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  • MIL-OSI Russia: Astana Declaration of the Second Central Asia-China Summit

    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

    ASTANA, June 18 (Xinhua) — The second China-Central Asia Summit was held in Astana, the capital of Kazakhstan, on June 17, 2025. Below is the full text of the Astana Declaration of the Second Central Asia-China Summit.

    Astana Declaration of the Second Central Asia-China Summit

    On June 17, 2025, the second Central Asia-China summit was held in Astana with the participation of the President of the Republic of Kazakhstan K.K. Tokayev, the Chairman of the People’s Republic of China Xi Jinping, the President of the Kyrgyz Republic S.N. Japarov, the President of the Republic of Tajikistan E.Rahmon, the President of Turkmenistan S.G. Berdimuhamedov and the President of the Republic of Uzbekistan Sh.M. Mirziyoyev.

    The heads of state of the Central Asia-China format, recognizing the strategic importance of the region and recognizing the importance of further deepening multilateral cooperation based on equality, mutual respect and mutual benefit, declare their commitment to further strengthening friendly relations, deepening political trust and expanding economic cooperation between the countries of Central Asia and China.

    In a friendly atmosphere, the parties summed up the results of comprehensive cooperation between the Central Asian states and China, summarized the experience of multifaceted mutually beneficial cooperation, outlined guidelines for further cooperation and stated the following.

    1. The Parties highly appreciate the results of the first Summit of Heads of State of the Central Asia-China format (May 19, 2023, Xi’an), the meeting of foreign ministers of the Central Asia-China format (December 1, 2024, Chengdu and April 26, 2025, Almaty), and also actively support the development of priority areas of cooperation at the level of heads of relevant ministries, departments and various forms of interaction.

    The Parties agree that the development of fruitful multifaceted cooperation between the Central Asian states and China meets the fundamental interests of all countries and their peoples. Against the backdrop of changes unprecedented in a century, the Parties, based on favorable prospects for the peoples of the region, confirm their desire to jointly create a closer community of common destiny for Central Asia and China.

    Based on a comprehensive review of the experience of cooperation between Central Asia and China, the Parties noted the formation of the “Central Asia-China spirit”, characterized by mutual respect, mutual trust, mutual benefit, mutual assistance and the promotion of joint modernization through high-quality development. It is important to fully develop this spirit, which is intended to serve as a basis for the development of friendship and mutually beneficial cooperation between the states of the Format.

    2. The Parties reaffirm their support for the protection of each other’s fundamental interests in the spirit of mutual understanding and respect.

    China firmly supports the development path of the Central Asian states, their efforts to safeguard their national independence, sovereignty and territorial integrity, as well as their independent foreign and domestic policies. The Central Asian states reaffirm their commitment to the one-China principle and recognize that there is only one China in the world, Taiwan is an inalienable part of Chinese territory, and the PRC government is the sole legitimate government representing the whole of China. The Central Asian states oppose “Taiwan independence” in any form and firmly support the Chinese government’s efforts to reunify the country.

    The parties reaffirmed their determination to strengthen centuries-old good-neighborliness, lasting friendship and reliable partnership, and noted the high relevance of signing a multilateral Treaty on Eternal Good-Neighborliness, Friendship and Cooperation, which will contribute to the long-term, healthy and sustainable development of relations between China and the Central Asian states.

    The Parties reaffirm their commitment to the purposes and principles of the UN Charter, including respect for the state independence, equality, sovereignty and territorial integrity of states.

    The Parties express their firm determination to uphold multilateralism, the generally recognized principles and norms of international law and international relations, promote an equal and orderly multipolar world and accessible and inclusive economic globalization, and jointly defend international justice and equality.

    The parties will make efforts to further develop fruitful, multifaceted interaction within the framework of strengthening cooperation in various areas of the “Central Asia – China” format.

    3. The heads of state of the participating countries of the Secretariat of the Central Asia-China format note the important role of the Secretariat of the Central Asia-China format in implementing the initiatives and tasks set by the heads of state, and also expressed their readiness to fully support the work of the Secretariat and provide it with favorable conditions and guarantees for development.

    The Heads of State of the participating States of the Secretariat of the Central Asia-China format, on the basis of consensus, welcome the assumption of office of Secretary-General Sun Weidong from 1 May 2025.

    4. The Parties confirm their commitment to strengthening the central role of the UN in ensuring international peace, security and sustainable development, disseminating universal human values – peace, development, justice, equality, democracy and freedom, and oppose attempts to politicize human rights issues. In this regard, they agreed to co-author the UN General Assembly resolution “On world unity for a just peace, harmony and development.”

    The parties confirm their commitment to strengthening political dialogue and cooperation within the UN and other international organizations, exchanging views and coordinating positions on current regional and international issues.

    The Parties welcome the proclamation of 2025 as the “International Year of Peace and Trust” in accordance with UN General Assembly Resolution No. 78/266 of 21 March 2024 and the holding of the “International Forum for Peace and Trust” in 2025 in Ashgabat.

    The parties welcomed the UN General Assembly Resolution declaring Central Asia a “Zone of Peace, Trust and Cooperation,” adopted at the initiative of Turkmenistan.

    The parties also welcome the adoption by the UN General Assembly of the Resolution “Permanent Neutrality of Turkmenistan”, dedicated to the 30th anniversary of the status of permanent neutrality of Turkmenistan.

    The Parties note the importance of developing a Global Security Strategy based on UN principles and generally recognized principles and norms of international law, taking into account current realities and trends in global inequality.

    The Parties reaffirm their strong commitment to the principles and objectives of international humanitarian law and highly appreciate the efforts of Kazakhstan and China as co-initiators of the Global Initiative to Strengthen Political Commitment to International Humanitarian Law. The Parties take note of the Global Initiative aimed at strengthening the principles of humanity and creating conditions conducive to achieving peace and breaking the endless cycle of violence in armed conflicts.

    The parties participating in the SCO support China’s chairmanship of the SCO in 2024-2025 and are ready to provide all possible assistance in the successful holding of the SCO Summit in Tianjin.

    5. The parties highly value the “One Belt, One Road” initiative and will continue to increase work to align this initiative with their national development strategies for the Central Asian states.

    6. The Parties shall make efforts to strengthen the multilateral trading system based on WTO rules, support the adaptation of international trade rules to the changing world, and promote the liberalization and simplification of trade and investment procedures.

    The Parties reaffirm the importance of intensifying the WTO discussion on development issues and emphasize the need to support open, inclusive, sustainable, resilient, diversified and secure global supply chains.

    WTO member states also support the aspirations of Turkmenistan and Uzbekistan to join the WTO.

    The interested parties intend to develop cooperation in six priority areas, including unimpeded trade, industry, investment, infrastructure connectivity, green subsoil use and agricultural modernization, and simplification of mutual travel for citizens.

    The parties note the significant potential for trade and economic cooperation between the countries of the Format, express their readiness to use the role of the meeting of ministers of economy and trade “Central Asia – China”, promote high-quality development of trade, promote diversification of trade structure and simplification of trade procedures, update agreements on the promotion and mutual protection of investments between the countries of Central Asia and China, reveal the potential of the working group on unimpeded trade, the Roundtable on Digital Trade and the mechanism “Dialogue on Cooperation in the Field of Electronic Commerce”, as well as intensify interaction in new industries.

    The parties intend to strengthen investment and industrial cooperation in the field of “green” minerals, alternative energy sources and infrastructure projects, as well as in ensuring the stable and uninterrupted operation of the production chain in the region. The parties expressed interest in strengthening exchanges and cooperation in housing and communal construction, increasing the interconnectivity of digital and green infrastructure, and jointly developing cooperation in the field of infrastructure and engineering construction.

    The parties will continue their efforts to increase the contribution of the Central Asian states and China to ensuring international energy and food security, to develop international transport and logistics routes, and to prevent disruptions in the supply of key products.

    The parties intend to expand the possibilities of transport corridors and cargo containerization in every possible way to simplify transportation as much as possible, strengthen cooperation in the framework of container train movement along the China-Europe route through Central Asia, develop transit and logistics potential, and promote joint projects that serve the interests of the states in the region.

    The parties welcome the start of the implementation of the China-Kyrgyzstan-Uzbekistan railway project, which is of great importance for the Central Asian region and China.

    The Parties are interested in the active use of the Turkmenbashi International Sea Port and the Aktau International Sea Trade Port by large transport and logistics companies of the Parties when transporting goods.

    The parties, with the active participation of multimodal operators and based on geographical location, are developing a logistics mechanism for the railway, automobile and maritime industries in order to develop regular container transportation to expand the export of goods from Central Asian countries and further to world markets.

    The parties welcomed the holding of the Third UN Conference on Landlocked Developing Countries (LLDC 3) in Turkmenistan in 2025.

    The Parties support raising the level of favourable conditions for international road transport by digitalising permits for international road transport and jointly increasing the exchange of experience and cooperation in the field of sustainable transport.

    The parties noted the importance of the established Central Asia-China Business Council and expressed their readiness to support trade promotion agencies, chambers of commerce and interested organizations in strengthening cooperation in the areas of trade and investment in order to make a greater contribution to the development of trade and economic cooperation between the Central Asian states and China.

    The parties noted the important role of the Central Asia-China Industrial and Investment Cooperation Forum in promoting investment cooperation between the Central Asian states and China, expanding industrial cooperation, and ensuring the stability and efficiency of production and supply chains.

    The parties highly appreciate the mechanism of the meeting of heads of customs services within the framework of the “Central Asia-China” format, are ready to expand the exchange of experience and mutual cooperation in the implementation of the “Smart Customs, Smart Borders and Smart Communications” project, effectively promote practical cooperation in the field of interconnection of relevant services within the framework of the work of checkpoints, “single window”, risk management, simplification of customs procedures, mutual assistance in customs matters.

    7. The Parties believe that building and expanding scientific and technological partnerships and continuously deepening scientific and technological cooperation based on complementary advantages and mutual benefits are of great importance.

    The parties are ready to further intensify the dialogue on scientific and technological development, regularly exchange information on national strategies, priority areas and programs for scientific and technological development, share development experience, and support the holding of the China (XUAR)-Central Asia Cooperation Forum on Scientific and Technological Innovation.

    The parties will actively support exchanges between research institutes and employees, the establishment of a network of partner institutes for the implementation of joint and exemplary projects on the application of technologies, and the creation of platforms for interaction on this basis.

    The Parties support efforts to transfer technology and implement scientific and technological achievements in order to promote economic and social development through scientific and technological innovation.

    The parties shall strengthen cooperation in the field of science and technology, including the exchange of best practices.

    China welcomes the participation of the Parties in the Group of Friends of International Cooperation on AI Capacity Building. The Parties are willing to jointly promote the implementation of the UN General Assembly Resolution on Strengthening International Cooperation on AI Capacity Building.

    The parties noted the importance of the draft UN General Assembly Resolution “The Role of Artificial Intelligence in Creating New Opportunities for Socioeconomic Development and Acceleration of the Achievement of the SDGs in Central Asia,” initiated by Tajikistan.

    8. The Parties express their readiness to utilize the potential of cooperation in the field of agriculture, including promoting investment in agriculture, industry interaction and cooperation in the field of trade in agricultural products. The Chinese side welcomes the active promotion of agricultural products of Central Asian countries, including through such important exhibitions as the China International Import Expo in Shanghai.

    The parties will intensify efforts in the development of “smart” agriculture, exchange of experience in the implementation of water-saving, green and other highly efficient technologies, as well as best practices in this area.

    The parties agreed to intensify the exchange of technologies and specialists in the field of melioration of arid, saline and alkaline soils, water-saving irrigation, pest control, livestock farming and veterinary medicine, and to strengthen the stress resistance of the agricultural sector with the aim of its sustainable development.

    The Parties reaffirm the need for concerted efforts to ensure food security in the context of a changing climate, and also note the importance of farming in the most environmentally friendly ways that support biodiversity and make efficient use of land resources.

    The parties welcomed the UN General Assembly Resolution “Central Asia Facing Environmental Challenges: Strengthening Regional Solidarity for Sustainable Development and Prosperity”, adopted at the initiative of the Republic of Uzbekistan, which confirms that climate change is one of the most complex problems of our time and creates serious difficulties on the path to sustainable development of all countries.

    The parties also welcomed the UN General Assembly Resolutions “Promoting sustainable forest management, including afforestation and reforestation, on degraded lands, including in drylands, as an effective solution to environmental problems” and “The United Nations Decade of Afforestation and Reforestation in accordance with the Principles of Sustainable Forest Management (2027-2036)”, adopted at the initiative of the Republic of Uzbekistan.

    The parties note the importance of consolidating efforts to improve policies in the area of poverty reduction, increasing employment and incomes of the population and creating jobs. The parties expressed their readiness to intensify cooperation in this area by implementing effective social support programs for the population, exchanging specialists and modern methodologies.

    9. The parties support the establishment of a Central Asia-China partnership on energy development, strengthening cooperation along the entire industrial chain, further expanding cooperation in traditional energy sources, including oil, natural gas and coal, strengthening cooperation in hydropower, solar, wind, hydrogen and other environmentally friendly energy sources, deepening cooperation in the peaceful use of nuclear energy, implementing projects using green technologies and clean energy sources, and implementing the concept of innovative, coordinated, green, open and common development.

    The Parties highlight cooperation in the energy sector as an important component of sustainable development of the region. The Parties express their readiness to continue deepening energy cooperation for the purpose of joint high-quality development of the energy industry of all countries in the spirit of mutually beneficial cooperation and taking into account the interests of the Parties.

    10. The interested parties support further expansion of cooperation between China and the Central Asian states along the entire industrial chain of development and use of mineral resources. The Parties will explore the possibility, within the framework of the current legislation of the Parties, of conducting joint work on geological research, exploration of mineral resources and the development of green subsoil use.

    11. The Parties confirm their readiness to hold joint events in such areas as culture, cultural heritage and tourism. The Parties also intend to expand youth exchange mechanisms, develop cooperation in conducting joint archaeological expeditions, research into the history and heritage of the Great Silk Road, preserving and restoring cultural heritage, museum exchanges, and searching for and returning missing and stolen cultural valuables.

