Category: Economy

  • MIL-OSI Russia: Financial news: Three deposit auctions of UK FRT LLC will take place on 05/29/2025

    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. MOEX.K.M.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) 2 665 000 000.00
    Placement period, days 32
    Date of deposit 05/29/2025
    Refund date 06/30/2025
    Minimum placement interest rate, % per annum 21.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 2 665 000 000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 13:00 to 13:10
    Applications in competition mode from 13:10 to 13:15
    Setting a cut-off percentage or declaring the auction invalid until 13:25
       
    Additional terms  

    MIL OSI Russia News

  • MIL-OSI Russia: To the participants and guests of the 42nd plenary session of the Eurasian Group on Combating Money Laundering and Financing of Terrorism

    Translation. Region: Russian Federal

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

    Dear Mr. Chairman!

    Dear delegates!

    I welcome you to Moscow at the plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing. Russia currently chairs this authoritative association of states. And one of the significant events will be your session, in which representatives of international organizations are also participating.

    Today, integration in the Eurasian space is growing, which contributes to multifaceted development and progressive economic growth of the countries in 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. Over 20 years, an effective model of interstate partnership has been built, allowing for the 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 a substantive dialogue on a whole range of issues related to the protection of national and international financial systems. It is necessary to continue to build common approaches to legal regulation. To exchange experience and information, new technologies, best practices. And also to raise the level of knowledge about financial security among citizens.

    I am confident that this meeting will be another step in strengthening cooperation between our countries in such an important area. And the experts’ recommendations will find their practical application.

    I wish all participants constructive work.

    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 USA: Governor Newsom announces appointments 5.28.25

    Source: US State of California 2

    May 28, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    LaCandice Ochoa, of Sacramento, has been appointed Deputy Director of the Independent Living and Community Access Division at the Department of Rehabilitation. Ochoa has been Dean of Workforce and Economic Development in the Office of the Chancellor of the California Community Colleges since 2020, where she was previously Operations Manager of Workforce and Economic Development from 2020 to 2022. She was the Operations Manager for the Commission on Disability Access at the Department of General Services from 2018 to 2020. Ochoa was a Program Manager at the Governor’s Office of Emergency Services from 2015 to 2018. She was a Program Analyst for the Health Professions Education Foundation at the Department of Healthcare Access and Information from 2014 to 2015. Ochoa was an Associate Governmental Program Analyst at the California Department of Rehabilitation from 2012 to 2014. She was an Executive Assistant at Disability Rights California from 2011 to 2012. Ochoa was an Outreach and Training Advocate at the California Foundation for Independent Living Centers from 2009 to 2011. She was a Support Staff Assistant for Bob Segalman, Ph.D. from 2008 to 2009. Ochoa is a member of the California Community College Association of Occupational Educators, Association of California Community College Administrators, and Association of California State Employees with Disabilities. She earned a Master of Science degree in Assistive Technology and Human Services from California State University, Northridge and a Bachelor of Arts degree in Ethnic Studies from University of California, San Diego. This position does not require Senate confirmation, and the compensation is $137,616. Ochoa is a Democrat.

    Aaron Christian, of Chino, has been appointed Chief of Population Risk, Quality Assurance, and Data Operations at the Department of Developmental Services. Christian has been Deputy Director of the Division of Community Assistance and Resolutions at the California Department of Developmental Services since 2024, where he has held several roles since 2020, including Assistant Deputy Director and Southern Region Manager. He held several roles at the San Gabriel/Pomona Regional Center from 2010 to 2020, including Director of Client Services, Director of Community Services, Assistant Director of Community Services, Resource Developer, and Service Coordinator. Christian was a Youth Counselor at the California Department of Corrections and Rehabilitation from 2007 to 2009. He was a Program Manager at Esperanza Services from 2003 to 2007. Christian earned a Master of Public Administration degree in Public Sector Leadership from California State University, Northridge and a Bachelor of Science degree in Human Services from University of Phoenix. This position does not require Senate confirmation, and the compensation is $187,104. Christian is registered with no party preference. 

    Sherri Miller, of Sacramento, has been appointed Special Assistant to the Secretary at the California Environmental Protection Agency. Miller has been Executive Office Manager at California High-Speed Rail Authority since 2023, where she was previously Staff Services Manager II from 2021 to 2023. She held several roles at the California Department of Motor Vehicles from 2012 to 2019, including Administrative Assistant II to the Department of Motor Vehicles Director and Executive Secretary. Miller is a participant of the Diversity, Equity, and Inclusion Program at California High-Speed Rail Authority. This position does not require Senate confirmation, and compensation is $108,000. Miller is a Democrat.

    Jason Paguio, of Coronado, has been reappointed to the Commission on Asian and Pacific Islander American Affairs, where he has served since 2022. Paguio has been President and Chief Executive Officer of the Asian Business Association San Diego and the Asian Business Association Foundation since 2019 and a Member of the United States Coast Guard Auxiliary since 2017. He was Director for North America at Dalman & Narborough from 2006 to 2025. Paguio was Director of Strategic Partnerships and Political Director for the California Asian Pacific Chamber of Commerce from 2020 to 2022. He was a Land Use Advisor for the San Diego County Board of Supervisors from 2017 to 2019. Paguio was Chief of Staff for the Office of the Deputy Mayor of the City of Chula Vista from 2015 to 2017. He is Chair of the Board of Directors of the San Diego Community Housing Corporation, Immediate Past Chair of the Board of Directors of LEAD San Diego, Member of the Board of Directors of the San Diego Regional Chamber of Commerce, NTC Foundation, and San Diego Opera and a member of the California Entrepreneurship and Economic Mobility Task Force in the Office of the Small Business Advocate. This position does not require Senate confirmation, and there is no compensation. Paguio is a Democrat.

    Rajan Gill, of Yuba City, has been reappointed to the California Commission on Asian and Pacific Islander American Affairs, where he has served since 2013. Gill has been a Filmmaker at Neena Filmhouse since 2024, Professor of History at Yuba College since 2019, and Managing Partner at Gill Ranches since 2010. He was Professor of History at Las Positas College from 2018 to 2019. Gill was an Adjunct Professor at Yuba College from 2015 to 2018. He earned a Master of Arts degree in History from the University of California, Santa Cruz and a Bachelor of Arts degree in History and Middle Eastern and South Asian studies from the University of California, Davis. This position does not require Senate confirmation, and there is no compensation. Gill is a Democrat.

    Press releases, Recent news

    Recent news

    News SACRAMENTO – Governor Gavin Newsom issued the following statement after a federal court ruled today that President Trump exceeded his use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses: “Like we said when we filed…

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bill:SB 49 by Senator Shannon Grove (R-Bakersfield) – Tribal gaming: compact and amendment ratification.For full text of the bill, visit: leginfo.legislature.ca.gov.  Recent…

    News SACRAMENTO – Governor Gavin Newsom today issued an emergency proclamation for Trinity County to assist in recovery from the December 2024 winter storms that caused significant damage to the local area. The emergency proclamation authorizes the Governor’s Office…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom issues statement on court decision affirming Trump’s tariffs as unlawful

    Source: US State of California 2

    May 28, 2025

    SACRAMENTO – Governor Gavin Newsom issued the following statement after a federal court ruled today that President Trump exceeded his use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses:

    “Like we said when we filed our lawsuit: These tariffs are illegal, full stop. The court agreed today that Donald Trump overstepped his authority with his unlawful tariffs, which have created chaos and hurt American families and businesses.”

    Governor Gavin Newsom

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s decision was issued as part of a separate lawsuit filed by private parties and other states, but aligns with California’s arguments.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bill:SB 49 by Senator Shannon Grove (R-Bakersfield) – Tribal gaming: compact and amendment ratification.For full text of the bill, visit: leginfo.legislature.ca.gov.  Recent…

    News SACRAMENTO – Governor Gavin Newsom today issued an emergency proclamation for Trinity County to assist in recovery from the December 2024 winter storms that caused significant damage to the local area. The emergency proclamation authorizes the Governor’s Office…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring May 2025, as “Jewish American Heritage Month.”The text of the proclamation and a copy can be found below PROCLAMATIONThroughout our history, generations of Jewish immigrants…

    May 28, 2025

    SACRAMENTO – Governor Gavin Newsom issued the following statement after a federal court ruled today that President Trump exceeded his use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses:

    “Like we said when we filed our lawsuit: These tariffs are illegal, full stop. The court agreed today that Donald Trump overstepped his authority with his unlawful tariffs, which have created chaos and hurt American families and businesses.”

    Governor Gavin Newsom

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s decision was issued as part of a separate lawsuit filed by private parties and other states, but aligns with California’s arguments.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bill:SB 49 by Senator Shannon Grove (R-Bakersfield) – Tribal gaming: compact and amendment ratification.For full text of the bill, visit: leginfo.legislature.ca.gov.  Recent…

    News SACRAMENTO – Governor Gavin Newsom today issued an emergency proclamation for Trinity County to assist in recovery from the December 2024 winter storms that caused significant damage to the local area. The emergency proclamation authorizes the Governor’s Office…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring May 2025, as “Jewish American Heritage Month.”The text of the proclamation and a copy can be found below PROCLAMATIONThroughout our history, generations of Jewish immigrants…

    MIL OSI USA News

  • MIL-OSI: Defiance Launches CVNX: The First 2X Long ETF for Carvana Co.

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, May 29, 2025 (GLOBE NEWSWIRE) — Defiance ETFs introduces CVNX, the Defiance Daily Target 2X Long CVNA ETF (CVNX), a 2X leveraged single-stock ETF designed to provide amplified exposure to Carvana Co. (NYSE: CVNA). This ETF offers traders a way to pursue enhanced upside potential in Carvana without the need for a margin account.

    CVNX seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Carvana Co., a trailblazer in the digital transformation of used-car retail.

    “The Defiance Daily Target 2X Long CVNA ETF (CVNX) unleashes the full throttle of Carvana’s meteoric rise—up nearly 200% in the last year with Q1 2025 revenue smashing $4.23 billion. This ETF is built for savvy traders ready to amplify their stake in a company that’s rewriting the rules of used-car retail. With CVNA’s relentless growth, we’re giving investors the tools to seize this moment and ride the wave of automotive disruption.”
    Sylvia Jablonski, CEO and CIO, Defiance ETFs

    For more information, visit DefianceETFs.com.

    The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of the Underlying Security. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance declines over a period longer than a single day. An investor could lose the full principal value of their investment within a single day.

    An investment in CVNX is not an investment in Carvana Co.

    About Defiance ETFs

    Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    Total return represents changes to the NAV and accounts for distributions from the fund.

    CVNA Risks: The Fund invests in swap contracts and options that are based on the share price of CVNA. This subjects the Fund to certain of the same risks as if it owned shares of CVNA even though it does not.

    Indirect Investment Risk. CVNA is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares.

    Trading Risk. The trading price of the Fund may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading CVNA, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence CVNA’s stock price disproportionately.

    Performance Risk. CVNA may fail to meet publicly announced guidelines or other expectations about its business, which could cause the price of CVNA to decline.

    Automotive Industry Risk. The automotive retail industry is subject to significant risks that can impact both profitability and competitiveness. The industry is highly dependent on consumer demand, which can be influenced by various factors such as economic conditions, consumer confidence, fuel prices, and preferences for particular vehicle types.

    Additional Risks:

    Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses.

    Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified.

    Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risks related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions.

    Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

    Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-income securities owned by the Fund.

    Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation, or regulatory changes inside or outside the United States.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage Commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC

    Contact Information
    David Hanono
    info@defianceetfs.com
    833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f9cbde05-7266-4bc8-9d94-24ec43e4a822

    The MIL Network

  • MIL-OSI: Heron Power Raises $38M Series A to Accelerate an All-Electric Future

    Source: GlobeNewswire (MIL-OSI)

    Today’s electricity infrastructure can’t meet surging energy demand, holding back the electric economy and driving energy bills higher

    Founded by longtime Tesla SVP and backed by leading VCs, Heron Power is developing cheaper, faster and smarter hardware solutions for renewable energy and data centers to connect to the grid 

    SCOTTS VALLEY, Calif., May 29, 2025 (GLOBE NEWSWIRE) — Heron Power, an energy infrastructure company, today announced that it raised $38 million in Series A funding led by Capricorn Investment Group’s Technology Impact Fund, with participation from Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, Valor Equity Partners, Tesla co-founder JB Straubel, and former Tesla CFO Zach Kirkhorn. The round brings the total funding raised by Heron Power to $43 million. The company is developing industrial power electronics purpose-built for the 21st-century grid, helping the electricity sector to grow faster with scalable, reliable and software-integrated infrastructure. Heron Power will use the new funding to expand its team and complete engineering of the Heron Link, a solid-state transformer solution displacing legacy transformers and power converters.

    Over the last decade, technologies like solar, batteries, and data centers have scaled faster than anyone imagined—growing from a few gigawatts in 2014 to more than 500 GW in 2024, equivalent to roughly two-thirds of the U.S. peak demand. But while energy technologies have leapt forward, the equipment connecting them to the grid hasn’t changed in a century.

    Today’s outdated medium-voltage transformers (MVTs) are massive, built with 10 tons of grain-oriented electrical steel and copper submerged in oil, and designed for a one-way, analog grid. They offer no real-time control, can’t regulate voltage or frequency, and can’t adapt to dynamic grid conditions. Now, as energy demand surges, transformers have become a critical bottleneck: lead times stretch up to 24 months, U.S. manufacturing meets less than 20% of demand, and prices have spiked 60-80% since 2020.

    “We’re at an inflection point where clean, abundant energy is ready to come online—but grid interconnection challenges hold us back,” said Drew Baglino, Founder and CEO of Heron Power. “Heron Power aims to bridge that gap. With electrification on a path to triple electricity demand and AI’s exponential need for power, we’re moving fast on the opportunity to modernize the grid with more capable hardware.”

    Heron Power’s first product, the Heron Link, deletes the legacy transformer and connects directly to medium voltage. It is a modular megawatt-scale power converter built on the latest advances in wide-bandgap semiconductors. Designed for high power density and ease of maintenance, it offers greater reliability and lower costs for renewable, energy storage, and data center developers. With integrated voltage and frequency regulation, Heron Link also enhances grid stability—helping to prevent cascading outages like the one in Spain in early 2025.

    Heron Power has partnerships with major energy and datacenter developers. The company is targeting an internal pilot in 2026, partner installations in early 2027, and plans to manufacture Heron Link in the US. The team brings deep technical expertise, having collectively designed and deployed over 80 gigawatts of grid-connected power electronics over the past decade. 

    “Power electronics innovation brings the power of ‘Moore’s law’ to energy,” said Dipender Saluja, co-managing partner of Capricorn’s Technology Impact fund. “For two decades, we’ve sought out and invested in transportation, aviation, electronics, materials and energy companies with innovative power electronics at the core of their products. Heron Power’s team is singularly impressive: they have the technical depth, execution experience, and clarity of intention to reinvent utility-scale power electronics.”

    About Heron Power

    Heron Power Electronics Company is developing industrial power electronics purpose-built for the 21st-century grid, helping the electricity sector to grow faster with scalable, reliable and software-integrated infrastructure. Its modular solid state transformer technology enables renewable energy, storage, and datacenter developers to directly connect to medium voltage transmission without the use of a transformer. Led by founder and CEO Drew Baglino, the Scotts Valley, CA-based company combines expertise in power electronics, software, and high-volume manufacturing. For more information, visit www.heronpower.com.

    Media Contact

    press@heronpower.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ce02aff-c8e9-47f7-a919-f99d440e7ea2

    The MIL Network

  • MIL-OSI: Yuanbao Inc. to Announce First Quarter 2025 Financial Results on Thursday, June 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, May 29, 2025 (GLOBE NEWSWIRE) — Yuanbao Inc. (“Yuanbao” or the “Company”) (NASDAQ: YB), a leading technology-driven online insurance distributor in China, today announced that it will release its first quarter 2025 unaudited financial results on Thursday, June 5, 2025, before the open of the U.S. markets.

    The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on June 5, 2025 or 8:00 P.M. Beijing Time to discuss the financial results.

    Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BIa888df307303472fb71951c383b5a7ba

    Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at ir.yb-inc.com.

    About Yuanbao Inc.

    Yuanbao Inc. is a leading technology-driven online insurance distributor in China, committed to protecting health and well-being through innovative technology. Leveraging its proprietary consumer service cycle engine and advanced technologies, Yuanbao delivers customized insurance solutions from its partnered insurance carriers to over ten million insurance consumers throughout the entire insurance lifecycle, ranging from personalized recommendations to post-sales services. Through deep collaboration with insurance carriers and the use of data-driven insights, Yuanbao empowers carriers to tailor flagship products, enhances consumer engagement, and drives scalable and efficient distribution.

    For more information, please visit ir.yb-inc.com.

    For investor and media inquiries, please contact:

    In China:

    Yuanbao Inc.
    E-mail: ir@yb-inc.com

    Piacente Financial Communications
    Hui Fan
    Tel: +86-10-6508-0677
    E-mail: yb@thepiacentegroup.com

    In the United States:

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: yb@thepiacentegroup.com

    The MIL Network

  • MIL-OSI United Kingdom: UK to deliver pioneering battlefield system and bolster cyber warfare capabilities under Strategic Defence Review

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK to deliver pioneering battlefield system and bolster cyber warfare capabilities under Strategic Defence Review

    Defence Secretary announces new Cyber and Eletromagnetic Command and £1 billion investment in pioneering battlefield system.

    Defence Secretary John Healey personnel at MoD Corsham. MoD Crown Copyright.

    • More than £1 billion to be invested in pioneering ‘Digital Targeting Web’ to spearhead battlefield engagements, applying lessons learnt from Ukraine to the UK Armed Forces. 
    • New Cyber and Electromagnetic Command will oversee cyber operations for Defence as careers pathway accelerated.
    • Innovation delivers on the Government’s Plan for Change by bolstering national security and creating skilled jobs. 

    Pinpointing and eliminating enemy targets will take place faster than ever before, as the Government invests more than £1 billion to equip the UK Armed Forces with a pioneering battlefield system.

    A new Cyber and Electromagnetic Command will also be established to put the UK at the forefront of cyber operations as part of the Strategic Defence Review (SDR). The announcements were made by Defence Secretary, John Healey MP on a visit to MOD Corsham, the UK military’s cyber HQ. 

    The Ministry of Defence will develop a new Digital Targeting Web to better connect Armed Forces weapons systems and allow battlefield decisions for targeting enemy threats to be made and executed faster. 

    This pioneering digital capability will give the UK a decisive advantage through greater integration across domains, new AI and software, and better communication between our Armed Forces. As an example, a threat could be identified by a sensor on a ship or in space before being disabled by an F-35 aircraft, drone, or offensive cyber operation.

    This follows the Prime Minister’s historic commitment to increase defence spending to 2.5% of GDP, recognising the critical importance of military readiness in an era of heightened global uncertainty. 

    Delivering this new Digital Targeting Web is central to UK efforts to learn lessons directly from the front line in Ukraine. When the Ukrainians achieved a step-change in lethality early in the war – by being able to find the enemy, target them and attack quickly and at scale – it allowed them to stop the encircling Russian advance. 

    The Ministry of Defence will establish a Cyber and Electromagnetic Command. It will sit under General Sir James Hockenhull’s Command and follows the MOD having to protect UK military networks against more than 90,000 ‘sub-threshold’ attacks in the last two years. The Command will lead defensive cyber operations and coordinate offensive cyber capabilities with the National Cyber Force. 

    The new Command will also harness all the Armed Forces’ expertise in electromagnetic warfare, helping them to seize and hold the initiative in a high-tempo race for military advantage – for example, through degrading command and control, jamming signals to drones or missiles and intercepting an adversary’s communications. 

    The announcements come as part of the publication of the SDR, expected imminently, which highlights how daily cyber-attacks are threatening the foundations of the economy and daily life. 

    The SDR sets a path for the next decade to transform defence and make the UK secure at home and strong abroad. It ends the hollowing out of our Armed Forces and will also drive innovation, jobs and growth across the country, allowing the UK to lead a stronger NATO. Enhanced cyber defences will help bolster national security and support economic stability – foundations of the Government’s Plan for Change.

    Defence Secretary John Healey MP said: 

    Ways of warfare are rapidly changing – with the UK facing daily cyber-attacks on this new frontline.

    The hard-fought lessons from Putin’s illegal war in Ukraine leave us under no illusions that future conflicts will be won through forces that are better connected, better equipped and innovating faster than their adversaries. 

    We will give our Armed Forces the ability to act at speeds never seen before – connecting ships, aircraft, tanks and operators so they can share vital information instantly and strike further and faster.

    By attracting the best digital talent, and establishing a nerve centre for our cyber capability, we will harness the latest innovations, properly fund Britain’s defences for the modern age and support the government’s Plan for Change.

    The SDR recommends that the MOD should deliver the Digital Targeting Web by 2027.

