“India is on the Moon,” S. Somanath, chairman of the Indian Space Research Organization, announced in August 2023. The announcement meant India had joined the short list of countries to have visited the Moon, and the applause and shouts of joy that followed signified that this achievement wasn’t just a scientific one, but a cultural one.
India’s successful lunar landing prompted celebrations across the country, like this one in Mumbai. AP Photo/Rajanish Kakade
With more countries joining the evolving space economy, many of our colleagues in space strategy, policy ethics and law have celebrated the democratization of space: the hope that space is now more accessible for diverse participants.
Major players like the U.S., the European Union and China may once have dominated space and seen it as a place to try out new commercial and military ventures. Emerging new players in space, like other countries, commercial interests and nongovernmental organizations, may have other goals and rationales. Unexpected new initiatives from these newcomers could shift perceptions of space from something to dominate and possess to something more inclusive, equitable and democratic.
We address these emerging and historical tensions in a paper published in May 2025 in the journal Nature, in which we describe the difficulties and importance of including nontraditional actors and Indigenous peoples in the space industry.
Continuing inequalities among space players
Not all countries’ space agencies are equal. Newer agencies often don’t have the same resources behind them that large, established players do.
The U.S. and Chinese programs receive much more funding than those of any other country. Because they are most frequently sending up satellites and proposing new ideas puts them in the position to establish conventions for satellite systems, landing sites and resource extraction that everyone else may have to follow.
Sometimes, countries may have operated on the assumption that owning a satellite would give them the appearance of soft or hard geopolitical power as a space nation – and ultimately gain relevance.
Small satellites, called CubeSats, are becoming relatively affordable and easy to develop, allowing more players, from countries and companies to universities and student groups, to have a satellite in space. NASA/Butch Wilmore, CC BY-NC
In reality, student groups of today can develop small satellites, called CubeSats, autonomously, and recent scholarship has concluded that even successful space missions may negatively affect the international relationships between some countries and their partners. The respect a country expects to receive may not materialize, and the costs to keep up can outstrip gains in potential prestige.
Environmental protection and Indigenous perspectives
Usually, building the infrastructure necessary to test and launch rockets requires a remote area with established roads. In many cases, companies and space agencies have placed these facilities on lands where Indigenous peoples have strong claims, which can lead to land disputes, like in western Australia.
Many of these sites have already been subject to human-made changes, through mining and resource extraction in the past. Many sites have been ground zero for tensions with Indigenous peoples over land use. Within these contested spaces, disputes are rife.
Because of these tensions around land use, it is important to include Indigenous claims and perspectives. Doing so can help make sure that the goal of protecting the environments of outer space and Earth are not cast aside while building space infrastructure here on Earth.
Some efforts are driving this more inclusive approach to engagement in space, including initiatives like “Dark and Quiet Skies”, a movement that works to ensure that people can stargaze and engage with the stars without noise or sound pollution. This movement and other inclusive approaches operate on the principle of reciprocity: that more players getting involved with space can benefit all.
Researchers have recognized similar dynamics within the larger space industry. Some scholars have come to the conclusion that even though the space industry is “pay to play,” commitments to reciprocity can help ensure that players in space exploration who may not have the financial or infrastructural means to support individual efforts can still access broader structures of support.
The downside of more players entering space is that this expansion can make protecting the environment – both on Earth and beyond – even harder.
The more players there are, at both private and international levels, the more difficult sustainable space exploration could become. Even with good will and the best of intentions, it would be difficult to enforce uniform standards for the exploration and use of space resources that would protect the lunar surface, Mars and beyond.
It may also grow harder to police the launch of satellites and dedicated constellations. Limiting the number of satellites could prevent space junk, protect the satellites already in orbit and allow everyone to have a clear view of the night sky. However, this would have to compete with efforts to expand internet access to all.
The amount of space junk in orbit has increased dramatically since the 1960s.
What is space exploration for?
Before tackling these issues, we find it useful to think about the larger goal of space exploration, and what the different approaches are. One approach would be the fast and inclusive democratization of space – making it easier for more players to join in. Another would be a more conservative and slower “big player” approach, which would restrict who can go to space.
The conservative approach is liable to leave developing nations and Indigenous peoples firmly on the outside of a key process shaping humanity’s shared future.
But a faster and more inclusive approach to space would not be easy to run. More serious players means it would be harder to come to an agreement about regulations, as well as the larger goals for human expansion into space.
Narratives around emerging technologies, such as those required for space exploration, can change over time, as people begin to see them in action.
Technology that we take for granted today was once viewed as futuristic or fantastical, and sometimes with suspicion. For example, at the end of the 1940s, George Orwell imagined a world in which totalitarian systems used tele-screens and videoconferencing to control the masses.
Earlier in the same decade, Thomas J. Watson, then president of IBM, notoriously predicted that there would be a global market for about five computers. We as humans often fear or mistrust future technologies.
However, not all technological shifts are detrimental, and some technological changes can have clear benefits. In the future, robots may perform tasks too dangerous, too difficult or too dull and repetitive for humans. Biotechnology may make life healthier. Artificial intelligence can sift through vast amounts of data and turn it into reliable guesswork. Researchers can also see genuine downsides to each of these technologies.
Space exploration is harder to squeeze into one streamlined narrative about the anticipated benefits. The process is just too big and too transformative.
To return to the question if we should go to space, our team argues that it is not a question of whether or not we should go, but rather a question of why we do it, who benefits from space exploration and how we can democratize access to broader segments of society. Including a diversity of opinions and viewpoints can help find productive ways forward.
Ultimately, it is not necessary for everyone to land on one single narrative about the value of space exploration. Even our team of four researchers doesn’t share a single set of beliefs about its value. But bringing more nations, tribes and companies into discussions around its potential value can help create collaborative and worthwhile goals at an international scale.
Tony Milligan receives funding from the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (Grant agreement No. 856543).
Adam Fish, Deondre Smiles, and Timiebi Aganaba do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
“India is on the Moon,” S. Somanath, chairman of the Indian Space Research Organization, announced in August 2023. The announcement meant India had joined the short list of countries to have visited the Moon, and the applause and shouts of joy that followed signified that this achievement wasn’t just a scientific one, but a cultural one.
India’s successful lunar landing prompted celebrations across the country, like this one in Mumbai. AP Photo/Rajanish Kakade
With more countries joining the evolving space economy, many of our colleagues in space strategy, policy ethics and law have celebrated the democratization of space: the hope that space is now more accessible for diverse participants.
Major players like the U.S., the European Union and China may once have dominated space and seen it as a place to try out new commercial and military ventures. Emerging new players in space, like other countries, commercial interests and nongovernmental organizations, may have other goals and rationales. Unexpected new initiatives from these newcomers could shift perceptions of space from something to dominate and possess to something more inclusive, equitable and democratic.
We address these emerging and historical tensions in a paper published in May 2025 in the journal Nature, in which we describe the difficulties and importance of including nontraditional actors and Indigenous peoples in the space industry.
Continuing inequalities among space players
Not all countries’ space agencies are equal. Newer agencies often don’t have the same resources behind them that large, established players do.
The U.S. and Chinese programs receive much more funding than those of any other country. Because they are most frequently sending up satellites and proposing new ideas puts them in the position to establish conventions for satellite systems, landing sites and resource extraction that everyone else may have to follow.
Sometimes, countries may have operated on the assumption that owning a satellite would give them the appearance of soft or hard geopolitical power as a space nation – and ultimately gain relevance.
Small satellites, called CubeSats, are becoming relatively affordable and easy to develop, allowing more players, from countries and companies to universities and student groups, to have a satellite in space. NASA/Butch Wilmore, CC BY-NC
In reality, student groups of today can develop small satellites, called CubeSats, autonomously, and recent scholarship has concluded that even successful space missions may negatively affect the international relationships between some countries and their partners. The respect a country expects to receive may not materialize, and the costs to keep up can outstrip gains in potential prestige.
Environmental protection and Indigenous perspectives
Usually, building the infrastructure necessary to test and launch rockets requires a remote area with established roads. In many cases, companies and space agencies have placed these facilities on lands where Indigenous peoples have strong claims, which can lead to land disputes, like in western Australia.
Many of these sites have already been subject to human-made changes, through mining and resource extraction in the past. Many sites have been ground zero for tensions with Indigenous peoples over land use. Within these contested spaces, disputes are rife.
Because of these tensions around land use, it is important to include Indigenous claims and perspectives. Doing so can help make sure that the goal of protecting the environments of outer space and Earth are not cast aside while building space infrastructure here on Earth.
Some efforts are driving this more inclusive approach to engagement in space, including initiatives like “Dark and Quiet Skies”, a movement that works to ensure that people can stargaze and engage with the stars without noise or sound pollution. This movement and other inclusive approaches operate on the principle of reciprocity: that more players getting involved with space can benefit all.
Researchers have recognized similar dynamics within the larger space industry. Some scholars have come to the conclusion that even though the space industry is “pay to play,” commitments to reciprocity can help ensure that players in space exploration who may not have the financial or infrastructural means to support individual efforts can still access broader structures of support.
The downside of more players entering space is that this expansion can make protecting the environment – both on Earth and beyond – even harder.
The more players there are, at both private and international levels, the more difficult sustainable space exploration could become. Even with good will and the best of intentions, it would be difficult to enforce uniform standards for the exploration and use of space resources that would protect the lunar surface, Mars and beyond.
It may also grow harder to police the launch of satellites and dedicated constellations. Limiting the number of satellites could prevent space junk, protect the satellites already in orbit and allow everyone to have a clear view of the night sky. However, this would have to compete with efforts to expand internet access to all.
The amount of space junk in orbit has increased dramatically since the 1960s.
What is space exploration for?
Before tackling these issues, we find it useful to think about the larger goal of space exploration, and what the different approaches are. One approach would be the fast and inclusive democratization of space – making it easier for more players to join in. Another would be a more conservative and slower “big player” approach, which would restrict who can go to space.
The conservative approach is liable to leave developing nations and Indigenous peoples firmly on the outside of a key process shaping humanity’s shared future.
But a faster and more inclusive approach to space would not be easy to run. More serious players means it would be harder to come to an agreement about regulations, as well as the larger goals for human expansion into space.
Narratives around emerging technologies, such as those required for space exploration, can change over time, as people begin to see them in action.
Technology that we take for granted today was once viewed as futuristic or fantastical, and sometimes with suspicion. For example, at the end of the 1940s, George Orwell imagined a world in which totalitarian systems used tele-screens and videoconferencing to control the masses.
Earlier in the same decade, Thomas J. Watson, then president of IBM, notoriously predicted that there would be a global market for about five computers. We as humans often fear or mistrust future technologies.
However, not all technological shifts are detrimental, and some technological changes can have clear benefits. In the future, robots may perform tasks too dangerous, too difficult or too dull and repetitive for humans. Biotechnology may make life healthier. Artificial intelligence can sift through vast amounts of data and turn it into reliable guesswork. Researchers can also see genuine downsides to each of these technologies.
Space exploration is harder to squeeze into one streamlined narrative about the anticipated benefits. The process is just too big and too transformative.
To return to the question if we should go to space, our team argues that it is not a question of whether or not we should go, but rather a question of why we do it, who benefits from space exploration and how we can democratize access to broader segments of society. Including a diversity of opinions and viewpoints can help find productive ways forward.
Ultimately, it is not necessary for everyone to land on one single narrative about the value of space exploration. Even our team of four researchers doesn’t share a single set of beliefs about its value. But bringing more nations, tribes and companies into discussions around its potential value can help create collaborative and worthwhile goals at an international scale.
Tony Milligan receives funding from the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (Grant agreement No. 856543).
Adam Fish, Deondre Smiles, and Timiebi Aganaba do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Miami, Florida, July 21, 2025 (GLOBE NEWSWIRE) — As global investors increasingly prefer mobile digital asset management, crypto cloud mining platform BAY Miner officially announced its latest technology upgrade in 2025, focusing on optimizing the cloud mining experience of BTC and XRP through smartphones. This update marks that BAY Miner has further lowered the threshold for mining, allowing users to participate in the acquisition of daily cryptocurrency income without hardware equipment.
So far, BAY Miner has attracted more than 10 million registered users, and its business covers more than 180 countries and regions. Data shows that mobile users account for 68%, most of whom prefer flexible cloud mining contracts for BTC and XRP. The platform supports dynamic scheduling of computing power for multiple currencies such as BTC, XRP, and ETH, and supports daily settlement and automatic revenue statistics.
Cloud Mining is Reshaping Crypto Investing — Here’s What You Need to Know in 2025
In this upgrade, BAY Miner focuses on mobile performance, simplified user operations, and improved data transparency. Platform users can now monitor cloud computing power in real time through iOS and Android devices and receive daily profit settlement. As BTC and XRP holders increasingly prefer passive mining and decentralized asset management, cloud mining is becoming a mainstream alternative. Compared with the traditional mining model, it is more environmentally friendly, more flexible, and quicker to get started.
BAY Miner’s widespread appeal comes not only from its global availability but also from its core platform advantages, including:
• No hardware required – Users can mine BTC and XRP without investing in mining rigs or technical setup.
• Mobile-first access – Designed for smartphones and optimized for both iOS and Android devices.
• Daily payouts – Earnings are automatically calculated and settled every 24 hours.
• Multi-coin support – Includes BTC, XRP, ETH and more with flexible cloud mining contracts.
• Green-powered infrastructure – Operates through sustainable energy data centers to reduce carbon impact.
• Real-time monitoring – Users can track hashrate performance and income via a user-friendly app interface.
Getting started with BAY Miner is simple. Just follow these steps to begin cloud mining:
4.Track your earnings – Use the BAY Miner mobile app to monitor real-time income and hashrate performance.
5.Withdraw or reinvest – Access daily payouts and choose to withdraw or reinvest earnings into new contracts.
“We’re seeing a growing number of users looking to move away from the complexity and hardware demands of traditional mining,” said a BAY Miner product lead. “Our latest updates are designed to make BTC and XRP cloud mining as effortless as using a smartphone.”
BAY Miner said it will continue to expand its smartphone cloud mining services globally, especially in high-frequency mobile Internet usage markets such as North America, Southeast Asia and Europe, to build broader digital asset mining accessibility.
Empowering Everyday Investors Through Simplicity and Access
BAY Miner has always been committed to breaking the barriers for users to participate in the crypto world. Through mobile-first design and device-free mining mode, the platform hopes to allow more ordinary users to easily obtain opportunities for digital asset growth – without technical costs or complicated operations.
For the latest contract details and platform upgrade information, please visit the official website:https://bayminer.com
Get started with BAY Miner on iOS or Android—track your earnings, manage your mining, and unlock passive income with zero hardware.
Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.
Annual inflation at 2.7 percent in June 2025 – media release
21 July 2025
Aotearoa New Zealand’s consumers price index (CPI) increased 2.7 percent in the 12 months to the June 2025 quarter, according to figures released by Stats NZ today.
The 2.7 percent increase follows a 2.5 percent annual increase in the 12 months to the March 2025 quarter.
“Although the annual inflation rate increased from the March 2025 quarter, it remains within the Reserve Bank of New Zealand’s target band of 1 to 3 percent – the fourth consecutive quarter it has done so,” prices and deflators spokesperson Nicola Growden said.
The largest upwards contributor to the annual inflation rate was local authority rates and payments, up 12.2 percent. Rates contributed 13 percent of the 2.7 percent annual increase.
Visit our website to read this news story and information release and to download CSV files:
Overall consumer prices rose 1.4% year on year in June, less than the 1.9% increase in May, the Census & Statistics Department announced today.
Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1%, the same as that in May.
Compared with a year before, price increases were recorded in May in the following categories: housing; transport; electricity, gas and water; alcoholic drinks and tobacco; meals out and takeaway food; miscellaneous goods; and miscellaneous services.
Meanwhile, year-on-year decreases were logged in clothing and footwear; durable goods; and basic food.
The Government said consumer price inflation stayed modest in June, and that price pressures on various major components were contained in general.
It expects that overall inflation should remain modest in the near term, with pressures from domestic costs and external prices staying broadly in check.
Source: Hong Kong Government special administrative region
Consumer Price Indices for June 2025 On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending June 2025 was 0.0%, and that for the 3-month period ending May 2025 was -0.1%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of change were both 0.1%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.3% and 0.9% respectively in June 2025, as compared to 2.8%, 1.6% and 1.2% respectively in May 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 0.9% and 0.7% respectively in June 2025, as compared to 1.3%, 0.8% and 0.8% respectively in May 2025.
On a seasonally adjusted basis, for the 3-month period ending June 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were all 0.0%. The corresponding rates of change for the 3-month period ending May 2025 were all -0.1%. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending June 2025 were 0.2%, 0.1% and 0.0% respectively, and the corresponding rates of change for the 3-month period ending May 2025 were 0.1%, 0.1% and 0.0% respectively.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in June 2025 for housing (2.8%), transport (1.9%), electricity, gas and water (1.6%), alcoholic drinks and tobacco (1.4%), meals out and takeaway food (1.4%), miscellaneous goods (1.3%), and miscellaneous services (1.0%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in June 2025 for clothing and footwear (-4.1%), durable goods (-2.5%), and basic food (-0.4%).
For the first half of 2025 as a whole, the Composite CPI rose by 1.7% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.3%, 1.5% and 1.2% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.2%, 1.5%, 1.0% and 1.0% respectively.
In the second quarter of 2025, the Composite CPI rose by 1.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.4%, 1.6% and 1.3% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 0.9% respectively.
For the 12 months ending June 2025, the Composite CPI was on average 1.8% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.3%, 1.6% and 1.4% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.2%, 1.4%, 1.1% and 1.0% respectively.
Commentary
A Government spokesman said that consumer price inflation stayed modest in June. The underlying Composite CPI increased by 1.0% over a year earlier, same as the preceding month. Price pressures on various major components were contained in general.
Looking ahead, overall inflation should remain modest in the near term, as pressures from domestic costs and external prices should stay broadly in check. The Government will monitor the situation closely.
Further information
The CPIs and year-on-year rates of change at section level for June 2025 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.
Firms continued to report declining interest rates on bank loans, while indicating a slight tightening of other lending conditions.
The bank loan financing gap remained stable, with firms reporting that both needs for bank loans and the availability of bank loans were broadly unchanged.
Firms’ one-year-ahead median inflation expectations decreased to 2.5%, down from 2.9%, while median inflation expectations three and five years ahead remained unchanged at 3.0%.
Most firms reported that they had been affected to some extent by trade tensions, with firms exporting to the United States and firms in the manufacturing sector being the most exposed.
In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE), covering the second quarter of 2025, euro area firms reported a net decrease in interest rates on bank loans (a net -14%, compared with 12% in the previous quarter), suggesting that monetary policy easing is being transmitted to firms. At the same time, a net 16% of firms (down from 24% in the previous quarter) observed increases both in other financing costs (i.e. charges, fees and commissions) and in collateral requirements (a net 11%, down from 13% in the first quarter of 2025) (Chart 1).
In this survey round, firms indicated a broadly unchanged need for bank loans (a net 1% indicating a decline, down from 4% in the first quarter of 2025, Chart 2) and stable availability of bank loans (a net 1% indicating an increase, compared with a net 1% indicating a decrease in the previous quarter). This left the bank loan financing gap – an index capturing the difference between the need for and the availability of bank loans – broadly unchanged (a net ‑1%, the same as in the previous survey round). Looking ahead, firms expect a slight improvement in the availability of external financing over the next three months.
Firms continued to perceive the general economic outlook to be the main factor hampering the availability of external financing (a net 17%, compared with a net 21% in the previous survey round). A net 6% of firms indicated an improvement in banks’ willingness to lend (broadly unchanged from the previous survey round).
A net 8% of firms reported an increase in turnover over the last three months, up from 6% in the previous survey round, with a net 23% of firms being optimistic about developments in the next quarter, although less so than in the previous quarter. Firms continued to see a deterioration in their profits (a net 13%, compared with 16% in the previous survey round), with the decline being more widespread among small and medium-sized enterprises. The survey indicates that a net 50% of firms reported rising cost pressures over the past three months, although to a lesser extent than in the previous quarter.
On average, firms’ expected selling price growth declined to 2.5%, from 2.9% in previous survey round, while the corresponding figure for wages was 2.8% (down from 3.0% in the previous round) (Chart 3). At the same time, firms signalled a lower increase in non-labour input costs (3.4%, down from 4.0% in the previous round).
Firms’ inflation expectations for the short term decreased, while remaining unchanged at longer horizons (Chart 4). Median expectations for annual inflation one year ahead declined to 2.5%, from 2.9%, while those for three and five years ahead saw no change, remaining at 3.0%. For inflation five years ahead, the majority of firms continue to indicate, although less so than in the previous round, that risks to the inflation outlook are tilted to the upside (52%, down from 55%), with more firms perceiving balanced risks (33%, up from 30%), leaving the share of firms seeing downside risks unchanged at 14%.
In this survey round, ad hoc questions were introduced to examine the impacts of recent trade tensions – specifically the announcements of tariffs imposed by the United States – on the business strategies of euro area firms. The intensity of the impact of trade tensions varies significantly across firms, with firms exporting to the US and those in the manufacturing sector being particularly exposed. Approximately 30% of firms express concerns regarding delays or shortages in supply chains. In addition, firms indicated the need to seek alternative suppliers. Survey replies also revealed that the main strategies employed to adapt to the changing trade environment include refocusing sales within domestic and EU markets and restructuring supply chains (Chart 5).
The report published today presents the main results of the 35th round of the SAFE survey for the euro area. The survey was conducted between 30 May and 27 June 2025. In this survey round, firms were asked about economic and financing developments over the period between April and June 2025. Additionally, firms also reported their expectations for euro area inflation, selling prices and other costs, and they replied to ad hoc questions on trade tensions and investments in artificial intelligence technologies. Altogether, the sample comprised 5,367 firms in the euro area, of which 4,924 (92%) had fewer than 250 employees.
For media queries, please contactWilliam Lelieveldt, tel.: +49 170 227 9090.
Notes
Chart 1
Changes in the terms and conditions of bank financing for euro area firms
(net percentages of respondents)
Base: Firms that had applied for bank loans (including subsidised bank loans), credit lines, or bank or credit card overdrafts. The figures refer to pilot 2 and rounds 30 to 35 of the survey (October 2023-December 2023 to April-June 2025).
Notes: Net percentages are the difference between the percentage of firms reporting an increase for a given factor and the percentage reporting a decrease. The data included in the chart refer to Question 10 of the survey.
Chart 2
Changes in euro area firms’ financing needs and the availability of bank loans
(net percentages of respondents)
Base: Firms for which the instrument in question is relevant (i.e. they have used it or have considered using it). Respondents replying “not applicable” or “don’t know” are excluded. The figures refer to pilot 2 and rounds 30 to 35 of the survey (October 2023-December 2023 to April-June 2025).
Notes: The financing gap indicator combines both financing needs and the availability of bank loans at firm level. The indicator of the perceived change in the financing gap takes a value of 1 (-1) if the need increases (decreases) and availability decreases (increases). If firms perceive only a one-sided increase (decrease) in the financing gap, the variable is assigned a value of 0.5 (-0.5). A positive value for the indicator points to a widening of the financing gap. Values are multiplied by 100 to obtain weighted net balances in percentages. The data included in the chart refer to Questions 5 and Questions 9 of the survey.
Chart 3
Expectations for selling prices, wages, input costs and employees one year ahead, by size class
(percentage changes over the next 12 months)
Base: All firms. The figures refer to rounds 29 to 35 (September 2023 to June 2025) of the survey, with firms’ replies collected in the last month of the respective survey waves.
Notes: Average euro area firms’ expectations of changes in selling prices, wages of current employees, non-labour input costs and number of employees for the next 12 months using survey weights. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the survey.
Chart 4
Firms’ median expectations for euro area inflation by size class
(annual percentages)
Base: All firms. The figures refer to pilot 2 and rounds 30 to 35 (December 2023 to June 2025) of the survey, with firms’ replies collected in the last month of the respective survey waves.
Notes: Median firms’ expectations for euro area inflation in one year, three years and five years, calculated using survey weights. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 31 of the survey.
Chart 5
Relevance of trade tensions and implications for firms’ strategy over the next twelve months
(left panel: left-hand scale: percentages of respondents; right-hand scale: averages; right panel: percentages of respondents)
Base: All firms. The figures refer to round 35 of the survey (April-June 2025).
Notes: The left panel shows the distribution and the survey weighted averages of the relevance of trade tensions to firms, measured from 1 to 10 (highest) across types of firms. The right panel shows the share of firms reporting the different implications of trade tensions for firms’ strategy over the next twelve months.
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
With federal parliament to sit for the first time since the election on Tuesday, Newspoll gives Labor a 57–43 lead and Resolve a 56–44 lead. In Tasmania, Labor is a chance to gain a seat despite a 3% slide in their statewide vote.
A national Newspoll gave Labor a 57–43 lead (55.2–44.8 to Labor at the May federal election). Fieldwork dates and the sample size were not reported, but it’s likely to have been taken July 14–18 from a sample of about 1,200.
Primary votes were 36% Labor, 29% Coalition, 12% Greens, 8% One Nation and 15% for all Others. This is the lowest Coalition primary vote in Newspoll history that goes back to 1985, and about three points below the Coalition’s result at the election.
Anthony Albanese’s net approval was net zero, a ten-point improvement for him since the final pre-election Newspoll, with 47% both satisfied and dissatisfied. Liberal leader Sussan Ley’s first rating was -7 net approval, with 42% dissatisfied and 35% satisfied. Albanese led Ley as better PM by 52–32.
Here is the graph of Albanese’s net approval in Newspoll. While net zero is better than his negative ratings before the election, it’s a long way from his peak after winning the 2022 election.
The lack of a massive surge in net approval for Albanese indicates that Labor’s landslide was more about voters’ dislike for alternatives than their liking of Labor. Peter Dutton and Donald Trump were both big factors in the election result. A DemosAU poll I covered on Saturday had voters opposed by 71–19 to a PM like Trump.
Resolve poll
A national Resolve poll for Nine newspapers, conducted with unknown fieldwork dates from a sample of 2,311, gave Labor a 56–44 lead by respondent preferences, from primary votes of 35% Labor, 29% Coalition, 12% Greens, 8% One Nation, 8% independents and 8% others.
Albanese’s net approval was +3, with 45% giviing him a good rating and 42% a poor rating. In contrast to Newspoll, Sussan Ley’s first rating in Resolve was +9 (38% good, 29% poor). Albanese led Ley as preferred PM by 40–25.
Asked whether the next year will get better or worse, 28% thought it would be personally better and the same share thought it would be worse. Asked this question on the national outlook, by 42–25 respondents expected it to get worse.
By 33–32, respondents opposed the Liberal party having gender quotas, with Coalition voters opposed by 44–27. Men were opposed by 39–34, while women supported quotas by 30–27.
Labor was thought best to handle economic management by 31–30 over the Liberals. On keeping the cost of living low, Labor led by 30–26. The last time Labor led on economic management in Resolve’s monthly polls was July 2023, and the last time they led on cost of living was October 2023.
Tasmanian election updates
Since my election night article, the count has advanced from 63% to 73% of enrolled voters, with all pre-poll votes now counted. These additional votes have not had major impacts on the results.
Postals will be the largest number of outstanding votes still to be counted, but the Tasmanian Electoral Commission won’t begin the postal count until Thursday owing to legislative changes that require the TEC to ensure a postal voter hasn’t already voted by other means.
Postals must be received by 10am on July 29 to be included. In Tasmania the Hare-Clark distribution of preferences is done by hand, and will begin after the postal receipt deadline. The TEC expects to have final results by August 2.
Analyst Kevin Bonham has called 14 of the 35 seats for the Liberals, ten for Labor, five for the Greens and four for left-wing independents, leaving two undecided. In Lyons, the final seat is likely to be won by a Shooters, Fishers and Farmers candidate.
