NewzIntel.com

Category: Economy

  • MIL-OSI Russia: GUU engineers created an AI logistician

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    At the VII All-Russian scientific and practical conference “Digital transformation of management: problems and solutions” held in April at the State University of Management, young scientists from the Center for Management of Engineering Projects of the State University of Management presented a promising development of an innovative hybrid decision support system (DSS) in logistics.

    GUU postgraduate students Nikita Akinshin and Vladimir Kutkov drew attention to the lack of efficiency of DSS used in logistics and developed their own solution that combines the power of a cascade of specialized machine learning (ML) models with the interpretive capabilities of large language models (LLM).

    Modern logistics is characterized by huge volumes of heterogeneous data, high demand uncertainty, and the need to coordinate multiple participants in real time. Traditional analytical tools are ineffective in highly dynamic situations and are based on static models. The results of analysis of advanced machine learning models are difficult to interpret and require highly qualified employees. Large language models are incapable of accurate calculations, lack industry logic, and can make unreliable conclusions.

    The key element of the new decision support system (DSS) is a multi-level architecture that combines all the capabilities of new technologies. This structure is implemented for the first time, although its individual components are already being used in real market conditions.

    At the first level, a cascade of several specialized ML models analyzes operational, logistics and economic data – from demand and arrival time forecasting to route optimization and cost assessment.

    At the second level, a meta-model is connected – a kind of analytical brain of the system, which collects the conclusions of all ML components obtained at the first level, analyzes the relationships and dependencies, identifies bottlenecks, assesses risks and forms a complex request (prompt) for the LLM model.

    At the third level of LLM, having received this “smart” prompt and interacting with infographics on BI platforms to obtain visualizations, synthesizes a deep, yet human-readable analytical report.

    As a result, information graphs are displayed on the screen with an assessment of the current state of affairs for the task under consideration and options for increasing the efficiency of its solution.

    This approach allows companies to quickly obtain a comprehensive picture, and employees to understand complex dependencies without having to delve into the technical details of how ML algorithms work and make timely, informed management decisions.

    “The meta-model is the highlight of our development. It acts as an experienced logistics analyst who first understands the situation, identifies all the interrelations, and only then formulates the task for LLM so that it can generate a truly useful, meaningful report for the employee,” explains Nikita Akinshin.

    It is also important that the new hybrid decision support model can perform tasks at all management levels, i.e. take on the roles of different employees of logistics companies. Mechanics and suppliers will receive reports on the technical condition of the transport fleet, middle managers will be able to build optimal routes, and managers will be able to more accurately forecast annual revenue.

    “After receiving information from the DSS, further decisions will be made by employees, while the system’s analytics are advisory in nature. But in the near future, from 3 to 5 years, the decision-making process may also become automated. It is only necessary to settle moral and ethical issues and regulate the legal framework,” says Vladimir Kutkov.

    The development of the employees of the engineering center of the State University of Management can be used not only in logistics, but also adapted for other sectors of the economy.

    A scientific publication with a detailed description of the development is currently being prepared for release.

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

    MIL OSI Russia News –

  • MIL-OSI China: China’s new law targets private sector growth through stronger financial support

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

    People work in the filling workshop of the Global Intelligent Manufacturing Industrial Park of Yili Modern Intelligent Health Valley in Tumd Left Banner in Hohhot, north China’s Inner Mongolia Autonomous Region, April 17, 2025. [Photo/Xinhua]

    China’s newly enacted Private Sector Promotion Law has drawn significant attention for introducing a range of financial support mechanisms designed to bolster private businesses.

    The legislation, which took effect on May 20, 2025, aims to address long-standing financing challenges faced by private enterprises and promote high-quality economic development.

    Expanding financing channels

    The Private Sector Promotion Law explicitly encourages private businesses to diversify their financing channels. By supporting the development of a multi-layered capital market, the law makes it easier for private companies to raise money directly, for example, by issuing stocks or bonds.

    Some local governments are already introducing new financing tools. Jiangsu province, for instance, has launched the “Private Credit Loan,” which breaks through traditional loan limits and offers more flexible financing options for private businesses.

    Specifically, Jiangsu’s loan breaks through the previous loan ceiling of 10 million yuan ($1.3 million), with the maximum amount now reaching up to 30 million yuan. The funding usage term has also been extended to a maximum of three years, and for project-based financing, it can be extended to 10 years — far longer than the traditional corporate loan practice of annual review within a one-year term.

    Optimizing credit policies

    The law also requires relevant State Council departments to use monetary policy tools and macro-credit policies to encourage financial institutions to provide more inclusive financial services to private businesses. Measures include setting reasonable tolerance levels for non-performing loans, improving the due diligence and liability exemption mechanisms, and enhancing professional service capabilities.

    The National Financial Regulatory Administration has also called for optimizing credit supply policies, directing financial institutions to offer more targeted financial services to private enterprises.

    Innovating financial products and services

    The law encourages financial institutions to create products and services tailored to the specific needs of private businesses. This includes innovative financing methods such as accounts receivable financing, warehouse receipt financing, equity financing, and intellectual property financing.

    For example, Chongqing has promoted IP financing to help small- and medium-sized technology firms access funding. When Zhongke Guangzhi (Chongqing) Technology Co., Ltd. faced financing challenges, the Chongqing Intellectual Property Operation Center arranged an IP pledge loan.

    By using the company’s core patents as collateral, and combining this with a credit assessment, the center helped the company secure a 5 million yuan loan. Across China, financial institutions are also using big data and artificial intelligence to develop new service models, aiming to make financial services more efficient and better suited to the needs of private enterprises.

    Strengthening financing guarantee functions

    The Private Sector Promotion Law aims to establish a comprehensive risk-sharing system for private enterprise financing, supporting collaboration between financial institutions and guarantee providers. The National Financial Regulatory Administration, together with the Ministry of Finance, is promoting the creation of a nationwide government-backed guarantee system to offer low-cost financing guarantees for small and micro businesses.

    Establishing information-sharing mechanisms

    The law also calls for the development of a robust credit information collection and sharing mechanism, encouraging credit reporting agencies and rating institutions to serve private enterprises. This measure is designed to reduce information gaps between lenders and private businesses, lowering lending risks.

    In short, the Private Sector Promotion Law introduces a broad range of financial support policies to make financing more accessible and equitable for private companies. These initiatives are expected to ease funding challenges, unlock innovation, and drive high-quality economic development in China.

    Luo Weijie is an associate professor in economics at Beijing International Studies University.

    MIL OSI China News –

  • MIL-OSI: The UK, the Netherlands, Egypt and Saudi Arabia among likely winners in the changing world order

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 28, 2025 (GLOBE NEWSWIRE) — The Global Business Complexity Index (GBCI) studies over 250 indicators of complexity in 79 jurisdictions that represent 94% of the world’s GDP. The complexity that the report measures is a dead-weight burden on business that stifles local innovation and deters foreign direct investment with no obvious societal benefit. The report has consistently shown that countries in Southern Europe and Latin America are the most complex for doing business and that continues to be true in 2025. At the other end of the scale, the least complex places to do business tend to be in Northern Europe and several of the offshore investment hubs. These all compete for investment on the basis of the ease of doing business there and have adopted less onerous requirements, as well as more efficient ways for firms to manage them.

    The report notes that complexity is relatively straightforward to navigate, at least for larger multinationals able to absorb the cost of complying with local rules. What is much harder to deal with is uncertainty. US-led sanctions, lockdowns in China and the Suez blockage had already begun a shift in globalisation towards more diversified supply chains, with companies seeking to reduce their reliance on single countries for sourcing, building or selling their products. A part of that solution noted in last year’s report was the rise of connector economies like Mexico, Philippines and Vietnam, bridging trade between China and the US in the so-called ‘China plus one’ strategy. That strategy has now fallen foul of US tariffs, set to reflect a country’s trade surplus in goods with the US and so punishing countries with connector status.

    Even if tariffs abate, their launch and rapid shifts point to an underlying risk for companies trading from countries with a high US trade surplus. The report notes a drop in confidence in stability, with the majority of jurisdictions (55%) reporting prioritisation of trade corridor diversity. It identifies a number of countries that might now emerge as the new connectors — with low levels of complexity pointing to business-friendly rules, a low US trade surplus pointing to less likely retaliatory action, a reasonable size and sophistication of economy to support a variety of activity at scale and absorb investment without tipping heavily into US trade surplus, and a multipolar stance that should allow them to trade across different blocs. Those countries include the UK and the Netherlands in Europe, Egypt and Saudi Arabia in the Middle East and Australia and Hong Kong in Asia Pacific.

    The report finally notes that at a time of great uncertainty for global trade — and in particular, trade with the US — governments should focus on making their countries less complex places to do business whilst seeking trade agreements across different blocs to encourage cross-investment. It also notes that companies will need to further diversify their supply chains. That will add to their internal complexity and costs. At the same time, companies can help themselves by simplifying their arrangements for managing those supply chains, with many having excessive numbers of legal entities for their geographic scope along with large numbers of suppliers to help manage them.

    TMF Group’s CEO Mark Weil, said:

    “The real challenge for businesses today isn’t complexity, it’s uncertainty. With rising trade tensions, a shifting geopolitical landscape and economic unpredictability, companies are forced to make decisions in an environment that can change overnight. Tariffs are just the latest signal of the risks of supply chain concentration. Diversification is a necessity in this context, although it comes with a cost. The good news is that businesses can offset some of the complexities of diversification by reducing their own internal intricacies. Our benchmarking reveals stark differences in structural complexity among similar firms. We see an opportunity here: by simplifying their structures and support models — for example, by having fewer legal entities and a few trusted global partners — businesses can gain flexibility. Done right, this can improve efficiency and agility as firms navigate an uncertain world.”

    Media Contacts
    Marina Llibre Martin, Global PR Manager
    marina.llibremartin@tmf-group.com

    The MIL Network –

  • MIL-OSI Russia: Moscow redeems green bonds for the population, which became the first such securities

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The city has redeemed green bonds for the population. This was reported by Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The goals of the issue of securities were to improve the culture of saving and investing funds, as well as to involve citizens in the financing of the city’s environmental project.

    “Moscow’s green bonds for the population were the first such securities issued in Russia. Only individuals could purchase them. The city offered a simple and convenient investment product with a low degree of risk, also suitable for those who have no experience in investing in securities. An important point was the targeted nature of the investments: buyers invested in the implementation of a project to improve the environmental situation in the metropolis and improve the quality of the urban environment,” said Elena Zyabbarova.

    The funds received by the city from the placement of green bonds for the population were used to purchase 51 electric buses. They replaced diesel buses on city routes. The project allowed for the acceleration of the electrification of Moscow transport and the reduction of emissions of harmful substances and carbon dioxide into the atmosphere of the capital.

    The placement of securities began on May 30, 2023. Moscow offered private investors bonds worth two billion rubles for a period of two years. The par value of each of them was one thousand rubles, which made them available for purchase to a wide range of citizens. The entire issue was bought out in five weeks, which confirmed the high interest in the new financial instrument. More than 3.5 thousand people from 73 regions of Russia became owners of green bonds. The largest number was purchased by Muscovites, residents of the Moscow Region and St. Petersburg.

    According to the terms of the issue, the bonds for the population were not traded on the stock exchange and could not be resold to other individuals. Their holders had the right to return them to the city at any time at par value, while retaining the coupon income for the entire period of ownership. This served as an additional guarantee of the reliability of investments, reducing risks primarily for unqualified investors.

    Coupon income was paid quarterly. The city fulfilled its obligations to pay interest and redeem securities on time and in full.

    Elena Zyabbarova added that the issuance of green bonds for the population contributed to the increased interest of citizens in responsible investment issues and helped to learn more about how to save and increase their savings without risks. All purchase and sale transactions were carried out online, without intermediaries and commissions. This made the investment process clear and convenient.

    Moscow’s Green Bonds Among Global Best Practices in Combating Climate Change

    You can find out more about the Moscow budget and the city’s securities in the Telegram channel “Open Budget of Moscow” and on the official portal of the capital’s Department of Finance “Open Budget of the City of Moscow”.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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

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

    https: //vv.mos.ru/nevs/ite/154367073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese and European companies ready to deepen cooperation in semiconductor sector

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, May 28 (Xinhua) — China’s Ministry of Commerce held a meeting on Tuesday to discuss deepening cooperation between China and Europe in the semiconductor industry.

    The event was attended by representatives from the Ministry of Commerce of the People’s Republic of China, the China Semiconductor Industry Association and the EU Chamber of Commerce in China, as well as more than 40 semiconductor enterprises from both sides.

    The meeting noted that China and Europe occupy important positions in the global semiconductor supply chain, so strengthening cooperation in this area is in the common interests of both sides.

    Against the backdrop of a complex international environment characterized by growing uncertainty and instability, China will continue to promote high-level opening-up to the outside world and create a fair, stable, transparent and predictable environment for enterprises.

    The meeting emphasized that China firmly opposes unilateralism and bullying and is committed to ensuring the security and stability of the global semiconductor supply chain.

    The meeting participants emphasized its role as a valuable platform for Chinese and European semiconductor enterprises to deepen mutual understanding, enhance trade confidence and expand exchanges and cooperation.

    They agreed that increased contacts and cooperation between China and the EU in the semiconductor sector could give new impetus to the recovery and growth of the global economy.

    MIL OSI Russia News –

  • MIL-Evening Report: Nobel laureate Brian Schmidt is ‘scared’ about Australia’s research capacity – this is why

    Source: The Conversation (Au and NZ) – By Brendan Walker-Munro, Senior Lecturer (Law), Southern Cross University

    On Wednesday, Nobel laureate Brian Schmidt and economics professor Richard Holden gave a joint address to the National Press Club in Canberra. Their key message? Australia isn’t spending enough money on university research.

    Schmidt wants to ensure Australia can undertake research vital to our national interests.

    “I look around and I am scared,” Schmidt said. “The Australian government investment in its sovereign research capability was 50% higher 15 years ago as a fraction of GDP.”

    In his remarks, Holden warned, “we’ve become addicted to funding […] research capability through international student income”.

    If this sounds familiar, both Schmidt and Holden have made similar calls before. And their press club presentation follows constant and repeated repeated calls from the university sector for more funds.

    How much is Australia spending on research and how does this compare to other countries?

    How does Australia compare?

    When we look around the world, Australia is lagging when it comes to research spending. Australia spends roughly 1.7% of its Gross Domestic Product (GDP) on all forms of research and development.

    Our research expenditure has also decreased every year since 2008, according to the Australian Academy of Science.

    Meanwhile, based on World Bank data, the United States spends about 3.59% of their GDP on research. China might only spend 2.56% of its GDP, but that’s 2.56% of around US$18.7 trillion (A$29 trillion) – meaning China spends about US$500 billion ($778 billion) on research annually.

    The OECD average (across 38 member countries) is 2.7%, a full percentage point higher than Australia. We’re also underspending compared to other nations smaller than us, including:

    – Finland has a population roughly one-fifth of Australia and spends 2.96% of its GDP on research

    – Sweden has a population of about 10 million and spends 3.41%.

    Australia’s top research universities (the Group of Eight), argue Australia needs to work towards a target of 3% GDP to “underwrite national prosperity”.

    The funding we have is unstable

    Australia’s university research funding also lacks stability.

    Government only funds part of university research – so universities have to come up with the rest. This adds a layer of vulnerability to our research system.

    One of the key sources of university-generated funding is international student fees.

    This means if there are cuts to overseas students – as we saw during COVID and as we see now due to federal government policy changes – there is a flow-on impact on research funding.

    Repeated calls for more funds have been ignored

    Universities have been asking for more money for years and these requests have been ignored by both sides of politics.

    But while the requests may not change, the global security context is shifting. As Schmidt told the press club,

    We can expect new technologies based around small-scale automated machines, hypersonic missiles and computer warfare to feature prominently if we are to have future conflicts between advanced economies.

    In such a case the research capability of a country will be incredibly important at influencing the overall winners and losers, because once the conflict starts, you ‘have what you got’.

    If we don’t properly fund universities to do cutting-edge research, such as quantum science, robotics and cybersecurity, researchers will go elsewhere to do their work. And some funders might not have Australian interests at heart.

    China, Russia and the European Union have leapt on US President Donald Trump’s recent decisions to defund or halt research programs, creating funds worth billions of dollars to woo scientists and scholars from the US to their own countries.

    What options do we have?

    The Albanese government has commissioned a strategic review of Australia’s research and development sector (led by Tesla chair Robyn Denholm), which is due to report by the end of the year. Part of its remit is to look at “mechanisms to improve coordination and impact of [research and development] funding and programs […].”

    In an ideal world, this will prompt the federal government up its funding of research, to match other countries. But previous unheard calls suggests this is unlikely.

    But we can also be more creative. Perhaps industry can fill the gap with an Australian “Silicon Valley” where emerging industries can be clustered with universities in research partnerships. This is what some authors have called “innovation precincts”.

    We could also look at prioritising industry-based PhDs, so postdoctoral students have a research job when they graduate. Or we could consider reallocating government funds going to other sources, such as defence, on topics of military or intelligence importance.

    This could see university funding pools become broader and deeper, more diversified and better suited to our national interests.

    Brendan Walker-Munro has completed paid consultancies for the Australian Strategic Policy Institute and Independent National Security Legislation Monitor. He receives funding from the Australian Government under the Australia-India Cyber and Critical Technologies Partnership.

    – ref. Nobel laureate Brian Schmidt is ‘scared’ about Australia’s research capacity – this is why – https://theconversation.com/nobel-laureate-brian-schmidt-is-scared-about-australias-research-capacity-this-is-why-257717

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Green light for gas: North West Shelf gas plant cleared to run until 2070

    Source: The Conversation (Au and NZ) – By Samantha Hepburn, Professor, Deakin Law School, Deakin University

    Franklin64/Shutterstock

    In a decision surprising very few people, Australia’s new environment minister Murray Watt has signed off on an extension for the gas plant at Karratha, part of the enormous North West Shelf liquefied natural gas project.

    The decision had been deferred until after the federal election, given significant environmental concerns around the project.

    This approval means the gas plant at Karratha can now keep running until 2070. The Woodside-operated project has helped to shape Australia’s reputation as one of the biggest suppliers of LNG in the world.

    Watt did not have to consider climate impacts, but rather what damage the extension might do to ancient rock art as well as economic and social matters. His approval is “subject to strict conditions”, which largely focus on air emissions from the project. Critics claim the extension will threaten irreplaceable 50,000 year old rock carvings and petroglyphs.

    The decision will enrage environmentalists. If the project continues to operate, it has been estimated to generate four billion tonnes of greenhouse gas emissions over 50 years.

    Australia has committed to reach net zero emissions by 2050. But the majority of the gas extracted from the North West Shelf will be exported, meaning the huge emissions generated from its extraction, liquefaction, transportation and burning will not be counted domestically.

    But while the Karratha plant now has a lifeline, there’s still an open question about where the gas will come from. For decades, the plant has processed gas from the North Rankin, Perseus and Goodwyn gasfields offshore. These are now running out.

    The main purpose of extending the Karratha plant’s lifespan would be to process gas extracted from giant new gasfields lying underneath the pristine Scott Reef. Approval to open these gasfields has not yet been given because of the significant concerns extraction will damage the reefs.

    What is the North West Shelf Project?

    The North West Shelf development has been operational since the 1980s. Gas is extracted from huge basins located off the Pilbara coast and processed at the Karratha plant on the Burrup Peninsula.

    To date, only a third of the 33 trillion cubic feet of gas in this basin has been extracted.

    Woodside Petroleum is the project operator, holding a one-third shareholding along with Chevron and Shell in what is known as the North West Shelf Joint Venture.

    The project is the largest producer of domestic gas in Western Australia, providing almost two-thirds of the state’s consumption. In the 2023-2024 financial year, it produced gas worth about A$70 billion.

    Domestic consumers are paying much more for this gas than their international counterparts. For example, a $25 billion contract entered into with China in 2002 includes a guarantee prices will remain the same until 2031.

    With the rapid escalation of gas prices, this means China is paying a third of the price paid by domestic consumers. Other markets for the gas include Japan and South Korea, which lack domestic gas resources.

    The Karratha plant has been cleared to run until 2070.
    Hans Wismeijer/Shutterstock

    The ‘transition fuel’ worse than coal

    Gas has long been touted as a transition fuel in a decarbonising economy. But this is questionable on several fronts.

    Rather than replacing coal, LNG may actually be displacing renewables.

    Worse, a recent study showed emissions from LNG are 33% higher than coal over a 20 year period when extraction, piping to a processing facility, compression, shipping, decompression and burning for energy are considered. “Ending the use of LNG should be a global priority,” the report concludes.

    Turning methane-heavy natural gas into a liquid to allow it to be shipped overseas is energy intensive. Large leaks of methane from wells and pipes are common during extraction and transport. When the gas is finally burned to generate energy, it produces carbon dioxide.

    In China, coal’s share of electricity production has been eroded by renewables but not by LNG, according to the Institute for Energy Economics and Financial Analysis.

    From a big picture point of view, climate commitments can’t be met if high-emitting infrastructure keeps being commissioned. Alongside stopping the expansion of fossil fuel projects, existing fossil fuel infrastructure must be retired or retrofitted with cleaner technology.

    Eroding ancient rock art

    The project’s processing plant is located on the Burrup Peninsula, also known as Murujaga. But this peninsula also has about 500,000 rock carvings by First Nations groups, the densest concentration in the world. In 2023, former environment minister Tanya Plibersek announced a bid to give this area World Heritage listing.

    In a new draft decision, the United Nations World Heritage Committee flagged concerns over the bid and referred it back to the Australian government to “ensure the total removal of degrading acidic emissions” and “prevent any further industrial development” near the petroglyphs.

    Gas production and ancient rock art are poorly matched. Research suggests processing plant gases such as nitrogen dioxide, sulphur dioxide and ammonia have been gradually eroding the fragile petroglyphs for decades. Successive state and federal governments have failed to act to safeguard this area.

    Gas projects seem untouchable

    Approving the North West Shelf extension is a disaster for the environment, our climate commitments and the fragile and irreplaceable rock art in Murujuga.

    It would seem that despite well-founded concerns on many fronts, big gas projects in Australia are all but untouchable.

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

    – ref. Green light for gas: North West Shelf gas plant cleared to run until 2070 – https://theconversation.com/green-light-for-gas-north-west-shelf-gas-plant-cleared-to-run-until-2070-257008

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: UK businesses race to embed AI into enterprise workflows, EXL study finds

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 28, 2025 (GLOBE NEWSWIRE) — Businesses in the UK are making significant changes in the ways they work as they increasingly embed AI throughout their workflows and to scale and maximise ROI, according to new research by EXL [NASDAQ: EXLS], a global data and AI company. An 86% majority of organisations have significantly changed their operating model to accommodate AI, with 39% having completely redesigned how they work. Over the next year, companies expect half (50%) of their processes will include AI.

    The second annual EXL Enterprise AI Study: Driving Execution at Scale (UK Report) is based on a survey of 190 UK-based C-suite and other senior decision makers across the banking and finance, insurance, retail, utilities, and healthcare payer industries. Its findings shine a spotlight on the massive growth of enterprise GenAI implementations to date but also warn of data quality issues, talent shortages, and other roadblocks that could curtail some of the early progress companies have made as they move deeper into company-wide enterprise AI initiatives.

    The following are some of the report’s key findings:

    • Finance Leading the Charge: Leaders have emerged in the AI space, and the survey defines these organisations as those that have developed AI capabilities in at least five of the seven common business functions analysed in the report. Leaders were most likely to come from the banking and finance sector (18%), followed by utilities (16%), insurance (12%), and retail (10%).
    • Transforming to Enable AI in the Workflow: Organisations are developing new operating models to accommodate AI usage across their enterprise workflows. Overall, 86% of UK corporations have either made significant changes to their operating models (47%) or completely redesigned enterprise-wide operating models (39%) to integrate AI throughout their organisations.
    • Barriers Still Persist: Despite an average of £23.2 million per company in AI investment, barriers to adoption persist. The largest of these are cost or budget constraints, followed by concerns about data privacy and security, and the lack of a clear AI strategy or vision. What’s more, nearly 70% of companies say they have yet to achieve the data accessibility, efficiency, quality, consistency, and transparency required for AI to thrive in their organisations.
    • Companies Eye the Best Ways to Scale AI: Overall, 88% of respondents said it’s very or extremely important for their organization to scale their AI initiatives in the coming year. Executives ranked implementing AI governance (42%) and improving data quality and accessibility (42%) as their top priorities.
    • Retailers Eager to Make Larger Investments: Retailers are the most likely (42%) to say they are ramping up GenAI significantly, followed by utilities (30%), banking and finance (24%), and insurers (9%).

    “The only way large corporations can truly capitalise on the full power of AI is by integrating the technology into enterprise workflows,” said Anand “Andy” Logani, chief data and AI officer at EXL. “Executed well, the right AI strategy has the ability to deliver unmatched business value without disrupting core business functions.”

    The full report, 2025 EXL Enterprise AI Study: Driving AI Execution at Scale (UK Report), can be accessed here.

    About EXL

    EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts
    Media
    Keith Little
    +1 703-598-0980
    media.relations@exlservice.com

    Investor Relations
    John Kristoff
    +1 212 209 4613
    IR@exlservice.com

    A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/516492ff-fe8c-4563-a2d3-10486840830b

    The MIL Network –

  • MIL-OSI Asia-Pac: LCQ8: A dedicated “technology enterprises channel”

    Source: Hong Kong Government special administrative region

    LCQ8: A dedicated “technology enterprises channel” 
    (1) whether it knows the expected outcomes of TECH;
     
    (2) whether it knows the differences between TECH and the original listing mechanism for technology enterprises, and how HKEX will strengthen the co-ordinated operation of the two;
     
    (3) whether it knows how HKEX will optimise the structure and vetting procedures of its Listing Division to cope with the large number of service applications upon establishment of TECH, thereby enhancing the attractiveness of the relevant policies; and
     
    (4) as TECH allows submission of listing applications by technology enterprises on a confidential basis so as to reduce the risks associated with premature disclosure of their specialist technology, whether the Government knows how HKEX will strike a balance between protecting the intellectual property rights of technology companies and maintaining market transparency?
     
    Reply:
     
    President,
     
         Hong Kong has always been committed to attracting high-quality companies from around the world to list in Hong Kong. To further assist specialist technology (Note) and biotechnology companies in raising funds and developing their businesses, the 2025-26 Budget announced that the Hong Kong Exchanges and Clearing Limited (HKEX) will take forward the establishment of a dedicated “technology enterprises channel” (TECH) to facilitate relevant enterprises to prepare for listing applications. The Securities and Futures Commission (SFC) will also facilitate for a smoother application process. In consultation with HKEX and the SFC, the reply to the four parts of the question is as follows:
     
    (1) to (3) The main purpose of launching TECH is to provide tailored guidance to specialist technology companies and biotechnology companies before they submit their listing applications, thereby providing support to these prospective issuers in their listing preparation process. HKEX and the SFC formally launched TECH on May 6, 2025. The market response has been enthusiastic, with HKEX receiving a large number of enquiries, achieving the anticipated result.
     
         Compared to general applications, TECH can address key matters of these companies at the initial stage of listing preparation and help them better understand the applicable Listing Rules, enabling them to prepare listing materials more effectively. Specifically, TECH includes the following measures:
     
    (a) a specialised team of HKEX to provide concrete guidance on the eligibility and suitability for listing, such as acceptable sectors for specialist technology industries, requirements for core products, criteria for acceptance of other biotech products or clinical trials conducted under the regulation of different authorities, as well as considerations for accepting new sectors or industries outside the current scope as specialist technology industries;
     
    (b) to proactively approach prospective applicants to gain a better understanding of the company’s business and facilitate their comprehension of the Listing Rules’ requirements; and
     
    (c) to discuss with applicants on other Listing Rules-related questions and provide preliminary guidance.
     
         Depending on the number of applications, HKEX and the SFC will flexibly deploy their manpower to meet the demand for vetting applications and other services, ensuring that other applications are not affected.
     
         At the same time, HKEX and the SFC are taking forward enhancements to the listing regime, including reviewing specific requirements for primary listing, secondary listing and dual primary listing as well as post-listing regulatory mechanism, improving the overall vetting regulation for enterprises seeking to list in Hong Kong, with a view to enhancing the vitality, competitiveness and resilience of Hong Kong’s listing platform. The relevant measures will be announced with market consultation to be conducted as appropriate once they are ready.
     
    (4) Compared to other industries, specialist technology companies and biotechnology companies are typically companies that are in their early stage of development or have yet to commercially launch their products. Premature and prolonged disclosure of information on these companies’ operational strategies, proprietary technologies, and listing plans may pose substantial commercial risks to these companies. To assist these companies in mitigating relevant risks, HKEX allows applicants seeking a listing under Chapters 18C (i.e. specialist technology companies) and 18A (i.e. biotechnology companies) of the Listing Rules to submit their applications confidentially.
     
         To maintain transparency and assist investors in considering the subscription of relevant shares, the applicants concerned are still required to publish relevant information of the company after the hearing of the Listing Committee, which includes post-hearing information packs and overall co-ordinator announcement, covering the company’s organisation, business operations, directors and senior management, major shareholders, share capital, financial reports, etc. The measure aims to promote market development, respond to the practical needs of issuers, and adapt to global market changes, while ensuring that the listing regime safeguards the interests of investors.
     
    Note: The specialist technology industries includes next-generation information technology, advanced hardware and software, advance materials, new energy and environmental protection, and new food and agriculture technologies.
    Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Longest period in band on record for monthly inflation

    Source: Australian Parliamentary Secretary to the Minister for Industry

    New figures from the ABS show that headline and underlying inflation remained in the Reserve Bank of Australia’s target band in April.

    Today’s result is another demonstration of the substantial and sustained progress we have made on inflation.

    Headline inflation was 2.4 per cent through the year to April 2025, unchanged from March.

    Annual Trimmed Mean inflation was 2.8 per cent.

    Monthly headline inflation has been in the band for nine consecutive months and underlying inflation has been in the band for five consecutive months.

    We know that these monthly numbers are volatile and can bounce around but the direction of travel on inflation is clear.

    Another month of CPI in the band is a welcome and encouraging sign that inflation is moderating sustainably.

    This is the longest period that both headline and underlying inflation have been in the band since the monthly inflation series began in 2018.

    Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling.

    On the official quarterly numbers, the March quarter was the first time since records began that unemployment has been in the low 4s and headline and underlying inflation have both been in the target band.

    Today’s data is more evidence we are in better shape to face the uncertainty in the global economy than almost any other advanced economy with inflation rising recently in countries like the UK and Japan.

    Electricity prices fell 6.5 cent in the year to April but would have risen 1.5 per cent without the energy rebates for every household we are rolling out with the states.

    Rents rose 5.0 per cent in the year but would have increased 6.1 per cent without the recent increases to Commonwealth Rent Assistance.

    Even with this substantial progress and two interest rate cuts in three months, we know people are still under pressure and we face global economic headwinds.

    That’s why the Albanese Government’s economic strategy has been all about getting on top of inflation while maintaining the gains in the labour market and ensuring the economy continues to grow.

    All of the progress that Australians have made together means that we are well placed and well prepared for heightened uncertainty and volatility in the global economy.

    MIL OSI News –

  • MIL-OSI China: Chinese, European enterprises vow to deepen semiconductor ties

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

    BEIJING, May 28 — The Ministry of Commerce said that it held a meeting on Tuesday to discuss deepened cooperation in the semiconductor sector between China and Europe.

    Attendees included officials from central government departments, representatives from the China Semiconductor Industry Association and the European Union Chamber of Commerce in China, as well as over 40 semiconductor enterprises from both sides.

    The meeting said that China and Europe occupy critical positions in the global semiconductor supply chain. Strengthening collaboration in this field aligns with the shared interests of both sides.

    Against the backdrop of a complex and challenging international landscape marked by rising uncertainties, China will continue to advance high-standard opening-up and create a fair, stable, transparent and predictable environment for enterprises.

    The meeting stressed that China firmly opposes unilateralism and bullying practices, advocating for the security and stability of the global semiconductor supply chain.

    Attendees highlighted the meeting’s role as a valuable platform for Chinese and European semiconductor companies to deepen mutual understanding, enhance trade confidence, and expand exchanges and cooperation.

    They agreed that intensified China-EU communication and collaboration in the semiconductor sector could significantly contribute to the global economy’s recovery.

    MIL OSI China News –

  • MIL-OSI China: China, ASEAN, GCC forge innovative trilateral cooperation amid global risks

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

    KUALA LUMPUR, May 28 — Amid escalating global challenges, China, the Association of Southeast Asian Nations (ASEAN), and the Gulf Cooperation Council (GCC) countries have forged a groundbreaking path in cross-regional cooperation.

    In a historic move, they convened a landmark trilateral summit in Kuala Lumpur, the capital of Malaysia — ASEAN’s current chair — marking a bold step toward collective resilience, economic synergy, and a shared vision for prosperity.

    At the inaugural ASEAN-China-GCC Summit on Tuesday, Chinese Premier Li Qiang called on the three parties to set a global benchmark in openness, development cooperation and cross-civilization integration.

    His call comes at a critical juncture, as rising protectionism and escalating geopolitical tensions threaten to fracture the international order.

    Amid global economic headwinds and mounting uncertainties, Li noted that by strengthening connectivity and collaboration, the three sides can forge a vibrant economic circle and a powerful engine for growth, which holds profound significance not only for their respective prosperity but also for advancing peace and development across Asia and the world.

    “As some countries are becoming more protectionist and isolationist, the summit was a good initiative and effort to counter these emerging trends,” said Lee Pei May, a political expert at the International Islamic University Malaysia.

    “The summit proves that economies can complement rather than compete with one another, easing the worries that countries can only develop if they turn inward,” Lee added.

    At the tripartite gathering, Li urged all sides to work together to build a model of global cooperation and development in three aspects — creating a model of cross-region openness, forging a model of cooperation across different development stages, and fostering a model of cross-civilization integration.

    At the summit, the leaders committed to further strengthening Belt and Road cooperation, with a focus on deepening ties in connectivity, trade, industrial and supply chains, agriculture, energy, finance, and the digital economy. They pledged to accelerate trilateral integration, fostering robust, inclusive, and sustainable development for all.

    The summit adopted a joint statement, which was hailed as “detailed, elaborate” and a strong message of trilateral solidarity and cooperation by Malaysian Prime Minister Anwar Ibrahim.

    In the joint statement, the relevant countries acknowledged their joint efforts to promote closer cooperation between ASEAN, GCC and China, and China’s vision to build a closer ASEAN-China community with a shared future and a China-Arab community with a shared future in the new era.

    Andrew Kam Jia Yi, senior research fellow with the Institute of Malaysian and International Studies at the National University of Malaysia, said the summit highlights how the strengths of each party can complement one another.

    “The GCC’s energy and financial resources, ASEAN’s growing consumer base, and China’s technological and financial capacities together create more resilient supply chains and boost food and energy security for all,” he said.

    Following the summit, Li also delivered remarks at the opening ceremony of the ASEAN-China-GCC Economic Forum 2025.

    He emphasized China’s commitment to energizing trilateral cooperation through its high-quality development, pledging to firmly expand high-level opening up, promote mutual reinforcement between domestic and international circulations and share the opportunities of China’s development with countries of ASEAN and GCC, and enterprises from around the world.

    The trilateral cooperation mechanism not only fosters collaborative agreements across regions, but creates a novel platform of communication and dialogue for the Global South countries to closely coordinate on regional and international affairs and amplify their voices on the global stage.

    The joint statement recognizes the need to strengthen confidence in the rules-based multilateral trading system with the World Trade Organization at its core, and reaffirms the countries’ resolve to make economic globalization more open, inclusive, balanced, and beneficial to their peoples and future generations.

    During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China’s readiness to push for a greater role of the Global South in improving global governance.

    In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Li said that China looks to strengthen communication and cooperation with Vietnam and jointly protect the common interests of the Global South countries.

    During their meeting a day before the summit, Li told Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, crown prince of Kuwait, that China is committed to strengthening communication and coordination with Kuwait through various multilateral platforms to push for more just and equitable global governance and a more harmonious, stable and prosperous world.

    The trilateral summit “encourages other regions to pursue similar models of collaboration,” Kam said.

    “It is a sign of growing solidarity, where countries of the Global South are working together to shape their own futures, assert their priorities on the global stage, and build a more equitable and stable world order from the ground up,” the scholar added.

    MIL OSI China News –

  • MIL-OSI China: China’s finance ministry plans to issue 68 bln yuan of treasury bonds in HK this year

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

    China’s finance ministry plans to issue 68 bln yuan of treasury bonds in HK this year

    BEIJING, May 28 — The Ministry of Finance said Wednesday that it will issue a total of 68 billion yuan (about 9.46 billion U.S. dollars) in renminbi-denominated treasury bonds in six batches in the Hong Kong Special Administrative Region in 2025.

    The first two batches, totaling 25 billion yuan, were issued in February and April.

    The third batch of 12.5 billion yuan is scheduled to be issued via tender on June 4.

    Specific issuance arrangements will be announced on the website of the Hong Kong Monetary Authority’s Central Moneymarkets Unit, the ministry said.

    MIL OSI China News –

  • MIL-OSI China: Chinese SOEs maintain stable revenue in first four months of 2025

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

    China’s state-owned enterprises (SOEs) maintained stable operations in the first four months of 2025, with their total operating revenue holding steady year on year, according to official data released Wednesday.

    From January to April, the combined operating revenue of China’s SOEs reached 26.276 trillion yuan (about 3.65 trillion U.S. dollars), remaining flat compared to the same period in 2024, data from the Ministry of Finance showed.

    During the same period, total profits of the SOEs stood at 1.35 trillion yuan, down 1.7 percent year on year. The SOEs’ tax and fees payments reached 2.04 trillion yuan, edging up 0.1 percent from a year earlier.

    As of the end of April, the debt-to-asset ratio of the SOEs rose slightly to 65.1 percent, up 0.2 percentage points from the same period last year.

    These figures were collected from SOEs in provincial-level regions and those administered by the central government, excluding financial firms. 

    MIL OSI China News –

  • MIL-OSI: Credit Agricole Sa: 2025 CAPITAL INCREASE RESERVED FOR EMPLOYEES OF THE CRÉDIT AGRICOLE GROUP

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Montrouge, 28 May 2025

    2025 CAPITAL INCREASE
    RESERVED FOR EMPLOYEES OF THE CRÉDIT AGRICOLE GROUP

    Today, Crédit Agricole S.A. is pleased to announce the launch of its annual capital increase reserved for employees of the Crédit Agricole Group around the world.

    Crédit Agricole S.A. will give the 190,000 eligible Crédit Agricole Group employees and retired former employeesi the option to subscribe to new Crédit Agricole S.A. shares. For the 2025 reserved capital increase, the share’s subscription price will be equal to the arithmetic mean of the opening share prices between 26 May and 20 June 2025 (inclusive), with a 20% haircut.

    The subscription period will commence on 24 June 2025 and end on 8 July 2025ii.

    The new shares will be issued on 28 August and will be eligible for the dividend paid in respect of the 2025 financial year.

    The maximum number of shares that may be issued is 32 million, with a par value of €96 million.

    This capital increase will be followed by a share buyback operation, aimed at offsetting its dilutive effect and subject to the ECB’s approval. 

    The 2025 reserved capital increase is part of the Group’s policy on employee profit-sharing with respect to financial performance.

    Crédit Agricole S.A. press contacts
    Alexandre Barat: 06 19 73 60 28 – alexandre.barat@credit-agricole-sa.fr
    Olivier Tassain: 06 75 90 26 66 – olivier.tassain@credit-agricole-sa.fr

    All our press releases can be found at: https://www.credit-agricole.com/en

             

    i For the 2025 reserved capital increase
    ii All dates given in this press release remain subject to the decision of the Board of Directors of Crédit Agricole S.A. or its representative.

    Attachment

    The MIL Network –

  • MIL-OSI: ADVANT Nctm Selects iManage to Power Flexible, Secure Document and Email Management Across Global Legal Practice

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 28, 2025 (GLOBE NEWSWIRE) — iManage, the company dedicated to Making Knowledge Work™, today announced that ADVANT Nctm, one of Italy’s leading independent law firms, has selected iManage to transform its approach to document and email management.

    Firm cites iManage’s ability to enhance usability, ensure compliance, and support seamless collaboration across teams and geographies as key factors in selection.

    ADVANT Nctm chose iManage after a thorough evaluation of leading content management solutions. The firm emphasized the need for a platform that is intuitive for legal professionals, supports structured organization, and integrates smoothly with its macOS-based infrastructure. iManage stood out for its ability to support structured, user-friendly organization of content—while also delivering the advanced capabilities firms need to manage information securely, maintain visibility, and work more efficiently—crucial for efficient collaboration and secure knowledge management.

    “ADVANT Nctm has always been characterized by the very high interest in the development of legal tech solutions able of improving the work of lawyers and, consequently, the quality of services offered to clients,” said Patrizia Circosta, lawyer and Knowledge Manager of ADVANT Nctm. “It is with this purpose that the firm has decided to adopt iManage as a document management system to be combined with our iLex platform: we are confident that the integration of the two systems will give excellent results optimizing the quality of our work.”

    More than 350 professionals at ADVANT Nctm will use iManage to coordinate across matters, maintain consistent access to content, and ensure compliance with Italy’s rigorous cybersecurity requirements. The firm plans to integrate iManage into its existing identity and access management platform, enabling secure, streamlined access across teams and practice groups.

    Ounet Sistemi, iManage’s Italian partner, allowed the customer to evaluate the solution in all its components and placed in the context of the Italian market. Ounet Sistemi, thanks to the experience gained through projects carried out in Italy and abroad, guarantees the customer the support and consultancy necessary for the realization of a successful project.

    As part of the ADVANT alliance—with member firms in Germany and France that also use iManage—ADVANT Nctm will benefit from greater alignment in tools and processes, strengthening cross-border collaboration and knowledge sharing. The implementation underscores the firm’s commitment to leveraging trusted, enterprise-grade solutions to drive better business outcomes through secure, centralized knowledge management.

    “ADVANT Nctm’s selection of iManage reflects a growing demand across Europe for document and email management solutions that combine user-friendly design with robust governance,” said Suzanne Walmsley, Senior Director of European Sales at iManage. “Our AI-enabled platform is purpose-built to help knowledge workers operate smarter, faster, and safer—making it an ideal fit for firms like ADVANT Nctm that are focused on long-term productivity and client service.”

    Meet Us at Future Lawyer Europe – Milan

    iManage will be exhibiting at Future Lawyer Europe on May 28–29, 2025, at the Hotel Principe di Savoia in Milan. Visit us at Stand #2 to explore how our platform is helping legal professionals modernize knowledge work with smarter, more secure document and email management.

    About iManage
    iManage is dedicated to Making Knowledge Work™. Our cloud-native platform is at the center of the knowledge economy, enabling every organization to work more productively, collaboratively, and securely. Built on more than 20 years of industry experience, iManage helps leading organizations manage documents and emails more efficiently, protect vital information assets, and leverage knowledge to drive better business outcomes. As your strategic business partner, we employ our award-winning AI-enabled technology, an extensive partner ecosystem, and a customer-centric approach to provide support and guidance you can trust to make knowledge work for you. iManage is relied on by more than one million professionals at 4,000 organizations around the world. Visit www.imanage.com to learn more.

    Follow iManage via:
    LinkedIn: https://www.linkedin.com/company/imanage
    X: https://x.com/imanageinc
    YouTube: https://www.youtube.com/@iManage 

    Press contact:
    Alicia Saragosa, iManage
    press@imanage.com

    The MIL Network –

  • MIL-OSI: Notice to attend the Annual General Meeting in Anoto Group AB (publ)

    Source: GlobeNewswire (MIL-OSI)

    The shareholders of Anoto Group AB (publ) (the “Company”) are hereby invited to attend the Annual General Meeting (the “AGM”) to be held on Friday 27 June 2025 at 10 a.m. at the premises of Setterwalls Advokatbyrå, Sturegatan 10 in Stockholm, Sweden.

    Notification of participation

    Shareholders wishing to attend the AGM must

    • be entered as shareholders in the share register maintained by Euroclear Sweden AB no later than on Wednesday 18 June 2025,
    • notify the Company of their intention to participate no later than on Monday 23 June 2025.

    Attendance is to be notified by e-mail to AGM@anoto.com. The notification should state name, social security number/corporate identification number and registered number of shares. To facilitate admittance to the AGM, proxies, registration certificates and other authorisation documents should be submitted to the Company by email to AGM@anoto.com no later than on Monday 23 June 2025 to facilitate entry to the meeting. The Company provides proxy forms on the Company’s web page www.anoto.com.

    To be entitled to participate in the AGM, shareholders whose shares are held in the name of a nominee must, in addition to providing notification of their participation in the AGM, re-register the shares in their own name so that the shareholders are registered in the share register on the record date on Wednesday 18 June 2025. This re-registration may be temporary (so-called “voting right registration”) and is carried out through the nominee according to their procedures at a time predetermined by the nominee. Voting rights registration that has been completed by the nominee no later than Monday 23 June 2025, are considered when preparing the share register.

    Proxies

    If shareholders wish to attend the AGM through a proxy, a written and dated power of attorney signed by the shareholder must be enclosed with the notification. The power of attorney form is available on the Company’s website www.anoto.com.  If the shareholder is a legal entity, a registration certification or an equivalent authorisation document must be enclosed along with the notification. 

    Proposed agenda

    1. Election of Chairman
    2. Preparation and approval of voting list
    3. Approval of the agenda
    4. Election of one or two persons to verify the minutes
    5. Determination of whether the Meeting has been duly convened
    6. Presentation of the Annual Report and the Auditor’s Report and the consolidated Annual Report and consolidated Auditor’s Report
    7. Resolution on
      1. adoption of the Income Statement and the Balance Sheet, and the consolidated Income Statement and consolidated Balance Sheet
      2. appropriation of the Company’s profit or loss pursuant to the adopted Balance Sheet
      3. discharge for liability of the Board members and the Chief Executive Officer
      4. Determination of the number of Board members and auditors
      5. Determination of remuneration for the Board members and the auditors
      6. Election of Board members, Chairman of the Board of Directors and auditor
      7. Resolution on adoption of guidelines for remuneration to senior executives
      8. Resolution on approval of the remuneration report
      9. Resolution on a long-term incentive program (LTIP 2025) for the management team and other key employees
      10. Resolution to authorise the Board of Directors to resolve on directed issue of Series C shares
      11. Resolution to authorise the Board of Directors to resolve on repurchase of Series C shares and transfer of ordinary shares to participants under incentive programs and to secure payment of social security charges
      12. Share swap agreement with external party to hedge LTIP 2025
      13. Resolution to authorise the Board of Directors to issue new ordinary shares, warrants and/or convertible bonds
      14. Closing of the Meeting

        15. The Principal Shareholders’ proposals

        Election of Chairman (item 1)

        DDM Debt AB, Stolkin Helicopters Ltd. and Mark Stolkin (the “Principal Shareholders“), propose that Jörgen S. Axelsson be elected as Chairman of the Meeting.

        Determination of the number of Board members and auditors (item 8)

        The Principal Shareholders propose that the Board of Directors shall consist of four members elected by the General Meeting, with no deputy members.

        Determination of remuneration for the Board members and the auditors (9)

        The Principal Shareholders propose that the total remuneration to the Board of Directors shall amount to SEK 1,800,000, of which SEK 900,000 shall be paid to the Chairman of the Board and SEK 300,000 to each of the other Board members elected by the General Meeting who are not employed by the Group.

        The Principal Shareholders also propose that the auditor’s fee shall be paid in accordance with approved invoices.

        Election of Board members, Chairman of the Board of Directors and auditor (item 10)

        For the period until the end of the next Annual General Meeting, The Principal Shareholders propose the re-election of Kevin Adeson, Alexander Fällström, Gary Stolkin, and Adrian Weller as members of the Board of Directors. The Principal Shareholders further proposes the re-election of Kevin Adeson as Chairman of the Board.

        The Principal Shareholders propose that the registered audit firm BDO Mälardalen AB be re-elected as the Company’s auditor for the period until the end of the next Annual General Meeting.

        The Board of Directors’ proposals

        Resolution on appropriation of the Company’s profit or loss pursuant to the adopted Balance Sheet (item 7b)

        The Board of Directors proposes that the AGM shall resolve not to distribute any dividends for the financial year 2024 and the distributable profits are carried forward. 

        Resolution on adoption of guidelines for remuneration to senior executives (item 11)

        The Board of Directors proposes that the AGM resolves on the guidelines below for the determination of remuneration and other employment conditions for the CEO and other Executives to apply until the Annual General Meeting 2029, unless circumstances arise that requires prior revision. Remuneration included in the guidelines shall include salary and other remuneration to the Senior Management. Remuneration is also including the transfer of securities and the granting of the right to acquire securities from the Company in the future.

        The guidelines’ promotion of the Company’s business strategy, long-term interests and sustainability

        The purpose with the remuneration package is that Anoto shall have compensation levels and terms of employment that are required to attract and retain Senior Executives with high competence and ability to achieve set goals, implement Anoto’s strategy and achieve Anoto’s long-term interests and sustainability.

        The decision-making process to determine, review and implement the guidelines

        The Remuneration Committee consists of all members of the Board of Directors. The committee’s tasks include preparing the Board of Directors’ decision relating to remuneration guidelines, remuneration and other terms of employment for the Senior Management of the Company. The Remuneration Committee shall also monitor and evaluate ongoing and completed programs during the year for variable remuneration to the Senior Management of the Company. They shall also follow and evaluate the application of the guidelines for remuneration to the Senior Management of the Company that the Annual General Meeting is required by law to adopt as well as the applicable remuneration structures and remuneration levels in the Company.

        The Board of Directors shall prepare proposals for new guidelines at least every four years and submit the proposal to the Annual General Meeting for resolution. The CEO and other members of the Senior Management do not participate in the Board of Directors’ processing of and resolutions regarding remuneration-related matters in so far as they are affected by such matters.

        Stock related incentive plans are to be determined by the AGM. Issues and transfers of securities determined by the AGM according to the rules of Chapter 16 in the Swedish Companies Act are not comprised by these guidelines in case the AGM has or will make such decisions.

        Board Members of the Company, elected by the AGM, may in special cases receive a fee for services performed within their respective area of expertise, separately from their board duties and for a limited period of time. Compensation for these services shall be paid at market terms.

        Types of remuneration

        The remuneration offered shall be on market terms and may consist of the following; fixed salary, variable salary, pension benefits and other benefits. The General Meeting can also – without consideration of these guidelines – resolve on, for example, share and share price related programs and remuneration. 

        Fixed salary

        The remuneration in terms of fixed salary shall be in proportion to the Executive’s experience, responsibility and authority.

        Variable cash payments

        The variable remuneration shall be in proportion to the Executive’s responsibility and authority. Thereto, it shall be maximized and based on achievement of goals that coincides with the shareholders long-term interests. The variable part shall, where applicable, be based on quantitative and qualitative goals. The variable salary shall not be pensionable.

        The total cost for the Company for the variable remuneration shall at most amount to 50 per cent of the total cost for fixed salary for this group based on achievement of goals.

        Pension

        Anoto offer its employees a premium based pension plan, which shall be on market terms. Pension benefits may at most amount to 35 per cent of the fixed salary.

        Other benefits

        Other Benefits may consist of conventional benefits such as healthcare and housing allowance in accordance with local practice.

        Termination of employment

        In the event of termination of employment by the Company, the CEO has six months’ notice period. Except for ordinary salary, there are no agreed upon severance pay during the notice period. Other members of the Senior Management have up to three months’ notice period.

        Salary and employment conditions for employees

        Salary and employment conditions for the employees of the Company have been taken into account in the preparation of these remuneration guidelines by including information on the employees’ total income, the components of the remuneration and the increase and growth rate over time have been part of the Remuneration Committee’s and the Board of Directors’ basis of decision when evaluating whether the guidelines and the limitations set out herein are reasonable.

        Derogation from the guidelines

        The Board of Directors may resolve to derogate from the guidelines, in whole or in part, if in a specific case there is special cause for the derogation and a derogation is necessary to serve the Company’s long-term interests, including its sustainability, or to ensure the Company’s financial viability.

        Resolution on approval of remuneration report (item 12)

        The Board of Directors proposes that the AGM resolves to approve the Board of Directors´ report regarding compensation pursuant to Chapter 8, Section 53 a of the Swedish Companies Act (2005:551).

        Resolution on a long-term incentive program (LTIP 2025) for the management team and other key employees (item 13)

        For the purpose of improving the opportunity for retaining and recruiting competent personnel to the Anoto group (the “Group”) and increasing the motivation amongst the members of the management team, the Board of Directors proposes that the AGM resolves to introduce a long-term incentive program (“LTIP 2025”) for members of the management team and other key employees. Board members shall not be entitled to participate in LTIP 2025. The current CEO Mats Karlsson will not be a participant under LTIP 2025.

        General

        LTIP 2025 consists of stock options intended for members of the new management team of Anoto and other key employees (also including consultants) (the “Stock Options”). To implement LTIP 2025 in a cost-effective and flexible manner, the Board of Directors proposes that the obligations of the Company to deliver shares under the Stock Options are secured by an authorization for the Board of Directors to resolve upon issue, repurchase and transfer of Series C shares, which thereafter can be converted into ordinary shares. The Board of Directors’ proposal for the authorisation to issue and repurchase Series C shares as well as transfer of ordinary shares under the LTIP 2025 is set out in items 14 and 15 below. In the event that the required majority for items 14 and 15 below is not achieved, the Board of Directors proposes that Anoto be able to enter into share swap agreements with third parties, in accordance with item 16 below.

        Dilution effects

        The Board of Directors proposes that LTIP 2025 shall consist of a maximum of 275,000,000 new Stock Options entitling to purchase of the same number of ordinary shares in the Company, corresponding to approximately 20.0 per cent of the share capital and votes in the Company after dilution. The Company’s current share-based incentive programs for employees of the Group are described in the Annual Report for 2024, Note 30. In total, the proposed LTIP 2025 and the previous outstanding incentive programs corresponds to a dilution of not more than approximately 20.9 per cent of the share capital and votes of the Company after dilution. The exercise prices for current stock options are between SEK 0.81 – 1.06.

        Performance conditions

        The Board of Directors shall have the right to impose performance conditions for certain participants under LTIP 2025. For these participants the number of Stock Options that they are eligible to exercise depends on the degree of fulfilment in respect of the performance conditions for the Group.

        The performance conditions will be based on the average growth of the Group’s net sales over specified periods. The target levels (minimum and maximum) for the performance condition will be determined by the Board of Directors. If the minimum level of the performance condition is achieved, the participant may exercise a certain percentage of the vested Stock Options, and if the maximum level is achieved, the participant can exercise all the vested Stock Options. Within the target levels of the respective performance conditions, a linear calculation of the outcome shall be made. If the minimum level of performance is not achieved, no vested Stock Options can be exercised.

        The specific details and target levels for the performance conditions will be outlined by the Board of Directors and communicated to the relevant participants.

        Distribution of the Stock Options

        Stock Options can only be allotted to the Group’s current and future members of the management team and other key employees (also including consultants) as set out below:

        Category Maximum number of Stock Options Number of employees or consultants
        Members of the management team (including consultants) 70,000,000 2
        Other key employees (including consultants) 20,000,000 7

        The Stock Options shall be granted to the participants free of charge and may not be transferred or pledged, except that the Board of Directors may allow for the transfer of Stock Options to a family trust or equivalent entity. The Stock Options vest over a three-year period, with the vesting period commencing on 1 June 2024. No Stock Options vest until the first anniversary of the vesting commencement date. On the first anniversary of 1 June 2024, one third of the Stock Options will vest and become exercisable. Thereafter, one third of the Stock Options will vest on the second anniversary of 1 June 2024, and the remaining Stock Options will vest on the third anniversary of 1 June 2024. The vesting period starts on 1 June 2024, because the new management team took office about a year ago and the launch of a new incentive program was delayed due to several capital raisings in 2024. Accordingly, a participant must remain within the Group for three years from 1 June 2024, in order for all Stock Options to vest.

        Each Stock Option entitles the employee or consultant to acquire one ordinary share of the Company during the period commencing on the third anniversary of grant date and ending on the sixth anniversary of the grant date at an exercise price corresponding to 150 percent of the average volume-weighted share price for the Company’s share on Nasdaq Stockholm for a period of 10 days prior to the AGM, however, for Stock Options granted no later than the end of July 2025, the exercise price shall not exceed SEK 0.18 and shall not be less than SEK 0.12.

        Conversion due to split, aggregation, new issue etc.

        The exercise price and the number of shares that each Stock Option entitle to purchase shall be recalculated in the event of a share split, reverse share split, preferential share issue, extraordinary dividend, etc. in accordance with Swedish market practice.

        Overall Terms

        Within the framework of the resolved terms and conditions and guidelines, the Board of Directors shall be responsible to prepare the more detailed terms and conditions of LTIP 2025.

        The Board of Directors shall have the right to adjust the terms and conditions of LTIP 2025 if significant changes occur within the Group’s structure or in its market, which means that the terms and conditions for exercising the Stock Options are no longer appropriate. Furthermore, for special reasons, the Board of Directors may decide that Stock Options may be retained and utilised, as applicable, despite the termination of employment or consultancy agreement within the Group, for example due to illness.

        Expenses for LTIP 2025

        The Stock Options are expected to result in tax at employment income rates for the participants and will be accounted for in accordance with IFRS 2, which stipulates that the Stock Options will be recorded as personnel expenses during the vesting period.

        Preparation of the proposal

        LTIP 2025 has been prepared by the Board of Directors together with external advisors. LTIP 2025 has been reviewed by the Board of Directors during the first quarter of 2025.

        The rationale for the proposal

        The rationale for the proposal for LTIP 2025 is to improve the conditions for retaining and recruiting competent personnel to the Group and increasing the motivation of the newly recruited members of the management team. Furthermore, more visible opportunities are established for long-term participation in the Group’s operations and in reaching the Company’s overall targets. The Board of Directors is of the opinion that the introduction of LTIP 2025 as described above benefits the Group and the Company’s shareholders.

        Majority requirements and conditions

        A resolution to approve LTIP 2025 is valid only if it is supported by at least half of the votes cast at the AGM.

        The resolution to implement LTIP 2025 in accordance with this item 13 is conditional upon the AGM resolving either in accordance with the proposal for issue and repurchase of Series C shares and transfer of ordinary shares pursuant to items 14 and 15 below or in accordance with the proposal to enter into share swap agreements with an external party in accordance with item 16 below.

        Resolution to authorise the Board of Directors to resolve on directed issue of Series C shares (item 14)

        The Board of Directors proposes that the AGM authorises the Board of Directors, on one or more occasions until the next Annual General Meeting, to resolve on a new issue of no more than 275,000,000 Series C shares, corresponding to approximately 20.0 percent of the share capital and votes of the Company after dilution. With the deviation from the shareholders’ preferential rights, the new shares may be subscribed for by a bank or securities company at a subscription price corresponding to the quota value.

        The purpose of the authorisation and the reason for the deviation from the shareholders’ preferential rights is to ensure delivery of shares to participants under the Company’s outstanding incentive programs and secure liquidity for payment of social security charges as a result of the incentive programs. Prior to the transfer of shares to participants exercising stock options, the Board of Directors will resolve to reclassify Series C shares into ordinary shares.

        A resolution pursuant to this item is only valid if approved by shareholders representing at least two thirds of the votes cast as well as the shares represented at the General Meeting.

        Resolution to authorise the Board of Directors to resolve on repurchase of Series C shares and transfer of ordinary shares to participants under incentive programs and to secure payment of social security charges (item 15)

        The Board of Directors proposes that the AGM resolves to authorise the Board of Directors, on one or more occasions until the next Annual General Meeting, to resolve on repurchases of Series C shares. Repurchases may only be made through an acquisition offer addressed to all holders of Series C shares and shall comprise all outstanding Series C shares. Acquisitions shall be made at a price corresponding to the quota value of the shares. Payment for acquired shares shall be made in cash.

        The purpose of the repurchase is to ensure delivery of shares to participants under the Company’s outstanding incentive programs and to secure liquidity for payment of social security charges related to such incentive programs. Before delivery of shares to the participants or transfer of ordinary shares to secure liquidity for payment of social security charges, the Board of Directors will resolve on reclassification of Series C shares to ordinary shares in accordance with the provision in the articles of association.

        The Board of Directors proposes that the AGM resolves to (i) approve delivery of ordinary shares to participants under LTIP 2025, and (ii) authorise the Board of Directors to resolve, on one or several occasions until the next Annual General Meeting, to transfer own ordinary shares in accordance with the following. Transfers of ordinary shares may be carried out on Nasdaq Stockholm, pursuant that the Company’s ordinary shares have been admitted to trading on such a regulated market, at a price within the price range applicable, i.e. the range between the highest purchase price and the lowest selling price. Transfers may be made with the highest amount of ordinary shares required in order for the Company in terms of liquidity to secure social security charges related to the outstanding incentive programs in the Company, although not more than 27,500,000. Transfer of shares may also take place outside of Nasdaq Stockholm to a bank or securities company, with deviation from the shareholders’ preferential rights. Such a transfer may be made at a price corresponding the share price at the time for the transfer on the ordinary shares transferred with such a market discount as the Board of Directors deem appropriate. The authorisation may be used on one or more occasions, although at the latest before the next Annual General Meeting.

        The outstanding incentive programs of the group (including LTIP 2025) means that employees or consultants are granted Stock Options, which entitle the holder to purchase shares in the Company. Such transfers are subject to Chapter 16 of the Swedish Companies Act, which means that a resolution to approve delivery of ordinary shares to participants under this item 15 is valid only if it is supported by at least nine tenths of both the votes cast and the shares represented at the AGM.

        Share swap agreement with external party to hedge LTIP 2025 (item 16)

        The Board of Directors proposes that the AGM, in the event that the required majority for item 15 above cannot be achieved, resolves that the financial exposure expected to result from the LTIP 2025 may be hedged by the Company on market terms by entering into a share swap agreement with an external party, whereby the external party, for a fee and in its own name, may acquire and transfer ordinary shares in the Company to the participants of LTIP 2025, in accordance with the terms of the LTIP 2025.

        For a valid resolution to enter into a share swap agreement with an external party according to this item 16, a majority of more than half of the votes cast at the AGM is required.

        Resolution to authorise the Board of Directors to issue new shares, warrants and/or convertible bonds (item 17)

        The Board of Directors proposes that the AGM authorises the Board of Directors to resolve, on one or several occasions during the period until the next AGM, with or without deviation from the shareholders’ preferential rights, against cash payment, for payment in kind or by way of set-off, to issue ordinary shares, warrants and/or convertible bonds that involve the issue of or conversion into a maximum of 275,000,000 ordinary shares, corresponding to a dilution of approximately 20.0 per cent of the share capital and votes, based on the current number of shares in the Company.

        The purpose of this authorisation and the reason for any disapplication of the shareholders’ preferential rights is to increase the flexibility of the Company to finance the ongoing business and at the same time extend and strengthen the Company’s shareholder base of strategic or long term investors. The basis for the issue price shall be according to the prevailing market conditions at the time when shares, warrants and/or convertible bonds are issued.

        A valid resolution by the AGM pursuant to the proposal above requires that the resolution be supported by shareholders representing at least two-thirds of both the votes cast and the shares represented at the AGM.

        Other

        According to Chapter 7, section 32 of the Swedish Companies Act, at a General Meeting the shareholders are entitled to require information from the Board of Directors and CEO regarding circumstances which may affect items on the agenda and circumstances which may affect the Company’s financial situation.

        For information on how personal data is processed, see:

        www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

        Number of shares and votes in the Company

        As of 28 May 2025, the total number of ordinary shares and votes in the Company was 1,102,362,753. There were no Series C Shares issued. The Company is not holding any own shares.

        Stockholm, May 2025

        Anoto Group AB (publ)

        The Board of Directors

        Attachments

      The MIL Network –

  • Ukraine’s Zelenskiy Set for Crucial Talks with German Chancellor Merz in Berlin

    Source: Government of India

    Source: Government of India (4)

    Ukrainian President Volodymyr Zelenskiy is expected to arrive in Berlin on Wednesday for talks with German Chancellor Friedrich Merz, the German government said, part of a diplomatic drive to end the war in Ukraine.

    Merz will receive Zelenskiy with military honours at the federal chancellery at noon (1000 GMT), a government spokesperson said in a statement.

    “The focus of the visit will be on German support for Ukraine as well as efforts to achieve a ceasefire,” he added.

    Ukrainian and Russian officials met this month for their first face-to-face negotiations since Russia’s full-scale invasion of its former Soviet neighbour in 2022, under pressure from U.S. President Donald Trump to end the war.

    The talks failed however to produce a ceasefire agreement and Russia unleashed three nights of massive aerial attacks on Ukraine over the weekend.

    With Trump signalling wavering support for Ukraine in recent months, Germany could play an increasingly important role as the country’s largest military and financial backer after the United States.

    Merz, a conservative who took office this month, has vowed to take more of a leadership role in ensuring support for Ukraine than his Social Democrat predecessor Olaf Scholz.

    He visited Ukraine with other European leaders within days of becoming chancellor and on Monday endorsed Ukraine’s right to launch long-range missile strikes into Russian territory – in contrast with Scholz’s cautious rhetoric on the issue.

    Merz on Tuesday dampened hopes for a quick resolution to the war. “Putin and Russia clearly have at the moment no interest in a ceasefire, or a peace deal,” he said.

    “This means, as a consequence, that Ukraine must continue to defend itself — and that we must actually intensify our efforts to enable Ukraine to do so.”

    The war, Merz said, was not just about Ukraine’s territorial integrity.

    “The political order that we jointly established with Russia after 1990 is being fundamentally called into question,” he said.

    Germany is not expected, however, to announce new weapons deliveries to Ukraine given that the new government has said it would no longer publicly detail what arms it is sending Ukraine, preferring a stance of “strategic ambiguity.”

    Russia accused Ukraine on Tuesday of significantly increasing drone and missile attacks on Russian territory over the past week using Western-supplied munitions.

    (Reuters)

  • MIL-OSI: Press Release: GAM Investments Strengthens European Equities Platform with Appointment of Leading Investment Team

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 28 May 2025        

    PRESS RELEASE

    GAM Investments Strengthens European Equities Platform with Appointment of Leading Investment Team

    Tom O’Hara, Jamie Ross and David Barker join GAM Investments to manage flagship GAM Star European Equity and Continental European Equity funds

    GAM Investments is pleased to announce the appointment of a new European Equities team comprising Tom O’Hara, Jamie Ross and David Barker. As of 15 May 2025, the team has assumed investment management responsibilities for the GAM Star European Equity and GAM Star Continental European Equity funds.

    This highly regarded investment team brings with them a style-agnostic, high-conviction investment approach that complements GAM’s longstanding heritage in European equities. The appointment marks a further milestone in GAM’s transformation and ongoing commitment to investment excellence.

    Tom O’Hara, Investment Director, European Equities at GAM, commented: “It’s great to be joining GAM. This is a very exciting time in the company’s turnaround, supported by a long-term focused majority owner and a strong, investment-led culture that traces its roots to Gilbert de Botton. On a personal level, my investing career started thanks to John Bennett – who spent 17 years at GAM managing European Equities and always spoke highly of the firm’s investment ethos. So, it really feels like a natural fit for us to be here.”

    “Our approach will remain consistent with our past. We are managing a concentrated, high-conviction portfolio of around 30 stocks, using our straightforward and repeatable ‘All-in’ framework, added David Barker. This combines expected earnings growth, cash return and valuation change to assess whether a company’s return potential exceeds that of the broader market.”

    A core, consistent and transparent investment process

    While the team brings a fresh perspective, they remain committed to delivering a core, flexible, style-agnostic strategy which builds on the legacies of both GAM and their own history as successful European equity investors. Their process is grounded in fundamental research and offers clear, data-driven insights for clients.

    David Barker highlighted, “We want to be open-source. That means sharing our investment insights, process and return assumptions with clients transparently and consistently across all our communications.”

    A turning point for Europe

    The team also believes the macro backdrop is shifting decisively in Europe’s favour.

    “For decades, cheap valuations alone weren’t enough to catalyse change in Europe. But that’s no longer the case. Geopolitical realignment sparked, in part, by the return of Donald Trump who has done more for EU unity than any post-war president,” said Jamie Ross. “We’re seeing a more assertive Europe: a looser fiscal stance in Germany, more coherent messaging from EU leaders, and growing momentum for innovation, investment, and regulatory simplification.”

    “Europe has a generational opportunity to redefine itself that demands cohesive action across industrial policy, energy security and tech sovereignty. These shifts will create a new generation of winners across the region. We believe this marks a key turning point for the European equity market.”

    Elmar Zumbuehl, Group CEO of GAM Investments, added “We are delighted to welcome Tom, Jamie and David to GAM. Their fresh approach, tight teamwork and use of advanced technology to focus on what really matters fully embraces the transformational changes underway in active investing. Their arrival significantly strengthens our specialist active equity offering and with investor interest returning to Europe, we see this as a powerful step forward for GAM’s specialist active equities platform and our clients.”

    Investors are encouraged to contact their local GAM relationship manager to learn more about the strategies or meet the team through upcoming events, webinars and roadshows.

    Editorial Information:

    Video: Introduction to European Equities at GAM – Tom O’Hara, David Barker and Jamie Ross. https://www.gam.com/en/introducing-gam-investments-european-equities-team

    Team Bios:

    • Tom O’Hara, Investment Director, is responsible for the management of European Equity funds at GAM, alongside Jamie Ross and David Barker. Before joining GAM Investments in May 2025, he spent 7 years managing European equity funds at Janus Henderson Investors. Prior to this, he spent 8 years as a sell side equity research analyst covering the metals and mining sector. He began his career in the treasury of Northern Rock plc. He has 19 years of financial industry experience and received his BA degree (Hons) in economics from Newcastle University. He is passionate about the role of emerging technologies in shaping active investing and was an early investor in Quartr, a Swedish fintech platform, where he continues to serve as a non-executive adviser.
    • David Barker, Investment Manager, is responsible for the management of European Equity funds at GAM. Before joining GAM Investments in May 2025, he was a Research Analyst on the European Equities Team at Janus Henderson Investors, a position he had held since 2021. Prior to this, he was Research Analyst specialising in Aerospace & Defence and Industrials at Bank of America Merrill Lynch, where he started in 2017. David graduated with a BA degree in History from Somerville College, University of Oxford and has 9 years of financial industry experience.
    • Jamie Ross, Investment Manager, is responsible for the management of European Equity funds at GAM. Before joining GAM Investments in May 2025, he was a Portfolio Manager on the European Equities Team at Janus Henderson Investors, a position he had held since 2016. Prior to this, he was a portfolio manager on the UK Equities Team, where he co-managed a UK equities pooled fund. He started his career with Henderson in 2007. Jamie graduated with a BA degree (Hons) in economics from Durham University. He holds the Chartered Financial Analyst designation and has 18 years of financial industry experience.

    For further information please contact:

    Colin Bennett | GAM Media Relations
    T +44 (0) 20 73 938 544 
    colin.bennett@gam.com

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com.

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachments

    The MIL Network –

  • MIL-OSI: April Monthly Net Asset Value Estimate

    Source: GlobeNewswire (MIL-OSI)

    NBPE Announces April Monthly NAV Estimate

    St Peter Port, Guernsey 28 May 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate.

    NAV Highlights (30 April 2025)

    • NAV per share was $27.29 (£20.43), a total return of 0.4% in the month
    • Approximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted prices
    • Based on information received so far, private company valuations increased fair value by 0.4% during Q1 2025 on a constant currency basis
    • NBPE expects to receive additional updated Q1 2025 financial information which will be incorporated in future monthly NAV updates
    • $307 million of available liquidity at 30 April 2025
    • ~151k shares repurchased during April 2025 at a weighted average discount of 33% which were accretive to NAV by ~$0.02 per share. Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share
    As of 30 April 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 0.8% 3.4% 4.1%
    1.4%    		 87.7%
    13.4%    		 160.7%
    10.1%
    MSCI World TR (USD)*
    Annualised    		 (0.8%) 12.6% 39.0%
    11.6%    		 96.6%
    14.5%    		 157.2%
    9.9%
               
    Share price TR (GBP)*
    Annualised    		 (8.0%) (8.9%) 3.6%
    1.2%    		 99.0%
    14.7%    		 189.5%
    11.2%
    FTSE All-Share TR (GBP)*
    Annualised    		 4.3% 7.5% 22.6%
    7.0%    		 67.9%
    10.9%    		 75.9%
    5.8%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 April 2025

    NAV performance during the month driven by:

    • 1.1% NAV increase ($13 million) attributable to changes in foreign exchange
    • 0.9% NAV decrease ($10 million) attributable to changes in prices of quoted holdings (which now constitute 5% of portfolio fair value)
    • 0.3% NAV increase ($4 million) from the value of private holdings
    • 0.2% NAV decrease ($3 million) attributable to expense accruals

    $53 million of realisations in 2025 year to date

    • $6 million of proceeds received during the month of April, consisting primarily of full and partial realisations of GFL, Corona Industrials and Inflection Energy

    $307 million of total liquidity at 30 April 2025

    • $97 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~151k shares repurchased in April 2025 at a weighted average discount of 33%; buybacks were accretive to NAV by ~$0.02 per share
    • Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 April 2025 was based on the following information:

    • 5% of the portfolio was valued as of 30 April 2025
      • 5% in public securities
    • 57% of the portfolio was valued as of 31 March 2025
      • 57% in private direct investments
    • 38% of the portfolio was valued as of 31 December 2024
      • 38% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

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

    Supplementary Information (as at 30 April 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 83.9 6.6%
    Osaic 2019 Reverence Capital Financial Services 66.9 5.3%
    Solenis 2021 Platinum Equity Industrials 59.8 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 47.7 3.8%
    Monroe Engineering 2021 AEA Investors Industrials 44.7 3.5%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.2%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 38.9 3.1%
    True Potential 2022 Cinven Financial Services 35.2 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 33.7 2.7%
    FDH Aero 2024 Audax Group Industrials 32.9 2.6%
    Marquee Brands 2014 Neuberger Berman Consumer 31.4 2.5%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 30.6 2.4%
    Staples 2017 Sycamore Partners Business Services 29.6 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 29.1 2.3%
    Fortna 2017 THL Industrials 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.3 2.2%
    Stubhub 2020 Neuberger Berman Consumer 26.4 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 26.3 2.1%
    Benecon 2024 TA Associates Healthcare 25.5 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Kroll 2020 Further Global / Stone Point Financial Services 25.0 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.6 1.9%
    Excelitas 2022 AEA Investors Industrials 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Exact 2019 KKR Technology / IT 23.3 1.8%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.2 1.7%
    Bylight 2017 Sagewind Partners Technology / IT 19.9 1.6%
    Constellation Automotive 2019 TDR Capital Business Services 19.0 1.5%
    Real Page 2021 Thoma Bravo Technology / IT 18.8 1.5%
    Tendam 2017 PAI Consumer 18.3 1.4%
    Total Top 30 Investments                             $982.1 77.6%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 77%
    Europe 22%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 22%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 9%
    2017 16%
    2018 15%
    2019 13%
    2020 13%
    2021 18%
    2022 6%
    2023 2%
    2024 8%
    Total Portfolio 100%

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

    LEI number: 213800UJH93NH8IOFQ77

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

    1Based on net asset value.

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman

    Source: Republic of China Taiwan

    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.

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    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.

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    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.

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    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.

    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 –

  • Trump administration moves to cut all remaining federal contracts with Harvard

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump’s administration plans to terminate the federal government’s remaining contracts with Harvard University, according to a letter sent to federal agencies on Tuesday.

    The letter, from the U.S. General Services Administration (GSA), directs all federal agencies to review and potentially terminate or reallocate their contracts with Harvard, which an official valued at about $100 million.

    Harvard did not immediately respond to a request for comment.

    The move marked the latest instance of the Republican administration attempting to undermine the financial stability and global standing of the oldest and wealthiest U.S. university after it pushed back on government demands for vast policy changes.

    The government has already terminated nearly $3 billion in federal research grants for the Ivy League school and moved last week to revoke its ability to enroll international students. Those roughly 6,800 students make up about 27% of Harvard’s total enrollment.

    A federal judge in Boston on Friday temporarily blocked the U.S. Department of Homeland Security from revoking foreign student enrollment ahead of a Thursday hearing. During a brief hearing on Tuesday, a U.S. Department of Justice lawyer said the administration is complying with that order and was weighing its options.

    Even so, the Trump administration has ordered its missions abroad to stop scheduling new appointments for student and exchange visitor visa applicants.

    Several hundred demonstrators, including Harvard students and teachers, gathered at the university on Tuesday to show support for foreign students and protest the Trump funding cuts.

    Following graduation events led by Harvard President Alan Garber, one of the protesting students, Jacob Miller, climbed onto a makeshift stage and said the ban on international enrollments had nothing to do with combating antisemitism, which was given as one of the official reasons for the crackdown on foreign students. “We will not allow our identities to be invoked to destroy Harvard,” said Miller, who is Jewish. “If there is anything to learn from the Jewish history, it’s that when we push people out of our schools because of their identity, it’s a symptom of a morally bankrupt politics.”

    Another protest organizer, Harvard student Rae Trainer, said many international students were afraid to demonstrate because they risk deportations. Some international students recorded statements to be read by classmates who are U.S. citizens.

    The GSA’s letter accused the school of engaging in discriminatory admissions practices even after the U.S. Supreme Court, in its 2023 decision ending affirmative action in higher education, rejected Harvard’s use of race as an admissions factor to boost campus diversity.

    The letter from Josh Gruenbaum, commissioner of the GSA’s federal acquisition service, also accused Cambridge, Massachusetts-based Harvard of discriminatory hiring practices and of failing to protect Jewish students from harassment.

    The GSA sent the letter to federal agencies Tuesday morning, said an administration official familiar with the matter. The letter directs agencies to submit a list of contract cancellations by June 6 and says contracts for critical services would be transitioned to other vendors.

    Harvard, which is suing to challenge the administration’s actions, has argued that its rush to punish the school has run afoul of various procedures and violates free speech rights under the U.S. Constitution’s First Amendment by trying to assert control over its staff, curriculum and enrollment.

    Garber, the Harvard president, said in an NPR interview released on Tuesday that despite campus problems that it needs to address, the administration’s decisions to cancel grant funding were “perplexing.”

    “As long as there has been a United States of America, Harvard has thought that its role is to serve the nation,” he said.

    (Reuters) 

  • MIL-Evening Report: Raining one week, dusty the next – how did a dust storm make it all the way to rainy Sydney?

    Source: The Conversation (Au and NZ) – By Tegan Clark, PhD Candidate, College of Systems and Society, Australian National University

    A false-colour satellite showing dust as a pink cloud Himawari-9 satellite, CC BY-SA

    Much to the surprise of Sydney-siders, a dusty haze settled over the city on Tuesday morning after a week of heavy rain.

    Satellite images reveal the dust storm formed in the Mid-North region of South Australia, east of Spencer Gulf, at around 11am on Monday. It then travelled through western Victoria into New South Wales, reaching Sydney approximately 18 hours later.

    It’s an odd time of year for a dust storm, but South Australia is in drought. The soil is very dry, bare and loose. So when a cold front with strong winds moved through SA earlier this week, it picked up lots of dust.

    This demonstrates how everything is interconnected in Australia, despite the nation’s huge size. Extreme weather events such as drought in one part of the country can cause trouble for people “downwind”, hundreds of kilometres away. Climate change is likely to further raise the risk of dust storms in the future.

    Sydney’s air quality tumbled after the dust cloud settled on the city | 7NEWS.

    The dust bowl era

    In the 1930s, prolonged drought in the United States coupled with poor land management practices caused devastating dust storms. This eroded valuable agricultural soils and forced many families off the land. All this took place across the Central Plains, which became known as the American Dust Bowl – later immortalised in Steinbeck’s book The Grapes of Wrath.

    Australia experienced its own smaller dust bowl about a century after British settlers arrived. Overgrazing in the late 1800s removed native vegetation from large parts of western New South Wales. Dust storm activity picked up dramatically from the late 1800s onwards and hit a maximum in 1944-45 during the World War II drought.

    Fortunately, the dust storms and drought experienced during the 1940s soon prompted a change in both policy and attitude. The focus of land management shifted from “taming the land” to more sustainable use, such as moving livestock around from time to time – allowing paddocks to rest and recover. The government also provided more financial support to manage drought.

    Growing awareness and the desire to protect environmental assets also led to development of the NSW Soil Conservation Service.

    Australia has continued to experience heightened dust activity and major dust storms after 1945. In 2009, Sydney awoke to what looked like apocalyptic scenes straight out of the movie Mad Max when a dust storm engulfed the city.

    The last big dusty period was the Black Summer of 2019-20. Parts of NSW such as Wagga Wagga and Sydney were shrouded in smoke and dust for days. But there were significantly fewer “dust storm days” compared to 1944-45. This is partly due to improved land management practices that value sustainability, including the revegetation of denuded land.

    The movie Mad Max featured apocalyptic dust storm scenes.

    More dust storms as the climate changes

    Around the world, climate change is expected to make dust storms more common globally.

    Recent research suggests southern Australia may experience longer and more frequent droughts in the future. Grazing and cropping will put extra pressure on the land.

    In addition, the cold fronts that typically trigger large dust storms are expected to intensify with climate change. This means a growing chance of major dust storms such as the one this week.

    Dust is a health hazard

    Dust consists of tiny particles, some smaller than the width of a single strand of hair. These particles may include sand, topsoil, pollen, microbes, iron and other minerals, lifted into the air.

    When these tiny particles enter the lungs, they can cause breathing difficulties and respiratory diseases such as asthma. Dust storms are also known to transport diseases such as Valley Fever.

    The 2009 dust storm in Sydney led to an increase in emergency hospital admissions for respiratory illnesses, especially asthma.

    During the latest dust storm, health authorities warned people with respiratory issues to stay indoors and monitor symptoms.

    Developing early warning systems

    The 2019-20 dusty period and the current SA drought shows Australia can still fall victim to these major dust storms. But there are things we can do to be better prepared and more resilient.

    The United Nations Convention to Combat Desertification suggests better ways to reduce harm from dust. These include improving land management practices, implementing early warning systems and improving monitoring of dust events.

    On the ground, NSW is well equipped to monitor dust through the DustWatch network. The air quality monitoring network acts as an early warning system, particularly for people in Sydney living downwind of sources interstate. But usually no more than 12-24 hours notice is provided. This means the authorities might might start to prepare to issue a warning when they detect poor air quality in Western NSW.

    However, these systems pale in comparison to the predictive capacity available in South Korea and Japan. There, alerts of dust storms and poor air quality can be issued days in advance.

    Using our eyes in the sky

    My PhD research project involves using satellites to deepen our understanding of where dust storms are coming from and where they might travel to.

    For instance the Himawari-8/9 satellite scans Australia every ten minutes, allowing us to track the evolution of dust events from start to finish.

    We can pinpoint almost the exact moment a dust storm begins. These areas can then be targeted using satellites to understand the conditions of the land causing dust storms to form and monitor high-risk areas for erosion in the future.

    Putting technology to good use will get us part of the way to a more resilient Australia. There is also a clear need to adapt to the changing climate in our nation’s grazing and cropping systems.

    Tegan Clark receives support from the Australian Government Research Training Program to undertake her PhD. She also works for Connected Farms, an ag-tech company. She is a volunteer with IncludeHer, a non-for-profit focused on gender equity in STEM education.

    – ref. Raining one week, dusty the next – how did a dust storm make it all the way to rainy Sydney? – https://theconversation.com/raining-one-week-dusty-the-next-how-did-a-dust-storm-make-it-all-the-way-to-rainy-sydney-251600

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Are you preparing for your NFP’s AGM?

    Source: New places to play in Gungahlin

    Your NFP’s annual general meeting (AGM) is an important opportunity each year for you to give members a report on your NFP’s activities and finances for the previous year, invite questions from your members and elect new committee members.

    Preparing for your AGM is also a great time to make sure that all your organisation’s tax, super and obligations are up to date. Doing so will help your NFP run smoothly and reduce the chances of your organisation being subject to compliance activity or penalties.

    Our NFP tax, super and registry responsibilities checklist is designed to record your important information in one place to help your NFP stay on track. The lead up to your AGM is an ideal time to run through this checklist and identify any action you need to take to keep on top of your obligations.

    All NFPs need to have clauses in their governing documents that prohibit the distribution of income or assets for the benefit of specific people – both while it operates and when it winds up. This is especially important if your NFP has an ABN and is self-assessing as income tax exempt. If you need to update your NFP’s governing documents, consider using your upcoming AGM to get your governing documents in order. Learn more at NFP governing documents.

    And as part of welcoming any new committee members & bidding farewell to those who are stepping down, make sure you update your details with the ATO. You must update your ABN detailsExternal Link within 28 days of any changes, and you should review your authorisations in Relationship Authorisation Manager (RAM)External Link to confirm who has the authority to act on behalf of your NFP. You can use this use this handover checklist to help your new administrator or office bearer manage its tax affairs.

    Keep up to date

    Read more articles in the Not-for-profit newsroom and, if you haven’t already, subscribeExternal Link to our free monthly newsletter Not-for-profit news to be alerted when we publish new articles.

    For updates throughout the month, Assistant Commissioner Jennifer Moltisanti regularly shares blog posts and updates on her LinkedInExternal Link profile. And you can check out our online platform ATO CommunityExternal Link to find answers to your tax and super questions.

    MIL OSI News –

  • MIL-OSI Russia: More than 10 hectares of pond, lake and small river bottoms will be surveyed by Mosvodostok divers in 2025

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Divers from the State Unitary Enterprise Mosvodostok have begun routine work to inspect city water bodies and the engineering structures located on them. This was reported by the city economy complex. In total, they will inspect more than 10 hectares of the bottom of ponds, lakes and small rivers, as well as 13 dams and five water outlets.

    Inspection of water bodies and drainage infrastructure is necessary to ensure the unimpeded flow of surface water during heavy rainfall and to maintain the sanitary condition of water bodies.

    Specialists pay special attention to household and natural waste, which can reduce the capacity of the drainage system. During the work, logs, branches, sand and silt deposits and household waste brought by water flows are removed.

    The survey is carried out both at depth and near the shore. The divers are equipped with everything necessary: breathing and communication equipment, various types of wetsuits, weights and hanging safety systems.

    There are 33 divers working in Mosvodostok. They are divided into teams of four: two are in the water, one provides insurance, and one maintains communications.

    In the winter of 2025, the company’s divers cleaned the lock chamber of the Syromyatnichesky hydroelectric complex, removing 400 cubic meters of silt deposits and debris at a depth of more than five meters. During the period of minimum water levels, specialists also examined large drainage collectors in which underground rivers flow, carried out repairs to the dam on the Yauza River, and replaced the sluice gates on the settling ponds of the Nishchenka River.

    270 capital ponds to be prepared for summer seasonThis year, 19 reservoirs will be put in order in Moscow

    Get the latest news quickly official telegram channel the city of Moscow.

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

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

    https: //vv.mos.ru/nevs/ite/154416073/

    MIL OSI Russia News –

  • Trump administration halts scheduling of new student visa appointments

    Source: Government of India

    Source: Government of India (4)

    President Donald Trump’s administration has ordered its missions abroad to stop scheduling new appointments for student and exchange visitor visa applicants as the State Department prepares to expand social media vetting of foreign students, according to an internal cable seen by Reuters on Tuesday.

    U.S. Secretary of State Marco Rubio said in the cable that the department plans to issue updated guidance on social media vetting of student and exchange visitor applicants after a review is completed and advised consular sections to halt the scheduling of such visa appointments.

    The move comes as the Trump administration has sought to ramp up deportations and revoke student visas as part of its wide-ranging efforts to fulfill his hardline immigration agenda.

    Several hundred protesters, including Harvard University students and professors, demonstrated in support of foreign students at the Harvard campus on Tuesday, while also protesting Trump administration efforts to cut off funding to the university.

    In the cable, first reported by Politico, Rubio said appointments that have already been scheduled can proceed under the current guidelines, but available appointments not already taken should be pulled down.

    “The Department is conducting a review of existing operations and processes for screening and vetting of student and exchange visitor (F, M, J) visa applicants, and based on that review, plans to issue guidance on expanded social media vetting for all such applicants,” the cable said.

    A senior State Department official confirmed the accuracy of the cable.

    State Department spokesperson Tammy Bruce declined to comment on reports of the cable, but said the U.S. will use “every tool” to vet anyone who wants to enter the United States.

    “We will continue to use every tool we can to assess who it is that’s coming here, whether they are students or otherwise,” Bruce told reporters at a regular news briefing.

    The expanded social media vetting will require consular sections to modify their operations, processes and allocation of resources, according to the cable, which advises the sections going forward to take into consideration the workload and resource requirements of each case before scheduling them.

    The cable also advises consular sections to remain focused on services for U.S. citizens, immigrant visas and fraud prevention.

    Trump administration officials have said student visa and green card holders are subject to deportation over their support for Palestinians and criticism of Israel’s conduct in the war in Gaza, calling their actions a threat to U.S. foreign policy and accusing them of being pro-Hamas.

    Trump’s critics have called the effort an attack on free speech rights under the First Amendment of the U.S. Constitution.

    A Tufts University student from Turkey was held for over six weeks in an immigration detention center in Louisiana after co-writing an opinion piece criticizing her school’s response to Israel’s war in Gaza. She was released from custody after a federal judge granted her bail.

    Last week, the Trump administration moved to revoke Harvard’s ability to enroll international students. Those roughly 6,800 students make up about 27% of Harvard’s total enrollment.

    The Republican president’s administration has moved to undermine the financial stability and global standing of the nation’s oldest and wealthiest university after it pushed back on government demands for vast changes to its policies.

    (Reuters) 

  • MIL-OSI Asia-Pac: SFST urges Toronto companies to re-domicile (with photos)

    Source: Hong Kong Government special administrative region

    SFST urges Toronto companies to re-domicile  
    He visited two Canada-based insurance companies that have extended their business to Hong Kong. Mr Hui met separately with the President and Chief Executive Officer, Mr Phil Witherington, and the Chief Financial Officer, Mr Colin Simpson, of Manulife; as well as the Executive Vice-President and Chief Financial Officer, Mr Tim Deacon, and the Executive Vice-President and Chief Strategy and Enablement Officer, Ms Linda Doughety, of SunLife. He introduced them to the newly enacted legislation on re-domiciliation of companies, encouraging them to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements. He also mentioned that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong. This news was the best testament to the regime’s effectiveness in enhancing companies’ operational efficiency, thereby consolidating Hong Kong’s position as a leading international financial centre.
     
    Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity. If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.
     
    Mr Hui pointed out that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong. 
     
    At noon, Mr Hui attended a business luncheon organised by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club. He gave a presentation themed “Hong Kong as an anchor of stability amid the changing world” to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets. He also talked about the Government’s efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He said that, with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors. Mr Hui also had a fireside chat with the President of the National Club, Mr Arnie Guha, and answered questions from the floor. The luncheon was well received. Participants were attracted by the various new developments in Hong Kong’s financial markets introduced by Mr Hui.
     
    In the afternoon, Mr Hui met with the Chief Executive Officer of the Ontario Securities Commission (OSC), Mr Grant Vingoe, and OSC representatives. The Securities and Futures Commission of Hong Kong entered into a Memorandum of Understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators. Both Mr Hui and Mr Vingoe agreed that in today’s shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.
     
    In the evening, Mr Hui had a dinner meeting with the President of the Hong Kong-Canada Business Association (HKCBA) (Toronto Chapter), Mr Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong’s financial market. The HKCBA has members in eight Canadian cities to foster bilateral trade.
     
    Mr Hui also paid a courtesy call to the Consul-General of the People’s Republic of China in Toronto, Mr Luo Weidong. Both expressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.
     
    On May 28 (Toronto Time), Mr Hui will travel to Ottawa to meet with government financial officials.
    Issued at HKT 12:26

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Money Market Operations as on May 27, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,94,972.31 5.72 0.01-6.60
         I. Call Money 16,118.89 5.80 4.85-5.85
         II. Triparty Repo 4,02,086.45 5.70 5.00-5.76
         III. Market Repo 1,74,981.97 5.73 0.01-6.60
         IV. Repo in Corporate Bond 1,785.00 5.90 5.90-5.95
    B. Term Segment      
         I. Notice Money** 129.00 5.73 5.45-5.85
         II. Term Money@@ 576.00 – 5.95-6.15
         III. Triparty Repo 1,744.15 5.82 5.70-5.85
         IV. Market Repo 259.30 5.84 5.84-5.84
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 27/05/2025 1 Wed, 28/05/2025 3,542.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 27/05/2025 1 Wed, 28/05/2025 902.00 6.25
    4. SDFΔ# Tue, 27/05/2025 1 Wed, 28/05/2025 2,27,421.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,22,977.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,735.56  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,466.56  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,88,510.44  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 27, 2025 9,41,647.71  
         (ii) Average daily cash reserve requirement for the fortnight ending May 30, 2025 9,48,817.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 27, 2025 3,542.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 02, 2025 2,34,873.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/419

    MIL OSI Global Banks –

  • MIL-OSI USA: Murray, Cantwell, Health Care Providers and Advocates Slam Republican Health Care Cuts Threatening to Kick Nearly 14 Million Americans Off Their Health Insurance—Including 274,000 People in WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan through steep cuts to Medicaid and the Affordable Care Act, according to nonpartisan estimates
    Parent of young Washington state resident on Medicaid: “It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    *** VIDEO OF FULL PRESS CONFERENCE HERE***
    ***PHOTOS AND B-ROLL FROM EVENT HERE***
    Seattle, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Commerce Committee, held a press conference laying out how Republicans’ reconciliation bill that passed through the House this week will be devastating for Washington state’s health care system and the 1.95 million people across Washington state who rely on Apple Health, Washington state’s Medicaid program, and the 300,000+ Washingtonians who access coverage through the state’s Affordable Care Act marketplace (Washington Healthplanfinder).
    The legislation passed by House Republicans last week would cut nearly $1 trillion from America’s health care system and is the largest cut to Medicaid in history. The nonpartisan Congressional Budget Office (CBO) estimates that the legislation will lead to 13.7 million Americans getting kicked off their health insurance—between the drastic cuts to Medicaid and the sabotage of the Affordable Care Act and refusal to expand tax credits Democrats passed to lower health insurance premiums.
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan, according to estimates based on the nonpartisan CBO’s analysis. That includes approximately 194,000 people in Washington state who will lose Medicaid coverage, and approximately 79,000 people who will lose ACA coverage. This figure doesn’t even account for the more sweeping health care cuts that House Republicans slotted in and passed at the last minute in the early morning of May 22nd. Among other things, Republicans’ bill would institute work reporting requirements, which have been proven not to increase employment and just strip health care coverage from people who are already working or exempt—this would put more than 620,000 Washingtonians at risk of losing their health care coverage or having it delayed because of a wall of new paperwork. The Republican bill would also reduce the federal match rate by 10 percent for states like Washington that provide health care coverage to noncitizens—this would be a devastating $460 million annual loss in federal Medicaid funding for Washington state, or nearly a $2 billion loss over the next four years. Additionally, the Republican bill includes a provision to defund Planned Parenthood, threatening the closure of up to 200 health centers across the country. Planned Parenthood runs 26 health centers in Washington state. Republicans are advancing the legislation through the budget reconciliation process, which only requires a simple majority to pass in both chambers of Congress.
    “The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in. In Washington state, we are looking at: at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire. Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget,” said Senator Murray. “Altogether, the health care cuts in Republicans’ mega-bill will mean hospitals and nursing homes shutting down—especially in rural areas—millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act, people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape, Planned Parenthood health centers closing their doors, kids with disabilities losing out on the care they need, medical debt skyrocketing, and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage. Needless to say—all of that means higher costs and less access to care for everyone, not just people on Medicaid.”
    “For the life of me I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid ever looked at this bill, looked at what it would do to the people they serve and said, ‘count me in!’ The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give a handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular—they know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017. Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents,” Senator Murray continued.
    “The people here in Washington who have to deal with this issue — who know that their rural hospitals could go under, or their health clinics could be affected, or the cost of care could go up in their communities and make everything more expensive — they know that we also have to stop this legislation. We need to say to the President of the United States: He has to stop trying to dismantle the Affordable Care Act. He cannot propose ideas that literally will leave these providers without resources,” Senator Cantwell said. “We do not need to have Robin Hood in reverse. We do not need to steal from Medicaid the stability of our health care system and give a tax break to big corporations. We need to stop this effort as soon as possible. Senator Murray and I will be fighting every day on the Senate floor to convince our colleagues that this is not only a wrongheaded approach — it is going to cost the American people.”
    One in five adults, three in five nursing home residents, and three in eight people with disabilities in Washington are covered by Apple Health. Medicaid provides health care for over 800,000 children in Washington state—nearly half of children—and more than 45 percent of births in Washington state are covered by Medicaid—in rural Washington, that number goes up to more than 70 percent on births. Medicaid is also largest payer for opioid use disorder treatment in Washington state. Washington state spends approximately $21 billion on Medicaid annually—approximately $8 billion of that is paid for by the state, and approximately $13 billion is paid for by the federal government.
    “As a physician, I see firsthand how lack of health insurance leads to delayed care, resulting in more death, more advanced diseases that are significantly more expensive to treat, and more economic burden. Denying access to health insurance shifts the financial burden to emergency services and public systems, ultimately increasing overall healthcare costs for taxpayers,” said Dr. Jesus Iniguez, Medical Director at Sea Mar Community Health Centers.
    “Nurses are present at every level of care delivery. We are on the front line, and deal with the consequences when patients avoid care because of a lack of coverage. These cuts are not only cruel – they are harmful to the stability of our entire healthcare system and will not only impact those who are on Medicaid. We will all feel it. The ripple effect of something as monumental as the cuts they are currently proposing would send shock waves throughout the entire health care system, reducing access to care for millions,” said Edna Cortez, a pediatric nurse and member of the Washington State Nurses Association (WSNA).
    “If the bill that passed the US House last week becomes law, it will be one of the most devastating attacks on health care access in American history. By banning Planned Parenthood from seeing Medicaid patients, the bill targets our organization and the patients who rely on us for care every day. The people who passed this bill wish for Planned Parenthood health centers to close their doors, and for people to lose access to affordable health care – and for many, access to health care altogether. And if this bill becomes law, their unbelievably cruel wish will be granted. Health centers will close, maybe even here in Washington. Planned Parenthood Federation of America estimates that 200 health centers will close nationwide, 90 percent of which are located in states like Washington where abortion is still legal. As you’ve heard today, people will lose their insurance coverage through cuts to Medicaid and the Affordable Care Act,” said Brita Lund, Manager of Planned Parenthood Northgate Health Center. “Nearly 40 percent of our affiliate’s patients in Western Washington are Medicaid recipients. This is about much more than abortion, which already cannot be covered by federal Medicaid dollars. This money goes to birth control, cancer screenings, and STI testing. All of which are now at risk. Every single day at the health center I manage in Northgate, we help people sign up for Apple Health and Medicaid. Not just help them access services – we ask them a few screening questions and then show them how to enroll in the program, because when they walked through the door, they did not have insurance – and many did not even know it was an option available to them. Our front desk receptionist is the longest tenured employee in our Planned Parenthood affiliate, and might be the longest tenured Planned Parenthood employee in the state. She estimates that she personally enrolls one to three people every single work day. Over her career of 36 years, that means she has likely enrolled more than 1800 people. And that’s just her. There are providers and staff like her at every Planned Parenthood health center in the country, and at places like Sea Mar, who help patients sign up for Medicaid. Because everyone deserves to get the care they need, no matter what. If this bill becomes law, hospitals will close. Clinics will close. Long term care facilities will close. And everyone, not just Medicaid recipients, will be punished.”
    “Nate is 20 years old and autistic. He has an intellectual disability and requires support throughout the day to ensure his needs are met, much of which he receives through Home and Community Based Waiver services. Nate has a job at our local neighborhood pizza shop, where he works four hours a week building pizza boxes and doing other odd jobs with the support of a job coach. He of course gets a paycheck for his work, but he also gets a free slice of pizza and a coke after every shift, which he loves. He adores his job and is so proud of the ways he contributes to his community. Building the life of his dreams, and filling his days with enrichment and social connection when school ends, will not be easy, but with the help of Medicaid services the way they are now, Medicaid services such as health insurance, employment support, personal care, and home and community based waiver services, we’re starting to see a pathway to making it a reality. It’s a steep one, but the pathway is there,” said Rachel Nemhauser, parent of Nate and the Director of Family Support Services at The Arc of King County. Nate is one of the almost 280,000 adults with disabilities on Medicaid in Washington state, and Rachel shared his story with his permission. “But if the proposed Medicaid cuts go through, this dream vanishes. It threatens to reduce or eliminate the job support he counts on, making it impossible for him to stay employed. It threatens to reduce his access to health care, making it harder for people with vulnerable health to stay healthy and continue to work. It threatens to create paperwork and administrative barriers so burdensome and complicated that it’s almost impossible not to make a mistake once in a while. It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl.
    Recent polling from KFF Health found 82 percent of adults think Medicaid funding should either increase or stay the same and large majorities of people across parties, those who voted for Trump in 2024, and adults living in rural areas say the program is “very important” for their local community. Polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable, and voters overall were even more opposed to it.
    Senator Murray’s full remarks at today’s press conference are below:
    “Republicans are looking to make history of the absolute worst kind.
    “Last week, overnight, House Republicans passed the single largest transfer of wealth from the poor to the rich in the history of our country.
    “Reading this bill, you realize pretty quickly why did this in the dead of night. At least 7.6 million people losing Medicaid coverage, millions more losing health coverage and seeing costs go up, students having their Pell Grants cut, not to mention the biggest cut to SNAP in history—all to help fuel up corporate jets and executive bonuses with tax cuts for billionaires.
    “But—bad news for Republicans—we are not going to let them keep the American people in the dark. We are going to put a bright and burning spotlight on this big, ugly, disaster of a bill. The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in.
    “In Washington state, we are looking at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire.
    “Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget. And on top of all that Republicans’ bill would defund Planned Parenthood—a longtime goal of anti-abortion extremists that would be absolutely devastating for women’s health care in our state and across the country. Defunding Planned Parenthood would put 200 health centers at risk of closure across the country and put critical cancer screenings and birth control even further out of reach. And by the way, it would actually cost taxpayers money $300 million dollars over the next decade, according to nonpartisan estimates.
    “Altogether, the health care cuts in Republicans’ mega-bill will mean: hospitals and nursing homes shutting down—especially in rural areas; millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act; people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape; Planned Parenthood health centers closing their doors; kids with disabilities losing out on the care they need; medical debt skyrocketing; and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage.
    “Needless to say, all of that means higher costs and less access to care for everyone, not just people on Medicaid. But I have to say, for the life of me, I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid—ever—looked at this bill, looked at what it would do to the people they serve, and said, “count me in!”
    “Now, it’s worth noting, House Republicans did make some last-minute changes, but not what you might expect. They made sure more people will lose their health care sooner. And they made sure it will be more expensive to get health coverage on the exchanges. Oh, and don’t forget they got rid of a tax on gun silencers. Seriously—of all things!?
    “The people at the top? The billionaires and biggest corporations? They are doing fine. You don’t need to shower them with money taken out of the pockets of struggling families.
    “And you know what? If you want to help American businesses, all you have to do is pass legislation to stop Trump’s trade war which is hurting businesses and driving up costs. Doesn’t that sound better than taking food from hungry kids to give Elon Musk another tax break? Doesn’t that make more sense than kicking seniors out of nursing homes? Doesn’t that seem a little more reasonable that cutting patients off from their health care?
    “The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give and handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular. They know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible.
    “But we are putting this heist on full blast and fighting back against it with everything we’ve got. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017.
    “So, my message to everyone is—now is the time to get loud, speak out, talk to your friends and family in Republican districts, call your Member of Congress. And remember, you are not powerless.
    “Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents.”

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only)

    Source: Hong Kong Government special administrative region

    Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only) 
    Rebecca (Co-Founder and Managing Director of Asia Alternatives, Ms Rebecca Xu), Conrad (Founder and Chairman of Strategic Year Holdings, Mr Conrad Tsang), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you at the HKVCA’s flagship event – the Greater China Private Equity Summit – a global gathering of professionals and industry leaders of the private equity and venture capital sector.
     
         Today, the global economy is confronted by geopolitical tensions and economic fragmentation, and threatened by the rise of unilateralism and protectionism. Against this backdrop, it is all the more necessary to have a stable and predictable “super connector” with an overall conducive business environment.
     
         This is exactly what Hong Kong stands to provide. Earlier this year, the International Monetary Fund has reaffirmed Hong Kong’s position as an international financial centre and recognised Hong Kong’s resilient financial system, as supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System. Indeed, Hong Kong ranked third in the world and first in Asia in the latest Global Financial Centers Index, whilst topping its “investment management” and “finance” matrix globally.
     
    China connectivity
     
         One unique advantage of Hong Kong is our preferential access to the Mainland China market. Last year (2024) marked the 10th anniversary of the mutual market access programmes between the Mainland and Hong Kong financial markets. Various mutual access programmes have been introduced one after another and have thrived over the past few years. The Connect Schemes allow international investors to conveniently invest in the Mainland China market through Hong Kong. At the same time, they enable Mainland investors to diversify their asset allocation through Hong Kong, facilitating the two-way flow of capital between the Mainland market and international markets, as well as the internationalisation of the Renminbi.
     
         The content and scope of mutual access have continued to deepen and expand, now encompassing a wide range of offerings, including stocks, bonds, exchange-traded funds, derivatives for risk management, and more. Real estate investment trusts will also soon be included in the Connect Schemes.
     
         Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is fast emerging as a young and massive consumer market that is increasingly affluent, and has a growing demand for quality financial products and services, and a need for diversified asset allocation. Home to 87 million people with a GDP (Gross Domestic Product) per capita of US$40,000 on a purchasing power parity basis, the GBA presents immense potential in driving the synergistic development of Hong Kong and other GBA cities.
     
         Tapping into the potential of this market, the GBA Cross-boundary Wealth Management Connect (WMC) was launched in 2021 and enhanced in February last year. The WMC provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diversified wealth management products. As of the end of April this year, about 154 000 individual investors in the GBA participated in the WMC, and cross-boundary fund remittances totalled close to RMB112 billion.
     
         Another recent case of our continued endeavour to deepen the mutual access and strengthen financial market development is the enhancements to the Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement in January this year. By relaxing sales restrictions and allowing Hong Kong funds to delegate investment management functions overseas, the measures significantly increased the diversity of fund products, enhanced the scale of funds, and brought a positive effect to the distribution of MRF funds.
     
    Asset and wealth management hub
     
         With the your staunch support, we are solidifying Hong Kong’s role as an international asset and wealth management centre. As at the end of 2023, the assets under management (AUM) of the Hong Kong’s asset and wealth management business reached about US$4 trillion, registering a growth of about 30 per cent over five years, and 64 per cent of the capital was sourced from non-Hong Kong investors, underscoring our city’s role as a trusted gateway for global capital seeking access to opportunities across Asia and beyond. Our leadership is further evidenced by our standing as Asia’s largest hedge fund hub and Asia’s largest cross-border wealth management centre.
     
         As of the end of April this year, there were 1 125 limited partnership funds registered in Hong Kong, representing a growth of over 30 per cent on a year-on-year basis. According to an industry report, as of the end of first quarter this year, the AUM of Hong Kong’s private equity business amounted to about US$230 billion, ranked second in Asia, just trailing the Mainland China market.
     
         To drive development on this front, we are welcoming alternative asset funds to list in Hong Kong. The Securities and Futures Commission has recently issued a circular to clarify the regulatory requirements for authorising closed-ended funds that invest mainly in private and less liquid assets, thereby encouraging sizeable alternative asset funds, including those investing in private equity, private credit, and infrastructure equity or debt, to list in Hong Kong.
     
         I am sure this is a move welcomed by the industry, with benefits to investors that are multifold. On one hand, investors have broadened investment choices for diversification. On the other hand, investors may tap into opportunities previously only available to institutional and professional investors. Those with a long-term investment horizon may potentially achieve higher returns and a more stable valuation.
     
         Another welcome move, I believe, is our proposal to enhance the tax incentives for funds, single family offices and carried interest. These proposals aim to expand the scope of qualifying funds to include vehicles such as pension and endowment funds, while also increasing the range of eligible asset classes for tax concessions including emerging instruments like carbon credits, emission derivatives, insurance-linked securities, private credit investments, and virtual assets. In addition, we plan to enhance the tax concession arrangement on the distribution of carried interest by private equity funds by removing the existing HKMA (The Hong Kong Monetary Authority)’s certification requirement and eliminating the reference to a hurdle rate. We have completed the industry consultation and we are now formulating the relevant enhancement measures with financial regulators based on the feedback received. We target to work out the details of the proposals this year and submit the legislative proposals to the Legislative Council for consideration next year. If approved, the relevant measures will take effect from the year of assessment 2025/26, which begins on April 1 this year.
     
         Another focus area of ours is the family office sector. The growth of family offices has been particularly noteworthy, with over 2 700 single family offices operating in Hong Kong as of the end of 2023. More than half of them are managing portfolios exceeding US$50 million, and in particular, over 30 percent are managing portfolios over US$100 million, reflecting Hong Kong’s appeal to ultra-high-net-worth individuals (UHNWIs) and institutional investors alike. Backing this claim is a market report last year that ranked Hong Kong first in Asia and second in the world in terms of the population size of UHNWIs in 2023 among global cities. This is a testament to our city’s potential and capacity to attract and nurture wealth, further solidifying our position as a global wealth management and family office hub.
     
         Targeting this segment with promising growth potential, we have been implementing a series of policy measures to support the development of the family office business after we issued the Policy Statement on Developing Family Office Businesses in Hong Kong in 2023. Among others, we are fostering collaboration, networking and knowledge sharing across the family offices from around the world via the Hong Kong Academy for Wealth Legacy for the current and next generation of wealth owners.
     
         We also launched the New Capital Investment Entrant Scheme in March 2024 where Limited Partnership Funds are included as Permissible Investment Assets. As of the end of April this year, 1 257 applications have been received, potentially bringing in an investment amount of over HK$37 billion to Hong Kong.
     
    Closing
     
         Ladies, and gentlemen, Hong Kong is well-positioned to maintain and enhance its status as a leading international financial centre, notable for our certainty, transparency, and predictability. Our ongoing efforts to establish new ties, attract new capital and foster innovation will ensure our continued strength as a “super connector” in an ever-changing world.
     
         As we continue to bridge global investors with opportunities in the international and Mainland markets, we look to the HKVCA and other professionals alike to foster industry development through leveraging on our distinct advantages.
     
         On this note, I would like to thank the HKVCA again for hosting today’s event and your continued contribution to the industry. I wish you all an enjoyable and rewarding summit today. Thank you.
    Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –