million artisans. Meanwhile, the Lakhpati Didi initiative, aiming to make three crore rural women economically self-reliant, builds on the success of over 10 crore women joining self-help groups nationwide.

    Social security has expanded through schemes like the Pradhan Mantri Shram Yogi Maandhan (PM-SYM), which now offers assured monthly pensions to 51.35 lakh unorganised workers. Insurance schemes PMJJBY and PMSBY cover over 75 crore citizens, offering low-cost life and accident insurance.

    Inclusivity remains a central pillar of the government’s approach. Sixty percent of current Union Ministers hail from minority communities. Nearly 44 percent of rural homes built under PMAY-G have been allotted to SC/ST households. More than half of all scholarship recipients come from SC/ST/OBC backgrounds. In education, the number of Eklavya Model Residential Schools sanctioned for tribal students has grown fourfold since 2014, now totaling 477. Eleven Tribal Freedom Fighter Museums are being developed to honor the contributions of tribal leaders, while Janjatiya Gaurav Diwas is celebrated annually to commemorate the legacy of Bhagwan Birsa Munda.

    To improve last-mile delivery, the Viksit Bharat Sankalp Yatra has reached 2.6 lakh gram panchayats and over 4,000 urban bodies across the country, promoting the saturation of welfare schemes. The Aspirational Districts Programme (ADP), focused on 112 of India’s most backward districts, has already shown measurable improvements in key sectors like health, education, and basic infrastructure.

    As Bharat approaches its centenary of independence, the government reiterates its commitment to building a developed, inclusive, and self-reliant nation. The results of the past eleven years, driven by policy innovation, data-driven governance, and community participation, represent not only progress but a vision of Viksit Bharat that is within reach.

  • PM Modi highlights 11 years of transformative governance, invites citizens to explore India’s journey via NaMo App

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi has highlighted India’s extraordinary development trajectory over the past eleven years, attributing the nation’s transformation to the power of good governance and the collective efforts of 140 crore citizens.

    Reflecting on the achievements of the NDA Government, the Prime Minister stated that the past decade has seen rapid changes across diverse sectors, driven by the guiding philosophy of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas. He emphasized that India’s progress has been marked by scale, speed, and sensitivity—making development both inclusive and people-centric.

    “From economic growth to social upliftment, our focus has been all-round and inclusive,” Shri Modi said. “India today is not only the fastest-growing major economy but also a key voice in the global arena, particularly on issues like climate action and digital innovation.”

    He further noted that these eleven years have significantly improved the “Ease of Living” for citizens, ushering in a new era of governance that is transparent, accountable, and transformative.

    Proud of the collective achievements but with an eye on the future, the Prime Minister said, “We look ahead with hope, confidence, and a renewed resolve to build a Viksit Bharat (Developed India).”

    To bring the story of India’s transformation closer to the people, PM Modi encouraged citizens to engage with the NaMo App, which offers an interactive experience of the government’s journey. The app features games, quizzes, surveys, and multimedia content that showcases the country’s progress across sectors.

    In a post on X, the Prime Minister shared links to the government’s “Vikas Yatra,” urging citizens to explore the curated content that includes infographics, articles, and videos on the NaMo App and official website. The initiative is part of the broader campaign marking #11YearsOfSeva.

    Through these platforms, the Prime Minister aims to deepen public understanding of India’s development story and inspire greater citizen participation as the country moves forward with its vision of becoming a developed nation by 2047.

  • Australia favourites to retain WTC crown against South Africa

    Source: Government of India

    Source: Government of India (4)

    Australia will have to dust off the cobwebs but are still fancied to successfully defend their World Test Championship crown against equally ring-rusty South Africa in the final at Lord’s, starting on Wednesday.

    The five-day clash comes on the heels of a plethora of limited overs cricket over the last five months and both teams have been scrambling to prepare for a high-profile return to the red-ball game.

    Australia have not played a test since beating Sri Lanka in Galle in February when they made sure of a top-two finish in the standings from results for the 2023-25 WTC cycle.

    South Africa were assured of top place when they won their last test against Pakistan at home in January to book a first-ever finals appearance.

    It came on the back of a run of seven successive wins, but the fact they did not play against the Aussies or England has seen their achievement dismissed as too easy.

    Former England captain Michael Vaughan said they reached the final “on the back of beating pretty much nobody,” which was a result of the lopsided test schedule where Australia, England, and India dominate and South Africa elect to play more financially lucrative limited-overs internationals.

    But an upset win for South Africa could change that.

    “It’s the biggest thing in this team’s existence. It’s the biggest thing for South African cricket at the moment,” said their coach Shukri Conrad.

    SELECTION CHOICES

    Australia have been warming up with training sessions at Beckenham in Kent as they grapple with selection choices.

    They must pick between Scott Boland or Josh Hazlewood to join skipper Pat Cummins, left-armer Mitchell Starc and spinner Nathan Lyon in the attack’

    The top batting order is likely to be changed with Cameron Green set to return for his first test in more than a year. He will likely bat third with Marnus Labuschagne opening alongside Usman Khawaja, while Steve Smith will come in at No. 4.

    South Africa’s planned four-day warm-up scrimmage with Zimbabwe at Arundel last week was largely washed out but did hint at Wiaan Mulder moving up the order to No.3 in a batting lineup that has been inconsistent over the last two years.

    Their hopes rest instead on a fiery bowling attack where Kagiso Rabada features after serving a one-month ban for recreational drug use.

    Australia won the last WTC final by beating India at The Oval two years ago. New Zealand were the inaugural winners in 2021.

    (Reuters)

  • MIL-OSI New Zealand: Investment to showcase New Zealand to world

    Source: Ministry of Business Innovation and Employment (MBIE)

    The Government’s Tourism Boost invested funding into Tourism New Zealand to drive international visitor numbers in the short term. This additional funding will encourage more visitors from New Zealand’s core markets of Australia, the United States and China over the medium to longer term.

    This is the first investment in the Government’s Tourism Growth Roadmap, which sets the path for Government and industry to work together and double the value of tourism exports by 2034.

    International visitors bring billions of dollars into the economy. This investment is expected to deliver an extra 72,000 international visitors, generating around $300 million in spending.

    Funding comes from the International Visitor Conservation and Tourism Levy (IVL) for 2025/26.

    Read the Minister’s announcement:

    Additional funding to attract 72,000 more visitors to New Zealand(external link) — Beehive.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Man arrested following building site burglaries

    Source: New Zealand Police

    A 42-year-old man has been arrested and charged following an investigation into a series of burglaries across North Canterbury and Selwyn.

    On Monday 9 June, three search warrants were executed, two at residential addresses and one at a storage unit.

