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Category: Economy

  • Terrorism burned schools, silenced dreams—but not anymore: PM Modi in J&K

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Friday strongly condemned Pakistan’s repeated attempts to destabilise peace and progress in the region, asserting that such acts would not derail India’s development push in Jammu and Kashmir.
     
    Addressing a public gathering in Katra, the Prime Minister laid the foundation stone and inaugurated multiple infrastructure projects worth over Rs 46,000 crore. These include the world’s highest railway arch bridge over the Chenab and India’s first cable-stayed railway bridge at Anji.
     
    He said that tourism has emerged as a key driver of economic growth in Jammu and Kashmir, creating jobs and fostering unity. “Tourism generates employment and strengthens bonds between people. But Pakistan seeks to destroy this progress,” he said. PM Modi accused Pakistan of deliberately targeting the tourism sector, which has seen record-high visitor footfall in recent years, to hurt the earnings of local workers such as porters, horse riders, guides, and shopkeepers.
     
    The Prime Minister paid tribute to Adil, a young man who died while resisting the attackers. “Adil was working hard to support his family. He stood up to terrorists and lost his life in the process. His courage will always be remembered,” he said. 
     
    Highlighting the shift in public sentiment, PM Modi said that the youth of Jammu and Kashmir are now determined to confront terrorism head-on. He recalled how the decades-long militancy in the Valley had scorched schools, hospitals, and even disrupted free and fair elections. “Generations lost their dreams, and many came to accept violence as their fate. But today, this has changed,” he said.
     
    He noted that the current atmosphere reflects a profound transformation. “Kashmiri youth today take pride in the sight of thriving markets, lively cinema halls, and new shopping malls. They dream of bringing back film shoots and transforming Jammu and Kashmir into a sports hub,” he said, citing the Mata Kheer Bhawani Mela, the upcoming Amarnath Yatra, and Eid celebrations as signs of the region’s renewed energy.
     
    PM Modi also recalled the military action carried out by India on May 6, named Operation Sindoor, which he said dealt a decisive blow to Pakistan-based terror networks. “The terror infrastructure built over decades was reduced to ruins within minutes. Pakistan never imagined such a bold response,” he said, adding that the operation would remain a reminder of Pakistan’s humiliation.
     
    He alleged that in retaliation, Pakistan targeted civilian areas in Jammu, Poonch, and other districts. “They shelled schools, hospitals, temples, mosques, and gurdwaras. The world witnessed their cruelty,” PM Modi said, praising the courage and unity displayed by residents in the face of cross-border aggression. He assured the affected families that the country stood with them in full solidarity.
     
    PM Modi announced that families who lost loved ones in cross-border firing have already been provided appointment letters for government jobs. He also said that the government had previously extended financial aid for home repairs in shelling-hit areas, and that this assistance would now be increased. Severely damaged houses will receive ₹2 lakh, while partially damaged homes will be granted ₹1 lakh in additional support.
     
    The Prime Minister reiterated the government’s recognition of border residents as the “nation’s frontline protectors”. Over the past decade, nearly 10,000 new bunkers have been built in the region, he said, noting their importance during recent escalations. Modi further announced the formation of two new Border Battalions in Jammu and Kashmir and confirmed the establishment of two Women Battalions to strengthen both security and women’s participation in the armed forces.
     
    PM Modi concluded his address by declaring that no obstacle would be allowed to hinder the aspirations of Jammu and Kashmir’s youth. “If anyone dares to threaten their dreams, they will have to face me first,” he said.

  • MIL-OSI Asia-Pac: Chief Executive in Council approves provision of land resources to Urban Renewal Authority to take forward redevelopment programmes

    Source: Hong Kong Government special administrative region

    Chief Executive in Council approves provision of land resources to Urban Renewal Authority to take forward redevelopment programmes 
    The Secretary for Development, Ms Bernadette Linn, said, “As an important partner of the Government in urban renewal, the URA has been adopting a district-based approach in planning and taking forward redevelopment projects over the past years to avoid ‘pencil’ block development, inject holistic planning into urban redevelopment, and enhance liveability. Meanwhile, redevelopment projects of larger scale involve huge acquisition costs. Coupled with the sluggish property market in recent years, the URA’s projects have been subject to the ‘buy-high-sell-low’ situation (i.e. acquiring properties at the market peak but tendering at low price or even a failed tender), thus affecting its cashflow.”
     
    The URA has taken a number of measures to maintain a financially healthy portfolio, such as adjusting the pacing of taking forward redevelopment projects, obtaining external financing through bond issuance and loan facilities, enhancing the market attractiveness of project tenders, and critically controlling its operating expenditure. Notwithstanding, according to the URA’s latest assessment, in the event that the property market continues to falter and the results of project tenders are not as expected, the URA will have to secure additional financial support in order to maintain the redevelopment momentum, including making acquisition offers for the commenced redevelopment projects.
     
    “The Government has been providing financial support to the URA to enable it to carry out redevelopment and fulfil other statutory missions in a self-financing manner. Granting land at nominal land premium has long been one of the major government support measures for the URA. For example, the Government will grant urban renewal sites to the URA at nil land premium, as well as, in recent years, Government, Institution or Community (G/IC) sites in the vicinity of individual urban redevelopment projects to increase the overall development potential. Granting the two sites to the URA is along the same direction that helps the URA to fulfil its urban renewal mission,” Ms Linn continued.
     
    Ms Linn added, “The granting of the two sites to the URA could also benefit the community. Specifically, the Bailey Street Site can create synergy with the URA’s cluster of redevelopment projects in the Kowloon City area. As for the TKO Site, the original housing development of which has been deferred due to re-prioritisation of the Hong Kong Housing Authority’s (HKHA) projects, granting the site to the URA would optimise the use of the land resources in a timely manner.”
     
    The Bailey Street Site, with a net site area of 7 610 square metres, was reserved for school development. Upon review, the Education Bureau considered that this site can be released for other uses. Granting the Bailey Street Site to the URA could result in optimised land use and enhanced planning gains for the area by accommodating G/IC facilities to meet the district shortfall, enhancing connectivity of the area, and amalgamating the adjacent Hoi Sum Park to provide public open space. The proposed total gross floor area (GFA) will be about 68 490 sq m with a plot ratio of 9.
     
    The TKO Site has a net site area of about 9.15 hectares. The proposed total GFA is about 713 700 sq m with a plot ratio of 7.8. While the residential site concerned was reserved for public housing development, having considered the re-prioritisation of the HKHA’s projects and with sufficient land supply for public housing over the next 10 years, the granting of the site to the URA will have no impact on the overall public housing supply target for the current 10-year period (from 2025-26 to 2034-35). Furthermore, there are still about 42 ha of land reserved for housing development in Tseung Kwan O Area 137, which can be flexibly deployed for public or private housing use. The Government will take into account the market needs and adjust the public-to-private housing ratio in the area in a timely and appropriate manner to provide flexibility in the mix of housing planned for the longer term.
     
    The Executive Council has set clear requirements for this land grant, including (i) requesting the URA to make good use of the two sites as its assets to enhance its financing and borrowing capacity to maintain the momentum of urban redevelopment in a financially prudent manner in the next few years including making acquisition offers to the six commenced redevelopment projects (Note) between now and 2027-28. Moreover, with the land sales revenue to be generated from the two sites for the URA in the future, the URA should make good use of the additional and other income and re-prioritise yet-to-be-commenced projects in light of its financial position; and (ii) the URA should work with the Government to review and refine its operating and financing model that can enable it to undertake urban redevelopment in a financially sustainable manner irrespective of market ups and downs. Furthermore, the URA should advise how to step up building rehabilitation to extend the service life of aged buildings and reduce the immediate need for redevelopment. The URA should come up with specific recommendations within 2026.
     
    For details of the above, please refer to the Legislative Council Brief 
    Note: These six commenced redevelopment projects are Kau Pui Lung Road/Chi Kiang Street Project, Ma Tau Wai Road/Lok Shan Road Project, Queen’s Road West/Kwai Heung Street Project, Ming Lun Street/Ma Tau Kok Road Project, To Kwa Wan Road/Ma Tau Kok Road Project and Sai Yee Street/Flower Market Road Project.
    Issued at HKT 11:06

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: MEXC Officially Unveils Launchpad Platform: Acquire BTC at up to 90% Discount

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 06, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has officially unveiled its new Launchpad, an innovative token issuance platform that provides users with guaranteed access to high-quality projects at discounted prices. MEXC’s first-ever Launchpad event and debut offering lets users subscribe to select tokens and unlock discounts on BTC.

    According to data from Triple-A, the global crypto user base has surpassed 560 million, and market momentum continues to grow. However, many users remain sidelined from having early investment access to promising projects, but also access to established assets at significant discounts due to high entry barriers and complex risk factors.

    MEXC Launchpad addresses these pain points with a redesigned, fully upgraded investment platform that breaks through the traditional IEO (Initial Exchange Offering) model.

    By offering discounted access to premium project tokens, Launchpad aims to provide users with inclusive access to high-quality crypto investments, helping retail users capture emerging and established market opportunities.

    Because of these highlights, MEXC Launchpad is known for being the
    “Your Easiest Way to Top Tokens — Early or at a Discount.” Key features of the Launchpad include:

    Discounted Access to Token Subscriptions
    The platform adopts a differentiated pricing strategy, offering users the opportunity to subscribe at prices below market expectations. This significantly lowers the cost barrier for retail investors to participate in high-quality projects and positions them to benefit from potential gains after the token is listed.

    Fair Participation
    Breaking away from traditional lottery systems and favoring large holders, MEXC Launchpad ensures that all eligible users can participate on equal footing. Users are not required to complete complex tasks to subscribe, a feat that significantly improves participation and enhances accessibility.

    Rigorous and Professional Project Selection
    MEXC has implemented a rigorous evaluation framework that assesses projects across multiple dimensions, including technology and innovation, team background, and development potential. This professional vetting process ensures that only high-quality projects are featured, helping users manage investment risk effectively.

    Flexible and Diverse Subscription Models
    Users can participate using designated tokens, with both non-oversubscription and oversubscription models available. In the non-oversubscribed model, users receive tokens based on the amount committed. The oversubscribed model uses a proportional allocation mechanism to ensure a fair distribution process.
    The debut MEXC Launchpad event offers BTC-based subscriptions, featuring special discount packages tailored to different types of users.

    • New User Exclusive: Subscribe at up to 90% off (as low as 10% of the market price), with subscription limits ranging from 5 to 55 USDT and a total supply of 4 BTC.
    • All Users: Enjoy a 20% discount on subscriptions, with subscription limits from 25 to 250 USD1 and a total supply of 3 BTC.
    • Referral Rewards: Earn a 5 USDT bonus for each new user referred, up to a maximum of 100 USDT in referral rewards.
    • Subscription Period: June 6 to June 20

    “The release of MEXC Launchpad marks a major milestone in MEXC’s commitment to inclusive finance,” said Tracy Jin, COO of MEXC. “By offering a fair and simple subscription model, we’re making premium project investment accessible to everyone, not just a privileged few. Choosing BTC as the first featured asset opens a new channel for everyday users to participate in “digital gold.” Looking ahead, we’ll continue introducing high-quality projects to bring more value to our global users.”

    Cryptocurrency investing involves significant risk and is subject to market volatility. Investors may face potential loss of principal. Please ensure you thoroughly understand the project details and carefully evaluate your risk tolerance before making any investment decisions.

    The first BTC Launchpad event is now live on MEXC. For more details, visit the official Launchpad page: https://www.mexc.com/launchpad

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Website｜X｜Telegram｜How to Sign Up on MEXC

    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    Source

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/514cf768-0e53-4606-a8da-83c8a7898b8a

    The MIL Network –

  • MIL-OSI: Lucinity Appoints Payoneer CCO and Goldman Sachs MD as Strategic Advisors

    Source: GlobeNewswire (MIL-OSI)

    REYKJAVIK, Iceland, June 06, 2025 (GLOBE NEWSWIRE) — Lucinity has expanded its Advisory Council with the appointment of industry leaders Micheal Sheehy, Chief Compliance Officer at Payoneer, and Konstantinos Rizakos, Managing Director of Compliance Engineering at Goldman Sachs. Both bring deep expertise to Lucinity from their experience in managing large compliance and technology programs across global financial institutions.

    Lucinity helps financial institutions detect and investigate financial crime faster and smarter using AI-powered tools. Its Advisory Council brings together industry leaders to guide the company’s international expansion, go-to-market strategy, and customer-driven product innovation.

