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Category: Politics

  • MIL-OSI Africa: The proposed Transformation Fund levels the economic playing field for emerging black businesses

    Source: South Africa News Agency

    By Parks Tau 

    In 1994, South Africa inherited an economy that was structurally designed to exclude the vast majority of South Africans. Apartheid’s distorted policies had created a dual economy: one of wealth and privilege and another of poverty and exclusion.

    This calculated economic strategy, structured along racial lines, created white-owned mines, farms, and factories while many black South Africans languished on the fringes of the economy in an underdeveloped informal sector.

    Their meaningful participation in our nation’s wealth was further eroded by discriminatory laws that restricted Black South Africans from owning land, accessing quality education, and entering skilled professions.

    These economic distortions which were implemented over hundreds of years continue to plague our nation today as we grapple with one of the highest levels of economic inequality in the world, worsened by alarmingly high unemployment, especially among Black youth.

    The country’s Gini coefficient of 0.63 shows that our nation’s income remains unevenly distributed, with the top 10 percent of the population holding more than 85 percent of household wealth. This persistent disparity undermines the development of an inclusive economy where all citizens participate and benefit.

    The transformation we seek is about positive change and is the only logical path to long-term growth and the reduction of inequality. In deracialising ownership across our economy, we open more opportunities for black people, in particular women and the youth.

    While the Constitution guides our work in creating a society with equal opportunities, we require a deliberate removal of structural obstacles to draw more people into the economy and mechanisms that advance our constitutional commitment to economic redress and transformation.

    In this regard, government plans to introduce the Transformation Fund to help level the economic playing field for emerging Black businesses, particularly those in key economic sectors such as manufacturing, agriculture and tourism who struggle to secure funding due to stringent lending requirements.

    The fund will provide financial support, infrastructure and capacity-building to Black-owned businesses – in particular Small, Medium and Micro Enterprises, women and youth entrepreneurs, and people living with disabilities – who are often locked out of meaningful economic participation due to their lack of access to capital.

    In fostering greater access to capital, business owners can invest in equipment, hire skilled staff, expand into new markets and ultimately quicken the pace of transformation in South Africa’s economy. It is also expected to stimulate meaningful economic activities across all regions of our country.

    A similar transformation initiative took place in South Korea, whose government actively worked with companies in the country to address market failures. Local businesses known as Chaebol were guaranteed loans from the banking sector, backed by the government. In the late 1980s, this led to rapid industrialisation with Chaebol businesses dominating the industrial sector in manufacturing, trading and heavy industries

    There was also great success in Malaysia’s empowerment initiative, demonstrating what can be achieved through transformation. The country in 1970 found itself in a similar position we face today and began to transform its society and economy through economic empowerment. Its empowerment plan, the National Economic Policy, assisted with the redistribution of the country’s wealth to the indigenous Malays known as Bumiputeras. Today Malaysia is among the richest countries in Southeast Asia by GDP per capita.  

    The Transformation Fund we are proposing will operate through a transparent application process, where qualifying businesses as well as partnerships, can apply for funding based on the project’s potential for social impact, sustainability, and alignment with national development goals.

    The fund will be anchored in contributions already made to the Enterprise Supplier Development and Equity Equivalent Investment Programme as part of our nation’s B-BBEE policy.  While no additional contributions are required over and above those made under our B-BBEE commitments, the voluntary co-funding by government and business of our transformation efforts can quicken the change we want in our economy.

    In supporting the Transformation Fund, both the public and private sectors stand to benefit from the investment in future suppliers, customers, and innovators who will, in turn build resilience and relevance in a fast-changing society.

    In advancing the establishment of the fund, it is proposed that the fund will be managed by a dedicated governance structure to ensure transparency. A Special Purpose Vehicle will be established to ensure accountability to an Oversight Committee and a board that possesses the required skills and capacity.

    The fund’s draft concept document was released for public comment on 19 March 2025 and the comment period concluded on 28 May 2025. South Africans are encouraged to continue to actively engage on the fund, and more details can be found on the website www.dtic.gov.za.

    Government plans to have the fund operational by the end of the year and capacitated with R100 billion. Once operational, it will assist in helping to bring real change in our economy and the lives of people. Let us turn transformation from a concept into practice as we make a real difference in others’ lives and create a fairer society.

    *Parks Tau is the Minister of Trade, Industry and Competition

    MIL OSI Africa –

  • MIL-OSI Europe: AFRICA/KENYA – The appeal of the Archbishops of Nyeri and Nairobi for the march in memory of last year’s victims: “Let dialogue prevail”

    Source: Agenzia Fides – MIL OSI

    Nairobi (Agenzia Fides) – Let dialogue prevail between the government and young people. This is the appeal for the march in memory of the victims of last year’s protests against the budget law (see Fides, June 21, 25, and 26, 2024). The march is scheduled for June 25. Yesterday, Sunday, June 22, addressing the media together, Monsignor Anthony Muheria, Archbishop of Nyeri and Vice President of the Kenya Conference of Catholic Bishops (KCCB), and his counterpart in Nairobi, Archbishop Philip Arnold Subira Anyolo, invited President William Ruto to listen to the country’s youth.“With just over 60 hours to the march, our greatest call is to safeguard human life,” declared Archbishop Muheria. “It does not matter what your goals are—the most urgent goal is to protect life, uplift the poor, and listen to one another.”Archbishop Anyolo added: “We have no right at any time to take the life of another. As Catholics, we believe life begins at conception – and that belief compels us to care even for mothers who mourn children killed in such unrest,” The two Archbishops also addressed a message to young people, urging them to moderate their intransigent positions and participate constructively in nation-building, while warning political leaders that inflammatory rhetoric fuels division and violence. Addressing the young people, Archbishop Muheria ask for “a spirit of unity,” so “let us walk together and find solutions as we mourn those who died.”“Political leaders must avoid recklessness in speech. As our national anthem reminds us, we must speak with each other to live together as one nation,” added Msgr. Anyolo.The two prelates urged the government to prioritize justice for those who lost their lives during last year’s protests and for those still recovering from injuries sustained in clashes with law enforcement, which left at least 60 dead. In recent days, clashes have erupted during demonstrations demanding the truth about the death in a security cell of blogger Albert Ojwang (see Fides, June 12 and 17, 2025). (L.M.) (Agenzia Fides, 23/6/2025)
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  • MIL-OSI Europe: AFRICA/KENYA – The appeal of the Archbishops of Nyeri and Nairobi for the march in memory of last year’s victims: “Let dialogue prevail”

    Source: Agenzia Fides – MIL OSI

    Nairobi (Agenzia Fides) – Let dialogue prevail between the government and young people. This is the appeal for the march in memory of the victims of last year’s protests against the budget law (see Fides, June 21, 25, and 26, 2024). The march is scheduled for June 25. Yesterday, Sunday, June 22, addressing the media together, Monsignor Anthony Muheria, Archbishop of Nyeri and Vice President of the Kenya Conference of Catholic Bishops (KCCB), and his counterpart in Nairobi, Archbishop Philip Arnold Subira Anyolo, invited President William Ruto to listen to the country’s youth.“With just over 60 hours to the march, our greatest call is to safeguard human life,” declared Archbishop Muheria. “It does not matter what your goals are—the most urgent goal is to protect life, uplift the poor, and listen to one another.”Archbishop Anyolo added: “We have no right at any time to take the life of another. As Catholics, we believe life begins at conception – and that belief compels us to care even for mothers who mourn children killed in such unrest,” The two Archbishops also addressed a message to young people, urging them to moderate their intransigent positions and participate constructively in nation-building, while warning political leaders that inflammatory rhetoric fuels division and violence. Addressing the young people, Archbishop Muheria ask for “a spirit of unity,” so “let us walk together and find solutions as we mourn those who died.”“Political leaders must avoid recklessness in speech. As our national anthem reminds us, we must speak with each other to live together as one nation,” added Msgr. Anyolo.The two prelates urged the government to prioritize justice for those who lost their lives during last year’s protests and for those still recovering from injuries sustained in clashes with law enforcement, which left at least 60 dead. In recent days, clashes have erupted during demonstrations demanding the truth about the death in a security cell of blogger Albert Ojwang (see Fides, June 12 and 17, 2025). (L.M.) (Agenzia Fides, 23/6/2025)
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    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/SYRIA – Massacre of Christians in Damascus. Greek Orthodox Patriarchate: “they are our new martyrs”

    Source: Agenzia Fides – MIL OSI

    Monday, 23 June 2025

    by Pascale RizkDamascus (Agenzia Fides) – “On the day our Church of Antioch commemorates all the Antiochian saints, the treacherous hand of injustice has risen this evening and reaped our souls along with the souls of our loved ones who fell as martyrs today during the evening Mass at the Church of St. Elias in Dwela’a in Damascus.” With these words, the Greek Orthodox Patriarchate of Antioch, led by Patriarch Yohanna X, addressed the faithful around the world following the massacre perpetrated during the evening Mass on Sunday, June 22.The Church of St. Elias is located in the Tabbalah neighborhood, at the entrance to the Douweila neighborhood. It was built in 1990. It is a monastic complex with a church, a school, and several guest rooms for pilgrims and students.According to information from local sources, the attack began with several shots fired at praying Christians from outside the church. Then, at least two suicide bombers wearing explosive belts entered the church through the rear entrance to the altar and blew themselves up.The eyewitness account of Laure al NasrMeanwhile, a video with the account of eyewitness Laure al Nasr was posted on social media: Her husband, Geryes el Bechara, a member of the General Directorate of the Road Traffic Authority, tried to stop the attacker along with Botros el Bechara, one of the brothers present at the mass. “The shots,” Laura recounts in her account, traumatized by her own grief, “first hit the church windows, frightening the people who gathered around the altar. As the attacker entered the church,” the witness continued, “Geryes and Botros tried to stop him: one by hitting him on the arm to make him drop a grenade that hadn’t exploded, the other by trying to pull him out of the church.” At that moment, the suicide bomber detonated his explosive belt and blew himself up. “I saw the bodies of my husband and my brother-in-law being torn to pieces, one next to the other. They tried to save us all; they are martyrs for our Church.” Other family members died in the massacre: their sister Myriam, cousins Julia, Sleman, and Nabil. A niece and a third brother of Geryes and Botros, notary Elias el Bechara, were seriously injured.Unconfirmed information suggests the suicide bombers may have been of Pakistani origin, and another attacker is said to have escaped after the massacre.So far, the provisional death toll amounts to 22 and 53 injured. “We continue to collect the remains and bodies of our martyrs,” reads the statement released by the Patriarchate.The government’s reactionsProfessor Hind Aboud Kabawat (see Fides, 12/2/2025), Minister of Labor and Social Affairs, the only Christian minister in the government led by Ahmad al-Sharaa, went to the scene of the attack to express the Syrian government’s closeness to the community affected by the massacre. Government authorities condemned the attack and blamed individuals linked to the so-called Islamic State. “This criminal act, targeting members of the Christian community, is a desperate attempt to undermine national unity and destabilize the country, as well as a response by the remnants of terrorism to the continued successes of the Syrian state and leadership,” reads the government statement.Syrian President Ahmed al-Sharaa, under the name Abu Muhammed el-Jolani, headed the Islamist “Hayat Tahrir al-Sham” for years, which played a leading role in the fight against the Assad regime, which collapsed in December of last year.Interior Ministry spokesperson Noureddine Al-Baba announced that “all those involved in this criminal act will be held accountable, and we will work to restore the church to its former glory.”The solidarity of the entire population with the church affected by the massacre was also expressed through blood donations in the hospitals where the wounded are being treated. Meanwhile, Islamists are praising the massacre and issuing intimidating messages directed at Christians in other Syrian cities. Official expressions of solidarity with the Syrian Christians, however, came from leaders of other religious communities, while several ministers visited the wounded and their families in hospitals.In the final part of the message, issued by the Greek Orthodox Patriarchate of AntiochThe statement, published on , calls on the relevant authorities in Syria to “assume full responsibility for the protection of the Holy Sites and all citizens.” This at a time when the entire Middle East seems more than ever to be dominated by “inhuman forces that want to accelerate the end of the world” (Pope Francis). (Agenzia Fides, 23/6/2025)
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  • MIL-OSI United Kingdom: New residents parking scheme for Woodgate area

    Source: City of Leicester

    A NEW residents parking scheme is to be introduced in a Leicester neighbourhood from next month.

    Leicester City Council will introduce the permit-only parking scheme in the Woodgate area, close to the city centre, to help address local concerns about the number of commuter and business vehicles using residential streets for free all-day parking.

    The new scheme will include mainly terraced streets adjoining Woodgate and part of Fosse Road North. In total, around 700 homes will be included in the scheme.

    It has been designed in response to concerns raised by residents and Fosse ward councillors over persistent parking problems and follows extensive local consultation.

    From Tuesday 1 July, most parking in the streets covered by the new scheme will only be available to vehicle owners who have a valid resident’s, visitor’s or business parking permit.

    Short stay, pay & display or pay by phone parking bays where customers can park will also be provided to support local businesses.

    Eight streets off Woodgate and Fosse Road North will be included in the scheme. These include Balfour Street, Marshall Street, Bassett Street, Dunton Street, Rugby Street, Repton Street, Central Road, and Bonchurch Street.

    Part of Fosse Road North, between Bonchurch Street and the Fiveways junction, and Woodgate, between its junctions with Balfour Street and Dunton Street, will also be covered by the new scheme.

    Assistant city mayor Cllr Geoff Whittle, who leads on environment and transport, said: “We’ve seen in other parts of the city how the introduction of residents’ parking schemes can be an effective way of tackling parking problems in local neighbourhoods and freeing up spaces for the people who live there.

    “This latest scheme, in the Woodgate area, will address concerns raised by local councillors and residents about city centre commuter parking. By introducing permit only parking, we can help make it easier for residents to find available parking close to their homes, and new customer parking bays will also mean local businesses don’t suffer.”

    Under the city council’s current parking permit scheme, charges will be £35 per year for a residents’ permit; £100 per year for a business permit tied to a particular vehicle, and £150 for a business permit that can be transferred between vehicles. Visitor permits are available for residents, at either £40 for a year (limited to one per household), or £2 for 24-hours. Permits for landlords and carers are also available. Vehicles displaying a blue badge will be exempt from the permit holders only restriction.

    There are currently 14 residents parking schemes in operation across Leicester.

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Valor Hospitality Partners signs three deals in Namibia, expanding its continental footprint

    Valor Hospitality Partners (www.ValorHospitality.com), a global leader in full-service hospitality solutions, today announced the signing of three new hotel management contracts in Namibia. This follows an announcement earlier this week of two new properties in West Africa that’s been added to its portfolio on the continent, signed at the Future Hospitality Summit (FHS) in Cape Town this week.  

    The three deals are all with IHG Hotels & Resorts, one of the world’s leading hospitality companies, to manage three new-build properties in Namibia, namely the Vignette Collection Dunes Resort Swakopmund making its debut in the country, Holiday Inn Walvis Bay, and voco Windhoek CBD. 

    The debut of a Vignette Collection property in Namibia bears testament to the country’s growing appeal as a destination of choice for the discerning traveller.  

    The combined capital expenditure for the development and establishment of the three new-build properties in the Southern African country is a significant R1.3 billion.  

    Not only do these agreements strengthen Valor’s relationship with IHG in the region, it also expands their footprint across the continent and attests to the growing preference for fully-integrated hospitality management services.  

    Valor will oversee the successful opening and management of each of the Namibian properties, drawing on their deep global experience to bring a best-in-class offering to the agreement.  

    Michael Pownall, Co-Founder and Managing Partner at Valor Hospitality Partners, says the signing of these agreements reflect not only confidence in the continent’s hospitality sector but also its appreciation for the value fully-integrated management services offer. “These partnerships are about value first and foremost, and how that value enhances the entire sector for all stakeholders. Of course we’re also immensely pleased – and proud – to grow and diversify our regional presence even further” he says.  

    Valor brings global insights and strategy to the table. Combined with their deep understanding of how to blend the big-picture with regional and cultural nuances in each location, it’s an approach that ensures global best-in-class management and operational practices at every level.  

    Haitham Mattar, Managing Director, IMEA, IHG Hotels & Resorts , said: ” Namibia is one of the most promising growth markets in southern Africa, and we are proud to enhance our presence in the country with three distinctive brands. With strategic locations in Swakopmund, Walvis Bay, and Windhoek, these hotels will cater to the full spectrum of traveller needs, from lifestyle seekers and leisure guests to business executives. This deal shows our ambition to expand our footprint in high-potential African markets through strong local partnerships and a diversified brand portfolio. 

    He added: Valor Hospitality Partners is one of IHG’s trusted partners in the region and is a strategic choice for managing these properties in Namibia. We have every confidence in the value that add and look forward to working with them as we enhance our presence in the country. 

    Reagon Graig, Managing Director Cadence Capital added: “Our collaboration with IHG Hotels & Resorts marks a major milestone for Namibia’s growing hospitality sector. Also commenting on the transaction, Rodrigo Pimenta, Managing Director, Santiago Property Developers said: “The development of these three hotels aligns perfectly with our vision to support the country’s tourism and business infrastructure, while creating high-quality, globally recognised destinations. We look forward to welcoming guests to these hotels and contributing to Namibia’s continued growth and appeal on the world stage. 

    The magnitude of these deals reinforce Valor’s strategic growth on the continent and its ongoing commitment to building world-class and sustainable hospitality operations that embody the brand’s “whole world of local” value ethos.  

    Distributed by APO Group on behalf of Valor Hospitality.

    For media inquiries and high-resolution images, please contact: 
    Delia de Villiers 
    delia@phoenixcollective.world 
    +27 73 710 3000

    Valor Hospitality Social Media: 
    Facebook: https://apo-opa.co/46aDJbt
    LinkedIn: https://apo-opa.co/4kSsEQL
    For more information about Valor Hospitality and its innovative approach to hotel management and franchising, visit www.ValorHospitality.com.  

    ABOUT VALOR HOSPITALITY PARTNERS: 
    Valor Hospitality Partners (https://apo-opa.co/3TzaXd1) is a leading global full-service hotel underwriting, acquisition, development, management, and asset management company. With over 90 hospitality projects in its international portfolio, Valor Hospitality offers an array of services, including site selection, product and brand selection, entitlements, financing solutions, conceptual design, construction and project management, procurement, technical services, pre-opening, and operations management. Valor also provides consulting services on a wide range of project scenarios, including working with new or existing ownership groups on reviewing site selection, assessing feasibility studies and project budgets, compiling project budgets, and underwriting. For more information, visit www.ValorHospitality.com

    MIL OSI Africa –

  • MIL-OSI Europe: School children discuss peace and security at closing of ‘NATO and the Netherlands: a Journey’

    Source: Government of the Netherlands

    News item | 23-06-2025 | 14:11

    On Sunday 22 June, ‘NATO and the Netherlands: a Journey’ celebrated its conclusion at the World Forum in The Hague. On this final day, under the guidance of the political engagement organisation De Kiesmannen, around 150 primary and secondary school children discussed peace, security and the role of NATO. Minister of Foreign Affairs Caspar Veldkamp and Chief of Defence General Onno Eichelsheim were present for the event. Several members of the municipal executive of Madurodam, which consists entirely of young people, were also there.

    Enlarge image
    Photo: Ministry of Foreign Affairs / Phil Nijhuis

    ‘NAVO and the Netherlands: a Journey’ started in January 2025 in The Hague and travelled to nine cities across the country. At each location, local residents were engaged in discussions about NATO and the importance of international cooperation to our security. This was done through theatre and educational programmes, a travelling photo exhibition, debates and serious gaming.

    The goal was to encourage people to think about NATO and current security topics in an accessible way. The event was organised by the Ministry of Foreign Affairs and the Ministry of Defence, with cooperation from the Netherlands Atlantic Association, the Clingendael Institute and The Hague Centre for Strategic Studies.

    Enlarge image
    Minister of Foreign Affairs of the Netherlands, Caspar Veldkamp. | Photo: Ministry of Foreign Affairs / Phil Nijhuis

    Raising awareness about peace and security

    During the closing session at the World Forum, De Kiesmannen used interviews and dilemmas to get young people thinking about war, peace, fake news and cyber threats. The focus of the day was on raising awareness – what does security mean today and what role can young people play in it? As one school child put it: ‘It’s bad that there’s so much insecurity in the world today. I hope that we can still have peace in the Netherlands for a long time.’

    In his welcome address, foreign minister Caspar Veldkamp emphasised the importance of being alert and working together:
    ‘We’ve enjoyed a long period of peace, but the reality is that peace and security in Europe can no longer be taken for granted. And it’s going to be a challenge to keep our country and Europe secure.’

    Enlarge image
    General Eichelsheim | Photo: Ministry of Foreign Affairs / Phil Nijhuis

    Interview with General Eichelsheim

    General Onno Eichelsheim talked with the young people present and answered questions about NATO and ongoing conflicts in the world. He stressed the importance of the alliance for the Netherlands:

    ‘It’s concerning that military interventions increasingly appear to pay off. Throughout the world boundaries are being pushed and overstepped. That’s why it’s more important than ever to work together in NATO to become stronger. By doing so, not only can we protect the international legal order, but our own security as well.’

    Growing awareness about NATO

    Dylan Ahern, from De Kiesmannen, has noticed an increase in awareness about NATO since the start of their programme in April:
    ‘What stands out is that a lot of young people support strengthening our armed forces. They follow the news with a critical eye and ask questions. The conversation about freedom and security is more relevant than ever.’

    The closing programme marks the end of a series of meetings across the country. The 2025 NATO Summit will take place in The Hague on 24 and 25 June.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: UK Trade Envoy visits Pakistan to boost trade

    Source: United Kingdom – Government Statements

    World news story

    UK Trade Envoy visits Pakistan to boost trade

    The UK Trade Envoy to Pakistan, Mohammad Yasin MP, has begun a 3-day visit to Karachi and Islamabad to encourage investment and long-term economic co-operation.

    The visit follows the UK’s launch of its Growth Mission and Modern Industrial Strategy. Invest 2035 sets out a ten-year plan to provide certainty and stability for businesses in high growth sectors such as clean energy, digital technologies, life sciences and advanced manufacturing.

    Over 200 British companies are operating in Pakistan, with the top five contributing around one percent of Pakistan’s GDP. The UK is Pakistan’s largest European trading partner and top source of foreign direct investment.

    Mohammad Yasin MP, UK Trade Envoy to Pakistan, said:

    “The UK and Pakistan already enjoy deep commercial ties, but there is much more we can achieve together. It is a place close to my heart, and I have seen over many years the enormous potential to help both our countries prosper. During my visit, I look forward to supporting efforts that unlock new opportunities and drive growth.”

    Mr Yasin will meet senior government stakeholders including Jawad Paul, Secretary for Commerce, and Minister Chaudhry Salik Hussain, Federal Minister for Overseas Pakistanis. He will also meet business leaders to strengthen trade and encourage investment.

    Mr Yasin’s visit will help pave the way for the UK-Pakistan Trade Dialogue, due to launch later this year. The Dialogue will offer a platform to grow exports, increase investment flows, address business environment concerns and identify opportunities for greater market access.

    For updates on the British High Commission, please follow our social media channels:

    Updates to this page

    Published 23 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Nano Labs Plans to Apply for License for HKD and Offshore RMB Stablecoin Businesses

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, June 23, 2025 (GLOBE NEWSWIRE) — Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider in China, today announced that it plans to apply for relevant licenses to operate Hong Kong dollar and offshore RMB stablecoin businesses in partnership with other entities, following the official enactment of the Hong Kong Stablecoins Bill (the “Stablecoins Bill”).

    In parallel, Nano Labs plans to develop a technical framework for stablecoins, focusing on blockchain networks such as Bitcoin and Binance Coin (the “BNB”). Nano Labs looks forward to forming strategic partnerships and providing strong support to foster the development of both the stablecoin ecosystem and the broader Web 3.0 industry.

    On May 21, 2025, the Legislative Council of Hong Kong passed the Stablecoins Bill, establishing a licensing regime for fiat-referenced stablecoin (“FRS”) issuers and reinforcing Hong Kong’s role as a global financial hub for digital assets. On June 6, 2025, the Hong Kong government published a notice in the Gazette appointing August 1, 2025 as the effective date for the Stablecoins Ordinance.

    About Nano Labs Ltd

    Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, it has established Bitcoin value investment and adopted Bitcoin as primary reserve asset. Nano Labs has established an integrated solution platform covering three main business verticals, including HTC solutions and HPC solutions. The HTC solutions feature its proprietary Cuckoo series chips, which have become alternative Application-Specific Integrated Circuit (“ASIC”) solutions for traditional GPUs. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

    *        According to an industry report prepared by Frost & Sullivan.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

    For investor inquiries, please contact:

    Nano Labs Ltd
    ir@nano.cn

    Ascent Investor Relations LLC
    Tina Xiao
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –

  • MIL-OSI: Oportun Issues Letter to Stockholders Detailing CEO Raul Vazquez’s Record of Proven Leadership

    Source: GlobeNewswire (MIL-OSI)

    Urges stockholders to vote “FOR” Mr. Vazquez and Carlos Minetti on the GREEN proxy card

    SAN CARLOS, Calif., June 23, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today issued a letter to stockholders detailing the experience and proven leadership record of its Director candidate and CEO Raul Vazquez, who has driven Oportun’s growth and transformation and is successfully executing a strategy to deliver improved operational performance and stockholder value.

    The Board of Directors strongly urges all Oportun stockholders to vote “FOR” Oportun’s two highly qualified nominees, Mr. Vazquez and Carlos Minetti, using the GREEN proxy card or GREEN voting instruction form. The letter to stockholders and other important information related to the Annual Meeting can be found at VoteForOportun.com.

    The full text of the letter to stockholders follows:

    Dear Fellow Stockholders,

    This year’s Annual Meeting of Stockholders of Oportun Financial Corporation is fast approaching. The meeting will be held on July 18, 2025, and you can vote online or by mail using the instructions on the enclosed GREEN proxy card.

    At this year’s Annual Meeting, stockholders have an important choice to make. One of Oportun’s stockholders, Findell Capital Management, LLC, is seeking to remove Oportun’s CEO, Raul Vazquez, from the Board of Directors and replace him with someone who we believe is far less qualified.

    This would be a serious mistake. Mr. Vazquez has valuable skills, experience and institutional knowledge that make him an exceptional CEO and effective Board member. He has a proven track record of leading large operations while driving technological innovation and fostering high-performance cultures, both at Oportun and in prior roles, and he has played a vital role in setting Oportun’s new strategic direction and driving the Company’s growth and transformation. He is deeply committed to Oportun’s success, and as a top ten Oportun stockholder who has made significant out-of-pocket stock purchases beyond his executive compensation plan, his interests are firmly aligned with those of stockholders.

    Mr. Vazquez Has a Track Record of Effective Leadership

    Before joining Oportun, Mr. Vazquez spent nine years with Walmart Inc., where he held a variety of senior leadership roles. Walmart, like Oportun, serves a diverse customer base, with particular strength among value-conscious and lower-to-middle income households.

    As EVP and President of Walmart West, Mr. Vazquez oversaw a division generating more than $60 billion in revenue and comprising more than 1,000 stores across 23 states. As CEO of Walmart.com, he led a period of significant growth where he helped shape and scale Walmart’s global e-commerce strategy, transforming the platform into the most visited brick-and-mortar retailer website.

    Mr. Vazquez Has Driven Oportun’s Growth and Transformation

    Mr. Vazquez was appointed CEO of Oportun in 2012. As the oldest son of Mexican immigrants, he has a deep personal connection to Oportun’s core customer and a strong belief in the Company’s mission to empower hardworking individuals to build better futures. Joining Oportun represented an opportunity to bring his deep expertise in retail, operations and digital innovation as well as his people-centered leadership approach to an industry where he believed he could make a meaningful difference.

    At the time, Oportun was struggling to raise debt and equity from external sources at the levels necessary to maintain its market position and continue operations.

    Amid these challenges, Mr. Vazquez took swift and decisive action, crafting a strategic plan to revitalize and scale the business. Under his leadership, Oportun transformed from a small, regional lender reliant on a network of physical retail locations into a national, digitally-driven company positioned for sustained growth and profitability. Mr. Vazquez also has led the Company’s expansion from two states to 41 states and into adjacent products, including secured loans and savings products. Together, these initiatives have enabled the Company to grow its loan portfolio from $100 million in 2012 to approximately $3 billion today.

    When macroeconomic conditions shifted abruptly and unexpectedly in early 2022, Mr. Vazquez worked proactively with the Board to strengthen and reposition the Company by reducing costs, streamlining operations and realigning strategic priorities. Importantly, these initiatives were developed independently of Findell and were announced two months before the Board had any knowledge that Findell was a stockholder.

    These vital actions to reposition the Company, and our focus on execution, are delivering improved financial performance. In 2024, Oportun returned to originations growth, delivered improved credit metrics and reduced its operating expense ratio. That strong momentum continued during the first quarter of this year and, supported by a more efficient cost structure and stronger credit performance, we believe Oportun is well-positioned to deliver strong financial results in 2025. Importantly, this progress has been recognized by the market, with total stockholder returns significantly outperforming both peers and the broader markets over recent time periods.

    Other Organizations Have Recognized Mr. Vazquez’s Leadership and Qualifications

    Under Mr. Vazquez’s leadership, Oportun has received national recognition by leading publications for its innovation and impact:

    • Oportun has consistently been recognized as a top workplace, including by the San Francisco Chronicle for the past seven years and by regional and national publications for the past ten years;
    • Fast Company named Oportun one of the World’s Most Innovative Companies and a Top Ten Most Innovative Company in 2020;
    • TIME magazine included Oportun on its list of “50 Businesses Inventing the Future” in 2018;
    • Mr. Vazquez was honored as the EY Entrepreneur of The Year® 2018 National Award winner in the Financial Services category.

    In 2013, Mr. Vazquez joined the Board of Directors of Staples, Inc., and in 2016 he was appointed to the Board of Directors of Intuit, a global financial technology company with a market capitalization of more than $200 billion. The Chairs of both public companies have praised Mr. Vazquez for his leadership experience, strategic vision, and deep understanding of the consumer:

    “Raul brings a nice range of financial services, retail, technology and community development expertise… With a great reputation as a game changer, Raul’s vast experience across local, regional, state, federal and international levels of engagement and diverse perspective will be of great value to our board.”

    Intuit
    Brad Smith, Former Chairman and CEO
    May 4, 2016

    “[Raul] is a multi-channel veteran with deep digital expertise and leadership experience in retail, marketing and operations. His global e-commerce perspective would be particularly valuable as we focus on rapidly increasing online sales as part of our strategic reinvention.”

    Staples
    Ron Sargent, Former Chairman CEO
    April 4, 2013

    Beyond his public board experience, Mr. Vazquez previously served on the Board of the National Association for Latino Community Asset Builders, the Consumer Financial Protection Bureau’s Consumer Advisory Board, and as Chair of the Federal Reserve Board’s Community Advisory Council.

    Replacing Mr. Vazquez with Findell’s Candidate Would be a Mistake

    As part of its annual evaluation process, the Board, which includes two individuals recommended by Findell, recently completed a comprehensive review of Mr. Vazquez’s performance. Following that review, the Board unanimously concluded that Mr. Vazquez is the best person to lead the Company forward. Supplanting the Board’s unanimous judgment and removing Mr. Vazquez from the Board – especially at a time when the Company’s performance is improving and its momentum is building – would be a mistake.

    In our view, Findell’s candidate, Warren Wilcox, is no substitute for Mr. Vazquez. Mr. Wilcox has no public company CEO experience, limited experience serving low- and middle-income customers and has not served on a public company board in over a decade. Replacing Mr. Vazquez with Mr. Wilcox would jeopardize the continuity, leadership and business insight needed to continue our progress and momentum. With all of Oportun’s proxy peers and approximately 97% of Russell 3000 boards including the company’s CEO1, removing Mr. Vazquez would also be highly unusual and send a disruptive message to employees, stockholders and other stakeholders.

    We Ask for Your Support

    We encourage you to visit VoteForOportun.com to learn more about the Company’s progress and our plan to ensure that our strong momentum continues. We believe you will reach the same conclusion as our Board: that Mr. Vazquez is the right leader for Oportun and that his reelection is the best way to protect and enhance stockholder value.

    We urge stockholders to support Oportun’s CEO, Mr. Vazquez, and Oportun’s other nominee, Carlos Minetti, by voting for each of them on the GREEN proxy card today.

    Sincerely,
    The Oportun Financial Corporation Board of Directors

    If you have any questions about how to vote your shares, please call the firm assisting us with the solicitation of proxies:

    INNISFREE M&A INCORPORATED
    (877) 800-5195 (toll-free from the U.S. and Canada) or
    +1 (412) 232-3651 (from other countries)

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    Cautionary Statement on Forward-Looking Statements

    Certain statements in this communication are “forward-looking statements”. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this communication, including statements as to our future performance, financial position and our strategic initiatives, and the Annual Meeting, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the year ended December 31, 2024, as well as our subsequent filings with the SEC. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Innisfree M&A Incorporated
    Scott Winter / Gabrielle Wolf / Jonathan Kovacs
    (212) 750-5833

    Media Contact
    FGS Global
    John Christiansen / Bryan Locke
    Oportun@fgsglobal.com

    ______________________
    1 Source: Bloomberg

    The MIL Network –

  • MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

    Source: GlobeNewswire (MIL-OSI)

    • ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
    • Equity investors have immediate exposure to bitcoin based on structure of financing transactions
    • Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

    New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

    At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

    Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

    ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

    ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

    “The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

    “From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

    Terms of the Proposed Business Combination and Financing Transactions

    The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

    The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

    The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

    At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

    Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

    The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

    The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Advisors

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

    Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

    Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

    Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    About ProCap BTC, LLC and ProCap Financial, Inc.

    ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

    About Columbus Circle Capital I
    Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

    About Cohen & Company

    Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/.  J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management. 

    About Clear Street

    Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

    Additional Information and Where to Find It

    ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

    NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

    The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

    Participants in Solicitation

    CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

    No Offer or Solicitation

    This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

    The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

    The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Media Contacts

    Ebony Lewkovitz
    ebony@edencommunications.com 

    Larissa Bundziak
    larissa@edencommunications.com 

    IR@ColumbusCircleCap.com

    The MIL Network –

  • MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

    Source: GlobeNewswire (MIL-OSI)

    • ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
    • Equity investors have immediate exposure to bitcoin based on structure of financing transactions
    • Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

    New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

    At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

    Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

    ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

    ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

    “The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

    “From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

    Terms of the Proposed Business Combination and Financing Transactions

    The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

    The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

    The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

    At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

    Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

    The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

    The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Advisors

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

    Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

    Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

    Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    About ProCap BTC, LLC and ProCap Financial, Inc.

    ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

    About Columbus Circle Capital I
    Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

    About Cohen & Company

    Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/.  J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management. 

    About Clear Street

    Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

    Additional Information and Where to Find It

    ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

    NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

    The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

    Participants in Solicitation

    CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

    No Offer or Solicitation

    This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

    The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

    The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Media Contacts

    Ebony Lewkovitz
    ebony@edencommunications.com 

    Larissa Bundziak
    larissa@edencommunications.com 

    IR@ColumbusCircleCap.com

    The MIL Network –

  • MIL-OSI United Kingdom: Clean energy future to be ‘built in Britain’

    Source: United Kingdom – Executive Government & Departments

    Press release

    Clean energy future to be ‘built in Britain’

    Government publishes its Clean Energy Industries Sector Plan to ensure the clean energy revolution is built in Britain.

    • Government publishes landmark plan to capture the immense jobs and growth opportunities of the clean energy economy
    • Plan will double down on Britain’s strengths as a coastal nation and scientific superpower, bringing jobs to industrial heartlands and coastal communities through Plan for Change
    • Further £700 million for Great British Energy to invest in clean energy supply chains and ensure the clean energy revolution is built in Britain

    Communities across Britain will benefit from good jobs and investment in the clean energy economy, as the government today (Monday 23 June) publishes its Clean Energy Industries Sector Plan to ‘build it in Britain’.

    Clean energy is the economic opportunity of the twenty-first century, and thanks to the government’s clean energy mission, investment is booming in the UK, with over £40 billion of private investment in clean energy announced since July.

    This landmark plan, developed with industry, trade unions, and workers across all regions of the country, sets the UK on a path to unleash the tidal wave of jobs and investment that clean energy can bring, with the government targeting at least a doubling of current investment levels across our frontier Clean Energy Industries to over £30 billion per year by 2035.

    It comes after the Spending Review confirmed the biggest programme of investment in homegrown energy in UK history – from launching a golden age of nuclear with funding to build Sizewell C nuclear power station on the Suffolk coast and small modular reactors, to £9.4 billion for carbon capture industries.

    Energy Secretary Ed Miliband said:

    This government is doubling down on Britain’s clean power strengths as we build this new era of clean energy abundance, helping deliver good jobs, energy security and lower household bills.

    The UK’s pitch is clear – build it in Britain. Power the world.

    Great British Energy Chief Executive Dan McGrail said:

    Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.

    We are working closely with businesses across the clean energy sector to invest in areas of strategic need and will get funding out as fast as possible to get new projects off the ground.

    As part of this plan, Great British Energy will have an additional £700 million to help build manufacturing facilities here at home for key components for the clean power revolution like floating offshore platforms, electric cables, and cutting-edge hydrogen infrastructure. This builds on Great British Energy’s initial £300 million for offshore wind supply chains, which the Energy Secretary confirmed last week has already catalysed a further £700 million from industry and The Crown Estate. With today’s additional funding, this brings total public and private funding in clean energy supply chains to £1.7 billion. This investment will unlock thousands of jobs, kickstarting growth in coastal communities and industrial towns, and secure a cleaner, more independent energy future for Britain.

    Lucy Yu, CEO and founder of the Centre for Net Zero, has also been announced as the government’s Clean Energy AI Champion – helping to drive the adoption of AI across the UK’s clean energy sector and accelerate the net zero transition.

    The Clean Industry Bonus – the financial reward scheme for offshore wind developers to invest in homegrown, cleaner supply chains – could also be expanded to more sectors, such as hydrogen and onshore wind. This will ensure clean energy investment is directed to regions that need it most, including traditional oil and gas communities, ex-industrial areas and coastal communities.

    The Industrial Strategy sets out how Britain’s strengths make it the natural home for clean power industries: as a coastal nation, a scientific and innovation superpower, with strengths in high-value manufacturing and a skilled energy workforce to match.

    Read the Clean Energy Industries Sector Plan.

    Stakeholders

    Martin Pibworth, Chief Executive designate at SSE plc, said:

    The government’s industrial strategy is a welcome signal of long-term thinking and ambition – doubling down on homegrown energy is the right thing for security, resilience and affordability, making the most of the UK’s competitive geographical and technical advantages in renewables in particular.

    It’s exactly the kind of commitment that gives industry the confidence to deliver at pace and scale, and with important decisions on energy policy expected in the weeks ahead, we hope to see a continued focus on unlocking investment that drives growth.

    As the UK’s clean energy champion, SSE is investing £17.5 billion over 5 years to 2027 – building the infrastructure, creating high-quality jobs, supporting the supply chain and driving the innovation needed to deliver a net zero economy.

    Jon Butterworth, CEO of National Gas, said:

    The Industrial Strategy makes clear the scale of economic opportunity within the clean energy sector. As an essential enabler for all growth sectors, we warmly welcome the Clean Energy Industries Sector Plan which will position Britain as a world leader in technologies like hydrogen and carbon capture.

    As Britain’s national gas network, we believe technologies like hydrogen and carbon capture will attract major investment, creating highly-skilled jobs across the country, as well as decarbonising our existing industries and bolstering energy security.

    We welcome the recent commitments and recognition shown by the government on the role of green gases and Britain’s national gas network and look forward to working in partnership to deliver the clean energy economy of the future.

    Steve Foxley, Chief Executive of the Offshore Renewable Energy Catapult, said:

    Wind energy is not only a critical enabler of Net Zero as the foundation of our future clean energy system but also a once-in-a-generation industrial growth opportunity. Through clear pathways from research and development to commercialisation and deployment, the UK’s Modern Industrial Strategy will capitalise on our long history of innovation to not only attract critical manufacturing investment, creating thousands of highly skilled jobs the length and breadth of the country, but also ensure our energy security in an otherwise increasingly uncertain world.

    Chris Norbury, Chief Executive of E.ON UK

    We welcome the government’s bold ambition to put clean energy at the centre of the UK’s industrial strategy. This is a once-in-a-generation opportunity to grow the economy, strengthen energy security and create skilled, secure jobs across the country.

    Our £2 billion UK investment plan is already driving forward decarbonisation, digitalisation and green skills, including through our Net Zero Academy and over 1,300 apprenticeships since 2018.

    This strategy is a chance to accelerate that progress with the right clarity, long-term investment signals and genuine partnership between government, cities and industry. If we get this right, Britain can lead the world in clean energy and deliver real meaningful benefits to every household and business.

    Paul Nowak, General Secretary of the Trades Union Congress (TUC) said:

    We welcome the government’s Clean Energy Sector Plan and its clear commitment to creating high-quality, secure jobs – not just any jobs.

    The explicit pledge to a new generation of good industrial jobs will strike a chord with workers from Teesside to Merseyside, many of whom felt left abandoned by the last government’s failure to act.

    We strongly support the launch of the UK’s first-ever Clean Energy Workforce Strategy – a vital recognition that workers are central to both our economy and the clean energy transition.

    By prioritising sectors like nuclear fusion, nuclear fission, and offshore wind, the government is showing a serious commitment to a balanced, resilient energy mix.

    The TUC backs the ambition to ‘Build it in Britain. Power the World’ and stands ready to help make it a reality.

    Charlotte Brumpton-Childs, National Officer at GMB:

    This strategy is a welcome shift, recognising that Britain’s clean energy future must be built here, by skilled workers in secure, union jobs. For too long, energy policy has meant offshoring opportunity and hollowing out industry.

    If delivered properly, this plan could help turn that tide. GMB will work to make sure these promises translate into real investment, real jobs, and a just transition that puts working people at the heart of our industrial future.

    Sue Ferns, Senior Deputy General Secretary at Prospect union said:

    Boosting clean energy is not only an important mission in its own right, it is central to the success of every other sector. It is welcome to see the government doubling down on this mission, focusing investment on key technologies like renewables and nuclear energy, and recognising the key role that trade unions play as partners in this strategy.

    Securing the investment is important, but perhaps the biggest challenge in this area is around the workforce. The energy workforce is undergoing an unprecedented transition, which creates opportunities for many but also serious challenges that need to be addressed.

    Delivering on this strategy in a way which creates prosperity and supports jobs will require the government’s forthcoming energy workforce plan to be as ambitious as possible and fully backed by all parts of government.

    David Hall, VP, Power Systems, Schneider Electric, said:

    The Clean Energy Industries Sector Plan will help to provide much needed certainty for businesses and investors. We welcome the recognition of electricity networks as a ‘foundational sector’ and look forward to working with the Government to develop an electricity networks growth plan.

    We also welcome the commitment to phasing out SF6 gas – a potent greenhouse gas – from switchgear. Regulatory certainty on this issue is key for manufacturers like Schneider Electric who are committed to invest in our domestic capabilities and support the decarbonisation of the grid.

    Schneider Electric is a key supplier of the electrical infrastructure powering the UK’s electricity networks. Over the past two years we have invested almost £50 million to further boost the UK’s domestic supply chain, including investing £42 million to build a brand new factory in Scarborough, North Yorkshire.

    Vattenfall’s UK Country Manager, Claus Wattendrup, said:

    The government is right to back clean energy as a growth engine for UK jobs and skills. Offshore wind already supports over 50,000 UK jobs and is scaling up fast through initiatives like the Offshore Wind Industrial Growth Plan, and we now await the government’s Onshore Wind strategy to help unlock even more investment, jobs, and energy security.

    We must avoid own-goals along the way, however: the benefits of district heating must not be overlooked, whereas zonal pricing in Great Britain risks future investments without cutting bills.

    Dhara Vyas, CEO of Energy UK, said:

    Energy UK welcomes the government’s new Industrial Strategy and Clean Energy Industries sector plan, which rightly recognise the pivotal role energy will play across the whole economy, powering growth through digitalisation and electrification, boosting regional prosperity and delivering economic security and resilience.

    Stable, affordable energy prices will help ensure that the UK remains a competitive place to do business, and in an increasingly uncertain global operating environment, clean power will deliver energy security. Focussing on priority technologies where the UK has global expertise will deliver a strong competitive advantage for our businesses and economy.

    We know the investment necessary to decarbonise the economy will mostly be funded by the private sector. Clarity on government policy, removal of the barriers to investment and targeted support are all essential to meet this ambition.

    Jane Cooper, Deputy CEO of RenewableUK, said:

    Today’s industrial strategy identifies clean energy as one of the sectors with the highest growth opportunity, and we are going to see tens of billions of pounds of new investment in wind energy, grid and hydrogen in the coming years. With that new infrastructure comes a golden opportunity to secure new jobs, manufacturing, innovation and exports, in the growing industrial clusters across the UK, in areas like the Humber, Scotland, South Wales, the South West and Teesside.

    There are already nearly 2,000 companies in the UK who have benefitted from contracts to deliver work in the wind energy sector. Collectively, wind energy currently employs 55,000 people, a figure which has risen by a quarter from two years ago. By keeping a laser focus, as this Industrial Strategy does, on unlocking investment, remaining competitive, and supporting UK companies to innovate and grow, the offshore wind supply chain alone could boost the UK economy by £25 billion over the next decade.

    The opportunity and vision is there, now government needs to ensure they deliver on the critical aspects of this industrial strategy. Most notably for renewables, that means ensuring the next two contract for difference allocation round are as successful as possible, clearing large volumes of projects in a stable market framework to reduce costs. This is essential if we want to attract investment in the UK’s supply chain, skills and capabilities.

    Claire Mack OBE, Chief Executive of Scottish Renewables, said:

    Placing clean energy at the heart of the new industrial strategy is a vote of confidence in the enormous economic growth potential of Scotland’s renewable energy industry and supply chain. The scale of opportunity is clear with sectors like offshore wind expected to generate £35 billion for the economy, helping to deliver good jobs and energy security.

    Scottish Renewables has been urging the UK government to be bold in removing barriers to investment and we’re pleased to see the ambition outlined in this strategy, including measures to build a grid fit for the future, drive competitive supply chains and grow exports.

    In the years ahead, success will be seen in the delivery of new clean energy infrastructure, thriving supply chains and skilled jobs across Scotland. Our industry stands ready to continue meeting that challenge head on.

    Olivia Powis, CEO of the Carbon Capture and Storage Association (CCSA), said:

    We are delighted to see the Government’s continued commitment to Carbon Capture, Utilisation & Storage (CCUS), including Greenhouse Gas Removals (GGRs), as a frontier industry. This rightly positions CCUS and GGRs as a core pillar in delivering on three vital national objectives: reaching net zero, driving regional growth, and strengthening economic security.

    The UK’s CCUS industry stands ready to deliver and is pleased to see government’s prioritisation of cross-border CO₂ transport and storage networks in the North Sea, recognising the significant economic benefits for both UK and EU CCUS projects. This builds on the positive momentum from the recent UK-EU Summit – alongside the support confirmed in the Spending Review.

    Following these government commitments, a clear timetable for deployment is essential to secure investment, as well as investment in scaling up supply chains and growing the workforce needed to deliver at pace. With continued partnership between government and industry, CCUS can anchor a new era of sustainable industrial growth – one that revitalises communities, boosts energy resilience and ensures the UK leads in tackling climate change.

    Charlotte Lee, Chief Executive of the Heat Pump Association said:

    It is great to see heat pumps, and by association heating systems, being listed as a frontier industry within the plan and identified as one of six areas with the highest growth potential.

    With a new Heat Pump Investment Accelerator Competition confirmed, £13.2 billion recently announced for the Warm Homes Plan alongside a clear timeline for the introduction of the Future Homes Standard and a pledge to expand heat networks, it is clear the government are committed to enhancing the UK’s energy security by decarbonising heat from buildings.

    Whilst we await the detail within the Warm Homes Plan, this strategy sets clear intentions for the sector, and the HPA will continue to work closely with government to support their missions to break down barriers to investment and deliver nationwide growth.

    Clare Jackson, CEO at Hydrogen UK, said

    The UK can, and should, lead the world in hydrogen, creating jobs and skills, driving economic growth, and lowering emissions. With hydrogen as a key pillar, the Industrial Strategy and Clean Energy Industries Sector Plan are welcome, positive steps forward to achieving that goal, with strong policy signals and funding to match.

    The Clean Energy Industries Sector Plan in particular acknowledges hydrogen’s economic and export potential, and we look forward to working with the government as it puts these strategies into practice.

    Dr Emma Guthrie, CEO of the Hydrogen Energy Association (HEA) said:

    We welcome the publication of the Clean Energy Industries Sector Plan and the clear recognition of hydrogen as a central pillar in the UK’s clean industrial future.

    The commitment to a dedicated hydrogen sector plan – 1 of 8 outlined across key growth industries – provides the clarity and direction that hydrogen investors, innovators and infrastructure providers urgently need.

    The extension of the Clean Industry Bonus to hydrogen is a particularly positive step, signalling that government recognises the role hydrogen can play in decarbonising heavy industry and strengthening energy resilience.

    The wider Industrial Strategy’s focus on reducing energy costs, accelerating grid connections and supporting frontier technologies reflects many of the priorities the hydrogen industry has long been calling for.

    We now look forward to working closely with government and industry to ensure this strategy delivers tangible outcomes – unlocking investment, creating skilled green jobs, and accelerating the transition to a low-carbon economy.

    Yselkla Farmer, CEO at BEAMA said:

    BEAMA’s members are pleased that our calls for improvements to industrial conditions have been recognised. This long term strategy distinguishes electricity networks and electric heat – uniquely, both represented by BEAMA – as critical sectors for the UK’s economic prosperity. They have the potential to deliver significant benefits to consumers and those seeking excellent employment opportunities in our domestic supply chains.

    We are well aligned with the government’s overall vision and objectives for our sector. We are looking forward to keeping the momentum up over the ten years of this strategy, working with government to bring tangible change and hugely increase investment in our members’ markets, with specific benefit to British manufacturing. In addition to some further measures from upcoming policy announcements, this strategy has the potential to build on our existing strengths for an exciting future.

    We are especially pleased to see the level of financial support being targeted for BEAMA sectors through GB Energy, the National Wealth Fund and the British Business Bank and our hope is this can help bring forward investment in UK manufacturing to supply the UK’s electrification needs across the grid and in homes. The decision to reduce electricity costs for the IS-8 manufacturing sectors is an incredibly welcome step as we strive to ensure we can compete for investment globally.

    Stuart Dossett, Senior Policy Adviser at Green Alliance, said: 

    As international events threaten to drive up the price of oil and send bills soaring once again, it is vital the government look at how to make the UK energy secure. If we’re successful in doubling the amount of investment in clean energy over the next ten years, as the government proposes today, this will provide the cheap, secure power we need for the rest of the economy to grow. The government is also right to focus on making sure more homegrown renewable energy results in cheaper electricity costs for businesses. 

    Darren Davidson, Head of UK, Siemens Energy said:

    Today’s Industrial Strategy announcement, a 10-year UK government plan focused on partnership with business, is welcome news. As one of the world’s leading energy technology companies Siemens Energy has invested significantly in the UK, and we already employ over 6,500 people working on energy projects across the regions.

    The new plan is a significant step forward in helping to create a coherent, strategic policy framework – including funding support – to help strengthen the UK’s industrial base, encourage job creation and deliver the energy transition.

    Updates to this page

    Published 23 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New study looks for ways to help River Itchen salmon reach sea

    Source: United Kingdom – Executive Government & Departments

    Press release

    New study looks for ways to help River Itchen salmon reach sea

    The Environment Agency and partners are looking for ways to improve fish passage past barriers and restore the lower River Itchen by Southampton.

    Juvenile salmon called smolt are struggling with barriers in the River Itchen. Photo by Kieran Gillingham

    • In Southampton, juvenile salmon, known as smolts, are struggling to get past barriers in the river during their journey to the sea.
    • Just upstream of the mouth of the river, the river has begun finding its own route away from the main channel.
    • The Environment Agency is working with partners to explore options to improve fish passage, restore the river and improve its resilience to climate change impacts

    The Environment Agency is looking at options to make the journey of juvenile salmon out to sea at Southampton easier. 

    Each spring, shoals of juvenile salmon, known as smolts, begin their journey to the sea. This journey begins on the River Itchen, through the estuary, and out to the sea where the salmon feed and grow before returning to the river as adults to spawn. But salmon are struggling to get past the first hurdle. The bottom section of the River Itchen where it transitions to the estuary has been changed many times historically. It was once used for transport and trade as a sea lock and onward travel to Winchester. Now, the current structures control water levels through Riverside Park.  

    Smolt are struggling to get past water control barriers on the River Itchen like Woodmill sluice

    These structures present the biggest obstacles for smolts, especially in large groups. The sharp change in water velocity created by these structures causes smolt to become hesitant and bunch up, making them vulnerable to predation and poaching. Eventually the current carries them over or under the structures and back onto their journey to the sea. But the delay impedes their migration and worsens the odds of them completing their lifecycle and eventually returning as adults to spawn. Significant changes are needed to make this critical part of the system more smolt friendly. 

    Breach

    Part of the River Itchen has ‘breached’ with water branching off the main river.

    The situation for smolts is further complicated by issues upstream in Riverside Park, where the manmade channel sits higher than the natural floodplain. Gravity has caused the river to ‘breach’ – meaning a significant amount of water is now branching off from the main river and finding its own natural course through the floodplain. For now, this does not affect the smolt who continue to follow the main course of the river, ignoring any offshoots. But over time this breach will take more water and impact the ecology of the river downstream. 

    In response to these intertwined issues, the Environment Agency has launched a study to find options to help smolts and improve the lower River Itchen chalk stream and wetland system. 

    Jackie Mellan, the Environment Agency’s project manager for this study, said:

    The River Itchen has really changed in the past 10 years – the flow of the river is diverting, salmon are at significant risk of extinction, sea level has risen, and climate change makes floods and low flows more extreme and frequent.  

    The first step is finding out what can be done to improve the river system and increase its ecological resilience. For salmon that means improving migration to the sea and boosting their odds of returning to spawn.

    Better fish passage and resilient river habitat is needed

    The change in water velocity by underwater structures causes smolt to hesitate and bunch up – making them vulnerable to predation.

    The investigation into options for the lower part of the River Itchen, from Woodmill to Mansbridge, is focused on the main River Itchen, lower Monks Brook, the breached channel, Marlhill Copse stream and neighbouring wetland areas. The study will be completed by October and is expected to identify suitable options ranging from restoring river habitat, improving fish passage and encouraging community engagement and support in the form of citizen science and active management of the area.  

    The River Itchen is a loved environment and a big part of the local community. Local groups, such as The Itchen Estuary Conservation Champions, have been active in shaping areas of focus in the project scope. The youth group has been active in the community, conducting smolt surveys and collecting water samples. Through their citizen science work they have supported the protection of salmon and advocated for more areas to be rewilded alongside salmon protection at a recent engagement event.  

    Councillor John Savage, Cabinet Member for Green City and Net Zero at Southampton City Council, said:

    We are delighted to work closely with community groups whose vital efforts help preserve, protect, and promote the River Itchen.  

    Our ongoing collaboration across various issues ensures the health of the river channels and the wellbeing of young salmon—now more important than ever.  

    Regular meetings with Southern Water and the Environment Agency reinforce our shared commitment to safeguarding this precious ecosystem for future generations.

    The River Itchen and its unique salmon

    Each spring, shoals of juvenile salmon, known as smolts, begin their journey to the sea. Photo by Kieran Gillingham

    The River Itchen is an internationally renowned chalk stream. It is a Site of Special Scientific Interest, a Special Area of Conservation and one of six chalk stream rivers in England to have Atlantic salmon, which have shaped the unique genetic makeup of this species. Despite this list of protections, the Atlantic salmon population remains at high risk of extinction. 

    In response to recent declines in Itchen salmon, the Itchen Salmon Delivery Plan was launched and brings together key conservation groups, fisheries organisations, and government agencies, including Wessex Rivers Trust, Angling Trust, Environment Agency, Hampshire & Isle of Wight Wildlife Trust, Natural England, Test & Itchen Association, WildFish, Wild Trout Trust, and Southern Water. By combining resources and expertise, the initiative aims to tackle the environmental challenges that threaten salmon populations at every stage of their lifecycle – from river to sea and back again.

    Background 

    The Itchen Salmon Delivery Plan focuses on practical solutions, including: 

    • Restoring habitat: Improving spawning and rearing habitats to support salmon at all life stages. 
    • Enhancing fish passage: Removing barriers that prevent salmon from migrating. 
    • Enhancing water quality – Reducing pollution to create a cleaner, healthier river.  
    • Managing water resources – Addressing over-abstraction to maintain natural river flows. 
    • Strengthening fisheries enforcement: Reducing illegal fishing and poaching. 
    • Engaging communities: Encouraging local people to get involved in protecting their river and its wildlife. 

    The Lower Itchen project is just one action within the plan that the Environment Agency is delivering.

    Updates to this page

    Published 23 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Love Portsmouth pop-up shop bows out on a high!

    Source: City of Portsmouth

    The Love Portsmouth pop-up shop at Gunwharf Quays is celebrating its final weekend of trading, marking the end of a highly successful six-month run. This Portsmouth City Council initiative, delivered in partnership with Love Southsea and supported by Landsec, has exceeded expectations, attracted thousands of visitors and provided a valuable platform for local businesses.

    Originally launched in January 2025 for a three-month period, the shop’s popularity led to a three-month extension. In total, over 30 Portsmouth-based businesses have benefited from the opportunity to showcase and sell their products in a premium retail environment.

    The shop has been a springboard for innovation and collaboration. Highlights include:

    • The launch of The Fossil Thief, a new venture by Staggeringly Good Brewery in collaboration with two more Portsmouth businesses.
    • The creation of Ummi Chai, a tea blend created by a collaboration between Tea Mountain and Road from Karachi and Ummi Chai beauty products – a collaboration of Goly Natural and Road from Karachi.
    • Exclusive Portsmouth-themed merchandise developed by Love Southsea.
    • Serving as the official retail outlet for Portsmouth Pride 2025 merchandise.

    Councillor Steve Pitt, Leader of Portsmouth City Council with responsibility for economic development said:

    “The Love Portsmouth pop-up has been a fantastic showcase of our city’s entrepreneurial spirit. It’s not only helped small businesses grow but also brought a new energy to our local economy. We’re proud of what’s been achieved and are exploring how we can build on this success to support even more local talent.”

    Yvonne Clay, Centre Director at Gunwharf Quays added:

     “The Love Portsmouth pop up has been an incredible success over the last six months. The initiative has not only provided a brilliant platform for over 30 local businesses to flourish in a premium retail environment but has also brought a unique energy and diverse offering to our guests. We’re proud to have supported such a valuable project that showcases the vibrant entrepreneurial spirit of Portsmouth.”

    The Love Portsmouth shop showcases a curated selection of high-quality goods produced by local Portsmouth businesses including natural skincare by Goly Natural, handcrafted jewellery by Wild Jewellery, quality teas by Tea Mountain, handcrafted luxury candles by Salt and Blossom, sustainable designer fashion by SpottandHerbert, merchandise for Portsmouth Pride 2025 and unique children’s clothing by Little Loves Apparel. Local artists also showcased their work.

    Lulu Whitmore, Director of Love Southsea, said:

    “Love Portsmouth has been a joy to deliver. The response from the public to buy local and the success of the businesses involved has been fantastic.”

    The Love Portsmouth pop up shop was funded through the UK Government’s Shared Prosperity Fund and will close at 6pm on Monday 30 June.

    For more information visit rediscoverportsmouth.co.uk/love-portsmouth

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Interview with Minister of Industry and Trade Anton Alikhanov to RIA Novosti

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Anton Alikhanov: We are fighting phantom enterprises.

    In an interview with RIA Novosti, Minister of Industry and Trade Anton Alikhanov spoke about how pseudo-Russian brands are identified, what measures the state is introducing to ensure product safety in schools and kindergartens, and the fight against illegal goods.

    Anton Alikhanov (photo: Ministry of Industry and Trade)

    A. Veselova: Anton Andreevich, what is the situation with illegal turnover of products in Russia today?

    A. Alikhanov: I would like to start by saying that ten years ago, by decision of the president, a state commission was created to combat illegal turnover of industrial products. It became the main coordinating link in the comprehensive work in the fight against the shadow market. The activities of all industry and regulatory bodies at the federal level are linked through it.

    Various tools are used to reduce the circulation of illegal products. But the most effective has become the digital marking and traceability system of goods “Honest Sign”.

    This direction is already being implemented in all EAEU countries and in Uzbekistan. In Russia, 31 product categories are monitored from the conveyor to the consumer on a mandatory basis, with 16 being subject to an experiment. The government is also considering further expansion of the system to various products, especially in the food industry and industrial goods. The Honest Sign mobile application is used by almost 28 million consumers, they have checked more than 300 million products and identified 240 thousand violations. All complaints are sent to regulatory authorities.

    A. Veselova: What effect on the economy has been recorded in the country from the introduction of labeling?

    A. Alikhanov: According to the Federal Tax Service, over the past five years the economic effect has amounted to 1.2 trillion rubles in the form of tax and other revenues to budgets at all levels. More than half of this amount was achieved by whitening the tobacco market – 627 billion rubles. The results in other product groups are also noticeable. In dairy products – 148 billion rubles, in light industry – 143 billion rubles, in the footwear segment – 85 billion rubles, in perfumery – 35 billion rubles.

    In addition to increasing state revenues, legal businesses earned an additional 687 billion rubles by increasing their market share. And according to Rosstat data, the profitability of sales has increased for all bona fide market participants. Since the launch of mandatory labeling by 2023, tobacco products have increased by 17.9%, packaged water by 13.1%, footwear by 5.7%, and dairy products by 3.2%. I would like to note that these effects have been achieved without a noticeable impact on the final price for the consumer. According to the Research Institute of the Ministry of Finance, the share of labeling in the cost price is no more than 1%.

    A. Veselova: Since April 2024, a permit regime has been in effect for a number of goods in Russia, which checks the quality of the goods through a special QR code; if the product is of poor quality, the system will not allow the buyer to purchase it. How effective is this mechanism? How does the regime protect consumers?

    A. Alikhanov: Due to the introduction of a permit regime at store checkouts, sales of 1.2 billion low-quality or illegal goods have been blocked. Among them: beer – 299 million units, milk – 243 million, tobacco – 311 million, in the light industry – 187 million, soft drinks – 110 million. This system already applies to 16 groups of goods and will be expanded this year to non-alcoholic beer, caviar, veterinary drugs, technical rehabilitation equipment and bicycles.

    The labeling system allows for batches of unsafe products to be blocked within an hour by decision of regulatory authorities. For example, Rospotrebnadzor, based on research, did this proactively with respect to six million dietary supplements across the country with dangerous levels of lithium, melatonin, and simethicone. Similarly, due to a poisoning incident, sales of a batch of 2.5 million bottles of water were promptly stopped. Thus, we now have a mechanism for quickly stopping sales of products whose quality and safety are in doubt.

    It is important that we not only control the products themselves, but also close illegal production facilities, in particular 56 tobacco factories, using control bodies. At the same time, many enterprises left the shadow sector and began to operate according to the law. This is how more than 550 “new” water producers appeared, the number of legal importers of dietary supplements increased tenfold and those who produce them tripled.

    A. Veselova: What is happening now in the sphere of state control over industrial products?

    A. Alikhanov: State control is one of the key mechanisms for consumer protection. It ensures quality control and product safety in accordance with established requirements at all stages – during production, delivery and circulation.

    Today, the safety of certain types of products is confirmed by a certificate or declaration, while there is no further state control over such products. That is, there may be cases when an unscrupulous manufacturer provides the laboratory with a so-called “golden sample” that fully complies with the requirements. This is how he receives a certificate. And the product goes to the market under this certificate, but it does not comply with the requirements. As a result, unsafe products may end up on the shelf.

    A. Veselova: Are you developing additional mechanisms to protect consumers in order to prevent unsafe products from entering the market?

    A. Alikhanov: We have developed a set of measures with the Ministry of Economic Development. First of all, these are changes to the legislation to restore state control over certain types of industrial products – I believe that it will be effective. This is confirmed by the experiment that Rosstandart is conducting on certain types of construction products and materials. We are talking about cable products, various types of cement, construction and concrete mixtures, as well as heating convectors and radiators. Over two thousand control measures have already been carried out in a year of the experiment.

    According to the inspection results, 57% of cases revealed violations of product quality requirements. Such unsafe products are recalled from the market. For example, in St. Petersburg, about 6 thousand tons of dry construction mixtures worth a total of about 104 million rubles were withdrawn from circulation. And such cases are not isolated.

    Another significant initiative in this direction was introduced by the State Duma deputies. They proposed to legislatively enshrine the regulation of technical conditions, according to which manufacturers often release their products. We fully support this approach.

    A. Veselova: What is the difference between technical conditions and technical regulations? What effect do you expect from fixing technical conditions?

    A. Alikhanov: Technical conditions today are a non-public document in which the manufacturer himself defines the requirements for his products. Formally, they should not be lower than the requirements of technical regulations. But technical regulations establish only minimum safety requirements and do not affect quality parameters. Therefore, the requirements of technical conditions may be lower than GOSTs. A simple example: if a manufacturer puts saury in a can labeled “kilka”, this may not violate safety standards or technical conditions. But it absolutely does not meet consumer expectations and, most importantly, violates GOST requirements.

    We are confident that the removal of technical specifications from the unregulated zone will increase transparency and ensure fair competition. In addition, it will involve bona fide manufacturers in the national standardization process. Ultimately, this will have a positive effect on the quality of products released into circulation and will increase consumer confidence.

    A. Veselova: What additional measures are being taken to protect products from possible attempts at counterfeiting?

    A. Alikhanov: We conducted an experiment with the Ministry of Economic Development and the CRPT, following which the government adopted Resolution No. 837, which comes into force on September 1. It strengthens control not only over the availability, but also the content of permits for goods in the labeling system. This will allow us to confirm their relevance and compliance with the declared products. If the documents do not pass the check, the products will not be allowed on the market.

    In addition, a ban on sales at the checkout will be introduced if the permits are declared invalid after the products have been put into circulation. We are currently verifying the contents of the documents with the state registers of Rosaccreditation and Rospotrebnadzor. In the future, we will expand the array of data on the products themselves and whether the company has the right to produce them. We are discussing this decision with the member countries of the association and expect a positive decision from the Eurasian Economic Commission.

    A. Veselova: How does the ministry combat pseudo-Russian brands? How acute is this issue today?

    A. Alikhanov: We are conducting an experiment to identify such manufacturers and phantom enterprises. For example, more than 2.8 thousand shoe manufacturers are registered in the marking system, of which almost 470 are in Moscow. If the system reveals, based on risk indicators, that the activities of such companies deviate from the norm and raise suspicions, then representatives of the CRPT and Rospotrebnadzor conduct an on-site inspection. In fact, they determine whether there is real production or just a legal entity that legalizes illegal products.

    The first results showed that 92% of inspections of footwear, consumer goods and dietary supplements were fake enterprises. Their addresses were found to be vacant lots, residential buildings or abandoned buildings. These companies tried to “legalize” products that did not correspond to the declared documents. In some cases, there is reason to believe that these are imports that are registered as products of Russian origin in order to evade customs duties and control.

    Based on the results of the experiment, a mechanism was developed to limit the issuance of marking codes to such legal entities and block their products. Before the traceability system appeared, this was impossible to do. For now, we have extended this algorithm to the least regulated industries – footwear, light industry, perfumery, tires and dietary supplements. Then we will cover other product categories.

    A. Veselova: Anton Andreevich, there was information on the Internet about the incorrect operation of the marking system in case of unstable Internet operation? Do you know about this, does such a problem really exist?

    A. Alikhanov: Since March 1, 2025, an offline mode has been introduced for a number of product groups that require mandatory labeling, which allows checking the product even without the Internet. To do this, a special local module of the system is installed at the checkout, into which a database of labeled products is loaded. When attempting to make a sale, the system first accesses the online database, and if the check fails, for example, due to the lack of Internet, it loads data from the local module. Thus, the system ensures correct operation even during temporary Internet problems.

    A. Veselova: Today, more and more people use marketplaces, but it is difficult to check the quality of goods there. What measures do you plan to take in connection with counterfeit products on marketplaces?

    A. Alikhanov: In our opinion, it is necessary to strengthen control over marketplaces in order to exclude violations when selling marked goods on the Internet. The draft law “On the platform economy” provides for the obligations of trading platforms to check the registration of the seller, the product and its code in the marking system. If any of these criteria are not met, the offer should not be reflected in the buyer’s search. While such requirements have not yet been enshrined in law, CRPT has entered into agreements with the largest marketplaces: Yandex, Wildberries, SberMegaMarket, Samokat, Ozon, AliExpress and Russian Post. These online platforms have undertaken to independently check customer complaints received through the Honest Sign application and take action against violators. According to the marking system, 95% of complaints were confirmed. In relation to a third of them, marketplaces applied sanctions: fines, blocking goods or warnings. For the rest, sellers received notifications demanding that they eliminate the violations.

    A. Veselova: Today, goods from the member states of the Eurasian Economic Union cross customs under a simplified regime. There are frequent cases where goods illegally enter one of these countries and then travel to Russia. Is the Ministry working on measures to strengthen control in such cases?

    A. Alikhanov: Our country is the largest market in the EAEU and, of course, there are cases that you mentioned. Often these goods then end up, for example, in the fake production facilities that I mentioned earlier.

    To solve the problem, it is necessary, firstly, to harmonize the list of goods that are subject to mandatory labeling. That is, the nomenclature must be uniform in all EAEU countries. This is what we are discussing with our colleagues.

    Secondly, it is necessary to ensure regular verification of information from the labeling system with data from the EAEU member states on goods sent to Russia. This also concerns the verification of mirror customs statistics and the country of origin of the goods.

    A. Veselova: What effect do you expect from the experiment to control the supply of unsafe and low-quality food products to social institutions?

    A. Alikhanov: With the introduction of a permit regime at cash registers and the integration of the marking system with Mercury, counterfeit products were blocked from entering stores. But we see that dubious products have begun to appear in schools and hospitals where there are no cash registers.

    In order to set a barrier for it, at the end of last year, we decided at the state commission to start an experiment in the labeling system to control the supply of food products to the social sphere. So far, it covers several regions – Krasnodar, Perm, Stavropol and Khabarovsk Territories, Moscow and Novosibirsk Regions, St. Petersburg. We will complete it by September, having created criteria and a mechanism for stopping this practice. The experiment affects packaged water and dairy products, which are subject to labeling. In the near future, we will make such control mandatory, since we are already seeing successful results.

    A. Veselova: What are the prospects for the development of the labeling system in Russia in the future?

    A. Alikhanov: The introduction of labeling is advisable for goods that are most sensitive to illegal trafficking. Therefore, the government will systematically expand the range of products, including industrial products. We are conducting experiments on radio electronics, building materials, and radiators. We are working on traceability issues for the raw materials from which these goods are made.

    We will scale and develop the labeling system, supplement it with new functionality. That is, we will continue to narrow the opportunities for various tricks that pose a threat to human health and undermine food and economic security.

    Source – RIA Novosti.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Working Group on Patriotic Education holds third meeting (with photos)

    Source: Hong Kong Government special administrative region

    Working Group on Patriotic Education holds third meeting  
         This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression as well as the victory of the World Anti-Fascist War (80A). The Hong Kong Special Administrative Region (HKSAR) Government places great importance on planning 80A commemorative activities. The Chief Executive clearly stated in last year’s Policy Address that the Government will host a series of commemorative activities to further enhance the public’s spirit of patriotism and sense of national belonging. The Working Group is responsible for co-ordinating the relevant bureaux and departments in organising various commemorative activities.
     
         The Chairman of the CBLPSC and Chief Secretary for Administration, Mr Chan Kwok-ki, said that over the past few months, various bureaux and departments have been formulating proposals and making preparations for different types of commemorative activities. At today’s meeting, the Working Group discussed the content of various commemorative activities and the four core spirits and principles that should be upheld in planning these activities. First, activities should be guided by the core spirit of “remembering history, honouring martyrs, cherishing peace, and creating a great future” and based on correct historical perspectives, so that members of the public can thoroughly understand the history of the War of Resistance and work together to cherish and safeguard peace. Second, Hong Kong’s contributions to the victory in the War of Resistance should be highlighted, along with in-depth research into historical materials about Hong Kong’s wartime history as well as proper restoration and protection of war-related sites. Third, the activities should have a focus on young people, with a view to helping them learn about the history of the War of Resistance and the arduous journey towards national prosperity and strength, thereby fostering their sense of national identity and spirit. Fourth, people from all walks of life should be engaged, including motivating and supporting different community groups to organise commemorative events, and encouraging the public to actively participate in such events.
     
         The Convenor of the Working Group, Dr Starry Lee, said that the four sub-groups under the Working Group had separately held meetings, focusing on putting forward plans and proposals on related commemorative activities across four aspects, namely education; local community; history, politics, economics and culture; and media publicity. The Working Group will continue to work closely with relevant bureaux and departments of the HKSAR Government, aiming to deepen public understanding of the history of the War of Resistance through commemorative activities that are diverse in type and rich in content, and thus make the patriotic spirit take root in Hong Kong.
     
         Currently, preparations for various activities to commemorate the victory in the War of Resistance are progressing steadily. These include an official ceremony at the Hong Kong City Hall Memorial Garden on September 3, the Victory Day of the War of Resistance, to honour the occasion; thematic exhibitions co-organised by the Hong Kong Museum of History and the National Museum of China, as well as the Hong Kong Museum of the War of Resistance and Coastal Defence and the Guangdong Museum of Revolutionary History; educational activities for members of the public, young people and students; and screenings of war-related films. In addition, different community groups have been organising commemorative activities in various forms. The HKSAR Government will announce more details in due course and release information on commemorative events, exhibitions and educational activities through a dedicated webpage to facilitate public viewing and participation.
    Issued at HKT 19:42

    NNNN

    MIL OSI Asia Pacific News –

  • India advances carbon pricing reforms to meet climate goals

    Source: Government of India

    Source: Government of India (4)

    India is moving steadily towards establishing a comprehensive carbon pricing ecosystem aimed at meeting its climate and development commitments. With the formal adoption of the Carbon Credit Trading Scheme (CCTS) in July 2024 and increasing alignment with global carbon markets, the country is setting the stage for a structured, rate-based Emissions Trading System (ETS).

    According to the World Bank’s State and Trends of Carbon Pricing 2025 report, India has emerged as a notable player among emerging economies—alongside Brazil and Türkiye—in advancing carbon pricing frameworks and climate finance tools.

    A Transition to Rate-Based Emissions Trading

    Unlike cap-based systems where total emissions are limited, India’s ETS follows a rate-based model. Here, emissions are not capped outright, but each entity is assigned a performance benchmark to limit net emissions relative to output. This model offers greater flexibility, particularly for fast-growing economies like India, by accommodating industrial expansion while maintaining climate discipline.

    The national ETS is set to initially cover nine energy-intensive sectors, including cement, steel, and power generation. Facilities outperforming benchmark emission levels will be issued tradable Credit Certificates. The scheme thus rewards efficiency while laying the groundwork for the Indian Carbon Market (ICM).

    India’s Ministry of Power approved eight methodologies on March 28, 2025, for generating voluntary carbon credits. These include renewable energy, green hydrogen production, industrial energy efficiency, and mangrove afforestation. This move supports the broader aim of transitioning from existing schemes such as the Perform, Achieve and Trade (PAT) programme to a market-ready, credit-based system.

    Emerging Economies in Comparison

    Among peer economies, China operates a similar rate-based ETS focused on the power and heavy industrial sectors. Indonesia, too, follows a rate-based structure and has recently expanded its coverage. Brazil stands apart with a cap-based system, legislated in December 2024, covering all sectors barring agriculture. India’s carbon pricing framework is currently in the regulatory phase but is expected to become operational within the next fiscal year.

    Voluntary Carbon Market: Expanding the Scope

    India is developing a voluntary carbon market to include sectors currently outside the purview of the compliance mechanism. These encompass agriculture, afforestation, and clean cooking initiatives. The objective is to channel private capital towards climate-positive projects through transparent crediting mechanisms and market participation.

    The regulatory backbone for this voluntary market is provided by the Energy Conservation (Amendment) Act, 2022. This law empowers the central government to issue carbon credit certificates, thereby legitimising both compliance and voluntary credit markets.

    Policy Support and Institutional Framework

    Several flagship initiatives are helping fortify India’s carbon market architecture. Among them is the National Green Hydrogen Mission, which aims to produce 5 million metric tonnes of green hydrogen annually by 2030. The mission is closely tied to the carbon credit mechanism through approved methodologies that recognise hydrogen’s potential as a low-emission fuel.

    Meanwhile, the PAT scheme—implemented by the Bureau of Energy Efficiency (BEE) since 2012—has achieved a 15–25% reduction in emissions intensity in targeted sectors. It will gradually integrate with the ETS, ensuring a seamless policy transition.

    India’s renewable energy ambitions remain central to its climate policy. The government aims to install 500 GW of non-fossil fuel-based power capacity by 2030, with carbon pricing acting as a complementary instrument to accelerate this shift.

    Market Readiness and Governance

    To strengthen governance, the National Steering Committee for the Indian Carbon Market (NSCICM) has been constituted. It includes representatives from key ministries, state governments, and industry stakeholders. The Committee is responsible for setting targets, issuing guidelines, and ensuring transparency in market operations. It also oversees the development of international trading mechanisms and verifies emission intensity reductions.

    The Bureau of Energy Efficiency, functioning under the Ministry of Power, plays a pivotal role as the technical arm of India’s climate governance. Since its inception in 2002, BEE has deployed a combination of regulatory and market-based tools to drive energy efficiency across sectors such as industry, buildings, transport, and agriculture.

    Enabling Behavioural Shifts

    India’s approach also includes behavioural interventions. Launched as a global movement at COP27, Mission LiFE (Lifestyle for Environment) encourages individuals to adopt climate-friendly daily habits. The mission aims to mobilise one billion people by 2028 and transform 80% of Indian villages and urban bodies into green communities.

    Complementing this is the Green Credit Programme (GCP), which was notified in October 2023 under the Environment Protection Act, 1986. GCP promotes tree plantation on degraded forest land, issuing digital credits to participants—ranging from individuals to corporations—who maintain the plantations over a decade. The scheme is designed to expand India’s green cover and incentivise voluntary environmental stewardship.

    Towards a Carbon-Conscious Economy

    India’s carbon pricing journey is firmly grounded in the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), ensuring that climate action remains equitable and context-specific. With institutional structures now in place and policy backing strong, the country is poised to lead by example in aligning economic development with environmental sustainability.

  • MIL-OSI Africa: 95 dead in Eastern Cape floods, as search and recovery efforts continue

    Source: South Africa News Agency

    The Eastern Cape Provincial Government has announced that a total of 95 bodies have been recovered across various districts, following the recent floods, including the bodies of two teenage males discovered yesterday afternoon.

    This as the search and recovery efforts continue.

    “Out of the recovered bodies, 86 have been identified and have been collected by their families and processes are underway for the identification of the remaining bodies,” the provincial government said in a statement on Monday.

    The provincial government said it was coordinating the provision of burial support for the victims of the disaster. This includes the storage of the bodies, burial services and transportation of the remains to the area identified by the families for burial. 

    “The provision of this support has been made possible through support from AVBOB and government is also engaging with other funeral parlours with a view to mobilise support in line with the needs of the family.

    “Government has provided support to 26 deceased persons that were buried from Thursday to this weekend,” the provincial government said. 

    In addition to the burial services, government has provided the following support to the bereaved families:

    • The South African Social Security Agency (SASSA) has extended the Social Relief of Distress (SRD) grant, and this includes the provision of financial support towards funeral preparations.

    • Grocery hampers donated by Interlink Express.

    • The Department of Education has provided financial support of R5000 per deceased learners.

    • Various local municipalities are assisting with grave preparation where required.

    • Home Affairs emergency and mobile services for bereaved and displaced families.

    • The Department of Home Affairs has deployed three mobile offices each in Butterworth and Mthatha. 

    “Through this intervention, 311 in Mthatha and 145 in Butterworth affected individuals are being assisted to replace their birth certificates and IDs that were lost as a result of the disaster. All six mobile offices will remain on site this week to continue to provide support to the survivors as they rebuild their lives,” the statement said.

    Search and recovery efforts 

    The integrated search and recovery teams have been assisted by the South African National Defence Force (SANDF) members who continue to work tirelessly to locate and recover any remaining bodies.

    From Monday, the search and recovery teams will be joined by a team from the North West Provincial Government, increasing the number of teams to four.

    The provincial government has welcomed the support of government institutions and non-governmental organisations who have been part of rescue and recovery efforts, including the provision of humanitarian support.

    Eastern Cape Acting Premier, Mlungisi Mvoko, has acknowledged the role played by ordinary citizens in continuously cooperating with authorities and providing the necessary assistance during this challenging time.

    “The provincial government is committed to speeding up efforts of ensuring that affected communities are supported to rebuild their lives,” the provincial government said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: Gift Brings UConn’s Immersive Holocaust and Bias Awareness Program to High School Students

    Source: US State of Connecticut

    Students in some Greater Hartford schools will get the chance to learn about reducing bias and antisemitism through a new UConn program that uses powerful, interactive experiences. Organizers hope to eventually expand the program statewide.

    The Morris and Judy Sarna Breaking Bias & Creating Community Program in UConn’s Neag School of Education enables students to ask Holocaust survivors questions through a high-tech, immersive program from the USC Shoah Foundation.

    Students also engage with “The Journey Back” from the Illinois Holocaust Museum and Education Center. “The Journey Back” is a virtual reality experience where survivors take students on a journey that mirrors their experiences during the Holocaust, including visits to the Auschwitz concentration camp.

    Students also learn through a customized photo exhibit in their school that depicts the various perspectives and identities representing their schools and communities. For example, the West Hartford program will feature several photos of a local man who is a World War II veteran. The images show him variously playing cards, standing with a life-size photo of himself in his military uniform, and holding a Jewish star badge given to him by a French family he helped rescue during the war.

    The idea behind the Breaking Bias & Creating Community Program is to reduce hatred and build awareness, empathy, and community by understanding different perspectives and by studying past examples of antisemitism and racism.

    The cutting-edge program piloted last year at E.O. Smith High School in Storrs and will be launched in West Hartford middle and high schools in September. Glastonbury schools will host the program the following year. The program is expected to reach tens of thousands of students in multiple Connecticut school districts over the next decade.

    The program was made possible by a generous gift to the Neag School of Education from Judy Sarna and her late husband, Morris, who was a Holocaust survivor.

    “In essence, the goal is about reducing bias and building community,” explains Alan Marcus, the UConn Curriculum and Instruction professor who developed and directs the program. “The program is designed to help students develop empathy by seeing other people’s perspectives and being able to have conversations with them.”

    The program is designed to help students develop empathy by seeing other people’s perspectives and being able to have conversations with them. &#8212 Alan Marcus, Curriculum and Instruction professor

    The program also involves UConn students majoring in teacher education and graduate students. The UConn students help teach the programs in the schools, gaining hands-on, experiential learning. The gift from the Sarnas supports one of the University’s key campaign goals to invest in academic and innovation excellence.

    Judy Sarna says she and her husband, Morris, became involved in the program because they were increasingly worried about the rise in antisemitism and racism they were seeing around the world.

    Morris Sarna, who passed away Jan. 17 at age 97, was imprisoned in a series of Nazi concentration camps for four years starting at age 12. He and his brothers, Jack and Charles, survived and were liberated from the Czestochowa camp. Another brother, Joseph, survived the Mauthausen camp. But their parents and two youngest brothers were murdered in the Belzec extermination camp.

    Judy Sarna explains how they first got involved with the UConn program.

    “One day, my husband said, the world is getting like 1938 Germany,” Sarna says. “What can we do? There’s so much antisemitism.”

    Soon after, her niece told her about UConn’s program. The niece had learned about it through a friend, Carmen Effron ’72 (ED), ’81 MBA, who serves on the Neag Dean’s Board of Advocates. Judy immediately knew that she wanted to support the program.

    “I said, ‘Morris, I found the project for us. This is something we can do,” she says.

    One day, my husband said, ‘the world is getting like 1938 Germany. What can we do? There’s so much antisemitism.’ … I said, ‘Morris, I found the project for us. This is something we can do.’ &#8212 Judy Sarna

    Judy Sarna says it is important for new generations to learn about the Holocaust to make sure it is never repeated. She hopes the program will help foster more of a sense of understanding and community.

    “I think the Holocaust is an important piece of history. It shows how governments and people can be swayed and taken for a ride in a direction that generations will be sorry for,” she says. “It’s not impossible for the right person at the right time, who’s a great speaker, to really turn the world upside down.”

    She believes the innovative technology behind the program is more engaging for younger generations than more traditional methods, such as reading “The Diary of Anne Frank.”

    “This is a wonderful opportunity to take a pilot project, created by someone with great credentials and backed by a university, and watch it flower into something bigger,” she says.

    “The Sarnas’ donation is the largest gift from a single, private donor that the Neag School has received in the past 25 years,” Neag School Dean Jason G. Irizarry says. “We are grateful to Morris and Judy for their amazing generosity and their recognition of this groundbreaking program’s enormous potential. Using cutting-edge technology to build community and empathy among middle and high school students is the kind of innovative excellence that UConn and the Neag School are known for. I am excited to see the program reach students throughout Connecticut and the nation, thanks to the Sarnas’ support.”

    Sarna hopes the program continues to expand, perhaps someday becoming part of a statewide or even national curriculum. She urges others to consider supporting the program.

    “This is a place where even a small amount of money can go a long way,” she says. “You’re educating teachers and students and that goes on and on generationally well beyond the program.”

    Support the Morris and Judy Sarna Breaking Bias & Creating Community Program fund through the UConn Foundation. 

    MIL OSI USA News –

  • MIL-OSI Global: How emotions rule every stage of the entrepreneurial process

    Source: The Conversation – UK – By Florencio Portocarrero, Assistant Professor of Management, Department of Management, London School of Economics and Political Science

    tsyhun/Shutterstock

    Governments often see entrepreneurs as the engines of innovation, job creation and economic growth. In the UK alone, small and medium enterprises account for 99.8% of the business population and employ more than 16 million people.

    However, entrepreneurship is not just a strategic or financial undertaking. It’s primarily an emotional journey. From the spark of an idea to the triumphs and failures of running a business, emotions constantly shape how entrepreneurs think, decide, act and relate to others.

    Recent research I led draws on 276 studies to show that emotions don’t just accompany entrepreneurship – they drive it. Far from being distractions, emotions – like passion, fear, anxiety and compassion – and emotional intelligence can make or break a venture. Here are four ways they shape the entrepreneurial journey.

    1. The double edge of passion

    Ask any entrepreneur what keeps them going through long hours, tight budgets and personal sacrifice, and you’ll probably hear the word “passion”. Passion is one of the most studied emotions in entrepreneurship – for good reason. It fuels creativity, motivates persistence and can inspire others.

    Investors are more likely to back passionate founders and employees feel more engaged when their leaders show authentic enthusiasm. Passionate storytelling resonates with customers.

    Most of the benefits linked to passion emerge when entrepreneurs choose to pursue ventures that align with their identity and values. This aspect of the emotion is called “harmonious passion”, and it leads to greater wellbeing, better work-life balance and sustained motivation.

    But passion also has a darker side, called obsessive passion. This is a type of emotional experience driven by internal pressures (self-worth, for example) or external expectations (status or validation). Entrepreneurs with high levels of obsessive passion often become workaholics, suffer burnout and cannot walk away from their enterprises. This is even the case when their ventures are experiencing sustained failures.

    Passion can be a superpower. But like any power, it needs to be wielded with care.

    2. Fear and anxiety: not always the enemy

    Starting a business is inherently risky. Founders often deal with uncertain markets, fluctuating cash flow and high personal stakes. Unsurprisingly, fear and anxiety are common companions in this journey.

    These emotions are often framed negatively, but our research shows that they serve vital functions. Fear can make entrepreneurs more vigilant and help them anticipate challenges. Anxiety can enhance performance under pressure, such as during investor pitches or public launches. These can act like emotional smoke alarms, warning entrepreneurs about potential problems before they spiral.

    However, problems arise when these emotions become overwhelming. Chronic fear of failure can prevent entrepreneurs from taking calculated risks. It can lead to perfectionism, decision paralysis or the premature abandonment of promising ideas.

    The key is not to suppress fear or anxiety but to manage these emotions. Practices like journaling, peer mentorship and mindfulness training are valuable tools. They can help entrepreneurs reflect and use fear and anxiety constructively rather than letting it control them.

    Journaling can be an effective way for entrepreneurs to manage fear – and channel it positively.
    Daniel Hoz/Shutterstock

    3. Compassion as fuel for social enterprise

    Entrepreneurship isn’t always about chasing profits. Many founders launch ventures to address urgent social issues, from poverty and inequality to environmental degradation. These social entrepreneurs are often driven not just by vision but also by compassion.

    Our review found that compassion is a defining emotional characteristic of social entrepreneurs. It motivates them to act when others turn away. It helps them connect with communities, earn trust and stay resilient in the face of adversity. Their emotional connection to a mission creates a deep sense of purpose that can carry them through setbacks that might paralyse other entrepreneurs.

    This emotional resilience is often overlooked in traditional entrepreneurship education, which tends to emphasise strategy and metrics. But for many mission-driven founders, compassion is the emotional backbone of the business.

    4. Emotional intelligence as a business strategy

    Emotions don’t just shape how entrepreneurs feel, they affect how others respond to them. Our research points to emotional intelligence, the ability to recognise, understand and regulate emotions, as a critical skill for entrepreneurs.

    Founders who demonstrate high emotional intelligence motivate teams better, manage conflict and build trust with stakeholders. They’re more likely to retain talent, adapt under pressure and sustain long-term ventures. Investors, too, respond to emotional cues. A confident and passionate pitch can be more persuasive than a technically perfect but emotionally flat one.

    However, there’s a fine line. Too much emotional expression can backfire. Investors may question the founder’s judgement, and teams may interpret it as instability.

    The most effective entrepreneurs aren’t the ones who suppress their emotions but those who deploy them strategically. In a world where startups rise and fall on relationships, emotional intelligence is not a soft skill. It’s a core business strategy.

    Entrepreneurship is an emotional endeavour. The highs are exhilarating, but the lows can be crushing. While grit and skill matter, our review shows that founders’ emotional agility often determines whether they thrive or burn out.

    Innovation should be celebrated and it’s vital to recognise and support entrepreneurs’ emotional experiences. That means building programmes that teach emotional management, creating networks that offer psychological safety and reframing failure not as weakness but as part of the emotional terrain of entrepreneurship.

    This article was co-published with LSE Blogs at the London School of Economics.

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

    – ref. How emotions rule every stage of the entrepreneurial process – https://theconversation.com/how-emotions-rule-every-stage-of-the-entrepreneurial-process-258439

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Central African Republic : African Development Bank Strengthens Capacity to Tackle Illicit Financial Flows and Manage Resource-backed Loans

    The African Development Bank Group (www.AfDB.org) has successfully concluded a high-level workshop and policy dialogue aimed at enhancing the Central Africa Republic’s capacity to combat illicit financial flows (IFFs) and improve the governance of resource-backed loans.

    Held in Bangui from 10-13 June 2025 under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the four-day event brought together 80 officials from key government ministries, including Finance, Economy, Planning, Environment, Mines and Geology – as well as civil society, the private sector, and local communities.

     The sessions were convened by the African Development Institute (ADI) (https://apo-opa.co/4k3PqnO) and the Natural Resources Management and Investment Centre (ECNR) (https://apo-opa.co/3I7F8Wc) as part of the Bank’s GONAT initiative, which supports improved natural resource governance in fragile and transitional states.

    High-level panelists included Prof. Richard Filakota, Minister of Economy, Planning and International Cooperation who also serves as the Bank’s Governor for the Central African Republic; Mr. Rufin Benam Beltoungou, Minister of Mines and Geology; and Prof. Chantal Laure Djebebe, Minister and Advisor to the Prime Minister on natural resources.

    Illicit financial flows are a major challenge across the continent, draining billions of dollars annually and severely constraining the ability of African countries to mobilize domestic resources for development.

    “The Central African Republic is rich in natural resources – gold, diamonds, uranium, copper, forests, among others. However, without enhanced oversight, institutional capacity, and sound strategic planning, these resources can become a source of political instability, illicit activities, and unsustainable debt,” warned Minister Beltoungou.

    Workshop participants emphasized the growing use of resource-backed loans – facilities collateralized by natural resources – to finance infrastructure development. While these instruments can unlock critical funding, they also pose risks.

    “Resource-backed loans are loans collateralized by natural resources and can help finance infrastructure such as roads, hospitals, and schools. However, caution is needed in managing repayment conditions, especially when a country lacks full control over its resource accounting,” emphasized Médard Goudozoui, a geological engineer and training beneficiary.

    The capacity-building sessions introduced a suite of practical tools and analytical methods for detecting and addressing IFFs in the Central African Republic.

    “We explored techniques such as the Partner Country Method, trade misinvoicing, and international indices like the Financial Secrecy Index and the Corruption Perception Index – all of which help identify discrepancies between export declarations and customs records in partner countries,” noted Fanta Mariette Samba-Vomi, a geological engineer and Director of the Mining Cadastre. According to her, such tools are critical in detecting anomalies related to under- or over-valuation of exported resources – as often seen in the gold and diamond sectors in the CAR.

    Gender inclusion in governance processes was also featured during the workshop.

    “We welcome the GONAT project’s focus on inclusive governance, with a target of at least 40% female participation. As a Bank, we recognize that transformative and sustainable change is only possible when the voices of women and local communities are integrated into policy formulation processes,” said Mamady Souaré, Country Manager of the African Development Bank Group in the Central African Republic.

    Echoing this, Alexia Molotouala, Head of Division at the Permanent Secretariat of the Kimberley Process, stated: “Increasing women’s involvement is critical because they play a key role in affected communities. Their participation enhances transparency, fairness, and policy effectiveness. Inclusive governance also promotes social cohesion and sustainable development.”

    Dr. Eric Ogunleye, Director of the African Development Institute emphasized the broader impact of the sessions. “It is our firm belief that the knowledge and tools acquired will go a long way in fostering stronger oversight of resource-backed loans and better governance of extractive resources.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact:
    Solange Kamuanga-Tossou
    Principal Regional Communication Officer
    African Development Bank
    media@afdb.org

    About the GONAT Project:
    GONAT is a flagship initiative of the African Development Bank Group. Designed to improve governance in the natural resources sector to facilitate domestic resource mobilization in fragile and transition states, the project specifically targets the Central African Republic, Chad, the Democratic Republic of Congo, Mozambique, Sierra Leone, and Zimbabwe. Natural resource sectors covered under GONAT include oil, gas, minerals, forestry, fisheries, and wildlife.

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    MIL OSI Africa –

  • Evacuees laud ‘Operation Sindhu’, credit PM Modi for safe evacuation

    Source: Government of India

    Source: Government of India (4)

    As India continues to bring its nationals home from Iran under ‘Operation Sindhu’, evacuees on Monday expressed heartfelt gratitude to Prime Minister Narendra Modi and the Union government for the timely and efficient efforts to help Indians stuck in the war-hit country.

    Recounting their ordeal, one evacuee told IANS, “I was brought back from Iran. We were in serious trouble. I want to thank PM Modi for ensuring our safe return.”

    Another evacuee from Lucknow, who had been in Iran for the past 22 days, said, “When Israel attacked Iran, the Indian Embassy stayed in constant contact with us. They ensured our safety, provided us with food and medicine. We are truly thankful. Jai Modi!”

    Describing the tense conditions, a young student added, “The situation there was very bad, but the Indian Embassy supported us fully. We didn’t face any difficulties, and the arrangements for our return were excellent.”

    Another returnee added, “There’s nothing better than our India. Our PM Modi is truly great.”

    Another evacuee stated, “The situation in Iran was frightening with continuous bombardments. Despite that, the Indian government made proper arrangements. PM Modi took care of all of us.”

    Yet another person praised the seamless coordination, saying, “The government did a fantastic job, from picking us up in Iran to bringing us back home. The Indian Embassy was constantly in touch. I am extremely grateful.”

    On Monday, another batch of 285 Indian nationals landed safely in New Delhi as part of the ongoing ‘Operation Sindhu’, taking the total number of evacuees to 1,713.

    This large-scale evacuation effort comes in response to the escalating conflict in the Middle East, especially between Iran and Israel. The latest flight included passengers from various states including Delhi, Bihar, Gujarat, Uttar Pradesh, Maharashtra, and Jammu and Kashmir.

    Coordinated by the Ministry of External Affairs, ‘Operation Sindhu’ highlights India’s firm commitment to safeguarding its citizens, even in the most volatile regions of the world.

    (With inputs from IANS)

  • Bridging Gaps, Building Futures: 11 Years of inclusive growth for minorities in India

    Source: Government of India

    Source: Government of India (4)

    Over the past eleven years, the central government has made substantial progress in promoting inclusive development among the six centrally notified minority communities—Muslims, Christians, Sikhs, Buddhists, Parsis, and Jains. Through a multi-dimensional approach involving education, employment, cultural preservation, digital transformation, and legislative reform, the Ministry of Minority Affairs has worked toward narrowing socio-economic disparities and empowering marginalized sections of society.

    Economic Empowerment and Skills Development

    At the heart of this transformative agenda is the Pradhan Mantri Virasat Ka Samvardhan (PM VIKAS), a flagship scheme launched by the Ministry of Minority Affairs. This comprehensive initiative merges five earlier schemes—Seekho Aur Kamao, Nai Manzil, Nai Roshni, Hamari Dharohar, and USTTAD—into one. PM VIKAS focuses on upskilling youth, promoting entrepreneurship, and empowering minority women through leadership and training programs. It operates in conjunction with the Skill India Mission and integrates with the Skill India Portal for wider outreach and impact.

    The National Minorities Development and Finance Corporation (NMDFC) continues to play a pivotal role in economic empowerment. Offering concessional loans for self-employment, the NMDFC has disbursed ₹752.23 crore to over 1.74 lakh beneficiaries as of March 10, 2025, a significant rise from ₹431.20 crore in 2014-15.

    Infrastructure Development for Community Welfare

    Infrastructure growth has been spearheaded by the Pradhan Mantri Jan Vikas Karyakram (PMJVK), a centrally sponsored scheme aimed at holistic development in minority-concentrated areas. Since 2014-15, projects worth ₹18,416 crore have been sanctioned, covering approximately 5.63 lakh infrastructure units across sectors like health, education, sanitation, renewable energy, and women and child development. The scheme has now been digitized for better monitoring and transparency, with 1,300 Minority Concentration Areas identified across 308 districts in 32 states and UTs.

    Education and Scholarships

    While some schemes like the Maulana Azad National Fellowship (MANF) and Padho Pardesh have been discontinued due to overlaps with other government initiatives, others like the Begum Hazrat Mahal National Scholarship for girls in classes IX to XII, and Naya Savera (Free Coaching and Allied scheme) continue to support educational aspirations of minority youth. Naya Savera provides coaching for competitive exams and admissions into technical and professional courses.

    Cultural and Heritage Preservation

    Schemes like Hamari Dharohar and USTTAD (Upgrading the Skills and Training in Traditional Arts/Crafts for Development) focus on preserving the cultural legacy of minority communities. These schemes support exhibitions, documentation, and skill development among traditional artisans while creating market linkages for their products.

    In further efforts to promote cultural heritage, ₹25 crore has been sanctioned for a Centre for Gurumukhi Script at Khalsa College, Delhi University, while ₹11.17 crore has been approved for a Centre for Avesta Pahlavi Studies at Mumbai University. Projects worth ₹65 crore are in progress for Jain Studies and Manuscriptology at institutions in Indore and Gujarat.

    Special Initiatives for Community Support

    The Jiyo Parsi scheme, launched in 2013-14 to address the declining Parsi population, has aided the birth of over 400 Parsi children. In FY 2023-24, ₹3 crore was released, with a proposed budget of ₹6 crore for 2024-25.

    Under the Buddhist Development Plan (BDP), ₹300.17 crore worth of projects have been approved to support Buddhist communities, especially in the Himalayan belt. Key institutions like the Central Institute of Buddhist Studies (CIBS) and Central Institute of Himalayan Culture Studies (CIHCS) are implementing these initiatives through a hub-and-spoke model.

    The Government has also focused on easing the Haj pilgrimage, transferring its administration from the Ministry of External Affairs to the Ministry of Minority Affairs in 2016. Expenditures have increased from ₹47.37 crore in 2014-15 to ₹83.51 crore in 2023-24. Digital support has been introduced through the Haj Suvidha App, providing pilgrims access to essential services like travel details, emergency help, and training materials.

    Legislative Reforms and Digital Transformation

    A significant development came with the Waqf (Amendment) Act, 2025 notified on April 8, 2025. This amendment strengthens governance and transparency in the management of Waqf properties. It is complemented by the launch of the UMEED Portalon June 6, 2025—a centralized digital platform for uploading, verifying, and monitoring Waqf properties. These measures aim to modernize asset management and ensure properties are used for their intended religious and charitable purposes.

    Further modernization efforts include the Qaumi Waqf Board Taraqqiati Scheme (QWBTS) and Shahari Waqf Sampatti Vikas Yojana (SWSVY), which focus on computerization and commercial development of waqf properties. From 2019-20 to 2023-24, ₹23.87 crore and ₹7.16 crore were spent under QWBTS and SWSVY respectively.

    Promoting Indigenous Arts and Entrepreneurship

    The Ministry also organizes Lok Samvardhan Parv, a cultural event to showcase minority arts and crafts while fostering entrepreneurship. Three editions have been held—in July 2024 at Dilli Haat, January 2025 at Baba Kharak Singh Marg, and April 2025 at Kashmir University in Srinagar. These events feature workshops on design, marketing, GST, and digital commerce in partnership with the Export Promotion Council for Handicrafts (EPCH).

  • MIL-OSI United Kingdom: Fusion energy powers UK’s Industrial Strategy

    Source: United Kingdom – Executive Government & Departments

    Press release

    Fusion energy powers UK’s Industrial Strategy

    Government’s Industrial Strategy, announced today, puts fusion energy at the heart of driving innovation, economic growth and energy security.

    STEP Tokamak with burning plasma, side view. Image credit: UK Industrial Fusion Solutions Ltd.

    The UK is investing £2.5 billion over 5 years to lead the global race for fusion energy, with the STEP programme at its core. STEP (Spherical Tokamak for Energy Production) is the UK’s flagship fusion programme, aiming to deliver a prototype fusion power plant by 2040 at West Burton, Nottinghamshire. Built on the site of a former coal-fired power station, STEP is delivering a ‘fossil to fusion’ mission and will create thousands of jobs, as well as acting as an anchor for a new industrial ecosystem in the region as part of the East Midlands Combined Authority’s Clean Energy Supercluster along the River Trent. Delivered by UK Industrial Fusion Solutions (UKIFS), STEP is a cornerstone of the UK’s clean energy and industrial future. 

    The Industrial Strategy features STEP as a case study for fusion energy development, alongside further workstreams in the sector, such as the UK Atomic Energy Authority’s (UKAEA) Fusion Futures careers programme. Today’s announcements serve to highlight the government’s support for the sector and confidence in the STEP programme’s progress to date.

    Other recent UK fusion milestones include a UKAEA–ENI fusion energy fuels partnership announced in March, working to build the world’s largest tritium fuel cycle facility in the UK, and a £100 million investment boost via the Starmaker One fund from central government. Fusion is already delivering spillover benefits in AI, robotics and advanced materials – securing the UK’s place at the forefront of clean technology.

    UKIFS CEO Paul Methven reflected on the Industrial Strategy announcement:

    The UK is at the forefront of global fusion energy research, and STEP is the flagship initiative poised to transform that leadership into commercial reality. By building our prototype fusion power plant in the East Midlands, we’re not only advancing clean energy but also creating high-quality jobs, driving innovation, and delivering economic growth both regionally and nationally.

    Maintaining our global edge in such a transformative technology demands ambition and today’s Industrial Strategy publication, with STEP at its heart, shows that government is rising to that challenge. We’re ready to turn this bold vision into action and ensure the UK leads the way in this exciting sector.

    Secretary of State for Energy Security and Net Zero (DESNZ) Ed Miliband visited UK’s Fusion Research Campus in Oxfordshire earlier this year, where he said:

    After scientists first theorised over 70 years ago that it could be possible, we are now within grasping distance of unlocking the power of the sun and providing families with secure, clean, unlimited energy.

    In the introduction within the Industrial Strategy today, he lists fusion as a key part of the government’s mission:

    (By delivering) fusion in the East Midlands we will deliver the benefits of our Clean Energy Superpower Mission to communities up and down the country.’

    The project offers exciting innovation opportunities and a chance to shape the future of clean energy. STEP is currently in dialogue with potential Construction and Engineering partners, with announcements expected this coming winter 2025/26.

    Notes to Editors

    The Industrial Strategy is available here: Industrial Strategy: Clean Energy Industries Sector Plan

    STEP and UK Industrial Fusion Solutions (UKIFS) Ltd

    The first of its kind, STEP is the UK’s major technology and infrastructure programme to build a prototype fusion power plant that will demonstrate net energy, fuel self-sufficiency and a viable route to plant maintenance.  This will pave the way for the potential development of a fleet of future fusion power plants around the world and the commercialisation of fusion energy.

    We’ll achieve this by producing a prototype tokamak power plant – in an innovative spherical shape – that will demonstrate net energy. That’s why the programme is called STEP: it stands for ‘Spherical Tokamak for Energy Production’. But STEP is about more than tokamak technology – it’s a huge endeavour encompassing design, site development and construction, alongside supply chain logistics and industry. Fusion research and development has the potential to catalyse new ideas and technologies that will benefit multiple industries and help secure our future on this planet.

    By fusing government and business, inspiration and pragmatism, theory and practice, UK-expertise and international impact, we’re going to realise the step-change that will secure humanity’s bright future. A recent report by AMION, commissioned by local authorities, set out the economic potential of the STEP programme – summary HERE

    To sign-up for updates about STEP, visit: step.ukaea.uk or follow our social channels @STEPtoFusion.

    Updates to this page

    Published 23 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Tuen Mun site to be sold

    Source: Hong Kong Information Services

    A Tuen Mun non-industrial site in the 2025-26 Land Sale List will be sold by public tender from this Friday to August 8, the Lands Department announced today.

     

    Tuen Mun Town Lot No. 569 is designated for non-industrial purposes excluding its use as a godown, hotel and petrol filling station.

     

    It has a site area of about 4,368 sq m with a minimum gross floor area of 15,725 sq m and a maximum gross floor area of 26,208 sq m.

     

    Both exclude the gross floor area of government accommodation, being a public transport terminus, to be constructed by the purchaser under the conditions of sale.

     

    The land sale documents will be available on the department’s website from this Friday.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Churchill Reports High-Grade Silver Results up to 395 g/t Silver at the Black Raven Property, Central Newfoundland

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that due-diligence sampling on its Black Raven property returned silver assays of up to 395 g/t silver from grab samples, confirming that high-grade Ag, Sb, and Au are present at several prospects. Five grab samples returned silver assays over 150 g/t (4.69 opt), along with high-grade gold, lead and zinc, emphasizing the polymetallic metal assemblage of critical minerals present in the Black Raven vein system, per the summary table and figure below.

    Sample #   300   304   305   315   321
    Silver grade (g/t)   153   329   321   251   395
    Gold grade (g/t)   3.07   7.70   7.79   5.09   2.16
    Lead grade (%)   3.10   6.47   5.80   8.83   7.34
    Zinc grade (%)   2.85   4.97   >5.0   >5.0   >5.0
    Copper grade (%)   nil   0.37   0.50   0.39   0.40
                         

    These samples exceeded the laboratory’s original upper detection limit for silver (100 g/t – see release of May 28th 2025), and the results reported herein are from the overage assay protocols. The Black Raven vein systems have never been drilled.

    “These silver results confirm our belief that the Black Raven system can carry high grade metals in multiple locations,” commented Paul Sobie, CEO of Churchill, “Churchill’s geological team are on site carrying out a summer surface exploration program, with trenching and drilling commencing as soon as permits are received. Work is presently focused on property mapping and extending the sampled strike extent of the high-grade Frost Cove (antimony), Stewart (gold), and Taylor’s Room (silver-gold) prospects as well as defining several other prospects including Moreton’s Harbour 1 (gold-silver) and Moreton’s Harbour Head (antimony-gold-silver). This work is going well and continues to encounter well-mineralized samples in all locales, confirming and expanding upon historical work.”

    The Black Raven Property hosts two past-producing mines dating back to the late 1800’s, the Frost Cove Antimony Mine, and the Stewart Gold Mine which returned antimony grades of 35.1% and gold grades of 14.4 g/t, respectively (see release of 12th June 2025). The silver results reported herein are from different locations on the property (see attached map). Black Raven is located approximately 60km northwest of Gander, and approximately 100km north of the Beaver Brook Antimony Mine, currently on care and maintenance.

    Antimony: A Critical Mineral in High Demand

    Antimony is a critical mineral essential for national security and modern technology, with over 90% of global production controlled by China, Russia, and other non-Western jurisdictions. The metal is a vital component in military applications, while also being crucial for certain flame retardants, strengthening alloys in batteries, and emerging energy storage technologies. Recent Chinese export restrictions have driven prices to record levels exceeding $50,000 per tonne, highlighting antimony’s strategic importance to a “Fortress North America” approach to critical mineral supply chains and making domestic North American sources increasingly important for economic and national security.

    Due-Diligence Sampling Program

    Antimony, gold, silver, lead, zinc, copper and molybdenum samples were selected by Dr. Derek Wilton, independent QP to Churchill, during field visits on April 24th and 25th. All samples were labelled and securely bound and delivered to the prep laboratory of SGS Canada Inc. in Grand Falls-Windsor, for crushing and pulverizing. Splits were couriered to Burnaby, B.C. by SGS for GE_AAS33E50 silver assays and overlimit samples by the GO_FAG37V analytical method. All due-diligence samples described in this news release were grab samples and are selective by nature and are unlikely to represent average grades of the property.

    The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr. Wilton is an honorary research professor of Economic Geology at Memorial University in St. John’s and is independent of the Company for the purposes of NI 43-101.

    Black Raven Antimony-Gold Property

    The Black Raven Property comprises nine map-staked licenses constituting a single contiguous block of 125 claims that in total cover 3,125ha or 31.25km2. Churchill and the vendors have agreed to a 4km wide area of interest around the property boundaries as part of their agreement.

    The past sampling data reported in this News Release is historic in nature and does not meet NI43-101 standards. Churchill has relied on the information supplied in the Government of Newfoundland field assessment reports and from information found in the Mineral Occurrence Database System operated by the Newfoundland Department of Industry, Energy and, Technology. Natural Resources.

    The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr. Wilton is an honorary research professor of Economic Geology at Memorial University in St. John’s and is independent of the Company for the purposes of NI 43-101.

    References:

    Heyl, George R., 1936. Geology and Mineral Deposits of the Bay of Exploits Area. Newfoundland Department of Natural Resources, Geological Section, Bulletin No 3. 65 pages.

    Fogwill, W.D., 1968. Report on a copper prospect at Western Head, Moreton’s Harbour in the Notre Dame Bay Area, Newfoundland. Newfoundland and Labrador Geological Survey, Assessment File 2E/10/0350, 1968, 48 pages

    Kay, E.A. 1981. A geochemical and fluid inclusion study of the arsenopyrite-stibnite-gold mineralization, Moreton’s Harbour, Notre Dame Bay, Newfoundland. Master Thesis, Memorial University of Newfoundland, St. John’s, Canada, 1981. Newfoundland and Labrador Geological Survey, Assessment File 002E/10/1075, 1981, 209 pages.

    Quinlan E, 2013. First Year Assessment Report for 019872M, Ninth Year Assessment Report for 015553M, and Third Year Assessment Report for 017787M for Exploration within the Black Raven Property, NTS Map Sheet 2E/10. Newfoundland and Labrador Geological Survey Assessment Report, 69 pages

    Quinlan, E. 2025. 21st, 8th & 4th Year Assessment Report of Diamond Drilling & Prospecting On Black Raven Property, License 023212M (21st Year), License 02840m (8th Year), License 35674m (4th Year) NTS 02E/10, North-Central Newfoundland. Property centered at approximately 49°57’N, 54°87’ W. 34 pages.

    About Churchill Resources

    Churchill Resources Inc. is a Canadian exploration company focused on strategic, critical minerals in Canada, principally at its prospective Black Raven, Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board, and advisors have decades of combined experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Newfoundland and Labrador projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

    Churchill’s Taylor Brook Nickel-Copper-Cobalt-Vanadium-Titanium Property, and Florence Lake Nickel Property, are both in good standing for a number of years, such that further exploration and development can await improved market conditions sentiment while the Company focuses on high-grade antimony-gold and other critical minerals.

    Further Information

    For further information regarding Churchill, please contact:

    Churchill Resources Inc.
    Paul Sobie, Chief Executive Officer
    psobie@churchillresources.com
    Tel. 416.365.0930 (o)
          647.988.0930 (m)

    Alec Rowlands, Business Development & IR
    Alec.rowlands1@gmail.com
    Tel. 416.721.4732 (m)

    FORWARD-LOOKING STATEMENTS

    This news release contains certain forward-looking statements, including, but not limited to, statements about Churchill’s objectives, goals and exploration activities proposed to be conducted on its properties; future growth potential of Churchill, including whether any proposed exploration programs at any of its properties will be successful; exploration results; and future exploration plans and costs. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. In particular, this release contains forward-looking information relating to, among other things, the Company’s goals and objectives, and future exploration work to be conducted on the Company’s Black Raven Antimony Property. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

    Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Such factors, among other things, include: exploration results on the Black Raven Antimony Property; the expected benefits to Churchill relating to the exploration proposed to be conducted on its properties; receipt of all regulatory approvals in connection with the transaction contemplated herein; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Churchill’s properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; and title to properties. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Churchill cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Churchill assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f527078-103d-4201-8e35-585d165deaef

    The MIL Network –

  • MIL-OSI Global: African finance ministers shouldn’t be making bond deals: how to hand over the job to experts

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

    Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

    Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

    Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.



    Read more:
    African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

    In my view they shouldn’t.

    Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

    They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

    Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

    Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

    This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

    Ministers versus the experts

    Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

    When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

    In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

    What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

    But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

    For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

    There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

    In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

    Investment bankers prefer this arrangement as it works in their favour.

    Reforms that are needed

    Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:

    • Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.

    • Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.

    • Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.

    • Gradual delegation: Authority can be shifted, starting with less complex debt instruments.

    The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

    Their function should shift from operational to institutional oversight and accountability.

    Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

    In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

    Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

    Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

    Misheck Mutize is affiliated with the African Union – African Peer Review Mechanism as a Lead Expert on credit ratings

    – ref. African finance ministers shouldn’t be making bond deals: how to hand over the job to experts – https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017

    MIL OSI – Global Reports –

  • MIL-OSI Global: African finance ministers shouldn’t be making bond deals: how to hand over the job to experts

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

    Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

    Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

    Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.



    Read more:
    African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

    In my view they shouldn’t.

    Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

    They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

    Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

    Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

    This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

    Ministers versus the experts

    Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

    When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

    In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

    What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

    But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

    For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

    There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

    In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

    Investment bankers prefer this arrangement as it works in their favour.

    Reforms that are needed

    Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:

    • Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.

    • Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.

    • Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.

    • Gradual delegation: Authority can be shifted, starting with less complex debt instruments.

    The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

    Their function should shift from operational to institutional oversight and accountability.

    Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

    In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

    Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

    Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

    Misheck Mutize is affiliated with the African Union – African Peer Review Mechanism as a Lead Expert on credit ratings

    – ref. African finance ministers shouldn’t be making bond deals: how to hand over the job to experts – https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017

    MIL OSI – Global Reports –

  • Succession plans for Iran’s Khamenei hit top gear

    Source: Government of India

    Source: Government of India (4)

    The clock’s ticking for senior clerics seeking a successor to Iran’s Supreme Leader Ayatollah Ali Khamenei.

    A three-man committee from a top clerical body, appointed by Khamenei himself two years ago to identify his replacement, has accelerated its planning in recent days since Israel attacked Iran and threatened to assassinate the veteran leader, five insiders with knowledge of the discussions told Reuters.

    Khamenei, 86, is being regularly briefed on the talks, according to the Iranian sources who requested anonymity to discuss highly sensitive matters. He has gone into hiding with his family and is being guarded by the Vali-ye Amr special forces unit of the Revolutionary Guards, a top security official said.

    The ruling establishment will immediately seek to name a successor to Khamenei if he is killed, to signal stability and continuity, according to the sources who acknowledged that predicting Iran’s subsequent political trajectory was difficult.

    A new leader will still be chosen for his devotion to the revolutionary precepts of the Islamic Republic’s late founder Ayatollah Ruhollah Khomeini, according to one insider, who is close to Khamenei’s office and privy to succession discussions.

    At the same time, the top echelon of power is also considering which candidate might present a more moderate face to ward off foreign attacks and internal revolts, the person said.

    Two frontrunners have emerged in the succession discussions, the five insiders said: Khamenei’s 56-year-old son Mojtaba, long seen as a continuity choice, and a new contender, Hassan Khomeini, grandson of the father of the Islamic revolution.

    Khomeini, a close ally of the reformist faction that favours the easing of social and political restrictions, nonetheless commands respect among senior clerics and the Revolutionary Guards because of his lineage, the sources added.

    “I once again humbly express that this small and insignificant servant of the Iranian people stands ready to proudly be present on any front or scene you deem necessary,” the 53-year-old said in a public message of support to the supreme leader on Saturday, hours before the U.S. bombed Iran’s nuclear facilities.

    Khomeini has come into the frame as a serious candidate this month amid the conflict with Israel and America because he could represent a more conciliatory choice internationally and domestically than Mojtaba Khamenei, the five people said.

    By contrast, Khamenei hews closely to his father’s hardline policies, according to the insiders who cautioned that nothing had been determined, candidates could change and the supreme leader would have the final say.

    However, with the military conflict continuing, it remains unclear whether any new leader could be chosen easily or installed securely or if he could assume the level of authority enjoyed by Khamenei, they added.

    Israeli strikes have also killed several of Iran’s top Revolutionary Guards commanders, potentially complicating a handover of power as the elite military force has long played a central role in enforcing the supreme leader’s rule.

    Khamenei’s office and the Assembly of Experts, the clerical body from which the succession committee was drawn, were not available to comment.

    TRUMP: KHAMENEI IS EASY TARGET

    Planning for an eventual handover was already in the works because of Khamenei’s age and the longstanding health concerns of a leader who has dominated all aspects of Iranian politics for decades, the sources said.

    The urgency of the task was underlined in September when Israel killed Hezbollah leader Sayyed Hassan Nasrallah, a close ally of Khamenei’s, and the planning accelerated significantly this month following the Israeli attacks on nuclear sites, which were followed by the American attacks at the weekend.

    “We know exactly where the so-called ‘Supreme Leader’ is hiding,” U.S. President Trump warned on social media last week, calling for Tehran’s unconditional surrender. “He is an easy target.”

    Khamenei hasn’t publicly expressed any preference for his successor. The sources said he had repeatedly opposed the idea of his son taking over, in succession discussions in the past, concerned about any suggestion of Iran returning to the kind of hereditary rule that ended with the ousting of the shah in 1979.

    The role of Supreme Leader was created after the revolution and then enshrined in the constitution giving a top cleric ultimate authority in guiding the elected president and parliament.

    Officially, the leader is named by the Assembly of Experts, made up of 88 senior clerics who are chosen through a national election in which a hardline watchdog body aligned with Khamenei must approve all the candidates.

    “Whether the Islamic Republic survives or not, it will be a very different one, because the context in which it has existed has fundamentally changed,” said London-based Iranian political analyst Hossein Rassam, adding that Hassan Khomeini could fit the bill for a leader to take Iran in a new direction.

    “The regime has to opt for someone who’ll facilitate slow transition.”

    Hassan Khomeini’s close links to the reformist faction of Iranian politics, which pursued an ultimately unsuccessful policy of opening Iran to the outside world in the 1990s, saw hardline officials bar him from running as a member of senior clerical body the Assembly of Experts in 2016.

    The succession planners are aware that Khomeini is likely to be more palatable to the Iranian population than a hardliner, the five insiders said. Last year he warned of a “crisis of rising popular dissatisfaction” among Iranians due to poverty and deprivation.

    By contrast, Mojtaba Khamenei’s views echo those of his father on every major topic from cracking down on opponents to taking a hardline with foreign foes, the sources said – qualities they saw as hazardous with Iran under attack.

    A mid-ranking cleric who teaches theology at a religious seminary in the city Qom, the centre of Iranian religious life, Mojtaba has never held a formal position the Islamic Republic, though exercises influence behind the scenes as the gatekeeper to his father, according to Iran watchers.

    The U.S. Treasury Department imposed sanctions on Mojtaba in 2019, saying he represented the Supreme Leader in “an official capacity despite never being elected or appointed to a government position” aside from working his father’s office.

    OTHER CANDIDATES FALL AWAY

    Several of the candidates long seen as possible successors to Khamenei have already died.

    Former presidents Hashemi Rafsanjani passed away in 2017, former judiciary chief Mahmoud Hashemi Shahroudi died of natural causes in 2018 and former President Ebrahim Raisi was killed in a helicopter crash in 2023. Another senior cleric Sadegh Amoli Larijani, has been sidelined.

    Others, such as the Assembly of Experts member Ayatollah Alireza Arafi, are still in contention but have fallen behind Mojtaba Khamenei and Hassan Khomeini, the five sources said.

    Beyond the most likely candidates, it’s also possible that a less prominent cleric could be chosen as a pawn of Revolutionary Guards, said Ali Vaez, Iran project director at the International Crisis Group think-tank.

    “It is possible that they would put forward a candidate that no one has ever heard of and would not really hold the same levers of power that Ayatollah Khamenei has held now for more than 30 years,” he said.

    The supreme leader’s voice is powerful.

    After the death of the Islamic Republic’s founder Ruhollah Khomeini in 1989, Khamenei was publicly hailed as his predecessor’s choice. Although he had already served as president, Khamenei was only a mid-ranking cleric and was initially dismissed by influential clerics as weak and an unlikely successor to his charismatic predecessor.

    However, he steadily tightened his grip to become Iran’s unquestioned decision-maker, relying on the Revolutionary Guards as he outmanoeuvred rivals and crushed bouts of popular unrest.

    (Reuters)