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

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

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

    Soaring Falcon and Console Owls

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

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

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

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

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

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

    Birds of Moscow railway stations

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

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

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

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

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

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

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

    Herons and bats

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

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

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

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

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

    Birds of Paradise of the Ancient Slavs

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

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

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

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

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

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

    Showcase of gypsum decor: the Khlodov-Panteleev house on Zemlyanoy Val has been restored734 objects in Moscow recognized as architectural monuments in 14 yearsMoscow Restoration in Examples: How the Capital’s Architectural Monuments Are Gaining New Life

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

    MIL OSI Russia News –

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

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

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

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

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

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

    Vladislav Ovchinsky.

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

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

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

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

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153806073/

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights

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

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

    Dr. Sean Guest, President and CEO commented:

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

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

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

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

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

    Wassana Field Redevelopment

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

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

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

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

    Capital Investment & Development Timeline

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

    Production Profile & Operating Efficiencies

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

    Expansion Potential & Economic Resilience

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

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

    Wassana Reserves and Resources Update

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

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

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

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

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

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

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

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

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

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

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

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

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

    Guidance Update

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

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

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

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

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

    Webcast

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

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

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

    Conference ID: 239 311 896 799

    Dial-in numbers:

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

    For further information, please contact:

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

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

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

    About the Company

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

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

    Oil and Gas Advisories

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

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

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

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

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

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

    Reserves

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

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

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

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

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

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

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

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

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

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

    Contingent Resources

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

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

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

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

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

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

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

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

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

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

    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development On Hold)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 1,715.7 1,617.1 1,544.2 1,455.4 90%
    Contingent Best Estimate (2C) Development Not Viable 0.0 0.0 0.0 0.0 90%
    Contingent High Estimate (3C) Development Not Viable 0.0 0.0 0.0 0.0 90%
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 4,294.9 4,047.9 1,937.8 1,826.4 10-60%
    Contingent Best Estimate (2C) Development Not Viable 6,072.4 5,723.3 2,583.4 2,434.9 10-60%
    Contingent High Estimate (3C) Development Not Viable 9,221.9 8,691.6 3,378.2 3,183.9 10-60%
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 493.2 464.9 74.0 69.7 15%
    Contingent Best Estimate (2C) Development Not Viable 85.8 80.9 12.9 12.1 15%
    Contingent High Estimate (3C) Development Not Viable 58.5 55.1 8.8 8.3 15%

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

    Glossary

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

    Advisory and Caution Regarding Forward-Looking Information

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: Public International Law panels recruitment open

    Source: United Kingdom – Government Statements

    News story

    Public International Law panels recruitment open

    Applications close on Wednesday 18 June

    The Public International Law panels (PIL) panels were created in 2014 and supplement the work of the Attorney General’s existing panels of civil counsel.

    Members of the panels advise the government on matters of public international law and undertake cases involving public international law in international courts and in the courts of the UK. The PIL panels are divided into A, B and C panels based on experience in the practical application of international law, whether as an adviser or advocate, or a mix of both. Further information is available: PIL information sheet 2025 (MS Word Document, 93.8 KB)

    The five-week application window is now open and will close at midday on Wednesday 18 June. Appointments will commence on 1 January 2026 for a 5 year term.

    This exciting opportunity is open to practitioners and academics with relevant experience in the practical application of international law and who are qualified in a UK jurisdiction. All panellists are expected to understand and be able to advise on fundamental precepts of international law, including treaties, customary law and other sources and state responsibility. Applications are welcomed from those with experience in specific areas of international law.

    Application process

    Contact the Panel Counsel Secretariat for an application pack, which includes referee templates, an equality and diversity monitoring form and panel specific criteria. Make sure to include whether you are applying for the A, B or C panel.

    Those applying to the A panel will be expected to supply 5 references and those applying to the B and C panels will be expected to supply 3 references.

    Join the virtual information evening on  Tuesday 20 May, 5pm to 6pm. Details of this session and how to register: PIL event flyer (MS Word Document, 444 KB)

    If you have any queries, please contact the Panel Counsel Secretariat.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: China and Colombia Sign Cooperation Plan to Jointly Implement Belt and Road Initiative /detailed version-1/

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — China and Colombia should take the latter’s formal accession to the Belt and Road Initiative as an opportunity to improve the quality and level of bilateral cooperation, Chinese President Xi Jinping said Wednesday.

    Xi made the remarks during a meeting with Colombian President Gustavo Petro, who is in Beijing to attend the fourth ministerial meeting of the China-CELAC Forum (Community of Latin American and Caribbean States).

    Following the meeting, the heads of state witnessed the signing of a cooperation plan between the governments of the two countries on the joint construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road. -0-

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: LCQ8: New Acute Hospital in Kai Tak

    Source: Hong Kong Government special administrative region

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

    Question:

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

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

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

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

    Reply:

    President,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Sobyanin: Moskino Cinema Park has become one of the most popular filming locations

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Since the beginning of the year, the Moskino film commission has received over one thousand applications for filming. This is 53 percent more than a year ago, said Sergei Sobyanin in his telegram channel.

    “Every fourth application is for filming in

    cinema park “Moskino”. This is one of the most popular sites in the city. In just three months, 15 projects have been implemented here,” the Moscow Mayor noted.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    Such interest is the result of the unique opportunities of the cinema park. Directors can implement the most daring ideas here, and most importantly – quickly. For example, for the project “Not on the lists” in about 90 days they built the natural site “Brest Fortress”, and for the film “Buratino” – an entire Italian city.

    At every stage, the groups are assisted by a film commission – from submitting applications to obtaining permits and coordinating. Film commissioners work on the sets. This year, they have already been to 265 filmings.

    All this greatly simplifies the process and gives a powerful impetus. development of the film industry in Moscow, added Sergei Sobyanin.

    Gonzaga Theatre and Cowboy Town: Where and How Movies Are Filmed in the CapitalFilming in the Kremlin and on the embankments: the capital’s film commission has been working for seven yearsHow the capital’s film commission helps organize filming in Moscow

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv.mos.ru/mayor/tkhemes/12749050/

    MIL OSI Russia News –

  • MIL-OSI Economics: Secretary-General of ASEAN visits New Zealand Parliament

    Source: ASEAN

     
    As part of his Working Visit to New Zealand, Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the New Zealand Parliament and observed the Question Time. The visit offered an opportunity to gain a deeper understanding of New Zealand’s parliamentary and governance practices.

    Credit: New Zealand Parliament TV
    The post Secretary-General of ASEAN visits New Zealand Parliament appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Russia: Moscow Export Center to Select Ambassadors of Capital Business Abroad

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Moscow Export Center (MEC) opened its first official selection of ambassadors capital business abroad. Specialists help city companies successfully enter foreign markets: they support businesses in friendly countries, establish business connections, open up export opportunities and become representatives of Moscow brands in the international arena.

    Ambassadors are professionals living and working abroad, who have a good understanding of local business culture, legislation and business processes. They help Moscow exporters find partners, analyze potential demand for products in the region, contact retail networks and distributors and personally accompany export contracts and negotiations on the ground.

    Within the framework of the MEC pilot project, ambassadors have been working in other countries for several years and have proven their effectiveness in practice. The Moscow Export Ambassador service has been used by 213 Moscow companies. They have concluded export contracts for a total of over 2.7 billion rubles. Experts represent Moscow in China, India, Egypt, the United Arab Emirates, Vietnam, Malaysia and Iran.

    Now the program is moving to a new level. MEC has formalized and systematized the criteria for selecting ambassadors to make the participation process more transparent and convenient. Candidates need to submit an application, in which they must confirm their experience in international business, business connections with local partners, knowledge of the language and understanding of the specifics of the regional business environment. The main candidates will be able to sign a contract with MEC. You can study all the requirements for candidates on the website Moscow Export Center.

    Active and involved experts with experience in international trade are invited to share successful mechanisms for entering foreign markets and represent the interests of Moscow companies abroad. Participants in the Moscow Export Ambassador program will be able to become part of a team that forms the image of the Russian capital as a reliable and active export player on the world stage.

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

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153786073/

    MIL OSI Russia News –

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

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

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

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

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

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

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

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

    Sergei Sobyanin spoke about plans for the improvement of Moscow embankments

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

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

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

    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.

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    https: //vv.mos.ru/nevs/ite/153807073/

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Chu Condemns DOJ’s Cancellation of Critical Gun Violence and Victim Advocacy Grants

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

    WASHINGTON, D.C. — Recently, the Department of Justice (DOJ) abruptly canceled hundreds of grants to community organizations and local governments, slashing critical funding for gun-violence prevention, addiction services, and crime-victim advocacy programs.“ As someone who has looked into the eyes of families who have just lost loved ones to gun violence, it’s deeply troubling to hear that efforts to prevent more deaths and tragedies are being dismissed as ‘wasteful spending’ by the Attorney General. This alarming justification ignores the devastating human toll of gun violence across our nation and unnecessarily risks more Americans’ lives,” said Rep. Judy Chu, whose congressional district includes Monterey Park, where 11 people died in Los Angeles County’s worst ever mass shooting in January 2023. “This is a crushing setback for our community and the rest of our country, but we will not waver.”

    Since the shooting, Rep. Chu has introduced and co-led several bills to help prevent future mass shootings and gun violence in America, including the Language Access to Gun Violence Prevention Strategies Act, which would ensure that individuals with limited English proficiency can access gun violence prevention resources through in-language materials and culturally competent outreach. 

    “I’m fighting to pass legislation that depends on the DOJ for proper implementation,” continued Rep. Chu. “By undermining these critical efforts, Republicans are endangering lives. They bear responsibility for future gun violence in America.” 

    ###

    MIL OSI USA News –

  • MIL-OSI China: China’s National Pavilion explores co-existence at 2025 Venice Biennale

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

    Visitors explore the China’s National Pavilion at the 2025 Venice International Architecture Biennale in Venice, Italy on May 9, 2025. [Photo provided to China.org.cn]

    China’s National Pavilion at the 2025 Venice International Architecture Biennale opened on Friday, May 9, 2025, in Venice, Italy, presenting the theme “CO-EXIST.” Curated by renowned architect Ma Yansong, founder of MAD Architects, and organized by China’s Ministry of Culture and Tourism, the exhibition will run through Nov. 23, 2025.

    This year’s pavilion features 10 pieces (sets) of exhibits, exploring topics such as the Liangzhu Culture, Dunhuang Mogao Grottos, the Beijing central axis, and vision for future cities. The works reflect how contemporary Chinese architects are drawing inspiration from the traditional worldview of harmony between humanity and nature, reinterpreting this philosophy amid the ongoing shift from the industrial age to an intelligent era. By incorporating this ancient wisdom into material innovation, urban planning, and landscape regeneration, the exhibition offers a Chinese perspective and solutions to some of the challenges facing global society.

    Speaking at the opening, Jia Guide, China’s Ambassador to Italy, highlighted the significance of this year’s exhibition, noting that 2025 marks the 20th anniversary of the China Pavilion’s participation in the Venice Biennale. “Over the past two decades, the China Pavilion has grown into a dynamic cultural window,” he said. “Visitors from around the world can experience the beauty and innovation of Chinese modern art and design.”

    Ambassador Jia also mentioned 2025 commemorates the 55th anniversary of China-Italy diplomatic relations. He said that the two countries are deepening cultural exchanges such as the friendship between World Cultural Heritage sites, exhibitions and performances of fine arts, and personnel exchanges in the spirit of opening-up and inclusiveness, mutual learning, and mutual benefit.

    Massimiliano De Martin, deputy mayor of Venice, praised the China Pavilion’s contribution to the Biennale. He noted that the exhibition encourages visitors to critically reflect on the relationship between sustainability, technology and capital, promoting a deeper awareness of the resilient and enduring bond between humanity and nature.

    Curator Ma Yansong described the showcase of young architects’ works as a platform to express their interpretation of Chinese traditional culture, while offering forward-looking solutions to contemporary issues. He added that these diverse perspectives reveal the evolving possibilities of traditional Chinese culture.

    The China National Pavilion will remain open until Nov. 23, 2025.

    MIL OSI China News –

  • MIL-OSI China: Taiwan’s DPP faces widespread criticism for rebranding local ethnic Han people

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

    Taiwan’s Democratic Progressive Party (DPP) authorities have drawn intense criticism after reclassifying people of the Han ethnic group as the island’s “other” population in its official demographic data.

    The move has been widely condemned as a politically charged attempt to sever cultural and historical ties between Taiwan and the Chinese mainland.

    On the official website of Taiwan’s executive body, descriptions of the island’s demographic groups were quietly rephrased earlier this month to state that Taiwan’s current registered population is composed of 2.6 percent indigenous residents, 1.2 percent immigrants, and 96.2 percent “others.”

    The revision erased explicit recognition of the Han people — Taiwan’s largest ethnic group, which has constituted the island’s majority for centuries.

    Chi Chia-lin, chief of a Taiwan history research association, told Xinhua that the revision exposes the DPP’s ideological push to cut the historical ties between Taiwan and the mainland.

    “This is blatant distortion of objective data,” he said. “It is a betrayal of our history and ancestry.”

    Chen Ching-hui, a lawmaker from the Chinese Kuomintang party (KMT), accused the DPP of waging a “cognitive warfare” campaign.

    “The standard statistical practice is to present the majority first and label the rest as ‘others.’ The DPP’s method is truly bizarre,” Chen said.

    The revision has triggered outrage and ridicule online, with one social media user writing in a sarcastic post, “We are the others now, and soon we will be the spares.”

    In addition to rebranding the Han ethnic group, the DPP authorities also removed a description of people from Minnan, who are descendants of migrants from the south of Fujian Province on the mainland.

    The Taipei-based China Times has noted in an editorial that the DPP authorities are trying their utmost to avoid mentioning that people from Minnan make up the largest portion of Taiwan’s population.

    “The DPP seeks to fabricate a vague and incoherent ‘Taiwan independence’ ideology by distorting historical facts, evading truth, and twisting history,” the article reads.