    Micheal brings over a decade of leadership across AML/CTF, payments compliance, and regulatory risk management. He has extensive experience leading global FCC/compliance operations in the U.S., Europe, and APAC. At Payoneer and throughout his career, he has built and scaled compliance programs, managed regulatory obligations across highly regulated markets, and implemented advanced RegTech solutions. His hands-on expertise with the U.S. Bank Secrecy Act, various EU AML directives, and multiple APAC regulatory frameworks will be instrumental in guiding Lucinity’s strategy to serve clients operating globally.

    Konstantinos has been a leading figure in compliance technology for over twenty years, having run the Compliance application portfolios at Goldman Sachs, Citigroup, and Morgan Stanley. He has been an advocate of machine learning, workflow automation, and large-scale data platforms, and has driven their adoption in the industry as a whole. In the (new) age of AI, he plays an active role in AI product governance and in steering enterprise platforms, both through committee memberships and by launching an AI product management course at NYU Stern School of Business.

    Micheal and Konstantinos both bring a rare combination of regulatory expertise and technical depth that will help shape Lucinity’s global strategy and platform evolution. Their expertise will help Lucinity deepen its impact: improving investigation efficiency, enhancing team productivity, and reducing the cost and complexity of compliance for financial institutions.

    “We brought in Micheal and Konstantinos because they’ve built and run compliance programs at the highest levels. They know what works, what breaks, and what it takes to scale. They understand where compliance is headed, and with their guidance, our product will be moving faster, getting better, and raising the bar for the industry,” said Guðmundur Kristjánsson (GK), CEO and Founder of Lucinity.

    Lucinity’s Advisory Council now includes:

    • Ed Wilson – Former Partner at Venable LLP with legal expertise in cross-border financial law 
    • Tanya Ziv – Former CCO at Visa Cross-Border Solutions and Former COO at Yapily
    • Frank Lawrence – VP and Head of Global Operations, Legal and Chief Compliance Officer at Facebook Payments
    • John McCarthy – Former AML/Sanctions Officer at Airbnb with law enforcement expertise
    • Micheal Sheehy – Chief Compliance Officer at Payoneer 
    • Konstantinos Rizakos – Managing Director of Compliance Engineering at Goldman Sachs

    As Lucinity continues to scale globally, the addition of Micheal and Konstantinos brings vital real-world insight to further align Lucinity’s platform with the goals of global compliance leaders.

    Contact:

    Celina Pablo
    celina@lucinity.com
    +354 792 4321

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Olive oil tasting panel and development of objective sensory analysis methods – E-001485/2025(ASW)

    Source: European Parliament

    Different categories of olive oil are defined in Part VIII of Annex VII of Regulation (EU) No 1308/2013 establishing a common organisation of the markets in agricultural products[1].

    Commission Delegated Regulation 2022/2104 on olive oil marketing standards[2] further defines olive oil categories on the basis of several physico-chemical and two organoleptic characteristics. The Commission considers this classification as robust and there are no plans to change it at this stage.

    Organoleptic characteristics are tested by the organoleptic method, which was developed by the International Olive Council (IOC) in 1992. Since then, the method was improved on several occasions by EU experts working within the IOC expert groups.

    As the European Union is a member of the IOC, it is bound to apply IOC methods. No other standardised method exists to test the organoleptic characteristics of virgin olive oils.

    Nevertheless, the Commission is aware that part of the sector is not satisfied with the organoleptic method. Therefore, under the Horizon 2020[3], the Commission prioritised and financed research and innovation on the assessment of the qualities of olive oil, leading to the OLEUM project[4] [5].

    The results of the project include a new method determining volatile compounds, which is currently further developed by the IOC.

    • [1] Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007; http://data.europa.eu/eli/reg/2013/1308/2023-01-01.
    • [2] Commission Delegated Regulation (EU) 2022/2104 of 29 July 2022 supplementing Regulation (EU) No 1308/2013 of the European Parliament and of the Council as regards marketing standards for olive oil, and repealing Commission Regulation (EEC) No 2568/91 and Commission Implementing Regulation (EU) No 29/2012; http://data.europa.eu/eli/reg_del/2022/2104/oj.
    • [3] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-2020_en.
    • [4] https://cordis.europa.eu/project/id/635690.
    • [5] https://www.oleumproject.eu/.
    Last updated: 6 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Is freezing the bank accounts of elected citizens and political opponents in France anti-democratic? – E-000107/2025(ASW)

    Source: European Parliament

    Banks and credit institutions, like other economic operators, have in principle the freedom to decide with whom they want to enter into a contract or maintain a business relationship.

    To ensure the right of consumers to have access to financial services, Article 16 of the Payment Accounts Directive (PAD)[1] gives all consumers legally resident in the EU the right to open and use a payment account with basic features (PABF), subject to certain derogations, including in view of anti-money laundering rules. Article 19 of PAD also lays down the specific circumstances under which a PABF can be unilaterally terminated[2].

    The Commission is also committed to safeguarding non-discrimination of citizens with regards to their access to a payment account. Article 15 of PAD requires Member States to ensure that credit institutions do not discriminate against consumers legally resident in the EU by reason of their nationality or place of residence or of any other ground as referred to in Article 21 of the Charter of Fundamental Rights (including political opinion) when consumers apply for or access a payment account.

    The responsibility for the enforcement of these provisions in individual cases lies with the national authorities and courts. The Commission, in case of suspicion of a breach of EU law by the national authorities, may decide to investigate the matter further and contact the national authorities to obtain further information.

    • [1] Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features Text with EEA relevance, OJ L 257, 28.8.2014, p. 214-246.
    • [2] Including the deliberate use of the account for illegal purposes, no transaction for more than 24 consecutive months, incorrect information provided where the correct information would have resulted in the absence of such a right, the consumer is no longer legally resident in the EU, the consumer has subsequently opened a second payment account.
    Last updated: 6 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Urgent need to fight the organised crime of smugglers – P-001576/2025(ASW)

    Source: European Parliament

    1. The political guidelines for the Commission 2024-2029[1] envisage strengthening Frontex, notably to equip it with state-of-the art technology for surveillance and situational awareness, along with its own equipment and personnel to ensure it can protect EU b orders in all circumstances with strong governance and the full respect of fundamental rights. The Commission has launched a feasibility study to support its upcoming impact assessment and legislative proposal. The Commission will reflect on the possibilities to reinforce the mandate of Frontex, also with regard to security aspects, as well as how to ensure that the inter-agency cooperation, particularly with Europol, will bring even more robust results in fighting cross-border crime.

    In 2023[2], the Commission tabled a targeted proposal to enhance Europol’s support to preventing and combating migrant smuggling and trafficking in human beings that would also strengthen the cooperation between Europol and Frontex. In addition, in line with the political guidelines, the Commission envisages to table a proposal in order to make Europol truly operational, by addressing any areas for improvement that will allow Europol to reach its full potential and to best meet the needs of national law enforcement authorities .

    Strengthening the capacities of Europol and Frontex in countering migrant smuggling contributes to the implementation of the Global Alliance to counter migrant smuggling, with its call to strengthen international cooperation in preventing and responding to migrant smuggling and addressing alternatives to irregular migration[3].

    2. The Commission intends to present its proposal on the next multiannual financial framework in July 2025. The underlying political orientations were presented in the Commission Communication ‘The road to the next multiannual financial framework’ adopted on 11 February 2025[4].

    • [1] https://commission.europa.eu/document/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en.
    • [2] COM/2023/754 final.
    • [3] https://home-affairs.ec.europa.eu/policies/migration-and-asylum/irregular-migration-and-return/international-conference-global-alliance-counter-migrant-smuggling_en#more-information.
    • [4] COM(2025) 46 final.
    Last updated: 6 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Bulgarian city Burgas to get EIB guidance for new scientific campus

    Source: European Investment Bank

    EIB

    • EIB to advise Burgas on plan to create top scientific centre that will serve city’s four universities.
    • Due to open in 2027, new campus will feature research and data facilities as well as student housing and sports premises.
    • EIB to help develop economic model for site as Burgas seeks to attract researchers and students from around world.

    The Bulgarian city of Burgas will develop a state-of-the-art scientific campus and seek to attract Bulgarian and international researchers and students with guidance from the European Investment Bank (EIB). The new campus is due to open its doors in 2027 and serve four universities in Burgas, Bulgaria’s fourth-largest city and a major industrial and tourist hub on the Back Sea.

    The agreement involves the EIB’s advisory services. EIB Advisory Head of Public & Infrastructure Finance Division Julien Chebbo and Burgas Mayor Dimitar Nikolov signed the accord today in the city.

    Burgas has a population of more than 200,000 and is one of the fastest growing metropolitan areas in Bulgaria. The new campus will feature centres for research and development and data as well as housing and sporting facilities.

    “Creating a quality space for studying, working and living is key to attract young people and retain talent in cohesion regions,” said EIB Vice-President Kyriacos Kakouris. “We are pleased to support Burgas in structuring a viable economic model for the new campus, which will enhance the city’s position in the higher-education landscape, promoting innovation and economic growth.”

    The municipality of Burgas has completed a design for the campus and designated land plots for it. EIB Advisory will propose and evaluate financing options and help devise an appropriate management and governance structure for the campus. The expertise is being mobilised under the European Commission’s InvestEU Advisory mandate.

    “This is an extremely important project to attract young people by providing opportunities for broad-spectrum education and development,” said Burgas Mayor Dimitar Nikolov. “This requires a modern environment that seamlessly combines opportunities for education and science with quality living quarters. This setting will inspire and nurture the development of specialists in various academic fields and the attainment of top scientific achievements.”

    The new agreement follows other EIB Advisory support for Burgas including a comprehensive feasibility study in 2022-2023 for a new children’s hospital. In September 2023, the EIB then approved a €12.8 million loan for Burgas to co-fund the hospital.

    Background information  

    About the EIB  

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    

    In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, EIB advisory teams helped mobilise over €200 billion of investments across Europe and beyond.

    About the InvestEU Advisory Hub

    The InvestEU programme provides the EU with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It helps mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible.

    The InvestEU Advisory Hub is the central entry point for project promoters and intermediaries seeking advisory support and technical assistance related to centrally managed EU investment funds. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners, who work directly together to help projects reach the financing stage.

    EIB Advisory provides technical and financial expertise to support the development of sustainable and bankable projects in various sectors. In Bulgaria, EIB experts are assisting public authorities and businesses in preparing infrastructure investments in energy, energy efficiency, healthcare, transport and the environment, improving project planning and enhancing access to funding through tailored services and capacity building.

    About the Municipality of Burgas

    The Municipality of Burgas is the fourth-largest municipality in Bulgaria and the city of Burgas is the biggest city in south-eastern Bulgaria.  Surrounded by three lakes and the Black Sea, the fast-developing city serves as a commercial and transport hub in the country. Burgas is an important centre for sea tourism with facilities and transport connections to the resorts on the South Black Sea coast.  

    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
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    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
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    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
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    MIL OSI Europe News –

  • Face authentication gains traction as Aadhaar transactions surge past 15,223 crore

    Source: Government of India

    Source: Government of India (4)

    Aadhaar number holders carried out over 211 crore authentication transactions in May 2025, taking the cumulative number of such transactions since the inception of Aadhaar to more than 15,223 crore, the Ministry of Electronics and Information Technology said in a statement on Friday.

    The ministry noted that Aadhaar authentication transactions in May 2025 exceeded those recorded in May 2024, which stood at 201.76 crore.

    “The growing number of authentications highlights the extensive usage and utility of Aadhaar, and the expansion of the digital economy in the country,” the ministry said in a statement.

    The Unique Identification Authority of India (UIDAI) also reported continued growth in its AI/ML-powered face authentication system. In May alone, over 15 crore face authentication transactions were recorded, signalling increased adoption of the biometric modality.

    More than 100 entities including government ministries and departments, financial institutions, oil marketing companies and telecom service providers are using face authentication to ensure the seamless and secure delivery of services and welfare benefits.

    In May 2025, over 37 crore Aadhaar-based e-KYC transactions were conducted, underscoring the increasing adoption of digital verification in sectors such as banking and non-banking financial services. This trend is enhancing customer experience and promoting ease of doing business.

    Last month, UIDAI also began sharing non-personal, anonymised data from the Aadhaar Dashboard on the open government data platform, [data.gov.in](https://data.gov.in). According to the Ministry of Electronics and IT, the initiative aims to further promote transparency, research, and data-driven policy making.