    CCTV supplied by the public and from building sites helped identify the person of interest; acknowledged by Police as being crucial in bringing this investigation to a successful conclusion.

    Burglaries at building sites cause significant disruption and financial loss to builders, contractors, and future homeowners.

    Police urge the public to remain vigilant and to report any suspicious activity around construction sites.

    The man has been bailed to appear on 13 June at Christchurch District Court.

    ENDS

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Republic of Latvia: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    June 8, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – June 9, 2025

    Latvia’s economy is navigating a complex global environment while addressing structural challenges at home. Geoeconomic fragmentation, geopolitical tensions, higher trade barriers and trade policy uncertainty, and labor and skills shortages are adding to challenges to productivity growth. Meanwhile, Latvia faces significant medium- and long-term spending pressures driven by population aging, defense needs, and investments for energy security. To address these spending needs, staff recommends the mobilization of additional revenue and the acceleration of structural fiscal reforms. Improving pension adequacy requires strengthening the second and third pillars of the pension system. The authorities should continue to monitor risks in the financial sector, including banks’ exposure to the commercial real estate sector, and reassess the solidarity contribution on banks. To strengthen resilience and growth—which will also support public finances—the authorities should consider measures to boost productivity. These include increasing the quantity and quality of corporate investment (e.g., by improving firms’ access to finance), supporting the reallocation of labor and capital toward higher value-added products and services, and enhancing digital technology adoption in traditional sectors.

    Outlook and Risks

    Growth is projected to rebound in 2025. Real GDP growth is projected to recover to about 1 percent in 2025, underpinned mainly by higher public investment, but also a recovery in private consumption and a gradual recovery of external demand. Headline inflation is projected to increase to about 3 percent in 2025, reflecting higher energy prices in the early months of 2025 and higher food prices, and core inflation is expected to moderate but remain above headline reflecting persistent services inflation.

    Risks to the outlook are tilted to the downside. Rising geopolitical tensions, and higher tariffs and trade policy uncertainty may dampen the recovery. Although direct trade and financial exposures to the United States are small, weaker demand in key European trading partners and lower consumer and business confidence could affect economic and financial stability through financial contagion. Other downside risks to growth include a further slowdown of growth in Latvia’s trading partners, delays in the absorption of EU funds, new increases in global energy and food prices, and an increase in electricity prices. At the same time, a strong economic recovery in Latvia’s main trading partners, a boost in confidence from improved security, a faster-than-expected disbursement of EU funds, and a swift implementation of structural reforms may contribute to higher-than-expected economic growth. Latvia has a strong track record, solid commitment to fiscal discipline, and strong fiscal institutions. Despite that, the fiscal balance is subject to downside risks from higher spending in defense, contingent liabilities with state-owned enterprisesthat could be in excess of the Fiscal Safety Reserve, and higher capital expenditure with large infrastructure projects.

    Fiscal Policy: Addressing Public Spending Pressures

    The moderately expansionary budget in 2025 is appropriate, given the currently negative output gap. The headline fiscal deficit is projected to increase to about 3 percent of GDP in 2025, because of higher defense and investment spending needs. At the same time, the 2025 budget includes tax reforms to simplify the personal income tax that will generate minimal revenue gains.

    Latvia’s government faces significant medium- and long-term spending pressures.These include rising costs for pensions and health care, increased defense spending, and investments for energy security. The government has recently committed to increasing defense spending to 5 percent of GDP from 2026 onwards. In the absence of measures to raise fiscal revenues and reprioritize government spending, Latvia’s structural fiscal deficit (including one-off expenses) is projected to average about 3 percent of GDP in the medium-term. This would raise public debt close to 50 percent of GDP in 2030, eroding fiscal space and limiting the authorities’ ability to address large adverse shocks in the future.

    Going forward, the authorities should proactively preserve fiscal buffers. Staff estimates that bringing public debt to its pre-Covid level of 40 percent of GDP in 2030 requires a fiscal consolidation of about ½ percent of GDP per year between 2026 and 2030.

    The government should therefore mobilize additional revenue. Revenue measures could include (i) strengthening tax compliance; (ii) broadening the bases of corporate and personal income taxes (e.g., by reducing the shadow economy); (iii) continuing to improve VAT collection efficiency through further narrowing the compliance gap; (iv) reducing tax exemptions and fossil fuel subsidies; and (v) raising property tax revenue. The government should also consider improving the efficiency of public spending by further improving procurement, eradicating rent-seeking activities, simplifying regulation, reducing bureaucracy, and increasing the efficiency of public administration and public investment management.

    The government should adopt measures to support medium- and long-term pressures arising from higher spending with pensions. The government needs a comprehensive approach to improve pension adequacy while ensuring the financial balance of the pension system. This may include pursuing active labor market policies to increase labor force participation, incentivizing pensioners to work, and linking the retirement ages to future life expectancy gains. The authorities should also strengthen pension adequacy by increasing the contribution rates and the returns to the mandatory defined contribution pension pillar and strengthening incentives for higher voluntary savings for retirement through a more flexible and accessible system design.

    Financial Policies: Countering Risks and Building Resilience in the Financial Sector

    The authorities should monitor loan exposure to commercial real estate (CRE) and reassess the solidarity contribution on banks. If remaining in place for long, the solidarity contribution could distort bank lending toward less productive uses such as real estate and reduce lending to corporates. This is because banks can spread the increased tax costs over the full term of a mortgage, unlike for corporate loans which have shorter maturities. Considering structural changes in the office CRE segment globally, and given that loans to the CRE sector are around 31 percent of banks’ total corporate loan portfolio, CRE developments should be closely monitored.

    The macroprudential policy stance remains broadly appropriate. The implementation of a positive neutral countercyclical capital buffer requirement, which will be raised to 1 percent in June 2025, helps build up releasable macroprudential buffers. However, the looser debt-to-income and debt service-to-income limits implemented in 2024 to promote loans for the purchase of energy-efficient housing should be reconsidered. Latvia has made further progress in strengthening its AML/CFT framework.

    Structural Reforms: Policies to Boost Investment and Productivity

    Latvia’s low productivity growth is driven by sluggish capital accumulation and an inefficient allocation of productive resources. The low capital stock results from inadequate investment in part driven by financial constraints and low risk-adjusted expected returns. Structural bottlenecks like costly and lengthy insolvency processes (despite improvements) or limited occupational and regional mobility of the labor force have hindered the flow of resources from low- to high-productivity firms. Boosting productivity would help to increase the tax base and sustainably lift incomes, while preserving Latvia’s external competitiveness.