    The parties highly appreciated the successful holding of the International High-Level Conference on Glacier Conservation, as well as the documents adopted following the results of this conference (Dushanbe, May 29-31, 2025).

    The parties also welcomed the decision of the UNESCO General Conference to hold its 43rd session in Samarkand in 2025. This event will be an important step in advancing UNESCO’s global agenda and promoting international dialogue in the field of cultural, educational and scientific cooperation.

    The Parties will support the holding of youth festivals, forums and sports competitions, including the organization of the World Nomad Games in 2026, initiated by the Kyrgyz Republic, as a unique event that promotes traditional sports and cultural diversity.

    Interested parties will continue their efforts to mutually establish cultural centers.

    The parties support the joint practice of declaring cultural and tourist capitals in the “Central Asia-China” format.

    The parties highly appreciate the successful holding of the first meeting of education ministers in the “Central Asia – China” format.

    The parties support cooperation between higher education institutions and businesses, the integration of production and education, and the acceleration of the implementation of international cooperation projects in vocational training, including within the framework of the Lu Ban Workshop.

    The Parties support joint scientific research by higher education institutions in such areas as energy, agriculture, medicine and healthcare, and artificial intelligence. The Parties support the establishment of Confucius Institutes and the teaching of the Chinese language in Central Asian countries.

    The parties highly appreciate the establishment by China of the Central Asia-China Poverty Alleviation Cooperation Center, the Central Asia-China Education Exchange and Cooperation Center, the Central Asia-China Desertification Cooperation Center, and the Central Asia-China Unimpeded Trade Cooperation Platform.

    The parties noted the initiative of the Republic of Kazakhstan to create a Global Coalition on Primary Health Care, the purpose of which is to support the fundamental reorientation of health systems towards primary health care throughout the world.

    12. The Parties reaffirmed their commitment to the UN Framework Convention on Climate Change and the Paris Agreement, which are the main platform and legal basis for the international community to make joint efforts to combat climate change, and emphasized the need to comply with the goals, principles and institutional framework enshrined in the Framework Convention and the Paris Agreement, in particular the principle of common but differentiated responsibilities, and to promote the full and effective implementation of the provisions of the Framework Convention and the Paris Agreement with an emphasis on the formation of a fair, rational, cooperative and generally beneficial global climate governance system.

    The parties expressed their readiness to hold dialogues within the framework of the “Central Asia – China” format to study the issue of developing and implementing measures to preserve biological diversity and adapt to climate change.

    The parties noted the importance of implementing the Resolution adopted at the 77th session of the UN General Assembly “Sustainable Mountain Development”, which declared 2023-2027 the “Five Years of Action for Mountain Development”, in order to strengthen international cooperation on the mountain agenda and its further effective implementation.

    The parties welcomed the initiatives of the Kyrgyz side aimed at promoting the issues of the mountain agenda and climate change, as well as the holding of the “High-Level Dialogue: Advancing the Mountain Agenda and Mainstreaming the Theme of Mountains and Climate Change” on the sidelines of COP-29 on November 13, 2024 in Baku, and expressed their readiness to explore the possibility of joining the “Declaration on Climate Change, Mountains and Glaciers” initiated by the Kyrgyz side, presented during the said Dialogue.

    The parties took into account the proposal of the Tajik side to create transboundary specially protected natural areas, transboundary corridors and buffer zones for the conservation of individual species of fauna, the restoration and maintenance of populations of rare endangered and migratory species of animals, as well as the exchange of relevant experience and technologies.

    The parties welcomed the accession of Uzbekistan and Kazakhstan to the Mountain Partnership Negotiating Group, representing the interests of mountain countries on the basis of the UNFCCC.

    The Parties welcome the successful holding of the International Conference “Global Mountain Dialogue for Sustainable Development” in Bishkek on 24-25 April 2025, and also support the holding of the World Mountain Youth Festival (August 2025) and the Second Global Mountain Summit “Bishkek 25” (2027) in the Kyrgyz Republic.

    The parties welcome the initiative to open a regional climate technology center for Central Asia under the auspices of the UN in Ashgabat as a platform for the transfer of technologies for adaptation to climate change and mitigation of its consequences.

    The parties noted the significance of the results of the First Climate Forum, held in Samarkand on April 4-5, 2025, as an important step towards deepening regional dialogue and coordinating approaches to the climate agenda.

    The Parties welcome the successful holding of the Central Asian Climate Change Conference 2025 in Ashgabat in May 2025 on the theme “Achieving the global goal on climate finance through regional and national actions in Central Asia”.

    The parties support the holding of the Regional Climate Summit in Kazakhstan in 2026 under the auspices of the UN, which will give new impetus to climate action in Central Asia and consolidate the climate efforts of the countries of the region.

    In this regard, the Parties call for exploring ways of cooperation within the framework of the Project Office for Central Asia on Climate Change and Green Energy, whose work is aimed at accelerating the climate transition in Central Asia through support for policies, innovation and partnership.

    13. The Parties believe that stability, development and prosperity in Central Asia meet the common interests of the peoples not only of the six countries, but of the entire world community.

    While strongly condemning terrorism, separatism and extremism in all their forms and manifestations, the Parties expressed their readiness to work together to combat the “three forces of evil”, in particular the cross-border movement of terrorist groups, illegal drug trafficking, transnational organized crime and cybercrime, to ensure the stable and successful progress of cooperation projects and to jointly counteract security threats.

    The parties consider the platform for dialogue on security within the framework of the Dushanbe process on combating terrorism, as well as the initiative put forward by Tajikistan “Decade of Strengthening Peace for Future Generations”, to be important.

    The parties will take joint measures to strengthen cooperation in the field of environmental protection, prevention of large-scale disasters and crises, joint response to the epidemiological situation, as well as in other relevant areas of security.

    The parties confirmed the importance of UN General Assembly Resolution 72/283 of 22 June 2018 on strengthening regional and international cooperation to ensure peace, stability and sustainable development in Central Asia, adopted at the initiative of Uzbekistan.

    The parties welcomed the UN General Assembly Resolution “Readiness of Central Asian countries to act as a united front and cooperate to effectively address and eliminate drug-related problems,” adopted at the initiative of Uzbekistan.

    The parties noted the need to strengthen cybersecurity in the region against the backdrop of the rapid development of information technology and artificial intelligence. The parties intend to use the infrastructure of IT parks in Central Asian countries to implement innovations, launch startups, conduct joint projects and exchange experiences.

    The parties expressed their readiness to regularly exchange information, as well as to apply best practices and advanced experience aimed at ensuring the stable functioning of the information infrastructure in the region.

    The parties are ready, together with the international community, to continue to provide assistance to the people of Afghanistan in maintaining peace and stability, restoring social infrastructure, and integrating into the regional and global economic system.

    The Parties support and advocate the development of Afghanistan as a peaceful, stable, prosperous country free from terrorism and drugs.

    The Parties reaffirm their commitment to actively participate in the Doha process under the auspices of the UN and welcome the efforts in this area undertaken by UNAMA and the UN Office on Drugs and Crime.

    The parties welcomed the inclusion of the regional humanitarian logistics centre in Termez, Republic of Uzbekistan, into the UNHCR global network of warehouses for emergency humanitarian response, which will strengthen the ability of the international community to quickly deliver essential supplies to internally displaced persons around the world.

    The Parties highly appreciate the efforts of Kazakhstan to institutionalize the initiative to establish in Almaty the UN Regional Centre for Sustainable Development Goals for Central Asia and Afghanistan with the aim of accelerating the achievement of the SDGs in the region and addressing development challenges in Afghanistan, and also welcome the efforts of the Government of Tajikistan to provide its logistical capabilities for the delivery of international humanitarian aid to the people of Afghanistan.

    The Parties welcomed Turkmenistan’s efforts to create appropriate conditions for the transportation of goods to/from Afghanistan, as well as humanitarian aid through its territory. In this regard, the Parties highly appreciated the commissioning of the Serhetabat-Turgundi and Kerki-Imamnazar railway links, as well as the start of work on the construction of a warehouse complex in the dry port of the Turgundi railway station.

    The Parties note the need for joint efforts in combating the illegal trafficking of drugs and their precursors, the problem of the spread of new psychoactive substances, including through the use of new technologies and means for these purposes, and consideration of the possibility of developing a Joint Anti-Drug Action Plan with the participation of the United Nations Office on Drugs and Crime.

    14. The Parties are ready to actively cooperate within the framework of the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative, and, through joint efforts, accelerate the implementation of the UN Agenda for Sustainable Development, ensure peace and security in the region and throughout the world, and promote the exchange and mutual enrichment of civilizations.

    The Parties express their readiness to jointly hold relevant events based on the Resolution of the International Day of Dialogue among Civilizations adopted by the UN General Assembly, and to jointly promote the exchange and mutual enrichment of civilizations.

    The Parties support the development of a peaceful, open, secure, cooperative and orderly cyberspace within the framework of the Global Data Security Initiative, emphasize the importance of jointly promoting the Central Asia-China Digital Data Security Cooperation Initiative, deepening practical cooperation in the field of ensuring international information security, jointly combating cybercrime and cyberterrorism, emphasize the key role of the UN in countering threats in the information space, in particular relevant rules in the field of data security, support the development within the UN of universal rules of responsible behavior of states in the information space, call on the international community to sign as soon as possible the UN Comprehensive Convention on Countering the Use of Information and Communication Technologies for Criminal Purposes, approved by UN General Assembly Resolution 79/243 of December 24, 2024.

    The Parties emphasize the significant role of the Treaty on a Nuclear-Weapon-Free Zone in Central Asia in strengthening the global nuclear non-proliferation regime. In this regard, the Parties note the need for further development of cooperation between countries within the framework of the Treaty, as well as the establishment of interaction with other regional nuclear-weapon-free zones in the world.

    The parties note the importance of expanding cooperation in the field of biological safety.

    The parties noted Kazakhstan’s efforts to establish the UNESCAP Digital Solutions Centre for Sustainable Development in the Asia-Pacific region.

    15. The Parties declare that, starting from the Second Central Asia-China Summit, they will hold thematic years every two years, with 2025-2026 being declared the “Years of High-Quality Development of Central Asia-China Cooperation”.

    16. The parties express their gratitude to the Kazakh side for the high level of organization of the second Central Asia-China summit.

    The parties decided to hold the third Central Asia-China summit in 2027 in China.

    President of the Republic of Kazakhstan K. Tokayev

    Chairman of the People’s Republic of China Xi Jinping

    President of the Kyrgyz Republic S. Japarov

    President of the Republic of Tajikistan E.Rahmon

    President of Turkmenistan S. Berdimuhamedov

    President of the Republic of Uzbekistan Sh. Mirziyoyev

    Astana, June 17, 2025

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ17: Consolidating Hong Kong’s status as an international financial centre

    Source: Hong Kong Government special administrative region

    LCQ17: Consolidating Hong Kong’s status as international financial centre 
    Question:
     
         There are views that Hong Kong should continue to consolidate and enhance the development of an international financial centre, further dovetail with the national development strategies, expand various mutual access mechanisms, and enhance Hong Kong’s functions in the overall development of the country, so as to attract more Mainland and international capital to Hong Kong. In this connection, will the Government inform this Council:
     
    (1) as some members of the industry have relayed that at present, under the Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area, products under the Southbound Scheme cannot be directly promoted in the Mainland by Hong Kong financial institutions, and products under the Northbound Scheme cannot be directly promoted in Hong Kong by Mainland financial institutions, whether the authorities will discuss with Mainland regulators enhancement measures on cross-boundary sales and promotion, so as to enable practitioners in both places to fully launch their businesses;
     
    (2) as it is learnt that under the existing arrangements for mutual recognition of professional qualifications with the Mainland, Hong Kong practitioners holding the relevant licences of the Hong Kong Securities and Futures Commission are still required to pass the examination on relevant Mainland laws and regulations before they are allowed to practise in the Mainland, whether the authorities will further discuss with the Mainland regulators to explore the streamlining or exemption of the examination on relevant laws and regulations, so as to facilitate Hong Kong practitioners to develop their business in the Mainland;
     
    (3) given the views relayed by some members of the industry, whether the authorities can expand the scope of investment products under the WMC Scheme, including providing additional investment options other than those with low or medium risk, including but not limited to alternative investments or private equity funds, so as to meet the diversified risk management needs of both Mainland and overseas investors; and
     
    (4) as it has been mentioned in this year’s Budget that the Government will actively enhance the mutual market access mechanism with the Mainland, including the plan for the issuance of offshore Mainland government bond futures in Hong Kong, and implementing block trading of stocks as soon as possible, what measures the authorities have in place to further improve market liquidity and facilitate market transactions when exploring further expansion initiatives in the future?
     
    Reply:
     
    President,
     
         Hong Kong has been actively leveraging our unique advantages under the “one country, two systems” principle, with the support of our motherland and our connectivity to the world. We have proactively aligned with national strategies such as the 14th Five-Year Plan, the Belt and Road Initiative, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, with an aim to promoting deeper integration with the Mainland financial markets and to fully capitalising on the opportunities brought by our country’s development. In consultation with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), my reply to the various parts of the question is as follows:
     
    (1) and (3) Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diverse wealth management products and marks a milestone in the financial development of the GBA.
     
         WMC has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced in February 2024. Enhancement measures include increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements.
     
         In terms of sales and promotion, taking banks as an example, enhanced promotion and sales arrangements were introduced last year under the Southbound Scheme. After obtaining written consent from a Southbound Scheme client, the Hong Kong bank concerned could proactively introduce products and relevant information that align with the client’s risk appetite during that sales promotion process. This not only simplifies the sales process of the relevant institutions but also allows Southbound Scheme investors to more conveniently access the needed product information and professional guidance.
     
         In June 2025, we also jointly implemented with relevant Mainland financial regulatory authorities a “Tri-party Online Meeting” sales arrangement. Under this arrangement, at the request of a Southbound Scheme client, a Mainland bank may assist him/her at its Mainland branch to set up a tri-party online dialogue or video conference with a Hong Kong bank in relation to the Southbound Scheme services. During such meeting, representative(s) from the Hong Kong bank can introduce eligible wealth management products under the Southbound Scheme to the Southbound Scheme client. This arrangement provides Southbound Scheme investors with a convenient online channel to learn about relevant Hong Kong wealth management products and is also expected to enhance the convenience of sales and communication for local banks.
     
         Furthermore, we are committed to further enhancing the range of investment products under the “WMC 2.0” policy framework. For example, in the area of funds, since the launch of “WMC 2.0”, the number of eligible public funds under the Southbound Scheme has increased from around 160 in end-2023 to 358 by the end of March 2025, thereby strengthening the range of products available. We will continue to review the operation of “WMC 2.0” under the principles of controllable risk and adequate investor protection, and work with relevant Mainland regulatory authorities to explore the feasibility of further optimisation and expansion of WMC.
     
         As an innovative financial co-operation measure in the GBA involving three different regulatory systems, WMC has been implemented under a pilot approach in a gradual and incremental manner. Since the implementation of “WMC 2.0”, operations have been smooth, with a significant increase in the number of investors and amount of cross-boundary fund remittances. According to statistics from the People’s Bank of China, up to end-April 2025, over 154 200 individual investors in the GBA participated in WMC, with cross-boundary fund remittances (including Guangdong, Hong Kong, and Macao) amounting to over RMB112.2 billion had been recorded. The Government and the financial regulators will continue to monitor market developments and the operation of WMC, collaborate with the Mainland regulatory authorities and the industry to explore room for further enhancement.
     
    (2) Regarding mutual recognition of financial professional qualifications with the Mainland, the SFC and the China Securities Regulatory Commission have implemented an arrangement for mutual recognition of professional qualifications for the securities and futures sector, and simplified the relevant procedures for obtaining securities practising registration and applying for the futures or fund practising qualifications in the Mainland. Hong Kong professionals with relevant licence issued by the SFC only need to pass the Mainland’s examination on the relevant laws and regulations; and the examination on the foundation paper is not required.
     
         For the banking sector, the Hong Kong Institute of Bankers (HKIB) and the China Banking Association (CBA) signed the Memorandum of Understanding on Mutual Recognition of Personal Wealth Management Qualification Certificates in 2009, officially launching the mutual recognition mechanism. Subsequently, the two sides signed addendums twice to improve the relevant arrangements. The CBA, the China Bankers Institute and the HKIB signed Addendum III in 2022 to ensure eligible practitioners can obtain the Associate Retail Wealth Professional (ARWP) professional qualification issued by the HKIB. Under the Agreement, financial practitioners from the Mainland and Hong Kong can obtain “dual qualifications” (Level 1 of Qualification Certificate of Banking Professional and ARWP) through the mutual recognition mechanism.
     
         We will continue to examine enhancement measures with Mainland regulatory authorities to explore ways of broadening Hong Kong professionals’ entry into the Mainland market, thereby increasing the flexibility in the provision of human capital for the Mainland and Hong Kong markets.
     
    (4) The Government, together with financial regulatory authorities, is actively working with relevant Mainland authorities to advance the inclusion of the Renminbi counters under the Southbound Trading of Stock Connect, introduction of block trading, and the expansion of mutual-market access regime to cover Real Estate Investment Trusts (REITs), with a view to attracting and facilitating greater participation in Hong Kong’s securities market and enhancing market liquidity. We will continue discussions with Mainland counterparts on further expansion and optimisation of the financial market connectivity schemes. This will better meet the needs of domestic and overseas investors for cross-market and diversified asset allocation, supporting the healthy integration and development of the Mainland and Hong Kong capital markets.
    Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Offentliggørelse af prospekt samt formue og investorer for andelsklassen AKL AlphaCura 0/50/100 W i Investeringsforeningen Wealth Invest

    Source: GlobeNewswire (MIL-OSI)

    Hermed offentliggøres prospekt samt formue og antal investorer for andelsklassen AKL AlphaCura 0/50/100 W, som optages til handel på Nasdaq Copenhagen A/S med første handelsdag 20. juni 2025.

    Andelsklasse Formue DKK Antal navnenoterede investorer
    AKL AlphaCura 0/50/100 W 97.291.800 129

    Hvis der måtte være spørgsmål i relation til ovenstående, kan der rettes henvendelse til direktør i Wealth Fund Partners A/S, Lise Bøgelund Jensen på telefon 3328 2828. 

    Med venlig hilsen
    Investeringsforeningen Wealth Invest

    Attachment

    The MIL Network –

  • MIL-OSI: Institutional Demand Supports Crypto as Bitwise marks five-year anniversary of listing its first European product

    Source: GlobeNewswire (MIL-OSI)

    • Five-year anniversary of Bitwise Physical Bitcoin ETP (BTCE) listing – first spot crypto ETP on Deutsche Börse Xetra
    • Use of German regulator approved prospectus, and an innovative, robust product structure contributed to broader market adoption
    • Adding value: €100 invested into BTCE at launch would now be worth over €1,0001– long-term trends continue to support investor interest in digital assets

    June 18, 2025. Frankfurt: Bitwise today celebrates the five-year anniversary of its first European product: the Bitwise Physical Bitcoin ETP (BTCE), the world’s first-ever centrally cleared Bitcoin ETP. The listing on 18 June 2020 marked Bitwise’s debut in European markets and became a catalyst for a wave of listings of crypto products on Xetra, Europe’s largest ETF trading venue.

    Bradley Duke, Head of Europe at Bitwise, said: “Reaching the five-year mark is not just a milestone, it is also a point of reflection on our long-term vision and commitment to building transparent, reliable, and secure access to digital asset investments for European investors. Bitwise is 100% focused on crypto, but many of our experts come from traditional finance, putting us in a unique position to accompany investors on their journey into this new and unique investment class. We thank the pioneering investors and partners who believed in this asset class early on, and we look forward to continuing to serve the evolving needs of the market.”

    Stephan Kraus, Head of ETF & ETP at Deutsche Boerse, said: “We congratulate Bitwise on the fifth anniversary of its Bitcoin ETP on Xetra. The listing of this pioneering product marked the start of our segment for crypto ETNs and was an important step towards giving investors access to the performance of cryptocurrencies in a regulated market environment. It was also the first centrally-cleared product of its kind in the world. As the largest trading venue for crypto ETNs in Europe, we greatly appreciate the partnership with Bitwise, and look forward to continued collaboration.”

    A market benchmark for product design and transparency

    BTCE is now one of Europe’s largest physically backed Bitcoin ETPs by assets under management and the most actively traded. Its structure — featuring full physical backing, physical redemption option, and a strict no-lending policy — has set a new standard for crypto ETP design and reflects the priorities of investors who demanded greater transparency from the outset. Bitwise is grateful to the early adopters who set high expectations and helped raise the standard across the industry.

    Transparency remains central to Bitwise’s approach. Weekly balance reports are published by an independent administrator, and the blockchain addresses of Bitwise’s primary BTC and ETH product custody wallets are publicly disclosed, enabling any investor to verify collateral levels independently. To further reduce operational risk, Bitwise pioneered a safeguard mechanism requiring all crypto and securities asset movements to be approved by an independent transaction administrator, who holds a legally enforceable veto right embedded in the Bitwise ETP structure.

    Bitwise’s management company is ISO/IEC 27001:2017 certified, reflecting its commitment to operational integrity. With no proprietary trading, Bitwise remains fully aligned with client interests.

    As cryptoassets become an accepted component of diversified portfolios, Bitwise continues to support investors with practical tools and evidence-based insights. Internal analysis shows that adding a 5% allocation to Bitcoin within a traditional 60/40 portfolio between 2014 and 2025 would have increased average annual returns from 6.2% to 10.6%, with limited impact on volatility, drawdowns, or risk-adjusted returns.
    Today, more than 250 crypto ETPs are listed across XETRA and other leading European exchanges. Bitwise’s offering has grown in tandem with investor demand, expanding beyond single asset strategies such as Bitcoin, Ethereum, and Solana to include diversified crypto baskets and index-based staking ETPs.

    Bitwise products are designed to integrate seamlessly into professional portfolios, offering exposure to cryptoassets through regulated vehicles— without the operational risks of holding a physical wallet. They are also accessible to individual investors via leading brokerage platforms, with features such as physical redemption included as standard.

    Fundamental trends supporting the demand for crypto assets

    Bitwise believes that a number of fundamental trends may support the value of crypto assets over the long term. In portfolio context, digital assets can be deployed as effective hedge against inflation that is not as susceptible to fiscal or global trade political agendas as traditional currencies. Crypto is more widely accepted by Gen Z investors, who are about to benefit from a wealth transfer from some of the richest generations that ever existed. Many coins have use cases that are independent of their use as a currency. And finally, crypto assets are a welcome solution for the unbanked or underbanked, particularly in parts of the world that are politically unstable. With crypto, access to a smartphone and the internet is enough to make payments.

    Bitwise is continuing to launch innovative new products regularly, such as the Bitwise Diaman Bitcoin & Gold ETP launched in March. Bitwise ETPs can be seamlessly integrated into standard brokerage or ETF portfolio accounts and are often eligible for SIPP and ISA inclusion, making them accessible for long-term investment planning in the UK.

    Resources:

    Dedicated website for the 5 year anniversary of BTCE

    About Bitwise

    Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence, managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

    In Europe, for the past five years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

    This family of crypto ETPs is domiciled in Germany and issued under a base prospectus approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

    Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit http://www.bitwiseinvestments.eu

    Media contacts:

    JEA Associates
    John McLeod
    00 44 7886 920436
    john@jeaassociates.com

    Important information
    This press release does not constitute investment advice, nor does it constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.

    Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:
    Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.

    1 Bloomberg, BTCE GY, data from 18 June 2020 to 27 May 2025

    The MIL Network –

  • MIL-OSI Russia: New Mongolian government sworn in

    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

    ULAN BATOR, June 18 (Xinhua) — A new government led by Mongolian Prime Minister Gombojavin Zandanshatar was sworn in at the Government Palace in Ulan Bator on Wednesday.

    On Tuesday, the ruling Mongolian People’s Party (MPP), the HUN (Labour National Party) and the Civil Will-Green Party agreed to form a joint government consisting of a prime minister, 19 ministers and 16 ministries.

    Among them are 16 ministers from the MPP, two ministers from the HUN party and one from the Civic Will-Greens party.

    G. Zandanshatar retained some ministers from the government of Luvsannamsrain Oyun-Erdene, including Minister of Energy Battogtokhyn Choijilsuren, Minister of Roads and Transport Borkhuugiyn Delgersaikhan and Minister of Finance Boldyn Zhavkhlan.

    HUN Party leader Togmidyn Dorjkhand has been appointed Deputy Prime Minister for Emergency Situations. HUN Party’s Purevsurengiin Naranbayar will continue to serve as Education Minister. Civil Will-Greens Party Chairman Batyn Batbaatar will assume the duties of Environment and Climate Change Minister.

    The new cabinet is expected to focus on promptly addressing Mongolia’s development issues and strengthening national unity. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: A modern residential area will appear in Biryulyovo Vostochny under the KRT program

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Under the integrated territorial development program (ITD), three sites with a total area of almost 37 hectares will be reorganized in the Biryulevo Vostochnoye district. The corresponding draft resolution posted on the Moscow Government website. This was reported by Vladimir Efimov, Deputy Mayor of Moscow for Urban Development Policy and Construction.

    “The next project for the integrated development of territories in the south of Moscow involves the reorganization of three sites with a total area of 36.99 hectares. They are located on part of the former Lenino industrial zone in Biryulyovo Vostochny. A modern multifunctional residential quarter will be built here, including for the purposes of the renovation program. Three kindergartens for 850 children, an indoor skating rink with an area of at least six thousand square meters and other infrastructure facilities will be built next to the new houses. In total, almost 5.2 thousand jobs will be created within the framework of the project. Investments in the implementation are estimated at more than 140.6 billion rubles, and the annual budget effect will be over 2.5 million rubles,” said Vladimir Efimov.

    The work will be carried out in the area of the intersection of Lipetskaya Street and 6th Radialnaya, not far from the territory of the Tsaritsyno Museum-Reserve.

    “The inclusion of depressed areas of the Lenino industrial zone in the KRT program will allow them to be transformed and integrated into the overall fabric of the city. The project will also help speed up the renovation program in Biryulyovo Vostochny: 35.17 thousand square meters of housing will be built here for its implementation. This will provide new apartments for about 800 Muscovites. The KRT project also provides for the construction of modern treatment facilities and a traction substation for the Moscow Metro, which is necessary for the power supply of trains of the future Biryulevskaya line, which will pass through this area. The entire territory will be greened, improved, and modern streets and roads will appear on it,” he noted.

    Vladislav Ovchinsky, Minister of the Moscow Government, Head of the Moscow Department of Urban Development Policy.

    According to the KRT program, multifunctional city blocks are being created, where roads, comfortable housing and all the necessary infrastructure are being designed on the site of former industrial zones and inefficiently used areas. Currently, 302 integrated development projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in the capital. This work is being carried outon behalf of Sergei Sobyanin.

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

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

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

    https: //vv.mos.ru/nevs/ite/155135073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Capital chemical companies ramp up production

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In the first four months of this year, the capital saw a more than 40 percent increase in the production of chemicals and products compared to the same period in 2024. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “Companies in the chemical sector produce critically important products that are widely used in the economy of the entire country. On behalf of Sergei Sobyanin, the city provides comprehensive support to plants, thanks to which the capital is actively developing its own technological competencies and increasing the production of high-quality goods, which helps strengthen the independence of the domestic industry. Thus, in the first four months of 2025, the production of chemical products in Moscow increased by 42.8 percent compared to the same period last year,” said Maxim Liksutov.

    In particular, companies began to produce more paints, varnishes and other coating materials, as well as soaps, detergents, cleaning and polishing agents, perfumes and cosmetics.

