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  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year.

    In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000.

    In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions.

    In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.”

    Financial Highlights for First Quarter 2025

    • Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.
    • Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.
    • Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights for First Quarter 2025

    • Total account balance increased 39.5% year-over-year to US$45.9 billion.
    • Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.
    • Total number of customers with deposit increased 23.5% year-over-year to 1,152,900.

    Selected Operating Data for First Quarter 2025

        As of and for the three months ended
        March 31,     December 31,     March 31,
        2024     2024     2025
    In 000’s                
    Number of customer accounts     2,247.4       2,449.3       2,526.7
    Number of customers with deposits     933.4       1,092.0       1,152.9
    Number of options and futures contracts traded     10,850.3       18,926.3       20,400.7
    In USD millions                
    Trading volume     85,410.6       198,016.9       217,453.6
    Trading volume of stocks     28,606.3       55,502.6       59,453.4
    Total account balance     32,872.1       41,725.2       45,861.9
                           

    First Quarter 2025 Financial Results

    REVENUES

    Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year.

    Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers.

    Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income.

    Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year.

    Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year.

    Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees.

    Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees.

    NET INCOME attributable to ordinary shareholders of UP Fintech

    Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year.

    For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs.

    CERTAIN OTHER FINANCIAL ITEMS

    As of March 31, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024.

    As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024.

    In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period.

    The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings.

    Updates to Management and Directors

    Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:
    https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0

    It will automatically lead to the registration page of “UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS – diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))
     
        As of
    December 31,    		     As of
    March 31,    		  
        2024     2025  
        US$     US$  
    Assets:            
    Cash and cash equivalents     393,576,874       403,891,218  
    Cash-segregated for regulatory purpose     2,464,683,625       2,849,477,420  
    Term deposits     1,075,260       1,101,083  
    Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025)     1,052,972,649       1,221,616,295  
    Receivables from brokers, dealers, and clearing organizations     2,305,740,507       2,556,498,087  
    Financial instruments held, at fair value     75,547,082       177,479,943  
    Prepaid expenses and other current assets     17,629,819       19,529,054  
    Amounts due from related parties     16,720,671       13,821,867  
    Total current assets     6,327,946,487       7,243,414,967  
    Non-current assets:            
    Long-term deposits     1,369,994       1,378,037  
    Right-of-use assets     10,880,673       12,736,333  
    Property, equipment and intangible assets, net     15,358,528       15,750,823  
    Crypto assets held     —       3,410,986  
    Goodwill     2,492,668       2,492,668  
    Long-term investments     7,658,809       7,473,531  
    Equity method investment     10,203,622       10,305,433  
    Other non-current assets     6,828,553       8,623,671  
    Deferred tax assets     8,573,135       9,931,234  
    Total non-current assets     63,365,982       72,102,716  
    Total assets     6,391,312,469       7,315,517,683  
    Current liabilities:            
    Payables to customers     3,574,651,125       4,333,279,026  
    Payables to brokers, dealers and clearing organizations:     1,914,769,701       1,975,967,952  
    Accrued expenses and other current liabilities     67,263,254       75,891,783  
    Lease liabilities-current     4,153,928       4,845,376  
    Amounts due to related parties     874,331       53,588,763  
    Total current liabilities     5,561,712,339       6,443,572,900  
    Convertible bonds     159,505,397       160,158,584  
    Lease liabilities- non-current     5,902,323       6,992,755  
    Deferred tax liabilities     2,068,661       2,161,995  
    Total liabilities     5,729,188,720       6,612,886,234  
    Mezzanine equity            
    Redeemable non-controlling interest     7,177,668       5,518,571  
    Total Mezzanine equity     7,177,668       5,518,571  
    Shareholders’ equity:            
    Class A ordinary shares     25,427       25,523  
    Class B ordinary shares     976       976  
    Additional paid-in capital     619,030,730       624,497,561  
    Statutory reserve     12,425,463       12,425,463  
    Retained earnings     37,843,547       70,712,884  
    Treasury stock     (2,172,819 )     (2,172,819 )
    Accumulated other comprehensive loss     (11,919,310 )     (8,090,989 )
    Total UP Fintech shareholders’ equity     655,234,014       697,398,599  
    Non-controlling interests     (287,933 )     (285,721 )
    Total equity     654,946,081       697,112,878  
    Total liabilities, mezzanine equity and equity     6,391,312,469       7,315,517,683  
    UP FINTECH HOLDING LIMITED  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)  
       
        For the three months ended  
        March 31,     December 31,     March 31,  
        2024     2024     2025  
        US$     US$     US$  
    Revenues:                  
    Commissions     27,786,218       55,964,174       58,307,151  
    Interest related income                  
    Financing service fees     2,832,065       2,770,419       2,560,432  
    Interest income     43,841,220       55,762,091       53,805,393  
    Other revenues     4,488,989       9,605,165       7,936,987  
    Total revenues     78,948,492       124,101,849       122,609,963  
    Interest expense     (14,789,835 )     (16,731,341 )     (15,041,810 )
    Total Net revenues     64,158,657       107,370,508       107,568,153  
    Operating costs and expenses:                  
    Execution and clearing     (2,230,863 )     (6,095,132 )     (5,338,917 )
    Employee compensation and benefits     (27,787,218 )     (37,163,110 )     (33,805,808 )
    Occupancy, depreciation and amortization     (2,144,337 )     (2,137,586 )     (2,149,308 )
    Communication and market data     (8,561,482 )     (11,787,814 )     (9,794,869 )
    Marketing and branding     (4,390,987 )     (9,507,918 )     (10,867,048 )
    General and administrative     (5,667,137 )     (6,432,737 )     (5,136,346 )
    Total operating costs and expenses     (50,782,024 )     (73,124,297 )     (67,092,296 )
    Other income (expense):                  
    Others, net     3,615,219       3,469,021       (1,340,064 )
    Income before income tax     16,991,852       37,715,232       39,135,793  
    Income tax expenses     (4,528,297 )     (9,488,084 )     (8,549,158 )
    Net income     12,463,555       28,227,148       30,586,635  
    Less: net (loss) income attributable to non-controlling interests     (17,914 )     12,563       11,527  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Net income attributable to ordinary shareholders of UP Fintech     12,330,147       28,050,257       30,419,125  
    Other comprehensive income (loss), net of tax:                  
    Unrealized gain on available-for-sale investments     —       343,892       —  
    Changes in cumulative foreign currency translation adjustment     (4,791,040 )     (17,440,809 )     3,826,640  
    Total Comprehensive income     7,672,515       11,130,231       34,413,275  
    Less: comprehensive (loss) income attributable to non-controlling interests     (13,454 )     24,226       9,845  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech     7,534,647       10,941,677       34,247,447  
    Net income per ordinary share:                  
    Basic     0.005       0.011       0.012  
    Diluted     0.005       0.011       0.011  
    Net income per ADS (1 ADS represents 15 Class A ordinary shares):                  
    Basic     0.079       0.164       0.173  
    Diluted     0.077       0.158       0.166  
    Weighted average number of ordinary shares used in calculating net income per ordinary share:                  
    Basic     2,342,468,897       2,557,911,677       2,634,972,699  
    Diluted     2,452,022,959       2,687,607,158       2,767,093,920  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)
     
        For the three months ended March 31,2024     For the three months ended December 31,2024     For the three months ended March 31,2025  
              non-GAAP                 non-GAAP                 non-GAAP        
        GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP  
        US$     US$     US$     US$     US$     US$     US$     US$     US$  
        Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  
                2,380,637   (1 )               2,421,342   (1 )               5,621,791   (1 )    

    Net income attributable to ordinary shareholders of UP Fintech

    		     12,330,147       2,380,637       14,710,784       28,050,257       2,421,342       30,471,599       30,419,125       5,621,791       36,040,916  
                                                           
    Net income per ADS – diluted     0.077             0.092       0.158             0.172       0.166             0.198  
    Weighted average number of ADSs used in calculating diluted net income per ADS     163,468,197             163,468,197       179,173,811             179,173,811       184,472,928             184,472,928  

    (1) Share-based compensation.

    The MIL Network –

  • MIL-OSI: eQ Plc Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10 – Rettig Oy Ab

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock Exchange Release
    30 May 2025, at 11.00 a.m.

    eQ Plc has on 29 May 2025, received a notification under Chapter 9, Section 5 of the Finnish Securities Market Act, according to which Rettig Oy Ab’s holding in eQ Plc’s shares and votes has fallen below 15.00 percent. The change in ownership is due to Rettig Oy Ab’s sale of shares on 28 May 2025 to eQ Plc’s CEO elect, Jouko Pölönen, as announced on 5 May 2025.

    On 28 May 2025, Rettig Oy Ab’s holding fell to 14.55 percent of eQ Plc’s shares and votes.

    Total positions of person(s) subject to the notification obligation:

      % of shares and voting rights (A) % of shares and voting rights through financial instruments (B) Total of both in % (A+B) Total number of shares and voting rights of issuer
    Resulting situation on the date on which threshold was crossed or reached 14.55%   14.55% 41 407 198
    Position of previous notification 15.53%   15.53%  

    Notified details of the resulting situation on the date on which the threshold was crossed or reached:

    A: shares and voting rights

    Class/type of shares ISIN code Number of shares and voting rights % of shares and voting rights
    Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)    		 Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)
    FI0009009617 6 024 866 (Rettig Oy Ab) 6 024 866 (Rettig Capital Oy Ab) 14.55% (Rettig Oy Ab) 14.55% (Rettig Capital Oy Ab)
    SUBTOTAL A 6 024 866 14.55 %

    Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

    Name % of shares and voting rights % of shares and voting rights through financial instruments Total of both
    Rettig Capital Oy Ab 0   0
    Rettig Oy Ab 14.55%   6 024 866

    eQ Plc

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

    Distribution: Nasdaq Helsinki, www.eQ.fi, media

    eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki.

    More information about the group is available on our website at www.eQ.fi.

    The MIL Network –

  • MIL-OSI Russia: Growth and Resilience in Central, Eastern, and Southeastern Europe in a More Fragmented World

    Source: IMF – News in Russian

    Opening Remarks by Kristalina Georgieva, IMF Managing Director, at the CESEE High-Level Conference in Dubrovnik, Croatia

    May 30, 2025

    Good morning and a very warm welcome to everyone!

    I would like to begin by thanking Governor Vujčič for the kind invitation. Dear Boris: it is such a pleasure to return to Dubrovnik. Truly, a pearl of the Adriatic!

    Since its first gathering here in 2017, this conference has become an important forum for policymakers to discuss the challenges confronting the region.

    And, as usual, we have much to discuss: the successes, the unfinished business and, now, huge new challenges.

    ***

    First, a few words on the successes.

    Over the last three decades, reforms promoting economic openness and integration—first with the EU, then within the EU—have helped the countries of Central, Eastern and Southeastern Europe achieve a remarkable convergence with the standards of living of their more advanced peers.

    Since the mid-1990s, incomes have more than doubled and the gap relative to the advanced Europe has shrunk sharply.

    Manufacturing became a catalyst for productivity growth as integration into European and global value chains helped CESEE economies reach beyond their domestic markets.

    At the same time, openness to FDI accelerated capital accumulation and technology transfer.

    EU accession played a huge role. Powered by the domestic structural reforms put in place on the path to EU accession countries that joined the EU   accelerated their income convergence with the advanced Europe and outperformed comparable countries outside of the block.

    Thus, it is fair to pause and say: well done.

    ***

    Second, the unfinished business.

    The journey is far from complete. Reforms slowed after EU accession. After the Global Financial Crisis, investment fell significantly and contributed to a productivity slump that has only worsened since Covid.

    Various economic challenges were already calling out for revitalizing reforms. The demand for skilled workers is rising, but labor supply is tightening. High energy costs are hurting manufacturing competitiveness. New technologies in the auto sector—and AI—could alter export value chains.

    So even before the latest global economic developments, there certainly was much more work to do.

    ***

    And now, there are huge new challenges.

    The sweeping disruptions to world trade that are underway are plain for all to see. World trade is being tested. And while most of the CESEE countries are less impacted directly, let us be very clear: the indirect impact is significant as these disruptions pose a major threat to the region’s main trading partners and to the overall economic model of openness that CESEE countries rely on.

    Trade tensions and uncertainty complicate domestic and foreign investment plans. This is particularly painful for a region that needs access to modern production processes, jobs in high-productivity sectors, and export demand.

    ***

    So here is my main message to you today: standing still, taking shelter, and hoping the storm will pass is not a plan. It would be much wiser to assume that many of the shifts we see are here to stay, and to act accordingly.

    So, what should CESEE countries do in order to negotiate this stormy economic weather? How can they catch a tailwind from the “Adriatic Bora” and keep powering forward?

    I would point to three critical priorities:

    • Steering a steady course in terms of macroeconomic policy—monetary and fiscal policies for stability;
    • Getting the ship into better working order so it can sail forward faster—that is, pursue structural policies for growth; and
    • Integrating more deeply into and within the single market of the EU—strength through regional cohesion.

    Let me briefly discuss each of these, in turn.

    Priority one: action to mitigate uncertainty. The best antidote to uncertainty is a stable macroeconomic environment.

    • Central banks must remain agile and focused on achieving their targets. Where inflation is still high and persistent, policymakers should tread cautiously. Clear communication is key. Independence lends credibility and must be protected.
    • Fiscal policy must focus on ensuring sustainability and policy space. Countries with low deficits and debts can use fiscal space to invest in essential areas such as energy security. But in countries where fiscal space is limited, governments need to either reallocate spending or boost fiscal revenues.

    Priority two: take decisive action to boost growth potential. In a new study, we find that domestic reforms across the CESEE region could lift GDP levels by 7 percent over the medium term. The potential goes up to 9 percent for the Western Balkans.