    Corporate reforms can improve capital allocation and enhance access to finance. Insolvency reforms with a focus on micro companies and timely initiation of insolvency cases that facilitate the exit of firms that are not economically viable could help to reallocate resources to more viable businesses. Initiatives to develop the capital market could help improve the access to finance by smaller firms. Expanding venture capital and equity financing would improve access to finance, therefore boosting opportunities for startups and allowing young firms to scale up. All these reforms will be more successful if combined with deepening the EU’s single market, which will allow Latvia’s firms to leverage economies of scale and greatly improve access to capital markets.

    Addressing labor and skills shortages would sustain investment and productivity growth in Latvia. High-quality education and training systems, and targeted upskilling and reskilling measures are key to reducing the labor and skills shortages, improving competitiveness, and boosting productivity. The facilitation of skilled migration and the use of targeted active labor market policies will also help to enhance participation in the labor market.

    Product and service market reforms can enhance competition and productivity. The regulatory framework could be improved by reducing the use of retail price regulation, streamlining spatial planning and construction regulations, and further simplifying administrative procedures and digitalization efforts in the construction sector.

    The authorities should enhance support for innovation, technology adoption, and digital transformation, as well as strengthen energy security. Despite a modest rise in the past decade, Latvia’s R&D spending as a share of GDP remains among the lowest in Europe, hampering innovation and productivity growth. The authorities should accelerate the digital transformation by centralizing the governance of digital platforms and systems in the public sector, expanding digital training to public employees, promoting digitalization in businesses and in the education sector, and enhancing the broadband infrastructure. Finally, Latvia should continue to enhance its energy security by increasing the share of renewable energy, including biomass, and improving interconnections to other European power grids.

    An IMF team conducted meetings in Riga during May 26–June 6, 2025. The mission was led by Mr. Luis Brandao-Marques and includes Gianluigi Ferrucci, Bingjie Hu, and Keyra Primus (all EUR). Carlos Acosta and Anjum Rosha (all LEG) participated virtually in meetings. Gundars Davidsons (OED) participated in the meetings. The mission would like to thank the authorities for their open collaboration, generous availability, and the candid and constructive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    https://www.imf.org/en/News/Articles/2025/06/06/mcs060925-Latvia-Staff-Concluding-Statement-2025-Article-IV-Mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Additional funding to attract 72,000 more visitors to New Zealand

    Source: New Zealand Government

    A new $13.5 million investment in international tourism marketing is expected to deliver an extra 72,000 international visitors to our shores, Tourism and Hospitality Minister Louise Upston says.

    “The additional funding into Tourism New Zealand will drive international visitor numbers and will be targeted towards our core markets of Australia, the United States and China over the next few years” Louise Upston says.

    “We know how important marketing is to attract visitors, with around 14 per cent of international holiday visitors directly influenced by Tourism New Zealand’s marketing activity.

    “This is the first investment in the Government’s Tourism Growth Roadmap, which sets out a series of Government initiatives and investments for the Government and industry to work together to double the value of tourism exports by 2034. 

    “International visitors bring billions of dollars into the economy and these markets are the driving force behind our tourism sector.

    “This investment is expected to generate around $300 million in spending, which is a very strong return on investment. International visitor numbers continue to climb and this boost will help drive further economic growth throughout the entire country.

    “Encouraging more visitors means more people staying in our hotels, eating in our cafés, spending in our shops and visiting our attractions. This creates jobs and drives economic growth.

    “We want people to know New Zealand is open for business and we welcome visitors with open arms.”

    Funding comes from the International Visitor Conservation and Tourism Levy (IVL) for 2025/26.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Rating Valuation – frequently asked questions

    Source: Auckland Council

    The latest rating valuations 

    What valuation trends do I need to know?

    Two independent valuation providers, QV and Opteon, completed the 2024 valuation process. These companies are experienced property valuers and have worked closely with Auckland Council. The trends they identified tell us:

    • Values for areas further from the city centre have reduced less. These include Hibiscus & Bays, Upper Harbour and Franklin (-4% to -1%).

    • Conversely, properties closer to the city centre generally have above-average reductions (-11 to -14%). These include Puketāpapa, Albert-Eden, Maungakiekie- Tāmaki, Waitematā and Whau (all -14 or -13%).

    • In some areas, reduced demand for properties with redevelopment potential has contributed to larger value declines. These include Māngere Bridge, Henderson, Massey, Glen Innes, Point England and Panmure.

    • Land values have driven changes in CV. For many residential properties, land values reduced an average of -13% and commercial -6%. The reduction in land values reflects reduced development activity since 2021 and, in some cases, potential zoning changes.

    • Some have bucked the trend. Rodney has held its values (average 0% change) and Great Barrier is up (+38%). This is a continuing trend, with residential valuations on Great Barrier up 59% at the 2021 rating valuation. 

    My property’s valuation has reduced. Why?

    The new valuations reflect changes between 1 June 2021 and 1 May 2024. The last council rating valuation in 2021 was close to the market peak, and between then and May 2024 the economy and property market generally trended down.

    Council valuations do not reflect a property’s current market value and should not be used for insurance or mortgage purposes. Valuations just allow rates to be fairly shared.

    Valuers assess a property’s CV by analysing data, such as local sales, property type, location and other property factors. The valuations are not a good indication of what your property would sell for today (the values are based on 1 May 2024).

    Rating valuation and rates

    How does rating valuation impact a property’s rates cost?

    How a property’s CV changes compare to other properties in the region will determine whether a property’s rates increase from 1 July is more, or less, than the average residential rates increase of 5.8%. The new CV will be used to calculate rates for the next rating year, from 1 July 2025.

    Reduced property values mean lower rates, right?

    A change in a property’s CV will not necessarily mean the rates will be higher for an increased value, or lower for a decreased value. Properties with a valuation change higher or lower than the region’s average, will pay a higher or lower proportion of rates.

    Does rating valuation affect the amount of rates council receives?

    Revaluation doesn’t affect the amount of money the council collects from rates – it helps work out everyone’s share of rates. Any increase, or decrease, in the city’s property value does not change the total amount of rates the council collects. The council sets its budget annually following community consultation, using the three-yearly Long-term Plan as the starting point.

    The council decides the rates revenue it needs to provide the services in the budget, after accounting for all revenue sources such as income from fees and charges, and central government contributions. Achieving savings and other initiatives to improve value for money are helping the council to deliver more, without solely relying on rates increases.

    What a new property valuation means 

    Why does the council value properties?

    All councils are required by law to revalue properties inside their boundaries within a maximum of three years. In order to set rates fairly, the council’s registered valuers attribute an approximate value to all properties in the region, every three years. The last rating valuation was in 2021 and used to set rates from 1 July 2022.

    Does rating valuation reflect the current value of a property?