In Bass, there’s a complex fight for the last seat between Labor, the Liberals and the Shooters. Labor may benefit from having two candidates in the race who have nearly equal votes, possibly enabling them to win three seats when they only deserve two based on party totals.
If Labor wins the final Bass seat, they would gain a seat in an election where their statewide vote slid 3.1% to 25.9%.
Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 21 (Xinhua) — Before 2025, few could have predicted that a quirky plush doll with a toothy smile would capture the hearts of social media users around the world and spark a global buying frenzy. Labubu, created by Chinese toy maker Pop Mart, is becoming a new icon of the “intellectual property economy,” a booming sector in China’s economic landscape.
A buzzword in China, the “IP economy” refers to the process of transforming intangible cultural assets—such as stories, characters, and brands—into a variety of products and services. The sector spans film and television, video games, animation, cultural creations, consumer goods, and many other areas.
As the latest example of the IP economy, Labubu is rapidly evolving from a pop culture phenomenon to a high-yield collectible that is taking over the global market. The planet was recently stunned when a mint-colored Labubu doll sold at an auction in Beijing for over 1 million yuan. Fueled by the high demand for the doll, Pop Mart’s revenue in the first quarter of 2025 soared 165-170 percent year-on-year.
Along with other successful Chinese IP assets such as the animated blockbuster “Ne Zha 2” and the video game “Black Myth: Wukong,” Labubu illustrates a growing trend in China: the transformation of culture and creativity, enhanced by advanced technology, into business opportunities across a wide range of sectors.
TECHNOLOGICALLY DRIVEN CULTURAL REVIVAL
With a history of more than five thousand years, China has a wealth of cultural treasures. However, reviving traditional culture in a modern way that appeals to younger generations, who are becoming the main consumer group, remains a challenge.
With its innovation-driven development strategy and impressive technological achievements, China has paved a new path for cultural revival: transforming cultural classics into IP assets using cutting-edge technology.
According to Wang Linsheng, a senior researcher at the Beijing Academy of Social Sciences, such a transformation cannot be completed by simply copying ideas and concepts or presenting classics in digital form. Rather, it is a process of reinterpreting objects of the classic cultural layer of Chinese civilization to breathe new life into these eternal treasures.
“With the support of digital technology, China combines cultural classics with modern IP management methods, aiming to transform traditional elements into products that meet the latest aesthetic trends and consumer demand,” Wang Linsheng said.
His words are supported by the game “Black Myth: Wukong”, inspired by the classic Chinese literary masterpiece “Journey to the West”. Revealing the legendary adventures of Sun Wukong, also known as the Monkey King, the game uses a range of advanced visual technologies to provide realistic scenes and an immersive experience for players of all cultural backgrounds.
With its technological reimagining of a classic Chinese story, the game has transcended cultural boundaries and become a global hit. On the day of its official release, Black Myth: Wukong topped the charts of Steam, the world’s largest gaming platform, and has since dominated many other gaming markets around the world.
Commenting on how technology is fueling China’s current IP boom, Chen Gang, an analyst at Soochow Securities, noted that advanced technologies such as 5G and cloud rendering are helping the country overcome the time and space limitations of traditional communication methods, thereby allowing Chinese cultural and entertainment products to reach a wider audience.
In recent years, cultural sectors have become a powerful catalyst for China’s economic growth. According to the National Bureau of Statistics, China’s per capita expenditure on education, culture and entertainment reached 3,189 yuan in 2024, up 9.8 percent from a year earlier and accounting for 11.3 percent of the country’s total per capita consumer spending.
Highlighting the role of IP economy in driving economic growth, Wang Linsheng said IP goes beyond just culture or entertainment. The transformation of cultural classics into IP should be based on modern industrial development models, he added, noting that the process also involves various related sectors related to digital media.
EMERGING INDUSTRIAL CHAIN
As China’s IP economy continues to unleash its enormous growth potential, it is fostering an industrial chain that involves more and more upstream and downstream enterprises working together to create high-quality products.
The Chinese fantasy animated film “Nezha 2,” which has already become the highest-grossing film in Chinese cinema history, has caused a “chain reaction” in various industries. To date, more than 10 types of related products based on the film have been planned and launched.
Earlier this year, Pop Mart released a series of mystery boxes with a Nezha-themed designer toy on its online store on Tmall, a major Chinese online shopping platform. Just eight days after the series was released, the surprise boxes generated over 10 million yuan in revenue. In addition, other related products such as trading cards and plush toys also gained significant popularity.
By promoting industrial integration based on original IP assets, China is well positioned to build a full industrial chain covering online literature, film and television, games and related products, said Hong Tao, vice chairman of the China Society for Consumer Economy.
“This full industrial chain development model can expand the application scenarios of intellectual property and help build bridges between the virtual world and reality, thereby generating greater commercial value and economic benefits,” Hong Tao added.
To achieve this goal, analysts suggested that the country should promote the harmonization of all links in the industrial chain. This can be achieved through the integration of independent IP objects and their systematic, coordinated development.
“Chinese IP assets can learn from the Marvel universe, which brings together various superheroes in a single narrative structure,” Chen Gang said, adding that the growth model of the American pop culture icon has shown the way to strengthen the interconnectivity and coordination between different IP assets.
Looking ahead, Wei Pengju, a scholar at the Central University of Finance and Economics, said China should welcome global cooperation in developing its original IP assets. “In this way, the country can make full use of its IP resources and build an international IP system that integrates both cultural and economic values,” he added. -0-
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Data released by Statistics New Zealand today shows that the cost-of-living crisis is getting worse as inflation as measured by the Consumer Price Index rose annually to 2.7%, said NZCTU Te Kauae Kaimahi Economist Craig Renney.
“This marks the third straight quarter in which annual inflation has increased, up from 2.2% in December 2024. A key reason why inflation didn’t break out of the 1-3% target barrier is that petrol pricing was down. Excluding petrol, annual inflation was 3.2%,” said Renney.
“The data shows that prices rose most in areas that are particularly hard to manage for middle- and low-income groups. Household energy rose 9.1%, with gas prices rising 15.4%. Dairy and eggs rose 9.9%. Dwelling and contents insurance rose 10%. Rates are up 12.2%.
“This increase is likely to put further pressure on households, particularly those on the minimum wage – who received a pay rise of just 1.5% in April. When last measured, 48% of workers got a pay rise less than 2%, while 59% got a pay rise less of than 3%. It is these workers who are paying the price of the cost-of-living crisis.
“The Government has made a mess of the economy. Rents are still rising faster than general inflation, despite billions in tax breaks. Food pricing is rising at 4.2% despite the governments claims to be focused on supermarket competition. Workers are paying the price for the Government’s inaction.
“The economy is stumbling and is likely heading back to negative growth, and the Government has consistently cut investment. Trade tariffs and uncertainty are likely to add further concerns to growth. The cost of tertiary education rose significantly due to the removal of first year free – making it harder to access skills training during rising unemployment,” said Renney.
Source: People’s Republic of China – State Council News
Photo taken on Jan. 18, 2022 shows a job center sign in Manchester, Britain. [Photo/Xinhua]
Britain’s job market continues to show clear signs of weakening, with unemployment rising and recruitment stagnating amid escalating labor costs and external economic pressures. Experts have warned that uncertainty stemming from U.S. tariffs is further exacerbating the situation.
Data released by the Office for National Statistics (ONS) on Thursday revealed that the country’s unemployment rate for people aged 16 and over stood at 4.7 percent during the March-May period of 2025. This marks a notable increase both year-on-year and quarter-on-quarter, pushing the rate to its highest level in nearly four years.
The ONS figures also showed job vacancies climbing to new highs, indicating that despite a growing number of unemployed individuals, businesses are still struggling to fill positions.
“The government’s tax rises, a higher minimum wage and the U.S. trade war are hitting the jobs market,” Financial Times reported.
David Bharier, head of research at the British Chambers of Commerce (BCC), told Xinhua that steep increases in national insurance contributions and the national living wage weigh heavily on the latest employment data.
“BCC research shows that recruitment remains challenging, and businesses cite labor costs as the biggest pressure,” Bharier said. “This mounting financial pressure, alongside pervasive skills shortages, remains a massive challenge for business, presenting big risks to investment and productivity.”
According to Bharier, the BCC’s most recent economic forecast suggests hiring will remain subdued and the unemployment rate is expected to stay largely static. “We currently forecast a rate of 4.6 percent at the end of 2027,” he said.
Tina McKenzie, policy chair of the Federation of Small Businesses (FSB), stressed that the latest trends paint a worrying picture for Britain’s small business sector.
“New FSB research has found that twice as many small businesses shed staff in the second quarter of 2025-20 percent-than increased their employee numbers,” she said.
For the first time in the 15-year history of the FSB’s quarterly Small Business Index, more small businesses expect to shrink or close over the next 12 months than those that expect to expand. “That’s more than alarming for the economy and for communities across Britain where these hard-working businesses operate,” she said, noting that small businesses currently provide more than 16 million jobs in Britain-over half of all private sector employment.
Experts also believe the ongoing threat of U.S. tariffs is contributing to the negative data and will continue to influence Britain’s job market and economy in the long term, despite the existence of a trade agreement.
William Bain, head of policy at the BCC, said their April survey revealed that 62 percent of firms exporting to the U.S. had been affected by rising costs and order book pressures caused by higher U.S. tariffs, a sentiment that aligns with the rising unemployment figures reported by the ONS.
David Bailey, professor of business economics at the University of Birmingham, noted that U.S. tariffs are impacting Britain’s export-driven sectors and, in turn, the job market.
“Even though Britain has got this deal with Trump on tariffs, the tariffs are still going up from 2.5 percent to 10 percent. It may not be 25 percent, but it’s still going to affect exports from Britain and therefore hit economic growth,” Bailey said, adding that this uncertainty for British firms, combined with the government’s “mistake” of raising national insurance contributions alongside the higher minimum wage, has contributed to the sluggish employment situation.
Data released by Statistics New Zealand today shows that the cost-of-living crisis is getting worse as inflation as measured by the Consumer Price Index rose annually to 2.7%, said NZCTU Te Kauae Kaimahi Economist Craig Renney.
“This marks the third straight quarter in which annual inflation has increased, up from 2.2% in December 2024. A key reason why inflation didn’t break out of the 1-3% target barrier is that petrol pricing was down. Excluding petrol, annual inflation was 3.2%,” said Renney.
“The data shows that prices rose most in areas that are particularly hard to manage for middle- and low-income groups. Household energy rose 9.1%, with gas prices rising 15.4%. Dairy and eggs rose 9.9%. Dwelling and contents insurance rose 10%. Rates are up 12.2%.
“This increase is likely to put further pressure on households, particularly those on the minimum wage – who received a pay rise of just 1.5% in April. When last measured, 48% of workers got a pay rise less than 2%, while 59% got a pay rise less of than 3%. It is these workers who are paying the price of the cost-of-living crisis.
“The Government has made a mess of the economy. Rents are still rising faster than general inflation, despite billions in tax breaks. Food pricing is rising at 4.2% despite the governments claims to be focused on supermarket competition. Workers are paying the price for the Government’s inaction.
“The economy is stumbling and is likely heading back to negative growth, and the Government has consistently cut investment. Trade tariffs and uncertainty are likely to add further concerns to growth. The cost of tertiary education rose significantly due to the removal of first year free – making it harder to access skills training during rising unemployment,” said Renney.
Today, President Donald J. Trump celebrates the most successful first six months in office for any President in modern American history.
Congress passed the One Big Beautiful Bill, thereby delivering the largest tax cut in American history, increasing Americans’ take-home pay by as much as $13,300, and terminating benefits for at least 1.4 million illegal immigrants who were gaming the system.
Congress passed President Trump’s historic rescissions package, which will save taxpayers $9 billion in wasteful, politically-motivated funding for leftwing foreign aid scams and biased NPR and PBS.
The wholesale price of a dozen eggs is down 53%, or $3.09, since the inauguration and is down 62%, or $5.08, from its March peak.
The U.S. economy has now added a net of 671,000 jobs since January 2025, with jobs numbers beating expectations four months in a row. Native-born workers have accounted for all job gains, with native-born employment increasing 2,079,000 while foreign-born employment has fallen 543,000.
U.S. Customs and Border Patrol encountered just 6,070 illegal immigrants at the southern border in June — setting a new record low (15% lower than the previous record set in March). Additionally, zero illegal immigrants were released into the U.S. on parole in June, compared to 27,766 a year prior.
The administration has ramped up deportations, breaking a record for the number of deportation flights in a month in June. President Trump’s self-deportation push has also been a massive success. Additionally, over 600 known and suspected terrorists have been removed from the United States.
At President Trump’s direction, U.S. Immigrations and Customs Enforcement has arrested over 100,000 illegal alien criminals, including over 2,700 members of the vicious Tren de Aragua gang.
Following President Trump’s declaration of an energy emergency, the U.S. has reached its fastest rate of new oil and gas drilling permits in years, exceeding the Biden administration by 44%.
Since President Trump took office, core inflation has tracked at just 2.1% — levels not seen since the first Trump Administration, when prices were low and stable — and has come in below or at economists’ expectations every single month. Meanwhile, wholesale inflation remained flat in June, while import prices came in far below expectations.
Summer gas prices reached their lowest point since 2021, and, inflation-adjusted, are near a 20-year low.
President Trump’s deregulatory efforts have already saved Americans over $180 billion, or $2,100 per family of four, with the rollback of automobile-related rules alone expected to save consumers more than $1.1 trillion.
President Trump secured a historic agreement for NATO members to raise defense spending to 5% of GDP – a foreign policy feat long thought impossible.
Under President Trump’s strong and decisive leadership, the U.S. obliterated Iran’s nuclear program.
As a result of his historic peacemaking efforts, President Trump has alreadyreceivedthree Nobel Peace Prize nominations since returning to office.
In May, blue-collar wage growth saw its largest increase in nearly 60 years since President Trump’s return to office.
Companies and foreign governments have pledged over $7.6 trillion in investments into the U.S.
The U.S. Treasury has taken in nearly $90 billion in tariff duties since January 2025, with the agency posting a record $27.2 billion surplus in June – the first June surplus since 2005.
President Trump has once again proved to be the Dealmaker-in-Chief, inking a minerals deal with Ukraine, a $14 billion “perpetual Golden Share” sale of U.S. Steel, and trade deals with the United Kingdom, China, and Indonesia.
President Trump has signed over 170 executive orders, delivering on key campaign promises such as closing the border, protecting children from chemical and surgical mutilation, removing men from women’s sports, unleashing American energy, ending federal censorship, ending the radical indoctrination in K-12 schooling, and ending radical and wasteful government DEI programs and preferencing.
The S&P 500 and Nasdaq market indices have reached multiple record highs.
The Supreme Court consistently bolstered the Trump administration’s agenda, blocking activist judges from issuing nationwide injunctions, permitting “third-country deportations,” greenlighting the revocation of temporary protected status (TPS) from more than 500,000 migrants and approving efforts to shrink the federal bureaucracy.
The Trump administration has made incredible strides in its effort to Make America Healthy Again, with roughly 35% of the American food industry making a commitment to eliminate the use of artificial dyes, including Hershey, Consumer Brands and dozens of ice cream companies representing more than 90% of the ice cream volume sold in the U.S.
President Trump has ensured U.S. benefit programs serve U.S. citizens, with the administration now having protected more than $40 billion in benefit programs from illegal aliens since POTUS signed an Executive Order in February “Ending Taxpayer Subsidization of Open Borders.”
President Trump inked an agreement to provide billions of dollars of military equipment to Ukraine, with NATO footing the bill.
President Trump has cracked down on international cartels, designating eight Latin American cartels as terrorist groups, including Tren de Aragua, MS-13 and the Sinaloa Cartel.
President Trump has solidified the U.S.’s position as the world leader in artificial intelligence, attracting north of $1 trillion in AI investment, including $90 billion in groundbreaking AI and energy investments in Pennsylvania.
The U.S. is on track for its lowest murder rate on record following President Trump’s reinstatement of law and order.
Hospitals and hospital systems across the country have halted so-called “gender-affirming care” for minors following President Trump’s executive order “protecting children from chemical and surgical mutilation.”
In his first six months, President Trump has met with 23 foreign leaders, including three visits from Israeli Prime Minister Benjamin Netanyahu, as well as two visits from the NATO Secretary General — compared to thirteen foreign leaders and the UN Secretary General, the NATO Secretary General, and the Chinese Foreign Minister for Obama and just five in-person visits for Biden.
New York City, NY, July 20, 2025 (GLOBE NEWSWIRE) — Amidst surging clarity in U.S. digital asset regulations and renewed institutional interest, RI Mining today introduced its XRP‑focused, AI‑driven green cloud mining platform—permitting XRP holders to passively generate income 24/7 without transaction hassle or hardware upkeep. This feature delivers a timely “HODL‑earn” mechanism during a crucial shift toward compliant crypto utility
Regulatory tailwinds & XRP’s practical edgeThe recent passage of U.S. acts including DARA and the GENIUS Act has sharply elevated trust in digital asset frameworks. XRP, noted for its 3‑second settlement times and transaction costs near $0.0002, currently underpins over 400 institutional cross‑border networks—making it ideally suited to the new regulatory landscape
AI‑Powered Efficiency: Smart algorithms automatically direct mining activities to renewable energy sources, optimizing daily returns while reducing environmental impact.
No Hardware, No Hassle: Easily start mining from your smartphone or web browser—no equipment needed, no complicated setup. All infrastructure is managed by the RI Mining platform.
Automated Daily Payouts: Mining rewards are credited directly to your wallet every day. Earnings are fully withdrawable or can be reinvested seamlessly.
Built on ESG & Compliance: Powered entirely by green energy and designed around ESG principles. RI Mining adheres to SOC‑2 audit standards and all relevant regulatory disclosure requirements, ensuring security and transparency.
Real‑Life Wins & Market Proof
Jennifer Adams, a Los Angeles XRP holder, shared: “RI Miningcompletely changed how I earn—daily passive income from my phone, zero complexity.” Meanwhile, industry stats confirm the demand for passive yield: global cloud‑mining platform users surged 41.3% H1 2025; over 22% of U.S. wallets now engage with such tools.
As digital asset adoption accelerates and regulations advance, RI Mining continues to build on its track record of secure, transparent, and sustainable cloud mining since 2014. With proven expertise in AI-driven efficiency and renewable energy, RI Mining now makes passive XRP income available 24/7—no hardware, no hassle, just real daily returns.
Discover how RI Mining is shaping the future of compliant crypto earning.
Disclaimer:This press release is provided for informational purposes only and does not constitute financial or investment advice. Cryptocurrency mining involves inherent risks, including market volatility and potential financial loss. Investors are advised to perform thorough due diligence and consult professional advisors prior to participating.
Houston, Texas, July 20, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto has officially rolled out its all-new mobile cloud mining app, making it easier than ever for anyone to mine popular cryptocurrencies like BTC, ETH, and DOG. The app delivers a seamless, zero-commission mining experience with no need for hardware, technical skills, or complicated setup — and is designed to work anytime, anywhere, straight from your smartphone or desktop.
Whether you’re drinking coffee at your favorite café, on vacation at the beach, or simply relaxing at home, Topnotch Crypto ensures that your mining operations stay active, secure, and profitable — 24/7.
Cloud Mining Made Convenient and Mobile
Topnotch Crypto’s latest innovation offers something many platforms don’t — true freedom and flexibility. The mobile app transforms your device into a full-fledged mining dashboard, so you’re not chained to bulky hardware or stuck monitoring rigs from a desk.
From registering and activating a mining contract to checking real-time earnings or making withdrawals, everything can be done with just a few taps on your phone. You can start earning passive income with crypto even while traveling, running errands, or enjoying your downtime.
Mining Without the Mess – No Hardware Needed
Forget expensive GPUs, noisy mining rigs, and skyrocketing electricity bills. Topnotch Crypto operates entirely in the cloud, so you get access to high-performance mining power without any of the usual tech stress.
The app’s real-time data lets users make smarter decisions and track their profits as they grow, all while going about their day. Whether you’re aiming for short-term gains or building a long-term passive income strategy, the app makes it effortless.
Zero Commissions, full Rewards
Unlike many platforms that charge hidden fees or take a cut of your rewards, Topnotch Crypto follows a zero-commission model. That means:
You keep Fullprofit of your mining earnings
No middlemen
No surprise costs
Every mining cycle is optimized for maximum efficiency, ensuring the highest return on your time and energy — literally.
Built for Beginners and Pros Alike
Whether you’re new to crypto or a seasoned miner, the app is built to support all experience levels. The intuitive design removes the learning curve, while the advanced cloud infrastructure provides power and speed for more serious investors.
Topnotch Crypto doesn’t just make mining simple — it makes it safe. The app uses:
Bank-grade encryption
Distributed cloud architecture
All user data and transactions are securely stored and protected, while wallet integrity and system uptime remain consistently reliable.
Rapid Growth and What’s Coming Next
Since its early access release, the app has gained rapid popularity among crypto users around the world. The community continues to grow on platforms like Telegram, Twitter, and Discord, where miners share results, strategies, and feedback.
Topnotch Crypto is planning exciting updates soon, including:
AI-powered mining optimization
Staking options
DeFi wallet integration
These additions will further enhance profitability and functionality for all users.
Start Mining from Anywhere — Today
Getting started takes just a few minutes — and with no upfront investment in hardware or technical skills required, anyone can now participate in the crypto economy.
Whether you’re looking for a side income or building long-term crypto assets, Topnotch Crypto gives you the power to mine smarter, faster, and wherever life takes you.
About Topnotch Crypto
Topnotch Crypto is a global blockchain company focused on democratizing access to digital wealth. Through cutting-edge Web3 tools and secure cloud-based mining technology, the company empowers users worldwide to mine and earn with ease — anytime, anywhere.
Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.
Houston, Texas, July 20, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto has officially rolled out its all-new mobile cloud mining app, making it easier than ever for anyone to mine popular cryptocurrencies like BTC, ETH, and DOG. The app delivers a seamless, zero-commission mining experience with no need for hardware, technical skills, or complicated setup — and is designed to work anytime, anywhere, straight from your smartphone or desktop.
Whether you’re drinking coffee at your favorite café, on vacation at the beach, or simply relaxing at home, Topnotch Crypto ensures that your mining operations stay active, secure, and profitable — 24/7.
Cloud Mining Made Convenient and Mobile
Topnotch Crypto’s latest innovation offers something many platforms don’t — true freedom and flexibility. The mobile app transforms your device into a full-fledged mining dashboard, so you’re not chained to bulky hardware or stuck monitoring rigs from a desk.
From registering and activating a mining contract to checking real-time earnings or making withdrawals, everything can be done with just a few taps on your phone. You can start earning passive income with crypto even while traveling, running errands, or enjoying your downtime.
Mining Without the Mess – No Hardware Needed
Forget expensive GPUs, noisy mining rigs, and skyrocketing electricity bills. Topnotch Crypto operates entirely in the cloud, so you get access to high-performance mining power without any of the usual tech stress.
The app’s real-time data lets users make smarter decisions and track their profits as they grow, all while going about their day. Whether you’re aiming for short-term gains or building a long-term passive income strategy, the app makes it effortless.
Zero Commissions, full Rewards
Unlike many platforms that charge hidden fees or take a cut of your rewards, Topnotch Crypto follows a zero-commission model. That means:
You keep Fullprofit of your mining earnings
No middlemen
No surprise costs
Every mining cycle is optimized for maximum efficiency, ensuring the highest return on your time and energy — literally.
Built for Beginners and Pros Alike
Whether you’re new to crypto or a seasoned miner, the app is built to support all experience levels. The intuitive design removes the learning curve, while the advanced cloud infrastructure provides power and speed for more serious investors.
Topnotch Crypto doesn’t just make mining simple — it makes it safe. The app uses:
Bank-grade encryption
Distributed cloud architecture
All user data and transactions are securely stored and protected, while wallet integrity and system uptime remain consistently reliable.
Rapid Growth and What’s Coming Next
Since its early access release, the app has gained rapid popularity among crypto users around the world. The community continues to grow on platforms like Telegram, Twitter, and Discord, where miners share results, strategies, and feedback.
Topnotch Crypto is planning exciting updates soon, including:
AI-powered mining optimization
Staking options
DeFi wallet integration
These additions will further enhance profitability and functionality for all users.
Start Mining from Anywhere — Today
Getting started takes just a few minutes — and with no upfront investment in hardware or technical skills required, anyone can now participate in the crypto economy.
Whether you’re looking for a side income or building long-term crypto assets, Topnotch Crypto gives you the power to mine smarter, faster, and wherever life takes you.
About Topnotch Crypto
Topnotch Crypto is a global blockchain company focused on democratizing access to digital wealth. Through cutting-edge Web3 tools and secure cloud-based mining technology, the company empowers users worldwide to mine and earn with ease — anytime, anywhere.
Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
WASHINGTON, July 20 (Xinhua) — The U.S. government on Saturday announced new restrictions on flights from Mexico, accusing Mexico of violating a bilateral aviation agreement on market access and fair competition.
Mexico has been in non-compliance with the U.S.-Mexico Air Services Agreement, signed in 2015, since 2022 “after unilaterally revoking slots and then forcing U.S. cargo airlines to relocate their operations,” the U.S. Department of Transportation said in a statement.
Then-Mexico President Andrés Manuel López Obrador argued that the capital’s Benito Juárez Airport (MEX) was overloaded and needed to be rebuilt ahead of the 2026 World Cup, which will be partly hosted in Mexico. He also claimed that a new airport 30 miles (48 km) from the capital would be able to handle the extra traffic.
“By restricting slots and requiring cargo operations to be moved away from MEX, Mexico has violated its commitments, destabilized the market, and imposed millions of dollars in additional costs on U.S. companies,” the statement said.
U.S. Transportation Secretary Sean Duffy announced three measures under the “America First” policy, which include requiring Mexican airlines to submit all U.S. flight schedules to the U.S. Department of Transportation, requiring pre-approval from the department before chartering large passenger or cargo aircraft to and from the U.S., and potentially waiving antitrust immunity for the joint venture between Delta Air Lines and Aeromexico, Mexico’s flag carrier, to address competition in the marketplace.
Delta and Aeromexico, which began their partnership in 2016, have been fighting the ministry’s threats since early last year. The airlines argue that it is unfair to punish them for the Mexican government’s actions. They estimate that ending the partnership would impact nearly two dozen routes and result in a loss of about $800 million.
The ministry said it reserves the right to reject requests for flights from Mexico if the country fails to take action.
Mexico has been the most popular international destination for American tourists for many years, with about 45 million foreign tourists visiting the country in 2024, according to Mexico’s National Institute of Statistics and Geography. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
BEIJING, July 20 (Xinhua) — Northeast China’s Liaoning Province’s foreign trade volume stood at 370.21 billion yuan (about 51.78 billion U.S. dollars) in the first half of 2025, down 0.1 percent year on year, data from the Liaoning Provincial Bureau of Statistics showed.
In particular, exports amounted to 199.26 billion yuan, an increase of 13.4 percent; imports amounted to 170.95 billion yuan, a decrease of 12.3 percent. -0-
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
ER Report: Here is a summary of significant articles published on EveningReport.nz on July 20, 2025.
Liberals easily win most seats at Tasmanian election, but Labor may form government Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne With 63% of enrolled voters counted in today’s Tasmanian state election, The Poll Bludger is projecting that the final results will give the Liberals 39.7% of the
Palestine solidarity rally greeted by Rainbow Warrior Gaza protest Asia Pacific Report Palestinian supporters and protesters against the 21 months of Israeli genocide in Gaza marched after a rally in downtown Auckland today across the Viaduct to the Greenpeace environmental flagship Rainbow Warrior — and met a display of solidarity. Several people on board the campaign ship, which has been holding open days over
ICE deportation action lands Marshallese, Micronesians in Guantánamo ‘terror’ base By Giff Johnson, editor, Marshall Islands Journal/RNZ Pacific correspondent United States immigration and deportation enforcement continues to ramp up, impacting on Marshallese and Micronesians in new and unprecedented ways. The Trump administration’s directive to Immigration and Customs Enforcement (ICE) to arrest and deport massive numbers of potentially illegal aliens, including those with convictions from decades
Source: People’s Republic of China – State Council News
Visitors learn about a product at the booth of Geely Holding Group at the Smart Vehicle Chain area of the third China International Supply Chain Expo (CISCE) in Beijing, capital of China, July 19, 2025. [Photo/Xinhua]
Every few dozen seconds, a gleaming electric vehicle glides off an automated assembly line in China, where nimble robotic arms perform with ballet-like precision and AI systems orchestrate production with flawless efficiency. This scene may have once been limited to flashy demo clips, but it is now the new reality of China’s booming auto industry.
China, the world’s largest automobile market, is moving into high gear. What’s powering this transformation is stealing the spotlight at the ongoing third China International Supply Chain Expo (CISCE).
“The EV industry in China in the last five years is probably the most surprising (development) to the world,” said Jensen Huang, CEO of U.S. tech giant Nvidia, which supplies in-vehicle chips to Chinese EV makers including Xiaomi, Geely, XPeng and Li Auto, during an interview on the sidelines of the expo.
In the first half of 2025, new-energy vehicle (NEV) production and sales surpassed 6.9 million units, up more than 40 percent year on year, according to the China Association of Automobile Manufacturers (CAAM). Exports soared 75.2 percent during the same period.
Beyond the impressive statistics lies a deeper revolution. From AI-powered assembly lines and AI-supported driving experiences to a surge in cross-border collaboration, China’s automotive sector is embracing a smarter and more interconnected future.
“Leveraging the world’s largest auto market, China has developed a dual engine of tech innovation and commercial scale,” said Zhang Yejia of the CCID consulting under China’s Ministry of Industry and Information Technology. “Electric, smart, and connected — new ideas are validated faster here.”
Unlike traditional trade fairs that primarily focus on goods or services, CISCE introduces an innovative “chain-centric” model that emphasizes end-to-end industrial collaboration. This approach is especially pronounced in the automotive sector, renowned for its lengthy and complex supply chains.
In the hall showcasing integration of the auto sector, upstream, midstream and downstream companies cluster in adjacent booths, visually demonstrating their interdependence. Even amid the array of products dazzling eager audiences and professional attendees, U.S. EV giant Tesla’s Model Y still garnered much attention.
This top seller in the competitive Chinese EV market exemplifies how global players are thriving in China’s smarter, more dynamic auto ecosystem. Tesla has achieved a stunning 95 percent localization rate for the components of this model. At its iconic Shanghai Gigafactory, a completed vehicle rolls off the production line every 37 seconds.
“China possesses the world’s most complete EV industry chain,” said Tao Lin, vice president of Tesla. “Supported by a vast talent pool, China’s strong track record in EV development, advanced manufacturing and AI provides unparalleled support and opportunity. We will continue to deepen our investment here,” Tao said.
As of June 2025, Tesla has delivered more than 8 million electric vehicles globally, with nearly half of that production coming from its Shanghai Gigafactory.
Just steps away from the U.S. EV maker’s booth, a gleaming car body from Chinese automaker NIO draws attention — not for its curves, but for the massive robotic arm hovering beside it.
Suspended from the arm is a lightbox-like 3D deflection camera, which sweeps methodically across the painted surface. Within a minute, a digital 3D model of the vehicle, complete with highlighted paint flaws, appears on a nearby screen.
The system, known as PaintPro, was developed by Changsha-based Speedbot Robotics and is already in use by several leading Chinese automakers. It fuses AI with 3D vision technology to detect surface defects as small as 0.15 millimeters, setting a new benchmark for precision in automotive quality control.
“This fusion of AI and vision technology addresses a long-standing industry pain point,” said Ge Junhui, an engineer with the company. “Automotive paints, prized for their high gloss, are notoriously difficult to inspect using traditional machine vision, which often falters under reflective surfaces.”
As a result, many manufacturers have long relied on manual inspections, a slow, labor-intensive process susceptible to inconsistencies. “Our solution helps automate one of the last strongholds of human-led quality assurance,” Ge added.
Meanwhile, an increasing number of automakers are bringing AI from behind the scenes to the center stage, turning its capabilities into standout features that consumers can see, feel and experience firsthand.
One of the notable trendsetters is Guangzhou-based XPeng, which has laid a solid foundation for the AI revolution through its early deployment of AI across many product forms.
“The next decade of the auto industry will be defined by the convergence of automobiles and AI,” said He Xiaopeng, chairman and CEO of the automaker, earlier this year.
At the company’s booth at the third CISCE, the spotlight is on its newly launched G7 model, which features its self-developed Turing AI chips and an AR-HUD system co-developed with Huawei. According to the company, these advanced chips will enable the G7 to support Level 3 autonomous driving.
The model also features an AI-supported chassis that scans road conditions 1,000 times per second and makes adaptive suspension adjustments, supporting early detection up to 200 meters ahead and lane-level bump perception and recording.
“From intelligent driving and smart cockpit to flying vehicles and AI robots, we see each as a unique scenario powered by the same underlying tech stack,” said He. “I believe AI and energy technology will distinguish us from competitors in the long run.”
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
With 63% of enrolled voters counted in today’s Tasmanian state election, The Poll Bludger is projecting that the final results will give the Liberals 39.7% of the statewide vote (up 3.0% since the March 2024 election), Labor just 25.7% (down 3.1%), the Greens 14.1% (up 0.2%), the Shooters 3.2% (up 0.9%), the Nationals 1.7% and independents 15.4%.
Tasmania uses the proportional Hare-Clark system for its lower house elections. As described previously, the five seats Tasmania has at federal elections each return seven members for a total of 35 MPs. A quota for election is one-eighth of the vote, or 12.5%.
The main Poll Bludger page gives projected quotas for each electorate for the Liberals, Labor and the Greens. The Liberals have just under four quotas in Braddon, over three in Bass and Lyons and over two in Clark and Franklin, suggesting 14 definite seats with more possible.
Labor is just above or just below two quotas in all five seats, and should win ten seats. The Greens have 1.8 quotas in Clark, over one in each of Franklin, Bass and Lyons and 0.6 in Braddon, so they should win at least five seats.
Of the independents, environmental campaigner Craig Garland has 0.8 quotas in Braddon and will be re-elected. Left-wing independent Kristie Johnston has 1.3 quotas in Clark, and will also be re-elected. In Franklin, both former Labor leader David O’Byrne and Teal Peter George (0.9 and 1.3 quotas respectively) have been elected.
In Lyons, the Shooters candidate, with 0.6 quotas, is well positioned to win the final seat. In Bass, it appears more complex, but the final seat is likely to go to either the Liberals or the Shooters. None of the three former Jacqui Lambie Network MPs who won seats at the March 2024 election have been re-elected.
Overall, the right-wing parties (Liberals and Shooters) are likely to win 16 of the 35 seats, but Labor, the Greens and left-wing independents are likely to win 19 seats. So even though the Liberals will win the most seats, Labor may be able to cobble together a government, but only if they cooperate with the Greens.
This overall result assumes a 4–3 right split in Bass, Braddon and Lyons, but a 5–2 left split in both Clark and Franklin. In Franklin, the Liberals would be unlucky not to win three with 2.7 quotas, but Labor has 1.8 quotas and preferences from George should assist Labor.
Many pre-poll votes have not yet been counted, and postals won’t be counted until next week. Postals are likely to assist the Liberals. The postal effect should be accounted for by The Poll Bludger’s projections.
YouGov poll badly understated Liberals
A late YouGov poll, conducted July 7–18 from a sample of 931, gave the Liberals 31% of the statewide vote (steady since June), Labor 30% (down four), the Greens 16% (up three), the Nationals 2%, the Shooters 1% and independents 20% (up two).
A two-party vote is not applicable in Tasmania’s proportional system, but this poll gave Labor a 55–45 lead over the Liberals. Labor leader Dean Winter also led Liberal incumbent Jeremy Rockliff as better premier by 55–45. Rockliff was at -19 net approval and Winter at -13.
The only other public Tasmanian polls were conducted by DemosAU. The final DemosAU poll, which I covered on Tuesday, gave the Liberals 34.9%, Labor 24.7%, the Greens 15.6%, the Nationals 2.7%, the Shooters 1.8% and independents 20.3%.
The results show the Liberals headed for about a 14-point vote share win over Labor, so YouGov badly understated them.
Federal Bradfield legal challenge
Last Monday the Liberals challenged Teal Nicolette Boele’s 26-vote win in Bradfield at the May 3 federal election to the High Court, acting as the Court of Disputed Returns. Boele will be seated until the court resolves the case.
The court can either confirm Boele’s win, void the election for this seat and order a byelection in Bradfield, or overturn the result and declare the Liberal candidate elected.
After the official declaration of the election on June 12, the 40-day period for legal challenges to the results expires on Tuesday. Tuesday will also be the first sitting of federal parliament since the election, though it could have sat at any time after June 12.
The Bradfield challenge will delay a Labor vs Liberal two-party count in that seat until the challenge is resolved. It’s likely the Australian Electoral Commission’s (AEC) current estimate in Bradfield is understating Labor, and therefore Labor is being very slightly understated nationally.
DemosAU polls on democracy in Australia and Queensland federal
DemosAU has emailed me a poll on democracy and voting systems in Australia. This poll was conducted in two waves in May and June from a total sample of 1,713.
By 69–12, respondents thought Australian democracy is something to be proud of, and by 71–19 they did not think Australia needs a PM like Donald Trump. By 67–15, respondents trusted the AEC. By 53–23, they did not want the number of MPs increased.
Asked for preferred voting system in the House of Representatives, 36% selected compulsory preferential voting (CPV), 27% first past the post (FPTP), 25% optional preferential voting (OPV) and 12% proportional representation (PR).
Head to head, CPV and OPV both beat FPTP by 53–47, while CPV beat OPV by 54–46. All single-member systems were much preferred to PR.
I previously covered the Queensland state DemosAU poll. In the federal Queensland poll, Labor led by 53–47 (50.6–49.4 to the Coalition at the election). Primary votes were 35% Labor, 31% Coalition, 13% One Nation, 12% Greens and 9% for all Others.
Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
KUNMING, July 19 (Xinhua) — With the onset of the heat wave, where can one find a cool place to relax, experience the charm of border culture and enjoy leisurely sightseeing? Southwest China’s Yunnan Province may be the perfect choice.
Summer in Yunnan is a vibrant tapestry of cool tourism and mushroom picking: from admiring breathtaking scenery to sampling wild mushroom delicacies and exploring the secrets of tropical forests. These diverse tourism industries combine to create a thriving summer economy that attracts tourists from both China and abroad.
“Puzhehei is a dream, a serene place where dusk turns to dawn, where every taste and touch leaves traces too vivid to forget and too deep to describe,” wrote American Lia last year after visiting the famous Puzhehei scenic area in Yunnan Province.
Almost a year later, Leah and her family returned to this small Chinese village and spent a few days enjoying another lazy summer.
Yunnan’s reputation as a cool place on Earth goes back centuries. When asked why Yunnan residents rarely use air conditioning, the answer is almost universal: there is no need.
According to climate data from national meteorological stations in Yunnan, the average July temperature in the province is 21.9 degrees Celsius, with 71 counties within the “comfortable” range for humans. Moreover, 55 percent of the province’s districts and counties are suitable for the development of “cool” tourism.
More and more tourists are moving from “short stops” to “poetic living”, exploring the lifestyle that suits them best in places like Lijiang, Shangri-La and Qujing.
Yunnan’s climate advantages are now turning into tangible economic benefits. According to the latest tourism statistics, Yunnan received 371 million visitors from January to June this year, up 10.8 percent year-on-year. Total tourism expenditure reached 658.4 billion yuan (about $92 billion), up 10.5 percent year-on-year.
This year, Yunnan has been innovating in industry integration, creating new growth points such as staycations, overnight tours and inbound tourism. Data shows that in the first half of this year, the number of travelers choosing to stay in Yunnan exceeded 2.8 million, up 45.4 percent year-on-year.
“Come to Yunnan and I will give you a Jian Shou Qing mushroom.” This playful slogan reflects the unique combination of tourism and local mushroom culture in Yunnan. With the recent introduction of wild mushrooms to the market, Yunnan is experiencing a peak in gastronomic tourism.
Niche events such as in-depth tours, discovery tours and family trips dedicated to wild mushrooms have become must-dos for visitors.
“Looking for wild mushrooms is like unraveling the mysteries of nature,” said Ma Bo, a visitor from Beijing who came to Yunnan specifically for mushrooms. Escaping the hustle and bustle of big cities, he finds peace in the mountains and enjoys mushroom stew.
Many establishments in Yunnan Province have launched unique products such as “mushroom maps”, “mushroom festivals” and “mushroom stamps”. These initiatives create a new model of cultural and tourism integration that promotes both gastronomic and travel experiences.
At the Xishuangbanna Tropical Botanical Garden, groups of children participate in mushroom-themed learning tours. “Mushroom learning tours are not only a nature experience, but also an educational journey,” said Luo Qian, a staff member at the garden. They combined wild mushroom resources with edible mushroom samples to conduct on-site learning.
As China’s “Wild Mushroom Kingdom”, Yunnan has a natural advantage in developing “mushroom tourism”. With its unique geography, climate and rich biodiversity, Yunnan is home to a wide variety of wild edible mushrooms, known for their delicate flavor, high nutritional value and fine texture. There are nearly 900 known species of edible mushrooms in Yunnan Province, accounting for more than 90 percent of the total number of edible mushrooms in China.
According to official statistics, in 2024 alone, the production of edible mushrooms in Yunnan Province reached nearly 1.2 million tons, with a total value of 47.25 billion yuan. -0-
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
CHINO, Calif., July 18, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the second quarter ended June 30, 2025.
Net earnings for the second quarter of 2025 were $1.54 million, reflecting an increase of $308.5 thousand, or 25.04%, compared to the same period last year. Basic and diluted earnings per share were $0.48 for the second quarter of 2025, up from $0.38 for the same quarter in 2024. Net earnings year-to-date increased by 16.85% or by $417.1 thousand, to $2.89 million, as compared to $2.48 million for the same period last year. Net earnings per share was $0.90 for the period ending June 30, 2025, and $0.77 for the same period last year.
Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in the second quarter of 2025, which set new records for total Assets, total Deposits, net earnings, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at quarter-end.
We are also proud to announce the opening of the Bank’s fifth location in Corona during the second quarter. Early business development efforts have been very productive, with the branch already having $20 million in new deposits.
The Bank’s Merchant Services program continues to deliver reliable credit card processing services for its customers, with significant savings and improved cash-flow options.”
Financial Condition
As of June 30, 2025, total assets reached $481.9 million, representing an increase of $15.3 million, or 3.3%, from $466.7 million on December 31, 2024. Total deposits rose by $22.7 million, or 6.5%, to $371.6 million, up from $348.9 million on December 31, 2024. Core deposits accounted for 97.01% of total deposits as of June 30, 2025.
Gross loans increased by $1.02 million, or 0.5%, totaling $206.3 million as of June 30, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, and three non-performing loans on non-accrual status, as of June 30, 2025. As of December 31, 2024, the Bank reported no delinquent loans and five non-performing loans on all on nonaccrual status. There were no Other Real Estate Owned (OREO) properties reported at either date.
Earnings
The Company reported net interest income of $3.7 million for the three months ended June 30, 2025, compared to $3.2 million for the same period in 2024. Average interest-earning assets were $414.6 million, while average interest-bearing liabilities totaled $221.9 million, resulting in a net interest margin of 3.69% for the second quarter of 2025. This compares favorably to the prior year’s second-quarter margin of 2.95%, based on average interest-earning assets of $432.2 million and average interest-bearing liabilities of $240.2 million.
Non-interest income totaled $1.0 million in the second quarter of 2025, an increase of 23.0% compared to $822.0 thousand in the second quarter of 2024. Most of the increase was driven by higher service charges and fees on deposit accounts, which rose to $527.2 thousand—an increase of $66.5 thousand, or 14.5%, compared to $460.6 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $178.8 thousand for the quarter, up $30.0 thousand, or 20.2%, from $148.8 thousand in the second quarter of 2024.
General and administrative expenses totaled $2.7 million for the three months ended June 30, 2025, compared to $2.3 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the second quarter of 2025, up from $1.4 million in the prior year.
Income tax expense for the quarter was $614.9 thousand, reflecting an increase of $129.4 thousand, or 26.7%, compared to $485.5 thousand for the same period last year. The Company’s effective income tax rate was approximately 28.5% for the period ending June 30, 2025, and 28.3 for the same period last year.
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including but not limited to, the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.
Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.
Consolidated Statements of Financial Condition
As of 6/30/2025
Jun-2025 Ending Balance
Dec-2024 Ending Balance
Assets
Cash and due from banks
$56,447,198
$45,256,619
Cash and cash equivalents
$56,447,198
$45,256,619
Fed Funds Sold
$9,060
$31,029
Investment securities available for sale, net of zero
allowance for credit losses
$6,082,331
$6,558,341
Investment securities held to maturity , net of zero
allowance for credit losses
$192,972,194
$190,701,756
Total Investments
$199,054,525
$197,260,097
Gross loans held for investments
$206,254,179
$205,235,497
Allowance for Loan Losses
($4,637,060
)
($4,623,740
)
Net Loans
$201,617,119
$200,611,757
Stock investments, restricted, at cost
$3,662,000
$3,576,000
Fixed assets, net
$8,069,987
$7,255,785
Accrued Interest Receivable
$1,532,213
$1,539,505
Bank Owned Life Insurance
$8,600,690
$8,482,043
Other Assets
$3,492,678
$3,170,159
Total Assets
$481,978,760
$466,678,432
Liabilities
Deposits
Noninterest-bearing
$172,049,944
$166,668,725
Interest-bearing
$199,527,255
$182,200,703
Total Deposits
$371,577,199
$348,869,428
Federal Home Loan Bank advances
$10,000,000
$0
Federal Reserve Bank borrowings
$40,000,000
$60,000,000
Subordinated debt
$10,000,000
$10,000,000
Subordinated notes payable to subsidiary trust
$3,093,000
$3,093,000
Accrued interest payable
$220,193
$132,812
Other Liabilities
$1,730,432
$1,877,996
Total Liabilities
$436,620,824
$423,973,236
Shareholder Equity
Common Stock **
$10,502,558
$10,502,558
Retained Earnings
$36,952,444
$34,059,943
Unrealized Gain (Loss) AFS Securities
($2,097,066
)
($1,857,305
)
Total Shareholders’ Equity
$45,357,936
$42,705,196
Total Liab & Shareholders’ Equity
$481,978,760
$466,678,432
** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 6/30/2025 and 12/31/2024
Consolidated Statements of Net Income
As of 6/30/2025
Jun-2025 QTD Balance
Jun-2024 QTD Balance
Jun-2025 YTD Balance
Jun-2024 YTD Balance
Interest Income
Interest & Fees On Loans
$3,373,949
$2,801,198
$6,695,566
$5,528,999
Interest on Investment Securities
$1,776,975
$1,945,563
$3,479,765
$3,881,668
Other Interest Income
$176,702
$489,331
$433,028
$1,520,279
Total Interest Income
$5,327,626
$5,236,092
$10,608,359
$10,930,946
Interest Expense
Interest on Deposits
$1,255,426
$1,054,734
$2,445,727
$2,087,669
Interest on Borrowings
$273,228
$997,524
$743,147
$2,310,217
Total Interest Expense
$1,528,654
$2,052,258
$3,188,874
$4,397,886
Net Interest Income
$3,798,972
$3,183,834
$7,419,485
$6,533,060
Provision For Loan Losses
($2,622
)
$1,794
$8,082
($1,139
)
Net Interest Income After Provision for Loan Losses
$3,801,594
$3,182,040
$7,411,403
$6,534,199
Noninterest Income
Service Charges and Fees on Deposit Accounts
$527,202
$460,658
$1,033,560
$900,515
Interchange Fees
$110,482
$102,761
$216,951
$195,033
Earnings from Bank-Owned Life Insurance
$60,373
$58,579
$118,647
$114,875
Merchant Services Processing
$178,751
$148,770
$320,047
$281,538
Other Miscellaneous Income
$134,621
$51,250
$177,814
$103,522
Total Noninterest Income
$1,011,429
$822,018
$1,867,019
$1,595,483
Noninterest Expense
Salaries and Employee Benefits
$1,632,294
$1,420,868
$3,220,764
$2,922,295
Occupancy and Equipment
$219,906
$168,404
$401,359
$332,473
Merchant Services Processing
$69,552
$73,394
$146,593
$144,603
Other Expenses
$736,190
$624,150
$1,466,453
$1,280,128
Total Noninterest Expense
$2,657,942
$2,286,816
$5,235,169
$4,679,499
Income Before Income Tax Expense
$2,155,080
$1,717,243
$4,043,251
$3,450,182
Provision For Income Tax
$614,855
$485,492
$1,150,750
$974,758
Net Income
$1,540,225
$1,231,751
$2,892,501
$2,475,424
Basic earnings per share
$
0.48
$
0.38
$
0.90
$
0.77
Diluted earnings per share
$
0.48
$
0.38
$
0.90
$
0.77
Financial Highlights
As of 6/30/2025
Jun-2025 QTD
Jun-2024 QTD
Jun-2025 YTD
Jun-2024 YTD
Key Financial Ratios
Annualized Return on Average Equity
13.88%
12.61%
13.32%
12.85%
Annualized Return on Average Assets
1.41%
1.08%
1.32%
1.04%
Net Interest Margin
3.69%
2.95%
3.60%
2.91%
Core Efficiency Ratio
55.25%
57.09%
56.37%
57.57%
Net Chargeoffs/Recoveries to Average Loans
0.00%
0.00%
-0.01%
0.00%
3 month ended Jun-2025 QTD Avg
3 month ended Jun-2024 QTD Avg
Jun-2025 YTD Avg
Jun-2024 YTD Avg
Average Balances
(thousands, unaudited)
Average assets
$440,184
$458,364
$442,199
$475,291
Average interest-earning assets
$414,576
$432,215
$416,766
$450,774
Average interest-bearing liabilities
$221,881
$240,214
$226,466
$258,566
Average gross loans
$206,619
$187,788
$207,296
$184,961
Average deposits
$369,282
$331,088
$363,382
$330,519
Average equity
$44,617
$39,172
$43,924
$38,623
Jun-2025 QTD
Dec-2024 YTD
Credit Quality
Non-performing loans
$833,565
$1,228,165
Non-performing loans to total loans
0.40%
0.60%
Non-performing loans to total assets
0.17%
0.26%
Allowance for credit losses to total loans
2.25%
2.25%
Nonperforming assets as a percentage of total loans and OREO
0.40%
0.60%
Allowance for credit losses to non-performing loans
Province ranks second in month-over-month and third in year-over-year growth
Today, Statistics Canada released figures indicating that Saskatchewan’s building construction investment increased by 5.4 per cent in month-over-month growth from April 2025 to May 2025, ranking second among the provinces. The province saw a 21.7 per cent increase in year-over-year growth from May 2025 compared to May 2024, ranking third among the provinces.
“Saskatchewan continues to be a leader in growth and opportunity,” Trade and Export Development Minister Warren Kaeding said. “Investors choose our province because of our competitive business incentives, fair regulatory environment and low cost of living. The policies put in place by our government are showing positive results, leading to a high quality of life for all residents.”
Saskatoon led the way in growth with a 40.1 per cent increase from May 2024 to May 2025, ranking fourth out of the 42 metropolitan areas.
Residential building construction increased 8.5 per cent from April 2025 compared to May 2025.
Investment in building construction is calculated based on the total spending value on building construction within the province.
Saskatchewan continues to see significant economic growth. Statistics Canada’s latest Gross Domestic Product (GDP) numbers indicate that the province’s real GDP at basic prices reached an all-time high of $80.5 billion in 2024, increasing by $2.6 billion, or 3.4 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.
Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second-highest anticipated percentage increase among the provinces.
Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
Source: United States House of Representatives – Representative Don Beyer (D-VA)
The U.S. Bureau of Labor Statistics (BLS) today reported that the unemployment rate in Virginia rose again in June, to 3.5 percent. The BLS report notes that “Virginia had the only rate increase” in the month of June. This was the sixth consecutive increase in Virginia’s unemployment rate, the first time the Commonwealth’s unemployment has continuously risen over half a year since the Great Recession job losses of 2008-2009.
Virginia’s rising unemployment rate comes amid the Trump Administration’s purges of thousands of federal workers and contractors across the Commonwealth, many of which are not captured in this data because they will not take effect until subsequent months. CNBC just downgraded Virginia in its annual “Top State for Business” rankings to the lowest point in nearly a decade, specifically citing “federal job cuts.” Recent mass firings by the Trump Administration are likely to substantially increase these cuts even further in coming months.
The rising unemployment rate in Virginia may also be an early indicator of broader damage to the Commonwealth’s economy which Virginia-based forecasters warn could be severe. Yet despite these warnings and increasingly threatening strains on local governments, Governor Youngkin and Lieutenant Governor Earle-Sears have so far continued to support the Trump Administration’s mass layoffs and broader cuts to the federal government’s footprint in Virginia.
Congressman Don Beyer (D-VA), who serves as the top House Democrat on the Congressional Joint Economic Committee, said:
“With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump Administration’s policies. Trump’s mass firings and cuts are draining Virginia’s economy, while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.
“Governor Youngkin took office in 2022 at a time of historic job growth in Virginia, with an unemployment rate of 2.7 percent the day he was sworn in. Youngkin and Sears are presiding over a worrying increase in Virginia unemployment, but rather than stand up and fight for Virginians, they are cheering it on for purely political reasons. It’s hard to imagine a worse indictment of their leadership, and Virginians deserve better.”
Historical economic data, including unemployment rates for states including Virginia, is tracked by the Federal Reserve Bank of St. Louis (FRED).
Rep. Don Beyer (D-VA) is the Senior House Democrat on Congress’ Joint Economic Committee, and serves on the House Committee on Ways and Means, which has jurisdiction over major economic levers include tax policy, trade, and Social Security. He previously served as Virginia’s Lieutenant Governor from 1990-1998.
Source: The Conversation – UK – By Rachael Eastham, Lecturer in Young People’s Health Inequalities, Division of Health Research, Lancaster University
Homabay, Kenya, in February 2025.Rachael Eastham, CC BY
My phone wouldn’t stop ringing – nurses, social workers, young mothers – all begging for help. ‘I’ve lost my job,’ ‘I have no food,’ ‘What do we do now?’ I felt helpless.
These are the words of Rogers Omollo, founder and CEO of Activate Action – a youth-led non-profit organisation that supports young people with HIV and disabilities in Homa Bay, a town in west Kenya on the shores of Lake Victoria.
As specialists in youth and sexual and reproductive health, we were on a field trip to learn from Omollo and others like him. We wanted to find out about the work they were doing to tackle HIV, stigma and health inequalities.
But our time there was dominated by one thing: President Donald Trump’s executive order which put almost all international spending by the United States Agency for International Development (USAID) on pause for a 90-day review and subsequently took a wrecking ball to all international aid programmes funded by the US.
In July, research published in The Lancet medical journal found that the US funding cuts towards foreign humanitarian aid could cause more than 14 million additional deaths by 2030, with a third of those at risk of premature deaths being children. Davide Rasella, who co-authored the report, said low- and middle-income countries were facing a shock “comparable in scale to a global pandemic or a major armed conflict”.
In the immediate aftermath, we saw firsthand the profound impact the “pause” had in this community. Activate Action is not directly funded by USAID, but as we followed in the footsteps of our host, Omollo, meeting the organisation’s collaborators and beneficiaries, the true extent of the funding freeze became shockingly apparent.
Places like Homa Bay relied heavily on USAID funding to keep hospitals and clinics running, to ensure access to essential medicines, and to support reproductive health and HIV programmes. The executive order, in principle, resulted in the immediate halting of over US$68 billion (£51 billion) in foreign aid, a substantial portion of which supports lifesaving reproductive health and HIV programmes worldwide.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
As we walked through abandoned offices and healthcare facilities speaking to bewildered people out of work and in need of critical services in February 2025, the chilling reality set in. Omollo reflected:
People who have spent years saving lives are now struggling to survive. The clinics are empty, the hope in their voices fading. It broke my heart. I wanted to scream, to fix it, but the truth hit hard – we can’t depend on one lifeline. If funding stops, lives should not. We must build something stronger, something that lasts.
So, before we even set off on our research trip to unite sexual and reproductive health advocates and collaborate with African partners, we knew we were swimming against this tide.
Final figures remain unclear but in early 2025, the abrupt suspension of an estimated US$500 million of funding to Kenya was suggested by Amnesty International to have led to the layoff of 54,000 community health workers – many of whom had been part of robust, locally led responses to HIV, tuberculosis and malaria.
The decision to do this was driven by US audit and efficiency “reevaluations” over 8,000 miles away in Washington. Decisions were made and implemented by small numbers of people within the Trump administration including Elon Musk, whose estimated individual wealth far exceeds the gross domestic product of many entire east African nations, including Kenya.
Despite years of progress in community-based healthcare systems managed by Kenyans just like Activate Action, these cuts by one external donor disrupted critical services overnight. This also demonstrated that African health systems, no matter how effective, remain subject to profound external control.
Our project was funded in October 2024, before Trump’s re-election. One week of activities in the UK, one week in Kenya. By the time Activate Action visited Lancaster, in the north of England, in January 2025, we had already started to raise eyebrows as our colleagues began receiving communications from USAID-funded initiatives about pausing projects. Two weeks later, by the time we gathered in Kenya, the immediate human cost was clear to see.
‘The field has been eviscerated’
We sat at the back of a meeting observing training for an Activate Action initiative that would see community health champions offer peer support for their neighbours on safer sex and HIV prevention. In a building that was usually busy and populated by USAID-funded staff, the lights remained on in only one room.
Before visiting Homa Bay, we knew of its reputation when it came to the so-called triple threat of gender-based violence, HIV infection and teenage pregnancy rates – all of which disproportionately affects this semi-rural county in west Kenya.
As we watched the training, a colleague based in Europe (who was instrumental in connecting some of the members of our group) texted after learning we were in Kenya, saying:
It’s terrifying. Document it. No one gets it. The field has been eviscerated.
So, what did this evisceration look like?
Staff directly affected by the order were either not permitted to talk about what was happening on the record or didn’t feel safe doing so. We spoke to at least five people who told us directly they couldn’t “speak out” and were nervous about us taking any photographs.
An Activate Action event on International Condoms Day in February 2023. Rogers Omollo, CC BY
We saw how scores of people were served their notice to cease projects, backdated and effective immediately – a stop work order, followed by (for reasons with cloudy legal foundations) official terminations to contracts. Their economic and professional futures left hanging in the balance.
As we navigated workshops and meetings, Omollo (now unexpectedly advantaged through Activate Action not being USAID-funded) continued to receive multiple texts, calls and emails from people seeking work.
A researcher we know working on a USAID supported HIV and maternity care project described doing frantic overtime in the face of uncertainty. She needed to put in hours of extra (unpaid) work to communicate with research participants as it would not be ethical to abruptly disappear on people currently engaged in an active research programme.
She had no way to manage expectations with those she spoke to and no way of knowing if they were saying a final “thank you and goodbye” to the people she had been working with for months. Despite the descriptions of USAID project funds being “paused”, she was quickly served a full termination of employment notice.
In east Africa, where this sudden and mass unemployment of vital technical and administrative staff is happening, more than half of young people aged 15-35 are unemployed. The rate is even higher among young women in rural areas (up to 66%.)
A greater horror unfolds when you consider who these unemployed workers are usually paid to help because they serve communities with some of the highest needs related to HIV, teenage pregnancy and gender-based violence.
The youth health facility we visited, for example, was locked up when we arrived. We sat in stunned silence in an empty three-roomed building with a youth HIV counsellor. We were shown photographs that showed how it was once a vibrant and busy place.
Locked up youth health facility. Rachael Eastham, CC BY
Here, the free services and information on HIV, contraception and mental health was being delivered by skilled and non-judgmental youth specialists. But it was closed down from January 20, 2025 and its future remains uncertain. A free condom dispenser outside lay empty, all supplies given out on closure day in a last ditch attempt to help young people remain safe over the coming weeks.
In Homa Bay, huge achievements have been made in addressing teenage pregnancy and adolescent HIV infection in recent years. There has been a remarkable decline in prevalence rates, new infections, and HIV-related deaths, aided by robust treatment programmes that contribute to better health. People have been living with HIV at undetectable levels, therefore unable to transmit infection. But this “safe” status requires ongoing treatment with antiretroviral medication.
What now in the absence of USAID?
But at the time of our visit, the delivery of antiretroviral therapy was becoming more restricted and would require collection by the user every three weeks, rather than the usual three months, therefore lasting the user a shorter time. To service providers we spoke to, this increase in the frequency of collection of medication was known to be a significant barrier for people having to travel long distances more frequently without transport to get their supply replenished.
Omollo explained to us that Homa Bay is also a medication hub, of sorts. People come here from other communities where, due to stigma, the risks of being identified as someone who is HIV positive in their own communities are much higher.
Every conversation we had yielded new information about the reality. Gender-based violence projects were also suspended, in part because of the Trump administration’s intentions to end “gender ideology”. A service provider joked despondently during a presentation how: “I got sacked for saying gender.”
In Kenya, femicide (the murder of women or girls because of their gender) has been described as a “crisis” requiring urgent action. In Homa Bay specifically, the sexual and gender-based violence statistics are higher than national averages and have been on the rise, especially among young people.
This follows alarming countrywide coverage about femicide across Kenya including high profile and horrifying cases such as that of the Ugandan athlete Rebecca Cheptegei.. Official figures are unclear but there are currently widespread protests and calls to action related to this injustice.
Activate Action had recently won one USAID award focusing on men living with HIV and substance use problems (factors that are both implicated in gender-based violence). Since the USAID funding freeze this offer has instantly been dissolved with no expectation of reinstatement.
Meanwhile, the fight against cervical cancer – the leading cause of cancer death in Kenya – has also been hit. Human papilloma virus (HPV) vaccination campaigns across the county have stalled, despite the fact the vaccines help prevent cervical cancer.
At one point, a 23-year-old mother of three small children asked us directly if we found it troubling (as she did) that she will not be able to receive maternal healthcare and her contraception. The list of effects is grim and feels endless.
Collateral damage
When our group convened for a workshop at a community venue with sexual and reproductive health and rights staff from across the area, the chatter was similarly focused on the effects of the USAID funding freeze, but this time in the direct shadow of operations.
Next door, four-wheel drive Jeeps had been recalled and locked behind USAID premises gates, gathering dust instead of being out in the field delivering HIV outreach services. They represented the stasis of operations more widely.
Dr Peter Ibembe, from a party of service providers visiting from Uganda, was formerly a Programme Director for the non-governmental organisation Reproductive Health Uganda where he was in charge of service delivery. He spoke to us about the atmosphere:
An eerie tone of quiet has descended on the place. Many have been suddenly rendered jobless; creating mental stress, depression, anxiety. But there has also been an indirect effect on the wider community through the entire value chain: landlords, banks and other credit institutions; food vendors; gas stations; transportation facilities and companies; hotels, restaurants and lodges; schools hospitals and the like.
Everyone has been left in limbo. Kenya, despite gradual improvements, is a lower middle income country. Poverty identified by the World Bank as a key development challenge for the nation with, in 2022, over 20 million Kenyans identified as living below the poverty line. So these knock-on effects can be drastic.
At an organisational level we also saw clearly how the boundaries of any one project running within any organisation cannot be neatly drawn, nor can projects be plucked from this matrix discretely in the way we might imagine when we hear how “USAID projects” have been suspended. This way of thinking profoundly undermines the reality of what these cuts mean because many projects are interdependent and interrelated. Omollo added:
Whilst Activate Action was not directly funded by USAID, the overall reduction in health services affects the community they serve. The lack of support for HIV prevention, mental health and economic empowerment programmes placed additional strain on grassroots organisations like us … which have had to fill gaps with limited resources.
Omollo taking a selfie with Activate Action on International Condoms Day in February 2023. Rogers Omollo, CC BY
Services the world over, especially community based services, usually operate with multiple funding streams each providing different projects. Naturally the people, resources and activities overlap. To stress, this is not evidence of the “corruption” the Trump administration claims it wants to weed out, but it is the reality of how services reliant on external funding work.
It is usual that a patchwork of project grants function together to keep the doors open and the lights on. In fact, the sharing of operational resource is what bolsters an organisation’s capacity to serve its communities most effectively.
Considering “USAID projects” as single discretely bounded entities belie the messy complexity of how community and healthcare services work.
For another example of this kind of inter-connection, look no further than “table banking”. Table banking has been described as a “microcredit movement by women and for women” – effectively a DIY bank. We saw table banking used at Activate Action’s Street Business School, an initiative that tackles HIV through training women and building economic sustainability so they do not become trapped in poverty which may force them into have transactional sex. From a seated circle under trees, we watched as the collective pay in and take out loans to support their businesses from a central informal “bank account”.
Beneficiaries from this project continue to come together every Thursday, pooling finances and taking loans to sustain their business needs for the coming week (for example, buying stock for their market stalls). They told us how they are planning to collaborate on a catering business which will mean the older, sicker members of the group remain able to work and earn.
Similarly, Omollo told us how “a bit like table banking”, among his friends and colleagues, they also pool finance on a weekly basis to tick off items on a collective shopping list. He said: “One week we buy for one person, the next week, the next person and so on, until we all have a microwave.”
These demonstrations of microfinance arguably present, however idealistic, inspiration for a more financially sustainable future whereby its principles offer a “light of hope” at grassroots level, possibilities for nations in meeting sustainable development goals and, crucially in this context, freedom from dependency on external donors.
Social dictators of health
When we planned this exchange project, we wanted to work with Activate Action because of our shared interests.
Its explicit focus on the “social determinants of health” (the non-medical factors that affect health) is a refreshing departure from so many health programmes that seek to intervene on a person’s behaviour without attending to how it may be shaped by the wider social system.
For example, in the case of Homa Bay, Activate Action works to address root causes, such as poverty. Poverty means that transactional sex (which could be sex for food or period products) is common. Unsafe sex can be a hallmark of these sexual encounters, increasing HIV risk and transmission. Helping women build businesses, earn their own money to buy food and make their own period pads, reduces the need to trade sex for necessities.
As we sat discussing the various ways the cancelling of USAID would have devastating effects on different programmes and so the lives of different people, we realised how myriad social determinants – such as income, unemployment and healthcare services – are overwhelmingly contingent on distant regimes. Regimes run by people who seem to demonstrate little regard for the lives of disadvantaged and minoritised people.
No period of consultation, no management of expectations – a profound example of how bigger systems that govern our social lives can, in fact, dictate the outcomes of our health.
Antiretroviral drugs for HIV literally keep people alive and prevent transmission to others. Efforts to critique the USAID freeze by the inspector general of USAID, Paul Martin, saw him sacked. Again, no reason was given, and the White House did not have any comment.
When we were trying to explore whether termination notices for staff in Kenya were even legal, one media report about a judicial effort to halt the USAID stop work order noted that Trump has a “high threshold for legal risk”. An insight into what type of threats we may need to consider when trying to understand risks to and protections for health in the future.
Dr Ibembe, who provided closing remarks to our workshop, highlighted how “the effect of USAID cuts on the east African development landscape has been nothing short of seismic. It has created an environment of uncertainty, fear and stress. In some instances, up to 80% of health-related initiatives are donor supported. The funding and operational gap created is almost insurmountable.”
This reliance on external financial support and limited domestic financing in Kenya and other sub-Saharan African countries is common. This makes a nation vulnerable. Kenya also experiences substantial “donor dependency” especially across the health system which makes it harder to absorb the shock of a donor pulling funds.
In other words, this is a highly precarious system that is going through a shock which it will find incredibly difficult to withstand.
The situation is a stark reminder of just how unfair the power dynamics are that dictate African health governance and sovereignty.
Conversations about reducing the dependence of countries like Kenya on external donors have been going on for a long time. Throughout it has been acknowledged that any transition away from donor dependence needs to be carefully managed to avoid upsetting all the gains that have been made through initiatives like those funded by USAID. This has been completely impossible given the pace of change since January 2025 when the USAID stop work order came into play.
African solutions to African problems
The question now is not merely how African institutions will survive these disruptions but how they will leverage them as an impetus for change. Discussions about donor dependency arguably contribute to the framing of African states and institutions that are economically vulnerable and a “risk”. This in turn creates a negative bias that has recently been identified as costing African nations billions in lost or missed investment opportunities.
While financial constraints are a reality, the dominance of stereotypes also means we may overlook the effective strategic responses and resilience demonstrated by African organisations over the years. The challenge is not simply to reduce donor reliance but to reposition African institutions as key architects of health solutions through approaches that emphasise ownership, sustainability and regional integration.
Omollo talking to The Street Business School in January 2023. Rogers Omollo, CC BY
The Afya na Haki (Ahaki) institute provides a clear example of this shift towards what they refer to as “Africentric” models of health governance. The aim is to build African solutions to African problems.
This approach is anchored on four key pillars: amplifying positive African narratives; strengthening engagement with African regional institutions; supporting and fostering collaboration among African non-governmental organisations (NGOs) and other organisations; and bringing together African experts and communities to create knowledge that reflects local realities and needs.
Yet, restrictive policies that pre-date the USAID cuts such as the global gag rule which means NGOs are prohibited from receiving any US government funding if they provide, advocate for, or even refer to abortion services, have significantly disrupted this work, forcing institutions to rethink their operational strategies. An Ahaki staff member told us how their core focus on empowering Africans has been “thrown into disarray”.
Research that puts African stories and priorities front and centre is crucial – not just for shaping policies but for shifting the focus from dependence on external aid to African-led solutions and self-determination.
‘Hope hasn’t disappeared’
Within days of the USAID executive order on January 20, the USAID website was unreachable and our colleagues in Homa Bay sat reeling. By February 14, just after our visit, it was confirmed that a federal judge had successfully blocked the funding suspensions, although the relevance of this for people and projects like those we met in Homa Bay, whose contracts had already been terminated, was limited.
This executive order is one of many that has triggered global shockwaves. But for every action there is a reaction and we have also witnessed international resistance, from protests of USAID and nonprofit workers in Washington, to 500 Kenyan community workers demanding their unpaid salaries.
Musk’s company Tesla has been subject to widespread boycott and coordinated protest by “Tesla Takedown” in over 250 cities around the world. Canada has also made strides to reject American imports and strengthen its domestic markets, building greater independence from the USA, echoing desires of many African nations in relation to US donor dependence.
Musk suggested that USAID needs “to die” due to widespread corruption – an assertion that remains unsubstantiated. However, the violence and damage of this sentiment is being realised. As the sites we visited remain eerie and empty, gathering dust, our immediate concern is for the people and communities that agencies once funded by USAID represent and serve.
Omollo, and others like him, are now finding new ways to navigate these problems. The ripple effects of the USAID funding freeze have hit hard, programs have stalled, uncertainty has grown and communities are feeling the strain.
“But in the cracks, we’ve found ways to adapt,” he said. “At Activate Action, we’ve leaned on local partnerships, stretched every resource, and kept showing up for young people. Hope hasn’t disappeared; it’s just become something we fight for daily.”
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We would like to acknowledge the specific contribution of Rogers Omollo from Activate Action in developing this article.
Christopher Baguma works with Afya na Haki as a Director of Programmes.
As many countries grapple with ageing populations, falling birthrates, labour shortages and fiscal pressures, the ability to successfully integrate immigrants is becoming an increasingly pressing matter.
However, our new study found that salaries of immigrants in Europe and North America are nearly 18% lower than those of natives, as foreign-born workers struggle to access higher-paying jobs. To reach this conclusion, we analysed the salaries of 13.5 million people in nine immigrant-receiving countries: Canada, Denmark, France, Germany, the Netherlands, Norway, Spain, Sweden and the United States. Data was taken from the period of 2016 to 2019.
Immigrants in these countries earned less primarily because they were unable to access higher-paying jobs. Three-quarters of the migrant pay gap was the result of a lack of access to well-paid jobs, while only one-quarter of the gap was attributed to pay differences between migrant and native-born workers in the same job.
Spain has the largest gap, while Sweden’s is the smallest. Author’s own elaboration
The high-income countries we examined in Europe and North America all face similar demographic challenges, with low fertility rates resulting in an ageing population and labour shortages. Pro-natalist policies are unlikely to change this demographic destiny, but sound immigration policies can help.
Across these countries with vastly different labour market institutions and immigrant populations, a common theme emerged: countries are not making good use of immigrants’ human capital.
Stark regional differences
We found that immigrants earn 17.9% less than natives on average, although the pay gap varied widely by country. In Spain, a relatively recent large-scale receiver of immigrants, the pay gap was over 29%. In Sweden – a country where many employed immigrants find work in the public sector – it was just 7%. These results don’t include immigrants who are unemployed or in the informal economy.
Where immigrants were born also mattered. The highest average overall pay gaps were for immigrants from sub-Saharan Africa (26.1%) and the Middle East and North Africa (23.7%). For immigrants from Europe, North America and other Western countries, the difference in average pay compared to natives was a much more modest 9%.
Migrant pay gaps according to region of origin. The minus sign (−) before figures indicates that immigrants earn less than natives. Note that data for second-generation immigrants is unavailable in France, Spain and the US. Author’s own elaboration
Our results suggest that the children of immigrants faced substantially better earning prospects than their parents. For the countries where second-generation data was available – Canada, Denmark, Germany, Netherlands, Norway and Sweden – the gap narrowed over time, and the children of immigrants had a substantially smaller earnings gap, earning an average of 5.7% less than workers with native-born parents.
The struggle to access higher-paying jobs
Beyond quantifying the gap, we wanted to understand the roots of pay disparities. To create better policies, it is important to know whether immigrants are paid less than natives when they’re doing the same job in the same company, or whether these differences arise because immigrants typically work in lower-paying jobs.
By a wide margin, we found that immigrants end up working in lower-paying industries, occupations and companies; three-quarters of the gap was due to this type of labour-market sorting. The pay gap for the same work in the same company was just 4.6% on average across the nine countries.
These differences represent a failure of immigration policy to incorporate immigrants, as immigrants are relegated to jobs where they cannot contribute to their full potential. Our analyses rule out that the lack of access to higher-paying jobs simply reflects a difference in skill between immigrants and native-born workers. We also found that the size of the pay gap and the key role of unequal access to well-paid jobs is similar for immigrants with and without a university education.
This means that the immigrant-native pay gap in large part represents a market inefficiency and policy failure, with significant social consequences for both immigrants and immigrant-receiving countries.
Although equal pay for equal work policies may seem like a viable solution, they won’t close the immigrant pay gap. This is because they only help those who have already secured work, but immigrants face barriers to employment that begin long before even applying for a job. This includes convoluted processes to validate university degrees or other qualifications, and exclusion from professional networks.
The policy focus should therefore be on improving access to better jobs.
To make this happen, governments should invest in programmes such as language training, education and vocational skills for immigrants. They should ensure immigrants have early access to employment information, networks, job-search assistance and employer referrals. They should implement standardised and transparent recognition of foreign degrees and credentials, helping immigrants to access jobs matching their skills and training.
This is particularly important for Europe as it races to attract – and retain – skilled immigrants who may be having second thoughts about the US in the Trump era. In the European Union, around 40% of university-educated non-EU immigrants are employed in jobs that do not require a degree, an underutilisation of skills known as brain waste.
Some countries are already taking steps to remedy this. Germany’s Skilled Immigration Act – which took effect in 2024 – allows foreign graduates to work while their degrees are being formally recognised. In 2025, France reformed its Passeport Talent permit to attract skilled professionals and address labour shortages, especially in healthcare.
These kinds of policies help ensure that foreign-born workers can contribute at their full capacity, and that countries can reap the full benefits of immigration in terms of productivity gains, higher tax revenue and reduced inequality.
If immigrants can’t get access to good jobs, their skills are underutilised and society loses out. Smart immigration policy doesn’t end at the border – it starts there.
Are Skeie Hermansen has received funding from the European Research Council (ERC) under the European Union’s
Horizon 2020 research and innovation programme (grant agreement no. 851149), the Research Council of Norway (grant 287016), and the Center for Advanced Study at The Norwegian Academy of Science
and Letters (Young CAS grant 2019/2020).
Marta M. Elvira receives funding from the Spanish Ministry of Science and Innovation, grant PID2020-
118807RB-I00/AEI /10.13039/501100011033
Andrew Penner no recibe salario, ni ejerce labores de consultoría, ni posee acciones, ni recibe financiación de ninguna compañía u organización que pueda obtener beneficio de este artículo, y ha declarado carecer de vínculos relevantes más allá del cargo académico citado.
Current account recorded €32 billion surplus in May 2025, up from €19 billion in previous month
Current account surplus amounted to €333 billion (2.1% of euro area GDP) in the 12 months to May 2025, down from €364 billion (2.5%) one year earlier
In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €758 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €744 billion in the 12 months to May 2025
Chart 1
Euro area current account balance
(EUR billions unless otherwise indicated; working day and seasonally adjusted data)
Source: ECB.
The current account of the euro area recorded a surplus of €32 billion in May 2025, an increase of €13 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€33 billion), services (€13 billion) and primary income (€2 billion). These were partly offset by a deficit for secondary income (€16 billion).
Table 1
Current account of the euro area
Source: ECB.
Note: Discrepancies between totals and their components may be due to rounding.
Data for the current account of the euro area
In the 12 months to May 2025, the current account recorded a surplus of €333 billion (2.1% of euro area GDP), compared with a surplus of €364 billion (2.5% of euro area GDP) one year earlier. This decrease was mainly driven by a shift from a surplus to a deficit for primary income (from a €34 billion surplus to a €5 billion deficit), but also by a larger deficit for secondary income (up from €169 billion to €185 billion) and a reduction in the surplus for services (down from €153 billion to €146 billion). These developments were partly offset by a larger surplus for goods (up from €346 billion to €378 billion).
Chart 2
Selected items of the euro area financial account
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.
In direct investment, euro area residents made net investments of €200 billion in non-euro area assets in the 12 months to May 2025, following net disinvestments of €215 billion one year earlier (Chart 2 and Table 2). Non-residents invested €126 billion in net terms in euro area assets in the 12 months to May 2025, following net disinvestments of €398 billion one year earlier.
In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €203 billion in the 12 months to May 2025, up from €84 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €555 billion, up from €490 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €395 billion in the 12 months to May 2025, up from €275 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €349 billion, declining from €426 billion one year earlier.
Table 2
Financial account of the euro area
Source: ECB.
Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.
Data for the financial account of the euro area
In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €518 billion in the 12 months to May 2025 (following net acquisitions of €212 billion one year earlier), while their net incurrence of liabilities was €172 billion (following disposals of €104 billion one year earlier).
Chart 3
Monetary presentation of the balance of payments
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €417 billion in the 12 months to May 2025. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, euro area non-MFIs’ net inflows in other investment, and portfolio investment equity and debt. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.
In May 2025 the Eurosystem’s stock of reserve assets increased to €1,507.7 billion up from €1,496.9 billion in the previous month (Table 3). This increase was mostly driven by positive price changes (€6.5 billion) and, to a lesser extent, by net acquisitions of assets (€2.3 billion) and positive exchange rate changes (€2.0 billion).
Table 3
Reserve assets of the euro area
(EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.
Data for the reserve assets of the euro area
Data revisions
This press release incorporates revisions to the data for April 2025. These revisions did not significantly alter the figures previously published.
Next releases:
Monthly balance of payments: 19 August 2025 (reference data up to June 2025)
Quarterly balance of payments: 07 October 2025 (reference data up to the second quarter of 2025)
For media queries, please contactBenoît Deeg, tel.: +49 172 1683704.
Notes
Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.
Source: Hong Kong Government special administrative region – 4
A total of 84,293 local companies were newly registered during the first half of 2025, according to the statistics released by the Companies Registry today (July 18). As at the end of June this year, the total number of local companies registered under the Companies Ordinance reached 1,494,806, which is an all-time high figure.
In the first half of 2025, 761 non-Hong Kong companies have newly established a place of business in Hong Kong and were registered under the Companies Ordinance. The total number of registered non-Hong Kong companies reached 15,509 by the end of June 2025, which is also an all-time high figure.
In line with the Government’s policies on facilitating business as well as attracting enterprises and investments, two improvement measures for the Companies Ordinance came into operation during the first half of 2025. The first measure is the Companies (Amendment) Ordinance 2025, which has become effective since April 17, 2025. It aims at enabling listed companies incorporated in Hong Kong to hold shares bought back in the treasury and dispose of them, and promoting paperless corporate communication for both listed and unlisted Hong Kong companies. The second measure is the Companies (Amendment) (No. 2) Ordinance 2025, which has become effective since May 23, 2025. It introduces a company re-domiciliation regime in Hong Kong that offers non-Hong Kong corporations a simple and cost-effective route to re-domicile to Hong Kong while preserving their legal identity and operational continuity.
The number of charges on properties of companies received for registration in the first half of 2025 was 5,970. The number of notifications of payments and releases received for registration in the same period was 9,915.
The number of documents delivered to the Registry for registration during the first six months of 2025 was 1,678,809.
A total of 2,615,652 searches of document image records were conducted using the Registry’s electronic search services in the first half of 2025.
For limited partnership funds (LPFs), the number of new registration in the first half of 2025 was 116. The total number of LPFs by the end of June 2025 was 1,099.
For open-ended fund companies (OFCs), the number of new incorporation in the first half of 2025 was 109. The total number of OFCs by the end of June 2025 was 579.
As for the licensing of trust or company service providers, during the first half of 2025, 350 new licences were granted by the Registry. The total number of licensees was 6,971 as at the end of June.
For the licensing of money lenders, during the first half of 2025, 71 new licences were granted by the Licensing Court. The total number of licensed money lenders was 2,046 as at the end of June.
For details of the half-yearly statistics, please visit the “Statistics” section of the Registry’s website (www.cr.gov.hk).
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People’s Republic of China – State Council News
CANBERRA, July 18 (Xinhua) — Volatility in the global economy caused by U.S. tariffs is one reason for rising unemployment in Australia, Treasurer Jim Chalmers said on Friday.
The politician told the Australian Broadcasting Corporation (ABC) that the volatility, unpredictability and uncertainty caused by US tariffs had become a “defining and permanent feature of the global economy” and Australia was not immune.
The federal government has heard from business leaders and economists that U.S. trade policy has influenced local hiring decisions, Chalmers said.
“I think people are embracing this uncertainty and unpredictability as the new normal. It requires us to change our thinking,” he said.
Official data released on Thursday by the Australian Bureau of Statistics showed Australia’s unemployment rate rose from 4.1 per cent in May to 4.3 per cent in June, the highest since November 2021.
Chalmers said the rise in unemployment was unwelcome but not surprising, and the government forecast unemployment would rise further but remain below 5 per cent.
The treasurer made the announcement while in South Africa, where he is attending a meeting of G20 finance ministers and central bank governors in Durban.
In bilateral discussions and major meetings, the view has “definitely” emerged that the U.S. tariff policy is unjustified, unnecessary and an act of economic self-destruction, the official said. –0–
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