    The rephrasing of Taiwan’s demographic descriptions follows a series of DPP-led initiatives to downplay the island’s Chinese cultural heritage, including those to dilute Chinese history in school curricula and minimize Han cultural references.

    The United Daily News called these actions a carefully-designed campaign to exclude the Chinese culture in the name of promoting diversity. 

    MIL OSI China News –

  • MIL-OSI United Kingdom: Government-built “Humphrey” AI tool reviews responses to consultation for first time, in bid to save millions

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Government-built “Humphrey” AI tool reviews responses to consultation for first time, in bid to save millions

    A government-developed AI tool has been used for the first time to review public responses to a consultation – helping save time and improve efficiency.

    • AI technology, ‘Consult’, built by the UK government as part of the Humphrey suite has been used to speed up analysis of what the public and experts told the Scottish Government in a recent consultation
    • Nearly identical results were found by AI after expert review, ranking themes that were most important for policymakers to take on board
    • While currently in trial with more development taking place, AI will analyse other consultations responses in a bid to save officials from 75,000 days of manual analysis every year, which costs £20m in staffing costs, helping to create a more agile, effective state refocused on delivering Plan for Change

    A new AI tool has summarised what the public have told the government in response to a consultation for the first time – providing nearly identical results to officials.

    The tool, called ‘Consult’, was first used on a live consultation by the Scottish Government when it was seeking views on how to regulate non-surgical cosmetic procedures – like lip fillers and laser hair removal – as use of the treatments has risen.

    The tool now set to be used across departments in a bid to cut down the millions of pounds spent on the current process, which often includes outsourcing analysis to expensive contractors – helping to build a productive and agile state to deliver the Plan for Change.

    Reviewing comments from over 2,000 consultation responses using generative AI, Consult identified key themes that feedback fell into across each of six qualitative questions. These themes were checked and refined by experts in the Scottish Government, the AI tool then sorted individual responses into themes and gave officials more time to delve into the detail and evaluate the policy implications of feedback received.

    As this was the first time Consult was used on a live consultation, experts at the Scottish Government manually reviewed every response too. Identifying what an individual response is saying, and putting it in a ‘theme’ is subjective, humans don’t always agree. When we compare Consult to the human reviewer, we see they agree the majority of the time – with differences in view having a negligible impact on how themes were ranked overall.

    ‘Consult’ is part of ‘Humphrey’, a bundle of AI tools designed to speed up the work of civil servants and cut back time spent on admin, and money spent on contractors. It forms part of the government’s plan to make better use of technology across public services, in a bid to target the £45 billion in productivity savings that it offers while creating a more agile state that can more effectively deliver the Plan for Change.

    Technology Secretary Peter Kyle said:

    No one should be wasting time on something AI can do quicker and better, let alone wasting millions of taxpayer pounds on outsourcing such work to contractors.

    After demonstrating such promising results, Humphrey will help us cut the costs of governing and make it easier to collect and comprehensively review what experts and the public are telling us on a range of crucial issues.

    The Scottish Government has taken a bold first step. Very soon, I’ll be using Consult, within Humphrey, in my own department and others in Whitehall will be using it too – speeding up our work to deliver the Plan for Change.

    The Scottish Government’s Public Health Minister Jenni Minto said:

    Using the tool was very beneficial in helping the Scottish Government understand more quickly what people wanted us to hear and our respondents’ range of views. Officials were reassured through the process that the AI was doing a good job, supporting us to undertake the analysis that will inform our next steps.

    Using this tool has allowed the Scottish Government to move more quickly to a focus on the policy questions and dive into the detail of the evidence we’ve been presented with, while remaining confident that we have heard the strong views expressed by respondents.

    While these early results are promising, ‘Consult’ is currently in trial. More evaluation covering the accuracy and efficiency of the tool will take place to ensure it’s working properly ahead of final rollout decisions. 

    Across the 500 consultations the government runs annually, the tool could help save officials from around 75,000 days of analysis every year, which costs the government £20 million in staffing costs.

    In doing this, the technology will help create a more agile state that can more easily respond to new challenges and effectively deliver the Plan for Change.

    Officials who worked with Consult from the Scottish Government on this first live test commented that they were “pleasantly surprised” that AI analysis provided a “useful starting point” in its initial analysis, with others noting that it ultimately “saved [them] a heck of a lot of time” and allowed them to “get to the analysis and draw out what’s needed next”.

    They also added that the use of Consult “takes away the bias and makes it more consistent”, by removing opportunities for individual analysts to “project their own preconceived ideas”.

    With some consultations receiving tens or hundreds of thousands of responses, and given the strong levels of accuracy demonstrated in early tests, Consult will soon be used on major consultations without officials manually reviewing every response individually.

    That said, Consult has been designed to keep the experts in the loop throughout. Officials will always review the themes and how responses are sorted into them through an interactive dashboard that will allow them to filter and search for insights.

    Notes to editors

    The response to the Scottish Government consultation will be published before the end of June. The consultation will inform the content of a Non-Surgical Cosmetic Procedures Bill that was announced on 6 May.

    The first live evaluation of Consult shows that it secured an F1 score (a common measure of alignment for AI tools) of 0.76, widely considered ‘good’ when evaluating the performance of AI tools.

    The full evaluation, published today, can be found here. We expect further testing and evaluation of the tool to happen in coming months, ahead of any decisions about wider rollout.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit

    Source: The Conversation (Au and NZ) – By Helen Hodgson, Professor, Curtin Law School and Curtin Business School, Curtin University

    Dragon Images/Shutterstock

    If you have a job in Australia, you’ve probably noticed each of your payslips has a section telling you how much superannuation will be paid alongside your wages.

    But while your wages are deposited in your bank account however frequently you receive a payslip – whether that’s weekly, fortnightly or monthly – it’s a different story for your super.

    Under current superannuation laws, employers are only required to pay super into an employee’s nominated fund at least four times a year – 28 days after the end of each quarter – although many do pay more regularly.

    But that’s set to change. From July 1 2026, new “payday super” rules will require employers to pay super into the employee’s fund within seven days of wages.

    This reform was announced in the 2023–24 federal budget, allowing employers, superannuation funds and software providers three years to set up compliant systems. But it hasn’t yet been legislated.

    Now, some industry groups are calling for a further delay of up to two years. So, who are these reforms designed to benefit? And does business really need more time to get ready?

    Missing or incorrect super

    Missing or incorrect super payments present a huge problem for Australia’s retirement system.

    The Super Members Council claims one in four Australians are missing out on the correct amount of superannuation contributions.

    Missing super payments are a multi-billion dollar problem.
    Wara1982/Shutterstock

    The Australian Taxation Office (ATO) estimates A$5.2 billion of guaranteed superannuation went unpaid in 2021–22.

    This can be due to payroll errors, misclassification under an award or, in extreme cases, non-payment of superannuation as a form of wage theft. All these things can be harder to spot when super is paid less frequently.

    Rules only requiring super to be paid quarterly may have been appropriate 30 years ago, in the early days of the superannuation guarantee. Business systems were often not computerised, and wages were often paid in cash.