    No, a rating valuation reflects the likely selling price of the property, without chattels, if it sold on 1 May 2024. This historical information is only used for fairly sharing rates between properties. Council valuations do not reflect a property’s current market value and should not be used for insurance or mortgage purposes.

    For an appraisal of current market value, we recommend ratepayers reach out to local real estate agents or registered valuers. There is also a range of online providers of property information based on current market data and recent trends.  

    How are rating valuations completed?

    Valuers assess a property’s CV by analysing data, such as local sales, property type, location and other property factors. The values are not a good indication of what a property would sell for today (the values are based on 1 May 2024).

    Rating valuations allow rates to be fairly shared. Council valuations do not reflect a property’s current market value and should not be used for insurance or mortgage purposes.

    How does it work for an average home?

    For your average stand-alone home, the valuers would look at sales of comparable homes – similar land size, floor area, quality condition and location attributes, such as coastal properties.

    Valuers analysed market sales in areas of Auckland around 1 May 2024, considering similar properties and locations. For example, renovated villas in Grey Lynn are compared with sales of other renovated villas in that immediate area.

    So, a typical residential property would usually move in value along with other similar properties in the neighbourhood. But not all property values in an area will change in the same way – it depends on standalone houses, cross-leases, units and other home types. Values are done by mass valuation, using information held by council and our valuation providers – not by individual inspection.

    Good things to know

    Who completed this year’s valuations?

    Given the scale of the task of valuing 630,000 rateable properties in Auckland, two property valuation partners were involved in Auckland rating valuation: Opteon and Quotable Value.

    How does the objection process work?

    Property owners who want to opt for an objection can do so by 25 July 2025. We encourage property owners to take a look at the process via our website – and consider how the CV for their property compares with the CV for similar properties in their local area.

    Because the rating values are all based on 1 May 2024, looking at more recent sales data might not be relevant when considering an objection. Further information is available online through the Auckland Council website or phone 09) 301 0101.

    If an objection leads to a change in a property’s rating value, council will issue amended rates assessments that reflect any increase or decrease. If a refund is required, any overpaid amount will be refunded (once the objection process is complete).

    What should ratepayers do if they are concerned about paying rates?

    Anyone concerned about paying their rates is encouraged to get in touch as we have a range of assistance available.

    These include:

    • a government-funded rates rebate scheme
    • a rates postponement scheme for residential properties
    • flexible payment options, such as direct debits offering weekly, fortnightly, monthly, quarterly, and annual payment.

    The rates rebate threshold for SuperGold card holders will increase from $31,510 to $45,000 from 1 July 2025. This will make more ratepayers who receive NZ superannuation eligible for a rates rebate.

    This information can be found on the Auckland Council website and our rates invoices also detail the support available. We encourage ratepayers to consider the options.

    This year’s valuation delay 

    Why has the property rating valuation been delayed?

    Ensuring a robust valuation process so ratepayers receive values that accurately reflect market values as at 1 May 2024 is important to the council, so Aucklanders have confidence the values used to determine rates have been accurately calculated.

    Following an audit in September 2024, the Valuer-General advised that the council valuation data required some amendments to ensure it accurately reflects the market as at 1 May 2024, before valuations will be certified and ready for public release.

    The Valuer-General advised that the 2024 valuation data was of a good quality, however some further work was needed for Auckland Council to attain certification.

    In April, the valuation file was resubmitted to the Valuer-General for review once that further work was completed by our valuation partners. The Valuer- General has now certified the 2024 rating valuations which has enabled us to publicly release these to property owners in June 2025.

    Who is the Valuer-General and why are they involved?

    The Valuer-General is appointed by central government and has a statutory responsibility for auditing and certifying all valuations used by councils to set rates.

    Where can I get more information?  

    Further information is available on the Auckland Council website.

    This year’s rating valuation trends is summarised on OurAuckland.

    To discuss your queries further, please phone (09) 301 0101.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Rating valuations released to Auckland ratepayers

    Source: Auckland Council

    Auckland ratepayers will receive new property valuations this week, as Auckland Council prepares to update rates from 1 July 2025.

    The rating valuations Auckland property owners receive this week are based on property market trends and recent sales activity as at 1 May 2024. Therefore, the valuations are not intended to accurately reflect current market value – instead, the information will help enable rates to be fairly shared across Auckland’s 630,000 properties.

    The new rating valuations have been prepared by two independent valuation providers, QV and Opteon. These experienced property valuers have worked closely with Auckland Council to deliver valuations that meet robust standards.

    Auckland Council chief financial officer Ross Tucker said he was pleased to announce that the Valuer-General has now approved the new valuations for release to Aucklanders.

    “As we know, the last council valuations from 1 June 2021 were completed close to the market peak and between then and May 2024 the economy and property market generally trended down. Therefore, as most people would expect, the May 2024 Capital Values (CVs) are lower than the previous 2021 CVs for many properties,” said Mr Tucker.

    The overall CV movements between June 2021 and May 2024, by property type for Auckland, are:

    • industrial +5%
    • lifestyle +4%
    • rural + 4%
    • commercial -5%
    • residential -9%.

    Valuation movements over that period also varied across the Auckland region. Residential properties in centrally located local board areas tended to see a bigger reduction than those further out.

    [embedded content]

    Economic backdrop

    Auckland Council Chief Economist Gary Blick said it is important to note that the last two Auckland rating valuations happened to coincide with markedly different stages of the recent economic cycle.

    “At the time of the 2021 rating valuation, in June 2021, the Official Cash Rate (OCR) had been at an all-time low,” says Mr Blick. “We saw exceptionally low mortgage rates and strong upward pressure on property prices. The 2021 rating valuation reflected those higher prices.

    “In contrast, the 2024 rating valuation in May 2024, occurred when the OCR had been lifted to its recent high of 5.5 per cent. Higher interest rates cooled buyer demand, leading to a decline in property prices.

    “Despite that fall, the median house price as at June 2024 was still above the level just prior to the OCR cut of March 2020, and that remains the case today. The recent economic cycle – with its unusually steep climb and fall – helps explain why some properties have had swings between the two rating valuations.”

    What it means for rates

    The valuations do not change how much the council takes in rates – this is set annually following community consultation. For 2025/2026, Auckland Council has approved an overall average rates increase of 5.8 per cent for residential ratepayers.

    The council has kept the rates increase down, due to the commitment made as part of the council’s Long-term Plan 2024-2034, along with good progress in savings.

    “We are acutely aware of the tough cost of living facing our community and we continue to work hard to achieve council savings and improve value for ratepayers, to help keep rates as low as possible,” said Mr Tucker.

