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Category: Finance

  • MIL-OSI: Pocket-Sized Gold Mine: Bitcoin Solaris Nova App Lets Anyone Build Crypto Wealth From Their Phone

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, June 06, 2025 (GLOBE NEWSWIRE) — In the early days of crypto, mining was reserved for the technically elite. Specialized rigs, high electricity bills, and complex setups created a wall between everyday people and the wealth being generated behind blockchain technology. Fast forward to 2025, and Bitcoin Solaris is tearing down that wall, placing the power of crypto mining directly into the palm of your hand.

    This isn’t just another blockchain project promising change. Bitcoin Solaris (BTC-S) is delivering it through innovation, accessibility, and mobile-first scalability. BTC-S is powered by a dual-layered, dual-consensus system—combining Proof-of-Work (PoW) with Delegated Proof-of-Stake (DPoS) to ensure both security and efficiency. This architecture allows BTC-S to achieve lightning-fast 10,000+ transactions per second while keeping its network highly decentralized and secure.

    But the real revolution is in how it’s mined—and who can mine it.

    Your Phone Is Now a Mining Rig

    At the core of this disruption is the upcoming Solaris Nova App—an intuitive, cross-platform mining tool that lets anyone start earning from their smartphone, desktop, or even a browser. Mining has never been this simple:

    • Cross-device compatibility: Supports ASICs, GPUs, laptops, and smartphones.
    • One-click setup: No coding, no wallet configuration—just tap and go.
    • Real-time wallet rewards: Earnings are visible immediately.
    • Adaptive algorithms: Optimizes based on device specs for peak performance.
    • Energy efficiency: Consumes 99.95% less energy than traditional mining.

    Even more impressive? Bitcoin Solaris has baked in end-to-end encryption, biometric logins, remote wipe capabilities, and gamified features like achievements and leaderboards, making it secure, fun, and inclusive.

    Build Wealth, Stake, and Grow with Liquid Staking

    Bitcoin Solaris doesn’t stop at mining. It also enables liquid staking, allowing users to earn passive income without locking up their assets. When users stake BTC-S, it’s instantly converted into sBTC-S at a 1:1 ratio.

    That means you can:

    • Trade your staked tokens freely.
    • Use them in DeFi protocols like lending or liquidity pools.
    • Participate in governance without losing yield.

    Best of all, liquid staking is fully integrated into the Solaris Nova App. Validator selection is automated, the UI is beginner-friendly, and the security framework ensures peace of mind.

    BTC-S’s model improves both decentralization and capital efficiency, letting your assets work for you from day one.

    Mining Has Evolved—BTC-S Puts It in Your Pocket

    Why Everyone’s Talking About It

    With mobile mining and staking at the center of its offering, it’s no surprise that over 11,000 users have joined the presale so far. And with just around 8 weeks left in the sale, interest is only accelerating.

    • Current Price: $6
    • Next Phase: $7
    • Launch Price: $20
    • Bonus: 10%

    It’s not just retail investors taking notice. Crypto Royal recently published a detailed review of Bitcoin Solaris, praising the project’s smart tech and accessibility. As more influencers weigh in, the momentum continues to build.

    Security Backed by Real Audits and Transparency

    What sets Bitcoin Solaris apart from many crypto projects is its commitment to trust and transparency. It’s passed not one, but two major audits—by Cyberscope and Freshcoins. Plus, the team has completed full KYC verification, further proving it’s here to stay.

    And as excitement continues to spread, you can track updates, join discussions, and be part of the movement on the project’s Telegram and X channels.

    Conclusion: Crypto Wealth Isn’t Reserved for the Elite Anymore

    Bitcoin Solaris is more than a token—it’s a technology shift. It brings together power, speed, and inclusivity in a way the industry has never seen before. Through the exciting release of the Solaris Nova App, anyone—from students to working professionals—can mine, stake, and grow their wealth without needing expensive rigs or deep technical knowledge.

    If you ever felt like you were late to Bitcoin, this is your second chance—but built for the mobile era. And this time, all it takes is the phone in your pocket.

    For more information on Bitcoin Solaris:
    Website: https://www.bitcoinsolaris.com/
     Telegram: https://t.me/Bitcoinsolaris
     X: https://x.com/BitcoinSolaris

    Media Contact
    Xander Levine
    press@bitcoinsolaris.com
    Press Kit: Available upon request

    Disclaimer: This is a paid post and is provided by Bitcoin Solaris. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

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

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d739c1d8-bf44-4613-98db-a0a9a1b7d406

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9558b08c-1899-46df-abd3-645b8bab93fc

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d48ac37-9804-4c91-bf62-80c7cbb8b91c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ed5abb4-6665-4ab6-bac1-21434862c0ec

    The MIL Network –

  • MIL-Evening Report: Jeremy Rose: Mister Netanyahu have you no sense of decency?

    Report by Dr David Robie – Café Pacific. –

    COMMENTARY: By Jeremy Rose

    The word antisemitism has become so debased that depending on who is using it I might well take it as a sign that the accused is worth listening to.

    When the World Criminal Court (ICC) issued a warrant for Benjamin Netanyahu’s arrest, he responded by saying the court was being antisemitic. One of the court’s legal advisers was Theodor Meron, a former Israeli ambassador and legal adviser who spent a chunk of his childhood in a Nazi concentration camp.

    Last month, Netanyahu declared the leaders of France, the UK and Canada of fuelling antisemitism.

    Their “crime”? Threatening “concrete action” against Israel if it continues its “egregious” blockade of aid entering Gaza.

    Egregious not genocidal. And the concrete action referred to wasn’t sanctions or a full arms embargo but stalling free trade talks.

    The bitter irony is that with none of those countries having yet imposed a complete ban on arms exports to Israel they are all in a sense fuelling a genocide.

    The Army-McCarthy hearings
    We’re coming up to the 71st anniversary of the Army-McCarthy hearings where an army lawyer, Joseph Welch, rebuked Senator Joseph McCarthy with the famous line: “Have you no sense of decency, sir, at long last?”

    We’ll be waiting a long time for the wanted war criminal Netanyahu to show any decency, but could we be approaching a tipping point where the establishment finally calls off a witch hunt after realising no one is safe from false accusations.

    The McCarthyite red scare, which began in the late 1940s, saw more than 2000 federal workers sacked, thousands of academics, teachers, and union members pressured or forced to resign due to anti-communist policies, and up to 500 Hollywood directors and actors blacklisted for being leftwing or refusing to name names.

    Welch’s rebuke was triggered by none of that. It was McCarthy turning his metaphorical guns onto the military implying he would expose high ranking army personnel that saw the army lawyer return fire.

    The conflating of criticism of Israel with antisemitism has been spectacularly successful in making any criticism of Israel a potentially career ending move. Three Ivy League presidents have been pushed out of their jobs for failing to crack down hard enough on students protesting the brutality of Israel’s ongoing genocide.

    UK Labour leader Jeremy Corbyn, whose popularity had seen the party become the biggest political movement in Europe, was toppled in 2016 after bogus accusations of antisemitism.

    In the purge of the Labour Party that followed Jews were five times more likely to be investigated for antisemitism than goys.

    It’s the same story in Germany where Jews feature prominently among those cancelled for alleged antisemitism. Renowned professor of Jewish studies Peter Schäfe was forced to resign as the director of Berlin’s Jewish Museum after it retweeted a post critical of Germany’s anti-Boycott, Divestment and Sanctions (BDS) resolutions.

    Greece’s former Finance Minister Yanis Varoufakis — not a Jew — has been banned from Germany or even appearing via Zoom for this response, on 8 October 2023, to being asked if he condemned Hamas:

    “I condemn every single atrocity, whomever is the perpetrator or the victim. What I do not condemn is armed resistance to an apartheid system designed as part of a slow-burning, but inexorable, ethnic cleansing programme.
    As a European, it is important to refrain from condemning either the Israelis or the Palestinians when it is us, Europeans, who have caused this never-ending tragedy: after practising rabid anti-Semitism for centuries, leading up to the uniquely vile Holocaust, we have been complicit for decades with the slow genocide of Palestinians, as if two wrongs make one right.”

    That nuanced response, with its acknowledgement of the dreadful legacy of real antisemitism, has not only seen him banned from speaking — in person or virtually — but dropped by his German publisher.

    Antisemitism is often referred to as the oldest hatred — with good reason — but the word itself is relatively recent.

    A ‘scientific’ word for an old hatred
    Nineteenth century German journalist, Wilhelm Marr, popularised the term in a pamphlet the title of which translates as: The way to victory of Germanism over Judaism.

    What distinguished antisemitism from the commonly used Judenhass — or Jewish hate — was the idea that it was a Jew’s race not their religion that was deserving of hate.

    Antisemitism was a prejudice proud to speak its name. It was respectable in a way that religious intolerance wasn’t. Prominent professors and politicians happily declared themselves antisemites and adherents of “scientific racism”.

    It was an old idea dressed up in new clothing. Fifteenth century Spain passed Limpieza de Sangre (cleanliness of blood) statutes to allow discrimination against Jewish and Muslim converts to Christianity.

    The Judeo-Christian civilisational conflict with Islam, often referred to by right-wing supporters of Israel, is a relatively new construct. When the Jews were expelled from Spain, the Ottomans sent ships to take them to new homes in Istanbul, Thessaloniki and Izmer.

    Times change and while it was once possible — even common — to be a respectable antisemite and scientific racist but frowned upon to discriminate based on religious belief, now the reverse is true.

    So-called new atheists like Sam Harris and Richard Dawkins declare all religions bad but Islam worse.

    “Listening to the lovely bells of Winchester, one of our great mediaeval cathedrals. So much nicer than the aggressive sounding “Allahu Akhbar.” Or is that just my cultural upbringing?” Dawkins once tweeted.

    The cultures of Europe have indeed cultivated racist ideas for centuries. And just as half a millennia ago conversion offered you no protection from the racism of the Spanish court, embracing Buddhism didn’t protect Columbia University student Moshen Mahdawi from being snatched from a naturalisation interview by balaclava-clad ICE agents.

    His crime? Being Palestinian and telling his story.

    It’s a topsy-turvy world where life-long anti-fascists like Jeremy Corbyn and Yanis Varoufakis are sanctioned on bogus claims of antisemitism while the likes of Elon Musk and Hungarian PM Victor Orban — both peddlers of old-style antisemitic conspiracies — are welcomed to Israel as friends and allies in a contrived battle of civilisations.

    One thing that differentiates antisemitism from the Judeophobia, which has been a European disease since the early days of Christianity, is that it places Jews among the victims of the continent’s white supremacist legacy.

    It’s perhaps no coincidence the Christopher Columbus set sail for the Americas in the same year, 1492, that Spain expelled its Jews and Muslims.

    The settler colonisation of the Americas has been estimated by historian David Stannard to have resulted in the death of 100 million indigenous people — many from introduced diseases but tens of millions also died in genocides only recently making their way into history books.

    Last month, when Netanyahu declared Israel’s attacks on Gaza “a war against human beasts” he was echoing the words of settler colonialists from Alaska to Aotearoa and the dehumanising language of the Nazis against the Jews.

    So, back to that question about whether we’ve reached a tipping point where unfair accusations of antisemitism will be seen in a similar light to McCarthy’s red scare.

    With Netanyahu accusing the leader of the Democrats party, Yair Golan, an IDF reserve major-general, of promoting a blood libel for speaking out against the starving of babies in Gaza, it’s hard not to draw parallels with the Army-McCarthy hearings.

    It’s worth quoting the words that saw Israel’s PM accuse Golan of a blood libel — a reference to the lie that Jews used the blood of non-Jewish children in the baking of matzos, and a trigger for centuries of pogroms.

    “A sane country does not wage war against civilians, does not kill babies as a hobby, and does not set goals for itself like the expulsion of a population.”

    The idea that an IDF general speaking out against the killing of babies is propagating racist hatred of Jews is surely a leap too far even for many fervent Zionists.

    Another sign that the tide might be turning is Kenneth Stern, the lead drafter of the International Holocaust Remembrance Alliance (IHRA) working definition of antisemitism, saying the US administration’s weaponisation of the IHRA definition is making academics and students (including Jews) less safe.

    The self-described Zionist said the definition was being distorted and used to silence anti-Israel critics.

    The IHRA working definition has been widely adopted internationally — including by institutions in New Zealand and Australia.

    Human Rights Watch and Amnesty International have both criticised the definition claiming it has seen those documenting Israel’s human rights abuses being falsely accused of antisemitism.

    It’s a tragedy that weaponised accusations of antisemitism aimed at protecting Israel from criticism are obscuring a rise in Judeophobic conspiracy theories and attacks on Jewish community centres and synagogues around the world.

    And even more tragically that those accusations are blunting criticisms of Israel that could help bring the ongoing genocide in Gaza to an end.

    Jeremy Rose is a Wellington-based journalist. He has a Substack: Towards democracy

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: At Neudata Summit, MoonFox Data Presents AI + Alternative Data Solutions, Empowering Global Institutions to Decode China’s Market

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, June 06, 2025 (GLOBE NEWSWIRE) — MoonFox Data, China’s leading provider of all-scenario data insights and analytics services, was recently invited to deliver a keynote address at the Neudata Hong Kong Data Summit 2025, held at the Hong Kong Cordis Hotel.

    Senior Analyst Max Ma presented “Navigating China’s Market Pulse in 2025: Data-Driven Strategic Investment Insights,” offering global investment institutions and enterprise clients an in-depth analysis of the latest trends in China’s macroeconomy and key industry sectors.

    As global investors increasingly focus on the Chinese market, data-driven market insights have become a critical foundation for institutional decision-making and corporate strategic planning. Against the backdrop of a complex, evolving macroeconomic environment and industrial structural transformation, accurately deciphering the pulse of the Chinese market using high-quality data has emerged as a central concern for global capital and enterprises.

    About Neudata: The Global Alternative Data Authority

    Neudata, headquartered in London, UK, is one of the world’s most influential independent data intelligence platforms in the alternative data domain. The platform specializes in identifying cutting-edge alternative data sources, providing market trend insights, and offering data procurement consulting services for global financial institutions such as asset managers, hedge funds, and quantitative investment firms. Leveraging its extensive supplier network and professional research team, Neudata empowers global investors to efficiently discover, evaluate, and apply various types of alternative data, enhancing the foresight and scientific rigor of investment decisions. The Neudata Data Summit convenes top global asset managers, data technology companies, and industry experts, serving as a vital international platform for exploring data innovation and collaboration.

    Spotlight on Market Dynamics under Easing Policies

    In his address, Max Ma highlighted that under the guidance of mildly easing policies in the first half of 2025, the Chinese market is undergoing structural transformation. Key sectors such as artificial intelligence (AI), e-commerce, consumer goods, and automotive are exhibiting distinct evolutionary characteristics. Based on MoonFox Data’s proprietary data product matrix, the team distilled three core insights through multi-dimensional dynamic monitoring and deep analysis:

    1. Quantifying Industry Evolution
    2. Brand Competition Analysis
    3. Actionable Investment Guidance

    “Data-driven insights are the core tool for navigating market uncertainty,” emphasized Max Ma. “MoonFox Data is committed to helping global clients precisely identify incremental opportunities in the Chinese market through objective, real-time, and in-depth data capabilities.”

