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  • MIL-OSI United Kingdom: New UK support to power green growth at home while tackling climate change abroad

    Source: United Kingdom – Executive Government & Departments

    News story

    New UK support to power green growth at home while tackling climate change abroad

    Senior Cabinet ministers meet City of London leaders as Foreign Secretary announces new climate support

    • Foreign Secretary announces new funding to make it easier for countries to access UK private sector climate finance and disaster risk insurance, driving UK green growth.

    • Support comes as senior Cabinet ministers meet City of London leaders to discuss UK financial sector’s role in boosting sustainable finance for emerging markets and developing economies.

    • David Lammy to set out the economic opportunity for the UK and the City of London, in line with the government’s Plan for Change—with emerging markets expected to drive 65% of global growth by 2035.

    New support will help millions of people globally deal with the daily impact of climate change, the Foreign Secretary David Lammy has today announced (Tuesday 8 July).

    A £12m commitment for disaster relief finance and insurance will help climate-vulnerable countries better prepare for the impact of disasters like hurricanes and drought. 

    This funding is triggered by certain warning signs—such as a weather event or forecast—to enable faster payouts and a more effective response.

    Backed by the UK financial sector, this will also help drive domestic green growth and unlock jobs, opportunity and security for people in the UK.

    This new funding comes as Cabinet Ministers from the Treasury, Foreign Office, DESNZ and DEFRA will today meet leaders from the financial sector. They will collectively discuss how to champion UK-based investors and financial institutions to channel investment into climate initiatives in emerging markets.

    Foreign Secretary David Lammy said:

    The climate and nature crisis is the greatest global challenge we face. Failure to act will cause unprecedented environmental damage, fuelling displacement, conflict and famine.

    Tackling this crisis is also a huge opportunity for people and businesses here in the UK, delivering on our Plan for Change. The green sector is worth trillions of pounds, and I’m determined that we seize the economic growth, jobs and security it offers.

    The City of London, the world’s leading sustainable development financing hub, has a crucial role to play in this.

    Today’s measures, in support of the UK government’s Plan for Change, will help unlock sustainable finance from the UK and elsewhere, and ensure developing countries can better manage climate shocks themselves.

    This effort will help foster sustainable growth and protect the most climate vulnerable nations. Global climate investment is increasing rapidly, hitting $2.1 trillion last year, and the government sees the City of London in a prime position to capitalise on this opportunity.

    Last year the UK’s green sector grew three times faster than the economy as a whole, attracting £43bn of private investment. With London ranked as the world’s top sustainable finance centre, the UK is uniquely positioned to grow this industry further by helping to unlock finance for emerging markets that will drive 65% of global growth by 2035.

    The £12 million for pre-arranged finance will cut the cost of responding to disasters and accelerate the time it takes them to recover from such shocks.

    This follows the UK launching a global coalition with its partners last week, to scale up pre-arranged finance tenfold by 2035, alongside a coalition to drive greater investment for developing economies through public markets. This was announced by the Minister for Development Baroness Chapman at the 4th International Conference on Financing for Development in Sevilla, Spain.

    The Foreign Secretary is also today announcing that the UK’s Financial Services Centre of Expertise will help financial regulators across ASEAN access expertise from the Financial Conduct Authority. The initiative will focus on regulatory alignment across ASEAN markets to deliver green growth opportunities for UK investors. 

    BACKGROUND:

    • It’s the first time multiple cabinet ministers will be attending a meeting with leaders from the City of London together, signalling a growth opportunity on climate action.
    • The UK will be first country to annually publish pre-arranged finance as a percentage of overall crisis finance spending, with the aspiration of increasing this over time.

    Updates to this page

    Published 8 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Appointment to the Judicial Pension Board

    Source: United Kingdom – Executive Government & Departments

    News story

    Appointment to the Judicial Pension Board

    The Lord Chancellor has approved the appointment of Josephine Maguire as Chair of the Judicial Pension Board.

    The Lord Chancellor has approved the appointment, for 3 years from 1 July 2025, of Josephine Maguire as Chair of the Judicial Pension Board.

    Josephine Maguire is a Trustee of the DH&S Retirement and Death Benefits Plan and the Price Waterhouse Coopers (PwC) Pension Fund. Previously, she was a Pensions Assurance director with PwC and an Executive Director of the Pensions Research Accountants Group.

    In January, she was appointed as the as the Independent Pensions Specialist to the Teachers’ Pension Scheme Pension Board

    Ms Maguire has been Interim Chair of the Judicial Pension Board since 20 May.

    The Judicial Pension Board, established under the Judicial Pension Regulations 2015), helps the Lord Chancellor manage and govern the Judicial Pension Schemes by: ensuring they comply with the requirements of the Pensions Regulator; considering appeals and complaints; and making recommendations in internal dispute processes.

    Appointments are made, by the Lord Chancellor, under the Judicial Pension Regulations 2015 and are regulated by the Commissioner for Public Appointments. This appointment has been made in line with the Governance Code on Public Appointments.

    Updates to this page

    Published 8 July 2025

    MIL OSI United Kingdom –

  • Dozens missing after floods on Nepal-China border

    Source: Government of India

    Source: Government of India (4)

    Over two dozen people are missing after heavy rainfall in the Tibet region of China triggered a deluge in the Bhote Koshi River, which flows through Nepal and China, washing away the ‘Friendship Bridge’ that connects them, officials said on Tuesday.

    At least 18 people are missing in Nepal while China’s Xinhua news agency said 11 people were missing on the Chinese side of the border.

    In Nepal, the missing include the 6 Chinese workers and three policemen, the National Disaster Risk Reduction and Management Authority (NDRRMA) said on X, adding that eight electric cars were also washed away and a small hydroelectric plant damaged in the flood.

    The missing Chinese nationals were working at the Inland Container Depot, being constructed with Chinese assistance about 80 km (50 miles) north of the capital Kathmandu, said Arjun Paudel, a senior administrative official of Rasuwa district.

    “The river also swept away some containers with goods imported from China…There is a big loss (of property) and we are collecting details,” he told Reuters.

    The Nepal Army has rescued 11 people, and search and rescue operations are still underway, spokesperson Raja Ram Basnet said.

    China has been increasing its investment in Nepal in recent years in domains including roads, power plants, and hospitals.

    The Asian giant has been battered by heavy rain and flash floods over the last few days, which have left a trail of destruction, and is bracing for a tropical storm this week.

    In Pakistan also, at least 79 people, including 38 children, have died in floods and rain-related incidents, including landslides and house collapses, since June 26, its National Disaster Management Authority (NDMA) said on Tuesday.

    The authority has issued fresh alerts for flash flooding and glacial lake outbursts in the northern and northwestern provinces of Gilgit-Baltistan and Khyber Pakhtunkhwa, citing “a significant rise in temperatures and … an upcoming weather system.”

    Gilgit-Baltistan’s northern Chilas district recorded the highest temperature in Pakistan on Saturday at 48.5 degrees Celsius (119°F), breaking its earlier record of 47.7 degrees Celsius (118°F) reported in July 1997, said NDMA spokesperson Sophia Siddiqui.

    (Reuters)

  • Portugal’s Euro campaign still alive after 1-1 draw with Italy

    Source: Government of India

    Source: Government of India (4)

    A last-gasp equaliser by Portugal’s Diana Gomes against Italy in a thrilling 1-1 draw kept her country’s Women’s Euro campaign alive as her strike cancelled out a stunning second-half goal by Cristiana Girelli on Monday.

    Le Azzurre thought they were through to the quarter-finals after Girelli scored in the 70th minute, shifting the ball to her right foot at the edge of the box before unleashing a curling shot into the top right corner that goalkeeper Patricia Morais had little chance of stopping.

    But Gomes brought Portugal level in the 89th when a corner hit the bar and the Portuguese worked the ball back into the box for Gomes to fire home, sending their raucous fans, who chanted and banged drums throughout the night, into utter delirium.

    The draw spoiled Italy’s chance of clinching a berth in the knockout round on Monday, with Spain the only Group B team to have so far guaranteed a quarter-final spot with their 6-2 win over Belgium in the earlier match.

    (Reuters)

  • MIL-Evening Report: Interest rates are on hold at 3.85%, as the Reserve Bank opts for caution over mortgage relief

    Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate Professor, School of Economics, University of Sydney

    Thurtell/Getty Images

    The Reserve Bank of Australia has kept the cash rate at 3.85%, after cutting it in February and May.

    Those earlier moves were aimed at supporting the economy as growth slowed and inflation eased. This time, however, the bank chose to pause, signalling a more cautious stance.

    The decision will be hard for the millions of mortgage holders and aspiring home owners who were hoping for a cut.

    But as the bank’s monetary policy board explained:

    the board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5% on a sustainable basis.

    The decision surprised many. Financial markets had priced in a 90% chance of a rate cut and the big four banks – ANZ, Westpac, Commonwealth and NAB – had forecast an easing in July.

    On Tuesday afternoon Treasurer Jim Chalmers, would not be drawn on whether the bank had made the right decision but did say:

    it was not the result millions of Australians were hoping for or what the market was expecting.

    By holding steady, the bank is signalling it is not yet fully convinced inflation is returning to target and is prepared to wait for further evidence before cutting again.

    The bank also cautioned that uncertainty in the world economy remains elevated, with the final scope of trade tariffs yet to play out.

    What’s behind this surprise decision?

    The economy grew just 0.2% in the March quarter, with annual growth slowing to 1.3%. This was well below trend and even weaker than the 0.6% pace recorded in the December quarter. The data points to a clear loss of momentum.

    Consumer spending has also remained soft. Retail sales rose only 0.2% in May, following flat or falling results in the two previous months.

    Food spending declined, and sales of household goods were unchanged. Many households are still feeling the squeeze from high interest rates, rising living costs, and low confidence in the economy.

    Inflation has continued to ease. May’s inflation figures showed headline inflation falling to 2.1%, while the Reserve Bank’s preferred trimmed mean – dropped to 2.4% – the lowest since late 2021.

    The trimmed mean is a measure of underlying inflation that excludes the most extreme price changes (both increases and decreases) in the consumer price index basket to give a clearer picture of inflation trends.

    Price pressures have eased across both goods and services, with no signs of wage-driven or second-round inflation taking hold.

    Despite this, the bank decided to pause. While inflation is generally in line with its forecasts, the bank noted:

    the June quarter CPI [consumer price index] figures were slightly stronger than expected at the margin.

    With rates already cut twice this year and broader economic conditions evolving as expected, the Reserve Bank judged it could wait for more data before making its next move.

    What happens next?

    Markets still expect two more cuts this year – in August and November – which would bring the cash rate down to 3.35% by the end of 2025. But this depends on how inflation, wages and the job market evolve.

    Wage growth is slowing. Private sector wages rose 3.3% over the year to March, the slowest pace since mid-2022.

    The unemployment rate stayed at 4.1% in May, with little change in how many people are working or looking for jobs. The job market is still solid, but signs of slowing are emerging.

    The Reserve Bank is likely to move carefully. While inflation pressures have eased, the board wants to be sure prices stay within its 2 to 3% target band. It’s also keeping an eye on the housing market. Home prices rose 0.4% in June and are now up 4.6% over the year.

    That renewed strength, helped by earlier rate cuts and limited supply, could make future decisions more complicated.

    Global conditions still matter

    As the monetary policy board noted, “uncertainty in the world economy remains elevated”. Slowing global growth and fragile trade conditions are adding to the complexity of the bank’s task.

    In Europe, economic growth is expected to reach just 0.9% this year, well below historical norms.

    China’s recovery also remains uneven, despite authorities targeting 5% growth. Weak private investment and ongoing challenges in the property sector continue to weigh on momentum.

    Meanwhile, global trade has stalled. The World Trade Organization expects trade volumes to fall 0.2% this year as tensions and tariffs continue to disrupt supply chains. Ongoing trade threats between the United States and China are also hurting investment and weighing on key Australian exports like resources and education.

    Tuesday’s decision to hold the cash rate steady highlights the Reserve Bank’s cautious approach in a shifting economic environment.

    Growth is soft, inflation has eased back within the target band, and household spending remains under pressure. But with inflation data slightly stronger than expected, the bank is choosing to wait for more confirmation before cutting again.

    This isn’t a change in direction – it’s a pause for more information. The message remains clear: the Reserve Bank is prepared to act, but only when the data warrant it.

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

    – ref. Interest rates are on hold at 3.85%, as the Reserve Bank opts for caution over mortgage relief – https://theconversation.com/interest-rates-are-on-hold-at-3-85-as-the-reserve-bank-opts-for-caution-over-mortgage-relief-260310

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Ombudsman briefs Legislative Council Members on work results in 2024-25

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Office of The Ombudsman:

    The Ombudsman, Mr Jack Chan, today (July 8) attended an annual meeting with the Legislative Council (LegCo) and briefed members on the progress and results of the Office of The Ombudsman’s work in 2024-25. Looking forward, the Office will drive positive change in public administration, especially by streamlining workflow and enhancing efficiency to bring about further improvement in public administration. Mr Chan also exchanged constructive views with LegCo Members on matters of mutual concern.

    At the meeting, Mr Chan mentioned that in response to the motherland’s expectations of the Hong Kong Special Administrative Region (HKSAR), the Office will stay bold in reform, dare to break new ground, and innovate continuously. In the reporting year, the Office championed three strategic focuses and achieved satisfactory results in various areas. Mr Chan said, “On the front of mediation, the Office achieved unprecedented results during the reporting year, concluding an all-time high of 555 cases involving no or only minor maladministration.” Based on the motto of “responding to people’s needs”, the Office helped the complainants out of their predicament speedily and amicably through mediation, while the departments could also review internal procedures and make improvements, thereby enhancing the standards of public administration. The results were encouraging as the Office’s mediation work was highly commended by both complainants and departments.

    Interdepartmental collaboration is another strategic focus of the Office. At the meeting, Mr Chan elaborated that after analysing the interdepartmental collaboration cases handled over the past, positive impact was observed in four major areas: clarifying the demarcation of responsibilities, grasping the crux of the matter, facilitating direct communication and experience sharing among departments, and launching joint operations. The Office has introduced a new series featuring stories of good people and good deeds on social media and its website, showcasing mediation and interdepartmental collaboration closely related to people’s livelihood and highlighting the results brought about by complaint handling.

    During the reporting year, the Office spared no effort in advocating a positive complaint culture through exchange meetings, publicity campaigns, education initiatives and commendation schemes. Not only are the public encouraged to participate in social issues and voice their opinions in a constructive manner, but departments and organisations are also urged to serve the public with open-mindedness. Mr Chan firmly believes that fostering constructive suggestions and positive feedback is conducive to the promotion of good governance.

    Mr Chan highlighted at the meeting several direct investigation (DI) operations widely concerned by the Government, professions and the community, including regulation of occupational safety and health in construction industry, combating abuse of public housing resources, and the arrangements for recovery, refurbishment and reallocation of public housing rental flats. A poignant DI operation was conducted into the provision of public services relating to after-death arrangements. During the reporting year, the Office made 148 recommendations to government departments or public organisations in DI operation reports. Together with the 106 recommendations made in full investigation reports, the total number of 254 recommendations soared by 37 per cent over that in 2023-24 and hit a record high in the recent five years.

    The Office completed a reorganisation in July, under which it has streamlined the directorate establishment from a three-tier to a two-tier directorate structure by freezing the vacancy of Deputy Ombudsman. Instead, three Assistant Ombudsmen, all reporting directly to the Ombudsman, are appointed to head three major divisions, namely the Complaints Investigation Division, the Direct Investigation Division, and the Complaints Assessment and Support Division. The Office has deployed resources more flexibly to increase the number of Direct Investigation Teams from two to three, augment the staffing for complaints assessment, and streamline the complement of Complaints Investigation Teams and administrative and support staff. Mr Chan said, “The Office will adhere to the strategy of training and internal promotion to cultivate a contingent of experienced and competent investigation officers and support staff that are dedicated to our country and Hong Kong.”

    Separately, Mr Chan reported the Office’s international liaison work, including hosting the International Ombudsman Summit 2024 and The Ombudsman’s 35th Anniversary Reception Ceremony in December last year. The event was supported and commended by the Central Government, the HKSAR Government and international counterparts, and widely reported by the media. Around 140 Mainland and overseas participants from about 40 countries and regions across six continents attended the Summit. The Office also signed a Memorandum of Understanding on Bilateral Cooperation with representatives from eight countries and regions across five continents, demonstrating Hong Kong’s important role as a “super connector”.