    “Most Auckland ratepayers will see some degree of rates increase from 1 July 2025. However, how a residential property’s CV changes compares to other properties in the region will generally determine whether that property’s rates increase from 1 July is more, or less, than the 5.8 per cent average.

    “If your residential property value has reduced more than the average (-9 per cent) change between the two valuations, you can expect a smaller rates increase than the 5.8 per cent. Conversely, if your property value held up better than the average, then you can expect a larger rates increase.”

    For 2025/2026, the annual rates for an average residential property (CV $1.29 million) will be $4,069. The 5.8 per cent average increase for 2025/2026 will equate to $223 per year or around $4.30 per week.

    Anyone concerned about paying their rates is encouraged to get in touch to access a range of assistance available. This information can be found on the Auckland Council website and rates notices.

    Ratepayers can access their property valuations via the Auckland Council website from Tuesday, 10 June 2025. Formal notices will be posted or emailed from Friday, 13 June 2025.

    Supporting information

    What are the valuation trends from this rating valuation?

    The rating valuations are based on 1 May 2024. At that time, these were the high-level trends for residential properties compared to the previous valuation:

    • Values for areas further from the city centre have held up slightly better (Hibiscus & Bays, Upper Harbour and Franklin range from -4% to -1%).

    • Conversely, properties closer to the city centre generally had above-average reductions (-11 to -14%). These include Puketāpapa, Albert-Eden, Maungakiekei-Tāmaki, Waitematā and Whau (all -14 or -13 per cent). This may be influenced by the varied market, including apartments, multi-units and stand-alone homes, which all have different sales trends.

    • In some areas, reduced demand for properties with redevelopment potential has contributed to larger value declines. These include Māngere Bridge, Henderson, Massey, Glen Innes, Point England and Panmure.

    • Land values have driven changes in CV. For many residential properties, land values had fallen an average of -13% and commercial land is also down -6%. The reduction in land values reflects reduced development activity since 2021 and, in some cases, potential zoning changes.

    • Some have bucked the trend. Rodney held its values (average 0% change) and Great Barrier is up (+38%). This is a continuing trend, with residential values on Great Barrier up 59% at the 2021 revaluation.

    • For storm-affected properties, it is difficult to quantify the overall effect of the 2023 storms on the market due to the number of variables involved. For instance, values in Muriwai have increased by 12%, whereas values in Henderson have fallen by 10%.     

    How are rating valuations completed?

    Valuers assess a property’s CV by analysing data, such as local sales, property type, location and other property factors. The values are not a good indication of what a property would sell for today (the values are based on 1 May 2024).

    Rating valuations allow rates to be fairly shared. Council valuations do not accurately reflect a property’s current market value and should not be used for insurance or mortgage purposes.

    How does rating valuation impact a property’s rates cost?

    A change in a property’s CV will not necessarily mean the rates will be higher for an increased value, or lower for a decreased value. Properties with a valuation change higher or lower than the region’s average, will pay a higher or lower proportion of rates.

    How a property’s CV compares to other properties in the region will determine whether a property’s rates increase from 1 July is more, or less, than the average residential rates increase of 5.8 per cent, which was set through the council’s budget process. The new CV will be used to calculate rates for the next rating year, which starts on 1 July 2025.

    Do reduced property values mean lower rates?

    Property values going up do not increase the total rates the council collects, and likewise downward values do not decrease the total rates the council collects. Valuations simply allow the amount of rates to be fairly shared.

    How does rating valuation work for an average home?

    For your average stand-alone home, the valuers would look at sales of comparable homes – similar land size, floor area, quality condition and location attributes, such as coastal properties.

    Valuers analysed market sales in areas of Auckland around 1 May 2024, considering similar properties and locations. For example, renovated villas in Grey Lynn are compared with sales of other renovated villas in that immediate area.

    So, a typical residential property would usually move in value along with other similar properties in the neighbourhood. But not all property values in an area will change in the same way – it depends on standalone houses, cross-leases, units and other home types.

    Values are done by mass valuation, using information held by council and our valuation providers – not by individual inspection.

    What should ratepayers do if they need support with paying rates?

    Anyone concerned about paying their rates is encouraged to get in touch as we have a range of assistance available. These include:

    • a government-funded rates rebate scheme
    • a rates postponement scheme for residential properties
    • flexible payment options, such as direct debits offering weekly, fortnightly, monthly, quarterly, and annual payment.

    The rates rebate threshold for SuperGold card holders will increase from $31,510 to $45,000 from 1 July 2025. This will make more ratepayers who receive NZ superannuation eligible for a rates rebate.

    This information can be found on the Auckland Council website and our rates invoices also detail the support available. We encourage ratepayers to consider their options.

    For more information and frequently asked questions, visit the main Auckland Council website.

    MIL OSI New Zealand News –

  • MIL-OSI: MoneyHero Group Expands Digital Asset Wealth Product Offerings in Hong Kong in Strategic Collaboration with OSL

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, June 09, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced a strategic collaboration with OSL Group Limited (HKEX: 863) (“OSL”), Asia’s leading regulated digital asset platform, to expand its digital asset wealth product offerings. This collaboration marks a key step as MoneyHero expands its wealth products offerings in Hong Kong to include digital asset-related services provided by Securities and Futures Commission of Hong Kong (“SFC”)-licensed institutions, aiming to enhance financial wellbeing for consumers in Hong Kong.

    Through this collaboration, MoneyHero users can compare digital asset account products offered by leading SFC-licensed platforms like OSL, alongside insurance, stock, and bank account products, empowering them to make smarter and more informed financial decisions with a broader range of product choices. Hong Kong’s growing interest in digital assets reflects increasing demand for diversified financial solutions. According to data from Investor and Financial Education Council (IFEC)1, a subsidiary of the SFC, 8% of retail investors in Hong Kong invested in virtual assets and related products in 2023, up from just 1% in 2019, while 11% of retail investors showed intention to invest in these products – reflecting the growing direct participation and interest that MoneyHero and OSL are addressing.

    Rohith Murthy, CEO of MoneyHero, said: “We are thrilled to work with OSL, a recognised leader in the regulated digital asset space in Asia. This collaboration reflects our unique value proposition and position as the leading digital acquisition partner for the majority of banks across Greater Southeast Asia, which we are leveraging to extend our offerings into the digital asset space. We are committed to providing our users with comprehensive financial solutions and access to emerging asset classes in a responsible and informed manner. OSL’s strong regulatory compliance and institutional expertise provide valuable support for our expansion into the sector, where we also see significant potential to broaden our offerings in the future.”