    Exhibition Spotlight: AI and Alternative Data Products Draw Wide Attention

    Within the summit’s exhibition area, MoonFox Data’s AI and alternative data solutions became a focal point, attracting significant attention from numerous domestic and international industry experts, investment institutions, and corporate representatives. The innovation capabilities and real-world application scenarios of the flagship products, ​​MoonFox iApp​​ and ​​MoonFox iBrand​​, garnered high recognition from attendees.

    About MoonFox Data
    As a sub-brand of Aurora Mobile (NASDQ: JG), MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn | Website: http://www.moonfox.cn/en

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6cc66b90-c441-4e97-83d3-2c27e06cb2c8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/77f545eb-689b-4c70-a0e0-c9339262dfea

    The MIL Network –

  • MIL-OSI: RYVYL Announces Conversion for Remainder of 8% Senior Convertible Note; Successfully Completes Process of Delevering Balance Sheet

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, June 06, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology, announced the securityholder of its remaining 8% Senior Convertible Note (“Note”), has converted the entire outstanding principal balance of $4.0 million and accrued interest of $136,000 into 7.1 million shares of common stock.

    “We’ve pursued an anti-dilutive strategy to restructure our balance sheet, and this final debt to equity conversion successfully completes that process,” said George Oliva, CFO of RYVYL. “In January 2025, we redeemed our Series B Convertible Preferred Stock with a liquidation value of $53.1 million and $14.3 million of the Note for a payment of $13.0 million, which avoided over 90 million shares of potential dilution and converted over $50 million of additional paid in capital from Preferred Stock to Common shareholders.”

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:

    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: EAT & BEYOND ANNOUNCES MARIO NAWFAL AS STRATEGIC ADVISOR

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, BC, June 06, 2025 (GLOBE NEWSWIRE) — Eat & Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) (“Eat &  Beyond” or the “Company”), is pleased to announce that that globally recognized entrepreneur, investor, and citizen journalist Mario Nawfal has joined the Company as a Strategic Advisor.

    Mr. Nawfal is a force in modern media and Web3 innovation. As the founder of The Roundtable, X/Twitter’s most influential audio show, he has hosted global icons including Elon Musk, Marc Andreessen, Mark Cuban, CZ, Alexander Lukashenko, Sergei Lavrov, Sam Bankman-Fried, Andrew Tate, Hunter Biden, Bill Ackman, Matt Walsh, Michael Saylor, Michael Bay, Vinod Khosla, and Imran Khan.

    Mario is also a seasoned entrepreneur with multiple successful exits, and a respected venture capitalist who has backed breakout companies in AI, gaming, blockchain, and digital media.

    He is the founder of Citizen Journalism Network, its subsidiary, IBC Group, and its accelerator, CJNA, which is building Web3’s first fully integrated ecosystem, combining a media empire and venture capital firm with a startup accelerator and launchpad for Web3 projects. The company is building an AI-powered centralized exchange (CEX), deal desk, and fund, targeting both institutional and retail investors across Web2 and Web3.

    As part of his advisory role, CJN Accelerator Ltd. (“CJNA”) has been granted 1,000,000 options at a strike price of $0.15, expiring five years from the grant date.

    This announcement comes as the Company prepares for its name change to Digital Asset Technologies Inc. (proposed ticker: DATT) and updated investment policy to build a diversified portfolio of companies operating at the forefront of emerging technologies. This strategy reflects a sharpened focus on the AI, Blockchain, Web3, Fintech, and broader ICT (Information and Communication Technology) sectors, including tokenized infrastructure and digital assets.

    The Company also recently acquired LiquidLink AI Corp., a cutting-edge platform that enables scalable and cost-efficient issuance and trading of digital assets, including real-world assets (RWAs) on the XRP Ledger.

    Bringing Mario Nawfal onboard is a power move. His experience at the intersection of media, Web3, and venture capital is unmatched. As we focus on the digital asset space, we’re excited to have him advising our journey,” said Young Bann, CEO of Eat & Beyond.

    About Eat & Beyond

    Eat & Beyond (CSE: EATS) is a publicly traded investment issuer that identifies and makes equity investments in global companies that are developing and commercializing innovative food tech, sustainability and technology.  Led by a team of industry experts, Eat & Beyond provides retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food, sustainability and technology sectors.  Through its wholly owned subsidiary, Liquidlink AI Corp., the Company has entered the blockchain technology sector with a focus on real-world asset tokenization, decentralized infrastructure, and advanced trading analytics.

    Learn more: www.eatandbeyond.com

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.

    For further information: For further information, please contact Young Bann, CEO, young@purposeesg.com.

    Cautionary Note regarding Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “subject to”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s business strategy, current and future investments, the proposed name change, the updated Investment Policy, and the Company’s ability to obtain the necessary shareholder and regulatory approvals in connection with the proposed name change and updated Investment Policy. Forward-looking statements are based on assumptions, but the actual results may be materially different from any future expectations expressed or implied by the forward-looking statements. The forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the equity markets generally and a failure to obtain the necessary approvals from the Canadian Securities Exchange. Accordingly, readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI United Nations: GPDRR 2025 highlights: Thursday 5 June 2025

    Source: UNISDR Disaster Risk Reduction

    This report is provided by Earth Negotiations Bulletin/International Institute for Sustainable Development. View the original report here.

    Finance is critical to implementation of the Sendai Framework on Disaster Risk Reduction (DRR), but investments have not kept pace with rising demands, and aid budgets are shrinking worldwide. In many sessions through the day, delegates focused attention on financing a wide range of needs, including school safety, measures to deal with extreme heat, and nature-based solutions (NbS).

    High-level dialogue

    What will it take to scale DRR financing solutions at the national and local level?

    Journalist Mayowa Adegoke moderated the session.

    Stine Renate Håheim, State Secretary to Minister of International Development, Norway, emphasized DRR financing as a high priority, saying, “it is better to prevent than repair afterwards.” She noted that one in three people globally-most in cities or highly vulnerable areas-are not covered by Early Warning Systems (EWS).

    Hans Sy, CEO, SM Prime Holdings, explained his company’s investment in resilient building construction, such as building on concrete pillars to allow free flow of floodwaters. He stressed that risk-informed decisions based on science and technology “makes good business sense.”

    Fatima Yasmin, Asian Development Bank (ADB), said the Bank regards DRR as a critical priority investment, particularly through supporting policy making, planning, advising on innovative investments, and incentivizing preparedness. On scaling DRR investments, she said financing should be fast, flexible and forward-looking.

    Rob Wesseling, CEO, Co-operators Group, said no path to net zero emissions is possible without investment in both prevention and recovery. He encouraged governments to utilize the risk information gathered by insurance companies over decades to assist with decision making.

    On mobilizing private sector investment, Velenkosini Fiki Hlabisa, Minister of Cooperative Governance and Traditional Affairs, South Africa, stressed that every cent invested in resilience and preparedness saves lives and livelihoods.

    View of the panel during the Multi-Stakeholder Plenary. Source: IISD/ENB | Anastasia Rodopoulou.

    Ministerial roundtable

    Inclusive comprehensive school safety-strengthening resilience for children and youth in all hazards

    The event, which convened 36 ministries, was co-chaired by Kamal Kishore, Special Representative of the UN Secretary General for Disaster Risk Reduction and Head, UNDRR, and Paul Steffen, Deputy Director, Federal Office for the Environment, Switzerland.

    In opening remarks, Kishore encouraged delegates to endorse the Comprehensive School Safety Framework 2017 (CSSF), noting only 80 countries have done so, and for countries to make schools heat-resilient.

    On school safety policies, Tunisia, Zimbabwe, Mongolia, Pakistan, and Saint Lucia recognized the CSSF. Portugal highlighted its DRR working group on children and youth. Brunei Darussalam, Kenya, and Portugal recognized the fundamental rights of children to safe school environments. Colombia highlighted its Law on Teaching for Sustainability, Climate Change, and Disaster Risk Management. Republic of Korea described its 2020 Child Safety Management Act.

    Many countries identified education programming as fundamental to reducing risk and developing children as agents of change in their homes and communities. Malaysia, Uganda, Russia, Algeria and others described homegrown examples of such programmes, for example, student leadership groups and First Aid skills training.

    Leaders from around the globe express their shared commitment to making schools safer and more resilient to disasters. Source: IISD/ENB | Anastasia Rodopoulou.

    Several countries, including Greece, Kenya and Cuba, recognized the importance of social support to children experiencing disaster and loss, and the ensuing mental and emotional health impacts. The Holy See flagged the need for spiritual care of those “who have seen whole lives swept away.”

    Most countries discussed sustainable and resilient school infrastructure, including standards for new or retrofitted buildings. Belgium, Republic of Moldova, and Singapore highlighted energy efficiency and climate resilience. On heat stress in schools, Singapore flagged cooling strategies and energy-efficient fans. Tunisia described its sustainable school network that integrates climate change, disaster risk, and biodiversity objectives. Spain said new schools need to be “climate shelters.” Bangladesh noted the construction of more than 5,000 cyclone-resistant schools.

    Multistakeholder plenary

    Investments in reducing risk and building resilience to accelerate investments in sustainable development

    Kishore introduced the session, which was co-chaired by Paul Steffen, Federal Office for the Environment, Switzerland, and Paola Albrito, UNDRR. Kishore noted less than 1% of national budgets is allocated to DRR.

    Countries presented their national commitments, such as Australia’s Disaster-Ready Fund, which is providing up to AUD 1 billion (USD 648 million) over five years for locally-identified needs, and Switzerland’s DRR commitment of more than CHF 2 billion (USD 2.5 billion) annually. Many expressed appreciation for international support, including for Moldova’s local adaptation plans in 38 communities, and Samoa’s community-based disaster risk management activities. Peru highlighted its introduction of budget flexibility for regional and local authorities, enabling rapid response to imminent hazards.

    The Food and Agriculture Organization of the UN (FAO) reported that only 3% of all development assistance is allocated to agricultural DRR measures, even while these deliver significant returns in ensuring food security. Swiss Re highlighted the role of insurance in informing risk and mitigation measures, noting the availaility of parametric insurance, for example, against extreme heat events and flooding. The Resilience Action Fund showcased the work of the International Finance Corporation in developing the Building Resilience Index as a world-first metric for assessing the safety and risk of buildings for insurers and construction developers. The Latin America and the Caribbean Development Bank (CAF), India, and the UK welcomed innovative initiatives, such as a new center on extreme events, establishment of risk pools, and the use of AI to identify flood threats.

    Delegates affirmed regional solidarity, demonstrated in Tunisia’s hosting of the Africa-Arab Platform for DRR in 2023, and Iran’s hosting of three regional organizations, including a Regional Center for Urban Water Management. Albania welcomed its responsibilities under the EU Civil Protection Code for cooperation among EU countries and other partners, which, he noted, enables access to advanced DRR solutions.

    The International Organization for Migration highlighted its 2024 launch of Climate Mobility Innovation Labs for the Africa and Asia regions to develop solutions to climate-related mobility.

    Steffen urged all present to accelerate investment in DRR, and to engage the private sector as key partners.

    Ministerial Roundtable. Source: IISD/ENB | Anastasia Rodopoulou.

    Special event on extreme heat

    Moderator, Juli Trtanj, Co-Chair, Gobal Heat Health Information Network, opened the session. Celeste Saulo, Secretary-General, World Meteorological Organization (WMO), called heat a “silent killer” because it is the least managed of all climate hazards. She said 50% of countries have heat warning systems in place but only 26 have dedicated Heat Health EWS. She identified three priorities: integrating heat risk into climate and DRR governance, heat EWS, and implementation using risk information and data.

    In his keynote, Pramod Kumar Mishra, Principal Secretary to the Prime Minister, India, said heat threatened public health, economic stability, and the ecological resilience of cities and communities. He underscored UNDRR’s Common Framework on Extreme Heat Risk Governance and drew attention to India’s national guidelines on heat wave management, which decentralized more than 250 heat action plans in 23 states. He called for scaling hospital and primary health care preparedness and resilience and noted India is adopting a long-term heat wave mitigation strategy, including roof-cooling technologies, passive cooling centers, revival of traditional water bodies, and improved thermal comfort and livability of informal settlements.

    In a panel discussion, Benoît Faraco, Ambassador, Climate Negotiations for Decarbonized Energies and for the Prevention of Climate Risks, France, urged being modest since we are still discovering impacts and avoiding maladaptation. Ousmane Ndiaye, Director General, African Center for Meteorological Application for Development, stressed the links between heat waves, energy crises, and health care demand. Rosa Galvez, Senator, Canada, spoke about lived experience saying, “We cannot adapt forever – we must work on the causes.” Jagan Chapagain, Secretary-General, International Federation of the Red Cross and Red Crescent Societies (IFRC), said extreme heat is a humanitarian crisis. On involving the financial sector, Mia Seppo, Assistant Director General, International Labour Organization, discussed climate risk insurance, just transition principles, and access to essential services. Mishra advised that industry protect labor from heat risk.

    Source: IISD/ENB | Anastasia Rodopoulou.

    Special session

    Comprehensive approaches to reduce loss and damage-bridging climate action and DRR

    Fatou Jeng, Former Climate Advisor to the UN Secretary-General and Member of the Early Warnings for All Advisory Panel, moderated the session.

    Ralph Regenvanu, Minister for Climate Change, Adaptation, Meteorology and Geo Hazards, Energy, Environment and Disaster Management, Vanuatu, appreciated the support from the Fund for responding to Loss and Damage (FRLD) and the Santiago Network, which combined forces to launch the inaugural integrated loss and damage and DRR initiative in Vanuatu.

    Kishore noted that, while many DRR practices are now in place, these need to be updated to deal with climate system changes and the associated risks, uncertainty, and volatility.

    Benoît Faraco, argued that the distinction between loss and damage, and DRR, is theoretical, and remains irrelevant to people on the ground who want response, prevention, action, and solidarity to alleviate their situation.

    Ibrahima Cheikh Diong, Executive Director, FRLD, emphasized the need to look at how interventions can be most impactful, stressing that solutions must be country-led, and recognize Indigenous groups and civil society participants. He expressed awareness that the FRLD must be “nimble, accessible, flexible and built on partnerships, always ensuring no one is left behind.”

    Carolina Fuentes Castellanos, Director, Santiago Network Secretariat, elaborated on how the network is supporting countries to accelerate loss and damage, using Vanuatu’s experience to demonstrate how the Network can accelerate fund distribution and support with bold and transformative support.

    Jagan Chapagain, Secretary-General, IFRC, cautioned that the terms loss and damage represent different meanings to communities, but the bottom line is to ensure the funds really reach the local level.

    Thematic Sessions

    Catalyzing governance solutions for disaster and climate-related displacement

    Irwin Loy, The New Humanitarian, moderated this session.

    John Mussington, activist and displaced person, Antigua & Barbuda, described his work of founding the community network, Stronger Caribbean Together, with others displaced by “disaster capitalism”, as storm-damaged sites are cleared for tourism development.

    Sakiasi Ditoka, Minister of Rural and Maritime Development and Disaster Management, Fiji, highlighted the 2023 Pacific Regional Mobility Framework and Fiji’s own planned relocation guidelines.

    Zahra Abdi Mohamed, Director-General, National Center for Rural Development and Durable Solutions, Somalia, described Somalia’s National Transformation Plan that prioritizes anticipatory action and climate-smart livelihoods, responding to the needs of long-term displaced communities.

    Fatimah Zannah Mustapha, community representative, Nigeria, called for centering the voices of local women in decision making by removing barriers, “whether digital, linguistic, or cultural.” Claudinne Ogaldes Cruz, Executive Secretary, National Coordinator for Disaster Reduction (CONRED), Guatemala, noted that many Guatemalan households are women-led and have the knowledge to inform decision making.

    Robert Piper, former UN Secretary-General’s Advisor on Solutions to Internal Displacement, said line ministries responsible for decisions on land use and building codes-“those who are responsible for dealing with the failure to prevent”-must become deeply involved in the governance of disaster displacement.

    Leveraging Values of Nature for Resilience: Moderated by Cecilia Aipira, United Nations Environment Programme (UNEP), the session addressed the role of nature-based solutions (NbS) in DRR.

    In his keynote, Mohammed-Yahya Lafdal, General Director, National Environment and Coastline Observatory, Mauritania, highlighted the increase in tree cover through reforestation and restoration, taking into account Indigenous knowledge and solutions, and the development of barrier systems for water distribution and management in desert areas. He emphasized how addressing land degradation and rehabilitation has been Mauritania’s best solution for increasing resilience.

    Rodrigo Hernández Escobar, Representative of the Latin American and Caribbean Indigenous Knowledge & DRR Network, highlighted political will and respect for Indigenous cosmovision and territories as key elements for leveraging traditional knowledge into programmes supporting NbS. Isaac Luwaga Mugumbule, Head of Landscaping, Kampala Capital City Authority, Uganda, stated that NbS are context-specific and require community involvement to be sustained.

    Professor Satoru Nishikawa, Japan International Cooperation Agency (JICA), stressed the need for scientific numerical quantification, analysis, and testing on the strengths and durability of NbS. Swenja Surminski, London School of Economics, noting that NbS “are not silver bullets,” stressed the need to work with nature, drawing attention to NbS co-benefits. Oliver Schelske, Swiss Re Institute, noting the absence of standardized values for nature, emphasized that even if “not everything is insurable,” investing in nature makes sense from an insurance perspective, as it reduces risks to the asset being insured.

    On the prerequisites for NbS to be viable, speakers mentioned common sense, co-benefit considerations, identifying the number of protected lives, and conducting independent auditing.

    Thematic Sessions as visual summaries capturing key messages and insights. Source: IISD/ENB | Anastasia Rodopoulou.

    Side event

    Inclusive comprehensive school safety—Strengthening resilience for children and youth in all hazards

    This side event, organized and facilitated by the Global Alliance for Disaster Risk Reduction and Resilience in the Education Sector (GADRRRES), showcased school safety and resilience programmes from Central Asia, the Pacific region and the Caribbean.

    Anja Nielsen, Co-Chair, GADRRRES, gave an overview of CSSF, noting the all-hazards, all-risks approach that includes environmental, climate change, and biological health risks, technical threats, and other everyday risks. She elaborated on the global school safety survey, representing 350 million school-aged children, and highlighted, among other concerns, that significant infrastructure investment is needed to better protect children and teachers from natural hazards, with most suffering from funding constraints.

    Education administrators from Saint Lucia, Tonga, and Kyrgyzstan described CSSF activities and outcomes from their regions, and emphasized: involving the children actively in school safety is a game changer; collaboration is the essence of resilience, requiring whole-of-government and whole-of-society approaches; and building capacity at all levels, particularly teachers, for comprehensive school safety is key.

    IISD’s summary

    The summary report of the meeting will be available on Monday, 9 June 2025, here.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: A financial backbone for stability, not band-aids for crises

    Source: UNISDR Disaster Risk Reduction

    The impacts of disasters are woven into all aspects of life.

    Impacts send shockwaves across all systems – essential services, infrastructure, health, education and economic. They interact with climate change, conflict, economic fragility, and inequality – amplifying risks across systems.

    However, even though disaster costs are rising, financing for disaster risk reduction (DRR) is largely fragmented, short-term, and reactive.

    “Let us be clear: financing disaster risk reduction is not a cost – it is an investment, with benefits across different agendas: from protecting development, to reducing humanitarian needs, and achieving climate and environmental goals.”

    Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction

    To protect development gains from being eroded by a spiral of deepening crises, countries must systematically embed risk reduction in national budget processes – across all levels of government. This will require a raft of innovative financing mechanisms, public-private partnerships and novel inclusive approaches to ensure that investments provide benefits to those who need them most.

    At a ministerial roundtable session at the Global Platform for Disaster Risk Reduction, Accelerating Financing for Resilience: Tailored Solutions for Disaster Risk Reduction, ministers from 43 countries, together with the World Bank and UNDP, discussed the challenges and opportunities they face when financing resilience building; their experiences, successes and solutions; and concrete proposal for inclusive and equitable financing strategies.

    The ministers acknowledged that there is a deficit in global financing for disaster preparedness. The Philippines, South Sudan, Fiji, Barbados, and members of the African Union, amongst others, drew connections between financial planning for disaster risk and broader climate financing, noting the important role of resources like the Green Climate Fund, the Adaptation Fund, and the Loss and Damage Fund.

    Financing resilience is public investment

    Too often, public budgets only respond after disaster strikes. The consequence is mounting human and economic losses, especially in vulnerable countries.

    “The root causes of disaster risk – inequality, misaligned financial incentives, insufficient risk governance – remain unaddressed in many development models.”

    – UNDRR’s 2025 Global Assessment Report on Disaster Risk Reduction (GAR 2025) 

    To address this will require a fundamental rethink, positioning disaster risk reduction firmly in development finance.

    “We must support developing countries in establishing national disaster risk reduction financing systems that are tailored to their development priorities.”

    – Kamal Kishore at the ministerial roundtable. 

    These systems must be pro-active, not reactive, and aligned with each country’s unique development goals, while integrating a firm understanding of systemic and cascading risks.

    India, for example, is taking a rule-based approach with pre-determined allocations that flow from national to district levels. Japan and Norway noted that they are both mainstreaming DRR into private sector practice, with Norway advocating for legal requirements for DRR in corporate strategies.

    The GAR 2025 findings reinforce this more holistic approach, recommending that countries reconfigure their financial and economic governance to create more favourable conditions for DRR investments, especially by shifting public spending “away from short-term consumption and toward resilience-building.”

    Integrating disaster risk financing into budgets

    Resilient budgets require more than a single DRR line item.

    Mr. Kishore highlighted the need to embed risk considerations throughout public financial planning: “This includes exploring ways of embedding resilience into budget planning at every level.”

    That means sectoral ministries, infrastructure agencies, local governments, and fiscal authorities must all adopt risk-informed budget planning. This shift is not just about earmarking funds, but about transforming how development priorities are selected, financed, and measured.

    Countries including Brazil are calling for a global task force on effective DRR financing, while the Philippines proposed a global financing mechanism to support disaster resilience efforts, recognising the need to anchor DRR in fiscal systems.

    In a conversation with Deputy Secretary-General Amina J. Mohammed, Mr Kishore noted that we need a coordinated, global system making the appropriate mechanisms accessible to those who need them most:

    “We have the tools to assess risk and see how much investment will lead to what kind of reduction in risk. We really need to make it a comprehensive system – where national budgets, whether countries have high income or low income – take into account the kind of disaster risk they face and systematically invest in it.” 

    Ms. Mohammed noted the need to develop more innovative financing mechanisms as a key priority during the Global Platform.

    “We need to get to a space where we have more tools accessible to us to do it, and that again is a big challenge for this week.” 

    Tackling systemic challenges

    For many countries, even those with the political will to invest in reducing disaster risk, systemic barriers stand in their way. These include:

    • Weak institutional frameworks for DRR investment planning.
    • Limited understanding of how DRR links to fiscal risk.
    • Inadequate incentives to prioritise risk reduction in capital budgeting.

    DRR financing also needs to penetrate to local levels, enabling resources to reach the communities that need them most. Without fiscal devolution, even the most risk-informed national strategies will fall short in implementation.

    Incentives for private sector investment

    Initiatives to finance resilience must move away from reliance on public coffers.

    This involves building stronger partnerships with the private sector, and cultivating greater awareness of the benefits of such investments and the dangers of neglecting them.

    “We must enhance partnerships with the private sector, as it is a major source of financing that is often not guided by an understanding of disaster risks,” Kamal Kishore said. 

    The financial sector can play a catalytic role by developing innovative instruments, such as resilience bonds, blended finance structures, and a broad spectrum of insurance solutions. Several countries are already putting such innovations into practice:

    • China described its rollout of agricultural insurance, and its investment of $154 billion in property insurance.
    • Kiribati described its community-based insurance for drought programme providing payouts to farmers and fishers.
    • Norway highlighted parametric insurance schemes.
    • The Bahamas explained how they use their disaster-related expenditures tracking tool to map pre-disaster investments and post-disaster costs.

    To mainstream such approaches, updated regulatory frameworks, disclosure standards, and fiscal incentives are needed to guide private capital toward risk reduction and embed DRR into national financial systems.

    Risk-aware international finance

    The global community must step up to encourage investors, both public and private, to prioritize DRR financing.

    “We must rally the international community to prioritize investment in disaster risk reduction. This includes dedicating a larger portion of assistance funding to disaster risk reduction and ensuring all development funding is risk informed.”

    – Kamal Kishore

    Official development assistance (ODA) and climate finance must be structured and delivered accordingly. Risk-blind development projects, even when well-intentioned, can inadvertently amplify vulnerability.

    Several countries at the roundtable – including Cambodia, Paraguay, and Montenegro – highlighted the importance of integrating DRR into social investment strategies, including gender-responsive financing, elderly-focused social protection, and health system resilience. Czechia called for embedding DRR funding across the humanitarian-development nexus.

    “The upcoming Fourth International Conference on Financing for Development presents a critical opportunity to advance all these priorities to ensure all development is safe from disasters.”

    – Kamal Kishore

    The shift toward DRR financing within national budgets is technically feasible, economically wise, and morally urgent. As extreme weather events, pandemics, and conflict interact in increasingly complex ways, the costs of inaction grow exponentially.

    By embedding DRR in national budgets, governments protect long-term development investments, and communities gain tools and funding for local resilience.

    Additionally, the private sector becomes a co-architect of safety, increasing its stake in resilience building efforts, and international aid transitions from offering band-aids to repeated crises to providing a backbone for lasting stability.

    “We must acknowledge that resilience is a long-term economic necessity, and it does have the best return on investment.”

    – Amina Mohammed

    MIL OSI United Nations News –

  • MIL-OSI USA: Secretary Noem Ends Politicized TSA Watchlist Program That Has Failed to Prevent a Single Terrorist Attack in its Existence; Calls for Congressional Investigation

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem Ends Politicized TSA Watchlist Program That Has Failed to Prevent a Single Terrorist Attack in its Existence; Calls for Congressional Investigation

    lass=”text-align-center”>The Quiet Skies Program is a redundant, corrupted program that costs US taxpayers $200 million a year
    WASHINGTON — Today, the Department of Homeland Security announced it is ending the Quiet Skies Program, which since its existence has failed to stop a single terrorist attack while costing US taxpayers $200 million a year

    The program, under the guise of “national security,” was used to target political opponents and benefit political allies

    TSA will continue performing important vetting functions tied to legitimate commercial aviation security threats to both ensure the safety of the American traveler and uphold its statutory obligations

    REAL ID, implemented on May 7 of this year, will further help bolster TSA security

     
    DHS and TSA have uncovered documents, correspondence, and timelines that clearly highlight the inconsistent application of Quiet Skies and watchlisting programs, circumventing security policies to benefit politically aligned friends and family at the expense of the American people

    In addition to its own internal investigation, DHS’s Secretary Kristi Noem is calling for a Congressional investigation to uncover further corruption through this program

    “It is clear that the Quiet Skies program was used as a political rolodex of the Biden Administration—weaponized against its political foes and exploited to benefit their well-heeled friends

    I am calling for a Congressional investigation to unearth further corruption at the expense of the American people and the undermining of US national security,” said Secretary Kristi Noem

    “TSA’s critical aviation and security vetting functions will be maintained, and the Trump Administration will return TSA to its true mission of being laser-focused on the safety and security of the traveling public

    This includes restoring the integrity, privacy, and equal application of the law for all Americans

    ” 
    DHS revealed earlier this week evidence detailing the politicization of TSA’s watchlisting program under the previous administration

    This includes William “Billy” Shaheen, spouse of fellow Democrat and sitting U

    S

    New Hampshire Senator, Jeanne Shaheen, being given blanket exemptions from review, while non-politically aligned members like then-Congresswoman Tulsi Gabbard received additional screening and monitoring by Federal Air Marshalls

    Despite William Shaheen traveling with a known or suspected terrorist three times, then TSA Administrator Pekoske gave explicit direction to exclude Shaheen from the Silent Partner Quiet Skies list

    After Senator Shaheen directly lobbied then former Administrator Pekoske, on her husband’s behalf, Pekoske granted Billy Shaheen a blanket Quiet Skies exemption

     
    Shaheen was not the only high-profile individual that was placed on this exclusion list: this list also included members of foreign royal families, political elites, professional athletes, and favored journalists

    For more information on TSA security screening protocols, click here

    ###

    MIL OSI USA News –

  • MIL-OSI Global: ‘Godfather of AI’ now fears it’s unsafe. He has a plan to rein it in

    Source: The Conversation – Global Perspectives – By Armin Chitizadeh, Lecturer, School of Computer Science, University of Sydney

    fran_kie/Shutterstock

    This week the US Federal Bureau of Investigation revealed two men suspected of bombing a fertility clinic in California last month allegedly used artificial intelligence (AI) to obtain bomb-making instructions. The FBI did not disclose the name of the AI program in question.

    This brings into sharp focus the urgent need to make AI safer. Currently we are living in the “wild west” era of AI, where companies are fiercely competing to develop the fastest and most entertaining AI systems. Each company wants to outdo competitors and claim the top spot. This intense competition often leads to intentional or unintentional shortcuts – especially when it comes to safety.

    Coincidentally, at around the same time of the FBI’s revelation, one of the godfathers of modern AI, Canadian computer science professor Yoshua Bengio, launched a new nonprofit organisation dedicated to developing a new AI model specifically designed to be safer than other AI models – and target those that cause social harm.

    So what is Bengio’s new AI model? And will it actually protect the world from AI-faciliated harm?

    An ‘honest’ AI

    In 2018, Bengio, alongside his colleagues Yann LeCun and Geoffrey Hinton, won the Turing Award for groundbreaking research they had published three years earlier on deep learning. A branch of machine learning, deep learning attempts to mimic the processes of the human brain by using artificial neural networks to learn from computational data and make predictions.

    Bengio’s new nonprofit organisation, LawZero, is developing “Scientist AI”. Bengio has said this model will be “honest and not deceptive”, and incorporate safety-by-design principles.

    According to a preprint paper released online earlier this year, Scientist AI will differ from current AI systems in two key ways.

    First, it can assess and communicate its confidence level in its answers, helping to reduce the problem of AI giving overly confident and incorrect responses.

    Second, it can explain its reasoning to humans, allowing its conclusions to be evaluated and tested for accuracy.

    Interestingly, older AI systems had this feature. But in the rush for speed and new approaches, many modern AI models can’t explain their decisions. Their developers have sacrificed explainability for speed.

    Bengio also intends “Scientist AI” to act as a guardrail against unsafe AI. It could monitor other, less reliable and harmful AI systems — essentially fighting fire with fire.

    This may be the only viable solution to improve AI safety. Humans cannot properly monitor systems such as ChatGPT, which handle over a billion queries daily. Only another AI can manage this scale.

    Using an AI system against other AI systems is not just a sci-fi concept – it’s a common practice in research to compare and test different level of intelligence in AI systems.

    Adding a ‘world model’

    Large language models and machine learning are just small parts of today’s AI landscape.

    Another key addition Bengio’s team are adding to Scientist AI is the “world model” which brings certainty and explainability. Just as humans make decisions based on their understanding of the world, AI needs a similar model to function effectively.

    The absence of a world model in current AI models is clear.

    One well-known example is the “hand problem”: most of today’s AI models can imitate the appearance of hands but cannot replicate natural hand movements, because they lack an understanding of the physics — a world model — behind them.

    Another example is how models such as ChatGPT struggle with chess, failing to win and even making illegal moves.

    This is despite simpler AI systems, which do contain a model of the “world” of chess, beating even the best human players.

    These issues stem from the lack of a foundational world model in these systems, which are not inherently designed to model the dynamics of the real world.

    Yoshua Bengio is recognised as one of the godfathers of AI.
    Alex Wong/Getty Images

    On the right track – but it will be bumpy

    Bengio is on the right track, aiming to build safer, more trustworthy AI by combining large language models with other AI technologies.

    However, his journey isn’t going to be easy. LawZero’s US$30 million in funding is small compared to efforts such as the US$500 billion project announced by US President Donald Trump earlier this year to accelerate the development of AI.

    Making LawZero’s task harder is the fact that Scientist AI – like any other AI project – needs huge amounts of data to be powerful, and most data are controlled by major tech companies.

    There’s also an outstanding question. Even if Bengio can build an AI system that does everything he says it can, how is it going to be able to control other systems that might be causing harm?

    Still, this project, with talented researchers behind it, could spark a movement toward a future where AI truly helps humans thrive. If successful, it could set new expectations for safe AI, motivating researchers, developers, and policymakers to prioritise safety.

    Perhaps if we had taken similar action when social media first emerged, we would have a safer online environment for young people’s mental health. And maybe, if Scientist AI had already been in place, it could have prevented people with harmful intentions from accessing dangerous information with the help of AI systems.

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

    – ref. ‘Godfather of AI’ now fears it’s unsafe. He has a plan to rein it in – https://theconversation.com/godfather-of-ai-now-fears-its-unsafe-he-has-a-plan-to-rein-it-in-258288

    MIL OSI – Global Reports –

  • MIL-OSI: MEXC Officially Unveils Launchpad Platform: Acquire BTC at up to 90% Discount

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 06, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has officially unveiled its new Launchpad, an innovative token issuance platform that provides users with guaranteed access to high-quality projects at discounted prices. MEXC’s first-ever Launchpad event and debut offering lets users subscribe to select tokens and unlock discounts on BTC.

    According to data from Triple-A, the global crypto user base has surpassed 560 million, and market momentum continues to grow. However, many users remain sidelined from having early investment access to promising projects, but also access to established assets at significant discounts due to high entry barriers and complex risk factors.

    MEXC Launchpad addresses these pain points with a redesigned, fully upgraded investment platform that breaks through the traditional IEO (Initial Exchange Offering) model.

    By offering discounted access to premium project tokens, Launchpad aims to provide users with inclusive access to high-quality crypto investments, helping retail users capture emerging and established market opportunities.

    Because of these highlights, MEXC Launchpad is known for being the
    “Your Easiest Way to Top Tokens — Early or at a Discount.” Key features of the Launchpad include:

    Discounted Access to Token Subscriptions
    The platform adopts a differentiated pricing strategy, offering users the opportunity to subscribe at prices below market expectations. This significantly lowers the cost barrier for retail investors to participate in high-quality projects and positions them to benefit from potential gains after the token is listed.

    Fair Participation
    Breaking away from traditional lottery systems and favoring large holders, MEXC Launchpad ensures that all eligible users can participate on equal footing. Users are not required to complete complex tasks to subscribe, a feat that significantly improves participation and enhances accessibility.

    Rigorous and Professional Project Selection
    MEXC has implemented a rigorous evaluation framework that assesses projects across multiple dimensions, including technology and innovation, team background, and development potential. This professional vetting process ensures that only high-quality projects are featured, helping users manage investment risk effectively.

    Flexible and Diverse Subscription Models
    Users can participate using designated tokens, with both non-oversubscription and oversubscription models available. In the non-oversubscribed model, users receive tokens based on the amount committed. The oversubscribed model uses a proportional allocation mechanism to ensure a fair distribution process.
    The debut MEXC Launchpad event offers BTC-based subscriptions, featuring special discount packages tailored to different types of users.

    • New User Exclusive: Subscribe at up to 90% off (as low as 10% of the market price), with subscription limits ranging from 5 to 55 USDT and a total supply of 4 BTC.
    • All Users: Enjoy a 20% discount on subscriptions, with subscription limits from 25 to 250 USD1 and a total supply of 3 BTC.
    • Referral Rewards: Earn a 5 USDT bonus for each new user referred, up to a maximum of 100 USDT in referral rewards.
    • Subscription Period: June 6 to June 20

    “The release of MEXC Launchpad marks a major milestone in MEXC’s commitment to inclusive finance,” said Tracy Jin, COO of MEXC. “By offering a fair and simple subscription model, we’re making premium project investment accessible to everyone, not just a privileged few. Choosing BTC as the first featured asset opens a new channel for everyday users to participate in “digital gold.” Looking ahead, we’ll continue introducing high-quality projects to bring more value to our global users.”

    Cryptocurrency investing involves significant risk and is subject to market volatility. Investors may face potential loss of principal. Please ensure you thoroughly understand the project details and carefully evaluate your risk tolerance before making any investment decisions.

    The first BTC Launchpad event is now live on MEXC. For more details, visit the official Launchpad page: https://www.mexc.com/launchpad

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Website｜X｜Telegram｜How to Sign Up on MEXC

    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    Source

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/514cf768-0e53-4606-a8da-83c8a7898b8a

    The MIL Network –

  • MIL-OSI Europe: Bulgarian city Burgas to get EIB guidance for new scientific campus

    Source: European Investment Bank

    EIB

    • EIB to advise Burgas on plan to create top scientific centre that will serve city’s four universities.
    • Due to open in 2027, new campus will feature research and data facilities as well as student housing and sports premises.
    • EIB to help develop economic model for site as Burgas seeks to attract researchers and students from around world.

    The Bulgarian city of Burgas will develop a state-of-the-art scientific campus and seek to attract Bulgarian and international researchers and students with guidance from the European Investment Bank (EIB). The new campus is due to open its doors in 2027 and serve four universities in Burgas, Bulgaria’s fourth-largest city and a major industrial and tourist hub on the Back Sea.

    The agreement involves the EIB’s advisory services. EIB Advisory Head of Public & Infrastructure Finance Division Julien Chebbo and Burgas Mayor Dimitar Nikolov signed the accord today in the city.

    Burgas has a population of more than 200,000 and is one of the fastest growing metropolitan areas in Bulgaria. The new campus will feature centres for research and development and data as well as housing and sporting facilities.

    “Creating a quality space for studying, working and living is key to attract young people and retain talent in cohesion regions,” said EIB Vice-President Kyriacos Kakouris. “We are pleased to support Burgas in structuring a viable economic model for the new campus, which will enhance the city’s position in the higher-education landscape, promoting innovation and economic growth.”

    The municipality of Burgas has completed a design for the campus and designated land plots for it. EIB Advisory will propose and evaluate financing options and help devise an appropriate management and governance structure for the campus. The expertise is being mobilised under the European Commission’s InvestEU Advisory mandate.

    “This is an extremely important project to attract young people by providing opportunities for broad-spectrum education and development,” said Burgas Mayor Dimitar Nikolov. “This requires a modern environment that seamlessly combines opportunities for education and science with quality living quarters. This setting will inspire and nurture the development of specialists in various academic fields and the attainment of top scientific achievements.”

    The new agreement follows other EIB Advisory support for Burgas including a comprehensive feasibility study in 2022-2023 for a new children’s hospital. In September 2023, the EIB then approved a €12.8 million loan for Burgas to co-fund the hospital.

    Background information  

    About the EIB  

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

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

    In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, EIB advisory teams helped mobilise over €200 billion of investments across Europe and beyond.

    About the InvestEU Advisory Hub

    The InvestEU programme provides the EU with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It helps mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible.

    The InvestEU Advisory Hub is the central entry point for project promoters and intermediaries seeking advisory support and technical assistance related to centrally managed EU investment funds. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners, who work directly together to help projects reach the financing stage.

    EIB Advisory provides technical and financial expertise to support the development of sustainable and bankable projects in various sectors. In Bulgaria, EIB experts are assisting public authorities and businesses in preparing infrastructure investments in energy, energy efficiency, healthcare, transport and the environment, improving project planning and enhancing access to funding through tailored services and capacity building.

    About the Municipality of Burgas

    The Municipality of Burgas is the fourth-largest municipality in Bulgaria and the city of Burgas is the biggest city in south-eastern Bulgaria.  Surrounded by three lakes and the Black Sea, the fast-developing city serves as a commercial and transport hub in the country. Burgas is an important centre for sea tourism with facilities and transport connections to the resorts on the South Black Sea coast.  

    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
    ©EIB
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    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
    ©EIB
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    Bulgarian city Burgas to get EIB guidance for new scientific campus
    Bulgarian city Burgas to get EIB guidance for new scientific campus
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    MIL OSI Europe News –

  • MIL-OSI Russia: Occupational safety and personnel policy issues discussed at All-Russian forum at Polytechnic

    Translation. Region: Russian Federal

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

    On June 5 and 6, the Polytechnic University is hosting the All-Russian Conference “Labor Protection and Personnel Work in Organizations Subordinate to the Ministry of Education and Science of Russia.” The event is organized by the Ministry of Science and Higher Education of the Russian Federation. More than 650 specialists are participating in it, discussing current issues in the field of labor protection and personnel policy.

    Participants meet with representatives of relevant government agencies and consider various topics: compliance with labor legislation, holding competitions for positions of professors and teachers, research fellows, certification and selection of managers, anti-corruption policy, labor protection, and social partnership. The work takes place in the format of expert sessions, master classes, and discussion platforms. The experts were also able to get acquainted with the exhibition stands.

    State Secretary – Deputy Minister of Science and Higher Education of the Russian Federation Anastasia Bondarenko addressed the participants in a video format: The topics that are raised annually at the conference are the most relevant. Issues of safety and comfortable conditions are a priority. The strategic potential of any organization is people. We must preserve the best traditions that have developed and share experience on the problems that arise.

    The words of greeting from the Chairman of the Committee on Science and Higher Education of the St. Petersburg Administration Andrey Maksimov were read by his deputy Vladimir Gaidei: I am confident that the Polytechnic University will once again become a unifying discussion platform for the conference participants. You will have the opportunity to exchange experience and relevant information on issues important for the sustainable and stable functioning of educational and scientific organizations.

    The guests were greeted by the rector of SPbPU, academician of the Russian Academy of Sciences Andrey Rudskoy: At the federal level, programs for increasing competitiveness and academic leadership are consistently implemented, which have significantly changed the landscape of higher education, setting, among other things, new requirements for management culture. Personnel policy cannot be formulated in isolation from the university strategy, and it should be built with a focus on creating mechanisms for attracting the best teachers and staff, ensuring an effective contract and consistent integration of teachers’ activities into the implementation of work for industry.

    The participants of the plenary session discussed new challenges and solutions in personnel work and labor protection. The discussion was moderated by the President of the Southern Federal University Marina Borovskaya. Director of the Department of Personnel Policy of the Ministry of Education and Science of Russia Alexey Svistunov made a report “Personnel Policy of the Ministry of Science and Higher Education of the Russian Federation: Main Development Trends”. Director of the Department of Legal Support, Administration and Civil Service of the Ministry of Education of Russia Andrey Sobolev spoke about how to improve the efficiency of labor protection services in educational organizations.

    Deputy Director of the Department of Working Conditions and Occupational Safety Tatyana Zhigastova devoted her speech to changes and prospects for the development of regulatory frameworks in the field of occupational safety. Chairperson of the Trade Union of Education and Science Workers of the Russian Federation Larisa Solodilova spoke in detail about the implementation of social partnership in solving problems of protecting social and labor rights and the effectiveness of monitoring compliance with labor safety legislation. Chairperson of the All-Russian Trade Union of RAS Workers Galina Chucheva gave a report on “Development of Social Partnership: Proposals of the Trade Union of RAS Workers”.

    Acting Head of the Department for Supervision of Compliance with Anti-Corruption Legislation of the St. Petersburg Prosecutor’s Office Yegor Pavlov spoke about the organization’s anti-corruption policy, legislative requirements, their implementation and responsibility. Deputy Head of the Department of the Department of Permit and Visa Work and External Labor Migration of the Main Directorate for Migration of the Ministry of Internal Affairs of Russia, Police Colonel Elena Klimova emphasized the specifics of attracting foreign citizens to work in the Russian Federation. Deputy Director for Research at the Izmerov Research Institute of Occupational Medicine Evgeny Zibarev presented regulatory and legal changes in the field of health protection in his speech. Head of the Department of Acquisition, Departmental Archives and Records Management of the Central State Archive of St. Petersburg Yulia Arslanova spoke about the storage of personnel documents and labor protection documents.

    The moderator of the expert session “State supervision, departmental control: typical mistakes in personnel work. Ambiguous trends in law enforcement practice in labor disputes” was the head of the Directorate for Work with Personnel of SPbPU Maria Pakhomova. The participants discussed changes in supervisory activities and risk indicators, recruitment and registration of labor relations with foreign scientific and pedagogical workers, trends in law enforcement practice in labor disputes and other issues.

    The moderators of the discussion platform “Improving approaches to remuneration and motivation of personnel” were Deputy Chief Accountant of SPbPU Irina Tomshinskaya and Director of the Department of Economics and Finance of SPbPU Elena Vinogradova. The experts considered the automation of HR processes of the university, the use of IT services to optimize the activities of employees, the system of accounting for the achievements of university-forming personnel, modification of the algorithm for forming the staffing schedule and other topics. Head of the Department of Corporate and Information Systems of SPbPU Denis Varenikov presented the report “Personal account of an employee as a tool for the digital transformation of an institution”. Head of the Labor Protection and Safety Department of SPbPU Yulia Shadrina spoke about the modification of the algorithm for forming the staffing schedule.

    The round table “The Role of the Psychological Service in Ensuring Psychological Safety at the University” was moderated by Maxim Pasholikov, Vice-Rector for Youth Policy and Communication Technologies at SPbPU. The participants discussed the activities of psychological services at universities, student support, and aspects of the work of the tutoring service. Anna Kalugina, Director of the Center for Psychological Support at SPbPU, presented a report on “Psychological Aspects of Training First-Year Group Curators.”

    The discussion platform “Assessment and development of personnel: current trends and effective mechanisms” was attended by the director of the Higher School of Industrial Management of SPbPU, secretary of the Competition Committee Olga Kalinina, who spoke about the assessment and development of the teaching staff within the framework of competition procedures.

    At the discussion platform “Current issues of organizing labor protection in scientific and educational organizations of higher education,” Nikolai Chumakov, associate professor of the Higher School of Technosphere Safety of SPbPU, spoke and presented the specifics of conducting first aid training.

    The debate “Experience is no obstacle to mastery. How to find the “golden mean”: professional standards vs. competencies / youth vs. “silver age”” was moderated by Vice-Rector for HR Policy of SPbPU Maria Vrublevskaya. The experts exchanged opinions on strategic issues of human capital management, discussed the age balance of the NPR, ways to attract and retain young people, professional standards and competencies.

    The moderator of the round table “Educational and methodological support for training specialists in labor protection” was the director of the Higher School of Technosphere Safety of SPbPU Andrey Andreev. The first vice-president of MANEB, associate professor of SPbPU Vitaly Tsaplin made a report “Artificial intelligence in labor protection management systems”. Senior lecturers of the Polytechnic University Yulia Logvinova and Maxim Polyukhovich spoke about the methodological foundations of the laboratory practical course on labor protection.

    Also planned today is a discussion platform “Mentoring as an element of developing human resources potential” together with the UNESCO Department at SPbPU and other activities.

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: City of York Council proud to support LGBTQIA+ communities

    Source: City of York

    Published Friday, 6 June 2025

    Council teams will have a visible presence at York Pride 2025 to show the council’s support for LGBTQIA+ people, promote services and provide information and advice.

    City of York Council is once again a sponsor of York Pride and is pleased to be taking part in the parade and main event at Knavesmire this Saturday (7 June 2025).

    Council teams will have a visible presence to show the council’s support for LGBTQIA+ people, promote services and provide information and advice.

    One Adoption North Humber regional adoption agency will be there to speak to people along with staff from our fostering service. The popular “Council on a couch” – where residents can put their questions to council managers – will return for 2025. Health trainers will also be on hand to offer health and wellbeing support.

    The Mansion House team will be on site promoting the Georgian Festival with a demonstration of Georgian fan language. This was a secret code young people used to communicate with each other at balls. The team have fan shaped festival leaflets to hand out and members of the public can have a go at learning fan language themselves.

    Councillor Katie Lomas, Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion, said:

    “York Pride is an award-winning, event that draws significant visitors and residents together to celebrate the diversity in and around our great city.

    “This event boosts tourism revenue for hotels, restaurants, and other businesses. We are proud to be involved and to promote the important message of inclusivity.

    “The council committed some years ago, cross party, to be trans-inclusive in how we deliver services. As an authority, we are deeply committed to York being an inclusive, respectful and safe city for LGBTQIA+ people.

    “Whether you’re a member of the LGBTQIA+ community or an ally, Pride is for all, and we hope to see you there.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The HSE has completed the TMH management reserve training program

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    As part of the corporate program “Key Reserve: Broad Development Horizons,” the heads of TMH enterprises prepared to solve the company’s strategic tasks. Training in Higher School of Business The HSE University aimed to develop key competencies among TMH employees, which are necessary for the effective management of a modern business.

    The training was aimed at developing key competencies in TMH employees, necessary for effective management of a modern business. Over the course of a year, 47 program participants mastered strategic financial management, operational efficiency, change management and team development. The program also covered such areas as B2B and B2G marketing, making management decisions in conditions of uncertainty, conducting negotiations and implementing changes in the company.

    The educational trajectory included five modules, midterm tests and final defense of individual projects. Each participant demonstrated how he or she applies new knowledge in his or her management activities.

    The program combined the knowledge of the HSE professors and practitioners and the expertise of TMH top managers. The leading teachers were Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities — Member of the TMH Management Board, Andrey Vasiliev, Deputy General Director for Operations — Member of the TMH Management Board, Oleg Domsky, Deputy General Director for Economics and Finance — Member of the TMH Management Board, Andrey Sheremetyev, Deputy General Director for Commercial Activities — Member of the Management Board, and Vladimir Chekalin, General Director of DMZ JSC.

    The results of the training were summed up on May 16: the program participants presented their work to a committee that included top managers of TMH and teachers of the Higher School of Business of the National Research University Higher School of Economics.

    Natalia Shumkova, Deputy Director for Corporate Training at the Higher School of Business, National Research University Higher School of Economics

    “The partnership with TMH is a shining example of successful interaction between business and education. Joint work on the program allowed us to create a unique educational product that not only forms the management competencies of the participants, but also directly influences the strategic development of the company. We see the high practical value of the training and the willingness of the participants to apply the knowledge they have gained in their work.”

    Natalia Shishlakova, Deputy General Director for Corporate Development and Project Activities – Member of the Management Board of TMH

    “The Key Reserve: Broad Development Horizons program, implemented in partnership with the HSE Graduate School of Business, has become an important stage in TMH’s systematic work on developing its management reserve. Thanks to its practical focus, the participants mastered the tools of operational efficiency, strategic financial management, and teamwork. This knowledge is already being applied in projects, improving the quality of management decisions, transparency of processes, and coordination of actions. A comprehensive understanding of interrelated production and management factors helps to formulate mature and sustainable solutions. Inclusion in the teaching staff of the TMH senior management program in cooperation with the HSE Graduate School of Business played a key role in achieving these results: the expertise of the business school, the flexibility of the format, and deep immersion in the specifics of TMH’s business made it possible to make the program as practical as possible and focused on real tasks.”

    The program covered the best practices of senior management development. This allowed its participants not only to develop important management skills, but also to contribute to the further development of the holding, which is the leading manufacturer of rolling stock in Russia.

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

    MIL OSI Russia News –

  • MIL-OSI: ProVen Growth and Income VCT plc: Annual Financial Report

    Source: GlobeNewswire (MIL-OSI)

    ProVen Growth and Income VCT plc

    Annual Financial Report
    Year Ended 28 February 2025

    ProVen Growth and Income VCT plc, managed by Beringea LLP, today announces the final results for the year ended 28 February 2025. These results were approved by the Board of Directors on 5 June 2025.

    Fund Overview

    Ordinary Shares as at: 28 February 2025 29 February 2024
    Net asset value per Ordinary Share 50.2p 54.7p
    Dividends paid since class launch (originally as ‘C’ Shares) 81.15p 78.4p
    Total return (net asset value plus dividends paid since ‘C’ Share class launch) 131.35p 133.1p
    Year on year change in:    
    Net asset value per Ordinary Share (adjusted for dividends paid in the year) (3.2)% 6.5%
    Dividends:    
    Dividends paid/payable in respect of year 2.75p 2.75p
    Dividend yield 5.2% 5.2%

    Dividends

    Your Board is proposing a final dividend for the year ended 28 February 2025 of 1.5p per share to be paid on 15 August 2025 to Shareholders on the register on 18 July 2025. The payment of this dividend is subject to Shareholder approval at the Company’s forthcoming AGM, details of which can be found below.

    The payment of this dividend will result in an equivalent reduction in the Company’s NAV per share. The total tax-free dividends of 2.75p per share for the year ended 28 February 2025 represents a cash return to Shareholders of 5.2% on the opening NAV per share at 1 March 2024, after deducting the prior year’s final dividend of 1.5p per share.

    Annual General Meeting

    The next AGM of the Company will be held at the offices of Beringea LLP, at Charter House, 55 Drury Lane, London, WC2B 5SQ at 12:30pm on Tuesday 15 July 2025. Those intending to attend the AGM are asked to register their intention by emailing info@beringea.co.uk in advance of the meeting.

    We understand that attendance in person may not be possible or desirable for all who wish to attend. Therefore, the Company offers Shareholders the option to follow proceedings of the meeting via video conference link. Any Shareholders who wish to follow the meeting remotely, should email info@beringea.co.uk for joining instructions.

    Please note that Shareholders will not be able to vote or ask questions at the AGM when joining remotely. Shareholders are encouraged, even if they are planning to attend the AGM in person, to exercise their votes by submitting their proxy electronically via their Signal Shares account at https://www.signalshares.com/ and to appoint the Chair of the AGM as their proxy with their voting instructions.

    Shareholders who wish to submit questions in advance of the AGM may do so via e-mail to info@beringea.co.uk and the Board will endeavour to respond to questions raised at the meeting.

    Shareholder event

    The Company’s Annual Shareholder Event continues to be well received and provides an important opportunity for Shareholders to hear from the Investment Manager on topics such as performance and investment activity, to ask questions of your Board, and to receive insights and updates from the portfolio companies.

    With a shareholder base of more than 12,000, we feel it is important to prioritise equal access to this event to as many Shareholders as possible throughout the country and we therefore host the Annual Shareholder Event online. Holding the event online, rather than in person, is a more cost-effective way of reaching a larger audience, thereby benefiting all Shareholders. This year’s event has been scheduled for 10:30am to 11:45am on Tuesday, 15 July 2025.

    You can sign up for the Annual Shareholder Event at https://proven.connectid.cloud. If you have any questions about the event or if you would like any support with registering, then please contact Beringea via events@beringea.co.uk.

    You may view the Annual Financial Report in full at https://www.proveninvestments.co.uk/vct/shareholder-area. All other statutory information can also be found there. 

    A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    For further information, please contact: 
    Beringea LLP 
    Company Secretary 
    Telephone 020 7845 7820 

    The MIL Network –

  • MIL-OSI: Codere Online Regains Compliance with Nasdaq Listing Requirements

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg, Grand Duchy of Luxembourg, June 6, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has received formal notification from the Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) and that the Company is therefore in compliance with the Nasdaq Capital Market’s listing requirements. As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

    This confirmation follows Codere Online’s filing of its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission (“SEC”) on June 2, 2025. As part of its formal communication, Nasdaq also notified the Company that the hearing requested on May 22nd to review the delisting determination has been cancelled.

    About Codere Online 

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    Forward-Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    The MIL Network –

  • MIL-OSI: PROVEN VCT PLC: Annual Financial Report

    Source: GlobeNewswire (MIL-OSI)

    ProVen VCT plc

    Annual Financial Report
    Year ended 28 February 2025

    ProVen VCT plc, managed by Beringea LLP, today announces the final results for the year ended 28 February 2025. These results were approved by the Board of Directors on 5 June 2025.

    Fund Overview

    Ordinary Shares as at: 28 February 2025 29 February 2024
    Net asset value per Ordinary Share 62.9p 65.2p
    Dividends paid since launch 87.5p 84.25p
    Total return (net asset value plus dividends paid since launch) 150.4p 149.45p
    Year on year change in:    
    Net asset value per Ordinary Share (adjusted for dividends paid in the year) 1.5% 4.9%
    Dividends:    
    Dividends paid/payable in respect of year 3.25p 3.25p
    Dividend yield 5.1% 5.1%

    Dividends
    Your Board is proposing a final dividend for the year ended 28 February 2025 of 1.75p per share to be paid on 15 August 2025 to Shareholders on the register on 18 July 2025. The payment of this dividend is subject to Shareholder approval at the Company’s forthcoming AGM, details of which can be found below.

    The payment of this dividend will result in an equivalent reduction in the Company’s NAV per share. The total tax-free dividends of 3.25p per share for the year ended 28 February 2025 represents a cash return to Shareholders of 5.1% on the opening NAV per share at 1 March 2024, after deducting the prior year’s final dividend of 1.75p per share.

    Annual General Meeting
    The next AGM of the Company will be held at the offices of Beringea LLP, at Charter House, 55 Drury Lane, London, WC2B 5SQ at 12:00pm on Tuesday 15 July 2025. Those intending to attend the AGM are asked to register their intention by emailing info@beringea.co.uk in advance of the meeting.

    We understand that attendance in person may not be possible or desirable for all who wish to attend. Therefore, the Company offers Shareholders the option to follow proceedings of the meeting via video conference link. Any Shareholders who wish to follow the meeting remotely, should email info@beringea.co.uk for joining instructions.

    Please note that Shareholders will not be able to vote or ask questions at the AGM when joining remotely. Shareholders are encouraged, even if they are planning to attend the AGM in person, to exercise their votes by submitting their proxy electronically via their Signal Shares account at https://www.signalshares.com/ and to appoint the Chair of the AGM as their proxy with their voting instructions.

    Shareholders who wish to submit questions in advance of the AGM may do so via e-mail to info@beringea.co.uk and the Board will endeavour to respond to questions raised at the meeting.

    Shareholder event
    The Company’s Annual Shareholder Event continues to be well received and provides an important opportunity for Shareholders to hear from the Investment Manager on topics such as performance and investment activity, to ask questions of your Board, and to receive insights and updates from the portfolio companies.

    With a shareholder base of more than 12,000, we feel it is important to prioritise equal access to this event to as many Shareholders as possible in the country and we therefore host the Annual Shareholder Event online. Holding the event online, rather than in person, is a more cost-effective way of reaching a larger audience, thereby benefiting all Shareholders. This year’s event has been scheduled for 10:30am to 11:45am on the morning of the AGM, Tuesday, 15 July 2025.

    You can sign up for the Annual Shareholder Event at https://proven.connectid.cloud. If you have any questions about the event or if you would like any support with registering, then please contact Beringea via events@beringea.co.uk.

    You may view the Annual Financial Report in full at https://www.proveninvestments.co.uk/vct/shareholder-area. All other statutory information can also be found there.

    A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    For further information, please contact:
    Beringea LLP
    Company Secretary
    Telephone 020 7845 7820

    The MIL Network –

  • MIL-OSI United Kingdom: Raising funds to fix cladding issues

    Source: Scottish Government

    Building Safety Levy Bill published.

    Additional funding could be unlocked to fix building safety issues through new legislation published in the Scottish Parliament. 

    If passed, the Building Safety Levy (Scotland) Bill will see a tax charged on the construction of certain new residential properties, in line with equivalent legislation in England. 

    The Bill seeks to raise around £30 million per year to help fund work to fix residential buildings with unsafe cladding which have no linked developer.

    Latest estimates indicate that the Scottish Government’s Cladding Remediation Programme could cost £1.7 billion over a 15-year period. 

    Public Finance Minister Ivan McKee said:  

    “The Scottish Government is committed to doing what is right and necessary to address the challenge of fixing buildings affected by unsafe cladding.

    “That includes putting the appropriate funding arrangements in place to ensure that the associated costs of cladding remediation do not fall directly onto affected homeowners.

    “I know that developers share our determination to keep people safe and this levy will ensure they make a fair contribution to these costs, just as they will be doing in England.

    “I also welcome the continued cooperation of developers who have accepted responsibility for the assessments and any required mitigation and remediation of their buildings.”

    Background 

    The UK Government agreed in principle to devolve the powers needed for a Scottish Building Safety Levy last year. Powers secured to introduce building safety levy – gov.scot (www.gov.scot) 

    The legislation – which is proposed to come into effect in April 2027 – includes provisions to exempt certain types of development, including social and affordable housing. Details of tax rates will be set out in regulations if MSPs approve the Bill, consistent with the arrangements for other devolved taxes. 

    The Bill sets out a provision for a regular review period for the levy, which will be an opportunity to consider the revenue target in light of the prevailing housing market and wider economic conditions, as well as the emerging position on the scale and profile of spending on our cladding remediation work.  

    Estimated costs for the Scottish Government’s cladding remediation programme have also been published: Cladding remediation: capital spend forecasting – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Republic of Lithuania: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    June 6, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – June 6, 2025: Lithuania has proved resilient to multiple shocks in recent years. However, new challenges are emerging—including further increases in defense expenditure adding to the existing long-term spending pressures—while long-standing structural issues still require attention. Lithuania needs to reignite its reform momentum to boost productivity while addressing these challenges. A comprehensive strategy is needed to preserve fiscal space through revenue mobilization, enhanced spending efficiency, and limiting further spending pressures by strengthening the multi-pillar pension system. Structural reforms should focus on facilitating investments and accelerating the adoption of new technologies to boost productivity growth, supplemented by labor market policies, including reducing skills mismatches. Financial sector policies should continue to safeguard financial stability and integrity.

    Recent Developments, Outlook, and Risks

    The economy grew strongly in 2024. Growth accelerated to 2.7 percent—well above peers—driven by private consumption supported by significant real income gains. The recovery was broad-based across sectors, including manufacturing and high value-added services, despite sluggish productivity growth. While inflation remained low for the most part of the year, it has risen since late 2024, driven by higher energy prices and excise duties.

    While fiscal performance exceeded expectations, the deficit widened, and the debt ratio is increasing. The deficit almost doubled from 0.7 percent of GDP in 2023 to 1.3 percent of GDP in 2024, reflecting increased public wages and pensions. Higher revenues supported by robust aggregate wage growth and lower-than-anticipated expenditure, mainly from the accrual correction in defense spending, prevented the deficit from increasing further. However, pre-payments for additional orders of defense equipment and the continued buildup of the general government cash buffer contributed to an increase in the debt-to-GDP ratio from 37.3 percent in 2023 to 38.2 percent in 2024, for the first time since 2020.

    The banking sector remains financially sound, with high capitalization, ample liquidity buffers, and low non-performing loan (NPL) ratios. Banks continue to be highly profitable, although profitability eased in 2024 compared to the record high levels seen in the previous year, against lower interest rates driven by ECB monetary policy easing.

    There are signs of gradual financial expansion. Reflecting decreasing lending rates and recovering credit demand, loan growth to both non-financial corporations and households recovered in 2024 and early 2025, and credit-to-GDP ratios have increased moderately. House price growth stabilized in 2024, down from the 2022 peak. Nevertheless, house prices are likely not significantly above levels justified by fundamentals, given the recent robust demand while housing supply is increasing, and affordability has improved.

    The economy is expected to grow at 2.8 percent in 2025 while inflation will increase to 3.1 percent. Growth will be supported by private consumption and rising investment related to EU funds. External demand will remain subdued reflecting uncertainty regarding trade policies, despite the positive outlook of information and communication technologies (ICT) and professional activities. Increased excise duties and persistently high wage growth will keep headline and core inflation above pre-pandemic averages in the coming years. The labor market will tighten reflecting negative labor force dynamics affected by the normalization of migration flows.

    Risks to the outlook are tilted to the downside. As a small open economy, Lithuania is exposed to high uncertainty around trade policies and geopolitical risks. A severe downturn in its main trade partners would worsen the external performance and domestic activity. In the medium term, weaker demographics pose risks to labor supply which could add pressures on wages and competitiveness if productivity growth fails to accelerate. In the absence of sufficient measures, the fiscal position is subject to considerable medium-term risk with higher defense spending needs adding to the already high existing long-term pressures.

    Fiscal Policy

    A moderately less expansionary fiscal stance than currently expected would be helpful in 2025, and the strategy should shift to preserving fiscal space. The deficit is projected to rise to 2.8 percent of GDP in 2025, due to significant increases in pension spending and higher public sector wages. However, with a small and decreasing negative output gap under staff projections and considering mounting spending pressures in the medium term, going forward, a moderately tighter fiscal stance to reduce deficits and stabilize the debt-to-GDP ratio would be appropriate. With a view to safeguarding fiscal buffers and minimize the need for larger adjustments in later years, any unused spending or revenue overperformance this year should be saved to limit the deficit increase.

    A stronger fiscal adjustment will be required if defense spending rises notably from current levels. The envisaged increase in defense spending to 5-6 percent of GDP in 2026-30 from the current level of 3 percent would raise financing needs significantly. In the absence of additional fiscal measures, debt could reach 60 percent of GDP by 2030. The proposed tax policy changes to accommodate these spending needs are welcome, but the revenue yield is estimated to be modest. Greater efforts will therefore be needed to maintain debt dynamics on a sustainable path in the medium term to preserve fiscal space to absorb possible future shocks. An average annual adjustment of about 0.5 percentage points of GDP in the general government balance over 2026-30, with the majority of additional defense spending financed by front-loaded increases in tax revenues, would help stabilize debt at around 50 percent of GDP by 2030.

    Financing options for additional defense spending should be anchored by revenue mobilization. While temporary measures and productivity-enhancing capital expenditure could be deficit-financed, a sizable part of the additional defense spending is likely to be permanent, warranting higher revenues or lower spending in other areas. The tax policy change proposal appropriately targets a mix of taxes, but there is further scope to raise additional revenues while improving the system, including increasing progressivity and efficiency. This could include raising revenues through making the personal income tax (PIT) system more progressive and streamlining the tax schedules to prevent higher marginal tax rates for lower income earners, limiting exemptions in corporate income taxes (CIT) and property taxes, and reducing the value added tax (VAT) compliance gap while improving VAT efficiency.

    Revenue mobilization should be complemented by spending measures. Fiscal savings could be generated by improving spending efficiency, including in healthcare and education. Hospital network rationalization could enhance the quality of service while reducing costs. The teacher-student ratio is relatively high for secondary education and there is room to rationalize the school network while improving quality.

    Strengthening the multi-pillar pension system will limit some of the additional spending pressures in the medium-term. The current pension system implies significant increases in public pension expenditure over the next two decades, driven by adverse demographics, while replacement ratios will remain low. The Pillar II reform proposal under discussion, entailing participation to become voluntary and increased options to opt out and suspend participation, is likely to further reduce the replacement rate. These changes could have a material impact on the entire pension system and the public finances. Staff urges the authorities to allow sufficient time to carefully consider all potential ramifications, including through further thorough analysis of the social and fiscal sustainability of the broader pension system.

    Financial Sector Policies

    Financial sector policies should continue to focus on safeguarding financial stability. Bank profitability is expected to moderate further but to remain high in 2025. Financial conditions are likely to ease in 2025 due to declining ECB policy rates and increased competition in financial sector, such as from the increasing footprint of fintech companies. Solvency and liquidity stress tests conducted by the Bank of Lithuania suggest that banks can withstand adverse macroeconomic scenarios and unexpected liquidity shocks. While some smaller banks require enhancing capitalization and closer oversight, all in all, financial stability risks arising from the banking system are broadly contained. With an increased frequency of cyberattacks on banks in recent years, cyber resilience should continue to be strengthened, including the full implementation of the Digital Operational Resilience Act (DORA) regulation.

    The current macroprudential stance is broadly appropriate, but continued vigilance is warranted. Financial cycles including residential real estate and private sector credit so far have exhibited no major signs of overheating, but the sustained pace of expansion requires close monitoring and readiness to act in case early signs of an excessive financial expansion emerge. Despite the low exposure of banks, the commercial real estate market continues to require attention as risks of price corrections remain due to the persistent imbalance between supply and demand. In the event of a significant adverse financial shock with the potential to trigger widespread losses in the banking sector, the relaxation of capital-based measures would be appropriate to minimize credit supply disruptions and support lending to the economy.

    The AML/CFT framework has been strengthened significantly, but continued effective implementation is essential. The third national risk assessment identified virtual asset service providers (VASPs), and electronic money institutions (EMI), and payment institutions (PI) as posing significant ML/TF risks. The authorities should continue AML/CFT efforts to mitigate cross-border risks, including Bank of Lithuania’s oversight and market controls for newly licensed VASPs under MiCAR regime, supervision of payment service institutions, and AML/CFT measures for CENTROlink members.

    Structural Reforms

    Lithuania faces structural headwinds limiting productivity and long-term growth. The recent recovery has been largely driven by higher labor accumulation enabled by temporary net migration, while the contributions from capital and total factor productivity (TFP) growth remained smaller than those observed during earlier periods of faster income convergence. Given expected population declines in the coming years, structural reforms to facilitate greater capital deepening and higher productivity growth are essential.

    Higher investment is needed to support potential growth. Low capital intensity remains a key barrier to productivity growth and the transition towards a higher value-added oriented economy. Development of risk capital, co-financing and mechanisms for risk sharing tailored to enhance the flow of credit to small and medium sized enterprises (SMEs), targeted credit guarantee schemes and integrating digital solutions can help alleviate constraints related to the lack of access to finance experienced by some firms. In this context, the expanded role of the state-owned institution ILTE—previously INVEGA—can play a role, complementing the private banking sector in supporting investment in areas such as high value-added sectors, innovation, energy efficiency, and strategic infrastructures. To consolidate the institution’s role as a national development bank, it is essential to ensure effective monitoring and transparency of ILTE operations. More fundamentally, deepening the EU’s single market—combined with stronger incentives to develop domestic capital markets—would help support access to finance of corporates and further productive investments in the country.

    Inefficiencies in the education system contribute significantly to the persistent skills mismatches in Lithuania’s labor market. As one of the countries with the highest skills mismatches in Europe, Lithuania faces ongoing challenges despite measures including the government’ active labor market policies and their evaluation and the smart specialization multi-year program aimed at enhancing workforce skills. Critical shortages persist in essential sectors, including nursing, engineering, and scientific fields, highlighting the urgent need for strategic reforms in education and training to better align with market demands.

    Ensuring effective integration of migrants into the labor market is crucial to sustain the labor force. Recent immigrants have been successfully absorbed into the Lithuanian labor market and legislative amendments have enabled easier migration for high-skilled workers despite the reduction of the non-EU workers quota in 2025. Policies should focus on integrating migrants in the most productivity-enhancing way possible while facilitating the participation of foreign professionals in those sectors with the largest shortages.

    Further investment in digitalization and AI preparedness has the potential to boost productivity growth. Lithuania has invested significantly in digitalizing its economy in recent years, becoming one of the main fintech hubs in Europe. However, despite progress in digitalization and in AI preparedness, its digital infrastructure remains close to the EU average. To unlock possibly substantial productivity gains, policies should aim to facilitate technological diffusion, job transition and AI adoption among firms, while introducing measures to mitigate associated risks in terms of possible job replacements and inequality deepening. In this respect, the recent initiatives included in the START plan aimed at promoting digitalization and the deployment of AI both in the private sector and in public administration will support these efforts.

    Energy security has been reinforced in the last years. The Baltic countries joined the European electricity grid in 2025, completely disconnecting from the Russian electricity system. Moreover, Lithuania has diversified its energy sources and import dependency has been lowered through the intensification of domestic electricity production from renewable sources in the recent years. Still, being susceptible to risks associated with climate change, Lithuania needs to accelerate the green transition, particularly for adaptation. In this respect, future investment in new technologies and defense initiatives should not thwart efforts to reduce economy-wide emissions, such as the recently adopted policies in the context of the updated National Energy and Climate Action Plan (NECP) for the period 2021–2030.

    The IMF team is grateful for the warm hospitality of the Lithuanian authorities and would like to thank all its interlocutors in government, the Bank of Lithuania, the European Central Bank, the private sector, unions, and business associations for constructive and fruitful discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    https://www.imf.org/en/News/Articles/2025/06/06/mcs662025-lithuania-staff-concluding-statement-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Axi Showcases Their Capital Allocation Program, Axi Select, at the Finance Magnates Africa Summit

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, June 06, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi attended the Finance Magnates Africa Summit (FMAS:25), held on May 29-30, 2025, at the Cape Town International Convention Centre in Cape Town, South Africa.

    Event attendees were introduced to Axi Select, Axi’s capital allocation program launched in 2023. The program, designed to empower ambitious traders on their trading journey, has been a game-changer in the trading field. Tens of thousands of traders worldwide have signed up to Axi Select, with many now reaching significant milestones and accessing funding amounts of $100,000, $200,000, and $500,000, and the top funding milestone, $1,000,000.

    Attendees of the expo also had the opportunity to explore Axi’s Introducing Broker (IB) and Affiliate programs, learn more about the broker’s partnership with Premier League Champions, Man City, as well as snap exclusive photos with Man City’s Premier League memorabilia and the club’s mascot, brought in especially for the event. 

    Further to the broker’s collaboration with Premier League club, Manchester City FC, Axi also partners with Brazilian club, Esporte Clube Bahia, LaLiga club, Girona FC, and named England international John Stones as their Brand Ambassador in 2023. Over the past several months, Axi has garnered significant recognition for its innovation in the trading industry. The broker was recently named ‘Best Funded Trader Programme’ by the ADVFN International Financial Awards 2025, acknowledging the excellence of its capital allocation program, Axi Select. In 2024, Axi was also celebrated at the 2024 Dubai Forex Expo with the ‘Innovator of the Year’ award, and was named ‘Most Innovative Proprietary Trading Firm’ by Finance Feeds, highlighting the broker’s continued focus to providing their traders with the competitive edge they need to succeed.

    View highlights here: https://youtu.be/Ec2VYV8vOi4

    *Granted to the Axi Group of Companies.

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service.

    About Axi

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    The MIL Network –

  • MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

    Business and Financial Highlights for the Third Quarter of FY 2025

    • Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
    • Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
    • Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
    • Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
    • Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
    • Paying learners was approximately 0.3 million in the third quarter of FY 2025.

    Company Highlight for the Third Quarter of FY 2025

    • Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

    Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

    Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

    Financial Results for the Third Quarter of FY 2025

    Revenues

    Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

    • Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
    • Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
    • Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
    • Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

    Cost of revenues

    Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

    Sales and marketing expenses

    Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

    Research and development expenses

    Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

    General and administrative expenses

    General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

    Remeasurement gain of previously held equity interests in connection with step acquisitions

    Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

    Others, net

    Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

    Net income and adjusted net income

    Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

    Earnings per share and adjusted earnings per share4

    Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

    Balance Sheet

    As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

    Recent Developments

    Investments in Letsvan

    On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

    Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

    International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

    Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

    2024 Share Repurchase Program

    On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

    2025 Share Repurchase Program

    On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

    Conference Call Information

    The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

    Listeners may access the call by dialing the following numbers:

    International:   1-412-902-4272
    United States Toll Free:   1-888-346-8982
    Mainland China Toll Free:   4001-201203
    Hong Kong Toll Free:   800-905945
    Conference ID:   QuantaSing Group Limited
         

    The replay will be accessible through June 13, 2025 by dialing the following numbers:

    International:   1-412-317-0088
    United States Toll Free:   1-877-344-7529
    Replay Access Code:   3611954
         

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

    Non-GAAP Financial Measures

    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited

    QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

    For more information, please visit: https://ir.quantasing.com.

    Contact

    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429

    _________________________________
    1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    3 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
    4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    ASSETS          
    Current assets:          
    Cash and cash equivalents 779,931   985,677   135,830
    Restricted cash 160   675   93
    Short-term investments 246,195   148,532   20,468
    Accounts receivable, net 16,676   37,392   5,153
    Amounts due from related parties 4,488   489   67
    Inventory, net 6,345   28,120   3,875
    Prepayments and other current assets 275,549   173,582   23,920
    Total current assets 1,329,344   1,374,467   189,406
               
    Non-current assets:          
    Property and equipment, net 6,569   11,571   1,595
    Long-term investments 9,010   44,428   6,122
    Intangible assets, net –   68,973   9,505
    Operating lease right-of-use assets 58,889   29,479   4,062
    Deferred tax assets 847   914   126
    Goodwill –   187,598   25,852
    Other non-current assets 21,360   5,177   713
    Total non-current assets 96,675   348,140   47,975
    TOTAL ASSETS 1,426,019   1,722,607   237,381
               
    LIABILITIES          
    Current liabilities:          
    Short-term Borrowings –   14,500   1,998
    Accounts payables 62,066   55,219   7,609
    Accrued expenses and other current liabilities 190,508   186,084   25,643
    Income tax payable 20,399   53,565   7,381
    Contract liabilities, current portion 385,227   310,189   42,745
    Advance from customers 162,257   148,332   20,441
    Operating lease liabilities, current portion 49,099   30,837   4,249
    Total current liabilities 869,556   798,726   110,066
               
    Non-current liabilities:          
    Contract liabilities, non-current portion 11,365   33,495   4,616
    Operating lease liabilities, non-current portion 16,989   3,123   430
    Deferred tax liabilities 11,625   42,269   5,825
    Total non-current liabilities 39,979   78,887   10,871
    TOTAL LIABILITIES 909,535   877,613   120,937
               
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued
    (Amounts in thousands, except for share and per share data)
     
      As of
      June 30,
    2024    		   March 31,
    2025    		   March 31,
    2025
      RMB   RMB   US$
               
    MEZZANINE EQUITY          
    Non-controlling interests with liquidation preferences –     40,999     5,650  
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 81     81     11  
    Class B ordinary shares 34     34     5  
    Treasury stock (109,257 )   (41,898 )   (5,774 )
    Additional paid-in capital 1,192,474     1,069,620     147,398  
    Accumulated other comprehensive income 17,313     18,491     2,548  
    Accumulative deficit (584,161 )   (335,573 )   (46,243 )
    TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY 516,484     710,755     97,945  
    Non-controlling interests –     93,240     12,849  
    TOTAL SHAREHOLDERS’ EQUITY 516,484     803,995     110,794  
    TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 1,426,019     1,722,607     237,381  
                     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (Amounts in thousands, except for shares and per share data)
           
      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues 945,570     570,706     78,645     2,795,248     2,107,757     290,457  
    Cost of revenues (145,848 )   (96,556 )   (13,306 )   (409,058 )   (353,516 )   (48,716 )
                           
    Gross Profit 799,722     474,150     65,339     2,386,190     1,754,241     241,741  
                           
    Operating expenses:                      
    Sales and marketing expenses (729,620 )   (395,175 )   (54,457 )   (2,006,884 )   (1,317,206 )   (181,516 )
    Research and development expenses (38,840 )   (20,891 )   (2,879 )   (123,655 )   (77,325 )   (10,656 )
    General and administrative expenses (36,390 )   (25,049 )   (3,452 )   (114,211 )   (86,194 )   (11,878 )
    Total operating expenses (804,850 )   (441,115 )   (60,788 )   (2,244,750 )   (1,480,725 )   (204,050 )
                           
    (Loss)/Income from operations (5,128 )   33,035     4,551     141,440     273,516     37,691  
                           
    Other income:                      
    Interest income 2,513     880     121     8,369     4,040     557  
    Remeasurement gain of previously held equity interests in connection with step acquisitions –     8,109     1,117     –     8,109     1,117  
    Others, net 7,685     15,400     2,122     22,163     31,418     4,330  
                           
    Income before income tax 5,070     57,424     7,911     171,972     317,083     43,695  
    Income tax benefit/(expense) 9,560     (16,280 )   (2,243 )   16,948     (68,495 )   (9,439 )
                           
    Net income 14,630     41,144     5,668     188,920     248,588     34,256  
    Net loss attributable to noncontrolling interests –     1     –     –     1     –  
    Net income attributable to QuantaSing Group Limited 14,630     41,145     5,668     188,920     248,589     34,256  
                           
    Other comprehensive income/(loss)                      
    Foreign currency translation adjustments, net of nil tax 423     (289 )   (40 )   (4,954 )   1,178     162  
    Total other comprehensive income/(loss) 423     (289 )   (40 )   (4,954 )   1,178     162  
                           
    Total comprehensive income 15,053     40,855     5,628     183,966     249,766     34,418  
    Total comprehensive loss attributable to noncontrolling interests –     1     –     –     1     –  
    Comprehensive income attributable to QuantaSing Group Limited 15,053     40,856     5,628     183,966     249,767     34,418  
                           
    Net income per ordinary share                      
    – Basic 0.09     0.25     0.03     1.14     1.55     0.21  
    – Diluted 0.09     0.25     0.03     1.10     1.52     0.21  
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256     162,791,862     162,791,862     166,399,349     160,479,027     160,479,027  
    – Diluted 170,890,581     165,216,173     165,216,173     171,089,530     163,949,787     163,949,787  
    Share-based compensation expenses included in                      
    Cost of revenues (2,878 )   (1,431 )   (197 )   (9,945 )   (5,214 )   (719 )
    Sales and marketing expenses (2,779 )   (642 )   (88 )   8,678     (1,540 )   (212 )
    Research and development expenses (3,599 )   (167 )   (23 )   (10,611 )   (2,474 )   (341 )
    General and administrative expenses (8,039 )   (2,571 )   (354 )   (28,961 )   (8,073 )   (1,112 )
                                       

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

      For the Three Months
    Ended March 31,    		   For the Nine Months
    Ended March 31,
      2024     2025     2025     2024     2025     2025  
      RMB     RMB     US$     RMB     RMB     US$  
                           
    Revenues of individual online learning services: 828,127     467,247     64,388     2,457,588     1,777,552     244,953  
    Add: value-added tax 52,986     27,919     3,847     147,665     101,969     14,052  
    Add: ending deferred revenues(1) 744,320     461,026     63,531     744,320     461,026     63,531  
    Less: beginning deferred revenues(1) (643,929 )   (440,632 )   (60,721 )   (661,360 )   (565,030 )   (77,863 )
    ​                      
    Gross billings of individual online learning services 981,504     515,560     71,045     2,688,213     1,775,517     244,673  
     
    (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.
     

    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

      For the Three Months
    Ended March 31,    		   For Nine Months
    Ended March 31,
      2024   2025     2025     2024   2025     2025  
      RMB   RMB     US$     RMB   RMB       US$  
                           
    Net income 14,630   41,144     5,668     188,920   248,588     34,256  
    Add: Share-based compensation expenses 17,295   4,811     662     40,839   17,301     2,384  
    Less: Remeasurement gain of previously held equity interests in connection with step acquisitions –   (8,109 )   (1,117 )   –   (8,109 )   (1,117 )
    ​                      
    Adjusted net income 31,925   37,846     5,213     229,759   257,780     35,523  
    Attributable to noncontrolling interests –   1     –     –   1     –  
    Adjusted net income attributable to QuantaSing Group Limited 31,925   37,847     5,213     229,759   257,781     35,523  
                           
    Weighted average number of ordinary shares used in computing net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
    Weighted average number of ordinary shares used in computing adjusted net income per share                      
    – Basic 164,753,256   162,791,862     162,791,862     166,399,349   160,479,027   160,479,027  
    – Diluted 170,890,581   165,216,173     165,216,173     171,089,530   163,949,787   163,949,787  
                           
    Net income per ordinary share                      
    – Basic 0.09   0.25     0.03     1.14   1.55   0.21  
    – Diluted 0.09   0.25     0.03     1.10   1.52   0.21  
    Non-GAAP adjustments to net income per ordinary share                      
    – Basic 0.10   (0.02 )   0.00     0.24   0.06   0.01  
    – Diluted 0.10   (0.02 )   0.00     0.24   0.05   0.01  
    Adjusted net income per ordinary share                      
    – Basic 0.19   0.23     0.03     1.38   1.61   0.22  
    – Diluted 0.19   0.23     0.03     1.34   1.57   0.22  
                                 

    The MIL Network –

  • MIL-OSI United Kingdom: Australia-UK Free Trade Agreement Joint Committee Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    Australia-UK Free Trade Agreement Joint Committee Statement

    Summary of a joint statement following the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee on 3 June 2025

    Alongside the OECD 2025 Ministerial Council Meeting held in Paris, Australian Minister for Trade and Tourism, Senator the Honourable Don Farrell and UK Secretary of State for Business and Trade, the Rt Hon Jonathan Reynolds MP, met on 3 June 2025, for the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee.

    The Ministers celebrated the strong trade and investment relationship between the UK and Australia.  Two-way trade between our economies reached AUD36bn or GBP23bn in 2024.

    As of 2024, the stock of UK Foreign Direct Investment in Australia reached AUD156bn or GBP77bn, and Australian Foreign Direct Investment in the UK rose to AUD210bn or GBP104bn – an increase of 6.5% and 11.5% respectively on the previous year.

    The strong uptake of the Agreement’s benefits is resulting in real savings for businesses, workers and consumers.

    Since entry into force on 31 May 2023, AUD4.7 bn or GBP2.4bn worth of traded goods benefited from preferential tariff access, i.e. around 70% of goods traded between the UK and Australia made use of available preferences.

    Between June 2023 and December 2024:

    • AUD3.4bn or GBP1.8bn (65%) of eligible goods imports into Australia from the UK made use of an FTA tariff preference.

    Had this trade occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP89m or AUD172m in duties would have been collected.

    • GBP662m or AUD1277m (77%) of eligible goods imports into the UK from Australia made use of FTA tariff preferences.

    Had these occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP139m or AUD269m in duties would have been paid.

    The Ministers noted that free and inclusive trade is a cornerstone of prosperity in both countries.

    Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.  

    Ministers also noted progress on recognition of professional qualifications in key sectors through the FTA’s Professional Services Working Group, and the ongoing work under the FTA’s Innovation Chapter to explore the potential for a ‘biobridge’ between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market. 

    The Ministers agreed to continue working together to strengthen the role that free trade plays in increasing prosperity and reinforcing resilience against economic turbulence and share the benefits of trade to all including through the World Trade Organization, OECD and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

    Note to editors:

    Figures reported are from UK Official Statistics and Australian official sources.

    Australian trade data is sourced from the Australian Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-trade-supplementary-information-calendar-year/2024

    UK trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Trade asymmetries exist between the UK and Australia official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Investment data is sourced from the Australia Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-investment-position-australia-supplementary-statistics/2024

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, April 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data. For UK imports, these are all calculated using the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June 2023-December 2024) was used to convert from GBP to AUD.

    Estimates of Australia’s preference utilisation and duty savings for the June 2023 to December 2024 period are drawn from Department of Foreign Affairs and Trade calculations using ABS trade data and DFAT tariff schedule data.

    Investment data is sourced from the Australian Bureau of Statistics.

    UK-AUS total goods trade values may not equal the sum of UK goods imports and AUS goods imports due to rounding and methodological differences in calculating preference eligible imports.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnic experts held a project session on the development of the RAU Development Program

    Translation. Region: Russian Federal

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

    The Polytechnic University continues active interaction with the development teams of Slavic universities. In the last week of May, SPbPU experts held a Project-analytical session at the Russian-Armenian University (RAU) to prepare the RAU Development Program for 2026-2030.

    Polytechnic Expert Group

    Nikita Golovin, Head of the Project Office “Slavic Universities”, Deputy Head of the UMS Natalia Ivanova, Chief Accountant, Associate Professor of the Higher School of Engineering and Economics Elena Vinogradova, Director of the Department of Economics and Finance, Professor of the Higher School of Industrial Management Ekaterina Pavlova, Leading Specialist of the Department of Strategic Planning and Development

    The following representatives of RAU participated in the project session: Vice-Rectors Marina Khachatryan and Parkev Avetisyan, Financial Director Meruzhan Galstyan, and heads of the administrative, educational and scientific departments of the university.

    The work began with an introduction to the key educational and scientific departments of RAU and a discussion of the goals and objectives of the session with RAU Rector Edward Sandoyan. At the meeting with the Rector, Nikita Golovin briefly presented the format of the session and the expected results. The Rector described his vision of the directions of RAU development, existing barriers and ways to overcome them.

    Our university has very serious educational and scientific results. We have achieved a lot, including thanks to long-term partnership with leading universities, such as the Polytechnic University. But we also have huge potential for further development. We are confident that such joint project sessions not only facilitate the exchange of experience, but also create real opportunities for determining the priorities for the further development of science and education at RAU and, importantly, the formation of mechanisms and tools for achieving the goals set, – noted Edward Sandoyan.

    For three days, the SPbPU expert team and the RAU development team consistently built the future image of the university. The session participants were divided into four thematic groups – education, research, human capital and economy, infrastructure and digitalization. In three steps, the experts went from analyzing current results to forming an ambition and a target model for 2030. Each step began with an introductory speech by SPbPU experts, at which they defined methodological approaches to designing a development program, principles of interrelation between different university processes, tasks for the step and expected results. At each stage, SPbPU experts accompanied the group work, actively involving participants in the discussion, sharing their own experience and examples that could be taken into account when developing the university’s fundamental policies.

    Elena Vinogradova and Natalia Ivanova worked with the group on economic and infrastructure policy, as well as on human capital management policy. Ekaterina Pavlova joined the discussions of the educational policy of RAU, and Nikita Golovin built communication in the group on scientific research policy. He also accompanied the work of all four groups, encouraging colleagues from RAU to openly talk about current positions, barriers to development and ways to overcome them. After each stage of group work, the leaders of the thematic groups presented the results of their work at the plenary session and answered questions from their colleagues and Polytechnic experts.

    On the last day of the PAS, the groups presented summary reports in which they described the current positions of RAU in four areas of activity, the image of the target model of the university and the steps aimed at achieving it. Everyone was unanimous in the fact that RAU is a research classical university (educational, scientific and technological center) with a wide range of areas, having an interstate status. Of course, to achieve this goal, much still needs to be rethought, changed and launched. But RAU has all the necessary base and, most importantly, the desire of the team to change.

    Concluding the session, Nikita Golovin noted: One of the key tasks of our project-analytical session has been completed – we were able to launch internal communication between team members at RAU. The development team began to jointly form the image of the future of their university, find solutions to those tasks that will allow transforming RAU into a leading research university in both Armenia and Russia.

    Next comes the painstaking work of drafting the Development Program document, defining target characteristics and indicators. The presentation and defense of the Program at the Ministry of Science and Higher Education of the Russian Federation is planned for this fall.

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Government bans unfair bonuses for water companies that don’t meet high standards

    • Unfair bonuses now banned for water companies that don’t meet high standards.  

    • Water bosses awarded themselves over £112 million in bonuses and incentive payments in the last decade.  

    • Strengthened enforcement is just one part of the Government’s strategy to reform the water sector and attract investment as part of its Plan for Change.  

    Unfair bonuses have been banned for senior executives at six water companies, as new measures in the Water (Special Measures) Act come into force today (Friday, 6th June).  

    The government is clear that transformative change across the water sector is needed to clean up our rivers, lakes and seas, and modernise the sector for decades to come.  

    Under new rules, companies are not permitted to pay bonuses to water bosses that oversee poor environmental and customer outcomes. This delivers on a key manifesto commitment and has been backdated to apply to any bonuses relating to the financial year from April last year.  

    This applies to Thames Water, Yorkshire Water, Anglian Water, Wessex Water, United Utilities, and Southern Water, where bosses are not permitted to receive bonuses with immediate effect.  

    Water companies have awarded over £112 million in bonuses and incentives over the last decade. Last year alone, £7.6 million in bonuses were paid to water bosses in England. 

    It’s crucial that companies attract the best talent to deliver essential upgrades to the water system. Companies that do meet Ofwat’s standards will still be eligible to pay executives bonuses – a powerful incentive for them to deliver immediate environmental improvements, better customer outcomes, and improve financial resilience.  

    Environment Secretary Steve Reed said:      

    Water company bosses, like anyone else, should only get bonuses if they’ve performed well, certainly not if they’ve failed to tackle water pollution.  

    Undeserved bonuses will now be banned as part of the Government’s plan to clean up our rivers, lakes and seas for good. 

    Promise made, promise delivered. 

    Today’s ban holds water bosses to account and ensures they can no longer cash in while their companies pollute rivers, neglect customers, or mismanage finances.  

    Strengthened enforcement is just one part of the government’s strategy to reform the water sector, which also includes working with the companies and their investors to make the water industry one of growth and opportunity, attracting investment and ensuring its stable financial footing for years to come. 

    The government is determined to reform the sector in a way that continues to attract high quality, long-term investors to rebuild our water infrastructure. Following the publication of the Independent Water Commission’s interim report, Ministers will look at proposals carefully, and outline further action in due course. 

    While it is for water companies to set their own remuneration, new standards published by Ofwat that come into force today mean bonuses will not be permitted be handed out in specific cases when a water company:   

    • Fails to meet core environmental standards and presides over serious pollution offences 

    • Fails to meet basic financial resilience standards (e.g. meet minimum credit rating requirements)    

    • Fails to meet core consumer standards (e.g. failure to operate and maintain sewage networks)   

    • Is convicted of a criminal offence (e.g. criminal convictions for serious environmental failings including illegal spills)   

    Under new rules published by Ofwat today, any company failing to meet key standards will automatically lose the right to award bonuses. If a company pays a bonus while banned, Ofwat has the powers under the Water (Special Measures) Act to direct the company to claw back the money. Any company that does not comply with Ofwat’s directions will face enforcement action. 

    To further protect customers and clean up our waterways, the government has secured a record £104 billion of private investment – the largest ever since privatisation to cut sewage discharges by nearly half over the next five years. This money will now be ringfenced for new pipes and treatment works, not shareholder payouts.  

    Notes to editors  

    • The table below outlines companies’ compliance on current information. 

    • It is up to individual water companies to determine appropriate financial rewards. Ofwat will consider action required once water companies publish their remuneration decisions in their annual reports for the 2024-25 financial year.

    ANNEX A: Companies affected by the ban:

    Water company Consumer standards Environment standards Financial resilience Criminal offence Subject to ban? Details of criteria
    Anglian Water Fail – 1 incident CEO bonus banned* Cat.1 data in Annex C
    Northumbrian Water Company can pay bonuses
    Severn Trent Company can pay bonuses
    Southern Water Fail – 1 incident CEO and CFO bonus banned Cat.1 data in Annex C
    South West Water Company can pay bonuses
    Thames Water Fail – 7 incidents Fail – April 2024 CEO and CFO bonus banned Thames Water Utilities Limited (‘Thames Water’) – undertakings under Section 19 – Ofwat
    United Utilities Fail – 1 incident CEO & CFO bonus banned Cat.1 data in Annex C
    Wessex Water Fail – 1 Conviction CFO bonus banned** Wessex Water fined £500,000 for sewage killing thousands of fish – GOV.UK
    Yorkshire Water Fail – S94 Breach Fail – 1 incident CEO & CFO bonus banned Yorkshire Water to pay £40m enforcement package following Ofwat wastewater investigation – Ofwat

    *Anglian Water’s CFO is not subject to the ban because they were not in post for the Cat.1 incident. Their CEO was in post during the Cat.1 incident and therefore faces a ban.   

    **Wessex Water’s CEO is not subject to the ban because they were not in post for the criminal offence that triggers the ban.

    ANNEX B: Total CEO/CFO bonuses paid by water companies in England (in thousands)

    Water company 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Total
    Anglian Water 1,482 1,798 1,569 3,429 3,234 713 2,222 1,152 1,291 95 16,984
    United Utilities 3,227 2,942 2,284 2,247 2,733 2,733 3,138 2,763 2,377 1,366 25,810
    Northumbrian Water 597 484 595 479 384 269 259 214 311 315 3,907
    Southern Water 757* 427 187 756 645 815 842 669 – 312 5,410
    Severn Trent Water 3,367 2,294 2,978 1,788 2,201 2,674 2,777 4,471 3,413 3,309 29,271
    South West Water 556 832 640 259 521 984 1,230 755 362 470 6,609
    Thames Water 2,432 609 203 807 448 937 538 794 – 770 7,538
    Wessex Water 236 353 482 552 485 – 640 651 459 387 4,246
    Yorkshire Water 2,305 1,288 1,588 631 1,547 1,666 1,568 1,122 571 616 12,902
    Total 14,959 11,027 10,526 10,948 12,197 10,791 13,213 12,591 8,784 7,639 112,676

    *Long Term Incentive Plan value for Southern Water is a four-year figure, from 2011-15. Since there was no annual breakdown for 2014/15, the LTIP value has been divided by 4.

    ANNEX C: Category 1 incidents

    Water company Number of Category 1 incidents Date Location
    Anglian Water 1 September 2024 Peterborough
    Southern Water 1 August 2024 New Forest District
    Thames Water 7 January 2024 Three Rivers District
    January 2024 Chiltern District
    February 2024 Slough
    April 2024 Enfield London Borough
    April 2024 Sevenoaks District
    November 2024 Reigate and Banstead District
    December 2024 Runnymede District
    Yorkshire Water 1 December 2024 Kirklees District
    United Utilities 1 December 2024 Bolton

    Quotes

    Ali Plummer, Director of Policy & Advocacy at Wildlife and Countryside Link, said: 

    Bonuses should reflect excellence, not routine negligence and widespread environmental degradation. Our rivers and wildlife continue to suffer because companies have repeatedly prioritised profit over public health and nature protection. Removing bonuses if high standards aren’t met, is a welcome first step from Ofwat. 

    This must be backed up with strong resources for environmental regulators to ensure this is enforced.

    Ben Seal, Head of Access & Environment, Paddle UK, said:

    When something so precious as our nations water is on the line, public outrage at water executives pocketing big bonuses for failing to prevent pollution, is entirely justified.  

    It is positive to see the steps taken through the new Water Special Measures Act beginning to take effect. Let’s hope that blocking the payment of these bonuses is just another means of helping focus minds on driving up environmental performance, rather than prioritising profit. 

    Mark Lloyd, CEO, The Rivers Trust, said:

    The fact that water company bosses will no longer be rewarded for poor environmental performance is a significant moment in rebuilding public trust. It’s great to see the environment being valued as it should be, and that the personal responsibility of water industry leaders in looking after the environment is being recognised. 

    The measures announced today tackle the most serious pollution incidents, but we still need to be aware that the vast majority of pollution comes from smaller, more insidious events which, in combination, can cause far greater harm to our rivers.

    Ali Morse, Water Policy Manager at The Wildlife Trusts, said:  

    This is a change that’s important to billpayers. Customers don’t think it’s right that senior staff are rewarded whilst our rivers and seas bear the brunt of poor water sector performance. No one is under any illusions that this alone will significantly ease pressure on household bills, or make good the harms caused to the environment already; it’s more a point of principle – that even a single incident can result in a bonus ban –  and, along with other recent changes, sends a strong signal to the industry that it must do more to prioritise the health of the environment upon which its business relies.

    Deborah Meaden, Businesswoman, entrepreneur and Dragons Den Investor, said:

    This is a very welcome step as part of the battle to better protect our waters and waterways. Bonuses should rightly be focused on constantly improving water quality in our seas and rivers, not just to stop the damage but actually repair and restore.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Progress on Active Transport Corridors

    Source: Scotland – City of Dundee

    The journey to provide sustainable transport corridors along major Dundee routes is moving forward thanks to a £745,000 grant from the Scottish Government. 

    Engineering consultancy SWARCO has been appointed to develop detailed construction-ready designs for the Lochee Road and Arbroath Road corridors. These designs will integrate active travel and bus priority measures, building on initial concept work. Fully funded by Transport Scotland, the design work will include various elements including surveys, traffic modelling, design development and community consultation and engagement. 

    These corridors are central to Dundee City Council’s Sustainable Transport Delivery Plan, which outlines ambitious plans to enhance and expand the city’s sustainable transport infrastructure.  

    With around 20,000 vehicle movements daily on these routes, the improvements aim to make walking, cycling, and bus travel more attractive alternatives to car use. This will help to reduce congestion, improve air quality, and connect communities with affordable, low-carbon transport options.  

    The award of the tender will be discussed by the council’s Fair Work, Economic Growth and Infrastructure Committee at its meeting on Monday June 9. 

    Depute Convener Cllr Siobhan Tolland said: “As we look to the future and work to meet our climate and net zero commitments, active and sustainable travel will play an increasingly important role in that journey. 

    “These transport methods will make a substantial positive contribution to the city’s health and wellbeing and also further improve air quality. 

    “The new corridor designs will help us bring forward practical solutions to encourage more people to walk, wheel, cycle, and use public transport along these key routes.”                        

    Meanwhile, the committee will also be asked to approve a £112, 255 tender for a pocket park in Lochee. 

    The project is being supported by funding from Scottish Government’s Vacant and Derelict Land Investment Programme, as well as Transport Scotland’s Active Travel Infrastructure Fund. 

    Works, which would be carried out by Tayside Contracts, would see the construction of a pocket park and raingarden in vacant land near the Lochee High Street/Bank Steet road junction.   

    The raingarden element will contribute to wider drainage improvements for the area to provide a surface water connection point for new development in Lochee. 

    Councillor Tolland added: “Pocket parks have been delivered successfully across other areas in Dundee and help in efforts to encourage people to get out, be active and enjoy their local community.” 

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.

    Read more: African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.

    Read more: African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    – African countries are bad at issuing bonds, so debt costs more than it should: what needs to change
    – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI Africa –

  • MIL-OSI: Bitget Wallet and Tether Discuss Stablecoin Adoption and Real-World Payments at Solana Summit 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, June 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the non-custodial crypto wallet with over 80 million users, took center stage at Solana Summit 2025, joining a panel on “Programmable Capital: The Future of Paying, Financing, and Spending Onchain” alongside speakers from Tether, Venta, and Ripe. The discussion explored how wallets, stablecoins, and DeFi infrastructure are transforming payments, credit, and financial access across global markets.

    Xavier Ow Yeong, Business Development Lead at Bitget Wallet Pay team, shared how the wallet is building infrastructure to make crypto spending as intuitive as fiat. He pointed to Bitget Wallet’s multi-pronged approach: supporting QR code payments with Solana Pay and national QR standards; expanding crypto card options in Asia and Europe; and enabling direct in-app purchases of hotel stays, gaming credits, and gift cards through thousands of merchant integrations — all within its full self-custodial wallet.

    “The future of crypto payments lies in familiarity and simplicity,” said Xavier. “By embedding stablecoins into everyday behaviors like QR scanning and card tapping, we eliminate barriers and unlock true utility for users — especially in mobile-first markets. When users can scan, tap, and spend without worrying about gas fees or chains, stablecoins begin to look like a real alternative to cash. And wallets are becoming the next primary interface for onboarding users into Web3 — not just for holding tokens, but for everyday financial activity.” Bitget Wallet also shared updates on its Scan to Pay roadmap, including its recent integration of Solana Pay for instant USDC payments and its upcoming support for national QR systems in Southeast Asia and Latin America, aimed at enabling seamless crypto-to-fiat spending across millions of merchants.

    The panel explored broader infrastructure trends enabling this shift, including the role of stablecoin adoption in cross-border finance and how decentralized credit models can serve digitally native businesses. Bitget Wallet emphasized that the wallet interface is central to making programmable capital usable. The team is focused on minimizing transaction friction through features like gas abstraction, real-time bridging, and integrated payment gateways. Beyond spending, the wallet is positioning itself as a commerce hub — where users can earn rewards, access credit tools, and interact with onchain services across networks.

    Find out more on Bitget Wallet’s official channels.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac3f8b2f-9ddb-45bf-b701-0241688a37bc

    The MIL Network –

  • MIL-OSI Global: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.



    Read more:
    African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.



    Read more:
    African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    Misheck Mutize is affiliated with the African Union as a Lead Expert on Credit Ratings

    – ref. African countries are bad at issuing bonds, so debt costs more than it should: what needs to change – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  

    Source: Republic of China Taiwan

    Details
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

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

    MIL OSI Asia Pacific News –

  • India calls for global facility on DRR financing at Geneva meet

    Source: Government of India

    Source: Government of India (4)

    India urged the international community to adopt concrete, time-bound measures and establish a dedicated global facility to support Disaster Risk Reduction (DRR) financing, Principal Secretary to the Prime Minister Dr. P. K. Mishra said today at the Ministerial Roundtable on DRR Financing in Geneva. He praised the United Nations Office for Disaster Risk Reduction (UNDRR) and its partners for convening the discussion and acknowledged Brazil and South Africa for sustaining global dialogue through their G20 presidencies.
     
    Dr. Mishra told delegates that financing for disaster risk reduction bears directly on a country’s ability to protect development gains as climate and disaster threats grow. He noted that, in India’s early years, Finance Commission allocations for DRR amounted to only INR 60 million (approximately USD 0.7 million). Today, outlays under the 15th Finance Commission top INR 2.32 trillion (around USD 28 billion). “Over time, India has transformed DRR financing from a reactive measure into a planned, predictable framework,” he said, explaining that the Disaster Management Act of 2005 laid the groundwork for rule-based fund transfers from national authorities down to states and districts.
     
    According to Dr. Mishra, India’s approach rests on ensuring that budgets cover preparedness, mitigation, relief, and recovery in one integrated flow of funds. He emphasized that the needs of vulnerable communities remain at the forefront of allocation decisions. He added that, by making resources accessible at every level—central, state, and local—the government ensures timely assistance for all affected areas. “We have built accountability and transparency into every stage of expenditure, so outcomes can be measured and lessons learned applied,” he explained.
     
    Dr. Mishra stressed that while each country must design a financing system suited to its governance, fiscal context, and risk profile, guidance from global benchmarks is essential. He said: “Countries need to take ownership of DRR financing, while benefiting from technical support and experience sharing. At the same time, international cooperation can help mobilize resources that go beyond traditional public finance.”
     
    He proposed that risk-pooling arrangements, insurance schemes, and other innovative tools be developed in line with local fiscal capacity, noting that these instruments can complement public budgets without imposing unsustainable debt burdens. “It is not enough to wait for disasters and then allocate funds; we need a mix of financial instruments that can smooth the impact of shocks,” he argued.
     
    At the global level, Dr. Mishra observed that no dedicated international mechanism currently exists to help countries set up or strengthen DRR financing frameworks. He called for the creation of a global facility under the UN system and in partnership with multilateral development banks, one that would provide catalytic funding, technical assistance, and a platform for knowledge exchange. “Such a facility would help countries move from intent to action with clear, time-bound milestones,” he said.