    “Today, more than 260 industrial companies are involved in the chemical complex of Moscow – these are high-tech enterprises with high social responsibility, which actively implement the principles of sustainable development and care about the environment. Manufacturers regularly improve the quality of their products, which are in demand not only in the capital, but also in other regions of the country, as well as abroad. This is confirmed by the growing volume of shipments. In January – April 2025, it exceeded 103 billion rubles – 38.2 percent more than last year’s figures,” said the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    For example, the scientific and production enterprise “Neftekhimiya” produces polypropylene in Moscow – a key component for the production of medical products, reliable packaging, building materials, tableware, kitchen utensils, children’s toys, as well as fibers, threads, non-woven materials and stationery. Today, the plant’s product line includes about 60 different brands of polymer.

    The medical and cosmetic company “Geltek-Medika” produces gels for medical research, as well as highly effective cosmetics for home care and hardware cosmetology.

    A comfortable investment climate has been created in Moscow to develop production potential. More than 20 comprehensive support measures are available to enterprises. These include preferential investment loans, the opportunity to lease land from the city at a preferential rate when building an enterprise as part of large-scale investment projects, the assignment of special statuses, and other tools.

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

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

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

    https: //vv.mos.ru/nevs/ite/155389073/

    MIL OSI Russia News –

  • MIL-OSI: Inside information: Morten Thorsrud to succeed Torbjörn Magnusson as CEO of Sampo Group

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, inside information, 18 June 2025 at 9:20 am EEST

    Inside information: Morten Thorsrud to succeed Torbjörn Magnusson as CEO of Sampo Group

    Torbjörn Magnusson, the CEO of Sampo Group, has informed the Sampo Board of his intention to retire from his role. Morten Thorsrud, the CEO of Sampo’s largest operating entity, If P&C, has today been appointed as his successor. The change in Group CEO will become effective on 1 October 2025, after which Magnusson will stay within the group as a Senior Advisor until 31 December 2025.

    “I want to thank Torbjörn for his extraordinary contribution to the success of Sampo, both in leading the recent strategic transformation as Group CEO and in laying the foundations of our outstanding success in the Nordic P&C insurance market. He leaves the group in excellent condition and with a compelling set of opportunities.

    The appointment of If’s CEO Morten Thorsrud as Group CEO represents continuity and reflects our commitment to operational excellence. Morten, who has been within the group for 23 years, has taken If’s performance to new heights as CEO. I am delighted to have been able to appoint Torbjörn’s successor from a strong set of high-quality internal candidates”, says Antti Mäkinen, Chair of the Board of Sampo plc.

    “With the strategic transformation of Sampo complete and the business in excellent shape, I have come to the conclusion that it is time for me to hand over to the next generation of leadership. Together with my colleagues, we have achieved more than I could have ever imagined when I joined the group in 1999. Morten has played a crucial role in the success of If P&C and I am confident he will excel as Group CEO of Sampo”, says Torbjörn Magnusson, CEO of Sampo Group.

    “I am honored to be given the opportunity to lead Sampo. As CEO of If, I have continued our efforts on being the most caring and customer centric P&C insurer and on delivering operational excellence through extensive investments in our digital capabilities. I intend to bring the same energy to my work as CEO of Sampo Group”, says Morten Thorsrud, Appointed CEO of Sampo Group and CEO of If P&C

    Further information about remuneration related matters can be found on www.sampo.com.

    SAMPO PLC

    For more information, please contact

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Ainomaija Forsell
    Media Relations
    tel. +358 10 514 4217

    Appendix:
    Curriculum Vitae of Morten Thorsrud

    Distribution:

    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    FIN-FSA
    The principal media
    www.sampo.com

    Appendix: Curriculum Vitae

    Morten Thorsrud
    Born 1971

    Education

    Norwegian School of Management
    – Master of Business and Economics 1996

    Career

    If P&C Insurance Holding Ltd
    – President and CEO 2019-

    Sampo plc
    – Member of the Sampo Group Executive Committee 2006-

    If P&C Insurance Ltd (publ)
    – Group Executive Vice President, Head of BA Private 2013-2019
    – Head of BA Industrial 2005-2013
    – Head of Industrial Underwriting and Claims 2004-2005
    – Head of Corporate Strategy 2002-2004

    McKinsey & Company, Inc. Norway/Europe
    – Associate Partner 2001-2002
    – Engagement Manager 1999-2001
    – Associate 1997-1999
    – Junior Associate 1996-1997

    Positions of trust

    Topdanmark
    – Topdanmark Forsikring A/S: Deputy Chairman 2024–
    – Topdanmark A/S: Board Member 2019-

    Hastings Group
    – Board Member 2020-

    Euronext
    – Member of the Supervisory Board 2019-

    Finance Norway (Finans Norge)
    – Member of the Executive Committee, 2019-
    – Other roles, 2013-2019

    The MIL Network –

  • MIL-OSI: CEA-Leti and Soitec Announce Strategic Partnership to Leverage FD-SOI for Enhanced Security of Integrated Circuits

    Source: GlobeNewswire (MIL-OSI)

    CEA-Leti and Soitec Announce Strategic Partnership to Leverage FD-SOI for Enhanced Security of Integrated Circuits

    Focus Is on Protecting Critical Markets Such as
    Automotive, Industrial IoT, and Secure Infrastructure

    GRENOBLE, France – June 18, 2025 – CEA-Leti and Soitec today announced a strategic partnership to enhance the cybersecurity of integrated circuits (ICs) through the innovative use of fully depleted silicon-on-insulator (FD-SOI) technologies. This collaboration aims to position FD-SOI as a foundational platform for secure electronics by leveraging and extending its inherent resistance to physical attacks.
    At the heart of the initiative is a joint effort to experimentally validate and augment the security benefits of FD-SOI—from the substrate level up to circuit design. The project aims to deliver concrete data, practical demonstrations, and roadmap guidance to meet the surging cybersecurity demands in critical markets such as automotive, industrial IoT, and secure infrastructure.
    Combining Expertise to Secure the Future of Electronics
    The partnership, which will utilize GlobalFoundries’ advanced chip manufacturing capabilities, will address a growing need for trusted components in embedded and cyber-physical systems—systems that must deliver security services and withstand both software- and hardware-level attacks. With FD-SOI’s proven advantages against laser fault injection (LFI) attacks due to its thin-film architecture and channel isolation, the technology presents a compelling foundation for next-generation secure IC design.
    Key goals of the partnership include:

    • Highlighting FD-SOI’s existing strengths in cybersecurity.
    • Co-developing innovations across the substrate-design stack to boost physical robustness and meet security requirements in automotive and other embedded systems.
    • Demonstrating empirical security data to reinforce FD-SOI’s credibility in certification contexts such as SESIP and Common Criteria.

    Context: Rising Threats, Rising Demand
    “In an era marked by increasing attacks on connected systems and autonomous vehicles, the need for embedded hardware capable of resisting physical tampering has never been greater,” said CEA-Leti CTO Jean-René Lequepeys. “FD-SOI’s unique combination of performance, energy efficiency, and attack resistance offers an ideal answer for industries that demand both trust and efficiency. This project will leverage research results from the FAMES Pilot Line.”
    FD-SOI’s critical benefits include:

    • Physical attack resistance, enabled by electrical isolation between the channel and substrate.
    • Power-performance optimization, vital for battery-constrained applications like automotive ECUs and industrial sensors.
    • Security design enablement, allowing tailored countermeasures such as fault detection and isolation of sensitive circuit domains.

    Long-Term Vision: Toward a New Cyber-Substrate
    While the initial phase focuses on leveraging existing FD-SOI capabilities, the project sets the stage for long-term innovation. The envisioned next-generation cyber-substrate would expand upon FD-SOI’s strengths by incorporating:

    • Enhanced protection against backside and invasive physical attacks.
    • Embedded anti-tamper features and physical unclonable functions (PUFs) for hardware fingerprinting.
    • Dynamic response mechanisms to detect and counter emerging threats.

    This future-oriented work will address both cyber and supply-chain vulnerabilities—making FD-SOI not only more secure, but also more indispensable.
    Soitec’s Senior Executive Vice President in charge of Innovation and Chief Technology Officer Christophe Maleville said: “This partnership with CEA-Leti reflects our strategic ambition to position FD-SOI as a reference platform for secure and energy-efficient electronics. By combining our substrate innovation capabilities with CEA-Leti’s research excellence, we aim to demonstrate the full potential of FD-SOI in addressing today’s most pressing security challenges. Together, we are paving the way for a new generation of trusted technologies that are essential to the future of connected systems.”
    About CEA-Leti (France)
    CEA-Leti, a technology research institute at CEA, is a global leader in miniaturization technologies enabling smart, energy-efficient and secure solutions for industry. Founded in 1967, CEA-Leti pioneers micro-& nanotechnologies, tailoring differentiating applicative solutions for global companies, SMEs and startups. CEA-Leti tackles critical challenges in healthcare, energy and digital migration. From sensors to data processing and computing solutions, CEA-Leti’s multidisciplinary teams deliver solid expertise, leveraging world-class pre-industrialization facilities. With a staff of more than 2,000 talents, a portfolio of 3,200 patents, 11,000 sq. meters of cleanroom space and a clear IP policy, the institute is based in Grenoble, France, and has offices in Silicon Valley, Brussels and Tokyo. CEA-Leti has launched 76 startups and is a member of the Carnot Institutes network. Follow us on www.leti-cea.com and @CEA_Leti.

    Technological expertise
    CEA has a key role in transferring scientific knowledge and innovation from research to industry. This high-level technological research is carried out in particular in electronic and integrated systems, from microscale to nanoscale. It has a wide range of industrial applications in the fields of transport, health, safety and telecommunications, contributing to the creation of high-quality and competitive products.

    For more information: www.cea.fr/english 

    About Soitec
    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of more than 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Nearly 4,300 patents have been registered by Soitec.
    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.
    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official
    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.
    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    Press Contact                                                                                

    CEA-Leti
    Sarah-Lyle Dampoux
    sldampoux@mahoneylyle.com
    +33 6 74 93 23 47

    Soitec
    Relations Media : media@soitec.com
    Relations Investisseurs : investors@soitec.com

    Attachment

    The MIL Network –

  • MIL-OSI: CEA-Leti and Soitec Announce Strategic Partnership to Leverage FD-SOI for Enhanced Security of Integrated Circuits

    Source: GlobeNewswire (MIL-OSI)

    CEA-Leti and Soitec Announce Strategic Partnership to Leverage FD-SOI for Enhanced Security of Integrated Circuits

    Focus Is on Protecting Critical Markets Such as
    Automotive, Industrial IoT, and Secure Infrastructure

    GRENOBLE, France – June 18, 2025 – CEA-Leti and Soitec today announced a strategic partnership to enhance the cybersecurity of integrated circuits (ICs) through the innovative use of fully depleted silicon-on-insulator (FD-SOI) technologies. This collaboration aims to position FD-SOI as a foundational platform for secure electronics by leveraging and extending its inherent resistance to physical attacks.
    At the heart of the initiative is a joint effort to experimentally validate and augment the security benefits of FD-SOI—from the substrate level up to circuit design. The project aims to deliver concrete data, practical demonstrations, and roadmap guidance to meet the surging cybersecurity demands in critical markets such as automotive, industrial IoT, and secure infrastructure.
    Combining Expertise to Secure the Future of Electronics
    The partnership, which will utilize GlobalFoundries’ advanced chip manufacturing capabilities, will address a growing need for trusted components in embedded and cyber-physical systems—systems that must deliver security services and withstand both software- and hardware-level attacks. With FD-SOI’s proven advantages against laser fault injection (LFI) attacks due to its thin-film architecture and channel isolation, the technology presents a compelling foundation for next-generation secure IC design.
    Key goals of the partnership include:

    • Highlighting FD-SOI’s existing strengths in cybersecurity.
    • Co-developing innovations across the substrate-design stack to boost physical robustness and meet security requirements in automotive and other embedded systems.
    • Demonstrating empirical security data to reinforce FD-SOI’s credibility in certification contexts such as SESIP and Common Criteria.

    Context: Rising Threats, Rising Demand
    “In an era marked by increasing attacks on connected systems and autonomous vehicles, the need for embedded hardware capable of resisting physical tampering has never been greater,” said CEA-Leti CTO Jean-René Lequepeys. “FD-SOI’s unique combination of performance, energy efficiency, and attack resistance offers an ideal answer for industries that demand both trust and efficiency. This project will leverage research results from the FAMES Pilot Line.”
    FD-SOI’s critical benefits include:

    • Physical attack resistance, enabled by electrical isolation between the channel and substrate.
    • Power-performance optimization, vital for battery-constrained applications like automotive ECUs and industrial sensors.
    • Security design enablement, allowing tailored countermeasures such as fault detection and isolation of sensitive circuit domains.

    Long-Term Vision: Toward a New Cyber-Substrate
    While the initial phase focuses on leveraging existing FD-SOI capabilities, the project sets the stage for long-term innovation. The envisioned next-generation cyber-substrate would expand upon FD-SOI’s strengths by incorporating:

    • Enhanced protection against backside and invasive physical attacks.
    • Embedded anti-tamper features and physical unclonable functions (PUFs) for hardware fingerprinting.
    • Dynamic response mechanisms to detect and counter emerging threats.

    This future-oriented work will address both cyber and supply-chain vulnerabilities—making FD-SOI not only more secure, but also more indispensable.
    Soitec’s Senior Executive Vice President in charge of Innovation and Chief Technology Officer Christophe Maleville said: “This partnership with CEA-Leti reflects our strategic ambition to position FD-SOI as a reference platform for secure and energy-efficient electronics. By combining our substrate innovation capabilities with CEA-Leti’s research excellence, we aim to demonstrate the full potential of FD-SOI in addressing today’s most pressing security challenges. Together, we are paving the way for a new generation of trusted technologies that are essential to the future of connected systems.”
    About CEA-Leti (France)
    CEA-Leti, a technology research institute at CEA, is a global leader in miniaturization technologies enabling smart, energy-efficient and secure solutions for industry. Founded in 1967, CEA-Leti pioneers micro-& nanotechnologies, tailoring differentiating applicative solutions for global companies, SMEs and startups. CEA-Leti tackles critical challenges in healthcare, energy and digital migration. From sensors to data processing and computing solutions, CEA-Leti’s multidisciplinary teams deliver solid expertise, leveraging world-class pre-industrialization facilities. With a staff of more than 2,000 talents, a portfolio of 3,200 patents, 11,000 sq. meters of cleanroom space and a clear IP policy, the institute is based in Grenoble, France, and has offices in Silicon Valley, Brussels and Tokyo. CEA-Leti has launched 76 startups and is a member of the Carnot Institutes network. Follow us on www.leti-cea.com and @CEA_Leti.