    Jack Derong, CMO of OSL, said: “We are delighted to join forces with MoneyHero, an established and trusted platform across Southeast Asia. We believe that providing accessible and regulated pathways to digital assets is crucial for the industry’s sustainable growth. MoneyHero’s extensive user network and transparent and reliable comparison tools will empower a wider audience with the knowledge and access to participate in the digital asset economy with confidence.”​​​​

    About MoneyHero Group

    MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at 31 December 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended 31 December 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

    About OSL Group
    OSL Group (HKEX: 863.HK) is a leading global financial infrastructure platform bridging traditional finance and the digital asset economy through blockchain technology. The Group is dedicated to providing efficient, seamless, and regulatory-compliant financial services to individuals and businesses worldwide.

    OSL delivers a comprehensive suite of regulated services through its licensed platforms, including 24/7 OTC brokerage with deep liquidity fiat gateways and competitive pricing; omnibus brokerage solutions enabling traditional financial institutions to integrate digital assets; SOC 2 Type 2-certified custody with up to US$1 billion insurance protection; and compliant retail trading channels; wealth management solutions, including scheduled launches on tokenised treasuries and RWAs; and in preparation for cross-border payment infrastructure via OSL Pay.

    “Open, Secure, Licensed” are the principles OSL lives by. OSL is expanding its compliant infrastructure across Japan, Australia, and Europe, potentially Southeast Asia, powering the next generation of global financial infrastructure.

    For more information, please visit group.osl.com.

    For MoneyHero inquiries, please contact:

    Investor Relations:
    MoneyHero IR Team
    IR@MoneyHeroGroup.com

    Media Relations:
    MoneyHero PR Team
    Press@MoneyHeroGroup.com

    For OSL inquiries, please contact:
    OSL Media Team
    media@osl.com

    Disclaimer

    The Company and its subsidiaries do not hold any license issued by the SFC and do not engage in any regulated activities as defined under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). This press release is for informational purposes only and does not constitute, nor is it intended to constitute, an offer or invitation to provide any securities, investment, or other regulated services to the public in Hong Kong.

    1Investor and Financial Education Council. (2023). Retail Investor Study 2023. Retrieved from https://www.ifec.org.hk/web/common/pdf/about-ifec/retail-investor-study-2023.pdf

    The MIL Network –

  • MIL-OSI New Zealand: Rich get much richer, driving inequality and poverty

    Source: Green Party

    The 2025 NBR Rich List makes immediately obvious the need for a fair tax system, says the Green Party. 

    “The rich list is now worth more than one hundred billion dollars, while the Government has chosen to cut support to tens of thousands of the lowest income New Zealanders. It’s time to tax wealth, and build a country where all of us can thrive,” says the Green Party’s spokesperson for Finance and co-leader Chlöe Swarbrick.

    “Poverty and homelessness doesn’t come from nowhere. They are created by inequality. Christopher Luxon has put his foot down on the accelerator. By design, the rich are getting much, much richer while the poor are getting much, much poorer.

    “We already know that the wealthiest households are able to arrange their finances to pay half the effective tax rate of regular New Zealanders. That means, proportionally, teachers, nurses, builders and firefighters pay more of their income to support our country’s infrastructure than the billionaires the Prime Minister has chosen to celebrate today.

    “The Greens are ambitious for an Aotearoa New Zealand where everyone has what they need to thrive. We can have free GPs, free early childhood education, free dental care and rapidly reduce climate changing emissions – if the rich pay their fair share.

    “A wealth tax on just the ten wealthiest rich listers alone would pay for free GP care for all New Zealanders.

    “Don’t let the people laughing their way to the bank while everyone else suffers tell you what is possible. We all deserve so much better, and our Green Budget shows how,” says Chlöe Swarbrick.

    MIL OSI New Zealand News –

  • MIL-OSI China: China unveils first deep-sea testing site

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

    China unveiled its first deep-sea testing site in Hainan province on Sunday, which was World Oceans Day, to boost the research and development of deep-sea equipment and drive the growth of the marine economy, officials said.

    “Deep-sea regions are crucial strategic resource areas for countries around the world, and deep-sea manufacturing stands as the linchpin for advancing deep-sea exploration and exploitation,” Cui Xiaojian, deputy director of the Hainan Provincial Oceanic Administration, said in Haikou, the provincial capital.

    Deep-sea regions are renowned for their abundant mineral, biological and energy resources. The testing site, located about 200 kilometers southeast of Sanya in Hainan, sits at water depths between 1,300 and 1,500 meters across 400 square km. Cui said the site will feature an integrated service platform encompassing technology research and development, testing verification, industrial incubation and certification evaluation.

    “By closely aligning with diverse application scenarios reflecting real-world demands, this initiative strives to catalyze deep-sea industrial upgrades, hasten the development of new high-quality productive forces in the marine sector, and inject new momentum into the high-quality development of the marine economy,” Cui said.

    Hainan administers around two-thirds of China’s ocean area, covering 2 million sq km. With tropical marine depths averaging over 1,200 meters, it offers unique and strategically scarce resources nationwide, characterized by high pressure and low temperatures, Cui said.

    The establishment of the new deep-sea testing site in Hainan, along with existing sites in Shandong, Zhejiang and Guangdong provinces, represents a comprehensive national layout of marine testing sites spanning north, east and south, covering areas from shallow seas to deep oceans, said Chu Jun, deputy director of the marine early warning and monitoring division of the Ministry of Natural Resources.

    The layout took into account the locations and characteristics of each marine area and acts as a pivotal bridge for translating marine scientific and technological achievements into tangible products. This approach also provides essential support for the collaborative development and sharing of marine resources, facilitating the building of a strong maritime nation, Chu said.

    “Many maritime enterprises and institutions in our country have introduced novel equipment and products, necessitating immediate sea-based performance testing,” Chu said. “The construction of marine testing sites can provide the requisite environment and conditions for relevant enterprises and institutions to test their deep-sea equipment, so they could play a leading role in fostering the growth of the marine economy.

    “As the only deep-sea testing site, the new one can facilitate scientific research, the development of investigative equipment and the exploration of renewable energy resources in the deep sea,” he said.

    MIL OSI China News –

  • MIL-OSI China: UN Ocean Conference to focus on biodiversity, subsidies, “30X30 goal”

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

    Volunteers pick up litter during a beach cleanup campaign at Flamengo Beach in Rio de Janeiro, Brazil, March 22, 2025. [Photo/Xinhua]

    The third United Nations Ocean Conference (UNOC3), to be held in Nice, France, from June 9 to 13, 2025, will center on three core objectives: conserving marine biodiversity, eliminating harmful fisheries subsidies, and advancing the global “30×30” target.