    Times have changed

    Payroll systems are now much more sophisticated.

    From 2018, the federal government rolled out the single-touch payroll program that requires employers to report wages in real time, including details of superannuation guarantee withheld from an employee’s wages.

    The government is already benefiting from the increased automation of data submitted through this system.

    Single-touch payroll data helps improve official labour statistics and provides up-to-date income information for employees through the MyGov portal.

    Sending real-time data to Centrelink addresses one of the major flaws underpinning the Robodebt scandal, which used an averaging system to estimate fortnightly earnings.

    Benefits for employees

    In simple terms, the coming changes are basically a change in timing. Payments will be transferred to an employee’s super fund in the same way their wages are transferred directly to their bank account.

    Once bedded down, the changes will provide benefits across the board to employees, employers and the government.

    Currently, if an employee believes the correct amount of superannuation is not being paid to their fund, they are expected to follow this up directly with the ATO.

    Unfortunately, many employees presume the withheld amount shown on the payslip has already been paid into their super account.

    Unless a member is actively monitoring their super balance, they may be unaware that the amount shown on their payslip is not being paid into their fund on a timely basis.

    Payday super changes could help employees more easily check their super is being paid.
    Chay_Tee/Shutterstock

    Benefits for business

    Employers should also benefit from these changes, many of whom already do transfer superannuation when wages are paid.

    Currently, superannuation guarantee payments are run on a separate payment cycle to payroll, coinciding with payment of tax liabilities. If payments are on the same cycle as payroll, it should make budgeting easier, and ensure the separate super payment run is not overlooked.

    This assumes, of course, that the business is not relying on unpaid superannuation contributions to manage their cash flows elsewhere in the business. If that is the case, payday super changes will help protect the employee if the employer runs into financial difficulties.

    The change will also allow the tax office to match deductions and payments in real time to detect fraud – and check that super is actually being paid. This can reduce audit costs and – in the long run – reduce reliance on the aged pension as super account balances improve.

    Why wait any longer?

    So, with all of these expected benefits, why has the financial services sector this month asked for implementation to be delayed further – by up to two years? The building blocks of the system – electronic payments to transfer funds and the government’s single-touch payroll gateway – are already in place.

    One challenge is legislative. Although announced in May 2023, the draft legislation was only released for consultation in March 2025.

    The Superannuation Guarantee (Administration) Act 1992 needs extensive amendments to rewrite references to the calculation and payment of the superannuation guarantee charge.

    The draft legislation also makes some changes to definitions that may impact on how systems must be set up for payday super. Although not intended to change entitlements, they need to be made accurate in the software.

    Still, payday super has the potential to strengthen Australia’s superannuation system, protecting employee contributions and smoothing the payment system for employers. Concerns around its implementation are largely due to the time it has taken for the draft legislation to emerge.

    Following the election, the federal government has the numbers to pass this legislation as a matter of priority.

    Helen Hodgson has received funding from the ARC, AHURI and CPA Australia. Helen is the Chair of the Social Policy Committee and a Director of the National Foundation for Australian Women (NFAW). Helen was a Member of the WA Legislative Council from 1997 to 2001, elected as an Australian Democrat. She is not a current member of any political party. She is a Registered Tax Agent and a member of the SMSF Association, CPA Australia and The Tax Institute. Helen has superannuation with Unisuper and jointly owns positively geared rental properties.

    – ref. Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit – https://theconversation.com/soon-your-boss-will-have-to-pay-your-wages-and-super-at-the-same-time-heres-how-everyone-could-benefit-256564

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: China successfully completes test of 140-ton reusable liquid rocket engine

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — China has successfully completed a full-scale test of a 140-ton liquid oxygen-methane propellant engine that will power the country’s reusable launch vehicles, the engine’s maker said Tuesday.

    The rocket engine, developed by the Academy of Aerospace Propulsion Technology under the China Aerospace Science and Technology Corporation, has the highest thrust among China’s existing open-cycle liquid oxygen and methane engines.

    It is intended to be used as a critical power source for reusable rockets and will play a vital role in future space-to-Earth transportation systems, reusable launch vehicles and the development of heavy-lift rockets.

    The academy said the latest successful test marks a breakthrough in the country’s development of 100-ton liquid oxygen and methane engines. The entire process from the official start of engine development to the completion of testing took just seven months.

    In December 2024, the Academy of Aerospace Propulsion Technology tested its 90-ton reusable liquid oxygen-kerosene engine for commercial spacecraft, a major achievement since it began focusing on commercial spaceflight in 2023.

    China’s 2024 government work report called commercial space exploration “a new engine of economic growth.”

    The academy assured that additional efforts will be made to develop heavier engines, in particular, 200-ton reusable engines running on liquid oxygen and methane. -0-

    MIL OSI Russia News –

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    BEHIND BARS

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

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

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

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

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

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

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

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

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

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

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

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

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

    In retirement, he remained resolutely optimistic.

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

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

    –Reuters

  • MIL-OSI Russia: Vietnam to hold military parade to mark 80th anniversary of independence

    Translation. Region: Russian Federal

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

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

    HANOI, May 14 (Xinhua) — The Vietnamese government has instructed ministries and relevant agencies to prepare for a major military parade to celebrate the 80th anniversary of independence on Sept. 2, the Vietnam News Agency (VNA) reported on Tuesday.

    The Vietnam People’s Army has released a plan for the event, which will involve both military and militia personnel. The units have screened and selected qualified officers and soldiers.

    Centralized training schedules have been introduced, including plans for joint rehearsals of regional groups, the army said. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Peruvian PM resigns ahead of no-confidence vote

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    LIMA, May 14 (Xinhua) — Peruvian Prime Minister Gustavo Adriaenssen resigned on Tuesday, hours before Congress was set to debate at least three proposals to remove him from office.

    “Considering the supreme interests of the nation, I feel obliged to submit my final resignation from the post of Chairman of the Council of Ministers,” he said in a televised address.

    Along with the Prime Minister, members of the government and Peruvian President Dina Boluarte were in the frame, who consistently defended G. Adriaansen and praised his work. –0–

    MIL OSI Russia News –

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

    Translation. Region: Russian Federal

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

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

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

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

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

    MIL OSI Russia News –

  • MIL-OSI: FirstCash to Acquire H&T Group, the Leading Operator of Pawnshops in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    Marks FirstCash’s strategic entry into the UK market through an established, industry-leading brand;
    Provides further geographic diversification and unlocks additional growth opportunities;
    Expected to be meaningfully accretive to EBITDA and EPS;
    Strengthens FirstCash’s position as a global leader in pawn operations

    FORT WORTH, Texas, May 14, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), a leading international operator of over 3,000 retail pawn stores in the U.S. and Latin America, today announced that it has reached agreement on the terms of a final* recommended cash acquisition of H&T Group plc (“H&T”), the leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through a newly incorporated wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 650 pence for each share of H&T stock. In addition, H&T shareholders will receive a final dividend of 11 pence for each H&T share to be paid on June 27, 2025. The total equity value, including cash consideration for the shares and the final cash dividend, is approximately £297 million or $394 million USD based on the exchange rate as of the close of business on May 13, 2025.

    The acquisition of H&T expands FirstCash’s geographic footprint into a new and attractive market, further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom.

    Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add H&T, the leading pawn operator in the United Kingdom, as part of FirstCash’s global platform. This strategic transaction provides an entry into a significant new market which we believe will unlock additional growth opportunities for the Company. We have great confidence in H&T’s continued success given their proven track record coupled with their experienced management and operations teams. FirstCash looks forward to working together to drive long-term value for all of our customers, employees, and shareholders.”

    Mr. Chris Gillespie, Chief Executive Officer of H&T, commented, “The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focused on the values and benefits of their customers. I am extremely proud of H&T, we have built a fantastic team and highly attractive business, and FirstCash’s offer is a clear acknowledgment of this. It’s clear to us that FirstCash has full appreciation of our capabilities, the dedication of our employees, commitment to the customer and with their backing and support, I am confident H&T will have an extremely bright future.”

    * The financial terms of the acquisition are final and will not be increased or improved, except that Chess Bidco Limited reserves the right to increase the amount of the cash consideration payable by it (i) if there is an announcement on or after the date of this announcement of a possible offer or a firm intention to make an offer for H&T by a third party or (ii) with the consent of the UK’s Panel on Takeovers and Mergers (which will be granted only in wholly exceptional circumstances).

    Compelling Strategic and Financial Benefits

    • Establishes FirstCash as the leading operator of pawn stores in the UK: H&T represents a highly complementary strategic fit as the UK’s largest pawnbroker, operating with a network of 285 stores.
    • Expands FirstCash’s Geographic Reach: Entry into the UK pawn market represents another major step in FirstCash’s international growth strategy, adding further geographic diversification to the Company’s existing U.S. and Latin American pawn operations.
    • Unlocks Further Growth Opportunities: H&T’s well-recognized brand provides FirstCash with a platform for increased penetration across key regions of the UK and opens the door for potential expansion into other European markets.
    • Enhances Scale and Operating Leverage: The addition of 285 stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies across its global platform.
    • Adds Experienced UK-Based Leadership: H&T’s seasoned management team brings deep local expertise and a proven track record of performance, positioning FirstCash to drive strong execution and continued momentum in the UK market.
    • Financially Compelling: The transaction is expected to be meaningfully accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value.

    Transaction Timeline and Additional Details
    The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and H&T. The transaction is subject to approval by H&T’s shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close in the second half of 2025, subject to receipt of these approvals and the satisfaction of other customary closing conditions.

    Presentation
    Associated presentation materials regarding the transaction will be available on the investor relations section of FirstCash’s website at https://investors.firstcash.com/.

    Advisors
    Jefferies LLC is serving as exclusive financial advisor to FirstCash. Alston & Bird LLP and Macfarlanes LLP are serving as legal counsel to FirstCash. 

    Canaccord Genuity is serving as lead financial advisor to H&T and Shore Capital is serving as joint financial advisor to H&T. Gowling WLG (UK) LLP is serving as legal advisor to H&T.

    Further Information; No Offer or Solicitation
    This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited, a newly-established indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of H&T Group plc, a company incorporated in England and Wales (“H&T”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of H&T in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “UK Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the UK Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). H&T shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.

    Additional Information
    The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.

    The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its H&T shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each H&T shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.

    In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, H&T shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

    Forward-Looking Statements
    This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and H&T. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

    While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or H&T to obtain the necessary shareholder (in the case of H&T) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that H&T will not be combined and integrated successfully; the risk that the cost savings, synergies and growth from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of H&T is higher than anticipated; inherent risks resulting from Company’s entry into a new geographical market, including exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the UK; risk related to the ability to hire and retain key H&T personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.

    Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports the Company files with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Publication on website
    In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.

    Right to request hard copies
    In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting H&T’s registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.

    About FirstCash
    FirstCash is a leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

    FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

    About H&T
    H&T is the UK’s largest pawnbroker, a leading retailer of high quality new and pre-owned jewelry and pre-owned watches and provides a range of financial products tailored for a customer base which has limited access to, or is excluded from, the traditional banking sector. These products include Pawnbroking, Retail and Foreign Currency.

    The MIL Network –

  • MIL-OSI Russia: A block with public, business and scientific-industrial facilities will appear in Vnukovo

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In the Novomoskovsky administrative district of the capital, a site will be reorganized under the program of integrated development of territories (IDT). The corresponding draft resolution posted on the Moscow Government website. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Under the KRT program, a land plot of 5.94 hectares will be reorganized in the Vnukovo area. It is planned to create a modern space with public, business, and scientific and production facilities there. Investments in the comprehensive development of the territory are estimated at 8.7 billion rubles, and the annual budget effect is 289.5 million rubles. The implementation of the project will create about 720 jobs,” said Vladimir Efimov.

    The territory is located on Desantnaya Street near the Airport platform of the Kyiv direction of the Moscow Railway and Borovskoye Highway.

    “According to the project, it is planned to build objects of various functional purposes on the site, including technology parks, office and shopping centers with cafes, restaurants and shops. The territory of the business quarter will be improved, landscaped, and a convenient street and road network will be organized. It is also planned to place a parking lot on the site,” noted the Minister of the Moscow Government, Head of the Department of Urban Development Policy

    Vladislav Ovchinsky.

    According to the program of integrated development of territories, multifunctional city blocks are being created, where roads, comfortable housing and all necessary infrastructure are being designed on the site of former industrial zones and inefficiently used areas. Currently, 302 such projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in Moscow. This work is in progress on behalf of Sergei Sobyanin.

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

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153800073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Sobyanin: Moscow doctors have access to more than 130 advanced training programs

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Moscow will continue to develop the human resources potential of the capital’s healthcare system. This will ensure high standards of quality of medical care for city residents. Sergei Sobyanin spoke about this in his telegram channel.

    “Last year, over 160 thousand students from among doctors and mid-level medical personnel underwent training and advanced training. In 2025, the same number of specialists may take part in various educational programs. The central platform was

    Personnel Center of the Moscow Department of Health“, the Mayor of Moscow wrote.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin 

    In 2024, 115 thousand people were trained at the Personnel Center of the Moscow City Health Department – more than 70 percent of the number of doctors who improved their qualifications.

    Training courses in all areas

    The Personnel Center of the Moscow City Health Department was opened in 2021 at 8 Uspensky Lane. It assesses the knowledge and skills of doctors when applying for jobs in city medical institutions to determine their further individual development trajectory, conducts primary specialized accreditation and certification to obtain a qualification category; obtains the status of “Moscow doctor”, “Moscow nurse” and “Moscow medical brother”.

    The most important area of work of the Personnel Center is the organization of training and advanced training of medical personnel.

    “Since its opening, more than 90 trainings and over 130 educational programs have been created and implemented. They cover dozens of areas – from oncology and cardiology to effective communication with patients, help the capital’s medical workers improve teamwork, master modern technologies and new standards,” said Sergei Sobyanin.

    New methods and technologies are constantly emerging in the healthcare sector, and the center’s educational programs help doctors master them in practice. Healthcare workers are helped to determine an individual development trajectory, choose a program for acquiring new knowledge and skills, and then practice them on various simulators and training devices.

    More than 1,100 units of the latest equipment allow conducting training courses in almost all areas of modern medicine. The simulators installed in the Personnel Center reproduce the anatomy of internal organs to the smallest detail and imitate the main functions of the body as realistically as possible: breathing, convulsions, body temperature, heart sounds, lung sounds, and others.

    The main forms of training are interactive: problem lectures, group discussions, brainstorming, analysis of situational tasks. A separate block is devoted to the development of social, psychological and management skills necessary in medical practice. Healthcare workers learn how to avoid emotional burnout, manage stress, and effectively communicate with each other and with patients.

    About 30 thousand specialists have become participants of the trainings and educational programs “Digital Hospital”. They form practical skills in using new digital tools for doctors and nursing staff of city hospitals.

    Gain new knowledge and improve communication with patients

    One of the most popular trainings was “Algorithm for conducting outpatient appointments: aspects of communication with patients”, aimed at doctors being able to improve their communication skills and use their appointment time as efficiently as possible. About 12 thousand specialists were trained in it.

    As part of the implementation of the new emergency care standard, the Personnel Center developed 60 educational programs and trainings for the staff of flagship centers and emergency departments of city hospitals. More than 10 thousand doctors working according to this emergency care standard have already improved their knowledge and skills in the field of diagnostics and treatment of injuries, burns, frostbite, poisoning, exacerbations of chronic diseases, including those threatening the patient’s life.

    About four thousand people took part in the training dedicated to the creation of a value-oriented environment in city polyclinics in accordance with the new Moscow polyclinic standard. This is about introducing such concepts as patient-focusedness, trust, respect, teamwork, goodwill, etc. into the daily practice of medical workers.

    In addition, advanced training and retraining of Moscow doctors is carried out in leading specialized universities: the Russian Medical Academy of Continuous Postgraduate Education, the First Moscow State Medical University named after I.M. Sechenov, the Russian National Research Medical University named after N.I. Pirogov, the Russian University of Medicine. Popular educational sites are the medical simulation center Moscow Multidisciplinary Scientific and Clinical Center named after S.P. Botkin, training centers of the Scientific and Practical Center for Diagnostics and Telemedicine Technologies and A.S. Puchkov Emergency and Urgent Medical Care Stations, Interdisciplinary training center for innovative surgical technologies of the City Clinical Hospital No. 67 named after L.A. Vorokhobov.

    Distance learning within the framework of the continuous medical and pharmaceutical education program is available to specialists at federal portal.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv.mos.ru/mayor/tkhemes/12748050/

    MIL OSI Russia News –

  • MIL-OSI China: China, Colombia sign cooperation plan on BRI

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

    China and Colombia should take the latter’s formal accession to the Belt and Road Initiative as an opportunity to upgrade bilateral cooperation, Chinese President Xi Jinping said on Wednesday.

    Xi made the remarks when meeting with his Colombian counterpart Gustavo Petro, who is in Beijing for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum.

    After their meeting, the two heads of state witnessed the signing of a cooperation plan between the two governments on jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Support Taiwan’s participation in the WHO

    Source: Republic of China Taiwan

    Support Taiwan’s participation in the WHO and welcome the Fu Jen Catholic University delegation
    Organizers Jennifer Lee and Kathy Sieh, representing the Taiwanese community, urged that the WHO should not be influenced by political pressure and ignore the human rights of Taiwan’s 23 million people. They emphasized that viruses know no borders, and the WHO should promptly include Taiwan.
    Director General David Cheng-Wei Wu stressed that Taiwan has been prevented from participating in WHO due to China’s continued distortion of UNGA Resolution 2758 and WHA Resolution 25.1. Neither of them mentions Taiwan is part of the PRC. These resolutions have no power to confer upon the PRC any right to represent Taiwan in WHO. So we must urge WHO and all relevant parties to recognize Taiwan’s contributions to global public health. Taiwan should be included in the WHA and all WHO meetings.
    The Hon. Jacqui Munro MLC praised Taiwan’s achievement on economic development and medical capabilities and mentioned that Australian Parliament and NSW Parliament passed motions to refute China’s misinterpretation of UNGA 2758. Taiwan should be included in the WHO and work together to make the world stronger and better.
    Councilor Michelle Chuang of Willoughby City Council also reaffirm the vital truth: global health knows no border and the health security of people in Taiwan— and the wider world—should never be a matter of diplomatic bargaining.
    There was the keynote speech of Ms LIN,Yu-wen, Associate Dean, College of Medicine of FJCU. She shared her thoughts of why Taiwan should play a crucial role in the WHO. It was followed by President of FJCU Prof. Francis Yi-chen LAN’s presentation about school’s GRACE strategy and vision.
    It is much appreciated to see nearly 100 guests turn up to speak up and support Taiwan’s bid to participate in the WHO.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Vietnam sets deadline for Lao Cai-Hanoi-Hai Phong railway project

    Translation. Region: Russian Federal

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

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

    HANOI, May 14 (Xinhua) — The Vietnamese government has called on relevant districts and departments to complete the feasibility study for the Lao Cai-Hanoi-Hai Phong railway project by August 2025 so that construction can begin by December, the Vietnam News Agency (VNA) reported on Tuesday.

    A government decree published on the same day sets out the main deadlines for the project, including completion of technical design by the end of May 2025.

    The new railway, which will pass through nine Vietnamese provinces and cities, is expected to play a major role in strengthening inter-regional transport links and promoting economic development in the northern part of the country. –0–

    MIL OSI Russia News –

  • Justice B.R. Gavai to take oath on Wednesday as 52nd Chief Justice of India

    Source: Government of India

    Source: Government of India (4)

    Justice Bhushan Ramkrishna Gavai is set to be sworn in on Wednesday as the 52nd Chief Justice of India (CJI), succeeding Justice Sanjiv Khanna, who retired on Tuesday after a six-month tenure.

    The swearing-in ceremony will take place at Rashtrapati Bhavan, where President Droupadi Murmu will administer the oath of office to Justice Gavai.

    With his elevation, Justice Gavai will become only the second Chief Justice of India from the Dalit community, following Justice K.G. Balakrishnan, who served as CJI from 2007 to 2010. His term is scheduled to run until November 23, 2025.

    Born on November 24, 1960, Justice Gavai entered the legal profession in 1985 and began independent practice at the Bombay High Court in 1987, later moving to its Nagpur Bench. He was appointed a judge of the Bombay High Court in November 2003 and elevated to the Supreme Court in May 2019.

    Justice Gavai comes from a distinguished public service background. His father, Ramakrishna Suryabhan Gavai, was a respected Ambedkarite leader, founder of the Republican Party of India (RPI), and served as a Member of Parliament from Amravati. He also held gubernatorial posts in Bihar, Sikkim, and Kerala between 2006 and 2011 under the Congress-led UPA government.

    Justice Gavai’s appointment to the top judicial post is being widely seen as a significant step forward for social inclusion and representation in India’s higher judiciary.

    (With IANS inputs)

  • MIL-OSI USA: Sánchez, Davis, DelBene champion bill to reduce child care costs for working families

    Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

    In contrast to GOP effort to slash child care funding, this bill increases maximum child care credit by nearly 400 percent

    WASHINGTON – Representatives Linda Sánchez (D-Calif.), Danny K. Davis (D-Ill.) and Suzan DelBene (D-Wash.) introduced the Child and Dependent Care Tax Credit Enhancement Act to permanently expand the child care tax credit. The bill would raise the maximum credit from $1,050 to $4,000 for one child and from $2,100 to $8,000 for two or more children. 

    Senators Tina Smith (D-Minn.), Ron Wyden (D-Ore.) and Patty Murray (D-Wash.) introduced companion legislation in the Senate.

    “Working parents shouldn’t have to choose between earning a paycheck and caring for their kids,” said Sánchez. “Expanding the child care tax credit will make child care more affordable and accessible, so parents can focus on their work knowing their kids are being cared for.”

    “High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country,” said Rep. Davis. “I am proud to lead the Child and Dependent Care Tax Credit Enhancement Act that would restore the 2021 credit so that families can receive up to $4,000 for child care for one child or up to $8,000 for two or more children, much better than the almost $600 that the typical family receives currently. This bill would strengthen the financial well-being of families and grow our economy. It is critical that Congress acts now to help working families.”

    “Access to affordable child care is one of the biggest barriers families face. Enhancing the Child and Dependent Care Tax Credit will give parents the relief they need by supporting both families and care providers,” said DelBene. “This bill is a commonsense step toward making child care more accessible and affordable for every family.” 

    The Child and Dependent Care Tax Credit (CDCTC) is the only tax credit that helps working parents offset the rising cost of child care. In 2021, Democrats successfully enhanced both the CDCTC and the Child Tax Credit because both credits are essential to support parents’ ability to provide for their families. While 100 percent of the CDCTC reimburses parents for actual child care costs paid to work, parents mostly use the Child Tax Credit to defray other significant costs of caring for a child, such as food, rent, and clothing. 

    As currently structured, the CDCTC unfortunately fails to meet the needs of tens of millions of working families. Very few families receive meaningful benefit from the credit due to the extremely low phase-out level of $15,000, the low expense limits, the non-refundable nature, and the loss of benefit due to inflation. For example, the Tax Policy Center estimates that only 13 percent of families with children claimed the CDCTC in 2022. The Child Care and Dependent Credit Enhancement Act will increase the maximum credit amount to $4,000 per child up to $8,000 for two or more children, expand eligibility to low-income families, make the credit available to married couples who file separately due to high student loan debt, and retain the credit’s value over time by indexing it to inflation. Compared to 2019, low-income working parents quadrupled their credit received in 2021. 

    High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country. Yet, child care places a major financial burden on American families. The price of child care can range from $5,357 to $17,171 per year depending on location and type of care. Astoundingly, the cost of center-based care for two children is more than the average mortgage in 41 states and more than the average annual rent in all 50 states plus DC. Households under the poverty line spend nearly one third of their income on child care, and increases in median child care prices are connected to lower maternal employment rates. Further, the child care crisis hits families of color disproportionately hard. For a single parent who has never been married who is Black, Hawaiian/Pacific Islander, or American Indian/Alaska Native, child care can cost 36 percent, 41 percent, or 49 percent of the median income, respectively, compared to only 31 percent for single white parents. Further, Latino and American Indian and Alaska Native parents disproportionately live in child care deserts.

    Statements from Supporting Organizations

    The bill is endorsed by state and national child and worker advocates, including: Center for Law and Social Policy, Child Care Aware of America, Early Care and Education Consortium, First Five Years Fund, First Focus Campaign for Children, MomsRising, National Association for the Education of Young Children, National Women’s Law Center Action Fund, Save the Children, Start Early, Society for Human Resource Management, and ZERO TO THREE.

    “Often conflated with the child tax credit, the Child and Dependent Care Tax Credit is one of the only tax incentives that helps working families with their child care expenses. As the cost of care increases, many families must contend with whether their current job pays enough to justify their child care expenses,” said Radha Mohan, executive director, Early Care and Education Consortium. “For families where one parent must leave the workforce because they cannot afford the cost of care, this often hurts the family from an economic standpoint in the long run. The CDCTC Enhancement Act helps ensure that families do not have to make this choice by providing a credit to offset the cost of care. When paired with programs such as the Child Care and Development Block Grant, this bill will ensure that many families will have reduced their child care costs by over 50 percent.”

    “As almost any working family with young children will tell you, the cost of child care is a major source of financial stress, putting immense pressure on already tight budgets,” said Sarah Rittling,executive director, First Five Years Fund. “The Child and Dependent Care Tax Credit Enhancement Act would make essential updates to the CDCTC to ensure more parents are able to keep more of what they earn to offset the high cost of care. We are grateful to Reps. Danny Davis, Suzan DelBene, and Linda Sanchez for their leadership and commitment to supporting families with young children.” 

    “For families with young children, the cost of childcare is often unaffordable and impacts their economic opportunity – the cornerstone of child and family well-being. The Child and Dependent Care Tax Credit Enhancement Act of 2025 is an important effort to update the CDCTC to ensure that more families can offset their child care costs. We are grateful to Rep. Danny Davis and his longstanding efforts to support children and families in his district and across the country, and also extend that appreciation to Reps. Suzan DelBene and Linda Sanchez., said Diana Rauner, president, Start Early.

    “Affordable child care isn’t a luxury – it’s the backbone of our economy,” said Yelena Tsilker, senior government relations and advocacy director, ZERO TO THREE. “Parents of infants now face child care bills that top $16,000 a year – higher than in-state college tuition in many states. The Child and Dependent Care Tax Credit Enhancement Act tackles that crisis head-on by making the CDCTC fully refundable and increasing the maximum credit, so families of every income can choose the high-quality care their babies need. This relief will keep parents in the workforce and help millions of children thrive. We applaud Representatives Davis, DelBene, and Sánchez for championing legislation that hard-working families have long awaited.” 

    The text of the bill is available HERE; a summary of the bill is available HERE. 

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    MIL OSI USA News –

  • MIL-OSI USA: Sánchez statement on Pope Leo XIV

    Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

    WASHINGTON – Congresswoman Linda T. Sánchez (D-Calif.) released the following statement on the election of Pope Leo XIV:  

    “This is a historic moment for the Catholic Church as American-born Cardinal Robert Prevost has been elected our next pope. At a time when many are turning away from the global community, it’s heartwarming that someone who embraces the world, speaks many languages and is committed to social justice has ascended to the papacy.

    “Pope Leo XIV arrives at a time when the Church faces both challenges and opportunities. I’m hopeful he will follow Pope Francis and continue to be a vessel for peace, dignity and inclusion in the world. I pray he is granted the strength and wisdom necessary to serve humanity.”

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    MIL OSI USA News –

  • MIL-OSI: ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    ABN AMRO Bank posts net profit of EUR 619 million in Q1 2025

    14 May 2025

    Key messages

    • Solid results: Net profit of EUR 619 million, with a return on equity of around 10%
    • Good business momentum: Mortgage portfolio grew by EUR 1.7 billion and corporate loans by EUR 0.9 billion
    • Resilient net interest income despite impact from lower short-term interest rates
    • Continued fee growth: Increase of 8% compared to Q1 2024, with contributions from all client units
    • Cost discipline: Underlying costs declined 5% compared to Q4 2024; guidance for full-year 2025 unchanged
    • Solid credit quality: Impairments of EUR 5 million, reflecting net additions for individual files offset by model-related releases
    • Strong capital position: Basel IV CET1 ratio of 14.7%
    • Capital Markets Day to be held in November

    Marguerite Bérard, CEO:
    “As we reflect on the first quarter of 2025, I am honoured to address you as the new CEO of ABN AMRO. I value the trust placed in me by the Supervisory Board to lead our bank in the years to come. In the coming period, my priority will be to lead a strategic review of our activities, while building upon our solid foundations and strong market positions. We will focus on enhancing our profitability, optimising our capital position, right-sizing our cost base and achieving meaningful growth. The outcome of this review will be presented at a Capital Markets Day in November this year.

    The Dutch economy continues to demonstrate resilience, with GDP growth in recent years above the Eurozone average, low unemployment and good housing market performance. Thanks to this robust foundation, the economy is well-positioned to navigate the current uncertainties around trade tensions and geopolitical developments. In these challenging times, ABN AMRO performed well, delivering another quarter of solid results and growth in our loan books. This reflects our strategic focus on key growth areas, our credit quality and our ability to adapt to changing market conditions.

    In the first quarter of 2025, we showed solid results with a net profit of EUR 619 million and a return on equity of around 10%. This performance was underpinned by resilient net interest income, continued high fee income and limited net impairments. After a few quarters of rising costs, we managed to reduce our underlying costs in Q1 compared to the previous quarter. To deliver on our guidance of keeping underlying costs broadly flat compared to last year, cost discipline remains a priority. Therefore, we enforced increased controls on consultant expenditures and external hiring.

    Though challenging for colleagues, as we all need to adjust, it will help us reassess capacity needs and optimise our resources. By collaborating and using our creativity and talents, I believe we can deliver on our strategic ambitions while becoming a more agile organisation.

    Our strong capital position, with a Basel IV CET1 ratio of 14.7%, allows us to continue investing in our strategic priorities while maintaining financial stability. In Q1, we submitted the final application to move models to less sophisticated approaches which is now reflected in our capital ratios. The simplification will bring stability and predictability to our capital position. The largest part of our balance sheet remains under advanced models, specifically mortgages, banks and financial institutions. Portfolios that required significant modelling and data efforts will be moved to the standardised approach.

    Our continued efforts to improve customer experience resulted in an increase in our Net Promoter Score for Personal & Business Banking during the first quarter of 2025. Clients especially praise our efficient and good customer services, proactive contact, and the convenience of our digital services. This was also recognised by the 2024 Digital Leaders Study, which ranked ABN AMRO among the top performers. Tikkie, with 10 million active users, is a good example of our innovative offering. During King’s Day this year, Tikkie processed a record number of almost 700,000 transactions. We also introduced the Index Mandate, an actively-managed product that invests in underlying passive instruments. With this product we aim to attract younger clients and help them begin with portfolio management.

    We remain dedicated to sustainability. In the first quarter we launched the free online Green Building Tool which helps provide commercial real estate clients with insights into opportunities to save energy and improve their energy label. We realise that making the switch to a sustainable society is not always straightforward for our clients. A survey among over 350 business clients at our decarbonisation conference revealed challenges in the energy transition, including high capital expenditure, complexity and cost impacts. We aim to support our clients towards a low-carbon future by providing financing and expertise. One example of how we can help them is our recent agreement with the EIB Group to support Dutch SMEs with favourable financing conditions. This collaboration will enhance economic growth and the sustainability efforts of our clients. It includes the largest risk-sharing agreement with the EIB Group to date, totalling EUR 1 billion.

    ABN AMRO believes that everyday represents a new beginning for our customers, and for whom we stand ready to support. I am looking forward to my ‘new beginning’, collaborating with all my colleagues to deliver results for our stakeholders in the years to come.

    This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

    Note to editors, not for publication:
    ABN AMRO Press Office: Jarco de Swart, E-mail: pressrelations@nl.abnamro.com, phone number: +31 (0)20 6288900.
    ABN AMRO Investor Relations: John Heijning, E-mail: investorrelations@nl.abnamro.com, phone number +31 (0)20 6282282.

    Operating results

    (in millions) Q1 2025 Q1 2024 Change Q4 2024 Change
    Net interest income 1,560 1,589 -2% 1,668 -7%
    Net fee and commission income 507 469 8% 500 1%
    Other operating income 79 139 -43% 72 10%
    Operating income 2,145 2,197 -2% 2,240 -4%
    Personnel expenses 725 656 10% 743 -2%
    Other expenses 584 600 -3% 871 -33%
    Operating expenses 1,309 1,257 4% 1,614 -19%
    Operating result 836 940 -11% 626 34%
    Impairment charges on financial instruments 5 3 52% 9 -44%
    Profit/(loss) before taxation 831 937 -11% 618 35%
    Income tax expense 212 263 -19% 220 -4%
    Profit/(loss) for the period 619 674 -8% 397 56%
    Attributable to:          
    Owners of the parent company 619 674 -8% 397 56%
               
    Other indicators          
    Net interest margin (NIM) (in bps) 154 162   167  
    Cost/income ratio 61.0 % 57.2 %   72.0 %  
    Cost of risk (in bps)¹ 1 -1   1  
    Return on average equity² 9.9 % 11.6 %   6.2 %  
    Earnings per share (in EUR)3, 4 0.69 0.76   0.43  
    Client assets (end of period, in billions) 346.9 347.1   344.4  
    Risk-weighted assets (end of period, in billions)5 141.5 144.2   140.9  
    Number of internal employees (end of period, in FTEs) 22,267 20,887   21,976  
    Number of external employees (end of period, in FTEs) 3,312 3,931   3,670  
    1. Annualised impairment charges on loans and advances customers for the period divided by the average loans and advances customers (excluding at fair value through P&L) on the basis of gross carrying amount and excluding fair value adjustments from hedge accounting.
    2. Annualised profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average equity attributable to the owners of the company excluding AT1 capital securities.
    3. Profit/(loss) for the period, excluding payments attributable to AT1 capital securities and results attributable to non-controlling interests, divided by the average outstanding and paid-up ordinary shares.
    4. For Q1 2025, the average number of outstanding shares amounted to 833,048,566 (Q4 2024: 833,048,566; Q1 2024: 860,275,379).
    5. As of 1 January 2025, the figures in the table are prepared in accordance with CRR III (Basel IV) regulations. The figures up to 31 December 2024 are prepared in accordance with CRR II (Basel III) regulations.

    Attachments

    The MIL Network –