    ANI

  • MIL-OSI Security: 50 arrested and 4 tonnes of cocaine seized in major hit against drug trafficking in Spain

    Source: Europol

    Results of the operation:48 suspects arrested3.8 tonnes of cocaine seized29 house searches in Fuerteventura (2), Gran Canaria (13) and Lanzarote (14)69 vehicles seized (19 boats and speedboats)6 properties seizedEUR 100 000 in cash seizedEuropol played a key role in the investigation by providing crucial analytical and financial support that contributed to the success of the operation. On the action day,…

    MIL Security OSI –

  • MIL-OSI China: China willing to work with Canada to promote steady improvement of bilateral ties: Premier Li

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

    China willing to work with Canada to promote steady improvement of bilateral ties: Premier Li

    BEIJING, June 6 — China is willing to work with Canada, in the spirit of looking to the future, to promote the steady improvement of bilateral relations, bring them onto a track of sound and steady development, and strive for win-win cooperation, Chinese Premier Li Qiang said on Friday.

    Speaking with Canadian Prime Minister Mark Carney on the phone at the latter’s request, Li said that Canada was one of the first Western countries to establish diplomatic relations with the People’s Republic of China, and the bilateral relationship was at the forefront of China’s ties with Western nations for a long time. However, in recent years, the relationship has suffered serious difficulties due to unnecessary disruptions, he added.

    The development of China and Canada represents opportunities rather than threats to each other, said Li, noting that there are no fundamental conflicts of interest between the two, only a tradition of friendship and mutual benefits.

    He expressed hope that the Canadian side will make joint efforts with the Chinese side, view China’s development in an objective and rational manner, and work together to achieve shared success and prosperity.

    Looking ahead, there is enormous potential for China-Canada cooperation as the two economies are highly complementary, said Li, urging both sides to deepen cooperation in traditional areas, expand collaboration in emerging fields such as clean energy, climate change and scientific and technological innovation, and strengthen people-to-people as well as economic and trade exchanges.

    Li called on both governments to listen to their people, respond to their concerns, and do more to enhance bilateral friendly cooperation and increase mutual understanding and trust.

    China is willing to work with Canada, on the basis of equality and mutual respect, to seek and expand common ground while shelving and narrowing differences, strengthen exchanges and dialogue in various fields, and address each other’s concerns appropriately, Li said.

    Noting that the current international situation is intertwined with turmoil, and unilateralism and protectionism are on the rise, Li said China is ready to work with Canada to jointly safeguard multilateralism and free trade, promote economic globalization and the multilateral trading system to develop in the right direction, and inject more stability into world peace and development.

    For his part, Carney said that Canada and China have a profound traditional friendship and China is Canada’s second-largest trading partner. While bilateral relations have experienced some setbacks in recent years, he said, Canada is ready to restart its relationship with China.

    The Canadian side looks forward to resuming high-level exchanges and dialogue mechanisms in areas such as diplomacy and economic and trade with China, and strengthening pragmatic cooperation in trade, agriculture, energy and environmental protection, he added.

    In the face of the current international landscape, Canada is willing to enhance communication and coordination with China, jointly safeguard the international financial and trading system, and contribute to promoting global sustainable development, Carney said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: York leaders welcome government plans to extend free school meals

    Source: City of York

    City of York Council leaders are highlighting the positive impact of the city’s free school meals pilots, following the government’s announcement [5 June] that it will extend free school meals.

    It will extend free school meals to children in households receiving Universal Credit from September 2026.

    In York, free school meal pilots are running at three primary schools as part of a citywide initiative, providing pupils with a free school meal even if they’re not eligible under the national scheme. 

    Over 46,000 free breakfasts or lunches have been given to children in the three primary schools piloting the initiative – Westfield Primary Community School, Burton Green Primary School and Fishergate Primary School – since it launched in January 2024.

    The campaign is part of the council’s wider commitment both to address affordability challenges and to ensure that  good health and wellbeing is prioritised as early as possible in residents’ lives – part of the council’s four year plan – One City for all. 
    The pilots have been made possible thanks to funding from the council and donations to the York Community Fund’s York Hungry Minds Appeal.

    York Hungry Minds was set up in a bid to address disadvantage and the impact of the cost of living crisis, responding to national evidence suggesting that providing children with healthy, nourishing food can make a significant difference to school attendance, concentration and learning and their physical and mental wellbeing.

    Initial research carried out by researchers from the Universities of York, Leeds and Sheffield into the impact of the York free school meal pilots last autumn showed that pupils taking part showed improved attendance and punctuality compared to their peers. 

    Schools also saw evidence of improved behaviour because children were feeling less hungry, with staff noting improvements in the pupils’ focus and energy levels after receiving a free breakfast [at Burton Green]. 

    Staff and parents at Burton Green Primary School and Westfield Primary Community School highlighted how the Universal Free School Meal pilot had helped ease financial pressures, as part of the evaluation work. They also raised the food insecurity families’ face and the importance of the meals in directly alleviating pressure.

    Tina Clarke, headteacher at Fishergate Primary School, explained the impact the free school meals pilot has had at her school:

    “The breakfast club at Fishergate has made a huge difference to the children who attend.

    “We have seen a positive impact on levels of attendance and punctuality – to be honest we have been surprised by how much of an impact it has had. It has also made a big difference to how the children start the school day – they come into their class settled, happy and ready to learn.”

    Cllr Bob Webb, the council’s Executive Member for Children, Young People and Education, said:

    “When I have spoken to parents, carers and school leaders about the impact of our free school meals pilot, they highlighted improvements in school attendance and children’s behaviour.

    “A good education is critical to helping children fulfil their potential and live happy and healthy lives, and all the national and local evidence shows that providing a regular, nutritious meal really can have a significant impact on their learning. 

    “I’m pleased that the government has again shown its commitment to expanding eligibility for free school meals and I hope that this announcement will enable even more children and young people in York to get a free school lunch.”

    More details on the research findings into the impact of York’s free school meal pilots are available at https://www.york.gov.uk/free-school-meals/york-hungry-minds

    You can find out more about how to make donations to support York’s free school meals pilots at Two Ridings Community Foundation.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The HSE has completed the TMH management reserve training program

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    As part of the corporate program “Key Reserve: Broad Development Horizons,” the heads of TMH enterprises prepared to solve the company’s strategic tasks. Training in Higher School of Business The HSE University aimed to develop key competencies among TMH employees, which are necessary for the effective management of a modern business.

    The training was aimed at developing key competencies in TMH employees, necessary for effective management of a modern business. Over the course of a year, 47 program participants mastered strategic financial management, operational efficiency, change management and team development. The program also covered such areas as B2B and B2G marketing, making management decisions in conditions of uncertainty, conducting negotiations and implementing changes in the company.

    The educational trajectory included five modules, midterm tests and final defense of individual projects. Each participant demonstrated how he or she applies new knowledge in his or her management activities.

    The program combined the knowledge of the HSE professors and practitioners and the expertise of TMH top managers. The leading teachers were Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities — Member of the TMH Management Board, Andrey Vasiliev, Deputy General Director for Operations — Member of the TMH Management Board, Oleg Domsky, Deputy General Director for Economics and Finance — Member of the TMH Management Board, Andrey Sheremetyev, Deputy General Director for Commercial Activities — Member of the Management Board, and Vladimir Chekalin, General Director of DMZ JSC.

    The results of the training were summed up on May 16: the program participants presented their work to a committee that included top managers of TMH and teachers of the Higher School of Business of the National Research University Higher School of Economics.

    Natalia Shumkova, Deputy Director for Corporate Training at the Higher School of Business, National Research University Higher School of Economics

    “The partnership with TMH is a shining example of successful interaction between business and education. Joint work on the program allowed us to create a unique educational product that not only forms the management competencies of the participants, but also directly influences the strategic development of the company. We see the high practical value of the training and the willingness of the participants to apply the knowledge they have gained in their work.”

    Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities – Member of the Management Board of TMH

    “The Key Reserve: Broad Development Horizons program, implemented in partnership with the HSE Graduate School of Business, has become an important stage in TMH’s systematic work on developing its management reserve. Thanks to its practical focus, the participants mastered the tools of operational efficiency, strategic financial management, and teamwork. This knowledge is already being applied in projects, improving the quality of management decisions, transparency of processes, and coordination of actions. A comprehensive understanding of interrelated production and management factors helps to formulate mature and sustainable solutions. Inclusion in the teaching staff of the TMH senior management program in cooperation with the HSE Graduate School of Business played a key role in achieving these results: the expertise of the business school, the flexibility of the format, and deep immersion in the specifics of TMH’s business made it possible to make the program as practical as possible and focused on real tasks.”

    The program covered the best practices of senior management development. This allowed its participants not only to develop important management skills, but also to contribute to the further development of the holding, which is the leading manufacturer of rolling stock in Russia.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Town Planning Board visits Hangzhou and Shanghai (with photos)

    Source: Hong Kong Government special administrative region

    Town Planning Board visits Hangzhou and Shanghai  
    To gain insights into successful experiences in urban-rural integration, the delegation visited Xiaogucheng Village in Jingshan Town, where the delegation learned the pivotal role of enterprises in rural revitalisation. By creating distinctive village houses and streetscapes, promoting an agricultural and tea culture, and converting some village homes into home-stay lodgings linked with surrounding attractions, the Village has been transformed into a new agri-cultural tourism destination. The delegation also visited the Xixi National Wetland Park, the first national wetland park in China, where the members observed its ecological protection projects, which presented a sustainable development model worthy of reference for Hong Kong. 
    The delegation then proceeded to visit Shanghai. Representatives of the Shanghai Municipal Bureau of Planning and Natural Resources introduced to the delegation the history, current status and future prospects of Shanghai’s urban planning, particularly Shanghai’s development strategy to solidify its status as a leading financial and commercial hub, while also shifting focus to develop its I&T and manufacturing/industrial sector in recent years. The delegation visited the century-old Zhang Yuan to learn more about its revitalisation through acquisition and preservation of structures without demolition, and relocation of occupants by the local government, with a view to effectively preserve the traditional cultural landscape of Shanghai.
     
    The delegation also visited the GrandneoBay Sci-tech Innovation Park of Shanghai Jiao Tong University (SJTU) where members learned how the research and development (R&D) platform facilitating the integration of industry, academia and research, as well as the local Government’s leading role in initiating innovation from 0 to 1, passing on to enterprises to drive scalability from 1 to 100. The key focus is to leverage the SJTU’s applied R&D achievements and combine the effort of the Government and the support of enterprises to provide capital assistance for the SJTU’s research talent to launch start-ups, transforming scientific achievements into marketable products and driving industrialisation. Finally, the delegation visited the assembly manufacturing centre of the Commercial Aircraft Corporation of China (COMAC) to learn about COMAC’s outstanding achievements and contributions in the manufacturing of large civil aircraft and the advancement of the aviation industry, particularly the advanced automated manufacturing processes and comprehensive monitoring systems, which impressed the delegation.Issued at HKT 17:55

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 2 sites granted to URA

    Source: Hong Kong Information Services

    The Government today announced that the Chief Executive-in-Council approved granting a site at Bailey Street, Hung Hom, and a site in Tseung Kwan O Area 137 to the Urban Renewal Authority (URA) by private treaty at a nominal premium of $1,000.

    The grants aims to provide additional financial support to the URA to enhance its cashflow, so that it can continue to take forward its commenced redevelopment projects in an orderly manner.

    The two sites to be rezoned for residential use will be granted for 50 years from the date of execution through statutory town planning procedures in due course.

    Secretary for Development Bernadette Linn said the URA has been adopting a district-based approach in planning and taking forward redevelopment projects over the past years to avoid “pencil” block development, inject holistic planning into urban redevelopment, and enhance liveability.

    Meanwhile, redevelopment projects of larger scale involve huge acquisition costs. Coupled with the sluggish property market in recent years, the URA’s projects have been subject to the buy-high-sell-low situation, ie acquiring properties at the market peak but tendering at low price or even a failed tender, thus affecting its cashflow.

    Ms Linn noted that granting land at nominal land premium has long been one of the major government support measures for the URA.

    For example, the Government will grant urban renewal sites to the URA at nil land premium, as well as, in recent years, Government, Institution or Community (G/IC) sites in the vicinity of individual urban redevelopment projects to increase the overall development potential.

    Granting the two sites to the URA is along the same direction that helps fulfil its urban renewal mission.

    Ms Linn added that the granting of the two sites to the URA could also benefit the community.