    The Office actively participated in international affairs. In addition to being the Secretary of the Asian Ombudsman Association, Mr Chan was appointed earlier this year as the Chairman of the Standing By-laws Committee and a member of the United Nations and International Cooperation Working Group  under the International Ombudsman Institute (IOI) respectively. In May, he was appointed to the Board of Directors of the Australasian and Pacific Region of the IOI. Mr Chan pledged to continue playing an active role on international co-operation platforms, presenting to global audiences a good story about Hong Kong from stability to prosperity under “one country, two systems”, and leveraging the unique position of having strong support from the motherland and close connections to the world. Furthermore, the Office will maintain a close relationship with its Mainland counterparts.

    Looking forward, the Office will perform the gatekeeping function under The Ombudsman Ordinance to focus resources on those complaints that require assistance. It will press ahead with promoting mediation to redress public grievances, step up DI operations and make pragmatic and effective recommendations and observations, especially on streamlining workflow and enhancing efficiency to bring about improvement in public administration. Mr Chan also remarked that the preparations for establishing the Hong Kong International Ombudsman Academy are in full swing. The Academy’s first exchange session on mediation is scheduled for August 25, 2025. In line with Mr Chan’s firm belief in “prevention is better than cure”, the Academy will endeavour to instil the concept of “maladministration prevention” in public officers to enhance their vigilance and take precautions against maladministration. This also marks a new milestone of the Office in driving positive change in public administration.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Guinea: One year after the enforced disappearance of Front National de Défense de la Constitution (FNDC) activists, abductions increase in a ‘climate of terror’

    Source: APO


    .

    Guinean authorities must urgently reveal the fate and whereabouts of National Front for the Defence of the Constitution (Front national de défense de la Constitution – FNDC) activists Oumar Sylla and Mamadou Billo Bah, who were forcibly disappeared a year ago, and ensure that those suspected to be responsible for the abductions and enforced disappearances in Guinea are brought to justice in fair trial and victims and family members of victims are provided with access to justice and effective remedies, said 25 Guinean and international human rights organizations.

    “We call on the Guinean authorities to break their unbearable silence regarding the fate of the two FNDC activists. There is no indication that they have carried out investigations to find the two activists who have been missing for a year,” the human rights organizations said today.

    Mamadou Billo Bah and Oumar Sylla, known as Foniké Menguè, were arrested on 9 July 2024 at the latter’s home in Conakry by armed men, before allegedly being taken by special forces to the Loos archipelago. They were interrogated and tortured, according to a third member of FNDC who was abducted with the two others and released the day after. The authorities have denied holding them and their fate remains unknown to this day.

    The FNDC, a civil society movement calling for a return to civilian rule, was disbanded in 2022. Oumar Sylla, its national coordinator had called for demonstrations on 11 July 2024 against, among other things, repression of the media and the high cost of living.

    Since the Prosecutor General’s announcement on 17 July 2024 of the opening of ‘thorough and complete’ investigations into several abductions, including those of Oumar Sylla and Mamadou Billo Bah, no information has been made public about their progress.

    Multiplication of cases of abductions and disappearances

    Journalist Habib Marouane Camara, managing director of Le Révélateur news website, was abducted in Lambanyi, a commune of Conakry, on 3 December 2024 by men in uniform, according to witnesses. On 6 December 2024, the Dixinn public prosecutor’s office declared that the ‘arrest was carried out without orders from the constituted authorities and outside the cases provided for by law’, announcing that an investigation was underway. To date, there has been no news of the journalist’s whereabouts.

    “Since these announcements, no information has been made public by the authorities. We call on them to shed full light on the cases of abductions and disappearances in the country by conducting prompt, independent, and transparent investigations into these cases. We also call on the authorities to ratify without reservation the International Convention for the Protection of All Persons from Enforced Disappearance,” said the human rights organizations.

    In addition to these cases, there have been abductions followed by acts of torture on individuals known for their critical views. On 19 February 2025, the national coordinator of the Forum of Social Forces of Guinea (Forum des forces sociales de Guinée), Abdoul Sacko, was abducted and found the same day, according to his lawyers ‘in a critical state, tortured and abandoned by his abductors in the bush’.

    Lawyer Mohamed Traoré suffered the same fate in June 2025. The former President of the Guinean Bar Association has testified that he was ‘subjected to abuse’ after being abducted from his home on the night of 20 to 21 June by armed men. The Bar Association reported that he had been found ‘with his back covered in wounds’. On 23 June, the public prosecutor again announced the opening of an ‘in-depth investigation into the facts’.

    ‘A climate of terror’

    Following the abduction of Abdoul Sacko, the Bar Association denounced ‘the climate of terror that is gradually taking hold and […] the total lack of reaction from the judicial authorities’.

    Our organizations spoke to lawyers and political actors who say they have been threatened.

    A leader of an opposition party has been in hiding for several months, after receiving threats by phone and after people in plain clothes went to his home in his absence, making threats. Another politician said that he frequently changed his residence and route after receiving threats.

    A lawyer said: ‘Since I started defending certain people critical of the government, I have received at least four calls confirming that I am on the list of people whose abduction is planned’.

    A human rights defender said he had been alerted after his statements denouncing the abduction of Mohamed Traoré: “I have received two calls from people I know in the judicial system urging me to leave my home because I would be next on the list according to their information. I take this very seriously, I make sure I’m never alone”.

    “We call on the Guinean authorities to respect their international human rights obligations to respect, protect, promote and fulfil the human rights of everyone in the country, as they have undertaken to do before the United Nations Human Rights Council in April 2025 during the Universal Periodic Review, in particular the rights to freedom of expression and peaceful assembly and the rights of human rights defenders,” said the Guinean and international human rights organizations.

    Signatories

    • Action pour des Personnes Vulnérables (APV)
    • Alliance des Femmes Leaders pour la Parité en Guinée (AFLPAG)
    • Alliances des Médias pour les Droits Humains en Guinée (AMDH)
    • Amnesty International
    • Assistance Justice Aux Droits des Enfants et Femmes (AJDEF)
    • Association des Blogueurs de Guinée (ABLOGUI)
    • Association des Victimes, Parents et Amis des évènements du 28 septembre 2009 (AVIPA)
    • Avocats Sans Frontières Guinée (ASF Guinée)
    • Centre Africain de Formation et d’Information sur les Droits de l’Homme et de l’Environnement (CAFIDHE)
    • Conseil Consultatif des Enfants et Jeunes de Guinée (CCEJG)
    • Coalition des ONG de protection et de promotion des Droits de l’Enfant, Lutte contre la Traite  (COLTE/CDE)
    • Convention Guinéenne des Droits de l’Homme (COGUIDH)
    • Convergence des Jeunes Leaders pour la Paix et la Démocratie (COJELPAID)
    • Coordination des Jeunes Cadres Volontaires pour le Futur (CJCVF)
    • Fédération Guinéenne pour la Promotion des Associations des Personnes Handicapées (FEGUIPAH)
    • Fédération internationale pour les droits humains (FIDH), dans le cadre de l’Observatoire pour la protection des défenseur.es des droits humains
    • Forum Civil Guinéen
    • Jeune Action pour la Santé et le Développement (JASD)
    • Leadership Jeunes pour la Paix et le Développement en Afrique (LEJEPAD)
    • Organisation Guinéenne de Défense des Droits de l’Homme et du citoyen (OGDH)
    • Organisation mondiale contre la torture (OMCT), dans le cadre de l’Observatoire pour la protection des défenseur.es des droits humains
    • Organisation Secours aux Handicapés de Guinée (OSH Guinée)
    • Union pour le Bien-Être des Personnes Atteintes d’Albinisme (UBPAAG)
    • Women of Africa (WAFRICA Guinée)
    • Women Hope Guinée (WHP)

    Distributed by APO Group on behalf of Amnesty International.

    MIL OSI Africa –

  • MIL-OSI Russia: Brazil’s President Condemns Foreign Interference in Country’s Internal Affairs

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    RIO DE JANEIRO, July 8 (Xinhua) — Brazilian President Luiz Inacio Lula da Silva on Monday condemned foreign interference in his country’s internal affairs after U.S. President Donald Trump called on Brazilian authorities to stop prosecuting former President Jair Bolsonaro, who is under investigation for attempting a coup.

    “Defending Brazilian democracy is a matter that concerns Brazilians. We are a sovereign country, we do not accept interference or tutelage from anyone. We have strong and independent institutions. No one is above the law, especially those who threaten freedom and the rule of law,” said L.I. Lula da Silva.

    J. Bolsonaro, who served as Brazil’s president from 2019 to 2022, is accused of plotting to retain power through force after losing the 2022 presidential election. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-Evening Report: The US has high hopes for a new Gaza ceasefire, but Israel’s long-term aims seem far less peaceful

    Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

    US President Donald Trump has hosted Israeli Prime Minister Benjamin Netanyahu for dinner at the White House, where he has declared talks to end the war in Gaza are “going along very well”.

    In turn, Netanyahu revealed he has nominated Trump for the Nobel Peace Prize, saying:

    he is forging peace as we speak, in one country, in one region, after the other.

    Despite all the talk of peace, negotiations in Qatar between Israeli and Palestinian delegations have broken up without a breakthrough. The talks are expected to resume later this week.

    If an agreement is reached, it will likely be hailed as a crucial opportunity to end nearly two years of humanitarian crisis in Gaza, following the October 7 attacks in which 1,200 Israelis were killed by Hamas-led militants.

    However, there is growing scepticism about the durability of any truce. A previous ceasefire agreement reached in January led to the release of dozens of Israeli hostages and hundreds of Palestinian prisoners.

    But it collapsed by March, when Israel resumed military operations in Gaza.

    This breakdown in trust on both sides, combined with ongoing Israeli military operations and political instability, suggests the new deal may prove to be another temporary pause rather than a lasting resolution.

    Details of the deal

    The proposed agreement outlines a 60-day ceasefire aimed at de-escalating hostilities in Gaza and creating space for negotiations toward a more lasting resolution.

    Hamas would release ten surviving Israeli hostages and return the remains of 18 others. In exchange, Israel is expected to withdraw its military forces to a designated buffer zone along Gaza’s borders with both Israel and Egypt.

    The agreement being thrashed out in Doha includes the release of Israeli hostages, held in Gaza for the past 22 months.
    Anas-Mohammed/Shutterstock

    While the specific terms of a prisoner exchange remain under negotiation, the release of Palestinian detainees held in Israeli prisons is a central component of the proposal.

    Humanitarian aid is also a key focus of the agreement. Relief would be delivered through international organisations, primarily UN agencies and the Palestinian Red Crescent.

    However, the agreement does not specify the future role of the US-backed Gaza Humanitarian Fund, which has been distributing food aid since May.

    The urgency of humanitarian access is underscored by the scale of destruction in Gaza. According to Gaza’s Health Ministry, Israel’s military campaign has killed more than 57,000 Palestinians. The offensive has triggered a hunger crisis, displaced much of the population internally, and left vast areas of the territory in ruins.

    Crucially, the agreement does not represent an end to the war, one of Hamas’s core demands. Instead, it commits both sides to continue negotiations throughout the 60-day period, with the hope of reaching a more durable and comprehensive ceasefire.

    Obstacles to a lasting peace

    Despite the apparent opportunity to reach a final ceasefire, especially after Israel has inflicted severe damage on Hamas, Netanyahu’s government appears reluctant to fully end the military campaign.

    There is scepticism a temporary ceasefire would lead to permanent peace.
    Anas-Mohammed/Shutterstock

    A central reason is political: Netanyahu’s ruling coalition heavily relies on far-right parties that insist on continuing the war. Any serious attempt at a ceasefire could lead to the collapse of his government.

    Militarily, Israel has achieved several of its tactical objectives.

    It has significantly weakened Hamas and other Palestinian factions and caused widespread devastation across Gaza. This is alongside the mass arrests, home demolitions, and killing of hundreds of Palestinians in the West Bank.

    And it has forced Hezbollah in Lebanon to scale back its operations after sustaining major losses.

    Perhaps most notably, Israel struck deep into Iran’s military infrastructure, killing dozens of high-ranking commanders and damaging its missile and nuclear capabilities.

    Reshaping the map

    Yet Netanyahu’s ambitions may go beyond tactical victories. There are signs he is aiming for two broader strategic outcomes.

    First, by making Gaza increasingly uninhabitable, his government could push Palestinians to flee. This would effectively pave the way for Israel to annex the territory in the long term – a scenario advocated by many of his far-right allies.

    Speaking at the White House, Netanyahu says he is working with the US on finding countries that will take Palestinians from Gaza:

    if people want to stay, they can stay, but if they want to leave, they should be able to leave.

    Second, prolonging the war allows Netanyahu to delay his ongoing corruption trial and extend his political survival.

    True intentions

    At the heart of the impasse is the far-right’s vision for total Palestinian defeat, with no concession and no recognition of a future Palestinian state. This ideology has consistently blocked peace efforts for three decades.

    Israeli leaders have repeatedly described any potential Palestinian entity as “less than a state” or a “state-minus”, a formulation that falls short of Palestinian aspirations and international legal standards.

    Today, even that limited vision appears to be off the table, as Israeli policy moves towards complete rejection of Palestinian statehood.

    With Palestinian resistance movements significantly weakened and no immediate threat facing Israel, this moment presents a crucial test of Israel’s intentions.

    Is Israel genuinely pursuing peace, or seeking to cement its dominance in the region while permanently denying Palestinians their right to statehood?

    Following its military successes and the normalisation of relations with several Arab states under the Abraham Accords, Israeli political discourse has grown increasingly bold.

    Some voices in the Israeli establishment are openly advocating for the permanent displacement of Palestinians to neighbouring Arab countries such as Jordan, Egypt and Saudi Arabia. This would effectively erase the prospect of a future Palestinian state.

    This suggests that for certain factions within Israel, the end goal is not a negotiated settlement, but a one-sided resolution that reshapes the map and the people of the region on Israel’s terms.

    The coming weeks will reveal whether Israel chooses the path of compromise and coexistence, or continues down a road that forecloses the possibility of lasting peace.

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

    – ref. The US has high hopes for a new Gaza ceasefire, but Israel’s long-term aims seem far less peaceful – https://theconversation.com/the-us-has-high-hopes-for-a-new-gaza-ceasefire-but-israels-long-term-aims-seem-far-less-peaceful-260286

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Samsung Electronics Acquires Xealth, Bridging The Gap Between Wellness and Medical Care

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced that it has signed an agreement to acquire Xealth, a unique healthcare integration platform that brings diverse digital health tools and care programs that benefit patients and providers. Together with Samsung’s innovative leadership in wearable technology, the acquisition will help advance Samsung’s transformation into a connected care platform that bridges wellness and medical care bringing a seamless and holistic approach to preventative care to as many people as possible.
    This acquisition will further Samsung’s push to unify fragmented health information and to empower individuals to take control of their own health. Often, customer health data measured on wellness tools1, which keep track of one’s wellness journey every day, and clinical records at hospitals are managed separately, leading to missed insights and delayed care. The synergy between Samsung’s advanced wearable technology and Xealth’s digital health platform can create a link between home health monitoring and clinical decision-making through enhancements to Xealth’s platform, with the provider-patient relationship at the center of that effort.
    Samsung is committed to making digital health tools accessible for all through relentless innovation in technology and a boundless device ecosystem, and has been heavily investing in sensor technologies on wearables – essential tools to follow one’s wellbeing throughout both day and night. With Samsung’s diverse product portfolio especially around home, Samsung helps connect these various devices to bring better context and personalization around healthcare. The acquisition of Xealth will reinforce this commitment by becoming the cornerstone to advancing Samsung’s care at home vision of connecting and bridging wellness and medical care.

    Xealth, spun out of Providence health system, combines multiple digital health solutions into a single user interface and platform, giving healthcare providers a more complete picture of their patients, and enabling real-time monitoring, continuous engagement and smarter decision making. Xealth acts as an orchestration layer that gives health systems control over how they manage, filter, and use data. The company currently has a network of more than 500 U.S. hospitals, including Advocate Health and Banner Health, and more than 70 digital health solution partners, which will gain access to Samsung’s platform and enhance the connected care platform.
    “Samsung aims to improve the health of everyone through our extensive platform combining Samsung’s innovative technologies and open collaboration with industry leaders,” said TM Roh, President and Acting Head of the Device eXperience (DX) Division at Samsung Electronics. “We believe the acquisition of Xealth, with its accumulated expertise and extensive healthcare network, will be an anchor to accelerate Samsung’s efforts to support health systems and digital health partners through a truly connected care.”

    MIL OSI Global Banks –

  • MIL-OSI New Zealand: Napier man charged after prohibited firearms found in children’s bedrooms

    Source: New Zealand Police

    Five prohibited firearms are out of circulation after Police seized them while executing a search warrant at the home of a firearms licence holder in Napier.

    Detective Senior Sergeant James Keene says the arrest of the 42-year-old man and seizure of the firearms followed close co-operation between Eastern Districts Police and the Firearms Safety Authority, after concerns about the man’s fitness to hold a firearms licence.

    “One of the most disturbing aspects of the arrest involved the discovery of five prohibited firearms, military-style semi-automatics, in children’s bedrooms,” said DSS Keene.

    “The firearms were not locked away as required and ammunition was also accessible. Officers were concerned that vulnerable children could have access to the firearms. The man also did not have the necessary endorsement on his firearms license to possess prohibited firearms,” said DSS Keene.

    The Firearms Safety Authority – Te Tari Pūreke had earlier suspended the man’s firearms licence after he was involved in a driving incident.

    “This case is an excellent example of frontline Police and the Firearms Safety Authority working together to share real-time intelligence that enables risk assessments and interventions to keep the public safe,” said Authority Executive Director Angela Brazier.

    “It is a privilege to possess and use firearms. All licence holders must act in the interests of personal and public safety. We know from daily engagement with licence holders that most are fit and proper to use a firearm, understand their obligations and have no trouble meeting them,” said Angela Brazier.

    The man faces a total of 14 firearms and driving charges include drink driving, dangerous driving and failing to stop to ascertain injury; as well as unlawful possession of prohibited firearms, prohibited parts, prohibited ammunition and prohibited magazines, unlawful possession of a pistol, and using a document to obtain property. He is currently remanded in custody.

    Anyone with concerns about a potential firearms offence can phone Police on 105, or 111 if life is in immediate danger. Anonymous calls can be made to Crime Stoppers 0800 555 111.

    ENDS

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI USA: First Partner meets with farm communities, immigrant support groups in the Inland Empire

    Source: US State of California Governor

    Jul 7, 2025

    Perris, California — On June 18, 2025, the First Partner visited the Inland Empire to meet with California communities impacted by the Trump Administration’s federal immigration raids. 

    The First Partner visited TODEC, a local nonprofit organization that’s become a lifeline for immigrant families, offering legal support, food distribution, social services, and mental health resources for those in need. Staff and families impacted by the federal immigration raids gathered to share their stories. Later in the day, the First Partner and the TODEC team dropped food donations to farmworkers fearful of leaving their homes due to ongoing and indiscriminate ICE raids.

    “I listened to accounts from grandmothers, mothers, and children—of families afraid of leaving their homes, fathers who committed suicide because they were unable to work. This is a campaign of terror on American soil—aimed at some of the hardest working people on earth—and the farms who supply our nation’s food. In addition to being morally unconscionable, the actions of the federal administration are economically disastrous. California is the world’s fifth largest producer of agricultural products. That doesn’t happen without the hands, the hearts, and the labor of immigrant workers.”

    Jennifer Siebel Newsom

    “We’re grateful for the First Partner’s compassion and for showing up for this community. She listened and saw firsthand the suffering these families are enduring, but also saw their resilience. At a time when too many are turning away from what is happening here, she is leaning in.”

    Luz Gallegos, Executive Director, TODEC.

    For almost 40 years, TODEC has been a hub for healing, organizing, advocacy, and community transformation led by the people who live and work in rural Inland communities. TODEC has operated a 24/7crisis hotline for the past 30 years and provides connection to mental health supports, home-based deliveries of groceries, medicine, other essential needs, financial assistance for families in dire need, and more.

    In addition to supporting local residents with affirmative immigration remedies and other legal services, the organization has been a longtime supporter of commonsense immigration reforms dating back to the Reagan Administration—advocating for legal pathways that allow people to safely live, work, and continue contributing in California.

    The First Partner is an advocate for California’s farmers and agricultural communities. She helped architect California’s nation-leading Farm to School program, which now provides healthy meals to nearly half of the state’s school children by working with local organic farms. She also championed the Universal Meals program, which ensures that all Californian students have access to two free school meals each day that are delicious, nutritious, and locally-sourced. 

    The First Partner is a leading advocate for the mental health and well-being of all Californian children. Under the leadership of Governor Gavin Newsom and First Partner Jennifer Siebel Newsom, California has invested billions in the California Youth Behavioral Health Initiative to ensure that mental health services are available, affordable, and accessible to youth whenever they need support, wherever they may be. Through this initiative, children and their families can access free online behavioral health services (BrightLife Kids, Soluna, Mirror), video and print resources (California Positive Parenting, Thriving Kids and California Healthy Minds, Thriving Kids), and online training to recognize and respond to trauma and stress in kids (Safe Spaces). These resources are available at no-cost in Spanish and English language.

    First Partner, Press releases

    Recent news

    Jul 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the deployment of skilled Urban Search and Rescue Team members to Texas to assist with ongoing response efforts related to severe flooding impacts. “California stands with all those who have lost loved ones,…

    Jul 7, 2025

    News What you need to know: California added area the equivalent of Glacier National Park to its conserved lands and coastal waters in just the last year – marking significant progress toward its goal of 30% conservation by 2030. SACRAMENTO – Governor Gavin Newsom…

    Jul 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments: Thanne Berg, of Albany, has been appointed Deputy Director of Site Mitigation and Restoration Program at the California Department of Toxic Substances Control. Berg has been Acting…

    MIL OSI USA News –

  • MIL-OSI USA: First Partner meets with farm communities, immigrant support groups in the Inland Empire

    Source: US State of California Governor

    Jul 7, 2025

    Perris, California — On June 18, 2025, the First Partner visited the Inland Empire to meet with California communities impacted by the Trump Administration’s federal immigration raids. 

    The First Partner visited TODEC, a local nonprofit organization that’s become a lifeline for immigrant families, offering legal support, food distribution, social services, and mental health resources for those in need. Staff and families impacted by the federal immigration raids gathered to share their stories. Later in the day, the First Partner and the TODEC team dropped food donations to farmworkers fearful of leaving their homes due to ongoing and indiscriminate ICE raids.

    “I listened to accounts from grandmothers, mothers, and children—of families afraid of leaving their homes, fathers who committed suicide because they were unable to work. This is a campaign of terror on American soil—aimed at some of the hardest working people on earth—and the farms who supply our nation’s food. In addition to being morally unconscionable, the actions of the federal administration are economically disastrous. California is the world’s fifth largest producer of agricultural products. That doesn’t happen without the hands, the hearts, and the labor of immigrant workers.”

    Jennifer Siebel Newsom

    “We’re grateful for the First Partner’s compassion and for showing up for this community. She listened and saw firsthand the suffering these families are enduring, but also saw their resilience. At a time when too many are turning away from what is happening here, she is leaning in.”

    Luz Gallegos, Executive Director, TODEC.

    For almost 40 years, TODEC has been a hub for healing, organizing, advocacy, and community transformation led by the people who live and work in rural Inland communities. TODEC has operated a 24/7crisis hotline for the past 30 years and provides connection to mental health supports, home-based deliveries of groceries, medicine, other essential needs, financial assistance for families in dire need, and more.

    In addition to supporting local residents with affirmative immigration remedies and other legal services, the organization has been a longtime supporter of commonsense immigration reforms dating back to the Reagan Administration—advocating for legal pathways that allow people to safely live, work, and continue contributing in California.

    The First Partner is an advocate for California’s farmers and agricultural communities. She helped architect California’s nation-leading Farm to School program, which now provides healthy meals to nearly half of the state’s school children by working with local organic farms. She also championed the Universal Meals program, which ensures that all Californian students have access to two free school meals each day that are delicious, nutritious, and locally-sourced. 

    The First Partner is a leading advocate for the mental health and well-being of all Californian children. Under the leadership of Governor Gavin Newsom and First Partner Jennifer Siebel Newsom, California has invested billions in the California Youth Behavioral Health Initiative to ensure that mental health services are available, affordable, and accessible to youth whenever they need support, wherever they may be. Through this initiative, children and their families can access free online behavioral health services (BrightLife Kids, Soluna, Mirror), video and print resources (California Positive Parenting, Thriving Kids and California Healthy Minds, Thriving Kids), and online training to recognize and respond to trauma and stress in kids (Safe Spaces). These resources are available at no-cost in Spanish and English language.

    First Partner, Press releases

    Recent news

    Jul 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the deployment of skilled Urban Search and Rescue Team members to Texas to assist with ongoing response efforts related to severe flooding impacts. “California stands with all those who have lost loved ones,…

    Jul 7, 2025

    News What you need to know: California added area the equivalent of Glacier National Park to its conserved lands and coastal waters in just the last year – marking significant progress toward its goal of 30% conservation by 2030. SACRAMENTO – Governor Gavin Newsom…

    Jul 7, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments: Thanne Berg, of Albany, has been appointed Deputy Director of Site Mitigation and Restoration Program at the California Department of Toxic Substances Control. Berg has been Acting…

    MIL OSI USA News –

  • MIL-OSI Africa: Kholo Capital provides Bayport South Africa with a R200 million mezzanine debt growth funding facility to support the roll out of the Bayport South Africa (SA) Financial Wellness Solutions Programme

    Source: APO


    .

    Kholo Capital Mezzanine Debt Fund I (“Kholo Capital”) (www.KholoCapital.com) announced today the injection of a R200 million mezzanine debt growth funding facility into Bayport Securitisation (“Bayport South Africa” or “Bayport SA”) to support the roll out of the Bayport SA Financial Wellness Solutions Programme. Bayport SA is committed to alleviating employee over-indebtedness in South Africa and promoting long-term financial wellness of employees. This is achieved by offering them with practical debt solutions, which include debt reduction through negotiating settlement terms and discounts with creditors, halting legal action where possible, and improving employees’ credit scores, through its financial wellness solutions programme.

    Through the Bayport SA Financial Wellness Programme, Bayport SA addresses the widespread issue of over-indebtedness among South African employees. By providing tailored debt reductions (wherein the benefit of all settlement discounts negotiated with creditors is passed to the employees), debt consolidation and rehabilitation solutions, Bayport enables employees to regain financial stability and improve their long-term financial standing. The programme includes structured debt management processes and financial literacy initiatives, ensuring that employees not only reduce their debt obligations and debt repayments resulting in financial breathing room but also develop healthier long-term financial habits.

    Recent market data indicates that more than 60% of employed individuals in South Africa are struggling with over-indebtedness, while less than 14% of the South African population can afford to retire. Alarmingly, an average of 74% of income is spent on debt repayments, with 49% of all consumers falling more than one month behind on at least one loan. These findings highlight a critical socioeconomic issue that not only affects individual well-being and family units, but also impacts workplace productivity, stability, and staff morale.

    As a vital component of its initiative, Bayport SA offers employees, through partnerships with employers, a structured 10-week financial wellness journey aimed at providing both immediate relief and fostering long-term behavioural change. Employees can expect significant improvements in monthly cash flow (i.e., including significant debt reduction), enhanced expense management, and the ability to effectively plan for future financial milestones. The program includes personal financial health assessments, individualized coaching, and practical exercises to build sustainable financial habits. Additionally, employees engage in peer-led group sessions that promote accountability and support the development of effective money management practices.

    To further amplify the financial wellness program’s impact, Bayport SA supplies a range of digital tools and support services. These include a gamified financial wellness app that facilitates goal tracking and provides access to educational resources, along with one-on-one sessions with personal money coaches throughout the journey. The Bayport SA Academy offers online financial education and workshops to enhance financial literacy, while structured emergency credit facilities provide responsible short-term relief as an alternative to high-cost payday loans.

    Bayport SA is currently in partnership with more 70 employers across various industries in South Africa, including blue-chip corporations in FMCG, financial services, telecommunications, automotive, and mining sectors, as well as government entities at local, provincial, and national levels.

    Mokgome Mogoba, Managing Partner and Founder at Kholo Capital, remarked: “The positive ESG and social impact on the South African society by Bayport SA is substantial as the company provides significant debt relief to over-indebted employees. We are very passionate about financial inclusion and this investment achieves that. Bayport SA’s intervention in the South African economy is significant and measurable. Settlement discounts negotiated with creditors on behalf of employees can range between 25% and 80% of the total debt amount outstanding. The average increase in monthly disposable income is R7,450, representing 32.8% of the average basic salary of R22,865. This increase in financial flexibility is directly correlated with a substantial reduction in the total debt amount outstanding and reduction in monthly debt repayment obligations.”                                                                                                                        

    Zaheer Cassim, Managing Partner and Founder at Kholo Capital, asserted: “Bayport SA’s securitization program, is one of the best in South Africa. There has never been any payment defaults or covenant breaches, even during the challenging period of the COVID-19 pandemic. The securitization program is supported by leading South African institutional investors and South African banks. Bayport SA is also highly regarded for its first-class management team, transparent reporting practices and strong management engagement, with regular investor reporting and quarterly meetings with investors. The business is supported by strong shareholders of reference which include the Public Investment Corporation (PIC). We are very pleased with this investment in Bayport SA, and we look forward to supporting this highly talented and highly motivated management team in their vision to grow the business, by providing financial wellness solutions to the South African people.”

    Alfred Ramosedi, Chief Executive Officer of Bayport SA, commented: “We are proud to partner with Kholo Capital, whose commitment to impact investing aligns seamlessly with our mission to drive meaningful financial change. As one of South Africa’s leading financial wellness companies, this funding will enable us to scale our reach and deepen our impact – empowering even more South Africans with the tools and support to break free from debt and build financially resilient futures.”

    Norton Rose Fulbright acted as legal counsel to Kholo Capital and Werksmans acted as legal counsel for Bayport SA.

    Distributed by APO Group on behalf of Kholo Capital.

    Notes to Editors

    About R1,4 billion Kholo Capital Mezzanine Debt Fund I

    Please keep Kholo Capital Mezzanine Debt in mind whenever equity funding is needed, we can plug some of the equity funding gap with mezzanine debt loan funding (subordinated loans) so that shareholders don’t give up too much equity and don’t suffer too much equity dilution.

    The R1,4bn Kholo Capital Mezzanine Debt Fund provides mezzanine debt funding R70m to R205m to medium sized businesses generating minimum R25m EBITDA per annum. We can invest in all sectors including real estate (but excluding primary mining, resources, commodities, primary farming, micro lending, gambling, ammunition, hard liquor and tobacco). However, we can invest in mining services/products, mining logistics/transportation, mineral processing, and Agri-processing.

    We provide growth capital and acquisition funding to mid-market companies with operations in South Africa, Botswana, Namibia, Swaziland, or Lesotho. Investment tenor 4 to 7yrs targeting returns above 17% (interest rate plus equity upside). Leverage up to 3,5x to 4x Total Debt (senior debt and mezzanine debt) to EBITDA and/or up to 80% LTV.

    Kholo Capital is passionate about investing in sectors of the Southern African economy with high social impact including financial inclusion, affordable housing, healthcare, education, renewable energy, food security, ICT, and infrastructure. Our guiding business principles include commitment to add sustainable value to our investee companies and to adhere to the best ESG practices. The Fund uses the United Nation’s 17 Sustainable Development Goals as guiding principles with key focus on those linked to job creation and sustainable growth.

    We also fund share buy backs, refinancing of shareholder loans and dividend recaps. We also fund management buy-outs, leveraged buyouts and private equity buy-outs.

    We can also pay down portion of senior debt bank funding especially where the senior debt has steep capital repayments, in order to create cashflow headroom for the business. Mezzanine debt loan funding is typically 5-6yr flexible bullet loan funding with capital repayable right at the end on the maturity of the loan. The business only has to service interest payments during the loan tenor thereby creating cashflow headroom and the business can re-invest the excess cashflows for growth.

    Business or project must be generating minimum R25m EBITDA per annum at the time of investment. Meaning we can’t fund greenfield projects or new developments on a ring-fenced basis. We can look at greenfield opportunities or new projects provided there is an external guarantee (i.e., third party guarantee) from a business (i.e., balance sheet) that generates the minimum R25m EBITDA. The guarantee can fall away once the business meets the threshold and covenants are met.

    Also, we can’t fund distressed assets or big turnarounds.

    Kholo Capital is a specialist alternative investment fund management company with deep experience and track record in private markets. It was founded in 2020 by Mokgome Mogoba and Zaheer Cassim. The Kholo Capital investment team has more than 100 years of collective credit and investment experience and is highly skilled in senior debt, mezzanine debt and private equity. The investment team has a strong track record in the credit and investment space and has invested in excess of R50bn of mezzanine debt, private equity and senior debt investment transactions in over 90 transactions in more than 10 African countries. Kholo Capital is managed by a cohesive, dynamic and nimble team and the management team has worked together over the last 21 years.

    Website: www.KholoCapital.com

    Website: www.Bayport.co.za

    For more information contact:
    Mokgome Mogoba
    Managing Partner – Kholo Capital Mezzanine Debt Fund I
    mokgome@kholocapital.com
    Tel: +27-79-631-5860

    Zaheer Cassim
    Managing Partner – Kholo Capital Mezzanine Debt Fund I
    zaheer@kholocapital.com
    Tel: +27-83-786-0845

    MIL OSI Africa –

  • Netanyahu meets Trump at White House as Israel, Hamas discuss ceasefire

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump, hosting Israeli Prime Minister Benjamin Netanyahu at the White House on Monday, said the United States had scheduled talks with Iran and indicated progress on a controversial effort to relocate Palestinians out of Gaza.

    Speaking to reporters at the beginning of a dinner between U.S. and Israeli officials, Netanyahu said the United States and Israel were working with other countries who would give Palestinians a “better future,” suggesting that the residents of Gaza could move to neighboring nations.

    “If people want to stay, they can stay, but if they want to leave, they should be able to leave,” Netanyahu said.

    “We’re working with the United States very closely about finding countries that will seek to realize what they always say, that they wanted to give the Palestinians a better future. I think we’re getting close to finding several countries.”

    Trump, who initially demurred to Netanyahu when asked about the relocating of Palestinians, said the countries around Israel were helping out. “We’ve had great cooperation from … surrounding countries, great cooperation from every single one of them. So something good will happen,” Trump said.

    The president earlier this year floated relocating Palestinians and taking over the Gaza Strip to turn it into the “Riviera of the Middle East.” Gazans criticized the proposal and vowed never to leave their homes in the coastal enclave. Human rights groups condemned the plan as ethnic cleansing.

    Trump and Netanyahu met for several hours in Washington while Israeli officials continued indirect negotiations with Hamas aimed at securing a U.S.-brokered Gaza ceasefire and hostage-release deal. Netanyahu returned to the Blair House guest house late on Monday, where he is due to meet Vice President JD Vance at 9:30 EDT on Tuesday.

    Netanyahu’s visit follows Trump’s prediction, on the eve of their meeting, that such a deal could be reached this week. Before heading to Washington, the right-wing Israeli leader said his discussions with Trump could help advance negotiations under way in Qatar between Israel and the Palestinian militant group.

    It was Trump’s third face-to-face encounter with Netanyahu since returning to office in January, and came just over two weeks after the president ordered the bombing of Iranian nuclear sites in support of Israeli air strikes. Trump then helped arrange a ceasefire in the 12-day Israel-Iran war.

    Trump said his administration would be meeting with Iran. “We have scheduled Iran talks, and they … want to talk. They took a big drubbing,” he said.

    Trump’s Middle East envoy Steve Witkoff said the meeting would take place in the next week or so.

    Trump said he would like to lift sanctions on Iran at some point. “I would love to be able to, at the right time, take those sanctions off,” he said.

    Iranian President Masoud Pezeshkian said in an interview released on Monday that he believed Iran could resolve its differences with the United States through dialogue.

    Trump and his aides appeared to be trying to seize on any momentum created by the weakening of Iran, which backs Hamas, to push both sides for a breakthrough in the 21-month Gaza war.

    The two leaders, with their top advisers, held a private dinner in the White House Blue Room, instead of more traditional talks in the Oval Office, where the president usually greets visiting dignitaries.

    Outside, hundreds of protesters, many wearing Palestinian keffiyeh scarves and waving Palestinian flags, gathered near the White House, waving banners that read “Stop Arming Israel” and “Say No to Genocide”. They also called for Netanyahu’s arrest, referring to the International Criminal Court’s arrest warrant against the Israeli leader over alleged war crimes in Gaza.

    Netanyahu met earlier on Monday with Witkoff and Secretary of State Marco Rubio. He planned to visit the U.S. Capitol on Tuesday to see congressional leaders.

    During their meeting, Netanyahu gave Trump a letter that he said he had used to nominate the U.S. president for the Nobel Peace Prize. Trump, appearing pleased by the gesture, thanked him.

    Ahead of their visit, Netanyahu told reporters Israeli negotiators were driving for a deal on Gaza in Doha, Qatar’s capital.

    Israeli officials also hope the outcome of the conflict with Iran will pave the way for normalization of relations with more of its neighbors such as Lebanon, Syria and Saudi Arabia.

    SECOND DAY OF QATAR TALKS

    Witkoff, who played a major role in crafting the 60-day ceasefire proposal at the center of the Qatar negotiations, will travel to Doha this week to join discussions there, White House press secretary Karoline Leavitt told reporters earlier on Monday.

    In a sign of continued gaps between the two sides, Palestinian sources said Israel’s refusal to allow the free and safe entry of humanitarian aid into Gaza remains the main obstacle to progress in the indirect talks. Israel insists it is taking steps to get food into Gaza but seeks to prevent militants from diverting supplies.

    On the second day of negotiations, mediators hosted one round and talks were expected to resume in the evening, the Palestinian sources told Reuters.

    The U.S.-backed proposal envisages a phased release of hostages, Israeli troop withdrawals from parts of Gaza and discussions on ending the war entirely.

    Hamas has long demanded a final end to the war before it would free remaining hostages; Israel has insisted it would not agree to halt fighting until all hostages are released and Hamas dismantled.

    Trump told reporters last week that he would be “very firm” with Netanyahu on the need for a speedy Gaza deal and that the Israeli leader also wanted to end the war.

    Some of Netanyahu’s hardline coalition partners oppose halting military operations but, with Israelis having become increasingly weary of the Gaza war, his government is expected to back a ceasefire if he can secure acceptable terms.

    A ceasefire at the start of this year collapsed in March, and talks to revive it have so far been fruitless. Meanwhile, Israel has intensified its military campaign in Gaza and sharply restricted food distribution.

    Gazans were watching closely for any sign of a breakthrough. “I ask God almighty that the negotiating delegation or the mediators pressure with all their strength to solve this issue, because it has totally became unbearable,” said Abu Suleiman Qadoum, a displaced resident of Gaza city.

    The Gaza war erupted when Hamas attacked southern Israel in October 2023, killing around 1,200 people and taking 251 hostages. Some 50 hostages remain in Gaza, with 20 believed to be alive.

    Israel’s retaliatory war in Gaza has killed over 57,000 Palestinians, according to the enclave’s health ministry. Most of Gaza’s population has been displaced by the war and nearly half a million people are facing famine within months, according to United Nations estimates.

    Trump has been strongly supportive of Netanyahu, even wading into domestic Israeli politics last month by criticizing prosecutors over a corruption trial against the Israeli leader on bribery, fraud and breach-of-trust charges that Netanyahu denies.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • Japan will continue trade talks with US for mutually beneficial deal, Ishiba says

    Source: Government of India

    Source: Government of India (4)

    Japanese Prime Minister Shigeru Ishiba said on Tuesday that he would continue negotiations with the U.S. to seek a mutually beneficial trade deal, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

    Trump on Monday started notifying trade partners, from major suppliers like Japan and South Korea to minor players, of steep U.S. tariff hikes, but later indicated a willingness to delay implementation if countries made acceptable proposals.

    While Tokyo and Washington have yet to reach a deal, Ishiba noted that recent talks had helped Japan avoid even steeper tariffs of around 30-35% as suggested previously by Trump.

    “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Ishiba said at a meeting with cabinet ministers to discuss Japan’s strategy on tariffs.

    Japan will “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest,” he added.

    Ishiba also asked his cabinet ministers to take steps to mitigate the blow from tariffs on industries and jobs.

    The latest development in the U.S. trade war drove the dollar up to a two-week high of 146.24 yen, potentially lifting already rising import costs.

    Japan failed to clinch a deal with the U.S. before a July 9 expiration of a temporary pause on reciprocal tariffs, due to its focus on eliminating a 25% tariff on automobiles – a mainstay of its export-reliant economy.

    With an upper house election on July 20, Ishiba has repeatedly said Japan will not make “easy concessions” for the sake of an early deal with Washington.

    Recent media polls have shown Ishiba’s ruling coalition may fail to maintain a majority in the upper house, which could complicate trade negotiations, analysts say.

    U.S. tariffs also add to woes for Japan’s economy, which shrank in the first quarter on soft consumption.

    Real wages in May fell at the fastest pace in nearly two years, while the government on Monday made the bleakest assessment on the economy in nearly five years.

    “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%,” said Kazuki Fujimoto, an analyst at Japan Research Institute.

    “If corporate profits worsen, it’s hard to avoid companies from toning down on efforts to hike wages,” he added.

    (Reuters)

  • MIL-OSI Economics: [Interview] Staying Cool Without Refrigerants: How Samsung Is Pioneering Next-Generation Peltier Cooling

    Source: Samsung

    On June 28, Samsung Electronics, together with the Johns Hopkins University Applied Physics Laboratory (APL), published a paper on next-generation Peltier cooling technology in the prestigious scientific journal Nature Communications.
     
    The team successfully developed a high-efficiency thin-film semiconductor Peltier device  using nano-engineering technology and demonstrated refrigerant-free cooling, highlighting the potential to deliver outstanding performance without conventional refrigerants.
     
    Previously in 2024, Samsung Electronics opened a new chapter in refrigeration technology through the launch of the Bespoke AI Hybrid Refrigerator, which combines Peltier devices with high-efficiency compressors. Much like a hybrid vehicle, this system intelligently switches between the two cooling methods depending on what best suits the situation.
     
    While the Bespoke AI Hybrid Refrigerator marked a major step forward, the new thin-film Peltier technology developed with Johns Hopkins APL represents a leap into the future.  How will this newly unveiled innovation be applied to home appliances, and how will it shape the cooling technology of tomorrow? To find out, Samsung Newsroom spoke with Sungjin Jung from Samsung Research, who has led the technology’s development, and Hajin Jeong from the DA (Digital Appliances) Business at Samsung Electronics, who is working to integrate it into Samsung’s next-generation refrigerators.
     
    ▲ (From left) Hajin Jeong from the Refrigerator Platform Lab of Samsung Electronics’ DA Business and Sungjin Jung from Samsung Research’s Life Solutions Team
     
     
    Precise Temperature Control With Semiconductor Devices? Understanding the Principles Behind Peltier Cooling Technology
    Conventional refrigerators operate using vapor compression technology. In this system, refrigerant gas is compressed into a liquid and then repeatedly evaporated to absorb and release heat, thereby lowering the internal temperature. While this widely used cooling method has proven effective, the use of refrigerants raises environmental concerns, and there are limitations in reducing power consumption — making it a challenge to carry this approach into the future and adapt it to evolving needs. Additionally, the bulky compressors and complex mechanical components inherent in this system place constraints on refrigerator design.
     
    In contrast, Peltier cooling technology takes a different approach. As a semiconductor-based method that uses electricity to transfer heat, Peltier cooling utilizes the Peltier effect, in which an electric current passing through both ends of a Peltier device  causes one side to absorb heat while the other side releases it.
     
    ▲The Peltier effect
     
    Utilizing the Peltier effect, the surface that absorbs heat and cools can be placed inside the refrigerator, while the surface that releases the absorbed heat can be positioned outside — effectively lowering the internal temperature. The greatest advantage of this method is its precise control of heat flow using only electricity. In addition, its simple structure compared to refrigerant-based mechanical systems allows for greater flexibility in refrigerator design.
     
     
    Advancing Peltier Technology and Expanding Possibilities Through Global Collaboration
    In early 2023, Samsung Electronics ramped up cross-organizational collaboration — bringing together the DA Business, Samsung Research and Global Technology Research — to commercialize Peltier cooling technology and enhance its performance. The DA Business primarily focused on Peltier-technology-based product development, leading to the launch of the Bespoke AI Hybrid Refrigerator in early 2024. Samsung Research and Global Technology Research, meanwhile, drove technological advancement by developing high-performance Peltier devices with improved output and durability.
     
    Around the same time, Samsung Research also initiated global collaboration efforts to pursue breakthroughs in fundamental technologies. In late 2023, it partnered with Johns Hopkins APL in the United States eventually launching an eight-month-long full-scale joint research project in April the following year.
     
    The core objective of this joint research was to leverage Johns Hopkins University’s nano-thin-film Peltier device technology to boost the output of conventional milliwatt-class Peltier devices to several tens of watts, paving the way for a high-efficiency thin-film Peltier system suitable for integration into home appliances.
     
    ▲ Researchers from Samsung Research and Johns Hopkins APL (left); the high-efficiency thin-film Peltier device they co-developed (right)
     
    Over the course of the project, Samsung Electronics particularly demonstrated strengths in system design and packaging technology. As Peltier cooling involves simultaneous heat absorption and heat generation occur simultaneously on opposite sides of the device, performance can drop sharply if the temperature difference between the two sides is not minimized. During the process of applying the nano-thin-film Peltier devices — structured differently compared to conventional ones — directly to refrigerators, challenges such as increased contact thermal resistance, which hindered heat transfer, or unstable performance arose. As a result, packaging solutions that enable efficient heat transfer on both sides of the Peltier device became one of the core components in developing a high-efficiency Peltier cooling system.
     
     
    “We designed a new packaging method to become the world’s first to apply nano-thin-film Peltier devices to refrigerators.”
    – Sungjin Jung, Samsung Research, Samsung Electronics
     
    ▲ Sungjin Jung from Samsung Research
     
    “Through simulations and iterative testing, we identified the root causes of the issues and designed new thermal interface materials (TIM) and assembly techniques to enable efficient heat transfer,” Jung explained.
     
    This newly developed next-generation thin-film Peltier device boasts a cooling efficiency approximately 75% higher than conventional devices. By minimizing heat loss on each side of the Peltier device, the joint research demonstrated the potential for developing high-efficiency cooling appliances using the new technology.
     
     
    Bringing Peltier Cooling Technology Into Everyday Life
    With Samsung Research and Johns Hopkins APL having developed the next-generation Peltier cooling technology, it was now the DA Business’s turn to translate this technology into consumer products.
     
     
    “With this next-generation Peltier cooling technology, we plan to introduce an even more advanced hybrid refrigerator.”
    – Hajin Jeong, DA Business, Samsung Electronics
     
    ▲ Hajin Jeong from the DA Business
     
    In the Bespoke AI Hybrid Refrigerator Samsung launched in 2024, the compressor operates under normal conditions such as routine storage and retrieval, while the Peltier device activates alongside the compressor during high-load situations — like when storing large amounts of groceries or placing hot food inside — thereby enhancing both cooling performance and energy efficiency. Additionally, when defrosting frost inside the cooling unit, the Peltier device remains active, minimizing internal temperature fluctuations during the process.
     
    ▲ In the Samsung Bespoke AI Hybrid Refrigerator, a Peltier device is mounted at the top of the interior, while an AI Inverter Compressor is installed at the bottom.
     
    In sections where both cooling mechanisms operate simultaneously, optimal efficiency hinged on the layout design. “Since the compressor is located at the lower rear, we redesigned the interior structure to position the Peltier device at the top, where it wouldn’t be affected by heat interference,” explained Jeong.
     
    As a result, the refrigerator reduced power consumption by as much as 30% compared to the top grade of Korea’s energy efficiency rating labeling system,1 while also significantly improving its ability to maintain a stable internal temperature.
     
    The DA Business’ vision for hybrid refrigeration continues to evolve. Currently available only in select markets such as Korea, the U.S. and Europe, the company is accelerating joint development with Samsung Research to create models that can operate reliably even in hot and humid tropical regions such as India.
     
    With the application of Samsung’s next-generation Peltier cooling technology, the hybrid refrigerators of tomorrow are expected to deliver even greater cooling performance and energy efficiency. “Integrating this next-generation Peltier cooling technology into our existing hybrid refrigerators will enable more precise temperature control and further reduce power consumption,” said Jeong.
     
     
    Toward a Fully Refrigerant-Free Future
    Peltier cooling is also a technology for a better planet. Refrigerants commonly used in refrigerators can damage the ozone layer and contribute to global warming if released, prompting increasingly strict regulations in the U.S. and Europe. Against this backdrop, Peltier cooling technology is gaining recognition as a versatile, energy-efficient solution.
     
    Samsung Electronics has set a medium- to long-term goal of going beyond hybrid structures to develop a fully refrigerant-free refrigerator powered solely by Peltier cooling technology.
     
    “There’s still considerable research ahead before we can create a fully refrigerant-free refrigerator,” said Sungjin Jung . “Moving forward, we plan to unlock new possibilities in Peltier cooling by integrating other cutting-edge technologies such as AI, semiconductor processing and 3D printing into our work.”
     
    “The DA Business and Samsung Research are working in lockstep from a product development standpoint to perfect this next-generation technology and fast-track its commercialization,” added Hajin Jeong.
     
    ▲ (From left) Sungjin Jung and Hajin Jeong
     
    Samsung Electronics remains committed to not only innovating home appliances, but also transforming  the very paradigm of cooling technology. The future of refrigeration is being shaped by next-generation Peltier cooling — and the evolution is only just beginning.
     
     
    1 Based on the energy efficiency rating of the 2024 Bespoke AI Hybrid Refrigerator model RF91DB90LE**, as registered with the Korea Energy Agency. Compared against the minimum threshold for Grade 1 under the KEA’s energy efficiency rating labeling system.

    MIL OSI Economics –

  • MIL-OSI Australia: Division 7A – benchmark interest rate

    Source: New places to play in Gungahlin

    Benchmark interest rates

    Under Division 7A of Part III of the Income Tax Assessment Act 1936, the ‘benchmark interest rate’ for an income year is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’. This is the ‘Housing loans; Banks; Variable; Standard; Owner-occupier’ rate last published by the Reserve Bank of AustraliaExternal Link before the start of the income year. The benchmark interest rate for an income year does not change if the Reserve Bank of Australia later revises its published rate after the start of the income year.

    Current and past benchmark interest rates

    These rates apply to private companies with an income year ending 30 June.

    A private company that meets certain requirements may adopt an income year ending on a date other than 30 June – a substituted accounting period. Those companies will need to determine the relevant rate.

    Benchmark interest rates – 2021 to 2026 income years

    Income year ended 30 June

    Rate

    ATO reference

    2026

    8.37%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 6 June 2025.

    2025

    8.77%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 7 June 2024.

    2024

    8.27%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 7 June 2023.

    2023

    4.77%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2022.

    2022

    4.52%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2021.

    2021

    4.52%

    This is the ‘Indicator Lending Rates – Bank variable housing loans interest rate’ published by the Reserve Bank of Australia on 2 June 2020.

    Substituted accounting period

    If a private company has adopted a substituted accounting period, the applicable benchmark interest rate is the ‘Housing loans; Banks; Variable; Standard; Owner-occupier’ rate last published by the Reserve Bank of AustraliaExternal Link before the start of the private company’s substituted accounting period.

    Example 1: substituted accounting period starting on 1 November 2022

    Company ABC has a substituted accounting period starting on 1 November 2022. According to the Reserve Bank of Australia website, the last interest rate published before 1 November 2022 was 6.77%. This was the rate for September 2022, published in October 2022. The benchmark interest rate for Company ABC’s income year starting 1 November 2022 is 6.77%.

    End of example

    Example 2: substituted accounting period starting on 1 May 2023

    Company XYZ has a substituted accounting period starting on 1 May 2023. According to the Reserve Bank of Australia website, the last interest rate published before 1 May 2023 was 8.02%. This was the rate for March 2023, published in April 2023. The benchmark interest rate for Company XYZ’s income year starting 1 May 2023 is 8.02%.

    End of example

    Access the Division 7A calculator and decision tool.

    This tool will help you determine the effects and your obligations on Division 7A – Loans by private companies.

    MIL OSI News –

  • MIL-OSI China: Vast pair-up program powers modern makeover of NW China’s Xinjiang

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

    Inside a brand-new workshop at a buzzing textile factory in Hotan, northwest China’s Xinjiang Uygur Autonomous Region, Zulaya Tursuntohti deftly handled the whirring spinning frames to produce fine cotton threads. Just months ago, this job, and her 3,500-yuan (about 489 U.S. dollars) monthly paycheck, did not exist.

    Hundreds of kilometers away, meanwhile, in Kashgar’s saline wastelands, farmer Turghun Yasen marveled at seedlings of silage corn springing up from once-barren soil.

    These snapshots reveal glimpses of the quiet engine powering China’s vast western region, namely a pair-up program where 18 provincial-level regions and the southern Chinese tech hub of Shenzhen have been creating jobs, improving skills and promoting unity in this northwestern frontier of the country.

    Workers arrange fabrics at a workshop of an industrial park in Hotan, northwest China’s Xinjiang Uygur Autonomous Region, June 27, 2025. [Photo/Xinhua]

    China has been implementing the “pairing assistance” program in Xinjiang since 1997. In 2010, a new round of pairing assistance was launched, involving central and state organs, centrally administered state-owned enterprises, and 18 provinces, municipalities and the city of Shenzhen.

    This cross-regional endeavor, which sees those involved channeling 80 percent of their annual assistance funds to county-level and grassroots projects dedicated to livelihood improvement, has become a national strategy vital for prosperity and stability in economic backwaters.

    Seeding self-sufficiency 

    “Providing money is good, but building a solid industry is better,” said a veteran aid official, capturing the essence of pairing assistance for Xinjiang — transitioning from dependency on external support to fostering endogenous growth momentum.

    Although Xinjiang is a major cotton-producing region known for its high-quality cotton, its textile industry faces several challenges due to its weak technological capacity and limited industrial upgrading.

    When the Beijing assistance team invited a Guangdong-based textile industrial internet company to Hotan last August, they brought more than just machinery. The company from south China instead fostered an integrated supply ecosystem, spanning e-commerce, fabric weaving and dyeing, as well as facilitating high-quality fashion garment production.

    Tursuntohti is among some 700 new employees for the first phase of the project. “I saw the job posting in February and decided to apply,” she said. Once fully operational, the project is expected to create more than 3,000 jobs, support over 200 apparel firms, and boost regional industrial output by more than 3 billion yuan annually, Huang Haoming, executive of the project, revealed.

    In 2024, the region’s cotton and textile industry had generated an output value of 220 billion yuan and provided jobs for over 1 million people.

    Meanwhile, agricultural scientists have targeted Kashgar’s highly saline-alkali wasteland. Faced with a desolate landscape, they introduced customized soil treatments — which have resulted in 200 mu (approximately 13.3 hectares) of silage corn springing to life via a seedling success rate of 95 percent, proving a lifeline for farmers like Yasen.

    “We used to watch seedlings die, but now our green fields yield corn, and we can even plant winter wheat to enrich the soil,” he said.

    A technician (2nd R) trains locally recruited agricultural workers at a smart workshop for plant cultivation in Aksu, northwest China’s Xinjiang Uygur Autonomous Region, June 25, 2025. [Photo/Xinhua]

    Ren Gengpo, a member of Shanghai’s assistance team who currently serves as deputy director of Kashgar’s bureau of industry and information technology, credited 29,000 local jobs to such locally-grounded projects capitalizing on regional strengths, including a “Chief Service Officer” system matching coastal expertise to Xinjiang’s resources.

    “More locals are securing steady jobs right in their neighborhoods,” Ren noted.

    Nurturing homegrown talent 

    At the remote county hospital of Habahe in Xinjiang’s Altay Prefecture, orthopedic scans now reveal fractures in precise 3D detail, while high-resolution color ultrasound makes for clearer and more intuitive diagnosis of pediatric conditions.

    “Smart diagnosis facilitates real-time data sharing between doctors, thus enabling cross-regional diagnosis that enhances medical care accessibility, upskills local clinicians, and cuts patient costs,” said Zhang Jing, a medical assistance practitioner from Jilin Province in northeast China, whose team has delivered many intelligent medical equipment items.

    Xinjiang’s development has long benefited from nationwide talent exchange endeavors. Today, notably, digital tools are transforming traditional aid models into scalable, tech-driven partnerships.

    When an aid team from east China’s Hangzhou, the country’s e-commerce, livestreaming, fintech and AI heartland, noticed youth in Aksu in Xinjiang hawking fruit on social media, they built an e-commerce incubator and partnered with top multi-channel network (MCN) agencies to train local talent.

    Mirzat Kamil, who returned home after seeing that many there were selling farm goods via live-streaming, joined the “Dandelion Project,” which enabled him to learn digital marketing skills and become a top regional e-commerce influencer within a year. “These training programs opened new doors for me,” he said.

    Mirzat Kamil promotes local agricultural products via live-streaming at a logistics park in Aksu, northwest China’s Xinjiang Uygur Autonomous Region, June 23, 2025. [Photo/Xinhua]

    “Local e-commerce talents like Kamil are planting seeds of prosperity across our region,” said Yang Zhe, Aksu’s e-commerce director. With Hangzhou’s support, Aksu has partnered with Alibaba and social e-commerce firm Yowant Technology to launch training programs. By 2024, more than 9,500 professionals had been trained — creating 30,000 jobs.

    Even classrooms have been transformed via “teacher studios.” Ni Yuan, a teacher from Tianjin Municipality in north China, who was posted to the first primary school of Qira County in Hotan to serve as its deputy principal, mentored local teachers like Sadinisa Abdulla while also launching art programs.

    “She raised our teaching quality through professional excellence,” Abdulla noted. “We’ve learned a lot from her.”

    Over the past five years, teachers in Xinjiang have received training on a total of more than 200,000 occasions.

    Henan Province in central China also deserves a mention here, having deployed scientists and engineers across multiple sectors, while providing skills training for more than 78,000 people in fields such as logistics and law.

    Weaving stronger bonds 

    In recent years, partnerships between Xinjiang and supporting provinces and cities have expanded from government projects to business and cultural exchanges. Beyond bricks, mortar and jobs, the pair-up program has strengthened ethnic unity — with all ethnic groups striving together like pomegranate seeds.

    When Abudushuqur Nurahmat, a middle school student from Kashgar’s Yecheng County, joined a study trip to Beijing last summer, Tian’anmen Square, the Forbidden City, the Great Wall and other places he’d only seen in textbooks came to life in vivid detail. “Watching the flag-raising at Tian’anmen Square made me feel incredibly proud,” he recalled.

    Since 2023, provinces and cities supporting Xinjiang have organized tens of thousands of local residents and youth from various ethnic groups to visit historical sites and top universities across China.

    Grassroots bonds have also flourished. Tianjin schools partnered with Hotan counties, Jiangxi in east China hosted football exchanges for ethnic minority juveniles from Kirgiz Autonomous Prefecture of Kizilsu, while Henan built 100 libraries in Hami honoring national role model Jiao Yulu, a county cadre known for his selfless devotion to the people.

    An aerial drone photo taken on July 4, 2025 shows a high school supported by Taizhou of east China’s Jiangsu Province, in Zhaosu, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]

    In addition to such cultural exchanges, improved logistics have also helped to strengthen daily connections. At a Xinjiang product exhibition and sales center in the Guangdong-Hong Kong-Macao Greater Bay Area in south China, premium Xinjiang goods like walnuts, fruits and mutton flew off shelves. Meanwhile, in Kashgar, located 5,000 km away, customers can easily order Cantonese dishes, appliances and clothing online through the same cross-regional trade platform.

    Supporting provinces and cities have even pooled resources beyond assigned pairings. Musicians of the Cixi Celadon Ou Music Troupe from east China’s Zhejiang Province performed ancient melodies in Beijing-supported Hotan this June, an artistic bridge thrilling locals like Ibrahim Hamit. “The show was both an artistic treat and a profound experience of China’s rich cultural diversity,” he said, while adding that he was hoping for more such exchanges.

    Shandong Province, in east China, landed a 300,000-tonne titanium dioxide project in Shanghai-supported Bachu County, while Jiangsu, also in east China, paired with Ili in northern Xinjiang and helped launch 21 textile enterprises in southern Xinjiang. This innovative collaboration model combines funding, technology and expertise from supporting provinces with Xinjiang’s resources and policies — creating mutual benefits.

    “We’re helping Xinjiang grow its own future,” said a veteran aid official. 

    MIL OSI China News –

  • MIL-OSI China: Tearful Di Maria rejoins Rosario Central

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

    Argentine forward Angel Di Maria said Monday he is fulfilling a dream by rejoining Rosario Central after nearly two decades in Europe.

    The 37-year-old was officially unveiled as a Rosario Central player during a press conference at a hotel in downtown Rosario, about 300 kilometers northwest of Buenos Aires.

    “This is something very beautiful, something I’ve dreamed of for a long time,” Di Maria said, wiping away tears. “I wanted to come back earlier, but it wasn’t possible. Today I’m here, happy, with my family.”

    Inter Milan’s Federico Dimarco (L) vies with Benfica’s Angel Di Maria during their UEFA Champions League Group D match in Milan, Italy, Oct. 3, 2023. (Photo by Federico Tardito/Xinhua)

    Di Maria returns to the Argentine Primera Division club on a free transfer following the expiration of his contract with Benfica. He has signed a 12-month deal with an option to extend.

    After beginning his professional career at Rosario Central in 2005, Di Maria has had spells with Benfica, Real Madrid, Manchester United, Paris Saint-Germain and Juventus.

    He has earned 145 caps for Argentina and was a key member of the Albiceleste team that won the 2022 FIFA World Cup and back-to-back Copa America titles in 2021 and 2024.

    “I’m proud of everything I’ve done, but this is more than anything,” the veteran attacker said. “Coming home after so many years, living in Rosario again, wearing the Central shirt and seeing the people happy, that means everything.

    “I’m happy my daughters get to live this, that my wife can see me play here. It’s a dream come true.”

    Asked about the emotional weight of the moment, Di Maria said, “This is more than I expected. Today, I looked around and couldn’t believe I was here. That feeling, that adrenalin. I hope it continues like this.”

    His return had been in doubt last year after local media reported his family had received threats from criminal gangs in Rosario. Di Maria declined to discuss security concerns, saying he was focused on helping the team.

    “I’m going to retire here, but I still have a lot to give. I feel I’m playing well,” he said. 

    MIL OSI China News –

  • MIL-OSI China: Regular Press Conference of the Ministry of National Defense on June 26, 2025 2025-07-08 Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers questions at a regular press conference on the afternoon of June 26, 2025.

    Source: People’s Republic of China – Ministry of National Defense

    By Senior Colonel Zhang Xiaogang, Spokesperson for the Ministry of National Defense (MND)

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers questions at a regular press conference on the afternoon of June 26, 2025. (mod.gov.cn)

    (The following English text is for reference. In case of any divergence of interpretation, the Chinese text shall prevail.)

    Zhang Xiaogang: Friends from the media, good afternoon. Welcome to this month’s regular press conference of the Ministry of National Defense of the People’s Republic of China. I have no information torelease. The floor is open for questions.

    Journalist: It is reported that the Shanghai Cooperation Organization (SCO) Defense Ministers’ Meeting was held in Qingdao, Shandong Province. Please brief us on the Chinese military’s participation in SCO defense and security cooperation.

    Zhang Xiaogang: The SCO Defense Ministers’ Meeting was held in Qingdao, Shandong Province from June 25 to 26. China’s Defense Minister Admiral Dong Jun presided at the meeting and delivered a speech. This year, China is the rotating chair of the SCO, and hosting the Defense Minister’s Meeting is an important activity to perform the chair’s duties.

    Defense and security cooperation plays a significant role in the establishment and development of the SCO. The Chinese side actively promotes strategic communication and substantive cooperation within the SCO and initiated many cooperation programs. First, we organized or participated in meetings of SCO defense ministers, chiefs of general staff, and international military cooperation organs to communicate and build consensus with other member states and send a “SCO voice” on international and regional security issues. Second, we hosted or participated in Peace Mission joint exercises, Fanfare for Peace military tattoos and expert working group meetings, and conducted professional exchanges on military medicine, military transportation, and military translation to deepen cooperation across the board. Third, we initiated and hosted the SCO Seminar for Senior-Level Officers, the SCO Junior-and-Middle-Level Officers’ Exchange, and the SCO+ Young Scholars’ Salon to enrich exchanges among service members of the member states and strengthen their friendship and mutual trust.

    He who walks with others walks far. The Chinese military will work with militaries of other SCO member states to carry forward the Shanghai Spirit, further broaden and deepen defense cooperation, join hands in building a common home featuring solidarity and mutual trust, peace and tranquility, prosperity and development, good-neighborliness and friendship, and fairness and justice, and contribute to building a community with a shared future for mankind.

    Journalist: It is reported that India refused to sign the joint statement of the recent SCO Defence Ministers’ Meeting due to disagreements over terrorism issues. Besides, could you provide some information about the meeting between the defense ministers of India and China?

    Zhang Xiaogang: As far as I know, with joint efforts of all parties, the SCO Defense Ministers’ Meeting achieved a full success. We will release information on the meeting between the Chinese and Indian defense ministers in a timely manner.

    Journalist: I have two questions. First, according to media reports, sea trial of PLANS Fujian is steadily advancing and the PLA Navy will soon have three operational aircraft carriers. Does that mean China’s third aircraft carrier will be commissioned soon? What role will the three carrier task groups play in safeguarding China’s overseas interests and maintaining regional stability? Second, it is reported that the US side recently invited representatives of Taiwan’s military to observe a joint air exercise between the US and its allies. Lately, the US House Appropriation Committee approved the Fiscal Year 2026 Defense Appropriation Act, which includes a $500 million budget for military assistance to Taiwan. What’s your comment?

    Zhang Xiaogang: On your first question, building a strong and modernized navy is a century-old dream of the Chinese nation. China builds aircraft carriers in line with our national security needs and the development of equipment and technology. Starting from scratch, the PLA Navy has made leapfrog progress in aircraft carrier development. After successive commissioning of PLANS Liaoning and PLANS Shandong capable of ski jump launch, we now have the first carrier with electromagnetic catapult launch, PLANS Fujian. It should be emphasized that China develops weapons and equipment only to safeguard our national sovereignty, security and development interests. The Chinese military remains a staunch force for world peace. The more capable we are, the stronger the force in defending peace and preventing war.

    On your second question, we firmly oppose any form of military collusion between the US and China’s Taiwan region. Such collusion, be it military aid, arms sale or under any other excuse, reveals the extremely malicious intention of the US to mislead Taiwan into the flames of war, harming Taiwan itself and destroying its interests. We urge the US side to abide by the one-China principle and the three China-US joint communiqués, and stop sending wrong signals to the “Taiwan independence” separatist forces. We warn the DPP authorities that “soliciting US support for independence” is doomed to fail, and “resisting reunification by force” is a dead end.

    Journalist: I have two questions. First, it is reported that the poll initiated by the Democratic Culture and Education Foundation in Taiwan showed that 66% of the respondents believed that the US may sell out Taiwan for its own interests; 67% believed that the US mainly uses Taiwan as a bargaining chip in its rivalry with the Chinese mainland. What’s your take on that? Second, the leader of the Taiwan region Lai Ching-te recently launched a so-called “10 talks on unity”, which include many contents on cross-Strait relations. May I have your comment on this?

    Zhang Xiaogang: On your first question, the US always puts its own interests first and this won’t be different when it comes to the Taiwan question. Acting as a pawn, the DPP authorities cannot escape the fate of being abandoned. Many more compatriots in Taiwan have now realized that “Taiwan independence” is a dead end, foreign support is unreliable, and China’s reunification is inevitable. Those who act against the trend of reunification and attempt to separate the country will never have a good end.

    On your second question, Taiwan is a part of China. It has never been and will never be a country. Lai Ching-te has distorted historical facts and made up false theories with an ill attempt to provoke for independence and escalate tensions across the Strait. His delirious talks will never change the legal fact that Taiwan is a part of China and the international community’s commitment to the one-China principle, and will never stop the historical trend that China will and must be reunified. The PLA shows zero tolerance towards “Taiwan independence” separatist activities. We will strengthen military training and combat readiness and resolutely safeguard national sovereignty and territorial integrity.

    Journalist: It is reported that the US plans to deploy another Typhon mid-range missile system in the Philippines. The Philippine side claims that the Navy-Marine Expeditionary Ship Intervention System (NMESIS) would remain within the Philippines after a recent military exercise with the US and serve as a deterrence to those attempting to coerce or invade the Philippines. Do you have any comment?

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers questions at a regular press conference on the afternoon of June 26, 2025. (mod.gov.cn)

    Zhang Xiaogang: The Asia-Pacific region is a key hub for peaceful development rather than an arena for major-power rivalry. The Philippines has intensified its efforts to introduce strategic and tactical weapons, tied itself to the US war chariot, and become a co-conspirator in destabilizing the region. These actions severely undermined common interests of the peoples in the region. Those who “invited wolves into the house” will ultimately have themselves harmed and their home destroyed. We urge the Philippine side to take lessons from history and avoid making a same mistake.

    Journalist: I have two questions. First, the recent Jiangsu Football City League has been extremely popular. Many netizens commented in the account of the PLA Eastern Theater Command, hoping that on the day of the final game, fighter jets such as J-10 can fly over the stadium, emulating the practice of the US NFL “Super Bowl”. What’s your comment on this? Second, two warships of the Japan Maritime Self Defense Force (JMSDF), helicopter destroyer JS Ise and frigate JS Suzunami, recently docked at the Port of Manila in the Philippines to hold joint training with the Philippine military. Rear Admiral Takashi Natsui of the JMSDF accused China of increasing activities in waters surrounding Japan and unilaterally changing the status quo with strength, which posed a serious challenge to the international order. He said that Japan would closely monitor movements of the PLA Navy to ensure full vigilance and leave no room for error. What’s your comment on this?

    Zhang Xiaogang: On your first question, the Jiangsu Football City League is such a big hit recently. Fans show quite strong patriotic sentiments. I should say our fighter planes will always be on their combat posts to safeguard all of us.

    On your second question, Japan is not a party concerned in the South China Sea issue and therefore should not support provocative actions of some certain country. We urge the Japanese side to stop stirring up troubles on the South China Sea issue, stop undermining regional peace and stability, and do not head further down a wrong path.

    Journalist: The DPP authorities claimed that 46 PLA fighter jets crossed the Taiwan Strait and six PLA vessels circled around Taiwan within 24 hours, which is the largest PLA operation around the island recently. What’s your comment on this?

    Zhang Xiaogang: PLA military drills around the Taiwan Island are necessary actions to safeguard national sovereignty and territorial integrity, as well as stern warnings against the “Taiwan independence” separatist forces and the interference of external forces. They are fully justified, legitimate, and reasonable. The Lai Ching-te authorities have taken continued actions to seek independence, which could push Taiwan into a dangerous situation of war. They are the culprits who undermine security and well-being of Taiwan compatriots and will surely be disdained by the people and judged by the time.

    Journalist: A former commander of the US Pacific Command has reportedly said that 2027 is a critical year for the PLA not only to attack Taiwan but also to become a world-class military. The Chinese side now sails its aircraft carriers and other large vessels beyond the Second Island Chain to put pressure on Taiwan, Japan and the US. He called it “gunboat diplomacy”. Do you have any comment?

    Zhang Xiaogang: The Taiwan question is purely China’s internal affair. How to resolve the Taiwan question is a matter for the Chinese people, which brooks no foreign interference. The operation and training activities conducted by Chinese aircraft carrier task groups conform to international law and practices, and do not target at any third party. In addition, China has never done such things as “gunboat diplomacy”. We urge the US side not to perceive China with its own hegemonic mindset, and stop misinterpreting China’s legitimate actions with false ideas.

    Journalist: China will hold a grand military parade on September 3 to mark the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War. According to the information released on June 24, weapons and equipment to be displayed in the parade are all domestically developed. What new weapons and equipment will be on display?

    Zhang Xiaogang: I believe many of you are interested in this question. Please be patient about the new weapons and equipment to be displayed. And no spoilers from me.

    Journalist: It is reported that the US Secretary of Defense recently claimed at a congressional hearing that China is a “pacing threat”, and that the US will prioritize re-establishing deterrence in the Indo-Pacific region to “achieve peace through strength”. The One Big Beautiful Bill of the US would allocate 12 billion US dollars for the “Pacific Deterrence Initiative”, further strengthening combat readiness of US forces in the Indo-Pacific and boosting defense capabilities of Taiwan. What’s your comment?

    Zhang Xiaogang: Zero-sum game should not be the way that major countries handle each other, and peaceful coexistence should be a bottom line both China and the US hold. China’s development poses no threat to other countries and we never resort to deterrence or coercion preferred by some certain country.

    The Taiwan question is purely China’s internal affair which brooks no foreign interference. The US side has repeatedly gone back on its own words and kept arming Taiwan, which would only backfire. We urge the US side to have an objective and rational perception of China, stop blaming China on everything, and stop deceiving and misleading the US public and the international community, so as to create favorable conditions for developing state-to-state and mil-to-mil relations between China and the US.

    Journalist: I have two questions. First, it is reported that this year’s enrollment in military academies in Taiwan has been hotly discussed, with the number of female cadets in many academies surpassing that of male cadets. “When male soldiers are not enough, female soldiers have to fill the gap”. Such a situation does not reflect gender equality, but rather a fact that no one want to throw their lives away for “Taiwan independence”. Do you have any comment? The second question, it is reported that the Trump administration planned to significantly increase arms sales to Taiwan during the second term. In the following four years, military sales to Taiwan is expected to surpass the $18.3 billion approved during the first Trump administration. The US side is also reportedly pressuring Taiwan’s opposition parties not to obstruct the DPP authorities’ efforts to raise defense budget. In addition, Lai Ching-te said that Taiwan’s defense budget should reach 3% of its GDP or even higher, and expressed the hope that Taiwan-US security cooperation would evolve beyond military procurement to joint production and joint research and development. What’s your comment on this?

    Zhang Xiaogang: There is a good point in your first question, no one want to throw their lives away for “Taiwan independence”. It is unworthy and meaningless to be cannon fodders for the armed forces of “Taiwan independence”.

    On your second question, Lai Ching-te and his kind are trying to find all kinds of ways to pay “protection fees” to their US masters, which squandered hard-earned money of the people in Taiwan. This is exactly “selling off the farmland of one’s family without being conscience-stricken”. We warn the DPP authorities that their attempts to solicit US support for “Taiwan independence” and resist reunification by force will only fail.

    Senior Colonel Zhang Xiaogang, spokesperson for the Ministry of National Defense (MND) of the People’s Republic of China (PRC), answers questions at a regular press conference on the afternoon of June 26, 2025. (mod.gov.cn)

    Journalist: According to reports, during its summit in the Hague from June 24 to 25, NATO accused China of providing Russia with key support in the Russia-Ukraine conflict, and expressed concerns over the South China Sea, the East China Sea and the Taiwan question. NATO Secretary General recently said that China is significantly strengthening its military capabilities, building the world’s largest navy, and expanding its nuclear arsenal. Therefore, NATO should strengthen its partnership with Indo-Pacific countries to deal with the military challenges posed by China. What’s your comment?

    Zhang Xiaogang: China adheres to the path of peaceful development, and is committed to a national defense policy that is defensive in nature. China’s military development is purely aimed at safeguarding national sovereignty, security and development interests. China-Russia cooperation does not target at any third party, nor will it be interfered by any third party.

    As a product of the Cold War and the largest military bloc in the world, NATO stirs up troubles and provokes conflicts and wars in various regions, making itself a true war machine. In recent years, NATO has overstretched its geographic boundary stipulated by its own Treaty, and ill-expanded its power and authority, arousing high vigilance among regional countries. We firmly oppose NATO using China as an excuse to “expand eastward into the Asia-Pacific” and urge NATO to reflect on its own behaviors, change course, and contribute more to global security and stability.

    Journalist: It is reported that when meeting with heads of the world’s leading news agencies, Russian President said that China and Russia are strengthening their extensive military cooperation on defense industries and other fields. The two sides hold joint exercises on a regular basis. The Russian Defense Ministry has made a detailed road map to deepen cooperation with China. What’s your take on that?

    Zhang Xiaogang: Based on the principle of non-alliance, non-confrontation and not targeting at any third party, cooperation between China and Russia has maintained a steady and sound momentum.

    Journalist: According to media reports, Taiwan’s first indigenous submarine Hai Kun recently completed its maiden sea trial. Do you have any comment on that?

    Zhang Xiaogang: The “Taiwan independence” separatist forces tried very hard to build the submarine Hai Kun only to find a form of psychological comfort. It can be easily defeated by the PLA.

    Journalist: It is reported that the Philippines has launched a so-called “New Hero-Fisherfolk” Program to encourage its fishermen to exploit fishing resources in waters near Nansha to the fullest extent. What’s your take on that?

    Zhang Xiaogang: China has indisputable sovereignty over Nansha Qundao and its adjacent waters, and has sovereign rights and jurisdiction over relevant waters. The Philippine side attempts to use fishing activities as a pretext to infringe upon China’s sovereignty and make provocations. This will never work. The Chinese side will strengthen administrative control of relevant waters in accordance with laws and regulations, and firmly safeguard our territorial sovereignty and maritime rights and interests.

    Journalist: A former Chief of Staff of Japan Self-Defense Force said that China has increased its maritime presence near Diaoyu Dao over the past two years. The increasingly aggressive actions taken by the Chinese side recently may be preparations for a landing operation to take control of Diaoyu Dao. What’s your comment on that?

    Zhang Xiaogang: Diaoyu Dao and its affiliated islands are China’s inherent territory. Patrols and law enforcement activities conducted by the Chinese side in waters under China’s jurisdiction are legitimate actions. It is the Japanese side who is undermining stability and escalating tensions in the relevant region.

    Journalist: It is reported that the Stockholm International Peace Research Institute of Sweden recently released its annual report on global nuclear forces, stating that China currently possesses 600 nuclear warheads, ranking third in the world. It says China’s stockpile is increasing at a speed of approximately 100 per year, faster than that of any other country. What is your comment?

    Zhang Xiaogang: I will not comment on this kind of speculative reports. China adheres to a nuclear strategy of self-defense, and commits itself to a nuclear policy of no first use of nuclear weapons. We keep our nuclear force at a minimum level required for national security and have no intention to engage in arms race with any country. China will continue to safeguard its legitimate security interests and uphold world peace and stability.

    Zhang Xiaogang: If there are no other questions, it concludes today’s press conference.

    MIL OSI China News –

  • MIL-OSI USA: Tuberville Honors Elaine McLeod of Troy as July “Veteran of the Month”

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today,U.S. Senator Tommy Tuberville (R-AL) released a video honoring U.S. Army Corporal Elaine McLeod as the July “Veteran of the Month.”
    Excerpts from Sen. Tuberville’s remarks can be found below, and complete remarks can be found here.
    “Veterans are the very heartbeat of the Wiregrass, and they bond together to support many great causes in the region. Among those leading the way is Corporal Elaine McLeod of Troy.
    The daughter of a Korean War veteran, Elaine joined the Army after graduating from high school in 1974. She served as a military police officer, doing everything from guarding Air Force One to scrubbing floors of the barracks. Elaine says the Army gave her the discipline that was missing in her early years. In 2000, Elaine returned home to Troy where she quickly began getting involved with local veteran organizations—including the Montgomery Chapter of Vietnam Veterans for America, AMVETS, and the Ozark American Legion Post where she now serves as the Commander. Elaine has worked tirelessly to address needs in the veteran community—including homelessness and food insecurity.
    […]
    Alabama is grateful for Elaine’s willingness to take on challenges to improve quality of life for our heroes. It’s my honor to recognize her as the July ‘Veteran of the Month.’”
    Senator Tuberville recognizes a different Alabama veteran each month for their service and contribution to their community. Constituents can nominate an Alabama veteran and submit their information to Senator Tuberville’s office for consideration by emailing press_office@tuberville.senate.gov. 
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by SJ at business seminar and dinner in Amsterdam, Netherlands (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following are the welcome remarks by the Secretary for Justice, Mr Paul Lam, SC, at a business seminar and dinner organised by the Netherlands Hong Kong Business Association with the support of the Hong Kong Economic and Trade Office in Brussels and Invest Hong Kong on July 7 (Amsterdam time):
     
    His Excellency Mr Tan Jian (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Kingdom of the Netherlands), dear friends from the Association, and distinguished guests in the Netherlands,
     
    Firstly, I’m really delighted and honoured to be given the chance to speak to these distinguished audience this evening. Perhaps I should begin by telling you a little bit more about myself and the purpose of my present trip. I have used to practice in Hong Kong as a civil and commercial barrister. I’ve been practicing in Hong Kong for almost 30 years and then joined the Government about three years ago. So that’s when I became the Secretary for Justice.
     
    I had considered to come to the Netherlands and this part of the world for a very long time. Unfortunately, for many reasons I was unable to do this until this occasion. So this is in fact my first trip to Europe after I took my office. So I’ve chosen the Netherlands.
     
    For personal reasons, I love travelling in the past. I travelled quite a lot. Amsterdam is very top on my list, I always come to Amsterdam to stay a couple of days, go to museums, restaurants, just to walk around, and then I move on as a stopover, and move on to other destinations. But Amsterdam is always a stop that I could not miss, so I have very good personal reasons to come to Amsterdam once again.
     
    For official reasons, the Netherlands is the second-largest trading partner of Hong Kong within Europe. There are more than 170 companies in Hong Kong. And I was invited to join the National Day Reception in late April. So, I have too many reasons to choose the Netherlands as my best destination.
     
    Returning to today’s seminar, I understand that you have heard from many eminent speakers this afternoon who have shared with you many important information about the latest development in Hong Kong in different areas. I know that you are all very keen supporters of Hong Kong and there must be reasons why you were attracted to Hong Kong. Maybe the probable reason is that you see Hong Kong as a very open society. We offer a very fair, transparent, predictable environment for you to explore business opportunities, either in Hong Kong, in China, or the Asia Pacific region. But I think all these characteristics are highly concerned with the political and legal landscape of Hong Kong. This is an important point in the sense that we are living at a rather difficult time. And Hong Kong has faced a lot of challenges in recent years. You are all keen supporters of Hong Kong. But outside this room, I’m clearly aware of the fact that many people do have a lot of questions about the future of Hong Kong. They may not be as confident as you of the future of Hong Kong. There are a lot of misgivings, misunderstandings, so on and so forth. I do believe that it’s my duty, not simply as a government official, but as a Hong Kong citizen, to bite the bullet, to face the music, to try to convince people why Hong Kong is still the Hong Kong that you are familiar with, why Hong Kong is still the Hong Kong that we all love.
     
    There’s one single message that I wish to convey, and that is “Hong Kong is still Hong Kong”. I wish to perhaps look at the latest development or something that I regard to be of great importance insofar as political landscape and legal landscape are concerned. Let me begin by the political landscapes of Hong Kong. I make it all boiled down to one very important thing. The gist of the matter is the principle of “one country, two system”. It’s because of “one country, two systems”, Hong Kong enjoys a number of very unique strengths and characteristics which are unparalleled. For example, we have our own independent legal system based on common law, our own independent financial system, our own currency, free flow of capital, we have trade port, we have no tariffs, no trade barriers, but all these things are because of the fact that we have “one country, two systems”.
     
    So the elephant in the room is this, is the principle of “one country, two systems” to be maintained, or is it going to be changed in whatever way in future? I wish to give you three reasons, why there shouldn’t be any worry or concern that the principle of “one country, two systems” will be altered or changed in future. The first reason is that the principle of “one country, two systems”, notwithstanding the fact that it’s a political concept, but actually it’s constitutional entrenched in the sense that its implementation is guaranteed by a constitutional document which is the Basic Law. I’m sure that many people in this room is familiar with the Basic Law. But what I wish to highlight is that on July 1, we celebrated the 28th anniversary of China’s resumption of sovereignty over Hong Kong. And for 28 years, and notwithstanding the fact that we had encountered a number of difficulties and challenges, not a single word, not a single clause in our Basic Law had been changed.
     
    Secondly, which is a matter of law, I think lawyers would be interested in what I am saying. In the Basic Law, there’s a provision which allows amendment to be made to the Basic Law, subject to a very important qualification. There’s a very clear, expressed provision, that any amendment cannot contravene, or cannot change the basic policy of the People’s Republic of China regarding Hong Kong, and that basic policy is precisely “one country, two systems”. So legally speaking, as a matter of constitutional, our constitutional order, you cannot really change the fundamental principle of “one country, two systems”. So if you feel that I’m not too legalistic, I move on to my second point, my second reason.
     
    The second reason is highly political, but it’s of crucial importance in the present context. That goes to the reassurances given by the top state leaders of the People’s Republic of China. I would mention three very important speeches, two made by President Xi Jinping. And the last speech was given by Wang Yi, the Minister of Foreign Affairs. First, President Xi Jinping said on July 1, 2022, it was the 25th anniversary of China’s resumption of sovereignty over Hong Kong. It was when I assumed my current position as the Secretary for Justice. In his very important speech, he made a very important point. He said that the principal of “one country, two systems” is a good policy that must be adhered to in the long run. I think he was trying to convey a very important message, to dispel any misgivings, any doubts that Beijing had any intention whatsoever to change its basic policy towards Hong Kong. The “one country, two systems” principle also applies to Macau. So more recently, on December 20, 2024, also at the 25th anniversary of China’s resumption of sovereignty over Macau, President Xi Jinping made another very important speech, repeating why the principle of “one country, two systems” is a good system. At the end, he said that the principle of “one country, two systems” actually embodies very important universal values – peace, openness, inclusiveness, and sharing. And he said that these values are valuable, important, not just to China, Macau, or even China as a whole, but to the whole world. So the China’s national strategy is to make use of this principle of “one country, two systems” to assist its modernisation. So as a matter of logic and common sense, it’s unthinkable that either HKSAR (Hong Kong Special Administrative Region) or Beijing would shoot ourselves in the foot by damaging or destroying the most valuable asset which makes Hong Kong being in a position to contribute to the success or even survival of Hong Kong.
     
    The last speech was given by Mr Wang Yi, the Minister of Foreign Affairs, when he attended the signing ceremony of a very important international convention. It’s known as the Convention on the Establishment of the International Organization for Mediation. It is an international treaty signed by 33 countries, including China. And most of these countries include countries in Southeast Asia, Africa, and even one in Europe, Serbia. The Swiss foreign minister came to Hong Kong to give a speech. The purpose of the convention is to set up the first inter-governmental international organisation, which is devoted to use mediation as a means to resolve different types of international disputes, including disputes between sovereign states, disputes between states and foreign nationals, say, for example, investor-state disputes, and even international civil and commercial disputes. The important thing is that the state parties, in particular China, supported that the headquarters of this new organisation will be situated in Hong Kong. The question is why. Just imagine for Beijing or even other countries, they have a lot of options. Why not in Beijing, why not in Shanghai, why not in Shenzhen or anywhere? But Hong Kong, why Hong Kong? I think Mr Wang Yi gave the answer in his important speech. He mentioned once again it’s because of “one country, two systems”. Because under “one country, two systems”, Hong Kong inherits the common law tradition, but at the same time, the Mainland China practises a civil law system. There’s a synergy between the systems. So we are the best of both worlds, so to speak. And that’s precisely the reason why such an important international organisation, the headquarters of such an organisation will be situated in Hong Kong. This is a very important message. It is a very strong vote of confidence and given by not just China, but other state parties in the future of Hong Kong. So that’s my second reason.
     
    The third reason concerns a piece of law passed last year in Hong Kong. For people familiar with Hong Kong, you would be aware that all lands in Hong Kong are held pursuant to government leases, except for St. John’s Cathedral. For people who have been to Hong Kong, you know that St. John’s Cathedral is a freehold land for historical reasons. But otherwise, all lands in Hong Kong that were held pursuant to government leases, which means that they were for a fixed time, very often for 99 years. And the reality is that many of these government leases, hundreds and thousands, will expire by 2047. That is 50 years after China’s resumption of sovereignty over Hong Kong. So last year, we passed a legislation, the effect of which is that all these leases, which are going to expire before, or by 2047 will be automatically renewed for 50 years, without any additional premium. That means that these land ownership will be guaranteed, they will continue, they will go beyond 2047. Of course, land ownership is extremely important. It is not simply concerned with the provision of shelter or home for people. It serves as very important security, a very valuable asset for business people, for financial institution. So that’s the way we assure people that our system will not change because I cannot find a more important example showing the distinguished feature of “one country, two systems” by referring to our land ownership system. So I think this is a very compelling piece of evidence. I have three pieces of evidence to convince people that any misgiving would be misplaced. So this is about the political landscape.
     
    What about the legal landscape? I mentioned a moment ago that one of the essential characteristics of “one country, two systems” is the fact that we are still using the common law system. I wish to highlight three very important features of our common law system that will be maintained, enhanced, and of great importance in ensuring Hong Kong’s continued success in the future.
     
    Firstly, the credibility of our common law system. Our people are willing to come to Hong Kong because they believe in Hong Kong’s legal system. And one of the key reasons is that in Hong Kong we have a very reputable and credible independent judiciary. Judicial independence is a very key element of a legal system. How do we show to people that Hong Kong’s judicial system, Hong Kong’s judiciary, will remain independent? The answer is that we are a very open system. We have invited many eminent foreign judges from other common law jurisdictions to sit in our court. I wish to give two very concrete examples. Under the Basic Law, Hong Kong enjoys the power of final adjudication, because before 1997, all the final appeal cases would have to be heard in Privy Council in London. But after 1997, we enjoy the final power of adjudication. So the highest court will be the Court of Final Appeal and that’s a very special arrangement, which I’m sure that some of you would be aware of. We are at liberty, we are permitted to invite judges from other common law jurisdictions to sit as foreign non-permanent judges. At the moment, and I would say that even after 2019 and 2020 when Hong Kong experienced some challenges, even after 2020, or since 2020, we have three foreign judges agreeing to come to Hong Kong. So for the time being, there are altogether six foreign non-permanent judges. Two from England, Lord Hoffmann and Lord Neuberger. For lawyers, they would be very familiar names. And then three judges from Australia, and one from New Zealand. The most recent appointment was Sir William Young, a former judge of the Supreme Court of New Zealand. He was appointed in June, so less than a month ago. So why would these eminent judges agree to come to Hong Kong if they are not confident and do not believe in Hong Kong itself? The other thing is that even at the Court of First Instance level, the judiciary has been inviting judges from other common law jurisdictions to sit as part-time judges. And I can also give a very recent example. I know that very soon, a judge who is a British, a very eminent British lawyer, will come to Hong Kong to sit in commercial cases. So these are the continuous efforts made by Hong Kong to ensure that we will retain the international characteristic to give people confidence.
     
    And of course, I have to mention, it’s something that I hesitate to mention, that the Government still loses cases from time to time, but it’s the most compelling evidence to prove the existence of judicial independence. Of course I would not say that I was very happy with the outcome, but I described it as a very healthy phenomenon. It’s very cogent and conclusive proof of the fact that our legal and judicial system functions properly. So this is my first point, the credibility of a judicial system.
     
    The second characteristic goes to the fact that we have a very user-friendly system – common law system. One thing that may be very often can be overlooked is that Hong Kong is the only bilingual common law system using both English and Chinese.

    Notwithstanding that China has resumed sovereignty over Hong Kong, one would have naturally expected that Chinese would be the only authentic language, but that’s not true. Even in our legislation, in our court judgments, things would be written in both languages, which is of course important to the international community.
     
    The second thing is that we have made tremendous effort to ensure that our law will meet the changing needs of society, not just within Hong Kong but also the international community. I give two examples. The first example is that we have just amended our company ordinance, which came into effect in late May. It provides a scheme to enable companies being operated overseas to re-domicile to Hong Kong, by a very simple mechanism, so that they can enjoy tax advantage, a relatively simple regulatory regime, so on and so forth. I understand that two major insurance companies have indicated that they will re-domicile to Hong Kong probably in November this year. The second example goes to digital assets, the Stablecoins Ordinance. The ordinance will come into effect on August 1. I think it’s an indication of our determination to strike a balance. You have to have some sort of regulation, some sort of licensing, but at the same time, you have to enable this digital thing to be able to develop in a healthy manner. So this is my second point, we have a very user-friendly common law system.
     
    The last point, which is really unique, which is something that cannot be found, is our connection with the Mainland legal system. Under “one country, two systems”, we have our common law system, we do not use the Mainland legal system. It doesn’t mean that there’s no connection or no linkage between the two systems. On the contrary, there are very important connections between the two legal systems, which are of great practical importance to the international business community. And once again, I wish to use some examples. The first example concerns arbitration. Can arbitration awards in Hong Kong be recognised or enforced in Mainland China? The answer is that we have a very special mutual legal assistance arrangement with Mainland China. There are altogether nine, but suffice for me to mention that’s an arrangement which enables an arbitration award in Hong Kong to be easily recognised and enforced in China. It’s modelled on a well-known New York convention. So it’s no different as any other international award. And another special thing which also about arbitration is that Hong Kong and Mainland China has entered into a very special arrangement to enable arbitration to start or commence in Hong Kong. People engaged in this sort of arbitration would be entitled to apply for interim measures like interim injunction to freeze the assets of the opposing party to preserve evidence in Mainland China by making application in the Mainland court. For example, you start an arbitration in Hong Kong, then you can go to the Mainland court to apply to freeze the assets of your opponent to preserve evidence. I can give you the statistics to see how important and how successful this arrangement is. The arrangement came into existence on the October 1, 2019, and up to mid-May this year, there were altogether around 146 applications. And the value of assets which were subject to this interim preservation order would be around US$5 billion. That will be a very important and practical legal tool to use Hong Kong as a legal dispute resolution centre. And the second more recent example, that I wish to introduce to you, concerns the Greater Bay Area (GBA). The Greater Bay Area consists of Hong Kong, Macau, and mainly the nine important cities in the Guangdong province. The population is 86 million. I think the size is more like Croatia, but the GDP has exceeded Australia. I think it would be top 10 as it seen as a single entity. So a lot of opportunities. So just on the February 14, we have introduced special measures to enable Hong Kong enterprise, if they set up an office or their own company in GBA cities, they would have the right to choose Hong Kong law to govern their contracts. In the old days, there were very serious restrictions. Even if you’re a foreign company, a Hong Kong company, if you set up your company in Mainland China, you have no option. You have to use Mainland law to govern your contractual relationship. The second thing is that you can also choose Hong Kong as the seat of arbitration to resolve any potential dispute. And once again, in the past, that option would not be open. You have to use the dispute resolution mechanism or arbitration in Mainland China. So these are special measures which were recently introduced to give people more options. We can readily understand that, in particular for people outside Hong Kong, they may feel more familiar with Hong Kong’s legal system, whether it’s used as the governing law or whether it’s used as the place to resolve disputes. The choice belongs to the end users, but you have to give people the choice. So we are offering people this choice.
     
    Another important thing is the definition of Hong Kong enterprise. It doesn’t mean that it has to be a 100 per cent owned Hong Kong company. So long as there’s some Hong Kong interest, say 1 per cent Hong Kong interest. So if you get a business partner who’s willing to invest 1 per cent in a business venture, then you will be qualified to be a Hong Kong enterprise. And if you use this in the name of this Hong Kong enterprise, you go into a GBA area, then you can take advantage of the measures that I have just mentioned. I’m using this example to highlight the very unique connection between the Hong Kong common law system and the Mainland legal system, which offers very important practical advantages to the international business community.
     
    Lastly, you may say that I’m just selecting the good news. What about external views on the state of the rule of law in Hong Kong? I wish to refer to two very recent international surveys to support that what I have been telling you is not some sort of self-serving statement trying to paint a rosy picture. Firstly, the IMD, the Institute for Management Development in Switzerland, published a competitiveness survey in June, so about a month ago. In terms of global competitiveness, Hong Kong is the third. In the last survey, we were the fifth, so we moved two places up. We ranked second in terms of government efficiency and also business efficiency. And most importantly, Hong Kong ranked the first when it comes to business legislation, which means our business law and also our tax policy. This is the external view based on a very credible international survey. The second international survey that I wish to refer to is an international survey concerning international arbitration. It’s a survey done by the Queen Mary University of London, together with the law firm White & Case. It’s a regular survey done once every three or four years. In the very recent survey, Hong Kong is regarded to be the second most preferred seat of arbitration in the world. Hong Kong and Singapore both enjoy the second place. And in fact, Hong Kong is the most preferred place for arbitration in the Asia-Pacific region. So once again, this serves as a very strong piece of objective evidence to demonstrate people’s confidence in our legal system.
     
    We are living at a time of uncertainties and challenges, many of these challenges were caused by reasons or factors beyond our control. Some of them goes to geopolitical situations, things like that. The role of Hong Kong can play from the perspective be considered in a wider context, not just as a matter of bilateral relationship between Hong Kong and the Netherlands. It has to be perhaps considered in the wider context of the overall relationship between Europe and China, or perhaps Europe and Asia-Pacific, as a whole. I think the relationship between Europe and China and Hong Kong has become even more relevant and important at this time of great uncertainties and challenges. But amid all these challenges and difficulties, in sharp contrast to these challenges and difficulties, what Hong Kong can offer would be certainty and opportunities. Certainty that you will have a very secure, very user-friendly, very credible legal system to safeguard interests, to manage risk, but enormous opportunities to be found, not just in Hong Kong, not just in the GBA, but China as a whole.
     
    So I do believe, I speak from the bottom of my heart that there are very good reasons for us to remain very confident and optimistic in the future of Hong Kong. And for this, of course, I’m most grateful to the continued support by our friends in this room. I do ask you to continue your support. Whenever people speak in front of you, express any doubt, I do invite you to speak on our behalf to convince them that there’s no reason whatsoever to feel pessimistic. There’s no reason whatsoever for them to be concerned about the future of Hong Kong, because Hong Kong will still be the Hong Kong that we all love, that we are all familiar with. This is all I wish to say. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Texas floods raise doubts over US weather warnings, response levels

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

    As the desperate search continues for survivors of the flash floods in Central Texas, concerns have already been raised about the shortcomings of the United States’ weather warning service and the response of local authorities.

    The death toll stood at 82 late on Sunday, with Texas Governor Greg Abbott saying that 41 people were unaccounted for across the state, adding that more people could be missing, local media reported.

    In Kerr County, home to Camp Mystic and other youth camps in the Texas Hill Country, searchers have found the bodies of 68 people, including 28 children, said Sheriff Larry Leitha, who pledged to keep searching until “everybody is found”.

    The flash floods happened in a region where the natural beauty of rivers, lakes and hills has made it a popular destination for summer vacations. The Guadalupe River bank area had attracted many visitors for the long Fourth of July weekend.

    However, before daybreak on Friday destructive, fast-moving waters rose rapidly on the river in only 45 minutes, washing away homes and vehicles.

    Questions are growing about whether enough warnings were issued in an area long vulnerable to flooding and whether enough preparations were made.

    Families were allowed to look around Camp Mystic, a Christian summer camp along the river where 10 girls and a counselor were still unaccounted for, on Sunday morning.

    One girl was seen walking out of a building carrying a large bell. A woman and a teenage girl, both wearing rubber waders, briefly went inside one of the cabins, which stood next to a pile of soaked mattresses, a storage trunk and clothes. At one point, the pair doubled over, sobbing before they embraced.

    Father’s sacrifice

    Several of those who died in the floods have already been praised by loved ones for their heroism.

    Julian Ryan, 27, died trying to save his mother, his fiancee Christina Wilson, and the couple’s two young children, according to local media reports.

    Wilson told a Houston television station the water came to the front step of their trailer home near the river in Ingram before dawn on Friday and rose fast. Their mattress began to float. The door was stuck shut and Ryan broke a window with his arm for the family to escape. However, he suffered serious cuts from the broken glasses and soon bled to death.

    “He had lost so much blood and knew he wasn’t going to make it,” Wilson said. “He said, ‘I love you. I’m so sorry.’ In minutes, he was gone. He died trying to save us.”

    Camp Mystic director Dick Eastland, 70, died while trying to rescue campers during the catastrophic flooding, according to a tribute shared by his grandson on Instagram on Saturday.

    “If he wasn’t going to die of natural causes, this was the only other way — saving the girls that he so loved and cared for,” George Eastland wrote. “That’s the kind of man my grandfather was. He was a husband, father, grandfather, and a mentor to thousands of young women.”

    A Camp Mystic employee, Glenn Juenke, told CNN Eastland died “remaining a true hero until the very end”.

    Almost a century old and founded in 1926, Camp Mystic had been run by Dick and Tweety Eastland since 1974 and can host up to 700 children.

    In Kerrville, Tivy High School boys soccer coach Reece Zunker and his wife Paula died in the flood, according to a Facebook post. Their two young children were missing.

    The Guadalupe River Heart O’ the Hills Camp announced on its website that its director and co-owner Jane Ragsdale was killed in the flood. Luckily no children were at the camp at the time.

    Two sisters from Dallas, Blair and Brooke Harber, 11 and 13 respectively, were staying with their grandparents in a cabin along the Guadalupe River, which was washed away by the flood. The sisters were confirmed dead and their grandparents were missing, according to The New York Times.

    Too late, inaccurate

    The National Weather Service first issued a forecast on Thursday afternoon that heavy rain was coming and flooding was possible. It predicted 127 to 177 millimeters of rain.

    The flood warning was issued at 1:14 am on Friday when most people were asleep. It triggered Wireless Emergency Alerts which sent notifications to all the mobile phones in the emergency area.

    However, it’s a feature that mobile phone users can disable and parts of the Hill Country lack good mobile phone reception.

    The rain began to fall around midnight, but actual rainfall far exceeded the forecast. Some local weather stations recorded 305 mm of rainfall by sunrise on Independence Day, local meteorologists said.

    The water level rose rapidly. The water gauge in a section of the Guadalupe River gauge where it forks recorded a 6.7-meter rise in only two hours, Bob Fogarty, a meteorologist at the NWS Austin/San Antonio office said.

    In Kerrville, the water level rose from 0.3 meters to 10.3 meters between 2 am and 7 am on Friday.

    Fogarty said the alert was updated nine times throughout Friday. The most serious warning came at 4:03 am when NWS issued a flood emergency, warning of an “extremely dangerous and life-threatening situation “and urging “immediate evacuations”.

    The riverbank overflow occurred about three hours after the first flood warning, with the strong torrent washing away cabins and vehicles.

    Some meteorologists said local authorities are partially responsible for the devastating consequences of the floods.

    “The heartbreaking catastrophe that occurred in Central Texas is a tragedy of the worst sort because it appears evacuations and other proactive measures could have been undertaken to reduce the risk of fatalities had the organizers of impacted camps and local officials heeded the warnings of the government and private weather sources, including AccuWeather,” AccuWeather chief meteorologist Jonathan Porter wrote in a statement on Saturday morning.

    Local officials blamed the NWS for inadequate weather information. Nim Kidd, chief of the Texas Division of Emergency Management pointed to NWS forecasts that projected up to 152 mm of rain. “It did not predict the amount of rain that we saw,” Kidd said.

    Facing questions on why officials didn’t organize evacuations, Kerr County Judge Rob Kelly said: “We didn’t know this flooding was coming. Rest assured, no one knew this kind of flood was coming.”

    Kelly said they deal with floods frequently and locals know the area as “flash flood valley”. However, Kerr County doesn’t have a flood warning system in place. Kelly said the county considered implementing one a few years ago, but the plan was put aside due to the cost.

    Kerrville City Manager Dalton Rice told the media that the suddenness and intensity of the flood caught city officials flat-footed.

    “This happened very quickly over a very short amount of time that could not be predicted,” Rice said,”… things like this happen in a very strategic, very isolated area and when those two things converge you have what happened today.”

    Staff shortage at NWS

    The unexpectedness of the flood has led many to question whether the understaffed NWS has contributed to the tragedy.

    Its ability to help the entire country prepare for natural disasters was also questioned due to funding cuts under the Trump administration’s Big Beautiful Bill which was passed the day before July 4.

    Federal funding cuts made earlier by the Department of Government Efficiency led to staff cuts in the NWS, which the service says has resulted in many of its local offices being understaffed.

    Its mission statement is to: “Provide weather, water and climate data, forecasts, warnings, and impact-based decision support services for the protection of life and property and enhancement of the national economy.”

    Accurate weather warnings are the key to “give every individual a fighting chance to survive nature’s worst”, it adds.

    Since President Donald Trump took office, almost 600 people have left the NWS, equivalent to the total number of employees who left the service in the past 15 years.

    Many of those who left were seasoned meteorologists with experience in dealing with a variety of weather scenarios. Experts had previously warned that the service had already been crippled due to its large number of vacant positions and sudden departure of senior staff.

    The NWS Austin/San Antonio Office, which oversees flood-devastated Kerr County, is currently short six staff members. A senior hydrologist, staff forecaster and meteorologist in charge were missing, according to the NWS website.

    While no one at the NWS has explained the big gap between the forecast and actual rainfall, Homeland Security Secretary Kristi Noem defended the administration, saying that it’s hard to accurately predict rainfall.

    Noem argued that the technology was “ancient” and that the Trump administration is working to upgrade it.

    “We know that everybody wants more warning time, and that’s why we’re working to upgrade the technologies that have been neglected (for) far too long,” Noem said at a Saturday news conference.

    Houston has a problem

    Jason Walls, a Houston resident, told China Daily the tragedy unfolding in Central Texas had made him worried about his own safety in Houston.

    “We are in the hurricane season right now. I can’t imagine how many people would die from an inaccurate weather forecast and inadequate warning because we are much more populated than Central Texas. I am very concerned,” Walls said.

    He’s aware that the NWS Houston/Galveston Office has a serious staff shortage with 11 positions out of 25 vacant. The departures happened after a number of experienced meteorologists left due to the DOGE cuts.

    The vacancies include meteorologist-incharge, warning coordination meteorologist, science and operations officer, and port meteorological officer. In addition, four meteorologists, including two senior positions, are also vacant.

    Meteorologist Jeff Masters, a former National Oceanic and Atmospheric Administration hurricane hunter, earlier told the Texas Tribune that most of the roles won’t be able to be filled in time for the 2025 hurricane season.

    “This was done very inefficiently,” Masters told the newspaper. “First, all of the probationary employees were fired, then incentives were given to get the most experienced managers out through early retirement. Now they’re trying to do some rehiring, and then it’s just not being done very efficiently.”

    Masters said that the local offices across the country have lost critical institutional knowledge and expertise. Nationwide, reduced staff numbers have meant fewer weather balloon launches, therefore fewer data critical to accurate storm modeling is available.

    Currently, the Houston office is being helped by members from other NWS locations, and a meteorologist in Oklahoma is helping as an acting meteorologist-incharge for Houston.

    “Look at what happened in Kerr County when the NWS local office is without a warning coordination meteorologist,” Walls said. “We are in a worse situation in Houston — we don’t have a warning coordinator, we don’t have one in charge, we are missing almost half of very critical positions. How can we be ready for any weather disaster in the coming months?”

    MIL OSI China News –

  • MIL-OSI: The Keg Royalties Income Fund Announces Receipt of Interim Order and Filing of Special Meeting Materials in Respect of Proposed Transaction with Fairfax

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. News wire services or dissemination in the U.S.

    VANCOUVER, British Columbia, July 07, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) today announced that, further to the arrangement agreement entered into among the Fund, 1543965 B.C. Ltd. (the “Purchaser”), a subsidiary of Fairfax Financial Holdings Limited (“FFHL” and together with the Purchaser and its affiliates, “Fairfax”), and FFHL and the transactions contemplated thereunder (collectively, the “Transaction”) as previously announced on June 17, 2025, on July 3, 2025, the Supreme Court of British Columbia granted an interim order authorizing various matters in connection with the Transaction, including the holding of the upcoming special meeting (the “Meeting“) of the holders (“Unitholders”) of units of the Fund (“Units”) and holders (“Exchangeable Securityholders”) of securities exchangeable for Units and the mailing of the management information circular (the “Circular“) in respect thereof. As such, the Fund has now filed on SEDAR+, and is in the process of mailing, the Circular and related materials in respect of the Meeting.

    The Meeting will be held at the offices of Lawson Lundell LLP, 925 West Georgia St., Suite 1600, Vancouver, BC, V6C 3L2 on August 1, 2025 at 10:00 a.m. (Vancouver Time). Registered Unitholders and registered Exchangeable Securityholders as of the record date, June 27, 2025, are entitled to receive notice of and vote at the Meeting. In order for the Transaction to become effective, the Arrangement Resolution (as defined in the Circular) must be approved by (a) more than two thirds (66 2/3%) of the votes cast by Unitholders (including for this purpose Exchangeable Securityholders) present in person or represented by proxy at the Meeting and (b) a simple majority of the votes cast by Unitholders present in person or represented by proxy at the Meeting, excluding the votes of Fairfax and any other Unitholders whose votes are required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. 

    The Board of Trustees Unanimously Recommends Unitholders Vote FOR the Arrangement Resolution.

    The Circular provides Unitholders with important information and Unitholders are urged to read the Circular and related materials carefully and in their entirety, and, if assistance is required, Unitholders are urged to consult their financial, legal, tax or other professional advisors. The Circular and related materials are available on the SEDAR+ profile of the Fund at www.sedarplus.ca. 

    Advisors

    Capital West Partners and Lawson Lundell LLP are acting as financial advisor and legal advisor, respectively, to the trustees of the Fund (“Trustees”) in respect of the Transaction. Torys LLP is acting as legal advisor to Fairfax in respect of the Transaction.

    Forward Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning the Fund’s objectives, its strategies to achieve those objectives, as well as statements made with respect to the Trustees’ beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Trustees’ expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release, which includes, among other things, statements relating to the Meeting, is necessarily based on a number of opinions and assumptions that the Trustees considered appropriate and reasonable as of the date such statements are made in light of their experience, current conditions and expected future developments.

    Risks and uncertainties related to the Transaction include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions currently contemplated; failure of the Fund and Fairfax to obtain the required regulatory, court, stock exchange and Unitholder approvals for, or satisfy other conditions to effect, the Transaction; the risk that the Transaction may involve unexpected costs, liabilities or delays; the risk of a change in general economic conditions; the risk that, prior to the completion of the Transaction, the business of KRL (as defined below) may experience significant disruptions; the risk that any legal proceedings may be instituted against the Fund or determined adversely to the interests of the Fund; and other risk factors contained in filings made by the Fund with the Canadian securities regulators, including the Circular, the Fund’s annual information form dated March 25, 2025 and financial statements and related management discussion and analysis for the financial year ended December 31, 2024 filed with the securities regulatory authorities in certain jurisdictions of Canada and available at www.sedarplus.ca.

    Although the Trustees have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Fund’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Fund disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

    About The Keg Royalties Income Fund

    The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    About Fairfax Financial Holdings Limited

    Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

    The MIL Network –

  • MIL-OSI USA: Senator Marshall: When You Cut Taxes, The Economy Grows

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins Fox Business to Discuss the Yale Budget Lab and the Reconciliation Bill.
    Washington – On Monday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Jason Chaffetz on Fox Business’ The Evening Edit to discuss the Yale Budget Lab and their incorrect read on the impact the reconciliation bill will have on hard-working American families and the American economy.

    Click HERE or on the image above to watch Senator Marshall’s full remarks.
    On the Yale Budget Lab being a partisan, left-wing think tank:
    “This Yale lab is actually another Democrat think tank … they’re the type of economists that got it wrong under John F. Kennedy’s tax cuts and President Reagan’s tax cuts, and Trump 45 tax cuts as well. They don’t realize that when you cut taxes, the economy grows. And that’s where the biggest difference is when you listen to their opinion versus our opinion, versus this White House’s opinion – that we read these tax cuts as giving tax breaks for small businesses and for manufacturing, that’s going to help the economy grow, especially as well. You know, I think about being able to write off new manufacturing equipment, being able to write off accelerated depreciation, those types of things.”
    On how the Reconciliation Bill will help save Medicaid:
    “I want to emphasize that on our Medicaid plan, we actually increase the spending. We increase the spending faster than the rate of inflation – $200 billion a year more. That we’re trying to strengthen Medicaid and save it for those who really need it the most. So, we’re going to make sure that seniors in nursing homes, people with disabilities, pregnant women, and children that they have Medicaid.
    “The only ones that are going to lose Medicaid going forward are people that were on that are fraudulently on it, or people that are unwilling to work, even just 20 hours a week. Or they can go to school, or they can volunteer. You know, I’ve said this before, but we have folks back home harvesting wheat that are working 20 hours a day. So that’s not too much to ask of people. And by the way, I think helping people get a job is a good thing.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall: When You Cut Taxes, The Economy Grows

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins Fox Business to Discuss the Yale Budget Lab and the Reconciliation Bill.
    Washington – On Monday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Jason Chaffetz on Fox Business’ The Evening Edit to discuss the Yale Budget Lab and their incorrect read on the impact the reconciliation bill will have on hard-working American families and the American economy.

    Click HERE or on the image above to watch Senator Marshall’s full remarks.
    On the Yale Budget Lab being a partisan, left-wing think tank:
    “This Yale lab is actually another Democrat think tank … they’re the type of economists that got it wrong under John F. Kennedy’s tax cuts and President Reagan’s tax cuts, and Trump 45 tax cuts as well. They don’t realize that when you cut taxes, the economy grows. And that’s where the biggest difference is when you listen to their opinion versus our opinion, versus this White House’s opinion – that we read these tax cuts as giving tax breaks for small businesses and for manufacturing, that’s going to help the economy grow, especially as well. You know, I think about being able to write off new manufacturing equipment, being able to write off accelerated depreciation, those types of things.”
    On how the Reconciliation Bill will help save Medicaid:
    “I want to emphasize that on our Medicaid plan, we actually increase the spending. We increase the spending faster than the rate of inflation – $200 billion a year more. That we’re trying to strengthen Medicaid and save it for those who really need it the most. So, we’re going to make sure that seniors in nursing homes, people with disabilities, pregnant women, and children that they have Medicaid.
    “The only ones that are going to lose Medicaid going forward are people that were on that are fraudulently on it, or people that are unwilling to work, even just 20 hours a week. Or they can go to school, or they can volunteer. You know, I’ve said this before, but we have folks back home harvesting wheat that are working 20 hours a day. So that’s not too much to ask of people. And by the way, I think helping people get a job is a good thing.”

    MIL OSI USA News –