    • Further productivity gains from better education, more efficient labor markets that allow talent to thrive, and cutting red tape are waiting to be tapped. In the Western Balkans and aspiring EU entrants, closing governance gaps with the EU frontier delivers the highest dividend. The case to act decisively is compelling.

    Priority three—last but certainly not least: CESEE countries must ensure they retain the benefits of their economic integration with Europe and the global economy.

    • Integration has been a major source of knowledge transfer and capital deepening, particularly through FDI. As is the case across the EU as a whole, the CESEE region would benefit from further progress in completing the EU’s single market.
    • Our analysis shows that internal barriers add significant costs — for goods they are equal to 44 percent tariffs, and for services to a staggering 110 percent! Completing the single market can be a major factor in strengthening the performance of the EU economy and improving its attractiveness for investment.
    • In a forthcoming working paper on Europe’s reform priorities, we outline several concrete steps: a more integrated electricity market; more capital for startups; better labor mobility across borders; and simpler regulations. Together, these measures could raise EU GDP by about 3 percent over the next ten years.
    • In addition, we argue that the EU budget can lend more of a hand. Tying EU funds for public investment to progress on reform implementation would provide a double blessing: more central fiscal funding, and more effective use of it.

    ***

    With that, let me conclude.

    We at the IMF stand ready to support you, as we always have. Through our surveillance and technical assistance, we are committed to supporting the CESEE region unlock its growth potential. The steadily increasing demand we see for IMF capacity development, including in public investment management and central banking, testifies to our role as your partner in your quest for faster growth and stronger resilience.

    The region is at a crossroads. Faced with structural headwinds and a much more volatile external environment, reinvigorating domestic reforms are now essential—to navigate the stormy seas and to unlock the region’s potential to sail faster.

    The time to act is now. By moving decisively, you can transform the current challenges into opportunities and chart a brighter future for the region.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    https://www.imf.org/en/News/Articles/2025/05/29/sp053025-growth-and-resilience-in-central-eastern-and-southeastern-europe-in-a-more-fragmented-world

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: New Zealand and India: A broad-based, enduring partnership

    Source: New Zealand Government

    [Speech to the Ananta Aspen Centre, New Delhi, India]
    Namaste, good afternoon. 
    Ms Indrani Bagchi, distinguished guests, ladies and gentlemen. Thank you for the chance to speak with you today. Over the past 18 months, New Zealand and India have been working hard to deepen the excellent relations developing between us.
    It’s great to be back in New Delhi, just over year since our last visit. Last night, we were able to take stock with Minister Jaishankar of the progress New Zealand and India have made in strengthening relations in recent times, while discussing a broad range of challenging issues facing our region and our world. 
    We must, at the outset, pay tribute to Minister Jaishankar. He is one of the world’s leading statesmen, and it is an absolute pleasure to be working with him on this important project of cementing New Zealand-India relations. 
    This afternoon, we would like to outline for you why and how New Zealand seeks stronger relations with India, in the context of our broader approach to foreign policy in these uncertain, disordered times. 
    We will describe New Zealand’s outward face: how our small state of 5.2 million people sees its place in, and interacts with, the rest of the world. We will outline New Zealand’s foreign policy, which was reset after the new Coalition Government came into office in late 2023. We wish you to understand our priorities as well as our national values. And we will describe our determination to do more in, and with South and South East Asia, and especially with the great nation that is India. 
    Who we are
    First and foremost, New Zealand is a small collection of islands in the Southwest Pacific, just north of the penguins. The original discovery and settlement of the Pacific Islands, including New Zealand, is one of the most remarkable stories of exploration in human history. 
    Historians have compared it with space exploration as both were journeys into the unknown. But Pacific navigation is arguably even more remarkable because the canoes that set out from the Asian landmass knew not where they would land, nor when, nor indeed if they would find any new territory.
    But find land they did, as they forged new identities and societies on atolls and islands that today stand as a testament to their imagination, endurance and a resilience to overcome the formidable challenges of distance, geography, and resource scarcity.
    So, New Zealand is a Pacific Island country – we just sailed and paddled further – and we are linked with our Pacific family by geography, history, culture, politics, demography and indeed DNA. 
    We are also, self-evidently, a maritime nation. The Pacific Ocean represents 31 percent of the world’s surface. The Indian Ocean accounts for another 20 percent, so the Indo-Pacific accounts for about half the world’s surface, meaning protecting sea lanes and freedom of navigation is crucial for both India and New Zealand.
    New Zealand is also a migrant nation, one of the most multicultural countries anywhere. Seventeen percent of our people trace their origins to Asia, including six percent who have Indian ancestry. That diversity strengthens us at home – and connects us to the region that shapes our prosperity. Seven of our ten largest export destinations are in Asia. That is no coincidence. It is the reality of a deeply interconnected future. 
    We are also a deeply democratic people, with New Zealand being one of only nine countries who have enjoyed democracy continuously since 1854. 
    We are proud to have granted our earliest people, the Māori, the franchise all the way back in 1867, and to have been the first nation on earth to give women the vote, in 1893. We were also proud, when visiting your new parliament last year, to see New Zealand-made carpet adorning India’s magnificent new chamber in the world’s largest democracy. 
    New Zealanders, as an artefact of our geographical isolation from the world’s great populations centres, have always been outward-looking people, curious about the world around them. Indeed, many of our most iconic New Zealanders have done their best work outside our shores. 
    Lord Ernest Rutherford, who split the atom. Mountaineer Sir Edmund Hillary, who first climbed Mount Everest with Sherpa Tenzing Norgay, and whose legacy we were able to honour in Nepal this week. And, more latterly, cricketer John Wright, who coached India’s national team between 2000-2005; and, lest we forget, while on the subject of cricket, the New Zealand team which stunned the cricketing world in Bengaluru, Pune and Mumbai last year, are just a few of our peak Kiwi performers overseas.
    But, as our cricket team showed, the New Zealand character is forged not by a never-ending pipeline of natural talent – something India is blessed with – but by working very hard to hone the skills needed to compete on the global stage and to make the most of limited resources, whatever the endeavour.
    We push ourselves to work harder because New Zealand has understood these past 80 years, as a small state geographically isolated from the great landmasses of Asia, Europe and the Americas, that only through the conduct of a highly active foreign policy can we advance our national interests, defend our region, and make it more prosperous.
    Foreign Policy Reset
    Distinguished guests, in February 2024 Cabinet endorsed a significant foreign policy reset. 
    The six pillars of our foreign policy reset are as follows:
    First, we are significantly increasing our focus and resources applied to South and Southeast Asia. 
    Second, we have renewed and reinvigorated meaningful engagement with our traditional and likeminded partners. Beginning, as always, with our one formal ally and indispensable partner, Australia, which we visited again just late last week. 
    Third, we are actively sustaining a deeper focus on the Pacific Islands region, bolstering development and security collaboration in response to regional needs and crises.
    Fourth, we are carefully targeting our multilateral engagement to global and transboundary issues, working with close partners to defend and preserve core principles of international law that underpin our security and prosperity. 
    Fifth, we are supporting new groupings that advance and defend our interests and capabilities. The IP4, where we work closely with Australia, South Korea, Japan and NATO, is an example of this new support. 
    Sixth, we are working hard promoting our goal of seriously lifting New Zealand’s export value over the next decade. 
    The six pillars of the Government’s Foreign Policy Reset are underpinned by three key concepts:

    The realism that informs the Government’s foreign policy.
    Our view of the crucial role that diplomacy needs to play in our troubled world.
    And our unshakeable belief that small states matter and that all states are equal.

    In fashioning foreign policy responses the realist tendency is to err on the side of prudence. That is, we are careful in what we say, and when and how we say it. In conditions of great uncertainty and disorder, such as we are currently experiencing, prudence is a both a logical and necessary guiding principle for a small state like New Zealand.
    We see our responsibility to the New Zealand people, in conducting foreign policy, as making cool-headed calculations of the country’s own strengths and weaknesses as we fashion our responses to events large or small that impact upon New Zealand’s interests.
    For a small state like New Zealand, the role of diplomacy is a crucial instrument of our foreign policy. In our complex geostrategic environment never has effective diplomacy been more needed. In the 18 months since returning for a third time as Foreign Minister we’ve spoken widely with colleagues across the globe. We’ve visited 45 countries, several more than once, met with well over 100 Presidents, Prime Ministers, Deputy Prime Ministers and Foreign Ministers, and had over 400 political engagements.

    Summing up those discussions in our National Statement to the United Nations last year, we said it has never been more apparent just how much diplomacy and the tools of statecraft matter in our troubled world. 
    Since war and instability is everyone’s calamity, diplomacy is the business of us all. We have observed that at this moment in time the ability to talk with, rather than at, each other has never been more needed. 
    Those who share our values, and even those who do not, gain from understanding each other’s position, even when we cannot agree. From understanding comes opportunity and from diplomacy comes compromise, the building block of better relations between nations. We said we need more diplomacy, more engagement, more compromise. 
    As Winston Churchill also said in his later years, “meeting jaw-to-jaw is better than war.”

    The inherent tensions and imbalances in the global order – between the desire for a rules-based order that protects small states against aggression, and the unjustified exercise of power by certain Great Powers – have only grown over the last past eight decades. 

    Yet small states matter now as much as they did then. New Zealand holds the foundational belief that all states are equal and that our voices matter as much as more powerful states. 
    Adopting a prudential approach to our diplomacy also means not reacting to everything that happens around you. We are more interested in understanding and anticipating the trend lines that are apparent over much longer periods and how they manifest during our time at the wheel.
    The broadening India-New Zealand relationship
    Which brings us to the India-New Zealand relationship.  India’s trendlines are nothing short of stunning. India’s growth story is well known to us, and it is breathtaking: the fastest-growing economy in the G20 and on track to be the world’s third-largest economy in the coming years. 
    India’s middle class is now almost half a billion strong. In the last decade alone, 250 million Indians have been lifted out of poverty. India’s aviation industry has soared, with the number of airports more than doubling to 157, and a new highway network covering 95,000 kilometres – enough to drive between New Zealand and India eight times. These are not mere statistics; they represent an extraordinary economic transformation. 
    Globally, India has cemented itself as a key player. Hosting the G20 summit in 2023 and landing a spacecraft on the moon’s South Pole two years ago, are testaments to its growing influence. 
    For New Zealand, India presents immense untapped potential. Despite India’s economic scale, it remains only our 12th largest trading partner, accounting for just 1.5 percent of our exports. 
    We are determined to change that. Our strengths – from food and beverage products to agriculture, forestry, horticulture, education, and tourism – are world-class. And our innovation in areas like outer space and renewable energy will find a welcoming partner in India.
    Early in this term we clearly expressed our intent to build a deeper and broader relationship with India. But, as Mahatma Gandhi said, “An ounce of practice is worth more than tons of preaching.” So we have followed through with practical action to broaden our relationship.
    We have sought to increase the tempo and seniority of engagements between our politicians. Our first overseas visit outside our home region of Australia and Pacific was to India, where we visited both Gujarat and New Delhi in March 2024. The Trade Minister has visited India five times. 
    In March his year, Prime Minister Luxon visited India on one of New Zealand’s largest-ever Prime Ministerial missions. And we enthusiastically welcomed India’s President in August 2024, and, just recently, the Minister of State for External Affairs, Shri Pabitra Margherita.
    Since the Foreign Policy Reset, we’ve made concrete strides. We’ve launched negotiations on a Comprehensive Free Trade Agreement – a breakthrough in our economic relationship. But even before that milestone we had put in place measures to deepen the economic relationship, with new arrangements on horticulture, forestry, and education also recently finalised.
    Additionally, we have seen a Memorandum of Understanding signed between Air New Zealand and Air India to explore a codeshare agreement on 16 routes across India, Singapore, Australia, and New Zealand. This will make travel between our nations easier, boosting tourism, education, and business connections. 
    But our relationship with India goes well beyond economic ties. It extends to defence and security – a priority for New Zealand in the Indo-Pacific. In an emerging multipolar world, India is evolving into a geopolitical giant, an indispensable security actor in both regional and global spheres. 
    During a time of great uncertainty, instability and disorder, we have taken steps to work more closely on matters of defence and security with India. A recently signed Defence Cooperation Arrangement will facilitate closer links between our militaries. 
    Meanwhile, we have taken practical steps to work together more closely. The New Zealand Navy is leading Combined Task Force 150, charged with securing trade routes and countering terrorism, smuggling, and piracy in the Indian Ocean and Gulf of Aden. 
    India’s involvement in this mission, as the Deputy Command of the Task Force, underscores the growing closeness of our defence ties. The taskforce has already had very real impact, disrupting the trade of $600 million worth of illegal drugs so far. 
    With tensions rising in the Indo-Pacific, it is crucial for New Zealand to work hand-in-hand with India and other like-minded partners to ensure the region remains free and open, with all nations respecting the rules that underpin peace and stability.
    India makes a significant contribution to upholding the rules-based international system on which we rely, via its growing influence in multilateral forums. 
    In addition, India has been a leader in promoting solar energy worldwide. We were pleased to sign up to the India and France-led International Solar Alliance, which now has over 100 member countries. And New Zealand has endorsed India’s candidature for permanent membership in a reformed UN Security Council.
    Turning to our growing people-to-people links, Prime Minister Modi has spoken often of the Indian diaspora in New Zealand, calling it a “living bridge” between our countries. 
    That is certainly true – the vibrant Indian community in New Zealand is contributing immeasurably to our society. 
    Their economic contribution is enormous, with estimates from six years ago suggesting it was worth around NZ$10 billion. We have no doubt it has grown since. 
    Of course, our partnership is also about more than economics and politics. It’s about people, and there’s no greater expression of that than sport. Cricket, of course, is a key element of our relationship – we will soon mark 100 years of sporting ties with India.
    But our sporting connections go beyond cricket. New Zealand and India have recently signed a Sports Memorandum of Cooperation, paving the way for new collaborations in high-performance sports, technology, research, and people exchanges.
    When you consider the range of measures outlined today across these key areas, it becomes clear that India and New Zealand are building a truly broad-based relationship.

    Concluding Remarks
    In concluding this speech on New Zealand’s foreign policy and our approach to India, and before taking your questions, let us briefly reinforce our key messages here this afternoon.
    First, while we are operating under severe conditions of uncertainty and the world faces extremely difficult economic and security challenges, New Zealand is pursuing a Foreign Policy Reset to help secure our place in the world.
    Second, the foreign policy of this New Zealand Government is unashamedly realist because in conditions of uncertainty prudence is preferable to pious platitudes when it comes to protecting New Zealand’s and the Indo-Pacific’s immediate and longer-term economic and security interests.
    Third, our broadening bilateral relations with India are very important to us. New Zealand is deeply committed to South and South East Asia in general, and India in particular. We are taking concrete actions to make good on our commitment to India and the region, across political engagement, defence and security, trade and economics, people and cultural, and multilateral connections. 
    Ultimately, there’s plenty in our relationship to benefit both New Zealand and India, as we work more closely together on defence and security, on sharing technology and human capital and in cooperating economically. India can rely upon New Zealand’s word and the actions that support them. And we are in it for the long haul. 
    Thank you.

    MIL OSI New Zealand News –

  • MIL-Evening Report: GPs will be a great help for managing ADHD medications. But many patients will still need specialists

    Source: The Conversation (Au and NZ) – By Adam Guastella, Professor and Clinical Psychologist, Michael Crouch Chair in Child and Youth Mental Health, University of Sydney

    The New South Wales government this week announced reforms that will allow some GPs to treat and potentially diagnose attention-deficit hyperactivity disorder (ADHD).

    This aims to make ADHD care more accessible and less expensive and follows changes in Western Australia and Queensland, which have increased GPs’ role in diagnosing and prescribing for ADHD.

    Previously, only specialists (usually paediatricians and psychiatrists) could diagnose ADHD and prescribe the most commonly used ADHD stimulant medications.

    This reform comes on the back of evidence of extensive wait times for ADHD care and costs too high for many people.

    But while up-skilling GPs to treat ADHD will benefit many patients, some people with more complex cases will still need to see a specialist.

    What’s planned for NSW?

    Under this new framework, the NSW government proposes a two-stage plan.

    In phase one, around 1,000 GPs will be trained to support the ongoing prescribing of ADHD medications.

    In phase two a smaller number, about 100 GPs, will receive more intensive training to conduct ADHD assessments, make diagnoses and initiate ADHD medications.

    For phase two the initial focus will be on children and adolescents and then the trial will extend to adults.

    Why a diagnosis is crucial for people with ADHD

    The recent Senate inquiry into ADHD highlighted growing awareness about the daily struggles of people with ADHD across Australia.

    People with ADHD have serious difficulties with attention, impulsivity and hyperactivity, which impact across the lifespan and many settings where people live, learn, work and play.

    ADHD is linked to many poor outcomes and is even associated with higher rates of accidental injury and death.

    ADHD treatments, such as stimulant medication, has been shown be safe, effective and to substantially lower risks of negative outcomes. But to receive these treatments, a person needs to first receive a diagnosis.

    GPs can play an important role managing ADHD

    There is also no question that GPs are more accessible than specialists, both in terms of availability and cost.

    They already provide ongoing management for a wide range of chronic medical conditions such as diabetes, high blood pressure and obesity. They are highly skilled in monitoring outcomes and adjusting treatments.

    With the right training, they bring many transferable skills to ADHD care. Increasing their ability to take over ongoing prescribing for people diagnosed and stabilised on treatment is low risk and has shown to be effective in a range of studies.

    However, although the proposal to increase the role of GPs in ADHD care is a step in the right direction, it is not without challenges.

    GPs may struggle to assess complex patients

    Collaborative care involves general practitioners working with specialists and specialist teams to provide care. If GPs don’t have specialists to rely on for expert advice about ongoing management, many will choose not to provide ADHD care. Ongoing support and strong links between specialist and primary care services will be essential.

    GPs may also struggle to assess and diagnose complex cases.

    The vast majority of people with ADHD will have other mental health conditions, but some of these other conditions (such as anxiety conditions) can also result in symptoms that appear like ADHD.

    For these complex situations, specialist services with multidisciplinary teams of doctors and allied health providers (such as psychologists and occupational therapists) will still be needed.



    Read more:
    Wondering about ADHD, autism and your child’s development? What to know about getting a neurodevelopmental assessment

    To ensure high-quality care and reduce the potential for misdiagnosis and incorrect treatment, it will be even more important that specialists are available to provide additional services when required.

    There is little detail currently in the NSW proposal about how specialist multidisciplinary services will be supported to ensure this happens. And funding models for this will need to be established to support existing guidelines.

    Bringing GPs into the assessment and diagnosis to initiate treatment is positive but comes with added pressures to manage assessment and treatment.

    There are many cases in the media of poor diagnostic process, where patients were misdiagnosed with conditions such as ADHD after inadequate assessments. These practices may be driven by financial rewards and a poor application of evidence-based guidelines.

    Sometimes teams of clinicians and allied health providers will be needed for a diagnosis.
    Alex and Maria photo/Shutterstock

    Could this lead to over-diagnosis? Or correct under-diagnosis?

    In Australia, the debate about whether ADHD is under- or over-diagnosed is ongoing. There reality is that there is almost certainly a mixture of both.

    The real rates of ADHD are estimated at around 7% in Australian children and 2.5% in adults. While these rates have remained stable for many years, the rates of clinical diagnosis and treatment have increased dramatically, particularly in young women.

    Around 6% of children and adolescents currently receive ADHD medications, similar to the actual rates of ADHD in the population. For adults, the rates of ADHD medication use remain low for those over 45 years. For those between 18 and 44 years, rates now sit at around 2%.

    One interpretation of these figures is that most children, adolescents and adults with ADHD are now getting the support they need.

    However, if we remember the strong evidence that many Australians are struggling to access ADHD care, particularly in under-resourced, regional and remote areas, the more likely answer is that a combination of “misdiagnosis” and “missed diagnosis” means that sometimes diagnoses are not done correctly.

    This highlights the importance of focusing on the need for accurate assessment as the cornerstone of high quality ADHD care. In its answer to the question of who should assess and diagnose ADHD, the Australian ADHD guideline focuses on training and skills rather than which profession conducts the assessment.

    There is no reason that GPs cannot develop these skills, but they will require adequate training and ongoing support to do so, and they will need time to commit to these assessments.

    Finally, we need to make sure medication is not the only option available. Research shows ADHD medications provide effective treatment. But they should never be the only form of treatment offered.

    Sadly, reports show medical treatments are relied upon more frequently in more disadvantaged communities where access to other supports can be difficult.

    These reforms will do little to increase access to psychological and allied health supports to ensure the right care can be provided to people with ADHD.



    Read more:
    GPs could improve access to ADHD treatment. But we still need specialists to diagnose and start medication

    Adam Guastella receives funding from the NSW Government for the evaluation of mental health supports provided to children and families in health services. He has received funding from research agencies (ARC, NHMRC, MRFF) for the evaluation of assessment and supports related to neurodevelopmental conditions and for independent and sponsored clinical trials for the evaluation medical and psychological therapies. He is affiliated with Neurodevelopment Australia.

    David Coghill has been a consultant for with Takeda, Medice, Servier, Novartis. He receives research funding from the NHMRC and royalties from Oxford University Press and Cambridge University Press. He is the president of Australasian ADHD Professional Association.

    – ref. GPs will be a great help for managing ADHD medications. But many patients will still need specialists – https://theconversation.com/gps-will-be-a-great-help-for-managing-adhd-medications-but-many-patients-will-still-need-specialists-257610

    MIL OSI Analysis – EveningReport.nz –

  • Saudi warned Iran to reach nuclear deal with Trump or risk Israeli strike

    Source: Government of India

    Source: Government of India (4)

    Saudi Arabia’s defence minister delivered a blunt message to Iranian officials in Tehran last month: take President Donald Trump’s offer to negotiate a nuclear agreement seriously because it presents a way to avoid the risk of war with Israel.

    Alarmed at the prospect of further instability in the region, Saudi Arabia’s 89-year-old King Salman bin Abdulaziz dispatched his son, Prince Khalid bin Salman, with the warning destined for Iran’s Supreme Leader Ayatollah Ali Khamenei, according to two Gulf sources close to government circles and two Iranian officials.

    Present at the closed-door meeting in Tehran, which took place on April 17 in the presidential compound, were Iranian President Masoud Pezeshkian, armed forces Chief of Staff Mohammad Bagheri and Foreign Minister Abbas Araqchi, the sources said.

    While media covered the 37-year-old prince’s visit, the content of the King Salman’s covert message has not been previously reported.

    Prince Khalid, who was Saudi ambassador to Washington during Trump’s first term, warned Iranian officials that the U.S. leader has little patience for drawn-out negotiations, according to the four sources.

    Trump had unexpectedly announced just over a week earlier that direct talks were taking place with Tehran, aimed at curbing Iran’s nuclear programme in return for sanctions relief. He did so in the presence of Israeli Prime Minister Benjamin Netanyahu, who had travelled to Washington hoping instead to win support for attacks on Iranian nuclear sites.

    In Tehran, Prince Khalid told the group of senior Iranian officials that Trump’s team would want to reach a deal quickly, and the window for diplomacy would close fast, according to the four sources.

    The Saudi minister said it would be better to reach a deal with the U.S. than face the possibility of an Israeli attack if the talks broke down, according to the two Gulf sources.

    He argued that the region – already riven by recent conflicts in Gaza and Lebanon – could not withstand a further escalation in tensions, said the two Gulf sources and one senior foreign diplomat familiar with the discussions.

    Authorities in Saudi Arabia and Iran did not respond to requests for comment.

    The visit by Prince Khalid – the younger brother of Crown Prince Mohamed Bin Salman – was the first by a senior member of the Saudi royal family to Iran in more than two decades. Riyadh and Tehran had long been bitter rivals, often backing opposing sides in proxy wars, until a rapprochement brokered by China in 2023 helped to ease the tensions and restored diplomatic ties.

    Over the past two years, Iran’s regional position has been undermined by heavy military blows inflicted by Israel on its allies Hamas in Gaza and Hezbollah in Lebanon, and toppling of its close ally, Syrian dictator Bashar al-Assad. Western sanctions, meanwhile, have hit its oil-dependent economy hard.

    Mohanad Hage Ali, an expert on Iran at the Carnegie Middle East Center think tank in Beirut, said that Tehran’s weakness had offered Saudi Arabia the opportunity to exert its diplomatic influence, seeking to avoid a regional conflagration.

    “They want to avoid war because war and confrontation with Iran will have negative implications on them and their economic vision and ambitions,” he told Reuters.

    IRAN WANTS A DEAL

    Reuters was unable to determine the impact of the prince’s message on Iran’s leadership.

    In the meeting, Pezeshkian responded that Iran wanted a deal to ease economic pressure through the lifting of Western sanctions, the four sources said.

    However, the Iranian officials, the sources added, expressed concerns over the Trump administration’s “unpredictable” approach to negotiations — which have veered from allowing limited uranium enrichment to demanding the complete dismantling of Tehran’s enrichment program.

    Trump also has threatened to use military force if diplomacy fails to rein in the clerical establishment’s nuclear ambitions.

    One of the Iranian sources said that Pezeshkian emphasized Tehran’s eagerness to reach a deal but that Iran was not willing to sacrifice its enrichment program just because Trump wanted an agreement.

    The ongoing talks between Washington and Tehran have already been through five rounds to resolve the decades-long nuclear dispute, but multiple stumbling blocks remain, including the key issue of enrichment.

    Reuters reported on Wednesday that Iran might pause uranium enrichment if the U.S. releases its frozen funds and recognises its right to refine uranium for civilian use under a “political deal” that could lead to a broader nuclear accord, according to two Iranian sources familiar with the talks. The semi-official Fars news agency in Iran quoted a foreign ministry spokesman denying the report.

    The White House did not directly address Reuters’ questions about whether it was aware of the Saudi warning to Iran.

    “President Trump has made it clear: make a deal, or face grave consequences, and the whole world is clearly taking him seriously, as they should,” White House press secretary Karoline Leavitt said in a statement.

    Trump said on Wednesday he warned Netanyahu last week not to take any actions that could disrupt nuclear talks with Iran, and said the two sides were “very close to a solution now”.

    Israeli authorities did not respond to a request for comment.

    HIGH STAKES

    A four-day visit by Trump to the Gulf this month annointed Saudi Arabia as the most prominent member of a new axis of Sunni states in the Middle East, filling the void left by Iran’s shattered alliance. During the trip, Saudi Crown Prince Mohamed Bin Salman mediated a reconciliation between Trump and Syria’s new Sunni leader, Ahmed al-Sharaa.

    Tehran’s regional sway, meanwhile, has been diminished by military setbacks suffered by Iran and its allies in the Shi’ite-dominated Axis of Resistance, which include Hamas, Hezbollah, the Houthis in Yemen, and Iraqi militias

    In the meeting, Prince Khalid urged Iran to rethink its regional policy, noting such a shift would be welcomed, especially by Riyadh, the sources said.

    Although he stopped short of directly blaming Iran, the Saudi minister voiced concern over a possible repeat of the 2019 drone attacks on the facilities of state oil company Aramco – attacks the kingdom attributed to Iran and its Houthi allies, despite Tehran’s denial.

