Source: Northern Territory Police and Fire Services
The Northern Territory Police Force is calling for witnesses in relation to a serious aggravated assault that occurred in Alice Springs in the early hours of this morning.
Around 10:45am today, police received reports of blood being found on the pavement outside an office building on Bagot Street in The Gap.
Upon review of CCTV, police observed at 4:45am this morning a male offender allegedly stabbed a female victim with an unknown object, before physically assaulting her multiple times. The victim was allegedly dragged from the area by the offender towards Tuncks Road.
Investigations have commenced and police hold concerns for the welfare of the victim.
The offender is described as being shirtless, wearing black shorts, black shoes and a light-coloured hat. The victim is described as wearing a light-coloured long-sleeved jumper, light-coloured pants, light-coloured shoes, with her hair tied up in a bun or ponytail.
Police are particularly interested in speaking to the drivers of multiple vehicles that drove past on Bagot Street and South Terrace at the time of the alleged assault.
Anyone with information is urged to call police on 131 444 and quote reference NTP2500036419. Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.
If you or someone you know are experiencing difficulties due to domestic violence, support services are available, including, but not limited to, 1800RESPECT (1800737732) or Lifeline 131 114. In an emergency dial 000.
Pre-seed round led by Coinbase Ventures and Draper Associates signals growing institutional interest in Bitcoin-native finance.
SAN FRANCISCO, April 08, 2025 (GLOBE NEWSWIRE) — Sats Terminal, the Bitcoin decentralized finance (DeFi) aggregation protocol, has raised $1.7 million in pre-seed funding to expand its platform. Providing decentralized exchange (DEX), bridge and yield aggregation in the Bitcoin ecosystem, Sats Terminal will leverage this raise to develop infrastructure further aimed at solving one of Bitcoin DeFi’s biggest problems: fragmentation.
The round was led by Coinbase Ventures and Draper Associates, with additional participation from Draper Dragon, BitcoinFi Accelerator, UTXO Management, Core Chain Ventures, Sats Ventures, Delta Blockchain Fund, Tenzor Capital and 3Commas Capital. A group of high-profile angel investors also joined the round, including Paul Taylor, Franklin Bi, DOMO, Stijn Paumen and others who support the Sats Terminal’s vision.
Tim Draper, Bitcoin veteran and General Partner at Draper Associates, shared the following:
“Bitcoin’s sprawling ecosystem needs a solution that solves fragmentation, and the team at Sats Terminal is delivering exactly that — aggregating liquidity and creating a seamless experience that unleashes the network’s true power!”
Building Simplicity in a Fragmented Bitcoin DeFi Landscape
Founded by Stanislav Havryliuk and Rishabh Java, Sats Terminal was born from a clear need to make Bitcoin-native DeFi products more straightforward and connected. The current BitcoinFi landscape is rich in opportunity — from lending and staking to bridging and token swaps — but it remains fragmented, technically complex and challenging for everyday users.
“Bitcoin blocks are empty because Bitcoin isn’t accessible enough. Sats Terminal is changing this — making it simple to trade Runes, buy Bitcoin, borrow against it and more, directly on mainnet,” said Rishabh Java, Co-Founder & CTO. “We’re here to keep Bitcoin decentralized, secure and miner-profitable — strengthening the world’s most powerful blockchain.”
Rishabh Java, Co-Founder & CTO of Sats Terminal
“Bitcoin used to be digital gold — something to hodl in cold storage. But that’s changing fast,” said Stanislav Havryliuk, Co-Founder & CEO of Sats Terminal. “Now, you can put your BTC to work in DeFi: earn through lending, staking, swaps, bridging and providing liquidity. Sats Terminal brings these opportunities together into one simple platform, making it easy for anyone to enter the world of Bitcoin DeFi.”
Stanislav Havryliuk, Co-Founder & CEO of Sats Terminal
At its core, Sats Terminal aggregates key Bitcoin DeFi protocols, allowing users to access the best staking yields, the most competitive token swap rates and seamless bridging options — all from a single interface. This integration improves the user experience and benefits partner protocols by driving more users and increasing liquidity volumes.
Sats Terminal is actively expanding in the Bitcoin ecosystem. It has already integrated widgets with top Runes projects like $DOG and $BILLY and is live on Liquidium, Xverse, Runes.com and many other partner websites and apps.
What’s Next for Sats Terminal?
With the newly secured funding, Sats Terminal plans to expand its ecosystem with more partner integrations, enhanced order-splitting algorithms and auto-compounding yields as the protocol matures. With this funding, Sats Terminal will be able to develop a suite of products that leverages its robust routing and trading infrastructure, delivering users the best possible rates across its product suite.
The team’s vision is to become the primary interface for interacting with Bitcoin’s DeFi economy — offering users a unified, efficient and rewarding experience for every BTC transaction.
This funding marks a significant step forward for the company and the broader Bitcoin DeFi movement, which is gaining momentum as users look beyond Ethereum for decentralized financial tools.
Get started with Bitcoin DeFi today. Try Sats Terminal’s live DEX Aggregator now at app.satsterminal.com. Join the conversation on X (Twitter) and Discord to follow the journey.
About Sats Terminal Sats Terminal is a Bitcoin DeFi Aggregation Protocol that integrates fragmented DeFi opportunities — including staking, token swaps, borrowing, bridging and more — into a seamless and unified user experience.
About Draper Associates Draper Associates, founded in 1985 by Tim Draper, is a seed-stage venture capital firm that helps entrepreneurs drive their businesses to greatness. Tim Draper is one of Silicon Valley’s most prominent venture capitalists, investing in legendary companies such as SpaceX, Tesla and Coinbase. He is an ardent proponent of Bitcoin and is recognized as one of the world’s largest cryptocurrency holders.
About Coinbase Ventures Coinbase Ventures is the global venture capital arm of Coinbase, Inc., dedicated to investing in exceptional founders who share Coinbase’s mission of increasing economic freedom and growing the onchain economy. Since its inception in 2018, CBV has invested in hundreds of early-stage teams, broadly supporting innovation across all sectors of the onchain economy.
Disclaimer:This press release is provided by the Sats Terminal. 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.
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NEWS RELEASE: HAWAIʻI CIVIL RIGHTS COMMISSION AND STATEWIDE PARTNERS PROMOTE EQUAL HOUSING AT APRIL CONFERENCE
Posted on Apr 7, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
HAWAIʻI CIVIL RIGHTS COMMISSION
KOMIKINA PONO KĪWILA O HAWAIʻI
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
MARCUS KAWATACHI
EXECUTIVE DIRECTOR
HAWAIʻI CIVIL RIGHTS COMMISSION AND STATEWIDE PARTNERS PROMOTE EQUAL HOUSING AT APRIL CONFERENCE
FOR IMMEDIATE RELEASE
April 7, 2025
HONOLULU — The Hawaiʻi Civil Rights Commission (HCRC) and agencies statewide are hosting a free Fair Housing Month Conference on April 24, 2025, from 9 a.m. to 2:30 p.m. to promote awareness and understanding of fair housing laws. The event will provide key insights on Hawaiʻi’s fair housing protections, best practices for housing professionals, and resources for tenants and property owners.
“Fair housing is more than a legal obligation—it is essential to fostering inclusive communities,” said HCRC Executive Director Marcus Kawatachi. “This conference is an opportunity to educate the public and ensure that everyone in Hawaiʻi has equal access to housing, free from discrimination.”
Hawaiʻi’s fair housing law, established in 1967 as Act 103 and now codified as Chapter 515 of the Hawaii Revised Statutes, prohibits housing discrimination based on race, sex (including gender identity or expression), sexual orientation, color, religion, marital status, familial status, ancestry, disability, age, or HIV status. The law aligns with the federal Fair Housing Act and remains a cornerstone of the state’s civil rights protections.
HCRC works alongside the Hawaiʻi Public Housing Authority, Hawaiʻi Housing Finance and Development Corporation, Department of Hawaiian Homelands, county housing agencies and the Legal Aid Society of Hawaiʻi to uphold these protections and address fair housing violations.
In recognition of these ongoing efforts, Governor Josh Green, M.D., has proclaimed April as Fair Housing Month in Hawaiʻi, encouraging residents, businesses and organizations to uphold the principles of equal housing opportunity.
For more information, contact the Hawaiʻi Civil Rights Commission at 808-586-8636.
# # #
Equal Opportunity Employer/Program
Auxiliary aids and services are available upon request to individuals with disabilities.
Highlights Results of Transformative Strategy and Path to Future Value Creation
Demonstrates Elliott’s Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value
Urges Shareholders to Vote “FOR” ONLY Phillips 66’s Nominees on the WHITE Proxy Card
HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting.
In addition, the Board wrote a letter to shareholders that highlights valuable information to make an informed voting decision, including:
The consistent, compelling value Phillips 66 delivers for its shareholders;
The bold steps Phillips 66 has taken to drive shareholder value under Mark Lashier’s leadership;
Progress made across business areas and future actions that will drive continued outperformance;
Phillips 66’s track record of allocating capital effectively and prioritizing consistent shareholder returns across economic and industry cycles; and
How Elliott’s misguided proposals will disrupt Phillips 66’s momentum by pushing for irreversible change that will destroy shareholder value.
Phillips 66 also published a video on Phillips66Delivers.com, which reiterates Phillips 66’s differentiated platform, transformative strategy, approach to capital allocation and history of engagement with Elliott Investment Management (“Elliott”).
The full text of the Board’s letter to shareholders follows:
Dear Fellow Shareholders,
Thank you for your investment in Phillips 66 and your continued support.
The Board is committed to protecting your investment and focused on sustainable long-term value creation. For twelve years, we reliably grew our dividend and consistently returned capital to shareholders, delivering more than $43 billion1 in cumulative shareholder distributions.
Phillips 66’s Strategy Delivers Consistent and Compelling Long-Term Value
Our ability to continue to deliver long-term value for you is on the line – and your vote at our 2025 Annual Meeting is very important to us.
You face an important choice regarding your Phillips 66 investment:
On one side isa Board and management team implementing a clear transformative strategy that has delivered results. The strategy is in its early stages and has significant room to deliver further value.
On the other side isan activist hedge fund pushing an aggressive short-term agenda– including a rushed breakup of our Company based on flawed analysis – that would introduce unnecessary risk and disruption, slow our momentum and jeopardize your invested capital and long-term returns.
We do not dismiss Elliott’s ideas – in fact, we’ve welcomed their ideas throughout our entire engagement with them. We encourage healthy debate in the board room and that spirit extends to how we incorporate shareholder feedback. We care about finding the right path to drive the highest value for your investment.
Given our assessment of where Phillips 66 is in its strategy, current market conditions and specific costs and risks related to Elliott’s thesis, we believe pursuing their ideas puts your investment at risk.
Elliott continues to use its activist playbook to avoid collaboration, cloud the discussion and drive a false narrative to promote their short-term agenda. Meanwhile, Phillips 66’s Board and management team are taking bold steps to drive shareholder value.
Phillips 66 is in the Early Innings of a Deliberate Transformation
Under CEO Mark Lashier’s leadership since July 2022, Phillips 66 has made a series of bold decisions for shareholders, including:
Returning $13.6 billion to shareholders;1
Nearly doubling EBITDA contributions from our Midstream segment from 2021 levels;
Divesting a total of $3.5 billion in assets;
Announcing plans to cease operations at our Los Angeles refinery; and
Fulfilling our commitment to substantially reduce controllable costs.
These are significant actions where the benefits to shareholders are just starting to be realized. Since Mark became CEO, we have delivered strong total shareholder returns, significantly outperforming a weighted average of our proxy peers2 – 67%3 vs 42%3.
Phillips 66’s Strategy and Current Initiatives are Built for Consistent Returns While Providing Shareholders with Meaningful Upside
Elliott wants a quick win by breaking up the Company, based on inflated and unrealistic assumptions. As we continue to execute our strategy, we are confident we will continue to deliver outperformance for our shareholders.
The path to additional shareholder value is in the ongoing efforts across our business, including:
Phillips 66 has a track record of allocating capital efficiently and generating high returns on invested capital. Since 2015, we have delivered Return on Capital Employed (“ROCE”)4 of 11%, outperforming the weighted average of our proxy peers. We achieved this by being highly selective when deciding where to deploy our capital within the business. This proven and disciplined approach to capital allocation will help deliver value for our shareholders.
Since our formation in 2012, we have returned more than $43 billion to shareholders through dividends and share repurchases1. We have grown our dividend at a 15% Compound Annual Growth Rate (“CAGR”). The dividend we pay to our shareholders has grown every single year since we have been a publicly traded company.
So, What is at Risk with Elliott’s Proposals?
Elliott seeks rapid, irreversible change in pursuit of an unrealistic thesis – and risks halting the momentum on our long-term value-creating strategic plan.
Elliott’s thesis jeopardizes shareholders’ realization of value from our long-term strategy.
Their thesis is inherently based on short-term market fluctuations, aspirational valuations and unrealistic assumptions.
Elliott’s analysis of a potential spin of the midstream business understates one-time costsand ongoing dis-synergies.
Their analysis of a potential sale of the midstream business unrealistically asserts that cash buyers exist at a $50 billion price tag and would pay for 100% of synergies, both of which are highly unlikely. In addition, tax leakage costs could be as high as $10 billion.
Elliott’s analysis notably excludes external factors, such as the timing risk of valuations in commodity businesses, which can significantly impact transactions in our industry.
The Board is committed to thoroughly evaluating Phillips 66’s portfolio to maximize long-term shareholder value. We debate these topics rigorously and always carefully review all options, but we will not favor short-term decision making under the pressure of one shareholder at the expense of all others.
To Sum it All Up: Long-Term Value Creation is Phillips 66’s North Star
Phillips 66 is executing a disciplined strategy that continues to deliver tangible results and has significant room to drive further shareholder value. Our strong track record of financial performance, operational excellence and shareholder returns underscores our ability to successfully navigate industry cycles. We are well positioned to continue building on these successes to provide you with consistent and compelling long-term returns.
We urge you to support Phillips 66 at the 2025 Annual Meeting. Your investment is best served by having a Board focused on creating reliable value, both now and in the future.
We unanimously recommend you vote “FOR” ONLY Phillips 66’s nominees on the WHITE proxy card.
Thank you for your continued support.
Sincerely,
The Phillips 66 Board of Directors
_________________________________________
1
Shareholder distribution through dividends paid on common stock and repurchases of common stock.
2
Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance Proxy Peers’ TSR based on the weighting of consensus NTM EBITDA estimates for PSX’s segments.
3
Total Shareholder Return (“TSR”) from June 30, 2022 to March 31, 2025
4
Non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure can be found here.
5
Excludes adjusted turnaround expenses. Non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure can be found here.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
Certain Information Regarding Participants
Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
Use of Non-GAAP Financial Information
Non-GAAP Measures — This letter includes non-GAAP financial measures, including, “adjusted EBITDA,” “refining adjusted controllable costs,” and “return on capital employed.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Click here to find reconciliations to, or further discussion of, the most comparable GAAP financial measures.
This letter also includes forward-looking non-GAAP financial measure estimates such as, but not limited to “adjusted EBITDA,” “controllable costs” and “refining adjusted controllable costs,” which, as used in certain places herein, are forward looking non-GAAP financial measures. These forward-looking estimates or targets depend on future levels of revenues and/or expenses, including amounts that could be attributable to non-controlling interests or related joint ventures, which are not reasonably estimable at this time. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measure cannot be provided without unreasonable effort. Below are definitions of these non-GAAP measures and identification of the most directly comparable GAAP measure.
EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Refining adjusted controllable cost is the sum of operating and SG&A expenses for our Refining segment, plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in equity earnings of affiliates. The per barrel amounts are based on total processed inputs, including our proportional share of processed inputs of an equity affiliate, for the respective period.
References in this letter to shareholder distributions and returns to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings or run-rate business transformation savings, include cost savings and references to run-rate synergies include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings. References in this letter to “synergies” are supported by management’s estimates and assumptions. These estimates are derived from the Company’s internal projections and other relevant data. However, because these synergies are not calculated in accordance with generally accepted accounting principles (GAAP), they cannot be directly reconciled to GAAP measures. The Company believes that these non-GAAP measures provide valuable insight into optimization benefits, but cautions that such synergies may not be realized in full or at all.
Basis of Presentation – Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
Source: Hong Kong Government special administrative region
SFST’s opening remarks on financial services at LegCo Finance Committee special meeting Chairman and Honourable Members,
I will briefly introduce the estimates of expenditure for financial services and our key areas of work in 2025-26.
Estimates of expenditure
The allocation to the Financial Services Branch (FSB) and departments under its purview for 2025-26 is around $1.6 billion. The allocation is decreased by around $0.6 billion over the revised estimate of last year, mainly due to the one-off provision of $200 million to the Accounting and Financial Reporting Council last year, but no such special expenditure is estimated for 2025-26. Secondly, most of the system development costs of the eMPF Platform have been settled in previous years, and the eMPF Platform Company Limited has to repay a one-off cash advance to the Government, resulting in a decrease in cash flow requirement for the Platform in 2025-26. Furthermore, allocation for various funding schemes/initiatives under the “Funding for promoting and facilitating the development of the financial services sector” in 2025-26 is revised.
Key areas of work
In the coming year, our work will focus on six main themes, namely, continuously supporting the vibrant development of stock market and initial public offering (IPO) market, facilitating asset and wealth management business, attracting enterprises, boosting fintech and innovation, deepening mutual access and international co-operation and taking forward institutional reforms continuously.
(i) To continuously support the vibrant development of the stock market and IPO market, Hong Kong Exchanges and Clearing Limited (HKEX) is taking forward the establishment of a dedicated “technology enterprises channel” (TECH) to further assist specialist technology and biotechnology companies in raising funds and expanding business, facilitating the relevant companies in preparing for listing applications. Meanwhile, the Securities and Futures Commission (SFC) and the HKEX will take forward a comprehensive reform to the listing regime and review the market structure to dovetail with the latest economic trends and corporate needs, attracting more Mainland and overseas issuers to raise funds in Hong Kong as well as investors to increase their allocation to Hong Kong stocks. In addition, we will take forward various measures in facilitating financing of overseas enterprises and specific products, improving trading and risk management efficiency, and promoting trading of Renminbi (RMB) stocks, thereby driving the high-quality development of the Hong Kong securities market and creating more new growth areas.
(ii) To facilitate the asset and wealth management business, we will formulate proposals on the preferential tax regimes for funds, single family offices and carried interest this year, including expanding the scope of “fund” under the tax exemption regime and increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices. Our target is to submit the legislative proposals to the Legislative Council (LegCo) for consideration next year, and strive for the LegCo’s approval as soon as possible to apply the relevant measures with effect from the 2025-26 financial year. Furthermore, Invest Hong Kong has assisted over 160 family offices to set up or expand their businesses in Hong Kong. The third edition of the Wealth for Good in Hong Kong Summit, themed “Hong Kong of the World, for the World”, was successfully held last month, attracting around 360 family office principals and industry leaders, to showcase Hong Kong’s advantages as a leading global family office hub.
(iii) We strive to attract enterprises from the Mainland and around the world to set up headquarters or corporate divisions in Hong Kong. Meanwhile, we submitted a bill to the LegCo for the introduction of a company re-domiciliation mechanism to provide facilitation for companies domiciled overseas to re-domicile to Hong Kong. The scrutiny of the bill is approaching the final stage, and we are thankful to Members for their support. We will pursue the passage of the bill in May for it to take immediate effect.
(iv) We are at the forefront of fintech and are actively promoting innovation.
On virtual assets, we will soon promulgate a second policy statement on the development of virtual assets to explore the convergence of traditional finance and virtual assets, and will conduct consultation on the licensing regimes of virtual asset over-the-counter trading services and custodian services this year. The Stablecoins Bill submitted to the LegCo at the end of last year has also reached the final stage of scrutiny.
In terms of gold and commodities market, we established the Working Group on Promoting Gold Market Development last December, which will formulate a plan this year to enhance gold storage facilities, trading mechanisms, etc. The London Metal Exchange, a subsidiary of the HKEX, has included Hong Kong as an approved delivery point, further strengthening our market position.
We, together with the Office for Attracting Strategic Enterprises and the Hong Kong Trade Development Council, will host the inaugural Hong Kong Global Financial and Industry Summit this year, which will, through financial empowerment, attract more leading companies in advanced industries, domestic as well as overseas enterprises and investors to establish a foothold in Hong Kong.
On fixed income and currency hub, the SFC and the Hong Kong Monetary Authority (HKMA) have set up a task force to formulate a roadmap. We will also organise a flagship forum in the second half of this year to promote Hong Kong’s strengths in this regard. We will also conduct research into the current legal and regulatory regime related to the issuance and transactions of digital bonds and explore enhancement measures to promote the wider adoption of tokenisation in Hong Kong’s bond market.
(v) Hong Kong’s status as an international financial centre is inseparable from our connection with the Mainland and the world. To deepen mutual access and international co-operation, we will strive to enhance the mutual access mechanism. For example, we will explore extending the Cross-boundary Wealth Management Connect Scheme in the Greater Bay Area. Both places are also conducting technical preparations to implement the inclusion of RMB trading counter under Southbound trading of Stock Connect, and taking forward further expansion initiatives. Offshore RMB business is also being upgraded, with the liquidity pool expanding to approximately RMB1.1 trillion.
The Government and the HKEX will step up promotion in ASEAN (Association of Southeast Asian Nations) and the Middle East, foster financial co-operation, attract more enterprises to list in Hong Kong, and explore co-operation including listing of exchange-traded funds to promote two-way capital flows.
(vi) We will also take forward institutional reforms on different aspects continuously.
On improving trading and risk management efficiency, the HKEX is gradually conducting upgrades to its post-trade system to ensure technical compatibility with the T+1 settlement cycle by the end of this year, and will also put forward recommendations on improving the trading unit system (or so-called “board lot” system) within this year. In addition, to meet the risk management needs of investors, the SFC has consulted the market on the proposal to increase the position limits for key index derivatives, so as to enhance flexibility for investors to use the relevant derivatives while safeguarding financial safety.
On reforming the MPF (Mandatory Provident Fund) System, the MPFA (Mandatory Provident Fund Schemes Authority) commenced public consultation on the proposal of MPF “Full Portability” in late March, and will submit consultation conclusions and a legislative amendment proposal to the Government upon completion of the public consultation. Subject to the results of the public consultation, the Government will proceed with legislative amendments, so that MPF “Full Portability” could be launched soon after the full implementation of the eMPF Platform.
Chairman, my colleagues and I will be happy to answer Members’ questions. Thank you, Chairman. Issued at HKT 17:57
While most of the graphite used in industry today is synthetic graphite imported from China, UP Catalyst’s synthetic graphite offers some important advantages. For a start, whereas most synthetic graphite is made from heating petroleum industry biproducts to high temperature and therefore entail high CO2 emissions, UP Catalyst gets its CO2 from biogas and its electricity from renewable sources in a process that is overall carbon negative.
“Typically, synthetic graphite is a very carbon intensive product, which is basically made from petroleum refinery residues,” explains Jonas Wolff, a senior advisor at the European Investment Bank. “But because UP Catalyst is using CO2 emissions from biofuels, they are effectively taking CO2 out of circulation and permanently sequestrating its carbon, which is hugely beneficial, in terms of our climate objectives.”
Another positive aspect of UP Catalyst’s process is that it could help the European Union to reduce its dependence on graphite imports from China, which currently supplies about 95% of the material. Recognising the potential of the technology, the company’s project that plans to turn a quarter of a million tons of CO2 into graphite was recently listed as one of 47 Strategic Projects for critical raw materials by the European Commission, a designation that means it will benefit from coordinated support by the Commission, Member States and financial institutions as well as streamlined permitting provisions.
– Leading Web3 Gaming Innovation through AI-based Esports Content
KINGSTOWN, Saint Vincent and the Grenadines, April 08, 2025 (GLOBE NEWSWIRE) — Miracle Play, a Web3 Esports tournament platform, officially launched the beta version of ‘AI GRANPRIX’, an AI agent racing simulation, on March 31.
‘AI GRANPRIX’ is designed as an autonomous simulation tournament system where AI agents learn racing strategies and compete based on user-created dNFT vehicles, offering an immersive experience distinct from traditional manual competition formats.
In this beta version, users mint dNFT vehicles based on custom basic stat distributions and directly observe how these stats influence simulated racing outcomes. Tournament results are presented as simulation replay videos derived from match data, providing immersive, spectator-focused Esports content for both participants and general users. A reinforcement learning mode for AI parameters will be gradually introduced starting early May. The official release will feature a fully operational technical framework in which AI’s strategic learning logic and match performance are interconnected in real-time.
Through this system, players assume a supervisory role, strategically influencing AI development and parameter optimization without direct manual operation. Achievements in reinforcement learning directly reflect in match performance, immediately linking match outcomes to the value of dNFT assets on-chain.
This creates a quantifiable cause-and-effect relationship between AI parameter optimization and match results, transforming players from mere consumers into designers and contributors who actively participate in asset value creation.
Such a structure establishes a clear feedback loop—”AI learning → Match results → On-chain asset appreciation”—highlighting Miracle Play’s realization of next-generation Esports architecture that organically connects AI technology with blockchain-based asset economies.
Additionally, Miracle Play’s tournament system introduces a novel GameFi model known as the “performance-based farming structure,” which transcends simple match participation. Players achieving above-average scores in tournaments receive gaming tokens as rewards, which can then be burned to secure reward shares. The more tokens a player burns, the higher their reward from the Burn Pool, thus incentivizing active participation and contributions simultaneously.
Within the community, this unique model has earned Miracle Play the nickname “Web3 Tournament Mining Machine,” creating a strategic mining meta. Because rewards depend not only on match outcomes but also on performance metrics and burn contributions, strategic data-driven participation and active contributions rather than mere luck become critical factors. This ecosystem is designed to seamlessly integrate play and farming, enhancing both on-chain economies and gameplay to deliver an active, reward-oriented Web3 gaming experience favored by MZ generation users.
Currently, Miracle Play boasts over 1.2 million cumulative tournament participants, total prize money of $350,000, and more than 2.8 million on-chain transactions, maintaining steady growth. Going forward, Miracle Play plans to open its proprietary technology ecosystem by introducing the ‘Miracle Agent SDK’ to external game developers. This initiative will facilitate easy integration of AI-based automated tournament systems across various game genres, accelerating the establishment of a universal Esports ecosystem combining AI technology and blockchain infrastructure.
A representative from Miracle Play stated, “AI GRANPRIX represents the first Esports model that integrates strategic AI learning, blockchain-based transparent competition structures, and digital asset mechanisms. We will continue refining the system based on user feedback and establish foundations for more games to implement AI-based tournaments through the Miracle Agent SDK.”
Disclaimer:This press release is provided byMiracle Play. 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. 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. 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.Speculate only with funds that you can afford to lose.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.
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 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.
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BOSTON, April 08, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the strategy consulting and investment banking firm connecting capital, innovation, and impact in education, today released its latest report, Catalytic Capital: Funding the Missing Middle in the Education-to-Workforce Ecosystem. The report, supported by World Education Services (WES) and Strada Education Foundation, sheds light on a persistent funding gap preventing scalable solutions in workforce development and calls on impact investors to embrace catalytic capital as a transformative funding strategy.
The education-to-workforce pipeline in the U.S. is fractured, leaving millions of learners and workers without viable pathways to sustainable careers. While philanthropy and market-rate investment play critical roles, they leave a “missing middle”—high-impact initiatives that fail to attract traditional funding due to their risk-return profile. Catalytic capital, which is patient, flexible, and impact-first, can bridge this gap, unlocking scalable solutions and accelerating workforce innovation.
“The urgency for new funding strategies in workforce development has never been greater,” said Andrea Mainelli, Senior Advisor at Tyton Partners. “Catalytic capital has been successfully deployed in sectors like climate and microfinance, yet it remains underutilized in education-to-workforce initiatives. This report provides a blueprint for how investors can mobilize capital in ways that drive systemic, lasting change.”
Key insights from the report include:
Catalytic capital is not new—It has been deployed for decades by development finance institutions and foundations to solve large-scale social challenges.
A critical funding gap persists—Traditional capital ignores high-impact opportunities that lack immediate financial returns, while philanthropy alone is insufficient.
Market failures require intervention—Three distinct market failures—nascent markets, subsidized markets, and broken markets—demand catalytic capital solutions.
Investors can take action now—Flexible capital strategies can unlock workforce solutions at scale, from student-friendly financing models to career navigation platforms.
To develop these insights, Tyton Partners conducted extensive research, including interviews with impact investors and a review of over 30 leading studies on catalytic capital and blended finance.
The report calls on investors, foundations, and policymakers to rethink their funding strategies and integrate catalytic capital into their portfolios. “The time is now to embrace more flexible and holistic approaches to impact investing—ones that go beyond the traditional limits of grants and market-rate investments to unlock greater potential for meaningful change,” said Sean Crowley, Senior Manager of Investments at World Education Services.
Tyton Partners invites investors and ecosystem leaders to explore the findings and engage in discussions on how catalytic capital can drive workforce transformation.
Read the fullCatalytic Capital: Funding the Missing Middle in the Education-to-Workforce Ecosystemreporthere.
Media Contact Zoe Wright-Neil Director of Marketing and Business Development zwrightneil@tytonpartners.com Tyton Partners
About Tyton Partners Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in New York City and Boston, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.
VICTORIA, Seychelles, April 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the launch of MEXC Alpha on its decentralized trading platform, MEXC DEX+. This innovative product focuses on early-stage, high-potential crypto projects, aiming to help over 34 million users worldwide get ahead of market trends and seize the next big opportunity in the crypto space.
MEXC DEX+ now fully supports the Solana ecosystem, integrating popular liquidity pools like pump.fun, PumpSwap, and Raydium, offering a wide selection of over 10,000 on-chain assets. DEX+ has also integrated top DEXs from the BSC ecosystem, including PancakeSwap, covering more than 5,000 popular tokens, ranging from DeFi projects to memecoins.
The crypto market evolves rapidly and unpredictably. For everyday users to stay ahead of the curve and spot promising projects early requires deep industry knowledge combined with significant investments of both time and effort. MEXC DEX+ continues to roll out new features to help users invest with greater precision, which is exactly what MEXC Alpha is designed to do.
MEXC Alpha highlights early-stage, high-potential projects across multi-chain ecosystems like Solana and BSC, keeping pace with trends in DeFi innovation, memecoin surges, and emerging trends. Backed by expert industry insights and real-time market data, Alpha provides trustworthy investment references. MEXC Alpha is a direct response to user needs: it leverages expert curation and robust technology to lower investment barriers, enabling every user to easily and efficiently select promising targets, invest in early-stage projects, and seize opportunities ahead of the market.
MEXC Alpha features three core principles: Security, Efficiency, and Simplicity. Security: Backed by MEXC’s team of professionals, Alpha leverages industry insights and market data to carefully select and showcase high-potential projects from over 10,000 trending tokens. This helps users quickly identify promising opportunities and boost investment impact. Efficiency: Designed to secure the best trading prices and streamline the trading process, Alpha is available on both MEXC’s App and Web platforms, allowing users to monitor markets and seize opportunities anytime, anywhere. Simplicity: There’s no need to create a Web3 wallet or manage private keys. Users only need to create an MEXC account and activate the DEX+ wallet. By depositing SOL or BNB, they can start trading on-chain instantly, significantly lowering the entry barrier for everyday users.
As the crypto market rapidly evolves and trends become increasingly fragmented, everyday users face greater challenges when it comes to research and decision-making. MEXC Alpha, powered by the insights of a professional team and a data-driven selection strategy, provides a simple and efficient trading experience to help users get ahead and discover the next potential 100x gem.
Alpha is more than just a tool for uncovering valuable investments: it offers listed on-chain projects the opportunity to be featured on MEXC’s Spot or Futures markets. This mechanism shortens the complex path from on-chain discovery to exchange listing, enhancing both project visibility and trading efficiency, while giving early participants a unique edge.
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries and regions, MEXC is known for its broad selection of trending tokens, frequent 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.
Disclaimer:This press release 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. 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. 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.Speculate only with funds that you can afford to lose.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.
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 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.
Source: United Kingdom – Executive Government & Departments
Press release
West Yorkshire manufacturer opens factory and expands global reach with UKEF support
Rosehill Polymers Group has opened a new factory in Sowerby Bridge following a previous financing agreement with UK Export Finance (UKEF) and Virgin Money.
The company now exports directly to over 60 countries, through an established network of distributors and end customers.
The financing is also supporting apprenticeship schemes and university placements in West Yorkshire, helping to develop the region’s future manufacturing workforce.
Founded in 1988, Rosehill Polymers Group is a UK manufacturer of high-performance polymer systems using recycled rubber. Its solutions are widely used across sectors such as highways, rail, energy, sport, and security infrastructure.
In 2023, UKEF, the UK government’s export credit agency, issued a credit guarantee for Rosehill under its General Export Facility. This unlocked new financing from Virgin Money, enabling Rosehill to scale its operations and invest in global growth.
Thanks in part to this financing, the company has now expanded its direct export markets from 52 to over 60 countries and opened a second factory in Sowerby Bridge. This reflects strong international demand and the versatility of its solutions across diverse applications.
In 2024–25 alone, Rosehill used the new financing to break into nine new export markets, including Chile, Colombia, the Cayman Islands, South Africa, Angola, Saudi Arabia, Turkey, Iraq, and Romania.
Further growth is anticipated in 2025, with market entries planned in Argentina, Bolivia, Panama, Suriname, French Guiana, Namibia, Malaysia, Croatia, Latvia, and Singapore.
With around 100 staff based at its West Yorkshire site, including in-house chemists and technical specialists, Rosehill continues to invest in skills through apprenticeships and university placements, ensuring a strong foundation for the future.
UKEF’s support has been instrumental in helping Rosehill drive sustainable manufacturing growth, expand its international footprint, and contribute to the UK’s global trade ambitions under the government’s Plan for Change.
Alexander Celik, CEO at Rosehill Polymers Group, said:
“Rosehill has an established history of exporting our products to several developed key markets. However, as competition within the sector increases, it is more important than ever to mirror this success elsewhere. Working with UKEF has not only enabled us to tap into the potential held within Latin America, Southeast Asia and Europe, but also expand our innovative product offering to even more customers worldwide.
“As we enter this next exciting phase of growth, our attention turns to meeting global demand, all while providing opportunities for people across Yorkshire. Our apprenticeship and placement schemes lay at the heart of what we do, and as we expand our overseas footprint, we hope to see this result in increased opportunities to attract the best talent to the industry.”
Alissia Deane, West Yorkshire Export Finance Manager at UKEF, said:
“The support provided to Rosehill Polymers highlights UKEF’s commitment to helping British SMEs achieve growth in overseas markets – something which in turn supports economic growth across the UK.
“It’s fantastic to see how our support ended up helping Rosehill to reach new export markets and develop jobs and talent in the local manufacturing industry.”
Craig Wilson, Head of FX Sales & Trade Finance at Virgin Money, said:
“Rosehill are a fabulous example of a successful and innovative UK manufacturing business growing their customer base through the world, and in the process growing their workforce locally.
“We are proud to be a key partner of Rosehill and provide some of the international tools and expertise to help them to continue to grow their already impressive international success. The current deal in conjunction with UK Export Finance is another great example of collaboration between Virgin Money and UKEF to support customers trading internationally.”
Source: Hong Kong Government special administrative region
Opening remarks by SCS at LegCo Finance Committee special meeting Chairman,
Among the matters related to the civil service in the 2025-26 Draft Estimates of Expenditure, I would like to focus my introduction on the following items.
The first item is the civil service establishment. We have implemented the zero-growth policy in the civil service establishment since 2021-22 with the overall establishment controlled at a level not exceeding that as at end-March 2021, i.e. about 196 000 posts. With the concerted efforts of bureaux and departments, the civil service establishment has been reducing every year. It is anticipated that by March 31, 2026, the overall civil service establishment will have reduced to about 193 000 posts, i.e. a reduction by approximately 3 000 posts on a cumulative basis.
To better utilise manpower resources, we will trim the civil service establishment further, reducing it by 2 per cent each in 2026-27 and 2027-28 basing on the establishment of the preceding financial year. By April 1, 2027, about 10 000 posts are expected to be deleted from the civil service establishment within this term of Government. The resources saved will be included in the 2 per cent savings of the recurrent expenditure of the departments concerned under the Financial Services and the Treasury Bureau’s Productivity Enhancement Programme.
In addition, the Government has put forward in the Budget that for 2025-26, the executive authorities, the legislature, the judiciary and members of the District Councils take a pay freeze. This applies to members of the civil service. The effective date of the civil service pay freeze is April 1, 2025.
I understand recent concerns over the civil service establishment. Some people think that since the current vacancy rate stands at about 10 per cent, cutting the vacancies directly will achieve greater savings in expenditure. I would like to take this opportunity to clarify the matter. The reduction in the civil service establishment proposed in the Budget aims to optimise manpower arrangements through reorganisation and reprioritisation of work while maintaining the efficiency of public services. To this end, all posts, both filled and vacant, will be reviewed to ascertain the necessity to retain them. It does not mean that we can achieve the objective simply by deleting all vacant posts. For posts that are essential to the provision of public services, such as Air Traffic Control Officers and Station Officers, we have to retain them, and recruitment will continue. For posts currently occupied, they are not immune from deletion but may be deleted after the transfer of the incumbents and redistribution of work.
As a matter of fact, with the increasing workload of the Government, it requires much effort in planning for departments to cut expenditure and reduce their establishment at the same time. However, it also presents a good opportunity for them to think outside the box and adopt innovative thinking to enhance efficiency and effectiveness. The Government will continue to promote the adoption of management measures and digitalisation among departments with a view to optimising the use of civil service manpower resources and enhancing efficiency by reprioritising their work, redeploying internal resources, streamlining procedures and leveraging technology. In so doing, the leaner civil service can continue to deliver high-quality public services.
The second item is about civil service training. The Civil Service College will continue to take forward various initiatives to strengthen the governance capabilities of the civil service. The relevant estimated expenditure is about $255 million in 2025-26. The College will launch the Governance Talents Development Programme as proposed in the Policy Address to nurture governance talent with a macro perspective and professional leadership ability. It will also continuously enhance the content on technology application in civil service leadership training, enabling departmental leaders to better grasp the impact of technological development on public policy formulation and implementation. This will equip them to take on leadership responsibilities, guiding their departments to leverage technology, including optimising departmental information technology systems, better utilising big data and artificial intelligence to transform public services, and arranging appropriate training for departmental staff.
Regarding the medical and dental benefits for civil servants, the Government will continue to honour its contractual obligation as the employer and provide medical benefits for serving civil servants, pensioners and other eligible persons. The medical services provided by the Hospital Authority as part of the medical benefits have been included in the overall provision allocated to it. Regarding Families Clinic services and dental services provided by the Department of Health (including the pilot scheme on provision of dental scaling services via private dental organisations and the pilot scheme on receiving designated dental services at a medical institution in Shenzhen), a provision of around $1,158 million has been reserved. Also, we have reserved about $1,766 million to cover the expenditure on reimbursement of medical expenses that cannot be fully anticipated.
The Civil Service Bureau will continue to implement various policies and initiatives, such as strengthening civil service training, continuing to organise the Civil Service Staff Exchange and Collaboration Programme jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area and beyond, further enhancing the civil service disciplinary mechanism, implementing the two pilot schemes on dental services for civil servants, providing childcare leave for government employees, etc.
Chairman, this is the end of my introduction. I would welcome questions from Members. Issued at HKT 16:03
Prime Minister Shri Narendra Modi interacts with MUDRA Yojana beneficiaries Mudra Yojana is not limited to any specific group but aims to empower the youth to stand on their own feet: PM
Mudra Yojana has a transformative impact in fostering entrepreneurship and self-reliance: PM
Mudra Yojana has brought a silent revolution with shift in the societal attitude about entrepreneurship: PM
Women are among the highest beneficiaries of Mudra scheme: PM
52 crore loans have been disbursed under the scheme, a monumental achievement unparalleled globally: PM
Posted On: 08 APR 2025 12:03PM by PIB Delhi
The Prime Minister Shri Narendra Modi interacted with MUDRA Yojana beneficiaries on the occasion of completion of 10 years of Pradhan Mantri Mudra Yojana at 7, Lok Kalyan Marg in New Delhi today. He extended his heartfelt gratitude to all attendees, emphasizing the cultural significance of welcoming guests and the sanctity their presence brings to a home. He invited participants to share their experiences. Shri Modi, interacting with a beneficiary who has turned a pet supplies, medicines, and services entrepreneur, highlighted the importance of expressing gratitude to those who believed in one’s potential during challenging times. He asked the beneficiary to invite the bank officials who had approved loans and showcase the progress made due to the loan. Shri Modi emphasized that such actions would not only acknowledge their trust but also inspire confidence in their decision to support individuals who dared to dream big. He further noted that demonstrating the outcomes of their support would undoubtedly make them feel proud of their contribution to fostering growth and success.
Speaking to Shri Gopi Krishna, an entrepreneur from Kerala, the Prime Minister highlighted the transformative impact of the Pradhan Mantri Mudra Yojana which enabled him to transition into a successful entrepreneur, focusing on renewable energy solutions for households and offices while creating job opportunities. The Prime Minister noted the beneficiary’s journey, after deciding to resign from his company in Dubai upon learning about the Mudra Loan. He noted that the solar installations under the PM Surya Ghar initiative were completed within two days. He also heard about the reactions of beneficiaries of the PM Surya Ghar initiative, noting that households in Kerala now enjoy free electricity despite challenges such as heavy rainfall and dense tree cover. Shri Krishna remarked that electricity bills, previously around ₹3,000, have now reduced to ₹240-₹250, while his monthly earnings have reached ₹2.5 lakh and above.
The Prime Minister further interacted with a female entrepreneur and the founder of House of Puchka from Raipur, Chattishgarh, who shared her inspiring journey from cooking at home to establishing a successful café business. She said that research into profit margins and food cost management played a crucial role in this entrepreneurial success. She further added that there is fear in the minds of the youth, stating that many prefer settling into jobs rather than taking risks. The Prime Minister in response, highlighted the importance of risk-taking capacity and shared that the founder of House of Puchka, at the age of 23, leveraged her ability to take risks and her time effectively to build her business. The beneficiary remarked on the discussions among friends from Raipur, the corporate world, and students, noting their curiosity and questions about entrepreneurship. She further highlighted the lack of awareness among youth regarding government schemes that provide funding without requiring collateral. She expressed gratitude that schemes like Mudra Loan and PMEGP Loan offer significant opportunities for those with potential and encouraged the youth to research these schemes and take bold steps, stating that the sky has no limits for those willing to grow and succeed.
Another beneficiary, Shri Mudassir Naqshbandi, the owner of Bake My Cake in Baramulla, Kashmir, shared his journey of transitioning from being a job seeker to a job creator, adding that he has provided stable employment to 42 individuals from remote areas of Baramulla. The Prime Minister enquired about his earnings before receiving MUDRA loan, to which Mudassir replied that his earnings were in thousands, but his entrepreneurial journey has now elevated him to earning in lakhs and crores. The Prime Minister acknowledged the widespread use of UPI in Mudassir’s business operations. He noted Mudassir’s observation that 90% of transactions are conducted through UPI, leaving only 10% of cash in hand.
The Prime Minister then heard the inspiring journey of Shri Suresh, who transitioned from a job in Vapi to becoming a successful entrepreneur in Silvassa. Suresh said that in 2022, he realized that a job alone would not suffice and decided to start his own business. He added that with my success, some friends are now considering applying for Mudra Loans to start their own ventures. The Prime Minister emphasized the ripple effect of such success stories in motivating others to take bold steps toward entrepreneurship.
A woman entrepreneur from Raebareli, expressed her gratitude for the support extended to MSMEs under his leadership. She remarked on the ease of obtaining licenses and funding, which were previously challenging, and pledged to contribute to building a developed India. The Prime Minister acknowledged her emotional testimony and noted her success in running a bakery business with a monthly turnover of ₹2.5 to ₹3 lakh, providing employment to seven to eight individuals.
Shri Lavkush Mehra from Bhopal, Madhya Pradesh, started his pharmaceutical business in 2021 with an initial loan of ₹5 lakh. Despite initial apprehensions, he expanded his loan to ₹9.5 lakh and achieved a turnover of over ₹50 lakh, up from ₹12 lakh in the first year. The Prime Minister emphasized that the Mudra Yojana is not limited to any specific group but aims to empower the youth to stand on their own feet. He remarked on Lavkush’s recent achievements, including purchasing a house worth ₹34 lakh and earning over ₹1.5 lakh per month, a significant leap from his previous job earning ₹60,000 to ₹70,000. The Prime Minister congratulated him and acknowledged the role of hard work in achieving success. He also urged the beneficiaries to further spread the word to people about the MUDRA loan and its benefits.
The Prime Minister then heard the inspiring journey of a young entrepreneur from Bhavnagar, Gujarat, who founded Aditya Lab at the age of 21. The entrepreneur, a final-year Mechatronics student, successfully utilized a ₹2 lakh Mudra Loan under the Kishor category to start a business in 3D printing, reverse engineering, rapid prototyping, and robotics. The Prime Minister noted the entrepreneur’s dedication, balancing college on weekdays and business operations on weekends, earning ₹30,000 to ₹35,000 monthly while working remotely with support from family.
A woman entrepreneur from Manali shared her story of working in a vegetable market to running a successful business. She said that she started with a ₹2.5 lakh Mudra Loan in 2015-16, which she repaid within two and a half years. With subsequent loans of ₹5 lakh, ₹10 lakh, and ₹15 lakh, she expanded her business from a vegetable shop to a ration shop, achieving an annual income of ₹10 to ₹15 lakh. The Prime Minister commended their determination and the positive impact of the Mudra Yojana in empowering entrepreneurs across the country.
The Prime Minister further heard the inspiring journey of a woman entrepreneur from Andhra Pradesh, who transitioned from being a housewife to running a successful business in jute bags. She remarked that after receiving training at the Rural Self Employment Training Institute in 2019, she secured a ₹2 lakh Mudra Loan from Canara Bank without any collateral. The Prime Minister noted her determination and the bank’s trust in her potential. He acknowledged her dual role as a jute faculty member and entrepreneur, commending her efforts in empowering rural women through employment and skill development. The Prime Minister remarked on the transformative impact of the Mudra Yojana in fostering entrepreneurship and self-reliance.
Prime Minister highlighted the transformative impact of the Mudra Yojana on empowering citizens, particularly women, and fostering entrepreneurship across India. He emphasized how the scheme has provided financial support to individuals from marginalized and economically disadvantaged backgrounds, enabling them to start their own businesses without requiring guarantees or extensive paperwork. Shri Modi remarked on the silent revolution brought about by Mudra Yojana, noting the significant shift in societal attitudes towards entrepreneurship. He underlined that the scheme has empowered women by not only offering financial assistance but also creating opportunities for them to lead and grow their businesses. He pointed out that women are among the highest beneficiaries of the scheme, leading in loan applications, approvals, and swift repayments.
Prime Minister Shri Narendra Modi highlighted the discipline instilled in individuals through responsible utilization of Mudra loans. He remarked that the scheme provides an opportunity to build lives and careers, while discouraging misuse of funds or unproductive efforts. The Prime Minister pointed out that ₹33 lakh crore has been disbursed to the citizens of India under the Mudra Yojana without the need for guarantees. He emphasized that this amount is unprecedented and surpasses any financial support extended to wealthy individuals collectively. He expressed his trust in the nation’s talented youth who have utilized the funds effectively to generate employment and stimulate the economy.
Shri Modi remarked that job creation through Mudra Yojana has significantly contributed to economic growth. He observed that the earnings of common citizens have increased, enabling them to improve their living standards and invest in education for their children. He acknowledged the societal benefits brought by the scheme.
Reflecting on the government’s commitment, the Prime Minister noted that unlike traditional approaches, his administration is actively seeking feedback after 10 years of the scheme’s implementation. He stressed the importance of reviewing the scheme’s progress by consulting beneficiaries and groups nationwide, identifying opportunities for improvement, and implementing necessary reforms for further success.
Highlighting the remarkable confidence displayed by the government in expanding the scope of Mudra loans, which initially ranged from ₹50,000 to ₹5 lakh, to now reaching ₹20 lakh, Shri Modi noted that this expansion reflects the trust placed in the entrepreneurial spirit and capabilities of India’s citizens, which has strengthened through the successful implementation of the scheme.
Emphasising the importance of encouraging others to leverage the Mudra Yojana and start their own ventures, Shri Modi urged individuals to inspire and support at least five to ten others, fostering confidence and self-reliance among them. He highlighted that 52 crore loans have been disbursed under the scheme, a monumental achievement unparalleled globally.
Recalling his tenure in Gujarat, Shri Modi mentioned the “Garib Kalyan Mela,” where motivational street plays inspired people to overcome poverty. He shared an anecdote about individuals surrendering their government benefits after achieving financial independence, showcasing their transformation. He narrated an inspiring story of a tribal group in Gujarat who, with a small loan, transitioned from performing traditional music to forming a professional band. This initiative not only improved their financial status but also highlighted how small efforts can lead to significant changes. He remarked that such stories of transformation inspire him and reflect the potential of collective efforts in nation-building.
Shri Modi reiterated his belief in the Mudra Yojana as a tool to study and address people’s aspirations and circumstances. He expressed confidence in the scheme’s success and urged beneficiaries to give back to society, emphasizing the satisfaction derived from contributing to the community.
The Union Minister of State for Finance, Shri Pankaj Chaudhary was present during the interaction.
Mudra Yojana has given opportunities to countless people to showcase their entrepreneurial skills. Interacted with some of the beneficiaries of the scheme. Their journey is inspiring. #10YearsOfMUDRAhttps://t.co/QcoIK1VTki
Pradhan Mantri Mudra Yojana (PMMY) — completes 10 glorious Years of empowering Small and Micro Entrepreneurs Launched with Prime Minister’s vision of “Funding the Unfunded”, PMMY extends collateral-free loans to small enterprises that face significant challenges in accessing formal institutional credit: Union Finance Minister Smt. Nirmala Sitharaman
PMMY is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship: MoS Sh. Pankaj Chaudhary
PMMY provides easy collateral-free loans up to ₹20 lakh for non-corporate and non-farm income-generating activities
PMMY extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers
Posted On: 08 APR 2025 11:27AM by PIB Delhi
The Pradhan Mantri MUDRA Yojana (PMMY), launched on 8th April 2015 by Prime Minister Shri Narendra Modi, celebrates 10 glorious years of empowering small and micro-entrepreneurs across India. Aimed at fostering financial inclusion, PMMY provides easy collateral-free loans up to ₹10 lakh for non-corporate and non-farm income-generating activities. To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.These loans are extended through Banks, NBFCs, MFIs, and other financial institutions.
The newly announced loan category, Tarun Plus, is designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.
Micro, Small, and Medium Enterprises (MSMEs) play a vital role as ancillary units, complementing large industries and significantly contributing to the country’s inclusive industrial growth. These enterprises are continually expanding their presence across various sectors of the economy, offering a diverse array of products and services to meet both domestic and international market demands.
The availability of credit for MSMEs has seen consistent growth, driven by advancements in technology and data-driven lending practices. A notable government initiative supporting MSMEs’ access to credit is the Pradhan Mantri MUDRA Yojana, aptly described as a scheme dedicated to “Funding the Unfunded”.
On the occasion of the 10th successful year of PMMY, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman said, “The Pradhan Mantri MUDRA Yojana (PMMY) was launched by Prime Minister Shri Narendra Modi, with the mission of empowering hardworking micro-enterprises and first-generation entrepreneurs. Guided by the Prime Minister’s vision of “Funding the Unfunded”, the scheme extended collateral-free loans to bridge the gap in timely and affordable financing for small enterprises that faced significant challenges in accessing formal institutional credit.”
Highlighting PMMY’s role in Empowering Millions and Fulfilling the Vision of Inclusive Growth, Union Minister of Finance remarked, “With over Rs.33.65 lakh crore sanctioned to more than 52 crore MUDRA loan accounts, the scheme has proved to be an important milestone in giving wings to the aspirations of crores of entrepreneurs, particularly those belonging to marginal sections of society.
Since 2015, Rs.11.58 lakh crores worth of MUDRA loans have been sanctioned to various marginalised communities belonging to Scheduled Castes, Scheduled Tribes and OBCs realising PM’s mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas’”
Union Finance Minister Smt. Nirmala Sitharaman lauded the scheme’s impact with MUDRA: Fueling Women’s Entrepreneurship and Economic Growth, stating, “It is heartening to note that nearly 68% of the total MUDRA loan accounts have been sanctioned to women, becoming a tool for empowerment and enabling women to national economic growth, and inspire the next generation of female entrepreneurs.
In line with the Budget 2024-25 announcement, the introduction of the Tarun-Plus category last year, with an increased loan limit of ₹20 lakh, will further help thriving entrepreneurs expand and unlock their full potential.”
On the occasion, Union Minister of State (MoS) for FinanceShri Pankaj Chaudhary said,“The Pradhan Mantri MUDRA Yojana (PMMY) is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship. Financial inclusion is one of the top priorities of the government, as it plays a vital role in achieving inclusive growth. PMMY provides a platform for small entrepreneurs to access loan support from banks, NBFCs, and MFIs.”
“While launching the scheme, Prime Minister stated that supporting India’s small entrepreneurs is one of the most effective ways to help the Indian economy grow and prosper. The scheme has provided crucial financial assistance to a vast number of entrepreneurs, helping them set up and operate their businesses and instilling a sense of financial security in them.
It has created self-employment opportunities across the country, especially for marginalized sections of society, including Scheduled Castes/Scheduled Tribes, Other Backward Classes (50% of loan beneficiaries), and women (68% of loan beneficiaries).” MoS added
Stressing on Mudra’s impact MoS said ” The core objective of the MUDRA Yojana is “Funding the Unfunded.” The scheme has successfully ended the exploitation of India’s small entrepreneurs by informal lenders. In less than a decade, it has extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers. This clearly reflects the government’s firm commitment to support their efforts and its accelerated journey toward making India a developed nation by 2047 through inclusive growth enabled by financial inclusion.”
As we celebrate completion of glorious 10 years of providing financial inclusion through the pillars of Pradhan Mantri MUDRA Yojana (PMMY), let us glance through some of the major features and achievements of the Scheme:
The implementation of financial inclusion programme in the country is based on three pillars, namely,
1. Banking the Unbanked
2. Securing the Unsecured and
3. Funding the Unfunded
These aforesaid three objectives are being achieved through leveraging technology and adopting multi-stakeholders’ collaborative approach, while serving the unserved and underserved as well.
One of the three pillars of FI – Funding the Unfunded, is reflected in the Financial Inclusion ecosystem through PMMY, which is being implemented with the objective to provide collateral free access to credit for small/ micro entrepreneurs.
Key Features of PMMY:
MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishor’, ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers: –
Shishu: covering loans upto Rs. 50,000/-
Kishor: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs
Loans cover term financing and working capital needs across manufacturing, trading and service sectors, including activities allied to agriculturelike poultry, dairy, and beekeeping, etc.
The interest rate is governed by RBI guidelines, with flexible repayment terms for working capital facilities.
Achievements under Pradhan Mantri Mudra Yojana (PMMY) as on 21.03.2025
Women Borrowers: A total of ₹ 8.49 lakh crore was disbursed under the Shishu category, ₹ 4.90 lakh crore under Kishor, and ₹ 0.85 lakh crore under the Tarun category.
Minority Borrowers: The disbursements amounted to ₹ 1.25 lakh crore under Shishu, ₹ 1.32 lakh crore under Kishor, and ₹ 0.50 lakh crore under Tarun.
New Entrepreneurs / Accounts:
Shishu category: 8.21 crore accounts with a sanctioned amount of ₹ 2.24 lakh crore and disbursed amount of ₹ 2.20 lakh crore.
Kishor category: 2.05 crore accounts with ₹ 4.09 lakh crore sanctioned and ₹ 3.89 lakh crore disbursed.
Tarun category: 45 lakh accounts with a sanctioned amount of ₹ 3.96 lakh crore and ₹ 3.83 lakh crore disbursed.
Category-wise breakup:- (Number of loans and amount sanctioned)
Category
Percentage as per No. of Loans
Percentage as per Amount Sanctioned
Shishu
78%
35%
Kishor
20%
40%
Tarun
2%
25%
Tarun Plus
0%
0%
Total
100%
100%
Targets have been achieved since the inception of the Scheme, except for FY 2020-21 due to COVID-19 pandemic.
Year-wise sanction amount is as under:-
Financial Year
No. of Loans Sanctioned
(in Crore)
Amount Sanctioned
(Rs. in Lakh Crore)
2015-16
3.49
1.37
2016-17
3.97
1.80
2017-18
4.81
2.54
2018-19
5.98
3.22
2019-20
6.23
3.37
2020-21
5.07
3.22
2021-22
5.38
3.39
2022-23
6.24
4.56
2023-24
6.67
5.41
2024-25
(as on 21.03.2025) *
4.53
4.77
Total
52.37
33.65
Special Initiatives:
A Credit Guarantee Fund for Micro Units (CGFMU) was established in 2016 to secure loans under PMMY.
An Interest Subvention of 2% was provided on Shishu loans during FY 2020-21 under Aatma Nirbhar Bharat Abhiyan, reducing the cost of credit for eligible borrowers.
As India celebrates 10 glorious years of PMMY, it reaffirms the government’s commitment to “Banking the Unbanked,” “Securing the Unsecured,” and “Funding the Unfunded,” fostering financial inclusion and supporting entrepreneurial dreams.
#10YearsofMudra A Decade of Empowering Dreams! From ₹1.37 Lakh Cr (2015-16) to ₹33.65 Lakh Cr (2024-25) —2322% growth in loans sanctioned to entrepreneurs. India rises, one dream at a time pic.twitter.com/NccNnn7oTC
Celebrating the glorious years of Pradhan Mantri Mudra Yojana! With 70% of loans going to women, and a 160% rise in the average loan amount—from ₹24,746 in 2015-16 to ₹64,537 in 2024-25—PMMY is truly preparing Sashakt Naari for a Svarnim Bhavishya #10YearsofMudrapic.twitter.com/SrwBwlmO7K
Empowering Businesses Across India! Collateral-free Mudra loans support manufacturing, services, trading, and agri-allied sectors. Over 52 Cr loans worth ₹33+ Lakh Cr sanctioned—70% to womenpreneurs, 50% to SC/ST/OBC, and 31% to new entrepreneurs. #10YearsofMudrapic.twitter.com/U2WaiOpXMj
Celebrating the glorious years of #PMMY—empowering entrepreneurs with collateral-free loans under four categories: Shishu (up to ₹50K), Kishor (₹50K–₹5L), Tarun (₹5L–₹10L), and Tarun Plus (₹10L–₹20L) for those who’ve successfully repaid Tarun #10YearsofMudrapic.twitter.com/Ic31SanRA2
Department of Financial Services (DFS) has notified amalgamation of 26 Regional Rural banks (RRBs) on the principles of “One State One RRB”. This is fourth phase of amalgamation of RRBs.
Considering the improvement in efficiency of the RRBs due to amalgamations in the past, Ministry of Finance had rolled out an amalgamation plan in November-2024 for consultation with stakeholders. After consultation with stakeholders, amalgamation of 26 RRBs in 10 States and 1 UT have been carried out with primary focus on improvement in scale efficiency and cost rationalization.
At present, 43 RRBs are functioning in 26 States and 2 UTs. Post amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22000 branches covering 700 districts. Their predominant area of operation is in rural areas with approx. 92% of branches in rural/semi urban areas.
This is fourth phase of amalgamation. In previous 3 phases viz. Phase-I (FY 2006 to FY 2010) number of RRBs were reduced from 196 to 82, Phase-2 (FY 2013 – FY 2015) number of RRBs were reduced from 82 to 56 and Phase-3 (FY 2019 to FY 2021) number of RRBs were reduced from 56 to 43.
Source: Hong Kong Government special administrative region
Following are the remarks by the Chief Executive, Mr John Lee, at a media session before the Executive Council meeting today (April 8):
Reporter: Chief Executive, two questions. Are there any concrete measures the Government would do to help local businesses affected by tariff and, in your perception, how would the tariff attack Hong Kong’s unemployment rate? And the second question is on the Panama deal, how should local companies respond to Beijing’s criticism, and would the antitrust probe and the possible failed deal affect people’s perception that companies in Hong Kong must ultimately answer to Beijing?
Chief Executive: Last week, the US announced the imposition of so-called reciprocal tariff on trading partners around the world, including an additional 34 per cent tariff on Hong Kong products. Together with the 20 per cent tariff announced earlier, the total tariff imposed on Hong Kong products is up to 54 per cent. The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade. Its ruthless behaviour damages global and multilateral trade. The reckless imposition of tariff affects many countries and regions around the world with huge tax rate increases covering a wide range of goods, disrupting the world economic and trade order, and bringing great risks and uncertainties to the world. In response to the US’s imposition of tariff, the Government will strengthen its strategy in seven areas.
First, we shall fully seize the opportunities in our country, China’s development, and actively integrate into national development. China is the world’s second-largest economy and second-largest consumer goods market, with a domestic market of 1.4 billion people. Hong Kong will take full advantage of CEPA (Mainland and Hong Kong Closer Economic Partnership Arrangement) to attract more foreign companies to set up operations to capitalise on the benefits of “one country, two systems”. As of the end of last year, the accumulated tariff concessions on goods under CEPA exceeded RMB10.2 billion.
Second, we shall strengthen international exchanges and deepen regional ties and co-operation. We shall sign more free trade agreements (FTAs) with countries and economies. Today, Hong Kong’s FTAs already cover 21 economies. We are currently negotiating investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru. We will continue to push for Hong Kong’s early accession to the RCEP (Regional Comprehensive Economic Partnership) to deepen regional co-operation. We are already planning to establish economic and trade offices in Malaysia and Saudi Arabia. Additionally, Invest Hong Kong and the Hong Kong Trade Development Council have set up offices in Cairo, Egypt; Izmir, Türkiye; and Cambodia to proactively expand Hong Kong’s global trade and economic network.
Third, Hong Kong will accelerate industrial transformation by developing a high value-added, innovation-driven economic model. We will expedite the establishment of a high value-added supply chain service hub and promote the growth of a headquarters economy.
Fourth, we will intensify efforts to develop technological innovation, attract top-tier talent, and further strengthen Hong Kong’s competitiveness. We will focus efforts on establishing Hong Kong as a technological and Innovation hub, accelerating development of the Hetao (Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone) and San Tin Technopole, and continuing to attract top-tier talent and enterprises, particularly key strategic companies.
Fifth, we will vigorously advance international financial co-operation to attract investments and capital. I, along with government officials, have conducted multiple visits to emerging markets to forge new partnerships. Notably, we engaged with ASEAN (Association of Southeast Asian Nations) and Middle East countries to establish mutual recognition with their stock exchanges.
Sixth, we will seize the world’s major trend of geographical diversification, proactively attracting foreign companies and capital to establish in Hong Kong, because Hong Kong can provide security and stability to investors and enterprises under “one country, two systems”.
Seventh, we will continue to provide various support to help Hong Kong enterprises to cope with the impact of tariff and external challenges, including capital flow assistance, export credit insurance measures, supporting Hong Kong enterprises in brand development, upgrading and exploring new markets through the BUD special fund (Dedicated Fund on Branding, Upgrading and Domestic Sales), etc.
In respect to your question about Hutchison’s deal to sell some ports, I have earlier made three points, and they remain valid, clear and explicit. I will repeat them. First, there have been extensive discussions in society about the issue, and this reflects society’s concern over the matter. These concerns deserve serious attention. Second, the Hong Kong Special Administrative Region Government urges foreign governments to provide a fair and just environment for enterprises, including enterprises from Hong Kong. We oppose the abusive use of coercion or bullying tactics in international economic and trade relations. Third, any transaction must comply with legal and regulatory requirements. Hong Kong will handle it in accordance with the law and regulations. I have noted that the State Administration for Market Regulation of the PRC (People’s Republic of China) has noticed the deal, and will review it in accordance with the law to ensure fair market competition and protect public interest.
(Please also refer to the Chinese portion of the remarks.)
Esker has been recognized in not one, but two Gartner® Magic Quadrants™ for 2025 in a short period of time!
Leader in the very first Gartner Magic Quadrant for Accounts Payable Applications
Challenger in the Gartner Magic Quadrant for Source-to-Pay
The only company recognized as a leader for end-to-end invoice processing for both customer and supplier invoices.
Press release
Esker Named a Leader in First-Ever Gartner® Magic Quadrant™ for Accounts Payable Applications
LYON, France, and MIDDLETON, Wis. — March 24, 2025 — Esker, the global authority in AI-powered business solutions for the Office of the CFO, today announced that it has been named a Leader in the 2025 Gartner Magic Quadrant for Accounts Payable Applications.
The Gartner report evaluated 14 vendors based on their Ability to Execute and Completeness of Vision, positioning Esker as a Leader, which it believes is because of its strong performance, cutting-edge technology and customer-centric approach.
Esker Accounts Payable streamlines invoice processing by eliminating manual inefficiencies with AI-driven data capture, automated processing and electronic workflows. Ensuring e-invoicing compliance, it simplifies cashflow management and unlocks new revenue opportunities, delivering a smarter, more efficient AP experience. It is Esker’s view that this recognition reflects its dedication to robust AI integration, advanced dashboards and reporting capabilities, and commitment to global compliance and support.
“We are honored to be recognized as a Leader in the inaugural Accounts Payable Application Magic Quadrant,” said Catherine Dupuy-Holdich, S2P Product Manager at Esker. “In our opinion, Esker’s AI-driven capabilities have revolutionized the way businesses manage their accounts payable processes. For our customers, we feel we offer greater efficiency, improved accuracy and the ability to focus on strategic initiatives rather than manual tasks.”
Esker is the only company recognized in three Magic Quadrant reports: Gartner Magic Quadrant for Source-to-Pay Suites, Gartner Magic Quadrant for Invoice-to-Cash Applications and this first-ever Gartner Magic Quadrant for Accounts Payable Applications. From Esker’s perspective, it is a trusted partner for businesses seeking to automate and optimize their end-to-end finance and procurement processes.
To access a complimentary copy of the 2025 Gartner Magic Quadrant for Accounts Payable Applications, please click here.
Gartner, Magic Quadrant for Accounts Payable Application, by Mike Helsel, Miles Onafowora and Nick Duffy, published March, 2025.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Esker
Esker is the global authority in AI-powered business solutions for the Office of the CFO. Leveraging the latest in automation technologies, Esker’s Source-to-Pay and Order-to-Cash solutions optimize working capital and cashflow, enhance decision-making, and drive better collaboration and human-to-human relationships with customers, suppliers and employees. Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France, and U.S. headquarters in Madison, Wisconsin. For more information on Esker and its solutions, visit www.esker.be. Follow Esker on LinkedIn and join the conversation.
Press release
Esker Named a Challenger in 2025 Gartner® Magic Quadrant™ for Source-to-Pay Suites
LYON, France, and MIDDLETON, Wis. — March 26, 2025 — Esker, the global authority in AI-powered business solutions for the Office of the CFO, today announced that it has been named a Challenger in the 2025 Gartner Magic Quadrant for Source-to-Pay Suites.
The Gartner report evaluated 12 vendors across a broad set of evaluation criteria, placing Esker in the Challengers Quadrant based on its Ability to Execute and Completeness of Vision. Notably, Esker received this position within just a year, which it believes is because of its remarkable progress and adaptability.
“We are thrilled to be recognized as a Challenger in the Gartner Magic Quadrant for Source-to-Pay Suites,” said Jean-Michel Bérard, CEO at Esker. “From our perspective, this acknowledgment represents our substantial progress in both market presence and execution capabilities, as well as our commitment to driving innovation and delivering tangible value to our customers.”
It is Esker’s view that this recognition was received based on a strong sales strategy and foundation in finance, as well as the end-to-end AI automation suite for the Office of the CFO.
Esker Synergy AI, the meticulously designed and specially trained set of technologies powering Esker’s Source-to-Pay suite, improves speed and accuracy throughout the S2P cycle, takes on redundant tasks, analyzes data to make predictions and informed improvements, and helps suppliers get paid faster.
AI-driven automation is helping businesses enhance profitability and efficiency in ways that were previously out of reach. It has the potential to drive significant improvements not only within the Finance department but across the entire organization.
“Source-to-pay automation unites the offices of the CFO and CPO, creating a powerhouse partnership that drives great efficiency,” said Catherine Dupuy-Holdich, S2P Product Manager at Esker. “Esker’s AI-driven suite helps businesses streamline procurement processes, gain better spend insights, enforce policy compliance and enhance supplier relationships.”
To access a complimentary copy of the 2025 Gartner Magic Quadrant for Source-to-Pay Suites, please click here.
Gartner, Magic Quadrant for Source-to-Pay Suites, by Micky Keck, Kaitlynn Sommers, Balaji Abbabatulla, Cian Curtin, Lynne Phelan, Chaithanya Paradarami, Martin Shreffleri, published March 24, 2025.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Esker
Esker is the global authority in AI-powered business solutions for the Office of the CFO. Leveraging the latest in automation technologies, Esker’s Source-to-Pay and Order-to-Cash solutions optimize working capital and cashflow, enhance decision-making, and drive better collaboration and human-to-human relationships with customers, suppliers and employees. Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France, and U.S. headquarters in Madison, Wisconsin. For more information on Esker and its solutions, visit www.esker.be. Follow Esker on LinkedIn and join the conversation.
Source: United Kingdom – Executive Government & Departments
Correspondence
CMA letter to Lloyds about breaching Part 5 of the Retail Banking Order
Letter to Lloyds Banking Group after the Competition and Markets Authority found it breached Part 5 (Payment Transactions Histories) of the Retail Banking Market Investigation Order 2017.
Part 5 of the Retail Banking Market Investigation Order 2017 requires banks and building societies to send Payment Transaction Histories to any personal current account customer who closes their account (unless an exemption applies).
Lloyds Banking Group failed to provide around 360,000 former account holders with letters which explained how to access their Payment Transaction Histories. This failure lasted from April 2018 to October 2024.
This letter sets out our concerns and what Lloyds did to put things right.
Director banned after securing Covid loans for takeaway and parcel delivery company which never traded
He made false statements on his applications for Bounce Back Loans
Adam Ebrahim set up two companies which were intended to be a takeaway and separate business delivering packages, but neither began trading
Despite this, Ebrahim made two false applications for Covid Bounce Back Loans in 2020, claiming the companies had annual incomes of hundreds of thousands of pounds
Ebrahim has been banned as a company director until April 2038 following investigations by the Insolvency Service
A director has been banned after securing £100,000 in Covid support funds for a takeaway and delivery company which never traded.
Adam Ebrahim was the director of Chicken Grill Cottage Ltd and Presto Delivery Ltd, which had registered office addresses in Uxbridge and the Docklands area of London.
Ebrahim falsely claimed that the two companies had a turnover of £400,000 and £235,000 when he made the applications for Bounce Back Loans in 2020.
He then transferred the loan funds to his personal account, breaking the rules of the scheme again.
Ebrahim, of Trevelyan Gardens, London, was banned as a director for 13 years at a hearing of the High Court in London on Tuesday 18 March.
His ban started on Tuesday 8 April.
The 41-year-old was also ordered to pay £9,555 in costs.
Kevin Read, Chief Investigator at the Insolvency Service, said:
Adam Ebrahim exploited the Bounce Back Loan Scheme by securing two maximum-value loans for companies which never began trading.
“Ebrahim made matters worse by pocketing the funds when the loans were not supposed to be used for personal purposes.
“Tackling Bounce Back Loan misconduct remains a key priority for the Insolvency Service more than five years on from the start of the pandemic and we will continue to take action against those who stole from the public purse during a national emergency.
Ebrahim made the false applications to two separate banks for £50,000 Bounce Back Loans for Chicken Grill Cottage in May 2020 and Presto Delivery in September of that year.
Both companies were incorporated in 2019 but never began trading.
Chicken Grill Cottage and Presto Delivery entered liquidation on the same day in June 2022 owing more than £100,000 combined.
The disqualification order prevents Ebrahim from being involved in the promotion, formation or management of a company, without the permission of the court.
Further information
Adam Ebrahim is of Trevelyan Gardens, London. His date of birth is 1 July 1983
ZURICH, Switzerland, April 08, 2025 (GLOBE NEWSWIRE) — The XRP Ledger is witnessing a wave of renewed excitement as XploraDEX, the first AI-integrated decentralized exchange (DEX) built on XRPL, pushes forward with its high-demand $XPL Token Presale. Having already surpassed 50% of its soft cap target in record time, XploraDEX is quickly becoming a focal point in XRP’s evolving DeFi landscape.
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What Is XploraDEX?
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For investors seeking exposure to AI-powered financial infrastructure on XRPL, the $XPL token represents a ground-floor opportunity with strong fundamentals and rapidly growing momentum.
$XPL PreSale Information
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Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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Romford joiner sentenced after using Covid loan for personal spending
Charles Ling was handed a 15-month suspended sentence after he used part of a £30,000 Covid Bounce Back Loan for a mortgage payment and cash withdrawals
Charles Ling applied for a second Covid Bounce Back loan for Bradcon (Bespoke) Joinery Ltd
Ling falsely stated that it was his first loan and that it would be used wholly for business purposes
He was sentenced at Snaresbrook Crown Court on 2 April 2025 for fraud by false representation and has repaid the loan
A Romford man who ran a joinery business in Essex has been handed a 15-month suspended sentence, and 100 hours unpaid work, after he claimed a second Covid Bounce Back Loan and used some of the money for personal spending.
Charles Ling, of North Road, Havering-atte-Bower, had already received a £20,000 Bounce Back Loan in May 2020 which was both valid and used legitimately to support Bradcon (Bespoke) Joinery Ltd.
But the 57-year-old then successfully applied to a bank for a second Covid loan of £30,000 in June 2020.
In the days that followed, he withdrew £9,000 in cash and transferred a £2,500 mortgage payment from the loan.
The Insolvency Service investigation found that he had falsely claimed it was his first Bounce Back Loan and none of the £11,500 was used for business purposes.
Ling was charged with one count of fraud by false representation and sentenced to 15 months in custody, suspended for 18 months, at Snaresbrook Crown Court on Wednesday 2 April. He was also ordered to carry out 100 hours of unpaid work. He paid back the £30,000 loan after prosecution action began.
David Snasdell, Chief Investigator at the Insolvency Service, said:
Charles Ling stated that this was his first Covid Bounce Back Loan, and that it would be spent wholly on his joinery business, but this was not the case.
These loans were designed to help support businesses through the pandemic, not for personal use at the expense of the public purse.
We are committed to investigating these cases and bringing those responsible to justice.
The Insolvency Service investigation did not find any wrongdoing with the use of Ling’s first Covid Bounce Back Loan of £20,000, which he was entitled to and was used entirely for business purposes.
The maximum loan under the Bounce Back Loan Scheme was £50,000. Any loan must be paid back over six to 10 years. If the money is not repaid, then the Insolvency Service can investigate a company even if it has been dissolved.
Further information
Charles Ling is of North Road, Havering-Atte-Bower, Romford. His date of birth is 4 January 1968
TAINAN, Taiwan, April 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced the retirement of Mr. Eric Li, former Chief IR/PR Officer and Spokesperson. The company appointed Miss Karen Tiao as the new Head of IR/PR and Spokesperson, effective immediately. Miss Tiao joined Himax in 2019 and currently serves as Senior Investor Relations Manager. In her new role, Miss Tiao will report directly to CEO Jordan Wu.
“On behalf of the Board, I would like to extend our utmost gratitude to Mr. Eric Li for his dedicated service to Himax. We wish him all the best in his retirement,” said Biing-Seng Wu, Chairman of Himax. “Miss Tiao’s extensive experience in investor and public relations, developed over her years at Himax, along with her deep understanding of the company’s operations and strategies, will help ensure a smooth transition,” Dr. Wu added.
About Himax Technologies, Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.
Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.
Company Contacts:
Karen Tiao, Head of IR/PR Himax Technologies, Inc. Tel: +886-2-2370-3999 Fax: +886-2-2314-0877 Email: hx_ir@himax.com.tw www.himax.com.tw
Mark Schwalenberg, Director Investor Relations – US Representative MZ North America Tel: +1-312-261-6430 Email: HIMX@mzgroup.us www.mzgroup.us
Source: United Kingdom – Executive Government & Departments
Press release
Companies House starts to verify identities
The voluntary period for identity verification is open for business. More than 6 million individuals will need to comply in the 12 months after identity verification becomes a legal requirement later this year. This phased approach reduces the burden on companies.
Today (8 April 2025) sees the launch of a new service that allows individuals to verify their identity directly with Companies House through GOV.UK One Login. People can also verify their identity through an Authorised Corporate Service Provider (ACSP).
The introduction of identity verification is one of the key changes to UK company law under the Economic Crime and Corporate Transparency Act 2023. This landmark legislation gave Companies House new and enhanced powers to help disrupt economic crime and support economic growth.
Identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK. There will be the same level of assurance whether individuals are verifying their identity directly with Companies House or through an ACSP.
Companies House CEO Louise Smyth CBE said:
Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register.
To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window.
We expect identity verification to become mandatory from autumn 2025.
To reduce the burden on business, the identity verification requirement for existing directors will be integrated into the annual confirmation statement update process.
Minister for Employment Rights, Competition and Markets Justin Madders MP said:
In a time where economic crime has become too common, it is imperative that we bring in measures to prevent identities being stolen online and today marks a significant milestone in our plans to require identity verification for those setting up and running companies on the Companies House register later this year.
This is good for business, lenders and transparency and will give companies, consumers and lenders more certainty about who they are doing business with.
AI and Digital Government Minister Feryal Clark MP said:
Ensuring trust and transparency in the digital age is vital and today marks an important step forward. Identity verification at Companies House through our GOV.UK One Login service will make it easier to do business with confidence – protecting entrepreneurs, consumers, and the UK economy from fraud and financial crime.
By embracing digital identity checks, we’re reducing red tape while strengthening our defences against abuse of the system. This is a win for businesses, a win for transparency, and a win for economic growth – a key driver for our Plan for Change.
Shevaun Haviland, Director General of the British Chambers of Commerce said:
The introduction of these new security measures will be welcomed by the thousands of genuine businesses who want to know that fraudsters and criminals cannot masquerade as legitimate concerns.
Protecting the names of good firms and making it harder for those with dishonest motives to set up a business can only be a good thing.
Thom Townsend, Executive Director, Open Ownership said:
Open Ownership welcomes the introduction of identity verification for individuals listed on Companies House. This will make the information on Companies House more accurate, reliable, and ultimately more useful, and ensures the UK meets international standards.
Ben Cowdock, Senior Investigations Lead, Transparency International said:
We welcome the introduction of ID checks at Companies House, which should make it harder for criminals to hide behind false identities. Having greater assurance over who owns and controls companies is a vital step towards defending the UK against money laundering and building confidence in the business environment.
Glenn Collins, Head of Technical and Strategic Engagement at the Association of Chartered Certified Accountants (ACCA) said:
At ACCA, we welcome the moves to improve and strengthen the integrity of the register, which includes the introduction of identity verification for anyone setting up, running, owning or controlling a company in the UK.
We recognise that businesses, including agents will take some time to get used to the changes and extra requirement. We expect our members to be busy advising and helping companies of all sizes adapt to these new regulations and we look forward to continuing to work with Companies House to make sure of a good transition.
Overall identify verification will help to reduce economic crime and improve corporate transparency. In doing so, it will contribute to the growth of the UK economy by helping businesses make better decisions.
Patrick Walsh, Chair of the Business Informational Providers Association (BIPA) said:
BIPA welcomes Companies House’s launch of the new identity verification measures, as set out in the Economic Crime and Corporate Transparency Act. These are crucial steps towards realising the enhanced security and transparency that the Act aims to achieve.
The implementation of these robust checks will deter fraud and bolster confidence in Companies House as the custodian of reliable business data.
We believe these measures will strengthen the UK’s economy by fostering transparency and accountability across business sectors.
BIPA remains committed to engaging with Companies House to ensure successful adoption and implementation of these important changes.
The Law Society of England and Wales Company Law Committee said:
The Law Society of England and Wales has been working closely with Companies House on the development of the new procedures for identity verification. We are pleased that Companies House is introducing the procedures on a staggered basis, which will give companies and LLPs the option to ensure their directors (or, in the case of LLPs, members) and PSCs complete the necessary checks ahead of time if they wish.
Source: United Nations Economic Commission for Europe
Attending the recent Samarkand International Climate Forum, UNECE Executive Secretary Tatiana Molcean highlighted the need for strong political will, effective partnerships, and scaled up financing to avoid irreversible climate repercussions. All three traits were evident in Central Asia.
This was embodied by the host of the Forum President Shavkat Mirziyoyev of Uzbekistan, the presence of the Presidents of the European Commission, Ursula von der Leyen, and of the European Council, Antonio Costa, the participation of the Presidents of Kazakhstan Kassym-Jomart Tokayev, Kyrgyzstan Sadyr Japarov, Tajikistan Emomali Rahmon, and Turkmenistan Serdar Berdimuhamedow, as well as of multilateral development banks, namely the European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD), and of UN high-level officials.
“Many of UNECE’s norms, standards and conventions provide practical tools to support Central Asian countries’ climate change mitigation and adaptation efforts, to leverage financing, and to strengthen collaboration. In particular, UNECE’s cross-cutting theme for 2025-2027 – climate action and resilient infrastructure for a sustainable future – supports not only connectivity, infrastructure development, and economic growth, but ensures that they all fit hand in hand with strong, smart, and economically viable climate action,” Ms. Molcean noted.
Likewise, in the field of energy, UNECE’s latest report on Modelling a Resilient and Integrated Energy System for Central Asia demonstrates the savings and decarbonization potential of fully interconnecting the region. The most ambitious scenario provides for annual savings in electricity of up to USD 1.4 billion by 2050, which is a substantial amount for decarbonization efforts.
Finally, the UNECE-hosted Aarhus Convention empowers the public to participate in environmental decision-making and access information and justice in environmental matters. The recent accession of Uzbekistan makes all five Central Asian nations party to the treaty. It will help Uzbekistan to strengthen environmental governance, build resilience to disasters, facilitate the transition towards a green, digital and circular economy, and fulfill many other international commitments.
Furthermore, this milestone builds on other areas of Uzbekistan’s leadership in the region and beyond, such as the recent co-chairmanship of the Regional Forum on Sustainable Development for the UNECE region (2-3 April 2025).
These issues, especially the implementation of regional and national projects, and advancing SPECA initiatives, were in the focus of the Executive Secretary’s meeting with President Mirziyoyev of Uzbekistan, which took place on the margins of the Forum.
While in Uzbekistan the Executive Secretary also attended the 150th Inter-Parliamentary Union Assembly in Tashkent, where she stressed UNECE’s policies and partnerships to advance social development and justice, namely inclusive and equitable economic policies, social inclusion, energy transition, and digital transformation.
Photo credit: Press-service of the President of the Republic of Uzbekistan
The President of the Council of Ministers, Giorgia Meloni, chaired a meeting at Palazzo Chigi today to discuss in-depth the tariffs imposed by the United States and the possible implications for the Italian economy.
The meeting was attended by the Vice-Presidents of the Council of Ministers, Antonio Tajani and Matteo Salvini, the Minister of Economy and Finance, Giancarlo Giorgetti, the Minister of Enterprises and Made in Italy, Adolfo Urso, the Minister of Agriculture, Food Sovereignty and Forestry, Francesco Lollobrigida, the Minister for European Affairs, the NRRP and Cohesion Policy, Tommaso Foti, and Undersecretary of State to the Presidency of the Council of Ministers Alfredo Mantovano.
During the meeting, the Ministers outlined to President Meloni the various proposals under consideration to support production chains and boost the competitiveness of businesses. Said proposals will be the focus of the discussions with production sectors to be held at Palazzo Chigi tomorrow, Tuesday 8 April.
It was reaffirmed that a ‘trade war’ would not benefit anyone, neither the European Union nor the United States. The meeting highlighted the need to address this issue with determination and pragmatism, as any alarmism risks causing far more damage than that strictly linked to the tariffs.
The meeting also discussed the necessary business support tools, addressing the Green Deal’s ideological rules that are difficult to agree with, and the need to simplify the regulatory framework.
Astana, Kazakhstan – Teniz Capital Brokerage Ltd, a subsidiary of Teniz Capital Investment Bank, has acquired a significant stake in fintech firm Tabys from the Astana International Exchange (AIX).
Tabys is a digital financial services provider helping individuals access markets via exchange-trade notes and simplified entry processes for investments.
The platform boasts more than 21,000 active clients, and is one of the most important fintech players in the Central Asian market.
Yerlan Soltanov will be named CEO, overseeing the company’s existing team backed by the Teniz staff and the AIFC.
Joint work will start immediately, with both entities fully integrated.
Tabys will remain based at the AIFC, with client accounts held at the Astana International Exchange Central Securities Depository (AIX CSD).
Yernar Zhanadil, Chairman of the AIFC Authority Management Board, will join the Board of Directors of Tabys Ltd.
“This merger, another milestone in the development of Teniz as a banking institution in Central Asia, lays the groundwork for Teniz’s already strong position in investment banking and brokerage across the region. We are thankful to the AIFC for the opportunity to work together, which will allow us to align our shared vision of unlocking the full potential of Kazakhstan’s financial industry,” said Saken Usser, majority shareholder of Teniz Capital.
Current Tabys CEO, CFO of the AIX, Zharas Mussabekov noted: “This partnership marks a new chapter in the development of Tabys, broadening opportunities for investors in Kazakhstan. Users will now have access to a wider range of investment instruments while staying within a familiar ecosystem. Additionally, it will strengthen the educational component, supporting the practical application of knowledge and the creation of diversified investment portfolios.”
Tabys was first developed by AIX in 2020 as a tool to help improve investment accessibility and financial literacy in Kazakhstan.
It allows customers to buy securities, participate in IPOs, invest in the golden coins issued by the National Bank of Kazakhstan, and features educational material about the fundamentals of investing.
With its new offerings, Tabys offerings will blow past the domestic market, giving clients access to AIX-listed stocks and bonds, as well as international markets and an expanded range of financial products.
Going forward, users will be able to continue building diversified investment portfolios, with professional market analytics and securities analysis capabilities baked into the platform.
In August 2024, Teniz Capital Investment Bank introduced Teniz Capital Brokerage as a standalone brokerage division.
The entity executed over 20 transactions in the past two years, including placements of bonds for Black Sea Trade and Development Bank, Kazakhstan quasi-sovereign companies, JSC AIFN Retam, Capitalleasing Group Ltd., Jet Group Ltd., Kisamos Shipping DMCC.
Established in 1997, Teniz Capital manages a team of 50 professionals from offices in Almaty, Astana’s AIFC, and Abu Dhabi. It is focused on cross-border transactions and is a specialist in infrastructure, energy, and technology deals.
The shareholders of the AIX are AIFC, Shanghai Stock Exchange, Silk Road Fund, and NASDAQ, which develops the AIX trading platform. The exchange is regulated under a framework of principles based on English Law.
This press release contains statements regarding the future of the company and its innovations. Statements regarding the future may be accompanied by words such as “anticipate”, “believe”, “estimate”, “will”, “anticipate”, “pretend”, “power”, “plan”, “potential”, the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company’s commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise.
Revolutionary collaboration brings safety, compliance, and institutional-grade access to the digital asset space.
PARIS, April 08, 2025 (GLOBE NEWSWIRE) — In a landmark announcement made today at Paris Blockchain Week, DevvDigital and Banque Delubac & Cie have unveiled a strategic partnership set to reshape the future of finance. The collaboration marks a critical turning point for the digital asset ecosystem, unlocking new, compliant pathways for traditional financial institutions to participate in the world of decentralized finance (DeFi) with confidence and security.
The partnership combines DevvDigital’s breakthrough technology platform, DevvExchange, with Delubac’s regulated banking infrastructure to create a new model of “Crypto Without Chaos.” This integrated solution offers institutions the safety, regulatory compliance and control they require, while delivering the speed, innovation, and access to yield opportunities inherent in DeFi.
“For too long, DeFi has been out of reach for most of the financial world due to issues with volatility, security, and compliance,” said Ray Quintana – CEO DevvDigital. “Together with Delubac, we’ve created a pathway that allows banks, asset managers, and other institutions to safely engage with digital assets and DeFi products for the first time — with zero counterparty risk, private key protection, theft protection, and real-time settlement.”
A New Financial Infrastructure for the Digital Age
DevvExchange offers a non-custodial exchange platform with instant settlement, theft protection, private key loss protections, and privacy-preserving mechanisms that remain fully compliant with regulatory requirements. The platform’s Liquidity Caches — an evolution of traditional liquidity pools — allow institutional participants to deploy capital for exchange, lending, and yield-generating strategies without transferring assets into vulnerable smart contracts. This enables:
Legally compliant yield opportunities with known origin of funds
Tax-advantaged implementations that avoid unnecessary asset transfers
Unprecedented protection against the problems rife in the crypto space such as private key loss, theft from hacks, and even in protection against platform bankruptcies
True privacy aligned with global regulatory frameworks
“The future of finance goes beyond simply deciding between TradFi and DeFi — it’s a secure and seamless fusion of the two.” said Paul Bureau, Head of Cryptoassets at Delubac & Cie. “The DeFi space is filled with incredible innovations and opportunities, but it is not safe nor regulatory compliant. For the first time, with Delubac’s and DevvDigital’s efforts, we can combine the innovation of DeFi with the trust and security of TradFi. A world-changing concept.”
About DevvDigital DevvDigital is a technology leader in secure blockchain infrastructure, offering groundbreaking non-custodial solutions for digital asset exchange, lending, and ownership. Its flagship platform, DevvExchange, delivers instant settlement, institutional-grade security, and privacy-focused compliance.
About Banque Delubac & Cie Founded in 1924, Banque Delubac & Cie is one of the last 100% French family-owned institutions, recognized for its innovation and regulatory rigor. Delubac is the 1st French bank to have been registered as a Digital Assets Service Provider (DASP) and is at the forefront of integrating blockchain-based solutions with traditional banking infrastructure. Its tagline “Expert & Independent” reflects its DNA of freedom, uniqueness and pugnacity for a tailor-made service. Its tradition: daring for its customers.
Disclaimer:This press release is provided byDevvDigital. 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. 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. 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.Speculate only with funds that you can afford to lose.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.
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 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.
Source: Moscow Government – Government of Moscow –
A large-scale program for the renewal and development of the city infrastructure is being implemented in Moscow. This year, specialists from JSC Mosgaz will continue to modernize gas networks using modern technologies. The work is being carried out without disconnecting consumers from gas supply and in compliance with all safety requirements, which is important for the comfortable life of city residents.
Removing gas pipelines from the boundaries of urban construction projects is part of a comprehensive program for rerouting utility lines. It provides the necessary conditions for the construction of new metro stations, residential buildings, social facilities, and the implementation of other important capital projects. Rerouting gas pipelines allows for the release of territories of new urban construction projects, ensuring safety, and creating space for infrastructure development.
“Removing gas pipelines from construction zones requires special efforts in dense urban development and numerous underground utilities. The use of trenchless technologies and the latest welding equipment allows us to solve these problems effectively without disrupting the city’s normal life. It is important that all work is carried out without reducing the pressure in the network, and the looped gas pipeline system allows us not to interrupt the gas supply to consumers,” said Pavel Chichikov, Deputy General Director for the Implementation of Investment Projects at Mosgaz JSC.
The gas pipeline relocation work will affect new metro stations. It is planned to relocate 2.7 kilometers of gas networks, which will contribute to the further development of the capital’s metro. In addition, in 2025, specialists will remove 2.2 kilometers of gas pipelines as part of the development of the street and road network. To implement the housing renovation program, it is also planned to remove 6.5 kilometers of gas networks. These works will create conditions for the modernization of residential and public areas as part of the renewal of the urban environment.
The projects implemented in the capital to modernize and improve the reliability of public utilities infrastructure correspond to the goals and objectives of the national project “Infrastructure for life”.
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Source: Moscow Government – Government of Moscow –
The city will put up for auction a lot that unites four commercial premises in the Meshchansky district. Investors will be able to purchase over 300 square meters of real estate. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.
“In the near future, entrepreneurs will be able to purchase four city premises in the Suzdalskoe Podvorye on Pushechnaya Street, which is a historically valuable city-forming object. The city will put the real estate with a total area of more than 300 square meters up for sale as a single lot. Free functional purpose will allow businesses to use it for various purposes. For example, an office, art space or cafe can be organized here,” said Maxim Gaman.
The premises are located in the city center at the address: Pushechnaya Street, Building 7/5, Building 4a. The building belongs to the Suzdal Bishop’s Compound and was built in 1903 according to the design of Vladimir Sherwood. The house forms the historical development of the area and is under the protection of the city.
“The lot is planned to be put up for auction in April of this year, and anyone who wishes will be able to take part in the auctions. To do this, you need to register on the trading platform, obtain an enhanced qualified electronic signature and make a deposit of 20 percent of the initial cost of the lot, and also submit an application,” said Dmitry Ryabov, General Director of the City Property Management Center.
Information about objects put up for open auctions is published oninvestment portal Moscow. You can study the lot documentation and rules for conducting auctions in the section “Property from the city”.
The development of electronic services for entrepreneurs is being implemented within the framework of the national project “Data Economy”.
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Source: Moscow Government – Government of Moscow –
The site on Marshal Proshlyakov Street will be reorganized under the integrated territorial development program (ITD). Draft decision published on the mos.ru portal. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.
“In the northwest of the capital, as part of the redevelopment of a 69.74-hectare area located at 9 Marshal Proshlyakov Street, it is planned to build a new comfortable microdistrict with housing and related infrastructure. In particular, educational and sports complexes will appear here. As a result of the project, it is planned to create over 11.7 thousand jobs. Investments in the reorganization of the site are estimated at 218.4 billion rubles, and the annual budget effect is 5.6 billion rubles,” said Vladimir Efimov.
The area allocated for redevelopment is located next to the Strogino metro station and close to the Moscow Ring Road.
“As part of the reorganization of the site, it is planned to build more than 950 thousand square meters of various real estate, including residential, public, business and social facilities. Thus, an educational complex will be built here, consisting of a school for a thousand students and a kindergarten for 600 pupils, as well as a sports and recreation complex with a hotel with 250 rooms. In addition, the project plans to build a technology park,” said the Minister of the Moscow Government, head of the capital’s Department of City Property Maxim Gaman.
According to the program of integrated development of territories, multifunctional city blocks are being created, where roads, comfortable housing and all necessary infrastructure are being designed on the site of former industrial zones and inefficiently used areas. Currently, 302 KRT projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in Moscow. This work is being carried out on behalf of Sergei Sobyanin.
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