    Specifically, the Bailey Street Site can create synergy with the URA’s cluster of redevelopment projects in the Kowloon City area.

    As for the Tseung Kwan O Site, the original housing development of which has been deferred due to reprioritisation of the Housing Authority’s projects, granting the site would optimise the use of the land resources in a timely manner.

    The Bailey Street Site, with a net site area of 7,610 sq m, was reserved for school development. Upon review, the Education Bureau considered that this site can be released for other uses. Granting the Bailey Street Site could result in optimised land use and enhanced planning gains for the area by accommodating G/IC facilities to meet the district shortfall. The proposed total gross floor area will be about 68,490 sq m.

    The Tseung Kwan O Site has a net site area of about 9.15 hectares. The proposed total gross floor area is about 713,700 sq m. While the residential site concerned was reserved for public housing development, having considered the reprioritisation of the Housing Authority’s projects and with sufficient land supply for public housing over the next 10 years. Furthermore, there are still about 42 ha of land reserved for housing development in Tseung Kwan O Area 137.

    Click here for details.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Online Taxman Recognized at Prestigious 2025 FEM EMMA Awards In Recognition of Innovation and Excellence

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 06, 2025 (GLOBE NEWSWIRE) — Leading online expatriate tax services provider Online Taxman has received the Highly Commended award in the Best Banking, Tax or Financial Services Provider of the Year category at the prestigious 2025 FEM EMMA Awards.

    The EMMA awards celebrate the best and most innovative firms in the global mobility industry. The results were announced at a gala dinner at the Warwick Melrose Hotel in Dallas, TX on Thursday May 15th, an evening dedicated to celebrating success, best practice and outstanding contributions by firms serving expats.

    FEM EMMA awards recognize significant innovation and thought-leadership in the field of global mobility, and firms that go the distance to make a positive impact on their clients.

    All Americans have to file US taxes, even if they reside overseas. Vincenzo Villamena, CPA founded Online Taxman in 2010 to make the process of filing from abroad easier for the estimated 9 million overseas-resident Americans. The firm now has clients in almost every country in the world.

    The judges were impressed by how Online Taxman establishes and maintains personal a client/CPA relationship despite its global footprint, as well as its utilizing technical innovation and establishing local partnerships to make filing taxes easier from abroad.

    Online Taxman has also expanded to provide a holistic suite of services for its American expat clients and American international business owners, including financial advisory services, and setting up tax-efficient corporate structures for expat entrepreneurs.

    Villamena said: “We’re deeply honored to receive recognition for our ongoing commitment to excellence serving our American expat clients around the world. While having to file US taxes from abroad is burdensome and complex, we’re dedicated to making the experience as smooth and hassle-free as possible for our expat clients. We believe we’ve set new benchmarks in service standards and remote accounting quality, and we’re excited to be publicly acknowledged at the 2025 FEM EMMA Awards.”

    With clients in almost every country on earth, Online Taxman is a leading provider of US expat accounting services for the estimated 9 million Americans living abroad. For further information visit https://onlinetaxman.com/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae8be2e4-4a3a-4643-bae9-2f51a0a61749

    The MIL Network –

  • MIL-OSI United Kingdom: Rooftop solar for new builds to save people money

    Source: United Kingdom – Executive Government & Departments

    Press release

    Rooftop solar for new builds to save people money

    New homeowners stand to benefit from rooftop solar and cheaper bills, with the Future Homes Standard being published this Autumn.

    • Families will have lower energy bills in new homes as part of the Plan for Change, as government confirms new build homes will have solar panels by default
    • Proposed changes in the Future Homes Standard, being published in Autumn, will ensure new homes will be modern and energy efficient, cutting bills and boosting the nation’s energy security with clean, homegrown power

    Working people stand to save hundreds of pounds off their energy bills as the government confirms new build homes will have solar panels by default, unleashing a rooftop revolution. 

    Ministers are publishing the Future Homes Standard this autumn and have confirmed today (Friday 6 June) that solar panels will be included, leading to installation on the vast majority of new build homes. 

    Illustrating the benefits of solar panels, a typical existing UK home could save around £530 a year from installing rooftop solar, based on the current energy price cap. 

    This means today’s new proposals could significantly cut energy bills for the recipients of new build homes, tackling the cost of living for aspirational young families and new house buyers. 

    Under proposed changes, new homes will also have low-carbon heating, such as heat pumps and high levels of energy efficiency, cutting people’s energy bills and boosting the nation’s energy security with clean, homegrown power, in line with the Prime Minister’s Plan for Change. 

    To deliver these aims, the proposed Future Homes Standard would see building regulations amended to explicitly promote solar for the first time, subject to practical limits with flexibility in place for new homes surrounded by trees or with lots of shade overhead.   

    From switching on the kettle to cooking dinner and doing the weekly wash, families will now be able to seize the benefits of powering their lives with clean, renewable energy from the very first day in their new home, with cheaper energy bills that put more money back in their pockets.

    Energy Secretary Ed Miliband said: 

    Solar panels can save people hundreds of pounds off their energy bills, so it is just common sense for new homes to have them fitted as standard. 

    So many people just don’t understand why this doesn’t already happen. With our plans, it will. 

    Today marks a monumental step in unleashing this rooftop revolution as part of our Plan for Change, and means new homeowners will get lower bills with clean home-grown power.

    Housing and Planning Minister, Matthew Pennycook said:      

    As part of the government’s Plan for Change to build 1.5 million homes, we are maximising the use of renewable energy to cut people’s bills and power their homes. 

    The Future Homes Standard will ensure new homes are modern and efficient with low-carbon heating, while our common-sense planning changes will now make it easier and cheaper for people to use heat pumps and switch to EVs so they can play their part in bolstering our nation’s energy security.

    After legislation came into force last week, more homeowners will now be able to install a heat pump within one metre of their property’s boundary without having to submit a planning application, unlocking even more savings and cutting unnecessary paperwork for working people.  

    With figures from Octopus showing that 34% of those who order a heat pump are discouraged or drop out for reasons attributed to the need to submit a planning application, this change will help families who may have less space outside their home make the upgrade to clean power.  

    The first quarter of 2025 saw a record number of applications to the Boiler Upgrade Scheme, up 73% from the same quarter in 2024. 

    The scheme provides households with up to £7,500 off the cost of a heat pump, which can save families around £100 a year by using a smart tariff effectively.

    Chris Hewett, Chief Executive, Solar Energy UK, said: 

    The solar industry is very glad to hear that almost all new homes will be fitted with solar power from under the Future Homes Standard. Making solar panels a functional requirement of the Building Regulations will cut energy bills, lower carbon emissions, help drive polluting natural gas off the grid and improve our nation’s energy security, too.

    Aadil Qureshi, Co-Founder and CEO, Heat Geek, said: 

    Installing a heat pump, particularly alongside solar panels is an amazing way for homeowners to save hundreds of pounds on their energy bills and create a more comfortable home. The simplification of planning rules will help millions of homeowners, particularly in normal family homes in towns and cities, take advantage of this technology.

    Charles Wood, Deputy Director of Policy (Systems) at Energy UK, said: 

    The addition of rooftop solar to the Future Homes Standard is welcome and necessary in ensuring that homes built today are fit for the future. Building homes to the right standards now will deliver immediate benefits of warmer, more comfortable, and more cost-efficient homes, preventing the need to retrofit these properties later at higher costs to the customer.

    This change, alongside wider reforms to planning processes and network connections, will reduce bills for people in new build properties while also giving the industry confidence to invest in increased manufacturing and installer training as demand increases, creating jobs and bringing down technology costs for everyone.

    Ensuring our future energy security relies on producing more British power, the electrification of our economy and cutting waste. The energy sector continues to deliver energy efficiency improvements and install low-carbon heating, generation, and transport technologies for households and businesses across the country.

    Chris O’Shea CEO of Centrica, said: 

    The age of solar is well and truly upon us, with millions of households up and down the country already benefiting from generating their own free electricity from the sun. Our research shows that customers can shrink their energy bills by 90% when they combine solar and battery with the right energy tariff, and this announcement means even more households can soak up the savings—and the sunshine—by generating their own clean, free electricity. And with the Future Home Standard expected in the Autumn, momentum is building behind Great Britain’s rooftop revolution.

    Ed Lockhart, Chief Executive, Future Homes Hub, said: 

    The Future Homes Standard represents a major opportunity to build a generation of higher performing new homes. Moving to all electric homes, with photovoltaics, a better fabric system, better ventilation and smart technologies to optimise the way new homes use energy means that new homes will not only be better for the planet but also more comfortable, healthier to live in and cheaper to run for customers.

    The Future Homes Hub is ready to support this mission, bringing homebuilders, social housing providers, suppliers, financial institutions and other experts together to work with government departments to find the best solutions to secure the benefits of the Future Homes Standard whilst accelerating housing delivery, crucially helping smaller developers to get the right support at the right time.

    Nigel Banks, Zero Bills Director at Octopus Energy, said:  

    People deserve lower energy bills, and adding solar panels to a house as it’s built is an incredibly effective way to slash costs from day one.

    With the right smart tech and storage added to the mix, some households won’t have to pay a penny for energy.

    We’re delighted to see the Future Homes Standard enable house builders to now build the homes of the future.

    Matthew Hart, Director of Residential New Build at E.ON Next, said: 

    Ensuring that every new home comes equipped with solar panels is a vital step forward for the UK. Our vision at E.ON has always been to make clean, affordable energy the standard, not the exception, and this move will empower homeowners to take control of their energy use and keep bills low from day one. It’s exactly the kind of bold, practical action we need to build a more secure, low-carbon future for everyone.

    Mark Wakeford, National Chairman, National Federation of Builders, said: 

    Solar panels on new homes make sense because they lower bills and progress the clean energy revolution we so desperately need. Credit must also be given for recent announcements on grid investment and connection reforms, as these were important challenges to recognise and solve for a rooftop revolution to happen in practice.

    Charlotte Lee, CEO, Heat Pump Association, said: 

    The HPA welcomes clarity on the publication timeline for the Future Homes Standard and confirmation that all new homes will be required to have low-carbon heating, such as heat pumps. Coupled with solar PV, highly efficient heat pump installations will result in low consumer energy bills and increase the UK’s energy security. This announcement provides a clear signal to the heat pump sector to scale up delivery in terms of workforce and manufacturing to meet the anticipated growth in the market and demonstrates the government’s commitment to decarbonise buildings.

    Garry Felgate, Chief Executive of The MCS Foundation, said:  

    These plans by the government are a huge boost to the UK renewables sector, to our efforts to meet net zero, and in reducing energy costs for households.   

    This announcement clearly shows that clean energy in the UK is the future. Maximising renewable energy technologies can benefit households by reducing bills as well as enhancing our national energy security.

    Trevor Hutchings, Chief Executive of the Renewable Energy Association (REA) said: 

    The growth of solar power has been one of the UK’s biggest renewable energy success stories, demonstrating without a doubt that we don’t have to choose between lowering our emissions and lowering household energy bills. 

    Today’s announcement – which the REA has long campaigned for – takes this one step further – not only enabling thousands of future homeowners to experience the benefits of affordable and clean power, but supercharging growth in the British renewable energy industry and driving forward our energy transition.

    Notes to editors

    Future Homes Standard 

    The changes outlined today will maximise the use of solar energy through the Future Homes Standard.   

    In 2023, the previous government proposed that new build homes would either need solar panel coverage equivalent to 40% of the building’s floor area or none at all. 

    This approach would have allowed for too many exemptions and no solar being installed on these developments.  

    The government is intending to bring forward rigorous proposals, that if developers cannot meet 40% coverage, they would still be required to install a reasonable amount of solar coverage. 

    Under this proposal, it would be a functional requirement of the Building Regulations that new homes, with rare exceptions, are built with renewable electricity generation. In the vast majority of cases, we expect this would be solar panels.    

    We are working with industry to set the technical detail ahead of publishing the final Future Homes Standard this Autumn.     

    The Future Homes Standard will also see homes built with low carbon heating such as heat pumps and heat networks.    

    Solar 

    The £530 a year saving is based on government’s published Home Energy Assessment tool, which allows the user to produce an estimate of the bill savings they could expect from solar given the characteristics of their home. 

    The figure is the potential savings for a home and is included to illustrate the benefits of solar panels. An estimate of the bill savings for a Future Homes Standard home will be included in the final impact assessment published in Autumn.   

