Category: Politics

MIL-OSI NGOs: Oxfam reaction to the Inter-American Human Rights Court declaring tackling climate a legal government duty

Source: Oxfam –

In response to the Inter-American Court of Human Rights decision today setting out governments’ obligations in regard to the climate crisis, Gloria García-Parra, Oxfam’s regional director for Latin America and the Caribbean said: 

“The Inter-American Court has sounded the alarm, declaring a climate emergency and for the first time pronouncing that governments have a legal obligation to ensure the right to a safe climate. It stated that governments must protect present and future generations of people, as well as nature and other species from dangerous human-caused emissions.”

“Oxfam has consistently insisted on the need to address climate and inequality in tandem. We are delighted that the Court has confirmed this is a legal obligation, declaring that there must be no disproportionate burdens caused by climate change for anyone, whether in the present and for future generations.”

“The Court states that governments must adopt binding emissions reduction targets with specific deadlines, based on their historic contributions, with those States most responsible adopting the most ambitious targets. States must take urgent and effective steps to regulate, supervise, and monitor corporations within their borders to minimize their adverse impacts on climate change.

“The Court also observed that States are responsible for the impacts of carbon emissions within their borders have on the human rights of people wherever they are. And that governments have a legal obligation to cooperate with other countries, including by providing technical and financial assistance to States and peoples with less resources. The Court confirmed that governments must ensure people affected by climate harms have the right to a remedy that holds to account those responsible for climate harms, even if those people are in a different country.”

“The Court confirms that States must have a specific set of strong protections for environmental defenders. It recognizes that governments must respect and take into account traditional, ancestral, and local knowledge systems, including those of Indigenous Peoples and Afro-descendent communities, in climate decision-making.”

“The Court has confirmed binding requirements in international law that go beyond those contained in the Paris Agreement. Governments in the Americas must immediately review their climate plans and amend them to comply with this decision. If they do not, it is clear that communities around the world – not only in the Americas – have a powerful new tool to challenge their governments failures to protect their human rights and the climate.”

MIL OSI NGO –

July 7, 2025
MIL-OSI NGOs: Job Opening: Campaigner
Source: Greenpeace Statement –

This is a full-time permanent position based in Manila Office. Candidates who have the legal right to work and live in the Philippines are encouraged to apply.

© Daniel Müller / Greenpeace

About the Role

The Campaigner is a key role in Greenpeace. This role leads the development and implementation of high impact campaign strategies and plans with the goal of achieving big and lasting wins in the policy and public perception spheres, towards systemic changes.

This role works together with a cross-functional team to co-create and drive proactive and responsive initiatives that will influence policy, change mindsets and mobilize communities, groups and networks.

The incumbent is expected to be knowledgeable in climate, energy and environmental issues, as well as cross-cutting social justice issues. They must be well-versed in local and international climate and energy policy and developments. In certain situations, as determined by internal and external events and upon the consideration and advice from the Country Director, the campaigner is expected to support other initiatives under the Greenpeace Philippines Program.

Duties and Responsibilities:
- Develop and implement smart, innovative and people-powered campaign strategies and projects in line with both the short and long term goals of the Climate Campaign, and the GPPH program in general, consistent with national, regional and international objectives and including detailed strategy, activities, timelines and budgets.
- Maintain a working knowledge of technical information and be able to present the information to a variety of audiences within and outside the Philippines.
- Maintain a working knowledge of mindset sciences, and political, legislative, regulatory and economic frameworks relevant to climate, energy, and the environment.
- Lead the development and implementation of campaign plans and tactics
- Initiate cross-issue campaign discussions for integrated project development, planning and implementation
- Work with engagement focal points to strengthen the campaign’s people participation and audience journey components. Organize and oversee the work of campaign/project volunteers, interns and short-term contractors as required
- Work with the communications focal points in preparing a variety of communications materials and provide assistance in the formulation of regional and international materials when necessary, and assist in planning communications and engagement strategies for the campaign
- Respond to and engage in internal as well as external regional challenges beyond his/her normal issue/campaign area as circumstances require
- Participate in campaign discussions and planning regarding strategic issues within Greenpeace Philippines, GPSEA, with other Greenpeace offices and with GP International (GPI) staff. This will include both written and verbal discussion as well as attendance at specific meetings
- Keep the Philippine Country Director, Regional and other Campaigners, unit leads and project team members well-informed of activities in the campaign interventions (including the preparation of monthly reports and work plans) and recommend changes in tactics, or strategies as necessary
- Represent Greenpeace and the campaign at relevant public events, movement events and at meetings with political decision makers, local citizens and affected communities; act as spokesperson for the campaign, and develop pro-active relationships with relevant media to increase campaign outreach
- Build alliances and/or support relationships with partner organizations, relevant affected groups, grassroots organizations, academic and professional groups, labor unions and others as identified in strategic planning
- Build, connect and/or catalyze relevant climate movements by creating, building and/or supporting networks, coalitions, and groups in support of campaign goals and in line with agreed campaign strategies
- Direct, organize and participate in non-violent direct action to support and advance campaign goals and organization objectives
- Reliably deliver on project engagement plans in line with the country strategy, campaign and engagement objectives and KPIs
- Develop monitoring and evaluation mechanisms for the campaign and implement progress reviews and end-point evaluations
Skills and Experience Requirements:
- Bachelor’s degree or higher in a related field
- At least 6 years work experience on environmental campaigning or any related field
- Extensive knowledge about climate, energy, biodiversity and environmental issues
- Proven experience in campaigning and project management, open campaigning, mass mobilization, public speaking, activist training, strategic planning and organizing people around an issue
- Proven experience in directing a project from conception to completion
- Proven ability to work both independently and in close coordination with a team
- Excellent networking skills and the ability to communicate with a wide range of organizations and communities
Functional Skills:
- Strong strategic thinking and planning skills; proven experience in analyzing and planning campaign strategies
- Strong personal organizational skills including ability to participate in multiple projects with competing priorities and timelines, strong interpersonal communication skills and ability to handle constantly evolving work
- Knowledge and/or experience in working with volunteers
- Excellent spoken and written communication skills in English and Filipino
Greenpeace’s Commitment to Diversity and Inclusion

Greenpeace values diversity as essential to its mission and success. The organisation fosters an inclusive environment that respects varied cultural experiences and perspectives, promoting solutions rooted in social and environmental justice.

Deadline for applications: July 22, 2025

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MIL OSI NGO –
July 7, 2025
MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

Source: Bank for International Settlements

Good morning to all of you.

It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion.

Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future.

As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard.

So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries.

Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

MIL OSI Economics –

July 7, 2025
MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

Source: Bank for International Settlements

Good morning to all of you.

It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion.

Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future.

As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard.

So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries.

Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

MIL OSI Economics –

July 7, 2025
MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

Source: Bank for International Settlements

Good morning to all of you.

It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion.

Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future.

As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard.

So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries.

Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

MIL OSI Economics –

July 7, 2025
MIL-OSI United Kingdom: NDA calls for engagement on refreshed decommissioning strategy
Source: United Kingdom – Executive Government & Departments

News story

NDA calls for engagement on refreshed decommissioning strategy

The NDA has published its strategy for consultation, setting out the roadmap to decommission the UK’s earliest nuclear sites safely, securely and sustainably.
Image of strategy document under consultation

Today, the Nuclear Decommissioning Authority (NDA) has published its revised strategy for public consultation, setting out a clear roadmap for one of the UK’s most complex long-term environmental challenges.

The strategy outlines how the NDA group will continue to deliver its mission to safely decommission the UK’s legacy nuclear sites, a programme of work spanning several decades which will protect people and the environment for generations to come.

Since the last strategy was published in 2021, much has been achieved including completing reprocessing operations at Sellafield, shaping a new national radioactive waste policy, supporting the government to finalise and publish the plutonium disposition policy and establishing the NDA group model.

In its draft strategy, the NDA reaffirms its highest strategic priority of hazard reduction at Sellafield, which is focused on the safe retrieval of waste from the site’s legacy ponds and silos, the most complex challenges in the UK’s nuclear clean-up mission.

By 2050, the NDA group aims to have made significant progress across its mission, including delicensing most of the former-Magnox reactor sites, repackaging a proportion of the UK’s plutonium stockpile and initiating its conversion into a disposable form, establishing new waste storage centres, identifying a suitable site for a Geological Disposal Facility (GDF), and enabling land to be reused for future development opportunities.

NDA Group CEO David Peattie said:

This refreshed strategy sets a clear, ambitious, and credible path for the next phase of our important national mission.

Our strategic principles remain firm, we’ll always put the mission first, make decisions based on the best available waste treatment and disposal options, act proportionately and will make best use of our people and capabilities to maximise delivery.

We’re proud of the progress we’ve made over the past five years, and we remain committed to delivering a safer, cleaner future for generations to come.

This fifth strategy update is an evolution, building on the foundation of the 2021 strategy, maintaining focus on the four strategic themes that underpin the decommissioning mission:

Site decommissioning and remediation – dismantling redundant facilities and preparing land for future beneficial use.

Spent nuclear fuels – managing spent fuel from first generation Magnox reactors and advanced gas-cooled reactors in line with UK policy through consolidation at Sellafield, safe, secure interim storage and preparing for disposal via a Geological Disposal Facility.

Nuclear materials – delivering long-term plans for materials such as plutonium and uranium, originating from fuel enrichment, fabrication and reprocessing.

Integrated waste management – ensuring consistent, safe handling of radioactive waste across the estate, prioritising waste reduction, reuse, recycling before considering disposal.

Supporting the strategic themes are critical enablers, which establish the environment for successful mission delivery, for example research, development and innovation, people, transport and cyber security.

These have been reviewed and refined to better reflect what it takes to deliver the mission. Notably, sustainability is now embedded as a core principle running throughout, rather than a standalone critical enabler, reflecting its growing importance in shaping the strategy.

The draft strategy also marks a shift towards greater integration and collaboration across the NDA group to strengthen efforts to address the UK’s nuclear legacy. The new model enables closer strategic alignment and better sharing of knowledge and resources, which is delivering enhanced performance and increased value for money.

Beyond decommissioning, the strategy also highlights the broader role of the NDA group in the UK’s nuclear future as the sector’s enduring foundational organisation, sharing expertise, developing skills, shaping policy, and supporting clean energy and defence ambitions across Government and industry.

The public consultation is open for 12 weeks until 29 September 2025. Responses will be carefully considered in developing the final strategy which will be submitted for approval to UK and Scottish Government ahead of final publication in March 2026.

Have your say here: The NDA group Draft Strategy 2025 for public consultation.

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Published 7 July 2025
MIL OSI United Kingdom –
July 7, 2025
MIL-OSI Russia: 21 killed, three injured in Nigeria road accident

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

ABUJA, July 7 (Xinhua) — At least 21 people were killed and three others injured on Sunday when a truck and a bus collided in Nigeria’s northern Kano state.

The accident occurred on the Zaria-Kano highway in Kasuwar Dogo area due to the bus driver deviating from the route, said Mohammed Bature, Kano State Sector Commander of the Federal Road Safety Corps.

The accident resulted in a fire that engulfed both vehicles, he said, adding that the victims were taken to a government hospital.

Fatal road accidents are common in Nigeria, mainly due to overloaded vehicles, poor road conditions and reckless driving. –0–

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

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MIL OSI Russia News –

July 7, 2025
Wimbledon expansion plan goes into legal tie-break

Source: Government of India

Source: Government of India (4)

Wimbledon fans will have eyes only for the tennis this week but for those who run the world’s oldest and most prestigious Grand Slam, the real high-stakes contest will unfold not on their grass, but in London’s Royal Courts of Justice.

On one side of the legal net is the campaign group Save Wimbledon Park, while facing them in a judicial review of their ambitious expansion plan on Tuesday and Wednesday will be the All England Lawn Tennis and Croquet Club (AELTC).

It is the latest stage of a long-running fight that has split the south-west London “village”, which has been home to the Championships since 1877.

Last September the AELTC secured planning permission from the Greater London Authority (GLA) to treble the size of the main site to include 39 new courts including an 8,000-seat show court by redeveloping a former golf course on parkland land it already owns.

The 200-million-pound ($272.92-million) expansion aims to increase daily capacity to 50,000 people from the current 42,000, upgrade facilities and move the qualifying rounds on site to mirror the Australian, French, and U.S. Opens.

The plans have the backing of several leading players, including Novak Djokovic, and 62% of 10,000 residents in Merton and Wandsworth, the London boroughs that share the new site, also support the scheme, according to the AELTC.

“Our confidence in the development and the proposals that we’ve been working on for many years is as strong as it ever has been,” Wimbledon tournament director Jamie Baker told Reuters.

“For the championships to continue to be in the position that it is and to deliver all the benefits to stakeholders including the local community it is vital that we are able to stage the tournament on one site and bring all the grounds together.”

However, this week’s judicial review will decide whether the GLA’s decision to grant planning permission was unlawful.

Opponents of the development, including Thelma Ruby, a 100-year-old former actress who lives in a flat overlooking the park, and West Hill Ward Councillor Malcolm Grimston, say the club’s plans will cause environmental damage and major disruption to the area.

“It’s terribly important that it does not go ahead not just for myself but for the whole planet and future generations,” Ruby told Reuters.

“I overlook this beautiful landscape and there are all sorts of covenants that say you mustn’t build on it, and yet the tennis people have this unnecessary plan they admit will cut down all these glorious trees, which will harm wildlife.

“They’re using concrete, building roads, they’re going to have lorries polluting and passing my window every 10 minutes. The whole area will be in chaos as they’re closing off roads,” she said.

Save Wimbledon Park says the GLA failed to consider covenants that were agreed by the AELTC, including restrictions on redeveloping the land, when it bought the Wimbledon Park golf course freehold from Merton council in 1993 for 5.2 million pounds.

The AELTC paid a reported 63.5 million pounds to buy the Golf Club’s lease, which was due to run until 2041.

The campaign group also believes the GLA failed to consider the land’s statutory Public Recreation Trust status which means it should be held as “public walks or pleasure grounds”.

“It is not antipathy towards the AELTC that’s driving this, as some of the benefits are real, such as the extension of lake,” councillor Grimston told Reuters.

“The problem is that it will treble the footprint of the current Championship and turn what currently has very much a feel of being rural England and a gentle pace of life into an industrial complex that would dominate the views of the lake.

“That’s why it’s classified as Metropolitan Open Land, which is the urban equivalent of the green belt that has been protected for many decades in planning law in the UK and rightly so,” he said.

The AELTC say the plans will improve the biodiversity of the park, as well as bringing parts of it back into public use.

“The London Wildlife trust have endorsed the plans, they’ve spent many hours scrutinising our analysis and our expert views,” the AELTC’s head of corporate affairs Dominic Foster said.

“We know that this expansion will deliver a very significant benefit to biodiversity, whereas golf courses are not good for biodiversity.”

(Reuters)

July 7, 2025
MIL-OSI Asia-Pac: Government launches Subsidy Scheme to Extend 5G Coverage in Rural and Remote Areas

Source: Hong Kong Government special administrative region

Government launches Subsidy Scheme to Extend 5G Coverage in Rural and Remote Areas
Under the Subsidy Scheme, participating MNOs will install approximately 50 new subsidised radio base stations (RBSs) in various locations in Hong Kong, including country parks, outlying islands and other rural and remote areas, to enhance mobile network coverage and capacity in these areas, thereby improving residents’ quality of life and safeguarding the safety of rural activities.

“We anticipate that once the new RBSs are completed and activated, mobile network coverage of country parks in Hong Kong will increase to at least 90 per cent, while coverage along major government hiking trails will reach 98 per cent or above. The Subsidy Scheme will enhance network coverage in the surrounding areas and benefit some 70 villages located in the vicinity of the proposed RBSs, enabling residents, citizens and tourists to enjoy higher-quality mobile network services, and also facilitating the development of smart tourism,” a spokesman for OFCA said.

As announced in the 2023 Policy Address, the Government would expedite the expansion of mobile network infrastructure in rural and remote areas through subsidies. To implement the initiative, the Commerce and Economic Development Bureau and OFCA, having completed the relevant technical studies and stakeholder consultations, formulated the specific arrangements for the Subsidy Scheme. The Legislative Council approved the relevant funding in April this year.

OFCA, as the implementation agency of the Subsidy Scheme, will rigorously assess applications and monitor installation progress as well as the future operation of the RBSs to ensure the effective use of public funds. For details of the Subsidy Scheme, including application eligibility and procedures, technical requirements and site locations, please refer to the thematic websiteIssued at HKT 15:25

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

July 7, 2025
MIL-OSI China: Naval fleet led by aircraft carrier Shandong concludes Hong Kong visit

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

An aerial drone photo taken on July 4, 2025 shows visitors on-board the aircraft carrier Shandong anchored in Victoria Harbor in Hong Kong, south China. [Photo/Xinhua]

A fleet of the Chinese People’s Liberation Army (PLA) Navy, led by the aircraft carrier Shandong, departed south China’s Hong Kong on Monday morning, wrapping up a five-day visit.

The Hong Kong Special Administrative Region (HKSAR) government organized a farewell ceremony at the Stonecutters Island Naval Base.

Early that morning, locals and student representatives gathered at the dock of the PLA Hong Kong Garrison’s naval base in Stonecutters Island, where the Zhanjiang missile destroyer and the Yuncheng missile frigate were prepared for departure. In the vibrant waters of Victoria Harbor, the aircraft carrier Shandong and the Yan’an missile destroyer displayed signal flags stating “Thanks for your support” and “Serving the people.”

Around 10 a.m., the farewell ceremony began, during which the fleet’s commander expressed sincere gratitude to the HKSAR government and the public for their warm welcome. Guests of honor took part in a memorable photo session, capturing the moment.

After the ceremony, the Zhanjiang and Yuncheng sounded their naval whistles, and the crew lined the sides to wave goodbye to the crowd on the dock. The two vessels then departed to join the Shandong and Yan’an in a designated sea area, escorted by HKSAR helicopters and vessels.

Throughout their visit, the naval fleet engaged in a variety of activities, including a deck reception, ship tours, training demonstrations, national defense lectures, and cultural exchanges. These events ignited enthusiasm and patriotism among Hong Kong residents.

Young students proudly unfurled a large national flag on the deck of Shandong, while the elderly moved to tears stood aboard the ships. Residents joined the officers in singing songs, and the dock’s message wall was filled with blessings for the nation and expressions of gratitude for the PLA.

Statistics indicate that over 30,000 people visited the naval vessels during the fleet’s stay, creating cherished memories for both the naval personnel and their Hong Kong compatriots.

MIL OSI China News –

July 7, 2025
MIL-OSI Africa: How Nigeria Can Unleash its Economic Potential

Source: APO – Report:

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Over the past two years, Nigeria—Africa’s most populous country—has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges. As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse.

A difficult starting point

Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023, the poverty rate stood at 42 percent. This difficult situation was compounded by limited access to dollars, which meant that people had to turn to the parallel currency market and thereby pay a much higher price than the official rate. In the meantime, public finances were strained by an opaque fuel subsidy system, which also caused recurrent petrol scarcity. And central bank financing of the fiscal deficit pushed up inflation.

In response to these challenges, Nigerian policymakers have embarked on a series of bold reforms over the last two years. In 2023 the new government and the Central Bank of Nigeria liberalized the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection, which is still one of the world’s weakest.

Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

The work continues

While progress has been encouraging, significant challenges remain. Inflation still exceeds 20 percent. Poor infrastructure, especially for electricity, inhibits economic activity. Poverty and food insecurity remain high. Nigeria lacks an effective social safety net to cushion the impact of shocks on the most vulnerable.

In addition, the global environment is posing new challenges with elevated uncertainty and high borrowing costs. Nigeria is especially affected by volatile international oil prices since oil revenues account for a large proportion of government revenues—a figure that stood at 30 percent in 2024.

Policy priorities

To address these challenges, Nigeria should focus on three key priorities:

First, the country needs stronger and more sustained growth to lift millions of people out of poverty and food insecurity, which is what the authorities are focusing on. This does not happen overnight. In the meantime, making growth more inclusive also requires scaling up the existing cash transfer system.

Second, as an essential ingredient for economic development, Nigeria needs an effective budget framework. Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting—which, in turn, can strengthen accountability. For its part, monetary policy should continue to decisively tackle inflation and reduce economic uncertainty.

Third, the government should continue to increase domestic revenues. This is essential given Nigeria’s substantial funding needs in growth-enabling areas such as agriculture, infrastructure, including access to electricity, and climate adaptation. The government’s tax reforms will make it easier to pay taxes and ensure that everyone who owes taxes pays them. Over time, once the ongoing cost-of-living crisis abates and the cash transfer system is fully operational, there will be room to align tax rates with those in neighboring countries. For now, the share of revenue that goes to interest spending leaves too little for investment in people and infrastructure. It is therefore critical that the substantial financial savings from the removal of fuel subsidies flow to the government to fund priority spending.

Nigeria’s potential is beyond doubt but achieving it will require continued reforms and an effective social safety net to carry the most vulnerable along.

– on behalf of International Monetary Fund (IMF).

MIL OSI Africa –

July 7, 2025
MIL-OSI Africa: ”Early Testing Saves Lives,” First Lady stresses at Free Health Screening for vulnerable groups

Source: APO – Report:

.

First Lady, Mrs. Lordina Dramani Mahama, on Friday, addressed beneficiaries at a comprehensive free public health screening event, emphasising the vital importance of early testing and proactive health management, especially for vulnerable populations within the community.

The event, a collaboration between the Office of the First Lady and the Ghana AIDS Commission, provided essential health services to various community members, including hairdressers, tailors, head-porters (kayayee), and market women.

Addressing the gathering, Mrs. Mahama underscored the purpose of the outreach. “We are here for a very important reason. For the health of our people, especially young people, women, and vulnerable groups in our communities,” she stated. “We aim to raise awareness, offer free check-ups, provide medical advice and counselling, and help more people take care of their health.”

The First Lady said many people may be living with serious health conditions without realising it, making such screening exercises essential.

“Sometimes, people are living with these conditions and do not even know it. That is why today’s health screening is very important,” she explained. “It provides an opportunity to get tested free of charge, know about their health, and take the necessary steps to maintain their health.”

She stressed the life-saving potential of early detection. “Early testing saves lives. Knowing your health status early enables you to start treatment early and prevent serious complications. Testing early can also help us to protect our loved ones.”

“For example, when people living with HIV get to know their status early, they can receive the right care and support, which will make them live long and healthy lives. But this can only happen if you get tested.”

The free health services provided at the event included HIV and syphilis screening, BMI and nutrition counselling, blood pressure checks and assessments for other medical conditions, and breast cancer screening.

Beneficiaries received awareness training on HIV/AIDS preventive measures and the importance of early antenatal care to prevent mother-to-child transmission during pregnancy.

Directing her message towards the younger generation present, the First Lady called for greater health consciousness. “I want to address the young people here directly. You are the future of this country. Your energy, your dreams and your well-being matter,” she said.

“However, many young people today are falling ill, sometimes due to a lack of access to the right information, services, or support they need. That must change. And it starts with talking openly to people who can help you, and by having a medical check at least once a year.”

She encouraged attendees to take full advantage of the services offered free of charge. “Today, you can check your HIV status, your blood pressure and sugar levels, and even be screened for breast cancer, right here at this event, all for free… I therefore encourage you all to take advantage of these services. Feel free to ask any questions that come to mind. We are here for you.”

Mrs. Mahama also highlighted broader government efforts aimed at improving access to and outcomes in healthcare. She mentioned the recently launched Ghana Medical Trust Fund, also known as MahamaCares.

“When this fund is fully operational, it will bring relief to many people suffering from non-communicable diseases,” she noted, adding that it will help diagnose and treat conditions like heart illnesses, kidney disease, and various cancers.

She also referenced the upcoming Free Primary Healthcare Programme, which she said will “enhance awareness of the health status of our citizens and contribute to disease prevention.”

“Together, we can create a Ghana where every person knows their health status. Where every pregnant woman gets the care she needs, and where every child is born healthy and free from infection,” she stated.

– on behalf of The Presidency, Republic of Ghana.

MIL OSI Africa –

July 7, 2025
MIL-OSI Russia: How Nigeria Can Unleash its Economic Potential

Source: IMF – News in Russian

By Axel Schimmelpfennig and Christian Ebeke

July 7, 2025

Increasing revenues, establishing an effective budget framework, and scaling up the cash transfer system can all support Nigeria’s progress

Over the past two years, Nigeria—Africa’s most populous country—has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges. As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse.

A difficult starting point

Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023, the poverty rate stood at 42 percent. This difficult situation was compounded by limited access to dollars, which meant that people had to turn to the parallel currency market and thereby pay a much higher price than the official rate. In the meantime, public finances were strained by an opaque fuel subsidy system, which also caused recurrent petrol scarcity. And central bank financing of the fiscal deficit pushed up inflation.

In response to these challenges, Nigerian policymakers have embarked on a series of bold reforms over the last two years. In 2023 the new government and the Central Bank of Nigeria liberalized the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection, which is still one of the world’s weakest.

Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

The work continues

While progress has been encouraging, significant challenges remain. Inflation still exceeds 20 percent. Poor infrastructure, especially for electricity, inhibits economic activity. Poverty and food insecurity remain high. Nigeria lacks an effective social safety net to cushion the impact of shocks on the most vulnerable.

In addition, the global environment is posing new challenges with elevated uncertainty and high borrowing costs. Nigeria is especially affected by volatile international oil prices since oil revenues account for a large proportion of government revenues—a figure that stood at 30 percent in 2024.

Policy priorities

To address these challenges, Nigeria should focus on three key priorities:

First, the country needs stronger and more sustained growth to lift millions of people out of poverty and food insecurity, which is what the authorities are focusing on. This does not happen overnight. In the meantime, making growth more inclusive also requires scaling up the existing cash transfer system.

Second, as an essential ingredient for economic development, Nigeria needs an effective budget framework. Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting—which, in turn, can strengthen accountability. For its part, monetary policy should continue to decisively tackle inflation and reduce economic uncertainty.

Third, the government should continue to increase domestic revenues. This is essential given Nigeria’s substantial funding needs in growth-enabling areas such as agriculture, infrastructure, including access to electricity, and climate adaptation. The government’s tax reforms will make it easier to pay taxes and ensure that everyone who owes taxes pays them. Over time, once the ongoing cost-of-living crisis abates and the cash transfer system is fully operational, there will be room to align tax rates with those in neighboring countries. For now, the share of revenue that goes to interest spending leaves too little for investment in people and infrastructure. It is therefore critical that the substantial financial savings from the removal of fuel subsidies flow to the government to fund priority spending.

Nigeria’s potential is beyond doubt but achieving it will require continued reforms and an effective social safety net to carry the most vulnerable along.

****

Axel Schimmelpfennig is the IMF’s mission chief to Nigeria and an assistant director in the IMF’s African Department. Christian Ebeke is the IMF’s resident representative in Nigeria.

This article is based on the Staff Report for the 2025 Article IV Consultation with Nigeria.

https://www.imf.org/en/News/Articles/2025/07/07/cf-how-nigeria-can-unleash-its-economic-potential

MIL OSI

MIL OSI Russia News –

July 7, 2025
MIL-OSI Russia: A forum on entering the Russian market was held in Dongguan, southern China

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

BEIJING, July 7 (Xinhua) — The “Entering the Russian Market” forum was successfully held in Dongguan, south China’s Guangdong Province, on Thursday. The event brought together government, business, science and research leaders to discuss new opportunities in the Russian market for enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.

According to the Phoenix news portal, Zhang Yuliang, vice-mayor of Hunchun City (Jilin Province, Northeast China), delivered a welcoming speech. He emphasized Hunchun’s advantageous geographical position as an important city bordering Russia in the area of cross-border cooperation, outlining bright prospects for Chinese-Russian trade and economic cooperation for the participants.

Then, Chen Ping, an official from Dongguan Association for the Promotion of Trade, presented an in-depth analysis of the opportunities and ways for enterprises in the Greater Bay Area to enter the Russian market, offering practical recommendations.

At the roundtable, participants launched an active discussion on the topic “The Russian market in 2025: advantages, risks, breakthrough strategies and integration paths.” Experts proposed multifaceted approaches to entering the Russian market, examining issues of coordinating political measures and guidelines, platform business activities, ensuring supply chains and other aspects.

During the interactive session, participants actively asked questions, and experts gave detailed answers, creating a lively atmosphere. As the discussion deepened, participants’ understanding of the Russian market became clearer, and their vision of ways to enter the Russian market became clearer. -0-

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

.

MIL OSI Russia News –

July 7, 2025
MIL-OSI: Ellomay and Statkraft Sign Long-Term Power Purchase Agreements for Three Operating Italian Solar Plants
Source: GlobeNewswire (MIL-OSI)

Tel-Aviv, Israel / Milan, Italy, July 07, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, announced today that three Italian project companies in which the Company indirectly holds a 51% interest signed long-term (9-year) power purchase agreements (“PPAs”) with Statkraft, Europe’s largest generator of renewable energy. The PPAs cover 75% of the capacity (at P50) of three operating solar plants in Italy’s central-southern zone (CSUD), with a combined capacity of approximately 38 MW.

Ran Fridrich, CEO and Board member of Ellomay, said: “This transaction reinforces Ellomay’s strategy of enhancing the value and stability of its renewable platform across key European markets. The collaboration with Statkraft—one of Europe’s most respected and experienced offtakers—strengthens the foundation of this deal. Together with Ellomay’s disciplined development strategy and high-performing asset base, these PPAs set a benchmark for quality-driven growth in utility-scale renewables. Ellomay aims to structure similar agreements for other projects, including its remaining Italian solar portfolio that currently consists of 160 MW under construction processes (51% owned), 124 MW that received construction permits and additional 140 MW that are expected to receive permits in the near future.”

Maya Shaltiel, CEO of Maya International Strategic Alliances Ltd. (“MISA“), who led the negotiation and structuring of the transaction on behalf of Ellomay, said: “We are proud to have delivered bankable and resilient PPAs for Ellomay, in close collaboration with Statkraft. The PPAs support long-term stability for strong renewable assets in Italy and reflect a structure designed to thrive amid market complexity. In a period of high volatility and growing demand for green energy, we secured long-term certainty while preserving merchant upside — a structure that reflects strategic clarity and adaptability to evolving market conditions. We deeply appreciate Statkraft’s partnership and look forward to continuing to support energy transition efforts across Europe.”

Gennaro D’Annucci, Head of Origination Italy at Statkraft, said: “We are pleased to collaborate with Ellomay on this important transaction, which underscores Statkraft’s role as a leading force in the European PPA market. This agreement further strengthens our substantial renewable energy portfolio in Italy and enables us to offer innovative and competitive green supply solutions tailored to the needs of Italian corporates and industrials. It reflects our enduring commitment to driving the energy transition forward and delivering value through clean energy.”

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
- 51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
- Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and an additional 22 MW that are awaiting connection to the grid.
For more information about Ellomay, visit http://www.ellomay.com.

About Statkraft

Statkraft – Europe’s largest renewable energy producer – is a company with 7,000 employees in over 20 countries that develops and manages hydropower, wind, solar and storage system assets, also offering PPA (Power Purchase Agreement) solutions for energy buying and selling. With a history and experience of 130 years, Statkraft operates in Italy since 2020, inspired by the group’s core values: We act responsibly, We grow together, We make an impact. Principles that have always guided us towards sustainable and socially responsible action. Indeed, the management of stakeholder relations is respectful of the highest standards of corporate compliance, thus ensuring an ethical approach to business and excellent feedback from the communities that welcome our green investments.

For more information about Statkraft, visit http://www.statkraft.com

About Maya International Strategic Alliances Ltd.

MISA specializes in structuring and negotiating strategic transactions in the energy and infrastructure space. With deep expertise in European and Asian energy markets, MISA supports sponsors and investors in delivering commercially sound, bankable solutions tailored to local and global dynamics.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes, increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

The MIL Network –
July 7, 2025
MIL-OSI: Ellomay and Statkraft Sign Long-Term Power Purchase Agreements for Three Operating Italian Solar Plants
Source: GlobeNewswire (MIL-OSI)

Tel-Aviv, Israel / Milan, Italy, July 07, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, announced today that three Italian project companies in which the Company indirectly holds a 51% interest signed long-term (9-year) power purchase agreements (“PPAs”) with Statkraft, Europe’s largest generator of renewable energy. The PPAs cover 75% of the capacity (at P50) of three operating solar plants in Italy’s central-southern zone (CSUD), with a combined capacity of approximately 38 MW.

Ran Fridrich, CEO and Board member of Ellomay, said: “This transaction reinforces Ellomay’s strategy of enhancing the value and stability of its renewable platform across key European markets. The collaboration with Statkraft—one of Europe’s most respected and experienced offtakers—strengthens the foundation of this deal. Together with Ellomay’s disciplined development strategy and high-performing asset base, these PPAs set a benchmark for quality-driven growth in utility-scale renewables. Ellomay aims to structure similar agreements for other projects, including its remaining Italian solar portfolio that currently consists of 160 MW under construction processes (51% owned), 124 MW that received construction permits and additional 140 MW that are expected to receive permits in the near future.”

Maya Shaltiel, CEO of Maya International Strategic Alliances Ltd. (“MISA“), who led the negotiation and structuring of the transaction on behalf of Ellomay, said: “We are proud to have delivered bankable and resilient PPAs for Ellomay, in close collaboration with Statkraft. The PPAs support long-term stability for strong renewable assets in Italy and reflect a structure designed to thrive amid market complexity. In a period of high volatility and growing demand for green energy, we secured long-term certainty while preserving merchant upside — a structure that reflects strategic clarity and adaptability to evolving market conditions. We deeply appreciate Statkraft’s partnership and look forward to continuing to support energy transition efforts across Europe.”

Gennaro D’Annucci, Head of Origination Italy at Statkraft, said: “We are pleased to collaborate with Ellomay on this important transaction, which underscores Statkraft’s role as a leading force in the European PPA market. This agreement further strengthens our substantial renewable energy portfolio in Italy and enables us to offer innovative and competitive green supply solutions tailored to the needs of Italian corporates and industrials. It reflects our enduring commitment to driving the energy transition forward and delivering value through clean energy.”

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
- 51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
- Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and an additional 22 MW that are awaiting connection to the grid.
For more information about Ellomay, visit http://www.ellomay.com.

About Statkraft

Statkraft – Europe’s largest renewable energy producer – is a company with 7,000 employees in over 20 countries that develops and manages hydropower, wind, solar and storage system assets, also offering PPA (Power Purchase Agreement) solutions for energy buying and selling. With a history and experience of 130 years, Statkraft operates in Italy since 2020, inspired by the group’s core values: We act responsibly, We grow together, We make an impact. Principles that have always guided us towards sustainable and socially responsible action. Indeed, the management of stakeholder relations is respectful of the highest standards of corporate compliance, thus ensuring an ethical approach to business and excellent feedback from the communities that welcome our green investments.

For more information about Statkraft, visit http://www.statkraft.com

About Maya International Strategic Alliances Ltd.

MISA specializes in structuring and negotiating strategic transactions in the energy and infrastructure space. With deep expertise in European and Asian energy markets, MISA supports sponsors and investors in delivering commercially sound, bankable solutions tailored to local and global dynamics.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes, increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

The MIL Network –
July 7, 2025

MIL-OSI: Shell second quarter 2025 update note

Source: GlobeNewswire (MIL-OSI)

The following is an update to the second quarter 2025 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on July 31, 2025. Unless otherwise indicated, all outlook statements exclude identified items.

See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure.

Integrated Gas

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted EBITDA:
Production (kboe/d)	927	900 – 940
LNG liquefaction volumes (MT)	6.6	6.4 – 6.8
Underlying opex	1.0	1.0 – 1.2
Adjusted Earnings:
Pre-tax depreciation	1.4	1.4 – 1.8
Taxation charge	0.8	0.3 – 0.6
Other Considerations:
Trading & Optimisation is expected to be significantly lower than Q1’25.

Upstream

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted EBITDA:
Production (kboe/d)	1,855	1,660 – 1,760	Reflects scheduled maintenance and the completed sale of SPDC in Nigeria.
Underlying opex	2.2	1.9 – 2.5
Adjusted Earnings:
Pre-tax depreciation	2.2	2.0 – 2.6
Taxation charge	2.6	1.6 – 2.4
Other Considerations:
The share of profit / (loss) of joint ventures and associates in Q2’25 is expected to be ~$0.2 billion. Q2’25 exploration well write-offs are expected to be ~$0.2 billion.

Marketing

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted EBITDA:
Sales volumes (kb/d)	2,674	2,600 – 3,000
Underlying opex	2.4	2.3 – 2.7
Adjusted Earnings:
Pre-tax depreciation	0.6	0.5 – 0.7
Taxation charge	0.4	0.2 – 0.6
Other Considerations:
Marketing adjusted earnings are expected to be higher than Q1’25.

Chemicals and Products

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted EBITDA:
Indicative refining margin*	$6.2/bbl	$8.9/bbl
Indicative chemicals margin*	$126/tonne	$166/tonne	The Chemicals sub-segment adjusted earnings are expected to be a loss.
Refinery utilisation	85%	92% – 96%
Chemicals utilisation	81%	68% – 72%	Chemicals utilisation impacted by unplanned maintenance at Monaca.
Underlying opex	2.0	1.7 – 2.1
Adjusted Earnings:
Pre-tax depreciation	0.9	0.8 – 1.0
Taxation charge / (credit)	0.1	(0.3) – 0.2
Other Considerations:
Trading & Optimisation is expected to be significantly lower than Q1’25. The Chemicals & Products segment adjusted earnings is expected to be below break-even in Q2’25.

*See appendix

Renewables and Energy Solutions

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted Earnings	—	(0.4) – 0.2	Trading & Optimisation is expected to be lower than Q1’25.

Corporate

$ billions	Q1’25	Q2’25 Outlook	Comment
Adjusted Earnings	(0.5)	(0.6) – (0.4)

Shell Group

$ billions	Q1’25	Q2’25 Outlook	Comment
CFFO:
Tax paid	2.9	2.8 – 3.6
Derivative movements	—	(1) – 3
Working capital	(2.7)	(1) – 4
Other Shell Group Considerations:
–

Guidance

The ‘Quarterly Databook’ contains guidance on Indicative Refining Margin, Indicative Chemicals Margin and full-year price and margin sensitivities.

Consensus

The company compiled consensus, managed by Vara Research, is expected to be published on July 23, 2025.

Appendix

Indicative Margins

Chemicals & Products	Q1’25	Q2’25 Updated Outlook
Indicative refining margin	$6.2/bbl	$8.9/bbl
Indicative chemicals margin	$126/tonne	$166/tonne

The formulas for Indicative refining margin (IRM) and Indicative chemicals margin (ICM) have been updated following the completion of the Singapore divestment. Applying the previous formula for Q2’25 the IRM would have been: $7.5/bbl and the ICM $143/tonne.

Volume Data

Operational Metrics	Q1’25	Q2’25 QPR Outlook	Q2’25 Updated Outlook
Integrated Gas
Production (kboe/d)	927	890 – 950	900 – 940
LNG liquefaction volumes (MT)	6.6	6.3 – 6.9	6.4 – 6.8
Upstream
Production (kboe/d)	1,855	1,560 – 1,760	1,660 – 1,760
Marketing
Sales volumes (kb/d)	2,674	2,600 – 3,100	2,600 – 3,000
Chemicals & Products
Refinery utilisation	85%	87% – 95%	92% – 96%
Chemicals utilisation	81%	74% – 82%	68% – 72%

Underlying Opex

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. For further details see the 1st Quarter 2025 unaudited results.

$ billions	Q1’25	Q1’25 Adjusted	Q2’25 Updated Outlook
Production and manufacturing expenses	5.5
Selling, distribution and administrative expenses	2.8
Research and development	0.2
Operating Expenses (Opex)	8.6	8.6
Less: Identified Items		0.1
Underlying Opex		8.5
of which:
Integrated Gas	1.0	1.0	1.0 – 1.2
Upstream	2.2	2.2	1.9 – 2.5
Marketing	2.4	2.4	2.3 – 2.7
Chemicals and Products	2.1	2.0	1.7 – 2.1
Renewables and Energy Solutions	0.7	0.7

Depreciation, depletion and amortisation

$ billions	Q1’25	Q1’25 Adjusted	Q2’25 Updated Outlook
Depreciation, Depletion & Amortisation	5.4	5.4
Less: Identified Items		0.3
Pre-tax depreciation (as Adjusted)		5.1
of which:
Integrated Gas	1.4	1.4	1.4 – 1.8
Upstream	2.2	2.2	2.0 – 2.6
Marketing	0.5	0.6	0.5 – 0.7
Chemicals and Products	1.1	0.9	0.8 – 1.0
Renewables and Energy Solutions	0.1	0.1

Taxation Charge

$ billions	Q1’25	Q1’25 Adjusted	Q2’25 Updated Outlook
Taxation Charge	4.1	4.1
Less: Identified Items and Cost of supplies adjustment		0.3
Taxation Charge (as Adjusted)		3.8
of which:
Integrated Gas	0.8	0.8	0.3 – 0.6
Upstream	3.0	2.6	1.6 – 2.4
Marketing	0.4	0.4	0.2 – 0.6
Chemicals and Products	—	0.1	(0.3) – 0.2
Renewables and Energy Solutions	—	0.1

Adjusted Earnings

The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest. For further details see the 1st Quarter 2025 unaudited results.

$ billions	Q1’25	Q1’25 Adjusted	Q2’25 Updated Outlook
Income/(loss) attributable to Shell plc shareholders	4.8	4.8
Add: Current cost of supplies adjustment attributable to Shell plc shareholders		—
Less: Identified items attributable to Shell plc shareholders		(0.8)
Adjusted Earnings		5.6
of which:
Renewables and Energy Solutions	(0.2)	—	(0.4) – 0.2
Corporate	(0.5)	(0.5)	(0.6) – (0.4)

Enquiries

Media International: +44 (0) 207 934 5550

Media U.S. and Canada: Contact form

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

The numbers presented in this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.

Forward-Looking statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 7, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s net carbon intensity
Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-zero emissions target
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking Non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings, Adjusted EBITDA, Cash flow from operating activities excluding working capital movements, Cash capital expenditure, Net debt and Underlying operating expense.

Adjusted Earnings and Adjusted EBITDA are measures used to evaluate Shell’s performance in the period and over time.
The “Adjusted Earnings” and Adjusted EBITDA are measures which aim to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items.
Adjusted Earnings is defined as income/(loss) attributable to shareholders adjusted for the current cost of supplies and excluding identified items. “Adjusted EBITDA (CCS basis)” is defined as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component.
Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period. Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Underlying operating expenses is a measure of Shell’s cost management performance and aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. Underlying operating expenses comprises the following items from the Consolidated statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses and removes the effects of identified items such as redundancy and restructuring charges or reversals, provisions or reversals and others.

We are unable to provide a reconciliation of these forward-looking non-GAAP measures 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 the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

LEI number of Shell plc: 21380068P1DRHMJ8KU70

The MIL Network –

July 7, 2025

MIL-OSI: Mastercard collaborates with Eastern Bank PLC and IDEX Biometrics to launch its global first biometric metal credit card in Bangladesh
Source: GlobeNewswire (MIL-OSI)

The new card combines cutting-edge biometric authentication with the sophistication of a metal design, offering both enhanced security and premium user experience for cardholders.

Dhaka, Bangladesh, 7^th July 2025: Mastercard has collaborated with Eastern Bank PLC to introduce its first biometric metal credit card, marking a significant leap forward in Bangladesh’s payment technology landscape. As part of the ultra-premium World Elite Mastercard portfolio, this innovative card combines cutting-edge biometric authentication with the sophistication of a metal design, offering both enhanced security and premium user experience. Co-powered by IDEX Biometrics, Kona I, and Infineon Technologies, the launch reflects a shared commitment to driving secure, seamless, and future-ready payment experiences in the country.

The new card will empower Mastercard cardholders to authenticate in-store purchases effortlessly using just their fingerprint—eliminating the need for PINs or signatures. Leveraging advanced biometric technology, it’ll ensure that only the authorized user can complete the transaction, safeguarding sensitive financial data and setting a new benchmark for secure, premium payment experiences.

With cardholder data securely stored directly on the card, transactions will be authenticated through the user’s fingerprint—adding a powerful layer of protection against fraud. One of the most user-friendly features of the new card will be its seamless enrollment process—cardholders can conveniently register their fingerprint from the comfort of home using a kit provided by the bank.

Enhancing its security credentials further, the card will be equipped with Mastercard Identity Theft Protection, a robust feature that continuously scans the web for signs of identity fraud, offering cardholders proactive and comprehensive protection.

Ali Reza Iftekhar, Managing Director & CEO, Eastern Bank PLC, said, “Eastern Bank PLC is pioneering the payment landscape in Bangladesh, confirming its leadership and innovation positioning. This IDEX Biometrics solution will provide a first-class payment experience and a new payment standard, powering secure contactless transactions in the country.”

Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard, said, “Mastercard is delighted to collaborate with Eastern Bank PLC to launch its first biometric metal card in Bangladesh. This groundbreaking innovation reaffirms Mastercard’s leadership in redefining the future of payments—where cutting-edge security meets seamless convenience. By embedding fingerprint authentication into a sleek metal card, Mastercard has set a new benchmark for premium cardholders who demand both sophistication and safety. Beyond its advanced technology, the World Elite Mastercard credit card will unlock a host of exclusive privileges, delivering an elevated experience that reflects the evolving expectations of today’s discerning consumers.”

Anders Storbraten, CEO, IDEX Biometrics, said, “We are excited that the IDEX Biometrics technology is part of this major milestone for the industry. This is a big win for customers, who can benefit from secure, seamless and highly innovative payment solutions. The biometric metal card from EBL brings it all together.”

Tolgahan Yildiz, Head of Trusted Mobile Connectivity and Transactions Product Line, Infineon Technologies, said, “With our ongoing commitment to the smart card market and investment in innovation, we’re proud to enable the launch of this biometric metal card solution.”

This exclusive World Elite Mastercard credit card will also unlock a host of premium privileges through Mastercard’s Priceless Specials platform, such as:
- A complimentary one-night stay at luxury hotels
- A free gourmet meal at top restaurants across Asia Pacific
- Exclusive rooftop dining at CÉ LA VI, Marina Bay Sands, Singapore, plus a SG$100 voucher
- Access to over 46 premium golf clubs, including TPC® courses operated by the PGA TOUR
The new card will also enable additional perks for cardholders, including:
- Global data roaming with Flexiroam
- Discounted car rentals from Hertz
- USD 1,000 off Uniworld river cruises
- Fast-track elite memberships with hotel loyalty programs like GHA DISCOVERY, HoteLux, Wyndham Rewards, and I Prefer
Further, cardholders will gain access to exclusive and specially curated experiences through Mastercard’s globally renowned Priceless platform. They will also be able to enjoy complimentary access to over 1,300 airport lounges worldwide through Mastercard’s LoungeKey program, along with access to select domestic lounges—ensuring comfort and convenience wherever they travel.

To elevate the experience even further, a 24/7 concierge service will be available to cardholders, ensuring seamless assistance and effortless access to the finest experiences around the globe—from last-minute reservations to curated travel recommendations.

Enclosed: Photos of the card, the launch advertisement and the representatives of the companies collaborating to create and launch the card.

About IDEX Biometrics

IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

For more information, please visit www.idexbiometrics.com or contact ir@idexbiometrics.com

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

For more information, please visit www.mastercard.com

About Eastern Bank PLC

A game changer in Bangladesh’s fast growing financial sector, the success of EASTERN BANK PLC comes from its continuous effort to innovate products and services, its commitment to offer service excellence and passion for performance. With a sound asset quality, strong liquidity, adequate capital coverage and good corporate governance, EASTERN BANK PLC is a symbol of stability in Bangladesh Financial Market. EASTERN BANK PLC has been known for its consistent and sustainable growth over the past 30 years and is being acclaimed for its customer-focus approach. EASTERN BANK PLC is committed to remain a strong partner in accelerating Bangladesh’s journey to a trillion-dollar economy by 2040.

For more information, please visit www.Eastern Bank PLC.com.bd

About Infineon

Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The Company had around 58,060 employees worldwide (end of September 2024) and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

For more information, please visit www.infineon.com

Trademark Statement
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

About this notice
This notice was issued by Erling Svela, Vice president of finance, on 7 July 2025 at 08:00 CET on behalf of IDEX Biometrics ASA.

Attachments

The MIL Network –
July 7, 2025
MIL-OSI China: Full Text: Remarks by Chinese Premier Li Qiang at the session on peace and security and global governance reform of the XVII BRICS Summit

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

Full Text: Remarks by Chinese Premier Li Qiang at the session on peace and security and global governance reform of the XVII BRICS Summit

RIO DE JANEIRO, July 6 — Chinese Premier Li Qiang delivered a speech on Sunday at the plenary session of “Peace and Security and Reform of Global Governance” of the 17th BRICS Summit.

The following is the full text of the speech:

Remarks by H.E. Li Qiang

Premier of the State Council of the People’s Republic of China

At the Session on Peace and Security and Global Governance Reform Of the XVII BRICS Summit

Rio de Janeiro, July 6, 2025

Your Excellency President Luiz Inacio Lula da Silva,

Colleagues,

First of all, congratulations on the successful opening of this summit. I thank President Lula and the government of Brazil for the work they have done in hosting this summit, and I welcome Indonesia as a full BRICS member.

Today, transformations unseen in a century are accelerating in the world. Geopolitical conflicts and economic and trade frictions keep emerging, flames of war continue to rage in some regions, international rules and order face serious challenges, and the authority and efficacy of multilateral mechanisms are weakening. All parties have come to see the growing necessity and urgency to reform the global governance system. And all are participating in and promoting the reform of global governance through various means, either on their own initiative or otherwise. China believes that in this process, one must firmly safeguard the shared interests of the international community and always stand on the right side of history. This is the only way to avoid taking a wrong turn or backpedaling, and to march forward in big strides toward peace, security, prosperity and sustainable development.

In 2015, President Xi Jinping put forward the global governance vision of extensive consultation and joint contribution for shared benefit, offering China’s solution to the global governance challenge. Ten years on, this important vision has gained growing global influence. Given the interwoven changes and turbulence in the current international landscape, this global governance vision of extensive consultation and joint contribution for shared benefit holds even greater value and relevance, here and now. In the face of heightened differences and disagreements, we need the spirit of equality and respect to enable more extensive consultation. The conflicts and disputes happening across the globe have their roots in the lack of trust and communication. Power politics and bullying are never the right way to solve problems. The security and development of all countries should be respected. There should be less arrogance and prejudice, and more sincerity and understanding. We need to look for the best answer that serves the interests of all through friendly consultation conducted on the basis of equality. In the face of deeply intertwined and shared interests, we need united and collaborative actions to enhance our joint contribution. Humanity lives in the same global village, and countries have increasingly become one community with a shared future. Whether it is tackling global challenges or promoting long-term development, no country can do it alone. Only by standing together in solidarity and working in close collaboration can we build a better home for us all. In the face of development opportunities where cooperation brings win-win results, we need wholehearted embrace of other’s success as our own to expand shared benefits. Development should not be a zero-sum game where one profits at the expense of the other, but a win-win story where all can benefit through mutual assistance. Countries’ development ought to be opportunities, not threats, to each other. When everyone is willing to share opportunities with others, there will be more opportunities and benefits to share.

Over the years, Global South countries have grown stronger and become champions of and contributors to the reform and improvement of the global governance system. Standing at the forefront of the Global South, we BRICS countries should uphold independence, act with a sense of responsibility, take bigger steps to build consensus and synergy, and strive to be the pioneering force in advancing global governance reform.

First, we should uphold justice and safeguard world peace and tranquility. Achieving fairness and justice is a persistent pursuit of BRICS countries and an important theme of BRICS cooperation. When international rules are being undermined and bullying practices are on the rise, we need to stand up for what is right and speak up for justice. We need to act as a positive and stable force for good in the world, promote dispute settlement by peaceful means, and seek solutions that address the root causes based on the true merits of issues.

Second, we should focus on development and bolster the driving forces of economic growth. China’s journey of reform and opening up shows that in solving all problems, development is the foundation and key. It is true to big developing countries like China. It is also true to other countries of the Global South and beyond. With notable advantages in market, resources, industries and other factors, BRICS countries should play an active part in spearheading development cooperation, unlock the growth potential in emerging areas, and continue to explore new space for mutually beneficial cooperation. This year, China will establish the China-BRICS New Quality Productive Forces Research Center and the BRICS New Industry Golden Egret Excellence Scholarships, which will help BRICS countries train talents in areas such as industry and telecommunication, and pursue innovation-driven development.

Third, we should uphold inclusiveness and promote exchange and mutual learning among civilizations. Dialogue between civilizations can build bridges for peace and friendship and inspire wisdom for common development. With rich histories and cultures, BRICS countries should be advocates of harmonious coexistence of civilizations. We need to call for respect for cultural diversity in the world, and work to ensure that different civilizations inspire each other and prosper together.

China is ready to work with fellow BRICS members to make global governance more just, equitable, efficient and well-ordered, and build a better world together.

Thank you.

MIL OSI China News –

July 7, 2025
MIL-Evening Report: In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods?

Source: The Conversation (Au and NZ) – By Erica Kuligowski, Vice-Chancellor’s Senior Research Fellow, School of Engineering, RMIT University

Harrowing stories are emerging in the wake of catastrophic and sudden flooding over the fourth of July weekend in Texas – where many people were camping, and children were at riverside summer camp.

More than 80 people are confirmed dead (28 of whom were children) and 12 people are still missing. Parents have described finding children’s bodies while picking through flood debris searching for their own missing kids.

In Texas, the floodwaters rose very rapidly and in the middle of the night. Authorities had issued flood warnings but many people were still caught off-guard.

Sudden floods can also happen in Australia, as seen recently in New South Wales around Taree and Lismore, in the wake of ex-Cyclone Alfred.

As climate change makes severe weather events more frequent, it’s worth asking: how ready is Australia for its next sudden flood? And what could help to encourage people to leave while there’s still time?

It’s hard to appreciate how suddenly floods happen

Decades of research shows disasters can emerge and change very quickly. Hazards at night are especially difficult, because much can change while people are sleeping.

Even when flood warnings are issued, authorities can struggle to convince people the problem will affect them.

People often base their risk assessments on what’s happened in the past. So, if they live in an area that has experienced minor flooding before, they may think the current flood will be similarly minor.

Research also shows people often wait for extra evidence to confirm the initial warnings from officials. They might look to see if people around them are preparing to leave, or look for cues from the environment such as a sudden burst of loud rain.

Unfortunately, waiting can mean you miss the opportunity to leave. A road may close, or services may be overwhelmed and evacuation may no longer be an option. Escape options can narrow incredibly quickly, especially when people are asleep.

What about early warning systems?

The Albanese government announced in 2023 it would spend A$236 million over a decade to establish a national flood warning network. This will involve buying and upgrading flood gauges across Australia and trying to repair what the government has called “patchwork flood gauge network”.

That’s important, and it’s also positive to see other research on ways we can use existing technology infrastructure such as mobile phone towers to get early warnings on rising floodwaters.

But technology is only one part of the bigger picture. As growing body of research shows, many people do not evacuate even when warned about floods or fire.

Communicating risk in a disaster

Authorities must find ways to communicate disaster risk in a way that people will respond to.

Research shows getting the message out through as many channels as possible is crucial. People need to hear about the warnings on TV and on radio and online through various platforms and via local groups as well as national authorities.

The evidence also suggests people are more likely to trust messages coming from others in their community.

So, emergency agencies should work through community “champions” to help spread the word about an impending flood threat. It could be the principal of a school, a trusted source in a non-English speaking community, local emergency services volunteers or the manager of a local neighbourhood centre.

Emergency and government agencies need to identify trusted sources in communities, and build connections with them, before the crisis arrives to ensure information is disseminated smoothly in an emergency.

Tailoring information is key

Many people hear warnings and believe a flood is coming, but may think the worst impacts won’t happen in their area. This is a very common misconception.

That’s why information should be tailored so people understand the risk at their particular location.

Helping people understand the consequences of not evacuating is also vital. This might mean messaging such as “if you don’t leave now, the floods will be over your roof and we may not be able to come and rescue you or your children or pet”.

Residents may not understand how fast floodwaters can move, that conditions may be very choppy and windy, or that large and dangerous debris will be coming at them and their children in a flood. This should also be communicated clearly.

Education prior to the crisis event can help people understand what flood waters can do at their location. This community awareness should be conducted in flood-prone areas at regular intervals.

Localised, tailored information can help people understand what will happen to them and their families if they don’t leave early enough – hopefully preventing devastating death tolls of the kind Texas is now grappling with.

Erica Kuligowski has received funding from the Australian Research Council and from Natural Hazards Research Australia.

– ref. In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods? – https://theconversation.com/in-texas-parents-search-flood-debris-for-missing-kids-are-australians-ready-for-our-own-sudden-floods-260581

MIL OSI Analysis – EveningReport.nz –

July 7, 2025
MIL-Evening Report: In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods?

Source: The Conversation (Au and NZ) – By Erica Kuligowski, Vice-Chancellor’s Senior Research Fellow, School of Engineering, RMIT University

Harrowing stories are emerging in the wake of catastrophic and sudden flooding over the fourth of July weekend in Texas – where many people were camping, and children were at riverside summer camp.

More than 80 people are confirmed dead (28 of whom were children) and 12 people are still missing. Parents have described finding children’s bodies while picking through flood debris searching for their own missing kids.

In Texas, the floodwaters rose very rapidly and in the middle of the night. Authorities had issued flood warnings but many people were still caught off-guard.

Sudden floods can also happen in Australia, as seen recently in New South Wales around Taree and Lismore, in the wake of ex-Cyclone Alfred.

As climate change makes severe weather events more frequent, it’s worth asking: how ready is Australia for its next sudden flood? And what could help to encourage people to leave while there’s still time?

It’s hard to appreciate how suddenly floods happen

Decades of research shows disasters can emerge and change very quickly. Hazards at night are especially difficult, because much can change while people are sleeping.

Even when flood warnings are issued, authorities can struggle to convince people the problem will affect them.

People often base their risk assessments on what’s happened in the past. So, if they live in an area that has experienced minor flooding before, they may think the current flood will be similarly minor.

Research also shows people often wait for extra evidence to confirm the initial warnings from officials. They might look to see if people around them are preparing to leave, or look for cues from the environment such as a sudden burst of loud rain.

Unfortunately, waiting can mean you miss the opportunity to leave. A road may close, or services may be overwhelmed and evacuation may no longer be an option. Escape options can narrow incredibly quickly, especially when people are asleep.

What about early warning systems?

The Albanese government announced in 2023 it would spend A$236 million over a decade to establish a national flood warning network. This will involve buying and upgrading flood gauges across Australia and trying to repair what the government has called “patchwork flood gauge network”.

That’s important, and it’s also positive to see other research on ways we can use existing technology infrastructure such as mobile phone towers to get early warnings on rising floodwaters.

But technology is only one part of the bigger picture. As growing body of research shows, many people do not evacuate even when warned about floods or fire.

Communicating risk in a disaster

Authorities must find ways to communicate disaster risk in a way that people will respond to.

Research shows getting the message out through as many channels as possible is crucial. People need to hear about the warnings on TV and on radio and online through various platforms and via local groups as well as national authorities.

The evidence also suggests people are more likely to trust messages coming from others in their community.

So, emergency agencies should work through community “champions” to help spread the word about an impending flood threat. It could be the principal of a school, a trusted source in a non-English speaking community, local emergency services volunteers or the manager of a local neighbourhood centre.

Emergency and government agencies need to identify trusted sources in communities, and build connections with them, before the crisis arrives to ensure information is disseminated smoothly in an emergency.

Tailoring information is key

Many people hear warnings and believe a flood is coming, but may think the worst impacts won’t happen in their area. This is a very common misconception.

That’s why information should be tailored so people understand the risk at their particular location.

Helping people understand the consequences of not evacuating is also vital. This might mean messaging such as “if you don’t leave now, the floods will be over your roof and we may not be able to come and rescue you or your children or pet”.

Residents may not understand how fast floodwaters can move, that conditions may be very choppy and windy, or that large and dangerous debris will be coming at them and their children in a flood. This should also be communicated clearly.

Education prior to the crisis event can help people understand what flood waters can do at their location. This community awareness should be conducted in flood-prone areas at regular intervals.

Localised, tailored information can help people understand what will happen to them and their families if they don’t leave early enough – hopefully preventing devastating death tolls of the kind Texas is now grappling with.

Erica Kuligowski has received funding from the Australian Research Council and from Natural Hazards Research Australia.

– ref. In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods? – https://theconversation.com/in-texas-parents-search-flood-debris-for-missing-kids-are-australians-ready-for-our-own-sudden-floods-260581

MIL OSI Analysis – EveningReport.nz –

July 7, 2025
MIL-Evening Report: In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods?

Source: The Conversation (Au and NZ) – By Erica Kuligowski, Vice-Chancellor’s Senior Research Fellow, School of Engineering, RMIT University

Harrowing stories are emerging in the wake of catastrophic and sudden flooding over the fourth of July weekend in Texas – where many people were camping, and children were at riverside summer camp.

More than 80 people are confirmed dead (28 of whom were children) and 12 people are still missing. Parents have described finding children’s bodies while picking through flood debris searching for their own missing kids.

In Texas, the floodwaters rose very rapidly and in the middle of the night. Authorities had issued flood warnings but many people were still caught off-guard.

Sudden floods can also happen in Australia, as seen recently in New South Wales around Taree and Lismore, in the wake of ex-Cyclone Alfred.

As climate change makes severe weather events more frequent, it’s worth asking: how ready is Australia for its next sudden flood? And what could help to encourage people to leave while there’s still time?

It’s hard to appreciate how suddenly floods happen

Decades of research shows disasters can emerge and change very quickly. Hazards at night are especially difficult, because much can change while people are sleeping.

Even when flood warnings are issued, authorities can struggle to convince people the problem will affect them.

People often base their risk assessments on what’s happened in the past. So, if they live in an area that has experienced minor flooding before, they may think the current flood will be similarly minor.

Research also shows people often wait for extra evidence to confirm the initial warnings from officials. They might look to see if people around them are preparing to leave, or look for cues from the environment such as a sudden burst of loud rain.

Unfortunately, waiting can mean you miss the opportunity to leave. A road may close, or services may be overwhelmed and evacuation may no longer be an option. Escape options can narrow incredibly quickly, especially when people are asleep.

What about early warning systems?

The Albanese government announced in 2023 it would spend A$236 million over a decade to establish a national flood warning network. This will involve buying and upgrading flood gauges across Australia and trying to repair what the government has called “patchwork flood gauge network”.

That’s important, and it’s also positive to see other research on ways we can use existing technology infrastructure such as mobile phone towers to get early warnings on rising floodwaters.

But technology is only one part of the bigger picture. As growing body of research shows, many people do not evacuate even when warned about floods or fire.

Communicating risk in a disaster

Authorities must find ways to communicate disaster risk in a way that people will respond to.

Research shows getting the message out through as many channels as possible is crucial. People need to hear about the warnings on TV and on radio and online through various platforms and via local groups as well as national authorities.

The evidence also suggests people are more likely to trust messages coming from others in their community.

So, emergency agencies should work through community “champions” to help spread the word about an impending flood threat. It could be the principal of a school, a trusted source in a non-English speaking community, local emergency services volunteers or the manager of a local neighbourhood centre.

Emergency and government agencies need to identify trusted sources in communities, and build connections with them, before the crisis arrives to ensure information is disseminated smoothly in an emergency.

Tailoring information is key

Many people hear warnings and believe a flood is coming, but may think the worst impacts won’t happen in their area. This is a very common misconception.

That’s why information should be tailored so people understand the risk at their particular location.

Helping people understand the consequences of not evacuating is also vital. This might mean messaging such as “if you don’t leave now, the floods will be over your roof and we may not be able to come and rescue you or your children or pet”.

Residents may not understand how fast floodwaters can move, that conditions may be very choppy and windy, or that large and dangerous debris will be coming at them and their children in a flood. This should also be communicated clearly.

Education prior to the crisis event can help people understand what flood waters can do at their location. This community awareness should be conducted in flood-prone areas at regular intervals.

Localised, tailored information can help people understand what will happen to them and their families if they don’t leave early enough – hopefully preventing devastating death tolls of the kind Texas is now grappling with.

Erica Kuligowski has received funding from the Australian Research Council and from Natural Hazards Research Australia.

– ref. In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods? – https://theconversation.com/in-texas-parents-search-flood-debris-for-missing-kids-are-australians-ready-for-our-own-sudden-floods-260581

MIL OSI Analysis – EveningReport.nz –

July 7, 2025
MIL-Evening Report: In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods?

Source: The Conversation (Au and NZ) – By Erica Kuligowski, Vice-Chancellor’s Senior Research Fellow, School of Engineering, RMIT University

Harrowing stories are emerging in the wake of catastrophic and sudden flooding over the fourth of July weekend in Texas – where many people were camping, and children were at riverside summer camp.

More than 80 people are confirmed dead (28 of whom were children) and 12 people are still missing. Parents have described finding children’s bodies while picking through flood debris searching for their own missing kids.

In Texas, the floodwaters rose very rapidly and in the middle of the night. Authorities had issued flood warnings but many people were still caught off-guard.

Sudden floods can also happen in Australia, as seen recently in New South Wales around Taree and Lismore, in the wake of ex-Cyclone Alfred.

As climate change makes severe weather events more frequent, it’s worth asking: how ready is Australia for its next sudden flood? And what could help to encourage people to leave while there’s still time?

It’s hard to appreciate how suddenly floods happen

Decades of research shows disasters can emerge and change very quickly. Hazards at night are especially difficult, because much can change while people are sleeping.

Even when flood warnings are issued, authorities can struggle to convince people the problem will affect them.

People often base their risk assessments on what’s happened in the past. So, if they live in an area that has experienced minor flooding before, they may think the current flood will be similarly minor.

Research also shows people often wait for extra evidence to confirm the initial warnings from officials. They might look to see if people around them are preparing to leave, or look for cues from the environment such as a sudden burst of loud rain.

Unfortunately, waiting can mean you miss the opportunity to leave. A road may close, or services may be overwhelmed and evacuation may no longer be an option. Escape options can narrow incredibly quickly, especially when people are asleep.

What about early warning systems?

The Albanese government announced in 2023 it would spend A$236 million over a decade to establish a national flood warning network. This will involve buying and upgrading flood gauges across Australia and trying to repair what the government has called “patchwork flood gauge network”.

That’s important, and it’s also positive to see other research on ways we can use existing technology infrastructure such as mobile phone towers to get early warnings on rising floodwaters.

But technology is only one part of the bigger picture. As growing body of research shows, many people do not evacuate even when warned about floods or fire.

Communicating risk in a disaster

Authorities must find ways to communicate disaster risk in a way that people will respond to.

Research shows getting the message out through as many channels as possible is crucial. People need to hear about the warnings on TV and on radio and online through various platforms and via local groups as well as national authorities.

The evidence also suggests people are more likely to trust messages coming from others in their community.

So, emergency agencies should work through community “champions” to help spread the word about an impending flood threat. It could be the principal of a school, a trusted source in a non-English speaking community, local emergency services volunteers or the manager of a local neighbourhood centre.

Emergency and government agencies need to identify trusted sources in communities, and build connections with them, before the crisis arrives to ensure information is disseminated smoothly in an emergency.

Tailoring information is key

Many people hear warnings and believe a flood is coming, but may think the worst impacts won’t happen in their area. This is a very common misconception.

That’s why information should be tailored so people understand the risk at their particular location.

Helping people understand the consequences of not evacuating is also vital. This might mean messaging such as “if you don’t leave now, the floods will be over your roof and we may not be able to come and rescue you or your children or pet”.

Residents may not understand how fast floodwaters can move, that conditions may be very choppy and windy, or that large and dangerous debris will be coming at them and their children in a flood. This should also be communicated clearly.

Education prior to the crisis event can help people understand what flood waters can do at their location. This community awareness should be conducted in flood-prone areas at regular intervals.

Localised, tailored information can help people understand what will happen to them and their families if they don’t leave early enough – hopefully preventing devastating death tolls of the kind Texas is now grappling with.

Erica Kuligowski has received funding from the Australian Research Council and from Natural Hazards Research Australia.

– ref. In Texas, parents search flood debris for missing kids. Are Australians ready for our own sudden floods? – https://theconversation.com/in-texas-parents-search-flood-debris-for-missing-kids-are-australians-ready-for-our-own-sudden-floods-260581

MIL OSI Analysis – EveningReport.nz –

July 7, 2025
MIL-Evening Report: A test of political courage: Yoorrook’s final reports demand action, not amnesia
Source: The Conversation (Au and NZ) – By Jeremie M Bracka, Law Lecturer and Transitional Justice Academic, RMIT University

Australia’s colonial era may be formally over but its legacies of inequality, land dispossession and systemic racism continue to shape daily life for First Peoples.

Last week, the Victorian Yoorrook Justice Commission delivered its two final reports to the Victorian governor, concluding the most ambitious effort yet to reckon with these injustices.

The reports, Yoorrook for Transformation and Yoorrook Truth Be Told, contain 100 detailed recommendations across five volumes. They deliver a devastating account of dispossession, family separation, cultural erasure and structural racism, past and present.

Their scope is historic. But the question remains: will they change anything?

A bold innovation in truth-telling

Yoorrook is not just another inquiry.

Established in 2021, it is Australia’s first formal truth commission and the only one globally to be established alongside a Treaty process in a settler-colonial democracy.

It was designed by the First Peoples’ Assembly of Victoria and has been led and shaped by Aboriginal communities.

Its mandate is wide: to investigate both historical and ongoing injustices across all areas of life from land, law, health and education to housing, finance and child protection.

Over the past four years, Yoorrook has compelled testimony from ministers and senior bureaucrats, visited prisons and out-of-home care facilities, and travelled across the state to conduct on-country truth-telling with Elders.

In the words of one witness, Aunty Stephanie Charles:

Our Land, Our Language, Our
Lore and Our Lives have been denied
for far too long. In order to move
forward these must be recognised
an respected. This is Yoo-rrook.

Why truth commissions matter

Truth commissions emerged most famously in South Africa, where they were used to document atrocities during apartheid.

In recent years, however, they’ve also appeared in stable democracies grappling with colonial legacies: Canada’s commission on residential schools, Belgium’s commission on its African empire, and multiple United States commissions examining slavery, segregation and systemic racism.

In postcolonial states such as Australia, truth-telling is particularly powerful and necessary, because harm has not only been inflicted but denied.

As anthropologist W.E.H. Stanner put it in 1968, Australia has long maintained a “great Australian silence” – a wilful forgetting of how the nation was built on the dispossession of others.

Yoorrook challenges this silence. It has created an official record of Victoria’s colonial and ongoing harms, and opened a rare space for Indigenous people to define harm on their own terms, including what justice and healing should look like.

Structural injustice laid bare

The commission’s final reports lay out both stories and statistics. These include:
- in the past, Victoria explicitly authorised child removals on racial grounds and controlled every aspect of Aboriginal life under protectionist laws
- today, the state still removes Aboriginal children at more than 20 times the rate of non-Indigenous children
- Aboriginal people remain vastly over-represented in police custody, prison populations and cases of public housing exclusion.
Yoorrook is connecting these dots, showing how the injustices of colonisation did not end but evolved into contemporary legal and institutional forms.

Importantly, the commission has not shied away from naming these harms. It has condemned Victoria’s systemic racism – including alleged genocide – and called for radical change not just recognition.

Among its recommendations are calls to return land and water to Traditional Owners, to embed First Peoples’ control over education and child protection, and to establish reparations and shared governance structures across public institutions.

Will this lead to real change?

Yoorrook’s reports could be transformative if acted on – but this is far from guaranteed.

The Canadian experience is instructive. While its Truth and Reconciliation Commission garnered attention, many Canadians today are unfamiliar with its findings and progress on its recommendations has been slow.

In Australia, there’s a similar risk that Yoorrook may preach to the choir while political leaders move on. Despite a public apology in 2008, most recommendations of the 1991 Royal Commission into Aboriginal Deaths in Custody remain unfulfilled.

Since then, more than 500 additional Indigenous people have died in custody.

We must resist the cycle of “truth without justice.”

In recent hearings, Yoorrook commissioners pressed ministers to move beyond rhetoric. While several public apologies were made, including from Victoria’s attorney-general and the police minister, the commission rightly warned apologies without action are hollow.

Where to from here?

The failure of the Voice referendum in 2023 showed just how contested questions of history, race and recognition remain in Australia.

But it also underscored the need for renewed engagement with the truth, not just in parliaments but in homes, schools, workplaces and media.

Yoorrook’s challenge is not only to shape policy but to shift public consciousness. In this sense, it must speak to all Victorians.

Without broader buy-in, even the best-designed truth commission risks being forgotten.

A test of political courage

Yoorrook has done its part. It has listened to more than 1,500 voices. It has built the record. It has made the case for transformation.

Now, the Victorian government and indeed all of us must decide what to do with that truth. Will we confront it? Will we act on it? Or will we retreat once more into silence?

Yoorrook has narrowed the range of permissible lies in this country. But narrowing lies is not the same as achieving justice. That next step is ours to take.

Jeremie M Bracka was awarded the Malcolm Moore Industry Research Grant to support the implementation of the Final Reports of the Yoorrook Justice Commission.

– ref. A test of political courage: Yoorrook’s final reports demand action, not amnesia – https://theconversation.com/a-test-of-political-courage-yoorrooks-final-reports-demand-action-not-amnesia-260580
MIL OSI Analysis – EveningReport.nz –
July 7, 2025
Initial phase of Bihar’s special intensive revision almost over

Source: Government of India

Source: Government of India (4)

The initial phase of the Special Intensive Revision (SIR) of electoral rolls in Bihar ‘is almost complete’, the Election Commission of India (ECI) said in a statement on Sunday. The process, aimed at updating the electoral rolls, is progressing smoothly with strong ground-level support from electors, officials, and volunteers.

According to ECI, over 1.69 crore Enumeration Forms — accounting for 21.46% of the total 7.90 crore electors in the state — were received as of 6:00 PM on July 6. Notably, more than 65 lakh forms were collected in the last 24 hours alone. With 19 days still remaining until the July 25 deadline, officials are optimistic about achieving full coverage.

Uploading of forms is also underway, with 7.25% already digitized. Electors can also submit or upload their filled forms via the ECINET App or the ECI portal.

A workforce of 77,895 Booth Level Officers (BLOs) is conducting door-to-door visits to assist voters, often capturing live photographs to ease the process. An additional 20,603 BLOs are being appointed to ensure timely completion of the drive. Nearly 4 lakh volunteers — including government staff, NCC cadets, and NSS members — are supporting senior citizens, persons with disabilities, and other vulnerable groups.

The revision is being carried out strictly in line with SIR guidelines dated June 24, 2025. Draft electoral rolls will be published on August 1, incorporating names from forms received before the July 25 deadline. Any deficiencies can be rectified during the subsequent claims and objections period.

The extensive effort is being coordinated by 239 Electoral Registration Officers (EROs), 963 Assistant EROs, 38 District Election Officers (DEOs), and the Chief Electoral Officer (CEO) of Bihar. Additionally, 1.54 lakh Booth Level Agents (BLAs) from various political parties are actively supporting the campaign.

Officials have urged all eligible voters to cooperate and ensure timely submission of forms to maintain the accuracy and integrity of the electoral roll.

July 7, 2025
Initial phase of Bihar’s special intensive revision almost over

Source: Government of India

Source: Government of India (4)

The initial phase of the Special Intensive Revision (SIR) of electoral rolls in Bihar ‘is almost complete’, the Election Commission of India (ECI) said in a statement on Sunday. The process, aimed at updating the electoral rolls, is progressing smoothly with strong ground-level support from electors, officials, and volunteers.

According to ECI, over 1.69 crore Enumeration Forms — accounting for 21.46% of the total 7.90 crore electors in the state — were received as of 6:00 PM on July 6. Notably, more than 65 lakh forms were collected in the last 24 hours alone. With 19 days still remaining until the July 25 deadline, officials are optimistic about achieving full coverage.

Uploading of forms is also underway, with 7.25% already digitized. Electors can also submit or upload their filled forms via the ECINET App or the ECI portal.

A workforce of 77,895 Booth Level Officers (BLOs) is conducting door-to-door visits to assist voters, often capturing live photographs to ease the process. An additional 20,603 BLOs are being appointed to ensure timely completion of the drive. Nearly 4 lakh volunteers — including government staff, NCC cadets, and NSS members — are supporting senior citizens, persons with disabilities, and other vulnerable groups.

The revision is being carried out strictly in line with SIR guidelines dated June 24, 2025. Draft electoral rolls will be published on August 1, incorporating names from forms received before the July 25 deadline. Any deficiencies can be rectified during the subsequent claims and objections period.

The extensive effort is being coordinated by 239 Electoral Registration Officers (EROs), 963 Assistant EROs, 38 District Election Officers (DEOs), and the Chief Electoral Officer (CEO) of Bihar. Additionally, 1.54 lakh Booth Level Agents (BLAs) from various political parties are actively supporting the campaign.

Officials have urged all eligible voters to cooperate and ensure timely submission of forms to maintain the accuracy and integrity of the electoral roll.

July 7, 2025
MIL-OSI Asia-Pac: Sustainable fishing applications open

Source: Hong Kong Information Services

Applications for marine fish culture licences and the use of government-provided deep sea cages in the new fish culture zone at Mirs Bay (South) are open from today until September 6, the Agriculture, Fisheries & Conservation Department announced.

The department explained that it hopes to encourage the intensification of production for fishermen in the new fish culture zones while adopting a sustainable and environmentally friendly mode of operation, together with the use of cages that are resilient to strong wind and water currents.

To reduce the start-up cost for fishermen, the department will set up two sets of steel truss deep sea cages and three sets of high density polyethylene deep sea cages equipped with modern aquaculture facilities in phases in the new fish culture zone at Mirs Bay (South) by the end of this year. The deep sea cages will be provided to local fishermen associations through licence agreements.

Applicants shall provide a detailed business plan, including an introduction to the proposed sustainable mariculture business, as well as a demonstration of their eligibility to use government cages and compliance with the relevant environmental protection and mitigation measures.

While the department added that people interested in operating in the new fish culture zone may consider applying for the Sustainable Fisheries Development Fund, it also stressed that the fund cannot be used to pay for the licence fees of government cages.

A briefing session will be held on July 17 to introduce the application process and licensing requirements of marine fish culture licences and the use of deep sea cages.

MIL OSI Asia Pacific News –

July 7, 2025
MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
- Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
- Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
- Transaction immediately accretive to Capgemini’s revenue growth and operating margin
- Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
- Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
- Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year
Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average¹ share price, of 27% to the last 30-day average¹ share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt². The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

“As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as³ United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years⁴, to reach $1,266 million of revenue⁵ in fiscal year 2025⁴ with an 18.7%⁶ operating margin.

Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

Immediate unlocking of value

This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

Combining the capabilities and scale required to lead in Intelligent Operations

Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai⁷ to strengthen its data, analytics and AI capabilities.

The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

Value creation

Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin⁶ in 2024.

The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

Smooth integration

WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

Key transaction terms and timeline

The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

Financing

Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations⁸ of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

Q2 and H1 2025 performance

The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

Outlook

Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:
- Revenue growth of -2.0% to +2.0% at constant currency;
- Operating margin of 13.3% to 13.5%;
- Organic free cash flow of around €1.9 billion.
Conference call

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:
- at 8.00 a.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
- and at 3.00 p.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

IMPORTANT NOTICE

This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

PARTICIPANTS IN THE SOLICITATION

Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

FORWARD LOOKING STATEMENTS

Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

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

ABOUT WNS

WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

For more information, visit www.wns.com

¹ Volume-weighted average
² Net financial debt of WNS was negligible as at March 31, 2025
³ Clients of WNS based on public domain information
⁴ WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
⁵ Revenue represents revenue less repair payments
⁶ WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
⁷ See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
⁸ Including considerations to be paid in connection with Restricted Share Units

Attachment
- Capgemini_-_2025-07-07_-_Capgemini_to_acquire_WNS_to_create_a_global_leader_in_Intelligent_Operations
The MIL Network –
July 7, 2025
MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
- Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
- Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
- Transaction immediately accretive to Capgemini’s revenue growth and operating margin
- Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
- Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
- Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year
Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average¹ share price, of 27% to the last 30-day average¹ share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt². The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

“As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as³ United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years⁴, to reach $1,266 million of revenue⁵ in fiscal year 2025⁴ with an 18.7%⁶ operating margin.

Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

Immediate unlocking of value

This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

Combining the capabilities and scale required to lead in Intelligent Operations

Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai⁷ to strengthen its data, analytics and AI capabilities.

The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

Value creation

Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin⁶ in 2024.

The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

Smooth integration

WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

Key transaction terms and timeline

The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

Financing

Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations⁸ of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

Q2 and H1 2025 performance

The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

Outlook

Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:
- Revenue growth of -2.0% to +2.0% at constant currency;
- Operating margin of 13.3% to 13.5%;
- Organic free cash flow of around €1.9 billion.
Conference call

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:
- at 8.00 a.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
- and at 3.00 p.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

IMPORTANT NOTICE

This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

PARTICIPANTS IN THE SOLICITATION

Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

FORWARD LOOKING STATEMENTS

Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

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

ABOUT WNS

WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

For more information, visit www.wns.com

¹ Volume-weighted average
² Net financial debt of WNS was negligible as at March 31, 2025
³ Clients of WNS based on public domain information
⁴ WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
⁵ Revenue represents revenue less repair payments
⁶ WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
⁷ See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
⁸ Including considerations to be paid in connection with Restricted Share Units

Attachment
- Capgemini_-_2025-07-07_-_Capgemini_to_acquire_WNS_to_create_a_global_leader_in_Intelligent_Operations
The MIL Network –
July 7, 2025
MIL-OSI: Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Capgemini to acquire WNS to create a global leader in Agentic AI-powered Intelligent Operations
- Creation of a leader in Intelligent Operations to capture enterprise investment in Agentic AI to transform their end-to-end business processes
- Acquisition of a leading player in Digital BPS (Business Process Services) to combine capabilities and scale to address the strategic opportunity driven by Agentic AI
- Transaction immediately accretive to Capgemini’s revenue growth and operating margin
- Expected accretion to Capgemini’s normalized EPS of 4% before synergies in 2026, and 7% post-synergies in 2027
- Definitive transaction agreement entered into pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per share
- Transaction unanimously approved by the board of directors of both companies and expected to close by the end of the year
Paris, July 7, 2025 – Capgemini (Euronext Paris: CAP), a global business and technology transformation partner, and WNS (NYSE: WNS), a leading digital-led business transformation and services company, today announced that they have entered into a definitive transaction agreement pursuant to which Capgemini will acquire WNS for a cash consideration of 76.50 USD per WNS share, which represents a premium of 28% to the last 90-day average¹ share price, of 27% to the last 30-day average¹ share price and a premium of 17% to the last closing share price on July 3, 2025. The total cash consideration will amount to $3.3 billion, excluding WNS net financial debt². The transaction will be accretive to Capgemini’s normalized EPS by 4% before synergies in 2026 and 7% post synergies in 2027. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

“Enterprises are rapidly adopting Generative AI and Agentic AI to transform their operations end-to-end. Business Process Services will be the showcase for Agentic AI. Capgemini’s acquisition of WNS will provide the Group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” comments Aiman Ezzat, Chief Executive Officer of Capgemini. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organizations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise. This will address the client needs for Agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.

WNS brings to the Group its high growth, margin accretive and resilient Digital Business Process Services, which is the springboard to Intelligent Operations, while further increasing our exposure to the US market. Immediate cross-selling opportunities will be unlocked through the integration of our complementary offerings and clients. I am looking forward to welcoming the WNS global team to Capgemini.”

“As a recognized leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organizations that have already digitized are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” said Keshav R. Murugesh, Chief Executive Officer of WNS. “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention. WNS’ complementary portfolio of horizontal and industry-specific solutions will significantly enhance Capgemini’s rapidly growing Business Services footprint, enabling next-generation, data-driven operations across sectors. Just as importantly, our shared values, cultural alignment, and complementary client relationships ensure a seamless integration—unlocking exciting opportunities for innovation, co-creation, and growth across all stakeholder groups.”

“WNS and Capgemini share a bold, future-focused vision for Intelligent Operations. I’m confident that Capgemini is the ideal partner at the right time in WNS’ journey to extend our capabilities, accelerate innovation, and establish a leadership position in this rapidly evolving market,” said Timothy L. Main, Chairman of WNS Board of Directors. “This marks a pivotal chapter in WNS’ growth—enhancing the resilience and agility of our clients through advanced AI-driven solutions, creating sustained value for our investors, and opening up new avenues for our employees to thrive within a global technology powerhouse.”

WNS, a leader in the resilient high-growth and margin accretive Digital BPS market

WNS is a leading and trusted business transformation and services partner that uniquely blends deep industry knowledge with business process management, technology, analytics and AI expertise to create market differentiation for clients. With digital-led transformation solutions deployed to clients across 8 industries where it deploys its highly automated platforms to deliver stronger business outcomes, WNS is a leader in Digital Business Process Services (BPS). This operating model enables strategic engagements that are critical to clients’ daily operations materialized in long-term contracts with recurring revenues streams. Through an expanded ecosystem of partners and network of delivery centers, WNS serves a large portfolio of blue-chip clients, such as³ United Airlines, Aviva, M&T Bank, Centrica and McCain Foods.

The high-quality business model of WNS, supported by non-linear pricing models and superior profitability has driven a c.+9% constant currency revenue growth on average over the last 3 fiscal years⁴, to reach $1,266 million of revenue⁵ in fiscal year 2025⁴ with an 18.7%⁶ operating margin.

Global organizations are in constant need of strategic partners to support their transformation to enhance efficiency and accelerate growth. This continues to be a key driver of the Digital BPS market and WNS targets revenue growth of +7% to +11% for FY2026.

Immediate unlocking of value

This transaction will position Capgemini as a leader in Digital BPS blending horizontal and vertical process expertise, with a global footprint. With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys.

The mix of WNS and Capgemini’s complementary offerings and clients will immediately unlock cross-selling opportunities. It will also lay down the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.

Intelligent Operations – Agentic AI creates a paradigm shift that opens a strategic opportunity

The largest opportunity for global organizations to create value with Gen AI and Agentic AI lies in the fundamental redesign of their operations and business processes. It will attract a significant share of their AI investments as they seek to become AI-powered companies to lead their market. This is creating demand for a new type of business process services: Intelligent Operations.

Intelligent Operations answers these business needs, providing a consulting-led approach to transform and operate horizontal and vertical business processes leveraging Gen AI and Agentic AI. It addresses clients’ goal of efficiency, speed and agility through process hyper-automation, while significantly improving business outcomes by combining data, AI and digital.

AI technologies trigger a paradigm shift in delivering business process services: from labor-intensive services to being consulting-led and tech-driven. In parallel, client focus has shifted from efficiency gains toward end-to-end value creation and business outcomes, opening opportunities to add non-linear revenues (i.e. transaction-based, subscription-based or outcome-based models). This is creating a rapidly growing market opportunity.

Combining the capabilities and scale required to lead in Intelligent Operations

Both Capgemini and WNS are already pioneering Intelligent Operations. Capgemini with its consulting-led end-to-end transformation of processes, advanced AI tools and technology stacks, and BPS platforms, while WNS has developed a set of sector-specific AI-led solutions recently augmented by the acquisition of Kipi.ai⁷ to strengthen its data, analytics and AI capabilities.

The combination of Capgemini and WNS will act as a catalyst to lead in Intelligent Operations providing the required scale and unique set of capabilities from Strategy & Transformation consulting, to horizontal and sector expertise, platform offerings to deep AI and technology capabilities.

This combination will also leverage the significant investments made by Capgemini in AI through training, offers and its 25 strategic partnerships, including Microsoft, Google, AWS, Mistral AI and NVIDIA. The Group’s leadership is recognized by its clients, with over €900 million of Gen AI bookings in 2024, and by market analysts such as Forrester, IDC and ISG.

This transaction will reinforce Capgemini as a business and transformation partner to those enterprises who want to become AI-powered businesses.

Value creation

Based on calendar year 2024 published information, the combined entities would have generated a revenue of €23.3 billion at a 13.6% operating margin⁶ in 2024.

The Group expects accretion to normalized EPS, before synergies from the combination, of 4% in 2026.

Capgemini expects revenue synergies run-rate of €100 million to €140 million by the end of 2027. Costs and operating model synergies are anticipated to reach an annual pretax run-rate of between €50 million and €70 million by the end of 2027.

With the benefits of these synergies, the accretion on normalized earnings per share should reach 7% in 2027.

Smooth integration

WNS and Capgemini have a natural cultural fit and share common values that will facilitate a smooth integration of the teams, helped by the Group’s track record of successful integrations. Furthermore, the integration will be straightforward into Capgemini’s Global Business Services activities.

Key transaction terms and timeline

The contemplated transaction will be implemented by way of a Court-sanctioned scheme of arrangement under the laws of Jersey. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors.

The transaction is subject to approval by the Royal Court of Jersey and WNS’ shareholders, as well as to receipt of customary regulatory approvals and other conditions. The closing of the transaction is expected to occur by the end of the year.

Full details of the terms and conditions of the transaction are set out in the transaction agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov) when available, and WNS’ website at https://www.WNS.com.

Financing

Capgemini has secured a bridge financing of €4.0 billion, covering the purchase of securities ($3.3 billion), as well as the gross debt and similar obligations⁸ of around $0.4 billion and the €0.8 billion Capgemini bond redeemed in June 2025.

The Group plans to refinance the bridge with available cash for around €1.0 billion and the balance by debt issuance.

Q2 and H1 2025 performance

The Group expects Q2 2025 year-on-year growth at constant currency to be slightly better than the -0.4% reported in Q1 2025. The Group also expects for H1 2025 the operating margin to be stable year-on-year at 12.4%.

Due to the nature and timing of this announcement, the actual Q2 and H1 2025 performance may slightly differ from the above-mentioned expectations. H1 2025 publication will take place as planned on July 30, 2025.

Outlook

Capgemini’s financial targets for 2025 do not take into account this transaction and are therefore unchanged:
- Revenue growth of -2.0% to +2.0% at constant currency;
- Operating margin of 13.3% to 13.5%;
- Organic free cash flow of around €1.9 billion.
Conference call

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this announcement during two audio webcasts (in English only) to be held today:
- at 8.00 a.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/npdpfjyy
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
- and at 3.00 p.m. Paris time (CET)
  - for “listen-only” participants: https://edge.media-server.com/mmc/p/y5nk6iup
    
    for investors and financial analysts who wish to take part in the Q&A session, please pre-register on the following link to receive the dial-in information
Replays of both calls will be available, from the same links, shortly after the event and for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

IMPORTANT NOTICE

This announcement is for information purposes only and is not intended to and does not constitute or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction in contravention of applicable law. In connection with the Transaction, WNS will provide to its shareholders and file with the U.S. Securities and Exchange Commission (the “SEC”) a circular relating to the Transaction (the “scheme document”) and may also file other documents with the SEC.

The scheme document will contain the full terms and conditions of the Transaction, including details with respect to the WNS shareholder vote in respect of the Transaction and will be sent or otherwise disseminated to WNS’ shareholders and will contain important information about the Transaction and related matters. Any decision in respect of, or other response to, the Transaction should be made only on the basis of the information contained in the scheme document.

SHAREHOLDERS OF WNS ARE ADVISED TO READ THE SCHEME DOCUMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.

The scheme document and other relevant documents may be obtained, free of charge, on the SEC’s website (http://www.sec.gov), when available. WNS’ shareholders may obtain free copies of the scheme document once it is available from WNS by going to WNS’ website at https://www.wns.com.

PARTICIPANTS IN THE SOLICITATION

Capgemini, WNS and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of WNS’ shareholders in connection with the Transaction. Additional information regarding the foregoing persons, including their direct and indirect interests, by security holdings or otherwise, will be set forth in the scheme document and other relevant documents to be filed with the SEC. WNS’ shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of WNS in WNS’ periodic reports filed with the SEC available on WNS’ website at https://www.wns.com, and regarding the directors and officers of Capgemini in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/).

FORWARD LOOKING STATEMENTS

Certain information in this announcement, as well as oral statements made regarding the Transaction, and other information published by WNS, Capgemini or any member of the Capgemini Group contain statements which are, or may be deemed to be “forward-looking statements”, including, but not limited to, the acceleration of Capgemini and WNS’ growth and the value-additive nature of the Transaction for Capgemini shareholders. The words “anticipates”, “expects”, “believes”, “intends, “estimates”, “plans”, “projects”, “may”, “would”, “will”, “should”, “continue”, or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which Capgemini, any member of the Capgemini Group, including WNS and its subsidiaries following the Transaction (“Post-Transaction Group”) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to Capgemini, any member of the Capgemini Group or the Post-Transaction Group’s future prospects, developments and business strategies, the expected timing and scope of the Transaction and other statements other than historical facts. For a discussion of some of the risks and important factors that could affect such forward-looking statements, please refer, without limitations, to the risks identified in Capgemini’s most recent Universal Registration Document (Document d’Enregistrement Universel) available on Capgemini’s website (https://www.capgemini.com/us-en/). Factors which could have a material adverse effect on the Company’s operations and future prospects include, but are not limited to, the following risks relating to the Transaction, including in respect of the satisfaction of closing conditions to the Transaction on a timely basis or at all, including the ability to obtain required regulatory approvals and the required scheme shareholder approval; unanticipated difficulties and/or expenditures relating to the Transaction and any related financing; uncertainties as to the timing of the Transaction; litigation relating to, or other challenges to, the Transaction; the impact of the Transaction on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the Transaction; incurrence of unexpected costs and expenses in connection with the Transaction; risks related to changes in the financial, equity and debt markets; and risks related to political, economic and market conditions. In addition, the risks to which WNS’ business is subject, including those risks described in WNS’ periodic reports filed with the SEC, could adversely affect the Transaction and, following the completion of the Transaction, the Company’s operations and future prospects. New risks and uncertainties emerge from time to time, and it is not possible for Capgemini and WNS to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements.

Specifically, statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature involve, risks, uncertainties and contingencies. As a result, the cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. Due to the scale of the Post-Transaction Group, there may be additional changes to the Post-Transaction Group’s operations. As a result, and given the fact that the changes relate to the future, the resulting cost synergies may be materially greater or less than those estimated.

Forward-looking statements contained herein are only based upon currently available information and speak only as of the date of this announcement, and Capgemini expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capgemini’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

The anticipated financial impact of the acquisition of WNS and any references to future financial performance should not be viewed as management guidance. Actual results may differ from the statements set forth herein and such differences may be material.

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

ABOUT WNS

WNS is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 600 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States.

For more information, visit www.wns.com

¹ Volume-weighted average
² Net financial debt of WNS was negligible as at March 31, 2025
³ Clients of WNS based on public domain information
⁴ WNS fiscal year ends March 31. Last 3 fiscal years end March 2025.
⁵ Revenue represents revenue less repair payments
⁶ WNS “Adjusted operating profit” restated to expense amortization of intangible assets (software) above operating margin to conform to Capgemini’s definition of operating margin.
⁷ See https://ir.wns.com/news-releases/news-release-details/wns-acquires-kipiai-expand-data-analytics-ai-capabilities
⁸ Including considerations to be paid in connection with Restricted Share Units

Attachment
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The MIL Network –
July 7, 2025

Category: Politics

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