Category: Economy

MIL-OSI China: China’s State Council outlines legislative priorities for 2025

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

BEIJING, May 14 — The General Office of the State Council has unveiled its legislative agenda for 2025, with a focus on strengthening legislation in key sectors, emerging industries, and areas involving foreign affairs.

In its push for high-quality development and a high-standard socialist market economy, the legislative plan lists draft laws including the national development planning law and the financial law.

As part of efforts to improve governance and promote rule-based administration, the State Council is set to introduce regulations on the sharing of government data, among others.

To enhance public well-being, the legislative plan includes draft laws such as the social assistance law and the medical insurance law.

The plan also includes draft amendments to the Food Safety Law and the Prison Law.

To bolster legal frameworks related to foreign affairs, the agenda includes a proposed revision to the Foreign Trade Law and new rules for implementing China’s Anti-Foreign Sanctions Law.

MIL OSI China News –

May 14, 2025
MIL-OSI Asia-Pac: Assessment Forms

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The Government is conducting an official assessment to better understand the energy crisis’s impacts on households, businesses, and institutions. Only residents and businesses in designated areas of Upolu are required to complete the form by 25 April 2025.

The form will collect information on electrical equipment damage, disruptions to operations or services and financial losses. All Applicants are required to provide their EPC meter number, supporting documentation (e.g., photos, receipts, or certified assessments) for verification.

Download Assessment Form Here

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April 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ2: Work on attracting enterprises and investments

Source: Hong Kong Government special administrative region

Following is a question by the Hon Jeffrey Lam and a reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (May 14):

Question:

In recent years, the Government has been vigorously promoting the work on attracting enterprises and investments. It is learnt that Invest Hong Kong (InvestHK) assisted a total of 539 overseas and Mainland enterprises in setting up or expanding their businesses in Hong Kong last year. In this connection, will the Government inform this Council:

(1) of the number of overseas and Mainland enterprises which InvestHK has assisted in establishing a presence in Hong Kong or setting up regional headquarters in Hong Kong since January this year; the home countries of such enterprises, as well as the industries to which they belong;

(2) of the policies and measures currently put in place by the Government in respect of land, taxation, etc. to support overseas and Mainland enterprises in establishing a presence in Hong Kong; and

(3) given that the Secretary for Labour and Welfare has pointed out at a special meeting of the Finance Committee of this Council held to discuss the Estimates of Expenditure 2025-2026 that Hong Kong Talent Engage (HKTE) would provide comprehensive one-stop support to incoming talents, of the total number of applications received by HKTE since January this year; among such applications, of the areas in which support has been provided?

Reply:

President,

After consulting the Development Bureau (DEVB), the Financial Services and the Treasury Bureau, the Labour and Welfare Bureau, as well as the Office for Attracting Strategic Enterprises (OASES), my consolidated response to the Hon Jeffrey Lam’s question is as follows:

InvestHK Hong Kong (InvestHK) is responsible for promoting inward direct investment to Hong Kong by attracting Mainland and overseas enterprises to set up or expand in the city. In 2024, InvestHK assisted 539 Mainland and overseas enterprises in establishing and expanding their businesses in Hong Kong, representing an increase of over 40 per cent year on year. On a pro-rata basis, the figure well exceeded the performance indicator as set out in the 2022 Policy Address by the Chief Executive. On the other hand, the number of companies in Hong Kong with overseas or Mainland parent companies in 2024 reached a record high of 9 960. It included 1 410 regional headquarters, an increase of over 5 per cent year on year.

From January to April this year, InvestHK assisted 223 Mainland and overseas enterprises, representing an increase of 13 per cent as compared with the same period last year. These enterprises are expected to bring in direct investment of over $22.3 billion and create over 4 900 jobs within their first year of operations or expansion. Over one-fourth of these enterprises indicated their setup of international or regional headquarters in Hong Kong. The top five places of origin of those enterprises are the Mainland, the United States, Japan, the United Kingdom and Singapore; and the top five sectors are the financial services and fintech sector, family office, innovation and technology sector, tourism and hospitality sector, and consumer products sector.

Separately, the current-term Government established OASES, which is directly under the Financial Secretary, to attract high-potential and representative strategic innovation and technology enterprises from around the globe. So far, OASES successfully attracted 84 strategic enterprises, many of which plan to establish their international or regional headquarters in Hong Kong.

InvestHK and OASES provide Mainland and overseas enterprises with one-stop customised support services, including introducing tax regime and tax concessions of Hong Kong, assisting enterprises in identifying premises for operations, and assisting them in following up on matters relating to talent admission.

In terms of tax policy, Hong Kong has been practicing a simple, territorial-based and low-tax regime. Hong Kong’s profits tax rates are very competitive internationally, with the first $2 million of profits of corporations taxed at the rate of 8.25 per cent, and the profits above that amount taxed at 16.5 per cent. Besides, tax types in Hong Kong are simple in that there is not any kind of capital gains tax, withholding tax on dividends or interest, estate duty, value-added tax, goods and services tax, nor digital services tax. The Government of the Hong Kong Special Administrative Region (HKSAR) has also been strategically utilising tax measures to facilitate the development of different industries. Tax concessions introduced over recent years have benefitted multiple industries or taxpayers, including the asset and wealth management industry, maritime industry, insurance industry, and taxpayers with intellectual property income.

In terms of assisting enterprises in identifying suitable premises, given the diverse backgrounds of enterprises, InvestHK and OASES focus on understanding and catering to the different needs of individual enterprises. In respect of land supply, the DEVB has been collaborating with InvestHK and OASES to introduce to Mainland and overseas enterprises interested in setting up in Hong Kong the distribution of existing and future economic land in the territory, including how the Government will adopt an “industry-led” approach in planning strategic projects such as the Northern Metropolis (NM). In particular, as each New Development Area in the NM has its own industry positioning, the next few years will see considerable output in development land and floor space for innovation and technology and other emerging industries, as well as industries with traditional strengths, to move in. As for enterprises interested in setting up in Hong Kong and participating in the construction of buildings for industries, the DEVB will recommend development land for their consideration. It will also support relevant policy bureaux in exploring and adopting various modes of land disposal and land premium arrangements by giving consideration to restricted tender or direct land grant in addition to the traditional practice of open tender. When a project enters the design and construction stages, the DEVB will also provide one-stop services by co-ordinating with relevant departments to expedite approvals.

Apart from focusing on attracting enterprises and investment, the current-term Government is also dedicated to attracting talents from overseas and the Mainland. Since its establishment on October 30, 2023, the Hong Kong Talent Engage (HKTE) strives to provide comprehensive one-stop support to talents. From January to April 2025, over 45 000 new applications under various talent admission schemes were received, of which over 35 000 applications were approved. The support services provided by the HKTE to incoming talents and their families include the following:

(a) Themed seminars: To cater for the needs of incoming talents, leaders from various industries and admitted talents were invited to share career information and tips on starting a business. Since its establishment and up to end-April 2025, the HKTE has organised 33 online and offline themed seminars;

(b) Job fairs: Job fairs help job-seeking talents to match with employers direct, so as to help incoming talents to look for jobs based on their skills, making better use of their professional competencies. As at end-April 2025, the HKTE has organised, co-organised and participated in 17 job fairs in total;

(c) Enquiry and support matching services: The HKTE’s online platform currently connects with about 90 designated working partners to provide talents with advice and services in respect of job matching, accommodation, education, banking and insurance services, business and corporate services, integrated settlement services as well as networking and community through online matching services. The online platform has processed over 41 000 enquiries, mainly involving matters such as talent schemes, visa and job seeking, and made around 12 000 referrals of support service requests so far;

(d) Integration activities: Participation in volunteer services allows incoming talents to strengthen their connections with the local community, thereby facilitating their better integration into local society. As at end-April 2025, the HKTE has organised, in collaboration with volunteer groups, three integration activities; and

(e) Cantonese learning classes: The classes help enhance the Cantonese speaking and listening skills of incoming talents, and assist them in understanding the local culture and customs, thereby expediting their integration into local society. As at end-April 2025, the HKTE has organised 28 Cantonese learning classes.

The HKSAR Government will continue to make every effort to attract more enterprises and talents from the Mainland and overseas.

Ends/Wednesday, May 14, 2025
Issued at HKT 12:21

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: DH signs service agreements with medical institutions newly included in Elderly Health Care Voucher Greater Bay Area Pilot Scheme (with photos)

Source: Hong Kong Government special administrative region

The Department of Health (DH) today (May 14) signed service agreements with 12 Mainland medical institutions newly included in the Elderly Health Care Voucher Greater Bay Area Pilot Scheme. It serves as a curtain raiser for the commencement of services at these medical institutions within this year, as announced in the Chief Executive’s 2024 Policy Address on the extension of the Pilot Scheme to cover nine Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

The signing ceremony was held at the Central Government Offices. Addressing the ceremony, the Director of Health, Dr Ronald Lam, said, “On behalf of the HKSAR Government, I would like to express my gratitude to the Health Commission of Guangdong Province and the health authorities of relevant cities for their continuous support and assistance to the HKSAR Government in further extending the Pilot Scheme to cover all nine Mainland cities in the GBA. It will not only provide greater convenience and flexibility to the eligible Hong Kong elderly persons to safeguard and address their medical needs for a happy and healthy ageing life, but also further promote medical co-operation in the GBA to jointly build a ‘Healthy Bay Area’.”

â€‹The 12 medical institutions newly included in the Pilot Scheme are:

GBA city	Name of medical institution
Guangzhou	Guangdong Provincial Hospital of Chinese Medicine
Guangzhou	Guangdong Clifford Hospital
Shenzhen (including the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone)	Shenzhen Hospital of Southern Medical University
	Peking University Shenzhen Hospital
Zhuhai	The Fifth Affiliated Hospital, Sun Yat-sen University
Zhuhai	Zhuhai People’s Hospital
Foshan	The First People’s Hospital of Foshan
Foshan	The Eighth Affiliated Hospital of Southern Medical University (Previously: Shunde Hospital of Southern Medical University)
Huizhou	Huizhou Central People’s Hospital
Zhongshan	Zhongshan Hospital of Traditional Chinese Medicine
Jiangmen	Jiangmen Central Hospital
Zhaoqing	The First People’s Hospital of Zhaoqing

With the expansion of the number of pilot medical institutions from the current seven to 19 in total, together with the two existing service points operated by the University of Hong Kong-Shenzhen Hospital, eligible Hong Kong elderly persons will be able to use the Elderly Health Care Voucher (EHCV) for outpatient healthcare services at a total of 21 service points in the GBA.

“The DH will continue to actively collaborate with the newly included pilot medical institutions to finalise the follow-up arrangements in accordance with the service agreements, such as personnel training, financial arrangements and system configuration. We will strive for the newly included pilot medical institutions to launch the relevant arrangements gradually by the fourth quarter of this year, so as to enable eligible Hong Kong elderly persons to use EHCVs at more service points as soon as possible, and to make better use of the primary healthcare services to improve their health and gain a greater sense of happiness. Co-operation on medical and health issues is an important component of the development of the GBA and is vital to promoting the well-being of the people in the region,” said Dr Lam.

Launched by the Government in 2009, the Elderly Health Care Voucher Scheme (EHVS) currently subsidises eligible Hong Kong elderly persons aged 65 and above with an annual voucher amount of $2,000 (with the accumulation limit set at $8,000) for them to choose in their own community private primary healthcare services that best suit their health needs. The Government launched the Pilot Scheme last year to extend the coverage of EHCVs to suitable medical institutions in the GBA. As of September of the same year, the coverage of EHCVs has been extended to seven integrated medical/dental institutions located in Guangzhou, Zhongshan, Dongguan and Shenzhen.

Upon the launch of the Pilot Scheme last year, as of end-March 2025, about 13 350 eligible elderly persons have used EHCVs to pay for the fees of outpatient healthcare services received at medical institutions under the Pilot Scheme, involving 24 645 voucher claim transactions and a total claimed amount at approximately $32.16 million.

In addition, the “Cross-boundary Health Record” and “Personal Folder” functions of the eHealth mobile application will also be applicable to the medical institutions under the Pilot Scheme, with a view to offering convenience for Hong Kong citizens to self-carry their electronic health records for cross-boundary uses.

Members of the public may refer to the EHVS website (www.hcv.gov.hk) or call the hotline (2838 2311) for more information on the EHVS.

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI USA: Waller, The Role of Economic Research in Central Banking

Source: US State of New York Federal Reserve

Thank you for the opportunity to speak to you today.1
I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.
Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.
The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.
Research at the Federal ReserveResearch is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.
To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.
When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.
Academic ResearchAcademic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”—it focuses on intellectually interesting issues often before they become relevant for monetary policy.
Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.
Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.
Directed ResearchThen there is directed research. Directed research is just that—an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting—an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.
Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.
Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.
Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book—which is a survey of regional economic conditions done by the Reserve Banks—is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.
History of Research at the Federal ReserveEconomic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.2 Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.3 This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.
Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.4 Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.
In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.
But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.
In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.5 Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.6 This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.
In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.
A critical finding of all this research was that private agents’ inflation expectations were forward looking—they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.
A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.
Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.7
Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not—there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.8 In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.
In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. The Federal Reserve Board and the Reserve Banks did have several Ph.D. economists on staff who engaged in pathbreaking research. For example, the Federal Reserve Bank of New York’s John H. Williams and Randolph Burgess and the Board’s E.A. Goldenweiser and Winfield Riefler produced numerous articles and treatises on financial markets, international monetary arrangements, and Federal Reserve policy. Return to text
3. See Ben S. Bernanke (2013), “A Century of U.S. Central Banking: Goals, Frameworks and Accountability,” Journal of Economic Perspectives, vol. 27 (Fall), pp. 3–16. Return to text
4. Much of the following material draws from Michael D. Bordo and Edward S. Prescott (2023), “Federal Reserve Structure and the Production of Monetary Policy Ideas,” Working Paper Series 23-29 (Cleveland: Federal Reserve Bank of Cleveland, November). Return to text
5. See Edward Nelson (2005), “The Great Inflation of the Seventies: What Really Happened?” Advances in Macroeconomics, vol. 5 (1); and Christina D. Romer and David H. Romer (2013), “The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn’t Matter,” American Economic Review: Papers & Proceedings, vol. 103 (May), pp. 55–60. Return to text
6. For a discussion of the part played by the Federal Reserve Bank of St. Louis in the development of monetarism, see chapter 13 in Edward Nelson (2020), Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2 (Chicago: University of Chicago Press). Return to text
7. See Bernanke’s discussion of the comparison between the Great Depression of the 1930s and the Great Recession of 2007–09 in Ben S. Bernanke (2023), “Nobel Lecture: Banking, Credit, and Economic Fluctuations,” American Economic Review, vol. 113 (May), pp. 1143–69. Return to text
8. For example, Alan Greenspan, a successful Wall Street economist and chairman of President Ford’s Council of Economic Advisers, had not published much in journals when he earned his Ph.D. in economics in 1977, at age 51, 10 years before he became Fed Chair. Return to text

MIL OSI USA News –

May 14, 2025
MIL-OSI Russia: Double Degree in the South of Russia: GUU and KubSAU Launched a Unique Educational Program

Translation. Region: Russian Federal

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

A delegation from the State University of Management headed by Rector Vladimir Stroyev visited the Kuban State Agrarian University named after I.T. Trubilin to sign an agreement on network cooperation and the official presentation of the joint program “Finance and Business Management”. The delegation also included Vice-Rectors Dmitry Bryukhanov and Maria Karelina.

The new educational program will allow you to obtain two qualifications in 4 years – a bachelor of economics and a bachelor of management. It provides for alternating study locations: Krasnodar (first and second years) – Moscow (third year) – Krasnodar (fourth year). It is important to note that there are no analogues of this program in the South of Russia yet.

During the visit, representatives of the State University of Management, accompanied by the rector of KubSAU Alexander Trubilin, visited the main facilities of the university: the Historical Heritage Center, where guests immersed themselves in the history of the university, modern digital content laboratories, innovative classrooms and the Military Training Center.

At the end of the tour, the official presentation of the program “Finance and Business Management” took place in the main building. The event was attended by the management of universities, schoolchildren, their parents, teachers and students.

Rector of the State University of Management Vladimir Stroev spoke about the history of the university, its achievements and famous graduates, and also noted the uniqueness of the joint program.

“There is no such program anywhere in the South of Russia yet. We are confident that it will open new horizons for our students,” Vladimir Stroyev emphasized.

Rector of KubSAU Alexander Trubilin spoke in more detail about the advantages of the new educational program.

“Today we present you a new project – an innovative online educational program “Finance and Business Management”, developed jointly with the State University of Management. The program opens up unique opportunities for students: a whole year of study in Moscow, work on real projects together with Moscow students and teachers, gaining invaluable experience and knowledge from the country’s leading specialists. Upon completion of their studies, graduates will receive a diploma of higher education with two qualifications, which will significantly increase their competitiveness in the labor market,” concluded Alexander Trubilin.

Also at the presentation, an agreement on network cooperation between KubSAU and GUU was signed.

Let us recall that in January 2025, the State University of Management and the Kuban State Agrarian University named after I.T. Trubilin signed a cooperation agreement and discussed areas of interaction, including the implementation of a joint program.

Photos taken from the official website of KubSAU.

Subscribe to the TG channel “Our GUU” Date of publication: 05/14/2025

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 14, 2025
MIL-OSI Russia: Young professionals and big challenges: results of the IT Tournament at Gazprom Neft

Translation. Region: Russian Federal

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

The IT Tournament at Gazprom Neft, which brought together students interested in development in the field of information technology, has ended. As part of the educational intensive, participants worked on practical cases on IT economics, enterprise infrastructure and telecommunications systems in the oil and gas industry.

The grand opening took place in the Polytechnic Tower, where Gazprom Neft representatives told participants about the company’s business objectives, corporate master’s programs, and career opportunities for young professionals.

The event included selection testing, problem solving and project defense in front of the company’s experts. The final defense was held with the participation of Leonid Potapov, Head of IT Education at Gazprom Neft, and Irina Rudskaya, Director of the Scientific and Educational Center for Information Technology and Business Analysis at Gazprom Neft, who emphasized the importance of developing young specialists and cooperation between business and education.

According to the results of the final, the winners were Vera Filippova, Dmitry Savitsky and Artem Bosyakov.

Participation in the tournament allowed students to gain experience in solving real business problems, consult with HR specialists and learn more about working in a large technology company. For many, this was the first step towards professional development in IT.

The next tournament is scheduled for 2026. Participate and develop your career in IT.

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 14, 2025
MIL-OSI New Zealand: New public research organisation boards dominated by men – PSA

Source: PSA

In a week when the government has been under fire for its rollback of pay equity, the announcement today of two of the three new Public Research Organisations (PRO) Boards has raised concerns for their lack of diversity.

A PSA assessment of the announcement by the Minister for Science, Innovation and Technology, Hon Dr Shane Reti, shows that the boards of the New Zealand Institute of Earth Sciences and the New Zealand Institute of Bioeconomy Science are collectively over 70 per cent male.

These two institutes are replacing the soon-to-be merged entities AgResearch, Scion, Manaaki Whenua, Plant and Food, NIWA, and GNS. The Boards of these CRIs collectively have a roughly 50-50 gender split, with 20 men and 22 women across the six Boards.

“It’s pretty outrageous that in 2025 that we are still seeing Boards – any Board, but particularly publicly funded research Boards – be made up of a majority of men,” Public Service Association Te Pūkenga Here Tikanga Mahi national secretary, Fleur Fitzsimons, said.

“There are more men called Paul on the Earth Science Institute Board than there are women.”

Of the 11 people named on the two Boards today, all had previously served as Crown Research Institute (CRI) directors, bar one exception.

“It really just looks like a shuffle of the existing CRI board members, but the women got the sack,” Fitzsimons said.

According to the 2018 census, women make up 48 per cent of roles within STEM (science, technology, engineering and mathematics), but only 30 per cent are in leadership positions.

“These appointments are a real throwback to when the sciences were completely and utterly dominated by men.

“The gains that women have made in science over the past few decades are in no way reflected here. How can we possibly expect women to join STEM professions when our public institutions don’t represent them or their interests?

“The National government continues to show us its true colours this week. The message to women is pretty clear – we’re not interested in what you have to say and you’re not invited to the table.”

The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

MIL OSI New Zealand News –

May 14, 2025
MIL-OSI New Zealand: Banking Sector – The Co-operative Bank outranks the big 5 for customer satisfaction again

Source: The Co-operative Bank

The Co-operative Bank says it is delighted to win the Consumer People’s Choice Award for banking.

The Co-operative Bank has taken out the top spot in Consumer’s 2025 banking satisfaction survey, earning a score of 77% of customers who are very satisfied, which is 20% higher than New Zealand’s biggest bank and 15% higher than the average score across all banks.

The Co-operative Bank, which is fully owned by its customers, has been voted #1 by customers in the Consumer People’s Choice Award for nine out of the past 10 years.

Chief Executive Mark Wilkshire says the win is a testament to the bank’s commitment to putting customers first.

“It shows that bigger is not necessarily better. The Co-operative Bank punches well above our weight because we focus relentlessly on doing better for our customers, who also own the bank.”

“As owners of the Co-operative, our customers can expect better from us than they can from other banks. They can expect better accountability, transparency and customer experiences,” Mark Wilkshire says.

One of the ways the Co-operative is delivering better is through competitive rates. It today announced a drop to its floating home loan interest rate from 6.20% to 5.95% p.a., which would make it the lowest rate of this type currently being offered by any bank in NZ, as well as offering competitive 1 and 2 year fixed rates at 4.99% per annum.

“The cut to our floating rate reflects the importance of offering customers more options.

Customers can opt for floating rates while they decide when to fix or, for some customers, having some or all of their mortgage on floating gives them flexibility,” Mark Wilkshire said.

“We remain committed to helping our customers to bank better every day and we are actively working on more improvements to our products and services that our customers have asked for.”

As well as being voted first overall, The Co-operative Bank was rated #1 in four categories: its mobile app, digital banking features, interest on savings and personal loan interest rates.

The floating rate change is effective for new loans from 15 May and existing loans from 29 May.

About The Co-operative Bank:

The Co-operative Bank is a customer-owned co-operative that operates in retail banking and associated personal financial services across Aotearoa New Zealand. Our approach to banking is about leaving everyone better off – our customers, our people, the Co-operative, and our communities. We are here to grow together and share the gains. All profits stay in New Zealand and since 2013 The Co-operative Bank has shared $24million with eligible customer shareholders as rebates.

MIL OSI New Zealand News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ11: Management of water resources

Source: Hong Kong Government special administrative region

LCQ11: Management of water resources
Question:

     Water charges in Hong Kong have not been adjusted for nearly 30 years since February 1995. The Waterworks Operating Accounts have recorded persistent deficits since 1999, and such deficits have increased substantially from less than $1 billion in the 2013-2014 financial year to about $2.4 billion in the 2022-2023 financial year. Moreover, it has been reported that the water charges in Hong Kong are among the lowest in advanced cities. While the water charges in other advanced countries or cities (such as Japan and Singapore) account for about 1 per cent to 2 per cent of the local household income, Hong Kong’s average water charges represent only less than 0.2 per cent of its household income. In this connection, will the Government inform this Council:

(1) whether it has studied the reasons why persistent deficits have been recorded in the operation of waterworks in Hong Kong, apart from the apparently low water charges, and whether the authorities have examined the reasons for persistent deficits from the management and operation perspectives; if it has studied, of the details, and how the authorities will make improvements;

(2) given that according to the paper submitted by the Government to the Panel on Development of this Council on December 13, 2023, the main source of water supply for Hong Kong is Dongjiang water purchased from the Guangdong Province under the “package deal deductible sum” approach, and the annual ceiling water prices from 2024 to 2026 will be over $5 billion, whether the authorities have actively enlisted support from the relevant ministries of the Central Government and proactively discussed with the authorities of the Guangdong Province to explore ways to optimise the existing mode of water supply (especially the water prices); and

(3) whether it will actively consider privatising the Water Supplies Department; if so, of the specific timetable and roadmap; if not, the reasons for that?

Reply:

President,

     The Water Supplies Department (WSD) has all along been committing to providing the public with reliable, sufficient and quality fresh water. Over the years, the WSD has been constructing many waterworks facilities to meet the needs of social development and the public on the one hand, while on the other hand containing fresh water demand growth through various water conservation and water loss management initiatives. The WSD is exploiting new water resources including desalinated seawater, reclaimed water (Note 1) and treated grey water (Note 2) to diversify the water supply portfolio and build resilience in fresh water supply.

     Besides, through adopting new technology to enhance operational cost-effectiveness and streamline business processes, the WSD effectively controls the capital cost of water supply.

     The Government will review the level of water tariff periodically based on the principles of “user pays” and “service cost recovery”, taking into account the social and economic situations, affordability of the consumers, financial performance of waterworks operations and the views of the stakeholders, etc. Water is a daily necessity for people, and the water tariff adjustment will have significant impact on people’s livelihood and the operation of various trades and industries. The Government needs to consider the factors very carefully in order to balance the public finance position and the impact on the public.

     The reply to the various parts of the question raised by the Hon Yim is as follows:

(1) The number of water accounts has increased from 2.2 million in 1998 to 3.27 million in 2024 (an increase of about 49 per cent). To meet the new service demands, the WSD has increased the number of waterworks facilities substantially between 1998 and 2024, including an increase of 43 per cent in the length of water mains from about 5 900 km to about 8 500 km, a rise of 8 per cent in the number of service reservoirs from 215 to 232, and an increase of 8 per cent in the number of pumping stations from 177 to 191, which results in a continuous increase in the associated operational and maintenance expenses. The Composite Consumer Price Index also increased by 40 per cent over the same period. Besides, water tariff has not been adjusted since 1995 (except for the adjustment of water fees for non-local vessels in 1996). Taking all these factors into account, the Waterworks Operating Accounts (WOA) have continuously recorded a deficit since 1998-99, and the cost recovery rate also dropped to about 75 per cent.

     To control the cost of water supply and improve waterworks operating conditions, the WSD has been committing to improving water resources management and making good use of technology to streamline business processes, reduce water loss and save energy consumption. Meanwhile, the WSD has reduced its establishment from about 6 100 in 1998 to about 4 700 in 2024.

     In addition, the WSD has implemented water loss management initiatives, including the replacement and rehabilitation of about 3 000 km of aged water mains between 2000 and 2015 and the implementation of Risk-based Improvement Programme of Water Mains and Water Intelligent Network in recent years. These efforts have reduced the leakage rate of government water mains from around 25 per cent in 2000 to around 13.4 per cent at present. The WSD has also spared no efforts in promoting water conservation to defer the need for building additional waterworks facilities, thereby lowering the operational, maintenance, and depreciation expenses associated with water supply, alleviating the pressure from the rising costs and achieving better cost-effectiveness.

     Other measures that have been implemented to enhance the cost-effectiveness of waterworks facilities include controlling private water main leakage, installing smart water meters, and upgrading the WSD’s energy management system to save the energy cost.

     To control the cost of water supply more effectively in the long run, the WSD is formulating an overall digital transformation roadmap to implement a series of digitalisation projects and measures in phases, including the establishment of the WSD’s Central Operation Management Centre, Internet of Things platform, cloud data centre, digital twin and hydraulic model applications, etc, with a view to improving the operational efficiency and stability of water supply, and reducing energy consumption. By implementing the aforementioned measures and making timely and suitable adjustments to water tariff, the performance of the WOA could be improved in the long run.

(2) The price for the Hong Kong Special Administrative Region Government to purchase Dongjiang (DJ) water includes the costs incurred by the mainland for supplying DJ water to Hong Kong, such as the costs for infrastructure, system operation and maintenance, etc, as well as the cost of measures to protect the quality of DJ water supplied to Hong Kong. The fees do not include the costs of the Mainland on ecological conservation and other aspects including the opportunity costs of the control of development in the protection zones along the basin, and the prohibition of activities such as quarrying, mining and extensive poultry farming within the protection zones, etc. The price of DJ water will be reviewed every three years upon each renewal of the DJ water supply agreement, and adjusted in a reasonable and appropriate manner based on the established mechanism which takes account of a number of objective factors including changes in the exchange rate between Renminbi and Hong Kong dollar, changes in the relevant price indices of Guangdong (GD) and Hong Kong, as well as increase in operation costs. In fact, the increase of annual ceiling water price for the 2024 to 2026 DJ water supply agreement is lower than the changes in the exchange rate and price indices mentioned above.

     Since 2021, DJ water supply agreement has adopted the “package deal deductible sum” approach. Hong Kong can import DJ water based on the city’s need. If there is a high local yield and the amount of DJ water required is below the pre-set annual supply ceiling, a price deduction, according to the actual amount of water supplied, will be made to the annual ceiling water price. This approach provides greater flexibility in the control of water storage level, preventing wastage of DJ water resources and saving energy cost for water delivery. Also, both the GD and Hong Kong sides agreed that the “package deal deductible sum” approach should be maintained at least up to 2029.

(3) As mentioned above, water is a daily necessity for people. A highly reliable water supply service is extremely important and has significant impact on people’s livelihood and the operation of various trades and industries. While there are examples where the water supply business is privatised, we are also aware that such operation arrangement may not necessarily bring overall benefits to the society. On the contrary, private investors may charge the public a higher water fee for the sake of profit, or be reluctant to invest resources in maintaining and repairing aging water pipes and other water facilities to control costs. The Government currently does not have plans to privatise the WSD.

Note 1: Reclaimed water is a water resource generated by further processing treated effluent from sewage treatment works.

Note 2: Water collected from bathrooms, wash basins, kitchen sinks and laundry machines etc. is known as grey water. Along with harvested rainwater, the grey water can be treated and reused for non-potable purposes such as toilet flushing.
Issued at HKT 15:36

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ3: Electric vehicle charging facilities

Source: Hong Kong Government special administrative region

LCQ3: Electric vehicle charging facilities
Question:

     It is learnt that the demand for electric vehicle (EV) charging facilities has continued to increase in recent years, and the Government will launch the Fast Charger Incentive Scheme (the Incentive Scheme) to subsidise the installation of fast charging facilities by the private sector. Furthermore, the community also hopes that more fast charging facilities can be provided in government premises. In this connection, will the Government inform this Council:

(1) given that the Government is retrofitting charging facilities for about 7 000 additional parking spaces in government premises, of the progress of the relevant works and the number of quick chargers to be retrofitted; whether it will launch a new scheme to install quick chargers in government premises; if so, of the details; if not, the reasons for that;

(2) given that the EV-charging at Home Subsidy Scheme (EHSS), which subsidises the installation of EV charging facilities in car parks of private housing estates, has ceased to accept applications since the end of 2023, whether the Government will make further funding injection to re-launch the EHSS; if so, of the details; if not, the reasons for that; and

(3) whether it will increase the amount of subsidy under the Incentive Scheme to encourage commercial organisations to install fast charging facilities in districts where there are fewer EV chargers, so that chargers will be more evenly distributed among the 18 districts across the territory; if so, of the details; if not, the reasons for that?

Reply:

President,

     To improve air quality and reduce carbon emissions, the Government is committed to promoting the use of electric vehicles (EV). In recent years, Hong Kong has achieved remarkable results in the popularisation of EV. The number of EV was eightfold from about 14 000 five years ago to about 110 000 at the end of last year. Currently, about seven out of every 10 newly registered private cars are electric private cars (e-PC), and the growth rate is among the highest in the world.

     Charging network is very important in promoting the popularisation of EV. It would be most convenient for e-PC and light vehicles to be charged at the car owners’ residence, workplace, or frequently visited parking spaces. Due to their longer parking time, fast charging is not necessary. As for commercial EV, such as electric taxis, a quick or even fast charging network is necessary. As of March 2025, Hong Kong had nearly 100 000 parking spaces equipped with charging infrastructure. There are 11 180 public charging facilities, of which about 2 000 are quick or fast charging facilities. We will continue to adopt a multi-pronged approach to increase charging facilities, including converting conventional petrol filling stations (PFS) into fast charging stations or retrofitting PFS with fast charging facilities.

     My responses to the Hon Jimmy Ng’s three questions are as follows:

(1) The Chief Executive’s 2022 Policy Address proposed to provide charging facilities in 7 000 additional parking spaces in government premises. As of March 2025, 4 158 chargers have been installed. Relevant departments have reviewed the progress of the remaining works, and the target can be achieved by the end of 2025.

     The Government adding EV charging facilities in its car parks mainly to facilitate charging of EV parked there. Vehicles parked in car parks generally have a longer time to charge. The cost of fast chargers is much higher than that of medium chargers. To make optimal use of resources, the EV charging facilities currently added to government car parks are mainly medium chargers. Among the 4 158 chargers, there are 27 quick or fast chargers which are mainly used as pure charging spaces rather than parking spaces.

(2) The EV-charging at Home Subsidy Scheme (EHSS) was launched in October 2020 with two phases, with a total funding subsidy of $3.5 billion. The Environmental Protection Department completed the vetting of all applications in the first quarter of 2024, with a total of 724 applications approved. As of the end of April 2025, 42 020 parking spaces have completed the installation of EV charging infrastructure. It is expected that the number of parking spaces with installation works completed will increase to about 77 000 by the end of this year. Through the EHSS and by the end of the 2027-28 financial year, EV charging infrastructure will be installed in about 140 000 parking spaces in the carparks of existing private residential buildings or housing estates.

     In order to prepare for the large-scale use of EV in the future, the Government began as early as in 2011 to encourage the installation of EV charging infrastructure in parking spaces in newly built private housing estates by tightening the exemption for calculating the gross floor area of buildings. To date, more than 93 700 relevant parking spaces have been approved. Together with the EHSS, it is estimated that more than 200 000 private building parking spaces will be equipped with charging infrastructure by mid-2027. As the number of EV increases, there are already services in the market to provide installation of EV charging facilities in housing estates, so there is no need to inject funds to extend the EHSS.

(3) There are currently 169 PFS distributed across the territories in Hong Kong, with the number in each district varying significantly. For example, there are 26 PFS in Yuen Long, the number of which is about nine times of that of Tsuen Wan of three PFS only. Hong Kong is not a large place, and today’s fuel vehicles can refuel across regions with no difficulties. For EV users, it is more practical to increase the number of charging facilities as soon as possible. Therefore, the Government’s strategy at this stage is to make the most use of the market in installing fast charging facilities as soon as possible, improve the convenience of EV users, and at the same time promote market competition to keep the price of EV charging at a reasonable level.

     In this regard, the Environment and Ecology Bureau has set up an interdepartmental working group to co-ordinate and resolve difficulties encountered by various parties in setting up charging facilities, with a view to expanding Hong Kong’s EV charging network as soon as possible. In addition, to help EV drivers find the most convenient location to charge their vehicles, we will provide real-time information on public charging facilities through various mobile applications.

     The Chief Executive’s 2024 Policy Address announced that the Government will earmark $300 million for a fast charging facility incentive scheme, with the target of providing 3 000 fast chargers to support some 160 000 EV additionally. It is expected that all fast chargers will be put into service gradually from 2026 to the end of 2028.

     We consulted the Panel on Environmental Affairs of the Legislative Council on the scheme on January 20 this year, and further optimised the scheme in response to Members’ views, including simplifying the application procedures to reduce administrative costs and shorten approval time. Under the scheme, each newly installed fast charger can receive a subsidy of $100,000, and each applicant can receive a maximum subsidy of $20 million, or subsidy for a maximum of 200 chargers. The applicants are required to arrange land and electricity supply on their own and bear the relevant costs. Subsidised fast chargers must provide electronic payment options and adopt an energy-based fee-charging mode. In addition, subsidised organisations are required to provide real-time information on the usage of relevant chargers and charging fees, and purchase public liability insurance, etc. We are now finalising the implementation details of the scheme and expect to launch and start accepting applications starting from next month.

     Thank you, President.
Issued at HKT 12:46

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ21: Deepening international exchanges and co-operation

Source: Hong Kong Government special administrative region

LCQ21: Deepening international exchanges and co-operation
Question:

     In the country’s Report on the Work of the Government this year, it was mentioned that Hong Kong must deepen international exchanges and co-operation. The Hong Kong Special Administrative Region Government is also actively attracting overseas companies to Hong Kong and helping Mainland companies go global to align with the overall development strategy of the country. In this connection, will the Government inform this Council:

(1) how it will promote alignment between Hong Kong’s financial services industry and national policies to leverage Hong Kong’s unique advantages, reinforce its connectivity with both the Mainland and the world, and actively promote international exchanges and co-operation; whether it will consider providing further support to financial services enterprises to expand into new markets and broaden their international networks;

(2) as it is learnt that many Hong Kong enterprises, business associations, non-profit organisations, and international trade organisations possess extensive overseas networks, whether the Government has compiled the relevant statistics; if so, of the details; how the Government will leverage the power and resources of non-governmental organisations to foster citizen diplomacy;

(3) to align with the country’s overall development strategy, will the Government review and optimise the division of responsibilities and functions of different government departments or public organisations responsible for promoting trade (such as the Economic and Trade Offices, the Hong Kong Trade Development Council, Invest Hong Kong, and other overseas offices), so as to avoid overlapping structures and enable them to focus more on delivering services under existing policies;

(4) whether the Government will formulate specific policy measures to support and sponsor various enterprises and organisations to participate in industrial and commercial, and financial exhibitions, etc, in overseas countries in order to promote commercial co-operation with Middle East countries and Belt and Road countries, and to promote Hong Kong to such countries; if so, of the details; if not, the reasons for that; and

(5) whether the Government has a comprehensive plan to tell good stories of Hong Kong to the outside world through targeted publicity and promotion strategies, and to better leverage Hong Kong’s international advantages to attract more international financial institutions and investors to establish presence in Hong Kong?

Reply:

President,

     Having consulted the Financial Services and the Treasury Bureau, the consolidated reply to the question raised by the Hon Robert Lee is as follows:

     The Outline of the 14th Five-Year Plan for National Economic and Social Development of the People’s Republic of China and the Long-Range Objectives Through the Year 2035 (14th Five-Year Plan) supports Hong Kong to enhance its status as an international financial centre, strengthen its functions as a global offshore Renminbi (RMB) business hub, an international asset management centre and a risk management centre, as well as deepen and expand the mutual access between the financial markets of the Mainland and Hong Kong.

     In this regard, the Hong Kong Special Administrative Region (HKSAR) Government has been committed to deepening the interface of Hong Kong’s financial services industry with national policies in accordance with the 14th Five-Year Plan. For example, in terms of mutual market access, the Stock Connect has made some breakthroughs over the past few years, including the inclusion of exchange-traded funds and the addition of eligible stocks of foreign companies primarily listed in Hong Kong. This has become the most reliable channel for international investors to access the Mainland securities market. In terms of global offshore RMB business, at present, Hong Kong has the world’s largest offshore pool of RMB funds, currently processing about 80 per cent of global offshore RMB payments. On attracting Mainland enterprises to list in Hong Kong, as driven by a series of listing enhancement measures, there are currently over 1 480 Mainland enterprises listed in Hong Kong. The Hong Kong Exchanges and Clearing Limited (HKEX) has established listing avenues for new economy with weighted voting rights structures, and specialist technology companies as well as the technology enterprises channel, with a view to accurately addressing the financial service demands of Mainland’s emerging innovation and technology industries and leveraging Hong Kong’s strengths to serve our country’s needs.

     We also continue to deepen exchanges and co-operation with the global financial community, actively strengthen and expand our circle of friends with the global community, organise major financial events of global significance such as the Asian Financial Forum, the Wealth for Good in Hong Kong Summit and the Global Financial Leaders’ Investment Summit, in a bid to further enhance the voice and influence of our country and Hong Kong in the international financial community and showcase to the international investors the strengths and opportunities of Hong Kong as an international financial centre.

     In addition, the HKSAR Government, regulators and the HKEX are committed to promoting Hong Kong’s financial services industry, securities market and fundraising platform to overseas and Mainland enterprises and investors (including target markets such as the Middle East and the Association of Southeast Asian Nations regions), through organising and participating in different thematic flagship summits, outreach activities, thematic roadshow events, etc, with a view to strengthening Hong Kong’s linkage with overseas and Mainland markets, fostering financial market co-operation, as well as facilitating the local financial services industry to open up new markets.

     We will continue to deepen and step up our efforts to seize the national development opportunities, bringing more new opportunities to the industry and continuing to contribute to our country’s development as a financial powerhouse.

     On the other hand, the HKSAR Government has been actively promoting the sustainable development of Hong Kong as an international trade centre through diversified measures. The global trade landscape and geopolitics are rapidly changing, with parts of the supply chains shifted to the Global South and Belt and Road (B&R) countries, while Mainland enterprises are also proactively establishing their presence abroad. Hong Kong’s rich experience in international trade and world-class professional services will be of assistance to such Mainland enterprises in re-deploying their global supply chains. According to the 2024 Policy Address, Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) set up in December 2024 a high value-added supply chain services mechanism for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong for managing offshore trading and supply chain, and providing one-stop professional advisory services for enterprises in Hong Kong looking to go global. The mechanism is conducive to Hong Kong’s economic development on the one hand, and facilitates the deepening of its international exchanges and co-operation on the other hand, thus responding to meet Premier Li Qiang’s expectations for Hong Kong, as set out in his work report this year, integrating into the overall national development while making contribution to the country.

     Besides, the HKSAR Government will continue to organise a number of outbound missions to B&R markets to assist Hong Kong enterprises and professional services to further explore business opportunities and build long-lasting collaborative relationships with relevant local enterprises and organisations. We will also continue to actively organise various major events to promote Hong Kong’s advantages and facilitate business matching and project participation between Hong Kong and B&R countries. In addition, the HKTDC’s overseas network has already covered the major markets along the B&R, including regions of the Middle East. By leveraging its global network, the HKTDC will continue to launch diversified outreach activities, information platforms, large-scale international exhibitions and conventions, to highlight Hong Kong’s opportunities and role as a two-way business and investment platform, and facilitate the co-operation among enterprises of the Mainland and Hong Kong, investors and professional service providers, as well as the project owners from B&R countries.

     For overseas exhibitions activities, the HKSAR Government strives to encourage and provide funding support for non-listed Hong Kong enterprises to upgrade and restructure, enhance competitiveness of enterprises as well as sectors and conduct promotional activities through various funding schemes and measures, including the Dedicated Fund on Branding, Upgrading and Domestic Sales, the SME Export Marketing Fund and the Trade and Industrial Organisation Support Fund. Enterprises/organisations could apply for funding to participate in promotional activities such as exhibitions in markets outside Hong Kong to develop their businesses. The HKTDC has also been actively leading Hong Kong companies to participate in large-scale exhibitions overseas and set up Hong Kong pavilions in selected large-scale exhibitions. In addition, the HKTDC offers preferential participation rates and a range of value-added services, including the arrangement of business matching meetings, for Hong Kong companies to grasp the opportunities to promote their products and services.

     Currently, the HKSAR Government has 14 overseas Hong Kong Economic and Trade Offices (ETOs). Together with the offices of the HKTDC and InvestHK worldwide, Hong Kong has set up offices in 68 cities around the world, covering 129 countries, including emerging markets. The ETOs, InvestHK’s Dedicated Teams for Attracting Businesses and Talents based in the ETOs and its consultant offices in other locations, as well as the HKTDC’s offices are responsible for different aspects of work, while collaborating from time to time to generate synergy. The trio promote bilateral economic and trade relations between Hong Kong and overseas economies. InvestHK and the HKTDC mainly serve the business community. InvestHK is responsible for promoting inward direct investment to Hong Kong. Through its teams based in Hong Kong, the Dedicated Teams for Attracting Businesses and Talents based in the ETOs, as well as consultant offices in other locations, the department has all along been reaching out to a wide spectrum of companies in different sectors and industries around the world to attract and assist them to set up or expand their businesses in Hong Kong, and offering one-stop customised support services, from the planning to implementation stages. As for the HKTDC, it is responsible for trade promotion as well as facilitating, assisting and developing trade in Hong Kong. Through organising international exhibitions, conferences and business missions, the HKTDC creates business opportunities in the Mainland and international markets for Hong Kong enterprises. The ETOs are committed to maintaining close communication and exchanges with the international community and overseas stakeholders in different sectors (including government officials, think tanks, media organisations, academics, cultural and business groups and other key opinion leaders in countries under their purview), promoting and explaining the HKSAR Government’s important policies and Hong Kong’s unique advantages under “one country, two systems”, with a view to telling the good stories of Hong Kong and promoting economic and trade development between Hong Kong and overseas.

     Meanwhile, the ETOs will strengthen ties and co-operation with foreign chambers of commerce in Hong Kong and the local political and business sectors, and take the opportunity of the latter’s overseas visits to collaborate in promoting Hong Kong’s latest developments and major policy measures through different forms of activities, and jointly tell the good stories of Hong Kong from multiple perspectives.
Issued at HKT 15:33

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: Speech by FS at HOFEX and ProWine Hong Kong @ HOFEX Opening Ceremony (English only)

Source: Hong Kong Government special administrative region

Speech by FS at HOFEX and ProWine Hong Kong @ HOFEX Opening Ceremony (English only)
Margaret (President and Chief Executive Officer of Informa Markets in Asia, Ms Margaret Ma Connolly), Dane (Executive Director of the Hong Kong Tourism Board, Mr Dane Cheng), Consuls-General, distinguished guests, ladies and gentlemen,

     Good morning.

     It’s a real pleasure to be here with you again at the Opening Ceremony of HOFEX. I would like to extend a warm welcome to industry professionals and entrepreneurs from around the world to Hong Kong, to tap the vast opportunities in the world of food and hospitality.

     Just now, Margaret has given us a good glimpse of the exciting events over the next few days. From wine and craft beer to hospitality technology; from culinary competitions to coffee championships, there is something for everyone. Whether you’re here to trade, taste or toast, this is the place to be.

     Beyond the captivating events at HOFEX, allow me to highlight a few points why Hong Kong is the right place to be in for food and hospitality business.

     First, we are a free port, and proudly the freest economy in the world. Besides, we maintain one of the world’s most efficient customs clearance and logistics networks. Every day, over 1 000 flights connect us to more than 200 destinations. This city simply gives you the best connectivity to the broader market in the Asian region.

     For wines, we impose no duty, a policy that has been toasting success for years. Last year, we imported approximately 39 million bottles of wines and consumed some 30 million of them. Recently, we have also lowered duties on liquor. The results are encouraging. In the first four months since its implementation, the volume of liquor imports jumped by over 40 per cent, and the value doubled.

     At a time when some economies are raising trade barriers, Hong Kong is not just opening doors. We are opening more bottles, too.

     Second, Hong Kong is Asia’s culinary capital. We love good food. You may know I like talking about the 200-plus Michelin-recommended restaurants in the city. But let me tell you more: they cover cuisines from over 30 countries and regions, offering a global menu with local flair. Moreover, we invest in culinary excellence. Institutions like the Chinese Culinary Institute are training the next generation of top chefs.

     Third, Hong Kong is expanding into new markets. Our ties with regions like the ASEAN (Association of Southeast Asian Nations), Middle East, Central Asia and Africa are strengthening. They are rich in produce and full of untapped potential. You can find their offerings in our restaurants, too.

     Ladies and gentlemen, Hong Kong is buzzing again. In the first four months of this year, visitor numbers grew by 10 per cent to over 16 million, with a noteworthy increase of 17 per cent in international visitors. The Government, along with the Hong Kong Tourism Board and the HKTDC (Hong Kong Trade Development Council), are organising more international events and attracting more high-value visitors. If you are thinking of extending the reach of your products and services, Hong Kong is your showroom.

     Come to Hong Kong, and you will find opportunities. Consider setting up a representative office, or a regional office here. Our colleagues from Invest Hong Kong, the Office for Attracting Strategic Enterprises, and the HKTDC are happy to support you every step of your way.

     To conclude, I wish you a fruitful and successful HOFEX 2025. For our overseas guests, enjoy your stay in Asia’s world city. There is a lot to discover, and even more to taste.

     Thank you.
Issued at HKT 12:30

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI: Valeura Energy Inc.: First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three month period ended March 31, 2025.

The complete quarterly reporting package for the Company, including the unaudited financial statements and associated management’s discussion and analysis (“MD&A”) are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company’s website at www.valeuraenergy.com.

Highlights

Oil production of 23,853 bbls/d⁽¹⁾, an increase of 9% compared to Q1 last year;
Adjusted opex⁽²⁾ trending downward, to US$24.1/bbl, a decrease of 8% compared to Q1 last year;
Adjusted Cashflow from Operations⁽²⁾ of US$74.0 million, an increase of 55% compared to Q1 2024, demonstrating the effects of the corporate restructuring and application of tax loss carry-forwards;
The Company’s balance sheet remains very strong, with US$239 million cash⁽³⁾ and no debt; and
Adjusted Working Capital⁽²⁾ of US$254 million.

(1)   Working interest share production before royalties.
(2)   Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
(3)   Includes restricted cash of US$23.4 million.

Dr. Sean Guest, President and CEO commented:

“We have demonstrated our ability to generate increasing cash flow. Q1 2025 was the first full quarter benefitting from our corporate re-organisation, which makes it possible to optimise the use of tax loss carry-forwards. As a result, our post-tax Adjusted Cashflow from Operations⁽¹⁾increased to US$74 million, up 55% compared to the same quarter of last year, on revenue that is essentially unchanged. This creates a uniquely resilient position for our Company, which makes it possible for us to weather volatile markets better than many of our competitors.

Underlying this is a respectable operational performance which saw us produce at an average rate of 23,854 bbls/d, while recording Adjusted Opex per barrel⁽¹⁾of US$24/bbl. The long-term downward trend in Adjusted Opex per barrel⁽¹⁾is a direct reflection of our strategic priorities in action – operating our assets in a worldclass manner with the objective of driving deeper efficiency and maximising cash flow and growth from our assets.

Our balance sheet echoes this sentiment too. Even after a quarter with a US$39 million out-of-round tax payment and a build in oil inventory, our financial position remained strong, with a March 31^stcash balance of US$239 million and no debt. As a result, we are in a prime position to pursue both organic and inorganic growth ambitions and continue to see exiting opportunities come to the foreground.”

(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.

Financial and Operating Results Summary

		Three months ended Mar 31, 2025	Three months ended Dec 31, 2024	Delta (%)		Three months ended Mar 31, 2024	Delta (%)
Oil Production⁽¹⁾	(‘000 bbls)	2,147	2,402	-11	%	1,991	8	%
Average Daily Oil Production⁽¹⁾	(bbls/d)	23,853	26,109	-9	%	21,882	9	%
Average Realised Price	(US$/bbl)	78.7	76.7	3	%	84.6	-7	%
Oil Volumes Sold	(‘000 bbls)	1,881	2,948	-36	%	1,765	7	%
Oil Revenue	(US$’000)	148,081	226,148	-35	%	149,408	-1	%
Net Income	(US$’000)	14,073	213,983	-93	%	19,418	-28	%
Adjusted EBITDAX⁽²⁾	(US$’000)	87,216	132,402	-34	%	88,721	-2	%
Adjusted Pre-Tax Cashflow from Operations⁽²⁾	(US$’000)	74,384	133,612	-44	%	72,088	3	%
Adjusted Cashflow from Operations⁽²⁾	(US$’000)	73,954	107,134	-31	%	47,855	55	%
Operating Expenses	(US$’000)	38,852	55,607	-30	%	41,788	-7	%
Adjusted Opex⁽²⁾	(US$’000)	51,684	54,668	-5	%	52,264	-1	%
Operating Expenses per bbl	(US$/bbl)	18.1	23.2	-22	%	21	-14	%
Adjusted Opex per bbl⁽²⁾	(US$/bbl)	24.1	22.8	6	%	26.2	-8	%
Adjusted Capex⁽²⁾	(US$’000)	32,899	38,870	-15	%	29,257	12	%
Weighted average shares outstanding – basic	(‘000 shares)	106,532	106,955	0	%	103,229	3	%

		As at Mar 31, 2025	As at Dec 31, 2024	Delta (%)		As at Mar 31, 2024	Delta (%)
Cash & Cash equivalents⁽³⁾	(US$’000)	238,871	259,354	-8	%	193,683	23	%
Adjusted Net Working Capital⁽²⁾	(US$’000)	253,511	205,735	23	%	141,877	79	%
Shareholder’s Equity	(US$’000)	538,137	528,283	2	%	304,318	77	%

Financial Update

The Company’s Q1 2025 financial performance reflects ongoing strong production operations at all four of its fields in the offshore Gulf of Thailand. Valeura’s working interest share production before royalties totalled 2.15 million bbls during Q1 2025, an increase of 8% from Q1 2024. Production was in line with the Company’s expectations considering the Nong Yao field experienced a planned maintenance shutdown.

Oil sales totalled 1.88 million bbls during Q1 2025, which was less than the volume produced, and therefore contributed to an oil inventory increase to 0.89 million bbls at March 31, 2025. As all of the Company’s oil production is stored in floating offshore vessels before being sold in parcels of approximately 200,000 – 300,000 bbls, at any given time, the Company maintains some quantity of oil held in inventory.

Price realisations averaged US$78.7/bbl, which was 7% lower than the same period in 2024, reflecting lower global benchmark oil prices. The Company’s oil sales continue to achieve a premium when compared to the Brent crude oil benchmark, averaging US$2.9/bbl in Q1 2025, versus US$1.6/bbl in Q1 of 2024. Valeura generated oil revenue of US$148 million in Q1 2025, essentially unchanged from the oil revenue generated Q1 2024, reflecting the increase in production being offset by reduced sales prices.

Operating expenses during Q1 2025 reflect a long-term trend of improving production efficiency, influenced by ongoing strong performance of the Nong Yao field, which is both the Company’s largest source of production and also the lowest unit cost field in Valeura’s portfolio. Along with operating expenses, the Company includes the price of leases for its floating offshore infrastructure (being US$8.5 million) to derive an Adjusted Opex⁽¹⁾ of US$51.7 million in Q1 2025, which equates to a per-unit rate of US$24.1/bbl, an improvement of 8% when compared to Q1 2024.

Valeura generated adjusted cashflow from operations⁽¹⁾ (pre-tax) of US$74.0 million, which was a 55% increase over Q1 2024. The increase is directly related to the more tax-efficient corporate structure as a result of the Company’s corporate re-organisation, which was completed in November 2024. Under the new structure, Valeura may apply its tax loss carry-forwards to taxable income for the Nong Yao, Manora, and Wassana fields.

While cash tax payments are normally paid in May and August each year, the Company made a final tax payment of US$39.2 million in connection with its corporate restructuring. This payment effectively completed the tax obligations for its Thai III licences under their previous organisation structure, giving rise to the more optimised application of tax loss carry-forwards as noted above. In addition to this out-of-round payment, Valeura made cash outlays in respect of its operating costs and capex of US$32.9 million. As a result, Valeura’s cash position at March 31, 2025 was US$238.9 million, inclusive of restricted cash of US$23.4 million. Valeura’s net working capital surplus was US$253.5 million at March 31, 2025.

(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.

Operations Update and Outlook

During Q1 2025, Valeura had ongoing production operations at all of its Gulf of Thailand fields, including Jasmine, Manora, Nong Yao, and Wassana fields. Total working interest share production before royalties averaged 23,853 bbls/d, which was in line with management’s expectations and consistent with achieving the Company’s guidance range for the full year 2025 of 23,000 – 25,500 bbls/d. One drilling rig was under contract throughout the quarter.

Jasmine/Ban Yen

Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8,356 bbls/d during Q1 2025.

In February 2025, the Company’s contracted drilling rig began a seven-well infill drilling campaign which includes both development and appraisal targets on the Jasmine C, Jasmine D, and Ban Yen A facilities. Drilling operations are progressing safely and on time. The drilling programme is expected to be complete approximately by the end of May 2025.

Also during Q1 2025, a low-BTU gas generator was delivered to the Jasmine B platform. Installation and commissioning activities in respect of the low-BTU gas generator are underway, with the new equipment planned to be fully operational and online later in Q2 2025. The low-BTU gas generator is a modernisation of the Jasmine B platform’s power generation facility, which will enable a waste gas stream to be used as feedstock for power generation, thereby reducing the Jasmine field’s reliance on diesel. As a result, Valeura anticipates immediate savings in operating expenses and a long-term reduction in its greenhouse gas emissions from the Jasmine field.

Nong Yao

At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura’s working interest share production before royalties averaged 9,275 bbls/d. As a result of the Company’s development of the Nong Yao C field extension in 2024, Nong Yao has become the Company’s largest source of production, with the Company’s lowest per unit Adjusted Opex.

Near the end of Q1 2025, Valeura conducted a planned seven-day annual maintenance shutdown of the Nong Yao field. All maintenance work was performed safely, under budget, and ahead of schedule. The Nong Yao field has since resumed normal operations.

Wassana

Oil production before royalties from the Wassana field, in Licence G10/48 (100% operated interest), averaged 3,686 bbls/d during Q1 2025. Production operations progressed without incident throughout the quarter. No wells were drilled during the quarter.

During Q1 2025 Valeura completed the front end engineering and design work for the potential redevelopment of the Wasssana field and more recently has finalised detailed contracting and procurement work to validate cost assumptions for the project.

As announced separately today, the Company has determined a positive final investment decision and intends to pursue the Wassana field redevelopment project, targeting the start of production from a newly built facility in Q2 2027.

Manora

At the Manora field, in Licence G1/48 (70% operated working interest), Valeura’s working interest share of oil production before royalties averaged 2,536 bbls/d.

During Q1 2025, Valeura completed a five-well infill drilling campaign on the Manora field, comprised of both development and appraisal targets. The drilling programme achieved its objectives and successful appraisal results have identified between three and five potential future drilling targets, which are now being evaluated for inclusion in a future drilling programme.

Türkiye

The Company had no active operations in Türkiye during Q1 2025. Valeura continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country. The terms of the subject leases and licences have been extended to June 27, 2026, with further extensions possible for appraisal purposes thereafter.

Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work. The Company continues to see the Thrace basin deep gas play as a source of significant potential value in the longer-term.

Webcast

Valeura’s Annual General Meeting of Shareholders is scheduled for today, May 14, 2025, at 4:00 P.M. (Calgary time) in Calgary. Shareholders may attend in person, as further detailed in the Management’s Information Circular which was mailed to shareholders and is available on the Company’s website and on www.sedarplus.ca. A webcast of the live event is available with the link below. In addition to the meeting, Valeura’s management will discuss the Q1 2025 results and will host a question and answer session. Written questions may be submitted through the webcast system or by email to IR@valeuraenergy.com.

Participants are advised to register for the online event in advance, using the following link: https://events.teams.microsoft.com/event/f0e30b40-c6bc-4673-bd84-b57491e1ba58@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

An audio only feed of the Meeting is available by phone using the Conference ID and dial-in numbers below:

Conference ID: 239 311 896 799

Dial-in numbers:

Canada: (833) 845-9589,,49176158#
Singapore: +65 6450 6302,,49176158#
Thailand: +66 2 026 9035,,49176158#
Türkiye: 0800 142 034779,,49176158#
United Kingdom: 0800 640 3933,,49176158#
United States: (833) 846-5630,,49176158#

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) Sean Guest, President and CEO Yacine Ben-Meriem, CFO Contact@valeuraenergy.com	+65 6373 6940

Valeura Energy Inc. (Investor and Media Enquiries) Robin James Martin, Vice President, Communications and Investor Relations IR@valeuraenergy.com	+1 403 975 6752 / +44 7392 940495

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures and Ratios

This news release includes references to financial measures commonly used in the oil and gas industry such as adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt which are not generally accepted accounting measures under International Financial Reporting Standards (“IFRS Accounting Standards”) which are not generally accepted accounting measures under IFRS Accounting Standards as issued by International Accounting Standards Board (“IASB”) and do not have any standardised meaning prescribed by IFRS Accounting Standards and, therefore, may not be comparable with similar definitions that may be used by other public companies. Management believes that adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt are useful supplemental measures that may assist shareholders and investors in assessing the financial performance and position of the Company. Non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Accounting Standards.

Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company. Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions. Adjusted EBITDAX is calculated by adjusting profit for the year before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation (“DD&A”), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, other unusual or non-recurring items are excluded from Adjusted EBITDAX, as they are not indicative of the underlying financial performance of the Company.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Profit for the period before other items	37,614		27,104
Other income	(2,342	)	(1,737	)
Exploration	275		2,196
SRB	23		–
Finance costs	4,990		6,516
DD&A	45,462		47,596
Reversal of loss on inventory due to decline in resale value associate with the Wassana field⁽¹⁾	–		6,157
Other non-recurring G&A costs ⁽¹⁾⁽²⁾	1,194		889
Adjusted EBITDAX	87,216		88,721

(1) Items are not shown in the Interim Financial Statements.
(2) Represents non-recurring costs associated with share-based compensation, actual severance incurred – See “General and Administrative (“G&A”) Expenses” for more details.

Adjusted opex and adjusted opex per bbl: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses. Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs.

Adjusted opex is divided by production in the period to arrive at adjusted opex per bbl. Valeura calculates adjusted opex per barrel, to provide a more consistent indication of the cost of field operations. Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities.


	Three months ended
	Unaudited	Unaudited
	March 31,	March 31,
US$’000	2025	2024
Operating Costs	38,852	41,788
Reversal of inventory write-down to Net Realisable Value (Wassana field)⁽¹⁾	–	7,126
Cost of Goods Sold	38,852	48,914
Reversal of accounting related to inventory capitalisation⁽²⁾	4,326	(5,245	)
Adjusted Opex (excluding Leases)	43,178	43,669
Leases⁽³⁾	8,506	8,595
Adjusted Opex	51,684	52,264
Production Volumes during the period (mbbls)	2,147	1,991
Adjusted Opex per Barrel (US$/bbl)	24.1	26.2

(1) Represent write down inventory to net realisable value.
(2) The item is not shown in the Interim Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalization.
(3) In accordance with IFRS 16 – Leases, the Company recognised cost related to its operating leases – attributed to FSO and FPSO vessels, MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment.

Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses.

Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates Adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Oil revenues	148,081		149,408
Adjusted opex	(51,684	)	(52,264	)
Royalties	(17,062	)	(18,639	)
Recurring G&A costs	(4,951	)	(6,417	)
Adjusted pre-tax cashflow from operations	74,384		72,088
Income tax / PITA tax	(407	)	(24,233	)
SRB	(23	)	–
Adjusted cashflow from operations	73,954		47,855
Production during the period	2,147		1,991
Adjusted cashflow from operations per barrel (US$/bbl)	34.4		24.0


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Cash generated from operating activities	27,175		81,143
Change in non-cash working capital	48,330		(6,033	)
Non-cash items	55,514		55,659
Adjusted opex	(51,684	)	(52,264	)
Recurring G&A costs	(4,951	)	(6,417	)
Adjusted pre-tax cashflow from operations	74,384		72,088
Income tax / PITA tax	(407	)	(24,233	)
SRB	(23	)	–
Adjusted cashflow from operations	73,954		47,855
Production during the period	2,147		1,991
Adjusted cashflow from operations per barrel (US$/bbl)	34.4		24.0

Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs.


	Unaudited
	March 31,	December 31,
US$’000	2025	2024
Outstanding Debt	–	–
Cash and cash equivalents	215,467	236,543
Restricted cash (Current)	1,093	1,093
Restricted cash (Non-current)	22,311	21,718
Cash balance	238,871	259,354
Net cash	238,871	259,354

Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company. Net working capital is calculated by deducting current liabilities from current assets. Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital.

The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company’s disclosed adjusted opex (and adjusted opex guidance). Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business’ next-twelve-months surplus or deficit capital requirement. It is also a data point that management uses for cash management.


	Unaudited
	March 31,		December 31,
US$’000	2025		2024
Current assets	343,948		340,911
Current liabilities	(142,673	)	(185,640	)
Net working capital	201,275		155,271
Current lease liabilities	29,925		28,746
Restricted cash (Non-current)	22,311		21,718
Adjusted net working capital	253,511		205,735

Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as the addition in capital expenditure for drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Drilling	26,624		27,612
Brownfield	6,423		3,145
Other PPE	(148	)	(1,500	)
Adjusted capex⁽¹⁾	32,899		29,257

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

Forward-looking information in this news release includes, but is not limited to, the ability to optimise use of tax loss carry-forwards; the Company’s ability to weather volatile markets better than many of its competitors; the Company being in a prime position to pursue its growth ambitions; the Company’s expectations about meeting it’s guidance range for the full year 2025; timing to complete the Jasmine field drilling programme; timing for the Jasmine low-BTU gas generator to be fully operational and online and the potential for savings in operating expenses and reduced greenhouse gas emissions thereafter; timing for the Wassana redevelopment project and start of production from a newly built facility; expectations for future drilling on the Manora field; and the potential for further extensions of the Thrace basin leases and licences.

Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

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

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

May 14, 2025

MIL-OSI United Kingdom: Swindon Borough Council fails to meet RSH’s consumer standards

Source: United Kingdom – Executive Government & Departments

Press release

Swindon Borough Council fails to meet RSH’s consumer standards

The Regulator of Social Housing has today issued five new regulatory judgements.

Swindon Borough Council has failed to meet the outcomes in the consumer standards and has been given a C3 grading from the Regulator of Social Housing, as part of a range of regulatory judgements published today.

An inspection was brought forward after the council made a self-referral over health and safety issues and its repairs service.

RSH’s inspection found that Swindon Borough Council:

Was unable to report accurately on the presence of smoke and carbon monoxide detectors.
Was unable to track or monitor faults from electrical safety checks.
Has more than 800 overdue fire safety actions, the majority of which were overdue by more than a year.
Was not actively tracking, monitoring, or reporting open damp and mould cases, though there was evidence that reports are followed up effectively.
Was unable to demonstrate how tenants’ views have been considered in its decision making, with no evidence of actively encouraging participation from under-represented groups.

Swindon Borough Council has demonstrated that it understands the issues and is taking action towards rectifying the failures identified.

RSH is continuing to engage with the landlord to make sure the necessary improvements are made.

Separately, three housing associations – Housing 21, Torus62 and Sovereign Network – received C2/G1 gradings following inspections. This means that they meet the governance requirements but there are some weaknesses in their delivery of the outcomes of the consumer standards and improvement is needed.

All three housing associations meet the viability requirements with Housing 21 and Torus62 retaining V1 gradings, and Sovereign Network Group retaining its V2 grading.

While both V1 and V2 landlords meets the viability requirements and have the financial capacity to deal with a reasonable range of adverse scenarios, V2 landlords need to manage material risks to ensure continued compliance.

RSH also published interim G1/V1 gradings for Bromford Flagship, after Flagship Housing Group became a subsidiary of Bromford Housing Group in February this year.

Kate Dodsworth, Chief of Regulatory Engagement at RSH, said: 

“We take health and safety very seriously and expect all landlords to make sure tenants are not at risk in their homes.

“We also want to see better data management from landlords, to demonstrate they understand their homes and tenants. Self-referrals are a good indicator that a landlord not only understands our requirements, but that they are taking accountability.

“Lastly, our scrutiny of housing associations’ governance and viability remains vital for delivering more and better homes for tenants.”

Notes to Editors

Provider	Consumer grade	Governance grade	Viability grade	Process
Bromford Flagship Limited	Not assessed yet	G1 (Interim Grading)	V1 (Interim Grading)	Merger Activity
Housing 21	C2	G1	V1	Inspection
Torus62 Limited	C2	G1	V1	Inspection
Sovereign Network Group	C2	G1	V2	Inspection
Swindon Borough Council	C3	–	–	Inspection

RSH regulates housing associations and other private registered providers against its full set of standards. Councils are regulated against the consumer and rent standards only.
More information about RSH’s responsive engagement and programmed inspections is also available on its website.  is also available on its website.  
RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered. 
RSH’s gradings are listed below. More information is available on its website. Governance

Grading	Description
G1	Our judgement is that the landlord meets our governance requirements.
G2	Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
G3	Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
G4	Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

Viability

Grading	Description
V1	Our judgement is that the landlord meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
V2	Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.
V3	Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
V4	Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

Consumer

Grading	Description
C1	Our judgement is that overall the landlord is delivering the outcomes of the consumer standards. The landlord has demonstrated that it identifies when issues occur and puts plans in place to remedy and minimise recurrence.
C2	Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.
C3	Our judgement is that there are serious failings in the landlord delivering the outcomes of the consumer standards and significant improvement is needed.
C4	Our judgement is that there are very serious failings in the landlord delivering the outcomes of the consumer standards. The landlord must make fundamental changes so that improved outcomes are delivered.

For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI United Kingdom: Leader announces new Cabinet for 2025/26
Source: City of Oxford

Published: Wednesday, 14 May 2025

Councillor Susan Brown, Leader of Oxford City Council, has announced her Cabinet for 2025/26.
Councillor Louise Upton is not on the Cabinet in 2025/26 because she will be serving as the Lord Mayor of Oxford.

The Cabinet has subsequently been reduced from nine members to eight.

The Cabinet Members are:

Councillor Susan Brown, Leader, and Cabinet Member for Partnership Working and Inclusive Economic Growth

Councillor Ed Turner, Deputy Leader (Statutory), and Cabinet Member for Finance and Asset Management

Councillor Anna Railton, Deputy Leader, and Cabinet Member for a Zero Carbon Oxford

Councillor Lubna Arshad, Cabinet Member for a Safer Oxford

Councillor Nigel Chapman, Cabinet Member for Citizen Focused Services and Council Companies

Councillor Alex Hollingsworth, Cabinet member for Planning and Culture

Councillor Chewe Munkonge, Cabinet Member for a Healthy, Fairer Oxford and Small Business Champion

Councillor Linda Smith, Cabinet Member for Housing and Communities

The responsibilities of each Cabinet Member are:

Councillor Susan Brown

Council strategy and policy delivery

Democratic Services and Member Support

Partnerships and outside bodies including

District Councils Network (Labour Vice Chair)

Fast Growth Cities (Chair)

Local Government General Assembly member

Oxford Growth Commission

Oxford Strategic Partnership

Councillor Ed Turner

Deputise for Leader as required

Financial and treasury strategy

Financial support for local residents and businesses

Links with our twin cities

Property and asset management and maintenance

Councillor Anna Railton

Deputise for Leader as required

Air Quality

Biodiversity delivery including verge and tree planting

Carbon reduction, heat decarbonisation and retrofitting

Delivery of Zero Carbon Oxford City Council by 2030

Delivery of the outcomes of the Oxford Citizens Assembly on Climate Change

Parks, Allotments, Cemeteries and Open Spaces

Renewable energy and energy planning

Sustainability

Taxi Licensing

Transport liaison with Oxfordshire County Council and Highways England and other providers

Councillor Lubna Arshad

Community safety and tackling antisocial behaviour

Safeguarding Adults and Children

Working with Thames Valley Police to tackle anti-social behaviour, child sexual exploitation, county lines, drug dealing, domestic abuse, knife crime, modern slavery, violence against women and girls and crime generally

Councillor Nigel Chapman

Business Improvement

Customer Service

Oxford Direct Services as contractor

OX Place as a company

Service delivery

Street scene, public conveniences

Tree management

Waste and recycling

Councillor Alex Hollingsworth

Car Parking Policy

City Centre Action Plan delivery

Culture, cultural partnerships and events (including St Giles Fair, Cowley Road Carnival etc.)

Development and Building Control

Infrastructure planning

Licensing Policy

Local Plan and planning policies including biodiversity

Spatial Planning and conservation

Major projects delivery

Museum of Oxford

Promotion of a thriving music and night-time economy

Tourism

Councillor Chewe Munkonge

Addressing health inequalities and public health promotion

Children and young people policies and school liaison

Leisure partnership and contract management

Local market promotions

Promotion of Oxford Living Wage

Small Business Champion

Sport and physical activity

Councillor Linda Smith

Affordable housing delivery

Community centres, pavilions and grants

Estate regeneration projects

Homelessness services including prevention

Housing allocations and strategy

Regulation of the Private Rented Sector

Tenancy management and sustainment

Tenant and Resident involvement

The new Cabinet will be announced at the Annual Council Meeting tomorrow (15 May).

“The Cabinet will continue our work focused on our key priorities: tackling inequality and the high cost of living in Oxford, delivering more affordable homes, making Oxford a great place to live and preparing our city for climate change. In order to achieve this, we will continue to provide stable and prudent council finances and good quality services.

“We want to make sure that Oxford’s strong and growing economy is delivering for all of Oxford’s citizens. As a cabinet we are committed to continuing to work with Oxford’s diverse communities and businesses to support their needs. Oxford is a great place to live, work and do business and we want everyone to feel proud of their neighbourhood. That is what we are striving to achieve.”

Councillor Susan Brown, Leader of Oxford City Council
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI: GateToken (GT) Burns 1,542,910.7518074 Tokens in Q1 2025, Steadily Reinforcing Long-Term Value
Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, May 14, 2025 (GLOBE NEWSWIRE) — According to the official announcement, the on-chain burn of GateToken (GT) for the first quarter of 2025 has been successfully completed. A total of 1,542,910.7518074 GT has been transferred to the burn address, with its value exceeding $33.84 million.

View transaction details on-chain: https://etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4

As the utility token and gas fee token on GateChain, GT plays a fundamental role in powering the network’s core transfer infrastructure. Since the GateChain mainnet launch in 2019, GT has implemented a sustained deflationary mechanism. The total token supply has been significantly reduced from its initial 300 million, with an overall reduction of approximately 59.54%. Even amid multiple market cycles, the platform has consistently executed a prudent and transparent burn strategy, demonstrating its long-term commitment to GT’s deflationary model and providing a solid foundation for sustained value appreciation.

Key Information of This Burn:
- Tokens burned this round: 1,542,910.7518074 GT
- Value of this burn: Approximately $33.8452 million
- Total cumulative tokens burned: 178,632,323 GT
- Total cumulative burn value: Approximately $3.92 billion (based on the current price)
Looking forward, GateChain will continue to enhance its core infrastructure, including data availability (DA), to ensure network efficiency and security. At the same time, it will further expand its Web3 ecosystem to cover wallets, trading, asset management, NFTs, memes, and beyond, enhancing the overall user experience.

As more applications and chains integrate with GateChain, GT is expected to serve an even greater role in powering the ecosystem. Additionally, GT holders are entitled to exclusive benefits such as token launch airdrops, new token staking, and GT staking rewards. Gate remains firmly committed to the long-term deflationary plan for GT. Under a compliant and structured framework, it will steadily advance the token burn process, continually enhancing GT’s scarcity and long-term value. Through this approach, the platform aims to drive the crypto industry toward a more regulated, secure, and efficient future, delivering a richer suite of blockchain services for global users and building a thriving Web3 ecosystem together.

Media Contact:
Elaine Wang at elaine.w@gate.io

Disclaimer:
This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate.io may restrict or prohibit certain services in specific jurisdictions. For more information, please read the User Agreement via https://www.gate.io/user-agreement.

Disclaimer: This is a paid post and is provided by Gate. 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.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65652e6f-56b4-447b-a0ef-c6666ec3e9da

The MIL Network –
May 14, 2025

MIL-OSI: Valeura Energy Inc.: Final Investment Decision on Wassana Field Redevelopment

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) has taken final investment decision (“FID”) on redevelopment of the Wassana field, in Licence G10/48 (100% Valeura interest), offshore Gulf of Thailand, which is expected to create significant value for shareholders. The Company is pleased to provide details of the redevelopment project, updated reserves and resources estimates and values, and a revision to its 2025 guidance.

Highlights

Optimum Redevelopment Design: Redevelopment of the Wassana field through a new-build central processing platform (“CPP”) to optimise full block potential;
Production Growth: First oil expected in Q2 2027, with peak field production of 10,000 bbls/d – more than 2.7 times current output from the field;
Significant Reserves Increase: Wassana proved plus probable (2P) reserves increased to 20.5 million bbls, representing an increment of approximately 18 million bbls compared to the continuing production with existing infrastructure only⁽¹⁾;
Field Life Extension: Extends the end-of-field life (“EOFL”) to 2043, an increase of 16 years;
Efficient and Fully Funded Capital Allocation: US$120 million estimated investment in facilities over the next two years, with US$40 million in 2025, and the remainder in 2026, fully funded from the Company’s balance sheet;
Highly accretive: Wassana 2P net present value (NPV₁₀) before tax increases to US$218 million (vs. US$127 million pre-FID)⁽²⁾, equating to a net asset value (“NAV”)⁽³⁾ addition of C$1.23 per share; and
Strong and Resilient Economics: An estimated 40% internal rate of return (“IRR”) at US$60/bbl Brent oil prices, and upside at higher price points, with a payback of 18 months.

(1)   Management estimate of reserves recoverable in a no-further-action case, with assumed decommissioning of the Mobile Offshore Production Unit (“MOPU”) at the end of 2027.
(2)   NSAI 2024 Report, as more fully described in the Company’s February 13, 2025 press release.
(3)   Incremental 2P NPV₁₀after tax, using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024.

Dr. Sean Guest, President and CEO commented:

“Our final investment decision to pursue the Wassana redevelopment project is a milestone for Valeura. Since assuming operatorship, we have identified substantially more reserves than were initially estimated at the Wassana field. Beyond the significant increase in reserves and extension of field life, this project is expected to significantly increase production from the field to 10,000 bbls/d in the second half of 2027, at anticipated unit Adjusted Opex reflecting a reduction of approximately 2/3^rdsversus current rates.

Additionally, this development concept is creating opportunities for further growth through a ‘hub and spoke’ model whereby we can potentially tie-in the satellite oil accumulations already discovered both north and south of the main Wassana field. This approach has been highly successful in both our Jasmine and Nong Yao fields.

This project is very robust and resilient from an economic standpoint. Even in a lower oil price environment of US$60 per barrel, the development delivers returns of approximately 40% IRR. This economic strength provides downside protection while maintaining upside potential as oil prices strengthen, creating a favourable risk-reward profile for our shareholders.

Our financial position allows us to fully fund this development through existing cash reserves, without compromising our balance sheet strength. The project’s solid economics across various price scenarios demonstrates our disciplined approach to capital allocation and our commitment to creating sustainable value for our shareholders.

I am very pleased that Valeura has grown into a business that has the capacity to take on this magnitude of project. At the same time, we continue to uphold our principle of generating healthy cash flow which provides the financial wherewithal to continue our ambition to add further value through growth.”

Wassana Field Redevelopment

Current production from the Wassana field is via a MOPU facility that is constrained by an end-of-life expected at end 2027. Given this limited life, it is only possible to recover approximately 2.5 mmbbls of oil with the current production facility. The facility is also limited in the number of future development wells that could be drilled and has insufficient oil and fluid processing capacity to recover the expected reserves and resources of oil in the G10/48 licence. Further, the MOPU’s age and processing system also carry the highest unit Adjusted Opex of all Valeura’s Gulf of Thailand assets.

The Company has reviewed a number of different redevelopment concepts for the Wassana field and has selected a new CPP with 24 production well slots as the optimal development concept to yield both the highest financial returns and the maximum total recoverable oil from the G10/48 licence. The new CPP will replace the existing MOPU production infrastructure and is expected to allow for a more holistic commercialisation of the field’s oil reserves, both by enabling more aerially extensive drilling reach and also by way of a longer facility design life, resulting in more years of cash flow generation. Given the increased reserves and contingent resource identified in the G10/48 licence, the new facility is required to have a production life well into the 2040s. The CPP, which mirrors the specifications of the Company’s Nong Yao A facility, has been designed to also accommodate future growth opportunities through the eventual tie-in of additional oil accumulations both to the north and to the south of the Wassana field.

The Company has selected Thai Nippon Steel Engineering & Construction Corporation Ltd (“Thai Nippon Steel”) for Engineering, Procurement, Construction, and Commissioning (“EPCC”) of the facility. Thai Nippon Steel is a very capable EPCC contractor with four decades experience in developing facilities of this type in Thailand.

The contracting strategy selected by the Company ensures that more than 80% of the US$120 million facility capex is under fixed price commitments, with key long-lead items secured.

Capital Investment & Development Timeline

Total capex for the CPP and all of the export pipelines and facilities is estimated at US$120 million, of which approximately US$40 million is planned to be spent in 2025 with the remainder in 2026. The current plan is for the CPP to be fully installed and ready to commence development drilling at approximately the end of 2026. The initial drilling campaign comprises 16 horizontal development wells and one water injection well. Based on rig rates that the Company contracted in 2024, the estimated cost of each development well is approximately US$4.8 million. However, Valeura has observed a downward trend in jack-up drilling rig rates and materials in recent months, and therefore anticipates that drilling capex for the Wassana redevelopment may be lower if this trend continues. First oil from the new facility is planned for Q2 2027.

Production Profile & Operating Efficiencies

Once the initial development wells are completed, management estimates that the Wassana field will produce oil at rates of 10,000 bbls/d in the second half of 2027. The target plateau rate for the CPP is then above 7,500 bbls/d after the existing MOPU is decommissioned in late 2027. Once the CPP is operational, Valeura estimates that its operating characteristics will be approximately consistent with the performance of the Nong Yao A facility, which bears Adjusted Opex per bbl (a non-IFRS measure, more fully described in the Company’s May 14, 2025 Management’s Discussion and Analysis) in the range of US$12 – 16/bbl. This is anticipated to reduce the Company’s overall Adjusted Opex per bbl, thereby making the development value accretive and the portfolio more resilient.

Expansion Potential & Economic Resilience

The updated EOFL for the Wassana field is 2043 (see below) and the CPP will be constructed to include two risers to allow for satellite field tiebacks. Accumulations of oil have already been identified to the north of Wassana at the Nirami field, which may form the basis for one satellite development, and the Company is reprocessing 3D seismic south of the Wassana field in the vicinity of the Mayura oil discovery to support further appraisal drilling in this area. Development of these satellites would extend both the plateau production from the CPP and also the ultimate field life. The CPP concept facilitates the development of satellite fields with minimal wellhead platform infrastructure, resulting in the potential for cost-efficient tieback operations; the Company envisages such incremental production bearing even lower Adjusted Opex than the cost of the production tied directly to the CPP.

Valeura has thoroughly evaluated the economics of the CPP redevelopment project, and believes the project presents a compelling investment proposition. All of the Company’s investments are scrutinised based on oil price sensitivities, and in this instance, even at Brent crude oil benchmark prices of US$60/bbl, management estimates that Wassana will generate an IRR in excess of 40% and a payback of 18 months, underscoring the resilience and strong economics of the redevelopment.

Wassana Reserves and Resources Update

Valeura has commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess the reserves and contingent resources for its Wassana field in light of the decision to pursue the Wassana redevelopment. For clarity, NSAI’s evaluation only addresses the G10/48 licence, the Company’s other assets were not re-evaluated. NSAI’s evaluation is presented in a report dated May 14, 2025 (the “NSAI Wassana FID Report”) and is based on an effective date of December 31, 2024 so as to be consistent with previous NSAI evaluations of the Company’s reserves and resources.

The NSAI Wassana FID Report includes those oil accumulations on the Wassana field that have already been encountered and derisked through the Company’s drilling programme in 2023, in addition to known accumulations which are being accessed through the existing Wassana infrastructure. All reserves on the G10/48 licence are deemed to be heavy oil reserves.

Wassana Heavy Oil Reserves		Gross (Before Royalties) Reserves, Working Interest Share (mbbls)
Proved	Producing Developed	1,851
	Non-Producing Developed	198
	Undeveloped	13,364
Total Proved (1P)		15,413
Total Probable (P2)		5,136
Total Proved + Probable (2P)		20,549
Total Possible (P3)		2,148
Total Proved + Probable + Possible (3P)		22,697

Valeura notes that NSAI’s previous assessment of Wassana reserves, the NSAI 2024 Report, as more fully described in the Company’s February 13, 2025 press release, was based on the most conservative redevelopment concept that delivered relatively low reserves. With FID of the CPP-based redevelopment concept, NSAI is now able to use the planned CPP facility, increased number of wells, and their associated production profiles and cost to estimate the reserves indicated above, which in all instances, are higher than those in the NSAI 2024 Report.

Net present values of future net revenue from oil reserves are based on forecast Brent crude oil reference prices of US$75.58, US$78.51, US$79.89, US$81.82, and US$83.46 per bbl for the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively, with 2% escalation thereafter. NSAI assumes cost inflation of 2% per annum. Price realisation forecasts are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

The estimated 2P NPV₁₀ after income taxes from the Wassana field is US$218.2 million.

Wassana Future Net Revenue		Before Tax NPV₁₀ (US$ million)	After Tax NPV₁₀ (US$ million)
Proved	Producing Developed	(30.0)	(30.0)
	Non-Producing Developed	13.7	13.7
	Undeveloped	273.5	200.9
Total Proved (1P)		257.2	184.6
Total Probable (P2)		97.3	33.7
Total Proved + Probable (2P)		354.5	218.2
Total Possible (P3)		97.5	48.3
Total Proved + Probable + Possible (3P)		452.0	266.5

The NSAI 2024 Report indicated a 2P NPV₁₀ of US$126.6 million after income taxes, which implies that the redevelopment project adds US$91.6 million in incremental value. Expressed in Canadian dollars (using an US$/C$ exchange rate of 1.435), the incremental 2P NPV₁₀ is C$131.4 million after income taxes, which, on a per share basis equates to a value add of C$1.23/share. These estimates are based on the same assumptions set out in the Company’s February 13, 2025 press release, which assumed a US$/C$ exchange rate of 1.435 and 106.65 million common shares outstanding, as at December 31, 2024. As a result, the Company estimates a current NAV of C$14.84/share, based on the sum of the 2P NPV₁₀ and the Company’s cash as of December 31, 2024, which was US$259.4 million.

With this update, the Company’s 2P reserves as of year-end 2024 are increased to 57.6 mmbbls which yields a reserve life index (“RLI”) of 6.5 years. The Wassana field illustrates the potential for Gulf of Thailand fields to continue adding reserves and extending economic field life. The Company has increased its reserves life every year since assuming operatorship.

		Gross (Before Royalties) Reserves, Working Interest Share (mbbls)
Reserves by Field		Jasmine (Light/ Medium)⁽¹⁾	Manora (Light/ Medium)⁽¹⁾	Nong Yao (Light/ Medium)⁽¹⁾	Wassana (Heavy)⁽²⁾	Total
Proved	Producing Developed	5,268	1,370	6,541	1,851	15,030
	Non-Producing Developed	703	433	153	198	1,487
	Undeveloped	4,713	705	3,742	13,364	22,524
Total Proved (1P)		10,684	2,509	10,436	15,413	39,042
Total Probable (P2)		6,108	848	6,500	5,136	18,592
Total Proved + Probable (2P)		16,792	3,357	16,936	20,549	57,634
Total Possible (P3)		3,647	718	4,297	2,148	10,810
Total Proved + Probable + Possible (3P)		20,440	4,075	21,233	22,697	68,445

(1) NSAI 2024 Report
(2) NSAI Wassana FID Report

NSAI also assessed contingent resources for the G10/48 licence. Best estimate (2C) contingent resources are reduced from 12.7 mmbbls to 6.2 mmbbls on an unrisked basis. This reduction is largely due to a significant portion of the contingent resource moving into reserves with the approval of the new project. The majority of the remaining contingent resources are associated with the Nirami Field to the north with some also associated with the Mayura discovery to the south.

Contingent Resources	NSAI Wassana FID Report
Contingent Resources	Unrisked (mmbbls)	Risked (mmbbls)
Low Estimate (1C)	6.5	3.6
Best Estimate (2C)	6.2	2.6
High Estimate (3C)	9.3	3.4

Guidance Update

In light of anticipated 2025 spending of US$40 million on the Wassana redevelopment project, the Company’s guidance for Adjusted Capex (a non-IFRS measure, more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025) has been revised to US$165 – 185 million for the full year 2025. The Company is also providing guidance on Free Cash Flow (a non-IFRS measure, being Adjusted Cash Flow from Operations less Adjusted Capex, both as more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025). Under Valeura’s Updated 2025 Guidance, and based on benchmark Brent oil prices ranging from US$65 – 85/bbl, Free Cashflow Guidance is US$80 – 195 million.

The Company’s guidance assumptions for average production, Adjusted Opex (a non-IFRS measure, more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025), and Exploration expense are re-affirmed. In addition to spending on the Wassana redevelopment project in 2025, the Company’s Updated 2025 Guidance is based on the unchanged assumption of having one drilling rig on contract for the full year and conducting certain brownfield developments as previously disclosed. Adjusted Opex includes the cost of leasing certain vessels as part of its ongoing operations, including the Nong Yao C MOPU, the Jasmine field’s Floating Production Storage and Offloading vessel, as well as Floating Storage and Offloading vessels at the Manora and Wassana fields, and a warehouse. Such leases are expected to total approximately US$33 million, unchanged from the Original 2025 Guidance.

	Original 2025 Guidance	Updated 2025 Guidance
Average Daily Oil Production⁽¹⁾	23.0 – 25.5 mbbls/d	23.0 – 25.5 mbbls/d
Adjusted Opex	US$215 – 245 million	US$215 – 245 million
Adjusted Capex	US$125 – 150 million	US$165 – 185 million
Exploration expense	Approximately US$11 million	Approximately US$11 million
Free Cash Flow	US$112 – 227 million⁽²⁾	US$80 – 195 million

(1) Working interest share production, before royalties.
(2) Illustrative Free Cash Fow guidance based on the Company’s Original 2025 Guidance assumptions.

Also unchanged is the Company’s intention to fund its 2025 guidance spending through cash on hand plus cash flow generated from ongoing operations. The Company continues to expect that these sources will continue to strengthen the Company’s balance sheet, concurrent with the Wassana redevelopment, thereby providing capacity for other growth projects, including inorganic opportunities.

Webcast

Valeura intends to comment on the Wassana redevelopment project as part of a management update presentation and Q&A session following its Annual General Meeting of Shareholders which is scheduled for today, May 14, 2025, at 4:00 P.M. in Calgary. Shareholders may attend in person, as further detailed in the Management’s Information Circular which was mailed to shareholders and is available on the Company’s website and on www.sedarplus.ca. A webcast of the live event is available with the link below. Shareholders who are unable to attend in person may submit written questions through the webcast system or by email to IR@valeuraenergy.com.

An audio only feed of the Meeting is available by phone using the Conference ID and dial-in numbers below:

Conference ID: 239 311 896 799

Dial-in numbers:

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com

About the Company

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Oil and Gas Advisories

Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024 and a preparation date of May 14, 2025 post-FID and February 13, 2025 pre-FID. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

This news release contains a number of oil and gas metrics, including “NAV”, “RLI”, “EOFL”, and “IRR” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

“NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

“RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

“EOFL” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

“IRR” is used by management as a measure of the profitability of a potential investment. It is calculated as the discount rate that would result in a net present value of zero.

Reserves

Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Contingent Resources

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development on hold, development unclarified, or development not viable.

Development on hold is defined as a contingent resource where there is a reasonable chance of development, but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator.

Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

Of the best estimate 2C contingent resources estimated in the NSAI Wassana FID Report, on a risked basis: 100% of the estimated volumes are heavy oil; less than 1% are categorised as Development Not Viable, with the remainder categorised as Development Unclarified. There are no Development On Hold resources within the 2C category.

Resources Project Maturity Subclass	Heavy Crude Oil (Development On Hold)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	1,715.7	1,617.1	1,544.2	1,455.4	90%
Contingent Best Estimate (2C) Development Not Viable	0.0	0.0	0.0	0.0	90%
Contingent High Estimate (3C) Development Not Viable	0.0	0.0	0.0	0.0	90%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	4,294.9	4,047.9	1,937.8	1,826.4	10-60%
Contingent Best Estimate (2C) Development Not Viable	6,072.4	5,723.3	2,583.4	2,434.9	10-60%
Contingent High Estimate (3C) Development Not Viable	9,221.9	8,691.6	3,378.2	3,183.9	10-60%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	493.2	464.9	74.0	69.7	15%
Contingent Best Estimate (2C) Development Not Viable	85.8	80.9	12.9	12.1	15%
Contingent High Estimate (3C) Development Not Viable	58.5	55.1	8.8	8.3	15%

The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

Glossary

bbl barrels of oil
mbbl thousand barrels of oil
mmbbl million barrels of oil

Advisory and Caution Regarding Forward-Looking Information

Forward-looking information in this news release includes, but is not limited to: the description of the Wassana redevelopment; timing for first oil from the Wassana redevelopment; anticipated production rates from the Wassana field and extension of its economic field life; anticipated capital spending and the timing thereof; sources of funding for the project; anticipated rates of return; the EPCC contractor for the Wassana redevelopment; the Wassana redevelopment development timeline; projections for Wassana’s future unit operating costs and Adjusted Opex, and for the cost of production from potential future satellite developments; the opportunities for further growth and cash flow generation; anticipated future rates for drilling rig rates (and trends) and drilling-related materials; and the Company’s updated guidance estimates for 2025.

In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future.

Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

The MIL Network –

May 14, 2025

MIL-OSI Asia-Pac: LCQ5: Developing marine economy

Source: Hong Kong Government special administrative region

LCQ5: Developing marine economy
Question:

It has been reported that a number of coastal provinces in the Mainland have set up inter-departmental co-ordination groups led by provincial governors to co-ordinate policies on marine economy. However, there are views pointing out that the development of marine economy in Hong Kong is taken forward in a piecemeal fashion without top-level planning. In this connection, will the Government inform this Council:

(1) as there are views that development of marine economy involves various portfolios and it is difficult for a single-policy bureau to co-ordinate inter-departmental resources, whether the Government will make reference to the experience of the Mainland and set up a dedicated team led by officials at the decision-making level to co-ordinate the development of marine economy; if so, of the details and the implementation timetable; if not, the reasons for that;

(2) as there are views that the existing policy focusing on regulation may hinder the development of marine economy, how the Government will promote the development of maritime industries, e.g. of the breakthroughs in terms of the introduction of the relevant legislative amendments and innovative policies, as well as the enhancement of cross-boundary co-operation and co-ordination; and

(3) apart from the three tourism projects currently being taken forward by the Development Bureau under the large-scale land-disposal approach, whether the Government will consider selecting more islands and coastal areas with potential for tourism development to implement the large-scale land-disposal approach on a trial basis, so as to bring in social capital for participation in infrastructure development and operation, thereby enhancing the competitiveness of marine tourism in Hong Kong?

Reply:

President,

International organisations and individual economies have different definitions for “marine economy”, and there is no unified global standard on which industries fall under the scope of marine economy. For Hong Kong, having made reference to the breakdown of the industry classification of the Mainland’s marine economy and roughly compared the industries covered therein with those in the Hong Kong Standard Industrial Classification Version 2.0 compiled by the Hong Kong Census and Statistics Department and other known industry classifications, the Government Economist considered that the marine economy-related activities in Hong Kong can be broadly categorised into the following six categories:
One of the six categories, “maritime transportation and port industry” includes ports, shipping, and maritime commercial services. In 2022, this sector contributed 4.2 per cent to Hong Kong’s Gross Domestic Product (GDP) and accounted for 2.1 per cent of total employment. Besides, “marine utilisation, extraction, production, and related manufacturing”, along with “wholesale and retail of marine products”, are partially related to capture fisheries and mariculture. According to data from the Agriculture, Fisheries and Conservation Department (AFCD), the local capture fisheries and mariculture production in 2023 was approximately 87 000 tonnes, with a total value of about $2.4 billion, estimated to contribute less than 0.1 per cent to GDP. As for the remaining three categories, their value-added contributions could not be estimated due to limited data.

Having consulted the Deputy Financial Secretary, the Transport and Logistics Bureau (TLB), Culture, Sports and Tourism Bureau (CSTB), the Innovation, Technology and Industry Bureau (ITIB), and the Development Bureau (DEVB), my consolidated reply to the question of the Hon Steven Ho is as follows:

(1) Given the extensive scope of the marine economy, which encompasses a diverse range of industries and development models, multiple policy bureaux and departments within the Special Administrative Region (SAR) Government are responsible for related areas. Relevant bureaux and departments attach importance on these developments and have formulated and implemented strategies, action plans, or blueprints accordingly. Each policy bureau and department, in accordance with their professional functions, introduces targeted measures to advance the development of marine economy-related areas under its purview, which are in line with the overarching policy direction, strategies, and pace of development. This approach fosters synergies between marine economy development strategies and other initiatives within the respective bureaux and departments, thereby more effectively achieving their policy objectives. The Government believes that the current approach suits Hong Kong’s circumstances. Bureaux and departments will continue to review the development direction and progress of their respective areas, working collectively to drive the growth of marine economy. The SAR Government will also monitor progress across all fronts and, if necessary, explore ways to optimise the development approach.
On maritime services, apart from enforcing the relevant legislation to ensure marine safety, the Marine Department (MD) also endeavours to make maritime services more convenient. For instance, allowing the use of electronic certificates instead of paper-based certificates for ship-related matters. The MD also maintains close liaison and collaboration with Mainland maritime authorities at all levels.

On marine tourism, the CSTB put forward in the Development Blueprint for Hong Kong’s Tourism Industry 2.0 to make more and better use of Hong Kong’s rich island and coastline tourism resources. As such, the CSTB encourages the development of more diverse tourism products with characteristics, and is ready to study and foster areas where removal of statutory and regulatory barriers are required. At the same time, the CSTB actively promotes development of island tourism and large-scale integrated resort projects focusing on eco-tourism, as well as continues to consolidate Hong Kong’s position as Asia’s hub for international cruise thereby promoting development of cruise tourism.

The ITIB has all along been dedicated to enhancing Hong Kong’s innovation and technology ecosystem with a view to supporting the development of different technology industries (including marine technology) in various areas including capital, research and development, supporting tech start-ups and talent. At present, Hong Kong has one State Key Laboratory of Marine Pollution, contributing to the protection and management of the marine environment.

On the fisheries front, the Environment and Ecology Bureau and the AFCD are actively taking forward the various initiatives under the Blueprint for the Sustainable Development of Agriculture and Fisheries, including designation of four new fish culture zones as well as introduction of modernised facilities to support development of mariculture, explore the streamlining of relevant legislations to promote development of leisure fisheries, and at the same time strengthen co-operation with the Mainland. To further enhance the competitiveness of local agricultural and fisheries products, the AFCD plans to establish a unified new brand for safe, low-carbon and premium local agricultural and fisheries products, and to establish production standards, farming methods as well as a certification and traceability system for these products, etc. The AFCD will continue to actively participated in the promotional activities in the Guangdong-Hong Kong-Macao Greater Bay Area to promote quality local products. In addition, the AFCD has designated three new marine parks in the past five years, and has also formulated new fishery management strategies in marine parks and implemented marine ecological enhancement measures.
Besides, the DEVB recently has also proposed to provide marina and land supporting facilities at two waterside areas, namely the Aberdeen Typhoon Shelter expansion area and the harbourfront site in the vicinity of the Hung Hom Station.

As to whether there are other suitable sites for large-scale land disposal in the future, the DEVB is willing to listen to different views, and will consider the experiences gained from taking forward the above three projects.Issued at HKT 15:25

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI USA: Rep. Chu Recognizes 2025 Congressional Women of the Year

Source: United States House of Representatives – Representative Judy Chu (CA2-27)

PASADENA, CA — On Saturday, April 19, 2025, Rep. Judy Chu (CA-28) hosted her 15th annual Congressional Women of the Year Awards Ceremony, honoring remarkable women from the San Gabriel Valley who have made a lasting impact through service, advocacy, and leadership. Each year, this award recognizes women nominated by members of their own communities for their extraordinary dedication. While this year’s honorees have made a difference throughout their careers, their leadership following the devastating Eaton Fires has been especially powerful. They’ve helped families, supported youth, cared for seniors, and uplifted our community during the most challenging moments of the Eaton Fires.

“After January’s Eaton Fire left our community devastated, this year’s honorees, who have long been pillars of strength in our neighborhoods truly rose to the occasion. They stepped up in the immediate aftermath, supported the recovery efforts, and continue to lead as we move into long-term rebuilding. It’s so important that we come together to recognize the women who have helped our community. The San Gabriel Valley is more resilient today because of their unwavering dedication,” said Rep. Judy Chu. “This award is special because the honorees are nominated by those who know them best and I’m honored to celebrate their impact.”

The 2025 honorees are:

Anna Babayan – Interim Principal for Sahag-Mesrob Armenian Christian School

Anna Babayan has been a tireless advocate for Pasadena’s Armenian community, working with groups like AGBU and local Armenian schools. After the Eaton Fire destroyed Sahag Mesrob Armenian School and displaced many students and staff, Anna acted swiftly, organizing donation drives, securing temporary classrooms with the help of local Armenian organizations, and prioritizing students’ emotional recovery. Today, as the community navigates the long road to rebuilding. Anna isn’t just helping rebuild Sahag Mesrob, she’s working to expand it, with plans to eventually open a high school. For over 45 years, Sahag Mesrob has been a cornerstone of Pasadena’s Armenian community, and thanks to Anna’s leadership, its legacy will continue.

Debra Boudreaux – Chief International Affairs Officer, Buddhist Tzu Chi Foundation

Debra Boudreaux has spent over 35 years advancing global humanitarian work. When the Eaton Fire struck, she was in Taiwan but immediately mobilized disaster response efforts from abroad. Under her leadership, Tzu Chi provided shelter, meals, and supplies to evacuees, staffed Red Cross shelters, and offered emotional support to impacted families. Upon returning to Los Angeles, Debra worked non-stop to distribute aid, partner with FEMA and local organizations, and provide emergency financial assistance to thousands. From helping replace a lost wheelchair to comforting a police officer who lost his home, Debra’s compassion and leadership brought hope to a community in crisis.

Jennifer DeVoll – President & CEO – Pasadena Community Foundation

When the Eaton Fire hit, Jennifer DeVoll and the Pasadena Community Foundation (PCF) sprang into action, launching a relief fund within hours and distributing $1 million in the first two weeks. Her fast, strategic response made her a trusted leader in the recovery, drawing support from major corporations and foundations. Under her guidance, PCF has since provided $3.5 million in direct aid and helped launch the Altadena Builds Back Foundation with $50 million to support long-term recovery in phases, focusing now on childcare and housing. Beyond disaster relief, Jennifer has led PCF to manage $250 million in assets, create nearly 100 million in endowments, and expand access to affordable housing and scholarships. As she prepares to retire this June, her work will continue through Altadena Builds Back.

Sharon Gray– Owner and Operator Eaton Dam Stables

Sharon Gray is a true hero whose courage and compassion saved over 50 lives during the Eaton Fire. As the longtime owner of Eaton Dam Stables, Sharon has spent decades building a community centered around her deep love for horses. When the fire broke out on January 7th, she and her team acted fast, evacuating 39 horses, a pig, barn cats, and chickens under extreme conditions. Thanks to her leadership and quick thinking, every animal was saved, including one horse she later rescued from the burned property. Sharon’s bravery is matched only by her lifelong commitment to service, including 36 years as a Pasadena police officer. Even after losing her own home in the fire, she continues to show up daily to help rebuild the stables and support her community.

Victoria Knapp – Chair of Altadena Town Council

Victoria Knapp, Chair of the Altadena Town Council, has been a tireless advocate for her community, especially in the wake of the Eaton Fire. On the very night her own home of 15 years was lost, she began sharing critical updates to keep residents informed. In the days that followed, she launched a fire recovery website, turned monthly town council meetings into weekly briefings, and worked closely with agencies like FEMA and the EPA to provide accurate, timely information. Her firsthand experience navigating recovery gave her the empathy and insight to guide others through the same process. Her commitment to Altadena began well before the fire, from revitalizing local infrastructure to supporting small businesses, and thanks to her leadership, the community is on a path to rebuild stronger than ever.

Jasmin Shupper – Founder and President of Greenline Housing Foundation

Jasmin Shupper, founder and president of Greenline Housing Foundation, is a passionate advocate for housing justice, focused on repairing the long-term harms of redlining and race-based discrimination. Through her foundation, Jasmin has provided over $1 million in down payment grants, financial education, and home maintenance assistance to Black and Hispanic families, all without public funding. After the Eaton Fire devastated Altadena, a historically Black homeownership hub, Jasmin quickly mobilized to support displaced families. Her foundation secured year-long leases for 15 families and is offering up to $40,000 in rental aid, with plans to assist 50 households. Greenline is also covering insurance and FEMA funding gaps with up to $250,000 in rebuilding aid per family. To prevent land loss, they’ve begun purchasing lots to hold in community trust. Jasmin’s work is deeply personal, shaped by her own family’s generational homeownership, and she’s now helping others protect their legacy and build lasting wealth.

Sharon Strong – Volunteer and In-Home Care Provider

Sharon Strong, a single mother, in-home care provider, and NAACP board member, has long been a champion for vulnerable communities in Altadena and Pasadena. When the Eaton Fire struck, she organized relief efforts through the Dena Relief Drive and supporting her own displaced family members. Sharon worked with local groups to provide rent assistance, clothing, and essentials to fire victims, while also focusing on seniors’ needs. She personally delivered supplies to elderly residents, set up a resource center, and arranged cleanup efforts and temporary housing for those in impacted senior complexes. Her unwavering dedication to service, especially for seniors and underserved families, has made a powerful difference in the lives of so many.

Dr. Randy Taplitz – City of Hope Chair, Department of Medicine

Dr. Randy Taplitz, Chair of the Department of Medicine at City of Hope, whose calm leadership and compassion has guided countless patients through their most difficult moments. A nationally recognized infectious disease specialist with over 30 years of experience, Dr. Taplitz has dedicated her career to protecting immunocompromised patients, especially those with cancer. During the Eaton Fire, she led emergency efforts at the hospital, even as she learned her own home had been destroyed. Despite that personal loss, she never stopped and continued to care for patients. Her leadership was also critical during the COVID-19 pandemic, helping shape vaccine protocols for vulnerable populations. Dr. Taplitz is a tireless advocate and a true caregiver.

Maricela Viramontes – President of the Rotary Club of Altadena

Maricela Viramontes is a community leader who has dedicated herself to Altadena for 24 years. A small business owner and Farmers Insurance provider, she also serves as President of the Rotary Club of Altadena and sits on the Altadena Chamber of Commerce board. When the Eaton Fire hit, destroying her own home, Maricela sprang into action. Under her leadership, the Rotary Club launched a relief grant program that has distributed over $160,000 to local nonprofits and provided essentials like food, clothing, and internet access. She also worked with the Chamber to help 15 small businesses reopen. Despite her personal loss, Maricela has been a beacon of strength.

MIL OSI USA News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ22: Reverse Mortgage Programme

Source: Hong Kong Government special administrative region

LCQ22: Reverse Mortgage Programme

Payment term(+11% year-on-year)(+26% year-on-year)(-16% year-on-year)(+22% year-on-year) The RMP offered the Enhanced Fixed-rate Mortgage Plan for members of the “AMIGOS By HKMC” loyalty programme from mid-July 2021 to the end of 2022. The monthly payout under the offer was higher than that under the floating-rate mortgage plan at that time by up to 30 per cent, while the monthly mortgage insurance premium was increased by 0.25 per cent per annum. The Enhanced Fixed-rate Mortgage Plan received 884 applications in total.

(2) As reverse mortgage is a loan arrangement by nature, its demand is affected by various factors, such as the personal needs of individual retired homeowners and the condition of the residential property and financial markets (including interest rate fluctuation), etc. The HKMC has been keeping under review the condition of applications for the RMP. Through years of ongoing efforts in promotion and education, the public has become more receptive to the RMP and the other two products, and has a better understanding of the benefits of the products in respect of retirement financial planning. The number of applications for the RMP has also increased steadily. The HKMC will continue with its public education and promotion to further enhance the public’s understanding of the RMP.Issued at HKT 15:00

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-Evening Report: Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit

Source: The Conversation (Au and NZ) – By Helen Hodgson, Professor, Curtin Law School and Curtin Business School, Curtin University

Dragon Images/Shutterstock

If you have a job in Australia, you’ve probably noticed each of your payslips has a section telling you how much superannuation will be paid alongside your wages.

But while your wages are deposited in your bank account however frequently you receive a payslip – whether that’s weekly, fortnightly or monthly – it’s a different story for your super.

Under current superannuation laws, employers are only required to pay super into an employee’s nominated fund at least four times a year – 28 days after the end of each quarter – although many do pay more regularly.

But that’s set to change. From July 1 2026, new “payday super” rules will require employers to pay super into the employee’s fund within seven days of wages.

This reform was announced in the 2023–24 federal budget, allowing employers, superannuation funds and software providers three years to set up compliant systems. But it hasn’t yet been legislated.

Now, some industry groups are calling for a further delay of up to two years. So, who are these reforms designed to benefit? And does business really need more time to get ready?

Missing or incorrect super

Missing or incorrect super payments present a huge problem for Australia’s retirement system.

The Super Members Council claims one in four Australians are missing out on the correct amount of superannuation contributions.

Missing super payments are a multi-billion dollar problem.
Wara1982/Shutterstock

The Australian Taxation Office (ATO) estimates A$5.2 billion of guaranteed superannuation went unpaid in 2021–22.

This can be due to payroll errors, misclassification under an award or, in extreme cases, non-payment of superannuation as a form of wage theft. All these things can be harder to spot when super is paid less frequently.

Rules only requiring super to be paid quarterly may have been appropriate 30 years ago, in the early days of the superannuation guarantee. Business systems were often not computerised, and wages were often paid in cash.

Times have changed

Payroll systems are now much more sophisticated.

From 2018, the federal government rolled out the single-touch payroll program that requires employers to report wages in real time, including details of superannuation guarantee withheld from an employee’s wages.

The government is already benefiting from the increased automation of data submitted through this system.

Single-touch payroll data helps improve official labour statistics and provides up-to-date income information for employees through the MyGov portal.

Sending real-time data to Centrelink addresses one of the major flaws underpinning the Robodebt scandal, which used an averaging system to estimate fortnightly earnings.

Benefits for employees

In simple terms, the coming changes are basically a change in timing. Payments will be transferred to an employee’s super fund in the same way their wages are transferred directly to their bank account.

Once bedded down, the changes will provide benefits across the board to employees, employers and the government.

Currently, if an employee believes the correct amount of superannuation is not being paid to their fund, they are expected to follow this up directly with the ATO.

Unfortunately, many employees presume the withheld amount shown on the payslip has already been paid into their super account.

Unless a member is actively monitoring their super balance, they may be unaware that the amount shown on their payslip is not being paid into their fund on a timely basis.

Payday super changes could help employees more easily check their super is being paid.
Chay_Tee/Shutterstock

Benefits for business

Employers should also benefit from these changes, many of whom already do transfer superannuation when wages are paid.

Currently, superannuation guarantee payments are run on a separate payment cycle to payroll, coinciding with payment of tax liabilities. If payments are on the same cycle as payroll, it should make budgeting easier, and ensure the separate super payment run is not overlooked.

This assumes, of course, that the business is not relying on unpaid superannuation contributions to manage their cash flows elsewhere in the business. If that is the case, payday super changes will help protect the employee if the employer runs into financial difficulties.

The change will also allow the tax office to match deductions and payments in real time to detect fraud – and check that super is actually being paid. This can reduce audit costs and – in the long run – reduce reliance on the aged pension as super account balances improve.

Why wait any longer?

So, with all of these expected benefits, why has the financial services sector this month asked for implementation to be delayed further – by up to two years? The building blocks of the system – electronic payments to transfer funds and the government’s single-touch payroll gateway – are already in place.

One challenge is legislative. Although announced in May 2023, the draft legislation was only released for consultation in March 2025.

The Superannuation Guarantee (Administration) Act 1992 needs extensive amendments to rewrite references to the calculation and payment of the superannuation guarantee charge.

The draft legislation also makes some changes to definitions that may impact on how systems must be set up for payday super. Although not intended to change entitlements, they need to be made accurate in the software.

Still, payday super has the potential to strengthen Australia’s superannuation system, protecting employee contributions and smoothing the payment system for employers. Concerns around its implementation are largely due to the time it has taken for the draft legislation to emerge.

Following the election, the federal government has the numbers to pass this legislation as a matter of priority.

Helen Hodgson has received funding from the ARC, AHURI and CPA Australia. Helen is the Chair of the Social Policy Committee and a Director of the National Foundation for Australian Women (NFAW). Helen was a Member of the WA Legislative Council from 1997 to 2001, elected as an Australian Democrat. She is not a current member of any political party. She is a Registered Tax Agent and a member of the SMSF Association, CPA Australia and The Tax Institute. Helen has superannuation with Unisuper and jointly owns positively geared rental properties.

– ref. Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit – https://theconversation.com/soon-your-boss-will-have-to-pay-your-wages-and-super-at-the-same-time-heres-how-everyone-could-benefit-256564

MIL OSI Analysis – EveningReport.nz –

May 14, 2025
MIL-OSI Asia-Pac: Online job fair attracts global talent

Source: Hong Kong Information Services

Hong Kong Talent Engage (HKTE) held a two-day Global Online Career Fair last week, featuring nearly 50 renowned Hong Kong enterprises that offered over 700 quality job vacancies across sectors such as accounting, finance, consultancy services, legal compliance and engineering.

The online career fair recorded over 26,000 visits in two days, with about 3,000 curricula vitae received.

To facilitate a connection between talent and enterprises, a one-to-one online meeting session was set up specifically at the career fair, resulting in about 4,800 direct dialogues between talent and enterprises. Participating enterprises expressed that about half of such dialogues would be taken forward.

According to participating accounting firms, they learnt through the online career fair that many international professionals were interested in coming to Hong Kong.

The event effectively linked global talent with enterprises in Hong Kong, thereby enabling direct engagement, enhancing the talent’s understanding of the structure and recruitment process of Hong Kong enterprises, and enhancing the experience of such talent.

Participating talent came from over 12 countries or regions, such as the Mainland, Singapore, India, the UK, Australia, the US, Malaysia, France and Canada, with 62% of them holding master’s degrees.

The HKTE said that the online career fair enables talent on the Mainland and overseas to exchange views directly with enterprises prior to relocation to Hong Kong, gain insights into the city’s job market, and reinforce their confidence in pursuing development in Hong Kong.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Russia: Wang Huning stresses key role of scientific and technological innovation in driving high-quality development

Translation. Region: Russian Federal

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

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

BEIJING, May 14 (Xinhua) — Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), on Tuesday stressed the key role of scientific and technological innovation in cultivating new-quality productive forces and advancing high-quality development.

Wang Huning made the remarks during a consultative meeting on developing new-quality productive forces through scientific and technological innovation.

He noted that it is necessary to make full use of the advantages of the new type of nationwide mobilization system in order to achieve victory in the intense struggle to master the main key technologies.

Wang Huning called for deepening the integration of scientific and technological and industrial innovation, building a modern production system, strengthening international scientific and technological exchanges and cooperation, and comprehensively reforming systems and mechanisms in education, science and technology, and human resource development.

Wang Huning called on the CPPCC National Committee members to conduct in-depth research, actively put forward proposals, and make contributions to high-quality development and China’s modernization.

About 100 members of the CPPCC National Committee attended the meeting.

Member of the Politburo of the CPC Central Committee and Vice Premier of the State Council of the People’s Republic of China Zhang Guoqing also attended the meeting and delivered a speech.

Zhang Guoqing stressed that it is necessary to strengthen the status of enterprises as subjects of innovation activities and promote the commercialization of the results of scientific and technological activities.

In addition, Zhang Guoqing noted the need to use artificial intelligence (AI) to develop the real sector of the economy and promote new-type industrialization, and coordinate the development of AI with digital transformation to promote high-quality development. -0-

MIL OSI Russia News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ19: Support for commodities trading

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Frankie Yick and a written reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (May 14):

Question:

     In January of this year, the London Metal Exchange (LME), a subsidiary of the Hong Kong Exchanges and Clearing Limited, announced that it would include Hong Kong as an approved delivery point within its global warehousing network and accept applications from warehouse operators for approval. Last month, LME announced that it had approved applications to establish four LME-licensed warehouse facilities in Hong Kong. Furthermore, it has been reported that other warehouse operators are applying to become approved warehouses for the storage of LME-registered brands of metals. In this connection, will the Government inform this Council:

(1) whether it knows the following information about the four warehouses that have been approved by LME and those that are applying to become approved warehouses: (i) locations, (ii) storage capacities, and (iii) the timing of formal commencement of service; whether the authorities have estimated the number of warehouses and storage capacity needed to develop Hong Kong as a metal delivery point, and what the respective differences are as compared to the current supply and capacity of warehouses;

(2) as it has been reported that, to encourage more warehouse operators to apply to become approved warehouses of LME, the Government has stated that it will provide assistance on technical matters as appropriate, whether it knows the requirements for becoming an approved warehouse of LME; what assistance the Government has provided to address technical issues faced by warehouse operators; and

(3) regarding the creation of a commodity trading ecosystem, apart from developing approved warehouses, what further measures the Government has put in place to facilitate the robust development of local commodities trading-related services, so as to consolidate Hong Kong’s position as an international financial, shipping and trade centre?

Reply:

President,

     Our country is the world’s largest consumer of industrial metals. Developing relevant commodity trading will drive the development of a financial, shipping and trade centre in Hong Kong. The Chief Executive’s 2024 Policy Address proposes the creation of a commodity trading ecosystem which can be a starting point for attracting relevant enterprises to establish a presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more.

     In consultation with the Hong Kong Exchanges and Clearing Limited (HKEX), the reply to the three parts of the question is as follows:

(1) and (2) The London Metal Exchange (LME), a wholly-owned subsidiary of the HKEX, included Hong Kong as an approved delivery point within its global warehousing network in January this year, and began accepting applications from warehouse operators to become approved warehouses. The LME announced the approval of the first four approved warehouses to be established in Hong Kong in April this year. The total storage area and types of metal that can be stored in each warehouse are set out in the table below.

Warehouse location	Total storage area (square metre)	Types of metal that can be stored
Cheung Sha Wan	500	aluminium alloy, primary aluminium, copper, nickel, lead, tin and zinc
Cheung Sha Wan	500
Tsing Yi	4 100	aluminium alloy, lead, tin and zinc
Yuen Long	4 062	aluminium alloy, primary aluminium, copper, nickel, lead, tin and zinc

The LME-approved warehouses are required to comply with relevant technical requirements, such as loading standards for metals. The four warehouse facilities have passed LME’s initial inspection and are compliant with relevant standards in terms of transportation and logistics. Preparations including system connections are underway, and the facilities are expected to commence operations gradually as soon as July this year.

     Before making the decision to include Hong Kong as an approved delivery point, the LME had assessed the feasibility of establishing warehouse facilities in Hong Kong, including the sustainability of business operations, cost, technical requirements, etc. In selecting suitable sites for the warehouses, the operators had to hold in-depth discussions with the relevant warehousing industry players and landowners, which mainly involved the circumstances of individual facilities (such as loading capacity and infrastructure requirements) and other business considerations. In the course of discussion, technical issues involving planning permissions, lease conditions, etc. were identified. The Financial Services and the Treasury Bureau (FSTB) in collaboration with relevant bureaux and departments has been maintaining communication with relevant industry players, and held meetings to provide relevant information and guidance.

The LME has indicated that there are other operators applying to become approved warehouses, and it is expected that more warehouses will be approved subsequently. Based on the implementation of the relevant market mechanism, the development of metal delivery destinations and warehouses will be determined by market supply and demand. There is no specific quantitative target.

(3) In terms of base metals, besides facilitating the LME to establish approved warehouses in Hong Kong, to attract more trading and delivery, the HKEX will host LME Asia Week in May this year, inviting international and Mainland metal manufacturers, traders, buyers and sellers to participate in in-depth discussions and exchanges on industry topics, including the introduction of the latest LME approved delivery points, including Hong Kong.

     In terms of financial trading of other types of commodity, the Chief Executive’s 2024 Policy Address proposes to use gold as an entry point to develop the relevant commodity ecosystem. Specifically, it is the Government’s goal to promote the development of world-class gold storage facilities, thereby attracting more investors and users from different economies, including the Middle East and Southeast Asia, to store gold in Hong Kong. On the basis of increased storage, we expect increased demand for associated support services in insurance, testing and certification, logistics, etc, while in parallel expanding related transactions including collateral, loan and hedging, hence creating a comprehensive ecosystem in a progressive manner. This will drive all-round multi-currency trading, clearing and delivery, as well as the development of the regulatory system, covering transactions using offshore Renminbi (RMB), thereby establishing a holistic gold trading centre with an industry chain. The FSTB established the Working Group on Promoting Gold Market Development (Working Group) in December 2024, comprising leaders of the financial industry, representatives of regulatory bodies and market participants, to comprehensively review all aspects relating to financial transactions of gold. The Working Group will formulate a plan this year to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion.

     At the same time, the Qianhai Mercantile Exchange, a subsidiary of the HKEX, operates our country’s only offshore spot trading platform for soybeans, thereby laying the foundation for the expansion of RMB-denominated commodity products, channeling off-shore RMB liquidity to the commodities market, promoting RMB internationalisation, attracting relevant traders to expand their business in Hong Kong, and establishing an ecosystem for the commodity.

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: InvestHK helps 223 firms in 4 months

Source: Hong Kong Information Services

From January to April this year, Invest Hong Kong assisted 223 Mainland and overseas enterprises, representing an increase of 13% relative to the same period last year.

Acting Secretary for Commerce & Economic Development Bernard Chan told legislators today that these enterprises are expected to bring in direct investment of over $22.3 billion and create more than 4,900 jobs within their first year of operations or expansion.

More than a quarter of the enterprises indicated they plan to set up international or regional headquarters in Hong Kong, he added.

The top five places of origin of the 223 enterprises are the Mainland, the US, Japan, the UK and Singapore. Meanwhile, the top five sectors are financial services and fintech, family offices, innovation and technology (I&T), tourism and hospitality, and consumer products.

Separately, the Office for Attracting Strategic Enterprises (OASES), established directly under the Financial Secretary by the current-term Government, has so far attracted 84 strategic enterprises to Hong Kong, many of which plan to establish their international or regional headquarters in the city. OASES was set up in 2022 to attract high-potential and strategic I&T enterprises from around the globe.

Besides attracting enterprises and investment, the current-term Government is also committed to attracting talent from the Mainland and overseas. From January to April this year, over 45,000 new applications under various talent admission schemes were received, with more than 35,000 being approved.

Mr Chan stressed that the Hong Kong Special Administrative Region Government will continue to make every effort to attract more enterprises and talent from the Mainland and overseas.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI: FirstCash to Acquire H&T Group, the Leading Operator of Pawnshops in the United Kingdom
Source: GlobeNewswire (MIL-OSI)

Marks FirstCash’s strategic entry into the UK market through an established, industry-leading brand;
Provides further geographic diversification and unlocks additional growth opportunities;
Expected to be meaningfully accretive to EBITDA and EPS;
Strengthens FirstCash’s position as a global leader in pawn operations

FORT WORTH, Texas, May 14, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), a leading international operator of over 3,000 retail pawn stores in the U.S. and Latin America, today announced that it has reached agreement on the terms of a final^* recommended cash acquisition of H&T Group plc (“H&T”), the leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through a newly incorporated wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 650 pence for each share of H&T stock. In addition, H&T shareholders will receive a final dividend of 11 pence for each H&T share to be paid on June 27, 2025. The total equity value, including cash consideration for the shares and the final cash dividend, is approximately £297 million or $394 million USD based on the exchange rate as of the close of business on May 13, 2025.

The acquisition of H&T expands FirstCash’s geographic footprint into a new and attractive market, further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom.

Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add H&T, the leading pawn operator in the United Kingdom, as part of FirstCash’s global platform. This strategic transaction provides an entry into a significant new market which we believe will unlock additional growth opportunities for the Company. We have great confidence in H&T’s continued success given their proven track record coupled with their experienced management and operations teams. FirstCash looks forward to working together to drive long-term value for all of our customers, employees, and shareholders.”

Mr. Chris Gillespie, Chief Executive Officer of H&T, commented, “The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focused on the values and benefits of their customers. I am extremely proud of H&T, we have built a fantastic team and highly attractive business, and FirstCash’s offer is a clear acknowledgment of this. It’s clear to us that FirstCash has full appreciation of our capabilities, the dedication of our employees, commitment to the customer and with their backing and support, I am confident H&T will have an extremely bright future.”

^{* The financial terms of the acquisition are final and will not be increased or improved, except that Chess Bidco Limited reserves the right to increase the amount of the cash consideration payable by it (i) if there is an announcement on or after the date of this announcement of a possible offer or a firm intention to make an offer for H&T by a third party or (ii) with the consent of the UK’s Panel on Takeovers and Mergers (which will be granted only in wholly exceptional circumstances).}

Compelling Strategic and Financial Benefits
- Establishes FirstCash as the leading operator of pawn stores in the UK: H&T represents a highly complementary strategic fit as the UK’s largest pawnbroker, operating with a network of 285 stores.
- Expands FirstCash’s Geographic Reach: Entry into the UK pawn market represents another major step in FirstCash’s international growth strategy, adding further geographic diversification to the Company’s existing U.S. and Latin American pawn operations.
- Unlocks Further Growth Opportunities: H&T’s well-recognized brand provides FirstCash with a platform for increased penetration across key regions of the UK and opens the door for potential expansion into other European markets.
- Enhances Scale and Operating Leverage: The addition of 285 stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies across its global platform.
- Adds Experienced UK-Based Leadership: H&T’s seasoned management team brings deep local expertise and a proven track record of performance, positioning FirstCash to drive strong execution and continued momentum in the UK market.
- Financially Compelling: The transaction is expected to be meaningfully accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value.
Transaction Timeline and Additional Details
The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and H&T. The transaction is subject to approval by H&T’s shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close in the second half of 2025, subject to receipt of these approvals and the satisfaction of other customary closing conditions.

Presentation
Associated presentation materials regarding the transaction will be available on the investor relations section of FirstCash’s website at https://investors.firstcash.com/.

Advisors
Jefferies LLC is serving as exclusive financial advisor to FirstCash. Alston & Bird LLP and Macfarlanes LLP are serving as legal counsel to FirstCash.

Canaccord Genuity is serving as lead financial advisor to H&T and Shore Capital is serving as joint financial advisor to H&T. Gowling WLG (UK) LLP is serving as legal advisor to H&T.

Further Information; No Offer or Solicitation
This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited, a newly-established indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of H&T Group plc, a company incorporated in England and Wales (“H&T”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of H&T in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “UK Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the UK Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). H&T shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.

Additional Information
The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.

The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its H&T shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each H&T shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.

In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, H&T shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

Forward-Looking Statements
This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and H&T. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or H&T to obtain the necessary shareholder (in the case of H&T) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that H&T will not be combined and integrated successfully; the risk that the cost savings, synergies and growth from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of H&T is higher than anticipated; inherent risks resulting from Company’s entry into a new geographical market, including exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the UK; risk related to the ability to hire and retain key H&T personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.

Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports the Company files with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Publication on website
In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.

Right to request hard copies
In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting H&T’s registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.

About FirstCash
FirstCash is a leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

About H&T
H&T is the UK’s largest pawnbroker, a leading retailer of high quality new and pre-owned jewelry and pre-owned watches and provides a range of financial products tailored for a customer base which has limited access to, or is excluded from, the traditional banking sector. These products include Pawnbroking, Retail and Foreign Currency.

The MIL Network –
May 14, 2025
MIL-OSI: Atos Group: new strategic and transformation plan “Genesis” to leverage core strengths and restore sustainable profitable growth. Cash generation and disciplined capital allocation as key drivers to deleveraging
Source: GlobeNewswire (MIL-OSI)

Press Release

Atos Group: new strategic and transformation plan “Genesis” to leverage core strengths and restore sustainable profitable growth

Cash generation and disciplined capital allocation as key drivers to deleveraging
- Paving the way to become a global AI-powered technology partner of choice delivering secure end-to-end digital journeys
- Simplifying branding, geographic footprint, governance and offering to refocus on most promising and strategically valuable businesses
- Renewed and streamlined leadership team and stronger operating model for a more efficient organization
- Leaner cost structure to deliver industry standard performance
- Accelerated investment in innovation and rapidly scaling technology services with a significant AI drive
- Ambitious and achievable financial targets for FY 2028 fueled by cash generation and disciplined capital allocation:
  - €9-10 Billion revenues
  - c. 10% operating margin
  - towards investment grade credit rating profile
Paris – May 14^th, 2025. Atos Group today announces its four-year strategic and transformation plan to return the Company to sustainable growth and improved profitability following the successful completion of its financial restructuring in 2024. At a Capital Markets Day in Paris today, Chairman and CEO Philippe Salle outlines a bold strategy to deliver revenues of €9-10 billion with an operating margin of around 10 per cent in 2028.

Philippe Salle, Atos Group Chairman and CEO, says: “Atos Group is at an exciting inflexion point. With the Group’s financial structure now secure, our “Genesis” strategic and transformation plan will ensure that we strengthen our position as a global leader in cutting-edge technology solutions and deliver appreciable growth in revenue and profitability over the next four years.

“There are very few companies in the world that can provide true end-to-end digital solutions for clients, at scale, in some of our most challenging and complex industries. Atos Group is one of them. Our competitive advantage lies in our highly skilled and committed colleagues, the depth of our technical expertise, our global capability with deep local roots, and our proven track record of delivery to a worldwide loyal customer base. We fully intend to leverage this advantage over the coming years and thereby deliver significant, growing value for our shareholders, clients and employees.”
Streamlined and refocused Group with a clear plan for growth

At the heart of this strategy is the repositioning of Atos Group as a global AI-powered technology partner delivering secure end-to-end digital journeys for its clients, through:
- A simplified structure: transforming Atos portfolio of assets to a unified Group with two clear brands focused on high-growth and high-impact activities:
Atos, a services business organized around six business lines:
- Cloud & Modern Infrastructure – Covering the full cloud spectrum, from design to build to run, with expertise spanning hybrid, multi-cloud, infrastructure modernization, and FinOps-enabled delivery
- Cyber Services – Delivering end-to-end security, from advisory, testing and compliance to Managed Detection & Response (MDR), OT security, and identity management
- Data & AI (newly created) – Powering transformation through data enablement, AI development, AI-run (MLOps) and GenAI integration into operations and offerings
- Digital Applications – Providing custom app design, development, modernization, and next-gen Application Managed Services (AI-powered, observable, secure-by-design)
- Smart Platforms – Driving digital design, transformation and management services on key enterprise platforms including SAP and ServiceNow
- Digital Workplace – Enabling secure, accessible, AI-powered workplace experiences aligned with employee engagement, accessibility and ESG priorities
Eviden, a product business organized around four product lines: Cybersecurity products, Advanced Computing, Mission-Critical Systems and Vision AI.
- A focused global footprint, anchored in strong local businesses: a key element of Atos Group’s transformation plan is the streamlining of its global network, to refocus on its most profitable and highest-growth territories.
  Atos Group will now operate from six regional hubs where it already has a strong and growing presence: France; Germany, Austria & Eastern Europe; Belux & Netherlands & Nordics; United Kingdom & Ireland; North America; and International Markets. In due course it will exit several non-core countries which do not meet its strategic or financial objectives, mainly within International Markets.
- A simplified governance: defining clear accountability and ownership between the business lines, the geographies and a lean corporate structure and allowing for increased transparency and teams empowerment.
Strengthened leadership team and operating model

A new Leadership team has been appointed to drive the Group’s transformation plan, comprising the Heads of the Atos six business lines and Global Delivery Centers, the six regional Leaders, the Heads of Eviden and Advanced Computing, and the Heads of Group functions. They are supported by a highly skilled workforce, with a record of over 90 per cent retention on key talents, which has achieved more than 250,000 digital accreditations over the past three years, primarily in Cybersecurity, Cloud and AI.

Building on Atos’ recognized core strengths in Infrastructure, Workplace and Digital with rapidly scaling technology services as ‘strategic boosters’, including Advanced Cybersecurity, Data and AI, the Group will target significant incremental income from its current customer base, coupled with sizeable new business revenue streams and accelerated growth from new product and industry offerings.

Leaner cost base

The Group has defined and started to implement a cost reduction program to adapt its cost structure to its current size and reflect the new organization and more efficient operating model. It will optimize service delivery through enhanced billability and bench management, increased offshoring, industrialized execution model and stricter contract management. It also plans to reduce G&A to around five per cent of revenues by 2028, implying a 2-points reduction compared to the current level, through headcount reduction and 10% lower discretionary spend.

AI-powered organization

With creation of a business line dedicated to Data and AI, Atos Group will fully leverage its expertise to deliver improved, higher-value offerings to clients through a full-stack data and AI engine industrialized for scale, while achieving higher delivery efficiency and lower costs within the Group. The business line will be a key growth driver, growing from 2,000 to 10,000 employees by 2028 and at the scale of the Group, 100 per cent of the workforce will be AI-certified by 2026.

Committed investment in innovation

To secure its leading position in future growth markets, Atos Group plans to invest €500 million in research & development over next 4 years and €100 million in start-ups and new ecosystem players, with the emphasis on emerging technologies and rapidly scaling technology services, including GenAI and Agentic AI, Cybersecurity and Quantum, under the leadership of an upcoming new Group CTO.

Update on ongoing disposal processes

On November 25, 2024, Atos announced that it has received a non-binding offer from the French State for the potential acquisition of 100% of the Advanced Computing activities, based on an enterprise value of €500 million, to be potentially increased to €625 million including earn-outs. The offer received from the French State provides for an exclusivity period until May 31, 2025. Discussions are still ongoing.

In addition, the sale process for its Mission Critical Systems and Cybersecurity Products businesses has been put on hold.

Sustainable financial structure and clear financial trajectory

At the occasion of its Capital Markets Day held today, Atos Group announces an update of its strategy and organization. Building on its strengthened leadership team and following the closing of its financial restructuring at the end of 2024, the Atos Group also provides a guidance for 2025¹ and indications on its mid-term financial trajectory.

In 2025, the Group expects to generate:
- c.8.5 billion euros revenue, down from reported revenues of 9.6 billion euros in 2024 due to perimeter changes, voluntary contract reviews and low business traction prior to the completion of the financial restructuring
- around 4% operating margin, up c.2pp from FY 2024, benefiting from voluntary contract reviews and the initial impact of cost reduction initiatives
- net change in cash before debt repayment of c. -350 million euros
In 2026, the Group expects to generate positive organic growth and net change in cash before debt repayment and M&A.

In 2028, taking the assumption of a disposal of Advanced Computing and a progressive reduction of its geographic footprint, the Group expects:
- to grow revenues organically to 8.5 to 9 billion euros, representing a 5-7% CAGR between 2025 and 2028. Strategic, targeted and disciplined M&A could further increase revenue to up to 9 to 10 billion euros;
- to reach operating margin of around 10 per cent with full benefit of the cost reduction initiatives and structurally profitable growth, partially offset by accelerated investment in R&D;
- to achieve a leverage ratio below 1.5x net debt/OMDAL². On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027.
Following the financial restructuring last year, Atos Group now has a strong liquidity³ position of c.2 billion euros at March 31, 2025, with no debt maturing before end of 2029. This secures its balance sheet and provides with the time and flexibility necessary to deliver its strategy, which is expected to enable significant deleveraging.

Disciplined capital allocation

Strong cumulative cashflow generated over the period will be allocated as a priority to deleveraging, coupled with targeted strategic and disciplined acquisitions and ventures. No dividend payment or share-buyback programs are expected before 2028.

Reinforced commitment to sustainability

Atos Group reaffirms its commitment to ESG leadership as a core pillar of its transformation and strategic journey. The Group remains on track to reach Net Zero Target by 2050, aligned with SBTi, while helping clients decarbonize. It is also accelerating progress on diversity, advancing digital inclusion initiatives globally and targeting 40 per cent female new hires by end-2025. Governance has been reinforced under new leadership, with stronger oversight of ESG. These efforts have earned Atos top-tier ESG ratings, including EcoVadis Platinum and inclusion in the S&P Global Sustainability Yearbook.

***

About Atos Group

Atos Group is a global leader in digital transformation with c. 74,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 68 countries. A pioneer in decarbonization services and products, Atos Group is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos Group is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Press contact

Investor relations: investors@atos.net

Individual shareholders: +33 8 05 65 00 75

Media relations: globalprteam@atos.net

1 The Group had suspended the communication of any guidance for 2025, since the press release dated March 26, 2024.
2 Defined as Operating Margin before Depreciations, Amortization and Leases
3 Defined as the sum of (i) the consolidated cash and cash-equivalent position of the Group and (ii) the amounts available under any undrawn committed facilities (including committed overdrafts). Consolidated cash and cash-equivalent includes trapped cash and unpooled cash and excludes cash held in escrow accounts in order to provide cash collateral.

Attachment
- 20250514 – Atos Group CMD – VEN
The MIL Network –
May 14, 2025
MIL-OSI USA: Sánchez, Davis, DelBene champion bill to reduce child care costs for working families

Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

In contrast to GOP effort to slash child care funding, this bill increases maximum child care credit by nearly 400 percent

WASHINGTON – Representatives Linda Sánchez (D-Calif.), Danny K. Davis (D-Ill.) and Suzan DelBene (D-Wash.) introduced the Child and Dependent Care Tax Credit Enhancement Act to permanently expand the child care tax credit. The bill would raise the maximum credit from $1,050 to $4,000 for one child and from $2,100 to $8,000 for two or more children.

Senators Tina Smith (D-Minn.), Ron Wyden (D-Ore.) and Patty Murray (D-Wash.) introduced companion legislation in the Senate.

“Working parents shouldn’t have to choose between earning a paycheck and caring for their kids,” said Sánchez. “Expanding the child care tax credit will make child care more affordable and accessible, so parents can focus on their work knowing their kids are being cared for.”

“High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country,” said Rep. Davis. “I am proud to lead the Child and Dependent Care Tax Credit Enhancement Act that would restore the 2021 credit so that families can receive up to $4,000 for child care for one child or up to $8,000 for two or more children, much better than the almost $600 that the typical family receives currently. This bill would strengthen the financial well-being of families and grow our economy. It is critical that Congress acts now to help working families.”

“Access to affordable child care is one of the biggest barriers families face. Enhancing the Child and Dependent Care Tax Credit will give parents the relief they need by supporting both families and care providers,” said DelBene. “This bill is a commonsense step toward making child care more accessible and affordable for every family.”

The Child and Dependent Care Tax Credit (CDCTC) is the only tax credit that helps working parents offset the rising cost of child care. In 2021, Democrats successfully enhanced both the CDCTC and the Child Tax Credit because both credits are essential to support parents’ ability to provide for their families. While 100 percent of the CDCTC reimburses parents for actual child care costs paid to work, parents mostly use the Child Tax Credit to defray other significant costs of caring for a child, such as food, rent, and clothing.

As currently structured, the CDCTC unfortunately fails to meet the needs of tens of millions of working families. Very few families receive meaningful benefit from the credit due to the extremely low phase-out level of $15,000, the low expense limits, the non-refundable nature, and the loss of benefit due to inflation. For example, the Tax Policy Center estimates that only 13 percent of families with children claimed the CDCTC in 2022. The Child Care and Dependent Credit Enhancement Act will increase the maximum credit amount to $4,000 per child up to $8,000 for two or more children, expand eligibility to low-income families, make the credit available to married couples who file separately due to high student loan debt, and retain the credit’s value over time by indexing it to inflation. Compared to 2019, low-income working parents quadrupled their credit received in 2021.

High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country. Yet, child care places a major financial burden on American families. The price of child care can range from $5,357 to $17,171 per year depending on location and type of care. Astoundingly, the cost of center-based care for two children is more than the average mortgage in 41 states and more than the average annual rent in all 50 states plus DC. Households under the poverty line spend nearly one third of their income on child care, and increases in median child care prices are connected to lower maternal employment rates. Further, the child care crisis hits families of color disproportionately hard. For a single parent who has never been married who is Black, Hawaiian/Pacific Islander, or American Indian/Alaska Native, child care can cost 36 percent, 41 percent, or 49 percent of the median income, respectively, compared to only 31 percent for single white parents. Further, Latino and American Indian and Alaska Native parents disproportionately live in child care deserts.

Statements from Supporting Organizations

The bill is endorsed by state and national child and worker advocates, including: Center for Law and Social Policy, Child Care Aware of America, Early Care and Education Consortium, First Five Years Fund, First Focus Campaign for Children, MomsRising, National Association for the Education of Young Children, National Women’s Law Center Action Fund, Save the Children, Start Early, Society for Human Resource Management, and ZERO TO THREE.

“Often conflated with the child tax credit, the Child and Dependent Care Tax Credit is one of the only tax incentives that helps working families with their child care expenses. As the cost of care increases, many families must contend with whether their current job pays enough to justify their child care expenses,” said Radha Mohan, executive director, Early Care and Education Consortium. “For families where one parent must leave the workforce because they cannot afford the cost of care, this often hurts the family from an economic standpoint in the long run. The CDCTC Enhancement Act helps ensure that families do not have to make this choice by providing a credit to offset the cost of care. When paired with programs such as the Child Care and Development Block Grant, this bill will ensure that many families will have reduced their child care costs by over 50 percent.”

“As almost any working family with young children will tell you, the cost of child care is a major source of financial stress, putting immense pressure on already tight budgets,” said Sarah Rittling,executive director, First Five Years Fund. “The Child and Dependent Care Tax Credit Enhancement Act would make essential updates to the CDCTC to ensure more parents are able to keep more of what they earn to offset the high cost of care. We are grateful to Reps. Danny Davis, Suzan DelBene, and Linda Sanchez for their leadership and commitment to supporting families with young children.”

“For families with young children, the cost of childcare is often unaffordable and impacts their economic opportunity – the cornerstone of child and family well-being. The Child and Dependent Care Tax Credit Enhancement Act of 2025 is an important effort to update the CDCTC to ensure that more families can offset their child care costs. We are grateful to Rep. Danny Davis and his longstanding efforts to support children and families in his district and across the country, and also extend that appreciation to Reps. Suzan DelBene and Linda Sanchez., said Diana Rauner, president, Start Early.

“Affordable child care isn’t a luxury – it’s the backbone of our economy,” said Yelena Tsilker, senior government relations and advocacy director, ZERO TO THREE. “Parents of infants now face child care bills that top $16,000 a year – higher than in-state college tuition in many states. The Child and Dependent Care Tax Credit Enhancement Act tackles that crisis head-on by making the CDCTC fully refundable and increasing the maximum credit, so families of every income can choose the high-quality care their babies need. This relief will keep parents in the workforce and help millions of children thrive. We applaud Representatives Davis, DelBene, and Sánchez for championing legislation that hard-working families have long awaited.”

The text of the bill is available HERE; a summary of the bill is available HERE.

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MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Sánchez: Congress must reclaim trade authority before Trump plunges economy into recession

Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

WASHINGTON – Ways and Means Trade Subcommittee Ranking Member Linda Sánchez (D-Calif.) released the following statement in response to the U.S. economy shrinking due to President Trump’s trade policies:

“President Trump inherited a strong, growing economy that was the envy of the world. But in just 100 days, his reckless trade policies have sent our economy spiraling downward and we’re now staring at the very real threat of yet another Republican-led recession.

“That means lost jobs, rising prices, and working families once again forced to bear the brunt of this administration’s failures – all due to self-inflicted wounds by a president dangerously out of control. Congress must reclaim its authority over trade and tariffs before President Trump plunges us into a recession.”

Background

Ranking Member Sánchez earlier this month introduced the Stopping a Rogue President on Trade Act, a bill that would turn off the global tariffs imposed on April 2, turn off the tariffs imposed by executive order for Mexico and Canada, and require congressional approval for tariffs imposed by the president. The bill has the support of all Ways and Means Democrats.

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MIL OSI USA News –

May 14, 2025

Category: Economy

Source: PSA

Source: The Co-operative Bank

Swindon Borough Council fails to meet RSH’s consumer standards

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In contrast to GOP effort to slash child care funding, this bill increases maximum child care credit by nearly 400 percent