Category: housing

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

Source: US State of New York Federal Reserve

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

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

MIL OSI USA News –

May 14, 2025
MIL-OSI United Nations: New Report: Challenging Economy and Unemployment Main Obstacles for Syria Returnees

Source: International Organization for Migration (IOM)

Geneva/ Damascus, 14 May 2025 – A new report from the International Organization for Migration (IOM) shows that the lack of economic opportunities and essential services pose the greatest challenge for Syrians returning to their communities, highlighting the critical need for international support to help Syria recover.

“Syrians are resilient and innovative, but they need significant help to rebuild their communities and their lives. Enabling Syrians to return to a country that is on the path to stability and progress is critical for the country’s future,” said IOM Director General Amy Pope.

The Communities of Return Index Report assessed conditions in 1,100 communities and neighbourhoods between March and April, where approximately 1.87 million displaced Syrians – both internally displaced and returnees from abroad – have already returned.

According to the report, many communities face unreliable access to electricity, clean water, and healthcare, while gaps in civil documentation hinder returnees from accessing essential services or claiming housing and land rights.

Livelihood opportunities are scarce, as agricultural activity and local markets struggle to recover. At the same time, shelter reconstruction is slow, and unresolved property issues continue to stagnate long-term reintegration.

“IOM reactivated its data collection capacities in Syria, and this report is our latest contribution in guiding evidence-based humanitarian, recovery and other efforts in charting a better future for Syria and its people,” added DG Pope.

According to IOM’s latest Displacement Tracking Matrix (DTM) report, the number of IDPs declined slightly in April 2025 to around 6.6 million, compared to more than 6.7 million in March. Since January 2024, IOM has recorded over 1.3 million IDP returnees and nearly 730,000 arrivals from abroad.

As it reestablishes its presence in Damascus, IOM aims to address immediate humanitarian and recovery needs while promoting a conducive environment for peaceful, voluntary and sustainable returns.

This includes shelter rehabilitation, distribution of life-saving items and expanding property records database to support secure documentation, restitution, and dispute resolution for displaced populations in Syria.

Note to Editors

IOM has recently announced its Syria crisis response plan for 2025 appealing for USD 100 million to target about 1.4 million people in Syria with critical aid and support.

For more information, please contact IOM Media Centre

MIL OSI United Nations News –

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

Source: The Co-operative Bank

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

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

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

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

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

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

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

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

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

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

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

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

About The Co-operative Bank:

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

MIL OSI New Zealand News –

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

Source: Hong Kong Government special administrative region

LCQ11: Management of water resources
Question:

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

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

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

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

Reply:

President,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

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

Source: Hong Kong Government special administrative region

LCQ3: Electric vehicle charging facilities
Question:

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

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

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

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

Reply:

President,

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

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

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

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

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

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

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

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

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

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

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

     Thank you, President.
Issued at HKT 12:46

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

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

Source: Hong Kong Government special administrative region

LCQ21: Deepening international exchanges and co-operation
Question:

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

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

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

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

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

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

Reply:

President,

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

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

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

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

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

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

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

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

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

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

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

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: DECLARATION OF DENGUE FEVER OUTBREAK FOR SAMOA

Source:

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[PRESS RELEASE – APIA, 17 April 2025] – The Ministry of Health is officially declaring a dengue fever outbreak in Samoa. There has been a significant increase in the number of suspected and confirmed cases, particularly in Upolu, over the past two weeks.

Since January a total of 15 confirmed cases have been reported from the laboratory, with I of these cases identified within the past two weeks. Most cases have been reported at the Moto’otua Main Hospital (TTM), where patients initially presented with other flu-like symptoms before testing positive for dengue.

The majority of these individuals have recovered well without requiring admission to hospital.

The most affected areas are those located in the North west of Upolu, with cases reported across all age groups. Tragically, one death has been confirmed as related to dengue. Our thoughts and prayers are with the affected family during this difficult time.

Dengue fever is a viral illness caused by four (U) different types of dengue virus (DENV-1, DENV-2), DENV-3 and DENV-4) and is spread by mosquitoes. It is transmitted from person to person through the bites of infected mosquitoes.

All four (U) types of the virus can lead to severe infections, including Dengue Hemorrhagic Fever, a potentially life-threatening condition that may cause internal bleeding and organ failure. Hemorrhagic dengue can progress rapidly and may lead to death if not treated promptly.

Common symptoms of dengue include;

• High fever

• Severe headache

• Pain behind the eyes

• Joint and muscle pain

• Nausea

• Rash

• Fatigue.

Severe symptoms of dengue include abdominal pain, bleeding gums, and vomiting blood, all of which require urgent medical attention.

The Ministry of Health is actively monitoring the situation and continues to strengthen its response efforts.

We are learning from regional trend, as neighboring countries such as Tonga, Fiji and the French Polynesia are experiencing similar dengue outbreaks.

We urge the public to be vigilant and work together to help prevent the spread of this disease by taking simple, yet important actions:

• Remove standing water around homes, buckets, Eres, and containers where mosquitoes can breed

• Use mosquito repellents, nets, and coils, especially during the day

• Wear protective clothing to reduce mosquito bites

• Seek medical attention if you or a family member experience symptoms of dengue.

The Ministry will continue to provide regular updates and is in communication with the World Health Organization (WHO) to further strengthen its response. Let’s stay informed, take acEon, and support one another.

For further information please contact the Ministry of Health at telephone numbers: 21212 or 66600.

You can also follow our official channels on our website: www.health.gov.ws and Facebook page: @healthsamoa.

Ma le fa’aaloalo,

END.

SOURCE – Ministry of Health Samoa

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ9: Construction or redevelopment of small houses

Source: Hong Kong Government special administrative region

LCQ9: Construction or redevelopment of small houses
Question:

Some residents of the New Territories have reflected that the pace of processing applications for the construction or redevelopment of small houses in the North District of the New Territories is slower compared to other districts. In this connection, will the Government inform this Council:

(1) given that in its reply to a question raised by a Member of this Council on the Estimates of Expenditure 2025-2026, the Government indicated that, as at the end of last year, there were as many as 3 686 small house applications under processing in the North District, with only 95 applications being approved last year, and that the Islands District and the Sai Kung District also faced a similar situation of a low number of approved applications and a high proportion of backlogged cases, whether the Government has put in place targeted improvement measures to enhance the efficiency of processing applications for the construction or redevelopment of small houses in these three districts; if so, of the details; if not, the reasons for that;

(2) given that according to government information, only around 100 staff members of the Lands Department are currently involved in processing of the small house applications, and that the respective numbers of small house applications and small house redevelopment applications under processing as at the end of last year were 10 513 and 1 664, how the Government will redeploy its manpower to expedite the processing of these backlogged cases; and

(3) given that the Government is implementing an arrangement that allows applications for a Certificate of Compliance (i.e. a Certificate of Compliance or “No Objection to Occupy”) by self-certification of compliance for New Territories Exempted Houses, and that this arrangement has been first implemented as a pilot scheme by the District Lands Office, Yuen Long, whether the Government will consider extending this pilot scheme to villages under all rural committees in the Northern Metropolis; if so, of the details; if not, the reasons for that?

Reply:

President,

The New Territories Small House Policy has been implemented since December 1972 to allow an indigenous villager to apply for permission to, for once in his lifetime, erect a small house on a suitable site within his own village (Note 1). According to the performance pledge, the Lands Department (LandsD) will process (Note 2) not less than 2 300 small house applications per year. For redevelopment applications, as archaic leases and houses are generally involved, the cases are more complicated and considerable time may be spent on checking the records. LandsD in general completes the processing of around 600 redevelopment applications per year.

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

(1) and (2) To streamline the processing of small house and redevelopment applications and speed up the approval process, LandsD enhanced the processing procedures in October 2021 and January 2023, including:

(i) To commence the procedures under various aspects in parallel, such as verification of land ownership and lot boundaries, and consultation with the relevant departments;
(ii) To simplify the procedures for handling objections;
(iii) To conduct face-to-face meetings with applicants for direct discussion;
(iv) To delegate the approval of relatively straightforward cases to officers under the District Lands Officer, and only non-straightforward cases will be submitted to the District Lands Officer or District Lands Office (DLO) Conference for approval;
(v) To enhance the supervision by LandsD on DLOs, including regular follow-up on the progress of processing applications.

The implementation of the above procedures has achieved results in terms of expediting the processing of small house and redevelopment applications. The average number of small house applications processed by LandsD each year increased to more than 2 500 cases in the years from 2022 to 2024, surpassing the department’s performance pledge of 2 300 cases, while the number of redevelopment applications completed by LandsD per year also increased from around 480 in 2022 to around 650 in 2024.