    Rising ocean temperatures, acidification, and oxygen loss are undermining the ocean’s ability to regulate the climate, according to scientists from the One Ocean Science Congress. These environmental shifts, together with rising sea levels, pose a serious threat to global infrastructure and life on Earth, they warned in a recent statement meant to inform decision-makers gathering in Nice.

    In this context, UNOC3 will convene governments, international financial institutions, non-governmental organizations, researchers, civil society groups, and private sector stakeholders to address challenges and explore opportunities linked to the United Nations Sustainable Development Goal 14: to conserve and sustainably use the oceans, seas, and marine resources for sustainable development.

    The conference will feature ten plenary sessions and ten roundtable discussions, along with numerous side events.

    A top priority will be to secure the 60 ratifications needed to bring into force the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction, known as the “BBNJ Agreement.” Adopted in 2023, the accord aims to safeguard marine ecosystems in international waters. So far, only 32 countries have ratified it. The deadline for reaching the 60-country threshold is Sept. 20, 2025.

    “The goal for Nice is to achieve at least 60 ratifications to ensure the agreement’s entry into force. We aren’t there yet… There is still a lot of work to be done,” French President Emmanuel Macron said, as quoted by Le Monde.

    The second objective targets the prohibition of harmful fisheries subsidies, widely seen as a major driver of global fish stock depletion. While the World Trade Organization adopted an agreement on this issue in June 2022, it still requires formal ratification by two-thirds of its members – or 111 countries – with only 101 having done so to date.

    Macron also emphasized the importance of combatting “illegal, unreported, and unregulated fishing,” Le Monde reported.

    The third major aim concerns achieving the “30×30” goal – the commitment to protect 30 percent of the oceans by 2030. Currently, only around 8 percent of marine areas enjoy some form of protection.

    To close the financial gap and support ocean conservation, conference participants will discuss innovative funding instruments such as “Blue bonds” and “Blue loans” to advance a sustainable ocean economy. 

    MIL OSI China News –

  • MIL-OSI China: Innovation fuels NE China revitalization

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

    This photo shows ice cream products at the Ice Cream China 2024 in north China’s Tianjin Municipality, Sept. 26, 2024. [Photo/Xinhua]

    Once the heartland of heavy industry and manufacturing in China, the northeastern provinces are often stereotyped as a rust-belt region. However, more local enterprises are now embracing innovation to reinvigorate themselves and the local economy.

    Cool designs 

    Deshi, an ice cream manufacturer based in Shenyang, capital of northeast China’s Liaoning Province, exemplifies this trend. It has gained widespread popularity by pioneering frozen treats shaped like local cultural icons.

    Centuries-old imperial palaces, artifacts and characters were all used in the company’s ice cream designs. It has become a common sight in the city to see consumers proudly holding up these miniature replicas of famous landmarks and cultural relics.

    By integrating cultural elements, the company has ridden the wave of the country’s promotion of its cultural industries and transformed ordinary icy snacks into products with innovative designs. This gives a boost to its sales. Since the launch of its palace-themed ice cream bars in 2021, Deshi’s online sales have almost doubled.

    “In the past, our ice cream products were plain-looking and people ate them mainly for sweet flavors. Now, we create ice creams with innovative shapes and consumers love them for their flavors as well as their cultural significance and emotional value,” said Deshi chairman Wang Degang.

    The company has also started offering customized frozen treats featuring renowned university buildings and icons of big tech companies.

    Wang said that his company has enhanced IP protection by obtaining more patents and trademarks.

    GI tourism

    Crossover collaboration has also become a major part of the region’s agriculture and tourism.

    To market Qingshui Rice, a national-level geographical indication (GI) product from Shenyang, locals have developed a “Rice Town,” an integrated complex merging rice cultivation, eco-tourism and entertainment. Visitors can immerse themselves in the picturesque rice field scenery, engage in hands-on farming activities and savor unique ice cream and beverages made with rice ingredients.

    GI is a type of IP that signifies a product’s specific origin and the qualities or reputation linked to that location. It serves as a mark of quality, setting the product apart from its competitors. China had approved a total of 2,544 GI products by the end of 2024, with the direct output value of GIs exceeding 960 billion yuan (about 134 billion U.S. dollars).

    Zhao Aijun, head of the rice town, said since its launch in 2014, the town has attracted 220,000 visitors, boosted rice sales and created many job opportunities.

    More importantly, the rice town has enhanced local people’s IP awareness, Zhao added.

    A striking 27-meter-tall viewing platform stands out as a highlight of the rice town, offering visitors a panoramic view of the giant rice paddy paintings. Farmers plant rice with green, purple, and yellow leaves in meticulous patterns, creating a stunning display.

    Zhao said the rice town has stayed trendy by featuring popular images in its rice field art, such as the animated character “Ne Zha.”

    Urban brand 

    Despite decades of economic sluggishness, the northeastern region never lost its distinct sense of humor. And the latest example is the term “Erbin”, an affectionate nickname of the “Ice City” Harbin. It went viral in 2024 as a depiction of how the capital city of Heilongjiang Province, the country’s northeasternmost province, pampers tourists attending its annual ice and snow festivities.

    The term has also become a trademark, a city IP, to boost urban branding and promote the economy.

    Bosideng, a leading player in China’s down apparel market, has teamed up with Harbin to launch a co-branded “Erbin” collection, which incorporates the city’s icons, such as a ferris wheel, a church lamp and the Chinese characters for “Erbin,” into its down jacket designs, blending urban aesthetics with cold-weather functionality.

    According to local media reports, the collection soon gained popularity among young buyers who value both design and performance. Priced between 1,699 yuan and 3,999 yuan, the “Erbin” down jackets sold well within a week of their launch in November 2024.

    “The jacket design looks fashionable and embodies the unique characteristics of Harbin. It is very meaningful,” said tourist Li Bing, who bought two “Erbin” jackets.

    Amid a key national strategy to revitalize the northeast China, the number of patents and trademarks in the region continues to grow, reflecting the innovation vitality, according to China National Intellectual Property Administration.

    Enhancing trademark branding, boosting the GI industry, and continuously fostering the deep integration of the GI industry with the culture and tourism sectors have been placed high on the agenda for the region’s high-quality IP development, said Heng Fuguang, spokesperson of the administration. 

    MIL OSI China News –

  • MIL-OSI China: Legacy in action: How Beijing’s dual-Olympic venue powers sport, community

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

    From the fierce clashes of Olympic ice hockey to the roar of basketball fans and the graceful arcs of figure skating, Beijing’s National Indoor Stadium has become a model for sustainable Olympic venue use.

    17 years after hosting gymnastics, trampoline and wheelchair basketball events at the 2008 Summer Olympics and Paralympics, and three years after staging ice hockey competitions during the 2022 Winter Olympics, the venue is once again welcoming world-class athletes, with the FIVB Volleyball Nations League (VNL) held at one of the city’s iconic “dual Olympic” venues.