    Technological expertise
    CEA has a key role in transferring scientific knowledge and innovation from research to industry. This high-level technological research is carried out in particular in electronic and integrated systems, from microscale to nanoscale. It has a wide range of industrial applications in the fields of transport, health, safety and telecommunications, contributing to the creation of high-quality and competitive products.

    For more information: www.cea.fr/english 

    About Soitec
    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of more than 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Nearly 4,300 patents have been registered by Soitec.
    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.
    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official
    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.
    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    Press Contact                                                                                

    CEA-Leti
    Sarah-Lyle Dampoux
    sldampoux@mahoneylyle.com
    +33 6 74 93 23 47

    Soitec
    Relations Media : media@soitec.com
    Relations Investisseurs : investors@soitec.com

    Attachment

    The MIL Network –

  • MIL-OSI: Business aviation leader Luxaviation and Haffner Energy join forces to accelerate SAF production and promotion

    Source: GlobeNewswire (MIL-OSI)

    Business aviation leader Luxaviation and Haffner Energy join forces to accelerate SAF production and promotion

    Luxaviation signals interest in active role in SAF-dedicated entity SAF Zero

    Vitry-le-François, France / Luxembourg (June 18, 2025, 8:00 am CEST) – 

    SAF Zero, a Haffner Energy initiative, is gaining momentum: Luxaviation Group, a leading global operator in the business aviation sector, is exploring an active role in the new entity, both companies announced today at the International Paris Air Show. Luxaviation potential involvement could take the form of cash funding to finance initial development activities, support in the strategic definition and global visibility as well as offtake agreements in relevant SAF Zero projects such as Paris-Vatry SAF. 
    SAF Zero is dedicated to fast-tracking the production of sustainable aviation fuel (SAF) by establishing an investment and project development platform that brings key stakeholders together. Combining Haffner Energy’s proprietary technologies and Luxaviation’s experience and strategic positioning in the aviation sector, SAF Zero is to finance and develop industrial SAF production projects. Operating under an exclusive license, SAF Zero will supply Haffner Energy’s technologies to third parties under license agreements, designing, delivering and potentially operating key equipment based on these technologies. 
    “We are thrilled to collaborate with Luxaviation, a powerful partner working alongside us to position SAF Zero as a cornerstone of Europe’s clean aviation strategy ,” said Philippe Haffner, co-founder and CEO of Haffner Energy.
    France-based Haffner Energy relies on its 32-year experience to design, manufacture, supply, license, and operate proprietary disruptive clean fuels solutions, including critical technologies for pathway-agnostic SAF production, using all types of residual biomass and municipal waste. The company has already announced the development of a number of SAF projects, notably Paris-Vatry SAF in France, where full scale production is expected to be reached by 2030 when the next stage of the European SAF mandate kicks in.  
    As a founding partner of SAF Zero, Haffner Energy will provide engineering support and supply of critical equipment as needed for the projects developed by SAF Zero.
    “At Luxaviation, we believe that the future of aviation must be sustainable, and that requires bold partnerships and innovative solutions. Our collaboration with Haffner Energy and our interest in SAF Zero reflect our commitment to accelerating the adoption of sustainable aviation fuel and driving meaningful change across the industry. By combining our operational expertise with Haffner Energy’s cutting-edge technology, we are taking a decisive step toward a cleaner, more responsible future for aviation,” said Patrick Hansen, CEO of Luxaviation Group. 
    Luxaviation operates one of the largest fleets of private aircraft worldwide. It is actively committed to the decarbonization of aviation through a three-pronged strategy: improving fuel efficiency; reducing emissions by actively increasing SAF use and electrification of ground operations; buying offsets for remaining GHG emissions. Since 2021, Luxaviation’s annual sustainability report tracks progress against targets. In 2023, Luxaviation launched “Go-to-Zero” Investment Fund to foster SAF production. 
    Both Luxaviation and Haffner Energy are members of Project SkyPower, an international CEO-led initiative dedicated to accelerating the development and adoption of SAF. 

    About Haffner Energy
    Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biochar. A company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. More information is available at www.haffner-energy.com.

    About Luxaviation Group
    Headquartered in Luxembourg, Luxaviation Group comprises top-of-the line aviation brands, including Luxaviation, Starspeed, ExecuJet and Paragon, operating across five continents. Services include aircraft management for private and commercial aircraft, private air charter services, and the management and operation of VIP passenger terminals throughout an FBO network of over 110+ facilities worldwide. Luxaviation Group is actively committed to the decarbonization of aviation by supporting the development of sustainable fuels and green infrastructure. More information is available at www.luxaviation.com.

    Media relations
    Haffner Energy
    Laetitia Mailhes
    laetitia.mailhes@haffner-energy.com
    +33 (0)6 07 12 96 76

    Luxaviation Group
    Juliane Thiessen
    Juliane.thiessen@luxaviation.com
    +41 76 356 8251

    Investor relations
    Haffner Energy
    investisseurs@haffner-energy.com 

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: New Certification scheme unlocks $200M market for Kiwi cosmetics in China

    Source: New Zealand Government

    Trade and Investment Minister Todd McClay and Commerce and Consumer Affairs Minister Scott Simpson have welcomed a new certification scheme, announced by the Prime Minister in Shanghai today, that unlocks access to China’s $200 million cosmetics and skincare market — a move that will drive stronger returns for New Zealand exporters and boost the economy.

    “This is a smart, practical step that removes a long-standing trade barrier and opens up valuable new channels for our exporters,” McClay says. 

    “It means more high-quality, innovative New Zealand products on shelves in China – not just online, but in stores across one of the world’s fastest-growing consumer markets.”

    The scheme, developed with International Accreditation New Zealand (IANZ) and the Ministry of Business, Innovation and Employment (MBIE), provides exporters with a Government-issued Good Manufacturing Practice (GMP) certificate that meets Chinese regulatory requirements.

    “This certification allows Kiwi-made cosmetics to be sold through traditional retail channels in China, significantly expanding market reach beyond cross-border e-commerce and supporting our goal of doubling exports by value in 10 years,” Mr McClay says.

    Minister Simpson says the scheme is a strong example of the Government’s commitment to backing New Zealand businesses and removing barriers to growth.

    “With global demand for health and beauty products rising, this gives our exporters the confidence to grow and compete in China; quickly, credibly, and at scale,” Mr Simpson says.

    “It’s another example of how we’re cutting red tape and aligning our standards with key trading partners to give Kiwi firms the certainty they need to succeed.”

    How it works:

    • Exporters complete an independent GMP assessment with IANZ.
    • If successful, MBIE confirms compliance with a certificate signed on behalf of the Government.

    New Zealand’s ban on animal testing for cosmetics remains in place, giving Chinese consumers assurance that Kiwi products are high-quality, safe, sustainable, and ethically produced.

    More information and application details will be available online soon.

    MIL OSI New Zealand News –

  • MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 18 June 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

    These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

    Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.  

    Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

    Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management. 

    Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

    Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

    Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

    Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

    Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

    Biographies

    Albert Saporta:

    Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

    Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

    Tim Rainsford:

    Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint. 

    He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.  

    Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.  

    For further information please contact:

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

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

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com. 

    Other Important Information

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

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

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

    Attachments

    The MIL Network –

  • MIL-OSI: GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 18 June 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM Holding AG appoints Albert Saporta as Group Chief Executive Officer and Tim Rainsford as Group Chief Distribution Officer

    GAM Holding AG (SWX: GAM) today announces senior leadership changes as the Group moves into the next phase of sustainable growth. Albert Saporta has been appointed Group Chief Executive Officer (Group CEO) effective from 1 July 2025, succeeding Elmar Zumbuehl who will remain with GAM until 31 December 2025 to support the transition. Additionally, Tim Rainsford will return to GAM to lead its distribution efforts as Group Chief Distribution Officer on 1 October 2025.

    These leadership changes reflect that GAM has successfully transformed and is now well positioned for growth. Under Elmar Zumbuehl’s leadership, GAM has undergone a comprehensive repositioning over the last 21 months; divesting non-core businesses, and rebuilding a lean, scalable platform designed to attract and empower top investment talent and better connect them to clients worldwide through a strengthened global distribution and client servicing network.

    Albert Saporta has over 40 years of experience in the investment management industry and served as Global Head of Investments & Products at GAM since October 2023. He will take over as Group CEO with a clear focus on accelerating growth through building on our existing and new product offerings and external opportunities. His passion for innovative investment strategies, drive for positive client outcomes, and energy is key for GAM’s next phase of growth.  

    Drawing on GAM’s pioneering heritage, combining internal and external investment talent, Albert Saporta has been instrumental in strengthening GAM’s investment team line-up and entering into multiple new partnerships with best-in-class investment managers. GAM is strongly positioned to provide clients with access to differentiated investment strategies across asset classes.

    Tim Rainsford will return to GAM as Group Chief Distribution Officer and a Group Management Board member. He brings extensive experience in leading global distribution functions focused on growth and delivering for clients. Tim Rainsford was CEO of Generali Investments Partners, and latterly, Chief Product and Distribution Officer for Generali Asset Management. 

    Rossen Djounov, Global Head of Client Solutions, will remain a senior member of the distribution leadership team, reporting to Tim, with a focus on driving growth initiatives and deepening strategic client relationships.

    Chairman of the Board, Antoine Spillmann, said: “On behalf of the Board of Directors, I would like to express our deepest gratitude to Elmar for his dedicated service and the significant achievements he has accomplished during his many years at GAM. His leadership has been pivotal in steering the company through transformative changes and setting a solid foundation for future sustainable growth. The Board is looking forward to working with Albert and Tim as GAM enters its next phase as a highly agile and scalable platform with a renewed focus on growth, innovation, and client outcomes.

    Albert Saporta said: “I am honoured to take on the role of GAM’s Group CEO. We have transformed GAM, and it is now well positioned with unique investment talent to deliver differentiated strategies to our clients. I am excited to be leading GAM into this next phase of sustainable growth.”

    Elmar Zumbuehl commented: “I am proud of what we’ve accomplished over the last 21 months, and I want to thank the Board and our anchor shareholder NJJ Holding for their support during this transformational phase. I also extend my heartfelt appreciation to every member of the firm for their unwavering commitment and efforts in successfully transforming GAM.”

    Tim Rainsford commented: “I’m thrilled to be returning to GAM with the firm’s focus on innovative strategies and commitment to client outcomes. I look forward to working closely with Albert and the broader team to drive growth and strengthen our global presence.”

    Biographies

    Albert Saporta:

    Albert has 40 years’ experience in financial markets, with over 30 years in the hedge fund industry. Albert started his career at Paribas in Paris, where he managed the Japan/Asia mutual funds from 1984-85. He joined Merrill Lynch in London as Vice President of Japanese equity sales from 1985-88. In 1988, he joined UBS Securities in London where he headed quantitative research and hedge fund sales for Japanese equities. In 1991, he joined IFM, a hedge fund owned by Jacob Rothschild’s St James’s Place and AIG, where he managed relative value global equity arbitrage strategies. In 1995, he left to set up Geneva-based AIM&R, a hedge fund advisory and research firm, managing the SOG and SOGAsia funds. In March 2006, Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London). As part of the transaction, he set-up the Special Opportunities Group (SOG) at ABN, managing a balance sheet of >USD1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 as a research and trading advisory firm, advising global hedge funds, pension funds, prop trading firms and family offices.

    Albert has a master’s in International Affairs from Columbia University (1984), an MBA (1983) and BSc in economics (1982) from New York University, and a Math/Physics degree from the University of Nice (1980). He is fluent in French, English, Spanish and Portuguese. Albert holds French, Israeli and Spanish citizenships.

    Tim Rainsford:

    Tim Rainsford joins GAM Investments from Generali Investments Partners, where since September 2020 he was the Global Head of Product and Distribution. In this capacity, he led the global team of sales professionals based in Europe, focusing on defining the commercial development plans and strategies aimed at strengthening Generali Investments’ positioning in key markets and expanding its international footprint. 

    He was appointed as the Chief Executive Officer (CEO) of Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP) in April 2021, a key entity within the Generali Group’s Asset & Wealth Management business unit. In this role, he was responsible for steering the regulated entity and focusing on the investment management, product development and global sales efforts of the business unit, maximising the Group’s multi-boutique approach.  

    Before his tenure at Generali, he held significant positions in other major financial institutions. He served as Group Head of Distribution and Marketing at GAM Investments, where he was responsible for the company’s marketing and sales strategic direction. Earlier in his career, he spent thirteen years at Man Investments Ltd, holding various senior roles including Senior Managing Director – Head of European Sales, and Global Co-Head of Sales and Marketing.  

    For further information please contact:

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

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

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8005 Switzerland. For more information about GAM Investments, please visit www.gam.com. 

    Other Important Information

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

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

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

    Attachments

    The MIL Network –

  • Indian stock market trades in green amid rising geopolitical tensions

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

    At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

    The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

    According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

    However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

    “Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

    On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

    In the broader Asian markets, indices in Bangkok, Japan, and Seoul were trading in green, while Jakarta, Hong Kong, and China were in the red.

    In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

    -IANS

  • Indian stock market trades in green amid rising geopolitical tensions

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Wednesday amid rising geopolitical tensions but turned positive in early trade, led by buying in the auto, IT, and PSU bank sectors.

    At around 9:32 a.m., the Sensex was trading 160.49 points, or 0.20 per cent, higher at 81,743.79, while the Nifty added 57.40 points, or 0.23 per cent, to reach 24,910.80.

    The Nifty Bank index was up 33 points, or 0.06 per cent, at 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95, down 20.35 points, or 0.03 per cent. The Nifty Smallcap 100 index was at 18,412.80, declining 7.55 points, or 0.04 per cent.