While it is mentioned in the question that the proportion of small house applications approved in 2024 as compared to the cases pending completion of processing in certain districts (including the North District, the Islands District, and the Sai Kung District) is relatively lower, we believe this is mainly due to the fact that applications involve relatively complex geographical features (such as remote locations or proximity to slopes, which require more rigorous technical assessments) and a larger amount of applications received in these respective districts.

In fact, a total of about 360 small house applications were received on average per year from 2022 to 2024 in the North District, the Islands District and the Sai Kung District, with an average of over 800 cases (Note 3) processed each year; the number of applications pending completion of processing also decreased from a total of over 6 100 at the end of 2021 to about 5 270 by the end of March 2025, representing an overall decrease of approximately 14 per cent. As for redevelopment applications, a total of about 100 and 150 applications were received and processed respectively on average per year from 2022 to 2024 in the three districts. The number of applications pending completion of processing decreased from a total of over 840 at the end of 2021 to about 710 by the end of March 2025, representing an overall decrease of approximately 16 per cent.

At present, around 100 staff of LandsD, mainly deployed to the eight DLOs in the New Territories, are involved in processing small house and redevelopment applications. As these staff are also responsible for other land administration duties within the DLOs, the above figure is provided for general reference only. LandsD will continue to review and enhance the procedures for processing small house and redevelopment applications (including the introduction of the self-certification of compliance scheme mentioned below) to expedite the approval. In addition, LandsD will strengthen the role of its headquarters in monitoring the processing and approval of applications in various districts and more flexibly allocate resources across districts to accelerate the processing of applications.

(3) After a DLO approves an application to build a small house, the applicant has to apply to LandsD for and obtain the Certificates of Exemption in accordance with the Building Ordinance (Application to the New Territories) Ordinance (Cap. 121) before commencing the construction works. After the works are completed, the applicant has to submit a construction completion report to the DLO. The DLO will issue a Certificate of Compliance (CoC) if, having conducted on-site checking, it is satisfied that the applicant has complied with all the relevant conditions, requirements and obligations.

To expedite the development of small houses, LandsD implemented a self-certification scheme of CoCs on a pilot basis in January this year, which allows lot owners to appoint registered professionals at their own expense to prepare and submit a self-certification of compliance, thereby optimising the use of resources in the industry and expediting the approval process. LandsD will conduct detailed inspection checks on randomly selected cases. At the same time, LandsD will also streamline and expedite the approval process for applications submitted under the scheme, with the target of completing the processing of cases within 10 weeks upon receipt of all required documents, and within 14 weeks for cases subject to random checking.

To ensure the orderly implementation of the self-certification scheme, a pilot scheme was first implemented at the DLO, Yuen Long. In view of the very positive response from Heung Yee Kuk and various stakeholders, and their wish for LandsD to extend the scheme to other DLOs as soon as possible, after taking into account factors such as the processing status of applications for CoCs by various DLOs, demand and manpower resources, LandsD plans to extend the coverage of the scheme to the DLO, North in the third quarter of this year. Details will be announced in due course. With the operational experience gained from the pilot scheme, LandsD will then decide whether and how to regularise the arrangement.

Note 1: The small house shall neither contain more than three storeys nor exceed a height of 8.23 metres (27 feet); and the roofed-over area shall not exceed 65.03 square metres (700 square feet).

Note 2: The number of small house applications processed by LandsD annually according to its performance pledge covers the applications which LandsD approves, rejects or classifies as non-straightforward cases for further processing in a particular year.

Note 3: As the processing of applications received during a year may not be completed within the same year, the applications processed in a particular year and its number may not correspond with the applications received in the same year and its number.
Issued at HKT 16:38

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI: CBL International Limited (NASDAQ: BANL) to Participate in the Lytham Partners Spring 2025 Investor Conference on May 29, 2025

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, May 14, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced that Dr. Teck Lim Chia, Chairman and CEO, will participate in a webcasted fireside chat and Ms. Venus Zhao, our IR and PR Director, will host one-on-one meetings with investors at the Lytham Partners Spring 2025 Investor Conference, taking place virtually on Thursday, May 29, 2025.

Company Webcast

The webcast presentation will take place at 12:30 pm on Thursday, May 29, 2025, Eastern Time. The webcast can be accessed by visiting the conference home page at https://lythampartners.com/spring2025/ or directly at https://app.webinar.net/bNM Pk09l74O. The webcast will also be available for replay following the event.

1×1 Meetings

Management will be participating in virtual one-on-one meetings throughout the event. To arrange a meeting with management, please contact Lytham Partners at 1×1@lythampartners.com or register for the event at https://lythampartners.com/spring2025invreg/.

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

CBL INTERNATIONAL LIMITED (Incorporated in Cayman Islands with limited liabilities)

For more information, please contact: CBL International Limited Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng	Tel: (852) 2864 4857
Iris Au Yeung	Tel: (852) 2114 4913
Email:	sprg_cbl@sprg.com.hk

The MIL Network –

May 14, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Highlights

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

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

Dr. Sean Guest, President and CEO commented:

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

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

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

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

Financial and Operating Results Summary

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

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

Financial Update

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

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

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

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

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

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

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

Operations Update and Outlook

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

Jasmine/Ban Yen

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

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

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

Nong Yao

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

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

Wassana

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

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

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

Manora

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

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

Türkiye

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

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

Webcast

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

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

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

Conference ID: 239 311 896 799

Dial-in numbers:

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

For further information, please contact:

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

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

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

About the Company

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

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

Non-IFRS Financial Measures and Ratios

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

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


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

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

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

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


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

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

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

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


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


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

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


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

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

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


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

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


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

Advisory and Caution Regarding Forward-Looking Information

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

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

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

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

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

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

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

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

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

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

The MIL Network –

May 14, 2025

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

Source: United Kingdom – Executive Government & Departments

Press release

Swindon Borough Council fails to meet RSH’s consumer standards

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

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

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

RSH’s inspection found that Swindon Borough Council:

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

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

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

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

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

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

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

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

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

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

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

Notes to Editors

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

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

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

Viability

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

Consumer

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

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

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

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

Published: Wednesday, 14 May 2025

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

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

The Cabinet Members are:

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

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

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

Councillor Lubna Arshad, Cabinet Member for a Safer Oxford

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

Councillor Alex Hollingsworth, Cabinet member for Planning and Culture

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

Councillor Linda Smith, Cabinet Member for Housing and Communities

The responsibilities of each Cabinet Member are:

Councillor Susan Brown

Council strategy and policy delivery

Democratic Services and Member Support

Partnerships and outside bodies including

District Councils Network (Labour Vice Chair)

Fast Growth Cities (Chair)

Local Government General Assembly member

Oxford Growth Commission

Oxford Strategic Partnership

Councillor Ed Turner

Deputise for Leader as required

Financial and treasury strategy

Financial support for local residents and businesses

Links with our twin cities

Property and asset management and maintenance

Councillor Anna Railton

Deputise for Leader as required

Air Quality

Biodiversity delivery including verge and tree planting

Carbon reduction, heat decarbonisation and retrofitting

Delivery of Zero Carbon Oxford City Council by 2030

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

Parks, Allotments, Cemeteries and Open Spaces

Renewable energy and energy planning

Sustainability

Taxi Licensing

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

Councillor Lubna Arshad

Community safety and tackling antisocial behaviour

Safeguarding Adults and Children

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

Councillor Nigel Chapman

Business Improvement

Customer Service

Oxford Direct Services as contractor

OX Place as a company

Service delivery

Street scene, public conveniences

Tree management

Waste and recycling

Councillor Alex Hollingsworth

Car Parking Policy

City Centre Action Plan delivery

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

Development and Building Control

Infrastructure planning

Licensing Policy

Local Plan and planning policies including biodiversity

Spatial Planning and conservation

Major projects delivery

Museum of Oxford

Promotion of a thriving music and night-time economy

Tourism

Councillor Chewe Munkonge

Addressing health inequalities and public health promotion

Children and young people policies and school liaison

Leisure partnership and contract management

Local market promotions

Promotion of Oxford Living Wage

Small Business Champion

Sport and physical activity

Councillor Linda Smith

Affordable housing delivery

Community centres, pavilions and grants

Estate regeneration projects

Homelessness services including prevention

Housing allocations and strategy

Regulation of the Private Rented Sector

Tenancy management and sustainment

Tenant and Resident involvement

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

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

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

Councillor Susan Brown, Leader of Oxford City Council
MIL OSI United Kingdom –
May 14, 2025

MIL-OSI Asia-Pac: Tender of 2-Year Exchange Fund Notes to be held on May 23

Source: Hong Kong Government special administrative region

Tender of 2-Year Exchange Fund Notes to be held on May 23
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on 26 May 2027 and will carry interest at the rate of 2.16 per cent per annum payable semi-annually in arrears.

Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA’s website at www.hkma.gov.hk
The tender results will be published on the HKMA’s website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.——————————————————————

Issue Number9.30am to 10.30am (up to HK$5 million for non-competitive tender) Deadline for
submission of non-competitive tender bids by retail investors through HKSCC May 26, 2026
November 26, 2026
May 26, 2027Price/Yield Table of the new EFN at tender for reference* only:

MIL-OSI

Next PostLCQ17: Prevention of skin diseases among elderly people in residential care homes

Yield-to- Maturity* Disclaimer

The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.
Issued at HKT 16:30

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ17: Prevention of skin diseases among elderly people in residential care homes

Source: Hong Kong Government special administrative region

LCQ17: Prevention of skin diseases among elderly people in residential care homes

Year Herpes Zoster (also known as Shingles) is an infectious disease that causes belt-like, painful skin rash with blisters. It is caused by varicella-zoster virus which is responsible for varicella (also known as Chickenpox). The virus resides in the nervous system of patients recovered from Chickenpox. Years later, in times of weakened immune system, such as due to ageing or stress, the virus may induce Herpes Zoster. A person with Herpes Zoster cannot pass this disease to others. However, individuals who have never had Chickenpox and have not received the Chickenpox vaccine may be infected and develop Chickenpox if they have contact with the sores of a Herpes Zoster patient.

As regards pruritus (itchy skin), since there are many possible reasons (including causes relating to non-communicable diseases), confirmation of the cause(s) of the relevant symptom should be diagnosed by a medical practitioner.Issued at HKT 16:35

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-Evening Report: Caitlin Johnstone: Israel admits it bombed a hospital to kill a journalist for doing journalism

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Caitlin Johnstone

The IDF has admitted to bombing a hospital in order to assassinate a prominent Palestinian journalist in Gaza, Hassan Aslih, explicitly stating that they assassinated him for engaging in journalistic activities.

The official Israel Defense Forces account made the following post on Twitter (emphasis added):

“Don’t let Aslih’s press vest fool you:
Hassan Abdel Fattah Mohammed Aslih, a terrorist from the Hamas Khan Yunis brigade, was eliminated along with other terrorists in the ‘Nasser’ hospital in Khan Yunis.
Aslih participated in the brutal October 7 massacre under the guise of a journalist and owner of a news network. During the massacre, he documented acts of murder, looting, and arson, posting the footage online.
Journalist? More like terrorist.”

Documenting newsworthy acts and posting the footage online is also known as journalism. It’s the thing that journalism is.

Aslih was killed in Nasser Hospital’s burn unit where he was recovering from a previous Israeli assassination attempt in which they bombed a tent near that same hospital.

Assassinated Palestinian journalist Hassan Aslih . . . “documenting newsworthy acts and posting the footage online is also known as journalism. It’s the thing that journalism is.” Image: APR

That’s right kids, Israel will literally assassinate a journalist by bombing a hospital, openly admit that they bombed the hospital to assassinate the journalist for engaging in journalistic activities — and then call you an antisemite if you say Israel bombs hospitals and assassinates journalists.

Don’t let Aslih’s press vest fool you:

Hassan Abdel Fattah Mohammed Aslih, a terrorist from the Hamas Khan Yunis brigade, was eliminated along with other terrorists in the ‘Nasser’ hospital in Khan Yunis.

Aslih participated in the brutal October 7 massacre under the guise of a… pic.twitter.com/23pdgGrefu

— Israel Defense Forces (@IDF) May 13, 2025

❖

The following things are Hamas: journalists, journalism, the new pope, the last pope, the UN, Amnesty International, Human Rights Watch, human rights, critical thinking, hospitals, schools, campus protesters, Greta Thunberg, doctors, women, children, Ireland, and Ms Rachel.

[embedded content]
Israel admits it bombed a hospital to kill a jourmalist. Video: Caitlin Johnstone

Benjamin Netanyahu is now saying that the forced ethnic cleansing of Palestinians from Gaza was “inevitable,” reportedly telling the Knesset’s Foreign Affairs and Defence Committee on Sunday that “We are destroying more and more homes, and Gazans have nowhere to return to. The only inevitable outcome will be the wish of Gazans to emigrate outside of the Gaza Strip.”

So there you have it. Shut up about hostages. Shut up about Hamas. Shut up about October 7. This is about removing Palestinians from a Palestinian territory to replace them with Jewish settlers. That’s all this has ever been about. Anyone who pretends otherwise is evil.

❖

“You support terrorism,” said the person who supports daily massacres of civilians to advance political aims.

❖

Everyone’s yelling about Trump accepting a jet from Qatar as a bribe, which would make sense if they hadn’t been completely ignoring how Trump has openly admitted to being bought and controlled by the world’s richest Israeli Miriam Adelson, and how pervasively influential the Israel lobby is throughout all of US politics.

It’s so gross that Western society tolerates the existence of an Israel lobby. Like “Oh so you’re here to convince my government to stomp out my free speech rights and use my tax dollars for wars and genocide to advance the interests of an apartheid state? Yeah cool, I guess that’s fine.”

The existence of the Israel lobby should be treated the same as a Nazi lobby or a pedophilia lobby. Taking donations from pro-Israel groups should be as stigmatised as taking donations from the KKK or NAMBLA.

It’s not okay that each Western nation has its own high-powered lobby group whose whole entire job is to insert itself into key points of influence and persuade our governments to destroy our civil rights and commit genocide. Nobody should tolerate the existence of these groups.

❖

“This is what our ruling class has decided will be normal.”
~ Aaron Bushnell https://t.co/FtQt5UbWyl

— Caitlin Johnstone (@caitoz) May 10, 2025

❖

I always get Israel apologists telling me “Stop calling it a genocide! It’s not a genocide!”

And I’m always just like okay well then they’re doing some sort of thing where the people in power work to eliminate a population because of their ethnicity using mass-scale violence and deliberate starvation. I guess there’s no word for it.

❖

The last year and a half in Gaza is a strong enough reason to dismantle the entire US-led Western empire. The Gaza holocaust could end tomorrow and it would still be reason enough. All the empire’s other worldwide abuses could have never happened and it’d still be reason enough.

In Gaza alone the empire has already established beyond any doubt that it should not exist, even if you ignore all its other crimes throughout the Middle East, Latin America, Africa and Asia. If you would perpetrate history’s first live-streamed genocide in full view of the entire world, then you are not the sort of power structure who should be leading humanity into the future.

If you would inflict the kinds of abuses we’ve been watching on our screens for the last year and a half upon helpless human beings who have done nothing wrong, then you should not rule the world. Your rule must end.

The alternative is to let the fate of humanity be determined by genocidal monsters. This is simply not an option. The sooner the US-centralised empire ends, the better.

Caitlin Johnstone is an Australian independent journalist and poet. Her articles include The UN Torture Report On Assange Is An Indictment Of Our Entire Society. She publishes a website and Caitlin’s Newsletter. This article is republished with permission.

This article was first published on Café Pacific.

MIL OSI Analysis – EveningReport.nz –

May 14, 2025
MIL-OSI Russia: Eagles, seagulls and the mythical gamayun: we go looking for birds in Moscow architecture

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Moscow is a city with a rich architectural heritage. Among buildings of different eras and styles, one can notice a recurring motif — images of birds. Eagles, owls, seagulls, as well as the mythical sirens and gamayuns decorate mansions, train stations, and apartment buildings. Sculptures, bas-reliefs, mosaics, and stucco decorations with birds can be found on the facades of buildings throughout the capital. We tell you which Moscow buildings are home to birds.

Soaring Falcon and Console Owls

Animalistic motifs were often used by representatives of Moscow Art Nouveau in the early 20th century. Artists and architects working in this style were inspired by the beauty of nature, so they decorated buildings with sculptural and mosaic images of birds, plants and animals.

On Kuznetsky Most rises the apartment building of M.V. Sokol (house 3, building 2). The five-story building is decorated with a curving attic with a majolica panel. On it, the famous Russian artist Nikolai Sapunov depicted a falcon soaring over snow-capped mountain peaks, a river and fields with blooming edelweiss. The bird seems to be frozen in flight, tracking down its prey.

The M.V. Sokol apartment building is considered one of the best projects by the architect Ivan Mashkov, born Sokolov. The Art Nouveau monument was built at the beginning of the 20th century by order of Moscow homeowner Maria Sokol. Thus, the image of the bird encodes two names at once – the owner of the mansion and the architect himself. The facade of the building is highlighted by three rectangular bay windows with balconies and display windows, faced with sandstone, majolica slabs and relief tiles based on drawings by the famous artist Mikhail Vrubel. Before the October Revolution, there were apartments, shops, a hairdresser, a furniture salon and a restaurant here. During the Soviet era, the building was occupied by various institutions, and since 1961, it has housed the Mosproekt-3 urban development institute.

Another Art Nouveau monument decorated with birds is located at 21 Gogolevsky Boulevard, Building 1. The Bocharovs’ apartment building was built in 1903 by architect Lev Kekushev. The four-story building is popularly called the House of Owls: sculptures of these birds support the bay window ledges, replacing traditional consoles. The mansion is decorated with rich stucco decor: in addition to owls, Egyptian male masks are carved into the frieze and window panels.

The apartments in the Bocharovs’ tenement house were intended for wealthy residents: businessmen, lawyers, professors, engineers, doctors, and artists. Today, the building houses the Rostec corporation.

In 2024, restoration in Moscow was completed at 157 sites House with Atlanteans and Examples of Wooden Architecture: Which Buildings Have Been Recognized as Cultural Heritage Sites

Birds of Moscow railway stations

The clock tower of the Kievsky Railway Station (Kievsky Railway Station Square, Building 1) is decorated with four sculptures of eagles. The massive cast-iron birds with outstretched wings symbolize the power of the Russian Empire and the victory over Napoleon’s army. The connection with the Patriotic War of 1812 can also be seen in the architectural design of the station, which combines neoclassical style with elements of the Empire style.

The building of the Kievsky railway station (until 1934 it was called Bryansky) was built according to the design of the architects Ivan Rerberg and Vyacheslav Oltarzhevsky. Due to the First World War and the revolution that followed, work on the main volume of the building dragged on for several years and was completed in 1918, and in 1940-1945 an additional volume was added to the station. The design of the landing stage and the hall ceilings was completed by the legendary engineer Vladimir Shukhov, the author of the sculptures was Sergei Aleshin, and the interior paintings were created by the artists Ignatiy Nivinsky and Fyodor Rerberg.

In 2016, the Kyiv railway station, recognized as a cultural heritage site of federal significance, was restored. Using archival documents and original samples, specialists restored the historical appearance of the building and elements of its interiors, including ceiling and wall paintings, architectural stucco decor, marble panels and stained glass. The renovated station became a laureate of several nominations of the Moscow Restoration competition.

And on the facade of the Yaroslavsky railway station (Komsomolskaya Square, Building 5) — a famous masterpiece of the neo-Russian style — you can see three-dimensional images of seagulls with fish in their beaks. The most interesting thing is that the bird bas-reliefs appeared only several decades after the construction of the station — during a large-scale reconstruction that was completed in 1947. At the same time, a swan, a black grouse, a wood pigeon, a white partridge and a wild goose “settled” on the columns inside the building.

Due to the expansion of the railway, the Yaroslavsky railway station was rebuilt several times. In 1902, the project for the main building in the style of fairy-tale chambers with semicircular arches and pointed towers was proposed by the outstanding architect Fyodor Shekhtel. Inspired by the northern nature, the artists of Savva Mamontov’s Abramtsevo circle decorated the station in the neo-Russian style with reliefs, openwork metal lace and majolica panels.

In 1947, the interiors of the Yaroslavsky railway station were completely changed according to the design of the Soviet architect Alexey Dushkin, and the sculptor Ivan Efimov decorated the façade, vestibule, interior columns and walls at the entrance to the building with reliefs of the fauna of the Russian North, motifs of fishing, moose and bear hunting. After that, the station, recognized as a cultural heritage site of federal significance, was reconstructed two more times, the last time in 2005.

Stars of the Moscow Restoration: We look at the objects of the competition winners Wooden Mansions of Moscow: Four More Buildings Recognized as Architectural Monuments

Herons and bats

Images of birds decorate the Zoological Museum of the Lomonosov Moscow State University (Bolshaya Nikitskaya Street, Building 2) — one of the largest natural science museums in the capital. It consists of two buildings built at right angles along Bolshaya Nikitskaya Street and Nikitsky Lane. Under the roof, a stucco frieze of plant garlands, birds, and animals stretches along the entire façade of the building. The sculptor depicted bats, squirrels, snakes, lizards, hares, wolves, bears, mountain goats, and other animals. The semicircular windows on the second floor are decorated with herons hunting snakes, waxwings and cockatoos hide under the cornice, and owls are in the capitals of the pilasters.

This architectural monument in the eclectic and neoclassical style was built in 1902. According to the idea of the architect Konstantin Bykovsky, the two-story building seems three-story due to the additional row of windows on the second level. The zoological museum exhibits almost 10 thousand exhibits – from single-celled animals to crocodiles, tigers and anthropoid apes.

Walking along Sretensky Boulevard, it is difficult to pass by one of the most remarkable local buildings, which is called Sretensky Castle. The house of the insurance company “Russia” (Sretensky Boulevard, house 6/1, buildings 1 and 2) is a monument of the Art Nouveau era. A real bird market is molded on its facades. There is a sea pelican, an exotic parrot, owls, and on the corner from Turgenevskaya Square, flocks of cast-iron bats are hiding under two semicircular bay windows.

Two buildings connected by openwork lattices form a whole block with inner courtyards. Their construction was completed in 1902. The architects were prominent representatives of Moscow Art Nouveau Nikolai Proskurnin and Viktor Velichkin. The rusticated ground floor is emphasized by patterned platbands, pointed arches and turrets. The house is decorated with balconies, bay windows, allegorical sculptures and friezes with complex ornamentation, and its main feature is a stylized Gothic tower with a clock and a bell.

Sobyanin told how valuable elements of architectural monuments are preserved in Moscow From Udarnik to Konstantin Melnikov’s Garage: Restorers Bring Constructivist Monuments Back to Life

Birds of Paradise of the Ancient Slavs

At the corner of Soymonovsky Proezd and Prechistenskaya Embankment, in Kursovoy Lane, a red brick tower rises — the house of Z.A. Pertsova. The artist Sergei Malyutin designed the mansion in the Russian Empire style and decorated the facades with majolica panels. Fabulous animals look at passers-by: a roguish fox, toothy pikes, hares and snakes, on the ridge of the roof there is a lattice with golden lions, the drainpipes are made in the form of forest eagle owls, and the balconies are supported by dragon brackets. The house is decorated with mythical birds from Slavic folklore: the panels depict the heavenly sirens and gamayun, and an alkonost is embossed above the entrance door. Sculptures-weather vanes sit on the turrets and a brick ledge in the middle of the facade.

Architect Nikolai Zhukov and engineer Boris Shnaubert built the fairy-tale tower in just 11 months. The customer was the wealthy engineer and philanthropist Pyotr Pertsov, who bought a fabulously expensive plot of land on the bank of the Moscow River in the name of his wife. The project was selected on a competitive basis, the jury included Viktor Vasnetsov, Vasily Surikov, Fyodor Shekhtel and Vasily Polenov. The first prize went to Apollinary Vasnetsov, but Pertsov himself chose Malyutin’s project, which took second place. The majolica panels were created by the Murava artel of artists from the Stroganov School.

The building currently houses the Main Directorate for Servicing the Diplomatic Corps of the Ministry of Foreign Affairs of the Russian Federation.

On the left bank of the Yauza River at 56 Zemlyanoy Val Street, Building 3, a two-story mansion with a peach-colored façade, richly decorated with plaster moldings, attracts attention. At first, it belonged to the richest Moscow merchant Gerasim Khlodov, and in 1892 it became the property of a wealthy peasant from the Vladimir province, Filipp Panteleev. The name – the Khlodov-Panteleev house – retains the surnames of both owners.

Filipp Panteleev owned stucco workshops and turned the mansion into an advertising showcase. He commissioned the major renovation to architect Konstantin Duvanov. The central part of the main façade was highlighted with a risalit and richly decorated with sculptural decor. The building is decorated with female figures, cupids, lion masks, plant ornaments, pilasters, Corinthian capitals, rustication, architraves, a profiled cornice and a triangular pediment. The windows on the second floor are decorated with cornices-sandriks, under the three central ones plaster eagles spread their wings.

In 2023, the Khlodov-Panteleev house restored. The painstaking work of the specialists was recognized with a prize from the Moscow Government competition “Moscow Restoration”. Today, the building houses a boutique hotel.

Showcase of gypsum decor: the Khlodov-Panteleev house on Zemlyanoy Val has been restored 734 objects in Moscow recognized as architectural monuments in 14 years Moscow Restoration in Examples: How the Capital’s Architectural Monuments Are Gaining New Life

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https: //vv.mos.ru/nevs/ite/153774073/

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: More than three thousand city residents took part in the environmental study

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Scientists from the Institute of Public and Municipal Administration of the National Research University Higher School of Economics studied the environmental preferences of Muscovites. More than three thousand city residents over 18 years old, living in different administrative districts of the capital, took part in the study.

“The study covered a wide range of issues related to the assessment by city residents of key environmental factors: noise, air purity, the state of green areas and others. In addition, experts studied in detail the influence of environmental factors on the choice of a house, place of residence, work and recreation. The results obtained will help us make effective management decisions, improve processes and achieve the goals of environmental policy to maintain a favorable environmental situation in the capital in the interests of our final beneficiaries – city residents,” said

Julia Urozhaeva, Head of the Department of Nature Management and Environmental Protection of the City of Moscow.

The experts used various assessment tools and carefully collected quantitative and qualitative data. The respondents were divided into 13 groups, and then the preferences of each were analyzed and environmental portraits were compiled. The survey showed that 78 percent of city residents want to improve their level of environmental literacy.

Women aged 26 to 35 demonstrated high involvement in the environmental agenda. Sports enthusiasts were singled out as a separate group. They noted the need for clean air and water bodies in the city.

Respondents also emphasized the importance of spending time in green areas. At the same time, within the city limits, most Muscovites prefer the development of eco-trails and a road-path network so that walks in nature are accessible and comfortable for everyone, including the elderly and parents with small children.

The results of the study were presented at a scientific seminar with the participation of members of the expert council for the protection and use of green space in the city of Moscow.

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

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: In the Southern Administrative District, residents of 90 houses are moving or have completed moving to new residential complexes under the renovation program

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Since the beginning of the renovation program in the Southern Administrative District (SAD) of the capital, resettlement has affected residents of 90 houses. For them, the city has prepared and handed over 31 new buildings for settlement. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“Resettlement under the renovation program in the Southern Administrative District began in 2018. At that time, residents were given a new building on Sudostroitelnaya Street to settle in. Today, the number of houses affected by the resettlement has reached 90. About 14 thousand Muscovites have moved into new apartments or are still in the process of being resettled. In total, 378 houses of the old housing stock are to be resettled in the Southern Administrative District under the renovation program. More than 82 thousand city residents will receive new housing,” said Vladimir Efimov.

Completely vacated houses under the renovation program are dismantled. Modern residential complexes are erected on the demolition site to implement the renovation program with landscaped areas and accompanying infrastructure.

“In the south of the capital, more than 45 houses were completely resettled and dismantled under the renovation program in nine districts of the district. For example, in the Tsaritsyno district, 12 buildings were demolished, in Nagorny and Nagatinsky Zaton – seven each, and in the Biryulevo Zapadnoye district – five. Residents of all the dismantled houses have already celebrated housewarming in new apartments according to the standards of the renovation program,” noted the Minister of the Moscow Government, Head of the Department of Urban Development Policy

Vladislav Ovchinsky.

Previously Mayor of Moscow examined new house under the renovation program in Pokrovskoe-Streshnevo.

The renovation program was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Earlier, Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life“.

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

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MIL OSI Russia News –

May 14, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Highlights

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

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

Dr. Sean Guest, President and CEO commented:

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

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

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

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

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

Wassana Field Redevelopment

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

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

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

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

Capital Investment & Development Timeline

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

Production Profile & Operating Efficiencies

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

Expansion Potential & Economic Resilience

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

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

Wassana Reserves and Resources Update

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

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

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

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

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

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

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

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

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

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

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

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

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

Guidance Update

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

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

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

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

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

Webcast

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

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

Conference ID: 239 311 896 799

Dial-in numbers:

For further information, please contact:

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

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

About the Company

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

Oil and Gas Advisories

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

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

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

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

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

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

Reserves

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

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

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

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

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

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

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

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

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

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

Contingent Resources

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Glossary

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

Advisory and Caution Regarding Forward-Looking Information

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

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

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

The MIL Network –

May 14, 2025

MIL-OSI China: New Chinese TV series ‘The Regroup’ marks WWII anniversary

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

A new TV series commemorates the 80th anniversary of the victories of the Chinese People’s War of Resistance Against Japanese Aggression, the Soviet Union’s Great Patriotic War and the World Anti-Fascist War, with release expected later this year.

A poster for “The Regroup.” [Image courtesy of Tencent Video]

“The Regroup,” produced by Tencent Video under guidance from the National Radio and Television Administration, follows a Northeast Anti-Japanese United Army squad during China’s 14-year-long struggle against Japanese aggressors.

The series depicts soldiers who become cut off from their main forces and the Communist Party of China leadership after a fierce battle, forcing them to endure relentless Japanese pursuit. Bound by their oath to fight to the death, they survive extreme hardships to regroup and return to the battlefield, their sacrifice contributing to China’s victory and the world anti-fascist triumph.

The series is directed by Zang Xichuan and Zhao Yang, with a screenplay developed by celebrated screenwriter Gao Mantang along with Li Li, Ru Sheng and Li Zhou. The ensemble cast features Hu Jun, Li Naiwen, Chen Jingke, Yuan Shanshan, Ren Bin and Song Jiateng. Renowned musician and singer Han Hong serves as music supervisor.

The series’ release date has not yet been announced, but its theme song “Return” was released on May 9 to coincide with the anniversary of the Soviet Union’s victory in the Great Patriotic War. The occasion was marked in Russia by a grand military parade at Red Square earlier that day, featuring over 11,500 military personnel, including contingents from more than 10 countries. Notably, the Chinese People’s Liberation Army Guard of Honor participated in the event.

Reflecting the historical connection between the Northeast Anti-Japanese United Army and the Soviet Union, singer Zhou Shen performs the series’ theme song in a music video featuring alternating verses in Chinese and Russian. The song features lyrics by Shu Wang, music by Li Ran and Russian lyrics adapted by He Xiangji and Wang Liye, with orchestral accompaniment by musicians from the China Philharmonic Orchestra.

Tencent Video said the bilingual song commemorates the wartime mutual support between Chinese and Soviet forces against fascism, symbolizing their revolutionary camaraderie and shared vision for peace.

The song celebrates the soldiers who fought in the Northeast Anti-Japanese United Army by honoring those “bravely facing national peril, remaining loyal to the homeland, sacrificing for righteousness and uniting against aggression,” according to the production company.

MIL OSI China News –

May 14, 2025
MIL-OSI China: Central Cordoba edge toward Libertadores knockout stage

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

Gaston Veron scored late as Argentina’s Central Cordoba moved closer to securing a place in the Copa Libertadores round of 16 with a 2-1 away win over Venezuela’s Deportivo Tachira on Tuesday.

The hosts were reduced to 10 men in the 12th minute when teenage defender Edicson Tamiche was shown a straight red card for a deliberate handball.

It didn’t take long for the visitors to capitalize on their numerical advantage, and Jonathan Galvan gave his side the lead by heading home from a corner.

Deportivo equalized against the run of play as Carlos Sosa’s superb through ball allowed Bryan Castillo to tap home from the edge of the six-yard box 15 minutes from time.

But Central Cordoba restored its lead almost immediately through Gaston Veron, who fired a first-time effort into the far corner after Fernando Martinez’s cut-back from the right corner flag.

The result leaves Central Cordoba top of Group C with 11 points from five outings, while Deportivo Tachira is yet to register a point.

In other Copa Libertadores fixtures on Tuesday, Universidad de Chile won 4-0 at home to Carabobo, Atletico Bucaramanga held Fortaleza to a goalless home draw, and Cerro Porteno edged to a 1-0 away win over Sporting Cristal.

MIL OSI China News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ8: New Acute Hospital in Kai Tak

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Starry Lee and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (May 14):

Question:

The Government announced in the 2016 Policy Address that an overall hospital development plan had been devised with the Hospital Authority to allocate $200 billion to implement the development projects in the subsequent 10 years, and the New Acute Hospital in Kai Tai (New Acute Hospital) was one of the projects under the plan. The New Acute Hospital, which will provide 2 400 beds and 37 operating theatres, is expected to be completed next year and will become the leading hospital in the Kowloon Central Cluster serving residents in the Kowloon City and Wong Tai Sin districts. Most of the clinical services of the Queen Elizabeth Hospital (QEH), including the accident and emergency (A&E) services, will be relocated to the New Acute Hospital, bringing direct impact to members of the public in Kowloon Central. In this connection, will the Government inform this Council:

(1) in the light of the completion of the New Acute Hospital, how the authorities assess the level of public awareness of the services provided by the New Acute Hospital, and what specific plans are in place to step up publicity and promotional efforts, so as to ensure thorough public understanding of the New Acute Hospital’s scope of services, relocation arrangements and means of access;

(2) given the gradual replacement of QEH’s A&E services by the New Acute Hospital, what measures the authorities have in place to ensure seamless transition of the services, particularly the provision of appropriate transport options for groups such as the elderly, persons with impaired mobility and those in need of emergency medical services; and

(3) whether it will, before implementing the New Acute Hospital’s service relocation arrangements, conduct public consultation on the New Acute Hospital’s accessibility and establish a regular communication mechanism to collect views from residents and relevant stakeholders to jointly explore improvement proposals, thereby ensuring that aspects such as (i) the transport accessibility to the Hospital in different time periods; (ii) the compatibility of the existing public transport network with the demand for hospital services; and (iii) feeder services for special groups will met the needs of the residents?

Reply:

President,

In consultation with the Transport and Logistics Bureau (TLB) and the Hospital Authority (HA), the consolidated reply to the question raised by Dr the Hon Starry Lee is as follows:

(1) In 2016, the Government and the HA commenced the implementation of the First Hospital Development Plan with $200 billion set aside for a total of 16 projects, covering the redevelopment and expansion of 11 hospitals, the construction of a new acute hospital, three community health centres and one supporting services centre.

Upon the completion of the New Acute Hospital (NAH) located in the Kai Tak Development Area, most of the clinical in-patient services of the Queen Elizabeth Hospital (QEH), including the accident and emergency (A&E) services, will be relocated to the NAH; while the Ambulatory Care Centre (Extension) of the QEH will remain at the King’s Park site. Situated in Central Kowloon, the NAH will form a service network with the Our Lady of Maryknoll Hospital, Hong Kong Buddhist Hospital and Tung Wah Group of Hospitals Wong Tai Sin Hospital in the Kowloon City District; the Kwong Wah Hospital (KWH), Kowloon Hospital and other hospitals in the Kowloon Central Cluster (KCC); and the Ambulatory Care Centre (Extension) of the QEH to provide comprehensive healthcare services to the residents in the Kowloon Central area and neighbouring areas.

To tie in with the progressive relocation of services from the QEH to the NAH from early 2026 onwards, the KCC has been keeping the public informed through various channels since 2023 of the construction progress and basic information of the NAH, as well as the arrangements of service relocation from the QEH to the NAH.

As for community publicity work, the KCC has held 16 community outreach publicity activities in the past six months (from October 2024 to April 2025) in collaboration with community partners such as the Hong Kong Housing Society, District Offices, District Council (DC) members, the District Services and Community Care Teams (Care Teams), and ethnic minorities, whereby community talks, workshops, briefing sessions, publicity booths, etc. were arranged in different housing estates and locations. The aim was to reach out to residents in the Kowloon Central area to explain the services of the NAH and the relocation arrangements for services of the QEH, so as to enhance the public’s awareness of the services of the NAH and plan for further publicity work having regard to their enquiries. The KCC has also been briefing patients and their families about the service arrangements of the NAH through in-hospital publicity activities. Since 2025, mobile publicity booths have been set up regularly at the major entrances of the QEH and specialist out-patient clinics to distribute brochures and newsletters of the NAH to patients, with staff answering their enquiries directly. Thirteen publicity activities have been carried out so far (as of April 2025). The KCC also places promotional banners, roll-up stands and posters at the main entrances of the hospital and the locations frequented by hospital users to ensure that the messages can be effectively conveyed to patients and the public in need.

The HA also maintains close communication with community stakeholders and visited the four DCs of Yau Tsim Mong, Kowloon City, Wong Tai Sin and Kwun Tong in September 2024 and January 2025 to report in detail on the construction progress and service arrangements of the NAH. Three visits were arranged from March to April 2025 for representatives from District Offices, DC members, representatives from patient groups, relevant government departments and community stakeholders to visit the mock-up site of the NAH to learn about the design and planning of the NAH as well as express their views. In addition, the KCC established a Community Liaison Group chaired by the Cluster Chief Executive of the KCC in 2024. The members include representatives of District Offices, DC members, representatives from patient groups, relevant government departments and community stakeholders. The KCC representatives regularly report at the meetings of the Community Liaison Group the latest information of the NAH. The Community Liaison Group held its first meeting in November last year and arranged for group members to visit the mock-up site of the NAH in March this year.

In addition, the KCC will enhance information dissemination through various channels, including the website of the NAH, social media and instant messaging groups, to continue to provide to the public the latest information of the hospital, covering information of introduction of clinical services and traffic information, etc.

To ensure the smooth travel of the public to the NAH, the KCC is exploring launching a Transportation Information Card before the commissioning of the NAH to provide detailed information on public transportation routes with stops at the NAH, including bus routes, locations of green minibus (GMB) stop, MTR connections, as well as walking routes in the vicinity of the hospital and transfer suggestions. The KCC will arrange to widely publicise the relevant information through hospitals, community partners and social media platforms to familiarise the public with the new hospital location.

As the commissioning of the NAH approaches, the HA will announce in a timely manner the commencement date of relevant services, detailed arrangements of relocation and clinical services, etc. through various channels, and will further enhance various publicity work in future, including increasing the number of community outreach activities in collaboration with the media, DC members, the Care Teams and relevant government departments, and expanding publicity points in the hospitals, with a view to disseminating the latest information via various channels to enable more patients and stakeholders to obtain information on the relocation of services in a timely manner, thereby ensuring the smooth relocation of services.

(2) and (3) The A&E services of the QEH will be relocated to the NAH upon the latter’s completion. The NAH will be a designated trauma centre, with a round-the-clock A&E department equipped with comprehensive facilities to deal with all types of emergency cases and situations as well as serious incidents. After it is put into service, the A&E department of the NAH will operate with synergy with that of the KWH of the KCC in jointly providing comprehensive and high-quality A&E services to the residents of the Kowloon Central area.

The existing QEH and the future NAH are both major acute general hospitals in the Kowloon Central area. Therefore, the HA attaches great importance to the relocation of the A&E services and has been in close communication with relevant government departments on the future service arrangements of the A&E department, including the zoning of ambulances and patient transfer arrangements. The HA also holds regular meetings with these departments on the subject to ensure the smooth relocation of the A&E services.

Regarding the accessibility of the NAH, the HA has been paying special attention to the arrangements of transport facilities for the new hospital, especially the needs of the elderly and people with mobility impairment. In this regard, the HA has been maintaining close communication with the Transport Department (TD) on the related traffic matters of the new hospital. Regular meetings have been held to provide relevant data and exchange views, such as projections of pedestrian flow, work schedule of the healthcare personnel, hospital visiting hours, so that relevant departments and various transport operators can review the traffic arrangements, assess the overall public transport services demand in the Kai Tak Hospital area (KTHA), and make appropriate traffic proposals in advance having regard to the needs. These include strengthening services for citizens in Yau Tsim Mong, Kowloon City, Wong Tai Sin districts and the surrounding vicinity to travel to and from the KTHA in a targeted manner, as well as enhancing the connectivity between the KTHA and the MTR network.

At present, there are four franchised bus routes and six GMB routes serving the KTHA (see Annex 1), connecting the areas such as Kwun Tong, Kowloon City, Mong Kok and Tsim Sha Tsui, as well as nearby MTR stations such as Kai Tak Station, Sung Wong Toi Station, To Kwa Wan Station, Kowloon Bay Station, Ngau Tau Kok Station, Kwun Tong Station, and Wong Tai Sin Station, which could facilitate the general public (including the elderly) to visit the KTHA. To enhance the accessibility of the NAH, the TD plans to introduce or extend three franchised bus routes via the KTHA, including the addition of CTB Route No. 20X and the extension of KMB Routes No. X6C and No. 15A, in order to further enhance the connectivity of public transport network between the KTHA and other districts. Details of the relevant routes are set out in Annex 2.

Meanwhile, the TLB is implementing the Smart and Green Mass Transit System in Kai Tak in full swing for connecting the Kai Tak former runway area to the Kai Tak MTR Station. TLB’s target is to invite tender in the second half of this year and award the contract in 2026. When the system is put into service, citizens can walk from the station located at the Kai Tak Sky Garden to the NAH via the existing footpath at Kai Tak Bridge Road. In addition, the barrier-free walkway under construction connecting the amenity area under the Kwun Tong Bypass and the NAH will also enhance the connectivity and pedestrian accessibility between the NAH and the Kowloon Bay hinterland.

Regarding groups with special needs, a Rehabus feeder service between the Hong Kong Children’s Hospital and the nearby MTR stations (including Lok Fu Station and Kai Tak Station) is already in place in the KTHA. To tie in with the commissioning of the NAH, the TD is exploring with the Rehabus operator to extend the Rehabus feeder service to the NAH. In addition, the KCC is in close communication with the designated government-funded organisations providing Rehabus feeder service on the boarding and alighting arrangements of the rehabuses serving the new hospital, and provides advice to cater for the needs of hospital users with mobility impairment. In addition, the NAH will continue to provide point-to-point non-emergency ambulance transfer services for patients with specified clinical conditions and with mobility impairment, so as to ensure that all patients in need can travel to and from the hospital smoothly for treatment.

In addition, the KCC is committed to building a barrier-free environment in the NAH to ensure accessibility for patients and visitors in the hospital. The design of all buildings in the NAH has adopted all obligatory barrier free design requirements under the “Design Manual: Barrier-Free Access 2008” issued by the Buildings Department. Relevant design requirements cover accessible parking spaces, passages, corridors, doorways, ramps, toilets, steps and stairs, handrails, lifts, lighting, etc. to ensure that various facilities are accessible to all persons, regardless of their physical conditions or age.

As mentioned above, the HA has maintained communication with community stakeholders on the service arrangements of the NAH, including reporting in detail to the DCs on the construction progress and service arrangements of the NAH. The HA will continue to maintain close liaison with different stakeholders on the accessibility of the NAH, and proactively listen to the views of the relevant non-profit organisations and patient groups, including reporting information on the new hospital and collecting views through regular meetings of the Community Liaison Group. The HA will also refer relevant views to the relevant government departments for consideration as appropriate. In addition, the TD will continue to closely monitor the progress of the NAH project and the overall development of the area. Subject to the demand, the TD will explore to make timely adjustments or enhancement of the public transport services in the area, or introduce new franchised bus or GMB routes to facilitate the public to travel to and from the KTHA and meet their transportation needs.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Russia: Squares, parks, eco-routes: “active citizens” assessed the improvement of public spaces in 11 districts of Moscow

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

The Active Citizen project has ended series of votes, dedicated to large-scale improvement and creation of a comfortable urban environment in 11 districts of Moscow. Residents expressed more than 2.5 million opinions on the transformations in the capital carried out in 2024.

Most of the voters rated the colossal work of the planners, designers and architects as excellent, as well as the convenience of the renovated urban spaces. Among them are the embankments of the Skhodnensky Canal in the northwest of Moscow. During the comprehensive works, the shorelines were improved in the Pokrovskoye-Streshnevo and Yuzhnoye Tushino districts. There appeared places for promenades and recreation, sports and playgrounds with modern equipment.

In addition, city residents shared their opinions on the transformation of courtyards, pedestrian routes and parks. One example was the new eco-trail on Krasnogo Mayaka Street in the Chertanovo Tsentralnoye district. Walking along it, city residents can rise almost to the level of tree crowns and admire the scenery from an unusual angle. An eco-route has also appeared in the floodplain of the Kotlovka River in the southwest of the capital.

The specialists proposed new architectural solutions and carried out modernization, taking into account the interests of the city residents. Thus, on Severny Boulevard in the Otradnoye district, they improved the park, making it more convenient for walks, recreation and sports. With a complete renovation of the infrastructure, it was possible to preserve the landscape layout familiar to local residents, and also restore the beloved sculpture group “Deer Family”.

In addition, Muscovites were able to evaluate the improvement of courtyards in the east of the capital, modern recreation areas in Zelenograd, sports clusters with new exercise machines and complexes in the southeast, southwest and other parts of Moscow. Active participation of residents in the voting and their feedback will allow city services and specialists to understand which solutions were the most successful and what should be paid attention to in future projects.

The votes were prepared by the project “Active Citizen” together with the Moscow City Services Complex and the capital’s departments major repairs And territorial executive authorities.

Sergei Sobyanin spoke about plans for the improvement of Moscow embankments

Project “Active Citizen” has been operating since 2014. During this time, more than seven million people have joined it, and over seven thousand votes have been held. Every month, the city implements 30 to 40 decisions made by Muscovites. The project is being developed by the State Institution “New Management Technologies” and the Moscow Department of Information Technology.

The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State”and the regional project of the city of Moscow “Digital Public Administration”.

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

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: The city will put five premises in historic buildings in the center of the capital up for auction

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Five premises with a total area of about a thousand square meters will be put up for city auction in the Central Administrative District. This was reported by Ekaterina Solovieva, Minister of the Moscow Government, Head of the Moscow Department of City Property.

“Investments in almost any type of business in the central districts of Moscow have a good return on investment. This is facilitated by intensive pedestrian and automobile traffic, which ensures a stable flow of customers. At the city auction, investors will be able to purchase five premises in the center of the capital with a total area of about a thousand square meters. They are located in the Meshchansky and Basmanny districts, as well as in Zamoskvorechye,” said Ekaterina Solovyova.

In Meshchansky District, two premises are available for purchase, combined into one lot, with a total area of 671.5 square meters. They are located at the address: Bolshoy Sukharevsky Lane, house 23, building 2. The building is a recognized cultural heritage site “Residential building of the Obukhov merchants, 1801, 1876”. The new owners will have to comply with the requirements for the preservation of the architectural monument.

In Zamoskvorechye, investors can buy a space of 168.2 square metersBolshaya Serpukhovskaya street (house 32, building 1).

In the Basmanny district, the city will put up two lots for auction. One premises with an area of over 100 square meters is located in a residential building of the workers’ housing and construction cooperative society “United Workers’ Construction” (Basmanny blind alley, house 10/12), which was built in 1931 according to the design of the architect Vladimir Kildishev.

The second lot with a total area of 12.7 square meters will be put up for sale in the city estate of A.I. Alabov (Bolshoy Spasoglinischevsky Lane, Building 9/1, Building 16). Both buildings have the status of a cultural heritage site of regional significance.

“The city regularly puts up for open auctions real estate objects of free use, which can be used for various commercial purposes: to open a restaurant, a pharmacy, a dark store, as well as a hotel, an office, or to adapt it for other types of business,” added Dmitry Ryabov, General Director of the City Property Management Center.

Detailed information about the objects, lot documentation and auction rules are available atMoscow investment portal. To participate in the auction, you will need to register on the electronic trading platform and have an enhanced qualified electronic signature. The organizer of the auction is Moscow City Department of Competition Policy.

The development of electronic services for entrepreneurs is being implemented within the framework of the national project “Data Economy”.

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

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MIL OSI Russia News –

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

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

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

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

The 2025 honorees are:

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

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

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

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

Jennifer DeVoll – President & CEO – Pasadena Community Foundation

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

Sharon Gray– Owner and Operator Eaton Dam Stables

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

Victoria Knapp – Chair of Altadena Town Council

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

Jasmin Shupper – Founder and President of Greenline Housing Foundation

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

Sharon Strong – Volunteer and In-Home Care Provider

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

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

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

Maricela Viramontes – President of the Rotary Club of Altadena

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

MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Rep. Chu Joins Bipartisan Ways & Means Colleagues to Introduce National Home Visiting Resolution

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

WASHINGTON, D.C. – Rep. Judy Chu (CA-28) joined Congressman Darin LaHood (IL-16), Chairman of the House Ways and Means Subcommittee on Work and Welfare, Rep. Danny Davis (IL-07), Ranking Member of the House Ways and Means Subcommittee on Work and Welfare, and Rep. Rudy Yakym (IN-02) today to introduce a resolution to designate the week of April 21 through April 25, 2025, as National Home Visiting Week. This resolution highlights the important role the Maternal, Infant, and Early Childhood Home Visiting (MIECHV) programs have in support of childhood development, strengthening family relationships, and reducing the risk of child abuse and neglect.

“Home visiting services for pregnant women and families with young children have a proven track record of improving outcomes for children’s health, well-being, readiness for school, and success in life,” said Rep. Chu. “That’s why I was proud to partner with my colleagues in a bipartisan manner in 2022 to reauthorize and expand investments in the federal Maternal, Infant, and Early Childhood Home Visiting (MIECHV) program. And I’m happy to partner with my colleagues again in introducing this bipartisan resolution recognizing National Home Visiting Week and the importance of home visiting to family and child success.”

“Home visiting programs play a critical role in meaningful outcomes for babies and new parents,” said Rep. LaHood. “Built on decades of research, the Maternal, Infant, and Early Childhood Home Visiting Program serves as a national model for how social programs should operate, focusing on results. In 2023 alone, more than 16,400 families benefited from evidence-based home visits in Illinois. I am proud to introduce this bipartisan resolution, alongside my colleagues, to recognize the value of these programs and to honor the dedicated work of home visitors who help families thrive.”

“Home visiting is a powerful, proven tool that helps young children and families thrive,” said Rep. Davis. “For decades, I’ve made it a top policy priority to bring this life-transforming program to all who need it, and I was proud to work with my friend Jackie Walorski on our successful bipartisan effort to double federal investment in the Maternal, Infant, Early Childhood Home Visiting (MIECHV) Program. I will never stop fighting to protect MIECHV, and I am glad to join with Chair LaHood and my colleagues in leading this resolution to celebrate home visiting.”

“I’m honored to cosponsor the Home Visiting Resolution, which shines a spotlight on the critical role these programs play in nurturing our youngest children and supporting new mothers,” said Rep. Yakym. “My predecessor and dear friend, Jackie Walorski, was a tireless champion of the Maternal, Infant, Early Childhood Home Visiting (MIECHV) Program, leading the bipartisan effort to secure its reauthorization in 2022. Jackie often reminded us that ‘case managers are first responders,’ and this resolution celebrates their unwavering dedication and the transformative impact they have on families across America.”

Background:

The National Home Visiting Week Resolution notes that evidence-based home visiting programs were implemented across all 50 states, U.S. territories, and Indigenous communities in 2023, serving over 280,000 families and conducting more than 2.8 million home visits.

MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Rep. Chu Slams GOP Reconciliation Bill: Cuts to Health Care for Families, Handouts for Billionaires

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

WASHINGTON, D.C. — Today as the Ways and Means Committee begins consideration of the Republican Budget Reconciliation Bill, Rep. Judy Chu (CA-28) issued the following statement condemning the proposal:

“Once again, Republicans are showing us exactly who they work for, and it’s not working families. Their bill doesn’t lower costs, expand care, or help the middle class. Instead, it doubles down on Trump’s tax scam: handing trillions to the ultra-rich while making the largest cuts to Medicaid in our nation’s history.

“My district is still recovering from the devastation of the Eaton Fire, which claimed 18 lives, destroyed more than 9,400 structures, and forced 20,000 people out of their homes. In a moment when our communities need robust federal disaster assistance, affordable health coverage, housing assistance, and infrastructure investment, President Trump and Republicans are giving trillions of dollars in tax giveaways to the ultra-wealthy and corporations who need it the least. .And they’re paying for it by taking this money from those who need it the most, pushing a plan that explodes the deficit while slashing the basic programs working families depend on to survive and rebuild.

“If you’re angry, you should be. Call your Republican Representatives and demand they put people over profits. While they hand billions to the wealthy and gut Medicaid, Democrats are fighting to protect health care and ensure no family is left behind.”

MIL OSI USA News –

May 14, 2025

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

Source: Hong Kong Government special administrative region

LCQ22: Reverse Mortgage Programme

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

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

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MIL OSI Asia Pacific News –

May 14, 2025

Jose Mujica, Uruguay’s former leader, rebel icon, and cannabis reformer, dead at 89

Source: Government of India

Source: Government of India (4)

Jose Mujica, a one-time guerrilla and later president of Uruguay who drove a beat-up VW Beetle and enacted progressive reforms that carried his reputation well beyond South America, has died aged 89.

The straight-talking Mujica, known to many Uruguayans by his nickname “Pepe,” led the small farming country’s leftist government from 2010 to 2015 after convincing voters his radical past was a closed chapter.

“It is with deep sorrow that we announce the death of our comrade Pepe Mujica,” President Yamandu Orsi said in a post on X. “Thank you for everything you gave us and for your deep love for your people.”

As president, Mujica adopted what was then a pioneering liberal stance on issues related to civil liberties. He signed a law allowing gay marriage and abortions in early pregnancy, and backed a proposal to legalize marijuana sales. The gay marriage and abortion measures were a big shift for Catholic Latin America, and the move on marijuana was at the time almost unprecedented worldwide.

Regional leaders, including leftist presidents in Brazil, Chile, and Mexico, mourned Mujica’s passing and praised his example.

“He defended democracy like few others. And he never stopped advocating for social justice and the end of all inequalities,” said Brazilian President Luiz Inacio Lula da Silva. Mujica’s “greatness transcended the borders of Uruguay and his presidential term,” he added.

During his term in office, Mujica refused to move to the presidential residence, choosing to stay in his modest home where he kept a small flower farm in a suburb of Montevideo, the capital.

Shunning a formal suit and tie, it was common to see him driving around in his Beetle or eating at downtown restaurants where office workers had lunch.

In a May 2024 interview with Reuters in the tin-roofed house that Mujica shared with his wife, former Senator Lucia Topolansky, he said he had kept the old Beetle and that it was still in “phenomenal” condition.

But, he added, he preferred a turn on the tractor, saying it was “more entertaining” than a car and was a place where “you have time to think.”

Critics questioned Mujica’s tendency to break with protocol, while his blunt and occasionally uncouth statements sometimes forced him to explain himself, under pressure from opponents and political allies alike.

But it was his down-to-earth style and progressive musings that endeared him to many Uruguayans.

“The problem is that the world is run by old people, who forget what they were like when they were young,” Mujica said during the 2024 interview.

Mujica himself was 74 when he became president. He was elected with 52% of the vote, despite some voters’ concerns about his age and his past as one of the leaders of the Tupamaros rebel group in the 1960s and 1970s.

Lucia Topolansky was Mujica’s long-term partner, dating back to their days in the Tupamaros. The couple married in 2005, and she served as vice president from 2017-2020.

After leaving office, they remained politically active, regularly attending inaugurations of Latin American presidents and giving crucial backing to candidates in Uruguay, including Orsi, who took office in March 2025. They stopped growing flowers on their small holding but continued to cultivate vegetables, including tomatoes that Topolansky pickled each season.

BEHIND BARS

Jose Mujica’s birth certificate recorded him as born in 1935, although he claimed there was an error and that he was actually born a year earlier. He once described his upbringing as “dignified poverty.”

Mujica’s father died when he was 9 or 10 years old, and as a boy he helped his mother maintain the farm where they grew flowers and kept chickens and a few cows.

At the time Mujica became interested in politics, Uruguay’s left was weak and fractured, and he began his political career in a progressive wing of the center-right National Party.

In the late 1960s, he joined the Marxist Tupamaros guerrilla movement, which sought to weaken Uruguay’s conservative government through robberies, political kidnappings, and bombings.

Mujica later said that he had never killed anyone but was involved in several violent clashes with police and soldiers and was once shot six times.

Uruguay’s security forces gained the upper hand over the Tupamaros by the time the military swept to power in a 1973 coup, marking the start of a 12-year dictatorship in which about 200 people were kidnapped and killed. Thousands more were jailed and tortured.

Mujica spent almost 15 years behind bars, many in solitary confinement, lying at the bottom of an old horse trough with only ants for company. He managed to escape twice, once by tunneling into a nearby house. His biggest “vice” as he approached 90, he later said, was talking to himself, alluding to his time in isolation.

When democracy was restored to the farming country of roughly 3 million people in 1985, Mujica was released and returned to politics, gradually becoming a prominent figure on the left.

He served as agriculture minister in the center-left coalition of his predecessor, President Tabaré Vázquez, who would go on to succeed him from 2015 to 2020.

Mujica’s support base was on the left, but he maintained a fluid dialogue with opponents within the center-right, inviting them to traditional barbecues at his home.

“We can’t pretend to agree on everything. We have to agree with what there is, not with what we like,” he said.

He believed drugs should be decriminalized “under strict state control” and addiction addressed.

“I do not defend drug use. But I can’t defend (a ban) because now we have two problems: drug addiction, which is a disease, and narcotrafficking, which is worse,” he said.

In retirement, he remained resolutely optimistic.

“I want to convey to all the young people that life is beautiful, but it wears out and you fall,” he said following a cancer diagnosis.

“The point is to start over every time you fall, and if there is anger, transform it into hope.”

–Reuters

May 14, 2025
MIL-OSI Russia: 14th batch of Chinese humanitarian aid delivered to earthquake-hit Myanmar

Translation. Region: Russian Federal

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

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

YANGON, May 14 (Xinhua) — The 14th batch of emergency humanitarian aid sent by the Chinese government was handed over to Myanmar on Wednesday.

The delivered goods, including 1,804 prefabricated houses and 95 sets of mobile operating rooms, were handed over to Yangon Region Chief Minister U Soe Thein.

An earthquake measuring 7.9 in magnitude struck Myanmar on March 28. According to official data, as of May 13, the natural disaster had claimed the lives of about 3,800 people, injured more than 5,100, and left 85 people missing. –0–

MIL OSI Russia News –

May 14, 2025

Category: housing

Source: The Co-operative Bank

Swindon Borough Council fails to meet RSH’s consumer standards

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