    In February, the MOD also announced that Armed Forces recruits will be fast-tracked into specialist roles to tackle the growing cyber threat to the UK via a recruitment scheme. 

    The Cyber Direct Entry programme offers an accelerated path into military cyber roles with:

    • Tailored training focused on essential cyberspace operational skills.
    • Placement in operational cyber roles by the end of 2025.
    • Starting salaries over £40,000, with potential for up to £25,000 in additional skills pay.
    • No requirement to serve in dangerous environments or handle weapons.
    • Full military benefits including medical care, sports facilities, adventure training, and professional development.

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Local cruise ship levy could raise over £1 million

    Source: Scotland – City of Edinburgh

    A Getty image of a cruise ship docked near Leith in the Firth of Forth

    A cruise ship levy could help to ensure residents benefit from Edinburgh’s popularity as a cruise ship stop.

    In a formal response to be submitted to the Scottish Government’s Cruise Ship Levy consultation, the council has expressed strong support in principle for a levy to help it manage tourism sustainably at Edinburgh’s ports.

    The response also calls for any legislation to be based on evidence and involve greater consultation with ports and the cruise ship industry, as well as close working with other local authorities and regional partners.

    Close to 217,500 cruise ship passengers visit Edinburgh and the region annually, with a significant number docking in Leith, Newhaven and South Queensferry. Currently, passengers are exempt from paying local visitor levies.

    While any legislation to introduce a national Cruise Ship Levy is still to be developed, comparisons to similar sized destinations suggest it could raise over one million pounds for Edinburgh and the region.

    Council Leader Jane Meagher said:

    Next summer we’ll become the first city in Scotland to launch a visitor levy, but under the Scottish Government’s legislation cruise ship passengers will be exempt.

    We consider it fair to treat all overnight visitors to Edinburgh the same, whether they choose to stay in a hotel, a short-term let, a campsite or a cruise ship.

    With public finances under increasing pressure, we believe this legislation should be used to empower councils to raise more income locally to better manage cruise ship tourism and pollution in our waters. As such, income raised should be ringfenced for the local area.

    In our waters we’re seeing more ships docking year on year, larger ships, and with that comes an environmental impact. Cruise ship tourism affects local communities and services just as other tourism does.

    You can view the City of Edinburgh Council’s draft response to the Scottish Government’s Cruise Ship Levy Consultation. A final version will be submitted shortly, including amendments agreed at a meeting of the Policy and Sustainability Committee on Tuesday 27 May.

    Published: May 29th 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Help shape future of Norwich’s magical medieval market

    Source: City of Norwich

    Published on Thursday, 29th May 2025

    Residents have been urged by the city council to help shape the future of Norwich Market today.

    The council is asking local people to take part in the online survey after consulting with market traders.

    Councillor Carli Harper, cabinet member for finance and major projects, said: “We’ve been talking and listening to traders on the future of the market and now we want residents to make their voice heard too so we can get a greater understanding on how we can make our cherished and iconic market better for generations to come.”

    The Future of Norwich Market survey includes three design ideas to improve the layout of the market for residents to comment on including a central court, small squares and an arcade.

    The council will also make some improvements to the market by early next year, including: 

    • Upgrading roller shutters
    • Installation of CCTV to deter anti-social behaviour and criminal damage
    • Upgrade of cross-aisle awnings to protect public and traders in harsh weather
    • Reflective paint to reduce heat under canopies
    • Looking at ways of reducing pigeons in and around the market, with the use of non-harmful fire gel

    Cllr Harper said: “We will be implementing these improvements over the next few months as part of our determination to make Norwich Market one of England’s and Europe’s premier tourist and shopping experiences. We want people from all over the UK, Europe and beyond to come and sample the atmosphere of our magical medieval city and market.”

    To take part in the survey go to: gettalking.norwich.gov.uk/market

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

    Millions of workers are set to retire with bigger pension pots as the Government confirms plans to double the number of UK pension megafunds by 2030, unlocking billions to invest in Britain’s future.

    • Move secures over £50 billion investment in UK infrastructure, new homes and fast-growing businesses, as pension funds reverse decades of declining domestic investment. 
    • Average earner could get £6,000 boost to their pension pots at retirement from consolidation alone – with further increases expected through the Pension Schemes Bill. 
    • £1 billion a year of costs could be saved through consolidation and better governance, ensuring savings deliver for working people and the economy.

    Reforms set to be introduced through the Pension Schemes Bill will mean all multi-employer Defined Contribution pension schemes and Local Government Pension Scheme pools operate at megafund level, managing at least £25 billion in assets by 2030. Evidence from Australia and Canada shows that this size allows pension funds to invest in big infrastructure projects and private businesses, boosting the economy while potentially driving higher returns for savers. 

    These changes will drive more investment directly into the UK economy for new homes and promising scale-up businesses, with over £50 billion secured through the recent voluntary commitment from pension funds to invest 5 percent of assets in the UK and new local investment targets for Local Government Pension Scheme authorities. 

    This tackles the gradual decline in domestic investment from UK pension funds, where around 20 per cent of Defined Contribution assets are currently invested compared to over 50 per cent in 2012, as the Government goes further and faster to drive growth, create jobs and put more money into people’s pockets through the Plan for Change. More than 50 scale-up businesses have signed a joint letter to the Chancellor welcoming the reforms as a ‘significant milestone in ensuring British institutions back British businesses at the scale required to generate growth, employment and wealth.’ 

    New figures from the final report of the Pensions Investment Review published today also show that these reforms will drive higher returns for savers, in part by cutting waste in the system. By 2030 these schemes could be saving £1 billion a year through economies of scale and improved investment strategies. As a result, an average earner who saves over their career could see a £6,000 boost to their Defined Contribution pension pot at retirement through the creation of megafunds – with even better returns expected to be generated through changes in the upcoming Pension Schemes Bill.

    Chancellor of the Exchequer, Rachel Reeves, said: 

    We’re making pensions work for Britain. These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses – the Plan for Change in action.

    Deputy Prime Minister, Angela Rayner said:  

    The untapped potential of the £392 billion Local Government Pension Scheme is enormous. Through these reforms we will make sure it drives growth and opportunities in communities across the country for years to come – delivering on our Plan for Change.

    Today’s pensions announcements follow a month of major delivery milestones for the Plan for Change: new trade deals with India, the US and the EU, UK growth the highest in the G7, and the fourth interest rate cut since last summer after the government secure the economy’s foundations. 

    Multi-employer defined contribution pension schemes will be required to operate at megafund level, managing £25 billion or more in assets, and the full investment might of the £392 billion Local Government Pension Scheme (LGPS) will be unleashed by consolidating assets currently split over 86 administering authorities into just 6 pools.  

    Defined Contribution schemes will be given more freedom through legislation to move savers into better performing funds, enabling bulk transfer of assets into the megafunds while ensuring savers’ interests are always protected. Schemes worth over £10 billion that are unable to reach the minimum size requirement by the end of the decade will be allowed to continue operating, as long as they can demonstrate a clear plan to reach £25 billion by 2035. 

    The Mansion House Accord shows DC schemes are voluntarily investing more in infrastructure and businesses. To provide additional certainty that individual schemes will not lose business by investing in private markets, which offer the potential for higher returns but are expensive to invest in upfront, the Government will take a reserve power in the Pension Schemes Bill to set binding asset allocation targets. 

    The Pensions Investment Review confirms the March 2026 deadline for LGPS asset pooling, with a backstop power set to be taken in the Pension Schemes Bill to protect the interests of LGPS members and local taxpayers where necessary by directing an Administering Authority to participate in a specific investment pool.  

    Local investment targets will be agreed with LGPS authorities for the first time, securing £27.5 billion for local priorities. LGPS authorities will work with regional mayors, Welsh Authorities and councils to back the projects that matter most to the 6.7 million public servants – most of whom are low-paid women – whose savings they manage.

    Minister for Pensions, Torsten Bell, said: 

    Our economic strategy is about delivering real change, not tinkering around the edges. When it comes to pensions, size matters, so our plans will double the number of £25 billion plus megafunds. These reforms will mean bigger, better pension schemes, delivering a better retirement for millions and high investment in Britain.

    Irene Graham OBE, CEO ScaleUp Institute said:

    This represents a significant milestone in ensuring British institutions back British business – at the scale required – to generate growth, employment and wealth. UK pension funds are central to achieving this goal and addressing the UK’s longstanding growth capital gap that have held back growth ambitions. 

    The ScaleUp Institute, and the broad representatives of the scaleup economy across the UK, have written to the Chancellor today to welcome the Government’s final report on the Pensions Investment Review and the Government’s commitment to double the number of UK pension megafunds by 2030, thereby unlocking billions of patient capital to scaling businesses across the country.

    The changes come as London CIV has become the first LGPS pool to announce its intention to work with the British Business Bank on the launch of the British Growth Partnership (BGP), joining Aegon UK and NatWest Cushon, who last year announced their intention to collaborate on the BGP and invest in fast-growing businesses. These three funds manage a combined £274 billion in assets. 

    The upcoming Pension Schemes Bill will continue the Government’s fundamental reset of our pensions landscape, including by tackling the small pots problem, allowing Defined Benefit surpluses to be safely released, requiring every scheme to deliver value for money, and ensuring all savers are offered a default retirement income product. 

    Countries like Canada and Australia show how powerful pension consolidation can be – having built megafunds that invest in assets that boost their economies. Today’s reforms put the UK on the same path.


    More information

    • The final report of the Pensions Investment Review will be here. Further detail on all calculations and assumptions will be contained in the analytical annex. 

    • Just over 50% of DC assets were invested domestically in 2012 which has gradually declined to just over 20% by 2023. 

    • The £50 billion investment figure combines the Mansion House Accord commitment to invest 5% of assets in the UK (£25 billion by 2030), and the estimate for Local Government Pension Scheme local investment (5% of £550 billion by 2030). 

    • The £6,000 boost to retirement pots is from the impact of consolidation alone, which we estimate to deliver at least a 6-basis point reduction in fees as well as increase allocations to productive assets such as infrastructure projects. This means an average (median) earner saving into a DC pension, who is 22 and saves for their entire career until State Pension Age will see a £6,000 boost to their retirement pot before other measures in the Pension Schemes Bill are factored in. 

    • The £1 billion savings figure for DC schemes is based on a 12 basis point reduction in costs applied to £800 billion assets under management by 2030 – delivering a £960m saving. The Pension Investment Review consultation responses suggested consolidation of pension providers could lead to reduced charges by up to 10-20bps over the longer term and Australia had around a 12bp cost reduction through scale. 

    • The government’s response to the Options for Defined Benefit schemes consultation, also published today sets out how Government will unlock some of the £160 billion of surplus funds from well-funded Defined Benefit (DB) pension schemes, to benefit employers, members and the economy. It also sets out that the Government is continuing to consider a consolidator for DB schemes, run by the Pensions Protection Fund. The response is here: Options for Defined Benefit schemes – GOV.UK

    • The joint letter from scale up businesses can be found here

    Irene Graham OBE, CEO ScaleUp Institute, said:

    The ScaleUp Institute, and the broad representatives of the scaleup economy across the UK, have written to the Chancellor today to welcome the Government’s final report on the Pensions Investment Review and the Government’s commitment to double the number of UK pension megafunds by 2030, thereby unlocking billions of patient capital to scaling businesses across the country.

    This represents a significant milestone in ensuring British institutions back British business – at the scale required – to generate growth, employment and wealth. UK pension funds are central to achieving this goal and addressing the UK’s longstanding growth capital gap that have held back growth ambitions. 

    To deliver tangible impacts on the ground we must now see the intent in these reforms, alongside the recently augmented Mansion House Accord, turn into practical institutional investment outcomes in every part and sector of the country, including our rapidly growing innovation and industrial sectors.

    That is why it is so important that the Government’s plans today remain focussed on making sure these reforms are enacted swiftly, and that will place powers into the Pension Scheme Bill to enable compliance.

    The ScaleUp ecosystem across the country looks forward to working with the government and industry partners to ensure the ambitions of this review are fully realised and deliver lasting impact. Thereby ensuring that UK businesses with global ambition get access to the local funding needed to scale, build, and stay in the UK.

    Michael Moore, BVCA Chief Executive, said: 

    These reforms are a real win-win for UK scaleups and pension savers. 

    Countries like Canada and Australia show that when pension funds invest in private capital, you help the national economy and deliver better retirement outcomes. The government should be applauded for learning from their example.

    Megafunds will have the scale needed to develop the expertise required to invest in private capital funds, which will support the development of fast growing businesses and generate stronger returns for pensions savers.

    Jamie Jenkins, Director of Policy & Technical, Royal London said: 

    Today’s announcement sets out a long-term, strategic approach for pension provision in the UK, improving value for savers, and providing greater certainty for employers and their advisers.

    The Lord Mayor of London, Alastair King, said:

    As joint architects of the Mansion House Accord, we welcome the Government’s final Pension Investment Review report as a vital next step in delivering on our shared ambition to unlock capital for growth. This landmark agreement will facilitate the injection of over £25 billion into the UK economy, supporting crucial capital for high-growth businesses and infrastructure projects. With greater consolidation, scale, and alignment between pensions and the real economy, we now have the opportunity to secure better outcomes for savers and long-term investment in the future of the UK. To ensure the best investment outcomes, it is essential that pension funds maintain the autonomy to allocate assets optimally, thereby maximising returns for the savers whose interests they safeguard.

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom

  • ‘Make in India’ was key to Operation Sindoor’s success, says Rajnath Singh at CII summit

    Source: Government of India

    Source: Government of India (4)

    Defence Minister Rajnath Singh on Thursday credited the ‘Make in India’ initiative for the successful execution of Operation Sindoor, highlighting indigenous defence production as a cornerstone of India’s national security strategy.

    Speaking at the inaugural plenary session of the Confederation of Indian Industry (CII) Annual Business Summit, Singh said the Indian Armed Forces would not have been able to carry out effective strikes against terrorist camps in Pakistan and Pakistan-occupied Kashmir (PoK) without the country’s strengthened domestic defence manufacturing capabilities.

    Describing ‘Make in India’ as crucial for security and prosperity, the defence minister said that the use of indigenous systems during Operation Sindoor has proved that India “has the power to penetrate any armour of the enemy.”

    “We destroyed terrorist hideouts and then targeted military bases. While we could have done much more, what we demonstrated was a powerful example of coordinated strength and strategic restraint,” he added.

    Singh also noted that, for the first time, private sector firms would be part of India’s ambitious fifth-generation Advanced Medium Combat Aircraft (AMCA) programme – a project approved by him earlier this week.

    The defence minister emphasized that India has redefined its approach to terrorism, forcing Pakistan to recognize that the business of terrorism is no longer cost-effective – it now carries a heavy price. He reiterated that India’s engagement with Pakistan will now be limited strictly to discussions on terrorism and PoK.

    Reaffirming India’s sovereignty over PoK, Singh said, “We believe that people living in PoK will, sooner or later, voluntarily reunite with India.”

    “Prime Minister Narendra Modi-led government is committed to its resolve of Ek Bharat Shreshtha Bharat. Most of the people in PoK have a deep connection with India. There are only a few who have been misled,” he said.

    Singh noted that the government has prioritized indigenization, strategic autonomy, economic resilience, and policy clarity. He urged Indian businesses to align with national interests. “If securing company interests is your karma, then safeguarding national interests should be your dharma,” he told industry leaders.

    Singh highlighted India’s rise as a global economic force, stating that under PM Modi, the country has become the world’s fourth-largest economy.

    “It is not just a matter of the economy growing in size; it is also about the world’s ever-increasing trust in India and its trust in itself,” he said.

    He pointed to a significant transformation in India’s defence sector over the past decade.

    “10-11 years ago, our defence production was approx. Rs 43,000 crore. Today, it has crossed the record figure of Rs 1,46,000 crore, with a contribution of over Rs 32,000 crore by the private sector. Our defence exports, which were around Rs 600-700 crore 10 years ago, have surpassed a record figure of Rs 24,000 crore today. Our weapons, systems, sub-systems, components, and services are reaching around 100 countries. Over 16,000 MSMEs, associated with the defence sector, have become the backbone of the supply chain. These companies are not only strengthening our self-reliance journey, but are also providing employment to lakhs of people,” he said.

    Singh noted that India is now manufacturing not just fighter jets and missile systems, but also preparing for next-generation warfare. “Our progress in areas like Artificial Intelligence, Cyber Defence, Unmanned Systems, and Space-Based Security is being recognised globally,” he said.

    “India has the potential to emerge as a global hub for engineering, precision manufacturing, and advanced technologies,” he added.

    The event was attended by top defence and industry officials, including Chief of Naval Staff Admiral Dinesh K. Tripathi, Chief of the Air Staff Air Chief Marshal A.P. Singh, Defence Secretary Rajesh Kumar Singh, DRDO Chairman Dr. Samir V. Kamat, Vice Chief of Army Staff Lt Gen N.S. Raja Subramani and CII President Sanjiv Puri.

  • PM Modi launches ₹1,010 crore city gas project in West Bengal

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Thursday laid the foundation stone for the City Gas Distribution (CGD) project in Alipurduar and Cooch Behar districts of West Bengal, marking a major push toward clean energy infrastructure in the region.

    The ₹1,010 crore project aims to supply piped natural gas (PNG) to over 2.5 lakh households, more than 100 commercial and industrial establishments, and establish around 19 compressed natural gas (CNG) stations to cater to vehicular demand. The initiative falls under the Minimum Work Programme (MWP) targets set by the government to expand India’s gas-based economy.

    Addressing the gathering, Prime Minister Modi said the project represents a significant step in India’s energy transition. “Our country is rapidly progressing towards a gas-based economy. Today, the city gas distribution network covers more than 520 districts. CNG is transforming transportation by reducing pollution, improving public health, and cutting fuel expenses,” he said.

    PM Modi noted the rapid expansion of LPG connections under his government. “More than 31 crore people now have LPG connections. The dream of delivering gas to every household is coming true. We’ve strengthened the gas distribution network across the country to achieve this,” he added.

    Referring to the Urja Ganga Gas Pipeline Project, the Prime Minister described it as a revolutionary step in connecting eastern India to the national gas grid. “These efforts are not only helping the environment but also creating new employment opportunities. Gas-based industries are getting a boost, and we are moving toward an India where energy is clean, affordable, and accessible for all,” he said.

    Following his visit to West Bengal, the Prime Minister is scheduled to travel to Bihar later in the day and will be in Uttar Pradesh tomorrow.

  • MIL-OSI United Kingdom: Derby Market Hall reopening draws stunning numbers of visitors on opening weekend

    Source: City of Derby

    A spectacular week-long celebration is now under way at Derby’s iconic Victorian Market Hall, continuing throughout the May half-term holiday.

    The programme features live music, creative workshops, performances, and family activities designed for all ages in the revitalised Market Hall.

    The transformed Market Hall officially reopened to the public on Saturday 24 May, drawing in over 34,500 visitors in its first three days.

    The grand opening saw thousands of visitors from across Derby and beyond queuing outside Osnabruck Square to be among the first to step into the historic Grade II listed building. The occasion was marked with a ribbon-cutting ceremony by Councillor Nadine Peatfield, and the new Mayor of Derby, Ajit Atwal – nearly 159 years since the Market Hall opened its doors in 1866.

    Extraordinary crowds gathered on opening day, with thousands of people queuing to visit on Saturday 24 May. The excitement continued throughout the Bank Holiday weekend with over 34,500 visitors in total. Visitors enjoyed a weekend full of live entertainment and workshops whilst browsing trader stalls and tasting a vibrant array of local and international cuisine on offer. 

    Saturday’s celebrations saw a performance from Deep Down Brass alongside a packed programme of live music, walkabout performers, and family entertainment. The festivities continued throughout the Bank Holiday weekend with local musical talent, performances, and free creative workshops for children. 

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said:

    It was absolutely phenomenal to see that the Market Hall drew in over thirty-four thousand visitors in its first three days. The queues to get in on Saturday were beyond expectations, and I’m thrilled that it has been a successful opening weekend.

    We can be proud that Derby Market Hall is now a vibrant destination with live entertainment, pop-ups, bars, and incredible dining options. By giving people so many reasons to visit there really is something for everyone, and Derby’s Market Hall is truly thriving once again. 

    This is a big catalyst moment in Derby’s ongoing regeneration efforts. The impact on the entire city that 34,500 additional visitors has had shows that the decision to invest in our most cherished heritage building was an important one. Going forward, the Market Hall will contribute significantly to the local economy, generating over three and half million pounds for the local economy every year.

    Originally opened in 1866, the iconic Grade II listed building has undergone a significant £35.1 million restoration – part funded with £9.43 million from the Government’s Future High Streets Fund – creating a vibrant venue that brings together the best of the region’s independent shopping, eating, drinking, and entertainment under one beautiful roof.

    More information about traders and events is available on the Derby Market Hall website. You can also follow Derby Market Hall on Facebook and Instagram.  

    Derby Market Hall is open 8am – 3pm from Monday to Wednesday; 8am – 10pm Thursday to Saturday and 11am until 3pm on Sunday. 

    MIL OSI United Kingdom

  • MIL-OSI USA: Arkansas’ Credit Rating Rises Under Gov. Sanders’ Leadership

    Source: US State of Arkansas

    Arkansas’ Credit Rating Rises Under Gov. Sanders’ Leadership

    S&P raises to AA+, highest since 1966

    LITTLE ROCK, Ark. – S&P Global Ratings and Moody’s Ratings both released their outlook on the State of Arkansas’ creditworthiness. S&P raised its long-term rating on state general obligation bonds to AA+ – the highest since 1966 – and affirmed the state’s stable outlook. Moody’s affirmed Arkansas’ Aa1 issuer rating.

    These strong ratings from two of the world’s leading credit rating agencies emphasize Arkansas’ steady budget management and make it more affordable for the State to issue bonds.
     
    “Good leadership matters, and when Arkansas is able to cut taxes, invest in priorities, and grow our reserve funds – all at the same time – it just proves that our conservative economic agenda is working,” said Governor Sanders. “Today’s announcement is more than just a seal of approval on our financial discipline; it also shows potential investors that we are an excellent state for their business.”
     
    “In our conversations with both S&P and Moody’s we pointed to the strength of the state’s balance sheet, including the addition of the $1 billion Arkansas Reserve Fund, Governor Sander’s leadership in cutting taxes by more than 20% in just two years, our growing steel and lithium industries, and the booming metropolitan area in Northwest Arkansas,” said Department of Finance and Administration Secretary Jim Hudson. “S&P’s and Moody’s ratings tell us that we are on the right track in Arkansas.”
     
    S&P and Moody’s favorable ratings will have an immediate benefit to the state in connection with a planned $25 million bond issuance through the Arkansas Natural Resources Commission for irrigation, water, and wastewater projects.      
     
    A full list of state credit ratings from S&P Global is available here.
     
    A full list of state credit ratings from Moody’s is here.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Sanders, ANRC Announce an Additional $13 Million in Arkansas Water Projects

    Source: US State of Arkansas

    LITTLE ROCK, Ark. — On Wednesday, Governor Sarah Huckabee Sanders announced an additional $13,680,374 in financial assistance for water and wastewater projects for 12 entities. The projects serve more than 42,288 Arkansans across the state. The Arkansas Natural Resources Commission approved this funding on May 21, 2025.
     
    “My administration is working hard to improve Arkansas’ water systems, and this additional $13 million in funding will help communities around the state have access to safe drinking water,” said Governor Sanders. “Arkansans are counting on their local water utilities to deliver consistent and safe water, which is why we have gone above and beyond to overhaul and improve Arkansas’ water resources.”
     
    “Adequate water and wastewater infrastructure is critical,” said Arkansas Secretary of Agriculture Wes Ward. “Thank you to Governor Sanders for her continued leadership on an issue that impacts the economic viability of our state and the quality of life of every Arkansan.” 

    “Access to dependable water and wastewater systems is essential for the well-being of Arkansans and the growth of our communities,” said Chris Colclasure, Director of the Arkansas Department of Agriculture’s Natural Resources Division. “The projects approved today will provide substantial benefit to the citizens served.”

    In August, Governor Sanders announced the first phase of the Arkansas Water Plan has been completed by the Arkansas Department of Agriculture, along with the U.S. Army Corps of Engineers (USACE). Along with state partners, Governor Sanders has administered over $2.5 billion for water development projects in all 75 counties using state and federal funds.

    The projects receiving funding are below:

    • The Arkansas Department of Energy and Environment, received a $1,805,421 grant from the Drinking Water State Revolving Fund set asides from the Arkansas Department of Health. These funds will be used for a statewide PFAS detection program bank.
    • The Arkansas Rural Water Association, received two grants: a $125,000 grant and a $65,000 grant both from the Water Development Fund. These funds will be used for a circuit rider grant agreement and technical assistance.
    • Banks, Bradley County, received a $95,384 grant from the Water, Sewer, and Solid Waste Fund. The project serves a current customer base of 1,048. These funds will be used as part of a regionalization project with the Southeast Bradley County Water Authority.
    • Cushman, Independence County, received a $140,000 loan from the Drinking Water State Revolving Fund. The project serves a current customer base of 433. These funds will be used for Water System Improvement project including renovation of booster stations.
    • Flippin, Marion County, received a $2,500,000 loan from the Drinking Water State Revolving Fund. The project serves a current customer base of 1,836. These funds will be used for water system improvements including water main and meter replacements.
    • Gillett, Arkansas County, received a $448,000 loan from the Drinking Water State Revolving Fund. The project serves a current customer base of 333. These funds will be used for construction of an elevated water storage tanks.
    • Hampton, Calhoun County, received a $221,700 grant from the Sewer Overflow and Storm Water Reuse Municipal Grant Program. The project serves a current customer base of 1,181. These funds will be used for a wastewater collection rehabilitation project.
    • Haskell, Saline County, received a $562,638 grant from the Sewer Overflow and Storm Water Reuse Municipal Grant Program. The project serves a current customer base of 3,956. These funds will be used for a sanitary sewer evaluation survey.
    • Nail Swain Water Association, Newton County, received a $41,037 loan from the Water Development Fund. The project serves a current customer base of 357. These funds will be used for a maintenance truck.
    • Sherwood, Pulaski County, receiveda $7,059,046 loan from the General Obligation Bond Fund. The project serves a current customer base of 32,731. These funds will be used for a Five Mile Creek interceptor rehabilitation.
    • The Watershed Conservation Resource Center, Washington County, received $299,092 grant from the Sewer Overflow and Storm Water Reuse Municipal Grant Program. These funds will be used to implement phase t• The Arkansas Department of Energy and Environment is receiving a $1,805,421 grant from the Drinking Water State Revolving Fund set asides from the Arkansas Department of Health. These funds will be used for a statewide PFAS detection program bank.
    • Weiner, Poinsett County, received a $318,057 loan from the Water, Sewer, and Solid Waste Fund. The project serves a current customer base of 413. These funds will be used for wastewater sludge holding pond renovations

    ###

    MIL OSI USA News

  • MIL-OSI: XenDex Presale Extension: $XDX Token Still Selling As The Project Team Reveals Investors’ Request For Presale Extension

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 29, 2025 (GLOBE NEWSWIRE) — In a dramatic turn of events, XenDex has announced a short extension to its presale following overwhelming requests from late investors. With less than 7% of the $XDX allocation remaining and growing demand, this short extension gives stragglers one last chance to secure tokens before listings go live. The timing is impeccable considering Ripple’s acquisition of Circle and Volatility Shares’ launch of the XRPI Futures ETF have intensified institutional interest in XRP, setting a bullish tone across the ecosystem.

    Buy $XDX Before Listing On Exchanges Soon

    As major buyers scramble to grab the last batch of tokens, the team has confirmed that the presale will not be extended again. $XDX is in discussion to be listed on Binance, BitMart, Gate.io, MagneticX, and FirstLedger, and investors who delay now risk buying at significantly higher post-launch prices.

    What is XenDex on XRP Blockchain?

    XenDex is the first all-in-one decentralized exchange (DEX) built entirely on the XRP Ledger. Designed for speed, security, and scalability, XenDex merges advanced DeFi tools into a clean, user-friendly interface.

    Purchase XDX And Earn Rewards

    Features and Problems XenDex Aims to Solve on XRPL

    XenDex brings long-awaited DeFi functionality to XRP, including:

    • AI Copy Trading – Auto-mirror expert traders and minimize loss
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    Why Should I Buy $XDX?

    Holding $XDX gives users:

    • rewards through Staking and liquidity provision
    • Platform fee discounts
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    Where Can I Trade $XDX?

    After the presale, $XDX is expected to be available for trading on major exchanges, with active discussions currently underway with Binance, Gate.io, MEXC, BitMart, MagneticX, and FirstLedger

    Purchase $XDX At Its Cheapest Price Before Going Public

    Is XenDex a Legit Project on XRP?

    Yes. Developed by blockchain veterans with roots in Cardano and SUI, XenDex is undergoing full smart contract audits and integrates with Xaman, XRP Toolkit, and Github.

    How Do I Buy $XDX?

    Visit: https://xendex.net/presale
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    Detailed Guide On How To Buy $XDX: https://xdxdocs.gitbook.io

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    Join XenDex Community Below

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    The MIL Network

  • MIL-OSI NGOs: The EU offer is not going to deliver the ambition needed for Sevilla

    Source: Oxfam –

    Today civil society organisations in Brussels are calling on European countries to raise their ambition after the release of a “deeply disappointing” collective EU position in the Council Conclusions “ahead of the 4th International Conference on Financing for Development”, taking place in Spain next month. 

    The Conference will bring together governments from around the world to tackle issues such as sovereign debt, international development cooperation and international financial architecture reform. 

    Jean Saldanha, Director at the European Network on Debt and Development (Eurodad) said: “The world is facing the worst debt crisis ever, and the aid budgets of OECD countries are being slashed. Many Global South governments are calling for decision-making to shift from forums dominated by wealthy countries like the OECD and the G20 to the UN, where everyone has a seat at the table. Instead of backing these proposals, today’s Conclusions show the EU defending the status quo. But it is not yet too late for EU countries to back outcomes that will deliver a better future for the world’s poorest people.”

    On the sovereign debt crisis, which has led lower-income countries to spend more on servicing their debt than they do on education and healthcare, the EU position is woefully inadequate. The Conclusions call for an annual dialogue, dominated by creditors, with UN institutions and a few borrowing countries. Borrowing countries need and have been calling for an inclusive and comprehensive process where debtors and creditors would negotiate on an equal footing instead. 

    Javier García de la Oliva, Head of Country Engagement and Transformation Europe and Americas at ActionAid International, said: “The EU blockage to borrowing countries’ proposal for an intergovernmental process to establish a UN framework convention on debt is the most striking evidence of their preference for the undemocratic creditor creditor-dominated status quo. The EU wrongly claims that such a process would be duplicative, but then proposes the creation of a useless and duplicative talk shop involving the UN in an attempt to deflect criticism.”

    On development cooperation, the EU “recalls the collective commitment” to fulfil their “respective ODA commitments” to deliver 0.7 per cent of gross national income as foreign aid. Yet, the 2024 figures show that ODA fell by 8.6 per cent among EU members compared to 2023. And, these figures are just the tip of the iceberg, as in 2025, the situation will be even worse, following significant announcements of aid budget cuts. Moreover, the EU falls back again on the Global Gateway, an investment initiative that barely scratches the surface of the challenges the poorest countries in the world are facing.

    Hernan Saenz, Oxfam International’s FfD Global Lead, said: “European leaders have been stating their commitment to international development, but their collective position published today is rich in rhetoric but poor in commitments. It is no more than the bare minimum, with proposals that relegate the responsibility to deliver on private finance instead of raising public ambition. Restating previous ODA commitments is meaningless, if this is not followed by concrete actions.” 

    Jean Saldanha, Director at the European Network on Debt and Development (Eurodad), said:  “Wealthy countries both set and monitor the rules that govern aid and development cooperation more broadly, through the OECD, which is an exclusive space. Several governments in the global south and CSOs from across the world are demanding a greater role for the UN in the governance and norm-setting of international development cooperation. While the Council states that it ‘is in favour of enhancing the international development cooperation architecture’, its support to processes that do not share the buy-in or ownership of the full UN membership is disappointing.” 

    Jean Saldanha, Director at the European Network on Debt and Development (Eurodad), said: It is too early for the Global Gateway to be a credible offer for countries in the global south. There is a significant risk that the focus on creating opportunities for European businesses in the global south is prioritised over development objectives such as poverty reduction.” 

    The negotiations towards the Financing for Development Conference are set to continue next month. 

    Hernan Saenz, Oxfam International’s FfD Global Lead, said: “The EU knows Sevilla could be a turning point – a chance to make sure that global cooperation works for people. But instead of choosing a side, the EU is playing safe. They walk the middle road even though it is crumbling beneath them. The EU must choose: stand with a decaying, unequal world or choose a new world that puts people, planet, and the fight against inequality at its core. It’s shocking. In a world where the gap between the rich and poor has never been so big, when aid cuts are the new norm and debt is piling up, the EU turns a blind eye to real solutions – like supporting the taxing of the super-rich and backing the UN’s Tax Convention push for fairer global tax rules.”

    Javier García de la Oliva, Head of Country Engagement and Transformation Europe and Americas at ActionAid International, said: “While the global south pushes for a fairer multilateral system, the EU clings to outdated privileges and broken governance models. This stance not only fails the planet and the most vulnerable—it undermines the EU’s own credibility, its Treaty commitments to democracy and multilateralism, and its (self-proclaimed) leadership on sustainable development. We call on the most ambitious Member States to lead by example and push for greater ambition when they next meet in New York, in the preparatory negotiations, and in Sevilla itself for this pivotal conference.”

    MIL OSI NGO

  • MIL-OSI Asia-Pac: URA managing director appointed

    Source: Hong Kong Information Services

    Donald Choi has been appointed Urban Renewal Authority (URA) Managing Director for three years from June 15, succeeding Wai Chi-sing upon his upcoming retirement.

    The appointment was made by the Chief Executive on a selection panel’s recommendation.

    Secretary for Development Bernadette Linn said Mr Choi is a veteran architect with a deep understanding of the local land and housing planning, the property market, historic building conservation, green buildings and innovative construction techniques, among others, and is committed to creating quality and vibrant urban living in Hong Kong.

    “I am confident that Mr Choi will lead the URA management in furthering the important task of urban renewal, as well as effectively handling the challenges of building decay while maintaining the financial sustainability of the URA.”

    Mr Choi was selected through an open recruitment exercise conducted by a consultancy firm. Shortlisted candidates were considered by a selection panel chaired by Financial Secretary Paul Chan.

    Panel members included Deputy Financial Secretary Michael Wong, Bernadette Linn, URA Chairman Chow Chung-kong and URA Board Non-Executive Director William Chan.

    Ms Linn also thanked Mr Wai for his invaluable contributions over the years.

    “With his exceptional leadership and extensive experience, Mr Wai has led the URA in taking forward various urban renewal initiatives with an innovative mindset,” she said.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Governor Ivey Signs “Powering Growth” Plan into Law to Secure Energy Dominance for Future Growth

    Source: US State of Alabama

    MONTGOMERY – Governor Kay Ivey on Wednesday signed into law comprehensive legislation designed to solidify Alabama’s energy dominance, accelerate economic development and address potential critical energy infrastructure supply chain vulnerabilities. The “Powering Growth” plan includes the establishment of the Alabama Energy Infrastructure Bank, a strategic plan to mitigate long lead times for crucial energy equipment and streamlined permitting processes mirroring recent federal initiatives signed by President Trump to support economic development projects.

    The Powering Growth plan’s goal is to create a robust framework for energy dominance and security across Alabama. This initiative aligns with the Alabama Growth Alliance’s strategic priorities, focusing on expanding energy capacity and developing prime sites for industrial and commercial development, turning “shovel ready sites” into “move in ready” sites and addressing supply chain constraints.

    “In order to keep Alabama’s economy growing, we’ve got to make sure that we have the power to support it,” said Governor Ivey. “That’s what Powering Growth is all about — making sure our energy infrastructure is robust enough to meet the demands of new industries, new jobs and a stronger future. This plan ensures we’re prepared to compete, not just with neighboring states, but on a national level. By investing now, we’re laying the groundwork for long-term growth – especially in areas that need it most.”

    Key Components of Powering Growth:

    Cutting Red Tape for Energy and Economic Growth

    • Streamlines permitting and removes unnecessary regulatory delays so energy

    infrastructure projects can move faster and at lower costs.

    • Makes Alabama more attractive to industrial prospects that need speed to market and predictability in the planning process.

    Fixing Supply Chain Bottlenecks

    • Accelerates access to critical materials and equipment for energy infrastructure.
    • Reduces government-caused delays that slow down site readiness and project approvals.

    Developing More Move-In-Ready Industrial Sites

    • Funds energy development at industrial parks and economic development prospects to make more sites power ready.
    • Helps local communities compete for job-creating projects by eliminating a key barrier: lack of immediate power access.

    Creating the Alabama Energy Infrastructure Bank (AEIB)

    • Provides flexible financing for power infrastructure tied to industrial growth and job creation.
    • Funds energy infrastructure expansion to power up sites statewide.
    • Ensures grid reliability and resilience, strengthening Alabama’s long-term energy security.
    • Leverages state funds to unlock private and federal investment, without raising taxes.

    “Alabama has already achieved remarkable success by focusing on what economic development truly demands: available land, strong incentives, robust broadband and excellent roads and bridges,” said Commerce Secretary Ellen McNair. “However, energy availability consistently ranks as the No. 1 factor in site selection for economic development projects, and the demand for energy is growing exponentially nationwide. By investing in our energy infrastructure and addressing supply chain vulnerabilities – across both our urban and rural areas – we are laying the foundation for long-term economic prosperity and ensuring Alabama remains a premier destination for businesses.”

    The Alabama Growth Alliance, a coalition of business and government leaders dedicated to driving economic development, has identified energy infrastructure and supply chain resilience as key priorities. A statewide study commissioned by the Legislature and the Commerce Department identified the establishment of the Energy Infrastructure Bank as well as targeted growth projects that may help the State Industrial Development Authority in directing this funding mechanism.

    “Powering Growth is truly a visionary plan that was developed through a collaborative, forward-thinking approach to identify today our energy needs for tomorrow,” said state Sen. Arthur Orr. “You don’t want to build a levee when the water is already rising. As energy demand is going to continue to accelerate in the future, we are laying the groundwork now through Powering Growth to ensure we are able to compete and win on economic development projects for decades to come.”

    Alabama House Speaker Nathaniel Ledbetter emphasized the importance of this initiative for Alabama’s economic trajectory while stressing sustainability and accountability.

    “Building more energy capacity, overcoming supply chain hurdles and improving the speed of permitting is essential for building a stronger economy,” said Speaker Ledbetter. “This legislation represents a strategic investment in our state’s future, ensuring we have the energy resources necessary to support job creation and economic growth for generations to come while at the same time ensuring sustainable growth that protects our citizens without raising taxes.”

    Alabama Senate Pro Tem Garlan Gudger said that in the development of this package, the Legislature made it a top priority to ensure that this package focuses on helping develop and support rural areas.

    “My key focus throughout the development of these bills has been to make sure that they support and grow opportunity in the rural parts of our state,” said Pro Tem Gudger. “We worked to include language in these bills that ensures a significant portion of this investment goes to rural Alabama, and I can’t wait to see the projects and economic growth that these investments will make for years to come. Energy security and dominance is critical for growth, and this is a big step forward in ensuring that we have both here in Alabama.”

    A photo of today’s bill signing is attached.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Governor Ivey Appoints Judge Bill Lewis to Serve on Supreme Court of Alabama

    Source: US State of Alabama

    MONTGOMERY – Governor Kay Ivey on Tuesday appointed Judge Bill Lewis to serve on the Supreme Court of Alabama. This comes following yesterday’s announcement from Justice Jay Mitchell that he was resigning his position on the state’s top court.

    “Judge Bill Lewis continues demonstrating justice and fairness under the law, as well as a willingness to serve the people of Alabama,” said Governor Ivey. “His decades of experience will serve the Supreme Court of Alabama well, and I am confident he is the best choice.”

    The governor appointed Lewis to the Alabama Court of Civil Appeals in February 2024. Prior to that, Lewis served as circuit court judge for the 19th Judicial Circuit in Elmore County where he was the Circuit’s presiding judge. Lewis was the senior partner of the Lewis Law Firm, a firm he started in 2006. Lewis served as assistant district attorney for the 19th Judicial Circuit before going into private practice. He has also served as a criminal defense attorney in criminal cases and practiced civil and family law.

    Judge Lewis received his undergraduate degrees in political science and economics from the University of the South and his law degree from the Cumberland School of Law.

    Governor Ivey spoke to Judge Lewis this morning. Judge Lewis’ appointment is effective immediately. The governor’s appointment to fill Judge Lewis’ vacant seat on the Court of Civil Appeals will be announced soon.

    Judge Bill Lewis’ official headshot is attached.

    A copy of Justice Mitchell’s resignation letter is also attached.

    ###

    MIL OSI USA News

  • MIL-OSI Africa: African Mining Week (AMW) 2025 to Unpack the Democratic Republic of the Congo’s (DRC) Cobalt Market Prospects, Global Significance

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, May 29, 2025/APO Group/ —

    As the Democratic Republic of the Congo (DRC) seeks to maximize the financial and economic returns from its cobalt reserves – considered some of the largest worldwide -, the upcoming African Mining Week will spotlight the country’s expanding investment opportunities across the cobalt value chain.

    Taking place October 1-3, 2025, in Cape Town, the event is Africa’s premier gathering of mining stakeholders. A dedicated panel discussion, titled Cobalt Opportunity: DRC’s Strategic Position in the EV Revolution, will unpack the DRC’s pivotal role in the global cobalt market, detailing how the nation is boosting value addition, addressing global demand while creating lucrative prospects for international investors.

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    A key ingredient for lithium-ion batteries, cobalt is witnessing a surge in demand as countries worldwide accelerate the deployment of energy transition technologies such as renewable energy, electric vehicles (EV) and energy storage. The World Bank posits that global cobalt consumption could increase to 344,000 tons in 2030, representing a 9.6% annual increase between 2017 and 2030. Accounting for 70% of global cobalt production, the DRC is strategically positioned to leverage its comparative advantage in the industry to increase revenue, drive development and consolidate its position as a global cobalt supplier.

    Given this potential, the country is enhancing its role in the global EV value chain by promoting local value addition and establishing direct supply agreements. The country partnered with Zambia and the African Export-Import Bank to develop regional Special Economic Zones (SEZs) for EV manufacturing, leveraging local cobalt resources to build a competitive industrial base. Supporting this vision is the creation of the Congolese Battery Council, which facilitates SEZ development, and a $350 million cobalt smelting plant under development in partnership with U.S.-based Delphos International. Similarly, Congolese firm Buenassa – backed by $3.5 million in initial funding from the government – is also constructing a hydrometallurgical plant in Lualaba province, set to produce 30,000 tons of copper cathode and 5,000 tons of cobalt sulphate annually by 2027.

    In addition to infrastructure advancements, the DRC is proving an attractive environment for foreign investment. Ivanhoe Mines reported revenues of $973 million in Q1, 2025 – a 57% year-on-year increase – at its Kamoa-Kakula Copper-Cobalt mine, demonstrating the potential for strong returns within the country. Meanwhile, China’s CMOC Group, the world’s top cobalt producer, achieved record-breaking production in 2024 from its Tenke Fungurume and Kisanfu mines and is on track to exceed those volumes in 2025, further strengthening the DRC’s global footprint in the EV revolution.

    Amid these developments, African Mining Week will connect global investors with the DRC’s rapidly evolving cobalt sector and its broad array of high-return opportunities. The panel discussion will outline investment opportunities, challenges and upcoming initiatives.

    MIL OSI Africa

  • MIL-OSI China: Beijing unveils 16 measures to boost AI-driven industry upgrades

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

    Beijing recently rolled out a new action plan to boost AI-driven industry upgrades. Including 16 measures, the plan provides substantial financial incentives for companies that develop industry-leading AI models, provides smart equipment upgrades, and enhances intelligent security systems.

    Specifically, the city plans to establish high-quality industry datasets, improve public data governance services, and support corporate data involvement in AI model training and the development of both industry-specific large models and high-performance intelligent agents.

    Companies creating widely applicable general-purpose intelligent agents that significantly improve manufacturing efficiency can receive subsidies of up to 30 million yuan. Similarly, developers of cutting-edge AI models that achieve domestic or international leadership status may qualify for up to 30 million yuan in support.

    For enhanced simulation and security capabilities, the initiative supports development of testing environments and defensive solutions, offering up to 30 million yuan for influential security platforms. Simulation verification projects designated as municipal or national priorities may qualify for a funding of up to 50 million yuan.

    According to the plan, the city will also support companies in adopting embodied intelligence models, 5G integration, and next-generation robotics. Eligible demonstration equipment and projects can receive up to 30 million yuan in subsidies, while pilot production lines for AI devices, including computers, mobile phones, and wearables, may obtain up to 50 million yuan in subsidies.

    Additionally, the city will expand talent pipelines, enhance consulting services, and provide targeted financial solutions to accelerate AI integration across industrial sectors.

    MIL OSI China News

  • MIL-OSI Banking: Reserve Bank cancels Certificate of Registration of M/s N.Y.Leasing Private Limited due to irregular lending practices

    Source: Reserve Bank of India

    In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC):

    Name of the NBFC Registered Office Address CoR No. CoR issued on Name of the service provider (mobile app)
    M/s N.Y. Leasing Private Limited Plot No.-54A, Third Floor, Shiv Park, Near Old Palam Road, Sector-15, Dwarka, South West Delhi, Delhi-110078 CoR No.14.00300 March 06, 1998 Bardhaman Fintech Private Limited (Shine Loan App and Curry Cash App)

    As such, the above company shall not, hereinafter, transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934.

    The CoR has been cancelled by RBI as the company has violated RBI guidelines on outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as such as sourcing of customers, conducting their due-diligence, disbursement of loans, collection of repayments etc. as well as Know Your Customer (KYC) verification to the Service Provider.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/429

    MIL OSI Global Banks

  • MIL-OSI United Kingdom: Over £7.4 million put back in working people’s pockets by employers

    Source: United Kingdom – Government Statements

    Press release

    Over £7.4 million put back in working people’s pockets by employers

    Employers who have left workers over £7.4 million out of pocket by failing to pay the National Living and National Minimum Wage named.

    • More money put into the pockets of hardworking people, as government delivers the biggest upgrade to worker’s rights in a generation, as part of the Plan for Change
    • Workers will be paid over £7.4 million by employers after nearly 60,000 workers have been left out of pocket.
    • Action builds on recent uplift to the National Living and National Minimum Wage which puts £1,400 into the pockets of workers and families across the UK

    Nearly 60,000 workers who have been left out of pocket will be repaid over £7.4 million the Government has announced today [Thursday 29th May] in its latest move to Make Work Pay.

    This follows a significant uplift to the National Living Wage and National Minimum Wage – putting £1,400 into the pockets of full-time workers on NLW and supporting millions of families across the country – as well as the biggest upgrade to workers’ rights in a generation under the Employment Rights Bill.

    As part of the Plan for Change, this Government’s priority is to grow the economy and raise living standards. A strong economy can only be built when people have financial security whilst in work and robust enforcement action will be taken against employers who do not pay their staff correctly.

    The 518 employers and businesses named today have since paid back what they owe to their staff and faced financial penalties of up to 200% of their underpayment. The investigations by His Majesty’s Revenue and Customs (HMRC) concluded between 2015-2022.

    Minister for Employment Rights, Justin Madders said:

    There is no excuse for employers to undercut their workers, and we will continue to name companies who break the law and don’t pay their employees what they are owed.

    Ensuring workers have the support they need and making sure they receive a fair day’s pay for a fair day’s work is a key commitment in our Plan for Change. This will put more money in working people’s pockets, helping to boost productivity and ending low pay.

    Baroness Philippa Stroud, Chair of the Low Pay Commission, said:

    We welcome today’s publication. Underpayment leaves workers out of pocket and disadvantages the majority of employers who do abide by the rules.

    These naming rounds play an important part in ensuring that all workers receive their full wages and that they are aware there is support for them to ensure that they do.

    Putting more money into the pockets of the lowest paid increases workers’ financial security, offers stability to help increase staff retention and lowers recruitment costs for businesses in the long run.  Whilst not all minimum wage underpayments are intentional, the Government is clear that enforcement action will be taken against employers who do not pay their staff correctly.

    Ahead of permanently lowering tax rates for high street retail, hospitality, and leisure (RHL) from 2026/27, we have prevented the current RHL relief from ending this April, extending it for one year to ensure that over 250,000 RHL properties see a full 40 per cent reduction on their liability, and we have frozen the small business multiplier. 

    Notes to Editors:

    • If workers suspect they are being underpaid, they can visit gov.uk/checkyourpay to find out more about what they can do.
    • Workers can also call the Acas helpline on 0300 123 1100 or visit their website for free, impartial and confidential advice or complain to HMRC at Pay and work rights helpline and complaints
    • The minimum wage law applies to all parts of the UK.
    • Employers should always carry out the necessary checks – see the guidance: Calculating the Minimum Wage
    • HMRC consider all complaints from workers, so workers are being reminded to check their pay with advice available through the Check your pay website
    • National Living Wage and National Minimum wage rates:
    2024 rate 2025 rate
    National Living Wage (21 and over) £11.44 £12.21
    18 to 20 £8.60 £10.00
    Under 18 £6.40 £7.55
    Apprentice £6.40 £7.55
    1. Capita Business Services Ltd, City of London, EC2V, failed to pay £1,154,461.97 to 5,543 workers.
    2. Pizzaexpress (Restaurants) Limited, Croydon, CR0, failed to pay £760,701.61 to 8,470 workers.        
    3. Virtual Marketing Services (Gibraltar) Ltd, Birmingham, B3, failed to pay £478,282.71 to 41 workers.        
    4. L. Rowland & Company (Retail) Limited , Runcorn, WA7, failed to pay £307,342.87 to 2,293 workers.        
    5. Templar Corporation Limited, Lewisham, SE16, failed to pay £298,143.12 to 26 workers.        
    6. Lidl Great Britain Limited, Merton, SW19, failed to pay £286,437.18 to 3,423 workers.        
    7. British Airways PLC, Harmondsworth, UB7, failed to pay £231,276.10 to 2,165 workers.        
    8. Scottish Midland Co-operative Society Limited, Newbridge, EH28, failed to pay £186,883.56 to 1,795 workers.        
    9. Interserve (Facilities Management) Ltd, Lambeth, SE1, failed to pay £177,268.08 to 2,297 workers.        
    10. Prezzo Limited, Woodford Green, IG8, failed to pay £163,702.67 to 2,550 workers.        
    11. Halfords Ltd, Redditch, B98, failed to pay £140,829.79 to 4,341 workers.        
    12. The Southern Co-Operative Limited , Portsmouth, PO6, failed to pay £126,739.33 to 2,300 workers.        
    13. TUI UK Retail Limited, Luton, LU2, failed to pay £107,611.04 to 2,044 workers.        
    14. Heart Of England Co-Operative Society Limited, Coventry, CV6, failed to pay £90,870.95 to 1,017 workers.        
    15. CDS (Superstores International) Limited, Plymouth, PL6, failed to pay £89,158.47 to 1,648 workers.        
    16. Day Lewis PLC, Croydon, CR0, failed to pay £82,819.47 to 604 workers.        
    17. Petrogas Group UK Limited, Ampthill, MK45, failed to pay £63,026.69 to 602 workers.        
    18. Mr Guiseppe Caruso , London, W2, failed to pay £59,780.03 to 2 workers.        
    19. William Strike Limited, Carlisle, CA6, failed to pay £56,657.01 to 798 workers.        
    20. Property Management Services (NI) Limited, Belfast, BT3, failed to pay £54,852.44 to 414 workers.        
    21. Coghlan Lodges Limited, Uxbridge, UB8, failed to pay £52,062.45 to 45 workers.        
    22. Ant Marketing Limited, Sheffield, S2, failed to pay £46,260.65 to 340 workers.        
    23. Maclean Services (L) Limited, London, W2, failed to pay £43,583.26 to 781 workers.        
    24. ABM Aviation UK Limited, Hounslow, TW6, failed to pay £40,243.10 to 880 workers.        
    25. Malvern Tyres (Wholesale) Limited, Gloucester, GL1, failed to pay £39,012.15 to 158 workers.        
    26. Halfords Autocentres Limited, Redditch, B98, failed to pay £38,470.94 to 760 workers.        
    27. J M McGill Ltd, Doncaster, DN4, failed to pay £38,178.62 to 364 workers.        
    28. R.T. Stuart Limited, Methil, KY8, failed to pay £37,384.89 to 310 workers.        
    29. Deluxe Beds Ltd, Huddersfield, HD2, failed to pay £27,233.68 to 64 workers.        
    30. Freedom Hotels West Limited, Nr Fort William, PH49, failed to pay £26,814.06 to 37 workers.        
    31. Mytime Active, Orpington, BR6, failed to pay £26,414.51 to 414 workers.        
    32. Parkdean Resorts UK Limited, Newcastle Upon Tyne, NE12, failed to pay £26,360.91 to 291 workers.        
    33. Whitakers Chocolates Limited, Skipton, BD23, failed to pay £26,183.83 to 141 workers.        
    34. Suttons Tankers Limited, Widnes, WA8, failed to pay £25,631.33 to 35 workers.        
    35. Health Care Resourcing Group Limited, Prescot, L34, failed to pay £25,344.45 to 86 workers.        
    36. Veecare Ltd, Loughton, IG10, failed to pay £23,567.49 to 168 workers.        
    37. Meridian Marlow Ltd, Marlow, SL7, failed to pay £22,993.97 to 66 workers.        
    38. Managing Care Limited, Croydon, CR9, failed to pay £21,834.52 to 83 workers.        
    39. Mr Sri Krishna Ratnasinkam and Mrs Saraswathy Ratnasinkam , Ringmer, BN8, failed to pay £20,504.98 to 1 worker.        
    40. M Buckingham & Company Limited        
    , Maulden, MK45, failed to pay £20,361.01 to 3 workers.        
    41. Regency Hotel (Northern Ireland) Limited, Belfast, BT3, failed to pay £19,952.21 to 201 workers.        
    42. Baxters Food Group Limited, Fochabers, IV32, failed to pay £19,765.00 to 62 workers.        
    43. Thrive Childcare and Education Limited, Musselburgh, EH21, failed to pay £19,420.47 to 24 workers.        
    44. Hillgate Investments Limited, Rotherhithe , SE16, failed to pay £19,358.74 to 40 workers.        
    45. Hilton UK Hotels Limited, Watford, WD24, failed to pay £18,924.07 to 20 workers.        
    46. Oscar Mayer Limited, Chard, TA20, failed to pay £18,830.92 to 172 workers.        
    47. BA Cityflyer Limited, West Drayton, UB7, failed to pay £17,988.39 to 102 workers.        
    48. Crystal Property Cleaning Ltd, Twickenham, TW2, failed to pay £17,767.18 to 1 worker.        
    49. Key Care And Support Ltd, Manchester, M34, failed to pay £17,649.66 to 189 workers.        
    50. Sean Elliott, Ballymena, BT42, failed to pay £17,518.00 to 1 worker.        
    51. YTC Limited, Driffield, YO25, failed to pay £17,194.32 to 226 workers.        
    52. Virtual Marketing Services (Gibraltar) Ltd, Gibraltar, GX11, failed to pay £17,155.36 to 1 worker.        
    53. Wargrave Auto Centre Limited , Hounslow, TW5, failed to pay £17,114.70 to 37 workers.        
    54. Lawrence Davis Design Limited, Stoke On Trent, ST1, failed to pay £16,936.97 to 2 workers.        
    55. BJ Bright Day Nurseries Limited, Doncaster, DN5, failed to pay £16,759.85 to 19 workers.        
    56. Thorntons Limited, Alfreton, DE55, failed to pay £16,449.00 to 444 workers.        
    57. 24/7 Security and Events Ltd, Driffield, YO25, failed to pay £15,962.00 to 74 workers.        
    58. Winemark The Winemerchants Limited, Belfast, BT3, failed to pay £15,738.33 to 186 workers.        
    59. Anochrome Limited, Walsall, WS2, failed to pay £15,600.86 to 49 workers.        
    60. Allen Day Associates Limited, Bidwell, LU5, failed to pay £15,525.26 to 387 workers.        
    61. Equitas Solicitors Limited, Preston, PR2, failed to pay £15,412.15 to 72 workers.        
    62. Kingwood Limited, Wokingham, RG40, failed to pay £15,090.99 to 1 worker.        
    63. The Eastbury (Sherbourne) Limited, Sherborne, DT9, failed to pay £14,813.03 to 7 workers.        
    64. Elmoreton Limited, Belfast, BT7, failed to pay £14,782.81 to 391 workers.        
    65. Elliott Baxter & Company Limited , Farnborough, GU12, failed to pay £14,411.44 to 43 workers.        
    66. MA Bureau Limited, Croydon, CR0, failed to pay £13,226.91 to 6 workers.        
    67. Moto Hospitality Limited, Toddington, LU5, failed to pay £13,164.96 to 734 workers.        
    68. Slo Drinks Limited, Stockport, SK3, failed to pay £12,716.05 to 1 worker.        
    69. The Crown Hotel (Colne) Limited, Colne, BB8, failed to pay £12,642.18 to 2 workers.        
    70. EA Coaching Ltd, Birmingham, B34, failed to pay £12,378.25 to 18 workers.        
    71. Hydes’ Brewery Limited, Salford, M50, failed to pay £12,281.18 to 176 workers.        
    72. Elior UK PLC, Macclesfield, SK11, failed to pay £12,198.61 to 496 workers.        
    73. Savoy Tyres Limited, Kingston Upon Hull, HU8, failed to pay £11,921.60 to 6 workers.        
    74. PK Sales & Lettings Ltd, Greenwich, SE18, failed to pay £11,885.46 to 5 workers.        
    75. Quokka Solutions Ltd, Sunderland , SR5, failed to pay £11,605.84 to 15 workers.        
    76. Elix-Irr Consulting Services Limited, London, EC2V, failed to pay £11,101.13 to 21 workers.        
    77. Go To The Venue Limited, Oswestry, SY11, failed to pay £10,974.19 to 21 workers.        
    78. JWDW Limited, Doncaster, DN4, failed to pay £10,699.64 to 21 workers.        
    79. Mr Stuart Benson, Heywood, OL10, failed to pay £10,600.34 to 1 worker.        
    80. Philip Russell Limited, Belfast, BT6, failed to pay £10,507.58 to 111 workers.        
    81. Energy Kidz Ltd, Wokingham , RG41, failed to pay £10,479.36 to 199 workers.        
    82. ABC Pre-School Limited, Culcheth, WA3, failed to pay £10,393.39 to 16 workers.        
    83. YAM 110 Limited, Bradford, BD8, failed to pay £10,021.48 to 22 workers.        
    84. Lord Charles P Courtenay, Kenton, EX6, failed to pay £9,930.78 to 1 worker.        
    85. React Homecare Ltd, Mansfield, NG21, failed to pay £9,907.42 to 127 workers.        
    86. Lutonestateandlettings Ltd, Luton, LU3, failed to pay £9,887.66 to 4 workers.        
    87. Jill Birt, Bolton, BL5, failed to pay £9,819.79 to 3 workers.        
    88. The House That Jack Built (Day Nursery) Limited, Marlow, SL7, failed to pay £9,810.00 to 8 workers.        
    89. IWE Services Limited, Staxton, YO12, failed to pay £9,803.34 to 3 workers.        
    90. At Home – Specialists in Care Ltd, Pocklington, YO42, failed to pay £9,737.27 to 26 workers.        
    91. Mr Albert Cepa, Chesterfield, S40, failed to pay £9,677.33 to 4 workers.        
    92. Top Gas Heating & Plumbing Limited, Bristol, BS15, failed to pay £9,675.90 to 4 workers.        
    93. Brookfield Retail Ltd, Dewsbury, WF12, failed to pay £9,544.19 to 52 workers.        
    94. Clock House Farm Limited, Maidstone, ME17, failed to pay £9,384.53 to 69 workers.        
    95. Panic Deliveries Limited, Oldbury , B69, failed to pay £9,362.96 to 29 workers.        
    96. Steve Kane Painting & Decorating Limited, Doncaster, DN3, failed to pay £9,317.13 to 11 workers.        
    97. Wine Inns Limited, Belfast, BT3, failed to pay £9,295.35 to 103 workers.        
    98. SOS Homecare Ltd, Stretford, M32, failed to pay £9,186.36 to 293 workers.        
    99. Parkway Derby Limited, Derby, DE24, failed to pay £9,083.64 to 11 workers.        
    100. Lashes Nails and Brows Ltd, Thornton Heath, CR7, failed to pay £9,074.84 to 3 workers.        
    101. Mrs Carol Olsen , Bedlington, NE22, failed to pay £8,988.13 to 25 workers.        
    102. Teddy Bear Nursery Limited, Rochdale, OL16, failed to pay £8,982.22 to 32 workers.        
    103. R.H. Wilson (Chemists) Limited, Blackburn, BB1, failed to pay £8,925.53 to 11 workers.        
    104. Mr James Westcott, Newport, PO30, failed to pay £8,587.49 to 33 workers.        
    105. Mr Orhan Esen, Dumfries, DG1, failed to pay £8,513.17 to 5 workers.        
    106. Waterloo and Taunton Conservative Club, Ashton-Under-Lyne, OL7, failed to pay £8,468.51 to 3 workers.        
    107. Aramark Limited, Leeds, LS16, failed to pay £8,407.77 to 154 workers.        
    108. Mr Mario Wood, Stalybridge, SK15, failed to pay £8,040.26 to 3 workers.        
    109. Mr Paul S Clerehugh T/A , Henley-On-Thames, RG9, failed to pay £8,029.07 to 20 workers.        
    110. Waggon & Horses (Matley) Ltd, Stalybridge, SK15, failed to pay £8,016.08 to 57 workers.        
    111. Rice Solutions Limited, Southport, PR8, failed to pay £7,921.26 to 2 workers.        
    112. UK Hairdressers 2019 Limited, Birmingham, B16, failed to pay £7,870.93 to 13 workers.        
    113. LIBERTY MUSIC PR LTD, Brighton, BN1, failed to pay £7,663.84 to 3 workers.        
    114. Turkuaz Limited, Cheadle, SK8, failed to pay £7,655.93 to 3 workers.        
    115. Belgravia Mews Hotel Limited, South Kensington, SW5, failed to pay £7,646.84 to 14 workers.        
    116. Start Afresh Cleaning Limited, Ipswich, IP1, failed to pay £7,630.05 to 15 workers.        
    117. Mr Atul Patel & Mr Bhikhubhai Patel, Northampton, NN5, failed to pay £7,386.13 to 1 worker.        
    118. K J Curson Growers Limited, Wisbech, PE14, failed to pay £7,311.72 to 11 workers.        
    119. Artico Limited, Monmouth, NP25, failed to pay £7,306.40 to 1 worker.        
    120. Tristan HCW Ltd, Bedford, MK41, failed to pay £7,227.75 to 7 workers.        
    121. Mainstage Festivals Limited, Southwark, SE1, failed to pay £7,089.61 to 4 workers.        
    122. Talash Limited, CV32, failed to pay £7,053.17 to 53 workers.        
    123. J D Wetherspoon Plc, Watford , WD24, failed to pay £7,000.00 to 282 workers.        
    124. Aroma Expresso Bar Limited, London, NW4, failed to pay £6,967.02 to 2 workers.        
    125. Lymedale Motors Limited, Newcastle Under Lyme, ST5, failed to pay £6,859.90 to 3 workers.        
    126. Golders Green Hairdressing Limited, Finchley, NW11, failed to pay £6,846.53 to 10 workers.        
    127. Head Office Hair and Beauty (Scotland) Ltd., Glasgow, G61, failed to pay £6,803.01 to 2 workers.        
    128. The Stair Arms Hotel Ltd, Pathhead, EH37, failed to pay £6,787.54 to 1 worker.        
    129. Springfields Supported Services Limited, Barking, IG11, failed to pay £6,693.35 to 19 workers.        
    130. Network Tyre & Auto Limited, Dartford, DA1, failed to pay £6,529.19 to 7 workers.        
    131. Specialist Computer Centres Plc, Birmingham, B11, failed to pay £6,491.66 to 28 workers.        
    132. Treetops Childrens Nursery Ltd, Blackpool, FY2, failed to pay £6,450.52 to 45 workers.        
    133. McDonald & Munro Limited, Elgin, IV30, failed to pay £6,436.10 to 2 workers.        
    134. Suez Recycling and Recovery UK Ltd, Maidenhead, SL6, failed to pay £6,387.96 to 47 workers.        
    135. Woodhall Capital Limited, London, EC4N, failed to pay £6,294.25 to 1 worker.        
    136. Mr Steven Prested, Meadowfield, DH7, failed to pay £6,207.12 to 1 worker.        
    137. Best Social Enterprise Ltd, London, SE1, failed to pay £6,171.64 to 10 workers.        
    138. The Buck House Limited, Wrexham, LL13, failed to pay £6,101.67 to 1 worker.        
    139. Mahmoud Shaduman Ali , Derby , DE23, failed to pay £6,091.90 to 6 workers.        
    140. Get Your Mobi Limited, Lancaster, LA1, failed to pay £6,069.51 to 8 workers.        
    141. Robertson Facilities Management Limited, Elgin, IV30, failed to pay £5,864.37 to 51 workers.        
    142. Orion Group London Limited, Wandsworth, SW18, failed to pay £5,818.69 to 1 worker.        
    143. Dee Kay Knitwear Ltd, Leicester, LE4, failed to pay £5,801.65 to 38 workers.        
    144. Miss J J Smart, Southampton, SO31, failed to pay £5,778.65 to 1 worker.        
    145. Zhanna Horn, Torquay, TQ2, failed to pay £5,749.66 to 2 workers.        
    146. The Fernlea Hotel Limited, Lytham St Annes, FY8, failed to pay £5,698.56 to 4 workers.        
    147. Gogo and Fried Chicken Limited, Coventry, CV1, failed to pay £5,665.58 to 9 workers.        
    148. Chess People Limited, Alderley Edge, SK9, failed to pay £5,629.12 to 1 worker.        
    149. Building Blocks Day Nursery (NI) Ltd, Toome, BT41, failed to pay £5,576.45 to 45 workers.        
    150. Mr Christopher Owston, North Shields, NE29, failed to pay £5,571.27 to 1 worker.        
    151. LJ Care Homes Ltd, Lincoln, LN4, failed to pay £5,568.84 to 56 workers.        
    152. Crossgates Stop N Shop Ltd, Leeds, LS15, failed to pay £5,545.63 to 4 workers.        
    153. BLFL Services Ltd, Burnham on Crouch, CM0, failed to pay £5,496.06 to 3 workers.        
    154. Mr Nigel Ian Fisher, Romsey, SO51, failed to pay £5,442.49 to 1 worker.        
    155. Mr Mathew James Hicks, Whitchurch, RG28, failed to pay £5,439.43 to 3 workers.        
    156. Old Town Car Wash Ltd, Hastings, TN35, failed to pay £5,422.92 to 5 workers.        
    157. London Street Brasserie Limited, Reading, RG1, failed to pay £5,343.77 to 13 workers.        
    158. Coton Care Limited, Wolverhampton, WV4, failed to pay £5,342.58 to 47 workers.        
    159. Epilepsy Society, Chalfont St Peter, SL9, failed to pay £5,293.99 to 1 worker.        
    160. Premier Work Support Limited, Chatham, ME4, failed to pay £5,272.92 to 428 workers.        
    161. Power Leisure Bookmakers Limited, Hammersmith, W6, failed to pay £5,245.57 to 257 workers.        
    162. Star Lite Jobs Limited, Ilford, IG1, failed to pay £5,237.44 to 67 workers.        
    163. Vivienne Westwood Limited, Wandsworth, SW11, failed to pay £5,232.00 to 1 worker.        
    164. A.P.C. Panels Ltd, Barry, CF63, failed to pay £5,220.60 to 7 workers.        
    165. Ghani Systems Ltd, Glasgow, G42, failed to pay £5,209.68 to 15 workers.        
    166. Taylor Dental Laboratory Limited, Leicester, LE5, failed to pay £5,189.75 to 1 worker.        
    167. MEDS2U Limited, Barnsley, S73, failed to pay £5,057.78 to 8 workers.        
    168. Total Cleaning South Limited, Manston, CT12, failed to pay £5,054.94 to 218 workers.        
    169. Decorative Panels Furniture Limited , Elland, HX5, failed to pay £5,045.43 to 62 workers.        
    170. Supercar Italia Ltd, Westerham, TN16, failed to pay £4,997.94 to 1 worker.        
    171. Miss Gemma Tattersall, Horsham, RH13, failed to pay £4,886.88 to 3 workers.        
    172. Mr Muhammed Afzal Jabarkhail , Clydebank, G81, failed to pay £4,873.12 to 1 worker.        
    173. Mr Shamim Ahmed, Braunton, EX33, failed to pay £4,867.46 to 1 worker.        
    174. Canei International Limited, Nottingham, NG10, failed to pay £4,752.20 to 1 worker.        
    175. Kitty Café Leeds Limited, Leeds, LS1, failed to pay £4,745.99 to 10 workers.        
    176. DES Healthcare Limited, Lincoln, LN5, failed to pay £4,634.94 to 36 workers.        
    177. Lakeside Day Nursery Limited , Swansea, SA6, failed to pay £4,631.93 to 3 workers.        
    178. Zayani Limited, West Drayton, UB7, failed to pay £4,593.39 to 2 workers.        
    179. Eaton Electrical Systems Limited, Doncaster, DN2, failed to pay £4,576.09 to 24 workers.        
    180. Mr Fadhil Omar Ibrahim , Ripley, DE5, failed to pay £4,482.40 to 5 workers.        
    181. Central Garage (Chesham) Ltd, Hyde Heath, HP6, failed to pay £4,416.25 to 1 worker.        
    182. Imperial College of Science, Technology and Medicine, Exhibition Road, SW7, failed to pay £4,372.16 to 1 worker.        
    183. Penrhyn Inns Limited, Oldham, OL4, failed to pay £4,324.94 to 33 workers.        
    184. Everest Hotels Limited, Powys, NP8, failed to pay £4,274.77 to 4 workers.        
    185. Coastal Heating Ltd, Sheringham, NR26, failed to pay £4,267.76 to 1 worker.        
    186. UK Solutions Limited, Chelmsford, CM1, failed to pay £4,267.22 to 28 workers.        
    187. NEO Property Solutions Limited, Leeds, LS9, failed to pay £4,263.52 to 16 workers.        
    188. Mountford House Nursery Limited, Nottingham, NG5, failed to pay £4,195.32 to 1 worker.        
    189. Major Cleaning Services Limited, Potters Bar, EN6, failed to pay £4,194.74 to 25 workers.        
    190. Witham Valeting Ltd, Witham , CM8, failed to pay £4,166.48 to 8 workers.        
    191. Parsons Bakery Limited, Bristol, BS3, failed to pay £4,134.64 to 44 workers.        
    192. Mr Amir Rasool, Langholm, DG13, failed to pay £4,083.79 to 1 worker.        
    193. Grosvenor Concierge Limited  (previously GCS Facility Services Limited), Skegness, PE25, failed to pay £4,056.99 to 120 workers.        
    194. Industrial Cleaning Services (UK) Ltd, Camden, WC1N, failed to pay £4,048.91 to 41 workers.        
    195. Spring Cleaning Services Limited, Cheltenham, GL51, failed to pay £3,989.71 to 16 workers.        
    196. Sunlit Ltd, Lewisham, SE6, failed to pay £3,973.49 to 4 workers.        
    197. Blink Productions Limited, Holloway, N7, failed to pay £3,910.06 to 4 workers.        
    198. DSM Joinery Contractors Limited, Dunfermline, KY11, failed to pay £3,905.50 to 2 workers.        
    199. Fashion Fabric Transprinters Limited, Leicester, LE4, failed to pay £3,779.70 to 2 workers.        
    200. Mrs Imogen Katherine Wyvill, Mr Marmaduke D’Arcy William Wyvill and Mr Marmaduke Charles Astey Wyvill, Leyburn, DL8, failed to pay £3,724.37 to 16 workers.        
    201. Mrs Nalani Carr, Haverhill, CB9, failed to pay £3,702.83 to 1 worker.        
    202. Temple Farm Limited, Ramsgate, CT11, failed to pay £3,696.54 to 57 workers.        
    203. Walker Outboard Services Limited, Reading, RG4, failed to pay £3,647.76 to 1 worker.        
    204. Shah Foods Ltd, Newham, E16, failed to pay £3,638.69 to 2 workers.        
    205. City Office (NI) Ltd, Belfast, BT12, failed to pay £3,622.46 to 2 workers.        
    206. Ms Stacey Baker, Doune, FK16, failed to pay £3,582.87 to 1 worker.        
    207. Joarr Hot Food Emporium Limited, Southport, PR9, failed to pay £3,564.00 to 1 worker.        
    208. St John’s Road Garage Limited, Dartford, DA2, failed to pay £3,525.63 to 1 worker.        
    209. Alanya Catering Ltd, Nottingham, NG1, failed to pay £3,489.42 to 7 workers.        
    210. Care Direct Group Limited, Eastbourne, BN21, failed to pay £3,484.98 to 35 workers.        
    211. Baudelaire Limited, Alresford , SO24, failed to pay £3,454.06 to 1 worker.        
    212. House Of Glamour Limited, East Dulwich, SE22, failed to pay £3,433.06 to 1 worker.        
    213. Oshibori Scotland Ltd, Dundee, DD1, failed to pay £3,328.44 to 5 workers.        
    214. Yatab Company Ltd, Rainham, RM13, failed to pay £3,292.77 to 7 workers.        
    215. Cheeky Monkey Day Nurseries Limited, Birmingham, B15, failed to pay £3,272.93 to 22 workers.        
    216. S & W Developments Limited, Doncaster, DN5, failed to pay £3,253.46 to 1 worker.        
    217. The Lady Cleaner Ltd, Eastbourne, BN23, failed to pay £3,233.28 to 26 workers.        
    218. Mi Casa Care Ltd, Mansfield, NG19, failed to pay £3,221.07 to 23 workers.        
    219. SNC-LAVALIN RAIL & TRANSIT LIMITED, Epsom, KT18, failed to pay £3,212.78 to 11 workers.        
    220. Little Flowers Limited, Renfrew, PA4, failed to pay £3,162.05 to 1 worker.        
    221. Little Ducklings Day Nursery (Garstang) Limited, Preston, PR3, failed to pay £3,157.18 to 1 worker.        
    222. Fresh 75 Limited, Newport, PO30, failed to pay £3,132.90 to 1 worker.        
    223. Excel Parking Services Limited, Sheffield, S9, failed to pay £3,124.95 to 14 workers.        
    224. Mr Simon Foster and Mrs Jane Foster, Skipton, BD23, failed to pay £3,124.66 to 1 worker.        
    225. Mr Daniel Jenkinson , Preston, PR1, failed to pay £3,104.72 to 1 worker.        
    226. Spanners & Sparks (EK) Limited, Glasgow, G75, failed to pay £3,093.15 to 5 workers.        
    227. Central Electrical Contracts Limited, Wolverhampton, WV6, failed to pay £3,086.28 to 5 workers.        
    228. Branded Housewares Limited, Wolverhampton, WV2, failed to pay £3,066.72 to 4 workers.        
    229. Valerie Anne Sheen , Honiton, EX14, failed to pay £3,057.10 to 18 workers.        
    230. Rosebridge Private Day Nursery Limited, Wigan, WN1, failed to pay £3,056.94 to 19 workers.        
    231. Elite Motors Bodyshop Limited, Northampton, NN5, failed to pay £3,055.68 to 8 workers.        
    232. Roux Waterside Inn Limited, Bray, SL6, failed to pay £3,022.52 to 19 workers.        
    233. P.B Services (Wales) Limited, Mountain Ash, CF45, failed to pay £3,008.30 to 2 workers.        
    234. Lostock Hall Academy Trust, Preston, PR5, failed to pay £2,993.98 to 2 workers.        
    235. Taylor Shaw Limited, Macclesfield, SK11, failed to pay £2,958.43 to 2 workers.        
    236. Sage Hair Care (Salons) Limited, Cardiff, CF5, failed to pay £2,938.09 to 3 workers.        
    237. Mr Andrew Petrou, Walworth, SE17, failed to pay £2,907.33 to 1 worker.        
    238. Crystal Car Wash and Valeting Ltd, Loughborough, LE11, failed to pay £2,852.00 to 1 worker.        
    239. KEYSIGNS LIMITED, Bellshill, ML4, failed to pay £2,851.78 to 4 workers.        
    240. Centerplate UK Limited, Camden, WC1B, failed to pay £2,829.64 to 167 workers.        
    241. MN Support Services Limited, Queens Park, W10, failed to pay £2,829.17 to 294 workers.        
    242. Kirklees Active Leisure , Huddersfield, HD1, failed to pay £2,821.46 to 18 workers.        
    243. Marsden Healthcare Limited, Nelson, BB9, failed to pay £2,811.05 to 22 workers.        
    244. Mrs Michelle S Chandler, Birmingham, B44, failed to pay £2,806.72 to 2 workers.        
    245. Jamie Stevens (Kensington) Ltd, Kensington, W8, failed to pay £2,779.88 to 2 workers.        
    246. Filco Supermarkets Limited, Llantwit Major, CF61, failed to pay £2,772.41 to 118 workers.        
    247. AFH Ltd, Cardiff, CF24, failed to pay £2,771.99 to 4 workers.        
    248. Ms Philippa Funnell, Dorking, RH5, failed to pay £2,746.65 to 2 workers.        
    249. Kids at Heart (Harrogate) Limited, Knaresborough, HG5, failed to pay £2,746.08 to 3 workers.        
    250. Sparkle Cleaning Co. (London) Limited, Croydon, CR5, failed to pay £2,732.94 to 25 workers.        
    251. Lexington Catering Limited, Camden, EC4N, failed to pay £2,714.52 to 64 workers.        
    252. What A Hoot Day Nursery Limited, Blyth, NE24, failed to pay £2,712.53 to 4 workers.        
    253. Mr Andy B Fitzsimmons, Mr Ford B Fitzsimmons and Mrs Theresa G Fitzsimmons, Kilwinning, KA13, failed to pay £2,694.78 to 15 workers.        
    254. QSO Ltd, Leeds, LS4, failed to pay £2,675.41 to 10 workers.        
    255. Parkers Pets Limited, Southsea, PO5, failed to pay £2,665.49 to 2 workers.        
    256. Kazoku Restaurant Group Ltd, Sevenoaks, TN13, failed to pay £2,665.15 to 1 worker.        
    257. Madames Hair & Beauty Limited, Swindon, SN3, failed to pay £2,656.41 to 1 worker.        
    258. Acerta Group Limited , Warwick, CV34, failed to pay £2,629.00 to 13 workers.        
    259. London Auto Parts Limited, Wembley, HA0, failed to pay £2,622.17 to 2 workers.        
    260. Killan Structural Limited, Oldham, OL3, failed to pay £2,620.45 to 2 workers.        
    261. Sandersons (N.W.) Ltd, Blackpool, FY4, failed to pay £2,603.82 to 3 workers.        
    262. A & K Home Care Services Ltd, Napton, CV47, failed to pay £2,603.14 to 78 workers.        
    263. Chaplins Hotel Limited, Blackpool, FY1, failed to pay £2,586.56 to 2 workers.        
    264. Calmac Developments Limited, Dumfries, DG2, failed to pay £2,583.77 to 17 workers.        
    265. La Reserve Aparthotel (Manchester) Limited, Manchester, M1, failed to pay £2,567.66 to 13 workers.        
    266. Ultimate Stores Limited, London, NW1, failed to pay £2,560.34 to 4 workers.        
    267. Drayton Manor Resort Limited, Tamworth, B78, failed to pay £2,559.58 to 25 workers.        
    268. Community Foundation, Birmingham, B19, failed to pay £2,500.24 to 2 workers.        
    269. D and G Pub Company Limited, Darlington, DL3, failed to pay £2,498.17 to 35 workers.        
    270. Poplars Blossoms Nursery School Limited, Nottingham, NG5, failed to pay £2,494.39 to 1 worker.        
    271. Vonsung Limited, Islington, EC1Y, failed to pay £2,485.20 to 1 worker.        
    272. Cornish Premier Pasties Limited, Newquay, TR9, failed to pay £2,467.45 to 53 workers.        
    273. The Clansmans Rest Ltd, Glasgow, G40, failed to pay £2,417.22 to 3 workers.        
    274. Natural Care 53 Limited, Manchester, M12, failed to pay £2,412.03 to 1 worker.        
    275. TKE Landscaping Ltd, Wendens Ambo, CB11, failed to pay £2,403.16 to 3 workers.        
    276. Mockingbird Lane Ltd, Glasgow, G11, failed to pay £2,387.07 to 1 worker.        
    277. Mr Patrick G Neilan, Glasgow, G43, failed to pay £2,383.29 to 2 workers.        
    278. Brean Leisure Park Ltd, Berrow, Burnham-on-Sea, TA8, failed to pay £2,371.57 to 12 workers.        
    279. Davidsons Plumbing & Heating Limited , Bristol, BS5, failed to pay £2,349.54 to 4 workers.        
    280. Motor Body Centre Limited, Birmingham, B18, failed to pay £2,346.49 to 1 worker.        
    281. S & S Care (UK) Limited, Caergwrle, LL12, failed to pay £2,340.72 to 49 workers.        
    282. Kelton Nursery, Liverpool, L18, failed to pay £2,334.79 to 10 workers.        
    283. Asset India Limited, Harrow, HA1, failed to pay £2,334.54 to 2 workers.        
    284. Safegas UK Ltd, Swinton, M27, failed to pay £2,277.54 to 1 worker.        
    285. Mert GB 2 Limited, East Ham, E6, failed to pay £2,261.38 to 1 worker.        
    286. Hallwell Projects Ltd, Plymouth, PL1, failed to pay £2,211.32 to 3 workers.        
    287. Mr Andrew Roy Milward, Pembroke Dock, SA72, failed to pay £2,205.31 to 1 worker.        
    288. R & R Retail UK Limited, Luton, LU4, failed to pay £2,201.05 to 16 workers.        
    289. Salon IPS Ltd, Ipswich, IP4, failed to pay £2,189.12 to 1 worker.        
    290. Mr Narinder Kumar Nar, Birmingham, B18, failed to pay £2,173.86 to 2 workers.        
    291. Old Mill Holiday Park Limited, St Helens, PO33, failed to pay £2,172.06 to 1 worker.        
    292. Ms Caroline Wright, Birmingham, B43, failed to pay £2,170.63 to 1 worker.        
    293. Dolphin Care (IOW) Limited, Wroxall Ventnor, PO38, failed to pay £2,155.09 to 6 workers.        
    294. Whistledown Inn Limited, Newry, BT34, failed to pay £2,154.29 to 46 workers.        
    295. Renegade Hair Studio Limited, Leeds, LS2, failed to pay £2,148.74 to 1 worker.        
    296. Lethendy Cheltenham Limited, Cheltenham, GL53, failed to pay £2,144.90 to 44 workers.        
    297. Heminstone Estates Limited, Colchester, CO2, failed to pay £2,137.35 to 10 workers.        
    298. S Leicester Ltd, Leicester, LE5, failed to pay £2,127.17 to 38 workers.        
    299. GB Vape Limited, Heckmondwike, WF16, failed to pay £2,119.82 to 7 workers.        
    300. P McCarthy Limited, Brandon, IP27, failed to pay £2,108.75 to 9 workers.        
    301. K. Foley Limited, Great Blakenham, NR2, failed to pay £2,104.81 to 94 workers.        
    302. AGL Attractions Limited , Burnham-On-Sea, TA8, failed to pay £2,090.06 to 24 workers.        
    303. Techlogico Limited, Knottingley, WF11, failed to pay £2,056.43 to 6 workers.        
    304. Mr Iain Stewart Matheson, Paisley, PA1, failed to pay £2,036.50 to 6 workers.        
    305. GLASGOW WATERLOO LIMITED, Glasgow, G2, failed to pay £2,020.36 to 41 workers.        
    306. R J Ferguson Company Limited, Stewartstown, BT71, failed to pay £2,014.04 to 3 workers.        
    307. Ms Susan Meheux, Southampton, SO31, failed to pay £2,008.66 to 12 workers.        
    308. Mr David Odudu, Sheffield, S9, failed to pay £1,992.53 to 1 worker.        
    309. Mr Hazar Ibrahim Hamid, Doncaster, DN5, failed to pay £1,961.64 to 5 workers.        
    310. M&C Jones Building Contractors Limited, Rhyl, LL18, failed to pay £1,954.46 to 2 workers.        
    311. Hi-Spec Facilities Services Ltd, Dartford, DA2, failed to pay £1,938.75 to 96 workers.        
    312. Calibre Building & Decorating Services Limited, Lichfield, WS13, failed to pay £1,937.89 to 1 worker.        
    313. CPM Electrical Ltd, Omagh, BT79, failed to pay £1,937.71 to 4 workers.        
    314. Ashbrook Roofing & Supplies Limited, Nr Matlock, DE4, failed to pay £1,912.65 to 5 workers.        
    315. Mr Thomas Hutchison, Prestonpans, EH32, failed to pay £1,901.44 to 1 worker.        
    316. Mr Khalid Javid, Chester, CH2, failed to pay £1,891.42 to 1 worker.        
    317. South Golden Mountain Limited, Eastbourne, BN21, failed to pay £1,888.52 to 1 worker.        
    318. Oldbury Grange Nursing Home Ltd, Nuneaton, CV10, failed to pay £1,878.02 to 65 workers.        
    319. OC Electric Limited, Benton, NE12, failed to pay £1,869.32 to 1 worker.        
    320. Seagrave Decorations Limited, Kettering, NN16, failed to pay £1,847.76 to 4 workers.        
    321. Little Angels Fun Club and Nursery Limited, Bedlington, NE22, failed to pay £1,832.96 to 92 workers.        
    322. GAPJ Ivinghoe Ltd, Leighton Buzzard, LU7, failed to pay £1,828.25 to 5 workers.        
    323. Vapour C Co Ltd, Gillingham, ME7, failed to pay £1,822.57 to 2 workers.        
    324. Wide Range Services Limited, Hull, HU12, failed to pay £1,816.72 to 1 worker.        
    325. Hughes (Family Bakers) Holdings Limited, Bradford, BD18, failed to pay £1,811.57 to 26 workers.        
    326. A W Pettitt Limited, Windermere, LA23, failed to pay £1,810.90 to 5 workers.        
    327. Smartway Holding Limited, Holloway, N7, failed to pay £1,800.00 to 1 worker.        
    328. Beaux Health and Wellbeing Ltd, Taunton, TA1, failed to pay £1,791.96 to 1 worker.        
    329. Saggiomo Luxury Foods Limited, Croydon, CR0, failed to pay £1,787.60 to 1 worker.        
    330. John Clark (Holdings) Limited , Aberdeen, AB12, failed to pay £1,785.63 to 5 workers.        
    331. Swiftclean (UK) Limited, Southend-on-Sea, SS2, failed to pay £1,761.48 to 5 workers.        
    332. Reachout Healthcare Limited, Stockport, SK5, failed to pay £1,757.42 to 31 workers.        
    333. Mr Ian T Henderson, Accrington, BB5, failed to pay £1,740.90 to 2 workers.        
    334. Clarke Group Construction Limited, Wyberton, PE21, failed to pay £1,736.49 to 1 worker.        
    335. MRB Cleaning Limited, Swansea, SA1, failed to pay £1,733.88 to 1 worker.        
    336. Mr John Fulton Allen & Mr John Gary King,  Strabane, BT82, failed to pay £1,725.59 to 1 worker.        
    337. Belmont Hotel (Leicester) Limited, Leicester, LE1, failed to pay £1,710.28 to 36 workers.        
    338. Mini Me Private Day Nursery Limited, Newport, NP19, failed to pay £1,708.33 to 15 workers.        
    339. Glow Trade Ltd, Leicester, LE5, failed to pay £1,706.46 to 20 workers.        
    340. Mr Jason Hearn, Taunton, TA1, failed to pay £1,706.12 to 2 workers.        
    341. Country Park Leisure Limited, Hessle, HU13, failed to pay £1,705.13 to 13 workers.        
    342. C & C Precision Engineering Services Limited, Rowley Regis, B65, failed to pay £1,704.30 to 1 worker.        
    343. Karen Jeffrey , Wishaw, ML2, failed to pay £1,683.58 to 4 workers.        
    344. DNA Cleaning Solutions Limited, Twickenham, TW2, failed to pay £1,670.29 to 25 workers.        
    345. Assured Care (Stockport) Ltd., Stockport, SK1, failed to pay £1,666.57 to 79 workers.        
    346. Graylaw International Freight Group Ltd, Skelmersdale, WN8, failed to pay £1,663.46 to 7 workers.        
    347. SPI Trading Limited, Lisburn , BT28, failed to pay £1,656.74 to 3 workers.        
    348. Executive Hire Ltd., Glasgow, G74, failed to pay £1,650.54 to 3 workers.        
    349. Accelerate Cleaning Solutions Ltd, Ipswich, IP7, failed to pay £1,650.38 to 106 workers.        
    350. LGH Plumbing & Heating Services Limited, Leigh, WN7, failed to pay £1,624.77 to 1 worker.        
    351. Samuel Eales Silverware Limited, Sheffield, S3, failed to pay £1,619.79 to 1 worker.        
    352. High Grove Beds Limited, Liversedge, WF15, failed to pay £1,610.43 to 8 workers.        
    353. Shakes n Cakes Aberdeen Ltd, Aberdeen, AB24, failed to pay £1,597.98 to 1 worker.        
    354. Bespoke Cuisine Ltd, Bethnal Green, EC1V, failed to pay £1,587.04 to 1 worker.        
    355. Mascallkelly Limited, Cleveland, TS12, failed to pay £1,576.59 to 19 workers.        
    356. Sher Gill Enterprises Limited, Dunoon, PA23, failed to pay £1,557.58 to 1 worker.        
    357. Ms Hiromi Sato, London, SW4, failed to pay £1,551.71 to 2 workers.        
    358. R.Loughlin Electrical Services Ltd, Castlederg, BT81, failed to pay £1,542.58 to 3 workers.        
    359. Papermoon Nurseries (Boultham Park) Limited, Lincoln, LN6, failed to pay £1,535.25 to 11 workers.        
    360. SB Rom Food Center Ltd, Hounslow, TW3, failed to pay £1,533.80 to 9 workers.        
    361. Mr Robert Pontefract, Stamford, PE9, failed to pay £1,531.55 to 1 worker.        
    362. Grant Leisure Group Limited, Blackpool, FY3, failed to pay £1,495.62 to 15 workers.        
    363. Everbright Lodge Ltd, Llangollen, LL20, failed to pay £1,475.07 to 25 workers.        
    364. Biscuit Clothing Ltd, Edinburgh, EH10, failed to pay £1,469.89 to 1 worker.        
    365. Brockencote Hall Hotel Limited, Leamington Spa, CV33, failed to pay £1,468.25 to 19 workers.        
    366. Mr Francis Joseph McParland and Mr Peter Liam McParland , Armagh, BT61, failed to pay £1,466.04 to 4 workers.        
    367. Colemans Garden Centre Ltd, Templepatrick, BT39, failed to pay £1,450.11 to 35 workers.        
    368. Southcoast Homecare Ltd, Chichester, PO19, failed to pay £1,438.93 to 9 workers.        
    369. Booth & Stirland Limited, Ripley, DE5, failed to pay £1,434.97 to 3 workers.        
    370. Grieve Decor Limited, Berwick Upon Tweed, TD15, failed to pay £1,415.11 to 2 workers.        
    371. Barry Tyre Centre Limited, Barry, CF63, failed to pay £1,408.88 to 1 worker.        
    372. Piddle Brewery Limited, Dorchester, DT2, failed to pay £1,407.79 to 1 worker.        
    373. Forseti Law Ltd, Bolton, BL1, failed to pay £1,403.87 to 1 worker.        
    374. Wash Me Clean Ltd, Bracknell, RG12, failed to pay £1,400.27 to 1 worker.        
    375. Colonnade (Operator) Limited, Little Venice, W9, failed to pay £1,385.11 to 1 worker.        
    376. Mario Gianni Limited, Stockport, SK7, failed to pay £1,378.94 to 3 workers.        
    377. Moyo’s Brothers Limited, Brighton, BN1, failed to pay £1,373.14 to 2 workers.        
    378. Atticus Cleaning Services Limited, Altrincham, WA14, failed to pay £1,364.89 to 1 worker.        
    379. Mrs Jane Boome and Miss Verity Jane Boome, Peterborough, PE7, failed to pay £1,360.84 to 13 workers.        
    380. Get Grip Auto Ltd, Cheltenham, GL53, failed to pay £1,348.25 to 2 workers.        
    381. Downs Holdings Limited, Yarm, TS15, failed to pay £1,339.48 to 8 workers.        
    382. Direct Cleaning Services (Oxford) Limited, Weston-Super-Mare, BS22, failed to pay £1,323.74 to 1 worker.        
    383. Viv Designs Ltd, Gravesend, DA12, failed to pay £1,317.95 to 1 worker.        
    384. Sycamore Farm Park Limited, Skegness, PE24, failed to pay £1,311.54 to 2 workers.        
    385. SMK Building & Joinery Contractors Ltd, Todmorden, OL14, failed to pay £1,297.16 to 1 worker.        
    386. Richard Tate Limited, Leeds, LS10, failed to pay £1,294.02 to 1 worker.        
    387. JDP Hotels Ltd, Wakefield, WF2, failed to pay £1,289.98 to 34 workers.        
    388. Miss Abby Fox, Widnes, WA8, failed to pay £1,270.35 to 10 workers.        
    389. Polish Village Bakery Ltd, Manchester , M17, failed to pay £1,267.37 to 43 workers.        
    390. ENERGY DUNDEE 4 U LTD , Dundee, DD4, failed to pay £1,263.65 to 15 workers.        
    391. Synvestment Ltd, High Wycombe, HP12, failed to pay £1,262.39 to 2 workers.        
    392. Peony Culture Communication Limited, Newcastle Upon Tyne, NE1, failed to pay £1,247.02 to 1 worker.        
    393. Easy Clean Contractors Limited, Peterborough, PE7, failed to pay £1,246.92 to 125 workers.        
    394. R Binks Construction Limited, Bolton, BL2, failed to pay £1,244.33 to 3 workers.        
    395. Mrs Julie Shaw, Knaresborough, HG5, failed to pay £1,231.68 to 20 workers.        
    396. Mrs Karaimjit Gill, Barry, CF63, failed to pay £1,230.73 to 1 worker.        
    397. Mcaleer & McGarrity Ltd, Cookstown, BT80, failed to pay £1,207.77 to 2 workers.        
    398. M.P.M Consumer Products Limited, Manchester, M11, failed to pay £1,205.73 to 32 workers.        
    399. K.L.N. Limited , Brent, NW6, failed to pay £1,203.83 to 2 workers.        
    400. GMD SERVICES LIMITED, Kingston Upon Hull, HU3, failed to pay £1,193.24 to 2 workers.        
    401. C.V.East Ltd, Colchester , CO1, failed to pay £1,185.68 to 7 workers.        
    402. Mr Jonathan Hope and Mr Charlie Hope, Slough, SL3, failed to pay £1,183.12 to 3 workers.        
    403. Belshaw Bookkeeping Services Limited, Bacup, OL13, failed to pay £1,179.76 to 1 worker.        
    404. D Allen Transport Limited, St Helens, WA9, failed to pay £1,178.73 to 4 workers.        
    405. Mrs S & Mr G Clough, Bradford, BD12, failed to pay £1,162.79 to 1 worker.        
    406. Golden Cue Snooker Club Limited, Bilston, WV14, failed to pay £1,147.43 to 1 worker.        
    407. South Wales Building and Construction Limited, Newport, NP11, failed to pay £1,135.47 to 2 workers.        
    408. Form Communal Maintenance Limited, Hartford, CW8, failed to pay £1,131.97 to 1 worker.        
    409. SMS Bars Limited, Stockport, SK1, failed to pay £1,115.11 to 2 workers.        
    410. Grace Construction and Management Ltd, Derby, DE1, failed to pay £1,113.49 to 1 worker.        
    411. Alveston House Hotel Limited, Thornbury, BS35, failed to pay £1,109.12 to 1 worker.        
    412. Mrs Pearl Moore, Blackpool, FY4, failed to pay £1,094.75 to 3 workers.        
    413. Think Wraps Ltd, Poole, BH12, failed to pay £1,053.08 to 1 worker.        
    414. Telebizz Ltd, Plymouth, PL7, failed to pay £1,048.56 to 72 workers.        
    415. Hill Top Day Nursery Limited, Swadlincote, DE12, failed to pay £1,041.04 to 2 workers.        
    416. W. Corbett & Co. (Galvanizing) Limited, Telford, TF7, failed to pay £1,039.53 to 36 workers.        
    417. Autocare (Benfleet) Limited, Stanford-Le-Hope, SS17, failed to pay £1,032.23 to 2 workers.        
    418. Pork Farms Limited, Nottingham, NG2, failed to pay £1,029.77 to 9 workers.        
    419. Galdin Limited, Hackney, N1, failed to pay £1,024.50 to 5 workers.        
    420. Trinity Park Nursery Ltd, Craigavon, BT67, failed to pay £1,020.97 to 17 workers.        
    421. Mr Thanabalasingam Ketheeswarathas and Mrs Sivasuki Ketheeswarathas, Ipswich, IP2, failed to pay £1,006.83 to 2 workers.        
    422. G P H Carpentry Limited, Newquay, TR8, failed to pay £1,003.04 to 2 workers.        
    423. Euro Car Wash (South East) Limited, Greenwich, SE7, failed to pay £992.56 to 3 workers.        
    424. Mrs Melanie Elizabet Brown, Kirkcaldy, KY1, failed to pay £986.58 to 1 worker.        
    425. A O Hand Car Wash & Valeting Ltd, Peckham, SE15, failed to pay £982.62 to 3 workers.        
    426. Dash-Cae Limited, Oxford, OX14, failed to pay £976.19 to 1 worker.        
    427. Janette Allen Limited, Braintree, CM77, failed to pay £976.18 to 1 worker.        
    428. Ms Sarah Balfour, York, YO10, failed to pay £967.87 to 1 worker.        
    429. Allied Industrial Products Limited, Salford, M5, failed to pay £955.78 to 1 worker.        
    430. Cummins Ltd, Darlington, DL1, failed to pay £954.04 to 11 workers.        
    431. Ramsbottom Cricket Club, Bury, BL0, failed to pay £931.67 to 2 workers.        
    432. Soughton Shoot Limited, Northop, Mold,, CH7, failed to pay £927.24 to 1 worker.        
    433. Mrs Penni Durdy, Doncaster, DN9, failed to pay £924.04 to 1 worker.        
    434. Friends Care Agency Limited, Sandy, SG19, failed to pay £923.84 to 20 workers.        
    435. French Connection UK Limited, Camden, NW1, failed to pay £917.95 to 57 workers.        
    436. Precision Workwear Limited, Stamford, PE9, failed to pay £916.35 to 1 worker.        
    437. Joinex Joinery Express Limited, Brentford, TW8, failed to pay £882.61 to 12 workers.        
    438. Yorkcloud Limited, Ulverston, LA12, failed to pay £872.20 to 2 workers.        
    439. KR Scotland Ltd, Edinburgh, EH3, failed to pay £849.21 to 3 workers.        
    440. The KLE (Berwick) Group Ltd, Berwick Upon Tweed, TD15, failed to pay £838.48 to 2 workers.        
    441. Zig Zag Day Nursery Limited, Peterborough, PE1, failed to pay £827.98 to 21 workers.        
    442. Birdies Day Nursery Limited, Lisburn, BT28, failed to pay £821.32 to 8 workers.        
    443. Sooty Olive Ltd, Waterside, BT47, failed to pay £819.24 to 33 workers.        
    444. Bright Bees Nursery Ltd, Leicester, LE4, failed to pay £817.06 to 1 worker.        
    445. What The Fish Limited, Richmond upon Thames, SW14, failed to pay £801.08 to 1 worker.        
    446. SFC (Edmonton) Limited, Enfield, N9, failed to pay £798.22 to 2 workers.        
    447. Fairytales Day Nursery Limited, Dudley, DY2, failed to pay £793.38 to 7 workers.        
    448. R.G.R. Garages (Cranfield) Limited, Bedford, MK43, failed to pay £791.65 to 1 worker.        
    449. Mad Goose Catering Limited, Ellington, PE28, failed to pay £788.54 to 3 workers.        
    450. Mr Grzegorz Biezunski, Trowbridge, BA14, failed to pay £787.80 to 1 worker.        
    451. Futurerate Limited, Loughborough, LE12, failed to pay £787.20 to 1 worker.        
    452. Kids Korner Day Nurseries Ltd, Belfast, BT6, failed to pay £779.81 to 23 workers.        
    453. Inter County Cleaning Services Limited, Rushden, NN10, failed to pay £754.38 to 106 workers.        
    454. Spring Clean Commercial Ltd, Norwich, NR16, failed to pay £753.17 to 107 workers.        
    455. Clean Living Services Limited, Lambeth, SW8, failed to pay £749.48 to 16 workers.        
    456. Le Petit Francais Ltd, Edinburgh, EH6, failed to pay £744.52 to 10 workers.        
    457. Playworks Childcare Limited, Caerphilly, CF83, failed to pay £743.64 to 5 workers.        
    458. Wickhambrook Stores Limited, Newmarket, CB8, failed to pay £729.88 to 1 worker.        
    459. Rothco Independent Mortgages Ltd, Alnwick, NE66, failed to pay £729.83 to 1 worker.        
    460. James David Segal, Hull, HU1, failed to pay £729.22 to 6 workers.        
    461. Daniel Thwaites Public Limited Company, Blackburn, BB2, failed to pay £724.73 to 23 workers.        
    462. HRUK Group of Companies Ltd, Leeds, LS8, failed to pay £719.11 to 1 worker.        
    463. Historic Hotels & Properties Ltd, Scarborough, YO11, failed to pay £707.11 to 5 workers.        
    464. Penge Car Care ltd, Croydon, SE25, failed to pay £682.48 to 2 workers.        
    465. Craig Gordon Building Services Ltd, Edinburgh, EH11, failed to pay £680.17 to 1 worker.        
    466. Mountview Hotels Ltd, Callander, FK17, failed to pay £672.60 to 1 worker.        
    467. Paragon Quality Foods Ltd, Doncaster, DN3, failed to pay £670.56 to 21 workers.        
    468. Core Electrical Solutions Ltd, Beckenham, BR3, failed to pay £658.78 to 2 workers.        
    469. Snacks Van Ltd, Watford, WD25, failed to pay £658.20 to 1 worker.        
    470. MacDonald Hotels (Management) Limited, Bathgate, EH48, failed to pay £648.78 to 1 worker.        
    471. Kelly Teggin Hairdressing Ltd, Knaresborough, HG5, failed to pay £647.19 to 1 worker.        
    472. Safe Gas (N.I.) Limited, Newtonabbey, BT36, failed to pay £639.10 to 1 worker.        
    473. Harrison Wade Ltd, Manchester, M1, failed to pay £636.04 to 2 workers.        
    474. Spectrum Energy Guard Ltd, Bournemouth, BH1, failed to pay £621.72 to 1 worker.        
    475. Gastronomy Foods UK Limited, Shrewsbury, SY1, failed to pay £618.76 to 51 workers.        
    476. Jobseekrs Limited, Manchester, M15, failed to pay £613.88 to 1 worker.        
    477. Stepping-Stones-Services Limited, Rochdale, OL11, failed to pay £611.13 to 19 workers.        
    478. Tramp Hair Boutique Limited, Stockport, SK1, failed to pay £610.40 to 1 worker.        
    479. Emporio Fashion Ltd, Leicester, LE5, failed to pay £608.85 to 18 workers.        
    480. Halton Concrete Ltd, Widnes, WA8, failed to pay £607.43 to 2 workers.        
    481. Kanto Stranmillis Limited, Belfast, BT9, failed to pay £590.15 to 1 worker.        
    482. Complete Payroll and Accountancy Limited, Altrincham, M33, failed to pay £584.24 to 1 worker.        
    483. Flawless Cleaning Ltd, Smethwick, B66, failed to pay £582.02 to 1 worker.        
    484. Al Halal Supermarket Limited , Bradford, BD7, failed to pay £581.64 to 7 workers.        
    485. Max & Molly Limited, Wigan, WN3, failed to pay £579.96 to 1 worker.        
    486. Happy Children Day Nursery Limited, Ballynahinch, BT24, failed to pay £573.74 to 12 workers.        
    487. Jagard Valeting & Cleaning Services Ltd, Wellingborough, NN8, failed to pay £573.47 to 2 workers.        
    488. 247 Convenience Store (Bury) Ltd, Bury, BL8, failed to pay £571.63 to 1 worker.        
    489. The Race Horses Hotel Limited, Skipton, BD23, failed to pay £566.05 to 2 workers.        
    490. Strategic Facilities Management Ltd, Leeds, LS17, failed to pay £561.18 to 3 workers.        
    491. Mr C Saudin & Mrs P Saudin, Canterbury, CT1, failed to pay £560.48 to 2 workers.        
    492. Golden Car Limited , Perivale, UB6, failed to pay £551.80 to 1 worker.        
    493. Your Friendly Local Limited, Rotherham, S60, failed to pay £549.95 to 6 workers.        
    494. Steven Boom, East Hunsbury, NN4, failed to pay £547.20 to 2 workers.        
    495. M A Fashions Ltd, Leicester, LE5, failed to pay £545.60 to 17 workers.        
    496. Comserv Contracting & Commercial Limited, Stoke-on-Trent, ST3, failed to pay £544.19 to 1 worker.        
    497. Bonner Studs Limited, Walsall, WS2, failed to pay £537.45 to 1 worker.        
    498. M & C Retail Limited, Darlington, DL1, failed to pay £537.36 to 4 workers.        
    499. Legacy Resorts Limited, Newton Stewart, DG8, failed to pay £536.69 to 1 worker.        
    500. E.K.S Living Clean Ltd, Norwich, NR6, failed to pay £533.58 to 5 workers.        
    501. SC HCW Ltd, Belfast, BT5, failed to pay £533.54 to 7 workers.        
    502. David Alexander Forbes, Inverurie, AB51, failed to pay £531.64 to 2 workers.        
    503. Arunagiri UK LTD, Rickmansworth, WD3, failed to pay £530.92 to 2 workers.        
    504. Millfield Haulage Limited, York, YO26, failed to pay £530.91 to 2 workers.        
    505. Ardmore (Co. Derry) Pre-Cast Concrete Limited, Ardmore, BT47, failed to pay £525.69 to 1 worker.        
    506. W1 Soho Ltd., Soho, W1D, failed to pay £523.20 to 1 worker.        
    507. Shree Siddhi Limited, Glasgow, G66, failed to pay £515.76 to 7 workers.        
    508. 41 Cars Hull Ltd, Hull, HU9, failed to pay £515.72 to 2 workers.        
    509. Felix Inns Ltd, Solihull, B92, failed to pay £514.09 to 20 workers.        
    510. Eastchurch Holiday Centre Limited, Eastchurch, ME12, failed to pay £511.70 to 1 worker.        
    511. Surf N Turf Limited, Leicester, LE2, failed to pay £511.63 to 2 workers.        
    512. Red House Garage Limited, St Helens, WA11, failed to pay £511.43 to 1 worker.        
    513. Classic Decorators (UK) Limited, Barry, CF63, failed to pay £511.43 to 1 worker.        
    514. John Codona’s Pleasure Fairs Limited, Aberdeen, AB24, failed to pay £505.82 to 3 workers.        
    515. Timberquay Limited, Derry, BT48, failed to pay £503.98 to 14 workers.        
    516. Ace Support FM Ltd, Barnet, N14, failed to pay £501.60 to 1 worker.        
    517. Sleepwell (Cumbria) Limited, Barrow In Furness, LA14, failed to pay £500.95 to 1 worker.        
    518. Blank Brixton Ltd, Brixton, SW2, failed to pay £287.31 to 1 worker.        

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Video: “Trillions of dollars added to the economy” – Google’s chief economist on the macro impact of AI

    Source: World Economic Forum (video statements)

    The World Economic Forum’s latest Chief Economists Outlook highlights the risks posed by global trade tensions, and examines the potential impact AI will have on economic growth.
    Google’s chief economist, Fabien Curto Millet, gives his take on the Outlook and the impact of GenAI, which he calls “the most exciting thing technologically I’ve seen in my lifetime”.

    Links:
    Chief Economists Outlook May 2025: https://wef.ch/chiefeconmay25

    Related podcasts:
    The global economy ‘at a crossroads’ ahead of Davos: Chief Economists Outlook: https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-ralph-ossa-wto/
    Slow growth and the cost of debt: the World Bank’s Chief Economist on the global outlook: https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-world-bank-indermit-gill/
    The global economy is slowing – here’s why that may not be such a bad thing: https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-september-2023-jerome-haegeli-swiss-re/

    Check out all our podcasts on wef.ch/podcasts:
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    Join the World Economic Forum Podcast Club: https://www.facebook.com/groups/wefpodcastclub

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

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    https://www.youtube.com/watch?v=WLW5_yJxO-w

    MIL OSI Video

  • MIL-OSI United Kingdom: Statement: UK and EU welcome Viet Nam JETP progress

    Source: United Kingdom – Government Statements

    Press release

    Statement: UK and EU welcome Viet Nam JETP progress

    The UK and EU welcome progress on Viet Nam’s Just Energy Transition Partnership as President Macron of France visits the country

    On behalf of the International Partners Group (IPG), the European Union and the United Kingdom – IPG co-leads for the Viet Nam Just Energy Transition Partnership (JETP) – warmly welcome French President Emmanuel Macron’s visit to Viet Nam, reaffirming support for Viet Nam’s goal to deliver a clean energy transition that is inclusive and rooted in sustainable growth on the pathway to ‘net zero’ emissions by 2050.  

    On 26th May, President Macron and President Lương Cường announced progress on two important JETP-supported investment projects:

    • A Credit Financing Agreement between Electricity of Vietnam National Power Transmission Corporation (EVN NPT) and Agence Française de Développement (AFD) of €67 million to build a 500kV transmission line and substations across the Binh Duong and Dong Nai provinces. This project will increase the national transmission network’s capacity to integrate renewable energy and deliver reliable electricity in key economic regions in southern Viet Nam.

    • A Memorandum of Understanding (MoU) between EVN and AFD as coordinator of six IPG Development Finance Institutions (AFD, EIB, JICA, KfW, CDP, and Proparco) and the EU, acknowledging €490 million for the construction of the first 1200 MW Pumped Storage Hydropower project in Vietnam located in Bac Ai, Ninh Thuan province. This large-scale energy storage project will improve grid resilience and enable further integration of variable renewable energy sources into Vietnam’s energy mix. This pilot project also contributes to the development of regulatory, financial, and investment approaches, paving the way for related future partnerships.

    France’s and IPG’s €547 million financial contribution to these two flagship energy transition projects marks an important step towards delivering the public finance commitments under the JETP.

    The EU and UK remain fully committed to the JETP as co-leads, working with Viet Nam as it continues to raise ambitions for tackling emissions, limiting coal and increasing the share of renewables as set out in the recently revised of National Power Development Plan (PDP8).

    In addition to mobilising project-specific finance, the IPG will continue to engage closely with the Government of Viet Nam, the Glasgow Financial Alliance for Net Zero (GFANZ), and wider JETP partners, to promote a strong enabling policy environment for developers and investors that drives Viet Nam’s future green growth ambition.

    What is the JETP ?

    The Just Energy Transition Partnership (JETP) is a cooperation initiative and related Political Declaration agreed in December 2022 between Viet Nam and the International Partners Group (IPG; now comprised of the European Union, the United Kingdom, Canada, Denmark, France, Germany, Italy, Japan, Denmark and Norway, and co-led by the EU and the UK. The overarching goal is to support the country’s energy transition trajectory towards its 2050 net zero emissions commitment. The JETP Political Declaration consequently sets out 3 main targets:

    1. Accelerate and cap the peaking of GHG emissions from the power sector at 170 million tons of CO₂ equivalent by 2030;
    2. Limit the installed capacity of coal-fired power plants to 30.2 gigawatts by 2030;
    3. Increase the share of renewable energy in the power mix to 47% by 2030, promoting investments in wind, solar, and other clean energy sources.

    In support of these targets, the JETP partners secured original funding commitments of $15.5 billion, including $7.5 billion public sector finance from IPG members (grants, concessional and commercial loans and instruments) and $7.5 billion private sector finance facilitated by the Glasgow Financial Alliance for Net Zero (GFANZ). 

    JETPs are also being implemented to support the energy transitions in South Africa, Indonesia and Senegal.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: President Lai meets US delegation led by Senator Tammy Duckworth

    Source: Republic of China Taiwan

    President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman”>Details
    2025-05-27
    President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman
    On the afternoon of May 27, President Lai Ching-te met with a delegation led by Chair of the Natural Resources Committee of the United States House of Representatives Bruce Westerman. In remarks, President Lai stated that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. The president said that Taiwan will continue to increase purchases from and together build non-red supply chains with the US, expressing hope that economic and trade relations grow even closer and that both work together to jointly safeguard peace and stability throughout the region. A translation of President Lai’s remarks follows: I am delighted to meet and exchange views with members of the US House Committee on Natural Resources today. Chair Westerman, the leader of this delegation, is an old friend of Taiwan. On behalf of the people of Taiwan, I extend a very warm welcome to the delegation. I also want to thank you all for your long-term close attention to Taiwan-related affairs and your strong support for Taiwan. Taiwan and the US enjoy close ties and share ideals and values. There is an excellent foundation for cooperation between us, particularly in such areas as energy, the economy and trade, agriculture and fisheries, environmental protection, and sustainable development. In recent years, Taiwan-US ties have grown closer and closer. The US has become Taiwan’s largest destination for overseas investment, accounting for over 40 percent of Taiwan’s outbound investment. Taiwan is also the seventh largest trading partner of the US and its seventh largest export market for agricultural products. The SelectUSA Investment Summit held in Washington, DC earlier this month was the largest in its history. Taiwan’s delegation, representing 138 enterprises, was once again the biggest delegation attending the event. This shows that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. Looking ahead, with the global landscape changing rapidly, Taiwan will continue to increase purchases from the US, including energy resources such as natural gas and petroleum, as well as agricultural products, industrial products, and even military procurement. This will not only help balance our bilateral trade, but also strengthen development for Taiwan in energy autonomy, resilience, the economy, and trade. Taiwan and the US are also well-matched in such areas as high tech and manufacturing. As the US pursues reindustrialization and aims to become a global hub for AI, Taiwan is willing to take part and play an even more important role. We will strengthen Taiwan-US industrial cooperation and together build non-red supply chains. In addition to bringing our economic and trade relations even closer, this will also allow Taiwanese industries to remain rooted in Taiwan while expanding their global presence, helping bolster the US, and marketing worldwide. As for military exchanges, we are grateful to the US government for continuing its military sales to Taiwan and backing our efforts to upgrade our self-defense capabilities. Taiwan will continue to work with the US to jointly safeguard peace and stability throughout the region. In closing, I thank our guests once again for making the long journey here, not only offering warm friendship, but also demonstrating the staunch bipartisan support for Taiwan in the US Congress. Chair Westerman then delivered remarks, saying that it is an honor for him and his colleagues to be in Taiwan to talk about the strong relationship between the US and Taiwan and how that relationship can continue to grow in the future. The chair pointed out that natural resources are foundational to any kind of economic development, whether it is energy, which is key to manufacturing, or whether it is mining, which provides rare earth elements and all the minerals and metals needed for manufacturing. He said that as for natural resources including fish, wildlife, or timber, all are foundational to any society, but this is especially so for agriculture, noting that the US produces a lot of food and fodder and is always looking for more friends to share that with. Chair Westerman indicated that they are excited about opportunities to work with Taiwan, adding that Taiwan’s investments in the US have been greatly appreciated. He said they also are excited about the talks with the Trump administration and the future going forward on how we can have a stronger trade relationship, a stronger bilateral relationship, and how we can work with each other to help both economies grow and prosper. Chair Westerman concluded his remarks by expressing thanks for the opportunity to visit, saying that they treasure Taiwan’s friendship and our long-term relationship, and are very excited to be able to discuss in more detail how our two countries can work together. The delegation also included US House Natural Resources Committee Representatives Sarah Elfreth, Harriet Hageman, Celeste Maloy, and Nick Begich. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.  

    Details
    2025-05-27
    President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam
    On the morning of May 27, President Lai Ching-te met with a delegation led by Governor Lourdes A. Leon Guerrero of Guam and her husband, and hosted a luncheon for the delegation at noon. In remarks, President Lai noted that this is the governor’s first trip to Taiwan, fully demonstrating the Guam government’s support and high regard for Taiwan. The president said that Guam, being the closest United States territory to Taiwan, is an important bridge for collaboration between Taiwan and the US. He stated that aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas to further advance industrial development for both sides. He said that, as we begin a new chapter, we look forward to working together to generate even more momentum in bilateral cooperation and exchanges. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend a warm welcome to Governor Leon Guerrero and her delegation. Last year, I transited through Guam en route for visits to Taiwan’s diplomatic allies in the Pacific. The enthusiastic reception I received from the government, legislature, people, and members of our overseas community in Guam was very touching and left me with a deep impression. During the morning tea reception hosted by Governor Leon Guerrero, we joined in singing our respective national anthems, as well as the Fanohge CHamoru. I also received at the Guam Legislature a copy of a Taiwan-friendly resolution it passed on behalf of the people of Taiwan. And I still remember to this day the striking scenery of the governor’s house and the warm reception I received there. It is therefore a great pleasure to meet with all of you today here at the Presidential Office. This is Governor Leon Guerrero’s first trip to Taiwan. Your visit fully demonstrates the Guam government’s support and high regard for Taiwan. As we begin a new chapter, we look forward to working with you to generate even more momentum in bilateral cooperation and exchanges. Taiwan and Guam are like family. We share the Austronesian spirit and culture. Our wide-ranging and mutually-beneficial collaboration is very fruitful. And now, we are facing the challenges of climate change, public health and medicine, and regional security together. The world is rapidly changing and tensions in the Indo-Pacific continue to rise. But if we combine our strengths, come together as one, and enhance cooperation, we can maintain regional peace, stability, and prosperity. Last Tuesday, I delivered an address on my first anniversary of taking office. I mentioned that for many years, Taiwan, the US, and our democratic partners have actively engaged in exchange and cooperation. Taking a market-oriented approach, we will promote an economic path of staying firmly rooted in Taiwan and expanding the global presence of our enterprises while strengthening ties with the US. Guam is the closest US territory to Taiwan. It is an important bridge for collaboration between Taiwan and the US. Last month, we were pleased to see United Airlines officially launch direct flights between Taipei and Guam. I believe this will benefit tourism and economic and trade exchanges for both sides. In the area of health care, many hospitals in Taiwan already offer referral services to patients from Guam. Both Governor Leon Guerrero and I have backgrounds in medicine. It is my hope that Taiwan and Guam can continue to work hand in hand to create even more positive outcomes from cooperation in public health and medical services. During the governor’s visit, aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas. There is potential for more exchanges in aquaculture, food processing, hydroculture, manufacturing, pharmaceuticals, and recycling. This will further advance industrial development in Taiwan and Guam. In closing, I thank Governor Leon Guerrero and all our distinguished guests for backing Taiwan. I wish you all a smooth and successful visit.  Governor Leon Guerrero then delivered remarks, saying that she is very happy to come to Taiwan. She said that after learning during President Lai’s visit to Guam last year that he is a medical doctor, she felt more relaxed because healthcare colleagues are one in their endeavor to help enhance the health and well-being of people. She then expressed her heartfelt appreciation for the invitation to Taiwan.  Governor Leon Guerrero said that as they learn more about opportunities for collaboration with Taiwan, they are humbled by the hospitality they have experienced. In both of our islands, she said, hospitality is more than just a custom – it forms a part of our identities. She noted that despite being nearly 2,000 miles apart, we are connected by the Pacific Ocean and common roots, and our ancestors both value family, community, and tradition. That is why being here today, she said, she feels a strong sense of familiarity, like reconnecting with old friends. The governor remarked that Taiwan has evolved so quickly in all areas of essential life, sustenance, economy, and prosperity, adding that Taiwan’s resources in such areas as health, education, data, AI, advanced technology, aquaculture, agriculture, and commerce enhance our economic stability. She stated her belief that in collaboration and support, and working with each other, we can gain prosperity, maintain freedom and democracy, and live in peace.  Governor Leon Guerrero stated that their delegation is here to see how they can partner with Taiwan to help raise the quality of life for both our peoples, mentioning that one special concern of theirs is tourism. Tourism, she said, is the most influential engine and driver for the economy and quality of life in Guam, but they cannot have a vibrant economy and tourism without air connectivity. She added that they are prepared to help in any way to provide incentives and low-cost fees so that they can get more airlines from Taiwan to establish permanent flight schedules to Guam, so as to drive development in Guam’s tourism industry. Governor Leon Guerrero then proceeded to introduce each of the members of her delegation before remarking that while they have been very busy on this visit they are always reminded of the freedom and democracy that the people must protect. She said she looks forward to a great, strong relationship between Taiwan and Guam in cooperation on social and economic issues, in culture, marketing, tourism, and freedom and democracy. Among those in attendance were First Gentleman Jeffrey A. Cook, Chief of Staff Jon Junior Calvo, Director of the Department of Administration Edward Birn, General Manager of the Guam Visitors Bureau Regine Biscoe Lee, Deputy Executive Manager of the Guam International Airport Authority Artemio “Ricky” Hernandez, Board of Directors Chairman of the Guam International Airport Authority Brian J. Bamba, Deputy General Manager of the Guam Economic Development Authority Carlos Bordallo, Director of Landscape Management Systems Guam Bob Salas, Chairperson of the Guam Chamber of Commerce Tae Oh, President of the University of Guam Anita Borja Enriquez, and Director of the Guam Taiwan Office Felix Yen (嚴樹芬). After the meeting, President Lai, accompanied by Vice President Bi-khim Hsiao, hosted a luncheon for Governor Leon Guerrero, her husband, and the delegation.

    Details
    2025-05-27
    President Lai meets delegation from European Parliament
    On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties.  MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

    Details
    2025-05-20
    President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau
    On the evening of May 20, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, hosted a state banquet at the Presidential Office in honor of President Surangel Whipps Jr. of the Republic of Palau and his wife. In remarks, President Lai said that he looks forward to working closely with President Whipps to promote tourism exchanges and sports cooperation so that Taiwan and Palau shine brightly together on the international stage. A translation of President Lai’s remarks follows: It is a pleasure to host this banquet tonight at the Presidential Office for President Whipps, First Lady Valerie Whipps, and the esteemed members of their delegation. Welcome to Taiwan. During my trips to Palau in 2022 and last year, President and First Lady Whipps received me with great hospitality. Wearing my island shirt, I enjoyed a very friendly reception from the people of Palau. It felt warm and friendly, just like being welcomed back home. The first time I visited Palau, President Whipps and I piloted a boat to the Milky Way lagoon. We both tried volcanic mud facial masks. We also fished together and enjoyed the breeze as we walked on the beach. Last year, on my second visit to Palau, I was honored to be invited to address the National Congress. I also observed the results of the close bilateral cooperation between our two nations. Due to its world-famous ocean scenery, Palau is sometimes referred to as “God’s aquarium.” And it is even possible to snorkel with sharks. It leaves a deep impression. Nothing compares to seeing Palau firsthand. During the COVID-19 pandemic, Taiwan and Palau launched a travel bubble that created a safe means of travel. Now, with the pandemic behind us, I hope that even more Taiwanese can tour Palau and gain a greater understanding of our diplomatic ally. In addition to tourism exchanges, I mentioned on my visit to Palau last year that I hoped Taiwan and Palau could promote sports cooperation by providing training away from home. Next month, Palau will be holding the Pacific Mini Games. And right now, Palau’s national baseball and table tennis teams are holding training sessions here in Taiwan. We will do our utmost to support Palau’s national players and we hope they stand out and achieve outstanding results in the events. I look forward to working closely with President Whipps so that Taiwan and Palau shine brightly together on the international stage. Thank you! Mesulang! President Whipps then delivered remarks, saying that it is truly an honor to be here once again one year after President Lai’s inauguration. Mentioning that this is his first state visit after being reelected to a second term, he said that it is important to be here among friends, and that we are more than friends, we are family. He thanked President Lai for the generous words and, most importantly, Taiwan’s enduring support. He remarked that our relationship continues to get stronger in each passing year. President Whipps said that President Lai’s diplomacy initiative, leadership, and vision deeply resonate with them. Diplomacy must be rooted in our shared values, he said, and an unwavering support for our allies and a commitment to a sustainable, inclusive development are all deeply appreciated by their people. President Whipps emphasized that, as we look into the future and the challenges that we face, from security to climate change, it is so important that we are united. He added that it is important for the world, and especially important for them in Palau, that they stand up for Taiwan, so that Taiwan can participate on international fora that address climate change, security, and health, because they know the world is better when Taiwan has a seat at the table. Mentioning that Palau will host the Pacific Islands Forum next year, President Whipps said that Palau remains committed to working closely with Taiwan to ensure a successful event, and that they will continue to speak up for Taiwan’s indispensable contributions as we stand together against any efforts to silence or isolate democratic partners. President Whipps said that our nations have navigated challenges and emerged stronger, bound by a partnership that is built on trust, respect, and hope for a better world. Whether it is in clean energy, education, smart medicine, or tourism, our shared journey is just beginning, he said, and we are stronger together.  Also in attendance at the banquet were Palauan Minister of State Gustav Aitaro, Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

    Details
    2025-05-20
    President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements  
    On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.  

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • MIL-OSI: Futu Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 29, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Operational Highlights

    • Total number of funded accounts1 increased 41.6% year-over-year to 2,673,119 as of March 31, 2025.
    • Total number of brokerage accounts2 increased 30.0% year-over-year to 4,955,319 as of March 31, 2025.
    • Total number of users3 increased 16.8% year-over-year to 26.3 million as of March 31, 2025.
    • Total client assets increased 60.2% year-over-year to HK$829.8 billion as of March 31, 2025.
    • Daily average client assets were HK$790.4 billion in the first quarter of 2025, an increase of 64.7% from the same period in 2024.
    • Total trading volume in the first quarter of 2025 increased by 140.1% year-over-year to HK$3.22 trillion, in which trading volume for U.S. stocks was HK$2.25 trillion, and trading volume for Hong Kong stocks was HK$916.0 billion.
    • Margin financing and securities lending balance increased 33.7% year-over-year to HK$50.3 billion as of March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total revenues increased 81.1% year-over-year to HK$4,694.6 million (US$603.4 million).
    • Total gross profit increased 85.9% year-over-year to HK$3,945.7 million (US$507.2 million).
    • Net income increased 107.0% year-over-year to HK$2,142.7 million (US$275.4 million).
    • Non-GAAP adjusted net income4 increased 97.7% year-over-year to HK$2,216.9 million (US$285.0 million).

    Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We started 2025 on a strong note, adding approximately 262 thousand funded accounts in the first quarter, up 47.8% year-over-year and 21.9% quarter-over-quarter. Total funded accounts reached 2.7 million, representing a 41.6% increase year-over-year and a 10.9% increase quarter-over-quarter. Hong Kong remained the top contributor to new funded accounts, as our marketing initiatives effectively leveraged the Hong Kong market rally and IPO boom. We believe that brokers with leading brand equity, product experience and execution capabilities will gain outsized benefits from strong equity market performance. Malaysia posted the fastest sequential growth in new funded accounts among all seven markets. After a year of rapid market share gain in Malaysia, we think there is ample headroom for further growth and will continue to invest in our product and our brand. In Japan, new funded accounts enjoyed robust growth and reached a historic high, as we solidified our position as the go-to broker for U.S. stock trading. Funded account growth accelerated in the U.S. as we enhanced our offerings for active traders and our high-profile advertising campaigns boosted brand visibility. With one-third of our full-year target already achieved, we remain firmly on track to meet our guidance of 800 thousand net new funded accounts in 2025.”

    “Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, thanks to record net asset inflow. In Singapore, total client assets rose 11.4% quarter-over-quarter, sustaining its streak of double-digit sequential growth. Average client assets in Canada and Australia also logged five straight quarters of sequential increase. Margin financing and securities lending balance at quarter end remained largely stable at HK$50.3 billion, due to lower risk appetite in the second half of the quarter amid market pullback.”

    “Total trading volume was HK$3.22 trillion, up 140.1% year-over-year and 11.4% quarter-over-quarter. U.S. stock trading volume grew 8.2% sequentially to HK$2.25 trillion, bolstered by clients’ bottom fishing of technology and semiconductor names. Hong Kong stock trading volume increased 21.4% quarter-over-quarter to HK$916.0 billion, as DeepSeek-induced market rally reignited investor interest.”

    “We continued to drive product innovation, empowering retail investors with cutting-edge investment tools and seamless investment experience. In Hong Kong, we unveiled Futubull AI, our proprietarily trained, AI-powered investment assistance, and revealed a new desktop version with more intuitive tools and advanced features. In Japan, we continued to enhance our U.S. stock offerings as we rolled out U.S. fractional shares trading in the first quarter and subsequently launched U.S. options trading in April.”

    “Wealth management client assets were HK$139.2 billion as of quarter end, up 117.7% year-over-year and 25.6% quarter-over-quarter. 29% of funded accounts held wealth management products, a further climb from 28% in the previous quarter. Money market funds remained the primary driver of asset inflow given the seek for stable returns amid market volatility. In Hong Kong and Singapore, we broadened our structured product suite with FX-linked notes in the first quarter. We also onboarded equity funds in Malaysia and money market funds in Japan.”

    “We had 498 IPO distribution and IR clients as of quarter end, up 15.8% year-over-year. During the quarter, we served as joint lead manager for several high-profile Hong Kong IPOs, including those of Bloks Group and Guming Holdings. For both of these transactions, we were the exclusive online broker for IPO distribution. Notably, in the MIXUE Group IPO, more than 70 thousand clients contributed to over HK$1 trillion in subscription amount, putting us first among all brokers in number of subscribers and total subscription amount.”

    First Quarter 2025 Financial Results

    Revenues

    Total revenues were HK$4,694.6 million (US$603.4 million), an increase of 81.1% from HK$2,592.5 million in the first quarter of 2024.

    Brokerage commission and handling charge income was HK$2,310.2 million (US$296.9 million), an increase of 113.5% from the first quarter of 2024. This was mainly due to higher trading volume, partially offset by the decline in blended commission rate.

    Interest income was HK$2,070.5 million (US$266.1 million), an increase of 52.9% from the first quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, margin financing and bank deposits.

    Other income was HK$313.9 million (US$40.4 million), an increase of 101.0% from the first quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income.

    Costs

    Total costs were HK$749.0 million (US$96.3 million), an increase of 59.3% from HK$470.2 million in the first quarter of 2024.

    Brokerage commission and handling charge expenses were HK$143.5 million (US$18.4 million), an increase of 138.0% from the first quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

    Interest expenses were HK$469.3 million (US$60.3 million), an increase of 50.0% from the first quarter of 2024. The increase was primarily due to higher expenses associated with our securities borrowing and lending business and higher margin financing interest expenses.

    Processing and servicing costs were HK$136.1 million (US$17.5 million), an increase of 40.2% from the first quarter of 2024. The increase was primarily due to higher market information and data fee for enhanced market data coverage.

    Gross Profit

    Total gross profit was HK$3,945.7 million (US$507.2 million), an increase of 85.9% from HK$2,122.2 million in the first quarter of 2024. Gross margin was 84.0%, as compared to 81.9% in the first quarter of 2024.

    Operating Expenses

    Total operating expenses were HK$1,260.4 million (US$162.0 million), an increase of 35.6% from HK$929.5 million in the first quarter of 2024.

    Research and development expenses were HK$386.0 million (US$49.6 million), an increase of 15.1% from the first quarter of 2024. This increase was primarily driven by investment in AI capabilities and related technology initiatives.

    Selling and marketing expenses were HK$459.2 million (US$59.0 million), an increase of 56.9% from HK$292.7 million in the first quarter of 2024. This was mainly driven by strong growth of new funded accounts.

    General and administrative expenses were HK$415.2 million (US$53.4 million), an increase of 37.8% from the first quarter of 2024. The increase was primarily due to an increase in general and administrative personnel to support overseas market development.

    Income from Operations

    Income from operations increased by 125.1% to HK$2,685.3 million (US$345.2 million) from HK$1,192.7 million in the first quarter of 2024. Operating margin increased to 57.2% from 46.0% in the first quarter of 2024 mainly due to strong topline growth and operating leverage.

    Net Income

    Net income increased by 107.0% to HK$2,142.7 million (US$275.4 million) from HK$1,035.1 million in the first quarter of 2024. Net income margin for the first quarter of 2025 increased to 45.6% from 39.9% in the year-ago quarter.

    Non-GAAP adjusted net income increased by 97.7% to HK$2,216.9 million (US$285.0 million) from the first quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

    Net Income per ADS

    Basic net income per American Depositary Share (“ADS”) was HK$15.44 (US$1.98), compared with HK$7.53 in the first quarter of 2024. Diluted net income per ADS was HK$15.28 (US$1.96), compared with HK$7.46 in the first quarter of 2024. Each ADS represents eight Class A ordinary shares.

    Conference Call and Webcast

    Futu’s management will hold an earnings conference call on Thursday, May 29, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link

    https://register-conf.media-server.com/register/BIb0180ca92acc4f49b995ccdec654eeb4.

    It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs 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 this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Use of Non-GAAP Financial Measures

    In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

    Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

    The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

    For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

    Exchange Rate Information

    This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.7799 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’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: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor inquiries, please contact:

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    ___________________________

    1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
    2 Multiple brokerage accounts by one client are counted as one brokerage account.
    3 The number of users refers to the number of user accounts registered with Futu.
    4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

    FUTU HOLDINGS LIMITED

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except for share and per share data)

      As of December 31,   As of March 31,
      2024   2025   2025
      HK$   HK$   US$
    ASSETS          
    Cash and cash equivalents 11,688,383   6,495,155   834,864
    Cash held on behalf of clients 68,639,816   88,246,095   11,342,832
    Restricted cash 1,121   7,857   1,010
    Term deposit 4,990   5,240   674
    Short-term investments 2,411,074   2,659,746   341,874
    Securities purchased under agreements to resell 316,301   468,788   60,256
    Loans and advances-current (net of allowance of HK$85,252 thousand and HK$133,380 thousand as of December 31, 2024 and March 31, 2025, respectively) 49,695,691   48,552,818   6,240,802
    Receivables:          
    Clients 534,077   717,361   92,207
    Brokers 17,224,387   17,913,085   2,302,483
    Clearing organizations 3,277,063   8,189,215   1,052,612
    Fund management companies and fund distributors 1,210,472   1,773,358   227,941
    Interest 597,483   624,324   80,248
    Amounts due from related parties 61,200    
    Prepaid assets 63,497   68,993   8,868
    Other current assets 160,330   753,181   96,811
    Total current assets 155,885,885   176,475,216   22,683,482
               
    Operating lease right-of-use assets 253,212   390,760   50,227
    Long-term investments 573,190   698,183   89,742
    Loans and advances-non-current 18,805   18,843   2,422
    Other non-current assets 2,025,841   3,055,412   392,730
    Total non-current assets 2,871,048   4,163,198   535,121
    Total assets 158,756,933   180,638,414   23,218,603
    LIABILITIES          
    Amounts due to related parties 79,090     154,011     19,796  
    Payables:          
    Clients 72,379,135     95,452,151     12,269,072  
    Brokers 43,697,746     38,246,431     4,916,057  
    Clearing organizations 503,396     357,842     45,996  
    Fund management companies and fund distributors 507,076     1,509,340     194,005  
    Interest 86,964     69,180     8,892  
    Borrowings 5,702,259     9,897,658     1,272,209  
    Securities sold under agreements to repurchase 2,574,659     929,084     119,421  
    Lease liabilities-current 144,357     132,750     17,063  
    Accrued expenses and other current liabilities 4,936,805     3,316,253     426,259  
    Total current liabilities 130,611,487     150,064,700     19,288,770  
               
    Lease liabilities-non-current 132,924     275,538     35,418  
    Other non-current liabilities 8,061     8,058     1,035  
    Total non-current liabilities 140,985     283,596     36,453  
    Total liabilities 130,752,472     150,348,296     19,325,223  
               
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 72     72     9  
    Class B ordinary shares 27     27     3  
    Additional paid-in capital 18,807,369     18,885,107     2,427,423  
    Treasury stock (5,199,257 )   (5,199,257 )   (668,294 )
    Accumulated other comprehensive loss (249,916 )   (184,687 )   (23,739 )
    Retained earnings 14,652,946     16,798,269     2,159,188  
    Total shareholders’ equity 28,011,241     30,299,531     3,894,590  
               
               
    Non-controlling interest (6,780 )   (9,413 )   (1,210 )
    Total equity 28,004,461     30,290,118     3,893,380  
    Total liabilities and equity 158,756,933     180,638,414     23,218,603  
               
    FUTU HOLDINGS LIMITED

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (In thousands, except for share and per share data)

      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      HK$   HK$   US$
    Revenues          
    Brokerage commission and handling charge income 1,082,107     2,310,220     296,947  
    Interest income 1,354,166     2,070,469     266,131  
    Other income 156,186     313,948     40,354  
    Total revenues 2,592,459     4,694,637     603,432  
    Costs          
    Brokerage commission and handling charge expenses (60,301 )   (143,505 )   (18,446 )
    Interest expenses (312,842 )   (469,333 )   (60,326 )
    Processing and servicing costs (97,103 )   (136,115 )   (17,496 )
    Total costs (470,246 )   (748,953 )   (96,268 )
    Total gross profit 2,122,213     3,945,684     507,164  
               
    Operating expenses          
    Research and development expenses (335,487 )   (385,979 )   (49,612 )
    Selling and marketing expenses (292,664 )   (459,202 )   (59,024 )
    General and administrative expenses (301,335 )   (415,245 )   (53,374 )
    Total operating expenses (929,486 )   (1,260,426 )   (162,010 )
               
    Income from operations 1,192,727     2,685,258     345,154  
               
    Others, net 31,741     (20,598 )   (2,648 )
               
    Income before income tax expense and share of loss from equity method investments 1,224,468     2,664,660     342,506  
               
    Income tax expense (185,641 )   (490,959 )   (63,106 )
    Share of loss from equity method investments (3,694 )   (30,997 )   (3,984 )
               
    Net income 1,035,133     2,142,704     275,416  
               
    Attributable to:          
    Ordinary shareholders of the Company 1,038,138     2,145,323     275,753  
    Non-controlling interest (3,005 )   (2,619 )   (337 )
      1,035,133     2,142,704     275,416  
    Net income per share attributable to ordinary shareholders of the Company          
    Basic 0.94     1.93     0.25  
    Diluted 0.93     1.91     0.24  
               
    Net income per ADS          
    Basic 7.53     15.44     1.98  
    Diluted 7.46     15.28     1.96  
               
    Weighted average number of ordinary shares used in computing net income per share          
    Basic 1,102,929,775     1,113,426,758     1,113,426,758  
    Diluted 1,114,429,420     1,126,352,076     1,126,352,076  
               
    Net income 1,035,133     2,142,704     275,416  
    Other comprehensive (loss)/income, net of tax          
    Foreign currency translation adjustment (29,441 )   65,215     8,382  
    Total comprehensive income 1,005,692     2,207,919     283,798  
               
    Attributable to:          
    Ordinary shareholders of the Company 1,008,732     2,210,552     284,136  
    Non-controlling interests (3,040 )   (2,633 )   (338 )
      1,005,692     2,207,919     283,798  
    FUTU HOLDINGS LIMITED

    UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

    (In thousands)

      For the Three Months Ended
      March 31,
    2024
      March 31,
    2025
      March 31,
    2025
      HK$   HK$   US$
               
    Net income 1,035,133   2,142,704   275,416
    Add: Share-based compensation expenses 85,938   74,199   9,537
    Adjusted net income 1,121,071   2,216,903   284,953
               

    Non-GAAP to GAAP reconciling items have no income tax effect.

    The MIL Network

  • Sikkim will shine in sports, tourism, and startups: PM Modi

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi today addressed the golden jubilee celebrations of Sikkim’s statehood via videoconferencing, marking 50 years since the northeastern state became part of the Indian Union. Themed ‘Sikkim@50: Where Progress Meets Purpose, and Nature Nurtures Growth’, the event celebrated the state’s remarkable journey of development, sustainability, and cultural preservation.

    Prime Minister Modi underscored the importance of positioning Sikkim as a global tourism destination. “The time has come for Sikkim to evolve beyond being just a hill station,” he said. “Sikkim’s potential is unmatched, offering a complete tourism package.” He pointed to the state’s natural beauty, spiritual significance, and cultural treasures such as its lakes, waterfalls, monasteries, and the Kanchenjunga National Park, a UNESCO World Heritage Site.

    The Prime Minister said that new infrastructure like the Golden Jubilee Project and the statue of Bharat Ratna Atal Bihari Vajpayee ji at Atal Amrit Udyan symbolized the new heights of progress Sikkim is achieving. “Sikkim has immense potential for adventure and sports tourism,” he remarked, stressing the growth of activities such as trekking, mountain biking, and high-altitude training.

    He expressed a clear vision of establishing Sikkim as a destination for conference tourism, wellness tourism, and concert tourism. “The Golden Jubilee Convention Center is an important step towards this future. I wish that global artists perform in Gangtok and experience the harmony of nature and culture that Sikkim represents,” said the Prime Minister.

    Referring to the recent Northeast Investment Summit held in Delhi, PM Modi said major investors are now showing strong interest in the region, including Sikkim, which will lead to employment generation and economic growth in the coming years. He said that bringing G-20 Summit meetings to the Northeast was a strategic step to showcase the region’s potential on the world stage and appreciated the Sikkim government’s proactive efforts in this regard.

    Highlighting India’s rise as a global economic force and a growing sporting power, the Prime Minister said that the youth of the Northeast, particularly Sikkim, will play a central role in realizing the country’s aspirations. He acknowledged the contribution of sports personalities such as Bhaichung Bhutia, Olympian Tarundeep Rai, and athlete Jaslal Pradhan. “Sports should not just be about participation but about winning with determination,” said the Prime Minister, adding that the new sports complex in Gangtok will serve as a training ground for future champions.

    He mentioned the Khelo India scheme, under which Sikkim is receiving focused support in talent identification, training, and organizing tournaments. “The energy and passion of Sikkim’s youth will propel India to Olympic glory,” he stated.

    Speaking on national unity and resilience, Prime Minister Modi condemned the recent attack in Pahalgam, calling it an attack on humanity. “The terrorists not only stole the happiness of many families but also attempted to divide the people of India,” he said. Referring to India’s firm response through ‘Operation Sindoor’, he asserted that the country gave a befitting reply by dismantling several Pakistani airbases, demonstrating its strategic capabilities.

    Reflecting on the future, PM Modi emphasized that Sikkim’s 50-year journey should inspire ambitious planning for its 75th year in 2047, coinciding with the centenary of India’s independence. “We must set clear goals for what Sikkim should look like by 2047. This includes boosting the state’s economy and shaping it into a ‘wellness state’,” he said.

    He urged the people to equip Sikkim’s youth with global skills, calling for a push in new areas of skill development, digital innovation, and global employment readiness. “Sikkim’s young generation must be prepared not just for local needs but also for global demands,” the Prime Minister stated.

    Calling for a collective commitment to Sikkim’s continued growth, PM Modi said, “Our dream is that Sikkim should become a Green Model State not only for India but for the entire world.” He outlined a vision of secure housing for all, solar-powered electricity for every household, and a strong identity in agro-startups, organic food exports, and tourism-based entrepreneurship. “The next 25 years are dedicated to achieving these ambitious goals and establishing Sikkim’s presence on the global stage,” he concluded.

    The event also saw the unveiling of a commemorative coin, souvenir coin, and postage stamp to mark 50 years of Sikkim’s statehood. The Prime Minister laid the foundation stone and inaugurated several developmental projects, including a 500-bedded District Hospital in Namchi worth over ₹750 crore, a passenger ropeway at Sangachoeling in Gyalshing district, and the statue of Atal Bihari Vajpayee in Gangtok.