    The figures are based on a typical 3.5 kW south-facing installation using the Standard Assessment Procedure (SAP) methodology. 

    The costs and savings individuals experience will be affected by factors such as how often they heat their home, the precise technical details of their installations, and future energy prices.  

    The savings displayed are based on the April 2025 price cap. As energy prices change, so will the estimates of savings. 

    Domestic heat pumps 

    The changes to permitted development rights, which came into force on Thursday 29 May in England, cover: 

    • removing the 1m boundary rule, enabling air source heat pumps to be installed within 1m of the property boundary
    • increasing the size limit of the heat pump for dwellinghouses from 0.6m3 to 1.5m3
    • doubling the number of heat pumps permitted per detached dwellinghouse, from 1 to 2
    • allowing for air source heat pumps that can be used for cooling as well as heating – facilitating the role out of air-to-air models – and providing consumers more choice

    Modern heat pumps are generally perceived as quiet and typically no louder than a fridge. When installed under a permitted development right, they must also comply with a noise assessment methodology which includes an upper noise limit assessed at the nearest neighbouring habitable room window or door, as part of the Microgeneration Certification Scheme Planning Standard.

    There were a total of 11,256 applications to the Boiler Upgrade Scheme between January and March 2025, which was up 73% from the first quarter of 2024.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Western Balkans culture ministries adopt growth declaration to place creativity at the heart of growth

    Source: United Kingdom – Executive Government & Departments

    World news story

    Western Balkans culture ministries adopt growth declaration to place creativity at the heart of growth

    Culture ministries from Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia met today under the Berlin Process and, together with UK Special Envoy to the Western Balkans Dame Karen Pierce, adopted a Joint Declaration that puts the region’s creative economy at the centre of its economic and European future.

    Berlin Process ministerial meeting on creative economy

    Kotor, Montenegro, 28 May 2025 – Culture ministries from Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia met today under the Berlin Process and, together with UK Special Envoy to the Western Balkans Dame Karen Pierce, adopted a Joint Declaration that puts the region’s creative economy at the centre of its economic and European future.

    Long championed by the United Kingdom, the creative economy of the Western Balkans has taken centre stage in Berlin Process discussions for the very first time, reflecting its growing contribution to inclusive growth, social cohesion and regional cooperation.

    Co-hosted by Montenegro’s Minister of Culture and Media Dr Tamara Vujović, British Council Deputy CEO Kate Ewart Biggs and the UK Special Envoy to the Western Balkans Dame Karen Pierce, the forum explored how creative industries can generate skilled jobs, retain talented young people and deepen cross-border cooperation. Creative businesses already outpace many traditional sectors and are natural partners for the green and digital transitions the Western Balkans must complete on their path to EU membership.

    At the close of the meeting, the six ministers committed to embed creativity in national growth agendas. The Declaration pledges governments to treat the creative economy as a strategic sector, align the work of culture, education and economy ministries, create stable public-finance lines and incentives that crowd-in private investment, and open access to EU and international funds such as the Western Balkans Growth Plan and Horizon Europe. Ministries aim to turn the region’s cultural richness into a lasting engine of prosperity and regional cohesion.

    UK Special Envoy to the Western Balkans, Dame Karen Pierce said:

    “The UK’s hosting of the Berlin Process this year underlines our commitment to strengthen cooperation with our partners in the Western Balkans. The discussions we’ve had today, focused on the creative economy, highlight the importance of regional collaboration and the need for long-term investments in areas that will drive sustainable growth, foster social cohesion, and deepen ties across the region.”

    “The creative economy can be a driver for growth for all communities. It has immense potential in the Western Balkans. By working together, we can unlock the full potential of this sector, not just for economic benefits, but also as a means of strengthening cultural identity and heritage across the region.

    “Today’s adoption of the joint declaration by the Ministries of Culture from the Western Balkans is an important step forward in shaping the future of the creative economy in the region. It’s a clear statement of our shared vision for fostering innovation, promoting sustainable development, and supporting our creative industries as vital contributors to the region’s growth. While each country has its own requirements and ideas, by working together, governments and creative industry across the region can bring even more benefits to their citizens across each and every community.

    “We reaffirm our commitment to operationalising the creative economy as a strategic sector for growth. By strengthening collaboration between Ministries of Culture, Education, and Economy, we will ensure that culture and creativity are embedded in national economic plans, innovation strategies, and skills development. This is an investment in the future of the region and its citizens.”

    British Council programmes such as Culture & Creativity for the Western Balkans have trained thousands of cultural professionals and financed scores of start-ups, while links with UK institutions have opened new export markets for film, music and design. Building on today’s commitments, the British Council will launch a regional fund later this year to help creative entrepreneurs scale their ideas and reach international audiences, reinforcing the people-to-people ties at the heart of the Berlin Process.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: 826,000 families boost finances with childcare savings

    Source: United Kingdom – Executive Government & Departments

    Press release

    826,000 families boost finances with childcare savings

    Working families encouraged to sign up to Tax-Free Childcare to save up to £2,000 a year per child on their childcare bills.

    • Almost 826,000 UK families shared £632.2 million in government top-ups towards their childcare bills with Tax-Free Childcare in the 2024 to 2025 tax year
    • Working families urged to sign up now to give their summer plans a financial boost
    • Supporting the government’s mission to grow the economy and deliver on the Plan for Change

    Nearly 826,000 working families saved up to £2,000 per child with Tax-Free Childcare in the 2024 to 2025 tax year. The money helps families pay for their childcare, as part of the government’s Plan for Change to put more money in people’s pockets.

    HM Revenue and Customs (HMRC) is encouraging those yet to sign up for Tax-Free Childcare, to do it now and give their summer plans a financial boost.

    Latest figures from HMRC show in March 2025, 579,560 families in the UK used the scheme to save on their annual childcare bills, an increase of 81,770 families compared to the previous March.

    Working families who sign up to Tax-Free Childcare can boost their annual budget by up to £2,000 per child up to the age of 11 or up to £4,000 up to the age of 16 for a disabled child.

    Parents can use the scheme to help towards the cost of approved childcare whether that’s nursery for younger children, or for older children – wraparound or after school care clubs during term time or holiday clubs for the long summer holidays ahead.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 

    Summer can be an expensive time if you have children. Whatever you’re planning, Tax-Free Childcare can give your plans a welcome financial boost. Go to GOV.UK to start saving today.

    For every £8 deposited in a Tax-Free Childcare account, the government tops it by £2, which means parents can receive up to £500 (or £1,000 if their child is disabled) every 3 months towards paying for their childcare costs.

    Once families have opened a Tax-Free Childcare account, they can deposit money and use it straight away or keep it in the account to use it whenever it’s needed. Any unused money in the account can be withdrawn at any time.   

    Families could be eligible for Tax-Free Childcare if they:   

    • have a child or children aged 11 or under. They stop being eligible on 1 September after their 11th birthday. If their child has a disability, they receive up to £4,000 a year until 1 September after their 16th birthday   
    • the parent and their partner (if they have one) earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average   
    • each earn no more than £100,000 per annum   
    • do not receive Universal Credit or childcare vouchers    

    Visit GOV.UK to check eligibility and register for Tax-Free Childcare.

    Tax-Free Childcare can be used alongside the free childcare hours subject to eligibility.

    Further Information

    Latest Tax-Free Childcare statistics with data available up until March 2025 were released 28 May.

    More information about Tax-Free Childcare and how to register.

    Each eligible child requires their own Tax-Free Childcare account. If families have more than one eligible child, they will need to register an account for each child. The government top-up is then applied to deposits made for each child, not household.

    Account holders must confirm their details are up to date every 3 months to continue receiving the government top-up.

    Childcare providers can also sign up for a childcare provider account via GOV.UK to receive payments from parents and carers via the scheme.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Treasury debt ratio declines by 5% upon settlement of HF-Fund

    Source: GlobeNewswire (MIL-OSI)

    The proposal for the settlement of HF-Fund was presented at meetings held on 10 April 2025 with bondholders in series HFF34 and HFF44. It was approved by a majority of votes. The value of the HFF bonds in the settlement is estimated at ma.kr 651.

    Thereafter, in a proposed fiscal budget supplement, authorisation for settlement was requested in accordance with the proposal. The proposed budget supplement was recently passed by Parliament.

    The settlement of HF-Fund’s obligations will take place on 12 June 2025. In connection with the settlement, the Treasury will issue nine new Treasury bond series (see table) with a combined nominal value of ISK 487 bn.

      Nominal value
    RIKS 29 0917              67,000,000,000
    RIKS 34 1016              60,353,539,382
    RIKS 36 0815              59,000,000,000
    RIKS 39 1115              49,000,000,000
    RIKS 41 0815              50,000,000,000
    RIKS 44 1017              50,313,049,596
    RIKS 47 1115              48,000,000,000
    RIKS 50 0915              47,000,000,000
    RIKB 32 1015              56,000,000,000
       

    With the delivery of the said bonds, the Treasury will pay in full the loans granted to it by HF-Fund in 2020 and 2021, in the combined amount of ISK 238 bn.

    The Treasury will also deliver EUR 378 m (about ISK 55 bn) from foreign currency deposits financed with a recent Eurobond issue.

    Upon settlement, the Treasury will receive HF-Fund´s assets other than those used for the settlement, including The New Housing Fund bonds, as well as a loan portfolio, and bonds issued by leasing company Bríet, in the total amount of ISK 222 bn.

    The net effect on the Treasury Part A debt ratio (according to Maastricht criteria) is to lower the debt ratio by just over 5% of GDP.

    The MIL Network –

  • MIL-OSI Europe: Treasury debt ratio declines by 5% upon settlement of HF-Fund

    Source: Government of Iceland

    The proposal for the settlement of HF-Fund was presented at meetings held on 10 April 2025 with bondholders in series HFF34 and HFF44. It was approved by a majority of votes. The value of the HFF bonds in the settlement is estimated at ma.kr 651.

    Thereafter, in a proposed fiscal budget supplement, authorisation for settlement was requested in accordance with the proposal. The proposed budget supplement was recently passed by Parliament.

    The settlement of HF-Fund’s obligations will take place on 12 June 2025. In connection with the settlement, the Treasury will issue nine new Treasury bond series (see table) with a combined nominal value of ISK 487 bn.

     

    Nominal value

    RIKS 29 0917

    67,000,000,000

    RIKS 34 1016

    60,353,539,382

    RIKS 36 0815

    59,000,000,000

    RIKS 39 1115

    49,000,000,000

    RIKS 41 0815

    50,000,000,000

    RIKS 44 1017

    50,313,049,596

    RIKS 47 1115

    48,000,000,000

    RIKS 50 0915

    47,000,000,000

    RIKB 32 1015

    56,000,000,000

    With the delivery of the said bonds, the Treasury will pay in full the loans granted to it by HF-Fund in 2020 and 2021, in the combined amount of ISK 238 bn.

    The Treasury will also deliver EUR 378 m (about ISK 55 bn) from foreign currency deposits financed with a recent Eurobond issue.

    Upon settlement, the Treasury will receive HF-Fund´s assets other than those used for the settlement, including The New Housing Fund bonds, as well as a loan portfolio, and bonds issued by leasing company Bríet, in the total amount of ISK 222 bn.
    The net effect on the Treasury Part A debt ratio (according to Maastricht criteria) is to lower the debt ratio by just over 5% of GDP.

    MIL OSI Europe News –

  • ‘Bridges of hope’: PM Modi hails Chenab and Anji as symbols of India’s bright future

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Friday inaugurated a series of landmark railway projects in Jammu and Kashmir, including the world’s highest railway arch bridge over the Chenab and India’s first cable-stayed rail bridge at Anji. The Prime Minister also flagged off two Vande Bharat Express trains from Katra, marking a major leap forward in rail connectivity between Jammu and the Kashmir Valley.
     
    Addressing a public gathering, PM Modi said the newly inaugurated bridges are not just engineering structures but “living symbols of India’s strength” and a reflection of the nation’s aspirations and capabilities. “These are not just made of brick, cement, steel, and iron. They stand as testaments to India’s bright future and bold ambitions,” he remarked.
     
    Highlighting the transformative impact of the Udhampur–Srinagar–Baramulla Railway Link (USBRL) project, Modi called it a “proclamation of Jammu and Kashmir’s new strength and a symbol of India’s growing capabilities.” He added, “Today, Kashmir Valley has been connected to the national rail network. We have often spoken of India from ‘Kashmir to Kanyakumari’—today, that idea has become a reality in rail connectivity as well.”
     
    The Prime Minister expressed pride that this long-awaited project was completed under his government’s tenure. “Many generations in Jammu and Kashmir dreamt of railway connectivity. Even former Chief Minister Farooq Abdullah recently recalled waiting for this project to be completed since he was in Class 7 or 8. This dream of lakhs has now been fulfilled. It is my good fortune that our government gave this project the momentum it needed and brought it to completion.”
     
    PM Modi also laid the foundation stone for a new medical college in Jammu, and announced that development projects worth ₹46,000 crore are currently underway in the Union Territory.
     
    Discussing the challenges faced during the USBRL project, the Prime Minister noted, “This was one of the most difficult railway projects in India. But our government believes in facing challenges head-on. From the Sonmarg tunnel to the Chenab and Anji bridges, we are committed to building all-weather infrastructure in this region.”
     
    He described his personal experience of walking on the newly completed bridges, calling it a moment that reflected the “lofty intentions of India and the courage of our engineers and workers.”
     
    Speaking about the Chenab Rail Bridge, Modi emphasized its global stature. “This is the tallest railway arch bridge in the world, even higher than the Eiffel Tower in Paris. Just as tourists visit the Eiffel Tower, I am confident people will come to witness this marvel in Jammu and Kashmir. It will soon become a major tourist destination.”
     
    He also praised the Anji Khad Bridge, India’s first cable-stayed railway bridge, as another example of cutting-edge engineering.
     
    “These bridges will not only strengthen connectivity but also boost the local economy,” Modi added. “They will promote tourism and benefit multiple sectors, creating new economic opportunities for the people of Jammu and Kashmir.”
     
    Earlier in the day, the Prime Minister flagged off two Vande Bharat Express trains from Katra Railway Station, providing direct and faster rail connectivity between Jammu and the Kashmir Valley.
     

  • MIL-OSI United Kingdom: Hobbycraft Trading Limited Company Voluntary Arrangement: Information for employees

    Source: United Kingdom – Executive Government & Departments

    News story

    Hobbycraft Trading Limited Company Voluntary Arrangement: Information for employees

    Hobbycraft Trading Limited entered a Company Voluntary Arrangement on 13 May 2025. The company is continuing to trade as it restructures its operations.

    This page provides information on how to claim redundancy pay for those affected.  

    Anthony John Wright and Geoffrey Paul Rowley of FRP Advisory Trading Limited, who had previously been appointed Joint Nominees on 23 April 2025, became Joint Supervisors of the Company Voluntary Arrangement. 

    If you are an affected employee, this page will provide you with information on how to claim redundancy. 

    Information for employees: 

    If you have been dismissed 

    If you have been dismissed, you might be entitled to statutory redundancy pay, and compensatory notice pay,  from the Insolvency Service. 

    Information about your rights, how to apply and how we calculate payments is available on GOV.UK. 

    Who is eligible 

    You can apply to the Insolvency Service for redundancy and other payments if you worked for the company under an employment contract. 

    Workers and self-employed contractors who provided services to the company are not eligible to apply. Instead, these individuals should contact the Company Voluntary Arrangement supervisors at erateam@frpadvisory.com  

    Company directors 

    Check if you can apply for redundancy payments if you have been dismissed and were a director. 

    How to apply 

    The supervisors will give details about how to apply and will also give you a case reference number (example: CN12345678). Once you have this information, you can apply online. 

    Paying your claim 

    On average it takes 14 days to process and pay claims. However, sometimes we need to get additional information from the individual or from the supervisors, which can take a bit of time. We will contact you directly if we need anything further from you. We always try to pay eligible claims within 6 weeks of receiving the application. 

    To allow us to deal with everyone’s application as quickly as possible, please do not contact us to check the status of your application until after the 6 weeks have passed. 

    Getting help with your application for redundancy payments. 

    If you need help completing your application, you can contact the Redundancy Payments helpline on 0330 331 0020. 

    When calling, please have your case reference number (Example: CN12345678) and National Insurance number to hand. If you do not have a case reference number, please contact the administrator. 

    You can email us on redundancypaymentsonline@insolvency.gov.uk. Please include your name, your case reference number, and your telephone number in your email. 

    If you need to email us after submitting your claim, only use the email address you gave on your application form. Otherwise, we will not be able to respond to you for security reasons. 

    Other support available to you 

    Factsheet: finding a new job, managing your finances and benefits available to you.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: The Bundesbank’s forecast for Germany: Economic recovery slowly getting started | US tariffs initially weigh on economic growth; fiscal policy provides impetus from 2026

    Source: Deutsche Bundesbank in English

    The recovery of the German economy is being delayed by uncertainty surrounding international trade policy. Only gradually will economic activity be boosted by fiscal measures. The German economy will continue to tread water in the current year. The new US tariffs and uncertainty about future US policy are dampening economic growth for the time being, said Bundesbank President Joachim Nagel, presenting the Bundesbank’s new Forecast for Germany. This has hit German industry at a time when it had begun to stabilise after a long period of weakness. However, the sharp rise in government defence and infrastructure expenditure is likely to cause a marked surge in demand and an increase in gross domestic product (GDP) from 2026 onwards. Moreover, according to the new forecast, inflationary pressures in Germany are continuing to ease. The Forecast for Germany thus also provides good news for consumers and the economy, Mr Nagel said.
    Calendar-adjusted GDP is expected to stagnate in 2025. However, the Bundesbank’s experts expect stronger growth rates of 0.7 % and 1.2 % for 2026 and 2027. Compared with the December Forecast for Germany, the growth outlook is thus revised downwards for 2025 and upwards for 2027. According to the Bundesbank’s experts, the outlook is clouded in the short term by the protectionist trade policy of the United States and the associated uncertainty. Overall, exports will decline significantly in 2025 and increase only slightly next year. Reduced momentum in industrial production due to tariffs will contribute to a slowdown in the labour market and weigh on wage growth. From 2026 onwards, the expansionary fiscal policy and the lessened growth-dampening impact of US economic policy will lead to a marked recovery for the German economy.
    Following the easing of the debt brake, fiscal policymakers are financing a substantial portion of spending, particularly on defence and government infrastructure, via loans. Government consumption and, above all, government investment will therefore rise steeply from 2026 onwards. We expect the additional government spending on defence and infrastructure to significantly increase GDP growth by the end of 2027, said Bundesbank President Nagel.
    Although the government deficit ratio is likely to decline further this year, it will then rise sharply to just over 4 % by 2027. The significant increase is largely attributable to the fiscal package, which includes not only higher spending on defence and government infrastructure, but also tax cuts, increased subsidies and transfers to enterprises and households. The Maastricht debt ratio will rise to around 66 % by 2027. It had already reached 62.5 % at the end of 2024. Germany’s public finances can cope with a temporary increase in the deficit and debt ratios, Mr Nagel said.
    The rise in inflation as measured by the Harmonised Index of Consumer Prices (HICP) will slow to 2.2 % as an annual average in 2025. Inflation is then likely to decline temporarily to 1.5 % in 2026 due to energy prices, before rising again to 1.9 % in 2027. The core rate (excluding energy and food) will fall to 2.6 % this year and thus remain markedly higher. It will then fall to 1.9 % in 2026. From 2026 onwards, the core rate will settle at around 2 %,” Bundesbank President Nagel said. The reasons for this decline are the decreasing price pressures from labour costs and the initially still weak demand. We’re also seeing the delayed effect of the Eurosystem’s tight monetary policy up to 2024.
     
    Projection June 2025

    Year-on-year percentage change

    2024

    2025

    2026

    2027

    Real GDP, calendar adjusted

    − 0.2

    0.0

    0.7

    1.2

    Real GDP, unadjusted

    − 0.2

    − 0.1

    1.0

    1.3

    Harmonised Index of Consumer Prices

    2.5

    2.2

    1.5

    1.9

    Harmonised Index of Consumer Prices excluding energy and food

    3.2

    2.6

    1.9

    2.0

    Source: Federal Statistical Office (data as at 21 May 2025). Annual figures for 2025 to 2027 are Bundesbank forecasts.

    MIL OSI

    MIL OSI Europe News –

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

    Source: IMF – News in Russian

    June 6, 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 6, 2025: Lithuania has proved resilient to multiple shocks in recent years. However, new challenges are emerging—including further increases in defense expenditure adding to the existing long-term spending pressures—while long-standing structural issues still require attention. Lithuania needs to reignite its reform momentum to boost productivity while addressing these challenges. A comprehensive strategy is needed to preserve fiscal space through revenue mobilization, enhanced spending efficiency, and limiting further spending pressures by strengthening the multi-pillar pension system. Structural reforms should focus on facilitating investments and accelerating the adoption of new technologies to boost productivity growth, supplemented by labor market policies, including reducing skills mismatches. Financial sector policies should continue to safeguard financial stability and integrity.

    Recent Developments, Outlook, and Risks

    The economy grew strongly in 2024. Growth accelerated to 2.7 percent—well above peers—driven by private consumption supported by significant real income gains. The recovery was broad-based across sectors, including manufacturing and high value-added services, despite sluggish productivity growth. While inflation remained low for the most part of the year, it has risen since late 2024, driven by higher energy prices and excise duties.

    While fiscal performance exceeded expectations, the deficit widened, and the debt ratio is increasing. The deficit almost doubled from 0.7 percent of GDP in 2023 to 1.3 percent of GDP in 2024, reflecting increased public wages and pensions. Higher revenues supported by robust aggregate wage growth and lower-than-anticipated expenditure, mainly from the accrual correction in defense spending, prevented the deficit from increasing further. However, pre-payments for additional orders of defense equipment and the continued buildup of the general government cash buffer contributed to an increase in the debt-to-GDP ratio from 37.3 percent in 2023 to 38.2 percent in 2024, for the first time since 2020.

    The banking sector remains financially sound, with high capitalization, ample liquidity buffers, and low non-performing loan (NPL) ratios. Banks continue to be highly profitable, although profitability eased in 2024 compared to the record high levels seen in the previous year, against lower interest rates driven by ECB monetary policy easing.

    There are signs of gradual financial expansion. Reflecting decreasing lending rates and recovering credit demand, loan growth to both non-financial corporations and households recovered in 2024 and early 2025, and credit-to-GDP ratios have increased moderately. House price growth stabilized in 2024, down from the 2022 peak. Nevertheless, house prices are likely not significantly above levels justified by fundamentals, given the recent robust demand while housing supply is increasing, and affordability has improved.

    The economy is expected to grow at 2.8 percent in 2025 while inflation will increase to 3.1 percent. Growth will be supported by private consumption and rising investment related to EU funds. External demand will remain subdued reflecting uncertainty regarding trade policies, despite the positive outlook of information and communication technologies (ICT) and professional activities. Increased excise duties and persistently high wage growth will keep headline and core inflation above pre-pandemic averages in the coming years. The labor market will tighten reflecting negative labor force dynamics affected by the normalization of migration flows.

    Risks to the outlook are tilted to the downside. As a small open economy, Lithuania is exposed to high uncertainty around trade policies and geopolitical risks. A severe downturn in its main trade partners would worsen the external performance and domestic activity. In the medium term, weaker demographics pose risks to labor supply which could add pressures on wages and competitiveness if productivity growth fails to accelerate. In the absence of sufficient measures, the fiscal position is subject to considerable medium-term risk with higher defense spending needs adding to the already high existing long-term pressures.

    Fiscal Policy

    A moderately less expansionary fiscal stance than currently expected would be helpful in 2025, and the strategy should shift to preserving fiscal space. The deficit is projected to rise to 2.8 percent of GDP in 2025, due to significant increases in pension spending and higher public sector wages. However, with a small and decreasing negative output gap under staff projections and considering mounting spending pressures in the medium term, going forward, a moderately tighter fiscal stance to reduce deficits and stabilize the debt-to-GDP ratio would be appropriate. With a view to safeguarding fiscal buffers and minimize the need for larger adjustments in later years, any unused spending or revenue overperformance this year should be saved to limit the deficit increase.

    A stronger fiscal adjustment will be required if defense spending rises notably from current levels. The envisaged increase in defense spending to 5-6 percent of GDP in 2026-30 from the current level of 3 percent would raise financing needs significantly. In the absence of additional fiscal measures, debt could reach 60 percent of GDP by 2030. The proposed tax policy changes to accommodate these spending needs are welcome, but the revenue yield is estimated to be modest. Greater efforts will therefore be needed to maintain debt dynamics on a sustainable path in the medium term to preserve fiscal space to absorb possible future shocks. An average annual adjustment of about 0.5 percentage points of GDP in the general government balance over 2026-30, with the majority of additional defense spending financed by front-loaded increases in tax revenues, would help stabilize debt at around 50 percent of GDP by 2030.

    Financing options for additional defense spending should be anchored by revenue mobilization. While temporary measures and productivity-enhancing capital expenditure could be deficit-financed, a sizable part of the additional defense spending is likely to be permanent, warranting higher revenues or lower spending in other areas. The tax policy change proposal appropriately targets a mix of taxes, but there is further scope to raise additional revenues while improving the system, including increasing progressivity and efficiency. This could include raising revenues through making the personal income tax (PIT) system more progressive and streamlining the tax schedules to prevent higher marginal tax rates for lower income earners, limiting exemptions in corporate income taxes (CIT) and property taxes, and reducing the value added tax (VAT) compliance gap while improving VAT efficiency.

    Revenue mobilization should be complemented by spending measures. Fiscal savings could be generated by improving spending efficiency, including in healthcare and education. Hospital network rationalization could enhance the quality of service while reducing costs. The teacher-student ratio is relatively high for secondary education and there is room to rationalize the school network while improving quality.

    Strengthening the multi-pillar pension system will limit some of the additional spending pressures in the medium-term. The current pension system implies significant increases in public pension expenditure over the next two decades, driven by adverse demographics, while replacement ratios will remain low. The Pillar II reform proposal under discussion, entailing participation to become voluntary and increased options to opt out and suspend participation, is likely to further reduce the replacement rate. These changes could have a material impact on the entire pension system and the public finances. Staff urges the authorities to allow sufficient time to carefully consider all potential ramifications, including through further thorough analysis of the social and fiscal sustainability of the broader pension system.

    Financial Sector Policies

    Financial sector policies should continue to focus on safeguarding financial stability. Bank profitability is expected to moderate further but to remain high in 2025. Financial conditions are likely to ease in 2025 due to declining ECB policy rates and increased competition in financial sector, such as from the increasing footprint of fintech companies. Solvency and liquidity stress tests conducted by the Bank of Lithuania suggest that banks can withstand adverse macroeconomic scenarios and unexpected liquidity shocks. While some smaller banks require enhancing capitalization and closer oversight, all in all, financial stability risks arising from the banking system are broadly contained. With an increased frequency of cyberattacks on banks in recent years, cyber resilience should continue to be strengthened, including the full implementation of the Digital Operational Resilience Act (DORA) regulation.

    The current macroprudential stance is broadly appropriate, but continued vigilance is warranted. Financial cycles including residential real estate and private sector credit so far have exhibited no major signs of overheating, but the sustained pace of expansion requires close monitoring and readiness to act in case early signs of an excessive financial expansion emerge. Despite the low exposure of banks, the commercial real estate market continues to require attention as risks of price corrections remain due to the persistent imbalance between supply and demand. In the event of a significant adverse financial shock with the potential to trigger widespread losses in the banking sector, the relaxation of capital-based measures would be appropriate to minimize credit supply disruptions and support lending to the economy.

    The AML/CFT framework has been strengthened significantly, but continued effective implementation is essential. The third national risk assessment identified virtual asset service providers (VASPs), and electronic money institutions (EMI), and payment institutions (PI) as posing significant ML/TF risks. The authorities should continue AML/CFT efforts to mitigate cross-border risks, including Bank of Lithuania’s oversight and market controls for newly licensed VASPs under MiCAR regime, supervision of payment service institutions, and AML/CFT measures for CENTROlink members.

    Structural Reforms

    Lithuania faces structural headwinds limiting productivity and long-term growth. The recent recovery has been largely driven by higher labor accumulation enabled by temporary net migration, while the contributions from capital and total factor productivity (TFP) growth remained smaller than those observed during earlier periods of faster income convergence. Given expected population declines in the coming years, structural reforms to facilitate greater capital deepening and higher productivity growth are essential.

    Higher investment is needed to support potential growth. Low capital intensity remains a key barrier to productivity growth and the transition towards a higher value-added oriented economy. Development of risk capital, co-financing and mechanisms for risk sharing tailored to enhance the flow of credit to small and medium sized enterprises (SMEs), targeted credit guarantee schemes and integrating digital solutions can help alleviate constraints related to the lack of access to finance experienced by some firms. In this context, the expanded role of the state-owned institution ILTE—previously INVEGA—can play a role, complementing the private banking sector in supporting investment in areas such as high value-added sectors, innovation, energy efficiency, and strategic infrastructures. To consolidate the institution’s role as a national development bank, it is essential to ensure effective monitoring and transparency of ILTE operations. More fundamentally, deepening the EU’s single market—combined with stronger incentives to develop domestic capital markets—would help support access to finance of corporates and further productive investments in the country.

    Inefficiencies in the education system contribute significantly to the persistent skills mismatches in Lithuania’s labor market. As one of the countries with the highest skills mismatches in Europe, Lithuania faces ongoing challenges despite measures including the government’ active labor market policies and their evaluation and the smart specialization multi-year program aimed at enhancing workforce skills. Critical shortages persist in essential sectors, including nursing, engineering, and scientific fields, highlighting the urgent need for strategic reforms in education and training to better align with market demands.

    Ensuring effective integration of migrants into the labor market is crucial to sustain the labor force. Recent immigrants have been successfully absorbed into the Lithuanian labor market and legislative amendments have enabled easier migration for high-skilled workers despite the reduction of the non-EU workers quota in 2025. Policies should focus on integrating migrants in the most productivity-enhancing way possible while facilitating the participation of foreign professionals in those sectors with the largest shortages.

    Further investment in digitalization and AI preparedness has the potential to boost productivity growth. Lithuania has invested significantly in digitalizing its economy in recent years, becoming one of the main fintech hubs in Europe. However, despite progress in digitalization and in AI preparedness, its digital infrastructure remains close to the EU average. To unlock possibly substantial productivity gains, policies should aim to facilitate technological diffusion, job transition and AI adoption among firms, while introducing measures to mitigate associated risks in terms of possible job replacements and inequality deepening. In this respect, the recent initiatives included in the START plan aimed at promoting digitalization and the deployment of AI both in the private sector and in public administration will support these efforts.

    Energy security has been reinforced in the last years. The Baltic countries joined the European electricity grid in 2025, completely disconnecting from the Russian electricity system. Moreover, Lithuania has diversified its energy sources and import dependency has been lowered through the intensification of domestic electricity production from renewable sources in the recent years. Still, being susceptible to risks associated with climate change, Lithuania needs to accelerate the green transition, particularly for adaptation. In this respect, future investment in new technologies and defense initiatives should not thwart efforts to reduce economy-wide emissions, such as the recently adopted policies in the context of the updated National Energy and Climate Action Plan (NECP) for the period 2021–2030.

    The IMF team is grateful for the warm hospitality of the Lithuanian authorities and would like to thank all its interlocutors in government, the Bank of Lithuania, the European Central Bank, the private sector, unions, and business associations for constructive and fruitful 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/mcs662025-lithuania-staff-concluding-statement-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Appointments to SFC Advisory Committee announced

    Source: Hong Kong Government special administrative region

    Appointments to SFC Advisory Committee announced 
         The membership of the SFC Advisory Committee for the new term is as follows:
     
    New appointees
    ——————
    Mr Vincent Chui Yik-chiu
    Mr Lam Chi-ki
    Ms Elisa Ng Ka-li
    Ms Katherine Ng Kit-shuen
    Mr Xu Tao
     
    Reappointed members
    ————————–
    Professor Cai Hongbin
    Dr Jia Hongrui
    Ms Li Tong
    Mr Phillip Meyer
    Ms Fion Ng Siu-mui
    Mr Tse Yung-hoi
    Mr Harold Wong Tsu-hing
     
         The Government also expressed gratitude to the outgoing members, Ms June Wong Wai-man and Mr Wilfred Yiu Ka-yan, for their valuable contributions during their terms.
     
         A Government spokesman said, “The SFC Advisory Committee comprises members from different professions. They possess extensive operational experience and professional knowledge of the financial markets. We are confident that they will provide independent and professional advice to the SFC on matters related to the SFC’s policy and market regulation.”
     
         The SFC Advisory Committee was established under Section 7 of the Securities and Futures Ordinance to advise the SFC on policy matters regarding its regulatory objectives and functions. In addition to the 12 appointed members, the SFC Advisory Committee comprises the Chairman, Chief Executive Officer and two Executive Directors of the SFC.
    Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

    Business and Financial Highlights for the Third Quarter of FY 2025

    • Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
    • Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
    • Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
    • Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
    • Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
    • Paying learners was approximately 0.3 million in the third quarter of FY 2025.

    Company Highlight for the Third Quarter of FY 2025

    • Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

    Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

    Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

    Financial Results for the Third Quarter of FY 2025

    Revenues

    Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

    • Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
    • Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
    • Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
    • Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

    Cost of revenues

    Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

    Sales and marketing expenses

    Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

    Research and development expenses

    Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

    General and administrative expenses

    General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

    Remeasurement gain of previously held equity interests in connection with step acquisitions

    Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

    Others, net

    Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

    Net income and adjusted net income

    Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

    Earnings per share and adjusted earnings per share4

    Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

    Balance Sheet

    As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

    Recent Developments

    Investments in Letsvan

    On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

    Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

    International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

    Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

    2024 Share Repurchase Program

    On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

    2025 Share Repurchase Program

    On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

    Conference Call Information

    The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

    Listeners may access the call by dialing the following numbers:

    International:   1-412-902-4272
    United States Toll Free:   1-888-346-8982
    Mainland China Toll Free:   4001-201203
    Hong Kong Toll Free:   800-905945
    Conference ID:   QuantaSing Group Limited
         

    The replay will be accessible through June 13, 2025 by dialing the following numbers:

    International:   1-412-317-0088
    United States Toll Free:   1-877-344-7529
    Replay Access Code:   3611954
         

    A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.

    Non-GAAP Financial Measures

    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited

    QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

    For more information, please visit: https://ir.quantasing.com.

    Contact

    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429

    _________________________________
    1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    3 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
    4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    ASSETS          
    Current assets:          
    Cash and cash equivalents 779,931   985,677   135,830
    Restricted cash 160   675   93
    Short-term investments 246,195   148,532   20,468
    Accounts receivable, net 16,676   37,392   5,153
    Amounts due from related parties 4,488   489   67
    Inventory, net 6,345   28,120   3,875
    Prepayments and other current assets 275,549   173,582   23,920
    Total current assets 1,329,344   1,374,467   189,406
               
    Non-current assets:          
    Property and equipment, net 6,569   11,571   1,595
    Long-term investments 9,010   44,428   6,122
    Intangible assets, net –   68,973   9,505
    Operating lease right-of-use assets 58,889   29,479   4,062
    Deferred tax assets 847   914   126
    Goodwill –   187,598   25,852
    Other non-current assets 21,360   5,177   713
    Total non-current assets 96,675   348,140   47,975
    TOTAL ASSETS 1,426,019   1,722,607   237,381
               
    LIABILITIES          
    Current liabilities:          
    Short-term Borrowings –   14,500   1,998
    Accounts payables 62,066   55,219   7,609
    Accrued expenses and other current liabilities 190,508   186,084   25,643
    Income tax payable 20,399   53,565   7,381
    Contract liabilities, current portion 385,227   310,189   42,745
    Advance from customers 162,257   148,332   20,441
    Operating lease liabilities, current portion 49,099   30,837   4,249
    Total current liabilities 869,556   798,726   110,066
               
    Non-current liabilities:          
    Contract liabilities, non-current portion 11,365   33,495   4,616
    Operating lease liabilities, non-current portion 16,989   3,123   430
    Deferred tax liabilities 11,625   42,269   5,825
    Total non-current liabilities 39,979   78,887   10,871
    TOTAL LIABILITIES 909,535   877,613   120,937
               
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    MEZZANINE EQUITY          
    Non-controlling interests with liquidation preferences –     40,999     5,650  
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 81     81     11  
    Class B ordinary shares 34     34     5  
    Treasury stock (109,257 )   (41,898 )   (5,774 )
    Additional paid-in capital 1,192,474     1,069,620     147,398  
    Accumulated other comprehensive income 17,313     18,491     2,548  
    Accumulative deficit (584,161 )   (335,573 )   (46,243 )
    TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY 516,484     710,755     97,945  
    Non-controlling interests –     93,240     12,849  
    TOTAL SHAREHOLDERS’ EQUITY 516,484     803,995     110,794  
    TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 1,426,019     1,722,607     237,381  
                     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (Amounts in thousands, except for shares and per share data)
           
      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues 945,570     570,706     78,645     2,795,248     2,107,757     290,457  
    Cost of revenues (145,848 )   (96,556 )   (13,306 )   (409,058 )   (353,516 )   (48,716 )
                           
    Gross Profit 799,722     474,150     65,339     2,386,190     1,754,241     241,741  
                           
    Operating expenses:                      
    Sales and marketing expenses (729,620 )   (395,175 )   (54,457 )   (2,006,884 )   (1,317,206 )   (181,516 )
    Research and development expenses (38,840 )   (20,891 )   (2,879 )   (123,655 )   (77,325 )   (10,656 )
    General and administrative expenses (36,390 )   (25,049 )   (3,452 )   (114,211 )   (86,194 )   (11,878 )
    Total operating expenses (804,850 )   (441,115 )   (60,788 )   (2,244,750 )   (1,480,725 )   (204,050 )
                           
    (Loss)/Income from operations (5,128 )   33,035     4,551     141,440     273,516     37,691  
                           
    Other income:                      
    Interest income 2,513     880     121     8,369     4,040     557  
    Remeasurement gain of previously held equity interests in connection with step acquisitions –     8,109     1,117     –     8,109     1,117  
    Others, net 7,685     15,400     2,122     22,163     31,418     4,330  
                           
    Income before income tax 5,070     57,424     7,911     171,972     317,083     43,695  
    Income tax benefit/(expense) 9,560     (16,280 )   (2,243 )   16,948     (68,495 )   (9,439 )
                           
    Net income 14,630     41,144     5,668     188,920     248,588     34,256  
    Net loss attributable to noncontrolling interests –     1     –     –     1     –  
    Net income attributable to QuantaSing Group Limited 14,630     41,145     5,668     188,920     248,589     34,256  
                           
    Other comprehensive income/(loss)                      
    Foreign currency translation adjustments, net of nil tax 423     (289 )   (40 )   (4,954 )   1,178     162  
    Total other comprehensive income/(loss) 423     (289 )   (40 )   (4,954 )   1,178     162  
                           
    Total comprehensive income 15,053     40,855     5,628     183,966     249,766     34,418  
    Total comprehensive loss attributable to noncontrolling interests –     1     –     –     1     –  
    Comprehensive income attributable to QuantaSing Group Limited 15,053     40,856     5,628     183,966     249,767     34,418  
                           
    Net income per ordinary share                      
    – Basic 0.09     0.25     0.03     1.14     1.55     0.21  
    – Diluted 0.09     0.25     0.03     1.10     1.52     0.21  
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256     162,791,862     162,791,862     166,399,349     160,479,027     160,479,027  
    – Diluted 170,890,581     165,216,173     165,216,173     171,089,530     163,949,787     163,949,787  
    Share-based compensation expenses included in                      
    Cost of revenues (2,878 )   (1,431 )   (197 )   (9,945 )   (5,214 )   (719 )
    Sales and marketing expenses (2,779 )   (642 )   (88 )   8,678     (1,540 )   (212 )
    Research and development expenses (3,599 )   (167 )   (23 )   (10,611 )   (2,474 )   (341 )
    General and administrative expenses (8,039 )   (2,571 )   (354 )   (28,961 )   (8,073 )   (1,112 )
                                       

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues of individual online learning services: 828,127     467,247     64,388     2,457,588     1,777,552     244,953  
    Add: value-added tax 52,986     27,919     3,847     147,665     101,969     14,052  
    Add: ending deferred revenues(1) 744,320     461,026     63,531     744,320     461,026     63,531  
    Less: beginning deferred revenues(1) (643,929 )   (440,632 )   (60,721 )   (661,360 )   (565,030 )   (77,863 )
    ​                      
    Gross billings of individual online learning services 981,504     515,560     71,045     2,688,213     1,775,517     244,673  
     
    (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.
     

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

      For the Three Months
    Ended March 31,    		   For Nine Months
    Ended March 31,
      2024   2025     2025     2024   2025     2025  
      RMB   RMB     US$     RMB   RMB       US$  
                           
    Net income 14,630   41,144     5,668     188,920   248,588     34,256  
    Add: Share-based compensation expenses 17,295   4,811     662     40,839   17,301     2,384  
    Less: Remeasurement gain of previously held equity interests in connection with step acquisitions –   (8,109 )   (1,117 )   –   (8,109 )   (1,117 )
    ​                      
    Adjusted net income 31,925   37,846     5,213     229,759   257,780     35,523  
    Attributable to noncontrolling interests –   1     –     –   1     –  
    Adjusted net income attributable to QuantaSing Group Limited 31,925   37,847     5,213     229,759   257,781     35,523  
                           
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
    Weighted average number of ordinary shares used in computing adjusted net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
                           
    Net income per ordinary share                      
    – Basic 0.09   0.25     0.03     1.14   1.55   0.21  
    – Diluted 0.09   0.25     0.03     1.10   1.52   0.21  
    Non-GAAP adjustments to net income per ordinary share                      
    – Basic 0.10   (0.02 )   0.00     0.24   0.06   0.01  
    – Diluted 0.10   (0.02 )   0.00     0.24   0.05   0.01  
    Adjusted net income per ordinary share                      
    – Basic 0.19   0.23     0.03     1.38   1.61   0.22  
    – Diluted 0.19   0.23     0.03     1.34   1.57   0.22  
                                 

    The MIL Network –

  • MIL-OSI China: Official: China to expand cooperation with South Asian countries

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

    China will explore new cooperation areas with South Asian countries in emerging fields such as energy transition, digital economy, low-carbon development, and smart manufacturing, and jointly safeguard the stability of industrial and supply chains, said Yan Dong, vice minister of commerce, on Friday at a press conference in Beijing.

    MIL OSI China News –

  • MIL-OSI China: China’s new satellite industry city takes shape with ground station project approved

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

    China’s new satellite industry city takes shape with ground station project approved

    A new satellite industry city is taking shape in southwest China’s Sichuan Province, following the approval of a commercial satellite ground station project in Meishan, which is working to become a new powerhouse of the industry in China.

    The newly approved project, the largest of its kind in Sichuan, marked a critical step in advancing the region’s aerospace ecosystem and promoting the country’s development of commercial satellite networks as well, Yang Zhenyu, deputy general manager of the Huantian Wisdom Technology Co., Ltd., owner of the new infrastructure, told Xinhua on Friday.

    “It is expected to complete the last piece of Meishan’s aerospace industry layout, making the city one of the few places in China with comprehensive capabilities in satellite research and development, monitoring and control, application, and data transmission,” he said.

    The ground station, covering 872 square meters near a local reservoir, will feature a 12-meter-diameter antenna and auxiliary facilities.

    Its construction is scheduled to commence in mid-June, with an anticipated completion date in the third quarter of this year, followed by official operations by year-end, said Yang.

    “This infrastructure is pivotal for satellite operations,” he said.

    It aims to address data transmission bottlenecks by enabling autonomous tracking, telemetry, and command for the Huantian Constellation satellites, a major commercial satellite constellation in China for agricultural monitoring, ecological protection and smart city construction, ending the area’s reliance on leased external stations, he explained.

    Once operational, the ground station will significantly enhance the satellite’s data transmission and reception capabilities and stability, he said.

    MEISHAN’S PLAN

    In the past three decades, China’s space industry has rapidly advanced, marked by the launch of landmark space missions such as Shenzhou and Chang’e. As a result, numerous cities known for their related industries have popped up across the country.

    In the realm of satellite technology, regions beyond traditional strongholds like Beijing, Shanghai, and Xi’an are now making significant strides in this sector, particularly in commercial satellites. Cities such as Meishan have emerged as new hubs for the satellite industry.

    Yang noted that once established, the ground station can not only reduce data usage costs for local enterprises but also attract supporting projects from upstream and downstream sectors. This will help to further expand the “satellite plus” industrial cluster in Meishan, which is just about 70 kilometers away from the provincial capital of Chengdu.

    The city now hosts a satellite industrial park, a satellite monitoring and control center and 10 high-resolution optical satellites under Huantian Constellation’s phase 1.

    Meishan unveiled its satellite industry development plan (2024-2030) last year, outlining a strategic roadmap to build a globally competitive satellite industry cluster by 2030, targeting an industrial scale exceeding 10 billion yuan (about 1.39 billion U.S. dollars).

    Leveraging the Huantian Constellation project as its cornerstone, the city will drive integrated development across satellite applications, operations, manufacturing, and experimental launch capabilities.

    Key tasks include diversifying satellite applications, enhancing ground system capabilities, developing satellite assembly integration, and exploring innovative aerospace information technologies, according to the plan.

    VISION OF THE CONSTELLATION

    Launched in 2022, the Huantian Constellation orbits 535 km above Earth, capturing over 1 TB daily data, equivalent to 200,000 HD images, and covering 70 million square kilometers globally with a 120-minute revisit capability, according to Yang.

    Leveraging its “sky-air-ground” service framework, the company has driven breakthroughs in farmland monitoring, ecological protection, and disaster prevention. In 2024, it reported revenue of 430 million yuan and profits of 36 million yuan, surging 30 percent and 20 percent year-on-year, respectively, he said.

    Last year, as the leader of the satellite industrial park in west China, Huantian Wisdom led the establishment of a commercial satellite alliance. This allowed for the integration of 148 satellites nationwide, expediting the development of the industrial cluster and uniting the satellite industry with the low-altitude economy.

    “We plan to launch 10 more satellites this year,” Yang said.

    Looking ahead, the satellite constellation plans to expand to 30 to 50 satellites in phase 2, further enhancing data acquisition and global revisit efficiency, said Yang, adding that their long-term goals include integrating 6G, AI, and space-ground fusion tech to build smart commercial platforms and advance low-altitude economy applications.

    MIL OSI China News –

  • MIL-OSI Global: Four years after a 15% global minimum tax deal, the world remains divided on how to implement it – podcast

    Source: The Conversation – UK – By Mend Mariwany, Producer, The Conversation Weekly Podcast, The Conversation

    Dilok Klaisataporn/Shutterstock

    In October 2021, 136 countries agreed to establish new tax rules requiring large multinational companies to pay at least 15% in corporate tax. Nearly four years later, this ambitious agreement is finally being implemented around the world, but its success faces big challenges.

    The Organisation for Economic Cooperation and Development (OECD) tax framework aims to end the so-called race to the bottom, where corporations pit countries against each other to pay less tax and shift profits to jurisdictions with lower tax rates.

    In the second part of The 15% solution from The Conversation Weekly podcast, we examine progress towards implementing the global tax deal.

    The OECD’s two-pillar system fundamentally changes how multinationals are taxed. Pillar One determines where companies pay taxes. Pillar Two establishes how much they must pay: a minimum of 15% for any multinational with yearly revenues above US$850 million. The innovative aspect of the system is that it is self-enforcing. If a company pays less than 15% in any country, other nations where it operates can charge a supplementary tax to meet that minimum.

    However, implementation faces significant obstacles. So far around 140 countries have signed up. President Donald Trump withdrew the US from the negotiations in February 2025. China supports the framework in theory but is slow to fully implement it. And some low- and middle-income countries have also not signed up, citing technical complexity or bias toward higher-income countries.

    Martin Hearson, a research fellow at the Institute of Development Studies in the UK, explains that for countries with fewer legal and administrative resources, even good rules can be counterproductive due to their complexity. This has led some countries to look for alternatives, including a new UN Framework Convention on International Tax Cooperation, for which negotiations began in February 2025.

    Despite these challenges, the OECD expects that approximately 80% of profits previously taxed at low rates will now be appropriately taxed.

    Listen to part two of The 15% solution on The Conversation Weekly podcast. Part one is available here.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany. Gemma Ware is the executive producer. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

    Newsclips in this episode from DW News, Arirang News, and Bloomberg.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

    Martin Hearson’s research has been supported by the UK Foreign, Commonwealth and Development Office, the Norwegian Agency for Development Cooperation, the Gates Foundation, the Intergovernmental Group of 24, the World Bank, the UN Department for Economic and Social Affairs, and ActionAid International.

    – ref. Four years after a 15% global minimum tax deal, the world remains divided on how to implement it – podcast – https://theconversation.com/four-years-after-a-15-global-minimum-tax-deal-the-world-remains-divided-on-how-to-implement-it-podcast-257695

    MIL OSI – Global Reports –