    Iranian officials maintained that while Tehran holds some influence over the Houthis, it does not fully control their actions, the Iranian sources said.

    Decades of hostility between the Shi’ite Iran and Saudi Arabia destabilised the Gulf and fuelled regional conflicts from Yemen to Syria. The 2023 detente was driven in part by Saudi Crown Prince Mohammed’s economic ambitions and desire for stability, and has led to increased contacts between the governments.

    However, neither Saudi Arabia nor other regional powers see Iran as a dependable partner for peace and they fear its actions could jeopardize their ambitions for economic development, diplomats and regional experts say.

    Prince Khalid implored the Iranians to avoid actions by them and their allies that might provoke Washington, stressing that Trump’s response would likely be more strident than his predecessors, presidents Joe Biden and Barak Obama.

    In turn, he assured Tehran that Riyadh would not let its territory or airspace to be used by the United States or Israel for any potential military action against Iran, the sources said.

    (Reuters)

  • India to be fastest-growing economy for next 30 years: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    India is poised to remain the fastest-growing large economy for the next three decades, with a sustained annual growth rate of 6–7%, Union Commerce and Industry Minister Piyush Goyal said on Thursday.

    Speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2025, Goyal said the government is aiming to push growth to 8% at constant prices.

    “Even amidst international upheavals, we are among the better-performing emerging markets,” he said. “Today, India holds the world’s fourth-largest foreign exchange reserves in the world at about $690 billion. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management.”

    Goyal emphasized that India remains an attractive investment destination. Over the past two decades, Indian companies have delivered nearly 20% CAGR returns, he noted, adding that Foreign Direct Investment (FDI) inflows continue to break records. “We are back on track on the growth trajectory, working through international trading relations,” he said.

    On trade agreements, Goyal pointed to major progress on Free Trade Agreements (FTAs) with the UAE, Australia, the UK, and the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he said.

    Goyal said the EFTA countries have committed $100 billion in FDI over the next 15 years, potentially catalyzing a total investment of $500 billion. “This ecosystem could attract an additional $500 billion,” he added. The investment clause in the EFTA deal is the first of its kind globally, and the figures exclude contributions from Norway’s sovereign wealth fund.

    Despite global volatility, Goyal said India continues to be a pillar of global growth. The International Monetary Fund (IMF) has projected that India will become the world’s third-largest economy by GDP by 2027.

    Highlighting government’s sustained push for ease of doing business, the Goyal said that over 40,000 compliances have been reduced, several laws have been decriminalised, and nearly 2,000 obsolete laws have been removed from the statute book. He noted that the Jan Vishwas Bill reflects the trust between the government and people.

    “The Act promotes self-certification, encourages businesses to offer suggestions to improve ease of doing business, and simplifies people’s lives. It reflects a government that trusts its stakeholders,” he said.

    On the sustainability front, he pointed out that renewable energy coupled with storage is now available at ₹3.30 per kilowatt hour—among the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India. We have a large interconnected grid with low-cost clean energy to power these centres. This is not just about sustainability – it is an economic case,” he said.

    Reaffirming Prime Minister Narendra Modi’s vision for inclusive development, Goyal said the government is working to ensure that every citizen has access to quality healthcare, education, and basic needs. “Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind,” he said.

  • MIL-OSI Russia: Mutually beneficial trade, economic and investment cooperation between Uzbekistan and China is developing dynamically — Minister-Counselor of the Embassy

    Translation. Region: Russian Federal

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

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

    BEIJING, May 30 /Xinhua/ — “China remains the main trade and investment partner of Uzbekistan,” said Minister-Counselor of the Embassy of Uzbekistan in China Saidkamol Agzamkhodjaev, adding that mutually beneficial trade, economic and investment cooperation between the two countries is developing dynamically.

    S. Agzamkhodjaev made this statement on Wednesday in Beijing at the presentation of the Strategy “Uzbekistan-2030”, organized jointly by the Embassy of Uzbekistan in China and the Institute of Russia, Eastern Europe and Central Asia of the Chinese Academy of Social Sciences (CAS).

    According to him, China is the leading investor in the economy of Uzbekistan. Over the past few years, the volume of Chinese investments has increased fivefold, and the total portfolio of joint projects has reached $53 billion. In 2024 alone, more than $10 billion of Chinese investments were utilized in Uzbekistan, and over $3 billion in the first months of 2025.

    He added that there are more than 3.7 thousand enterprises with Chinese capital operating in Uzbekistan, of which more than 300 were created over the past year.

    China’s experience in public administration, conducting targeted reforms in all areas of society, and ensuring sustainable development deserves special attention, said S. Agzamkhodjaev.

    Let us recall that the Strategy “Uzbekistan-2030” was developed with the aim of ensuring sustainable and inclusive development of the country and defines the long-term direction of development of Uzbekistan.

    The strategy envisages achieving such goals as reforms in various areas, economic growth, improvement of education, healthcare and social protection systems, ensuring environmental sustainability and modernization of public administration.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Supercharging science to inspire next generation

    Source: New Zealand Government

    The Government is ensuring all Year 0 to 8 students have access to high quality, hands-on science kits through Budget 2025, helping pave the way for New Zealand’s future scientists, problem-solvers, and innovators.

    “We want students to love learning about science. Hands-on learning improves critical thinking and science understanding, which are essential for student success in STEAM (Science, Technology, Engineering, Arts and Mathematics). This investment will help lift science engagement and achievement in classrooms across the country and inspire our future meteorologists, marine biologists and software engineers,” Education Minister Erica Stanford says.

    Budget 2025 is investing $39.9 million over four years into developing and delivering science kits for schools nationwide. The kits will be designed to support teachers to confidently deliver practical science learning, aligned with the new science curriculum. Teachers using the kits will also have access to professional development modules to support the use of the new resources in their classrooms.  

    “These practical resources, include hands on experiments and engaging equipment for each year level of the Year 0-8 curriculum.  The kits will help students build their foundational knowledge and skills early and help bring science to life.

    The kits will undergo development and begin to be available from the start of the 2026 school year. They will also be available in te reo Maori, with dedicated pūtaiao kits and bilingual resources available to meet the needs of all learners. 

    “This initiative directly supports the Government’s economic growth agenda by investing in the future talent pipeline that will drive productivity, boost wages and power a more competitive and resilient economy. These benefits will positively impact sectors like agritech, clean energy, biotech and advanced manufacturing, where kiwi innovation already leads the world. 

    “We want our children to be excited by science, to be captured by hands on learning so that we are inspiring the next generation of creators, inventors and great problem solvers,” Ms Stanford says.

    MIL OSI New Zealand News –

  • MIL-OSI: ZETADISPLAY AB (publ) INTERIM REPORT 1 JANUARY – 31 MARCH 2025

    Source: GlobeNewswire (MIL-OSI)

    Q1 Interim report JANUARY – MARCH 2025 for ZetaDisplay AB (publ) is now available at ir.zetadisplay.com

    Report summary:

    Continued Growth and Strategic Wins Position ZetaDisplay for the Future

    JANUARY – MARCH 2025

    • Adjusted recurring revenue* increased by 9.9% to 65.4 (59.5) million
    • Recurring revenue increased by 7.4% to 65.4 (60.9) million
    • Adjusted net sales* increased by 26.8% to SEK 159.6 (125.9) million
    • Net sales increased by 25.5% to SEK 159.6 (127.2) million
    • Gross margin decreased to 56.4% (59.9 %)
    • Adjusted gross margin* decreased to 56.4% (59.5%)
    • Adjusted EBITDA* increased to SEK 22.0 (11.5) million
    1.  * Recurring revenue for the first quarter of 2024 has been reduced by SEK 1.3 million to reflect the restructuring of our German operations, during which certain non-core activities were identified for discontinuation.

    CEO comment

    CONTINUED GROWTH AND STRENGTHENED MARKET POSITION

    Adjusted net sales for the quarter increased by 26.8% to SEK 159.6 (125.9) million, primarily driven by strategic acquisitions that significantly strengthened our market presence in Europe, and further supported by 7% organic growth, notably from our global accounts. Adjusted recurring revenue grew by 9.9% to SEK 65.4 (59.5) million, representing 41.0% of net sales. Adjusted EBITDA for the first quarter rose to SEK 22.0 (11.5) million, reflecting our ability to scale efficiently while maintaining sound cost control.

    We are honored to have been named “Outstanding Company of the Year” at the 2025 Digital Signage Awards, with Engage Suite receiving recognition for its industry innovation and impact. These honors underscore our commitment to delivering cutting-edge solutions that drive customer engagement and innovation excellence. 

    During the quarter, we successfully completed our bond refinancing on favorable terms, reflecting the strong confidence our financial partners have in our strategic direction and financial health. We announced a significant new contract with Ruter, Oslo’s public transport authority. This five-year agreement involves modernizing digital signage across 370 transit locations, enhancing real-time passenger information and overall commuter experience, and increases our market position in the public sector.

    In Germany, we are making good progress in transforming our local company to embrace Zetadisplay’s Full-Service-Provider business model and are now offering our comprehensive digital signage solutions both to existing and new customers. In the UK, we have appointed a new Managing Director and are focusing on leveraging our Engage Suite platform, both by migrating key UK customers and by strengthening our value proposition to more proactively attract new customers.

    OUTLOOK

    We are encouraged by the continued evolution we see in areas such as hardware, analytics, AI, retail media and security, as well as by the positive market receptiveness to our offering. Our Full-Service-Provider business model, including our award-winning Engage Suite platform and a strong local market presence, positions us well to support our organic growth ambitions.

    The successful integration of Beyond Digital Solutions in the UK and our transformation into a Full-Service Provider across all markets, including Germany, enhance our capability to deliver comprehensive, international value-driven services.

    Looking ahead, we remain focused on driving long-term value through innovation, operational excellence, and deeper customer engagement to accelerate profitable growth. At the same time, we remain diligent in our cost and investment priorities with measures to navigate any unexpected effects from ongoing external market influences.

    I extend my sincere gratitude to all our employees for their dedication and to our customers for their continued trust in ZetaDisplay.

    Malmö, 30 May 2025

    This information is information that ZetaDisplay AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Anders Olin, at 08:00 CET on 30 May 2025

    – Full Q1 report attached and available at https://ir.zetadisplay.com/financial-reports –

    For further questions, please contact:

    Anders Olin, President & CEO
    Mobile: +46 076-101 14 88
    E-Mail: anders.olin@zetadisplay.com

    Claes Pedersen, CFO
    Mobile: +45 23-68 86 58
    E-Mail: claes.pedersen@zetadisplay.com

    ABOUT ZETADISPLAY
    More than 20 years of leadership and innovation in digital signage.
    ZetaDisplay was founded 2003 in Sweden as one of the early pioneers of digital signage. We are one of the leading European corporations in the digital signage market and a leading force in the European digital signage industry. Our proprietary software platform, digital business development and consulting services, innovative digital signage solutions, and creative concepts regularly inspire- influence and guide millions of people every day in retail environments, in restaurants, on advertising screens, in factories, on trains, on cruise ships, in stadiums, in workplaces and in all types of public spaces indoor and outdoor. ZetaDisplay is one of the largest leading European digital signage companies with direct operations in eight European countries and the US with +125,000 active installations in over 50 countries, across all major continents where we are the business partner of choice for many of the worlds most respected blue-chip brands and companies.

    ZetaDisplay is based in Malmö-Sweden, has a turnover of SEK +600 million and employs approx. 250 co-workers. ZetaDisplay is owned by the investment company Hanover Investors. More information at www.ir.zetadisplay.com and www.hanoverinvestors.com.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Fusion cell disrupts scam job networks targeting Australians

    Source:

    The National Anti-Scam Centre (NASC) has just published the final report of the job scam fusion cell, highlighting the combined efforts of government, law enforcement, academics, and the private sector in tackling the rise in job and employment scams.
    In 2024, Scamwatch received more than 3000 reports of job scams, with reported losses totalling $13.7 million. Average losses to these scams were 5.1% higher than the average for all other scam types.
    The NASC’s job scam fusion cell removed more than 29,000 scam social media accounts and 1850 fake job advertisements from September 2024 to March 2025
    Job scams result in significant financial losses and put people at risk of identity theft. The scams disproportionately affect people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options.
    What the job scams fusion cell has done
    The job scams fusion cell:

    worked with Meta to remove 29,000 accounts sharing job scam content
    referred 836 scammer cryptocurrency wallets to digital currency exchanges for analysis and investigation, leading to blocking and blacklisting of wallets

    referred 1850 scam enablers such as websites and scam job advertisements for removal

    disrupted scammer impersonations of Australian Government entities, such as the Department of Foreign Affairs and Trade, the Department of Home Affairs, and APSJobs
    held awareness and prevention forums with organisations across the tertiary education sector to enable them to deliver scams awareness messaging
    coordinated a social media campaign
    created guides for businesses, including about how to protect themselves and the community
    established data sharing arrangements with cryptocurrency platforms.

    Be aware of job scams
    Scammers advertise job opportunities so they can steal money and personal information. Stop and check any job ad that requires you paying money to make money. It could be a scam.
    Find out more about job and employment scams and how to protect yourself.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Mediation body established in HK

    Source: Hong Kong Information Services

    Chief Executive John Lee

    I am delighted to join you on this historic occasion: to celebrate with you the signing of the Convention on the Establishment of the International Organization for Mediation (IOMed).

    Gathered here today, in the Hong Kong Special Administrative Region of the People’s Republic of China, are high-level representatives of over 80 countries from Asia, Africa, Latin America and Europe; and from the United Nations and about 20 international organisations. A very warm welcome to Hong Kong!

    It is a privilege for us to host this signing ceremony, and to serve as the IOMed headquarters, once the convention enters into force.

    This singular occasion is made possible by the ongoing and dedicated efforts of China, our country, in working with around 20 states, since late 2022, to establish an intergovernmental organisation devoted to mediation. After five rounds of intensive negotiation since 2023, co-ordinated by the IOMed Preparatory Office, the negotiating states concluded the very convention signed today.

    The IOMed will become the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation. It also reflects our shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations.

    The IOMed will provide a pathway for countries – regardless of culture, language and legal system – to resolve international disputes based on mutual respect and understanding. This is increasingly important amid mounting geopolitical tensions. When protectionism threatens to derail the international trade order, and when unilateralism looms over global supply chains, it is dialogue – not division – that restores balance.

    China has long championed equity and unity. The Chinese virtue of “和而不同”, meaning “harmony in diversity”, is deeply rooted in our community and culture. This value of mutual respect in spite of differences also sits at the heart of mediation, the IOMed, and a world that seeks co-operation over conflict.

    Despite geopolitical turbulence, Hong Kong builds bridges, not walls. Under our unique “one country, two systems” principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. With the support of the National 14th Five-Year Plan, Hong Kong has risen as an international legal and dispute resolution services centre in the Asia-Pacific region.

    We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently. Hong Kong’s Court of Final Appeal, which is vested with the power of final adjudication, has on its bench eminent jurists from both Hong Kong and overseas common law jurisdictions.

    Our robust, efficient and well-respected legal system is supported by world-class legal and dispute resolution professionals. Often bilingual or even multilingual, they are well-versed in international rules and practices, and help to position Hong Kong as a preferred venue for dispute resolution.

    In this year’s International Arbitration Survey, Hong Kong is the most preferred seat of arbitration in the Asia-Pacific region, and shares second place globally with another jurisdiction. Our economy also came first in business legislation and international trade in the World Competitiveness Yearbook. In the latest Business Ready Report published by the World Bank Group, Hong Kong ranks eighth in dispute resolution among the 50 economies covered.

    All this underscores Hong Kong’s effectiveness as a super connector and super value-adder among many economies. We contribute to cross-border investment and economic activity through our top-notch professional services. Our “one country, two systems” advantages make us well-placed to be the headquarters of the important institution of the IOMed.

    The Hong Kong Special Administrative Region Government is devoted to supporting the IOMed’s provision of friendly, flexible, economical and efficient mediation services. We actively promote a vibrant culture of mediation. In fact, it is a general policy to incorporate a mediation clause in all government contracts. We are also enhancing the system on local accreditation and disciplinary matters of the mediation profession.

    And we go all out to build bridges with the world. Hong Kong will actively promote the IOMed’s valuable work in settling international disputes through mediation, and advocate mediation as a global tool for peace and justice across borders.

    Ladies and gentlemen, the establishment of the IOMed’s headquarters in Hong Kong is a great honour for our city. The headquarters, as you may know, will be based in the building that once housed the Wan Chai Police Station, just a stone’s throw away from here. Built in 1932, this iconic building has a long association with law and order in Hong Kong. From its prime downtown location, it has also witnessed the transformation of our city that has long treasured unity. In its new role as the IOMed headquarters, the building will play a vital part in the future of Hong Kong as a centre for international legal and dispute resolution services.

    We are working to complete the conversion of the building for its new mission. I am happy to say that it could open its doors as early as the end of this year. We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation.

    I would like to express my sincere gratitude to the central government for its staunch support of Hong Kong, allowing Hong Kong the honour of housing the IOMed headquarters here. My sincere gratitude also goes to the international community, for placing your trust and confidence in our city. Let’s renew our commitment to peace, justice and the rule of law. Let’s cultivate a mediation culture together. Let’s build a strong IOMed for a global community of shared future founded on peace and prosperity. Please enjoy the day and enjoy Hong Kong. Thank you.

    Chief Executive John Lee gave this speech at the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation on May 30.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bitget Wallet Joins Solana Summit 2025 as Major Partner to Advance Crypto Payments

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, May 30, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has announced its official partnership with the Solana Summit 2025 as a major sponsor, marking a significant step in its efforts to expand real-world crypto adoption. The summit, taking place from June 5 to 7 in Da Nang, Vietnam, is expected to gather over 1,000 developers and founders from across the global Solana ecosystem.

    At the event, Bitget Wallet will debut new in-app payment features that enables users to scan QR codes and complete transactions instantly on-site. Visitors to its branded coffee booth can enjoy complimentary drinks when paying with Bitget Wallet. Additional activations include live product demonstrations, developer workshops, and exclusive merchandise giveaways, all centered around Bitget Wallet’s expanding PayFi suite. Designed to streamline crypto payments across currencies and networks, the wallet’s PayFi roadmap includes upcoming support for both national QR codes and Solana Pay, unlocking seamless QR-based transactions across currencies and blockchains.

    “We’re excited to partner with Solana Summit to showcase the potential of real-world crypto payments,” said Alvin Kan, COO of Bitget Wallet. “Bitget Wallet is no longer just a place to store and send tokens — it’s becoming the starting point for how people trade, earn, pay, and explore onchain, delivering smarter, simpler experiences that solve real user pain points and bring crypto closer to everyday life.”

    On June 5, Bitget Wallet will open with a product announcement introducing its QR-based payment integrations, including Solana Pay and VietQR for seamless, multi-currency payments. A developer workshop will follow, showcasing how Solana dApps can integrate and scale within the wallet ecosystem. On June 6, Xavier Ow Yeong will join a panel discussion on how on-chain finance is reshaping payment, financing, and spending behaviors. That evening, Bitget Wallet will co-host a community meetup with Saros, featuring a preview of its upcoming VietQR payment integration and a $500 incentive pool for attendees who test the functionality.

    Bitget Wallet offers a full Solana feature set across Trade, Earn, Pay, and Discover. Users can access Solana-native limit order trading through integration with Jupiter DEX, perform cross-chain swaps, and stake SOL via the wallet’s Earn suite. The wallet also supports reclaiming idle SOL through Solana account rent refunds, provides built-in MEV protection, and enables gas fee coverage using GetGas with Solana Paymaster support. Additionally, users can explore a wide array of Solana-based DApps directly within the app. These capabilities reflect Bitget Wallet’s broader commitment to making onchain finance more accessible, efficient, and secure for users engaging with the Solana network.

    Find out more on Bitget Wallet’s official channels.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c05961d3-ca9c-4cbe-8607-241ef5e550bc

    The MIL Network –

  • MIL-OSI Australia: Super funds paying personal financial advice fees

    Source: New places to play in Gungahlin

    We’ve released our Practical Compliance Guide (PCG) that addresses the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997) under Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024.

    The PCG sets out a methodology that super funds can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the ITAA 1997. This section of the guidance doesn’t apply to SMSFs.

    The PCG also outlines our compliance approach that applies to all super funds, including SMSFs, in relation to a super fund’s obligation to withhold from payments for personal financial advice fees in the income years prior to 1 July 2019.

    To read the PCG, visit PCG 2025/1.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

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    • fortnightly Business bulletins email newsletterExternal Link
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    MIL OSI News –

  • MIL-OSI: High Arctic Overseas Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s first quarter 2025 financial and operating results:

    “Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments.

    Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    2025 FIRST QUARTER HIGHLIGHTS

    • Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
    • Manpower and rental services maintained similar activity levels to Q4 2024;
    • Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and
    • Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million.

    Business strategy

    Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:

    • Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings;
    • Deploying idle assets into profitable operations;
    • Strengthening local content & participation in the PNG finance and investment communities;
    • An established and efficient corporate structure; and
    • Seeking opportunities to expand and root the business in the Australasian region.

    2025 Strategic Objectives

    • Relentless focus on safety excellence and quality service delivery;
    • Reduce general and administrative expenditures;
    • Grow the manpower business in Papua New Guinea;
    • Maximize potential participation in future major Papua New Guinea projects; and
    • Pursue expansionary transactions that increase shareholder value.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods.

    In the above results discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.

    FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

        Three months ended March 31,
    (thousands of USD except per share amounts)       2025     2024  
    Operating results:        
    Revenue       2,510     11,134  
    Net income (loss)       (1,225)     2,501  
    Per share (basic and diluted) (1)(2)     ($0.10)   $0.20  
    Operating margin (3)       714     4,315  
    Operating margin as a % of revenue (3)       28.4%     38.8%  
    EBITDA (3)       (286)     3,588  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.29  
    Adjusted EBITDA (3)       (202)     3,530  
    Adjusted EBITDA as a % of revenue (3)       (8.0%)     31.7%  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.28  
    Operating income (loss) (3)       (998)     2,720  
    Per share (basic and diluted) (1)(2)     ($0.08)   $0.22  
    Cash flow:        
    Cash flow from operating activities       (825)     5,348  
    Per share (basic and diluted) (1)(2)     ($0.07)   $0.43  
    Funds flow from operations (3)       (256)     3,314  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.27  
    Capital expenditures       74     550  
         
    (thousands of USD except per share amounts and common
    shares outstanding)    		     March 31, 2025 December 31, 2024
    Financial position:        
    Working capital (3)       20,212     20,602  
    Cash and cash equivalents       13,902     14,930  
    Total assets       34,133     35,287  
    Shareholder’s equity       29,766     30,953  
    Per share (4)     $2.39   $2.49  
    Common shares outstanding       12,448,166     12,448,166  
    (1)  For periods when the Corporation incurred a net loss the shares outstanding under the Corporation’s equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.
    (2)  For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See “2024 Corporate Reorganization” section of this Press Release and the Corporation’s Financial Statements for additional details.
    (3)  Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for additional details on the calculations of these measures.
    (4)  Shareholders’ equity per share calculated based on the number of common shares outstanding as at the relevant date.
     

    Operating Results

        Three months ended March 31,
    (thousands of USD, unless otherwise noted)     2025   2024  
    Revenue     2,510   11,134  
    Operating expenses     (1,796)   (6,819)  
    Operating margin (1)     714   4,315  
    Operating margin percentage (1)     28.4%   38.8%  
    (1)   See “Non-IFRS Measures”
     

    Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG’s oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG’s oil and gas industry.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

        Three months ended March 31,
    (thousands of USD)     2025   2024  
    Cash provided by (used in) operations:        
    Operating activities     (825)   5,348  
    Investing activities     (74)   (550)  
    Financing activities     (117)   (124)  
    Effect of foreign exchange rate changes     (12)   –  
    Increase (decrease) in cash     (1,028)   4,674  
    (thousands of USD, unless otherwise noted)     As at
    March 31, 2025    		   As at
    Dec 31, 2024    		  
    Current assets     24,230   24,706  
    Working capital(1)     20,212   20,602  
    Working capital ratio(1)     6.0:1   6.0:1  
    Cash and cash equivalents     13,902   14,930  
     (1)  See “Non-IFRS Measures”
     

    Liquidity and Capital Resources
    Cashflows from Operating Activities

    For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the Arrangement.

    Cashflows from Investing Activities

    For the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 – $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay agreements.

    Cash flows from Financing Activities

    For the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 – $124). Cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook

    Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation’s core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG’s oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices.

    The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES

    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q1 2025 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Forward-Looking Statements
    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation’s annual 2024 MD&A, which is available on SEDAR+.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI Asia-Pac: SFST meets government financial officials and financial leaders in Ottawa and Vancouver (with photos)

    Source: Hong Kong Government special administrative region

    The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met with Canadian financial officials in Ottawa, Canada on May 28 (Ottawa time) and continued his visit to Vancouver on May 29 (Vancouver time).

    Mr Hui went to Ottawa on May 28 (Ottawa time) to meet with the Canadian Deputy Minister of Finance, Mr Chris Forbes. They discussed the challenges posed by unilateralism and protectionism, and how Hong Kong and Canada could collaborate to achieve mutual benefits in areas such as the gold market and virtual assets. Mr Hui told Mr Forbes that as the global economic gravity continues to shift eastwards, Hong Kong has been exploring new growth areas and expanding international co-operation, including the development of international gold trading currently pursued by the working group on promoting gold market development. 
    Mr Hui then met with Senator Mr Woo Yuen-pau at the Parliament Hill. He briefed Mr Woo on Hong Kong’s effort in maintaining its status as an international financial centre through various measures. He mentioned the recent affirmations of Hong Kong’s credit ratings by Fitch, S&P and Moody’s, all with “stable” outlooks. These affirmations fully demonstrate Hong Kong’s resilience in maintaining stability amid increasing global economic and financial uncertainties. In addition, both S&P and Moody’s provided positive evaluations of Hong Kong’s credit profile, including its substantial fiscal buffers and foreign exchange reserves, a strong external balance sheet, and high per-capita income levels. Mr Hui said, with its effective policy framework and solid financial market built over the years, Hong Kong is definitely a trusted partner for Canada at a time when the global political and economic landscape is fraught with uncertainties.  
    On May 29 (Vancouver time), Mr Hui started his visit to Vancouver where he met with Mr Mark Scott who is the Board Chair of Fraser Institute, the most influential think-tank in Canada, and some other prominent business figures to update them of Hong Kong’s latest financial development. The Director, Head (Policy Research) of the Financial Services Development Council, Dr Rocky Tung, also joined the meeting. Mr Hui welcomed that Hong Kong was ranked as the world’s freest economies among 165 economies in Fraser Institute’s Economic Freedom of the World 2024 Annual Report. Among the five areas of assessment, Hong Kong topped in the areas of “Freedom to trade internationally” and “Regulation”, and came third in “Sound money”. Looking ahead, Hong Kong will continue to undertake a series of initiatives covering areas in which it has competitive edges, including stocks, bonds, and asset and wealth management, as well as emerging opportunities such as green and sustainable finance and the development of Web3, with a view to keeping the momentum to boost the high-quality development of Hong Kong’s financial market.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: California’s ports face economic devastation as tariffs cripple trade with Asia-Pacific

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

    Ships loaded with containers are pictured at the Port of Los Angeles, California, the United States, on April 29, 2025. [Photo/Xinhua]

    California’s ports are experiencing worse conditions than during the COVID-19 pandemic as U.S. President Donald Trump’s reckless trade war with China and other Asia-Pacific economies harmed the state’s economy, triggering widespread job losses and forcing billions of dollars in budget cuts.

    “The vessel calls, or cancellations, that we’re seeing today are starting to exceed the number that we saw in COVID-19,” Mario Cordero, chief executive of the Port of Long Beach, told CalMatters, an independent news agency focusing on California, in an interview published Wednesday.

    The Port of Long Beach alone supported 2,714,707 jobs across the United States, representing one out of every 77 American jobs, according to a comprehensive economic impact analysis completed on May 12 by the Port of Long Beach. In California, the port said it supported 1.1 million jobs, accounting for approximately five percent of the state’s total employment.

    Trade expert Paul Bingham of S&P Global Market Intelligence confirmed the unprecedented nature of the crisis during another recent interview with Cordero.

    “There’s nothing like this that any of us that are still active in our careers have seen before,” Bingham said. “From an economics perspective, we’d have to go back over 90 years to the 1930s to find tariff levels for the United States on a trade-weighted basis close to what they are right now.”

    The Golden State, the strongest state in the field of economy in the country, faced a 12-billion-U.S.-dollar budget deficit, with Governor Gavin Newsom directly blaming Trump’s “chaotic tariffs strategy” during his May 14 state budget announcement.

    The of Port Long Beach operations had seen dramatic deterioration. According to Cordero, the port received typically 20 container vessels weekly, but the number dropped to 14 vessels two weeks into May 2025 and current schedules showed only 18 this week.

    At the Port of Los Angeles, Executive Director Gene Seroka said during a media briefing that the facility had expected 80 ships to arrive in May, but 17 were subsequently canceled.

    The Port of Oakland in Northern California saw a 15 percent month-over-month drop in container activity in April, according to port spokesperson Matt Davis.

    The human cost also proved devastating across California’s supply chain network. Part-time port workers received no hours while full-time longshoremen struggled to reach 40 hours per week, according to Gary Herrera, president of the International Longshore Workers Union Local 13, speaking at a media briefing with Long Beach officials.

    Eric Tate, secretary-treasurer of Teamsters Local 848 representing about 8,000 truck drivers in Southern California, said in May that some drivers worked only one to two days weekly.

    “When there’s no work for longshoremen, there’s very little work for us except gate monitoring,” Luisa Gratz, president of International Longshore Workers Union Local 26, told CalMatters. “It’s heartbreaking. It’s putting people out of work.”

    California has deep economic ties with the Asia-Pacific markets. Chinese goods account for 40 percent of imports at the Port of Los Angeles, 63 percent at the Port of Long Beach, and 45 percent at the Port of Oakland, according to CalMatters’ data.

    The Port of Long Beach’s economic impact analysis showed the facility generates 309 billion dollars in national gross domestic product (GDP) and 84.4 billion dollars in tax revenues annually.

    The agricultural sector, California’s economic backbone worth 59 billion dollars annually, faced significant losses. “We got hammered. We lost the whole Chinese market to Australia. At this point, I’m on the verge of losing everything,” Christine Gemperle, an almond farmer of Stanislaus County, told The Los Angeles Times last month.

    Almond prices crashed from 2.5 dollars per pound to 1.4 dollars per pound due to tariffs imposed by Trump during his first term in 2018, according to research from the University of California’s Giannini Foundation of Agricultural Economics.

    Furthermore, the uncertainty caused by tariff policies has resulted in substantial economic damage for businesses, said experts.

    “The uncertainty here is not something because we have a virus we don’t understand, it’s the uncertainty around policy and what that has done to business, where there’s a lack of certainty, a lack of ability to plan has imposed costs on all of us,” Bingham said during his interview with Cordero.

    Economic analysts have warned of broader recession risks. The International Monetary Fund slashed its U.S. and global economic growth forecasts, citing Trump’s tariffs. Apollo Global Management’s chief economist, Torsten Slok, forecasts a “self-inflicted recession” by summer 2025, with layoffs spreading from trucking to retail.

    “You can’t put the toothpaste back into the tube — once you squeeze it, it’s out,” Constance Hunter, chief economist at the Economist Intelligence Unit, told The Washington Post on April 28.

    On Wednesday, a three-judge panel of the U.S. Court of International Trade invalidated Trump tariffs. In the ruling published on the court’s website, “The court holds for the foregoing reasons that IEEPA does not authorize any of the Worldwide, Retaliatory, or Trafficking Tariff Orders.”

    MIL OSI China News –

  • MIL-OSI Banking: Money Market Operations as on May 29, 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) 5,77,073.30 5.71 2.00-6.80
         I. Call Money 15,981.90 5.78 4.85-5.82
         II. Triparty Repo 3,88,926.60 5.72 5.66-5.80
         III. Market Repo 1,71,005.60 5.69 2.00-6.80
         IV. Repo in Corporate Bond 1,159.20 5.91 5.90-6.00
    B. Term Segment      
         I. Notice Money** 70.00 5.67 5.45-5.85
         II. Term Money@@ 405.00 – 6.05-6.15
         III. Triparty Repo 4,265.00 5.84 5.80-5.90
         IV. Market Repo 0.00 – –
         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 Thu, 29/05/2025 1 Fri, 30/05/2025 3,335.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 29/05/2025 1 Fri, 30/05/2025 1,062.00 6.25
    4. SDFΔ# Thu, 29/05/2025 1 Fri, 30/05/2025 2,18,709.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,14,312.00  
    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          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,594.62  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,325.62  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,79,986.38  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 29, 2025 9,51,404.27  
         (ii) Average daily cash reserve requirement for the fortnight ending May 30, 2025 9,48,817.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 29, 2025 3,335.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 02, 2025 2,34,873.00  
    @ 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.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/433

    MIL OSI Global Banks –

  • MIL-OSI Banking: Speech: Meg O’Neill Address to the 2025 Australian Energy Producers Conference & Exhibition – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Speech: Meg O’Neill Address to the 2025 Australian Energy Producers Conference & Exhibition – Australian Energy Producers

    Thank you, Samantha, for that kind introduction.

    Welcome everyone to the 2025 Australian Energy Producers Conference!

    I’d like to begin by acknowledging the Jagera and Turrbal people as the traditional custodians of the land upon which we are meeting today.

    Thank you also to Shannon Ruska for that wonderful Welcome to Country.

    It was a fantastic way to open our conference and mark the start of National Reconciliation Week.

    Looking around at this room, it is great to see such strong support for our industry.

    Thank you to each and every one of you for the effort you have made to be here.

    It’s really valuable for us to come together and share knowledge and debate ideas, with the aim of constantly improving how we work, and how we can chart a brighter future for our industry and the nation in the years to come.

    We’ve already had some thoughtful speeches this morning.

    Thank you Sam for your dedication to promoting the great work of our members.

    And Minister King, thank you for your reflections and your strong advocacy for our industry.

    We look forward to continuing to work with you.

    I would also like to acknowledge that Senator Anthony Chisholm, Assistant Minister for Resources is here.

    Senator Chisolm, thank you for your attendance.

    Later this morning we’ll hear from former Australian Treasurer and Ambassador to the United States Joe Hockey and the Queensland Treasurer and Minister for Energy David Janetzki.

    I am very much looking forward to hearing their perspectives on the economic and energy challenges facing Australia, and nations around the world.

    I would like to take this opportunity to congratulate the Albanese Government on its election victory.

    Campaigning for office is not for the faint of heart. It takes passion, discipline and a belief in the idea that Australia can be better. I admire the commitment and endurance of those who run in modern-day elections.

    One vital pathway to building a brighter future for Australia is to ensure that we and our regional partners have the energy we need to build prosperity and succeed in the energy transition.

    So, I would also like to thank the Government for its clear acknowledgement of the critical role that gas plays in the Australian economy and in the nation’s trading relationships.

    The vital importance of gas has also been emphasised by the Liberals and Nationals, and we appreciate this bipartisan support.

    The Government’s Future Gas Strategy, led by Minister King, makes a powerful and compelling case for the role of gas in supporting the quality of life in Australia, and in providing energy security in our region.

    We thank the Minister for her leadership and vision in laying out this roadmap for Australia’s gas endowment.

    The opportunity now is to take real actions that deliver the Government’s Future Gas Strategy.

    And Minister King, you have our industry’s support in working together with all stakeholders to achieve this for the long-term.

    Celebration of the year’s success

    One of my favourite things about this conference is the chance to celebrate our industry’s success in helping meet Australia’s energy needs, and in delivering strong economic outcomes at local, state and national levels.

    I think it’s fitting we are here in Brisbane, because this year marks 10 years since the Queensland LNG industry began operating.

    It’s hard to imagine the Australian industry without our Queensland operators and I think we should celebrate this achievement with a round of applause.

    From the vast offshore fields of Western Australia, the Northern Territory and Victoria – to the rich onshore basins of Queensland, South Australia and New South Wales – and to the emerging basins such as the Perth Basin and the Beetaloo – Australia’s oil and gas industry stands as a powerhouse of innovation and economic strength.

    By exploring, developing and producing these resources, we play a critical role in providing the energy needed in Australia and the Asian region.

    But we cannot take this for granted.

    Reflection on Australia’s energy edge

    For decades, Australia’s vast energy resources have provided a major competitive advantage for the nation’s economy.

    In particular, safe, affordable and reliable domestic gas has helped underpin the success of many Australian businesses, especially in mining and manufacturing.

    While the LNG industry has made a significant contribution to Australia’s prosperity through taxes and royalties, skilled jobs, community support and economic development.

    KPMG analysis commissioned by AEP found the gas industry contributed 105 billion dollars to Australia’s gross domestic product and supported 215,000 ongoing jobs across the economy in 2021-22.

    This is in addition to taxes and royalties paid to Australian governments, which in 2023‑24 totalled an estimated 17.1 billion dollars.

    But our energy edge is at risk.

    This is evidenced by forecasts of looming supply shortfalls on both the east and west coasts and weakened investor confidence in investing in new supply.

    AEP has this week released a Wood Mackenzie report that analysed Australia as an investment destination.

    The study involved data analysis and a survey of CEOs of AEP member companies.

    It makes for sobering reading, confirming what many in this room already know.

    Certainty around Australia’s energy and climate policies, environmental regulation and timely approvals is critical to driving investment.

    95 per cent of respondents said they have had investments directly impacted by a change in government policy or regulation.

    Of these investments, a fifth did not proceed or were relocated outside of Australia, and almost half were significantly delayed.

    Learning from experiences in prior years, we have an opportunity now to create the foundations for the next wave of energy investment in Australia.

    We must continue to make the most of our natural resources and our ingenuity, so that we keep jobs and revenue in Australia.

    Implications

    What is also at stake is the nation’s ability to compete on the global stage for the industries of the future.

    These include artificial intelligence, data centres, critical minerals manufacturing and no doubt sectors we haven’t even imagined yet. All of which depend on reliable and affordable power.

    The recent blackouts in Spain and Portugal are a forceful reminder of the consequences of losing reliable supplies of energy, upon which we rely for our daily lives and jobs.

    While the causes of the blackouts are still being investigated, what we can see with certainty is that these events reinforce the need to focus on energy security and energy affordability, as well as – and not instead of – emissions reduction.

    All three matter.

    When we lose sight of any one of these, all three are at risk.

    I am encouraged by evidence – including the Government’s Future Gas Strategy – that policymakers are increasingly willing to recognise and speak up for the critical importance of natural gas, including as the stabilising partner to higher levels of renewables and as a lower emissions source of power than coal.

    I welcome more government policy decisions to reflect the strategy in practice.

    And I think it is time that the opponents of our industry face up to the fact that they are making the energy transition harder and more risky by slowing down investment and trying to take practical options off the table.

    If Australia loses its energy edge, we also lose opportunities to contribute to decarbonisation at home and abroad.

    As we know, when used to generate electricity, gas typically produces half the life cycle emissions of coal.

    Coal demand in the Asia Pacific continues to grow and drive up global emissions.

    This underlines why Australia must maximise opportunities to supply LNG to Asian customers who want to reduce their reliance on coal through a combination of gas and renewables.

    Furthermore, the opportunity to service growing demand for natural gas is one that Australia’s competitor nations will seize, if Australia is not able to take the opportunities before it.

    For example – we have seen significant pro-energy investment policy changes in the USA with the change in administration, and I am eager to hear Joe Hockey’s take on this.

    But no one doubts where the US stands on developing its natural resources – the President has declared an Energy Emergency, and prioritised development of the US’s energy resources – both for domestic use and for customers abroad.

    And there is genuine urgency to tackle permitting reform and make energy investment easier.

    Our offer and our ask

    All of us in this room recognise the enormous opportunity that Australia has to help meet essential energy needs – and the necessity of doing so responsibly.

    Australian Energy Producers’ message to policymakers here in Australia, is that we will play our part in supplying affordable, reliable energy to customers, while also tackling climate change.

    We are committed to doing this through innovation and collaboration.

    We are designing and operating out emissions from our assets, implementing CCS, and diversifying into new lower-carbon commodities and technologies.

    As a proof point – Australia now has two of the world’s largest CCS projects, with the Gorgon project having sequestered over 11 million tons of CO2 since it commenced operations, and the Moomba CCS project starting up last year.

    Something else we’re committed to is ensuring the public discussion about energy policy includes balance and facts.

    Through AEP’s advocacy, we are calling out misinformation and disinformation campaigns that seek to downplay our sector’s significant economic and tax contribution, and the essential role of gas in achieving decarbonisation goals.

    We appreciate government efforts to help build community understanding of the role of gas and foster support for what we deliver.

    It’s vital that people hear the facts about gas and understand its importance to their lives, the Australian economy and decarbonising Asia.

    By equipping people with knowledge about energy production, consumption and role in the energy transition, we make it harder for our opponents to spread misinformation, and easier to have the respectful policy debates that can lead to better industry and environmental outcomes.

    With a new federal parliament elected, it is an opportunity to finally cut red and green tape, to simplify and streamline Australia’s approvals system.

    Cutting red and green tape will promote innovation, and enable businesses to thrive.

    And it will create more jobs for Australians.

    Streamlining approvals will also drive the productivity growth Australia needs to remain competitive in an increasingly protectionist world.

    And in news hot off the press, it was a huge relief last week to see the Native Title Tribunal clear a path for Santos’s much-needed Narrabri gas development to go ahead.

    As an industry, we look forward to working with new Environment Minister Murray Watt as he takes on the critical role of ensuring energy development in Australia is conducted responsibly and sustainably.

    We acknowledge that Minister Watt is working through the process to take a decision on the North West Shelf extension and we look forward to an outcome.

    We all recognise that energy development must meet rigorous environmental standards and maintain the confidence of the community.

    The Government’s Future Gas Strategy is a clear roadmap for policy reform to ensure that these objectives are met as the nation’s resources are responsibly developed.

    This includes implementing clear and unambiguous offshore consultation rules.

    Regulatory loopholes are in no-one’s interests.

    The industry fully supports consulting with impacted traditional owners and other stakeholders – but the rules for consultation must be clear to provide predictable outcomes for all parties.

    It is also essential that exploration resume in earnest in Australia.

    This starts with regular offshore acreage licensing rounds, and clear regulations around the well-proven and safe technology of seismic surveys.

    We must get exploration going now to ensure the energy future of the 2030’s and 2040’s is secure.

    Conclusion

    In closing, Australia has the key ingredients to sustain its energy edge for decades to come.

    We have been gifted natural resource potential like few other nations.

    We have the talented, capable and motivated workforce we need to unlock the potential.

    We have a long track record of supporting downstream domestic industries and providing feedstock and energy to build Australia’s prosperity.

    We also have proximity to the world’s fastest growing energy markets, who are looking for secure, reliable supplies to power their own development.

    We have the opportunity now to build on the decades of success – unlocking new resources, powering a bright future, and doing so responsibly.

    There will be headwinds, but we have the resilience and the vision as an industry to ensure that Australia’s energy edge delivers for every Australian, for decades to come.

    Thank you everyone, I wish you a great conference.

    MIL OSI Global Banks –

  • MIL-OSI Australia: NAB backs farmers and Victorian Drought taskforce

    Source: Premier of Victoria

    NAB today announced its support for a new Victorian Drought Response Taskforce.

    NAB Group CEO Andrew Irvine said: “NAB is ready to play our role in helping farmers, their families and regional Victorian businesses and communities as they deal with the devastating impacts of the drought.

    “Multi-generational farmers who have been on the same land for over a century are telling us it is one of the worst droughts on record. Some of them are making the heart-breaking decision to reduce their stock because they can’t afford to feed them or provide enough water.  Businesses that service farms are hurting too.

    “It’s also vital we consider the mental health impacts for the farmers, their families, and those businesses and communities that support them.”

    NAB does a third of all lending to farmers and many NAB bankers live and farm in areas impacted by the drought. NAB’s Regional and Agribusiness Executive Khan Horne will represent NAB on the taskforce to provide the perspectives of customers.

    Mr Irvine said NAB was here to help any customer who needed financial support.

    “For any farmer or business, please call your bank.  The sooner you call the sooner we can help,” he said.

    Help may range from payment pauses, changes to your repayments and temporary relief from existing financial commitments. NAB can also provide access to mental health support for any customer who needs it.

    Environment

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-OSI Russia: To the participants and guests of the VII Congress of the Association of Russian Banks

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dear friends!

    I welcome you to the VII Congress of the Association of Russian Banks.

    On this discussion platform, the professional community conducts constructive dialogue, discusses current issues, and exchanges best practices.

    For 35 years, your public organization has united financiers, representatives of scientific and business circles, government bodies, experts and analysts.

    Over the years, the Association has gained extensive experience and made a significant contribution to the development of the national banking system. It has done a lot to support small and medium businesses, strengthen the trust of investors and our citizens in credit institutions.

    It is important that you take an active part in improving legislation, forming the regulatory framework. You pay special attention to the implementation of domestic digital technologies, as well as increasing the level of cybersecurity.

    I hope that the congress delegates will formulate specific proposals that will facilitate the implementation of promising projects aimed at strengthening Russia’s financial sovereignty.

    I wish you fruitful work, meaningful discussions, new successes and achievements.

    M. Mishustin

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Bank of Russia changes approaches to planning inspections for market participants

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    The regulator plans to cancel the three-year periodicity of inspections of supervised organizations for which it was established. These are credit organizations, non-state pension funds, large insurers and professional participants in the securities market, payment system operators, credit history bureaus, trade organizers and others.

    Project changes The instructions on the inspection procedure are published on the Bank of Russia website.

    Inspections of financial market participants will be conducted based on supervisory needs and assessment of information about their activities. Thus, the Bank of Russia will completely switch to a risk-oriented model of inspection planning.

    These changes will reduce the administrative burden on bona fide and transparent market participants.

    Preview photo: TippaPatt / Shutterstock / Fotodom

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

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

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24656

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Chernyshenko: Representatives of 19 countries and 20 international organizations gathered at the plenary session of the Eurasian Group on Combating Money Laundering

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing. Dmitry Chernyshenko read out the greetings of the Prime Minister Mikhail Mishustin to the delegates of the plenary session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Director of Rosfinmonitoring Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Previous news Next news

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    A plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing is taking place in Moscow. Russia currently chairs this authoritative association of states. During the opening, Deputy Prime Minister of Russia Dmitry Chernyshenko and Director of the Federal Financial Monitoring Service (Rosfinmonitoring) Yuri Chikhanchin addressed the participants.

    Dmitry Chernyshenko read out the greeting from the Chairman of the Russian Government Mikhail Mishustin to the delegates of the plenary session: “Today, integration in the Eurasian space is strengthening, which contributes to the multifaceted development and progressive economic growth of the countries of the region. The introduction of high technologies helps to automate many processes and reduce costs. At the same time, against the backdrop of rapid digitalization, new challenges arise associated with the emergence of sophisticated forms of terrorist financing, including through the use of crypto assets for illegal purposes. The success of the fight against money laundering directly depends on the clear coordination of the actions of the agencies responsible for financial security. In this regard, it is impossible to overestimate the importance of the activities carried out by the Eurasian Group.”

    The Prime Minister’s greeting stated that over 20 years an effective model of interstate partnership has been built, allowing for transparency of financial flows, timely identification and minimization of risks, and prompt response to them. It is important that the group has created conditions for substantive dialogue on a full range of issues related to the protection of national and international financial systems.

    Dmitry Chernyshenko thanked Yuri Chikhanchin and Rosfinmonitoring for the effective organization of the plenary week. He emphasized that the Russian Government pays special attention to issues of financial security, combating money laundering and terrorist financing. It is important to maintain constant cooperation and exchange of experience between the countries participating in the Eurasian Group.

    “Special attention must be paid to improving the qualifications of specialists working in the field of financial intelligence and analysis. Constantly updating knowledge and competencies will allow us to identify suspicious transactions more quickly and accurately and prevent potential crimes. Educating the general public, which can significantly reduce the vulnerability of individuals and companies to fraud and manipulation, also plays a key role. In conclusion, I would like to emphasize that the successful implementation of the set goals is possible only with the active interaction of all stakeholders, consolidation of efforts and openness to innovation. We are convinced that the work being done will create a solid foundation for the further sustainable development of our economies and provide reliable protection against new threats,” the Deputy Prime Minister added.

    The Deputy Prime Minister reported that more than 450 delegates, representatives of 19 countries and 20 international organizations, gathered in person at the plenary session. This speaks to the relevance and importance of the topic.

    “It is symbolic that the event is taking place in Moscow. Russia pays special attention to issues of financial security, combating money laundering and terrorism financing, especially in terms of working with young people. In our country, for the fifth time, the International Financial Security Olympiad will be held on the instructions of President Vladimir Putin. This year, for the first time, it will be held in the very center of Russia – Krasnoyarsk Krai,” said Dmitry Chernyshenko.

    More than 3.2 million Russian schoolchildren and 500 thousand foreign schoolchildren from 15 countries took part in the first stage of the Olympiad – a lesson on financial security.

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

    MIL OSI Russia News –

  • MIL-OSI China: Hong Kong, Saudi Arabia unlock new investment channels at capital markets forum

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

    The Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group jointly hosted the second “Hong Kong-Saudi Capital Markets Forum” in Hong Kong on Thursday, bringing together industry leaders to explore the evolving landscape and opportunities in Asian, Middle Eastern, and global capital markets.

    The two-day forum, themed “Powering Connections,” featured in-depth discussions on cross-regional investment prospects, followed by a series of business-matching sessions. In collaboration with the Hong Kong Special Administrative Region (HKSAR) government’s Office for Attracting Strategic Enterprises, the event facilitated over 600 scheduled meetings between enterprises and investors from both markets.

    Additionally, the “Premia BOCHK Saudi Arabia Government Sukuk ETF” was officially launched during the forum.

    Paul Chan, financial secretary of the HKSAR government, said that the Middle East is home to many high-quality enterprises, and the HKSAR will further strengthen ties with the region by sharing Hong Kong’s expertise in connectivity mechanisms with the Chinese mainland.

    “Beyond stocks and ETFs, there is vast potential for collaboration in infrastructure and professional services,” he said, adding that the Linked Exchange Rate System remains effective and will not be altered.

    Bonnie Chan, chief executive officer of Hong Kong Exchanges and Clearing Limited, said that the forum underscored the growing synergy, capital flow potential, and mutual investment opportunities between the Middle East, the Chinese mainland and Hong Kong.

    “As a ‘super connector,’ HKEX is committed to enhancing financial infrastructure and advancing partnerships to offer Asian investors greater access to Gulf markets and foster two-way capital flows between Asia and the Middle East,” she said.

    Representatives from Saudi Arabia said that the Saudi capital market serves as a vital bridge between East and West, renowned for its depth, resilience, and openness to global investors. They reaffirmed Saudi Arabia’s commitment to market expansion, strengthening international linkages, and driving sustainable development.

    The forum attracted over 500 participants, including financial leaders, regulators, investors, and corporate representatives from the Chinese mainland, Hong Kong, Saudi Arabia, and beyond. 

    MIL OSI China News –

  • MIL-OSI Russia: Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    May 29, 2025

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    May 29, 2025

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    May 29, 2025

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    May 29, 2025

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    May 29, 2025

    Previous news Next news

    Alexander Novak congratulated the International Institute of Energy Policy and Diplomacy MGIMO on its 25th anniversary

    Deputy Prime Minister Alexander Novak took part in the celebrations marking the 25th anniversary of the International Institute of Energy Policy and Diplomacy (IIEP) of MGIMO University of the Russian Ministry of Foreign Affairs.

    The Deputy Prime Minister noted that Russia occupies a unique place in the global economy and energy system, and the domestic fuel and energy complex is one of the most reliable and technologically advanced in the world.

    “The Russian fuel and energy complex is a guarantor of not only national but also global energy security. A necessary condition for the further successful development of the fuel and energy complex industries is the availability of a fundamental scientific base and human resources. This together allows us to implement innovative approaches and solutions, ensure the competitiveness of the Russian energy sector, and develop international energy cooperation. Over the past 25 years, the International Institute of Energy Policy and Diplomacy of MGIMO has become a recognized leader in training highly qualified specialists of international level and forming an industry scientific base,” said Alexander Novak.

    On the occasion of the anniversary, the Deputy Prime Minister presented the staff of the International Institute of Energy Policy and Diplomacy of MGIMO University of the Russian Ministry of Foreign Affairs with a letter of gratitude on behalf of Russian President Vladimir Putin.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Grigorenko: In Kursk, the delivery of new trams and electric buses under the city electric transport renewal program has been 100% completed

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    During his working visit to Kursk Oblast, Dmitry Grigorenko got acquainted with the results of the implementation of the federal program for the comprehensive development of urban electric transport in the region. With Acting Governor of Kursk Oblast Alexander Khinshtein

    May 29, 2025

    During his working visit to Kursk Oblast, Dmitry Grigorenko got acquainted with the results of the implementation of the federal program for the comprehensive development of urban electric transport in the region. With Acting Governor of Kursk Oblast Alexander Khinshtein

    May 29, 2025

    Implementation of the federal program for the integrated development of urban electric transport in the Kursk region

    May 29, 2025

    Implementation of the federal program for the integrated development of urban electric transport in the Kursk region

    May 29, 2025

    Implementation of the federal program for the integrated development of urban electric transport in the Kursk region

    May 29, 2025

    Implementation of the federal program for the integrated development of urban electric transport in the Kursk region

    May 29, 2025

    Previous news Next news

    During his working visit to Kursk Oblast, Dmitry Grigorenko got acquainted with the results of the implementation of the federal program for the comprehensive development of urban electric transport in the region. With Acting Governor of Kursk Oblast Alexander Khinshtein

    Deputy Prime Minister – Head of the Government Staff Dmitry Grigorenko, during a working visit to Kursk Oblast, familiarized himself with the results of the implementation of the federal program for the comprehensive development of urban electric transport in the region. The program is being implemented under the leadership of the Deputy Prime Minister.

    To date, Kursk has fully delivered new rolling stock: 10 electric buses and 22 low-floor trams “Lvenok” of domestic production have arrived. They are equipped with a control and video surveillance system that ensures the safety of passengers during the trip. In particular, the operator of the control center can monitor the situation inside the car and quickly respond to possible incidents. Particular attention is paid to the comfort of passengers: trams and electric buses are equipped with climate control with an air purification function and USB ports for charging mobile devices.

    New tram cars run along the section of tram tracks reconstructed within the framework of the program. At present, its total length is 25 km, which is more than half of the planned figure.

    Innovative solutions were used during the modernization of tram lines: seamless rail connections and special noise-absorbing technologies were used. As a result, trams move along the route almost silently, and in terms of travel comfort they are not inferior to modern electric buses. Such a technological solution not only increases passenger comfort, but also improves the environmental situation in the city.

    “In Kursk, the delivery of new trams and electric buses under the city electric transport renewal program has been 100%. Residents have already had a chance to appreciate the modern transport and even gave the trams their own names. It is important for us that the program not only increases passenger comfort and safety, but also arouses genuine interest among city residents. Construction and installation work is currently underway in the city: the plans include the reconstruction of the tram depot, as well as the modernization of another route. Work continues to make city transport even more convenient,” said Deputy Prime Minister – Head of the Government Staff Dmitry Grigorenko.

    “Kursk Oblast has become the first region where new electric buses have entered service, and 22 modern trams are already running on the renovated tracks. But without federal support, it is impossible to complete the project – the cost has increased, and two emergency overpasses require urgent repair. For Kursk residents, a tram is more than just transport, it is part of the city’s history. I thank Dmitry Grigorenko, the Government and the federal center for their constant attention and support to our region. I am confident that together we will bring this important project to completion,” said Acting Governor of Kursk Oblast Alexander Khinshtein.

    Kursk has also implemented a digital platform for public transport management. It consists of 8 modules that perform various functions – from informing passengers to controlling passenger flow and other functions that optimize traffic on the road and increase the capacity of public transport.

    A comprehensive program for upgrading urban electric transport is being implemented in a number of large regions of Russia, including Lipetsk, Yaroslavl, Nizhny Novgorod, Kursk, Saratov, Volgograd, Rostov regions, as well as Krasnodar and Perm territories.

    The program is financed by federal and regional budgets, VEB.RF loans and private investments.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds”

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds”

    May 29, 2025

    Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds”

    May 29, 2025

    Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds”

    May 29, 2025

    Previous news Next news

    Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds”

    Deputy Prime Minister of Russia Tatyana Golikova and Assistant to the President of the Republic of Uzbekistan Saida Mirziyoyeva opened the exhibition “Light between the Worlds” at the State Historical and Art Museum “New Jerusalem” in the Moscow Region. Deputy Prime Minister of Russia Marat Khusnullin, Assistant to the President of Russia Vladimir Medinsky, Ambassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to Russia Botirjon Asadov also took part in the opening of the exhibition.

    “The significance of the exhibition lies in its major contribution to understanding the artistic heritage of the 20th century. This was a time when art tried to understand the social transformations that were taking place in society. The works of modernism from the 1920s and 1930s are presented here, and each of them is a diverse language and philosophy of that time. All the works carry something new, lift the curtain on something that we may not have known,” noted Tatyana Golikova. “The value of the exhibition is that it was born thanks to the cooperation between the New Jerusalem Museum and the I.V. Savitsky Museum of Arts of the Republic of Karakalpakstan. This is not just a diplomatic step in the cultural sphere, this is our strategic cooperation in the humanitarian sphere.”

    The New Jerusalem Museum, together with the Foundation for the Development of Culture and Arts of Uzbekistan, presents a large-scale exhibition project, Light Between Worlds, dedicated to the little-studied layer of Soviet, Uzbek and Russian modernism of the 1920s and 1930s. The exhibition includes more than 160 paintings and graphic works by 40 artists, including Alexander Volkov, Solomon Nikritin, Alexander Shevchenko, Kliment Redko and others, from the collections of the New Jerusalem Museum and the I.V. Savitsky Museum of Arts of the Republic of Karakalpakstan.

    “Today we are proud to present masterpieces from the unique collection of the Nukus Museum, which houses one of the largest collections of Russian avant-garde in the world. 80 works of painting and graphics arrived from our country, from the “Louvre in the Desert”, which became home to the creative works of many Russian artists thanks to the mission of Igor Savitsky. I would like to separately emphasize the importance of this exhibition in the context of the expanding cultural dialogue between Uzbekistan and Russia. Today, our countries are actively developing cooperation, including in the fields of culture, education, creative economy and heritage preservation. We implement joint projects, support creativity, and strengthen the infrastructure for cultural initiatives. Such exhibitions become points of contact, living bridges between our peoples. Especially when it is a common history,” Saida Mirziyoyeva emphasized.

    The exhibition is conceived as a meeting of two major museum collections of 20th-century art. The previous inter-museum project of a similar scale with the participation of the Savitsky Museum, built on the comparison of two collections, took place in 1989, when the book “Avant-garde, stopped in its tracks” was published together with the Russian Museum.

    The exhibition “Light Between Worlds” at the New Jerusalem Museum will allow us to take a fresh look at the artistic process of the 1920s and 1930s, in all its complexity and diversity.

    “After viewing the exhibition, there are many positive emotions. Such a profound idea, such wonderful works that inspire. And I want to say thank you for this idea and wonderful organization. This is a good cultural bridge that strengthens the ties between our country and Uzbekistan. I want to wish this exhibition that as many people as possible visit it, get inspired, so that joint work continues in other cities of Russia and Uzbekistan,” said Deputy Prime Minister Marat Khusnullin.

    The collections of the New Jerusalem Museum and the I.V. Savitsky Museum of Arts of the Republic of Karakalpakstan have in common that to this day their place in “museum construction” and the contents of their collections remain unexplored. Both collections were formed in conditions when many works of art remained outside the official cultural field. Therefore, a separate emphasis of the exhibition is the history of “museum construction”.

    “I was lucky to attend the opening of a similar exhibition at the Pushkin Museum seven or eight years ago – the state museum from Nukus and Pushkin. I know firsthand what the attendance was, how many surprised visitors there were. And of course, after that exhibition, there were many more friends of Uzbek culture. I am sure that after this wonderful exhibition, which we were lucky to open now, there will be even more friends of Uzbekistan, because we are connected by centuries-old historical ties that are based on neighborhood, respect for each other, love for a common culture, a common heritage. And now another wonderful cultural bridge, as was said, connects our countries. And let there be as many of these bridges, these ties as possible,” emphasized Vladimir Medinsky, Aide to the President of Russia.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 05/29/2025 deposit auction will be held Moscow Regional Guarantee Fund (3)

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

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

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

    HTTPS: //VVV. MEEX.K.M.M.

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    Parameters
    Date of the deposit auction 05/29/2025
    Placement currency Rub
    Maximum amount of funds placed (in placement currency) 3 200 000 000.00
    Placement period, days 89
    Date of deposit 05/30/2025
    Refund date 08/27/2025
    Minimum placement interest rate, % per annum 20.50
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  • MIL-Evening Report: French politicians in New Caledonia to stir the political melting pot

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    French national politicians have been in New Caledonia as the territory’s future remains undecided.

    Leaders from both right-wing Les Républicains (LR) and Rassemblement National (RN), — vice-president François-Xavier Bellamy and Marine Le Pen respectively — have been in the French Pacific territory this week.

    They expressed their views about New Caledonia’s political, economic and social status one year after riots broke out in May 2024.

    Since then, latest attempts to hold political talks between all stakeholders and France have been met with fluctuating responses, but the latest round of discussions earlier this month ended in a stalemate.

    This was because hardline pro-France parties regarded the project of “sovereignty with France” offered by French Overseas Minister Manuel Valls was not acceptable. They consider that three self-determination referendums held in 2018, 2020 and 2021 rejected independence.

    However, the last referendum, in December 2021, was largely boycotted by the pro-independence movement and its followers due to indigenous Kanak cultural concerns around the covid-19 pandemic.

    The pro-France camp is accusing Valls of siding with the pro-independence FLNKS bloc and other more moderate parties such as PALIKA (Kanak Liberation Party) and UPM (Union Progressiste en Mélanésie), who want independence from France.

    Transferring key powers
    Valls is considering transferring key French powers to New Caledonia, introducing a double French/New Caledonian citizenship, and an international standing.

    The pro-France camp is adamant that this ignores the three no referendum votes.

    Speaking to a crowd of several hundred supporters in Nouméa on Tuesday evening, Bellamy said he now favoured going ahead with modifying conditions of eligibility for voters at local provincial elections.

    The same attempts to change the locked local electoral roll — which is restricted to people residing in New Caledonia from before November 1998 — was widely perceived as the main cause for the May 2024 riots, which left 14 dead.

    Bellamy said giving in to violence that erupted last year was out of the question because it was “an attempt to topple a democratic process”.

    Les Républicains, to which the Rassemblement-LR local party is affiliated, is one of the major parties in the French Parliament.

    Its newly-elected president Bruno Retailleau is the Minister for Home Affairs in French President Emmanuel Macron’s coalition government.

    Nouméa Accord ‘now over’
    Bellamy told a crowd of supporters in Nouméa that in his view the decolonisation process prescribed by the 1998 Nouméa Accord “is now over”.

    “New Caledonians have democratically decided, three times, that they belong to France. And this should be respected,” he told a crowd during a political rally.

    In Nouméa, Bellamy said if the three referendum results were ignored as part of a future political agreement, then LR could go as far as pulling out of the French government.

    Marine Le Pen, this week also expressed her views on New Caledonia’s situation, saying instead of focusing on the territory’s institutional future, the priority should be placed on its economy, which is still reeling from the devastation caused during the 2024 riots.

    The efforts included diversifying the economy.

    A Paris court convicted Le Pen and two dozen (RN) party members of embezzling European Union funds last month, and imposed a sentence that will prevent her from standing in France’s 2027 presidential election unless she can get the ruling overturned within 18 months.

    The high-profile visits to New Caledonia from mainland French leaders come within two years of France’s scheduled presidential elections.

    And it looks like New Caledonia could become a significant issue in the pre-poll debates and campaign.

    LFI (La France Insoumise), a major party in the French Parliament, and its caucus leader Mathilde Panot also visited New Caledonia from May 9-17, this time mainly focusing on supporting the pro-independence camp’s views.

    Macron invites all parties for fresh talks in Paris
     On Tuesday, May 27, the French President’s office issued a brief statement indicating that it had decided to convene “all stakeholders” for fresh talks in Paris in mid-June.

    The talks would aim at “clarifying” New Caledonia’s economic, political and institutional situation with a view to reaching “a shared agreement”.

    Depending on New Caledonia’s often opposing political camps, Macron’s announcement is perceived either as a dismissal of Valls’ approach or a mere continuation of the overseas minister’s efforts, but at a higher level.

    New Caledonia’s pro-France parties are adamant that Macron’s proposal is entirely new and that it signifies Valls’ approach has been disavowed at the highest level.

    Valls himself wrote to New Caledonia’s political stakeholders last weekend, insisting on the need to pursue talks through a so-called “follow-up committee”.

    It is not clear whether the “follow-up committee” format is what Macron has in mind.

    But at the weekend, Valls made statements on several French national media outlets, stressing that he was still the one in charge of New Caledonia’s case.

    “The one who is taking care of New Caledonia’s case, at the request of French Prime Minister François Bayrou, that’s me and no one else,” Valls told French national news channel LCI on May 25.

    “I’m not being disavowed by anyone.”

    Local parties still willing to talk
     Most parties have since reacted swiftly to Macron’s call, saying they were ready to take part in further discussions.

    Rassemblement-LR leader Virginie Ruffenach said this was “necessary to clarify the French state’s position”.

    She said the clarification was needed, since Valls, during his last visit, “offered an independence solution that goes way beyond what the pro-independence camp was even asking”.

    Local pro-France figure and New Caledonia’s elected MP at the French National Assembly, Nicolas Metzdorf, met Macron in Paris last Friday.

    He said at the time that an “initiative” from the French president was to be expected.

    Pro-independence bloc FLNKS said Valls’ proposal was now “the foundation stone”.

    Spokesman Dominique Fochi said the invitation was scheduled to be discussed at a special FLNKS convention this weekend.

    Valls’ ‘independence-association’ solution worries other French territories
     Because of the signals it sends, New Caledonia’s proposed political future plans are also causing concern in other French overseas territories, including their elected MPs in Paris.

    In the French Senate on Wednesday, French Polynesia’s MP Lana Tetuanui, who is pro-France, asked during question time for French Foreign Affairs Minister Jean-Noël Barrot to explain what France was doing in the Pacific region in the face of growing influence from major powers such as China.

    She told the minister she still had doubts, “unless of course France is considering sinking its own aircraft carrier ships named New Caledonia, French Polynesia and Wallis and Futuna”.

    French president Emmanuel Macron has been on a southeast Asian tour this week to Vietnam, Indonesia and Singapore, where he will be the keynote speaker of the annual Shangri-La Dialogue.

    He delivers his speech today to mark the opening of the 22nd edition of the Dialogue, Asia’s premier defence summit.

    The event brings together defence ministers, military leaders and senior defence officials, as well as business leaders and security experts, from across the Asia-Pacific, Europe, North America and beyond to discuss critical security and geopolitical challenges.

    More specifically on the Pacific region, Macron also said one of France’s future challenges included speeding up efforts to “build a new strategy in New Caledonia and French Polynesia”.

    As part of Macron’s Indo-Pacific doctrine, developed since 2017, France earlier this year deployed significant forces in the region, including its naval and air strike group and its only aircraft carrier, the Charles de Gaulle.

    The multinational exercise, called Clémenceau 25, involved joint exercises with allied forces from Australia, Japan and the United States.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –