Category: Economy

MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — July 24, 2025

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

Advancing AI for software-defined industries

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, IFRS and non-IFRS unless otherwise noted,
all growth rates in constant currencies)

2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue and diluted EPS (“EPS”) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,521.6	1,495.8	2%	5%	3,094.6	2,995.4	3%	4%
Software Revenue	1,372.7	1,346.5	2%	6%	2,805.4	2,699.4	4%	5%
Operating Margin	15.9%	18.4%	(2.6)pts		17.6%	20.0%	(2.4)pts
Diluted EPS	0.17	0.21	(19)%		0.37	0.42	(14)%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,523.2	1,495.8	2%	6%	3,096.2	2,995.4	3%	5%
Software Revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Operating Margin	29.3%	29.9%	(0.7)pts		30.1%	30.5%	(0.4)pts
Diluted EPS	0.30	0.30	(1)%	4%	0.61	0.60	2%	5%

Second Quarter 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
- Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

First Half 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
- Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.

Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

Financial Objectives for 2025

Dassault Systèmes’ third quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q3 2025	FY 2025
Total Revenue (billion)		€1.485 – €1.535	€6.410 – €6.510
Growth		1 – 5%	3 – 5%
Growth ex FX		5 – 8%	6 – 8%

Software revenue growth *		5 – 9%	6 – 8%
	Of which licenses and other software revenue growth *	7 – 14%	4 – 7%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		1 – 5%	1 – 3%

Operating Margin		29.7% – 29.9%	32.2% – 32.4%

EPS Diluted		€0.29 – €0.30	€1.32 – €1.35
Growth		0 – 4%	3 – 6%
Growth ex FX		5 – 9%	7 – 10%

US dollar		$1.17 per Euro	$1.13 per Euro
Japanese yen (before hedging)		JPY 170.0 per Euro	JPY 166.1 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026
First Quarter 2026 Earnings Release: April 23, 2026
Second Quarter 2026 Earnings Release: July 23, 2026

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com.

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE arnaud.malherbe@3ds.com +33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s financial reporting on product lines includes the following information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Six months ended
	June 30, 2025	June 30, 2024	Change	Change in constant currencies	June 30, 2025	June 30, 2024	Change	Change in constant currencies
Total Revenue	€ 1,523.2	€ 1,495.8	2%	6%	€ 3,096.2	€ 2,995.4	3%	5%

Revenue breakdown by activity
Software revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Of which licenses and other software revenue	275.6	271.8	1%	5%	473.7	490.3	(3)%	(2)%
Of which subscription and support revenue	1,098.6	1,074.8	2%	6%	2,333.2	2,209.1	6%	7%
Services revenue	148.9	149.2	(0)%	3%	289.2	296.1	(2)%	(2)%

Software revenue breakdown by product line
Industrial Innovation	744.6	701.9	6%	9%	1,537.7	1,433.2	7%	8%
Life Sciences	268.3	281.7	(5)%	0%	560.9	566.4	(1)%	0%
Mainstream Innovation	361.3	363.0	(0)%	4%	708.3	699.7	1%	3%

Software Revenue breakdown by geography
Americas	505.0	525.5	(4)%	2%	1,116.2	1,079.1	3%	5%
Europe	534.8	491.9	9%	10%	1,048.0	995.1	5%	5%
Asia	334.4	329.1	2%	6%	642.8	625.2	3%	5%

Operating income	€ 446.1	€ 447.8	(0)%		€ 932.2	€ 914.3	2%
Operating margin	29.3%	29.9%			30.1%	30.5%

Net income attributable to shareholders	€ 391.0	€ 397.1	(2)%		€ 811.2	€ 794.3	2%
Diluted earnings per share	€ 0.30	€ 0.30	(1)%	4%	€ 0.61	€ 0.60	2%	5%

Closing headcount	26,253	25,811	2%		26,253	25,811	2%

Average Rate USD per Euro	1.13	1.08	5%		1.09	1.08	1%
Average Rate JPY per Euro	163.81	167.77	(2)%		162.12	164.46	(1)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	June 30, 2025	June 30, 2024	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,523.2	1,495.8	27.4	72.6	7.5	(52.7)
Revenue YTD	3,096.2	2,995.4	100.7	125.9	7.7	(32.9)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Six months ended
	June 30,	June 30,	June 30,	June 30,
	2025	2024	2025	2024
Licenses and other software revenue	275.6	271.8	473.7	490.3
Subscription and Support revenue	1,097.1	1,074.8	2,331.7	2,209.1
Software revenue	1,372.7	1,346.5	2,805.4	2,699.4
Services revenue	148.9	149.2	289.2	296.1
Total Revenue	€ 1,521.6	€ 1,495.8	€ 3,094.6	€ 2,995.4
Cost of software revenue ⁽¹⁾	(120.1)	(124.8)	(249.3)	(236.8)
Cost of services revenue	(144.6)	(127.9)	(275.7)	(259.8)
Research and development expenses	(348.7)	(326.1)	(697.3)	(637.5)
Marketing and sales expenses	(448.0)	(423.8)	(894.5)	(844.1)
General and administrative expenses	(123.7)	(111.6)	(244.2)	(216.7)
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	(92.3)	(173.8)	(185.6)
Other operating income and expense, net	(9.3)	(13.2)	(13.7)	(15.0)
Total Operating Expenses	(1,279.9)	(1,219.8)	(2,548.4)	(2,395.4)
Operating Income	€ 241.7	€ 276.0	€ 546.1	€ 600.0
Financial income (loss), net	29.9	33.3	60.2	63.4
Income before income taxes	€ 271.5	€ 309.2	€ 606.3	€ 663.5
Income tax expense	(53.0)	(47.7)	(128.4)	(116.0)
Net Income	€ 218.6	€ 261.5	€ 477.9	€ 547.5
Non-controlling interest	4.9	1.2	6.1	1.0
Net Income attributable to equity holders of the parent	€ 223.5	€ 262.7	€ 484.0	€ 548.4
Basic earnings per share	0.17	0.20	0.37	0.42
Diluted earnings per share	€ 0.17	€ 0.21	€ 0.37	€ 0.42
Basic weighted average shares outstanding (in millions)	1,315.9	1,313.2	1,314.9	1,313.7
Diluted weighted average shares outstanding (in millions)	1,324.4	1,326.2	1,325.7	1,328.7

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended June 30, 2025		Six months ended June 30, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	2%	5%	3%	4%
Revenue by activity
Software revenue	2%	6%	4%	5%
Services revenue	(0)%	3%	(2)%	(2)%
Software Revenue by product line
Industrial Innovation	6%	9%	7%	8%
Life Sciences	(5)%	0%	(1)%	0%
Mainstream Innovation	(1)%	3%	1%	3%
Software Revenue by geography
Americas	(4)%	2%	3%	5%
Europe	8%	10%	5%	5%
Asia	2%	6%	3%	5%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	June 30,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,083.7	3,952.6
Trade accounts receivable, net	1,575.9	2,120.9
Contract assets	40.1	30.1
Other current assets	406.2	464.0
Total current assets	6,105.9	6,567.6
Property and equipment, net	903.5	945.8
Goodwill and Intangible assets, net	7,030.3	7,687.1
Other non-current assets	375.7	345.5
Total non-current assets	8,309.4	8,978.3
Total Assets	€ 14,415.3	€ 15,545.9
LIABILITIES
Trade accounts payable	183.2	259.9
Contract liabilities	1,559.3	1,663.4
Borrowings, current	534.0	450.8
Other current liabilities	1,063.0	1,147.4
Total current liabilities	3,339.5	3,521.5
Borrowings, non-current	2,043.9	2,042.8
Other non-current liabilities	836.0	900.9
Total non-current liabilities	2,879.9	2,943.7
Non-controlling interests	11.5	14.1
Parent shareholders’ equity	8,184.3	9,066.6
Total Liabilities	€ 14,415.3	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Six months ended
	June 30,	June 30,	Change	June 30,	June 30,	Change
	2025	2024	Change	2025	2024	Change
Net income attributable to equity holders of the parent	223.5	262.7	(39.3)	484.0	548.4	(64.4)
Non-controlling interest	(4.9)	(1.2)	(3.7)	(6.1)	(1.0)	(5.1)
Net income	218.6	261.5	(42.9)	477.9	547.5	(69.5)
Depreciation of property and equipment	48.5	45.1	3.4	98.9	92.7	6.2
Amortization of intangible assets	86.2	94.2	(8.0)	175.9	189.4	(13.5)
Adjustments for other non-cash items	20.5	36.6	(16.1)	36.6	74.3	(37.7)
Changes in working capital	(39.4)	21.9	(61.3)	358.0	226.3	131.7
Net Cash From Operating Activities	€ 334.3	€ 459.3	€ ( 124.9)	€ 1,147.3	€ 1,130.2	€ 17.2

Additions to property, equipment and intangibles assets	(39.3)	(50.6)	11.3	(95.3)	(107.8)	12.5
Payment for acquisition of businesses, net of cash acquired	(9.2)	(11.2)	2.0	(202.9)	(15.7)	(187.2)
Other	3.2	0.8	2.3	(34.6)	23.1	(57.7)
Net Cash Provided by (Used in) Investing Activities	€ (45.3)	€ (61.0)	€ 15.6	€ (332.8)	€ (100.4)	€ (232.4)

Proceeds from exercise of stock options	7.4	13.9	(6.5)	29.6	35.2	(5.7)
Cash dividends paid	(342.6)	(302.7)	(39.9)	(342.6)	(302.7)	(39.9)
Repurchase and sale of treasury stock	(144.7)	(176.6)	31.8	(224.8)	(307.7)	82.9
Capital increase	111.3	–	111.3	111.3	–	111.3
Acquisition of non-controlling interests	0.0	(0.0)	0.0	(0.2)	(2.6)	2.5
Proceeds from borrowings	121.3	–	121.3	81.0	–	81.0
Repayment of borrowings	–	(0.1)	0.1	(18.5)	(0.2)	(18.4)
Repayment of lease liabilities	(22.7)	(18.3)	(4.4)	(45.4)	(42.3)	(3.0)
Net Cash Provided by (Used in) Financing Activities	€ (270.0)	€ (483.7)	€ 213.7	€ (409.5)	€ (620.2)	€ 210.7

Effect of exchange rate changes on cash and cash equivalents	(178.1)	21.0	(199.1)	(273.9)	53.6	(327.5)

Increase (decrease) in cash and cash equivalents	€ (159.1)	€ (64.4)	€ (94.7)	€ 131.2	€ 463.2	€ (332.1)

Cash and cash equivalents at beginning of period	€ 4,242.9	€ 4,095.9		€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,083.7	€ 4,031.5		€ 4,083.7	€ 4,031.5

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,521.6	€ 1.6	€ 1,523.2	€ 1,495.8	–	€ 1,495.8	2%	2%
Revenue breakdown by activity
Software revenue	1,372.7	1.6	1,374.2	1,346.5	–	1,346.5	2%	2%
Licenses and other software revenue	275.6	–	275.6	271.8	–	271.8	1%	1%
Subscription and Support revenue	1,097.1	1.6	1,098.6	1,074.8	–	1,074.8	2%	2%
Recurring portion of Software revenue	80%		80%	80%		80%
Services revenue	148.9	–	148.9	149.2	–	149.2	(0)%	(0)%
Software Revenue breakdown by product line
Industrial Innovation	744.6	–	744.6	701.9	–	701.9	6%	6%
Life Sciences	268.3	–	268.3	281.7	–	281.7	(5)%	(5)%
Mainstream Innovation	359.7	1.6	361.3	363.0	–	363.0	(1)%	(0)%
Software Revenue breakdown by geography
Americas	505.0	–	505.0	525.5	–	525.5	(4)%	(4)%
Europe	533.4	1.4	534.8	491.9	–	491.9	8%	9%
Asia	334.3	0.1	334.4	329.1	–	329.1	2%	2%
Total Operating Expenses	€ (1,279.9)	€ 202.9	€ (1,077.1)	€ (1,219.8)	€ 171.9	€ (1,047.9)	5%	3%
Share-based compensation expense and related social charges	(107.7)	107.7	–	(65.8)	65.8	–
Amortization of acquired intangible assets and of tangible assets revaluation	(85.4)	85.4	–	(92.3)	92.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.5)	0.5	–
Other operating income and expense, net	(9.3)	9.3	–	(13.2)	13.2	–
Operating Income	€ 241.7	€ 204.4	€ 446.1	€ 276.0	€ 171.9	€ 447.8	(12)%	(0)%
Operating Margin	15.9%		29.3%	18.4%		29.9%
Financial income (loss), net	29.9	0.6	30.4	33.3	0.5	33.8	(10)%	(10)%
Income tax expense	(53.0)	(32.8)	(85.7)	(47.7)	(36.4)	(84.1)	11%	2%
Non-controlling interest	4.9	(4.7)	0.3	1.2	(1.6)	(0.4)	300%	(167)%
Net Income attributable to shareholders	€ 223.5	€ 167.6	€ 391.0	€ 262.7	€ 134.4	€ 397.1	(15)%	(2)%
Diluted Earnings Per Share ⁽³⁾	€ 0.17	€ 0.13	€ 0.30	€ 0.21	€ 0.09	€ 0.30	(19)%	(1)%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(264.7)	13.9	0.1	(250.7)	(252.8)	5.0	0.1	(247.6)	5%	1%
Research and development expenses	(348.7)	28.9	0.1	(319.7)	(326.1)	20.4	0.2	(305.5)	7%	5%
Marketing and sales expenses	(448.0)	39.7	0.1	(408.2)	(423.8)	23.2	0.1	(400.5)	6%	2%
General and administrative expenses	(123.7)	25.2	0.0	(98.5)	(111.6)	17.2	0.0	(94.3)	11%	4%
Total		€ 107.7	€ 0.4			€ 65.8	€ 0.5

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	Six months ended June 30,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 3,094.6	€ 1.6	€ 3,096.2	€ 2,995.4	–	€ 2,995.4	3%	3%
Revenue breakdown by activity
Software revenue	2,805.4	1.6	2,807.0	2,699.4	–	2,699.4	4%	4%
Licenses and other software revenue	473.7	–	473.7	490.3	–	490.3	(3)%	(3)%
Subscription and Support revenue	2,331.7	1.6	2,333.2	2,209.1	–	2,209.1	6%	6%
Recurring portion of Software revenue	83%		83%	82%		82%
Services revenue	289.2	–	289.2	296.1	–	296.1	(2)%	(2)%
Software Revenue breakdown by product line
Industrial Innovation	1,537.7	–	1,537.7	1,433.2	–	1,433.2	7%	7%
Life Sciences	560.9	–	560.9	566.4	–	566.4	(1)%	(1)%
Mainstream Innovation	706.8	1.6	708.3	699.7	–	699.7	1%	1%
Software Revenue breakdown by geography
Americas	1,116.1	0.1	1,116.2	1,079.1	–	1,079.1	3%	3%
Europe	1,046.6	1.4	1,048.0	995.1	–	995.1	5%	5%
Asia	642.7	0.1	642.8	625.2	–	625.2	3%	3%
Total Operating Expenses	€ (2,548.4)	€ 384.4	€ (2,164.0)	€ (2,395.4)	€ 314.3	€ (2,081.1)	6%	4%
Share-based compensation expense and related social charges	(196.2)	196.2	–	(112.6)	112.6	–
Amortization of acquired intangible assets and of tangible assets revaluation	(173.8)	173.8	–	(185.6)	185.6	–
Lease incentives of acquired companies	(0.8)	0.8	–	(1.2)	1.2	–
Other operating income and expense, net	(13.7)	13.7	–	(15.0)	15.0	–
Operating Income	€ 546.1	€ 386.0	€ 932.2	€ 600.0	€ 314.3	€ 914.3	(9)%	2%
Operating Margin	17.6%		30.1%	20.0%		30.5%
Financial income (loss), net	60.2	1.1	61.3	63.4	1.5	64.9	(5)%	(6)%
Income tax expense	(128.4)	(54.4)	(182.8)	(116.0)	(68.0)	(184.0)	11%	(1)%
Non-controlling interest	6.1	(5.6)	0.5	1.0	(1.9)	(0.9)	N/A	(152)%
Net Income attributable to shareholders	€ 484.0	€ 327.2	€ 811.2	€ 548.4	€ 245.9	€ 794.3	(12)%	2%
Diluted Earnings Per Share ⁽³⁾	€ 0.37	€ 0.25	€ 0.61	€ 0.42	€ 0.17	€ 0.60	(14)%	2%

In millions of Euros, except percentages	Six months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(525.0)	18.8	0.2	(505.9)	(496.5)	8.0	0.3	(488.2)	6%	4%
Research and development expenses	(697.3)	61.4	0.3	(635.7)	(637.5)	38.3	0.6	(598.7)	9%	6%
Marketing and sales expenses	(894.5)	64.2	0.2	(830.1)	(844.1)	36.8	0.2	(807.1)	6%	3%
General and administrative expenses	(244.2)	51.8	0.1	(192.3)	(216.7)	29.5	0.1	(187.1)	13%	3%
Total		€ 196.2	€ 0.8			€ 112.6	€ 1.2

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.

Attachment

Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

The MIL Network –

July 24, 2025

MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

Source: GlobeNewswire (MIL-OSI)

Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

Volumes (boepd)

Gross operated production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	74,760	82,081	79,783
North Sea	5,526	8,864	–

Net entitlement production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	33,348	19,296	16,321

Sales	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	32,393	17,216	12,871

Equity accounted production (net)	Q2 2025	Q1 2025	Q2 2024
Côte d’Ivoire	3,175	3,375	3,256

Selected cash flow items

DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

North Sea exploration

DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

Earnings call login details

Please visit www.dno.no for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

–

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

–

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The MIL Network –

July 24, 2025

MIL-OSI New Zealand: New Zealand joins fight against cybercrime
Source: New Zealand Government

New Zealanders will be better protected from cybercrime following legislation passing third reading in Parliament today, Justice Minister Paul Goldsmith says.

“11 per cent of New Zealanders were victims of fraud and cybercrime in 2024, and the National Cyber Security Centre estimates $1.6 billion was lost to online threats.

“The emotional and financial harm caused by cybercrime is significant, and such a quickly evolving threat warrants a coordinated response.

“The Budapest Convention, also known as the Council of Europe Convention on Cybercrime, is the only binding international treaty on cybercrime.

“It aligns member countries’ laws and makes it easier for them to cooperate on criminal investigations.

“By joining the convention, we are signalling to the other like-minded countries that we take cybercrime seriously and we are prepared to do our part to eliminate it.

“It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online.”

The Bill contains provisions to ensure our domestic laws meet the requirements of the Convention. These include;
- New ‘preservation directions’ in the Search and Surveillance Act, to enable law enforcement agencies to require companies to preserve records that could be evidence of offending.
- Amendments to the Mutual Assistance in Criminal Matters Act to enhance our ability to seek assistance from foreign countries for criminal investigations, and to provide assistance in return.
Minor amendments to the Crimes Act to ensure offences related to cybercrime and the use of computers are comprehensive and fully align with the Convention.

MIL OSI New Zealand News –
July 24, 2025
Indian diaspora in London gives PM Modi a grand welcome

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi received a rousing welcome from the Indian diaspora as he arrived in London on Wednesday evening for a historic two-day visit aimed at strengthening the India-UK Comprehensive Strategic Partnership and finalising the long-anticipated Free Trade Agreement (FTA).

As PM Modi reached his hotel in the heart of the city, hundreds of Indian community members gathered outside with chants of “Modi, Modi,” “Bharat Mata Ki Jai,” and “Vande Mataram.” Dressed in traditional Indian attire, artists played dhols while others danced and waved posters welcoming the Prime Minister.

“Touched by the warm welcome from the Indian community in the UK. Their affection and passion towards India’s progress is truly heartening,” PM Modi shared on X.

The atmosphere outside the hotel was electric, with many attendees expressing pride and emotion after meeting the Prime Minister. “We are so proud… I am still in tears. The happiness and joy he brought while shaking our hands is unforgettable,” said one member of the diaspora.

Many in the crowd shared similar sentiments, praising the Prime Minister for his global stature, leadership, and commitment to India’s growth. “The aura I witnessed was simply amazing. He looked like a saint. That is why people like PM Modi a lot,” said another enthusiastic supporter.

Scheduled for July 23–24, PM Modi’s visit comes at the invitation of newly elected British Prime Minister Keir Starmer and marks his fourth official trip to the United Kingdom. The visit follows recent meetings between the two leaders at the G20 Summit in Brazil and the G7 in June this year.

“Leaving for the UK, a country with which our Comprehensive Strategic Partnership has achieved significant momentum in the last few years. I look forward to my talks with PM Keir Starmer and my meeting with His Majesty King Charles III,” PM Modi posted before departing.

According to a statement from India’s Ministry of External Affairs (MEA), the visit will focus on advancing collaboration across key areas such as trade and economy, technology and innovation, defence and security, climate change, healthcare, education, and people-to-people ties.

The centrepiece of the discussions will be the signing of the India-UK Free Trade Agreement, expected to significantly boost bilateral trade

PM Modi is also expected to meet King Charles III during his stay in London, further deepening the diplomatic warmth between the two nations.

(With agencies inputs)

July 24, 2025
MIL-OSI Australia: New SMSF? Here’s what you need to do by 31 October

Source: New places to play in Gungahlin

If you have a new self-managed super fund (SMSF) you must lodge your SMSF annual return (SAR) by 31 October 2025.

Contact a registered tax agent as soon as possible if you need help preparing your SMSF annual return. This allows time for them to include you in their lodgment program, giving you until 28 February 2026 to lodge your first return.

However, some funds may still need to lodge by 31 October 2025, even with a tax agent so check your registration letter for details.

If your new fund had no assets in the first year it was registered you must either lodge a return not necessary form or cancel your SMSF registration if you no longer intend to operate the fund.

Remember each year, you must:

For new SMSFs, the supervisory levy is $518, covering both the setup year and the following financial year.

Stay compliant—act early and seek professional support if needed.

Learn more by visiting Your obligations as an SMSF trustee or Help and support for SMSFs.

You can also try our online education modulesExternal Link, which are interactive and enable you to build your knowledge.

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

MIL OSI News –

July 24, 2025
MIL-OSI: MARA Holdings, Inc. Announces Pricing of Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032

Source: GlobeNewswire (MIL-OSI)

Miami, FL, July 23, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced the pricing of its upsized offering of $950 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”). The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $200 million aggregate principal amount of the notes. The offering is expected to close on July 25, 2025, subject to satisfaction of customary closing conditions.

The notes will be unsecured, senior obligations of MARA. The notes will not bear regular interest, and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

Holders of notes may require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the date of repurchase. In connection with certain corporate events or if MARA calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption.

The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

The conversion rate for the notes will initially be 49.3619 shares of MARA common stock per $1,000 principal amount of notes. The conversion rate will be subject to adjustment upon the occurrence of certain events.

MARA estimates that the net proceeds from the sale of the notes will be approximately $940.5 million (or approximately $1,138.5 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions but before estimated offering expenses payable by MARA.

MARA expects to use approximately $18.3 million of the net proceeds from the sale of the notes to repurchase approximately $19.4 million in aggregate principal amount of its existing 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to pay the approximately $36.9 million cost of the capped call transactions (as described below), to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

In connection with any repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

In connection with the pricing of the notes, MARA entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the “option counterparties”). If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

The cap price of the capped call transactions is initially approximately $24.14 per share, which represents a premium of approximately 40.0% over the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on Wednesday, July 23, 2025, which was $17.2413, and is subject to certain adjustments under the terms of the capped call transactions.

MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The notes are being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes is being made only by means of a private offering memorandum.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

About MARA

MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the estimated net proceeds of the offering, the anticipated use of such net proceeds, including any repurchases of the Company’s existing convertible notes, the expected impact of the capped call transactions, and the anticipated closing of the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering, uncertainties related to the satisfaction of closing conditions for the sale of the notes, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: mara@wachsman.com

The MIL Network –

July 24, 2025
MIL-OSI: Voice2Me.ai Launches Industry’s Fastest, Most Secure AI Voice Agents Across Salesforce, PEGA, and ServiceNow Platforms
Source: GlobeNewswire (MIL-OSI)

FAIRFAX, Va., July 23, 2025 (GLOBE NEWSWIRE) — Voice2Me.ai, the boutique firm driving innovation in enterprise AI voice intelligence, today announced major platform expansions that sets a new standard for AI voice automation with secure, production-grade agents now available across Salesforce, PEGA, and ServiceNow. Building on its success in the ServiceNow certified store, the company’s ultra-secured AI voice agents are now available across Salesforce and PEGA platforms, demonstrating how enterprises can deploy top AI voice agents that are ready to take your call across multiple enterprise ecosystems.

Voice2Me.ai Customer Support

Strategic Platform Expansion Beyond ServiceNow

Voice2Me.ai’s expansion from its flagship ServiceNow integration to Salesforce and PEGA represents a significant milestone in making the best AI voice agents accessible across all major enterprise platforms. The company’s certified and approved ServiceNow apps in the ServiceNow store, has driven deeper trust and recognition in the industry, establishing Voice2Me.ai as the go-to provider for building AI voice agents for production-grade enterprise environments.

“Our expansion beyond ServiceNow proves that organizations across all platforms are hungry for top AI voice agents that deliver both security and simplicity,” said Eva Karnaukh, CEO of Voice2Me.ai. “We’re not just building AI voice agents – we’re creating intelligent conversation platforms that transform how enterprises communicate across their entire technology stack.”

Enterprise-Grade Security and Model-Agnostic Architecture

Voice2Me.ai’s platform distinguishes itself through enterprise-grade security architecture combined with a large-model agnostic approach that delivers fast, secure, and scalable AI voice intelligence. This foundation ensures that AI voice agents are ready to take your call while maintaining the highest standards of data protection across all integrated platforms.

“The question isn’t whether AI voice agents are ready to take your call – it’s whether your enterprise platform can deliver the conversational experiences your customers expect with military-grade security,” added Karnaukh. “Our model-agnostic approach ensures that regardless of your enterprise architecture, you can deploy the best AI voice agents that integrate seamlessly with your existing workflows.”

Advanced Technical Innovation for Production Environments

Voice2Me.ai goes beyond voice enabling multimodal resolution that lets midmarket – enterprise teams speak, see, and solve in real time. From voice to visual context, our agents understand inputs the way humans do. Built to scale across critical industries like healthcare, insurance, and government, the platform pairs advanced telephony with secure AI orchestration for end-to-end support.

Key technical innovations include:
- Enterprise-Grade Security Framework: Military-grade security with zero data persistence and comprehensive compliance readiness across all platforms
- Large-Model Agnostic Architecture: Seamless integration with leading AI models for optimal performance and flexibility
- Multi-Platform Native Integration: Direct deployment capabilities across ServiceNow, Salesforce, PEGA, with Appian and Workday integrations planned
- Production-Ready Scalability: Fast, secure, and scalable infrastructure designed for enterprise-grade deployments
- Advanced Telephony Integration: SIP integrations with major call center providers for enterprise-grade voice capabilities
With zero data persistence, FedRAMP/HIPAA readiness, and human-in-the-loop controls, the platform is trusted by government, healthcare, and financial services alike.

Future Roadmap and Platform Strategy

Following successful deployments across ServiceNow, Salesforce, and PEGA, Voice2Me.ai is strategically planning its next integration with either Appian or Workday, depending on market priorities. This expansion strategy demonstrates the company’s commitment to making top AI voice agents available across all major enterprise platforms while maintaining the security and performance standards required for building AI voice agents for production.

Global Operations and Professional Services Excellence

With operations spanning the United States, Europe, and Asia, Voice2Me.ai has positioned itself as a global disruptor of enterprise platform capabilities. The company’s boutique professional services team ensures smooth and fast deployment, helping customers elevate their enterprise platform experience with modern development and AI-powered architecture.

Voice2Me.ai’s approach focuses on three core principles:
- Security-First Design: Enterprise-grade security architecture that enables building AI voice agents for production environments
- Platform Enhancement: Enabling existing midmarket – enterprise platform capabilities with the best AI voice agents
- Model Flexibility: Large-model agnostic architecture that adapts to evolving AI landscape
Industry Impact and Market Leadership

As enterprises increasingly seek solutions for building AI voice agents for production environments, Voice2Me.ai’s comprehensive approach addresses the full spectrum of conversational AI needs. From showing organizations how to deploy top AI voice agents that integrate natively with existing platforms to providing the infrastructure for AI voice agents that are ready to take your call with enterprise-grade security, the company has established itself as the definitive source for production-grade voice intelligence.

The company’s commitment to ethical, secure, and responsible AI development ensures that all implementations maintain the highest standards of data protection and regulatory compliance while delivering the performance enterprises demand.

Platform Availability and Enterprise Adoption

Voice2Me.ai’s expanded platform integrations are available immediately, with enterprises able to deploy the best AI voice agents across ServiceNow (available in the certified store), Salesforce, and PEGA environments. The company’s model-agnostic architecture ensures that organizations can leverage the most advanced AI capabilities while maintaining the security and scalability required for production deployments.

Organizations interested in learning more about building AI voice agents for production environments can access comprehensive resources and technical documentation through Voice2Me.ai’s platform. The company’s fast, secure, and scalable architecture enables rapid deployment of top AI voice agents that are ready to take your call across any enterprise platform.

About Voice2Me.ai

Voice2Me.ai is the leading boutique firm specializing in enterprise AI voice intelligence solutions. Founded in Fairfax, Virginia, the company delivers the best AI voice agents for production environments across major enterprise platforms including ServiceNow (certified store), Salesforce, PEGA, with planned expansions to Appian and Workday. With operations in the US, Europe, and Asia, Voice2Me.ai empowers organizations to build AI voice agents with enterprise-grade security and model-agnostic architecture, providing fast, secure, and scalable conversational AI solutions for enterprises worldwide.

Media Contact: Eva Karnaukh, CEO Voice2Me.ai Email: press@voice2me.ai Website: voice2me.ai

Learn More:

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8214011f-b8b3-4d8d-9dbe-9ad08e50e7be

The MIL Network –
July 24, 2025

MIL-OSI Banking: Money Market Operations as on July 23, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,03,403.84	5.73	4.75-6.75
I. Call Money	17,346.55	5.73	4.75-5.85
II. Triparty Repo	4,04,014.05	5.72	5.30-5.82
III. Market Repo	1,79,687.94	5.75	5.20-5.90
IV. Repo in Corporate Bond	2,355.30	5.91	5.85-6.75
B. Term Segment
I. Notice Money**	131.54	5.46	5.00-5.82
II. Term Money^@@	189.50	–	5.60-5.95
III. Triparty Repo	795.00	5.57	5.50-5.70
IV. Market Repo	470.68	5.55	5.55-5.55
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Wed, 23/07/2025	2	Fri, 25/07/2025	50,001.00	5.53
(b) Reverse Repo
3. MSF^#	Wed, 23/07/2025	1	Thu, 24/07/2025	820.00	5.75
4. SDF^Δ#	Wed, 23/07/2025	1	Thu, 24/07/2025	78,428.00	5.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-27,607.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Fri, 18/07/2025	7	Fri, 25/07/2025	2,00,027.00	5.49
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				10,403.21
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-1,89,623.79
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-2,17,230.79

G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on	July 23, 2025	9,68,804.65
(ii) Average daily cash reserve requirement for the fortnight ending	July 25, 2025	9,63,288.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥	July 23, 2025	50,001.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on	June 27, 2025	5,79,904.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/772

MIL OSI Global Banks –

July 24, 2025

MIL-OSI Australia: The RBA’s Dual Mandate – Inflation and Employment

Source: Airservices Australia

I’d like to begin by acknowledging the Traditional Custodians of the land on which we meet and pay my respects to Elders past and present.

It’s an honour to join you today at the Anika Foundation fundraising lunch. The Foundation supports vital work on youth mental health research, awareness and education, in which I have a strong personal interest.

I’m proud to uphold the tradition of the Reserve Bank Governor speaking at this event to support an organisation that is making a real difference.

My remarks today centre on the dual objectives of monetary policy: ‘price stability’, which means maintaining low and stable inflation; and full employment, which I will talk about in more detail later.

I’ll explore how these aims have shaped the Monetary Policy Board’s strategy in recent years. As part of that, I will reflect on the relationship between the labour market and inflation over that time, and how conditions in the labour market have evolved to the present day.

Now is a good time to revisit these subjects, following the agreement two weeks ago of an updated Statement on the Conduct of Monetary Policy, which sets out the common understanding of Government and the Board on key elements of the monetary policy framework.

But before I turn to that, I’ll start with an update on recent monetary policy settings.

Recent monetary policy settings

If you cast your mind back to 2022, you will recall that inflation was higher than it had been in decades, peaking at 7.8 per cent at the end of that year. It was this rise in inflation that required a tightening in monetary policy over 2022 and 2023, with the cash rate increasing from almost zero to 4.35 per cent over that period.

Over the past couple of years, we have made meaningful progress in bringing inflation down. Higher interest rates have been working to bring aggregate demand and supply closer towards balance. We expect headline inflation in the June quarter to be in the lower half of our 2–3 per cent target range – although that partly reflects the ongoing effect of temporary cost-of-living relief. As that effect unwinds, we expect headline inflation to pick up to around the top of the band at the end of this year and into the first part of 2026.

To help look through temporary factors like this, we also pay close attention to trimmed mean inflation (published quarterly), which provides a good guide to underlying inflation trends. This measure has also been easing, but it’s still a bit higher than headline inflation. At 2.9 per cent in the March quarter, year-ended trimmed mean inflation was under 3 per cent for the first time since 2021.

We expect trimmed mean inflation to fall a little further in the June quarter in year-ended terms. However, the monthly CPI Indicator data, which are volatile, suggest that the fall may not be quite as much as we forecast back in May. We still think it will show inflation declining slowly towards 2½ per cent, but we are looking for data to support this expectation.

Encouragingly, as inflation has slowed, the labour market has eased only gradually and the unemployment rate is relatively low. I’ll have more to say on developments in the labour market later.

Since February, we have reduced the cash rate by 50 basis points. The Board continues to judge that a measured and gradual approach to monetary policy easing is appropriate. Global economic and policy developments have so far been largely in line with our baseline May forecasts, and the likelihood of a severe downside ‘trade war’ appears to have diminished. But there is still uncertainty and unpredictability in the global economy. The Board’s view is that monetary policy is well placed to respond decisively to adverse international developments if needed.

Our longstanding strategy has been to bring inflation back to target while preserving as many of the gains in the labour market as possible. This approach meant that interest rates in Australia did not rise as high as they did in some other economies, and so we may not need to lower them as much on the way down.

We also know that Australians continue to feel cost-of-living pressures, with the average level of prices now notably higher than it was just a few years ago. That is why we want to make sure that inflation remains low and stable from here on in. Low and stable inflation is good for households, good for jobs, good for communities and good for the economy.

Our goals of price stability and full employment generally reinforce each other

Stepping back from current policy settings and the inflationary episode of recent years, I now want to reflect on the framework that guides the Board’s decisions more generally.

The RBA’s monetary policy objectives are set out in legislation. Our overarching goal is to promote the economic prosperity and welfare of the Australian people, both now and into the future. For the Board, this means setting monetary policy in a way that best achieves both price stability and full employment.

These goals are often referred to as our ‘dual mandate’ and are longstanding objectives of the RBA.

Over time, low and stable inflation and full employment go hand in hand. Low and stable inflation – or price stability – is a prerequisite for strong and sustainable employment growth because it creates favourable conditions for households and businesses to plan, invest and create jobs without having to worry about inflation. So our two objectives are complementary over the longer term.

Even in the shorter term, the two objectives often go hand in hand. For example, when there are ups and downs in demand, inflation tends to rise as the labour market tightens, and fall as it loosens. So a monetary policy response that returns inflation to target will, in time, also move the labour market towards full employment.

But sometimes there are developments that push up inflation at the same time as they weigh down demand – and therefore employment. This includes sharp increases in energy prices and supply disruptions that push up prices more broadly. As I’ll discuss in a moment, such ‘negative supply shocks’ were part of the reason for the high inflation of recent years, though they were not the only factor.

In the face of supply shocks that push up prices, we need to think about possible trade-offs: how do we balance our two goals in these circumstances?

If a supply disruption is temporary and modest, monetary policy should mostly ‘look through’ it. Raising interest rates makes little sense if inflation is expected to ease once temporary supply disruptions are resolved – it would only weaken the job market.

By contrast, when a supply shock is likely to have a longer lasting effect on the economy and inflation there may be stronger grounds for monetary policy to respond.

A key concern here is that the longer inflation stays high, the more households’ and businesses’ expectations for future inflation could increase. This could, in turn, lead to second-round effects on inflation as households and businesses build higher expectations into their decisions.

But if households and businesses instead maintain a high level of confidence that the Board will do what is needed to return inflation to target, inflationary shocks will have less effect on price and wage setting. That means we can look through adverse supply shocks to a greater extent – even those that we think could last for some time.

This highlights another important way in which our objectives are complementary – and it’s something I want to emphasise. Having a strong track record of low and stable inflation puts us in the best possible position to support employment. It means there is less risk of inflation getting out of control, which allows inflation to be brought down with smaller increases in interest rates than otherwise. This in turn keeps the labour market closer to full employment.

That is why maintaining well-anchored inflation expectations is a key benefit of inflation targeting frameworks, as I will return to in a moment, and why it is important that inflation returns to be sustainably in our target range.

The dual mandate in the post-pandemic period

So how did this dual mandate shape our policy response to the post-pandemic rise in inflation?

First, the starting point for our monetary policy settings mattered – these were of course very accommodative, with the cash rate effectively at zero.

Second, the causes of the pick-up in inflation were crucial. The initial pick-up in inflation was partly driven by some of the supply factors I have mentioned. Temporary disruptions in global supply chains during the pandemic led to strong increases in goods prices, and the war in Ukraine caused a spike in global energy prices.

But it was also clear that demand was part of the story. Accommodative fiscal and monetary policy settings in the pandemic period supported strong growth in demand for goods during lockdowns, and this demand strength interacted with supply constraints to amplify inflationary pressures. Then, as lockdowns eased and the economy started to recover, demand for services also recovered strongly. As a result, conditions in product markets and labour markets were very tight by mid-2022.

It was clear that we needed to increase interest rates to bring about a better balance between demand and supply, which would help to ease domestic price pressures. This need was reinforced by a concern that longer run inflation expectations could increase. If this happened, it would add to inflationary pressure and would ultimately require a larger policy response, and higher job losses.

Although it was clear that we needed to raise interest rates to slow demand growth, it was less clear how quickly demand pressures needed to ease, how persistent global shocks or their effects would be, and how much we could afford to ‘look through’ those effects.

The Board could have chosen to match the more significant rate increases of some other central banks to bring inflation back to target more quickly. But this could have risked a sharper and more persistent increase in the unemployment rate.

Instead, the Board judged that a measured approach was consistent with its dual mandate. We increased the cash rate quickly at first – but we didn’t go as high as some other central banks. We then held the cash rate for over a year, even as some other central banks started easing monetary policy. Throughout, we kept a close eye on longer term inflation expectations, to ensure they remained anchored to the target.

This strategy was designed to rein in inflation while also preserving as many of the gains in the labour market as possible – an example of our dual mandate in practice.

How has this played out so far?

Since the peak of inflation in 2022, headline inflation has declined by over 5 percentage points. And over the same period there has been a relatively modest easing in labour market conditions. The unemployment rate has increased from around 3.5 per cent in mid-2022 to 4.2 per cent in the June quarter this year, and remains low by historical standards.

Crucially, the share of the population in work has remained around record highs; this is in contrast to declines in many other advanced economies (Graph 1).

The fact that unemployment has remained low and employment growth has remained strong is remarkable – and very welcome.

And it is striking that the increase in the unemployment rate has been small compared with the large decline in inflation. This is especially true compared with previous episodes of disinflation in Australia (Graph 2).

Why is this?

Part of the answer is that the supply-driven price increases that I mentioned earlier did turn out to be temporary, even if they flowed through to the economy over a long period of time (Graph 3). As these supply disruptions eventually subsided and oil prices declined, price pressures eased.

And also as I mentioned earlier, the Board were very alert to the risk that inflation expectations could increase. Crucially, that did not happen.

Instead, households and businesses continued to believe that inflation would return to the target range (Graph 4). This limited any so-called ‘second-round’ effects on inflation, which allowed inflation to fall without a sharp rise in the unemployment rate.

This demonstrates the point I made earlier about how our two objectives can be complementary. A history of low and stable inflation, and the resulting public confidence in the inflation target, enabled the Board to adopt a strategy that protected the labour market as much as possible while still ensuring inflation came down.

How has the labour market adjusted in the current cycle?

I’ve already highlighted the comparatively modest increase in the unemployment rate over the past few years from a very low level, and that overall employment has continued growing. The rate of layoffs has increased only a little and remains at a remarkably low level by historical standards (Graph 5). The share of workers who are long-term unemployed also remains low.

These are good outcomes – as job losses are an especially painful way for the labour market to adjust to tighter monetary policy. Losing a job can be one of the most stressful events in someone’s life, and it can have far-reaching implications for families and communities.

While the unemployment rate has risen since its trough in late 2022, including an uptick in the month of June, there has been significant jobs growth in aggregate. Instead, the labour market has adjusted in some other – less disruptive – ways.

First, job vacancies have declined from a very high level as firms have slowed hiring activity.

Second, the average number of hours that people are working has declined. This follows a period when hours had increased sharply due to very strong demand for workers (Graph 6).

Having your hours cut is tough, but it’s often preferable to losing a job altogether. And it’s worth noting that some of this decline in hours has been voluntary, especially over the past year or so.

Third, there has been a decline in the share of workers voluntarily leaving their jobs (the ‘quits rate’). This suggests there could be less need for firms to compete to attract and retain workers, implying less upward pressure on wages growth than otherwise (Graph 7).

In summary, the gradual easing in labour market conditions has so far been most evident in fewer job vacancies, reductions in hours worked and declining rates of voluntary job switching.

These shifts aren’t without their challenges, but they all tend to be less disruptive than outright job losses.

I should note that the RBA can’t wave a magic wand and control how adjustments in the labour market play out. Interest rates are too blunt an instrument for that, and I am not here to claim credit for the fact that the adjustment has so far taken place in a less costly way.

By the same token, because the labour market can adjust in different ways, we do not ‘target’ any one adjustment mechanism, such as a set number of job losses, as we seek to bring demand and supply back into balance. Indeed, there have been substantial job gains over this period.

Are we close to full employment?

Let me bring the labour market story up to date.

Our overall assessment at the time of our most recent forecast in May was that there was still some tightness in the labour market, and we expected it to ease a little over the remainder of this year.

A broad range of indicators underpinned this assessment, and in many ways not much has changed. Firms still report significant difficulties finding labour, even if this constraint has eased somewhat recently. The ratio of vacancies to unemployed people remains high (Graph 8). At the same time, unit labour costs have been increasing strongly.

In May we also highlighted the possibility that labour market conditions could be less tight than we thought. As I noted earlier, the low rate of job switching may imply less upward pressure on wage growth than otherwise. And the quarterly rate of underlying inflation has recently been around a pace that would be consistent with 2½ per cent in annual terms.

For that reason, our May forecasts for wages growth and inflation incorporated some downwards judgement to reflect the possibility that there is more capacity in the labour market – and the economy more broadly – than is suggested by our usual assessment.

Last week brought us the latest labour market data, which confirmed that the unemployment rate increased in the June quarter. Some of the coverage of the latest data suggested this was a shock – but the outcome for the June quarter was in line with the forecast we released in May. That on its own suggests that the labour market moved a little further towards balance, as we were anticipating. While the June monthly data showed a noticeable pick-up in the unemployment rate, other measures – such as the vacancy rate – have been stable recently. More broadly, leading indicators are not pointing to further significant increases in the unemployment rate in the near term.

Nevertheless, the risks we highlighted in May remain. As always, there is uncertainty around how labour market conditions stand relative to full employment, and we will continue to closely monitor incoming labour market data. Our August Statement on Monetary Policy will provide a full updated assessment of labour market conditions and the outlook.

Concluding remarks

So, to conclude, our goals of low and stable inflation and full employment are closely linked and generally reinforce each other.

A critical feature of the recent high-inflation period is that longer term inflation expectations remained anchored. This has enabled the Board’s monetary policy strategy of bringing inflation down in a relatively gradual way so as to limit the easing in labour market conditions.

Much of the rebalancing of demand and supply in the labour market that has occurred in recent years has been reflected in declines in job vacancies, hours worked and voluntary job switching. There are many ways the labour market can adjust. The RBA doesn’t ‘target’ a specific outcome, like a certain unemployment rate or number of job losses, to reach full employment.

Monetary policy cannot control how the adjustment happens, but if it can occur while keeping employment strong – and even growing – that is a great outcome for workers, families, communities and the economy.

In the end, the best way to promote the economic welfare of Australians is by achieving low and stable inflation alongside full employment.

And that is what the Board is constantly striving for.

Thank you and I look forward to taking your questions.

MIL OSI News –

July 24, 2025
MIL-OSI: Ferlita Nussel Dowell Financial Group Launches Personalized Financial Services to Support Investors During Market Turbulence
Source: GlobeNewswire (MIL-OSI)

Tampa, FL, July 23, 2025 (GLOBE NEWSWIRE) — Ferlita Nussel Dowell (FND) Financial Group, a member of Advisory Services Network, LLC, has launched a personalized financial services model to help investors navigate today’s volatile market environment. This personalized approach centers on creating fully customized financial plans based on each client’s unique goals, risk tolerance, and life stage, departing from prebuilt portfolio templates often used across the industry.

The rollout comes as investors face heightened uncertainty around inflation, market swings, estate goals, and retirement timelines. With this model, FND Financial Group aims to meet the growing demand for responsive and tailored financial guidance, implementing a client-first process that adapts to changing circumstances. The firm’s leadership sees this as an opportunity to reshape how wealth planning is delivered, placing education, transparency, and collaboration at the center of client interactions.

“We recognize that traditional wealth management services have often been perceived as exclusive, accessible only to those with substantial assets. This has been a longstanding industry norm. However, our firm is committed to breaking this mold by providing bespoke wealth management solutions to each client, regardless of their asset level. Our mission is to help ensure that all clients have access to personalized financial strategies tailored to their unique needs,” said Colton Nussel, Partner at FND Financial Group.

What’s New in the Personalized Services Model

The firm’s personalized financial services model incorporates a suite of financial services, including retirement planning, investment management, income strategies, estate planning coordination, and ongoing financial coaching within a unified, personalized framework. Rather than fitting clients into prebuilt investment portfolios, FND financial advisors co-create plans that adapt to both market conditions and life events.

The model introduces the firm’s unique FND Financial Process, a three-step planning framework – Familiarize, Navigate, Deliver – that translates client conversations into customized, actionable strategies. This structured process ensures each plan reflects the client’s individual vision while remaining flexible enough to adjust to market shifts or life transitions.

Partner Austin Ferlita explains the philosophy behind this shift, “Financial planning is no longer about fitting people into models. It’s about building models around people – their goals, their lives, and the transitions they face along the way.”

This framework supports ongoing alignment between the client’s goals and their financial plan, particularly as personal circumstances or market conditions change. The approach offers an alternative to static, one-size-fits-all models by emphasizing flexibility in the planning process.

Key Benefits of the Personalized Services Model

The launch of FND Financial Group’s personalized financial services comes amid significant changes in the financial services industry. As technology and automation play an increasingly prominent role in asset management, clients are demanding more human-centered planning that accounts for nuance, emotions, and changing needs.

The firm’s approach responds to this shift by offering:
- Tailored, Goal-Based Strategies: Clients receive customized strategies designed to support income-generation goals throughout retirement, helping them better meet expenses, regardless of market fluctuations.
- Full Transparency on Costs and Risk: Every portfolio is built with clear visibility into fees, risk levels, and asset performance, allowing clients to make informed decisions aligned with their comfort level.
- Integrated and Comprehensive Planning: Clients benefit from a cohesive strategy that brings together income planning, investment management, tax efficiency, healthcare planning, and legacy considerations under one unified plan.
- Flexible, Client-Led Strategy: Clients drive the conversation. Whether they’re concerned about market volatility, want to preserve wealth, or plan a charitable legacy, the strategy is built around their vision.
- Lifelong Support and Communication: Financial planning doesn’t end with implementation. FND advisors provide continuous reviews and updates to adjust the plan as clients’ lives and market conditions change.
Strategic Rollout and Impact

FND Financial Group has already begun onboarding new and existing clients into the updated planning framework. Early feedback has been positive, with clients citing improved clarity around their financial objectives and greater confidence in the firm’s ability to adapt to their evolving needs.

“Behind every portfolio is a real person with real goals and concerns. Our job is to make sure their financial plan reflects not just the numbers, but the life they’re working so hard to build,” adds Matthew Dowell, Partner at FND Financial Group.

Internally, the model also brings greater consistency to the firm’s advisory operations, helping advisors streamline onboarding and maintain alignment across the planning process. While every client receives a fully personalized plan, the structured nature of the process helps prevent any critical component from being overlooked.

To learn more about FND Financial Group’s personalized financial approach or to schedule a consultation, please visit https://www.fndfg.com/.

About Ferlita Nussel Dowell Financial Group

FND Financial Group focuses on crafting personalized financial strategies that reflect each client’s unique goals, life stage, and priorities. Their comprehensive approach addresses all aspects of financial well-being, including income planning, investments, tax strategies, healthcare, and legacy planning. As fiduciary advisors, the firm is dedicated to helping clients build, preserve, and transfer wealth with clarity and confidence. Through thoughtful guidance and long-term support, FND Financial Group empowers individuals and families to move forward with financial strategies tailored to their lives.

Media Contact
Company Name: Ferlita Nussel Dowell Financial Group
Contact Number: 813-692-6202
Email: info@fndfg.com
Country: United States
Website: https://www.fndfg.com/
Socials: @fndfinancial

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

Advisory services offered through FND Wealth Management, A Member of Advisory Services Network, LLC. Insurance products and services offered through Ferlita Nussel Dowell Financial Group. Advisory Services Network, LLC and Ferlita Nussel Dowell Financial Group are not affiliated.

Ferlita Nussel Dowell Financial Group does not provide tax or legal advice. Consult with your tax or legal professional prior to making any financial decisions for your personal situation.

The MIL Network –
July 24, 2025
MIL-OSI: NEOGEN SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Neogen Corporation – NEOG

Source: GlobeNewswire (MIL-OSI)

NEW ORLEANS, July 23, 2025 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 16, 2025 to file lead plaintiff applications in a securities class action lawsuit against Neogen Corporation (NasdaqGS: NEOG), if they purchased the Company’s shares between January 5, 2023 through June 3, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of Michigan.

Get Help

Neogen investors should visit us at https://claimsfiler.com/cases/nasdaq-neog/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Neogen and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On April 9, 2025, the Company disclosed a quarterly revenue decrease of 3.4% to $221 million due to integration issues and again cut its FY25 guidance and noted that capital expenditures were expected to be $100 million as a result of lowered adjusted EBITDA and a pull-forward of integration-related capital expenditures into FY25, as well as announcing the departure of its CEO. On this news, the price of Neogen’s shares plummeted 28% to close at $5.02 per share, on a volume of 47 million shares. Then, on June 4, 2025, the Company disclosed that it expected “EBITDA margin to probably be around the high-teens” which represented a considerable drop from the previous quarter’s profit margin of 22%. On this news, the price of Neogen’s shares fell an additional 17%, to close at $4.96 per share.

The case is Operating Eng’rs Constr. Indus. & Misc. Pension Fund v. Neogen Corp., et al., No. 25-cv-00802.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

The MIL Network –

July 24, 2025
MIL-OSI China: STAR Market reforms to spur innovation

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

Ongoing reforms at the tech-focused STAR Market of the Shanghai Stock Exchange, part of China’s continued efforts to give more financial support to the private economy, will further spur technology innovation and facilitate high-quality economic growth in the country, said experts.

The comments came after two new private economy-focused subindexes were officially launched at the STAR Market on Wednesday.

The SSE STAR Private-owned Enterprises Index will track all private companies trading on the STAR Market.

Public data show that there were 422 such companies by the end of June, with a combined market capitalization of 3.5 trillion yuan ($490 million). Among these, 171 reported increases both in sales revenue and net profit last year, 37 companies posted a 50 percent year-on-year increase in turnover, while 64 firms saw a 50 percent surge in annual net profit.

Another subindex, SSE STAR Private-owned Enterprises 50 Strategy Index, was also launched on Wednesday.

The index constituents are 50 private companies with high research expenditure and strong profitability. Companies specializing in semiconductors, computers and biomedicine account for about 68.5 percent weighting in the new index.

The total market cap of its 50 constituents reached 1.2 trillion yuan by the end of June. The average daily trading value of these companies came in at 16.1 billion yuan in 2024.

Fang Yi, chief strategist at Guotai Haitong Securities, said that index-based investments have been maturing at the STAR Market after the board started trading six years ago. More products have been designed and introduced based on these indexes, boosting market activity and diversifying the investor pool, he said.

A total of 32 STAR Market subindexes have been launched so far, deriving 86 STAR Market exchange-traded funds with a total market value of over 250 billion yuan. Half of these subindexes were rolled out after the release of eight additional reform policies for the STAR Market in June last year, according to SSE and China Securities Index Co Ltd.

According to market tracker Wind Info, there are about 3,478 private companies trading on mainland’s major exchanges, accounting for two-thirds of all the A-share companies. Their combined market cap topped 31.7 trillion yuan, accounting for 38.5 percent of the A-share market total.

More important, A-share listed private companies saw their combined research investment exceeding 650 billion yuan for a second consecutive year in 2024. Research expenditure was equal to 3.8 percent of their annual sales revenue last year, 1.2 percentage points higher than the A-share market average.

A large number of STAR Market companies specialize in future-oriented industries such as biological manufacturing, quantum technology, embodied intelligence and 6G, which are at an early stage in China, said experts from Changjiang Securities.

Focusing on hard technologies, cutting-edge technologies and market-based pricing, the STAR Market has served as a major venue for the Chinese capital market to facilitate technology innovation, said Tian Xuan, head of Tsinghua University’s National Institute of Financial Research.

China has also been advancing efforts to inject more vitality into the private sector. The Private Sector Promotion Law, which took effect in May, has unveiled substantial measures regarding the investment and financing of private enterprises.

Apart from announcing a set of new STAR Market reform policies at the Lujiazui Forum in June, China Securities Regulatory Commission Chairman Wu Qing stressed that unprofitable yet quality innovation-driven companies will be supported to seek public listings.

With concerted efforts from various government bodies, financing provided to private enterprises will be increased and their costs lowered. These companies’ technology innovation and green transition will be better supported, said Tian Lihui, head of the Institute of Finance and Development at Nankai University.

MIL OSI China News –

July 24, 2025
MIL-OSI China: AI advances spur growth of internet

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

China’s internet sector is gaining robust growth momentum, driven by technological advances in artificial intelligence, which has become a vital force bolstering the country’s high-quality economic development and industrial upgrades, said officials, experts and company executives.

Highlighting China’s great achievements in the development of internet infrastructure, they said bolstering application of cutting-edge AI in a wider range of sectors is crucial for nurturing new quality productive forces and establishing a modern industrial system.

They made the remarks at the opening ceremony of the 2025 China Internet Conference, which started on Wednesday in Beijing.

According to the Internet Society of China, the user base of generative AI products has reached 249 million, accounting for 17.7 percent of the total population, which highlights the country’s widespread adoption of AI across various sectors.

As the country is advancing the deep integration of digital technologies with the real economy, the popularization rate of digital research and design tools in key industry enterprises now stands at 80.1 percent, significantly improving production efficiency and lowering operational costs of enterprises.

Zhang Yunming, vice-minister of industry and information technology, said more efforts are needed to promote original and disruptive technological innovations, with a focus on key areas such as advanced computing, AI and quantum information.

China will push ahead with the construction of new-type information infrastructure, vigorously upgrade traditional industries, bolster the development of emerging industries and future-oriented industries, and accelerate the cultivation of new quality productive forces.

Shang Bing, president of the Internet Society of China, emphasized the importance of speeding up the establishment of computing power infrastructure, achieving breakthroughs in crucial technologies, such as 5G-Advanced and 6G, and quantum communication, and leveraging AI technology to promote the transformation and upgrading of manufacturing.

The AI agent — a system that autonomously performs actions by designing workflows using related tools — has gained worldwide attention and witnessed explosive growth since the start of this year. It is more advanced than a chatbot because it not only provides suggestions or answers, but also executes complex tasks across a multitude of industries, delivering tangible results.

Wu Hequan, an academician of the Chinese Academy of Engineering, said AI has contributed to 48 percent of global internet traffic growth, and is driving disruptive changes in network architecture, adding that the development direction of AI will shift from generative AI to AI agents, and the internet sector will enter into the era of AI agents.

China boasts abundant application scenarios, and all industries have the opportunity to be reshaped by AI agents, which can serve as digital partners and digital employees to analyze people’s working processes and enhance efficiency, said Zhou Hongyi, founder of Chinese internet enterprise 360 Security Group, estimating the next two years will be a crucial period for the implementation of such technology.

He said currently, large language models have some limitations, while calling for more efforts to create AI agents with different specialties by combining different industries and professional fields. These agents will look like virtual advisors or experts with specialized expertise, he added.

MIL OSI China News –

July 24, 2025
MIL-Evening Report: World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia

Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

JOHN THYS/AFP via Getty Images

The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions from our fossil fuel exports.

The landmark ruling overnight by the International Court of Justice (ICJ) will reverberate in courts, parliaments and boardrooms the world over.

In a closely watched case at The Hague, the judges were asked to clarify the legal obligations countries have to protect the Earth’s climate system for current and future generations. They were also asked to clarify the legal consequences for nations that fail to do this.

At issue was the scope of legal obligations. During the court’s deliberations, Australia sided with other fossil fuel exporters and major emitters – including Saudi Arabia, the United States and China – to argue state obligations on climate change are restricted to those set out in climate-specific treaties such as the Paris Agreement.

But the court disagreed. It found countries have additional obligations to protect the climate and take action to prevent climate harm inside and outside their boundaries. These obligations arise in human rights law, the law of the sea, and general principles of international law.

This clear statement will have groundbreaking consequences. It means Australia must set a 2035 emissions reduction target in line with the best available science, as required under the Paris Agreement. But it must also go further, by regulating the fossil fuel industry to prevent further harm.

Australia’s arguments rejected

The ICJ is the primary legal organ of the United Nations. Its key role is to settle disputes between countries and clarify international law as it applies to nation states.

While weighing up the obligations of countries to address the climate crisis, the court heard legal arguments from almost 100 countries, making it the largest case ever heard by the ICJ.

The case threatened major implications for fossil-fuel producers such as Australia, which is heavily reliant on coal and gas exports.

In his oral presentation to the ICJ, Australian Solicitor-General Stephen Donaghue told the court only the Paris Agreement should apply when it comes to mitigating climate change. Under the Paris rules, countries must set targets to cut domestic emissions, but they are not required to report emissions created when their fossil fuel exports are burned overseas.

Donaghue and the Australian delegation also suggested responsibility for harms caused by climate change could not be pinned on individual states. Australia also argued protecting human rights does not extend to obligations to tackle climate change.

The ICJ largely rejected these arguments.

The ICJ judges largely rejected Australia’s arguments. Pictured: ICJ President Yuji Iwasawa (third from right) and members issuing their advisory opinion.
JOHN THYS/AFP via Getty Images

Fossil fuel era is over

The court found Australia, and other fossil fuel producers, are obliged under international law to prevent fossil fuel companies in their territory from causing significant climate harm.

This will essentially require a managed phase out of fossil fuel production. As the ICJ ruling says:

Failure of a State to take appropriate action to protect the climate system from [greenhouse gas] emissions – including through fossil fuel production, fossil fuel consumption, the granting of fossil fuel exploration licences or the provision of fossil fuel subsidies – may constitute an internationally wrongful act which is attributable to that State.

Australia is one of the world’s largest exporters of coal and gas. When burned overseas, emissions from Australia’s fossil fuel exports are more than double those of its entire domestic economy.

Australia has approved hundreds of oil, gas and coal projects in recent decades. Dozens more are in the approvals pipeline. Final federal approval is still pending for Woodside’s massive Northwest Shelf gas project – which is set to add millions of tonnes of greenhouse gas emissions every year, for decades.

The Australian government must heed the message from the Hague. The days of impunity for the fossil fuel industry are coming to an end.

Woodside’s massive Northwest Shelf gas project is set to add millions of tonnes of greenhouse gas emissions every year.
GREG WOOD/AFP via Getty Images

A spark of hope from the Pacific

Today’s ruling is remarkable for where it originated.

In 2019, 27 law students at the University of the South Pacific in Vanuatu were given a challenge: find the most ambitious legal pathways towards climate justice.

Each year, Vanuatu faces the prospect of cyclones, earthquakes, tsunamis, volcanoes, flooding rain and drought. Climate change compounds the risk to island communities – people who have done the least to contribute to the problem.

The students decided to file a case with the world court. And so began a legal campaign that travelled from Vanuatu’s capital, Port Vila, through the halls of the United Nations in New York and to the world court in the Hague.

In 2023 Vanuatu and other island nations succeeded in passing a UN General Assembly resolution. It asked the ICJ to give an advisory opinion on countries’ obligations to protect the climate system and legal consequences for states causing “significant harm” to Earth’s climate.

This week’s ruling delivers poetic justice to Vanuatu and other vulnerable island states.

The ruling delivers poetic justice to Vanuatu and other vulnerable island states. Pictured: representatives of Pacific states outside the International Court of Justice in December 2024.
Michel Porro/Getty Images

A new era for climate justice

The court’s findings are likely to influence a wave of climate litigation worldwide. It could shape legal reasoning in Australia, too.

Last week, a Federal Court judge found the Australian government has no legal duty of care to protect Torres Strait Islanders from climate change. If that case is appealed, a superior court may revisit the government’s obligations – and have regard to the ICJ ruling in doing so.

The ICJ decision will also be relevant for the Queensland Land Court, which this week began hearing a challenge to stop a greenfield mine proposed by Whitehaven Coal – citing environmental and human rights impacts of the project’s emissions.

Clarified international law obligations should also guide policymakers in the Australian parliament. With a huge majority in the House of Representatives and a climate-friendly Senate crossbench, the Albanese government has a mandate to implement policy in line with Australia’s international law obligations.

Wesley Morgan is a fellow with the Climate Council of Australia

Gillian Moon is a regular donor to the Australian Conservation Foundation, which is a party in the Whitehaven Coal case.

– ref. World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia – https://theconversation.com/worlds-highest-court-issues-groundbreaking-ruling-for-climate-action-heres-what-it-means-for-australia-261842

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI USA: Senator Murray, British Columbia Premier Eby, WA Small Businesses Speak Out About How Trump’s Reckless Trade War with Canada is Creating Chaos, Hurting Business, and Raising Costs

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

AP: Trump’s 35% Canada tariff plan deepens a rift between the neighbors

***WATCH HERE; DOWNLOAD HERE***

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with British Columbia Premier David Eby and Washington state business leaders to sound the alarm on how President Trump’s trade war with Canada is driving down business and creating chaos for families, small businesses, and economies on both sides of the border.

Canada is the second-largest export market for Washington state, exporting $7.9 billion in goods and $2.2 billion in services annually. Washington state imports $17.8 billion in goods from Canada each year, with energy imports accounting for 54 percent of that total. 608 Canadian-owned companies employ 25,050 workers in Washington state. Canada is also the largest source of international visitors to the U.S., accounting for 20.4 million visits and $20.5 billion in spending in 2024. The Bureau of Transportation Statistics reported a 35 percent drop in border crossings into the U.S. through the Peace Arch and Pacific Highway Crossings in Washington state this May, compared to the same month last year. Additional data on trade between Washington state and Canada is available HERE.

President Trump recently announced a plan to impose 35 percent tariffs across-the-board on imports from Canada beginning August 1^st. This comes after Trump has already applied 50 percent tariffs on steel and aluminum—of which Canada is the largest exporter to the United States—and 25 percent duties on cars, excluding U.S. made parts. Yesterday, after a meeting with Canada’s political leaders—including Premier Eby—Prime Minister Mark Carney downplayed the chances of success in talks aimed at reaching a trade deal with President Trump.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries,” Senator Murray said at the press conference today. “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year. So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.”

“Here’s what Trump needs to understand: this is not reality TV. It is actual reality,” Senator Murray continued. “These aren’t people playing ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up. So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy. It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.”

“We have a long and happy relationship with the American people; they’re our friends, our family members and coworkers. President Trump’s actions have broken our trust with his government, but they’ll never shake our relationship with our closest neighbours. I am grateful for Senator Murray’s leadership at this time in calling out a President that ran on an affordability agenda and is now bringing in tariffs that are raising the price of everyday goods for hard working families,” said David Eby, Premier of British Columbia.

“President Trump seems to have created the 51^st state that he was talking about, which is the great state of uncertainty. And this is affecting all of us and that we predict that in 2025 alone, that tariffs will cost SEL $100 million in unanticipated federal taxes. These $100 million, divided by our 7000 owners, is a hit of $14,000 per employee around the world. And I agree so much with Senator Murray that the best thing we can do is to support the efforts by Democrats and Republicans in both the House and the Senate to restore congressional control over tariffs and block this President and future ones from abusing executive orders, especially here in the case of free trade,” saidDr. Ed Schweitzer, founder of Schweitzer Engineering Laboratories in Pullman.

“Maintaining good relations with our northern neighbors is paramount to our maritime industry. Along with being a key supplier for vital parts of the industry, our relations also impact negotiations, such as the Pacific Salmon Treaty being negotiated right now. These negotiations and trade rely on goodwill and good relations, and we cannot state enough how much we value our Canadian partners in all sectors of our maritime industry here in the United States,” said Dan Tucker, Executive Director of the Whatcom Working Waterfront Coalition.

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs in the state tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been constantly lifting up the voices of people in every corner of Washington state who are being harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this year—among many other events—Senator Murray brought together leaders across Washington state to highlight how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector, and held a roundtable discussion in Blaine on how Trump’s chaotic trade war and senseless tariffs are specifically hurting Washington state’s border communities and local businesses. Senator Murray has also taken to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

Senator Murray’s full remarks, as delivered, are below and video is HERE:

“Thank you everyone for joining us today.

“You know for a so-called businessman, President Trump doesn’t seem to know the first thing about running a business—then again, maybe that explains his six bankruptcies. But besides that, every time Trump opens his mouth, he is demonstrating that he doesn’t understand how tariffs work and doesn’t care if his absurd tax hikes are hurting our economy and our small businesses. The reality is plain as day. Especially in places like Washington state where we are on the front line of a trade war with our neighbors that nobody asked for.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries.

“Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year.

“So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.

“How are farmers supposed to stay afloat when Trump just jacked up the cost of the supplies they need, at the same time that he is driving some of their best customers away?

“How are businesses and factories supposed to keep the lights on when their supply chains are being disrupted, and their inputs—like energy, and steel, and aluminum—keep getting more expensive?

“How are hotels and towns that are fueled by tourism supposed to keep their doors open, when cancellations are going up, bookings are going down, and 75 percent of Canadian travelers who weregoing to visit the U.S. are deciding they’d now rather go somewhere the President doesn’t constantly attack?

“So, let’s be clear, these aren’t hypothetical questions. They are the cold, hard realities Trump is forcing onto our communities. It doesn’t take much imagination to see how hard Trump’s trade war is making life for people—especially for our border communities.

“All you have to do is listen. Talk to ferry operators, who are feeling the squeeze of reduced travel. Talk to community leaders in Bellingham and Whatcom County, where 12 percent of taxable retail sales came from Canadians. Talk to business owners in Point Roberts, which just completely depends on Canadian trade and tourism.

“I have been telling this over and over to my colleagues and anyone who will listen. If you want to understand the real cost of what is happening, come to Washington state, talk to people on the front lines of this pointless, painful trade war.

“And that’s exactly why we are having this call today. To put a spotlight on what we are seeing on both sides of the border; to make more of these voices heard; to raise the alarm; and maybe even offer a little economics lesson to Trump—since he appears to need it.

“When you raise the costs for small businesses—which is exactly what tariffs do, when you drive away loyal customers, and trading partners—which is exactly what happens when you toss up barriers and toss out insults—you make life harder, and you raise costs for everyday Americans. It is very clear that President Trump wants to treat tariffs like a reality TV show, constantly playing up the outrage and the uncertainty of the ‘Will he? Won’t he?’ drama that he seems to like living in. But the questions that I am hearing when I talk to folks home in Washington state, are more like, ‘Why on Earth would he do this?’ and ‘What the heck is he thinking?’ and ‘How am I going to be able to afford this?’

“Because here’s what Trump needs to understand: this is not reality TV. This is actual reality. These aren’t peopleplaying ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up.

“So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy.

“It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.

“We have got to keep talking about this, which is why we are having this call today, until more of my Republican colleagues get the message. And I thank everybody who’s participating in this today to talk about what you are seeing.

“So, I’m joined on this call by British Columbia Premier David Eby, he will be speaking next. As I’ve told him in the past, I appreciate our relationship and thank you for working with us on this. It’s a joy to have you on this call.”

MIL OSI USA News –

July 24, 2025
MIL-OSI Asia-Pac: Taisugar Stands with Farmers, Rent Relief of One to Three Months Offered to Typhoon-Affected Tenants, Based on Damage Severity

Source: Republic of China Taiwan

On July 7, Typhoon Danas passed through southern Taiwan leaving a trail of devastation. To reduce the burden on farmers and help them get through these difficult times, Taisugar is offering to waive rent for one to three months depending on the severity of the damage and proof of typhoon-related losses.

According to Taisugar, tenants in areas eligible for agricultural national disaster financial assistance and low-interest rates as announced by the Ministry of Agriculture should report their disaster-related losses to their local town hall/district office and submit proof to the Taisugar land management unit. Taisugar will then issue rent waivers based on the extent of crop damage. Those that suffered between 20% to 40% damage will have their rent waived for 1 month. Those with over 40% but less than 60% damage will have their rent waived for 2 months. Those with over 60% damage will have their rent waived for 3 months. Additional extensions may be negotiated in special circumstances. Rent paid in advance can be rolled over to the following year or used to extend their lease.

Taisugar added that if the tenant wishes to terminate their lease due to the impact of the disaster, any rent or bond paid in advance can be refunded without interest once both parties have agreed on a termination date. Taisugar is willing to do everything possible to stand with farmers and help them get through these difficult times.

TSC News Contact Person:
Chang Mu-Jung
Public Relations, Department of Secretariat, TSC
Contact Number: 886-6-337-8819 / 886-920-636-951
Email:a63449@taisugar.com.tw

MIL OSI Asia Pacific News –

July 24, 2025
MIL-OSI Russia: Analysis of China’s Economic Growth Drivers for the First Half of the Year

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

On July 15, the National Bureau of Statistics (NBS) of China released data showing that China’s gross domestic product (GDP) for the first half of 2025 was 66.0536 trillion yuan. In terms of constant prices, the year-on-year growth reached 5.3%. NBS Deputy Director Sheng Laiyun noted that since the beginning of this year, the national economy has withstood the pressure and, despite the difficulties, continues to develop steadily, accumulating new driving forces for growth and improving the circulation of economic processes.

As the data show, in the first half of the year, the contribution of final consumption expenditure to economic growth was 52%, gross capital formation was 16.8%, and net exports of goods and services was 31.2%. Of these “three driving forces” of the economy, consumption remains the main factor in GDP growth.

According to Wang Xiaosong, professor at the Institute of Economics at Renmin University of China, the data for the first half of the year show that the Chinese economy is developing steadily while maintaining stability, demonstrating its high resilience and potential for future growth. This is mainly due to China’s solid industrial base – both the manufacturing and service sectors have made significant progress in recent years. The indicators for the first half of the year show that added value and investment in machinery are growing rapidly, demonstrating the high resilience and potential for development of the Chinese economy. In addition, the government has taken a number of measures to stabilize growth. Both fiscal policy and targeted monetary policy have had a very positive effect.

In the first half of the year, the consumer market continued to gain momentum, and the potential of the super-large Chinese market was steadily unleashed, demonstrating the dynamism of the Chinese economy. In terms of market sales, the total retail sales volume of consumer goods in the first half of the year was 24.55 trillion yuan, up 5% year-on-year.

According to Qi Yunlan, deputy department director and research fellow at the Institute of Market Economy, Development Research Center of the State Council, this year, with the effective combination of policies to actively support consumption and the continued optimization of the consumption structure, the domestic consumer market has improved significantly. The trade-in program has been expanded and improved, which has stimulated the acceleration of growth in commodity consumption.

According to statistics, in the first half of this year, China’s industrial production rapidly gained momentum, and the machinery and high-tech manufacturing industries showed good growth dynamics. The added value of machinery increased by 10.2% compared with the same period last year, and that of high-tech manufacturing by 9.5%. From January to May, the number of applications for valid invention patents in China approached 5 million, up 12.8% year-on-year.

According to Lian Ping, chairman of the China Forum of Chief Economists and director of the Guangkai Institute of Industrial Research, the economic performance in the first six months generally exceeded market expectations, with the main feature being the release of pent-up demand and the improvement of the economic structure. Consumption growth was higher than market expectations and significantly recovered from the previous year. In addition, production and investment in the manufacturing industry showed steady positive dynamics, especially in areas related to new-quality productive forces, where the growth rate exceeded the double-digit threshold.

In the first half of the year, the total volume of import and export trade was 21.7876 trillion yuan, up 2.9% year-on-year. Machinery exports grew by 9.5% to account for 60% of total exports.

Qin Tai, deputy director and chief macroeconomic analyst at Huafu Securities Research Institute, said that two key factors played a decisive role in the first half of the year. First, financial subsidies for durable goods provided a significant stimulus effect. Second, China’s industrial chain, with its integrity, advanced technology and resilience, performed well.

Sheng Laiyun said that the economy as a whole performed steadily in the first half of the year, showing positive dynamics while maintaining stability, which is a very valuable achievement. Since the beginning of this year, China has been implementing more active and effective macroeconomic policies, which has played an important role in maintaining stability. According to the instructions of the central government, relevant departments will speed up the implementation of a set of measures for the second half of the year in the near future, and they will continue to play a key role in ensuring the stable functioning of the economy.

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

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MIL OSI Russia News –

July 24, 2025
MIL-OSI New Zealand: Exploring the societal impacts of medicines

Source: PHARMAC

“Right now, our decision-making framework—the Factors for Consideration—looks at how a medicine affects the person who needs it, their whānau, and the health system,” says Dr David Hughes, Pharmac’s Director of Advice and Assessment

Like countries such as Australia, Canada, and the UK, our economic evaluations focus on the health system perspective. That means we look at how well a medicine works and what it will cost the health system in New Zealand.

But there are other ways to look at the value of funding a medicine – for example, through a societal lens.

“Medicines can have an impact on New Zealanders well beyond the hospital room. They can help people stay in work, reduce the need for unpaid care, and ease financial pressure on families,” says Dr Hughes.

To begin exploring this idea, Pharmac partnered with researchers at Erasmus University in the Netherlands last year and is now working with the Institute for Medical Technology Assessment (iMTA) at Erasmus University – world leaders of the ‘societal perspective.’

Their pilot study showed that using a societal perspective can change how New Zealand values medicines. Greater value was identified for treatments for chronic conditions affecting working-age people, for example, when broader impacts were considered.

Pharmac is now commissioning two more assessments from iMTA. The Erasmus team will also train Pharmac staff to apply this approach in future assessments.

Pharmac has also been talking with the Canadian Drug Agency (CDA) to share perspectives on measuring societal impacts. At the same time, the CDA has been piloting its own assessment of an expanded societal perspective.

“We’re building our capability to see what it would look like if our assessments reflect the value of medicines not just to the health system, but to the whole of society,” says Dr Hughes.

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI China: Half a century on, China-EU ties require collaboration rather than division

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

Flight MU845 headed for Paris is set to depart Nanjing Lukou International Airport in Nanjing, east China’s Jiangsu Province, late July 8, 2025. [Photo/Xinhua]

This year marks the 50th anniversary of diplomatic ties between China and the European Union (EU), a milestone in a relationship that has matured through dialogue, cooperation and mutual benefit.

As the international landscape grows increasingly fraught, the anniversary offers a timely reminder: China is a critical partner to Europe, not a systemic rival.

That distinction matters. Despite occasional disagreements, the relationship between China and Europe is underpinned by a wide range of shared interests, including trade, climate, and global governance. These areas of common ground should not be eclipsed by isolated points of friction.

From just 2.4 billion U.S. dollars in trade in 1975 to nearly 785 billion dollars in 2024, China-EU economic ties have become one of the most vibrant engines of global growth. Tens of thousands of freight trains have linked Chinese cities with over two dozen European countries. Investment flows have steadily expanded. Tourism, education, and people-to-people exchanges are flourishing. Such a relationship is not adversarial but essential.

Admittedly, like all major economic players, China and the EU do not agree on everything. But disagreement does not equal confrontation. In fact, it is through dialogue that differences can be managed, and mutual interests enhanced.

Some in Europe express concerns over so-called trade imbalances and follow Washington’s talk of “de-risking” and “de-coupling from China.” But such concerns often miss the broader picture.

The EU has long benefited from its trade with China, not only through exports of goods but through the access its businesses enjoy in a vast and evolving market. From luxury brands and automobiles to pharmaceuticals and engineering, European firms have built a strong presence in China.

Moreover, trade is not merely about goods. Services such as education, travel and tourism, where Europe enjoys clear advantages, have formed a growing and vital part of bilateral exchanges. Chinese tourists, students, and business travelers have made meaningful contributions to Europe’s economy and cultural life.

China and Europe also share common principles. Both advocate for multilateralism, a UN-centered international system, and a multilateral trade regime with the World Trade Organization (WTO) at its core. Both support multipolarity and globalization. Both are committed to tackling climate change and development deficits — real challenges that demand cooperation, not confrontation.

China, which does not seek dominance in global affairs, has never imposed its choices on Europe, nor has it blamed the EU for its domestic challenges. On the contrary, China has consistently supported a strong, united and strategically autonomous Europe. China firmly believes that Europe is a critical pole in a multipolar world and a key partner in promoting a more inclusive and just global order.

China’s pursuit of high-quality development aligns naturally with Europe’s goals of a green transition and renewed competitiveness. Despite differences on certain issues, China’s door to Europe remains open. It will continue to expand cooperation in areas ranging from green development to digital innovation, and from AI governance to upholding a free and open world economy.

The significance of China-EU ties extends far beyond bilateral interests. Whether in green supply chains, creating joint technological standards, or climate governance, each area of cooperation sends a signal of hope and stability to a world in flux.

As global climate change think tank E3G rightly pointed out, China and the EU are clean-tech powerhouses and agenda-setters in global climate policy. Allowing geopolitical tensions or trade frictions to derail this cooperation would be a serious strategic mistake.

The relationship needs more trust, not suspicion; more bridges, not barriers. This requires a return to the original spirit of China-EU engagement based on mutual respect, mutual benefit and shared progress.

As former EU official Gerhard Stahl noted, framing China as a “systemic rival” has done more to fuel misunderstanding than to foster constructive engagement. China, one of Europe’s most important partners, offers long-term predictability and enormous opportunity. The prospects for China-EU relations are brighter than ever.

MIL OSI China News –

July 24, 2025
MIL-OSI China: China completes preliminary design of 4th-generation commercial fast reactor

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

China National Nuclear Corporation (CNNC) has announced that it had finished the preliminary design of the country’s first fourth-generation 1-million-kilowatt commercial fast reactor, called CFR1000.

The announcement was made at a symposium on advanced nuclear energy development held in Fuzhou, capital of east China’s Fujian Province, on Tuesday.

Confirmation of this progress came as the country continues to seek the development of greater green energy capabilities to power its economy amid a spate of efforts to improve its energy mix and meet its dual carbon targets.

Zheng Yanguo, CNNC’s deputy chief engineer, said the CFR1000, with an installed capacity of 1.2 million kilowatts, demonstrates full alignment with the requirements of fourth-generation technology for enhanced safety, sustainability and economic performance.

Fast reactors, also known as fast neutron breeder reactors, utilize fast neutrons to sustain nuclear fission and generate heat for power generation. Recognized globally as a key fourth-generation advanced nuclear energy system, fast reactors offer advantages in terms of fuel utilization, waste reduction and safety.

Among the six reactor types categorized internationally as fourth-generation technologies, three are fast reactors, which are sodium-cooled, gas-cooled or lead-cooled. Of these, sodium-cooled fast reactors are considered the most mature and promising thanks to their high breeding ratio, strong capacity to transmute long-lived radioactive waste, and inherent safety features.

With more than 400 reactor years of operational experience worldwide, sodium-cooled fast reactors are the most developed of the fourth-generation technologies, offering a strong foundation for commercial application.

Experts say the successful development of the CFR1000 marks a major step forward in China’s efforts to ensure energy security, promote green and low-carbon development, and lead the global advancement of next-generation nuclear energy.

China views fast reactor development as a crucial step in its “thermal reactors, fast reactors, fusion reactors” three-stage nuclear energy development strategy, Zheng said. China’s first experimental fast reactor was successfully connected to the grid in 2011.

Over the past more than 10 years, China has independently developed a full range of core and supporting technologies, and established a complete industrial chain for large-scale fast reactors, Zheng said.

MIL OSI China News –

July 24, 2025
MIL-OSI USA: Booker, Schumer, Duckworth, Murray, DeLauro Reintroduce Bicameral Legislation to Increase Access to Fertility Treatment
US Senate News:
Source: United States Senator for New Jersey Cory Booker

WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Democratic Leader Chuck Schumer (D-NY), Tammy Duckworth (D-IL), and Patty Murray (D-WA), along with U.S. Representative Rosa DeLauro (D-CT) reintroduced the bicameral Access to Fertility Treatment and Care Act, legislation that would require more health insurers to provide coverage for infertility treatment, as well as fertilitypreservation services for individuals who undergo medically necessary procedures that may cause infertility, such as chemotherapy.

“Everyone’s path to parenthood is different, and the decision to pursue fertility treatments is deeply personal,” said Senator Booker. “Nobody should have to choose between financial stability and the opportunity to have a family. On top of that, people who find themselves at the daunting intersection of a cancer diagnosis and fertility challenges should have access to affordable fertility services. This legislation would require more insurance plans to cover fertility treatments so that Americans no longer face barriers to care when deciding to start a family.”

“While Republicans have tried to brand themselves as the pro-family party, Senate Democrats are putting forward actual solutions to help the millions of Americans grappling with the financial and medical realities of safely growing their families,” said Leader Schumer. “Infertility can – and does – affect so many in our communities, and while Republicans continue their relentless attacks on reproductive rights, I will keep fighting to protect access to affordable health care and am proud to support this legislation which offers hope and opportunity to many with this deeply personal decision.”

“Millions of Americans depend on IVF to build a family—and yet, this treatment is too often out of reach for so many because of exorbitant, out-of-pocket costs,” said Senator Duckworth. “If Donald Trump really wants to deliver on his campaign promise to ensure IVF is covered for those who rely on it, he’d call on Republicans to support our bill that would expand coverage for so many more Americans. Otherwise, all the pro-IVF talking points are just more empty promises from people who have proven time and again they have no interest in actually taking any meaningful action to protect IVF access.”

“Infertility is a painful struggle for millions of people in America, and the steep cost of infertility treatment like IVF prevents many of them from growing their families—that’s just wrong. The Access to Fertility Treatment and Services Act would require more insurance plans, including TRICARE and the VA coverage our veterans and their families rely on, to cover infertility treatment without raising insurance costs or copays. We should be doing everything we can to support families and make it easier to have and raise children in America, and our legislation is one important step in that direction,” said Senator Murray.

“When people don’t have insurance coverage for fertility care, they are forced to make impossible choices between paying for treatment or affording essentials,” said Congresswoman DeLauro. “The emotional and physical toll of trying to build a family is already heavy. We should not add a crushing financial burden on top of it. This bill ensures that all families have the insurance coverage they deserve. Americans should have the opportunity to grow their families without sacrificing their basic needs.”

“Every day providers encounter patients who need medical treatments like IVF to build their families, but have to forego, delay, or stop treatment because they cannot afford it,” said Sean Tipton, ASRM Chief Advocacy & Policy Officer. “While ASRM has championed progress on state-level IVF mandates, we firmly believe that access to health care should not depend on your zip code. For this reason, we remain grateful to Sen. Booker and Rep. DeLauro for their tireless leadership on the Access to Infertility Treatment and Care Act. It is well past time for Congress to pass this critical legislation and achieve access to family building care for all Americans.”

“Every day, millions of Americans face heartbreaking and unnecessary barriers to building their families, simply because they can’t afford the out-of-pocket medical costs. Access to fertility treatment should not depend on your income, your zip code, or your employer. The ‘Access to Fertility Treatment and Care Act’ is a critical step toward ensuring that everyone has the opportunity to pursue their dream of having a family. On behalf of RESOLVE and the family-building community, I thank Senator Cory Booker and Congresswoman Rosa DeLauro for their steadfast leadership in championing equitable access to care,” said Danielle Melfi, President & CEO, RESOLVE: The National Infertility Association.

Despite the prevalence of infertility – a reported one in six couples have challenges conceiving – coverage for treatment options is limited. In 2024, nearly half of large employers voluntarily offered fertility benefits and 97% of those offering benefits reported no significant increase in costs to their medical plans.

Specifically, the Access to Fertility Treatment and Care Act would:
1. Require most private health insurance plans, as well as plans offered by the Federal Employees Health Benefits Program, Medicaid, TRICARE, ERISA, and the VA, to provide coverage for treatment of infertility without raising insurance or copayment costs.
2. Ensure these plans cover fertility preservation services for individuals who undergo a medically necessary procedure that may cause infertility.
The bill is endorsed by the following organizations: Alliance for Fertility Preservation, Endocrine Society, Hadassah, The Women’s Zionist Organization of America, North American Society for Pediatric and Adolescent Gynecology, National Women’s Political Caucus, American Society for Reductive Medicine, Resolve, MomsRising, In Our Own Voice: National Black, Women’s Reproductive Justice Agenda, National partnership for Women and Families, Invisible Project, Human Rights Campaign, Families USA, National LGBTQ Task Force Action Fund, Service Women’s Action Network, Guttmacher, ACOG, and AllPaths Family Building.

The bill is cosponsored by U.S. Senators Chris Coons (D-DE) and Amy Klobuchar (D-MN).

The full text of the bill can be found here.
MIL OSI USA News –
July 24, 2025
MIL-OSI USA: Booker, Schumer, Duckworth, Murray, DeLauro Reintroduce Bicameral Legislation to Increase Access to Fertility Treatment
US Senate News:
Source: United States Senator for New Jersey Cory Booker

WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Democratic Leader Chuck Schumer (D-NY), Tammy Duckworth (D-IL), and Patty Murray (D-WA), along with U.S. Representative Rosa DeLauro (D-CT) reintroduced the bicameral Access to Fertility Treatment and Care Act, legislation that would require more health insurers to provide coverage for infertility treatment, as well as fertilitypreservation services for individuals who undergo medically necessary procedures that may cause infertility, such as chemotherapy.

“Everyone’s path to parenthood is different, and the decision to pursue fertility treatments is deeply personal,” said Senator Booker. “Nobody should have to choose between financial stability and the opportunity to have a family. On top of that, people who find themselves at the daunting intersection of a cancer diagnosis and fertility challenges should have access to affordable fertility services. This legislation would require more insurance plans to cover fertility treatments so that Americans no longer face barriers to care when deciding to start a family.”

“While Republicans have tried to brand themselves as the pro-family party, Senate Democrats are putting forward actual solutions to help the millions of Americans grappling with the financial and medical realities of safely growing their families,” said Leader Schumer. “Infertility can – and does – affect so many in our communities, and while Republicans continue their relentless attacks on reproductive rights, I will keep fighting to protect access to affordable health care and am proud to support this legislation which offers hope and opportunity to many with this deeply personal decision.”

“Millions of Americans depend on IVF to build a family—and yet, this treatment is too often out of reach for so many because of exorbitant, out-of-pocket costs,” said Senator Duckworth. “If Donald Trump really wants to deliver on his campaign promise to ensure IVF is covered for those who rely on it, he’d call on Republicans to support our bill that would expand coverage for so many more Americans. Otherwise, all the pro-IVF talking points are just more empty promises from people who have proven time and again they have no interest in actually taking any meaningful action to protect IVF access.”

“Infertility is a painful struggle for millions of people in America, and the steep cost of infertility treatment like IVF prevents many of them from growing their families—that’s just wrong. The Access to Fertility Treatment and Services Act would require more insurance plans, including TRICARE and the VA coverage our veterans and their families rely on, to cover infertility treatment without raising insurance costs or copays. We should be doing everything we can to support families and make it easier to have and raise children in America, and our legislation is one important step in that direction,” said Senator Murray.

“When people don’t have insurance coverage for fertility care, they are forced to make impossible choices between paying for treatment or affording essentials,” said Congresswoman DeLauro. “The emotional and physical toll of trying to build a family is already heavy. We should not add a crushing financial burden on top of it. This bill ensures that all families have the insurance coverage they deserve. Americans should have the opportunity to grow their families without sacrificing their basic needs.”

“Every day providers encounter patients who need medical treatments like IVF to build their families, but have to forego, delay, or stop treatment because they cannot afford it,” said Sean Tipton, ASRM Chief Advocacy & Policy Officer. “While ASRM has championed progress on state-level IVF mandates, we firmly believe that access to health care should not depend on your zip code. For this reason, we remain grateful to Sen. Booker and Rep. DeLauro for their tireless leadership on the Access to Infertility Treatment and Care Act. It is well past time for Congress to pass this critical legislation and achieve access to family building care for all Americans.”

“Every day, millions of Americans face heartbreaking and unnecessary barriers to building their families, simply because they can’t afford the out-of-pocket medical costs. Access to fertility treatment should not depend on your income, your zip code, or your employer. The ‘Access to Fertility Treatment and Care Act’ is a critical step toward ensuring that everyone has the opportunity to pursue their dream of having a family. On behalf of RESOLVE and the family-building community, I thank Senator Cory Booker and Congresswoman Rosa DeLauro for their steadfast leadership in championing equitable access to care,” said Danielle Melfi, President & CEO, RESOLVE: The National Infertility Association.

Despite the prevalence of infertility – a reported one in six couples have challenges conceiving – coverage for treatment options is limited. In 2024, nearly half of large employers voluntarily offered fertility benefits and 97% of those offering benefits reported no significant increase in costs to their medical plans.

Specifically, the Access to Fertility Treatment and Care Act would:
1. Require most private health insurance plans, as well as plans offered by the Federal Employees Health Benefits Program, Medicaid, TRICARE, ERISA, and the VA, to provide coverage for treatment of infertility without raising insurance or copayment costs.
2. Ensure these plans cover fertility preservation services for individuals who undergo a medically necessary procedure that may cause infertility.
The bill is endorsed by the following organizations: Alliance for Fertility Preservation, Endocrine Society, Hadassah, The Women’s Zionist Organization of America, North American Society for Pediatric and Adolescent Gynecology, National Women’s Political Caucus, American Society for Reductive Medicine, Resolve, MomsRising, In Our Own Voice: National Black, Women’s Reproductive Justice Agenda, National partnership for Women and Families, Invisible Project, Human Rights Campaign, Families USA, National LGBTQ Task Force Action Fund, Service Women’s Action Network, Guttmacher, ACOG, and AllPaths Family Building.

The bill is cosponsored by U.S. Senators Chris Coons (D-DE) and Amy Klobuchar (D-MN).

The full text of the bill can be found here.
MIL OSI USA News –
July 24, 2025
MIL-OSI USA: Booker Reintroduces Scale-Up Manufacturing Investment Company Act

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) reintroduced the Scale-Up Manufacturing Investment Company Act, legislation to nurture innovation in our entrepreneurs and help bring manufacturing jobs back home by increasing access to capital for small manufacturers seeking to scale up their operations.
Lack of access to capital pushes emerging entrepreneurs to produce their advanced manufacturing technologies abroad in other nations that provide financing opportunities for scaling manufacturers. Not only does this migration drain the United States of innovative manufacturing capabilities, it also causes us to lose out on high-paying, high-skilled manufacturing jobs that accompany the commercialization of new ideas. We must do more to keep these jobs and opportunities for innovation here at home.
“Decades of bad trade deals and offshoring have hollowed out domestic manufacturing, and we must start giving American businesses the tools they need to build, create jobs, scale, and stay competitive—at home,” said Senator Booker. “If we continue to fall short in this space, our competitors will fill the vacuum and America will lose out on these engines for innovation and job growth. This legislation will help our manufacturing sector thrive and bring good-paying jobs home by providing resources for manufacturers, entrepreneurs and small businesses to innovate on a larger scale.”
Nearly half of the American workforce is employed by small businesses. As of 2024, small businesses employ 45.9% of the U.S. workforce, approximately 59 million people, and have long served as engines of job creation and innovation. To survive in today’s increasingly competitive economy, entrepreneurs often must expand quickly, growing on their own or in collaboration with larger firms to help scale-up their innovations into commercialized products which often require highly complex, advanced manufacturing capabilities that demand more time and capital to scale than nonproduction firms. However, our nation’s financing mechanisms have not kept up with this changing landscape and make it difficult for these companies to find the capital needed to demonstrate viability of their technology at a commercial scale.
The Scale-Up Manufacturing Investment Company Act would:
Establish a new federal investment program under the SBA to provide matching capital (leverage) to private investment funds supporting U.S.-based manufacturing scale-up projects.
Create a licensing and selection process for “participating investment funds” with rigorous criteria including track record, capital raised, and experience in manufacturing.
Authorize up to $1 billion per year in SBA leverage, capped at $500 million per fund, with a required minimum of $250 million in private capital per participating fund.
Funds must invest in “qualifying manufacturing projects” that build first commercial production facilities or scale novel manufacturing technologies, with limitations on investment concentration and leverage use.
Implement strong oversight through regular audits, reporting, independent valuations, and provisions for fund discipline and SBA enforcement.
To read the full text of the bill, click here.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Variety Op-Ed: “Elizabeth Warren on Colbert ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?”

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
July 23, 2025
“The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.”
“The moment we turn a blind eye to these deals is the moment we start to lose our democracy.”
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) published an op-ed in Variety making the case that the Late Show with Stephen Colbert’s cancellation may be another one of Donald Trump’s attempts to get big corporations to buy his favor and bow down before him.
Senator Warren has been leading the charge to determine if Paramount is bribing President Trump in exchange for approval of its multi-billion-dollar megamerger with Skydance, and has fought relentlessly across the board against President Trump’s corruption.
Read the full op-ed here and below:
Variety – Elizabeth Warren on Colbert’s ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?July 23, 2025
President Donald Trump and CBS parent company Paramount want you to think that The Late Show with Stephen Colbert was canceled for “purely financial” reasons. Really?
During the 2024 election, Donald Trump sued CBS, making claims CBS called “meritless.” Legal experts could see from a mile away that Trump’s claims were bogus. Paramount seemed ready to fight the allegations, and it looked like they’d win that fight handily. Then Trump took office in January 2025.
From the first moments of his presidency, Trump quickly made it clear that he was happy to use his executive power to enrich himself. He was eager to hand out favors — for the right price — and threaten punishment for those who pushed back. There’s a reason that billionaire CEOs paid millions of dollars to get front-row access to his inauguration.
This is where questions about a Paramount payout to Trump come in. Right now, Paramount is trying to merge with Skydance, another huge media company. This deal is worth $8 billion – and, by the way, it could raise prices for millions of viewers. But here’s the kicker: this merger can only go through if it’s approved by the Trump administration.
Instead of fighting Trump on his “meritless” lawsuit, Paramount settled, handing $16 million to Trump’s presidential library. This looks like bribery in plain sight, and that’s exactly what Stephen Colbert said on his show: “This kind of complicated financial settlement with a sitting government official has a technical name in legal circles: it’s ‘big, fat bribe.’” Three days later, Paramount-owned CBS canceled Colbert’s show. And Trump didn’t waste a moment before celebrating the news.
Was it a coincidence that CBS canceled Colbert just three days after he spoke out? Are we sure that this wasn’t part of a wink-wink deal between the president and a giant corporation that needed something from his administration? If CBS made this decision for “purely financial” reasons, why the timing? And why did Trump say “I hope I played a major part in” getting Colbert fired? These are fair questions, and ones that I have asked Paramount and Skydance.
The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.
ABC News handed over $15 million to Trump’s presidential library in a settlement for another questionable defamation lawsuit. Trump was even more direct with Mark Zuckerberg, reportedly telling him that the price for being “brought in the tent” of the new Trump administration was to settle another doubtful lawsuit. Zuckerberg immediately bowed down, ending Meta’s fact-checking program and dumping $22 million into the Trump library. And Trump is running the same play again: immediately after Paramount folded, Trump sued the Wall Street Journal over an article that exposed details about his relationship with Jeffrey Epstein.
As Trump works to dampen any criticism in the media, he has also launched attacks on other independent institutions. In his first few months in office, Trump has aggressively threatened both universities and law firms in an effort to force them to bend to his will. The pattern is the same: Trump threatens to bring down the weight of the federal government on a single institution, and, too often, the targets feel they have no option but to bow down to an all-powerful Trump.
And for everyone in the free press, the academic world and the legal system, Trump has delivered his message with ruthless bluntness: If you criticize him, you could be forced to pay dearly.
The wealthy and well-connected have long had outsized influence in Washington, but Donald Trump is the most corrupt president in American history. He is using that corruption to gain control over independent organizations and people who might hold him to account. Every threat, use of intimidation, and potential bribe undermines our democracy as it moves Trump closer to absolute control.
I recently introduced my Presidential Library Anti-Corruption Act to close at least one bribery loophole. This bill would block anyone from dumping tens of millions of dollars into a president’s library slush fund while that president still sits in the Oval Office. It would mean Paramount couldn’t funnel nearly $16 million to Trump’s library while it seeks favors from his administration. It would mean Qatar couldn’t “gift” Trump a $400 million private jet destined for some future library. This is a basic, common-sense reform that would help ensure that the government works for the American public, not just for people willing to pay for presidential favors. But that’s just Step One.
Trump and his billionaire friends may think they can turn the power of the federal government into a tool they can deploy to make themselves richer while the rest of us stand quietly by. But we understand that the moment we turn a blind eye to these deals is the moment we start to lose our democracy.
In the coming weeks, months, and years, all of us must show Trump that we see his march toward authoritarianism and we will not be silenced. Democrats need to embrace the fight against corruption as a top priority. Republicans need to grow a spine and get behind common-sense anti-corruption measures. All Americans need to speak up. Because yes, it’s a shame that CBS canceled The Late Show with Stephen Colbert, but it is a threat to all of us that the top late-night show in the country may have been canceled in order to curry favor with a wannabe king.

MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Economics – Tariffs and uncertainty likely to dampen medium-term inflation pressures – Reserve Bank of NZ

Source: Reserve Bank of New Zealand

24 July 2025 – Global tariffs and economic uncertainty are likely to mean less inflation pressures in New Zealand and a pullback in business investment and household spending, RBNZ Chief Economist Paul Conway says.

However, the economy is currently supported by high export prices and lower interest rates, he says.

In a speech delivered to Business New Zealand in Wellington today, Mr Conway says that as a small, open economy, we are heavily influenced by global developments.

“Being tied in with the global economy helps us prosper. It also means that when something big happens offshore, such as the imposition of tariffs, its ripple effects impact the New Zealand economy,” he says.

The US has made a decisive shift towards a more trade protectionist stance, which is a major change in the global trading environment with significant implications for the global economy, Mr Conway says.

Tariffs may make global supply chains less efficient and could nudge up the cost of imports. This is why tariffs are expected to add to inflation pressures in the US.

But for New Zealand, the main impact is likely to be weaker global growth, which could reduce demand for our exports and lower import prices. Import prices could fall further as other countries redirect their exports away from the US. This is expected to reduce inflation pressures here.

At the same time, uncertainty is elevated, making it harder for households and businesses to plan.

“When businesses aren’t sure what’s coming, they hold off hiring and delay big investments. Households tend to respond to increased uncertainty by putting off big sp

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: Capito: The One Big Beautiful Bill is a Family Bill
US Senate News:
Source: United States Senator for West Virginia Shelley Moore Capito

WASHINGTON, D.C. – The One Big Beautfil Bill, which was signed into law on July 4th, makes historic investments in the American family, expands access to childcare, and reaffirms Republicans’ commitment to protecting life at every age.

“The One Big Beautiful Bill is a family bill through and through. By expanding the child tax credit, setting up savings accounts for newborns, and making it easier for employers to provide childcare, Republicans are delivering on our promise to strengthen and support American families. The childcare provisions in the OBBB are especially important for West Virginians because more than 25,000 children under the age of 6 need childcare and don’t have it. By putting more money back into West Virginians’ pockets and expanding access to childcare, more children and families will thrive,” Senator Capito said.

West Virginia Wins:
- Enhances the Child and Dependent Care Tax Credit (CDCTC), a tax credit that helps working parents offset the cost of childcare.
- Establishes workforce Pell, which will allow students across West Virginia to utilize the Pell Grant to obtain certificates and credentials through short-term programs, something Senator Capito has long advocated for.
- Improves the Employer-Provided Child Care (45F), which supports businesses that want to help provide childcare for their employees.
- Expands the Dependent Care Assistance Plans (DCAP), which are flexible spending accounts that allow for working parents to set aside pre-tax dollars to pay for childcare expenses.
What Others Are Saying:

“Efforts to improve and expand child care-related tax credits are a vital and long-overdue step forward for families and children,” said First Five Years Fund Executive Director Sarah Rittling. “The updated tax credits, including the Child and Dependent Care Tax Credit (CDCTC), are aimed at relieving some of the financial pressure child care costs put on families. Together, CDCTC, with the enhanced Employer-Provided Child Care Credit (45F), and Dependent Care Assistance Plan (DCAP) will help to address the affordability and accessibility of child care while ensuring that employers can be part of the solution. We commend Senator Capito for her leadership, and are grateful to lawmakers in both the House and Senate who championed this issue and helped to ensure it was part of the final reconciliation package.”
MIL OSI USA News –
July 24, 2025
MIL-OSI New Zealand: New investment to drive AI and biotech innovation
Source: New Zealand Government

The Government is investing $24 million in smart, practical science that will help New Zealanders live healthier lives and support the development of sustainable food industries.

Science, Innovation and Technology Minister Dr Shane Reti today announced two major research programmes in partnership with Singapore, focusing on artificial intelligence (AI) tools for healthy ageing and biotechnology for future food production.

“Science and innovation are critical to building a high-growth, high-value economy. That’s why we’re investing in research with a clear line of sight to commercial outcomes and real public benefit,” Dr Reti says.

“This Government is focused on backing the technologies that will deliver real-world results for New Zealanders – not just in the lab, but in our hospitals, homes, and businesses.

“Whether it’s supporting older Kiwis to live well for longer or developing smarter food production systems, these projects are about practical applications of advanced science to solve problems and grow our economy.”

Funded through the Catalyst Fund, designed to facilitate international collaboration, the investment will support seven joint research projects over the next three years, deepening New Zealand’s research ties with Singapore and building capability in AI and biotechnology.

The AI programme, delivered alongside AI Singapore, directly supports the Government’s Artificial Intelligence Strategy – a plan to use AI to safely and effectively boost productivity and deliver better public services.

“Our AI Strategy is about encouraging the uptake of AI to improve productivity and realise its potential to deliver faster, smarter, and more personalised services, including in healthcare,” says Dr Reti.

“These projects will help develop tools that support clinicians and improve care for our ageing population. Our collaboration with Singapore, a country well advanced in their use and development of AI, will help grow Kiwi capability to explore future practical uses of AI.”

The biotechnology programme will focus on turning scientific research into scalable food solutions, including alternative proteins and new food ingredients, in partnership with Singapore’s A*STAR.

“These partnerships are about future-proofing our economy and our communities — tackling global challenges with New Zealand science at the forefront,” Dr Reti says.

Notes to the Editor:

The Leveraging AI for Health Ageing programme will partner with AI Singapore (AISG) and will fund three projects which apply AI to improve health outcomes for older adults, particularly in cognitive health and personalised care:
- AI-Assisted interRAI Assessment – University of Otago will enhance aged care assessments by integrating AI to improve efficiency and personalisation.
- AI-Driven Risk Score for Dementia – University of Auckland will build an AI tool to help clinicians identify individuals at high risk of progressing to dementia.
- AI-Augmented Cognitive Health Monitoring – Victoria University of Wellington will develop a remote monitoring platform using speech analysis, cognitive games, and caregiver input.
The Biotech in Future Food Research Programme will partner with Singapore’s Agency for Science, Technology and Research (A*STAR) and fund four groundbreaking projects:
- Algae-Based Future Foods – Cawthron Institute will develop processing methods for two algae species suited to commercial development in both countries.
- Hybrid Meat Production – University of Canterbury will design a novel, scalable approach to producing affordable hybrid meat.
- Bio-Fermented Functional Foods – University of Auckland will create next-generation food ingredients from bacterial cellulose and mushroom mycelium.
- Black Soldier Fly Bioproducts – Scion will explore the use of insect larvae to develop bioactive compounds and protein sources for human and animal nutrition.
MIL OSI New Zealand News –
July 24, 2025
MIL-OSI New Zealand: Tāwhaki aerospace venture supported to grow

Source: New Zealand Government

Tāwhaki Joint Venture’s crucial role in the Government’s drive to grow our space and advanced aviation sectors has received a $5.85 million boost, Space Minister Judith Collins announced today.

“These are rapidly growing sectors, with space alone growing 53 percent in the five years to 2024, contributing $2.47 billion to the economy in 2023-24,” Ms Collins says.

“The Government sees space and advanced aviation as having huge economic potential, and that’s why we’re working towards delivering a world-class regulatory environment for advanced aviation by the end of this year, as signalled less than a year ago.

“The first step towards this was Tāwhaki National Aerospace Centre being allocated permanent Special Use Airspace – essentially a test flight area that gives advanced aviation companies the freedom to safely trial next-generation technologies.

“Already companies such as Kea Aerospace, Syos and Dawn Aerospace are using Tāwhaki National Aerospace Centre for test flights,” Ms Collins says.

“The Crown’s $5.85 million in operational funding over the next three years will support the Tāwhaki Joint Venture to grow its role as a national aerospace centre and innovation hub.

“This funding will help it scale up aerospace operations, attract new customers, and strengthen New Zealand’s position in the global advanced aviation sector.”

Tāwhaki was established in 2021 by the Crown and two Rūnanga, Te Taumutu and Wairewa, and has established key infrastructure at Canterbury’s Kaitorete Spit, including a sealed runway and hangar.

“The operational funding takes the Crown investment in Tāwhaki to more than $35 million, with this latest phase aimed at ensuring the venture continues to grow, attract commercial operators and deliver long-term value for the region and the country.”

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: Tuberville, Moran Introduce Legislation to Give Cost-of-Living Increase to Veterans

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jerry Moran (R-KS) and other colleagues on the U.S. Senate Veterans’ Affairs Committee in introducing the Veterans’ Compensation Cost-of-Living Adjustment of 2025 (COLA) Act. The legislation would ensure the rate of disability compensation and other financial benefits from the U.S. Department of Veterans Affairs (VA) for veterans and military survivors keep pace with rising costs and inflation, as is for Social Security benefits.

“As Alabama’s voice on the Senate Veterans’ Affairs Committee, I want to ensure we take care of those who have protected us,” said Senator Tuberville. “Veterans’ hard-earned benefits should keep pace with inflation and rising costs of living. I’m proud to join this legislation that would require the VA to account for a cost-of-living adjustment in its annual bottom-line budget. The department exists to serve our brave veterans, and this is one commonsense way to keep that mission top of mind.”

The legislation would increase certain VA benefits including disability compensation, clothing allowances and dependency and indemnity compensation for surviving spouses and children to reflect the reality of increases in the everyday cost of living. It comes as one of several pieces of legislation Senator Tuberville has helped introduce this year to help our veterans, including the Automotive Support Services to Improved Safe Transportation (ASSIST) Act, Veterans Home Choice Act of 2025, Veterans First Act of 2025, Veteran Fraud Reimbursement Act, HBOT Access Act, and Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025.

Full text of the Veterans’ Compensation Cost-of-Living Adjustment of 2025 (COLA) Act can be found here.

MORE:

Tuberville Introduces Legislation to Help Disabled Veterans

Tuberville, VA Secretary Doug Collins Discuss Streamlining Processes to Improve Outcomes for Veterans

Tuberville, Lee Introduce Legislation to Repurpose Woke USAID Funding to Improve Veterans’ Homes

Tuberville, Boozman Introduce Legislation to Support Defrauded Veterans

Tuberville Reintroduces Legislation to Expand Treatment Options for Veterans

Tuberville Introduces Legislation to Ensure Community Care Access for Veterans

Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: $36 Million for Law Enforcement to Fight Gun Violence

Source: US State of New York

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New York State Division of Criminal Justice Services Commissioner Rossana Rosado said, “Thanks to Governor Hochul’s unwavering commitment to public safety, New York continues to see record reductions in gun violence. This funding ensures that our local law enforcement agencies and community organizations can build on the strategies that are working, saving lives, strengthening communities, and restoring trust. I am so proud of my DCJS team members who provide our partners across the state with the tools, training, and resources that allow them to sustain this progress.”

New York State Police Superintendent Steven G. James said, “The GIVE initiative continues to produce results that matter. Thanks to Governor Hochul’s ongoing commitment and the leadership of the Division of Criminal Justice Services, law enforcement agencies across the state are better equipped to target and reduce gun violence. This funding supports the critical work being done on the ground, providing local agencies with the tools, training, and resources they need to keep their communities safe. The New York State Police is proud to support our partners in this effort and remains committed to doing everything we can to protect the people of New York.”

Senate Majority Leader Andrea Stewart-Cousins said, “This funding is a vital investment in the safety and well-being of New Yorkers. By directing this funding to local law enforcement and public safety partners through the GIVE initiative, we are reinforcing evidence-based strategies that are driving down gun violence and saving lives. Our communities throughout the state have made tremendous progress, and this continued investment ensures that momentum continues. I was proud to work with Governor Hochul, Speaker Heastie, and my Senate Majority colleagues to deliver $347 million in this year’s budget to support GIVE and other gun violence prevention efforts across the state.”

State Senator Monica Martinez said, “When it comes to protecting our streets from gun violence, we must ‘GIVE’ law enforcement agencies the funding they need to succeed. These grants help make Suffolk County and other recipient communities safer, as proven by the double-digit declines in shooting-related incidents with injury and shooting deaths. I thank Governor Hochul and the Division of Criminal Justice Services for prioritizing this investment in safer neighborhoods across New York.”

State Senator Siela Bynoe said, “Gun violence is a public health crisis in New York State, and I am grateful to Governor Hochul for taking action to reduce the number of individuals injured or killed in this epidemic. Community-based solutions like the GIVE initiative, which supports Nassau’s law enforcement in their mission to combat gun violence in our neighborhoods, are critical to maintaining statewide progress in reducing shooting incidents. While Nassau County has an extraordinary safety record, there is more work to be done, and this initiative proves to be an invaluable resource.”

Assembly Deputy Speaker Phil Ramos said, “New York continues to lead the nation with bold, innovative strategies that combine precision policing with community-driven public safety. This record-level investment of $36 million underscores our state’s unwavering commitment to real solutions to reduce gun violence. This investment builds on the progress New York has made in saving lives, curbing illegal firearms, and empowering the communities we serve. As a former Detective and Police Officer, I’ve seen firsthand how funds like these provide the necessary resources, focused training, modern technology, and data-driven strategies that produce tangible, measurable results. The numbers speak for themselves: fewer shootings, fewer victims, and safer communities. I commend Governor Hochul for her continued partnership and leadership in ensuring that Long Island and New York State continue to be a safe and prosperous places to live, work, and visit.”

Assemblymember Charles Lavine said, “Since being sworn-in, Governor Hochul has remained laser-focused on fighting crime through all means at her disposal. This includes providing financial support for local law enforcement to ensure it has the necessary resources to do its job and enacting legislation, like my ghost guns bill, designed to keep dangerous firearms off the streets. I am proud of the great progress made so far and look forward to continuing to work with her to prevent senseless violence from occurring and keeping our communities as safe as possible.”

Public safety is my top priority, and since taking office, my administration has been laser focused on working with local law enforcement to drive down gun violence across New York.”

Governor Hochul

Assemblymember Judy Griffin said, “Reducing gun violence is directly linked to public safety. I am proud to live in a state where our constituents know this and demand that we continue to take action. This vital funding will ensure that our local police departments have the equipment and technical assistance needed to continue their fight. Public safety is a top priority for my constituents, and I thank the Governor for designating a portion of this funding to police agencies that serve Nassau County residents.”

Assemblymember Rebecca Kassay said, “Thank you to Governor Hochul for these funds that will provide essential support to our local law enforcement as they work to reduce gun violence, and strengthen safety in our neighborhood. State investments like the GIVE initiative help ensure officers have the training and tools they need to stay safe, protect the public, and build trust within the community.”

Assemblymember Tommy John Schiavoni said, “I would like to thank Governor Hochul for her leadership and steadfast commitment to keeping our communities safe. Governor Hochul’s continued investment in the GIVE initiative is saving lives and making our communities safer. This targeted support for law enforcement and evidence-based violence prevention strategies has produced real, measurable results. I am especially grateful for the funding directed to Long Island, where local agencies are working tirelessly to reduce gun violence and improve public safety for all residents.”

Assemblymember Kwani O’Pharrow said, “Together, we invest in safer streets and stronger communities as we tackle gun violence head on with unwavering support and commitment from our Governor.”

Suffolk County Executive Ed Romaine said, “Thank you to Governor Hochul for providing Suffolk County with vital resources to address gun violence and domestic abuse in our communities. These grants help ensure that our law enforcement officers have the tools they need to protect our families, support survivors, and build safer neighborhoods for everyone who calls Suffolk home.”

Suffolk County Police Department Commissioner Kevin Catalina said, “The grant money builds upon our success in fighting gun violence, providing funds to focus on enforcement and community outreach efforts. The SCPD extends our gratitude to Governor Hochul for the GIVE grant funding which enhances our public safety efforts in Suffolk County.”

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Suffolk County Sheriff Errol D. Toulon, Jr. said, “The GIVE grant has been a critical tool in our efforts to reduce gun violence by funding key personnel and supporting programs that reach at-risk youth before trouble does. This is what real collaboration looks like, and we’re proud to continue this vital work together. I want to thank Governor Hochul for her investment in this initiative to help keep Suffolk County and our communities safe.”

Suffolk County Legislator Rebecca Sanin said, “It is devastating and unacceptable that gun violence is still the leading cause of death for children in the United States. I deeply commend the Governor for taking action—investing in law enforcement and delivering the tools our county needs to safeguard our children. Today marks a significant step forward in our fight to keep our kids safer in Suffolk County, ensuring that their future is not defined by the fear of violence but rather the promise of hope and possibility.”

Scott J. Beigel Memorial Fund Founder Linda Beigel Schulman said, “I thank Governor Hochul for her visit to Suffolk County and her steadfast support to prevent gun violence. I worked closely with her to make red flag laws in New York a reality. Her commitment to better funding for community policing is crucial to deterring crime. We must always do more, and I know the governor is committed to progress.”

GIVE data for each of the 28 police departments and an interactive dashboard featuring current year and annual historical data are available on the Statistics page of the state Division of Criminal Justice Services (DCJS) website.

View the breakdown of funding awarded to GIVE police departments, and district attorneys’ offices, probation departments, and sheriffs’ offices in 21 counties outside of New York City for the contract period July 1, 2025, through June 30, 2026: Albany, Broome, Cayuga, Chautauqua, Chemung, Dutchess, Erie, Jefferson, Monroe, Nassau, Niagara, Oneida, Onondaga, Orange, Rensselaer, Rockland, Schenectady, Suffolk, Tompkins, Ulster, and Westchester. DCJS administers GIVE grants and provides training and technical assistance to partner agencies through the program, which requires agencies to use evidence-based strategies to reduce shootings, save lives and combat violent crime.

The FY26 Enacted Budget sustained unprecedented funding secured by Governor Hochul, including $347 million for GIVE and other gun violence prevention programs, as well as additional initiatives to improve public safety, expand support for victims and survivors of crime, and strengthen communities.

The Division of Criminal Justice Services provides critical support to all facets of the state’s criminal justice system, including, but not limited to: training law enforcement and other criminal justice professionals; overseeing a law enforcement accreditation program; ensuring Breathalyzer and speed enforcement equipment used by local law enforcement operate correctly; managing criminal justice grant funding; analyzing statewide crime and program data; providing research support; overseeing county probation departments and alternatives to incarceration programs; and coordinating youth justice policy. Follow DCJS on Facebook, Instagram, LinkedIn and X (formerly Twitter).

MIL OSI USA News –

July 24, 2025

Category: Economy

Recent monetary policy settings

Our goals of price stability and full employment generally reinforce each other

The dual mandate in the post-pandemic period

How has the labour market adjusted in the current cycle?

Are we close to full employment?

Concluding remarks

Australia’s arguments rejected

Fossil fuel era is over

A spark of hope from the Pacific

A new era for climate justice