    Martyna Lukasik (R) of Poland spikes the ball during the Pool 3 match between Poland and Thailand at the Women’s Volleyball Nations League (VNL) 2025 at the National Indoor Stadium in Beijing, China, June 4, 2025. (Xinhua/Luo Yuan)

    At the heart of the stadium’s success lies a simple yet powerful strategy: putting sports first and sharing it with the community. In doing so, it reflects a broader vision of how Olympic legacy can serve both elite performance and public engagement.

    “We’ve always believed that a world-class sports venue must serve athletes, spectators and the city alike,” National Indoor Stadium chairman Wang Yue told Xinhua.

    SMART OPERATIONS, OLYMPIC LEGACY

    Built for the 2008 Beijing Olympics, the National Indoor Stadium underwent major upgrades for the 2022 Winter Games, becoming one of the two ice hockey competition venues.

    During renovations, designers incorporated a dual-size ice rink system, allowing conversion between the standard 60m x 26m Olympic ice hockey field and a 60m x 30m configuration for figure skating and other events. This design foresight laid the foundation for versatile, long-term use.

    Following the Winter Olympics, the stadium returned to its sports-first mission under the Beijing Performing Arts Group, aligning with the city’s call to refocus Olympic venues on athletic development. Since then, it has hosted a growing portfolio of top-tier events and become home to Chinese Basketball Association (CBA) team the Beijing Royal Fighters.

    “Our post-Olympic mission has been to fully return to our core mission – sports. This venue is designed to host elite competitions, and also to welcome citizens in their everyday lives. We’re building a world-class stadium brand rooted in Olympic spirit and open access,” Wang explained.

    The venue’s reputation for professionalism has also been affirmed by visiting teams during the VNL.

    “This stadium has amazing lighting and atmosphere. It makes the players feel like they’re on one of the world’s biggest stages,” said Türkiye head coach Daniele Santarelli.

    China captain Gong Xiangyu echoed this sentiment: “It’s exciting to play here. You feel the energy of the crowd and the history of the place.”

    FROM OLYMPIC SPOTLIGHT TO DAILY USE

    Since its post-Winter Olympics reopening, the stadium has focused on optimizing space and schedule through precise planning. With an annual calendar packed with over 60 major events – spanning volleyball, basketball, ice hockey, concerts and exhibitions – the venue runs on what its operators call a “full-time, full-space” model.

    “We host around 30 professional sports events a year, and the same number of other commercial and cultural events,” said Wang.

    Behind these seamless transitions is a core operation team of fewer than 20 people, who oversee everything from scheduling to logistical coordination.

    “Our team is small but specialized,” Wang explained. “After a concert teardown at night, we can switch the space into basketball mode by the next morning.”

    Beyond major events, the stadium shifts gears on non-match days to serve everyday fitness and public engagement.

    “We offer rhythmic gymnastics and badminton classes in the main hall. The training hall becomes a hub for table tennis and balance-bike lessons,” Wang noted.

    A dedicated ice hockey rink built for the Winter Games now supports both Beijing’s men’s ice hockey team and public skating hours, while outdoor tennis and 3×3 basketball courts are fully booked on weekends.

    “Hosting events isn’t our only goal,” said Wang. “We want local residents to see this as their home stadium. Whether you’re watching volleyball or playing badminton with your children, this is the place for you.”

    “We are positioning ourselves as an Olympic legacy venue that delivers on both elite performance and daily vitality,” he added.

    BUILDING A SUSTAINABLE, PEOPLE-CENTERED MODEL

    With the goal of long-term sustainability, the stadium is developing a diversified revenue model that combines core sports events with concerts, exhibitions, themed retail and dining.

    “Our operations are now basically breaking even,” Wang noted. “We are pushing for a balance between economic return and public benefit.”

    To support this strategy, the stadium is building two flagship sports brands: basketball and ice hockey.

    “The Beijing Royal Fighters plays most of its home games here. We’re also the training base and competition site for Beijing’s city-level ice hockey team,” said Wang, adding these projects help drive identity and fan engagement.

    Wang also emphasized the stadium’s public-service function.

    “More than 1,000 amateur events are held here every year,” he said. “This isn’t a major profit center, but it’s about public value. As a state-owned venue, we must serve the community.”

    The five-day VNL competitions have drawn tens of thousands of fans and ignited a new wave of enthusiasm. Visitors can use match tickets for discounts at restaurants and shops nearby – part of a growing “ticket stub economy” that ties sport with city life.

    “Sport is more than a competition,” said Wang. “It’s a way to connect people, boost local business and enhance urban life. That’s the Olympic legacy we hope to continue.”

    MIL OSI China News –

  • MIL-OSI China: Report highlights China’s maritime vision, int’l cooperation on ocean governance

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

    An aerial drone photo taken on Dec. 16, 2024 shows a marine ranch in Dongxing, south China’s Guangxi Zhuang Autonomous Region. [Photo/Xinhua]

    Marking the 17th World Oceans Day, a new report highlighting China’s innovative ideas and practical experience in ocean governance was released in Shanghai on Sunday.

    Titled “A Maritime Community with a Shared Future and Sustainable Ocean Development — Joint Actions of China and Its Global Partners,” the report proposes advancing ocean sustainability through four key dimensions: technological innovation, rule-making cooperation, people-to-people exchanges, and maritime security.

    The report, a key outcome of the 2025 Shanghai Forum for a Maritime Community with a Shared Future, was jointly developed by over 200 representatives from government agencies, maritime enterprises, academic institutions, and think tanks.

    Noting that this year marks the sixth anniversary of the proposal to build a maritime community with a shared future, Chu Beiping, president of Shanghai Maritime University, said China’s vision offers new perspectives for global cooperation amid growing maritime challenges.

    Awni Behnam, honorary president of the International Ocean Institute, said in a video address that the launch of this report is a contribution to shaping a maritime community with a shared future and a testament to the enduring spirit of multilateral cooperation in the ocean domain.

    “This launch comes at a moment of reflection and action closely aligned with the spirit of World Oceans Day,” said Behnam.

    Experts and representatives from over 20 countries gathered at the event to discuss global ocean governance and sustainability. They emphasized that the report demonstrates China’s strong commitment to international cooperation and could contribute valuable input to the UN Ocean Conference 2025, while expressing hope for broader global consensus on marine protection and sustainable use.

    According to Rizka Ardya, a representative of Frontier Logistics Indonesia, China’s shipping industry supports its own growth while helping drive the global economy, stabilize supply chains, and promote shared development. 

    MIL OSI China News –