    According to analysts, hopes for de-escalation in the Middle East conflict have faded, as former U.S. President Donald Trump called for an “unconditional surrender” from Iran. Recent social media posts by Trump and U.S. defence movements in West Asia indicate a possible escalation, market experts noted.

    However, global equity markets have not shown signs of panic. “It appears that the market’s assessment is that this conflict will end soon without impacting the global economy,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    In the Sensex pack, Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC, and M&M were among the top losers. On the other hand, IndusInd Bank, HCL Tech, Sun Pharma, Eicher Motors, and TCS were the top gainers.

    “Nifty encountered resistance around the 61.8 per cent retracement level of the recent decline and has corrected from there. Yesterday’s high of 24,982 is the immediate resistance level on the way up. On the downside, 24,550–24,450 is a critical support zone,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher.

    On the institutional side, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth ₹1,616.19 crore on June 17. Domestic Institutional Investors (DIIs) bought equities worth ₹7,796.57 crore on the same day.

    In the broader Asian markets, indices in Bangkok, Japan, and Seoul were trading in green, while Jakarta, Hong Kong, and China were in the red.

    In the last trading session, the Dow Jones Industrial Average in the U.S. closed at 42,215.80, down 299.29 points, or 0.70 per cent. The S&P 500 ended with a loss of 50.39 points, or 0.84 per cent, at 5,982.72, while the Nasdaq closed at 19,521.09, down 180.12 points, or 0.91 per cent.

    -IANS

  • MIL-OSI Russia: The Fast Treasury Payments service has launched in Moscow

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The “Fast Treasury Payments” service has been launched in Moscow in the public procurement system. This is one of the important stages in the development of a technological platform for managing public finances, reported Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance. The purpose of the service is to robotize operations in settlements under government contracts within the framework of treasury services.

    The Fast Treasury Payments project was implemented as a result of combining in a single circuit data from a single automated information system for trades, a supplier portal, an automated information system for managing the budget process, a single accounting system, and a single information system in the sphere of public procurement. This made it possible to synchronize the processing of data on government contracts from the moment they are concluded until payment and to make payments automatically.

    “The service has improved the quality of services for clients – contractors and suppliers – recipients of budget funds. It has made it possible to automate and speed up the execution of routine operations by employees of financial services of capital organizations and the city treasury on the formation of payment documents, their verification and approval of payment of monetary obligations of city executive authorities and institutions subordinate to them,” Elena Zyabbarova emphasized.

    Every year, Moscow treasurers process over 1.7 million payment orders for concluded contracts. Their validity is checked and payment is authorized manually and can take up to one day. On average, over 44 thousand documents are returned to suppliers and contractors for revision due to improper preparation. And the labor costs associated with the execution of payment orders reach almost 200 thousand man-hours per year.

    In the “Fast Treasury Payments” service, data is generated immediately upon signing a contract. During execution, the system automatically checks the compliance of its terms with electronic acts on acceptance of goods, works and services. Based on this data, the service independently creates a draft payment order. It is signed by the customer, and the documents are transferred to the Moscow City Treasury, where automatic verification and authorization of payment occurs. At the same time, data on the settlements made and information on the execution of the contract are received in the unified procurement information system.

    Elena Zyabbarova added that the service had been operating in test mode for over six months. The quality check was successful, and today everything is ready for its implementation in the system of execution of state contracts. The test results showed that “Fast Treasury Payments” allow to significantly increase the efficiency of settlements due to the robotization of standard operations and reduction of the number of errors. The number of payment documents returned by the treasury for revision has noticeably decreased. The labor costs of contractors and suppliers – recipients of budget funds associated with their preparation have decreased by 75 percent. The average time of automatic verification of payment details, contract parameters and payment approval was about seven seconds. The emergence of the service will allow to conduct all operations on state contracts concluded by executive authorities and institutions under the 44th federal law and financed from the Moscow budget, in automatic mode.

    The use of the project has shown that the tools underlying the service can be scaled. The Moscow Department of Finance plans to implement it in the processes of providing subsidies and grants to state and non-state organizations.

    The project is an important stage in the development of the city procurement system, which involves a complete transition to digital contracts and automation of all stages of their execution. The functionality of “Fast Treasury Payments” is being implemented by the Moscow Department of Finance together with Department of Information Technology capitals and Main Control Directorate cities.

    Information on the development of budget management technologies in Moscow can be found in telegram channel Department of Finance of Moscow and on the portal “Open Budget of the City of Moscow”.

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

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

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

    https: //vv.mos.ru/nevs/ite/155381073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Capital manufacturers have created high-tech developments for laser marking

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Moscow is a leading center for the development of high-tech industry in Russia. Moscow companies demonstrate a high level of competence, creating competitive technological developments for laser marking. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

    “The development of domestic laser products in industry is of key importance for technological independence and competitiveness. Laser technologies are actively used in mechanical engineering, microelectronics, medicine and other industries, ensuring high precision and efficiency of production processes. Today, there are more than 260 enterprises operating in the mechanical engineering sector of Moscow. The city provides them with over 20 comprehensive support tools – from preferential investment loans to assigning special statuses. Enterprises from various industries can use them. The high demand for the developments of Moscow companies proves their ability to meet the key needs of the industry,” noted Anatoly Garbuzov.

    For example, the leading capital manufacturer of laser equipment, the Lassard company, which is based at the Pechatniki production site of the Technopolis Moscow special economic zone, presented a new product – an ultraviolet laser engraving machine for cold marking of sensitive materials: plastic, glass, thin metals. After the presentation of the equipment, the company received five pre-orders. The company continues to increase production. Since the beginning of the year, 21 laser engraving machines have been manufactured – this is eight units more than for the same period in 2024. This year, it is planned to expand the range by producing 3D laser engraving units and special machines for the aerospace industry. The company has been operating in the special economic zone since 2023. During this time, it has produced more than 100 units of innovative products, which are supplied to all regions of Russia.

    Thanks to advanced labeling solutions, Moscow-based technological equipment company Callisto has implemented a comprehensive equipment package for a new soft drink plant. This was done using a system for directly applying Data Matrix codes to drink caps, as well as a laser machine for marking aluminum caps, which allows for marking on a separate production line before the finished product is capped. Both solutions ensure high speed and quality of marking without affecting the technological process.

    “We are proud to participate in such a large-scale project. Our systems were developed by Russian engineers and ensure uninterrupted marking even at maximum load of production lines,” said the company’s CEO Pavel Bulgakov.

    The introduction of advanced labeling solutions has become part of the complex technological equipment of the enterprise. The plant is highly automated: the frontal storage warehouse for finished products is robotized, and the production lines are serviced by five employees. The production complex was built from scratch exclusively using funds from Russian investors, without attracting foreign capital. The volume of investment in the construction and equipment of the plant exceeded 10 billion rubles. The capacity of the enterprise is up to 800 million units of production per year.

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

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

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

    https: //vv.mos.ru/nevs/ite/155373073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ20: Carbon emission reduction

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Adrian Ho and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (June 18):
      
    Question:
     
    In October 2021, the Government announced Hong Kong’s Climate Action Plan 2050, which aims to reduce Hong Kong’s carbon emissions by half from the 2005 level before 2035 and outlines four major decarbonisation strategies, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction. In this connection, will the Government inform this Council:
     
    (1) whether it will duly adjust its green policies in response to Hong Kong’s actual carbon emissions in recent years to accelerate the overall pace of decarbonisation in Hong Kong and thus achieve its carbon reduction targets as scheduled;
     
    (2) of the respective performances of various government departments over the past five years in key carbon reduction measures, such as energy saving, emission reduction, consumption and carbon emission reduction, as well as green procurement; whether government departments have set carbon reduction targets and timetables for the series of policy measures implemented in recent years, including the establishment of the Green Technology and Finance Development Committee and the implementation of the Uncertificated Securities Market initiative;
     
    (3) as there are views that the broad participation of businesses in decarbonisation efforts is vital for Hong Kong to achieve carbon neutrality, how many businesses and organisations have, as of May this year, joined the “Green Hong Kong．Carbon Audit” campaign by signing the Carbon Reduction Charter and agreeing to undertake and implement activities in support of reducing greenhouse gas emissions; whether it has assessed the effectiveness of the participating businesses and organisations in formulating and implementing carbon reduction measures;
     
    (4) as it is learnt that the Hong Kong Exchanges and Clearing Limited established the Hong Kong International Carbon Market Council and subsequently launched an international carbon marketplace “Core Climate” in 2022, whether Government is aware of the current operational status of both the Council and Core Climate, as well as their respective effectiveness in promoting the implementation of decarbonisation measures among businesses in Hong Kong; and
     
    (5) given that green transport is one of the Government’s decarbonisation strategies, which includes achieving zero vehicular emissions and zero carbon emissions in the transport sector before 2050 through promoting the electrification of vehicles, and ceasing new registrations of fuel-propelled and hybrid private cars in or before 2035, whether the Government has assessed if the current progress of such efforts will enable the carbon reduction targets to be achieved on schedule?
     
    Reply:
     
    President,
     
    In consultation with the Financial Services and the Treasury Bureau, the reply to the question raised by the Hon Adrian Ho is as follows:
     
    (1) The Government has proposed four major decarbonisation strategies in the Hong Kong’s Climate Action Plan 2050, namely net-zero electricity generation, energy saving and green buildings, green transport and waste reduction, to lead Hong Kong to halve its carbon emissions from the 2005 level by 2035, with a view to achieving carbon neutrality before 2050. With our efforts in recent years in these four decarbonisation strategies, Hong Kong is making steady progress towards the carbon reduction target of 2035.
     
    Hong Kong’s total greenhouse gas (GHG) emissions have been on a downward trend after reaching its peak in 2014. With the gradual replacement of coal-fired power generation by natural gas and zero-carbon energy, the popularisation of electric vehicles, the reduction of municipal solid waste disposal, and the increased recovery and use of landfill gas for energy generation in Hong Kong, the total GHG emissions in 2023 were reduced by about 20 per cent from the 2005 level and about a quarter from the peak in 2014. The per capita GHG emissions in 2023 was 4.58 tonnes, which is a new low since 1990. It is nearly 30 per cent lower than those in 2005 and 2014, and is about a quarter of that of the United States and 60 per cent of that of the European Union.

    Combating climate change is a long-term task. In line with the spirit of the Paris Agreement, we will review the Hong Kong’s Climate Action Plan 2050 about every five years to update the strategies and targets for decarbonisation and other climate actions, and expect to release the review result in 2026.
     
    (2) To enhance the performance of government departments in energy conservation and carbon emissions, the Government has promulgated relevant internal circulars and guidelines to require departments to perform well in the area of environmental protection in their daily operations. Specific measures include energy conservation, adoption of renewable energy (RE), waste reduction and recycling, installation of electric vehicle charging facilities, water conservation and recycling, procurement of green products and services, etc. with a view to reducing carbon emissions. These government circulars and guidelines cover environmental targets for government buildings, carbon emission management, preparation of environmental reports by government departments, as well as green procurement, etc.
     
    The Government strives to improve the overall energy performance of government buildings and infrastructure by more than 6 per cent in 2024-25, compared to the 2018-19 baseline. To this end, the Electrical and Mechanical Services Department (EMSD) has requested all bureaux and departments (B/Ds) to provide information on the energy consumption and RE of government buildings and facilities annually, and organised briefing sessions to discuss energy performance, and provides technical advice on energy-saving measures and planning of RE projects. As at 2022-23, the Government’s overall energy performance has improved by about 5.3 per cent. While the data for 2023-24 is still being compiled, based on the recent trends in energy performance, the Government is confident that the target of over 6 per cent improvement can be achieved. The Environment and Ecology Bureau (EEB) will continue to encourage all B/Ds to take measures to enhance energy performance and explore means to leverage innovative technologies to promote cost-effective solutions for improving energy efficiency in government buildings. 
    (3) The Government launched the “Green Hong Kong．Carbon Audit” campaign with a view to encouraging organisations of various sectors to support greenhouse gas emission reduction activities. The participating organisations would, according to their respective situations, formulate and implement carbon reduction measures such as promoting carbon audits, establishing environmental management systems, and installing and replacing energy-efficient office equipment. Currently, over 140 organisations, including property management companies, universities, professional bodies, non-profit-making organisations and other business organisations, have joined the “Green Hong Kong．Carbon Audit” campaign. In addition to raising the awareness of participating organisations in carbon reduction and encouraging these organisations to conduct carbon audits and implement carbon reduction plans, the campaign also helps corporates prepare for addressing new climate-related disclosure requirements.
     
    The Government launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong (Roadmap), injecting new impetus into the carbon management work of large publicly accountable entities (PAEs) (including large listed issuers and non-listed financial institutions carrying a significant weight). As the first step, Hong Kong Exchanges and Clearing Limited (HKEX) has introduced new climate-related disclosures requirements (New Climate Requirements) which have been developed based on International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures. The New Climate Requirements, covering, among others, mandating all listed issuers to disclose scope 1 and scope 2 GHG emissions, have been implemented in phases starting from January 2025. 
    (4) HKEX launched the Hong Kong International Carbon Market Council (the Council) in July 2022, with members comprising Mainland, Hong Kong, and international corporates and financial institutions, to facilitate the development of an efficient and effective Hong Kong-based international carbon market with best-in-class market infrastructure, products and services, promoting the transition to a low-carbon economy in the region.
     
    Subsequently, HKEX launched the Core Climate, an international carbon marketplace, in October in the same year, facilitating effective and transparent trading of carbon credits and instruments to support the global transition to Net Zero. It offers quality carbon credits from internationally-certified projects in Asia, South America and Africa, covering forestry, solar, wind and biomass initiatives. Core Climate is currently the only carbon marketplace that offers HKD and RMB settlement for the trading of international voluntary carbon credits. The platform’s participant number reached 100 by end of 2024. Core Climate has facilitated carbon credit trading by various corporates through the provision of trustworthy settlement services, enhancing efficiency and mitigating risks, including Cathay Pacific Airways Limited’s settlement of 50 000 tonnes of voluntary carbon credits in December last year, fully demonstrating the important role of Core Climate in supporting corporates on their climate transition journey. 
    (5) The Government is committed to promoting the use of electric vehicles (EV). The Hong Kong Roadmap on Popularisation of Electric Vehicles announced in March 2021 covers policy directions and targets in various areas in promoting the adoption of new energy transport technologies, so as to guide Hong Kong towards zero vehicular emissions before 2050. 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 ten newly registered private cars are electric private cars (e-PC), and the proportion is among the highest in the world, with a good growth momentum.
     
    Charging network is critical to the popularisation of EV. 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 (i) tightening the exemption measure for calculating the gross floor area of buildings to encourage parking spaces in new private buildings to be equipped with charging infrastructure; and (ii) launching the $3.5 billion “EV-charging at Home Subsidy Scheme” to assist existing private residential buildings and housing estate car parks to install EV charging infrastructure. It is estimated that by mid-2027, more than 200 000 parking spaces in private buildings will be equipped with charging infrastructure.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021. While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50.

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs.

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    MIL OSI USA News –

  • MIL-OSI New Zealand: INVESTMENT SUMMIT: Investors excited at Summit’s opportunities

    Source: New Zealand Government

    International investors have left New Zealand excited about the opportunities created at the first Investor Summit held in Auckland over the past two days, Prime Minister Christopher Luxon says.

    “Many millions of dollars is now under discussion and when those deals come to fruition, New Zealanders will not only see their roads, hospitals and schools built faster but they will see jobs created and businesses thrive around the new infrastructure.

    “Over the past few days, our growth agenda has been turbo-charged, and I am very excited about the prospects,” says Mr Luxon.

    Investors at the Summit from all over the world share that excitement.

    Plenary, which is a long-term investor in infrastructure, and holds more than $98 billion worth of assets across the world, has identified New Zealand as a global priority for public private partnerships (PPP) and will launch a New Zealand office in the next 18 months. Patrick Lauren said: “Particularly for a company that’s entering a market, we like to see that it’s not chop and change. We’re going to be bringing over people, we’re going to be bringing over capital here.”

    Webuild, which has committed to pursuing at least five PPP opportunities over a five-year timeframe and establishing an office in New Zealand within the next 18 months. Of the Northern Expressway Guido Cacciaguerra said: “It’s the first PPP, of course, which is very important because if the Government gets this right, it’s the most powerful marketing tool to attract more investors in the future.”

    Chairman and CEO of Spanish investor Acciona Jose Manuel Entrecanales said the Government was to be congratulated for bringing the investors together at the Summit and indicated his company’s interest in both the Northland Expressway and the second Harbour crossing. “I congratulate the Government and the Opposition for this, it’s a well-worth effort by the Government to bring to international infrastructure investors a mindshare of what opportunities your country has.”

    Paul Newfield of Morrison said the Government’s message that New Zealand is
    a great place to invest because it is a safe haven in an uncertain world, is a good one. He says stability of institutions and an adherence to the rule of law is an important factor for companies looking to invest.

    Global investment group CDPQ from Quebec is also encouraged by the messages at the Summit. Sydney based Managing Director Jean-Étienne Leroux said they have a $9 billion fund available for Australia and New Zealand. “We are looking for predictability and stability. I have been covering this region for more than 10 years and we are now very happy to feel our capital is so welcome in this country.”

    “This is just the beginning,” Mr Luxon says.

    “We have sent a clear message that New Zealand is open for business and, that message has been received.

    “This is a huge boost to our growth agenda, and we will be pursuing these opportunities with every tool we have.

    “Because growth is good for New Zealand.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MIAMI – A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021.   While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50. 

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs. 

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Former SBA Employee from South Florida Headed to Federal Prison After Defrauding COVID-19 Relief Programs

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MIAMI – A former Small Business Administration (SBA) employee who fraudulently obtained COVID-19 relief money to spend on luxury items was sentenced on June 13.

    United States District Judge Rodolfo A. Ruiz II sentenced Malaina Chapman, 38, to 54 months imprisonment, followed by three years of supervised release. Judge Ruiz further ordered Chapman to pay $1,297,178 in restitution.

    According to court documents and statements made in court, Chapman was employed as a Disaster Relief Specialist with the SBA from September 28, 2020 through March 18, 2021.   While employed by the SBA, Chapman became involved in multiple schemes to defraud the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program, as well as local credit unions and local and state programs designed to assist those affected by the COVID-19 pandemic.

    On February 10, 2021, Chapman submitted an online loan application in the name of Upscale Credit Lounge, LLC to a lender. In support of her application, Chapman submitted a false and fraudulent Schedule C (Form 1040) that reported gross revenues of $103,674 and a tentative profit of $81,860 for 2020. The lender relied upon the representations in Chapman’s application to approve a loan in the amount of $17,052.50. 

    On February 19, 2021, Chapman submitted an online PPP loan application with the lender on behalf of DA TRAP, LLC. In her application, Chapman claimed that she had four employees and an average monthly payroll of $14,191.  In support of her application, Chapman submitted a false and fraudulent Employers Quarterly Tax Return (Form 941), which purportedly documented the wages paid by DA TRAP.  Relying on the representations in the application, the lender approved a loan in the amount of $35,477.50.

    In total, Chapman received $230,246 for the loan applications she submitted on her own behalf.

    Chapman also conspired with others to submit false and fraudulent PPP loan applications on their behalf. Six defendants were charged under case number 24-cr-20079. For that conspiracy, Chapman was held accountable for losses of $837,716.

    In addition to defrauding the PPP program, Chapman also took advantage of the State of Florida and the City of Miami’s COVID-19 Emergency Rental Assistance Programs. 

    Chapman spent the money on luxury items from Louis Vuitton, Nordstrom, Goyard, Chanel, Fendi, as well as a designer teacup puppy. Chapman also spent over $7,500 on a stay at a Key Largo luxury resort.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Jonathan Ulrich, U.S. Postal Service Office of Inspector General (USPS OIG); Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Investigations Division’s Eastern Region; and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor Office of Inspector General (DOL-OIG), Southeast Region, made the announcement.

    This case was investigated by USPS-OIG, SBA-OIG, and DOL-OIG.

    Assistant U.S. Attorney Daniel Bernstein prosecuted the case.

    Assistant U.S. Attorney Gabrielle Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide EIDLs to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number  24-cr-20321.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Padilla, Schiff Condemn Trump Administration Decision to Terminate $3.7 Billion in Clean Energy Grants, Urge DOE to Reinstate Them

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff Condemn Trump Administration Decision to Terminate $3.7 Billion in Clean Energy Grants, Urge DOE to Reinstate Them

    Senators Padilla and Schiff: “These unlawful terminations represent a significant setback for American energy independence, and they undermine California and America’s leadership in the globally competitive clean energy industry.”

    “These grants were provided through legally binding contract agreements between recipients and the federal government and, therefore, cannot be canceled on a political whim.”

    WASHINGTON, D.C — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) condemned the Trump Administration’s decision to terminate $3.7 billion in federal funding for clean energy projects across the country, including $845 million in California, and called on the Administration to reinstate them. In the letter to U.S. Department of Energy (DOE) Chris Wright, the Senators note that these grants were previously awarded through legally binding contract agreements between recipients and the federal government and cannot be canceled on a political whim.

    The projects targeted include the National Cement Company of California which lost $500 million for their Lebec Net-Zero Project to focus on carbon capture and the development of carbon-neutral cement, a manufacturing process that is notoriously emissions-intensive, $270 million for implementing carbon capture at a natural gas power plant in Yuba City, and $75 million for a project focused on testing new technology at Gallo Glass Company furnaces in Modesto.  

    “These grants were provided through legally binding contract agreements between recipients and the federal government and, therefore, cannot be canceled on a political whim. DOE claims that the agency evaluated the investments “on a case-by-case basis to identify waste of taxpayer dollars,” and yet your agency has not provided any information to Congress detailing waste of any kind,” wrote the Senators.

    “DOE’s attacks on cutting-edge clean energy projects run counter to our shared interest in boosting energy production, innovation, and economic vitality. The United States cannot afford to halt our progress and hinder American companies’ efforts to move beyond outdated technologies if we hope to remain competitive and truly energy dominant around the globe. These irrational cancellations will increase energy prices, hamper innovation, and set us backwards as we strive toward a clean energy future. We ask that you reinstate the $3.7 billion in canceled OCED funding so that we may bolster American energy production and maintain our competitive edge,” concluded the Senators.  

    A list of DOE awards terminated is available here.  

    Full text of the letter is available here and below:    

    Dear Secretary Wright: 

    We write with deep concern regarding the U.S. Department of Energy’s (DOE) terminations of energy projects in California that were supported by the Office of Clean Energy Demonstrations (OCED). These unlawful terminations represent a significant setback for American energy independence, and they undermine California and America’s leadership in the globally competitive clean energy industry.  We urge you to work with recipients to reinstate their grant awards.    

    On May 30, DOE canceled $3.7 billion in funding for 24 clean energy projects around the country, including in Alabama, Arizona, California, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, Nevada, New York, Ohio, Texas, Washington, and Wyoming. In California alone, DOE terminated $845 million in project funding. These terminations are unnecessarily harmful to California’s industries, who often push the cutting edge of innovation forward.    

    One of the largest cancellations targeted the National Cement Company of California Inc., which lost $500 million for their Lebec Net-Zero Project to focus on carbon capture and the development of carbon-neutral cement, a manufacturing process that is notoriously emissions-intensive.  Not only would this project have accelerated decarbonization efforts, but it would have also created hundreds of local jobs in construction and plant operations. Another canceled project in California was $270 million for implementing carbon capture at a natural gas power plant in Yuba City. This project, which supported the same traditional sources of energy that the Trump DOE claims to support, would have helped reduce 95 percent of CO2 emissions from the plant and provided Northern California with more low-carbon electricity. DOE canceled another $75 million for a project focused on testing new technology at Gallo Glass Company furnaces in Modesto.  This project would have reduced natural gas use by 70 percent and would have used union labor to produce glass for California’s wine industry.   

    These grants were provided through legally binding contract agreements between recipients and the federal government and, therefore, cannot be canceled on a political whim.  DOE claims that the agency evaluated the investments “on a case-by-case basis to identify waste of taxpayer dollars,” and yet your agency has not provided any information to Congress detailing waste of any kind.  These terminations follow your agency’s May 15 announcement that DOE would review 179 awards totaling over $15 billion for projects dedicated to updating power grids and supporting the domestic manufacture of batteries, which has created significant chaos and uncertainty in America’s energy and manufacturing sectors. 

    Additionally, it has been reported that DOE may be planning to close OCED, which has contributed to more than 70 percent of staff in that office departing the agency.  In 2021, Congress directed the establishment of OCED in the bipartisan Infrastructure Investment and Jobs Act. OCED’s mission is to advance large-scale demonstration projects to accelerate the deployment and market adoption of energy technologies like clean hydrogen, carbon management, advanced nuclear reactors, and long-duration energy storage.  Until recently, these were bipartisan initiatives.    

    DOE’s attacks on cutting-edge clean energy projects run counter to our shared interest in boosting energy production, innovation, and economic vitality. The United States cannot afford to halt our progress and hinder American companies’ efforts to move beyond outdated technologies if we hope to remain competitive and truly energy dominant around the globe. These irrational cancellations will increase energy prices, hamper innovation, and set us backwards as we strive toward a clean energy future. We ask that you reinstate the $3.7 billion in canceled OCED funding so that we may bolster American energy production and maintain our competitive edge.     

    Thank you and we look forward to your response.

    MIL OSI USA News –

  • MIL-OSI Analysis: How high can US debt go before it triggers a financial crisis?

    Source: The Conversation – Global Perspectives – By Luke Hartigan, Lecturer in Economics, University of Sydney

    rarrarorro/Shutterstock

    The tax cuts bill currently being debated by the US Senate will add another US$3 trillion (A$4.6 trillion) to US debt. President Donald Trump calls it the “big, beautiful bill”; his erstwhile policy adviser Elon Musk called it a “disgusting abomination”.

    Foreign investors have already been rattled by Trump’s upending of the global trade system. The eruption of war in the Middle East would usually lead to “flight to safety” buying of the US dollar, but the dollar has barely budged. That suggests US assets are not seen as the safe haven they used to be.

    Greg Combet, chair of Australia’s own sovereign wealth fund, the Future Fund, outlined many of the new risks arising from US policies in a speech on Tuesday.

    As investors turn cautious on the US, at some point the surging US debt pile will become unsustainable. That could risk a financial crisis. But at what point does that happen?

    The public sector holds a range of debt

    When talking about the sustainability of US government debt, we have to distinguish between total debt and public debt.

    Public debt is owed to individuals, companies, foreign governments and investors. This accounts for about 80% of total US debt. The remainder is intra-governmental debt held by government agencies and the Federal Reserve.

    Public debt is a more correct measure of US government debt. And it is much less than the headline total government debt amount that is frequently quoted, which is running at US$36 trillion or 121% of GDP.

    Are there limits to government debt?

    Governments are not like households. They can feasibly roll over debt indefinitely and don’t technically need to repay it, unlike a personal credit card. And countries such as the US that issue debt in their own currency can’t technically default unless they choose to.

    Debt also serves a useful role. It is the main way a government funds infrastructure projects. It is an important channel for monetary policy, because the US Federal Reserve sets the benchmark interest rate that affects borrowing costs across the economy. And because the US government issues bonds, known as Treasuries, to finance the debt, this is an important asset for investors.

    There is probably some limit to the amount of debt the US government can issue. But we don’t really know what this amount is, and we won’t know until we get there. Additionally, the US’s reserve currency status, due to the US dollar’s dominant role in international finance, gives the US government more leeway than other governments.

    Interest costs are surging

    What is important is the government’s ability to service its debt – that is, to pay the interest cost. This depends on two components: growth in economic activity, and the interest rate on government debt.

    If economic growth on average is higher than the interest rate, then the government’s effective interest cost is negative and it could sustainably carry its existing debt burden.

    The interest cost of US government debt has surged recently following a series of Federal Reserve interest rate hikes in 2022 and 2023 to quell inflation.

    The US government is now spending more on interest payments than on defence – about US$882 billion annually. This will soon start crowding out spending in other areas, unless taxes are raised or further spending cuts made.

    Recent policy decisions not helping

    The turmoil caused by Trump’s “Liberation Day” tariffs and heightened uncertainty about future government policy are expected to weaken US economic growth and raise inflation. This, coupled with the recent credit downgrade of US government debt by ratings agency Moody’s, is likely to put upward pressure on US interest rates, further increasing the servicing cost of US government debt.

    Moody’s cited concerns about the growth of US federal debt. This comes as the US House of Representatives passed the “One Big Beautiful Bill Act”, which seeks to extend the 2017 tax cuts indefinitely while slashing social spending. This has caused some to question the sustainability of the US government’s fiscal position.

    The non-partisan Congressional Budget Office estimates the bill will add a further US$3 trillion to government debt over the ten years to 2034, increasing debt to 124% of GDP. And this would increase to US$4.5 trillion over ten years and take debt to 128% of GDP if some tax initiatives were made permanent.

    Also troubling is Section 899 of the bill, known as the “revenge tax”. This controversial provision raises the tax payable by foreign investors and could further deter foreign investment, potentially making US government debt even less attractive.

    A compromised Federal Reserve is the next risk

    The passing of the tax and spending bill is unlikely to cause a financial crisis in the US. But the US could be entering into a period of “fiscal dominance”, which is just as concerning.

    In this situation, the independence of the Federal Reserve might be compromised if it is pressured to support the US government’s fiscal position. It would do this by keeping interest rates lower than otherwise, or buying government debt to support the government instead of targeting inflation. Trump has already been putting pressure on Federal Reserve chair Jerome Powell, demanding he cut rates immediately.

    This could lead to much higher inflation in the US, as occurred in Germany in the 1920s, and more recently in Argentina and Turkey.

    Luke Hartigan receives funding from the Australian Research Council (DP230100959)

    – ref. How high can US debt go before it triggers a financial crisis? – https://theconversation.com/how-high-can-us-debt-go-before-it-triggers-a-financial-crisis-258812

    MIL OSI Analysis –

  • MIL-OSI Submissions: Marine Environment – Three major French investors reject deep sea mining

    Source: United Nations Ocean Conference (UNOC)

    Three major French financial institutions, including two of the country’s largest banks and the state’s public investment arm, have announced their rejection of deep sea mining during the United Nations Ocean Conference (UNOC) last week in Nice.

    The three institutions are:

    • BNP Paribas – France’s largest and Europe’s second largest bank. BNP Paribasconfirms it does not invest in deep sea mining projects due to the intrinsic environmental and social risks involved.

    • Crédit Agricole – The second largest bank in France and the world’s largest cooperative financial institution. Crédit Agricole stated it will not finance deep sea mining projects until it has been proven that such operations pose no significant harm to marine ecosystems.

    • Groupe Caisse des Dépôts – The public investment arm of the French Government, which also holds a majority stake in La Banque Postale. The Group has pledged to exclude all financing and investment in companies whose main activity is deep sea mining, as well as in deep sea mining projects.

    Amundi Asset Management also made a statement that it seeks to avoid investment in companies “involved in deep sea mining and/or exploration”.

    This now brings to 24 the number of financial institutions who exclude deep sea mining in some form. 

    Deep Sea Mining Campaign Finance Advocacy Officer Andy Whitmore says: “This is a truly significant outcome from UNOC. Until recently no French financiers had matched their Government’s position calling for a ban. This UN Ocean Conference, co-hosted by France, was the perfect opportunity for the most important national players to step up and be counted”

    These financial announcements are a sign of global concern pushing itself on to the agenda. World leaders renewed calls for a global moratorium on the dangerous industry, with French President Emmanuel Macron denouncing it as “madness”, with UN Secretary-General António Guterres responding to recent announcements from President Trump by warning that the deep sea “cannot become the Wild West.” Slovenia, Latvia, Cyprus and the Marshall Islands also announced their support for a moratorium or precautionary pause, bringing the number of like-minded countries to 37. 

    Andy Whitmore concluded “the events at UNOC have added further momentum to the financial establishment rejecting deep sea mining. The recent unseemly rush to mine is creating push-back from the financial world, as much as from governments and civil society.”

    Read the Full List of Financiers Excluding DSM.

    MIL OSI – Submitted News –

  • MIL-OSI China: Terracotta Warriors take center stage in new XR experience

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

    A new extended reality (XR) experience based on the Terracotta Warriors, titled “The Empire Code: Terracotta Warriors – Secrets of the First Emperor’s Mausoleum,” was unveiled on June 14 at the 27th Shanghai International Film Festival (SIFF).

    Wang Yuan, general producer and chairwoman of Xi’an Hongwen Digital Technology Co., introduces “The Empire Code” at the opening of the XR section during the 27th Shanghai International Film Festival, June 14, 2025. [Photo courtesy of Xi’an Hongwen Digital Technology]

    “The Empire Code,” the first XR project officially authorized by Emperor Qinshihuang’s Mausoleum Site Museum, draws on the famous Terracotta Warrior pits and other archaeological discoveries from the UNESCO World Heritage site in Xi’an, Shaanxi province. The interactive underground tomb experience is designed to set a new standard for presenting Chinese civilization in the digital age.

    The project was unveiled at the launch of the festival’s SIFF XR section. Wang Yuan, general producer and chairwoman of Xi’an Hongwen Digital Technology, a joint venture between Shaanxi Culture Industry Investment Group and HTC, said the team was not using technology to resurrect cultural relics, but to allow them to “open history’s door through technology.”

    “Virtual reality serves as a radiant bridge across time, connecting ancient wisdom, eternal art and future imagination,” she added.

    A poster for “The Empire Code: Terracotta Warriors – Secrets of the First Emperor’s Mausoleum.” [Image courtesy of Xi’an Hongwen Digital Technology]

    Along with a trailer and poster launched in Shanghai, audiences can preview a five-minute immersive experience during the festival. The full version is set to open this summer in Beijing and Xi’an.

    The project will also be presented at the festival’s International Film & TV Market, where organizers aim to showcase China’s digital cultural solutions and technological expertise to a global audience.

    “The Empire Code” brings together specialists in archaeology, filmmaking and virtual reality. Historical accuracy is overseen by Zhang Weixing, a researcher at Northwest University’s Collaborative Research Center for Archaeology of the Silk Roads and former head of Emperor Qinshihuang’s Mausoleum Site excavation team. Acclaimed director Jin Tiemu crafts the narrative, while production designer Huo Tingxiao recreates authentic Qin dynasty visuals. The project also draws on technical expertise from HTC Vive Arts, which has partnered with more than 70 museums worldwide, and Wevr, known for its work in 3D and game development.

    A man experiences a preview of “The Empire Code” during the 27th Shanghai International Film Festival on June 14, 2025. [Photo courtesy of SIFF Organizing Committee]

    The project uses XR technology such as 5K ultra-high-definition rendering, six degrees of freedom motion tracking and gesture controls to create an immersive experience aimed at minimizing motion sickness.

    Producers say the cross-disciplinary effort combines cultural, artistic and technological elements, providing an interactive way to share China’s history while maintaining cultural authenticity.

    “The Empire Code” was announced alongside several upcoming projects at SIFF XR, including virtual reality adaptations of China’s animated blockbuster “Chang An,” Jules Verne’s “Journey to the Center of the Earth” and the historical VR film “Creation of the Gods Prequel: A Female General in Shang Dynasty’s Golden Age.”

    Other highlights include the sci-fi VR experience “The Devourer,” based on renowned writer Liu Cixin’s short story in which players defend Earth from aliens, and the location-based mixed reality piece “A Tapestry of a Legendary Land,” adapted from the popular dance drama that immerses audiences in Song dynasty artistry.

    The opening of the XR section at the 27th Shanghai International Film Festival, June 14, 2025. [Photo courtesy of Xi’an Hongwen Digital Technology]

    SIFF XR, a collaboration between the 27th SIFF and the Putuo Culture and Tourism Bureau, ran from June 14 to 16. The event showcased 16 domestic and international feature films, including several global and Asian premieres. 

    Highlights included “Mnemosyne,” inspired by the classical Chinese opera “The Peony Pavilion,” and “Golog Unbounded,” which explores the natural landscapes of Qinghai province. Attendees could also explore the anime universe of “Gundam” and experience narrative-driven works such as “Nana Lou” and “Jack & Flo.”

    By combining film, gaming, performance and tourism, SIFF XR offered immersive experiences that blurred the line between cinema and reality.

    MIL OSI China News –

  • MIL-OSI Australia: ACT Budget 2025–26: Strengthening Access to Justice for Vulnerable Canberrans

    Source: Northern Territory Police and Fire Services



    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 18/06/2025

    The ACT Government is investing over $15 million in practical, targeted justice initiatives to ensure vulnerable Canberrans can continue to access the legal services they need, when they need them.

    The 2025–26 ACT Budget is supporting key legal assistance services, justice reform initiatives, and the growing need for responsive support for victims of crime, people on low income, women, First Nations peoples and culturally diverse communities.

    Attorney-General Tara Cheyne said the Budget would strengthen frontline legal services and improve outcomes for people facing disadvantage, hardship or discrimination.

    “We know that early access to the right legal advice can make a huge difference, especially for those facing complex barriers to justice,” Minister Cheyne said.

    “This Budget delivers for the community. It supports culturally safe, accessible legal help, expands frontline capacity in our courts, and continues critical programs that put the needs of vulnerable people at the centre of the justice system.”

    Key measures in the 2025–26 ACT Budget include:

    • Appointment of a tenth Magistrate to the ACT Magistrates Court, to improve processing times and address growing demand in civil and criminal matters.
    • Additional funding for the Office of the Director of Public Prosecutions’ Witness Assistance Scheme and to meet the increased demands of an expanded judiciary.
    • Funding for legal assistance providers, including the Women’s Legal Centre, Canberra Community Law, the Aboriginal Legal Service, and CARE Financial Counselling.
    • Investment in the ACT Human Rights Commission, to continue the Intermediary Program, which provides targeted services for vulnerable complainants, witnesses and accused persons in the criminal justice system.
    • Funding will also support Legal Aid ACT’s services across a number of programs, including legal aid assistance grants, ensuring coordinated support across the legal system.
    • Additional funding for the Victims Services Scheme and Financial Assistance Scheme administered by Victims Services ACT, to respond to growing demand and provide financial assistance and support for victims of crime.
    • Implementation of a sexual assault advocate pilot program to support victims’ access to specialist services and conducting of investigations in a more victim-centric and trauma-informed way.
    • Support for the ACT Government Solicitor’s Office to meet increased demand for legal advice under the Human Rights Act 2004, and to establish a new regulatory prosecution function that will strengthen enforcement and compliance across government.
    • Funding to enhance the Coroner’s Court with increased resourcing to manage caseloads and support efficient and sensitive handling of matters that often involve vulnerable individuals and families.

    Treasurer Chris Steel said the Government was investing in long-term justice capability while continuing to target the areas of greatest community need.

    “The ACT has a proud record of social justice and legal inclusion. These investments ensure justice is not just a principle, but a lived reality for people who need support the most,” Minister Steel said.

    “We’re taking a whole-of-system view, supporting frontline organisations, reforming service delivery, and improving our ability to respond to challenges through programs like the Intermediary Service and increased court capacity.”

    This package builds on the ACT Government’s commitment to a fair, inclusive and accessible justice system, especially for people who experience disadvantage or barriers in engaging with legal processes.

    “By building legal capability and ensuring services are culturally safe and responsive, we’re not only supporting individuals, we’re reducing the long-term burden on the justice system as a whole,” Minister Cheyne said.

    – Statement ends –

    Chris Steel, MLA | Tara Cheyne, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI: ArrowMark Financial Corp. Announces Q1 2025 Results and Cash Distribution of $0.45 per Share for the Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, June 17, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp. (Nasdaq: BANX) (“ArrowMark Financial” or the “Company”), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of $0.45 per share for the second quarter 2025. The total distribution of $0.45 per share will be payable on June 27, 2025 to shareholders of record on June 23, 2025.

    “We are very pleased to announce the net income for Q1 2025 was $0.58 per share, well in excess of the quarterly distribution amount of $0.45 per share. Over the past four years, the Fund has consistently over-earned its quarterly distribution rate. This has allowed the Fund to deliver on its objective to provide shareholders with consistent income,” said Chairman & CEO Sanjai Bhonsle.

    About ArrowMark Financial Corp.

    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.

    Disclaimer and Risk Factors:

    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.

    Contact:

    BANX@destracapital.com

    Destra Capital Advisors LLC (877) 855-3434
    Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.

    The MIL Network –

  • MIL-OSI: Kroll Bond Rating Agency Revises Dime Community Bancshares, Inc.’s Ratings Outlook from “Stable” to “Positive”

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., June 17, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Kroll Bond Rating Agency (“KBRA”), in a report dated June 17, 2025, revised its ratings outlook from “Stable” to “Positive.” Kroll’s deposit and senior unsecured debt rating for Dime Community Bank is BBB+.

    According to the KBRA report, the revision of the Outlook to “Positive” primarily reflects the strong execution of strategic initiatives in recent years, particularly capitalizing on disruption and dislocation across the Company’s footprint following area bank failures in 2023. A key success has been the onboarding of deposit-focused teams, which has significantly improved the liquidity and funding profile, with the Company now outperforming peers on most key metrics.

    Over the past two years, Dime has added $2 billion in core deposits, with a healthy DDA mix which has contributed to lower deposit costs than most KBRA-rated peers. The inflow of liquidity has also enabled a meaningful reduction in wholesale funding and supported the loan diversification growth efforts.

    KBRA noted that Dime’s ratings are also supported by its long-standing outperformance in credit quality, demonstrated across multiple cycles. Since the onset of the global financial crisis, the Company’s NCO ratio has averaged 15 bps, highlighting its disciplined credit culture. Dime has reported a minimal level of problem loans, well-contained NCOs and improving risk ratings.

    Stuart H. Lubow, President and Chief Executive Officer, stated, “KBRA has recognized the progress we have made in creating a high-quality balance sheet. As we continue to execute on our growth plan, we are pleased to see our ratings outlook revised to Positive.”

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –