Category: Eurozone

  • MIL-OSI Russia: The training of forensic experts and the production of forensic examinations were discussed at SPbGASU

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Dmitry Ivanov (behind the podium), Andrey Kokin, Oksana Dyakonova and Petr Kozin

    The National (All-Russian) scientific and practical conference “Improving the training of forensic experts and the production of forensic examinations in modern conditions” was held at SPbGASU. Current issues of professional training of forensic experts, modern technical and scientific-methodological support for the production of forensic examinations, as well as issues of legal, informational, financial and organizational support for forensic activities were discussed at a plenary session, two sections and at the podium of young scientists. In total, about 90 specialists and students from different regions of the country spoke.

    Opening the plenary session, Dmitry Ivanov, Chairman of the Organizing and Scientific Committees of the conference, Dean of the Faculty of Forensic Expertise and Law in Construction and Transport at SPbGASU, noted that the scientific community and the industry need to gather at one site, exchange experiences, discuss current problems and consider their possible solutions. He read out an address from the Rector of SPbGASU Evgeny Rybnov, who emphasized the importance of the presence at the conference of representatives of both the professional community, leading scientists, and students, whose ideas and initiatives will contribute to expanding the potential of the conference and successfully solving its tasks. “The conference is intended to become an effective platform for constructive dialogue on issues, including improving the quality of education,” the address said.

    So that there is no subjective opinion

    In his speech, Professor of the Department of Weapons Science and Trace Science of the Educational and Scientific Complex of Forensic Examinations of the Moscow University of the Ministry of Internal Affairs of Russia named after V. Ya. Kikot, Chief State Forensic Expert of the Department of Trace and Ballistic Examinations of the Federal State Budgetary Institution “Russian Federal State Center of Forensic Examinations named after Professor A. R. Shlyakhov under the Ministry of Justice of Russia” Andrey Kokin emphasized the factors of subjectivity in forensic examination.

    “Prejudice, that is, a biased or negative attitude, personal opinion or assessment based on stereotypes rather than specific experience or knowledge, has its own reasons in forensic examination. Among them are providing the expert with case materials that are not necessary, violation of the sequence of methodological actions, subordination of forensic units to law enforcement agencies. At the same time, there are ways to minimize the influence of subjectivity on forensic examination. The first is to increase the transparency of all stages of a detailed study, without ignoring points that seem insignificant at first glance. The second involves analyzing the expert’s conclusion by specialists with experience in a specific examination. This analysis must comply with certain principles: the specialist must record the entire course of the study and document his comments in one form or another, for example, in diagrams, graphs, displaying the most important and critical points on the basis of which conclusions can be drawn. In general, the conclusion must be understandable to all participants in the proceedings,” explained Andrey Kokin.

    Professor of the Department of Legal Regulation of Urban Development and Transport at SPbGASU Ivan Ivanov recalled that, according to statistics, 334 people were convicted of false expert opinions under various articles in 2023, and 317 in 2024.

    “Forensic and investigative practice with enviable consistency identifies and examines cases of false expert opinions, prepared intentionally. The scientific community believes that the responsibility of experts for knowingly false opinions is clearly insufficient and needs to be improved. Foreign criminal legislation is much stricter. For example, in France, for a knowingly false expert opinion, they sentence to five years in prison with a fine of 500 thousand euros. We propose introducing into the legislation a punishment in the form of a ban on holding a position and engaging in expert activity for up to three years. I think that in this case, all current legislative measures will be strengthened,” concluded Ivan Ivanov.

    How to improve the quality of education

    Oksana Dyakonova, professor of the forensic examination department at the Moscow State Law University named after O. E. Kutafin, voiced proposals for improving the quality of education in the specialty “Forensic examination”.

    “Firstly, it is necessary to increase the number of hours for fundamental disciplines – forensic science and forensic expertology, while introducing a reasonable combination of lectures and practical classes in different forms: laboratory work, field practical classes at forensic organizations. Secondly, it is necessary to exclude from the educational program disciplines that are not aimed at developing the much-needed competence of a future forensic expert, but are generalized and duplicate the main legal disciplines in content. Thirdly, it is necessary to increase students’ interest in participating in research projects, including under the joint supervision of a university teacher and a practicing expert,” Oksana Dyakonova believes.

    She also proposed to expand the training of forensic experts in master’s programs and programs of additional professional education in certain types and kinds of forensic examinations for persons with basic legal education. The expert doubted that graduates of a bachelor’s degree with a specialized education far removed from expertise would be able to become highly professional experts after completing a master’s degree.

    Professor, senior expert of RMS-OTSENKA LLC Petr Kozin refuted this opinion with his own example: by basic education he is a civil engineer, and he underwent retraining in expert activity. His colleague is a graduate of LISI (now SPbGASU), also an engineer Dmitry Kuznetsov. Based on extensive experience in conducting forensic examinations, the company’s representatives developed a draft of methodological recommendations for forensic cost (appraisal) examination.

    “In our methodology, we defined the type and kind of cost and appraisal expertise, which has not yet been done at the legislative level. Accordingly, there are no methodological recommendations, although in practice, disputes about cost arise most often. However, if conducting a forensic examination is prescribed by law, then conducting an appraisal study is not. Due to the absence of any legal acts, during the research we rely on information from various reference books. In addition, for this reason, we cannot examine a number of objects. Our methodology streamlines this process and assumes a broader approach that the appraiser uses. At the same time, it does not contradict the current legislation,” explained Petr Kozin.

    He proposed a number of recommendations included in the methodology. Thus, in the case of a lack of information for a comparative approach, analogs of relations or properties should be used, including from the practice of past years.

    Neural networks and drones

    In addition to knowledge of forensic expertise itself, a modern specialist needs knowledge in the field of digital technologies, noted Oksana Dyakonova. She recalled that already now in many examinations objects are presented in digital form.

    Professor of the Department of Forensic Science at SPbGASU Valery Kharchenko spoke about the department’s scientific research, which helps to teach students advanced digital competencies, and also allows the use of high-tech research methods in engineering and technical forensic science. Based on experience, the professor explained that, for example, the use of neural networks speeds up the research period, increases their accuracy and accessibility so much that they can be carried out using a regular phone. Professor of the Department of Forensic Technology of the Educational and Scientific Complex of Forensic Science and Research at the Volgograd Academy of the Ministry of Internal Affairs of Russia Olga Dronova told how an unmanned technical vehicle became a tool for technical and forensic support and an object of expert research. The efficiency is similar: accuracy, accessibility, speed.

    Legal Gaps

    Irina Vishnevskaya, Director of the State Autonomous Healthcare Institution “Republican Bureau of Forensic Medical Examination of the Ministry of Health of the Republic of Tatarstan”, touched upon the problems of legal regulation of forensic medical activities and ways to solve them in Tatarstan.

    Vadim Epshteyn, Director of Development of the ChEU “City Institution of Forensic Expertise” (St. Petersburg), explained current issues of collecting funds for forensic examinations conducted in civil proceedings.

    “Today, one of the significant problems has become the colossal debts for completed examinations in civil proceedings. For many years, legislative norms were simply ignored, and the problem acquired unimaginable proportions: by the end of 2023, the debt for such examinations to the expert system of the Ministry of Justice reached about 750 million rubles. Obviously, the debt to experts of the non-governmental sector, taking into account their number, is even greater. In 2023, the Constitutional Court identified the existing problem and ordered the legislative authorities to develop recommendations for their elimination. In 2024, amendments were made to the Civil Procedure Code, where a number of norms that contributed to the emergence of these debts were eliminated. For example, now the code clearly states: payment for the examination is made based on the results of the meeting at which the examination was considered,” said Vadim Epshtein.

    Despite all the positive expectations, the problem is getting worse, the expert added. And it is due to the specifics of the work of the courts and the judicial department: in many cases, the parties who are responsible for paying for the examination initially deposit a minimum amount into the account. When it will be possible to receive the remaining amount is a question, since the courts take into account the very fact of depositing funds. There are only a few courts that are engaged in further adjustment of amounts, since the legislation does not oblige them to do so, and therefore the remaining payment is delayed for a long time.

    Tribune of young scientists

    The “Young Scientists’ Tribune” section attracted the largest number of speakers. The fifth-year student of SPbGASU Yulia Sedykh was interested in the conference due to the large amount of information on modern technologies of engineering and technical expertise, and current problems of the industry. The topic of her speech concerned the logical foundations of expert research from the point of view of algorithmization.

    “My work is dedicated to the creation and implementation of algorithms that work with the help of modern technologies, such as CAD – construction design systems, unmanned aerial vehicles with built-in machine vision, neural networks, into traditional methods of expert examination. I offer mechanisms and specific software products for writing modern methods of certain types of forensic examinations,” Yulia explained.

    Third-year student of SPbGASU Anastasia Savintseva in her research examined complex ethical issues – the lack of specificity regarding the essence of expert ethics and its proper consolidation. “I propose to solve this problem by expanding the list of principles presented in Federal Law No. 73, adding such as responsibility, integrity, organization, incorruptibility. Another option is to form such a general principle as the ethics of the activities of a forensic expert. It would allow us to unite all the moral principles that forensic experts should be guided by,” Anastasia said.

    Anastasia noted that the conference allowed her to broaden her horizons both in expertology and in related disciplines, to understand that each study is unique, and to pay attention to some aspects of expert activity that she had not thought about before.

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

    MIL OSI Russia News

  • MIL-OSI: Results Announcement

    Source: GlobeNewswire (MIL-OSI)

    27 May 2025. The Republic of Iceland (the “Offeror“) announces today the results of its invitation to holders of its €500,000,000 0.625 per cent. Notes due 3 June 2026 (ISIN: XS2182399274) (of which €500,000,000 in aggregate nominal amount is outstanding as at the date hereof) (the “Notes“) to tender their Notes for purchase by the Offeror for cash (such invitation, the “Offer“).

    The Offer was announced on 19 May 2025 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 19 May 2025 (the “Tender Offer Memorandum“) prepared by the Offeror in connection with the Offer. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum.

    The Expiration Deadline for the Offer was 5.00 p.m. (CEST) on 23 May 2025.

    The Offeror announces today that it has decided to accept all Notes validly tendered pursuant to the Offer and, accordingly, it will accept for purchase €203,709,000 in aggregate nominal amount of the Notes pursuant to the Offer.

    A summary of the final results of the Offer appears below:

    Description of the Notes ISIN /
    Common Code
    Aggregate nominal amount of Notes validly tendered and accepted for purchase 1 Year Euro Mid-Swap Rate Fixed Spread Amount Purchase Price
    €500,000,000 0.625 per cent. Notes due 3 June 2026 XS2182399274/ 218239927 €203,709,000 1.967 per cent. -15 basis points 98.810 per cent.

    The Purchase Price the Offeror will pay for those Notes accepted for purchase pursuant to the Offer is 98.810 per cent. of their nominal amount. The Offeror will also pay an Accrued Interest Payment in respect of such Notes.

    The Tender Offer Settlement Date is expected to be 28 May 2025. Following settlement of the Offer, €296,291,000 in aggregate nominal amount of the Notes will remain outstanding.

    THE DEALER MANAGERS

    Barclays Bank Ireland PLC
    One Molesworth Street
    Dublin 2
    D02 RF29
    Ireland

    Attention: Liability Management Group
    Email: eu.lm@barclays.com

    Citigroup Global Markets Europe AG
    Börsenplatz 9
    60313 Frankfurt am Main
    Germany

    Attention: Liability Management Group
    Telephone: +44 20 7986 8969
    Email: liabilitymanagement.europe@citi.com

    J.P. Morgan SE
    Taunustor 1 (TaunusTurm)
    60310 Frankfurt am Main
    Germany

    Telephone: +44 20 7134 2468
    Attention: EMEA Liability Management Group
    Email: liability_management_emea@jpmorgan.com

    DISCLAIMER

    This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

    Attachment

    The MIL Network

  • MIL-OSI Europe: France: Treefrog Therapeutics secures €30 million from EIB marking a significant milestone in the company’s journey to accelerate the field of cell therapy

    Source: European Investment Bank

    EIB

    • €30 million financing with mix of dilutive and venture debt financing
    • Funds to advance Parkinson’s disease cell therapy program to the clinic and further develop their internal pipeline of cell therapies
    • Deal benefits from guarantee under European Commission’s Invest EU program

    TreeFrog Therapeutics, a French biotech specializing in cell therapy has secured a €30 million financing from the European Investment Bank (EIB). The financing will support the advancement of their lead cell therapy program in Parkinson’s Disease to the clinic. Funds will also be used to reinforce their internal pipeline in other disease areas with large unmet needs.

    Regenerative medicine holds immense potential to revolutionize healthcare to treat or cure some of the world’s unmet needs in diseases of the major organs, such as the heart, lungs, pancreas and brain. Parkinson’s disease is the second most common neurodegenerative disorder and the fastest growing with more than 10 million people worldwide suffering from the disease. Prevalence doubled in the last 25 years and is expected to double again before 2050. Current solutions treat symptoms only. The cell therapy in development at TreeFrog has the potential to be a best-in-class treatment due to its unique 3D format microtissues, developed from induced pluripotent cells (iPSC). The program is on track to be ready for a first-in-human trial in 2027. 

    The €30 million financing will be available in 3 tranches of €10 million each, with TreeFrog benefiting from a new vehicle from the EIB, mixing dilutive financing, hence no principal repayment required for the initial two tranches and venture debt for the last tranche. The initial €10 million will be withdrawn during the second quarter of 2025. EIB’s investment aligns with the InvestEU objective of fostering research, development and innovation.

    Ambroise Fayolle, vice-president of the EIB, said: “Regenerative medicine is a field that has growing importance as life expectancy rises and some diseases are still untreated. This EIB is keen to support young, dynamic European and French companies that focus on research, development and product innovation. Support from InvestEU is testimony of a wider European interest in TreeFrog’s business model and new solutions for the health sector”.

    Jaime Arango, Chief Finance Officer, TreeFrog Therapeutics, said: “We are delighted to receive this support from EIB which bolsters our cash visibility trajectory and enables us to bring our Parkinson’s cell therapy to the clinic, while also reinforcing our internal pipeline of cell therapies in other disease areas.”

    TreeFrog’s success in attracting investment and partners to date is based on their proprietary technology platform, C-Stem . This platform addresses some of the major challenges by producing high quality cells, efficiently, at commercial scale. C-Stem combines microfluidics and stem cell biology to mimic the natural environment for cells. The cells are encapsulated in alginate capsules seeded with iPSCs. These capsules protect the cells, allowing them to do what they do naturally – self-organise and grow. The protected cells are nurtured and nourished, expand exponentially and can be turned into any type of cell in large-scale bioreactors without damage and stress. This results in 3D microtissues that have unique benefits in terms of quality and functionality and integrate well after transplant.

    Background information

    About EIB

    The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. Across eight major priorities, we support investments in climate action and the environment, digital transition and technological innovation, security and defense, cohesion, agriculture and the bioeconomy, social infrastructure, capital markets union, and a stronger Europe in a more peaceful and prosperous world. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 projects in Europe and worldwide. In France, the EIB Group signed over a hundred operations in 2024 for a total amount of €12.6 billion. Nearly 60% of the EIB Group’s annual financing supports projects contributing to climate change mitigation and adaptation, as well as the creation of a healthier environment.

    About TreeFrog Therapeutics

    TreeFrog Therapeutics is a French-based regenerative medicine biotech set to unlock access to cell therapies for millions of patients. TreeFrog is unique in its approach to cell therapy development, bringing together biophysicists, cell biologists and bioproduction engineers to address the challenges of the industry – producing and differentiating cells of quality at unprecedented scale, cost-effectively. To succeed in their mission of Cell Therapy for all, TreeFrog operates a business model that includes its own therapeutic programs and partnerships with leading biotech and industry players. Since 2021, the company has raised $82 million to advance a pipeline of stem cell-based therapies in regenerative medicine.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Local content in the Clean Industrial Deal – E-002005/2025

    Source: European Parliament

    Question for written answer  E-002005/2025
    to the Commission
    Rule 144
    Oihane Agirregoitia Martínez (Renew)

    The European renewable energy industry is facing a structural crisis. While global manufacturing of clean tech components has grown rapidly, European manufacturers are steadily losing market share and competitiveness. Lower-cost imports from Asia and market barriers in the United States are accelerating the decline. Recent months have seen closures and lay-offs across the wind, solar and storage sectors, affecting at least France, Germany, Italy, Denmark, Austria, Spain and Sweden. Meanwhile, non-EU products – mainly from Asia – are increasingly dominating the European market.

    The industry welcomes the Clean Industrial Deal’s inclusion of local manufacturing as a strategic pillar. However, to be effective, measures must be sufficiently broad and impactful. Countries such as the United States, India and Brazil already apply 50-60 % local content requirements across much of the value chain.

    Therefore:

    • 1.What measures will ensure that EU content requirements are broad and effective across the full renewable energy supply chain?
    • 2.Will the Commission consider drawing on current international models, such as those implemented in the United States, India or Brazil?
    • 3.How will local content be defined and monitored to ensure the manufacturing of high-value components in the EU, guaranteeing a true ‘Made in Europe’ approach – not merely ‘Assembled in Europe’?

    Submitted: 20.5.2025

    Last updated: 27 May 2025

    MIL OSI Europe News

  • MIL-OSI Economics: WTO Secretariat briefs members on Agreement on Fisheries Subsidies, Fish Fund

    Source: WTO

    Headline: WTO Secretariat briefs members on Agreement on Fisheries Subsidies, Fish Fund

    WTO Agreement on Fisheries Subsidies
    Opening the information session on 22 May, Deputy Director-General Angela Ellard said: “This session has been organized in response to the calls from many members for collaborative efforts to facilitate the Agreement’s entry into force and support its implementation. The Agreement represents a significant achievement in our global efforts to promote the economic and environmental sustainability of ocean resources. Members’ commitment to ratify and implement this Agreement is crucial for protecting our oceans and supporting those most dependent on marine resources.”
    By adopting the Agreement on Fisheries Subsidies by consensus at the WTO’s 12th Ministerial Conference (MC12) in Geneva in June 2022, ministers set new binding multilateral rules to prohibit subsidies for illegal, unreported and unregulated (IUU) fishing, fishing overfished stocks, and fishing on the unregulated high seas.
    Welcoming the acceptances of the Agreement by Georgia on 19 May and Lesotho on 21 May, DDG Ellard added: “This momentum signals a growing commitment among members to the Agreement.”
    The WTO Ambassador of Barbados, Matthew Wilson, said: “More than 50 African, Caribbean and Pacific (ACP) member states are coastal countries, most of them with very important coastal fishing communities that have been exposed to IUU fishing. ACP economies are the most at risk from illegal fishing, given that they often do not have the capacity to police oceans and waters.” Barbados formally accepted the Agreement on 14 February 2024.
    Malaysia’s WTO Ambassador, Syahril Syazli Ghazali, said: “The Agreement on Fisheries Subsidies supports our national efforts to combat harmful practices, and at the same time provides the extra push for policymakers and stakeholders to accelerate and improve our efforts in sustainable fishing.” He highlighted the importance for governments to find “a balance between economic, social and environmental interests”. Malaysia formally accepted the Agreement on 26 February 2024.
    Sierra Leone’s WTO Ambassador, Lansana Gberie, highlighted the role the Agreement will play in “supporting efforts by the Economic Community of West African States to develop a regional roadmap to modernize fisheries and information-sharing for surveillance and coordination.” However, he underlined that: “Nineteen African countries have accepted this Agreement — this is still very small.” Noting that West Africa loses billions of dollars annually in IUU fishing, Ambassador Gberie stressed that: “IUU fishing is a transparency challenge and it requires a global response.” Sierra Leone formally accepted the Agreement on 19 July 2024.
    Benedicte Fleischer, Special Trade Policy Representative of Norway, talked about the importance of implementing the Agreement’s disciplines, including notifications of subsidy measures, and of development assistance. She said: “Because of our fisheries management measures, which increasingly focus on control and enforcement, Norway is well prepared to ensure the underlying objectives of the Agreement on Fisheries Subsidies are met.” Norway formally accepted the Agreement on 26 February 2024.
    Members welcomed the progress already made in ratifications, and called for further ratifications as soon as possible. The Agreement on Fisheries Subsidies will enter into force upon receipt of formal acceptances from two-thirds of WTO members, representing 111 members. A total of 99 instruments of acceptance has been received so far.
    WTO Fisheries Funding Mechanism
    At MC12, ministers also established the Fisheries Funding Mechanism  to provide technical assistance and capacity-building to help developing economies and least-developed countries (LDCs) that have formally accepted the Agreement to implement the new obligations. It was the focus of the information session for members held on 23 May.
    Commerijn Plomp (Netherlands), Co-Chair of the Fisheries Funding Mechanism Steering Committee, noted that once operational, the Fund will be key to incentivize ratifications from more WTO members, as well as implementation of Agreement’s disciplines. She said: “Wide implementation will be crucial for generating a meaningful impact on our shared oceans.”
    Representing the Steering Committee, Olga Lukashevich (Peru) stressed that: “It is essential to remember that the Fund is conceived as a vehicle to support those that require it in complying with the Agreement’s disciplines, providing tools, knowledge and technical cooperation according to each member’s needs.”
    DDG Ellard concluded the session by recalling that: “With 99 members now having deposited their instruments, we are not only approaching the threshold for the Agreement’s entry into force, but we are within striking distance from launching the first Call for Proposals — as the Steering Committee agreed on 20 May — when we reach 101 deposits. As this moment approaches, it is important that members have a clear picture of the tools available to support implementation.”
    Information about the Agreement on Fisheries Subsidies can be accessed here.
    Information on the Fisheries Funding Mechanism is available here.
    Information for members on how to accept the Protocol of Amendment can be found here.

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    MIL OSI Economics

  • MIL-OSI Economics: Luis de Guindos: Interview with Ta Nea

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Leonidas Stergiou on 21 May 2025

    27 May 2025

    What is the key message from the latest issue of the ECB’s Financial Stability Review?

    Uncertainty in the global economy has increased significantly since the last Financial Stability Review in November 2024, mainly because of the abrupt change in US tariff policy. Given this level of uncertainty, we see three main risks to financial stability.

    First, market valuations are very high and are now pricing in a benign scenario with no recession, lower inflation and lower interest rates. High valuations and high uncertainty could give rise to sharp market corrections – as we saw after the US tariff announcements on 2 April – and adjustments could become disorderly. Second, the heightened uncertainty is already affecting growth, which could elevate credit risks for banks and non-banks. The European Commission’s growth forecasts have been revised downwards for 2025 and 2026, businesses are postponing investments and households are delaying major purchases. Third, fiscal pressures are on the rise owing to higher defence spending in a low-growth environment. This could affect sovereign bond yields and raise concerns about sovereign debt sustainability in some countries.

    How do trade tensions with the United States affect the economy?

    We do not know what the final outcome of the ongoing trade negotiations will be, but they have certainly created uncertainty and volatility. They are affecting investment, weakening household confidence and reducing the growth prospects of the European economy. The trade negotiations are still ongoing but, ultimately, the level of tariffs is likely to be higher than it was before the start of the new US Administration. And we shouldn’t only focus on bilateral tariffs between the United States and the EU – we also need to look at global trade patterns and disruptions. If China redirects its exports to Europe, for example, the impact will be significant.

    What are the risks from non-banks?

    The non-bank financial sector is a very broad term that covers investment funds, insurance companies, pension funds and other financial intermediaries. Non-banks have weathered recent market disruptions well overall. But, in such an uncertain environment, with trade tensions increasing market volatility and weighing on asset quality, they could face higher valuation losses and more frequent margin calls.

    Hedge funds are our main concern here. First, because of liquidity risk: if redemptions increase, they might not have enough liquid assets to meet them. Second, because they can be extremely leveraged – not only in the traditional sense but also through derivatives – there is a risk that they might need to fire-sell assets and unwind their leverage. These factors may increase pressure on the market and exacerbate the risk of contagion in the event of a shock.

    The non-bank sector has grown significantly over the past few years and is less supervised than the banking sector. This is why we need an effective policy framework that improves the sector’s resilience and levels the playing field across Europe.

    Is the supervisory framework fair for small and medium-sized banks in the euro area?

    We think there is scope to simplify European banking regulation and reporting frameworks, in line with the initiatives of the European Commission. We have therefore created a task force within the Eurosystem to develop proposals on how to simplify the regulatory framework for European banks. Once approved by the Governing Council, these proposals will be sent to the European legislators for their consideration.

    The group is going to look at four main areas. First, how the capital structure could be made simpler and easier to understand for investors. Second, the remaining steps in the implementation of Basel III, considering what will be decided in other countries, like the United States. If the United States pursues a more lenient approach, the EU could be put at a competitive disadvantage. Third, simplifying the extensive reporting obligations that banks face, with a view to avoiding overlaps and reducing the administrative burden. And finally, simplifying our own supervisory framework. Our banking supervision arm has already taken several steps in this area, for example by streamlining our annual assessment of banks’ risk profiles.

    In any case, our recommendations will not undermine resilience, and banks’ capital levels should not be reduced. The aim is to make the regulatory and reporting frameworks simpler and easier to follow, without reducing banks’ solvency.

    In the Financial Stability Review, you mention the high deposit franchise value of Greek banks. Is this an advantage or a risk?

    Banks with a stable and strong deposit base are more resilient. By providing steady, low-cost funding, strong deposit franchises are a source of bank profitability. Greek banks are a case in point and so have a comparative advantage over banks that rely more on market financing.

    What is currently the main challenge for the Greek economy?

    Greece has made remarkable progress since the sovereign debt crisis ten years ago. Greek bond yields are now at historically low levels, banks are solvent and robust and the economy is growing faster than the euro area average. The labour market has also strengthened, with unemployment levels dropping significantly. This has been acknowledged by markets, rating agencies and institutions, including the European Commission and the ECB.

    To maintain this momentum, the main challenge at present is to enhance economic productivity by investing in education, innovation and infrastructure. This will help to boost wages and improve living standards in a sustainable manner and will support Greece in maintaining its strong economic performance in the medium term.

    MIL OSI Economics

  • India will not tolerate terrorism or nuclear intimidation: Sanjay Jha-led delegation in Singapore

    Source: Government of India

    Source: Government of India (4)

    An all-party parliamentary delegation led by Janata Dal (United) MP Sanjay Jha on Tuesday conveyed that India will give a fitting reply to any terrorist attack on its soil and will not tolerate any form of nuclear blackmail.

    During their meeting with Sim Ann, Singapore’s Senior Minister of State for Foreign Affairs and Home Affairs, the parliamentarians emphasized the importance of Operation Sindoor and reiterated India’s stand against Pakistan-sponsored cross-border terrorism.

    Condemning all acts of terrorism, Sim Ann extended Singapore’s support to India in its fight against terrorism. She affirmed that Singapore and India are close partners and will continue efforts to further strengthen bilateral cooperation, according to a statement from the Indian High Commission in Singapore.

    During the engagement, Jha briefed the Singaporean side on India’s stance regarding the events following the April 22 Pahalgam terror attack, the subsequent launch of Operation Sindoor, and the country’s “new normal” strategy in counter-terrorism.

    He underlined that the Indian delegation, comprising representatives from various political parties, reflects the nation’s united resolve against terrorism.

    “The delegation members conveyed that the terrorist attack in Pahalgam was an attempt to disrupt the trajectory of peace, development, and normalcy in the Union Territory of Jammu and Kashmir. The Government of India deemed it essential that the perpetrators and planners of the April 22 terror attack be brought to justice. In response to this heinous act, India launched Operation Sindoor, specifically targeting terrorist infrastructure. India’s response was measured, non-escalatory, proportionate, and responsible,” the Indian High Commission said.

    The delegation also sought Singapore’s support in combating terrorism at multilateral forums such as the United Nations and the Financial Action Task Force (FATF). As close partners, India and Singapore will continue to work together on regional and global issues, particularly on terrorism, the statement added.

    Later in the day, the Jha-led delegation met senior representatives from the Singaporean government, academia, media, and businesses, briefing them on developments since the Pahalgam attack.

    The delegates expressed appreciation for the presence of Singapore’s Senior Minister of State Janil Puthucheary and Members of Parliament Vikram Nair and Saktiandi Supaat, thanking them for their support in India’s fight against terrorism.

    “Our all-party parliamentary delegation held wide-ranging discussions with senior representatives from the Singaporean government, academia, media, and business sectors. We briefed interlocutors on developments following the Pahalgam terror attack, Operation Sindoor, and India’s resolute ‘new normal’ in combating terrorism. We thank Senior Minister of State Janil Puthucheary and MPs Vikram Nair and Saktiandi Supaat for their support in strengthening bilateral cooperation in the global fight against terrorism,” Jha said in a post on X.

    The delegation includes BJP MPs Aparajita Sarangi, Brij Lal, Hemang Joshi, and Pradan Baruah; Trinamool Congress MP Abhishek Banerjee; CPI(M) Rajya Sabha member John Barittas; senior Congress leader Salman Khurshid; and former Indian Ambassador to France Mohan Kumar.

    IANS

  • MIL-OSI Asia-Pac: President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam

    Source: Republic of China Taiwan

    Details
    2025-05-27
    President Lai meets delegation from European Parliament
    On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties.  MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

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    2025-05-20
    President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau
    On the evening of May 20, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, hosted a state banquet at the Presidential Office in honor of President Surangel Whipps Jr. of the Republic of Palau and his wife. In remarks, President Lai said that he looks forward to working closely with President Whipps to promote tourism exchanges and sports cooperation so that Taiwan and Palau shine brightly together on the international stage. A translation of President Lai’s remarks follows: It is a pleasure to host this banquet tonight at the Presidential Office for President Whipps, First Lady Valerie Whipps, and the esteemed members of their delegation. Welcome to Taiwan. During my trips to Palau in 2022 and last year, President and First Lady Whipps received me with great hospitality. Wearing my island shirt, I enjoyed a very friendly reception from the people of Palau. It felt warm and friendly, just like being welcomed back home. The first time I visited Palau, President Whipps and I piloted a boat to the Milky Way lagoon. We both tried volcanic mud facial masks. We also fished together and enjoyed the breeze as we walked on the beach. Last year, on my second visit to Palau, I was honored to be invited to address the National Congress. I also observed the results of the close bilateral cooperation between our two nations. Due to its world-famous ocean scenery, Palau is sometimes referred to as “God’s aquarium.” And it is even possible to snorkel with sharks. It leaves a deep impression. Nothing compares to seeing Palau firsthand. During the COVID-19 pandemic, Taiwan and Palau launched a travel bubble that created a safe means of travel. Now, with the pandemic behind us, I hope that even more Taiwanese can tour Palau and gain a greater understanding of our diplomatic ally. In addition to tourism exchanges, I mentioned on my visit to Palau last year that I hoped Taiwan and Palau could promote sports cooperation by providing training away from home. Next month, Palau will be holding the Pacific Mini Games. And right now, Palau’s national baseball and table tennis teams are holding training sessions here in Taiwan. We will do our utmost to support Palau’s national players and we hope they stand out and achieve outstanding results in the events. I look forward to working closely with President Whipps so that Taiwan and Palau shine brightly together on the international stage. Thank you! Mesulang! President Whipps then delivered remarks, saying that it is truly an honor to be here once again one year after President Lai’s inauguration. Mentioning that this is his first state visit after being reelected to a second term, he said that it is important to be here among friends, and that we are more than friends, we are family. He thanked President Lai for the generous words and, most importantly, Taiwan’s enduring support. He remarked that our relationship continues to get stronger in each passing year. President Whipps said that President Lai’s diplomacy initiative, leadership, and vision deeply resonate with them. Diplomacy must be rooted in our shared values, he said, and an unwavering support for our allies and a commitment to a sustainable, inclusive development are all deeply appreciated by their people. President Whipps emphasized that, as we look into the future and the challenges that we face, from security to climate change, it is so important that we are united. He added that it is important for the world, and especially important for them in Palau, that they stand up for Taiwan, so that Taiwan can participate on international fora that address climate change, security, and health, because they know the world is better when Taiwan has a seat at the table. Mentioning that Palau will host the Pacific Islands Forum next year, President Whipps said that Palau remains committed to working closely with Taiwan to ensure a successful event, and that they will continue to speak up for Taiwan’s indispensable contributions as we stand together against any efforts to silence or isolate democratic partners. President Whipps said that our nations have navigated challenges and emerged stronger, bound by a partnership that is built on trust, respect, and hope for a better world. Whether it is in clean energy, education, smart medicine, or tourism, our shared journey is just beginning, he said, and we are stronger together.  Also in attendance at the banquet were Palauan Minister of State Gustav Aitaro, Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

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    2025-05-20
    President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements  
    On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.  

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

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    2025-05-13
    President Lai interviewed by Japan’s Nikkei  
    In a recent interview with Japan’s Nikkei, President Lai Ching-te responded to questions regarding Taiwan-Japan and Taiwan-United States relations, cross-strait relations, the semiconductor industry, and the international economic and trade landscape. The interview was published by Nikkei on May 13. President Lai indicated that Nikkei, Inc. is a global news organization that has received significant recognition both domestically and internationally, and that he is deeply honored to be interviewed by Nikkei and grateful for their invitation. The president said that he would like to take this rare opportunity to thank Japan’s government, National Diet, society, and public for their longstanding support for Taiwan. Noting that current Prime Minister Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio have all strongly supported Taiwan, he said that the peoples of Taiwan and Japan also have a deep mutual affection, and that through the interview, he hopes to enhance the bilateral relationship between Taiwan and Japan, deepen the affection between our peoples, and foster more future cooperation to promote prosperity and development in both countries. In response to questions raised on the free trade system and the recent tariff war, President Lai indicated that over the past few decades, the free economy headed by the Western world and led by the US has brought economic prosperity and political stability to Taiwan and Japan. At the same time, he said, we have also learned or followed many Western values. The president said he believes that Taiwan and Japan are exemplary students, but some countries are not. Therefore, he said, the biggest crisis right now is China, which exploits the free trade system to engage in plagiarism and counterfeiting, infringe on intellectual property rights, and even provide massive government subsidies that facilitate the dumping of low-priced goods worldwide, which has a major impact on many countries including Japan and Taiwan. If this kind of unfair trade is not resolved, he said, the stable societies and economic prosperity we have painstakingly built over decades, as well as some of the values we pursue, could be destroyed. Therefore, President Lai said he thinks it is worthwhile for us to observe the recent willingness of the US to address unfair trade, and if necessary, offer assistance. President Lai emphasized that the national strategic plan for Taiwanese industries is for them to be rooted in Taiwan while expanding their global presence and marketing worldwide. Therefore, he said, while the 32 percent tariff increase imposed by the US on Taiwan is indeed a major challenge, we are willing to address it seriously and find opportunities within that challenge, making Taiwan’s strategic plan for industry even more comprehensive. When asked about Taiwan’s trade arrangements, President Lai indicated that in 2010 China accounted for 83.8 percent of Taiwan’s outbound investment, but last year it accounted for only 7.5 percent. In 2020, he went on, 43.9 percent of Taiwan’s exports went to China, but that figure dropped to 31.7 percent in 2024. The president said that we have systematically transferred investments from Taiwanese enterprises to Japan, Southeast Asia, Europe, and the US. Therefore, he said, last year Taiwan’s largest outbound investment was in the US, accounting for roughly 40 percent of the total. Nevertheless, only 23.4 percent of Taiwanese products were sold to the US, with 76.6 percent sold to places other than the US, he said.  The president emphasized that we don’t want to put all our eggs in one basket, and hope to establish a global presence. Under these circumstances, he said, Taiwan is very eager to cooperate with Japan. President Lai stated that at this moment, the Indo-Pacific and international community really need Japan’s leadership, especially to make the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) excel in its functions, and also requested Japan to support Taiwan’s CPTPP accession. The president said that Taiwan hopes to sign an Economic Partnership Agreement (EPA) with Japan to build closer ties in economic trade and promote further investment, and that we also hope to strengthen relations with the European Union, and even other regions. Currently, he said, we are proposing an initiative on global semiconductor supply chain partnerships for democracies, because the semiconductor industry is an ecosystem. The president raised the example that Japan has materials, equipment, and technology; the US has IC design and marketing; Taiwan has production and manufacturing; and the Netherlands excels in equipment, saying we therefore hope to leverage Taiwan’s advantages in production and manufacturing to connect the democratic community and establish a global non-red supply chain for semiconductors, ensuring further world prosperity and development in the future, and ensuring that free trade can continue to function without being affected by dumping, which would undermine future prosperity and development. The president stated that as we want industries to expand their global presence and market internationally while staying rooted here in Taiwan, having industries rooted in Taiwan involves promoting pay raises for employees, tax cuts, and deregulation, as well as promoting enterprise investment tax credits. He said that we have also proposed Three Major Programs for Investing in Taiwan for Taiwanese enterprises and are actively resolving issues regarding access to water, electricity, land, human resources, and professional talent so that the business community can return to Taiwan to invest, or enterprises in Taiwan can increase their investments. He went on to say that we are also actively signing bilateral investment agreements with friends and allies so that when our companies invest and expand their presence abroad, their rights and interests as investors are ensured.  President Lai mentioned that Taiwan hopes to sign an EPA with Japan, similar to the Taiwan-US Initiative on 21st-Century Trade and the Economic Prosperity Partnership Dialogue, or the Enhanced Trade Partnership arrangement with the United Kingdom, or similar agreements or memorandums of understanding with Canada and Australia that allow Taiwanese products to be marketed worldwide, concluding that those are our overall arrangements. Looking at the history of Taiwan’s industrial development, President Lai indicated, of course it began in Taiwan, and then moved west to China and south to Southeast Asia. He said that we hope to take this opportunity to strengthen cooperation with Japan to the north, across the Pacific Ocean to the east, and develop the North American market, making Taiwan’s industries even stronger. In other words, he said, while Taiwan sees the current reciprocal tariffs imposed by the US as a kind of challenge, it also views these changes positively. On the topic of pressure from China affecting Taiwan’s participation in international frameworks such as the CPTPP or its signing of an EPA with Japan, President Lai responded that the key point is what kind of attitude we should adopt in viewing China’s acts of oppression. If we act based on our belief in free trade, he said, or on the universal values we pursue – democracy, freedom, and respect for human rights – and also on the understanding that a bilateral trade agreement between Taiwan and Japan would contribute to the economic prosperity and development of both countries, or that Taiwan’s accession to the CPTPP would benefit progress and prosperity in the Indo-Pacific region, then he hopes that friends and allies will strongly support us. On the Trump administration’s intentions regarding the reciprocal tariff policy and the possibility of taxing semiconductors, as well as how Taiwan plans to respond, President Lai said that since President Trump took office, he has paid close attention to interviews with both him and his staff. The president said that several of President Trump’s main intentions are: First, he wants to address the US fiscal situation. For example, President Lai said, while the US GDP is about US$29 trillion annually, its national debt stands at US$36 trillion, which is roughly 124 percent of GDP. Second, he went on, annual government spending exceeds US$6.5 trillion, but revenues are only around US$4.5 trillion, resulting in a nearly US$2 trillion deficit each year, about 7 percent of GDP. Third, he said, the US pays nearly US$1.2 trillion in interest annually, which exceeds the US$1 trillion defense budget and accounts for more than 3 percent of GDP. Fourth, President Trump still wants to implement tax cuts, aiming to reduce taxes for 85 percent of Americans, he said, noting that this would cost between US$500 billion and US$1 trillion. These points, President Lai said, illustrate his first goal: solving the fiscal problem. President Lai went on to say that second, the US feels the threat of China and believes that reindustrialization is essential; without reindustrialization, the US risks a growing gap in industrial capacity compared to China. Third, he said, in this era of global smart technology, President Trump wants to lead the nation to become a world center of AI. Fourth, he aims to ensure world peace and prevent future wars, President Lai said. In regard to what the US seeks to achieve, he said he believes these four areas form the core of the Trump administration’s intentions, and that is why President Trump has raised tariffs, demanded that trading partners purchase more American goods, and encouraged friendly and allied nations to invest in the US, all in order to achieve these goals. President Lai indicated that the 32 percent reciprocal tariff poses a critical challenge for Taiwan, and we must treat it seriously. He said that our approach is not confrontation, but negotiation to reduce tariffs, and that we have also agreed to measures such as procurement, investment, resolving non-tariff trade barriers, and addressing origin washing in order to effectively reduce the trade deficit between Taiwan and the US. Of course, he said, through this negotiation process, we also hope to turn challenges into opportunities. The president said that first, we aim to start negotiations from the proposal of zero tariffs and seek to establish a bilateral trade agreement with the US. Second, he went on, we hope to support US reindustrialization and its aim to become a world AI hub through investment, while simultaneously upgrading and transforming Taiwan’s industries, which would help further integrate Taiwan’s industries into the US economic structure, ensuring Taiwan’s long-term development.  President Lai emphasized again that Taiwan’s national industrial strategy is for industries to stay firmly rooted in Taiwan while expanding their global presence and marketing worldwide. He repeated that we have gone from moving westward across the Taiwan Strait, to shifting southbound, to working closer northward with Japan, and now the time is ripe for us to expand eastward by investing in North America. In other words, he said, while we take this challenge seriously to protect national interests and ensure that no industry is sacrificed, we also hope these negotiations will lead to deeper Taiwan-US trade relations through Taiwanese investment in the US, concluding that these are our expectations. The president stated that naturally, the reciprocal tariffs imposed by the US will have an impact on Taiwanese industries, so in response, the Taiwanese government has already proposed support measures for affected industries totaling NT$93 billion. In addition, he said, we have outlined broader needs for Taiwan’s long-term development, which will be covered by a special budget proposal of NT$410 billion, noting that this has already been approved by the Executive Yuan and will be submitted to the Legislative Yuan for review. He said that this special budget proposal addresses four main areas: supporting industries, stabilizing employment, protecting people’s livelihoods, and enhancing resilience. As for tariffs on semiconductors, President Lai said, Taiwan Semiconductor Manufacturing Company (TSMC) has committed to investing in the US at the request of its customers. He said he believes that TSMC’s industry chain will follow suit, and that these are concrete actions that are unrelated to tariffs. However, he said, if the US were to invoke Section 232 and impose tariffs on semiconductors or related industries, it would discourage Taiwanese semiconductor and ICT investments in the US, and that we will make this position clear to the US going forward. President Lai indicated that among Taiwan’s exports to the US, there are two main categories: ICT products and electronic components, which together account for 65.4 percent. These are essential to the US, he said, unlike final goods such as cups, tables, or mattresses. He went on to say that what Taiwan sells to the US are the technological products required by AI designers like NVIDIA, AMD, Amazon, Google, and Apple, and that therefore, we will make sure the US understands clearly that we are not exporting end products, but the high-tech components necessary for the US to reindustrialize and become a global AI center. Furthermore, the president said, Taiwan is also willing to increase its defense budget and military procurement. He stated that Taiwan is committed to defending itself and is strongly willing to cooperate with friends and allies to ensure regional peace and stability, and that this is also something President Trump hopes to see. Asked whether TSMC’s fabs overseas could weaken Taiwan’s strategic position as a key hub for semiconductor manufacturing, and whether that could then give other countries fewer incentives to protect Taiwan, President Lai responded by saying that political leaders around the world including Japan’s Prime Minister Ishiba and former Prime Ministers Abe, Suga, and Kishida have emphasized, at the G7 and other major international fora, that peace and stability in the Taiwan Strait are essential for global security and prosperity. In other words, he explained, the international community cares about Taiwan and supports peace and stability in the Taiwan Strait because Taiwan is located in the first island chain in the Indo-Pacific, directly facing China. He pointed out that if Taiwan is not protected, China’s expansionist ambitions will certainly grow, which would impact the current rules-based international order. Thus, he said, the international community willingly cares about Taiwan and supports stability in the Taiwan Strait – that is the reason, and it has no direct connection with TSMC. He noted that after all, TSMC has not made investments in that many countries, stressing that, on that point, it is clear. President Lai said that TSMC’s investments in Japan, Europe, and the US are all natural, normal economic and investment activities. He said that Taiwan is a democratic country whose society is based on the rule of law, so when Taiwanese companies need to invest around the world for business needs, the government will support those investments in principle so long as they do not harm national interests. President Lai said that after TSMC Chairman C.C. Wei (魏哲家) held a press conference with President Trump to announce the investment in the US, Chairman Wei returned to Taiwan to hold a press conference with him at the Presidential Office, where the chairman explained to the Taiwanese public that TSMC’s R&D center will remain in Taiwan and that the facilities it has already committed to investing in here will not change and will not be affected. So, the president explained, to put it another way, TSMC will not be weakened by its investment in the US. He further emphasized that Taiwan has strengths in semiconductor manufacturing and is very willing to work alongside other democratic countries to promote the next stage of global prosperity and development. A question was raised about which side should be chosen between the US and China, under the current perception of a return to the Cold War, with East and West facing off as two opposing blocs. President Lai responded by saying that some experts and scholars describe the current situation as entering a new Cold War era between democratic and authoritarian camps; others assert that the war has already begun, including information warfare, economic and trade wars, and the ongoing wars in Europe – the Russo-Ukrainian War – and the Middle East, and the Israel-Hamas conflict. The president said that these are all matters experts have cautioned about, noting that he is not a historian and so will not attempt to define today’s political situation from an academic standpoint. However, he said, he believes that every country has a choice, which is to say, Taiwan, Japan, or any other nation does not necessarily have to choose between the US and China. What we are deciding, he said, is whether our country will maintain a democratic constitutional system or regress into an authoritarian regime, and this is essentially a choice of values – not merely a choice between two major powers. President Lai said that Taiwan’s situation is different from other countries because we face a direct threat from China. He pointed out that we have experienced military conflicts such as the August 23 Artillery Battle and the Battle of Guningtou – actual wars between the Republic of China and the People’s Republic of China. He said that China’s ambition to annex Taiwan has never wavered, and that today, China’s political and military intimidation, as well as internal united front infiltration, are growing increasingly intense. Therefore, he underlined, to defend democracy and sovereignty, protect our free and democratic system, and ensure the safety of our people’s lives and property, Taiwan’s choice is clear. President Lai said that China’s military exercises are not limited to the Taiwan Strait, and include the East China Sea, South China Sea, and even the Sea of Japan, as well as areas around Korea and Australia. Emphasizing that Taiwan, Japan, Australia, and the Philippines are all democratic nations, the president said that Taiwan’s choice is clear, and that he believes Japan also has no other choice. We are all democratic countries, he said, whose people have long pursued the universal values of democracy, freedom, and respect for human rights, and that is what is most important. Regarding the intensifying tensions between the US and China, the president was asked what roles Taiwan and Japan can play. President Lai responded that in his view, Japan is a powerful nation, and he sincerely hopes that Japan can take a leading role amid these changes in the international landscape. He said he believes that countries in the Indo-Pacific region are also willing to respond. He suggested several areas where we can work together: first, democracy and peace; second, innovation and prosperity; and third, justice and sustainability. President Lai stated that in the face of authoritarian threats, we should let peace be our beacon and democracy our compass as we respond to the challenges posed by authoritarian states. Second, he added, as the world enters an era characterized by the comprehensive adoption of smart technologies, Japan and Taiwan should collaborate in the field of innovation to further drive regional prosperity and development. Third, he continued, is justice and sustainability. He explained that because international society still has many issues that need to be resolved, Taiwan and Japan can cooperate for the public good, helping countries in need around the world, and cooperating to address climate change and achieve net-zero transition by 2050. Asked whether he hopes that the US will continue to be a leader in the liberal democratic system, President Lai responded by saying that although the US severed diplomatic ties with the Republic of China, for the past few decades it has assisted Taiwan in various areas such as national defense, security, and countering threats from China, based on the Taiwan Relations Act and the Six Assurances. He pointed out that Taiwan has also benefited, directly and indirectly, in terms of politics, democracy, and economic prosperity thanks to the US, and so Taiwan naturally hopes that the US remains strong and continues to lead the world. President Lai said that when the US encounters difficulties, whether financial difficulties, reindustrialization issues, or becoming a global center for AI, and hopes to receive support from its friends and allies to jointly safeguard regional peace and stability, Taiwan is willing to stand together for a common cause. If the US remains strong, he said, that helps Taiwan, the Indo-Pacific region, and the world as a whole. Noting that while the vital role of the US on the global stage has not changed, the president said that after decades of shouldering global responsibilities, it has encountered some issues. Now, it has to make adjustments, he said, stating his firm belief that it will do so swiftly, and quickly resume its leadership role in the world. Asked to comment on remarks he made during his election campaign that he would like to invite China’s President Xi Jinping for bubble tea, President Lai responded that Taiwan is a peace-loving country, and Taiwanese society is inherently kind, and therefore we hope to get along peacefully with China, living in peace and mutual prosperity. So, during his term as vice president, he said, he was expressing the goodwill of Taiwanese society. Noting that while he of course understands that China’s President Xi would have certain difficulties in accepting this, he emphasized that the goodwill of Taiwanese society has always existed. If China reflects on the past two or three decades, he said, it will see that its economy was able to develop with Taiwan as its largest foreign investor. The president explained that every year, 1 to 2 million Taiwanese were starting businesses or investing in China, creating numerous job opportunities and stabilizing Chinese society. While many Taiwanese businesses have profited, he said, Chinese society has benefited even more. He added that every time a natural disaster occurs, if China is in need, Taiwanese always offer donations. Therefore, the president said, he hopes that China can face the reality of the Republic of China’s existence and understand that the people of Taiwan hope to continue living free and democratic lives with respect for human rights. He also expressed hope that China can pay attention to the goodwill of Taiwanese society. He underlined that we have not abandoned the notion that as long as there is parity, dignity, exchange, and cooperation, the goodwill of choosing dialogue over confrontation and exchange over containment will always exist. Asked for his view on the national security reforms in response to China’s espionage activities and infiltration attempts, President Lai said that China’s united front infiltration activities in Taiwan are indeed very serious. He said that China’s ambitions to annex Taiwan rely not only on the use of political and military intimidation, but also on its long-term united front and infiltration activities in Taiwanese society. Recently, he pointed out, the Taiwan High Prosecutors Office of the Ministry of Justice prosecuted 64 spies, which is three times the number in 2021, and in addition to active-duty military personnel, many retired military personnel were also indicted. Moreover, he added, Taiwan also has the Chinese Unification Promotion Party, which has a background in organized crime, Rehabilitation Alliance Party, which was established by retired military personnel, and Republic of China Taiwan Military Government, which is also composed of retired generals. He explained that these are all China’s front organizations, and they plan one day to engage in collaboration within Taiwan, which shows the seriousness of China’s infiltration in Taiwan. Therefore, the president said, in the recent past he convened a high-level national security meeting and proposed 17 response strategies across five areas. He then enumerated the five areas: first, to address China’s threat to Taiwan’s sovereignty; second, to respond to the threat of China’s obscuring the Taiwanese people’s sense of national identity; third, to respond to the threat of China’s infiltrating and recruiting members of the ROC Armed Forces as spies; fourth, to respond to the threat of China’s infiltration of Taiwanese society through societal exchanges and united front work; and fifth, to respond to the threat of China using “integration plans” to draw Taiwan’s young people and Taiwanese businesses into its united front activities. In response to these five major threats, he said, he has proposed 17 response strategies, one of which being to restore the military trial system. He explained that if active-duty military personnel commit military crimes, they must be subject to military trials, and said that this expresses the Taiwanese government’s determination to respond to China’s united front infiltration and the subversion of Taiwan. Responding to the question of which actions Taiwan can take to guard against China’s threats to regional security, President Lai said that many people are worried that the increasingly tense situation may lead to accidental conflict and the outbreak of war. He stated his own view that Taiwan is committed to facing China’s various threats with caution. Taiwan is never the source of these problems, he emphasized, and if there is an accidental conflict and it turns into a full-scale war, it will certainly be a deliberate act by China using an accidental conflict as a pretext. He said that when China expanded its military presence in the East China Sea and South China Sea, the international community did not stop it; when China conducted exercises in the Taiwan Strait, the international community did not take strong measures to prevent this from happening. Now, he continued, China is conducting gray-zone exercises, which are aggressions against not only the Taiwan Strait, the South China Sea, and the East China Sea, but also extending to the Sea of Japan and waters near South Korea. He said that at this moment, Taiwan, the Philippines, Japan, and even the US should face these developments candidly and seriously, and we must exhibit unity and cooperation to prevent China’s gray-zone aggression from continuing to expand and prevent China from shifting from a military exercise to combat. If no action is taken now, the president said, the situation may become increasingly serious. Asked about the view of some US analysts who point out that China will have the ability to invade Taiwan around 2027, President Lai responded that Taiwan, as the country on the receiving end of threats and aggression, must plan for the worst and make the best preparations. He recalled a famous saying from the armed forces: “Do not count on the enemy not showing up; count on being ready should it strike.” This is why, he said, he proposed the Four Pillars of Peace action plan. First, he said, we must strengthen our national defense. Second, he added, we must strengthen economic resilience, adding that not only must our economy remain strong, but it must also be resilient, and that we cannot put all our eggs in the same basket, in China, as we have done in the past. Third, he continued, we must stand shoulder to shoulder with friends and allies such as Japan and the US, as well as the democratic community, and we must demonstrate the strength of deterrence to prevent China from making the wrong judgment. Fourth, he emphasized, as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China and seek cross-strait peace and mutual prosperity through exchanges and cooperation. Regarding intensifying US-China confrontation, the president was asked in which areas he thinks Taiwan and Japan should strengthen cooperation; with Japan’s Ishiba administration also being a minority government, the president was asked for his expectations for the Ishiba administration. President Lai said that in the face of rapid and tremendous changes in the political situation, every government faces considerable challenges, especially for minority governments, but the Japanese government led by Prime Minister Ishiba has quite adequately responded with various strategies. Furthermore, he said, Japan is different from Taiwan, explaining that although Japan’s ruling party lacks a majority, political parties in Japan engage in competition domestically while exhibiting unity externally. He said that Taiwan’s situation is more challenging, because the ruling and opposition parties hold different views on the direction of the country, due to differences in national identity. The president expressed his hope that in the future Taiwan and Japan will enjoy even more comprehensive cooperation. He stated that he has always believed that deep historical bonds connect Taiwan and Japan. Over the past several decades, he said, when encountering natural disasters and tragedies, our two nations have assisted each other with mutual care and support. He said that the affection between the people of Taiwan and Japan is like that of a family. Pointing out that both countries face the threat of authoritarianism, he said that we share a mission to safeguard universal values such as democracy, freedom, and respect for human rights. The president said that our two countries should be more open to cooperation in various areas to maintain regional peace and stability as well as to strengthen cooperation in economic and industrial development, such as for semiconductor industry chains and everyday applications of AI, including robots and drones, adding that we can also cooperate on climate change response, such as in hydrogen energy and other strategies. He said our two countries should also continue to strengthen people-to-people exchanges. He then took the opportunity to once again invite our good friends from Japan to visit Taiwan for tourism and learn more about Taiwan, saying that the Taiwanese people wholeheartedly welcome our Japanese friends.  

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

    MIL OSI Asia Pacific News

  • MIL-OSI: Golar LNG Limited Interim results for the period ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Highlights and subsequent events

    • Golar LNG Limited (“Golar” or “the Company”) reports Q1 2025 net income attributable to Golar of $8 million, Adjusted EBITDA1 of $41 million and Total Golar Cash1 of $678 million.
    • Concluded the 20-year charter of FLNG Hilli for Southern Energy S.A. (“SESA”) in Argentina.
    • Signed definitive agreements for a 20-year charter for the MKII FLNG to SESA. Combined with the FLNG Hilli charter, the project will be for 5.95 mtpa of nameplate capacity – one of the world’s largest FLNG development projects.
    • FLNG Gimi in final stages of commissioning on the GTA field, Commercial Operations Date (“COD”) expected within Q2.
    • MKII FLNG conversion vessel Fuji LNG arrived at the shipyard for conversion works, conversion project on schedule for Q4 2027 delivery.
    • FLNG Hilli maintained market-leading operational track record and delivered its 132nd LNG cargo since contract start-up.
    • Sold minority shareholding in Avenir LNG Limited.
    • Completed exit from LNG shipping segment with sale of Golar Arctic.
    • Declared dividend of $0.25 per share for the quarter.
    • Progressed FLNG growth opportunities with commercial leads, shipyard availability and long lead equipment timing.

    FLNG Hilli: Maintained leading operational track record with 132 cargoes offloaded to date and over 9 million tons of LNG produced since operations commenced.

    Final Investment Decision (“FID”) for the 20-year redeployment of FLNG Hilli to Southern Energy in Argentina concluded (further details provided in the SESA charter agreements section). A dedicated team has progressed detailed work on Hilli’s re-deployment scope, vessel upgrade and transit to her new location.

    Following the conclusion of FLNG Hilli’s re-deployment contract, we will initiate discussions for debt optimization that reflects the strong earnings visibility for the FLNG unit.

    FLNG Gimi: In January 2025, the bp operated FPSO provided feedgas from the GTA field allowing for full commissioning to commence, triggering the final upward adjustment to the commissioning rate under the commercial reset agreed in August 2024. First LNG was achieved in February and in April 2025, FLNG Gimi completed the offload of its first full LNG cargo. This introduced Mauritania and Senegal as LNG exporters to the international gas market and triggered the final pre-COD milestone bonus payment to Golar under the terms of the commercial reset. COD, which remains on schedule for Q2 2025, triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog1 (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

    As of May 2025, Golar has invoiced $195.9 million of pre-COD fees under the commercial reset arrangements, with this amount currently recognized on the balance sheet.

    On March 20, 2025, a $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of leading Chinese leasing companies. The contemplated sale and leaseback facility features a tenor of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million. This amount includes the release of existing interest rate swaps. Golar stands to benefit from 70% of these proceeds, equivalent to approximately $371 million. The transaction remains subject to customary closing conditions and third party stakeholder approvals. Golar has also progressed a rating process to further evaluate debt optimization alternatives for the vessel during the quarter.

    MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. The conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025 and in April the vessel was successfully separated into forward and aft sections. A mid-ship section housing the liquefaction unit will be inserted between and attached to the refurbished forward and aft sections later in the conversion process. Fabrication of the topsides for the mid-ship section is also underway. As of March 31, 2025, Golar has spent $0.7 billion on the MKII FLNG conversion, all of which is equity funded. The MKII FLNG is expected to be delivered in Q4 2027.

    With a definitive agreement that contemplates a 2H 2025 FID now secured, Golar will consider alternatives for asset level MKII FLNG financing.

    Southern Energy charter agreements: On May 2, 2025, Golar announced a FID for the 20-year charter of FLNG Hilli. The vessel will be chartered to SESA offshore Argentina. Golar and SESA also signed definitive agreements for a 20-year charter of the MKII FLNG. The MKII FLNG charter remains subject to FID and the same regulatory approvals as those granted to the FLNG Hilli project, expected within 2025.

    Key commercial terms for the respective 20-year charter agreements include:

    • FLNG Hilli (nameplate capacity of 2.45mtpa): Expected contract start-up in 2027, expected  Adjusted EBITDA1 to Golar of $285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu; and,
    • MKII FLNG (nameplate capacity of 3.5mtpa): Expected contract start-up in 2028, expected  Adjusted EBITDA1 to Golar of $400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu.

    The two FLNG agreements are expected to add $13.7 billion in Adjusted EBITDA backlog1 to Golar over 20 years, before inflationary adjustments (30% of U.S. CPI from year 6) to the charter hire, and before the commodity linked tariff upside. Where achieved FOB prices exceed the $8/MMBtu reference price, Golar will receive 25% of the excess amount (this reference price is subject to the same 30% US CPI adjustment from year 6). The commodity linked element in the FLNG charter provides an upside of $70 million per year to Golar for every $ 1/MMBtu the achieved FOB price is higher than the USD 8/MMBtu reference price. The upside calculation is based on monthly achieved FOB prices.

    While the commodity linked tariff component is upside oriented, the Company has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below $7.5/MMBtu, down to a floor of $6/MMBtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of $210 million, and any outstanding discounted charter hire amounts will be recovered through additional upside sharing if FOB prices return to levels above $7.5/MMBtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism. The upside calculation is based on monthly achieved FOB prices, whilst the downside adjustment is based on annual average achieved FOB prices. The downside mechanism is based on annual average achieved FOB prices.

    SESA, a company formed to export Argentinian LNG, is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%). The four gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements at a fixed price per MMBtu. Golar’s 10% shareholding in SESA provides additional commodity exposure. The 10% equity stake equates to approximately $28 million in annual additional commodity exposure to Golar for every $1/MMBtu change in achieved FOB prices versus SESA’s cash break even.

    With the combination of the fixed charter hire with 30% of U.S. CPI inflation from year 6, operating expenses pass through, 25% commodity exposure in the FLNG tariff for FOB prices above $8/MMBtu and Golar’s 10% shareholding in SESA, Golar believes it has secured a highly attractive risk-reward in the SESA charters. For every $1 FOB price above $8/MMBtu, Golar’s total commodity upside is approximately $100 million, versus approximately $28 million in downside for every $1/MMBtu that realized FOB prices are below SESA’s cash break even.

    Located offshore in close proximity of each other in Rio Negro’s Gulf of San Matias, the FLNG’s will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in Argentina’s Neuquen province. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate the construction of a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.

    The charters are also subject to strong legal and regulatory protections including:

    • both charter agreements are subject to English Law with dispute resolution pursuant to ICC arbitration in Paris, France;
    • hire and other payments under both contracts are fully paid in U.S. dollars;
    • SESA has obtained Argentina’s first ever 30-year non-interruptible LNG export license for FLNG Hilli, providing security of exports, necessary for the significant upstream and midstream investments, as well as securing offtake contracts; and
    • MKII FLNG is expected to obtain a similar term export license within 2025.

    FLNG Hilli has been approved for adherence to the Large Investments Incentive Scheme (“RIGI”), as a Long-Term Strategic Export project. The RIGI was implemented by the current administration of President Milei to incentivize large investments in Argentina. Under the RIGI, there are incentives and protections granted to the project company (SESA), with Golar benefiting as an international asset provider and investor, mostly notably:

    • guaranteed legal certainty and regulatory stability for the duration of the project, covering taxes, customs, duties, and foreign exchange controls;
    • any new national, provincial, or municipal taxes or restrictions would not apply to RIGI projects beyond those existing when the project was approved; and
    • freedom to repatriate profits, dividends, and capital including exemption from potential Central Bank restrictions on access to foreign exchange for repatriation purposes.

    If Argentina breaches the RIGI framework (e.g. by purporting to change the regime unilaterally), the beneficiary of the RIGI status can:

    • bring legal action against the National or Provincial Government (as applicable) under ICC arbitration, or elect to challenge the revocation through administrative channels; and
    • challenge the constitutionality of enacted law which breaches the RIGI protections.

    Business development: Detailed discussions for FLNG opportunities continue. With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, we see firming demand for the remaining available 2020s deliveries. Progress is being made on FLNG projects ranging from MKI, MKII and MKIII FLNG developments. We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders.

    On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025. Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long term charters.

    Corporate/Other: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG together with the  Golar Arctic up to her point of sale in March 2025, for $24 million, and the Fuji LNG, up to the point she entered CIMC’s yard in February 2025 for FLNG conversion.

    In February 2025, Golar also closed the sale of its non-core 23.4% interest in Avenir LNG Limited, for $39 million.

    Shares and dividends: As of March 31, 2025, 104.7 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q1 2025 dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025.

    Financial Summary

    (in thousands of $) Q1 2025 Q1 2024 % Change Q4 2024 % Change
    Net income 12,939 66,495 (81)% 15,037 (14)%
    Net income attributable to Golar LNG Ltd 8,197 55,220 (85)% 4,494 82%
    Total operating revenues 62,502 64,959 (4)% 65,917 (5)%
    Adjusted EBITDA 1 40,936 63,587 (36)% 59,168 (31)%
    Golar’s share of Contractual Debt 1 1,494,615 1,209,407 24% 1,515,357 (1)%

    Financial Review 

    Business Performance:

      2025 2024
    (in thousands of $) Jan-Mar Oct-Dec Jan-Mar
    Net income        12,939        15,037        66,495
    Income taxes              179            (504)              138
    Net income before income taxes        13,118        14,533        66,633
    Depreciation and amortization        12,638        13,642        12,476
    Impairment of long-term assets                —        22,933                —
    Unrealized loss/(gain) on oil and gas derivative instruments        25,001        14,269        (2,148)
    Other non-operating loss                —          7,000                —
    Interest income        (8,699)        (9,866)      (10,026)
    Loss/(gain) on derivative instruments, net          6,795        (8,711)        (6,202)
    Other financial items, net          2,292          1,153          2,640
    Net (income)/loss from equity method investments      (10,209)          4,215              214
    Adjusted EBITDA 1        40,936        59,168        63,587
      2025 2024
      Jan-Mar Oct-Dec
    (in thousands of $) FLNG Corporate and other Total FLNG Corporate and other Total
    Total operating revenues        55,688          6,814        62,502        56,396          9,521        65,917
    Vessel operating expenses      (18,785)        (9,685)      (28,470)      (19,788)        (8,121)      (27,909)
    Voyage, charterhire & commission expenses                —                —                —                —           (446)           (446)
    Administrative expenses           (588)        (8,999)        (9,587)           (264)        (7,241)        (7,505)
    Project development expenses        (2,351)           (968)        (3,319)        (3,624)        (1,236)        (4,860)
    Realized gain on oil and gas derivative instruments (2)        21,213                —        21,213        33,502                —        33,502
    Other operating income                —        (1,403)        (1,403)             469                —             469
    Adjusted EBITDA 1        55,177      (14,241)        40,936        66,691        (7,523)        59,168

    (2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

      2024
      Jan-Mar
    (in thousands of $) FLNG Corporate and other Total
    Total operating revenues               56,368                  8,591               64,959
    Vessel operating expenses              (18,784)                (7,078)              (25,862)
    Voyage, charterhire & commission expenses                       —                (1,770)                (1,770)
    Administrative expenses                   (471)                (6,604)                (7,075)
    Project development expenses/(income)                (1,085)                     273                   (812)
    Realized gain on oil and gas derivative instruments               34,147                       —               34,147
    Adjusted EBITDA 1               70,175                (6,588)               63,587

    Golar reports today Q1 2025 net income of $13 million, before non-controlling interests, inclusive of $32 million of non-cash items1, comprised of:

    • TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $25 million; and
    • A $7 million MTM loss on interest rate swaps.

    The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q1 2025, we recognized a total of $21 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a: 

    • $12 million realized gain on the Brent oil linked derivative instrument; and
    • $9 million realized gain in respect of fees for the TTF linked production.

    We also recognized $25 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:

    • $13 million loss on the Brent oil linked derivative asset; and
    • $12 million loss on the TTF linked natural gas derivative asset. 

    Balance Sheet and Liquidity:

    As of March 31, 2025, Total Golar Cash1 was $678 million, comprised of $522 million of cash and cash equivalents and $156 million of restricted cash. 

    Golar’s share of Contractual Debt1 as of  March 31, 2025 is $1,495 million. Deducting Total Golar Cash1 of $678 million from Golar’s share of Contractual Debt1 leaves a net debt position of $817 million. 

    Assets under development amounts to $2.5 billion, comprised of $1.8 billion in respect of FLNG Gimi and $0.7 billion in respect of the MKII FLNG. The carrying value of LNG carrier Fuji LNG, previously included under Vessels and equipment, net in Q4 2024 was transferred to Assets under development in Q1 2025.

    Non-GAAP measures

    In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

    This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2025 and for the three months ended March 31, 2025, from these results should be carefully evaluated.

    Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments
    Performance measures
    Adjusted EBITDA Net income/(loss)  +/- Income taxes
    + Depreciation and amortization
    + Impairment of long-lived assets
    +/- Unrealized (gain)/loss on oil and gas derivative instruments
    +/- Other non-operating (income)/losses
    +/- Net financial (income)/expense
    +/- Net (income)/losses from equity method investments
    +/- Net loss/(income) from discontinued operations
    Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations.
    Distributable Adjusted EBITDA Net income/(loss)  +/- Income taxes
    + Depreciation and amortization
    + Impairment of long-lived assets
    +/- Unrealized (gain)/loss on oil and gas derivative instruments
    +/- Other non-operating (income)/losses
    +/- Net financial (income)/expense
    +/- Net (income)/losses from equity method investments
    +/- Net loss/(income) from discontinued operations
    – Amortization of deferred commissioning period revenue
    – Amortization of Day 1 gains
    – Accrued overproduction revenue
    + Overproduction revenue received
    – Accrued underutilization adjustment
    Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi.
    Liquidity measures
    Contractual debt 1 Total debt (current and non-current), net of deferred finance charges  +/-Variable Interest Entity (“VIE”) consolidation adjustments
    +/-Deferred finance charges
    During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt.

    Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE.

    The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.

    Adjusted net debt Adjusted net debt based on
    GAAP measures:
    -Total debt (current and
    non-current), net of
    deferred finance
    charges
    – Cash and cash
    equivalents
    – Restricted cash and
    short-term deposits
    (current and non-current)
    – Other current assets (Receivable from TTF linked commodity swap derivatives)
    Total debt (current and non-current), net of:
    +Deferred finance charges
    +Cash and cash equivalents
    +Restricted cash and short-term deposits (current and non-current)
    +/-VIE consolidation adjustments
    +Receivable from TTF linked commodity swap derivatives
    The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors.
    Total Golar Cash Golar cash based on GAAP measures:

    + Cash and cash equivalents

    + Restricted cash and short-term deposits (current and non-current)

    -VIE restricted cash and short-term deposits We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE.

    Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE.

    Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

    (1) Please refer to reconciliation below for Golar’s share of contractual debt

    Adjusted EBITDA backlog (also referred to as “earnings backlog”): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

    Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

    Abbreviations used:

    FLNG: Floating Liquefaction Natural Gas vessel
    FSRU: Floating Storage and Regasification Unit
    MKII FLNG: Mark II FLNG
    FPSO: Floating Production, Storage and Offloading unit

    MMBtu: Million British Thermal Units
    mtpa: Million Tons Per Annum

    Reconciliations – Liquidity Measures

    Total Golar Cash

    (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024
    Cash and cash equivalents             521,434           566,384           547,868
    Restricted cash and short-term deposits (current and non-current)           172,879           150,198             92,159
    Less: VIE restricted cash and short-term deposits            (16,745)            (17,472)            (17,933)
    Total Golar Cash           677,568           699,110           622,094

    Contractual Debt and Adjusted Net Debt

    (in thousands of $) March 31, 2025 December 31, 2024 March 31, 2024
    Total debt (current and non-current) net of deferred finance charges        1,418,816        1,452,255        1,195,063
    VIE consolidation adjustments           251,728           241,666           213,042
    Deferred finance charges             20,946             22,686             22,337
    Total Contractual Debt        1,691,490        1,716,607        1,430,442
    Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt                     —                     —            (32,035)
    Less: Keppel’s share of the Gimi debt         (196,875)         (201,250)         (189,000)
    Golar’s share of Contractual Debt        1,494,615        1,515,357        1,209,407

    Please see Appendix A for a capital repayment profile for Golar’s Contractual Debt.

    Forward Looking Statements

    This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

    • our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c. (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays to FLNG commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”) could result in incremental costs to both parties to the LOA;
    • our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);
    • our ability to meet our obligations to SESA in connection with the recently signed agreement to deploy FLNG Hilli in Argentina, and SESA’s ability to meet its obligations to us;
    • our ability to meet our obligations to SESA in connection with the recently signed definitive agreement to deploy our FLNG in conversion, MKII FLNG in Argentina, including reaching a final investment decision, and SESA’s ability to meet its obligations to us;
    • our ability to obtain additional financing or refinance existing debt on acceptable terms or at all including the satisfaction of the conditions precedent to the consummation of the FLNG Gimi sale leaseback transaction;
    • global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on liquefied natural gas (“LNG”) supply and demand;
    • a material decline or prolonged weakness in tolling rates for FLNGs;
    • failure of shipyards to comply with schedules, performance specifications or agreed prices;
    • failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;
    • an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated, or expect to operate;
    • continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government;
    • changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;
    • changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;
    • continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party;
    • our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;
    • increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;
    • claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”), and Snam S.p.A. (“Snam”);
    • the ability of NFE, Energos, CoolCo, and Snam to meet their respective obligations to us, including indemnification obligations;
    • changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;
    • rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;
    • actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and
    • other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 27, 2025 (the “2024 Annual Report”).

    As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

    Responsibility Statement

    We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

    May 27, 2025
    The Board of Directors
    Golar LNG Limited
    Hamilton, Bermuda
    Investor Questions: +44 207 063 7900
    Karl Fredrik Staubo – CEO
    Eduardo Maranhão – CFO

    Stuart Buchanan – Head of Investor Relations

    Tor Olav Trøim (Chairman of the Board)
    Benoît de la Fouchardiere (Director)
    Carl Steen (Director)
    Dan Rabun (Director)
    Lori Wheeler Naess (Director)
    Mi Hong Yoon (Director)
    Niels Stolt-Nielsen (Director)

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network

  • MIL-OSI Russia: Iran to Continue Enriching Uranium on Home Soil – Foreign Minister

    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

    TEHRAN, May 26 (Xinhua) — Iran welcomes the launch of a uranium enrichment center in the region, but will continue enriching uranium on its own soil, Iranian Foreign Minister Abbas Araghchi said on Sunday.

    Speaking at a meeting with members of the Iranian parliament’s National Security and Foreign Policy Committee, A. Araghchi said that regarding the indirect talks between Iran and the US, the Iranian side has never left the negotiating table and will continue the diplomatic path, but will not negotiate under pressure, the official IRNA news agency reported.

    He also warned of a “tough” response if France, Germany and Britain triggered the retaliatory mechanism and reimposed sanctions.

    The mechanism is part of the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), signed by Iran and six countries — Britain, China, France, Germany, Russia and the United States. It allows the other parties to reimpose international sanctions if Tehran fails to comply with the agreement.

    Since April, Iran and the United States, brokered by Oman, have held five rounds of proximity talks on Tehran’s nuclear program and the lifting of U.S. sanctions, three in Muscat, Oman, and two in Rome.

    In recent days, US officials have repeatedly demanded that Iran completely stop enriching uranium, but Tehran has strongly opposed it. –0–

    MIL OSI Russia News

  • MIL-OSI China: Cannes roundtable explores new era for Chinese cinema

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

    A roundtable on “Exploring China’s Film Narratives in a New Era” brought together Chinese and international filmmakers at the Marché du Film during the 78th Cannes Film Festival, aiming to strengthen cross-cultural dialogue and boost the global appeal of Chinese cinema.

    (From left) Cedric Behrel, Chen Sicheng, Chen Yu and moderator Silvia Wong join the panel roundtable “Exploring China’s Film Narratives in a New Era” during the 78th Cannes Film Festival in Cannes, France, May 20, 2025. [Photo courtesy of China Film Association]

    Deng Guanghui, executive president of the China Film Association, noted in his opening remarks that 2025 marks the 120th anniversary of Chinese cinema and highlighted the industry’s evolution from technical innovation to greater cultural depth.

    “In recent years, supportive policies have driven both creative and industrial growth. Chinese filmmakers are advancing aesthetic traditions while developing unique styles in content, technology and global outreach. They continue to tell original, powerful stories to audiences worldwide,” Deng said.

    China is home to the world’s second-largest film market, Deng said, noting that the government is encouraging more crossover initiatives such as “film plus tourism” and “film plus consumer experiences” to grow the market and promote global development.

    “Chinese cinema will remain open and inclusive, working with international filmmakers to tell stories of our shared future,” he said.

    The panel featured renowned filmmaker Chen Sicheng, screenwriter and Peking University professor Chen Yu, and Cedric Behrel, managing director of Trinity CineAsia, as keynote speakers.

    Chen Sicheng, creator of the hit “Detective Chinatown” franchise, shared insights into the series’ success, saying it has become increasingly difficult to satisfy audiences with single-genre films as new formats such as gaming and social media gain influence.

    “Filmmakers must adapt,” he said. “The ‘Detective Chinatown’ IP blends thriller, comedy and action while reflecting contemporary society. Both form and content need to resonate equally with Chinese audiences.”

    “Chinatown is a unique window and symbol of Chinese culture, especially abroad,” Chen said. “I wanted to tell a story about distinctly Chinese detectives on adventures overseas. Through this film, I hope international audiences can see Chinese cinema evolve. Did I expect its success? I was confident – good films will always find their audience.”

    Chen also revealed plans to set the next “Detective Chinatown” installment in London, but after visiting France, he is now considering filming in Paris and expanding the story across Europe.

    Screenwriter Chen Yu, known for his work on Zhang Yimou’s acclaimed films such as “Full River Red” and “Under the Light,” discussed trends among Chinese audiences. “Chinese viewers are paying more attention to the narrative itself. But this isn’t unique to China – we’re also seeing a global return to storytelling as a central focus,” Chen said. “Audiences generally hope to draw emotional and sentimental strength from films.”

    Cedric Behrel, whose company has handled numerous Chinese releases abroad, including the recent animated juggernaut “Ne Zha 2,” said China’s vast domestic market and its capacity for producing large-scale, high-quality films give it a distinct advantage in delivering the big-screen experiences audiences desire. He noted that as people worldwide spend more time on personal screens, Chinese cinema has an opportunity to stand out.

    He also pointed to China’s rich cultural heritage as a deep source of stories, noting that films like “Ne Zha 2” must balance staying true to local mythology while appealing to global audiences. For Behrel, the appeal lies in demonstrating that Chinese films can compete with Hollywood blockbusters and leading animation studios like Disney, Pixar and Japan’s anime industry.

    (From left) Chen Yu, Deng Guanghui, Chen Sicheng and Cedric Behrel pose for a photo after the panel roundtable at the 78th Cannes Film Festival in Cannes, France, May 20, 2025. [Photo courtesy of China Film Association]

    Chen Sicheng spoke about his role in supporting young talent. He said film industrialization goes beyond visual effects–driven blockbusters, describing it as a systematic process that includes scriptwriting, production, post-production and marketing. Chen sees his company and his role as managing this pipeline to help young Chinese directors become more professional and to provide support where needed.

    Discussing his upcoming film “Malice,” which he produced and wrote and is set for release in July, Chen said the story addresses contemporary issues such as online public opinion and cyberbullying.

    Chen said problems on the internet are a global issue, not unique to China. Since the 1990s, the internet has driven significant progress but also brought challenges, as voices of authority have been drowned out and irrational opinions have come to dominate online discussions, distorting perspectives on politics, culture and the future of humanity.

    “While ‘Malice’ can’t fix these problems, films must reflect their time,” Chen said. “This movie will serve as a time capsule of the digital age and preserve our collective memory of these critical years.”

    Chen Yu also addressed another trending topic: artificial intelligence. He said AI will achieve significant progress and, as its internal systems become more complex, it may eventually develop a form of intelligence. While he views AI as a tool capable of creating many things, he emphasized that humans remain the true measure of all things. Artistic creation, he said, is driven by human flaws and hesitation – qualities that AI, as a rational tool, cannot replicate.

    “When art touches the softest parts of the human soul, AI cannot replace it,” he stressed.

    MIL OSI China News

  • MIL-OSI: CIC Lyonnaise de Banque -Notice of Early Redemption-(ISIN Code: FR0000047789)

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT (SEE “DISCLAIMER” BELOW).

    Paris, May, 26th, 2025

    Notice of Early Redemption

    To : (i)      The Noteholders of the below mentioned Notes;
    (ii)      Euronext Paris
    (iii)      Fiscal Agent.

    Dear Sirs,

    CIC Lyonnaise de Banque
    “Titres Participatifs” Variable Rate Notes issued on 28 May 1985 (the ‘’Notes”)

    (ISIN Code: FR0000047789)

    CIC Lyonnaise de Banque is the issuer (the Issuer’’) of the Notes.

    In accordance with the terms and conditions of the Notes (the ‘’Conditions’’), the Issuer hereby gives notice that it is exercising in whole its right to redeem the Notes pursuant to the provision Redemption (‘’Remboursement’’) of the Listing Particulars (“Issuer Call Option”) of the Notes.

    We, the Issuer, instruct you as Fiscal Agent, to authorise the French Central Securities Depository to cancel the Notes redeemed on 30 June, 2025 (“Early Redemption Date”).

    For the purposes of the Issuer Call:

    (i) the Issuer Call Date will be 30 June, 2025; and
    (ii) the Optional Redemption Amount(s) or Early Redemption Amount excluding accrued interest is: EUR 300.68 per Denomination.

    Unless otherwise defined in this notice, capitalised terms used in this notice shall have the meaning given to them in the Listing Particulars (‘’Note d’Information’’) dated 1st June, 1985, as applicable, relating to the Notes.

    Yours faithfully,

    For and on behalf of

    CIC Lyonnaise de Banque

    By:

    Duly authorised

    DISCLAIMER
    This press release does not constitute an offer to purchase, or the solicitation of an offer to sell, the Instruments in the United States, Canada, Australia, or Japan or in any other jurisdiction, including France. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves and observe any such restrictions. No communication may be distributed to the public in any jurisdiction in which registration or approval is required. No action has been or will be taken in any jurisdiction where such action would be required; CIC Lyonnaise de Banque disclaims any liability for any violation by any person of such restrictions.

    Contacts
    Corporate Communications and Press Relations Department: +33 (0)1 53 48 26 00 – compresse@cic.fr
    Investor Relations: bfcm-web@creditmutuel.fr

    About CIC Lyonnaise de Banque

    A leading bank in the South-Eastern quarter of France, CIC Lyonnaise de Banque has a network of nearly 300 branches and 3,000 employees for its 1.3 million customers. To meet the needs of all economic players and to build a constantly performing offer on a daily basis, he combines the professions of finance, insurance, telephony and advanced technological services with a great financial strength reinforced by CIC Group and the Group parent company, Crédit Mutuel Alliance Fédérale. More information on CIC.fr

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    The MIL Network

  • MIL-OSI: Capgemini, Mistral AI and SAP combine forces to offer secure, scalable gen AI-powered solutions for regulated industries

    Source: GlobeNewswire (MIL-OSI)

    Press contact:
    Antara Nandy
    Tel.:+ 91 9674515119
    E-mail: antara.nandy@capgemini.com

    Capgemini, Mistral AI and SAP combine forces to offer secure,
    scalable gen AI-powered solutions for regulated industries

    Paris, May 26 2025 – Capgemini today announced an expansion of its strategic partnership with Mistral AI, a leader in innovative AI model development, and SAP, to help drive growth for regulated organizations by transforming operations and improving business outcomes, through a broad range of AI models. This unique collaboration provides a trusted and secure environment to deploy custom AI solutions within SAP for those industries with strict data requirements such as financial services, public sector, aerospace & defense, and energy & utilities. Leveraging Mistral AI’s revolutionary generative AI (gen AI) models and the SAP Business Technology Platform (BTP), Capgemini aims to develop multiple easily accessible business AI use cases, with a lower carbon footprint.

    Enterprises are increasingly turning to business AI to optimize processes and decision-making, while integrating generative AI to drive greater business value. This combination enables organizations to increase resilience by simulating scenarios, preparing response plans for crises, and quickly adapting to market changes. These technologies also help organizations gain a significant competitive edge, differentiating themselves through more personalized customer experiences, adapting their supply chain to high personalization, and enriching products with high value digital services. By leveraging AI, organizations can achieve both top and bottom-line improvements across numerous functional areas. Moreover, organizations in regulated industries or those handling sensitive data often find it challenging to access these benefits. They require advanced generative AI models that operate within a secure environment such as the self-hosted SAP Business Technology Platform.

    As part of this new collaboration, Capgemini will offer an extensive library of 50+ pre-built custom business AI use cases, including those validated by SAP, leveraging Mistral AI models. These are categorized by a specific industry and process-driven approach. The solutions are grounded in responsible and ethical AI by design, with built-in governance and alignment with regulations, enabling innovation while also ensuring data security. Example use cases include:

    • Aerospace and Defense: Augmented field workers that can efficiently resolve non-conformities in operations.
    • Energy and Utilities: Drone based inspection that enables predictive maintenance and generates actionable insights
    • Across industries: Intelligent indirect purchasing that helps to easily and quickly select the most convenient products from multiple suppliers.

    This collaboration offers dual benefits – it accelerates the deployment of custom generative AI solutions within SAP for all organizations and enables those organizations requiring secure environments for regulatory or privacy purposes to leverage generative AI solutions.

    “This new collaboration between Capgemini, Mistral AI and SAP unlocks new high-value business use cases for organizations seeking to augment their operations with generative AI capabilities,” said Marjorie Janiewicz, Mistral AI Executive Board member and Global Head of Revenue. “By combining our frontier, multilingual and highly customizable AI models with Capgemini’s expertise in delivering real world industry-specific generative AI solutions, and the assurance of SAP’s robust technology platform, we are making the effective integration of AI more accessible for all organizations, including those in highly regulated industries.”

    “Enterprises are increasingly turning to generative AI to enhance their resilience, streamline operations and accelerate time to value. As a trusted business and technology transformation partner to our clients, Capgemini is committed to helping them evolve their critical business processes through the secure and tailored application of AI,” said Fernando Alvarez, Chief Strategy and Development Officer and Group Executive Board member at Capgemini. “Together with Mistral AI and SAP, we can empower organizations to access a broad range of innovative and customized AI models, to drive significant business value and foster sustainable growth.”

    “The collaboration is a powerful example of how we are enabling enterprises to leverage the power of generative AI to address their most critical business challenges,” said Thomas Saueressig, Member of the Executive Board of SAP SE, Customer Services & Delivery. “With SAP Business Technology Platform as a secure and scalable foundation, we’re enabling organizations, especially those in regulated industries, to adopt AI with confidence, trust, and speed in a way that delivers real business value.”

    Capgemini has worked closely with SAP on further expanding its dedicated Global SAP Center of Excellence to help organizations address their critical business challenges using gen AI. For example, the partners have worked with Brose, a leading automotive supplier, to deliver an AI-powered assistant for suppliers – SupplierGPT. This centralized digital platform helped enhance collaboration across Brose’s global supplier network, leading to increased efficiency in supplier onboarding and more consistent process execution.

    Michael Seifert, Business Product Owner Brose Supplier Portal, Brose Fahrzeugteile SE & Co. KG said, “Together with Capgemini, we were able to implement SupplierGPT, from idea to reality within a few weeks. This solution enables the seamless integration of new innovations and supports rapid go-to-market, thanks to the AI services in SAP BTP. This co-innovation model combines the expertise of Capgemini, Brose and SAP to allow joint pilots to be designed, implemented, and tested quickly.”

    Award-winning AI solutions
    Capgemini recently won the 2025 SAP Pinnacle Award for Business AI Innovation in the Customer AI use case category, further demonstrating its leadership in delivering compelling AI-powered solutions with SAP. This award is part of SAP’s global partner recognition program, which highlights its partners worldwide who demonstrate exceptional performance and innovation.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.
    Get The Future You Want | www.capgemini.com

    SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.   

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    The MIL Network

  • MIL-OSI China: Sabalenka, Zheng ease into French Open second round

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

    World No. 1 Aryna Sabalenka and Olympic champion Zheng Qinwen of China both cruised into the second round of the French Open on Sunday.

    Sabalenka, a three-time Grand Slam champion, dominanted the match with a 6-1, 6-0 win over Russia’s Kamilla Rakhimova. Her best result at Roland Garros was a semifinal appearance two years ago.

    Eighth seed Zheng defeated former French Open finalist Anastasia Pavlyuchenkova 6-4, 6-3 in the opening round.

    “I’m happy to win this match, especially as I think she is a great opponent, playing really aggressively,” Zheng said afterwards.

    “The first match of the tournament is never easy, so I’m happy today and I’m really happy to be back at Roland Garros. Thanks to the crowd who supported me today,” she added.

    Zheng has now reached the second round at Roland Garros for the fourth straight year and extended her winning streak at the venue to seven matches, dating back to her gold medal run at Paris 2024. Zheng will next face Colombia’s Emiliana Arango.

    Elsewhere, China’s Yuan Yue fell to fourth-seeded Jasmine Paolini of Italy 6-1, 4-6, 6-3.

    Jasmine Paolini returns a shot during the women’s singles first round match between Jasmine Paolini of Italy and Yuan Yue of China at the French Open tennis tournament at Roland Garros, Paris, France, May 25, 2025. (Xinhua/Li Jing)

    Last year’s runner-up Paolini had to work harder for the win. Yuan led 3-2 in the deciding set before Paolini, fresh off her Italian Open victory, broke back and reeled off four straight games to close out the match.

    In the men’s draw, Italy’s Lorenzo Musetti, seeded eighth, advanced to the second round with a 7-5, 6-2, 6-0 victory over German qualifier Yannick Hanfmann.

    “I feel ready to try to go for the trophy,” said Musetti. “I think clay probably is the surface which I feel the most comfortable.”

    MIL OSI China News

  • MIL-OSI China: SCIO briefs media on Yangtze River Economic Belt development in Hubei

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

    SCIO briefs media on Yangtze River Economic Belt development in Hubei

    China SCIO | May 26, 2025

    The State Council Information Office (SCIO) recently organized a media trip for over 40 journalists to visit central China’s Hubei province and observe the progress of high-quality development along the Yangtze River Economic Belt. The group included foreign correspondents from the United States , France, Germany, Australia, Singapore, Indonesia, Iraq, Qatar, and Japan.

    A press briefing was held Thursday during the trip, where Cheng Yongwen, vice governor of Hubei province, briefed the media and answered questions.

    On May 22, 2025, the State Council Information Office holds a press briefing in Wuhan, Hubei province, about the high-quality development of the Yangtze River Economic Belt. [Photo by Liu Jian/China SCIO]

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    MIL OSI China News

  • MIL-Evening Report: Asia Pacific Report editor honoured for contribution to Pacific journalism

    Pacific Media Watch

    Asia Pacific Report editor David Robie was honoured with Member of the New Zealand Order of Merit (MNZM) at the weekend by the Governor-General, Dame Cindy Kiro, in an investiture ceremony at Government House Tāmaki Makaurau.

    He was one of eight recipients for various honours, which included Joycelyn Armstrong, who was presented with Companion of the King’s Service Order (KSO) for services to interfaith communities.

    Dr Robie’s award, which came in the King’s Birthday Honours in 2024 but was presented on Saturday, was for “services to journalism and Asia-Pacific media education”.

    His citation reads:

    Dr David Robie has contributed to journalism in New Zealand and the Asia-Pacific region for more than 50 years.

    Dr Robie began his career with The Dominion in 1965 and worked as an international journalist and correspondent for agencies from Johannesburg to Paris. He has won several journalism awards, including the 1985 Media Peace Prize for his coverage of the Rainbow Warrior bombing.

    He was Head of Journalism at the University of Papua New Guinea from 1993 to 1997 and the University of the South Pacific in Suva from 1998 to 2002. He founded the Pacific Media Centre in 2007 while professor of journalism and communications at Auckland University of Technology.

    He developed four award-winning community publications as student training outlets. He pioneered special internships for Pacific students in partnership with media and the University of the South Pacific. He has organised scholarships with the Asia New Zealand Foundation for student journalists to China, Indonesia and the Philippines.

    He was founding editor of Pacific Journalism Review journal in 1994 and in 1996 he established the Pacific Media Watch, working as convenor with students to campaign for media freedom in the Pacific.

    He has authored 10 books on Asia-Pacific media and politics. Dr Robie co-founded and is deputy chair of the Asia Pacific Media Network/Te Koakoa NGO.


    The investiture ceremony on 24 May 2025.      Video: Office of the Governor-General  

    In an interview with Global Voices last year, Dr Robie praised the support from colleagues and students and said:

    “There should be more international reporting about the “hidden stories” of the Pacific such as the unresolved decolonisation issues — Kanaky New Caledonia, “French” Polynesia (Mā’ohi Nui), both from France; and West Papua from Indonesia.

    “West Papua, in particular, is virtually ignored by Western media in spite of the ongoing serious human rights violations. This is unconscionable.”

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Huawei ICT Competition 2024–2025: AI Empowers Education and Talent Growth

    Source: Huawei

    Headline: Huawei ICT Competition 2024–2025: AI Empowers Education and Talent Growth

    [Shenzhen, China, May 26, 2025] On May 24, the Closing & Awards Ceremony of the Huawei ICT Competition 2024–2025 Global Final took place in Shenzhen. In its 9th edition, the event has reached a record-breaking scale, attracting over 210,000 students and instructors from more than 2,000 colleges and universities in over 100 countries and regions. Following national and regional competitions, 179 teams from 48 countries and regions made it to the Global Final.
    Through intense competition across three major tracks (Practice, Innovation, and Programming), top honors were awarded to 18 outstanding teams from 9 countries: Algeria, Brazil, China, Morocco, Nigeria, Philippines, Serbia, Singapore, and Tanzania.
    To recognize outstanding contributions beyond technical excellence, the competition also presented special honors. The Women in Tech Award was granted to four all-female teams from Brazil, Saudi Arabia, Germany, and Kenya. The Green Development Award went to a team from Ghana. The Most Valuable Instructor Award recognized 18 distinguished instructors from 10 countries – Algeria, Bangladesh, Brazil, China, Egypt, Hungary, Indonesia, Iraq, Nigeria, and Türkiye – for their contributions to ICT education.

    Huawei ICT Competition 2024–2025 Global Final Closing & Awards Ceremony

    In his opening speech, Ritchie Peng, Director of the ICT Strategy & Business Development Dept at Huawei, said: “To achieve the goal of learning through competition and inspiring innovation through competition, we have continuously evolved the design of competition topics. The Practice Competition aligns with our vision for an Intelligent World 2030 and encourages students to master cloud computing, big data, and AI to drive social progress. The Innovation Competition focuses on green development and digital inclusion, motivating participants to solve real-world challenges in sectors like agriculture, healthcare, and education through ICT.”

    Ritchie Peng Delivering the Opening Speech at the Closing & Awards Ceremony

    As digital transformation accelerates globally, demand for skilled professionals in fields such as AI, big data, and cybersecurity continues to grow. However, the shortage of talent in these critical areas is becoming increasingly evident. To help tackle this challenge, the Huawei ICT Competition features multiple tracks — notably Practice, Innovation, and Programming — alongside initiatives such as industry-academia collaboration and tailored curriculum development. These efforts aim to equip students with in-demand skills and foster the next-generation tech talent who will stand out in an increasingly intelligent and digital world.
    During this year’s competition, Huawei also hosted the AI Accelerating Education Transformation Summit, where experts explored the pivotal role of AI in smart education. In addition, Huawei officially announced the AI Capability of the Huawei ICT Academy Intelligent Platform, making it easier and more efficient for educators and students to use. This marks another step forward in advancing educational digitalization.
    For more details about the Huawei ICT Competition, visit us at https://www.huawei.com/minisite/ict-competition-2024-2025-global/en/index.html.

    MIL OSI Economics

  • MIL-OSI China: China grab 4 golds at world table tennis finals

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

    Despite a gold-laden campaign at the world championships, China’s once invincible national table tennis team has left the prestigious tournament in Doha, Qatar, with alarm bells ringing for its Olympic ambitions.

    Winning four of the five events at the world championships finals, it seemed like business as usual for China’s table tennis squad to have proved its mighty prowess again in the Qatari capital. However, the surging challenge from the rest of the world, underlined by the squad’s early exit in men’s doubles, has triggered a sense of urgency for the celebrated program.

    Table tennis ace Wang Chuqin competes in the men’s singles final at the World Table Tennis Championship in Doha, Qatar, on Sunday. Wang beat Brazil’s Hugo Calderano 4-1 to add another gold to his collection. XIAO YIJIU/XINHUA

    The men’s doubles final, the first event on Sunday, proceeded without a Chinese pair for the first time in 50 years, with two Chinese teams eliminated in the quarterfinals. Japan’s Hiroto Shinozuka and Shunsuke Togami won the final after beating Chinese Taipei’s Kao Cheng-jui and Lin Yun-ju 3-2 in the best-of-five format.

    Women’s World No 1 Sun Yingsha and men’s World No 2 Wang Chuqin, both from China, then held court at the Lusail Sports Arena, delivering in top form to each claim a singles title, adding to their golden harvest after bagging the mixed doubles title together on Saturday.

    “It felt like a huge burden relieved in my heart,” Wang said after beating Brazil’s reigning World Cup winner Hugo Calderano 4-1 in the best-of-seven final to win his first world championship singles gold medal.

    “It was a tough battle and I am so happy to pull it off, driven by the pride representing my country and the team,” said Wang, who also successfully avenged his semifinal loss to the same opponent at the Macao World Cup last month.

    The recent surge of Calderano, dubbed by fans as the “Thrill from Brazil”, saw the world No 3 edge out Chinese players at major events two times in a row after he beat world No 5 Liang Jingkun with a gripping semifinal win on Saturday to set up a clash with Wang. Calderano’s meteoric rise has pushed Team China’s best to dig harder and stay more cautious in future events.

    “To face him again, I tried to position myself as a challenger. He’s definitely a big threat for us in future tournaments,” Wang said after helping China collect its 11th consecutive men’s singles title at the worlds.

    In the women’s singles final, Sun retained her crown by outplaying teammate and 2021 singles world champion Wang Manyu 4-3 in a seesaw battle.

    It was also the 16th consecutive women’s singles final at the world championships to feature two Chinese finalists since 1995, serving as testament to the program’s dominance in this event.

    After a break during the men’s singles final, Wang Manyu suited up again in the women’s doubles final with partner Kuai Man and ended her Doha outing with a gold, after the world No 2 Chinese pair routed the Austria-Romania duo of Sofia Polcanova and Bernadette Szocs 3-0 in less than 22 minutes to cap off Team China’s campaign in style.

    Team China’s apparent decline of dominance on the men’s side, measured by its own standards, at the world championships has raised concerns over its prospects for the 2028 Olympic Games in Los Angeles, where the two team events have been replaced by men’s and women’s doubles on the Games’ program.

    The adjustment is expected to pose a tougher threat for China’s ambition of a clean sweep of all golds at LA 2028, where international contenders are more competitive in doubles than in team events.

    “We are definitely facing much more pressure now following the change in the Olympic program. The world is ready to go harder at us, and we should be prepared better as well,” newly elected Chinese Table Tennis Association president Wang Liqin told Xinhua News Agency after taking office last month.

    MIL OSI China News

  • MIL-OSI Asia-Pac: External merchandise trade statistics for April 2025

    Source: Hong Kong Government special administrative region

    External merchandise trade statistics for April 2025 
    In April 2025, the value of total exports of goods increased by 14.7% over a year earlier to $434.5 billion, after a year-on-year increase by 18.5% in March 2025. Concurrently, the value of imports of goods increased by 15.8% over a year earlier to $450.5 billion in April 2025, after a year-on-year increase by 16.6% in March 2025. A visible trade deficit of $16.0 billion, equivalent to 3.6% of the value of imports of goods, was recorded in April 2025.
     
    For the first four months of 2025 as a whole, the value of total exports of goods increased by 11.9% over the same period in 2024. Concurrently, the value of imports of goods increased by 11.4%. A visible trade deficit of $96.9 billion, equivalent to 5.7% of the value of imports of goods, was recorded in the first four months of 2025.
     
    Comparing the three-month period ending April 2025 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 13.8%. Meanwhile, the value of imports of goods increased by 12.6%.
     
    Analysis by country/territory
     
    Comparing April 2025 with April 2024, total exports to Asia as a whole grew by 20.8%. In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+61.5%), Vietnam (+48.3%), Taiwan (+24.1%), the mainland of China (the Mainland) (+23.0%) and India (+22.5%). On the other hand, a decrease was recorded in the value of total exports to Korea (-26.7%).
     
    Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-38.4%) and the United Kingdom (-24.1%). On the other hand, an increase was recorded in the value of total exports to Germany (+30.8%).
     
    Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+107.3%), the United Kingdom (+59.5%), Taiwan (+50.6%) and the Mainland (+14.8%). On the other hand, a decrease was recorded in the value of imports from Korea (-21.3%).
     
    For the first four months of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+63.7%), Taiwan (+36.3%) and the Mainland (+18.1%). On the other hand, a decrease was recorded in the value of total exports to the United Arab Emirates (-28.6%).
     
    Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+78.9%), the United Kingdom (+57.9%), Taiwan (+53.1%), Malaysia (+35.8%) and the Mainland (+6.9%). On the other hand, a decrease was recorded in the value of imports from Korea (-23.0%).
     
    Analysis by major commodity
     
    Comparing April 2025 with April 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $33.5 billion or +18.7%) and “office machines and automatic data processing machines” (by $19.5 billion or +46.0%).
     
    Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $29.9 billion or +16.8%) and “office machines and automatic data processing machines” (by $19.5 billion or +67.1%).
     
    For the first four months of 2025 as a whole, increases were registered in the values of total exports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $106.2 billion or +72.1%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $76.4 billion or +11.2%).
     
    Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $94.2 billion or +84.7%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $82.4 billion or +12.3%).
     
    Commentary
     
    A Government spokesman said that the value of merchandise exports grew visibly by 14.7% in April over a year earlier. Exports to the Mainland and many other Asian markets grew visibly. Exports to the United States rose marginally, while exports to the European Union fell.
     
    Looking ahead, as international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent. The sustained steady growth in the Mainland economy, together with Hong Kong’s proactive efforts in enhancing economic and trade ties with different markets, should help buttress trade performance. The Government will continue to closely monitor changes in the external environment and stay vigilant to the potential impacts brought about by shifts in trade policies.
     
    Further information
     
    Table 1 presents the analysis of external merchandise trade statistics for April 2025. Table 2 presents the original monthly trade statistics from January 2022 to April 2025, and Table 3 gives the seasonally adjusted series for the same period.
     
    The values of total exports of goods to 10 main destinations for April 2025 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
     
    Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for April 2025.
     
    All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for April 2025 will be released in mid-June 2025.
     
    The April 2025 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in April 2025 and will be available in early June 2025. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230 
    Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).
    Issued at HKT 16:30

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    MIL OSI Asia Pacific News

  • MIL-Evening Report: Israel’s new aid delivery system for Gaza is sparking outrage. Why is it so problematic?

    Source: The Conversation (Au and NZ) – By Amra Lee, PhD candidate in Protection of Civilians, Australian National University

    Some 2.1 million Gazans are facing critical hunger levels, with many at risk of famine following Israel’s 11-week blockade on aid intended to pressure Hamas.

    According to the United Nations, 57 children have already died from malnutrition since the aid blockade began on March 2. A further 14,000 children under 5 years old are at risk of severe cases of malnutrition over the next year.

    Last week, Israeli Prime Minister Benjamin Netanyahu permitted a limited number of aid trucks into Gaza amid increasing pressure from allies who have drawn a line at images of starving children.

    However, Israel is controversially planning to transfer responsibility for distributing aid in Gaza through a new system that would sideline the UN and other aid agencies that have been working there for decades.

    UN Secretary-General Antonio Guterres swiftly rejected Israel’s new aid distribution system in Gaza, saying it breaches international law and humanitarian principles.

    In a joint statement, two dozen countries, including the UK, many European Union member states, Australia, Canada and Japan, have supported the UN’s position on the new model. The signatories said it won’t deliver aid effectively at the scale required, and would link aid to political and military objectives.

    The UK, Canada and France have further threatened to take “concrete actions” to pressure Israel to cease its military offence and lift restrictions on aid.

    And in another blow to the credibility of the new system, the head of the newly established Gaza Humanitarian Foundation, which will oversee the distribution of aid, resigned on Monday. He cited concerns over a lack of adherence to “humanitarian principles”.

    So, how will would this new aid delivery system work, and why is it so problematic?

    A military-led system with deep flaws

    Israel has relied on unsubstantiated claims of large-scale aid diversion by Hamas to justify taking control over aid delivery in Gaza. The UN and its humanitarian partners continue to refute such claims, publicly sharing details of their end-to-end monitoring systems.

    Yet, the new aid delivery initiative is vague on important details.

    Several reports have revealed the plan would establish four secure distribution sites for aid under Israeli military control in southern and central Gaza.

    Security would be provided by private military contractors, such as Safe Reach Solutions, run by a former CIA officer, while the Gaza Humanitarian Foundation would oversee the distribution of food.

    There is little clarity beyond this on who is behind the new system and who is funding it.

    The initiative has provoked strong reactions from the UN and the wider humanitarian aid system.

    Senior aid officials have underlined the fact the international aid system cannot support a military-led initiative that would breach international law and be incompatible with humanitarian principles of neutrality, impartiality and independence.

    There are also concerns the four distribution hubs would require individuals to travel long distances to collect and carry heavy packages. This could leave female-headed households, people with disabilities, those who are ill and the elderly at greater risk of exclusion and exploitation.

    In addition, a leaked UN memo reportedly expressed concern over UN involvement in the initiative, saying the organisation could be “implicated in delivering a system that falls short of Israel’s legal responsibilities as an occupying power”.

    There are further concerns the UN could be implicated in atrocity crimes, including a risk of genocide through its participation in the system, setting a dangerous precedent for future crises.

    Tom Fletcher, the UN relief chief, has called the plan “a deliberate distraction” and “a fig leaf for further violence and displacement”.

    Other rights groups have condemned the mandatory collection of biometric data, including facial recognition scans, at the distribution sites. This would make aid conditional on compliance with surveillance. It would also expand Israel’s controversial use of facial recognition technology to track and monitor Palestinians throughout Gaza.

    And famine expert Alex de Waal claims Israel has “taken a page from the colonial war handbooks” in weaponising food aid in pursuit of military victory.

    He argues the planned quantities of food aid will be insufficient and lack the specialised feeding necessary for malnourished children, in addition to clean water and electricity.

    What has not been stated but can be implied from the strong resistance to the new system lacking humanitarian expertise: the lack of good faith on Israel’s part. The Israeli government continues to pursue an elusive military victory at the expense of the rules and norms intended to preserve humanity in war.

    Wider pattern of behaviour

    The UN’s rebuke of the plan should be interpreted through a wider pattern of Israeli government behaviour undermining the international aid system and its role in upholding respect for humanitarian principles.

    These fundamental principles include respect for humanity, neutrality, impartiality and operational independence. As the joint statement by 24 nations on aid to Gaza this month said:

    Humanitarian principles matter for every conflict around the world and should be applied consistently in every war zone.

    International humanitarian law requires member states to respect – and ensure respect – for the rules of war. This includes taking all feasible measures to influence the parties engaged in a conflict to respect humanitarian law.

    Likewise, the Genocide Convention requires member states to take measures to prevent and punish genocide beyond their jurisdictions.

    As Fletcher, the UN relief chief, reminded the UN Security Council earlier this month, this hasn’t been done in past cases of large-scale violations of international human rights, such as in Srebrenica (in the former Yugoslavia) and Rwanda.

    He said reviews of the UN’s conduct in cases like these

    […] pointed to our collective failure to speak to the scale of violations while they were committed.

    While humanitarians are best placed to deliver aid, greater collective political action is what’s needed. Pressure now falls on all UN member states use their levers of influence to protect civilians and prevent the further weaponisation of aid at this critical time.

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

    ref. Israel’s new aid delivery system for Gaza is sparking outrage. Why is it so problematic? – https://theconversation.com/israels-new-aid-delivery-system-for-gaza-is-sparking-outrage-why-is-it-so-problematic-257347

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: Speech by SCST at Luxury Symposium 2025 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCST at Luxury Symposium 2025 (English only) 
    Mr Alain Li (President of the French Chamber of Commerce and Industry in Hong Kong), distinguished guests, ladies and gentlemen,
     
    Good afternoon. It is truly my pleasure to be here at Luxury Symposium 2025, where leaders, experts and innovators from the global luxury industry gather together in the metropolitan city of Hong Kong to explore the future of luxury. And indeed, my activities today are intertwined. I met with the Hong Kong Retail Management Association just now, then I came to this Symposium, then I will go back for a meeting to prepare for our next peak of visitor arrival. This pretty much shows the importance of tourism and luxury spending and luxury sales on my radar screen.
     
    This year marks the 10th anniversary and this is the ninth edition of the Luxury Symposium series. Since its inception in 2016, the Symposium has established itself as a renowned platform for exploring the evolution of luxury and fostering meaningful dialogue. I’m most pleased to welcome distinguished speakers, world-class brands and passionate participants, many of you would be our old friends while some may have come our way for the first time. For this special milestone, the return of Luxury Symposium 2025 to Hong Kong is a firm testimony of Hong Kong’s unique position as Asia’s Events Capital, an international hub for arts and culture, and a shopper’s paradise.
     
    Hong Kong has a long and rich East-meets-West historical legacy. And with the strong support of the Central People’s Government, Hong Kong is striving to further develop this unique asset for the benefit of fostering deepened international cultural co-operation. Specifically, our role is the “super-connector” between our motherland and the rest of the world. 2025 has been nothing short of remarkable for Hong Kong’s cultural and creative scene. We have successfully hosted iconic international events like Art Basel and Art Central, which were warmly received by over 100 000 participants, including artists, galleries, art collectors and enthusiasts, and about 50 per cent of them were from outside of Hong Kong.
     
    Indeed, in the last couple of years, and indeed even right now, our M+ museum in West Kowloon and our Museum of Art have been staging exquisite exhibitions with modern and unique curation of Yayoi Kusama, I M Pei, Pablo Picasso, Renoir and Cézanne. These exhibitions are primarily in the area of visual arts, and an ability for Hong Kong people and our visitors to appreciate, and an instinct to achieve beauty and awe, is the fundamental driver for the creation and acquisition of sublime art pieces, many of which actually take the form of luxurious goods. Hong Kong has long been aware of the importance of, and actively fosters, the development of arts, culture and creative industries. Last year in November, we have introduced the Blueprint for Arts and Culture and Creative Industries Development. And “Develop Diverse Arts and Culture Industries with International Perspective” was one of the four strategic directions. I’m glad to see that Luxury Symposium 2025, by applying a unique perspective from global leaders of the industry, will generate innovative and inspirational ideas that benefit the long-term development of the luxury and relevant industries here in Hong Kong and globally.
     
    Apart from showcasing brilliant arts talent, we have also brought world-class fashion to our shores. An iconic example was the unforgettable Louis Vuitton’s Men’s Pre-fall fashion show in Hong Kong in end November 2023, which was the first ever runway show to stage against our iconic Victoria Harbour and the spectacular skyline along the Avenue of Stars. With the Government’s full facilitation, the event reached over 560 million views worldwide, showcasing Hong Kong’s unique allure to a global audience. Another one would be Chanel’s Cruise 2024/25 Show which creatively took place in the Hong Kong Design Institute in November 2024. The event not only successfully drew a big crowd of celebrities and fashion icons to Hong Kong, but also connected cinema lovers through film-related talks and happenings at Shaw Studios, taking note of the fact that cinema has always been at the heart of the brand. The event reaffirms the brand’s commitment to the city through celebrating the heritage and spirit of the collection, all the while paying tribute to the culture of Hong Kong.
     
    We certainly welcome more mega events, including luxurious brand events, with open arms and will be most happy to act as a strong facilitator. Of course, apart from government action, it takes joint efforts and collective wisdom from both local and international stakeholders, to cultivate an organic ecosystem for the development of arts, culture and creative industries on Hong Kong’s fertile soil. 
     
    Luxury should not just be about expensive art pieces or goods that are beyond the reach of ordinary people. Everyone needs and deserves a bit a luxury, be it peace of the mind, ample me-time, tranquil lifestyle, a super fine culinary experience, or just a bit of glitter once in a while. It is more about things in life that bring a joy so special or satisfying that it cannot be replaced by much else, so that one feels a desire to own it, to touch it and to come to it. It can mean different things to different people. And some of the things might be ultra expensive, but some are simply one of a kind, treasurable, without being overly costly. 
          
    The theme of this year’s Symposium is “Hong Kong Zoom in, Zoom out – The Asia edition”. Let us now zoom in a little bit and zoom out a little bit to see what Hong Kong has to offer. 
     
    Zooming in, Hong Kong is dedicated to advancing our infrastructure and enriching the content of our offering to drive new experiences and visitor engagement. The newly opened state-of-the-art Kai Tak Sports Park which hosted world-class events like Coldplay concerts and the Hong Kong International Rugby Sevens provide unforgettable excitement while fresh tourism initiatives announced last week like Hong Kong Industrial Brand Tourism, in-depth travel in Kowloon City and Old Town Central, rejuvenation of the Former Yau Ma Tei Police Station etc. There is no shortage of fun and nostalgia of Hong Kong’s cultural legacy.
     
    Zooming out, we are strengthening global connections by actively initiating, supporting or participating in platforms for arts and cultural exchange, to name a few, the Asia Cultural Co-operation Forum where cultural administrators exchange views of cultural policies, and the Hong Kong Performing Arts Expo newly launched in 2024 that brought together global arts institutions and practitioners for business partnerships and promotion of the industry all in one go. The Luxury Symposium is another precious piece in this puzzle – it is a platform for Hong Kong to connect with international peers, exchange ideas, gain experience, and explore opportunities for collaboration and innovation. These initiatives are introduced not only by the Government, but also the industries and various institutions.
     
    Ladies and gentlemen, rapid and vigorous changes have been taking place in our current world, and definitely to the luxury industry. It has come to my attention that a specific part on tackling talent challenges will be presented in our Symposium later today. Apart from talent, shifting market trends and customer preference, as well as technological advancement, all pose challenges to the luxury industry, particularly in this volatile age of geopolitical tension. Faced with evolving challenges of changing spending patterns and tourist behaviours every day, I always advocate an active approach to discover the opportunities that come with the challenges. At this year’s Luxury Symposium, we all have the privilege to learn about insightful thoughts on the future of luxury from leaders of the industry, academia and a wide range of related sectors with diversified backgrounds. When rivers of thought converge, civilisations bloom in shared moonlight, and the potential of the industry can then be fully unleashed. It is through collaboration, creativity, and shared wisdom that we can unlock one another’s potential as a vibrant, global industry.
     
    Before I close, I would like to express my heartfelt gratitude to the French Chamber of Commerce and Industry in Hong Kong for your unwavering dedication in organising the Luxury Symposium year after year. Your effort continues to strengthen the bond between Hong Kong and France while enriching cultural exchange on a global scale. My special thanks also go to the distinguished speakers, participating brands, collaborating organisations and amazing attendants like every one of you here and online. I wish Luxury Symposium 2025 a resounding success and all of you a fruitful journey of discovery, innovation and luxury in Hong Kong.
     
    Thank you.
    Issued at HKT 17:06

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    MIL OSI Asia Pacific News

  • MIL-OSI: Eviden introduces SkyMon NG, a satellite monitoring system addressing the new era of digital and modular space systems

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Eviden introduces SkyMon NG, a satellite monitoring system addressing the new era of digital and modular space systems

    Cloud-ready and powered by AI, SkyMon NG enhances interference prediction and operational efficiency

    Paris, France – May 26, 2025 – Eviden, the Atos Group business leading in digital, cloud, big data and security today announces the initial rollout of SkyMon NG1, a next-generation satellite monitoring solution. SkyMon NG enables satellite operators to efficiently manage the complexity of digital satellite communication systems, including dynamic behaviors like beam hopping and onboard processing, while providing regulators with greater visibility and control over spectrum usage. It solves key challenges around real-time monitoring, resource optimization, helping operators deliver higher performance with lower operational costs with virtualized ground station capability, allowing them to allocate their frequency resources where needed.

    As next-generation satellites evolve from static payloads to flexible, software-defined systems, monitoring must also adapt to keep pace with their dynamic, reconfigurable behavior—especially in an era of growing spectrum congestion and quality of service demands.

    Supporting the monitoring of the new dynamic behavior of VHTS (Very High Throughput) satellites with onboard processing and beam hopping, SkyMon NG is designed to give operators and regulators faster situational awareness, improved visibility into satellite activity, and early detection of anomalies.

    The growing complexity of satellite ground infrastructures spanning from on-premise to cloud, now demands cloud-ready monitoring systems. To address this challenge, SkyMon NG cloud-ready architecture ensures seamless integration with hybrid or fully cloud-based infrastructures.

    SkyMon NG includes AI features to effectively detect interferences and compared with previous conventional system, improving the classification of the interference’s source.

    Designed with customer needs in mind, SkyMon NG offers a phased approach to upgrading from legacy systems, reducing the need for major infrastructure upgrades. Its adaptable architecture allows operators to leverage existing servers and infrastructure, helping to keep costs down while gaining access to next-generation technology.

    Bruno Milard, Head of Aerospace & Defense Electronics, Mission-Critical Systems, Eviden at Atos Group, said: “With our new SkyMon NG solution, Eviden is proud to provide a next-generation option that builds on our company’s core expertise while introducing cutting-edge capabilities. With ability to monitor high-throughput and beam hopping satellites, and its cloud-ready architecture, SkyMon NG ensures efficient use of satellite resources, providing a strategic edge for operators looking to optimize satellite performance in variable-demand environments.”

    ***

    About Eviden [1]

    Eviden is a next-gen technology leader in data-driven, trusted and sustainable digital transformation with a strong portfolio of patented technologies. With worldwide leading positions in advanced computing, security, AI, cloud and digital platforms, it provides deep expertise for all industries in more than 47 countries. Bringing together 41,000 world-class talents, Eviden expands the possibilities of data and technology across the digital continuum, now and for generations to come. Eviden is an Atos Group company with an annual revenue of c. € 5 billion.

    Eviden business is operated through the following brands: AppCentrica, ATHEA, Cloudamize, Cloudreach, Cryptovision, DataSentics, Edifixio, Engage ESM, Evidian, Forensik, IDEAL GRP, In Fidem, Ipsotek, Maven Wave, Profit4SF, SEC Consult, Visual BI, X-Perion. Eviden is a registered trademark. © Eviden SAS, 2025.

    About Atos Group

    Atos Group is a global leader in digital transformation with c. 72,000 employees and annual revenue of c. € 10 billion, operating in 68 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Press contact

    Isabelle Grangé | isabelle.grange@atos.net | +33 (0) 6 64 56 74 88


    1 SkyMon is a registered trademark.

    Attachment

    The MIL Network

  • MIL-OSI Europe: How to strengthen public safety through community-oriented policing explored at OSCE and UNODC side event

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: How to strengthen public safety through community-oriented policing explored at OSCE and UNODC side event

    Participants at a side event on “Building Police-Public Partnerships: Community-Oriented Policing and Community Engagement” organized by the OSCE Transnational Threats Department and the United Nations Office on Drugs and Crime (UNODC), 23 May 2025. (OSCE) Photo details

    Partnerships, crime reduction, and accountability and trust in law enforcement were some of topics in focus at a side event on “Building Police-Public Partnerships: Community-Oriented Policing and Community Engagement” organized by the OSCE Transnational Threats Department and the United Nations Office on Drugs and Crime, Crime Prevention and Criminal Justice Section in Vienna, Austria, on 23 May.
    Criminal justice practitioners, policymakers and civil society representatives gathered to examine the role of community-oriented policing in enhancing public safety and strengthening trust between law enforcement and the communities they serve.
    Panelists shared practical experiences and lessons learned on engaging with communities, strengthening partnerships and achieving more focused and effective policing. They also explored how community-oriented policing can, as a strategic approach to preventing and combatting crime, sustainably transform policing practices through collaboration and shared responsibility for community safety.
    The discussions underscored the importance of multi-stakeholder engagement, such as with civil society, oversight bodies and the media, in putting community-oriented policing into practice. In this context, the OSCE guidebook on Good Practices in Building Police-Public Partnerships (2022) was presented as a key resource, outlining common principles and offering concrete guidance to support the use of these strategies by police, policymakers and community actors.
    Looking to the future, participants recognized the role of community-oriented policing in long-term crime reduction and promoting more effective and accountable law enforcement, with knowledge exchange and dialogue being crucial to advancing these approaches across the OSCE area and beyond.
    The event took place on the margins of the 34th Session of the Commission on Crime Prevention and Criminal Justice (CCPCJ), and was co-sponsored by Finland’s 2025 OSCE Chairpersonship and the United Kingdom Delegation to the OSCE.

    MIL OSI Europe News

  • An ode to the fourth-largest economy of the world

    Source: Government of India

    Source: Government of India (4)

    In May 2025, India stands as the fourth-largest economy in the world, surpassing Japan and trailing only the United States of America, China, and Germany.

    With a Gross Domestic Product of over four trillion dollars, the economic might of the nation is now evident to the world. In the last decade, India’s GDP has more than doubled. To put things in perspective, it took India more than 65 years to reach its first two trillion dollars, and only eleven years to add the next two.

    The economic upliftment of rural India has been integral to this leap. For decades, the countryside was plagued by issues of food, shelter, and clothing. However, in the last eleven years, these challenges have been addressed through precise and people-centric policymaking.

    While an array of welfare programmes tells a compelling story, the simplest policy moves have been most effective. For instance, the Pradhan Mantri Garib Kalyan Anna Yojana has ensured an additional quota of foodgrains for more than 80 crore people. Before the Narendra Modi government took office, surplus foodgrains in government coffers were under contention, yet the previous government was unwilling to distribute them to those in need.

    Beyond welfare, this has had a significant economic impact. People in villages now have more disposable income, which they are using to buy consumer durables, processed foods, and foods with higher nutritional value. Aspirations are changing, and the success of the Mudra Yojana is a testament to this shift. No longer a liability, rural India is now an asset for a rising nation.

    Urban pockets are evolving as well. With every trillion dollars added to the economy, consumer demand is transforming. Earlier this month, Lego, one of the world’s largest toymakers, opened its first store in India in Gurugram, Haryana. Apple, the world’s leading technology company, is now embedded in urban markets, increasing its manufacturing volume and value within India.

    But India’s manufacturing story is not just about Apple; it encompasses millions of young and old entrepreneurs shifting to local production, moving beyond the role of traders. Near the Haryana border, in Delhi’s North-West district, lies Bawana, an example of this significant shift. The Prime Minister’s larger message of ‘Make in India, Make for India, and Make for the World’ has resonated with entrepreneurs here, who are leading the change.

    The greatest supplement to India’s growth over the last decade has been infrastructure. Prime Minister Narendra Modi has shown an unprecedented commitment to infrastructure development, rivaling Franklin D. Roosevelt in the 1930s.

    India’s infrastructure push over the last decade has been the most ambitious in any democracy in the past century. A simple litmus test is that every individual within a 50-kilometer radius can vouch for redevelopment and numerous greenfield infrastructure projects.

    These projects are empowering people in every state, enabling access to greater economic and employment opportunities. Projects like the Dedicated Freight Corridors, dormant under the previous government, are now instrumental in reducing export costs and enhancing the ease of doing business.

    In the northeastern part of the country, projects are opening new avenues for tourism and the regional economy. In the Himalayas, strategic infrastructure initiatives, from Arunachal Pradesh to Ladakh, are strengthening military capabilities.

    The government’s intent toward infrastructure is validated by its annual capital expenditure commitment. In recent years, the Centre has committed over Rs. 50 lakh crore to infrastructure development. This also serves as evidence of the government’s fiscal management, which has navigated the pandemic, the global supply chain crisis, and the Russia-Ukraine war. The focus has been on creating long-term assets to fuel economic growth.

    The dual impact of welfare and infrastructure is fostering a generation of job creators. These are citizens, born in the late 1980s, 1990s, and early 2000s, who are not seeking employment but creating it.

    This new generation is further empowered by the digitisation of the economy and the pan-India market it has opened. These include digital creators as well. Employing anywhere from two to two hundred professionals, these entrepreneurs are transforming the dynamics of the Indian job market.

    This is what makes India the largest free market in the world. Beyond geopolitical dynamics, the economic might of India’s market size cannot be underestimated. India’s market access alone can cripple foreign powers, as seen in 2020 when the government banned TikTok and in 2025 when it sent a stern message to Pakistan through Operation Sindoor. The world needs India more than India needs the world. That is the power of 140 crore people.

    India’s rise to the third-largest economy is certain and will occur before 2029. Then begins a long journey toward becoming one of the world’s most important economic centres, driven by its market and demography. If the last decade was about cementing the size of the economy, the next will witness sharp and steep progress in microeconomic fundamentals, from per capita income to changing expenditure dynamics.

    From being among the ‘Fragile Five’ in 2013, India has come a long way by 2025, ranking among the top five. The comeback has been remarkable, and the country retains the momentum to surge further ahead. In 2015, it was the story of an economy struggling to find its footing. In 2025, it is about an economy ready to rise like an albatross, and by 2035, the story will be of a ten-trillion-dollar economy, reclaiming its civilisational position in a brave new world.

    (Tushar Gupta is a Delhi-based journalist and a political commentator)

  • MIL-OSI China: Chinese director Bi Gan wins Special Prize at Cannes

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

    Chinese director Bi Gan won the Special Prize on May 25 at the 78th Cannes Film Festival for his epic fiction feature “Resurrection.”

    Director Bi Gan (center) poses with cast members of “Resurrection” on the red carpet at the film’s premiere during the 78th Cannes Film Festival in Cannes, France, May 22, 2025. [Photo courtesy of Lima Media]

    Visionary auteur Bi’s “Resurrection” premiered on Thursday at Cannes to a 10-minute standing ovation and widespread critical acclaim. The art house sensation, starring Yi Yangqianxi, Shu Qi, Mark Chao and Li Gengxi, represents the sole Chinese-language contender in the main competition.

    In his acceptance speech, Bi expressed gratitude to the festival, jurors and all those who contributed to his film’s creation on behalf of the cast and crew. 

    The film has not yet set a release date, but it has sold widely following its world premiere, with companies from Italy, Germany, Spain, Greece, Switzerland, South Korea and others acquiring distribution rights.

    “Resurrection” unfolds through labyrinthine-like six sensory chapters of “visual,” “auditory,” “gustatory,” “olfactory,” “tactile” and “consciousness,” mirroring the Buddhist philosophy of the six senses. Set in a world where humanity has lost the ability to dream, one creature remains entranced by fading illusions — until a woman with the rare gift of perception appears, and she ventures into the monster’s dreams to uncover their hidden truth. The director uses this two-hour-and-forty-minute film to showcase his love for cinema, while framing a century-spanning fever dream through sensory and mental dimensions.

    On May 23, Bi Gan and the creative team took part in a Cannes press conference to discuss the film’s creative process. When addressing his signature long takes, Bi called them his “most familiar technique,” while Yi Yangqianxi revealed their pivotal sequence took 15 consecutive days of midnight-to-sunrise filming, completed with “ideal weather conditions.” Bi elaborated on the leads: “Yi’s character Fantasmer drifts frenziedly through time and space, while Shu Qi’s embodies absolute rationality — yet becomes mesmerized by his character.”

    Within the film’s setting, Yi portrays five distinct roles across the chapters — marking his first multi-character performance. He meticulously crafted their unique voices, postures and movements to embody the director’s vision, creating instantly recognizable traits for these multiple identities.

    Renowned Chinese sci-fi writer Chen Qiufan, who served as script consultant for “Resurrection,” described the film as “sci-fi poetry cinema” at a Cannes event on May 19 and revealed his frequent discussions with the director about consciousness.

    The film is Bi Gan’s first feature since the 2018 festival sensation “Long Day’s Journey into Night,” a groundbreaking 3D experiment. Festival organizers described his work as a showcase of his evolving creativity that maintains the sensory and poetic qualities defining his style. They also noted that at just 35 years old, he has established himself as a major force in shaping China’s new generation of art house cinema since his directorial debut “Kaili Blues” a decade ago.

    At the post-closing ceremony press conference on May 25, jury president Juliette Binoche revealed the jury unanimously created this special award for Bi because of the film’s singular creativity, stating, “‘Resurrection’ is like a UFO — an amazing invention.”

    Binoche also remarked on the film’s uniqueness. “Visually, it really moved me. I found it extraordinary. This film allows for dreams, subtexts that we feel and that are real. It’s full of poetry and allows us to feel something within ourselves,” she said.

    Bi added, explaining his inspiration: “There should be a film about the cinema that can comfort people in this world full of changes.”

    This year’s Cannes Film Festival featured 22 films competing for its top honor — the Palme d’Or. The competition section awards were announced at the festival’s closing ceremony. The Palme d’Or went to Iranian director Jafar Panahi’s “Un Simple Accident.” Joachim Trier’s “Sentimental Value” received the Grand Prix, while the Jury Prize was shared by Oliver Laxe’s “Sirat” and Mascha Schilinski’s “Sound of Falling.” The night’s big winner was Brazil’s “The Secret Agent,” earning best director for Kleber Mendonça Filho and best actor for Wagner Moura. Best actress went to Nadia Melliti for “The Little Sister,” and Belgium’s Dardenne brothers claimed best screenplay for “Young Mothers.”

    MIL OSI China News

  • MIL-OSI Europe: Looking Back on King Willem-Alexander’s Visit to Expo 2025 Osaka

    Source: Government of the Netherlands

    On Wednesday, 21 May, and Thursday, 22 May, King Willem-Alexander of the Netherlands visited the World Expo in Osaka as part of his journey to Japan. Between 13 April and 13 October 2025, Expo 2025 Osaka, Kansai, Japan is expected to welcome no less than 28 million visitors. The Netherlands has its own pavilion at the Expo, which has already received many thousands of guests in its first month. The King’s visit marked the highlight of the Netherlands’ National Day at the Expo. He was accompanied by Minister Klever for Foreign Trade and Development and Minister Beljaarts of Economic Affairs, who are in Japan for an economic working visit and a trade mission focusing on high tech and digitalization.

    Enlarge image
    King Willem-Alexander and Minister Klever arrive at the Netherlands pavilion on 21 May

    National Day Celebrations

    National Day at the Expo is a special occasion hosted by each participating country. On 21 May, it was the Netherlands’ turn, and the King traveled to Osaka for the event. After signing the guestbook and attending an official ceremony—featuring the Dutch national anthem and flag-raising—King Willem-Alexander delivered a welcome address. In his speech, he emphasized the long-standing relationship between Japan and the Netherlands. In addition to Expo, 2025 also marks 425 years of Dutch–Japanese relations.

    Dance and Design on Display

    To mark National Day, the King attended a dance performance in the National Day Hall on the Expo grounds. Dutch ensemble Introdans collaborated with the Japanese group LAND FES for the occasion. Choreographers Adriaan Luteijn and Dai Matsuoka are pioneers in inclusive dance, creating performances where professional dancers share the stage with dancers with disabilities. The King also visited the temporary exhibition Arts & Crafts on Common Ground, where Dutch designers and Japanese artisans collaborated to create works that fuse contemporary and traditional techniques.

    Strengthening Economic Ties

    As part of the economic mission, a roundtable was held at the Netherlands Pavilion with CEOs from Dutch and Japanese companies. The meeting was attended by the King and co-hosted by the Kansai Economic Federation and the Confederation of Netherlands Industry and Employers (VNO-NCW). The goal: to encourage economic cooperation between the Netherlands and the Kansai region in western Japan—particularly in the fields of natural sciences, healthcare, and chemistry.

    Enlarge image
    Architect Thomas Rau, Ries Straver of Tellart design studio and Minister Beljaarts, among others, posing in front of the Netherlands pavilion

    Circular Pavilion

    The King concluded the day with a visit to the rest of the Netherlands Pavilion. A day earlier (20 May), AND BV, the design and construction consortium behind the pavilion, reached an agreement with the Japanese multinational Pasona Group to purchase and repurpose the pavilion after the Expo. This was always the intention: the Dutch pavilion is a model of circular construction—each part is registered and can be dismantled and reused elsewhere without loss. The day also included visits to the Japanese and Czech pavilions.

    Enlarge image
    At the exhibition on 425 years of Japanese-Dutch exchange in Osaka Castle, Consul-General Marc Kuipers tells the King about the earliest history between our two countries

    425 Years of Shared History

    Throughout May, Osaka Castle is spotlighting the long-standing relationship between Japan and the Netherlands. The exhibition A New Dawn on Common Ground: 425 Years of Exchange between Japan and the Netherlands features objects dating back to the year 1600. That year, the Dutch ship De Liefde arrived in Japan, carrying the first Dutchmen to make contact with the country. This meeting eventually led to an exclusive trading relationship that lasted more than 200 years. On the second day of his visit, the King visited this exhibition, which was organized by the Dutch Consulate in Osaka and features items from both Dutch and Japanese collections.

    Enlarge image
    At Tekijuku, the old Dutch school of Osaka, the King was welcomed by Osaka University students

    The Legacy of Rangaku

    Later that day, 22 May, the royal delegation visited Tekijuku, one of the most important Dutch-language schools in Japan. Until well into the 19th century, Japanese students studied Dutch there to access Western books. The presence of the Dutch in Japan offered a rare window to the rest of the world. Through Rangaku (Dutch Studies), the latest knowledge in fields such as medicine was introduced to Japan. Today, Tekijuku is part of Osaka University, where last year a new medical cooperation agreement was signed between Japan and the Netherlands. The King also visited Nakanoshima Qross, a new hub for research into the future of healthcare.

    Enlarge image
    At the Pasona pavilion, King Willem-Alexander and Minister Klever were introduced to the latest technology is regenerative medicine

    Innovation and Future Collaboration

    In the afternoon, King Willem-Alexander and Minister Klever joined the economic mission on high tech and digitalization, led by Minister Beljaarts. Around 70 Dutch companies were introduced to approximately 170 Japanese guests. Multiple partnership agreements were signed to promote cooperation in areas such as semiconductors, quantum computing, and 6G telecommunications. The day concluded with an Innovation Parade, where 19 Dutch and Japanese organizations presented their work to the King.

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – State of the Schengen area – 26-05-2025

    Source: European Parliament

    The development of the Schengen area is one of the major achievements of European integration. The removal of checks on persons at the Schengen states’ internal borders greatly facilitates the exercise of the EU freedoms of movement, which brings significant social and economic benefits. The Schengen area has come under increased stress in the past decade, owing to multiple challenges relating to increased migration into the EU, threats to internal security and the COVID 19 pandemic. In response to these challenges, many Schengen states decided to reintroduce checks at some or all of their internal borders. Despite the prescribed temporary nature of such measures, several Schengen states have prolonged these checks for years on end. The number of Schengen states with checks at internal borders reached its peak (18 states) during the first wave of the pandemic. In May 2025, 11 Schengen states had checks at internal borders owing to serious threats related to irregular migration and/or internal security. The Schengen area has expanded gradually in the past three decades and is now composed of 29 countries. In January 2025, Bulgaria and Romania were the latest two countries to fully join the Schengen area, 18 years after their accession to the EU. Cyprus is also legally bound to join the Schengen area, but the evaluation procedure for its full accession is still ongoing. This briefing presents key recent figures and developments in the Schengen area, focusing on the Schengen states’ measures to reintroduce checks at internal borders, and on the current situation regarding the completion of the Schengen area. This is an update of a briefing originally published in December 2023.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Compensation for livestock farmers in Thessaly – Delays in payment – E-001985/2025

    Source: European Parliament

    Question for written answer  E-001985/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    Following the devastating floods of September 2023 in Thessaly, the European Commission approved significant financial support to Greece, aiming to relieve those affected and restore agricultural and livestock activity.

    Specifically, the following provision was made: a) EUR 43 million through the agricultural reserve for direct compensation to farmers and livestock farmers[1], b) EUR 101.5 million through the EU Solidarity Fund, with an advance payment of EUR 25.3 million approved in January 2024[2] and c) full coverage of damages to livestock and facilities, according to statements by the competent Minister of Rural Development.

    However, significant delays have been recorded in the payment of compensation to affected farmers. The 2nd equal instalment of just EUR 12.7 million was paid in March 2024[3], which raises reasonable questions about the efficient and timely use of European funds.

    In light of the above:

    • 1.Have the Greek authorities kept the Commission informed of progress and the reasons for the delays in the payment of compensation?
    • 2.Is the Commission monitoring the implementation of the relevant support measures and, if so, does it intend to request that the procedures be accelerated?
    • 3.In the event of continued delays on the part of the national authorities, does the Commission intend to provide further support or intervene?

    Submitted: 17.5.2025

    • [1] https://www.globaltradealert.org/state-act/83177/greece-european-commission-approves-compensation-package-for-farmers
    • [2] https://www.ekathimerini.com/economy/1247120/e101-5-mln-in-eu-aid-for-thessaly/
    • [3] https://www.archyde.com/thessaly-12-7-million-euros-were-paid-to-farmers-and-breeders-2024-03-25-215834/
    Last updated: 26 May 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Community funds for financing and strengthening the Transport Equivalent measure – E-001977/2025

    Source: European Parliament

    Question for written answer  E-001977/2025
    to the Commission
    Rule 144
    Emmanouil Kefalogiannis (PPE)

    Supporting island life – with particular emphasis on small islands – should be a priority. Using every means and financial tool, regional development should be promoted, local micro-economies stimulated, services and opportunities provided to the island world upgraded and inequalities between island and mainland Greece eliminated.

    A valuable measure to this end (especially nowadays, when the cost of living on the islands is very high) is the Transport Equivalent (TE). This measure, which has to date been financed exclusively from national resources, aims to contribute substantially to reducing the high transport costs borne by islanders. However, it has become clear that meeting needs exceeds national budgetary capabilities, with significant delays in the payment of aid. The Transport Equivalent measure remains outside the European framework for supporting island life, although it is fully aligned with European cohesion policies. In this context, manufacturing bodies have proposed its inclusion in European programmes, such as the Just Transition Programme 2021-2027, the Cohesion Fund and the European Regional Development Fund, etc.

    In view of this:

    • 1.What measures does the Commission intend to put in place to support island life?
    • 2.Which Community funds can finance the Transport Equivalent measure?

    Submitted: 16.5.2025

    Last updated: 26 May 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Access to school canteens in Sicily and the use of ESF+ and NRRP funds – E-001981/2025

    Source: European Parliament

    Question for written answer  E-001981/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    According to a recent survey of school canteens in Italy[1], rising canteen prices in Sicily (up 13 % and 8 % since last year in nurseries and primary schools respectively) have resulted in families on the island forking out an average of EUR 83 per child on school meals.

    In addition, it is extremely difficult to even access school meals in Sicily, where only 13.7 % of all schools have canteens, a figure which rises to 41.2 % and 43.1 % in central and northern Italy respectively.

    Although Italy’s National Recovery and Resilience Plan (NRRP) includes specific measures to remedy these kinds of inequalities, it has only allocated 37 % of its school canteen funding to southern Italy, Sicily and Sardinia.

    This state of affairs makes it extremely difficult for Sicilian children to access a healthy and adequate diet, which is one of the fundamental rights enshrined in the European Child Guarantee[2], which aims to ensure full access to essential services for children in vulnerable situations.

    In view of the above:

    • 1.Is the Commission aware of the situation concerning Sicily’s school canteens, and how does it assess the way in which the island’s NRRP allocation has been used?
    • 2.Which European Social Fund Plus (ESF+) instruments and resources could be used to guarantee that Sicilian pupils can regularly access school canteens?
    • 3.Will the Commission take further steps to reduce regional disparities and ensure that the European Child Guarantee is effectively implemented in Sicily?

    Submitted: 16.5.2025

    • [1] https://www.cittadinanzattiva.it/notizie/17124-viii-indagine-sulle-mense-scolastiche-circa-85-euro-il-costo-medio-mensile-servono-piu-risorse-contro-la-poverta-alimentare.html.
    • [2] https://commission.europa.eu/strategy-and-policy/policies/justice-and-fundamental-rights/rights-child/eu-strategy-rights-child-and-european-child-guarantee_en#european-child-guarantee.
    Last updated: 26 May 2025

    MIL OSI Europe News