Category: Economy

MIL-OSI: Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

HONOLULU, May 15, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second quarter ended March 31, 2025. For the quarter, the Company had revenue from continuing operations of $3,569,000 and a net loss from continuing operations of $1,538,000 or $0.15 per share. In the prior year quarter ended March 31, 2024, the Company reported quarterly revenue from continuing operations of $4,678,000 and a net loss from continuing operations of $1,306,000 or $0.13 per share.

The net loss from continuing operations for the three months ended March 31, 2025, was due to an increase of $906,000, 72%, in general and administrative expenses due to $978,000 in new expenses related to both a shareholder consent solicitation and a proxy contest as compared to the same period in the prior year. Additionally, the loss was due to a decrease of $500,000 in our land investment segment operating results, before non-controlling interests’ share of such profits, due to the Kukio Resort Land Development Partnerships’ sale of two lots in the prior quarter period, whereas no lots were sold in the current quarter period.

Non-Cash Impairment, Oil and Gas Production

The net loss from continuing operations for the three months ended March 31, 2025 included a ceiling test impairment of $52,000 as compared to a $1,677,000 ceiling test impairment in the prior year period, a $1,625,000 decrease. Additionally, oil and natural gas depletion in the current year period decreased $589,000 as compared to the second quarter in the prior year due to a lower depletion rate due to prior years’ write downs and decreased production. Oil, natural gas and natural gas liquids production decreased 14%, 24% and 13%, respectively, during the three months ended March 31, 2025, compared to the prior year’s quarter.

Sale of our Water Drilling Subsidiary

During the three months ended March 31, 2025, the Company completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. (“Water Resources”) for $1,050,000. Water Resources drilled water wells and water pumping systems in Hawaii and represented our contract drilling segment. As a result of the sale, the Company has reclassified the results of its contract drilling business as discontinued operations for all periods presented. Having previously sold assets held by this segment, the Company recorded a loss of $193,000 on the sale of Water Resources in the quarter ended March 31, 2025.

Proxy Contest, Expenses Increase

The aforementioned consent solicitation and proxy contest are currently on going and costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by these matters beyond March 31, 2025. The Company is unable to estimate the amount of such future costs as the matter as such costs will depend upon the future actions to be taken, which are yet to be determined.

Due to these proxy contest costs, incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, non-core oil and natural gas property sales and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships, however, no probable timing or amounts of such funding have yet been secured.

Summary and Outlook

Craig D. Hopkins, CEO, stated, “Our current proxy contest has negatively impacted the Company’s liquidity and hindered its investment and growth opportunities. The completed sale of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell should be positioned to invest more in operations. The Company ended the quarter with a working capital deficit of $57,000, including $1,432,000 in cash and cash equivalents.

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE OPERATING RESULTS
(Unaudited)

	Three months ended						Six months ended
	March 31,						March 31,
		2025			2024			2025			2024

Revenues	$	3,569,000		$	4,678,000		$	7,503,000		$	9,840,000

Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(1,538,000	)	$	(1,306,000	)	$	(3,136,000	)	$	(1,656,000	)
Net earnings (loss) from discontinued operations		331,000			(466,000	)		12,000			(780,000	)
Net loss attributable to Barnwell Industries, Inc.	$	(1,207,000	)	$	(1,772,000	)	$	(3,124,000	)	$	(2,436,000	)

Basic and diluted net (loss) earnings per share:
Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(0.15	)	$	(0.13	)	$	(0.31	)	$	(0.16	)
Net earnings (loss) from discontinued operations		0.03			(0.05	)		–			(0.08	)
Net loss attributable to Barnwell Industries, Inc.	$	(0.12	)	$	(0.18	)	$	(0.31	)	$	(0.24	)

Weighted-average shares and
equivalent shares outstanding:
Basic and diluted		10,053,534			10,019,172			10,050,319			10,007,905

CONTACT:	Craig D. Hopkins
	Chief Executive Officer and President
	Phone: (403) 531-1560
	Email:info@bocl.ca

The MIL Network –

May 15, 2025

MIL-OSI: Tradoor Unveils ‘Fastest DEX on TON’ Following $3.2m in Financing

Source: GlobeNewswire (MIL-OSI)

HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Tradoor, the first triple Perps, Options, and SocialFi DEX on The Open Network (TON), has announced $3.2 million in total funding to bring CEX-grade trading to Telegram. The rounds were led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab. The financing also includes a $1.5 million token purchase commitment, which will support Tradoor’s roadmap to deliver high-frequency trading on TON, and an upcoming ‘Turbo Rewards’ trade to earn campaign.

Tradoor introduces groundbreaking features such as Turbo Mode and Turbo Accounts, which dramatically enhance trading speed and user experience. Turbo Mode enables transactions at 10,000 TPS with confirmation times as fast as 50 milliseconds. Turbo Accounts allow seamless one-click trades and multi-chain deposits from networks such as Ethereum, BNB Smart Chain, or Solana, and ensure zero price slippage for unmatched trading efficiency.

“Think of Tradoor as ‘Hyperliquid in your pocket’, on Telegram,” said core contributor Balal Khan. “With Turbo Mode, users enjoy instant trades at speeds 600x faster than before, fully onchain on TON, with the lowest gas fees on the network. Users can open a Turbo Account in just one step, no KYC required, and start trading with a single click. The Price Lock mechanism guarantees zero slippage, making your trading efficient and worry-free.”

Tradoor is set to launch token swap functionality and innovative AI-powered features, including text-to-trade, which lets users execute trades via text commands, and a social copy trading product, allowing users to replicate the trades of top-performing community traders.

The “Turbo Rewards” trade to earn campaign will offer reward trading activity in the form of $DOOR points – Tradoor’s in-app reward – with points awarded for trading volume.

Jehan Chu of Kenetic Capital commented, “Tradoor’s integration on Telegram brings CEX-grade trading into the hands of hundreds of millions of users. With its innovative Turbo Mode, we believe Tradoor is uniquely positioned to introduce high-frequency trading into TON’s rapidly growing ecosystem.”

Telegram, already a prominent global messaging platform, continues to gain significant traction within the crypto community. TON, its underlying blockchain ecosystem, has 42 million activated wallets and supports a wide array of decentralized applications — further amplifying Tradoor’s potential reach and impact.

Tradoor’s new multi-collateral pool now includes support for tgBTC, which could provide liquidity providers with attractive double-digit yields on USDT, Toncoin, tgUSD, and Bitcoin. tgBTC functions as a tokenized version of Bitcoin within the Telegram and TON ecosystems, designed to enable users to access DeFi benefits while retaining exposure to Bitcoin.

Since its launch in Q3 2024, Tradoor has reached several key milestones, including over $400 million in trading volume, 360,000 total active users, and a record-breaking $49 million in daily trading volume — the highest on TON to date. The platform has also earned industry recognition, winning both the Open League 6 contest organized by TON Society and the TON Code Summer Asia Hackathon.

About Tradoor

Tradoor is the first triple Perps + Options + SocialFi decentralized protocol on TON, a fast and self-custodial all-in-one trading tool for Telegram and Web App users. It’s unique ‘Turbo Mode’ offers one-click confirmations and a high throughput of 10K TPS, 50ms execution time, with the lowest gas fees on TON. Users experience zero price slippage with the Price Lock guarantee and fair pricing with the AI-enhanced Liquidity Shield. Turbo Accounts enhance usability with one-click trades and multi-chain deposit support.

Website: tradoor.io｜Mini App｜User Guide｜Twitter/X｜Telegram News

For media enquiries, please contact Wei Wei Lim: limweiwei@tradoor.io

Disclaimer: This is a paid post and is provided by Tradoor. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

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Photos accompanying this announcement are available at :

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The MIL Network –

May 15, 2025

MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

Business and Financial Highlights for the First Quarter 2025

Gross transaction value (GTV)¹ was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income² was RMB1,393 million (US$192 million), relatively flat year-over-year.
Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores³ was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents⁴ was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
Mobile monthly active users (MAU)⁵ averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

“Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

First Quarter 2025 Financial Results

Net Revenues

Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.
Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.

Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.

Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.

Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

Cost of Revenues

Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.

Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.

Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.

Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.

Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.

Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

Gross Profit

Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

Income from Operations

Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.

Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.

Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

Adjusted income from operations⁶ was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin⁷ was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA⁸ was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

Net Income

Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders⁹ was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹⁰ were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹¹ were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

Conference Call Information

The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland, China:	400-1209-216
Hong Kong, China:	800-930-639
International:	+61-7-3107-6325
Replay PIN (English line):	10046740
Replay PIN (Chinese simultaneous interpretation line):	10046741

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

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: ir@ke.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ke@tpg-ir.com

Source: KE Holdings Inc.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data)

	As of December 31,	As of March 31,
	2024	2025
	RMB	RMB	US$

ASSETS
Current assets
Cash and cash equivalents	11,442,965	12,772,700	1,760,125
Restricted cash	8,858,449	10,145,685	1,398,113
Short-term investments	41,317,700	31,876,941	4,392,760
Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively	2,835,527	2,073,051	285,674
Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively	5,497,989	5,139,299	708,214
Amounts due from and prepayments to related parties	379,218	390,196	53,770
Loan receivables from related parties	18,797	194,086	26,746
Prepayments, receivables and other assets	6,252,700	7,573,610	1,043,672
Total current assets	76,603,345	70,165,568	9,669,074
Non-current assets
Property, plant and equipment, net	2,400,211	2,427,395	334,504
Right-of-use assets	23,366,879	23,536,212	3,243,377
Long-term investments, net	23,790,106	27,618,510	3,805,932
Intangible assets, net	857,635	823,140	113,432
Goodwill	4,777,420	4,777,420	658,346
Long-term loan receivables from related parties	131,410	19,360	2,668
Other non-current assets	1,222,277	1,244,856	171,546
Total non-current assets	56,545,938	60,446,893	8,329,805
TOTAL ASSETS	133,149,283	130,612,461	17,998,879

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)

	As of December 31,	As of March 31,
	2024	2025
	RMB	RMB	US$

LIABILITIES
Current liabilities
Accounts payable	9,492,629	7,868,788	1,084,348
Amounts due to related parties	391,446	427,753	58,946
Employee compensation and welfare payable	8,414,472	5,226,229	720,194
Customer deposits payable	6,078,623	7,452,000	1,026,913
Income taxes payable	1,028,735	823,746	113,515
Short-term borrowings	288,280	182,010	25,082
Lease liabilities current portion	13,729,701	13,579,265	1,871,273
Contract liabilities and deferred revenue	6,051,867	6,583,215	907,191
Accrued expenses and other current liabilities	7,268,505	10,618,658	1,463,290
Total current liabilities	52,744,258	52,761,664	7,270,752
Non-current liabilities
Deferred tax liabilities	317,697	317,697	43,780
Lease liabilities non-current portion	8,636,770	8,579,296	1,182,259
Other non-current liabilities	2,563	2,465	340
Total non-current liabilities	8,957,030	8,899,458	1,226,379
TOTAL LIABILITIES	61,701,288	61,661,122	8,497,131

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)

	As of December 31,		As of March 31,
	2024		2025
	RMB		RMB		US$

SHAREHOLDERS’ EQUITY
KE Holdings Inc. shareholders’ equity
Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding⁽¹⁾ as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding⁽¹⁾ as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)	461		460		63
Treasury shares	(949,410	)	(462,581	)	(63,745	)
Additional paid-in capital	72,460,562		68,618,103		9,455,827
Statutory reserves	926,972		926,972		127,740
Accumulated other comprehensive income	609,112		616,892		85,010
Accumulated deficit	(1,723,881	)	(868,114	)	(119,629	)
Total KE Holdings Inc. shareholders’ equity	71,323,816		68,831,732		9,485,266
Non-controlling interests	124,179		119,607		16,482
TOTAL SHAREHOLDERS’ EQUITY	71,447,995		68,951,339		9,501,748
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	133,149,283		130,612,461		17,998,879

(1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net revenues
Existing home transaction services	5,727,030		6,870,407		946,767
New home transaction services	4,916,515		8,074,995		1,112,764
Home renovation and furnishing	2,408,848		2,945,443		405,893
Home rental services	2,625,203		5,087,776		701,114
Emerging and other services	699,718		349,726		48,194
Total net revenues	16,377,314		23,328,347		3,214,732
Cost of revenues
Commission-split	(3,418,179	)	(5,693,140	)	(784,536	)
Commission and compensation-internal	(3,620,949	)	(4,818,277	)	(663,976	)
Cost of home renovation and furnishing	(1,671,718	)	(1,985,956	)	(273,672	)
Cost of home rental services	(2,480,497	)	(4,746,056	)	(654,024	)
Cost related to stores	(685,047	)	(716,809	)	(98,779	)
Others	(378,838	)	(547,217	)	(75,408	)
Total cost of revenues⁽¹⁾	(12,255,228	)	(18,507,455	)	(2,550,395	)
Gross profit	4,122,086		4,820,892		664,337
Operating expenses
Sales and marketing expenses⁽¹⁾	(1,623,737	)	(1,772,957	)	(244,320	)
General and administrative expenses⁽¹⁾	(2,019,195	)	(1,873,760	)	(258,211	)
Research and development expenses⁽¹⁾	(467,300	)	(583,610	)	(80,424	)
Total operating expenses	(4,110,232	)	(4,230,327	)	(582,955	)
Income from operations	11,854		590,565		81,382
Interest income, net	309,675		268,568		37,010
Share of results of equity investees	(4,086	)	7,345		1,012
Fair value changes in investments, net	7,765		110,486		15,225
Impairment loss for equity investments accounted for using measurement alternative	(6,147	)	–		–
Foreign currency exchange loss	(17,748	)	(39,633	)	(5,462	)
Other income, net	537,638		445,447		61,384
Income before income tax expense	838,951		1,382,778		190,551
Income tax expense	(406,829	)	(527,455	)	(72,685	)
Net income	432,122		855,323		117,866

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net loss (income) attributable to non-controlling interests shareholders	(348	)	444		61
Net income attributable to KE Holdings Inc.	431,774		855,767		117,927
Net income attributable to KE Holdings Inc.’s ordinary shareholders	431,774		855,767		117,927

Net income	432,122		855,323		117,866
Currency translation adjustments	36,335		(23,695	)	(3,265	)
Unrealized gains on available-for-sale investments, net of reclassification	25,331		31,475		4,337
Total comprehensive income	493,788		863,103		118,938
Comprehensive loss (income) attributable to non-controlling interests shareholders	(348	)	444		61
Comprehensive income attributable to KE Holdings Inc.	493,440		863,547		118,999
Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders	493,440		863,547		118,999

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

Weighted average number of ordinary shares used in computing net income per share, basic and diluted
—Basic	3,439,606,429	3,362,716,016	3,362,716,016
—Diluted	3,541,861,506	3,522,002,071	3,522,002,071

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Net income per share attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.13	0.25	0.03
—Diluted	0.12	0.24	0.03

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.38	0.76	0.10
—Diluted	0.37	0.73	0.10

(1) Includes share-based compensation expenses as follows:
Cost of revenues	124,433	109,558	15,097
Sales and marketing expenses	47,303	45,295	6,242
General and administrative expenses	577,134	331,203	45,641
Research and development expenses	44,510	41,113	5,666

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Income from operations	11,854		590,565		81,382
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Adjusted income from operations	959,527		1,147,617		158,146

Net income	432,122		855,323		117,866
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Tax effects on non-GAAP adjustments	(6,916	)	(6,494	)	(895	)
Adjusted net income	1,392,217		1,392,797		191,932

Net income	432,122		855,323		117,866
Income tax expense	406,829		527,455		72,685
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets	158,506		35,171		4,847
Depreciation of property, plant and equipment	165,169		178,254		24,564
Interest income, net	(309,675	)	(268,568	)	(37,010	)
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Adjusted EBITDA	1,665,669		1,841,720		253,795

Net income attributable to KE Holdings Inc.’s ordinary shareholders	431,774		855,767		117,927
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Tax effects on non-GAAP adjustments	(6,916	)	(6,494	)	(895	)
Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders	(7	)	(7	)	(1	)
Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders	1,391,862		1,393,234		191,992

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.38	0.76	0.10
—Diluted	0.37	0.73	0.10

Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.83	0.48	0.07
—Diluted	0.81	0.46	0.06

Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	1.21	1.24	0.17
—Diluted	1.18	1.19	0.16

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net cash used in operating activities	(2,108,532	)	(3,965,271	)	(546,429	)
Net cash provided by investing activities	1,290,426		6,285,669		866,188
Net cash provided by (used in) financing activities	(252,538	)	261,073		35,977
Effect of exchange rate change on cash, cash equivalents and restricted cash	(3,505	)	35,500		4,892
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,074,149	)	2,616,971		360,628
Cash, cash equivalents and restricted cash at the beginning of the period	25,857,461		20,301,414		2,797,610
Cash, cash equivalents and restricted cash at the end of the period	24,783,312		22,918,385		3,158,238

KE Holdings Inc. UNAUDITED SEGMENT CONTRIBUTION MEASURE (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$
Existing home transaction services
Net revenues	5,727,030		6,870,407		946,767
Commission and compensation	(3,180,925	)	(4,252,291	)	(585,981	)
Contribution	2,546,105		2,618,116		360,786
New home transaction services
Net revenues	4,916,515		8,074,995		1,112,764
Commission and compensation	(3,821,103	)	(6,185,772	)	(852,422	)
Contribution	1,095,412		1,889,223		260,342
Home renovation and furnishing
Net revenues	2,408,848		2,945,443		405,893
Material costs, commission and compensation	(1,671,718	)	(1,985,956	)	(273,672	)
Contribution	737,130		959,487		132,221
Home rental services
Net revenues	2,625,203		5,087,776		701,114
Property leasing costs, commission and compensation	(2,480,497	)	(4,746,056	)	(654,024	)
Contribution	144,706		341,720		47,090
Emerging and other services
Net revenues	699,718		349,726		48,194
Commission and compensation	(37,100	)	(73,354	)	(10,109	)
Contribution	662,618		276,372		38,085

KE Holdings Inc. UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued) (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$
Reconciliation of profit
Cost related to stores	(685,047	)	(716,809	)	(98,779	)
Other costs	(378,838	)	(547,217	)	(75,408	)
Amounts not allocated to segment:
Sales and marketing expenses	(1,623,737	)	(1,772,957	)	(244,320	)
General and administrative expenses	(2,019,195	)	(1,873,760	)	(258,211	)
Research and development expenses	(467,300	)	(583,610	)	(80,424	)
Total operating expenses	(4,110,232	)	(4,230,327	)	(582,955	)
Income from operations	11,854		590,565		81,382

¹ GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
² Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
³ Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
⁴ “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
⁵ “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
⁶ Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁷ Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
⁸ Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁹ Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
¹⁰ ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
¹¹ Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

The MIL Network –

May 15, 2025

MIL-OSI Economics: OEUK news Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report 15 May 2025
Source: Offshore Energy UK

Headline: OEUK news

Record increase in offshore wind capacity critical to Clean Power 2030 goal, says OEUK report

15 May 2025

In its 2025 Offshore Wind Insight, Offshore Energies UK (OEUK) warns that without action to address price inflation, capital cost and UK supply chain competitiveness, the UK will fail to meet the government’s Clean Power 2030 (CP30) target of between 43 and 51 GW of installed offshore wind capacity.

The UK has the capacity to become a major exporter of wind energy, but if it is to meet CP2030 objectives the September wind allocation round (AR7) will have to be the biggest ever with more than 8GW of new licences awarded.

As the halt to Hornsea 4 wind farm last week shows, cost inflation, finance costs and market outlook make investment in offshore wind all the more challenging, putting additional pressure on CP30 delivery.

North Sea oil and gas have provided the primary source of energy for more than 50 years and the UK will continue to need homegrown oil and gas as part of an integrated energy mix for years to come alongside the build out of renewables. As the focus on decarbonising the economy gains momentum, electricity is expected to dominate the future low carbon energy mix. Much of this will be generated by offshore wind installations fixed to the seabed as well as floating offshore wind (FOW) structures but unless the pace of change quickens, the UK stands to achieve only 35GW by 2030, short of the CP30 target.

In 2024, the National Energy System Operator (NESO) published the Clean Power 2030 (CP30) report, setting out recommendations to the UK government on the design of a clean power grid by 2030. With a goal to accelerate progress to net zero by eliminating emissions that currently come from electricity generation, CP30 also aims to ensure that heating, transport and industry sectors are powered by electricity.

The plan sees a huge build out of renewables including 43-50 Gigawatts (GW) of offshore wind, 27-29 GW of onshore wind, and 45-47 GW of solar power. Noting all renewables play important roles in delivering a clean power grid, whereby Britain will generate enough clean power to meet 95% of total annual electricity demand by 2030, NESO highlighted the critical role of offshore wind.

OEUK’s Wind & Renewables Manager, Thibaut Cheret says:

“Meeting the government’s 2030 target of 43 and 51 GW of installed offshore wind capacity means securing £15bn of private investment in offshore wind each and every year between now and 2030. The government’s next Contract for Difference auction in Allocation Round 7 (AR7), which incentivises new low carbon electricity generating projects, will need to secure historic levels of renewable energy procurement. AR7 needs to clear a record 8.4GW of offshore wind capacity to maintain the course toward CP30.”

“With the flexibility to supply oil and gas installations or the national grid, Floating Offshore Wind (FOW) will become a critical tool for delivering CP30 and beyond. Offshore wind leasing rounds released by Innovation and Targeted Oil and Gas (INTOG) under the auspices of Crown Estate Scotland are helping decarbonise offshore oil and gas production whilst accelerating deployment of the first floating offshore wind project at commercial scale.

“As Floating Offshore Wind projects will have access to windier areas in deeper waters around the UK, it is set to become the growth engine beyond 2030 with investment in FOW likely to overtake fixed-bottom wind in 2033. More than 50 years oil and gas experience means that our UK supply chain is well equipped to capture a sizeable stake of the floating wind market, but a significant portion of the spend required is beyond the reach of many UK companies, which highlights the need for strategic investment in innovation, skills and infrastructure. Getting this right means the UK can become a market leader in wind power generation and play a major part in delivering a homegrown energy transition.”

Wind power remains a key component of the UK’s energy system, its share for UK’s electricity amounting to 29.5% in 2024. Of that, offshore wind contributed 17.2% of total electricity generation. Its ability to outperform onshore wind generation relative to installed capacity is down to newer, larger turbines installed off the coast of Britain, where wind speeds are often stronger for longer and efficiency is likely to be higher. This makes offshore wind one of the most attractive of the renewable energy technologies.

Key report recommendations:
- Development plans should be front-loaded to meet CP 2030 – The UK is not on track to meet CP 2030 target so Allocation Round 7 (AR7) needs to be the most ambitious auction round yet. It will need to secure 8.4 GW of new offshore wind capacity if the UK is to stay on course for CP30.
- Timely delivery of transmission infrastructure will be essential– Rebuilding the National Grid electricity transmission grid will be a massive task. A grid investment programme of £58bn will be required to support 50 GW offshore wind by 2030.
- Investment in UK energy should be to the long-term benefit of the UK economy– £65bn will be invested in UK offshore wind over the next five years – this has the potential to transform the growth outlook for the UK. The forthcoming UK industrial strategy should make developing a competitive homegrown energy supply chain equipped to make the most of these opportunities one of its key objectives.
- Energy security is as important as a predominantly renewables-based power system-There should be a focus on homegrown energy, making the most of UK resources. There will be a continued role for gas-fired power generation to balance the grid. This should see the progressive deployment of gas with CCS and in due course hydrogen-fuelled power generation. Interconnectivity will help. A North Sea integrated grid can save £37bn/yr and cut wholesale prices by a fifth and would avoid system duplication.
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MIL OSI Economics –
May 15, 2025
MIL-OSI Economics: Thales inaugurates GenF, a first step towards nuclear fusion energy
Source: Thales Group

Headline: Thales inaugurates GenF, a first step towards nuclear fusion energy

15 May 2025

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- Thales, a global leader in high-power lasers, will inaugurate GenF on Thursday 15 May 2025 in Le Barp (Bordeaux). GenF aims to take a major step toward in developing a new energy source that is safe, abundant, competitive and low-carbon, through inertial confinement nuclear fusion.
- GenF is working in collaboration with the CEA, CNRS, École polytechnique and the Nouvelle-Aquitaine Region to design a first inertial confinement fusion reactor.
- Thales is contributing its expertise in high-power lasers, developed at its Élancourt site, which enabled the company to build the world’s most powerful laser system, currently in operation in Romania.
Energy production through nuclear fusion is now identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-increasing energy demand across various sectors of the economy, such as transport, construction, agriculture and the digital industry. According to the IEA (International Energy Agency), electricity consumption by data centres is expected to more than double by 2030, particularly due to the rise of AI.

Nuclear fusion is therefore regarded as a tremendous opportunity to create a new energy source that is safe (it carries no risk of runaway reactions), abundant (its resources are widely available in nature), competitive and low-carbon (it emits no greenhouse gases). Furthermore, nuclear fusion generates one million times less radioactive waste than fission, and this waste can be eliminated more quickly.

To achieve nuclear fusion, extensive research is being carried out on two methods: magnetic confinement and inertial confinement. The inertial confinement method requires the use of high-energy lasers to compress matter and reach the thermonuclear conditions required for fusion. Significant scientific progress is still needed for this method of energy production to be deployed.

To ensure that France remains one of the pioneering countries in this field, the government, via BPI France, launched a call for projects on “innovative nuclear reactors” in June 2023, under the France 2030 initiative. Drawing on its expertise in high-power lasers, Thales submitted the TARANIS project, in partnership with the CEA, the CNRS and École polytechnique, to demonstrate the feasibility of designing a first inertial confinement nuclear fusion reactor. The project was selected in February 2024, giving it access to a €18,5 million budget for its initial development phase. To bring together the essential complementary expertise, Thales created the company GenF, officially launched in January 2025, and signed a first contract worth several million euros for the development of its fusion laser.

GenF will progress through three development phases:
1. By 2027, GenF plans a first phase of modelling and simulation, calibrated through experiments on existing facilities such as LMJ;
2. From 2027 to 2035, a second phase will focus on the maturation of fusion technologies such as multiple laser synchronisation, the production of cryogenic targets and the development of new materials for the reactor wall;
3. From 2035, a third phase could lead to the scaling-up of the reactor, with the construction of a first prototype.
GenF currently brings together around ten scientists, engineers and industrial experts and involves about forty people from all the institutions combined. The company will inaugurate its premises in Le Barp (Bordeaux) on Thursday 15 May 2025, with support from the Nouvelle-Aquitaine Regional Council—region that already brings together many areas of expertise in nuclear fusion, including the Centre Lasers Intenses et Applications (CELIA – CNRS/University of Bordeaux/CEA) and the Centre d’Études Scientifiques et Techniques d’Aquitaine (CESTA – CEA).

Thales has 40 years of experience in high-power lasers. From design and development to installation, team training and operational support, Thales masters the entire high-power laser expertise chain, which includes laser sources from 10 TW to 10 petawatts, beam transport lines, target focusing optics and quality control systems. Thales has also been active in nuclear fusion for over 25 years, particularly as a lead contractor for subassemblies as part of the Laser Mégajoule programme, a research initiative on inertial confinement fusion developed by the CEA. In addition, at its Vélizy and Thonon sites, Thales develops high-power electronic tubes for magnetic confinement fusion reactors, including for the international ITER demonstrator.
MIL OSI Economics –
May 15, 2025
MIL-OSI Economics: Piero Cipollone: Harnessing the digital future of payments: Europe’s path to sovereignty and innovation

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the France Payments Forum event “Digital euro and the future of payments in Europe”

Paris, 15 May 2025

Thank you for inviting me to discuss the future of payments and the digital euro.

Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once we started paying in euro cash around Europe. Euro banknotes and coins made the currency the tangible symbol of a united Europe.

A strong currency also comes in tandem with strong payment systems. We offer payment infrastructures that form the plumbing of the financial system. Though less visible than banknotes and coins, these infrastructures are key to our monetary and financial integration.

Retail and wholesale payments are hence an integral part of our tasks at the central bank. We issue cash, supply reserves – the ultimate liquid asset – to banks and operate payment systems, thereby supporting our economy by enabling euro area transactions that are secure, risk-free and European. This is what preserves our economic stability and our monetary sovereignty.

Building on this reliable base, private sector firms can then offer their own solutions, without their customers having to worry about the money they use. One euro is one euro, because private money can be converted to cash at all times and because financial transactions can be settled in central bank money – the only risk-free asset there is.

So today, I want to focus on how we can make our currency future-proof and enhance the integration, competitiveness and resilience of European payments in the digital era.

As people increasingly prefer to pay digitally and online commerce expands, the role of cash as a universal payment solution is declining. We thus risk being left without a European solution that allows us to pay throughout the euro area in all situations. To restore the central role of cash, we need to complement physical cash with its digital equivalent, a digital euro. Making central bank money available in digital form might seem like a small and obvious step, but it is in fact an essential one for overcoming the entrenched and longstanding fragmentation of our payment market. The digital euro will achieve this directly by modernising the supply of public money and indirectly through its infrastructure and acceptance network, which private payment service providers can leverage to expand and innovate on a European scale. Ultimately, a digital euro will enhance the competitiveness of European providers and their ability to offer all types of digital payments to European consumers.

The situation is different for wholesale financial transactions as we already offer settlement in digital central bank money and do not face the same dependencies. However, market participants increasingly expect that tokenisation and distributed ledger technology (DLT) will transform financial transactions by enabling assets to be issued or represented as digital tokens. We are currently expanding our initiative to settle DLT-based transactions in central bank money. By making central bank money available, we avoid the risk of other settlement assets being used, such as US dollar stablecoins, which would reintroduce credit risk, fragmentation and a dependency on non-European solutions.

We are progressing on the retail and wholesale fronts in parallel. In both cases, Europe needs its own, sovereign money for the digital era, so that it can harness the benefits of integration, innovation and independence. In the words of the late French economist Michel Aglietta, money is not just a technical device, it is an essential institution.^[1]

A digital euro for everyday payments

Let me first discuss the rationale for the digital euro and the benefits it will bring.

Currently, cash is the sole sovereign payment method across the euro area. It offers Europeans a convenient, secure and universally accepted way to pay and store value, ensuring financial inclusion. Cash also upholds the resilience of our payment systems and economies, acting as a reliable fallback during crises such as cyberattacks or power outages. This is why we remain strongly committed to cash.^[2]

However, digital payments have gained popularity, with online shopping accounting for more than a third of our retail transactions. This means that acceptance of and access to cash are no longer sufficient to cover a growing share of payment situations. In value terms, cash payments made up only 24% of day-to-day payments in the euro area last year.^[3]

Lacking a genuine European payment solution that works across the euro area, we are left critically dependent on foreign payment providers.^[4] Currently, nearly two-thirds of euro area card-based transactions are processed by non-European companies while 13 euro area countries depend entirely on international card schemes or mobile solutions for in-store payments.^[5] And even where national card schemes are available, they require co-badging with international card schemes to facilitate cross-border payments within the euro area or online shopping. Moreover, mobile apps and e-payment solutions are dominated by foreign solutions like PayPal, Apple Pay or Alipay. And they partner with international card schemes to further reinforce their position and expand their reach: PayPal has just announced that it will start enabling contactless payments in Germany, using Mastercard technology.^[6] Looking ahead, our dependency could soon extend to foreign stablecoins, 99% of which are dollar-denominated in terms of total value.^[7]

As a result, European payments face three significant challenges.

First, we need to ensure our strategic autonomy and monetary sovereignty. Our overreliance on foreign payment providers makes us dependent on the kindness of strangers at a time of heightened geopolitical tensions. I trust that this risk is well understood in the country of De Gaulle. There is no true sovereignty without sovereign money.^[8] As my dear colleague Banque de France governor François Villeroy de Galhau has remarked, this is as true in the 21st century as it was in the past.^[9]

Second, we should simply ask ourselves why there is no Europe-based international card scheme. I would say it’s because we suffer from a lack of competitiveness and innovation. European payment service providers focus on their home country and struggle to compete on a European level, let alone on a global one, limiting their ability to drive large-scale innovation. The cost of investing in a European-wide acceptance network has often discouraged European payment service providers from offering a European card payment solution.

These failures come at a high price: the dominance of non-European providers stifles competition, leading to higher costs for merchants and consumers. And when transactions are conducted through international card schemes, European banks lose fees. When transactions are made on apps such as Apple Pay or PayPal, they lose fees and data. And if the use of US dollar stablecoins becomes more widespread, the banks could lose, fees, data and deposits.

Third, user experience is still poor for Europeans, who juggle multiple payment solutions to meet various needs. Despite the euro’s 25-year legacy, we still lack a digital payment solution that can be used across all euro area countries.

By introducing the digital euro, we aim to tackle these challenges head-on.

Importantly, the digital euro would make payments more convenient. It would provide a digital payment method that complements cash, extending its benefits into the digital realm. For instance, it would have legal tender status, meaning that it would be accepted wherever one can pay digitally. And it would also be available offline, offering users similar privacy to paying with cash and allowing them to pay even in the absence of a network connection. A digital euro would give European consumers a simple and safe digital payment option, free for basic use, that covers all their payment needs everywhere in the euro area.

In fact, one simple reason for introducing the digital euro is that people want it. Even at this early stage, surveys show that close to half of respondents would be likely to use the digital euro – a number that has significantly increased over time.^[10] This trend is confirmed by several surveys^[11] conducted by national central banks which suggest that many Europeans are open to the idea of using a digital euro.

Launching the digital euro would also ensure that the euro area retains control over its financial future. By offering a secure and universally accepted digital payment option which would be suitable for all use cases – and, crucially, under European governance – it would reduce our dependence on foreign providers. This would protect European merchants from excessive charges, strengthening their bargaining power with those providers and offering an attractive alternative.^[12] At the same time, European banks would be able to retain their customer relationship and be remunerated for their role in distributing the digital euro. And the digital euro would limit the likelihood of foreign currency stablecoins becoming widely used for retail payments within the euro area.

Moreover, the digital euro would be based on a core public-private partnership that would leverage synergies, enabling private initiatives to scale up across the euro area. For instance, domestic card payment solutions could co-badge with the digital euro to cover transactions currently beyond their reach. At the same time, banks’ wallets and internet banking solutions could integrate the digital euro as an alternative way to pay that is accepted throughout the euro area and supports both contactless and QR-based payments.^[13] The open digital euro standards – which can be finalised as soon as the regulation on the digital euro is adopted and can start being used even before the digital euro is issued – would facilitate cost-effective standardisation, allowing private providers to launch new products and functionalities on a European scale. This would unlock innovation and create new business opportunities. In fact, research shows that stock prices of European payment firms increase in response to positive announcements on the digital euro, whereas those of US payment firms decrease.^[14]

Last October we issued a call for expressions of interest in innovation partnerships for the digital euro. Some 70 merchants, fintech companies, start-ups, banks and other payment service providers – including four from France^[15] – have now joined us in exploring the potential of the digital euro to drive innovation.^[16] Our innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop digital payment features and services at European level. One of the areas we are exploring is broadening the set of possible conditional payments, such as making payments dependent on successful delivery of goods or services.

In July we will release a report on these innovation partnerships. It will include the technical information shared with the participants, enabling the entire market to replicate these activities, thereby further supporting innovation by the private sector. Additionally, based on the positive feedback from the pioneers, we will extend the exercise until the end of June, which will allow us to test new functionalities of conditional payments, incorporating fresh ideas and suggestions from our private sector counterparts.

The digital euro’s success in reclaiming our autonomy in the retail payment space and boosting innovation capacity hinges on collaboration. In recent years we have engaged extensively with market stakeholders, gathering input from consumers, merchants, banks and payment service providers. We have also started working with market participants on the digital euro rulebook – a single set of rules, standards and procedures for digital euro payments.^[17]

This inclusive approach helps us to address everyone’s needs and perspectives, crafting a robust payment solution and platform that will benefit all Europeans, support private sector innovation and preserve the future of our money – the euro.

The role of central bank money in shaping a European market for digital assets

Let me now turn to wholesale transactions, a domain where technology holds tremendous potential for transformation.

Currently, we facilitate transactions between financial institutions through our TARGET Services: T2 processes over 90% of large payments, while T2S handles securities transactions.

These services have significantly enhanced the efficiency and integration of post-trade platforms in Europe. And we plan to continue improving them: in 2023 we extended T2 operating times to 22.5 hours on weekdays and we are about to launch a consultation paper investigating stakeholder needs and their interest in a further extension of operating hours. In a month’s time we will also launch the European Collateral Management System, which will provide a single, harmonised framework for handling collateral in the 20 euro area countries.^[18] And in October 2027 we will move to T+1, shortening the settlement cycle from two days to one. Meanwhile, emerging technologies such as DLT and tokenisation have the potential to bring about a step change in wholesale markets.

These technologies are no incremental improvement: they represent a fundamentally new way of operating by allowing assets to be issued or represented in digital token form. This innovation would enable market participants to manage trading, settlement and custody on a single platform, available 24/7, 365 days a year. It would also synchronise trading and settlement. And it would enable new business models, as tokenised money can be used to automate conditional transactions. DLT and tokenisation could also reduce the cost and barriers to access capital markets, in particular for small and medium-sized enterprises.

In fact, the emergence of these new technologies is an opportunity to establish an integrated European capital market for digital assets from the outset – a digital capital markets union – which would contribute to better channelling our savings into productive uses and boosting Europe’s innovation potential.^[19] It could help European capital markets to become a hub for DLT-based financial services.

European banks are active in this space, with over 60% exploring or using DLT and 22% already implementing DLT applications. On the securities front, there is a growing number of high-profile issuances on DLT.

The availability of central bank money for settling transactions using these new technologies is crucial for two reasons. First, without central bank money, other settlement assets like stablecoins or tokenised deposits may be used, reintroducing credit risks and fragmentation into the financial system. Second, the market views the ability to settle in central bank money as a key factor in adopting new technologies.

Last year the Eurosystem conducted exploratory work with DLT for settling wholesale transactions in central bank money, using three different solutions to ensure interoperability between our infrastructures and market DLT platforms.^[20] The results were highly promising, with 60 industry participants settling real transactions in central bank money or conducting experiments with mock transactions. A wide range of securities and payments use cases were covered, including the first issuance of an EU sovereign bond using DLT. A total of €1.6 billion was settled over a six-month period, exceeding values settled in comparable initiatives in other parts of the world.

As the next step, we have already announced plans to provide a solution to settle DLT-based transactions in central bank money in the short term.^[21] Looking further ahead, the Eurosystem will explore a more integrated, long-term solution. A critical risk is indeed that DLT application fragmentation and a lack of interoperability could hinder the development of liquid DLT-based markets in Europe, imposing high costs on investors and issuers connecting to multiple platforms. So we need to create a more harmonised and integrated ecosystem.

One way to achieve this would be to move towards a shared ledger: a programmable platform bringing together token versions of central bank money, commercial bank money and other assets, on which market players can provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable the coexistence of both legacy and new solutions.

This approach will help us enhance the efficiency of European financial markets through innovation, aligning with the Eurosystem’s goal of achieving a more harmonised and integrated European financial system.

However, we cannot do this alone. As we enter this new exploration phase, collaboration with public and market stakeholders will be crucial.

Conclusion

Let me conclude.

The journey toward a digital euro and the integration of new technologies in wholesale transactions represents a pivotal moment for Europe. By embracing these innovations, we can strengthen our monetary sovereignty, enhance our competitiveness and pave the way for a more integrated and resilient financial system.

The digital euro will ensure that Europeans have access to a secure, reliable and universally accepted digital payment solution that complements cash while reducing our reliance on foreign providers. Meanwhile, leveraging central bank money in DLT-based transactions will foster a dynamic and unified digital asset market, driving innovation and unlocking new business opportunities across the continent.

In this transformative era, collaboration is key. We must bring together all stakeholders – public and private, national and European – to craft solutions that reflect the diverse needs and perspectives of all Europeans. Together, we can harness these technological advancements to build a financial ecosystem that is not only more efficient and innovative but also more inclusive and secure.

We have inherited a united Europe and a currency embodying this unity. Our legacy should be European sovereignty and a euro that is fit for the future. This is our collective responsibility, in the public and private sector alike.

Thank you for your attention.

MIL OSI Economics –

May 15, 2025
MIL-OSI Economics: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway
Source: Thales Group

Headline: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

15 May 2025

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- Thales fully supports the success of Vipps, Norway’s leading mobile wallet, which has enabled over one million users for mobile contactless payments since December 2024.
- Vipps wallet users are the first to benefit from a third-party mobile contactless payment solution on iOS, enabled by Thales D1 technology that securely digitizes payment cards on smartphone.
- This milestone highlights Thales’ continued leadership in digital payments and its commitment to support fast, large-scale innovation in partnership with financial players.
With the launch of NFC payments for iPhone and Android devices, Vipps became the first third-party wallet on iOS to offer this feature—an industry first. Behind this innovation, Thales provided the technology foundation, its D1 platform, that made this achievement possible, ensuring a smooth, secure, and scalable experience for Norwegian consumers.

A breakthrough in everyday payments

In just 24 hours after the launch, more than 200,000 digital cards were activated—clear proof of the demand for simple and secure digital payments. Behind the scenes, Thales D1 technology enabled users to get a digital payment card – just in few seconds – on Vipps’ wallet, and proceed with contactless payment at shops, getting on top real time transaction notification on their iPhones. Since the launch, Vipps users enjoy a fast and convenient alternative to traditional mobile wallets for everyday purchases.

Currently supporting Norway’s domestic BankAxept cards, Vipps will expand to include international schemes such as Visa and Mastercard in the coming months, broadening its reach and usability across borders.

Thales D1 platform boosting innovation 

Built for innovation, the D1 platform supported Vipps by adding contactless payment to their wallet. This showcases the platform’s ability to consistently add new innovative use cases, while providing a scalable and secure solution that grows with customer needs.

The D1 platform is cloud-based and works in real time, making it easy to integrate with existing systems. It helps Thales customers respond to today’s expectations for secure, flexible, and instant payment services — such as modern card issuing, tokenization, or transaction control — while also preparing for the future of payments.

Trusted collaboration driving success

“Everything we do at Vipps is about simplifying life for people and businesses. Hitting one million users for contactless payments shows that this is something people really want. Now, we are looking forward to when our users can add Visa and Mastercard to Vipps, enabling them to tap their phones and pay with Vipps across the world. Our collaboration with Thales has been key to making all this happen.” Rune Garborg, CEO of Vipps MobilePay.

“Driven by strong collaboration between our teams, we successfully met ambitious launch timelines and proved the strength of our operations — delivering a reliable, high-performance service that handled both the surge in demand at launch and the steady, high-volume usage that continues today.he D1 platform is also a key enabler of innovative digital payment services, helping financial players expand and thrive in an increasingly competitive payments landscape.” François Chaffard, Vice President Digital Payment Services at Thales.

With this milestone, Thales reaffirms its role as a trusted partner in the future of digital payments, helping financial institutions offer flexible, future-ready solutions that meet consumers’ evolving expectations.
MIL OSI Economics –
May 15, 2025
MIL-OSI Asia-Pac: Fraudulent social media account related to Bank of Singapore Limited

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI United Kingdom: Emergency fund injects over £3m into the city’s third sector

Source: Scotland – City of Edinburgh

Charities losing funding from the Edinburgh Integration Joint Board (EIJB) are to receive urgent support from the City of Edinburgh Council.

One-off funding of £2.037m will be provided to 46 organisations and projects across Edinburgh which are working to prevent poverty and support vulnerable residents.

An additional £1m will help six third sector advice providers to support residents to maximise their income through accessing welfare benefits, reducing everyday living costs including debt management and improving access to work. A grant has also been provided to support the continued development of the Edinburgh Advice Network.

The decision by the Policy and Sustainability Committee this week (Monday 12 May) will allow funds to be released to prevent the closure of a number of organisations and avert the redundancies of many employees.

Decisions on how to allocate an outstanding £423,400 will be made when Councillors meet again later this month (Tuesday 27 May).

The emergency package of support is provided ahead of a long-term review of the relationship between the Edinburgh Partnership, public sector and third sector in Edinburgh, with the aim of improving funding certainty in future years.

As part of this review, the Edinburgh Partnership is asking voluntary organisations, social enterprises and charities to participate in an online consultation. Workshops will also take place in the coming weeks.

Council Leader and Chair of the Edinburgh Partnership, Jane Meagher, said:

“The third sector provides vital support to our local communities, and we need to provide stability to projects which have been put at risk of closure. Our funding will quickly and directly prevent many charities from redundancies and from reducing the very important services they provide.

“While I’m pleased that we’ve reached a decision to prioritise this work – and to make sure we protect more people from entering poverty – we cannot become complacent. We need longer-term change so that organisations like these, and the many residents who rely on them, are at less risk and have greater stability.

“We want to hear about how we can make helping vulnerable people simpler. Please take part in the consultation we’ve recently launched, as the Edinburgh Partnership seeks views on strengthening our city’s third sector.”

In a deputation to Policy and Sustainability Committee, Bruce Crawford, CEO of EVOC and speaking on behalf of the Third Sector Reference Group said:

“The decisions made by Councillors to support these third sector organisations shows a real understanding of the role that the third sector play in communities across Edinburgh.

“The impact that these Resilience Fund payments will make cannot be underestimated in the way that they will support some of the most vulnerable people in our city. These grants will provide stability to the organisations in receipt of them and allow them to continue to serve their local communities. Longer term solutions need to be developed, and we are prepared to work with the council in planning for the future, beyond the current financial year.”

Visit the Council’s website for more information about the Third Sector Support Review, the one-off Third Sector Resilience Fund and to access cost-of-living support.

Full list of organisations and projects confirmed to receive urgent funding from the Third Sector Transitional Fund:

1. ACE IT Scotland
2. Art in Healthcare
3. B Healthy Together
4. Bridgend Farmhouse
5. Calton Welfare Services
6. Care for Carers
7. Caring in Craigmillar
8. Community Renewal Trust
9. Cruse Bereavement Care Scotland
10. Drake Music Scotland
11. Edinburgh & Lothians Greenspace Trust
12. Edinburgh Community Food
13. Edinburgh Community Health Forum
14. Edinburgh Headway Group
15. Edinburgh Rape Crisis Centre
16. Eric Liddell Community
17. Feniks
18. Fresh Start
19. Health All Round
20. Home-Start Edinburgh West and South West (HSEW)
21. LGBT Health and Wellbeing
22. Libertus Services
23. MECOPP
24. Murrayfield Dementia Project
25. Pilmeny Development Project
26. Pilton Equalities Project – Mental Health
27. Pilton Equalities Project – Day Care
28. Portobello Monday Centre
29. Portobello Older People’s Project
30. Positive Help
31. Queensferry Churches Care in the Community
32. Rowan Alba Limited
33. Scottish Huntington’s Association
34. Sikh Sanjog
35. South Edinburgh Amenities Group (SEAG)
36. The Broomhouse Centre (The Beacon Club)
37. Vintage Vibes Consortium
38. The Dove Centre
39. The Health Agency
40. The Living Memory Association
41. The Open Door
42. The Ripple Project
43. The Welcoming Association
44. Venture Scotland
45. VOCAL
46. Waverley Care.

MIL OSI United Kingdom –

May 15, 2025
MIL-OSI Europe: Ireland’s Competitiveness Confirmed – Minister Peter Burke
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

15th May 2025

The Minister for Enterprise, Trade and Employment, Peter Burke, has welcomed the publication of Re-estimating Ireland’s International Competitiveness Performance, the latest bulletin by the National Competitiveness and Productivity Council (NCPC).

Minister Burke said:

“This analysis marks a very welcome contribution by the Council and confirms that the Irish economy is internationally competitive. However, we cannot become complacent, and there remains work to do in many areas. The Council’s findings will make a valuable contribution in the preparation of the Action Plan on Competitiveness and Productivity.”

“Despite our strong international performance, we are also aware that there are challenges, and it is important that we do not take our current strengths for granted. This is reflected in the decision taken by Cabinet to expedite delivery of the Action Plan, which will play a key role in addressing these challenges and safeguarding our competitiveness performance into the future.”

This Bulletin explores how Ireland’s performance in the IMD World Competitiveness Ranking 2024 is affected when selected indicators are rescaled using Modified Gross National Income (GNI*) in place of Gross Domestic Product (GDP).

The findings show that Ireland’s competitiveness performance remains strong with this adjustment. In fact, it rises by one position in the ranking, with improvements in three of the four pillars. The analysis explores how Ireland’s competitiveness profile changes when key metrics are recalibrated to better reflect the scale of the domestic economy.

The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. In the 2024 IMD results, Ireland was ranked 4th overall. The analysis included in this Bulletin involves replicating the IMD methodology from the ground up, in order to facilitate the substitution of GNI* for GDP for Ireland.

Key findings from the Bulletin include:
- Ireland’s competitiveness ranking improves by one place when GDP-based indicators are adjusted using GNI*, with notable gains in Economic Performance (up seven places) and Infrastructure (up two places). Business Efficiency is unchanged, while Government Efficiency declines slightly, reflecting a more constrained fiscal profile when public finance metrics are expressed over a smaller income base.
- The analysis underscores the importance of context-sensitive benchmarking, especially when using international indices to inform national policy. This Bulletin highlights the need to interpret international indices critically, understanding their underlying assumptions, and where necessary, supplementing them with alternative analyses that better capture national circumstances.
NOTES TO EDITORS

The National Competitiveness and Productivity Council (NCPC) was established in 1997 (then the National Competitiveness Council) to report to the Taoiseach, through the Minister for Enterprise, Trade and Employment, on key competitiveness issues facing the Irish economy. In 2019, the NCPC was designated as Ireland’s National Productivity Board.

As part of its work, the NCPC makes recommendations on policy actions required to enhance Ireland’s competitive position. The NCPC publishes three main research outputs:
- The Competitiveness Scorecard benchmarks Ireland against international competitors on areas of competitiveness and productivity. This is published every three years (and was last published in 2024).
- The Competitiveness Challenge is an annual publication in which the NCPC makes recommendations for Government on key challenges to Ireland’s international competitiveness.
- NCPC Bulletins are short and focused research notes, examining specific topics within the sphere of competitiveness and productivity. The NCPC releases multiple Bulletins each year. These short pieces often feed into the NCPC’s main Challenges report.
The members of the Council are:

Dr. Frances Ruane Chair, National Competitiveness and Productivity Council

Dr. Laura Bambrick Head of Social Policy & Employment Affairs, ICTU

Edel Clancy Group Director of Corporate Affairs, Musgrave Group

Kevin Sherry Interim Chief Executive, Enterprise Ireland

Ciaran Conlon Director of Public Policy, Microsoft Ireland

Luiz de Mello Director of Country Studies, Economics Department, OECD

Maeve Dineen Chair of Ireland’s Financial Services and Pensions Ombudsman

Brian McHugh Chairperson, Competition and Consumer Protection Commission

Gary Tobin Assistant Secretary, Department of Enterprise, Trade and Employment

Michael Lohan Chief Executive, IDA Ireland

Liam Madden Independent Consultant, Semiconductor Industry

Neil McDonnell Chief Executive, ISME

Bernadette McGahon Director of Innovation Services, Industry Research & Development Group

Danny McCoy Chief Executive, IBEC

Michael Taft Research Officer, SIPTU

Representatives from the Departments of An Taoiseach; Agriculture, Food and the Marine; Environment, Climate and Communications; Further and Higher Education, Research, Innovation and Science; Social Protection; Finance; Housing, Local Government and Heritage; Justice; Public Expenditure and Reform; Tourism, Culture, Arts, Gaeltacht, Sport and Media, Children, Equality, Disability, Integration and Youth, and Transport attend Council meetings in an advisory capacity.

Research, Analysis and Secretariat from the Department of Enterprise, Trade and Employment:

Dr. Dermot Coates

Rory Mulholland

Dr. Keith Fitzgerald

Pádraig O’Sullivan

Erika Valiukaite

Jordan O’Donoghue

Patrick Connolly

ENDS

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MIL OSI Europe News –
May 15, 2025
MIL-OSI Europe: Highlights – The future of International Development Cooperation – What role will ODA play – Committee on Development

Source: European Parliament

The Committee will have an Exchange of Views with the Chair of the OECD Development Assistance Committee (DAC) since March 2023, Mr. Carsten Staur. Before being elected OECD DAC Chair, Mr. Staur served as a prominent Danish diplomat, holding positions among others as Director and Under Secretary in the field of development cooperation, and as Danish ambassador to the OECD and UNESCO from 2018-2023.

ODA saw a decrease in 2024 after five years of continuous growth. The Exchange of Views will be an opportunity to discuss how to maintain a strong focus on poverty eradication and on the most vulnerable countries and population groups, in light of declining ODA.

The increasing pressures on development finance are of concern to Committee MEPs and underline the need to strengthen aid effectiveness and advancing policy coherence for development, as well as mobilising additional funding. The EU institutions play a key role in this respect, also considering the current process of revising EUs financial framework for development cooperation.

MIL OSI Europe News –

May 15, 2025
MIL-OSI Europe: Written question – Commission decision to disband the Social Economy Unit within DG GROW, which is responsible for industrial policy – E-001858/2025
Source: European Parliament
Question for written answer E-001858/2025
to the Commission
Rule 144
Eero Heinäluoma (S&D)

The Commission’s decision to disband the Social Economy Unit in DG GROW – which is responsible for industrial policy – as of 1 May 2025 is deeply worrying. As a result of this change, in the area of EU economic and industrial policy at the Commission there will no longer be a separate entity to promote the role of social enterprises and the social economy in the internal market.

Excluding the social economy from the EU’s industrial strategy is illogical, because the social economy plays an important role in maintaining a welfare state and creating sustainable well-being.

1.How does the Commission justify its short-sighted decision to disband the unit concerned when it has previously recognised the role of the social economy in areas such as the green transition, building local value chains and strengthening democracy?

2.In what way does the decision put into practice the Commission’s previous policy on cooperatives?

3.Does the Commission intend to appoint a new high-level official with the resources and remit required for the social economy to be taken into account in the EU’s industrial and internal market policies?

Submitted: 8.5.2025
Last updated: 15 May 2025
MIL OSI Europe News –
May 15, 2025
MIL-OSI Europe: Highlights – BUDG-CONT-LIBE – Joint hearing on Smart Conditionality – 13.05 – Committee on Budgetary Control

Source: European Parliament

Rule of law concept © Image used under the license from Adobe Stock

The objective of the joint public hearing was to provide the Members of the BUDG, CONT and LIBE Committees with input from academics and practitioners on how to ensure that final beneficiaries and recipients can continue to receive EU funding where the EU has suspended payments to a Member State due to rule of law breaches by the central government.

Although the Rule of law Conditionality Regulation explicitly requires Member States whose EU funds have been (partially) suspended due to rule of law breaches to respect their obligations towards final recipients and beneficiaries, in practice, the latter are often deprived of EU funding. The concept of ‘smart conditionality’ should ensure that final recipients and beneficiaries, including local and regional authorities, NGOs, students and other stakeholders, are not punished for the rule of law violations by the central government. The public hearing should feed into Parliament’s forthcoming implementation report on the Rule of law conditionality Regulation and the political discussions on the EU’s post-2027 multiannual financial framework by gathering input on how smart conditionality can be implemented in practice. This includes in particular the necessary legislative changes, if any, to implement the concept.

MIL OSI Europe News –

May 15, 2025
MIL-OSI Europe: EIB and the Luxembourg Space Agency join forces to enhance solutions for European Space for Finance
Source: European Investment Bank
- EIB and Luxembourg Space Agency (LSA) to support expanded use of satellite information in the financial domain
- The new Research and Development Pilot programme will be led by the LSA with the support of the EIB
- The partnership aims at bolstering European strategic autonomy of space data related to financial transactions
The European Investment Bank (EIB) and the Luxembourg Space Agency (LSA) announced today a collaboration to enhance the integration of European space applications in the financial sector, ultimately benefitting industries such as investment banking and insurance. Leveraging Europe’s strengths in Earth Observation and navigation applications, the Space for Finance initiative aims to improve financial services’ reporting and sustainability efforts through innovative satellite-based solutions. For example, satellites can regularly collect data about the environment and climate, helping companies track how their sites are performing, predict and manage risks, and easily compare results across different locations and businesses.

As part of this collaboration, the R&D Pilot Programme will explore the full potential of using satellite imagery and other space data for project monitoring and impact assessment using concrete pilot projects. This will pave the way for launching a call for projects aimed at industry players. This initiative, signed today in Luxembourg, aims to enhance the integration of satellite data into financial practices, ultimately benefiting sectors such as investment banking and insurance.

EIB Vice President Robert de Groot stated, “Space is no longer just about exploration, it is increasingly about innovation that drives real-world solutions. Our partnership with the Luxembourg Space Agency allows us to use the power of satellite data to enhance financial monitoring and drive sustainable development. Together, we will explore and redefine how space applications can enhance the European strategic autonomy and support the financial sector in creating a more resilient and forward-thinking economy.”

Through this collaboration, the EIB reinforces its ongoing efforts to bolster the competitiveness of the European space sector, with a specific emphasis on Luxembourg’s growing role in the commercial space arena. LSA has been instrumental in promoting the space industry in Luxembourg, providing support to new and existing businesses, developing human resources, and facilitating access to financial solutions. Working closely with financial intermediaries, such as the EIB, could accelerate the development of Space for Finance solutions, facilitating their market uptake.

“The space sector drives innovation and economic growth in Luxembourg and across Europe, and it’s also key to our security in a fast-changing world. By working with the European Investment Bank, we are showing our commitment to using space technologies to benefit society and the financial sector. This partnership reflects our goal to support innovation and ensure that space activities in Europe are sustainable, secure, and competitive—for the good of everyone.” emphasizes Lex Delles, Minister of the Economy, SME, Energy and Tourism.

Moreover, this collaboration underscores the importance of setting security standards and protocols for space data in the domain of finance. Both parties recognize that safeguarding the strategic autonomy of European financial transactions is crucial as they advance their efforts in utilizing space for finance technologies.

The partnership will facilitate the development of new services driven by satellite data. By working together, the EIB and LSA aim to set new practices in the utilization of space technologies, driving growth and ensuring that Europe continues to lead in the development of space applications for finance.

Background information  

EIB Group

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

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

High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here.

About LSA

Established in 2018 by the Ministry of the Economy, and placed under its authority, with the goal of developing the national space sector, the Luxembourg Space Agency fosters new and existing companies, develops human resources, facilitates access to funding and provides support for academic research. The agency implements the national space economic development strategy, manages national space research and development programs, and leads the SpaceResources.lu initiative. The LSA also represents Luxembourg within the European Space Agency, as well as the space related programs of the European Union and the United Nations.
MIL OSI Europe News –
May 15, 2025
MIL-OSI Europe: Spain: ICF, EIB and CEB join forces to mobilise up to €400 million investment in social infrastructure in Catalonia
Source: European Investment Bank
- Institut Català de Finances (ICF) has signed a €100 million loan with the European Investment Bank (EIB) and a €50 million loan with the Council of Europe Development Bank (CEB).
- The loans will support projects to develop care homes, day centres and assisted living facilities for the elderly, people with disabilities and other vulnerable groups in the region.
- These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million in investment for social infrastructure projects.
- The EIB loan is backed by InvestEU, an EU flagship programme to mobilise public and private sector investment to support EU policy goals.
ICF, the public development bank of the Government of Catalonia, has signed a €100 million loan with the EIB to promote the construction and rehabilitation of social infrastructures in Catalonia, Spain. This is the first tranche of a loan approved for a total value of €150 million. ICF has also signed a €50 million loan with the CEB with the same aim. These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million investment for social infrastructure projects in the region.

The loans will support the construction, refurbishment and improvement of care homes, day centres and assisted living facilities supporting the elderly, people with disabilities and other vulnerable groups across Catalonia. The financing provided by the three financial institutions is expected to support the creation of approximately 7.500 new residential care places in Catalonia. All funded projects must meet European sustainable building standards, specifically nearly-zero energy building (NZEB) requirements.

María Serrano, EIB’s Head of Division Public Sector in Spain, remarked, “The EIB continues to strengthen its commitment to social infrastructure to meet the most pressing needs of Europe’s people. This financing agreement with the ICF will help to strengthen and expand the range of care facilities for elderly and dependent individuals in line with the highest standards of quality and sustainability, for the benefit of all”.

As emphasised by Maria Sigüenza, the CEB’s Country Manager for Spain, “We are pleased to expand our ongoing partnership with ICF. This new loan reflects the CEB’s strong commitment to social inclusion and the reduction of inequality in Spain. Moreover, it exemplifies the importance of cooperation and joint action among multilateral development banks, such as the CEB and EIB, in building stronger communities and delivering high-impact social projects.”

Vanessa Servera, CEO of the ICF, described the agreement as “a new success story in public-private cooperation,” emphasising that “the EIB and the CEB are providing the financial resources, we are taking on the management and financial risk, and it will be public entities and other actors that will launch the projects and investments the Catalan social services network needs to meet today’s and tomorrow’s challenges.”

The agreement with ICF contributes to the EIB Group’s strategic priority of reinforcing Europe’s social infrastructure. This is one of the Group’s eight priorities set out in its Strategic Roadmap for the years 2024-2027.

The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027.

As the social development bank for Europe, investing in social infrastructure is the CEB’s main mission, as emphasised by its Strategic Framework 2023-2027. By signing the agreement with ICF, the CEB continues to respond flexibly to evolving social development and inclusion challenges in Spain.

Background information

ICF

ICF has been the public promotional bank in Catalonia for 40 years, and in that period it has financed 37,000 clients for a total of €16 billion. Its main mission is to promote the financing of companies and entities in order to contribute to the growth, innovation and sustainability of the Catalan economy. ICF acts as a complement to the private sector, offering a wide range of financing solutions focused on loans, guarantees and investment in venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together a large number of the public promotional banks and financial entities operating in Europe.

EIB

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

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

All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

High-quality, up-to-date photos of our headquarters for media use are available here.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

CEB

The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.
MIL OSI Europe News –
May 15, 2025
MIL-OSI Europe: EU Fact Sheets – The common agricultural policy – instruments and reforms – 14-05-2025

Source: European Parliament

The common agricultural policy (CAP) has undergone six major reforms, the most recent of which were in 2013 (for the 2014-2020 financial period) and 2021 (for the 2023-2027 financial period). The latest reform and new legislation came into force in January 2023.

MIL OSI Europe News –

May 15, 2025
MIL-OSI Europe: EU Fact Sheets – Financial assistance to EU Member States – 14-05-2025

Source: European Parliament

European financial assistance mechanisms are intended to preserve the financial stability of the EU and the euro area, as financial distress in one Member State can have a substantial impact on macro-financial stability in other Member States. Financial assistance is linked to macroeconomic conditionality (it is a loan rather than a fiscal transfer), to ensure that Member States receiving such assistance implement the necessary fiscal, economic, structural and supervisory reforms. The reforms are agreed and set out in specific documents (memoranda of understanding) published on the Commission website and, when relevant, on the European Stability Mechanism website. As part of the EU response to the COVID-19 crisis, a number of additional financial instruments were put forward to help the Member States recover and make their economies more resilient to shocks.

MIL OSI Europe News –

May 15, 2025
MIL-OSI Europe: EU Fact Sheets – Sustainable consumption and production – 14-05-2025

Source: European Parliament

Sustainable growth is one of the main objectives of the European Union (EU). In a period of rapid climate change and growing demand for energy and resources, the EU has introduced a range of policies and initiatives aimed at sustainable consumption and production. Under the European Green Deal and, in particular, the circular economy action plan, a sustainable product policy legislative initiative was announced to make products fit for a climate-neutral, resource-efficient and circular economy.

MIL OSI Europe News –

May 15, 2025
MIL-OSI Europe: EU Fact Sheets – Financing of the CAP: facts and figures – 14-05-2025

Source: European Parliament

For many years, the common agricultural policy (CAP) was financed from a single fund, the European Agricultural Guidance and Guarantee Fund (EAGGF), which on 1 January 2007 was replaced by the European Agricultural Guarantee Fund (EAGF) and the European Agricultural Fund for Rural Development (EAFRD). The CAP 2023-2027 regulation introduces a new delivery model (strategic plan) for all CAP expenditure.

MIL OSI Europe News –

May 15, 2025
MIL-OSI United Kingdom: New energy upgrades for public buildings to save taxpayers money
Source: United Kingdom – Executive Government & Departments

Press release

New energy upgrades for public buildings to save taxpayers money

Schools, community centres and care homes receive new awards to upgrade their buildings and save money off bills in the long term.
Local community buildings will benefit from cheaper energy bills in the years to come, thanks to funding allocated by the government

schools, community centres and care homes will benefit from upgrades, contributing to an estimated £650 million in savings for taxpayers per year on average to 2037

Pupils at schools, residents at care homes, and users of community centres will all be given a boost today, as the government allocates funding to help cut energy bills for public buildings in the years to come.

The social institutions that allow local communities to thrive, such as schools, hospitals, and care homes, will be given extra help to make energy saving upgrades and tackle costs, allowing more money to be spent on the services that people care about.

More than £630 million has been awarded for measures including heat pumps, solar panels, insulation and double glazing, helping to make Britain energy secure as part of the Plan for Change while contributing to an estimated £650 million in savings for taxpayers per year on average over the next 12 years.

The Liverpool City Region Combined Authority has been awarded over £30 million to install heat pumps at Queens Park Leisure Centre, Birkenhead Central Library and Chase Heys Home for the Elderly, while the Northumbria NHS Foundation Trust will receive more than £14 million to replace fossil fuel heating at two sites, helping power these pillars of the local community with cleaner, homegrown energy.

The Royal Air Force Museum Midlands will benefit from £1 million to install heat pumps and solar panels at one of its aircraft hangars, and Worcester City Council will receive £90,000 to upgrade the King George V Community Centre, which is used for employability training and youth activities, with new heat pumps, solar panels and double glazing.

The University of York has been awarded £35 million to capture energy from beneath the Earth’s surface to help deliver low-carbon heat to buildings on campus, while the National Portrait Gallery has been awarded over £5 million to switch to heat pumps in its main public gallery and Orange Street building, which houses the historic archives of the library.

Minister for Energy Consumers Miatta Fahnbulleh said:

Today we are providing even more support for Britain’s buildings – from schools to museums and galleries – helping to rebuild vital public services as part of the Plan for Change.

This investment will see local communities benefit from our sprint to clean power, with warm public buildings, run more affordably.

An extra £102 million from the Green Heat Network Fund will help to develop new and existing heat networks in England, including the Hemiko South Westminster Area Network (SWAN), which could help to decarbonise iconic landmarks like the Houses of Parliament using waste heat from the River Thames.

This follows Great British Energy’s first major project to put solar panels on around 200 schools and 200 NHS sites, helping them to reinvest savings on their energy bills in teaching and healthcare.

Vice-Chancellor Professor at the University of York Charlie Jeffery said:

Our geothermal project will be a powerful catalyst in our journey towards net zero, offering a significant reduction in carbon emissions and a greener future.

Beyond its crucial environmental impact, the site will serve as a living laboratory that will drive research, educate our students and bring benefits beyond our campus.

The support from the government is a vital catalyst for this transformative endeavour, which we believe will empower the next generation of sustainability leaders and deepen community understanding of renewable energy technologies.

Policy Manager at Energy UK Louise Shooter said:

High energy bills have been a big headache for schools, hospitals, leisure centres and other community facilities in recent years – so it’s great to see them being helped to install energy saving measures and other green technology that will cut energy costs permanently while also enabling them to do their bit to reduce emissions. Energy UK’s members have been helping schools and hospitals across the country do the same and save money which means more funding for the essential services they provide. It’s a very tangible example of the benefits that come from investing in the switch to cleaner energy.

Head of External Affairs at ADE: Heat Networks Pablo John said:

Today’s investment in heat networks like the University of York’s geothermal project is a blueprint for Britain’s clean heat revolution. These networks capture every kilowatt of renewable energy and waste heat we produce, turning it into affordable warmth for consumers. York’s 78% cut in fossil fuels proves that when we back heat networks now – even outside of zones – we secure energy independence for good. Let’s build on this momentum by supporting heat network innovation everywhere and stop wasting the heat under our feet.

Director of Content and Programmes at the RAF Museum Karen Whitting said:

Warm thanks to the Department for Energy Security and Net Zero for their investment through the Public Sector Decarbonisation Scheme. This will enable us to introduce new, low/no-carbon technologies to a historic 1938 Type-C aircraft hangar as part of our Inspiring Everyone: RAF Museum Midlands Development Programme. The re-developed hangar will be used as a Learning Centre and exhibition gallery which will welcome and inspire around 500,000 visitors a year, sharing the nationally important Royal Air Force story. The project will make a major contribution to the RAF Museum’s Strategy including our commitment to achieving Carbon Net Zero.

Notes to editors

Decarbonising the public sector with low carbon heating and energy efficiency measures will save the public sector an estimated £650 million per year on average to 2037. The Public Sector Decarbonisation Scheme is contributing towards delivering these savings for public sector organisations.

Applications for Phase 4 of the Public Sector Decarbonisation Scheme opened in October 2024. Funding for this phase is worth approximately £940 million and will run until financial year 2027/2028. Some remaining funding awards will be issued in the coming weeks.

As of May 2025, the regional breakdown for Public Sector Decarbonisation Scheme Phase 4 funding is as follows:

North East: £65,191,456

Yorkshire and the Humber: £81,262,778

North West: £116,815,617

East Midlands: £73,405,602

West Midlands: £84,306,700

East of England: £29,149,553

South East: £35,720,404

South West: £30,002,246

Greater London: £113,914,685

Wales: £2,500,000

Across Regions: £1,325,000

The Green Heat Network Fund supports new and existing heat networks in England to adopt low carbon technologies such as heat pumps, recovered heat, geothermal and energy from waste. A total of over £484 million in awards to 40 projects has been made public since the launch of the scheme in 2022.

The projects included in this announcement, which have been awarded a total of over £102 million in grant funding are:

Derby Energy Network (Derby Energy Ltd): £23,240,000

Bristol City Centre (Bristol Heat Networks/Vattenfall): £21,300,000

SWAN (Hemiko): £21,000,000

Lincoln (Hemiko): £15,508,000

East London Energy (Bring Energy): £8,813,120

Trafford Civic Quarter Heat Networks (Trafford Metropolitan Borough Council): £5,750,000

West Bromwich Heat Network (Sandwell Metropolitan Borough Council): £4,939,421

Mersey Biochar Heat Network (Severn Wye Energy Agency Ltd): £1,728,890

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Updates to this page

Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
Trump says US close to a nuclear deal with Iran

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Thursday that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had “sort of” agreed to the terms.

“We’re in very serious negotiations with Iran for long-term peace,” Trump said on a tour of the Gulf, according to a shared pool report by AFP.

“We’re getting close to maybe doing a deal without having to do this… there (are) two steps to doing this, there is a very, very nice step and there is the violent step, but I don’t want to do it the second way,” he said.

An Iranian source familiar with the negotiations said there were still gaps to bridge in the talks with the United States.

Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing.

Fresh talks between Iranian and U.S. negotiators to resolve disputes over Tehran’s nuclear programme ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.

Though Tehran and Washington have both said they prefer diplomacy to resolve the decades-long nuclear dispute, they remain divided on several red lines that negotiators will have to circumvent to reach a new deal and avert future military action.

Iran’s president reacted to Trump’s comments on Tuesday calling Tehran the “most destructive force” in the Middle East.

“Trump thinks he can sanction and threaten us and then talk of human rights. All the crimes and regional instability is caused by them (the United States),” Masoud Pezeshkian said.

“He wants to create instability inside Iran.”

However, in an interview with NBC News published on Wednesday, an Iranian official said Iran was willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions.

Ali Shamkhani, an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, said Iran would commit to never making nuclear weapons and getting rid of its stockpiles of highly enriched uranium, agree to enrich uranium only to the lower levels needed for civilian use and allow international inspectors to supervise the process, NBC reported.

‘RED LINE’

U.S. officials have publicly stated that Iran should halt uranium enrichment, a stance Iranian officials have called a “red line” asserting they will not give up what they view as their right to enrich uranium on Iranian soil.

However, they have indicated a willingness to reduce the level of enrichment.

Iranian officials have also expressed readiness to reduce the amount of highly enriched uranium in storage—uranium enriched beyond the levels typically needed for civilian purposes, such as nuclear power generation.

But they have said it would not accept lower stockpiles than the amount agreed in a deal with world powers in 2015 – the deal Trump quit.

The Iranian source said that while Iran is prepared to offer what it considers concessions, “the issue is that America is not willing to lift major sanctions in exchange.”

Western sanctions have severely impacted the Iranian economy.

Regarding the reduction of enriched uranium in storage, the source noted: “Tehran also wants it removed in several stages, which America doesn’t agree with either.”

There is also disagreement over the destination to which the highly enriched uranium would be sent, the source added.

(Reuters)

May 15, 2025
MIL-OSI USA: Governor Newsom unveils proposal to cut red tape and fast-track housing and development
Source: US State of California 2
May 14, 2025

“We’re done with barriers. Let’s get this built.”

What you need to know: Governor Newsom’s proposed budget includes proposals to streamline permitting and accelerate development —- clearing the path for more housing and economic opportunity.

SACRAMENTO – Governor Gavin Newsom is announcing a new legislative proposal as part of the May Budget Revision to remove regulatory barriers that have stood in the way of the state’s progress. The proposal reinforces the state’s commitment to building more homes faster, while creating greater economic stability, affordability, and opportunity for California families. It speeds up permitting timelines, removes key regulatory barriers, and introduces innovative financing tools that support infill and transit-oriented development.

The Governor is also proposing to partner with the Legislature to incorporate related measures into the budget to accelerate infill and economic development, including Assembly Bill 609 (Wicks) and Senate Bill 607 (Wiener). These measures aim to streamline CEQA to provide greater regulatory certainty and faster project delivery.

“To meet California’s housing goals, we need certainty, accountability, and smarter land use — not the endless regulatory delays that have held us back for decades. This proposal delivers lasting reforms to align our systems for long-term impact: more housing, stronger communities, and sustainable growth that reflects the bold, forward-thinking spirit of California. The Golden State was built on boldness and innovation, not red tape — we can’t continue to block our own economic success. We’re done with barriers. Let’s get this built.”

Governor Gavin Newsom

Removing barriers to progress

This proposal builds on Governor Newsom’s ongoing efforts to expand housing access and end the decades-long homelessness crisis — an issue that continues to impact communities across the country. Governor Newsom took on this challenge by committing to plan for more than 2.5 million homes over the current housing planning cycle, including at least one million affordable homes for lower-income households, helping to provide every Californian a place to call home. This target is more than double the number of homes planned for in the previous cycle.

Since taking office, the Governor has championed and signed an unprecedented amount of housing legislation, including 42 housing-related CEQA reforms, stronger accountability measures, and historic levels of state support to help local governments meet their housing goals. While these foundational changes have laid the groundwork for long-term progress, decades of complex, overlapping regulations continue to slow needed housing development.

Today, the Governor is taking the next step toward meeting California’s housing goals by targeting entrenched regulatory barriers that continue to cause costly delays. These proposals are designed to cut through bureaucracy, accelerate progress, and deliver lasting reforms that will shape a more affordable, inclusive, and resilient California for generations to come.

More housing, faster

The Governor’s May Revision prioritizes climate-smart housing reforms that deliver more homes, faster, in places that reduce pollution and improve quality of life. A key part of this effort is ensuring a level playing field by aligning Coastal Commission permitting timelines to those that apply to other agencies, so that communities in the Coastal Zone are not left behind when it comes to urgently needed housing.

The May Revision also introduces an innovative financing strategy for developers that links vehicle miles traveled (VMT) reductions with infill and transit-oriented housing production, further aligning the state’s climate goals with housing needs. This proposal helps move forward the state’s commitment to faster, smarter infill development as outlined in the Governor’s July 2024 executive order. These reforms protect the environment, support working families, create good-paying jobs, and expand economic opportunity across California.

The Governor’s May Revision helps cut red tape and remove barriers, helping propel the Golden State forward by:

Streamlining Coastal Commission permits — Creating fairer, faster housing approvals where homes are urgently needed by aligning Coastal Commission permitting timelines with those of other permitting agencies. The proposal will increase accountability and regulatory certainty for urgently needed housing in coastal communities.

Doubling down on smart housing policies — Promoting infill and transit-oriented development that reduces emissions and vehicle miles traveled.

Unlocking economic opportunity — Advancing policies that create jobs, attract private investment, and accelerate housing and economic development.

These proposals are intended to quickly implement and reinforce existing policy and budget investments by streamlining approvals, reducing regulatory delays, and aligning land use decisions. They build on recent administrative efforts and respond to continued legislative interest in advancing practical, lasting reforms.

Press releases, Recent news
Recent news

May 14, 2025

News Tax cut for military retireesUniversal pre-kindergarten for all Expanded before school, after school, & summer schoolFree school meals for all kids Boosting literacy & readingBuilding more housing, ASAPMore water for CaliforniansLowering drug…

May 14, 2025

News Reducción de impuestos para jubilados militares Pre-kinder universal para todos Ampliación de programas antes y después de clases y cursos de verano Alimentación escolar gratuita para todos los niños Impulso de la alfabetización y la lectura Construyendo más…

May 14, 2025

News “We’re done with barriers. Let’s get this built.” What you need to know: Governor Newsom today, as part of the May Revise, is announcing a significant proposal to fast-track infrastructure improvements to the State Water Project — saving the state billions…
May 14, 2025

“We’re done with barriers. Let’s get this built.”

What you need to know: Governor Newsom’s proposed budget includes proposals to streamline permitting and accelerate development —- clearing the path for more housing and economic opportunity.

SACRAMENTO – Governor Gavin Newsom is announcing a new legislative proposal as part of the May Budget Revision to remove regulatory barriers that have stood in the way of the state’s progress. The proposal reinforces the state’s commitment to building more homes faster, while creating greater economic stability, affordability, and opportunity for California families. It speeds up permitting timelines, removes key regulatory barriers, and introduces innovative financing tools that support infill and transit-oriented development.

The Governor is also proposing to partner with the Legislature to incorporate related measures into the budget to accelerate infill and economic development, including Assembly Bill 609 (Wicks) and Senate Bill 607 (Wiener). These measures aim to streamline CEQA to provide greater regulatory certainty and faster project delivery.

“To meet California’s housing goals, we need certainty, accountability, and smarter land use — not the endless regulatory delays that have held us back for decades. This proposal delivers lasting reforms to align our systems for long-term impact: more housing, stronger communities, and sustainable growth that reflects the bold, forward-thinking spirit of California. The Golden State was built on boldness and innovation, not red tape — we can’t continue to block our own economic success. We’re done with barriers. Let’s get this built.”

Governor Gavin Newsom

Removing barriers to progress

This proposal builds on Governor Newsom’s ongoing efforts to expand housing access and end the decades-long homelessness crisis — an issue that continues to impact communities across the country. Governor Newsom took on this challenge by committing to plan for more than 2.5 million homes over the current housing planning cycle, including at least one million affordable homes for lower-income households, helping to provide every Californian a place to call home. This target is more than double the number of homes planned for in the previous cycle.

Since taking office, the Governor has championed and signed an unprecedented amount of housing legislation, including 42 housing-related CEQA reforms, stronger accountability measures, and historic levels of state support to help local governments meet their housing goals. While these foundational changes have laid the groundwork for long-term progress, decades of complex, overlapping regulations continue to slow needed housing development.

Today, the Governor is taking the next step toward meeting California’s housing goals by targeting entrenched regulatory barriers that continue to cause costly delays. These proposals are designed to cut through bureaucracy, accelerate progress, and deliver lasting reforms that will shape a more affordable, inclusive, and resilient California for generations to come.

More housing, faster

The Governor’s May Revision prioritizes climate-smart housing reforms that deliver more homes, faster, in places that reduce pollution and improve quality of life. A key part of this effort is ensuring a level playing field by aligning Coastal Commission permitting timelines to those that apply to other agencies, so that communities in the Coastal Zone are not left behind when it comes to urgently needed housing.

The May Revision also introduces an innovative financing strategy for developers that links vehicle miles traveled (VMT) reductions with infill and transit-oriented housing production, further aligning the state’s climate goals with housing needs. This proposal helps move forward the state’s commitment to faster, smarter infill development as outlined in the Governor’s July 2024 executive order. These reforms protect the environment, support working families, create good-paying jobs, and expand economic opportunity across California.

The Governor’s May Revision helps cut red tape and remove barriers, helping propel the Golden State forward by:

Streamlining Coastal Commission permits — Creating fairer, faster housing approvals where homes are urgently needed by aligning Coastal Commission permitting timelines with those of other permitting agencies. The proposal will increase accountability and regulatory certainty for urgently needed housing in coastal communities.

Doubling down on smart housing policies — Promoting infill and transit-oriented development that reduces emissions and vehicle miles traveled.

Unlocking economic opportunity — Advancing policies that create jobs, attract private investment, and accelerate housing and economic development.

These proposals are intended to quickly implement and reinforce existing policy and budget investments by streamlining approvals, reducing regulatory delays, and aligning land use decisions. They build on recent administrative efforts and respond to continued legislative interest in advancing practical, lasting reforms.

Press releases, Recent news
Recent news

May 14, 2025

News Tax cut for military retireesUniversal pre-kindergarten for all Expanded before school, after school, & summer schoolFree school meals for all kids Boosting literacy & readingBuilding more housing, ASAPMore water for CaliforniansLowering drug…

May 14, 2025

News Reducción de impuestos para jubilados militares Pre-kinder universal para todos Ampliación de programas antes y después de clases y cursos de verano Alimentación escolar gratuita para todos los niños Impulso de la alfabetización y la lectura Construyendo más…

May 14, 2025

News “We’re done with barriers. Let’s get this built.” What you need to know: Governor Newsom today, as part of the May Revise, is announcing a significant proposal to fast-track infrastructure improvements to the State Water Project — saving the state billions…
MIL OSI USA News –
May 15, 2025
MIL-OSI United Kingdom: Covid fraud investigations to be led by Insolvency Service
Source: United Kingdom – Executive Government & Departments

Press release

Covid fraud investigations to be led by Insolvency Service

Insolvency Service to take over NATIS’s ongoing covid fraud investigations
DBT – COVID FRAUD INVESTIGATIONS TO BE LED BY INSOLVENCY SERVICE

Insolvency Service to take over NATIS’s ongoing covid fraud investigations

Decision comes after review of previous government contracts proved taxpayers’ money was not being spent efficiently

Government focussed on reducing waste in the public sector and recovering public money lost through pandemic-related fraud

The Insolvency Service will take over NATIS’s viable investigation cases of Covid-19 financial support fraud in a bid to recoup taxpayers’ money lost to fraudsters.

Following a review of National Investigation Service (NATIS) performance to ensure the state works for people – it showed that public money was not being spent effectively – which is why all ongoing viable cases will be transferred from the organisation to the Insolvency Service over the coming months.

This is the latest move as part of the government’s Plan for Change to reduce waste in the public sector and reform institutions so they protect taxpayers money, and make the public sector more efficient and effective.

The decision to appoint NATIS – an agency based in Thurrock Council – was taken under the previous government and has cost the taxpayer approximately £38.5 million. Despite this, NATIS has only secured 14 convictions with the overall amount recovered by NATIS remaining unclear.

Within months of coming to power, this Government kicked off a review into their performance, to ensure public money is spent properly and not wasted. This investigation has revealed problems with NATIS governance and how recoveries are reported. As a result the government has asked The Government Internal Audit Agency (GIAA) to conduct an additional audit of NATIS to determine and report accurate recovery figures.

Following this review, the department has taken decisive action to transfer cases to the Insolvency Service – who have a proven track record of effectively tackling fraud – giving taxpayers’ money the best possible value.

Whilst over £46bn has been issued by lenders to support businesses, there have been over 100,000 cases of loss to fraud and error. This measure will ensure the continuation of ongoing investigations and expedite the recovery of millions estimated to be lost due to covid-era fraud.

Business and Trade Minister Gareth Thomas said:

Since coming to office, we have been clear that this government will protect taxpayers’ cash and remove unnecessary waste and inefficiency within the public sector.

Today’s decision to transfer cases to the Insolvency Service will ensure lost funds from covid-era fraud are recovered more quickly and effectively, so they can be reinvested back into the economy and our public services, as part of our Plan for Change.

The Insolvency Service will be taking responsibility for NATIS casework, helping to conclude investigations to continue the important work to claw back money for the public.

The Insolvency Service has a proven track record tackling fraud and misconduct connected to covid support schemes since 2020 using its powers to investigate trading companies, prosecute criminal offences, disqualify directors and impose bankruptcy restrictions.

By the end of March 2025, they had secured more than 2,000 director disqualifications as well as 62 criminal convictions, helping to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.

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Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI United Kingdom: Certainty for businesses and choice for consumers as UK maintains IP rights regime
Source: United Kingdom – Executive Government & Departments

Press release

Certainty for businesses and choice for consumers as UK maintains IP rights regime

Government confirms UK+ exhaustion of rights regime.
The main developments are that:

no legislative changes means businesses can continue operating under the existing exhaustion of intellectual property rights regime without any new requirements

the UK+ regime protects creators and innovators, while ensuring fair competition in the marketplace and greater choice for British consumers – growing the economy and supporting the government’s Plan for Change.

UK businesses will avoid additional red tape and consumers will continue to benefit from a choice of goods from across Europe, as the government confirms it will maintain the UK’s current exhaustion of intellectual property (IP) rights regime, known as “UK+”.

Today’s news – a result of extensive consultation with stakeholders – means the UK can keep buying genuine goods from across the European Economic Area (EEA) and resell them in the UK without any extra permissions.

A balanced, innovation-friendly IP framework will support the government’s delivery of its Plan for Change. It will encourage stable and competitive markets, and ensure consumers can continue to benefit from a wide range of products and goods.

Our exhaustion regime governs our parallel importation laws, which regulates the importing of genuine goods that are lawfully sold in other countries before coming into the UK for resale. Parallel importation occurs in many sectors, from medicines to automotive parts to fast-moving consumer goods – all vital areas of growth for the UK economy.

In general terms, today’s decision means that once a product protected by an IP right (for example, biscuits, books or toiletries) has been legitimately sold in either the UK or European Economic Area (EEA), the IP owner may not subsequently prevent it from being re-sold in the UK. This means that businesses can buy genuine goods from EEA suppliers and sell them in the UK without needing permission from the IP owner, giving consumers continued, ready access to these products.

The decision clarifies the law in this area, providing certainty and stability for UK businesses that undertake parallel trade in these markets, while ensuring competition in the marketplace and fair access to IP-protected goods. By providing long-term certainty to everyone who interacts with our world-leading IP framework, the UK+ regime incentivises innovation, creativity, and helps unlock economic growth.

Minister for AI and Digital Government, Feryal Clark, said:

This is an important step in maintaining the strength of our world-leading intellectual property framework. The decision we’ve taken not only gives businesses the certainty they’ve been calling for, but ensures consumers have choice and fair access to a wide range of goods.

This is our Plan for Change in action – driving long-term growth through a fairer, more innovative economy for all.

Dan Guthrie, Director General of the Alliance for Intellectual Property, said:

We wholeheartedly welcome today’s announcement from the government in relation to the UK’s exhaustion regime. The decision provides the stability needed to ensure IP-rich businesses can continue to invest, grow their exports, provide the public with the products and content they love and contribute to UK economic growth. The decision will be welcomed by creators, designers, and businesses in every region of the UK.

The government has published its full response to the consultation today, detailing the extensive analysis and stakeholder engagement that informed this decision. A majority of consultation respondents reported the UK+ regime is working well, whereas there was not robust quantitative evidence to support changing to any of the alternative options.

The decision to maintain the current UK+ regime is effective immediately. It confirms the current law, and no further legislation is required for it to come into force.

Additional information

The UK’s exhaustion regime affects various intellectual property rights including patents, trade marks, designs and copyright.

The UK+ (plus) regime is a well-understood exhaustion regime that offers stability for Britain’s IP-rich businesses to continue operating their business practices. This is demonstrated by submissions to the consultation, which showed significant support for the UK+ regime.

There has been little change to the UK+ regime since the consultation was launched. A statutory instrument in 2023 (‘The Intellectual Property (Exhaustion of Rights) (Amendment) Regulations 2023’) ensured the continued operation of the UK+ exhaustion regime without making substantive policy changes. This meant that businesses, investors, and IP rights holders could continue to operate on the basis of the UK’s current parallel importation rules.

the full Government response to the consultation on the UK’s future exhaustion of intellectual property rights regime.

The Intellectual Property Office has produced a video explaining exhaustion of rights and parallel trade, aimed at businesses who trade in parallel goods across borders:

Exhaustion of IP rights and parallel trade – explained – YouTube

(This video was first published at the consultation’s launch in 2021).

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Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI United Kingdom: Insolvency Service to take on the work of the National Investigation Service
Source: United Kingdom – Executive Government & Departments

Press release

Insolvency Service to take on the work of the National Investigation Service

Move will see transfer of casework relating to COVID-19 loan fraud
Today the Department for Business and Trade has announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service.

In response, Alec Pybus, Interim Chief Executive of the Insolvency Service said:

We welcome this decision by the Department of Business and Trade.

The Insolvency Service is well placed to take on these investigations as part of our ongoing and successful work tackling fraudulent use of COVID-19 loans.

We are working with our colleagues at the Department of Business and Trade and at Thurrock Council to deliver a smooth and swift transition of ongoing cases, and any potential transfer of staff.

To date, the Insolvency Service has obtained disqualifications against 2,167 directors, bankruptcy restrictions against 343 individuals and successfully prosecuted 54 individuals in respect of COVID-19 financial support scheme misconduct.

The Agency has also helped to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.

The Agency already has plans to deliver further enforcement outcomes and financial recoveries in 2025/26, and will now work at pace to take on viable casework from NATIS in support of the UK Government’s drive to hold to account those who fraudulently claimed support during the pandemic.

Further information

The DBT announcement can be found here:

The Insolvency Service has powers to investigate potential malpractice in insolvent, dissolved and live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our enforcement work can be found here

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI United Kingdom: New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones
Source: United Kingdom – Government Statements

Press release

New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones

The UK and Germany will confirm for the first time that they will work together to develop a new long-range strike capability with a range of over 2,000 km
The United Kingdom and Germany will today (Thursday 15th May) confirm for the first time that they will work together to develop a new long-range strike capability with a range of over 2,000 km, as both countries step up on European security and drive economic growth at home.

This comes following the signing of the landmark Trinity House Agreement on Defence Co-operation in October in London – the first-of-its-kind bilateral defence agreement between the UK and Germany.

German Federal Minister of Defence, Boris Pistorius, will host his counterpart Defence Secretary John Healey MP in the first Trinity House Defence Ministerial Council today in Berlin, where they will discuss how the agreement is already delivering real benefits, from deterring threats on NATO’s eastern flank, to creating skilled jobs and driving investment at home.

The new 2,000 km precision deep strike capability will be among the most advanced systems ever designed by the UK, to safeguard the British public and reinforce NATO deterrence, while boosting the UK and European defence sectors.

Discussions will focus on a joint procurement programme for Sting Ray torpedoes for P-8 Poseidon maritime patrol and reconnaissance aircraft, enhancing the UK and Germany’s ability to counter the latest underwater threats, boosting national security for both nations.

A new commitment will also see Germany procure advanced British military bridges, delivering on the Government’s Plan for Change by supporting jobs in the North-west.

Defence Secretary John Healey MP said:

The UK and Germany have never been closer, and the Trinity House Agreement is already making a positive impact on our security and economy. This partnership is helping us make defence an engine for growth – creating jobs, boosting skills, and driving investment across the UK and Germany.

In a more dangerous world, NATO and European allies stand united. Together with Germany, we’re leading the way in supporting Ukraine, defending NATO’s eastern flank, and jointly investing in next-generation capabilities.

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

Since the Trinity House Agreement was signed in October, German crews have joined RAF personnel in two flights on UK P-8 Poseidon aircraft. The UK’s Poseidon fleet play a crucial role tracking Russian vessels near UK waters.

The Defence Ministers will meet again tomorrow (Friday 16th May) alongside their Polish, Italian and French counterparts in a meeting of the European Group of Five (E5) Defence ministers in Rome.

The UK and Germany will meet again in June alongside more than 50 nations and partners, when they jointly host the next meeting of the Ukraine Defence Contact Group. Since the UK took the chair, nearly £23bn has been pledged in military support for Ukraine.

The Trinity House Agreement is delivering on the Government’s Plan for Change by stepping up national security whilst strengthening our industrial base and boosting skilled jobs at home.

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Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI Russia: Science Unites: Polytechnic and Universities of Uzbekistan Build a Sustainable Future

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Teachers of the Institute of Industrial Management, Economics and Trade of SPbPU took part in the largest scientific events in the leading universities of Uzbekistan – inKarshi State University and the Tashkent State Technical University named after Islam Karimov, and also held open lectures for students of the Tashkent State University of Economics.

The international conference “Green Energy and Green Economy” was held at Karshi University, bringing together specialists from various countries. It was attended by teachers from three Higher Schools of IPMEiT: the Higher School of Engineering and Economics (HSE), the Higher School of Industrial Management (HSIM), and the Higher School of Service and Trade (HSST).

Professor of VIES Alexander Babkin, at the invitation of the organizing committee, became a speaker, plenary speaker and moderator of the section “Formation of a green economy”. He presented a report on the topic “Green digital intelligent economy and Industry 5.0/6.0”, in which he outlined a new paradigm of a green intelligent economy based on the ESG concept, focusing on the rapid development of digital technologies both in the economy and industry.

Interaction with specialists from the Faculty of Economics of Karshi State University has been going on for more than two years and is developing successfully. Having gathered on its site representatives of universities, scientific and public organizations, industrial enterprises, this conference has become a platform for exchanging knowledge and experience in the field of sustainable ESG development, – emphasized Alexander Vasilyevich.

At the plenary session in an online format, Olga Kalinina, Director of the Higher School of Industrial Management, spoke with a report on the results of the work obtained by the teachers of the Higher School of Industrial Management, working within the framework of the bachelor’s and master’s degree programs in energy management.

The second day of work was held in the format of sectional meetings, where the discussion of current issues on the conference topic continued. The sections in the online format were attended by teachers of the Higher School of Management and Management — associate professors Maxim Izmailov, Alexander Titov, Roman Okorokov and assistant Sergey Chayuk. They presented their scientific research in the field of strategies and methods for reducing the carbon footprint, prospects for using wave power plants in the context of digital transformation, features of digital transformation in the energy sector, as well as the practical application of artificial intelligence in the energy sector.

The second significant event for the development of international cooperation of the Polytechnic University was the participation of IPMEiT teachers at the invitation of the Tashkent State Technical University named after Islam Karimov (TashSTU) in the international scientific and practical conference “Optimization of Industrial Economics and Management Based on Innovative Technologies: Modern Approaches”.

Professor of VIES Alexander Babkin spoke at the plenary session with a report on the topic “The concept of digital strategizing the development of intelligent industrial ecosystems in the context of Industry 5.0/6.0”. At the plenary session of the TashSTU conference, Olga Kalinina, Director of the Higher School of Industrial Management, and Irina Zaychenko, Head of Educational Programs of the Functional Management Cluster, Associate Professor, spoke with a joint report on the topic: “The Role of Higher Education in the Sustainable Development of Society in the Training of Management Personnel for Industry in the Context of Digitalization”. In their speech, the colleagues highlighted the main features of training highly qualified personnel in the context of ensuring technological leadership.

Our cooperation with the Department of Economics and Management in Industry of TashSTU, headed by Professor Gulchekhra Allaeva, began in April 2022. During this time, not only certain scientific results were achieved, but also partnership and friendly relations were established between our structural divisions. I hope that we will not stop there and will continue to increase cooperation, – Olga Kalinina noted.

At the sectional meeting, Ekaterina Fedorakhina, an intern at the Higher School of Management and Management of Management, a 2nd-year Master of the educational program “Digital Business Management”, presented a report on the topic “Trends in the development of industry in the Russian Federation in the context of digital transformation.”

The reports of our colleagues from St. Petersburg set a high scientific level for the discussion. Their approaches to training personnel are especially relevant for our educational environment, – emphasized the organizer of the conference, head of the Department of Economics and Management in Industry at TashSTU Gulchekhra Allaeva.

Concluding the visit of Polytechnic representatives to universities in Uzbekistan, Acting Director of the Higher School of Public Administration Olga Nadezhina visited the Tashkent State University of Economics (TSUE), which is partner of our university from 2022.

She took part in a methodological seminar for teachers, organized by the Department of Economic Security of TSUE, where key areas of development of personnel training in the field of AML/CFT were discussed, including the introduction of advanced educational and scientific practices of the HSSU IPMEiT, the organization of joint scientific events for teachers and students, and the development of partnerships between the educational structural divisions of the two universities.

Cooperation between our universities opens new horizons for students and teachers, combining best practices and innovative approaches in education and science. I am confident that joint initiatives will make a significant contribution to the development of academic dialogue and the training of highly qualified specialists for our countries, Olga Nadezhina emphasized.

In addition, lectures and practical classes on the course “Food Security” were held for TSUE students, which aroused great interest and facilitated the exchange of relevant knowledge in this area.

Participation of IPMET representatives in major events of three universities of the Republic of Uzbekistan became another important step in strengthening scientific and educational cooperation and exchange of experience between Russian and Uzbek universities. Colleagues presented the results of fundamental, applied and methodological research that are part of the joint international research agenda in the field of green economy, industry and economic security in the context of digitalization and new reality, – summed up the work of IPMET representatives, Director of the Institute Vladimir Shchepinin.

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 –

May 15, 2025
MIL-OSI Russia: IMF Staff Completes the 2025 Article IV Mission to Singapore
Source: IMF – News in Russian

May 15, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
- Singapore’s economy recovered in 2024 but is forecast to slow down in 2025 due to the recent escalation of global trade tensions. Inflation is expected to stay muted.
- Fiscal and monetary policies are appropriately supporting the economy. Singapore has ample fiscal space to provide additional temporary and targeted support in case downside growth risks materialize.
- Singapore’s financial sector remains sound and resilient, underpinned by well-capitalized and liquid banks. Potential financial sector risks from tightening global financial conditions should continue to be closely monitored.
Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Masahiro Nozaki, conducted discussions on the 2025 Article IV Consultation with the Singaporean authorities and other stakeholders from May 5 to May 15, 2025. At the conclusion of the discussions, Mr. Nozaki issued the following statement:

“Singapore’s economy recovered strongly in 2024 and disinflation advanced. Growth increased to 4.4 percent in 2024, from 1.8 percent in 2023, supported by an upturn in the global technology cycle. Headline inflation decreased to 1.5 percent in end-2024 and further to 0.9 percent in March 2025, reflecting disinflation in both tradable and non-tradable prices.

“However, the recent escalation of trade tensions and an associated spike in global policy uncertainty—as highlighted in the April 2025 World Economic Outlook—have sharply weakened Singapore’s economic outlook. Growth is projected to slow to 1.7 percent in 2025. Inflation is expected to stay muted, with headline inflation and Monetary Authority of Singapore (MAS) Core Inflation forecast at 1.1 percent and 1.0 percent in 2025, respectively, due to emerging slack in the economy and projected declines in commodity and other tradables prices from slower global growth.

“There is a high degree of uncertainty around this forecast, reflecting elevated global economic and policy uncertainty. Risks to growth are firmly tilted to the downside, stemming from a possible further escalation of global trade tensions and a sharp tightening of global financial conditions. While risks to inflation are tilted to the downside due to weaker-than-expected global and domestic growth, potential upside inflation risks, including from possible supply chain disruptions, should also be monitored.

“Against this backdrop, MAS appropriately loosened monetary policy in January and April 2025. In view of weak inflation, slowing growth, and emerging slack in the economy, staff sees scope for further monetary policy easing in the near term. However, MAS should remain vigilant and data dependent with respect to the speed and magnitude of easing in light of the large uncertainty, as well as both upside and downside risks around the inflation outlook.

“The expansionary fiscal stance for FY2025 (April 2025-March 2026) is appropriate against the backdrop of slowing growth, increasing economic slack, and elevated downside risks. Continued support to households and firms will provide ongoing relief, while enhanced infrastructure spending will support domestic demand and help promote long-term growth. Singapore has ample fiscal space that can be deployed to provide targeted and temporary fiscal support in the event of downside risks materializing. Over the medium term, currently untargeted transfers should be phased out or better targeted to vulnerable households and firms. With strong fiscal institutions and buffers, Singapore is well positioned to meet its medium-term fiscal spending needs, including for rising healthcare costs due to an aging population, scaling up high-quality public infrastructure, and strengthening social safety nets.

“Singapore’s financial sector is resilient. Banks are well capitalized, have ample liquidity, and are profitable. The authorities’ regulatory and supervisory efforts have contained existing financial sector vulnerabilities, including from cross-border exposure, reliance on foreign exchange funding, residential and commercial real estate exposures, interconnectedness between banks and nonbank financial institutions (NBFIs), and exposures to relatively small segments of highly leveraged corporates and households. Nonetheless, in view of the risk of a sharp tightening of global financial conditions, continued vigilance is warranted against these vulnerabilities.

“We welcome the steady implementation of the authorities’ Forward Singapore initiative, including enhanced paid parental leave to support young families; enhanced grants for low-income first-time home buyers to improve housing affordability; and additional transfers to improve the retirement adequacy for low-income workers and retirees. The introduction of temporary financial support for involuntarily unemployed individuals has helped strengthen Singapore’s social safety nets. The government continues to make progress with helping workers to reskill and firms to adopt AI technologies.

“The IMF team would like to thank the authorities and other counterparts for their close collaboration and productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/15/pr25147-singapore-imf-completes-2025-aiv-mission

MIL OSI
MIL OSI Russia News –
May 15, 2025
MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on Connectivity through Multilateral Trading System (English only)

Source: Hong Kong Government special administrative region

     Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “Connectivity through Multilateral Trading System” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):

     Good afternoon, Chair, WTO Director-General (Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala), and colleagues.

     The recent upheaval caused by one economy’s unilateral tariff measures on all other economies poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape today.

     We are pleased to note the substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect. This development marks a pivotal step towards fostering stability in global trade and reinforces our shared commitment to advancing constructive economic relations within the APEC region and beyond. Continued collaboration under this framework will undoubtedly contribute to inclusive growth and a rules-based multilateral trading system.

     Hong Kong, China (HKC), as one of the freest economies in the world, reaffirms our unwavering commitment to free trade principles and the WTO-centred multilateral trading system. We firmly believe that sustainable solutions to trade disputes can only be achieved through constructive dialogue, adherence to internationally agreed rules, and a shared pursuit of equitable outcomes. We call upon all members to unite in defending the open, predictable and inclusive character of global trade.

     As the WTO commemorates its 30th anniversary this year, it is deeply disheartening to witness one of its founding members attempting to rip the organisation apart, after years of unilateral action in crippling its dispute settlement function. While reforms are indeed necessary to keep the decades-old organisation relevant amid evolving global challenges, aggressive and erratic trade actions that create economic chaos only serve to escalate tensions and instability.

     As a free port, HKC has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. We remain committed to engaging in constructive dialogues to enhance the WTO’s functionality, resilience and effectiveness. At this critical time, we call on APEC member economies who cherish the multilateral trading system to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.

     Looking ahead to the 14th Ministerial Conference (MC14) which is less than a year away, with the rapidly evolving situation, telling what lies ahead until then may seem elusive. Nevertheless, HKC remains hopeful and determined to achieve tangible and positive outcomes at MC14 – many of which are in fact long overdue. Beyond the dispute settlement reform, our priorities include bringing into force the Agreement on Fisheries Subsidies and concluding the second wave of the fisheries subsidies negotiations, both of which are still so near, yet so far. We must strive to finish the unfinished business at MC13 to incorporate the plurilateral Investment Facilitation for Development (IFD) Agreement into the WTO legal architecture. In this regard, we fully support the APEC Statement in support of the WTO Joint Statement Initiative on IFD, championed by Korea, which would send a strong political signal of APEC’s commitment to the swift and successful integration of this landmark agreement into the WTO framework.

     We also stand by finding a permanent solution to, or at least securing an extension of the WTO e-commerce moratorium, and support the early incorporation of the Agreement on Electronic Commerce into the WTO legal framework, which will provide the much needed clarity and stability for e-commerce business worldwide. We strongly encourage APEC member economies to intensify collaborative efforts to achieve these goals by MC14. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.

     Thank you.

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Asia-Pac: Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets

Source: Hong Kong Government special administrative region

Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets
To further promote the collaborative development of financial derivatives markets on the Mainland and in Hong Kong, as well as the high-level opening-up of Mainland’s financial markets, after assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the People’s Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority plan to further enrich the product types under Swap Connect. First, the tenor of interest rate swap contracts would be extended to 30 years to meet the diverse risk management needs of market institutions. Second, the product scope of Swap Connect would be expanded by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant financial infrastructure operators in both markets will roll out these enhancement measures progressively.

Looking ahead, regulatory authorities on the Mainland and in Hong Kong will continue to provide guidance to the financial market infrastructure operators in both markets to continue to enhance relevant arrangements, taking into account the operation experience of Swap Connect, with a view to steadily advancing the further opening-up of Mainland’s financial markets, promoting RMB internationalisation in a steady, orderly and sound manner, and supporting the successful development of Hong Kong as an international financial centre.
Issued at HKT 17:12

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 15, 2025

Category: Economy

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New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones

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MEDIA RELATIONS