NewzIntel.com

Category: Trade

  • MIL-OSI: Bitget Wallet Surpasses 80 Million Users Amid Rising Demand for Self-Custody

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, May 16, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has surpassed 80 million users globally, marking a major milestone in its seventh year of operations. The sharp growth reflects a broader shift toward self-custody amid rising demand for mobile-first, multi-functional crypto wallets. As onchain activity continues to accelerate, wallets are emerging as central platforms in the evolving Web3 stack, driven by stablecoin adoption, real-world asset tokenization and regulatory softening.

    Since its founding in 2018, Bitget Wallet has integrated with thousands of dApps and networks, processed over 250 million transactions, and facilitated over $12 billion in cumulative transaction volume. The wallet has evolved from a simple tool into a comprehensive hub for all onchain activities — from trading and earning to spending crypto in daily life. “Our vision has always been to make crypto practical and accessible to everyone,” said Alvin Kan, COO of Bitget Wallet. “We’re building a simple, seamless experience that helps users participate in Web3 on their own terms—from discovering new tokens to making real-world payments.”

    The adoption is being driven by a combination of mobile-first usage patterns, demand for asset sovereignty, and market volatility that is prompting users to seek greater control over their funds. Bitget Wallet’s integrated approach—combining trading, asset management, and payments — has proven especially appealing to retail users navigating fragmented ecosystems. Its growth over the past year has also been fueled by a surge in onchain trading activity, alongside the launch of new payment features and global incentive campaigns. A series of product upgrades have helped users seize fast-moving opportunities, while simplified interfaces to attract new users across both emerging and developed markets.

    Recent upgrades have further positioned Bitget Wallet as a central gateway for onchain engagement. The launch of Super DEX, a next-generation aggregator spanning over 130 chains, improves trade execution by tapping into deeper liquidity across networks. Bitget Wallet Alpha has emerged as a go-to mobile dashboard for real-time token signals and early-stage trading, helping users act quickly on emerging opportunities. On the payment front, the rollout of Shop with Crypto and PayFi integrations allows users to spend assets directly from their wallets, closing the gap between onchain value and everyday use. With growing activity, the wallet has also introduced enhanced security features, including default MEV protection and EIP-7702 detection tools, to ensure safer interactions at scale.

    Now in its seventh year, Bitget Wallet is marking the milestone with a global campaign spotlighting its evolution into a more intuitive and widely used self-custody platform. The company will host community meetups in key regions, stream leadership sessions, and release a year-in-review to deepen engagement and expand its global presence.

    For more information, visit the Bitget Wallet blog.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e407704f-ebae-436e-b5b9-2a90fa66be37

    The MIL Network –

  • MIL-OSI United Kingdom: Seven-year ban for Suffolk car wash owner who employed illegal workers

    Source: United Kingdom – Executive Government & Departments

    Press release

    Seven-year ban for Suffolk car wash owner who employed illegal workers

    Four illegal workers were discovered by Immigration Enforcement officers

    • Vittorio Dragoti employed four illegal workers from Romania at his Fiveways Car Wash in Suffolk  

    • The workers were found with no right to work in the UK by Immigration Enforcement last year 

    • Dragoti has been banned as a company director until May 2032

    The owner of a Suffolk hand car wash has been banned as a company director for seven years after employing four illegal workers. 

    Vittorio Dragoti, 28, hired the workers from Romania at the Fiveways Car Wash on the Fiveways Roundabout near Barton Mills. 

    The workers were discovered when Immigration Enforcement officials visited the car wash in 2024.  

    Dave Magrath, Director of Investigation and Enforcement Services at the Insolvency Service, said: 

    Company directors have clear statutory obligations to recruit people who have the right to work in the UK. 

    Consumers deserve to have confidence that workers providing services to them are not working illegally. And the workers themselves deserve to not be put in such a vulnerable position by people who may exploit their immigration status. 

    Vittorio Dragoti’s disqualification as a company director is a result of ongoing close collaboration between the Insolvency Service and our partners at the Home Office to clamp down on rogue directors.

    Dragoti, of Queensway, Mildenhall, was the sole director of Vito’s Car Care Limited since March 2019. 

    Immigration Enforcement officials found the four Romanian men aged between 18 and 49 with no right to work in the UK when they visited the car wash in April last year. 

    Vito’s Car Care was fined £180,000 for the immigration breach. The fine currently remains unpaid. 

    Cheryl Daldry, the Home Office’s East of England Immigration Compliance and Enforcement lead, said: 

    This is a great example of the serious consequences that are in store for business owners who fail to carry out checks on individuals they hire to ensure they have the right to work in the UK. 

    Dragoti flouted our employment and immigration rules by employing multiple people with no right to work in the UK, resulting in long term enforcement action against himself and his business. 

    “I would like to thank our partners at the Insolvency Service for their help to secure these sanctions against this non-compliant employer. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Dragoti, and his seven-year ban began on Thursday 15 May. 

    The disqualification prevents him from becoming involved in the promotion, formation or management of a company, without the permission of the court. It does not impact any businesses with similar names or locations.

    Further information

    Updates to this page

    Published 16 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Singapore ETO promotes Hong Kong in Vietnam through government and business engagements (with photos)

    Source: Hong Kong Government special administrative region

    Singapore ETO promotes Hong Kong in Vietnam through government and business engagements  
         The luncheon in Da Nang, co-organised for the first time with the Hong Kong Business Association Vietnam (HKBAV), attracted around 60 Vietnamese business leaders and investors. The Singapore ETO’s investment promotion team delivered a presentation on Hong Kong’s latest investment climate and opportunities, as well as the city’s unique position as a gateway to the Guangdong-Hong Kong-Macao Greater Bay Area, and outlined the range of support services available to Vietnamese enterprises looking to expand into the region.
     
         In his opening remarks, the Director of the Singapore ETO, Mr Owin Fung, highlighted Vietnam’s growing importance as a key economic and strategic partner of Hong Kong. The Singapore ETO’s relentless engagement across various regions of Vietnam underlines its strong commitment to fostering bilateral collaboration through continued government-to-government dialogue, business exchanges, and people-to-people interactions.
     
         On the same day, Mr Fung paid a courtesy call on the Consul General of the People’s Republic of China in Da Nang, Ms Dong Biyou. Mr Fung briefed Ms Dong on the Singapore ETO’s latest outreach initiatives in Vietnam, and both sides exchanged views on how Hong Kong can serve as a gateway between Mainland China and Vietnam, particularly in the context of the 75th anniversary of diplomatic ties between the two countries.
     
         In April and early May, the Singapore ETO conducted two other official visits to further promote Hong Kong and strengthen ties in northern and southern Vietnam. On May 10, Mr Fung attended and delivered remarks at the HKBAV Gala Dinner in Ho Chi Minh City (HCMC), which was attended by nearly 200 guests. He reiterated Hong Kong’s distinctive advantages under the “one country, two systems” framework, particularly in light of the evolving global trade environment. Other guests included the Deputy Consul-General of the People’s Republic of China in HCMC, Mr Xu Zhou, and the Chairman of the HKBAV, Mr Michael Chiu.
     
         On April 16, the Singapore ETO and Invest Hong Kong cohosted a business seminar and networking event titled “Hong Kong – The Launchpad for Your AI-Driven Success” in Hanoi, the capital of Vietnam. Supported by the Vietnam Software & IT Services Association (VINASA), the event was attended by founders, owners, and senior executives from over 30 companies from sectors including artificial intelligence, cybersecurity, and information and communications technology. Participants were briefed on Hong Kong’s market opportunities, AI funding opportunities, tax incentives, and research and development support measures by Mr Fung and the investment promotion team through presentations and a sharing session.
     
         During the same Hanoi visit, Mr Fung also had separate meetings with the Deputy Director General of the International Market Development Department, Vietnam’s Ministry of Industry and Trade, Mr To Ngoc Son, and the Acting Director General of the Northeast Asia Department, Vietnam’s Ministry of Foreign Affairs, Mr Do Nam Trung, on April 16 and 17 respectively. Both sides exchanged views on the regional economic and geopolitical outlook and explored opportunities to enhance collaboration on government and business levels. Mr Fung also sought Vietnam’s continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership.
    Issued at HKT 17:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Beijing to host world’s largest service trade fair in Sept.

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

    The 2025 China International Fair for Trade in Services (CIFTIS) will be held Sept. 10-14 at Shougang Park in Beijing’s western Shijingshan district, officials announced Thursday.

    More than 30 countries, regions and international organizations have expressed interest in participating in the event.

    Starting this year, CIFTIS will adopt a fixed schedule and permanent venue, opening annually on the second Wednesday of September at Shougang Park. The venue, known for its industrial heritage, will be transformed into a garden-style exhibition town to enhance the visitor experience.

    Founded in 2012, CIFTIS has grown into the world’s largest comprehensive fair for trade in services, having attracted nearly 1.19 million participants from 198 countries and regions since its inception.

    The 2025 edition will feature the Global Trade in Services Summit, exhibitions, forums, business matchmaking and achievement showcases. Australia, the guest country of honor, will bring its largest-ever trade delegation to CIFTIS, while Anhui province, as the guest province of honor, will highlight its technological innovation and services sector development.

    Nine themed exhibition areas will showcase key sectors including telecommunications, finance, culture and tourism, education and sports, emphasizing emerging technologies like artificial intelligence and digital services. Approximately 200 new product launches and service trade achievements are expected to be announced.

    The Global Trade in Services Summit, co-hosted by the U.N. Conference on Trade and Development, China’s Ministry of Commerce and the Beijing Municipal People’s Government, will open the morning of Sept. 10 at Hall 1 in Shougang Park.

    This year’s event will prioritize professional forums and policy reports, with 13 thematic forums and more than 100 sessions already planned. About 10-15% of exhibition space will be dedicated to business matchmaking to promote cooperation and transactions.

    Supporting events will span 14 venues within Shougang Park, featuring cultural performances, art markets, fashion shows, sports events and networking receptions.

    MIL OSI China News –

  • MIL-OSI: NANO Nuclear Energy Announces Second Fiscal Quarter and Recent Operational Highlights and Provides Corporate Outlook 

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., May 16, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced its second fiscal quarter ended March 31, 2025 and more recent operational highlights and provided an outlook on its expectations and goals for 2025 and beyond.

    “We started 2025 with a view to build on a successful 2024, and have done just that, pursuing and executing on our objectives efficiently,” said Jay Yu, Founder, Chairman and President of NANO Nuclear. “The acquisition of the rebranded, high technology readiness level stationary KRONOS MMR™ and portable LOKI MMR™ microreactors, which were finalized at the start of the year, has put us in a leading position in the microreactor race in U.S. We have solidified our relationship and working agreements with the University of Illinois Urbana-Champaign (UIUC) for the KRONOS MMR and are now working to construct the first research microreactor on campus grounds in the U.S. We are confident our efforts at UIUC will lead to eventual commercialization of many KRONOS MMRs being constructed throughout many industries across the world. The U.S. Nuclear Regulatory Commission (NRC) approved the Fuel Qualification Methodology Topical Report for the KRONOS MMR, which is a major milestone for the commercial microreactor sector in general and crucial for the eventual construction of the microreactor system on campus grounds. In the coming months, we expect to begin the process of geological characterization, including subsurface investigations, which will lead to our construction permit applications and other future project milestones.”

    “In addition, NANO Nuclear has amassed dozens of domestic and international patents through our KRONOS and LOKI acquisition. We are also further expanding our current intellectual property protections with over a dozen new patent applications surrounding our microreactor portfolio, and supplementary technologies like our ALIP pump system,” continued Mr. Yu. “This year has also seen us commit to a new, multimillion dollar demonstration facility in Westchester County, New York, where the development of non-nuclear components, including commercializing the ALIP technology, will take place. Furthermore, our team has grown, and we have attracted many full-time engineers, regulatory and licensing experts, led by a world class Chief Technical Officer and Head of Reactor Development, Dr. Florent Heidet. This positive start to the year positions us well to achieve further milestones during the rest of 2025 and lays a solid foundation for achieving our longer term demonstration, regulatory licensing and commercialization goals.”

    2025 Operational Highlights

    Financial Achievements

    Operating Activities

    • $5.6 million used in operating activities during the six months ended March 31, 2025, reflecting NANO Nuclear’s ongoing scale-up in operations and research and development.

    Investing Activities

    • $12.7 million used in investing activities during the six months ended March 31, 2025, which includes $9.1 million for the acquisition of the KRONOS and LOKI assets and $3.6 million for investment in property and equipment primarily related to the build out of NANO Nuclear’s new demonstration facility in Westchester, New York, which is now operational.

    Financing Activities

    • $108.4 million raised during the six months ended March 31, 2025. NANO Nuclear had cash and cash equivalents of $118.6 million as of March 31, 2025, up from $28.5 million on September 30, 2024. These cash resources demonstrate not only strong investor support, but also an efficient use of investor capital to advance the Company’s business goals since its May 2024 initial public offering. The Company also has the liquidity to drive further value going forward.

    Selected for Inclusion into MSCI USA Index

    • Selected to be included in the MSCI USA Index, effective as of February 28, 2025, following the February index review by MSCI Inc. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. market. With 576 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

    “We have been focused while executing on our capital and technology development roadmap while putting in place cost controls and maintaining a solid financial foundation. With a strong balance sheet and strong investor support, we are well-positioned to advance our initiatives for the remainder of this year and beyond” concluded Mr. Yu.

    Technological Advancements

    Acquisition of Tech Ready Patented Energy Systems

    • NANO Nuclear closed the acquisition of select nuclear energy technology assets on January 10, 2025, including the patented KRONOS MMR Energy System and LOKI MMR reactor from Ultra Safe Nuclear Corporation (USNC).
      • Acquisition immediately added one of the highest technology readiness level advanced nuclear reactors in development and significantly expanded NANO Nuclear’s patent portfolio.
      • KRONOS has well-developed projects at UIUC and Chalk River, Ontario, where NANO Nuclear is seeking to be the first company in the U.S. and in Canada to build and license a microreactor intended for research and commercial use.
      • The KRONOS MMR™ is a stationary reactor system and designed to produce power up to 45 megawatts thermal (MWth) power.
      • The LOKI MMR™ is a compact portable nuclear reactor designed to provide between 1 MWth and 5 MWth of power.

    Acquisition and Further Expansion of Intellectual Property Protections

    • Series of patents that were acquired from USNC alongside its reactor technologies serve to strengthen NANO Nuclear’s intellectual‑property protections for its portfolio of modular nuclear technologies currently in development.
      • Filed four new separate utility patent applications with the United States Patent and Trademark Office (USPTO) related to NANO Nuclear’s Annular Linear Induction Pump (ALIP) technology.
      • Filed six additional patents surrounding the components and designs of the ZEUS™ portable microreactor on March 27, 2025.

    Fabrication and Assembly of Key Non-Nuclear Components

    • Engaged Thermal Engineering International (TEi), a Babcock Power Inc.® company, to carry forward the design and fabrication of several heat exchangers for its portable ODIN™ nuclear microreactor project.
      • TEi is a leading supplier of heat transfer technology to the electric power generation industry for over 100 years.
    • Assembled the first reactor core hardware of its ZEUS microreactor for initial non-nuclear testing.
      • The hardware consists of a half‑scale (1:2) block, and the initial testing phase will evaluate its thermo‑mechanical performance under expected prototypical ZEUS operating conditions.

    Operational Growth

    Addition of Key Personnel and Leaders

    • Darlene T. DeRemer transitioned into a new corporate role with NANO Nuclear as its Executive Director of Corporate Finance, having previously served as the Chairwoman of NANO Nuclear’s Executive Advisory Board for Institutional Finance. Ms. DeRemer is the Chair of the ARK Invest ETF Trust Board, co-founder of Grail Partners LLC. and has over 25 years of experience as a leading adviser in the financial services industry.
    • Florent Heidet, Ph.D. joined NANO Nuclear as Chief Technology Officer and Head of Reactor Development. Dr. Heidet is a world-renowned expert on advanced nuclear reactor technologies, leveraging two decades of nuclear engineering and project management expertise. Dr. Heidet was previously the Head of Engineering at Ultra Safe Nuclear Corporation (USNC).
    • Andrew Steer, Ph.D. joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks as NANO Nuclear’s Head of Regulatory Engagement. Dr. Andrew Steer is a nuclear safety case and regulatory engagement expert with over 18 years of experience in the nuclear industry.
    • Brent Hamilton was appointed as the Company’s Director of Quality Assurance. Mr. Hamilton has over 26 years of quality control, quality engineering, and quality assurance experience, primarily in nuclear construction for commercial nuclear, Department of Energy projects, and nuclear fuel manufacturing.
    • James Leybourn joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks. Mr. Leybourn is a Chartered Physicist with over 12 years’ experience of Physics and Engineering within the U.K. nuclear industry.
    • Simon Boddington joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks. Mr. Boddington is a reactor physicist with over 10 years of industry experience covering pressurized water reactors as well as thermal and fast spectrum molten salt reactor designs.
    • Radwan Nassim Kheroua joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks. A Nuclear Systems Engineer, Mr. Kheroua previously served as a Research Engineer in Reactor Thermal-Hydraulic Modeling at Framatome.
    • Luke Godfrey joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks. A Senior Nuclear Engineer, Mr. Godfrey previously served as Lead Thermohydraulic Engineer at Moltex, focusing on molten salt heat transfer, coupled reactor system modeling, and safety case development.
    • Jake Miles joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks. A Nuclear Engineer, Mr. Miles earned a BSc in Physics from the University of Leeds and later completed a Master’s degree in Nuclear Energy at the University of Cambridge.

    Recruitment Drive

    • Recruitment drive initiated with a focus on Midwestern United States to expand engineering and project development teams in proximity to UIUC and the KRONOS reactor project.
      • Effort seeks to support construction permit application activities as well as eventual demonstration and construction activities.
      • NANO Nuclear is actively recruiting top talent across a variety of critical disciplines.

    New York State Demonstration Facility

    • Established a dedicated, multimillion dollar, purpose-built demonstration facility in Westchester County, New York.
      • Will house demonstrations of the operation and viability of several non-nuclear parts and components of NANO Nuclear’s microreactors in development.
    • Engaged aRobotics Company to oversee the retrofit and build-out of Westchester County demonstration facility.
      • aRobotics has been recognized with multiple honors, including the NATO DIANA Challenge, the NYC Department of Building Challenge, and active contracts with all major branches of the U.S. Military.
    • Build-out and retrofitting of the Westchester Facility completed in early May.
      • Facility is now operational, with testing to commence shortly and continue throughout 2025, focusing on ZEUS components and the Company’s patented ALIP technology.

    Canadian Demonstration Reactor

    • Reestablishing KRONOS MMR demonstration reactor in Canada.
      • Positions NANO Nuclear to advance its technology efficiently from construction and demonstration to regulatory licensing and, ultimately, commercialization throughout North America.

    Partnerships, Collaborations and Government Awards

    SBIR Phase 1 Application

    • Announced backing for a U.S. Department of Energy Small Business Innovation Research (SBIR) Phase I proposal, submitted in partnership with the City University of New York–City College (CCNY) and Advanced Engineering Solutions LLC.
      • The SBIR Phase 1 proposal is “Investigation of Microreactor Cooling and Development of a Smart Alarming System for Reactor Pressure Vessel Surface Temperature Monitoring” – and aims to develop advanced cooling techniques and monitoring systems for microreactor transport safety.

    KRONOS MMR™ Construction Pathway

    • Signed a strategic collaboration with the UIUC to construct the first research KRONOS MMR on a major research university campus.
      • Site has been selected and preparatory work towards a Construction Permit application has been initiated. NANO Nuclear will begin the process of geological characterization, including subsurface investigations, to support preparation of a Construction Permit Application for submission to the NRC.
        • This preparatory work is essential to understanding the environmental parameters of the site, including critical inputs to safety analysis, to ensure the utmost reliability and safety of the facility, and support NANO Nuclear’s Preliminary Safety Analysis Report and Environmental Report.
      • Establishes UIUC as key collaborator in the licensing, siting, public engagement, and research operation of the KRONOS MMR™.

    Nuclear Regulatory Commission Communication on KRONOS

    • Pre‑application work on the KRONOS MMR™ Energy System is progressing in cooperation with the UIUC following the NRC’s update to the project’s landing page (NRC Project No. 99902094), formally naming NANO Nuclear as the reactor’s designer.
    • The NRC issued its final Safety Evaluation (SE) approving the Fuel Qualification Methodology Topical Report (FQM TR) to be used for the KRONOS MMR™.

    LIS Technologies and the Department of Energy Low Enriched Uranium IDIQ Award.

    • Entered a collaboration to support LIS Technologies, the only U.S. origin and patented laser enrichment company, to address the fuel supply chain issues which could potentially affect the mass deployment of all advanced reactor systems for all nuclear reactor companies.
      • LIS Technologies was one of six companies selected to address the LEU supply chain, with NANO Nuclear as its principal subcontractor, responsible for addressing the conversion, mining, and milling requirements of the IDIQ award.

    Shareholder Suit Dismissal

    • A Clark County, Nevada judge has completely dismissed the shareholder lawsuit titled Latza v. Walker, et al., (Case No. A-24-900423-B). The judge granted both dismissal requests filed by the Company and by its officers and directors, ending the case in their favor.

    Corporate Outlook

    SBIR Projects

    • The SBIR Phase III project surrounding NANO Nuclear’s ALIP technology will advance towards its conclusion, with the Company’s new Westchester demonstration facility expected to play a key role in its advancement.
    • Company anticipates early indicators surrounding a separate SBIR Phase I project application filed in partnership with CCNY and Advanced Engineering Solutions LLC.

    Advances in Demonstration Reactor Preparations

    • NANO Nuclear anticipates further clarity on the advancement of its KRONOS MMR demonstration reactor plans in both the United States and Canada.
      • Next steps in the development of pre-construction permit application with UIUC anticipated this year.
        • NANO Nuclear is currently planning drilling work at the UIUC site intended for the construction of the KRONOS reactor system, to provide the Company with the geological characterization necessary to submit a ‘Permit to Construct’ application to the NRC. NANO Nuclear is aiming to be the first microreactor company in the U.S. to file for this permit.
      • NANO Nuclear intends to enter the licensing process under Canadian Nuclear Safety Commission (CNSC) oversight and has been in discussions with the Canadian Nuclear Laboratory (CNL) about the selected site for the project at Chalk River. NANO Nuclear is aiming to be the first company to build a licensed microreactor in Canada intended for commercial deployment.

    Advances in Non-Nuclear Component Development

    • NANO Nuclear anticipates the receipt of, and revision & eventual finalization of TEi designs for ODIN™ heat exchangers.
    • Company intends to begin the testing phase of its 1:2 scale ZEUS™ reactor core hardware, which will evaluate its thermo‑mechanical performance under expected prototypical operating conditions.
      • Testing is expected to continue through 2025.

    Hiring Drive Expectations

    • NANO Nuclear anticipates making substantial progress in its hiring initiative throughout 2025, in support of additional permit and licensing advances and eventual demonstration & construction activities in Midwestern USA.

    “We’ve made meaningful progress across several key initiatives in the first half of the fiscal year and we’re now focused on accelerating our efforts in the second half of fiscal 2025,” said James Walker, Chief Executive Officer of NANO Nuclear. “We have grown our technical and regulatory teams as we begin testing non-nuclear components and pursue construction permits. We have acquired and are developing a robust portfolio of patents and other IP and are planning to expand it further as the year progresses. Our ambitions don’t stop with just our reactors, we see enormous potential across the nuclear industry in areas such as nuclear transportation, fuel enrichment, and nuclear consulting services that we are actively developing to grow our business and resources. We have also made inroads in our discussions and coordination with regulatory and licensing bodies, which will play a crucial role in the near and long term. All in all, the last six months have put us on solid footing as we look to capitalize on upcoming opportunities throughout the remainder of the year.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

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    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those related to the Company’s development, demonstration, licensing and commercial plans, goals and strategies. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on Prosperity through Sustainable Trade (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “Prosperity through Sustainable Trade” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 16):

         Thank you, Chair, and good morning, colleagues.

         Supply chains are the driving engines for today’s global economy, yet they are also highly sensitive and vulnerable to external shocks, as we have witnessed during COVID-19 and in recent days.

         Hong Kong, China (HKC), as an international shipping and logistics hub, has been implementing various measures to support sustainable supply chains. Our Climate Action Plan 2050 steers four major decarbonisation strategies, namely, net-zero electricity generation, energy saving and green buildings, green transport and waste reduction. Increasing the zero-carbon energy supply through renewable energy development, popularising the use of electric commercial vehicles, enhancing the current cross-border electricity transmission infrastructure and developing a green maritime fuel bunkering centre are just a few examples of our efforts on this front. Furthermore, to assist the trade in seizing the business opportunities in green logistics, we have also commenced a study on the development of green and sustainable logistics.

         In December 2024, we launched the roadmap on sustainability disclosure in HKC, as a pathway for large publicly accountable entities to fully adopt, by 2028, the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards), making HKC to be amongst the first jurisdictions to align its local requirements with the ISSB Standards.

         In parallel, enabling initiatives have been rolled out to equip micro, small and medium-sized enterprises (MSMEs) with the means to manage their environmental footprint and encourage market participants to improve sustainable business practices. Funding schemes and capacity building programmes have also been put in place to encourage the adoption of digital technologies by MSMEs to facilitate the digital transformation of supply chains.

         The issue of supply chains has always been an integral part of APEC discussions since 2009 when our predecessors endorsed the APEC Supply Chain Connectivity Framework Action Plan at the APEC Ministerial Meeting. HKC believes that APEC has a continued key role in facilitating our businesses in strengthening sustainable supply chains. APEC’s role becomes even more important now than ever, when cross-border trade and investments and supply chains face uncertainty and unprecedented challenges.

         To this end, HKC appreciates Korea’s efforts in organising an informative public-private forum on this important topic last week.

         Our collective goal of strengthening sustainable supply chains should never be a trade-off between sustainability and trade, but rather a synergy between the two. HKC is committed to working with all member economies to drive progress towards shared prosperity through sustainable trade.

         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCED: Hong Kong committed to driving progress towards shared prosperity through sustainable trade (with photos)

    Source: Hong Kong Government special administrative region

    SCED: Hong Kong committed to driving progress towards shared prosperity through sustainable trade  
         Speaking at the session entitled “Prosperity through Sustainable Trade”, Mr Yau said that supply chains are the driving engines for today’s global economy, yet they are also highly sensitive and vulnerable to external shocks.
     
         He depicted that Hong Kong, as an international shipping and logistics hub, has been implementing various measures such as Hong Kong’s Climate Action Plan 2050 and the roadmap on sustainability disclosure in Hong Kong to support sustainable supply chains.
     
         “In parallel, enabling initiatives have been rolled out to equip micro, small and medium-sized enterprises (MSMEs) with the means to manage their environmental footprint and encourage market participants to improve sustainable business practices. Funding schemes and capacity-building programmes have also been put in place to encourage the adoption of digital technologies by MSMEs to facilitate the digital transformation of supply chains,” Mr Yau said.
     
         Mr Yau stressed that the issue of supply chains has always been an integral part of APEC discussions, and APEC’s role becomes even more important now than ever, when cross-border trade and investments and supply chains face uncertainty and unprecedented challenges.
     
         Mr Yau said he believed that the collective goal of strengthening sustainable supply chains should never be a trade-off between sustainability and trade, but rather a synergy between the two. Hong Kong is committed to working with all member economies to drive progress towards shared prosperity through sustainable trade.
     
         On the sidelines of the MRT Meeting, Mr Yau held a bilateral meeting with State Minister of Economy, Trade and Industry of Japan Mr Ogushi Masaki to exchange views on various trade and economic issues.
     
         The two-day MRT Meeting concluded. Mr Yau will return to Hong Kong tomorrow morning (May 17).
    Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Prosafe SE: Correction: 2024 Annual Report

    Source: GlobeNewswire (MIL-OSI)

    Correction: The below announced Press Release did not include attached ESEF file, there are no changes to the numbers or the wording reported in the Annual report, Remuneration report and Transparency act statement for 2024. The ESEF is now included as an attachement.

    30 April 2025 – Prosafe SE today published the Annual report, Transparency Act Statement and Remuneration report for 2024. The Annual report includes the 2024 annual accounts, corporate governance report and sustainability report.

    On 31 January 2025, Prosafe reported preliminary and unaudited results for the fourth quarter and full year 2024. Today’s audited accounts include adjustments to EBITDA and net loss compared to the end-January preliminary figures following the sale of the Safe Concordia completed in March 2025.
    * EBITDA increased by USD 3.4 from USD 23.8 million to USD 27.2 million due to reversal of demobilisation accruals
    * Impairment increased from nil to USD 8.4 million due to a realised sale price below the net book value after the reporting date
    * Net loss for the period increased by USD 4.9 million, from USD 41.8 million to 46.7 million

    The reports are attached and also available on https://www.prosafe.com/investor- information/annual-reports/ and on https://newsweb.oslobors.no/ Prosafe also published its annual financial statements in European Single Electronic Format (ESEF), which can be found on the website.

    Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com (http://www.prosafe.com/)

    For further information, please contact:
    Reese McNeel, CFO Phone: +47 415 08 186

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

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Exim Bank’s GOI-supported Line of Credit (LOC) for USD 700 million to the Govt. of Mongolia (GO-MNG), for financing construction of Crude Oil Refinery Plant in Mongolia

    Source: Reserve Bank of India

    RBI/2025-2026/37
    A.P. (DIR Series) Circular No. 05/2025-26

    May 16, 2025

    All Category – I Authorised Dealer Banks

    Madam/Sir

    Exim Bank’s GOI-supported Line of Credit (LOC) for USD 700 million
    to the Govt. of Mongolia (GO-MNG), for financing construction of
    Crude Oil Refinery Plant in Mongolia

    Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 16, 2025, with the Government of Mongolia (GO-MNG), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 700 Mn(USD Seven Hundred Million only) for financing construction of Crude Oil Refinery Plant in Mongolia.

    2. The export of eligible goods and services from India, as defined under the agreement, would be allowed, subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

    3. The Agreement under the LoC is effective from May 06, 2025. Under the LoC, the last date for disbursement will be 48 months after scheduled completion date of the contract.

    4. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

    5. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in any foreign currency. Authorised Dealer (AD) Category-I banks may allow such remittance after realization of full eligible value of export, subject to compliance with the extant instructions for payment of agency commission.

    6. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

    7. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully

    (N Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Economic performance in first quarter of 2025 and latest GDP and price forecasts for 2025

    Source: Hong Kong Government special administrative region

         The Government released today (May 16) the First Quarter Economic Report 2025, together with the revised figures on Gross Domestic Product (GDP) for the first quarter of 2025.
     
         The Acting Government Economist, Dr Cecilia Lam, gave an account of the economic performance in the first quarter of 2025 and the latest GDP and price forecasts for 2025.
     
    Main points
     
    ＊ The Hong Kong economy expanded solidly in the first quarter of 2025, mainly supported by visible increases in exports of goods and services, as well as the resumption of moderate growth in overall investment expenditure. Yet, private consumption expenditure continued to register a modest decline. Real GDP expanded by 3.1% year-on-year in the first quarter, picking up from the 2.5% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP grew visibly by 1.9%.

    ＊ The global economy maintained steady growth in the first quarter. With broadly sustained external demand, as well as some front-loading of shipments in anticipation of tariff hikes by the United States in early April, Hong Kong’s total exports of goods saw visibly accelerated growth, up 8.4% year-on-year in real terms. Meanwhile, thanks to the further increase in visitor arrivals, growth in cross boundary traffic, and notable increase in cross-boundary financial and fund raising activities, total exports of services continued to expand visibly in the first quarter, by 6.6% year-on-year in real terms.

    ＊ Domestically, overall investment expenditure resumed moderate growth, rising by 2.8% year-on-year in real terms, underpinned by a visible increase in expenditure on acquisitions of machinery, equipment, and intellectual property products, as well as a sharp rise in costs of ownership transfer due to a markedly higher number of property transactions compared to the same period last year. Yet, private consumption expenditure continued to register a small decline of 1.1%, reflecting the lingering impact of changes in residents’ consumption patterns. 

    ＊ The labour market remained tight in the first quarter. The seasonally adjusted unemployment rate stayed low at 3.2%, slightly higher than the 3.1% in the preceding quarter. The underemployment rate remained at a low level of 1.1%. Employment earnings continued to record solid growth.

    ＊ The local stock market once rallied in the first quarter, driven by the Mainland’s breakthrough development in artificial intelligence (AI) and the Central Government’s measures to stimulate the domestic economy as unveiled at the “two sessions”. However, the market cooled down towards the end of the quarter amid concerns over the United States’ trade policy outlook. The residential property prices remained soft. 

    ＊ Consumer price inflation stayed modest in the first quarter. The underlying Composite Consumer Price Index (Composite CPI) increased by 1.2% over a year earlier, same as the increase in the preceding quarter. Price pressures on various major components stayed largely contained. Including the effects of the Government’s one-off relief measures, the headline Composite CPI increased by 1.6% over a year earlier, higher than the 1.4% increase in the preceding quarter. 

    ＊ As international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent. This may relieve part of the downward pressure on the global economic outlook. Moreover, the sustained steady growth of the Mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia including Hong Kong. Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong’s exports of services. However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment. Apart from this, the change in consumption patterns of residents and visitors would still pose constraints on driving consumption in the domestic market, though sustained increase in employment earnings and the SAR Government’s various policies to promote mega events and tourism would help boost consumption sentiment.

    ＊ Taking into account the actual outturn in the first quarter and the latest developments of the global and local situation, the real GDP growth forecast for 2025 as a whole is maintained at 2%-3%, the same as that announced in the Budget. The Government will continue to closely monitor the situation.

    ＊ On the inflation outlook, overall inflation should remain modest in the near term as pressures from domestic costs and external prices should stay broadly in check. Considering that the inflation situation in the first quarter was broadly in line with earlier expectations, the forecasts for the underlying and headline consumer price inflation rates for 2025 are maintained at 1.5% and 1.8% respectively, the same as those announced in the Budget.
     
    Details
     
    GDP
     
         According to the revised figures released today by the Census and Statistics Department, real GDP grew by 3.1% year-on-year in the first quarter of 2025 (same as the advance estimate), having increased by 2.5% in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP rose by 1.9% in the first quarter (revised from the advance estimate of 2.0%), after a 0.9% increase in the preceding quarter (Chart).
     
         The latest figures on GDP and its major expenditure components up to the first quarter of 2025 are presented in Table 1. Developments in different segments of the economy in the first quarter are described below.
     
    External trade
     
         Supported by broadly sustained external demand as well as some front loading of shipments in anticipation of tariff hikes by the United States in early April, total exports of goods posted accelerated year-on-year growth of 8.4% in real terms in the first quarter, following a 1.3% increase in the preceding quarter. Analysed by major market and by reference to external merchandise trade statistics, exports to the Mainland grew strongly in the first quarter over a year earlier. Exports to the United States rose back, while those to the European Union fell further. Exports to ASEAN markets soared, while those to high-income Asian economies showed mixed performance. On a seasonally adjusted quarter-to-quarter basis, total exports of goods increased notably by 10.2% in real terms in the first quarter.
     
         Exports of services continued to expand visibly by 6.6% in real terms in the first quarter over a year earlier, after growing by 6.5% in the preceding quarter. Exports of all major service groups rose further. Specifically, exports of travel and transport services continued to expand, supported by the further increase in visitor arrivals and growth in cross-boundary traffic. Exports of financial services rose sharply, thanks to the notable increase in cross-boundary financial and fund raising activities. On a seasonally adjusted quarter-to-quarter basis, exports of services were virtually unchanged in real terms in the first quarter.
     
    Domestic sector
     
         Private consumption continued to be subject to the lingering impact of changes in residents’ consumption patterns in the first quarter. Private consumption expenditure declined modestly by 1.1% in real terms from a year ago, after a marginal decline of 0.2% in the preceding quarter. On a seasonally adjusted quarter to quarter basis, private consumption expenditure decreased by 1.6% in real terms. Meanwhile, government consumption expenditure increased by 1.2% in real terms in the first quarter over a year earlier, after rising by 2.1% in the preceding quarter. On a seasonally adjusted quarter to quarter basis, government consumption expenditure increased by 0.5% in real terms.
     
         Overall investment expenditure in terms of gross domestic fixed capital formation resumed moderate growth in the first quarter, rising by 2.8% year-on-year in real terms, after a modest decline of 0.7% in the preceding quarter. Within the total, expenditure on machinery, equipment, and intellectual property products increased visibly. The costs of ownership transfer rose sharply due to a markedly higher number of property transactions compared to the same period last year. Yet, expenditure on building and construction declined moderately.
     
    The labour sector
     
         The labour market remained tight in the first quarter of 2025. The seasonally adjusted unemployment rate stayed low at 3.2%, slightly higher than the 3.1% in the preceding quarter. The underemployment rate remained at a low level of 1.1%. The median monthly employment earnings of full-time employees in nominal terms increased by 6.4% year-on-year in the first quarter.
     
    The asset markets
     
         After staying largely range-bound in January 2025, the local stock market rallied after the Chinese New Year holidays through mid-March, as market sentiment was fuelled by the Mainland’s breakthrough development in AI and the Central Government’s measures to stimulate the domestic economy as unveiled at the “two sessions”. However, the market cooled down towards the end of the quarter amid concerns over the United States’ trade policy outlook. The Hang Seng Index (HSI) hit a three-year high of 24 771 on March 19, before retreating somewhat to close the first quarter at 23 120, up 15.3% from end-2024. In early April, trade tensions escalated abruptly due to the significant increase in import tariffs by the United States, and the global financial markets were volatile at that time. The HSI also fell in tandem, but it has recently resumed its uptrend.
     
         The residential property prices remained soft in the first quarter. Market sentiment turned more cautious towards the end of March amid growing external uncertainties from the United States’ trading and monetary policies. Overall flat prices fell by 2% in the first quarter. The index of home purchase affordability improved slightly further to around 59% in the first quarter alongside easing flat prices during the quarter, but remained above the long-term average of 56% over 2005 2024. The number of transactions, in terms of the total number of sale and purchase agreements for residential property received by the Land Registry, retreated by 19% from the preceding quarter to 12 193 in the first quarter, but was 24% higher than the level a year ago. On the other hand, overall flat rentals continued to show resilience, edging up by 0.4% during the first quarter. As to the non-residential property market, it remained generally weak in the first quarter, with trading activities across major market segments showing mixed performance, as well as prices and rentals declining further.
     
    Prices
     
         Consumer price inflation stayed modest in the first quarter of 2025. The underlying Composite CPI increased by 1.2% over a year earlier in the first quarter, same as the increase in the preceding quarter. Within this, food prices as a whole increased mildly. Private housing rentals saw a slightly accelerated increase. Price pressures on other major components stayed largely contained. Including the effects of the Government’s one-off relief measures, the headline Composite CPI increased by 1.6% over a year earlier, higher than the 1.4% increase in the preceding quarter. The headline inflation rate was higher than its underlying counterpart in the first quarter, as the electricity charges subsidy provided by the Government was smaller compared with the same period last year.
     
    Latest GDP and price forecasts for 2025
     
         As international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent. This may relieve part of the downward pressure on the global economic outlook. Moreover, the sustained steady growth of the Mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia including Hong Kong. Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong’s exports of services. However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment. Apart from this, the change in consumption patterns of residents and visitors would still pose constraints on driving consumption in the domestic market, though sustained increase in employment earnings and the SAR Government’s various policies to promote mega events and tourism would help boost consumption sentiment.
     
         Taking into account the actual outturn in the first quarter and the latest developments of the global and local situation, the real GDP growth forecast for 2025 as a whole is maintained at 2%-3%, the same as that announced in the Budget (Table 2). The Government will continue to closely monitor the situation. For reference, the latest growth forecasts by private sector analysts range between 1.0% to 2.5%.
     
         On the inflation outlook, overall inflation should remain modest in the near term as pressures from domestic costs and external prices should stay broadly in check. Considering that the inflation situation in the first quarter was broadly in line with earlier expectations, the forecasts for the underlying and headline consumer price inflation rates for 2025 are maintained at 1.5% and 1.8% respectively, the same as those announced in the Budget (Table 2).
     
         The First Quarter Economic Report 2025 is now available for online download, free of charge at www.hkeconomy.gov.hk/en/situation/index.htm. The Report of the Gross Domestic Product by Expenditure Component, which contains the GDP figures up to the first quarter of 2025, is also available for browse and download, free of charge on the homepage of the Census and Statistics Department, www.censtatd.gov.hk.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Artificial Intelligence – a Partner or a Replacement for Humans?

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The All-Russian scientific-practical and educational-methodical conference with international participation “Fundamental and applied research in the field of management, economics and trade” was held at the Polytechnic University.

    The plenary session of the conference was devoted to the discussion of cross-industry solutions using artificial intelligence in various sectors of the economy. The session was opened and the discussion was moderated by the chairperson of the conference program committee, director of the scientific and educational center for information technology and business analysis “Gazprom Neft”, professor of the Higher Engineering and Economics School of the Institute of Industrial Management, Economics and Trade of SPbPU Irina Rudskaya.

    Welcoming the participants of the conference, which opened in the White Hall of SPbPU, Vice-Rector for Research Yuri Fomin recalled that the university has chosen three relevant areas in its development strategy until 2030, including the development of artificial intelligence technologies.

    It is gratifying that our university is increasingly having discussion platforms on this topic. This is important for working out the decisions being made, finding answers to the questions that AI poses to us, said Yuri Vladimirovich.

    In turn, Vladimir Shchepinin, Director of the Institute of Industrial Management, Economics and Trade of SPbPU, noted that within the framework of the conference, the institute is holding a plenary session in the format of a panel discussion for the first time, as well as a competition of scientific works of students and postgraduates, according to the results of which the winners will receive scholarships from the institute’s fund, formed together with industrial partners.

    For two hours, the panelists kept the audience’s interest alive. The tone and theme were set by Yuri Fomin, who oversees the AI development direction at SPbPU.

    For us, cross-industry is everything related to engineering, not a specific segment. This is our competitive advantage. Today, we earn about two hundred million rubles a year on such developments using AI, and by 2030, we plan to reach one and a half billion rubles, concentrating on performing applied tasks for our partners, – said Yuri Fomin and spoke about some of the projects being implemented today.

    The Vice-Rector for Research also identified the main barriers that prevent more effective use of AI in the real sector of the economy. The first barrier is the lack of clear formalization of the business process, and for the implementation of AL technologies there must be a clear sequence of actions. The second barrier is insufficient digitalization: correct data is obtained from correctly digitized business processes. Incorrect data leads to making incorrect decisions.

    All speakers, starting with the Vice President, Director of the North-West Macroregional Branch of PJSC Rostelecom Alexander Loginov, spoke about overcoming such barriers and other tasks. He noted that the data really should be reliable, and that infrastructure and personnel are also needed to use AI. Alexander Evgenievich cited the results of one foreign study, according to which more than 60% of employees hide from management that they use AI, and 66% blindly trust all the information received. All participants in the discussion agreed that the solutions and answers offered by neural networks should be verified. This is especially important in such a field as medicine, although the largest number of datasets have been collected here and most of the data is carefully verified. As Petr Shegai, Deputy Director General for Science at the National Medical Research Center of Radiology of the Russian Ministry of Health, explained, Russian AL technologies for medicine, based on data collected in the country, today make it possible to prescribe treatment and help to partly equalize the opportunities of experienced and novice doctors, although, of course, any final decision on the appointment is made by a person.

    Svetlana Merkushina, Executive Director of the Sber Education Industry Center, spoke about the main trends related to data analysis, the advantages of using AI, including reducing the risk of human factor and accelerating all processes. Any AI is data plus algorithms that increase productivity. But what needs to be done to make AI truly generative? According to Maxim Patrushev, Deputy Head of the Kurchatov Complex of NBICS-nature-like technologies at the Kurchatov Institute National Research Center, there is no answer to this question yet, but methods for increasing productivity using AI are being actively created, big data is being analyzed for decision-making, and options for solutions in working with genes are being calculated. For example, scientists at the NRC are working on the Controlled Evolution software.

    Continuing the topic of possible solutions, Director of the Federal Scientific Center for Vegetable Growing, Academician of the Russian Academy of Sciences Alexey Soldatenko emphasized the possibilities of using AI to solve the problem of food security, increase agricultural yields and reduce labor costs. AI is actively used in breeding, development of animal nutrition, and “smart” video surveillance of animal behavior. Among the problems identified in the implementation of new technologies, Alexey Vasilyevich named an insufficiently developed regulatory framework, and also noted that technologies will change so rapidly that they will have to be mastered constantly.

    The importance of continuous training was also highlighted by the rector of the Gazprom Neft Corporate University, Ilya Dementyev, who noted that each employee of their company undergoes additional training three times a year. Summing up the discussion, Ilya Aleksandrovich identified another problem – a lack of understanding of the essence of artificial intelligence.

    We need to think about whether we have reached a point of singularity, when the technologies being created are used by people who do not understand what they are using. Therefore, we need to stimulate not only the development of technologies, but also the development of education in the field of artificial intelligence. And it is important that there is a demand from within – from the teachers themselves, who must understand how to use AI in teaching, and from students, who must understand what competencies they will need, the speaker noted.

    The panel discussion ended with a conversation with the audience. The speakers answered questions about how they see the labor market changing, what skills employers need, what language models are best to use, and what ethical issues remain unresolved. There was no clear answer to the last question, “What is artificial intelligence?” And while there is no understanding of what is in the “black box,” according to experts, it is worth asking more about how to use it rather than what AI is.

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to China: Peter Wilson

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Change of His Majesty’s Ambassador to China: Peter Wilson

    Mr Peter Wilson CMG has been appointed His Majesty’s Ambassador to China

    Mr Peter Wilson CMG has been appointed His Majesty’s Ambassador to the People’s Republic of China in succession to Dame Caroline Wilson DCMG, who will be transferring to another Diplomatic Service appointment.  Mr Wilson will take up his appointment during August 2025.

    Curriculum Vitae

    Full name: Peter Michael Alexander Wilson

    Year Role
    March 2023 to 2024 FCDO, Director-General for Europe
    Dec 2022 to March 2023 Cabinet Office, Director General, National Security Secretariat, responsible for the UK/France Summit
    March to Sept 2022 No 10 Downing Street, Principal Private Secretary to the Prime Minister
    2021 to 2022 Brasilia, Her Majesty’s Ambassador
    2017 to 2021 The Hague, Her Majesty’s Ambassador and UK Permanent Representative to the Organisation for the Prohibition of Chemical Weapons
    2013 to 2017 New York, Ambassador and Deputy Permanent Representative, UK Mission to the UN
    2010 to 2013 FCO, Director, Asia Pacific
    2007 to 2010 Beijing, Political Counsellor
    2005 to 2006  Islamabad, Political Counsellor
    2003 to 2004  FCO, Head of Policy, Directorate of Strategy and Innovation
    1999 to 2002 Brussels, Head, European Parliament Team, UK Permanent Representation to the EU
    1995 to 1998 Beijing, Second Secretary, Trade
    1993 to 1995 Language Training (Mandarin)
    1992 to 1993 FCO, Member of the Maastricht Treaty Bill Team
    1992 Joined FCO
    1990 to 1992 Harvard Kennedy School, Masters in Public Administration

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 16 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Virtune AB (Publ) is launching Virtune Bitcoin Prime ETP on Nasdaq Stockholm

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 16th of May 2025 – Virtune, a Swedish regulated digital asset manager, is announcing the launch of Virtune Bitcoin Prime ETP on Nasdaq Stockholm, the largest stock exchange in the Nordic region. 

    About Virtune Bitcoin Prime ETP
    Virtune Bitcoin Prime ETP is a physically-backed exchange-traded product (ETP) offering efficient and low-cost exposure to Bitcoin (BTC). Designed with institutional investors in mind, this ETP combines a highly competitive 0.25% annual management fee with institutional-grade security and full transparency. Like all Virtune products, it is physically backed by actual Bitcoin holdings, providing easy and secure exposure to the underlying asset.

    Key Information about Virtune Bitcoin Prime ETP:

    • 1:1 exposure to Bitcoin (BTC)
    • 100% physically backed by BTC
    • 0.25% annual management fee
    • Amount of Bitcoin per ETP: 0.001 BTC

    Virtune Bitcoin Prime ETP

    • Full name: Virtune Bitcoin Prime ETP 
    • Short name: Virtune Bitcoin
    • Ticker: VIRBTCP
    • Trading currency: SEK
    • First day of trading: Friday 16th of May 2025
    • ISIN: SE0025012032
    • Stock exchange: Nasdaq Stockholm

    Christopher Kock, CEO of Virtune: 
    “As crypto adoption continues to accelerate across the Nordics and Europe, combined with the increasing institutional demand we are seeing, we are pleased to meet this momentum by listing a globally competitive Bitcoin ETP. It offers secure, regulated, transparent, and cost-efficient exposure to Bitcoin. The product is designed to meet institutional demand, reflected in a daily net asset value of 0.001 BTC per ETP and a starting price of around 1,000 SEK, but it will also be available to retail investors.”

    If you are an institutional investor interested in exploring the potential of our current and upcoming ETPs for your discretionary asset management or wish to learn more about Virtune and our product offering, please feel free to contact us. Visit www.virtune.com for more information, and register your email address on our website to receive updates on upcoming ETP launches and other news related to crypto assets.

    Press contact
    Christopher Kock, CEO Virtune AB (Publ)
    christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The MIL Network –

  • MIL-OSI Russia: Re-elected Australian government wants more cooperation with China: Trade Minister

    Translation. Region: Russian Federal

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

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

    CANBERRA, May 16 (Xinhua) — Australia’s re-elected federal government led by Prime Minister Anthony Albanese wants to “do more business with China,” Trade and Tourism Minister Don Farrell told the Australian Financial Review (AFR) on Thursday.

    Australia will resist pressure from the United States to impose tariffs on imports from China and make decisions based on its national interests, the official said.

    “We don’t want to do less business with China, we want to do more business with China,” Farrell said. “We will make decisions about how to continue to engage with China based on our national interests, not on what Americans may or may not want,” he added.

    According to the Department of Foreign Affairs and Trade, Australian exports to China in 2023 were worth A$219 billion (US$140.2 billion), while exports to the United States were worth only A$33.5 billion (US$21.4 billion).

    Mr Albanese, whose ruling Labour Party won the May 3 election, confirmed on Monday that Mr Farrell would remain in the role of trade and tourism minister, a post he has held since 2022.

    The latter told AFR that Australia had offered to negotiate with the United States to lift the 10 percent tariff imposed by President Donald Trump in April, but Canberra would not make a deal for the sake of a deal. “We will only make a deal if it is in our national interest. We want a good deal and we are prepared to wait and be patient,” the minister said.

    Mr Farrell also said Australia would soon finalise a new proposal to the European Union in talks on a free trade agreement, which stalled in 2023 but was revived in response to US tariffs. –0–

    MIL OSI Russia News –

  • MIL-OSI Economics: ASEAN, Republic of Korea pledged to enhance comprehensive strategic partnership

    Source: ASEAN – Association of SouthEast Asian Nations

    BANGKOK, 16 May 2025 – Senior officials of ASEAN and the Republic of Korea (ROK) reaffirmed their commitment to strengthening the Comprehensive Strategic Partnership (CSP) at the 29th ASEAN-ROK Dialogue held today in Bangkok.
     
    The Meeting acknowledged the positive momentum of ASEAN-ROK cooperation following the establishment of the CSP in conjunction with the 35th anniversary of Dialogue Relations in 2024. Substantive progress has been achieved across a wide range of areas of cooperation under the ASEAN-ROK Plan of Action (POA) 2021-2025, including political and security cooperation, trade and investment, digital transformation, tourism, energy, environment, disaster management, education, culture, youth and people-to-people exchanges. Both sides looked forward to the finalisation of the successor POA for the term 2026–2030, which is expected to be adopted by the Foreign Ministers of both sides in July 2025 during the ASEAN Post-Ministerial Conference with the ROK.
     
    The ROK expressed its support for Malaysia’s ASEAN Chairmanship and priorities this year under the theme “Inclusivity and Sustainability”. The ROK also affirmed its continued support for ASEAN Community-building efforts and ASEAN Centrality, including the implementation of the ASEAN 2045: Our Shared Future that will be adopted at the 46th ASEAN Summit.
     
    ASEAN and the ROK renewed their commitment to strengthening cooperation under the CSP. Focus will be placed on key areas such as trade and investment, including through the upgrade of the ASEAN-ROK Free Trade Are (AKFTA), digital transformation, cybersecurity, clean energy, ASEAN Power Grid, smart cities, climate change and environmental, education and youth empowerment, and narrowing the development gap. ASEAN welcomed the ROK’s implementation of various initiatives under the Korea-ASEAN Solidarity Initiative (KASI) to further enhance cooperation.
     
    Both sides also agreed to continue advancing practical cooperation in the four priority areas of the ASEAN Outlook on the Indo-Pacific (AOIP), in accordance with the Joint Statement on Cooperation on the AOIP adopted at the 24th ASEAN-ROK Summit in 2023.
     
    The Meeting exchanged views on international and regional issues, including the situations on the Korean Peninsula, in South China Sea, in Myanmar, in Ukraine and in the Middle East. Both sides emphasised the importance of strengthening cooperation amidst the ongoing global uncertainties, including the need to uphold multilateralism and the open and free trading system.
     
    The 29th ASEAN-ROK Dialogue was co-chaired by Permanent Secretary of the Ministry of Foreign Affairs, SOM Leader of Thailand, Eksiri Pintaruchi, and Deputy Minister for Political Affairs, SOM Leader of the ROK, Chung Byung-won. It was attended by Senior Officials of ASEAN Member States and the Deputy Secretary-General of ASEAN for ASEAN Political-Security Community. Timor-Leste attended as Observer.
     

    The post ASEAN, Republic of Korea pledged to enhance comprehensive strategic partnership appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • India–UK Trade Deal to Spur 15 % Annual Growth Through 2030, Says CareEdge

    Source: Government of India

    Source: Government of India (4)

    The bilateral trade between India and the United Kingdom is expected to grow by about 15 per cent a year until 2030, on the assumption that the recently concluded free-trade agreement (FTA) will take effect within the next twelve months, according to a report released on Friday.

    The accord, finalised on 6 May after nearly three years of negotiations, presents a strategic opportunity for Indian companies to deepen their presence in the British market, stimulate domestic manufacturing and drive overall economic expansion, CareEdge Ratings said.

    “This landmark FTA also fosters investment, joint ventures and collaboration in the services sector, thereby deepening economic ties. Going forward, the agreement marks a pivotal shift in India–UK economic relations, unlocking new opportunities for businesses, strengthening manufacturing and enriching consumer markets,” observed D. Naveen Kumar, Associate Director at CareEdge Ratings.

    At present the United Kingdom accounts for roughly two per cent of India’s total trade, yet the relationship has been expanding at a compound annual growth rate of 11 per cent over the past decade.
    Under the deal, India will cut tariffs on 90 per cent of British goods, with 85 per cent becoming entirely duty-free over ten years. In return, the UK will abolish duties on selected products, leaving 99 per cent of Indian exports tariff-free.

    “Key benefits for Indian exporters include improved market access, more resilient supply chains, greater competitiveness, higher volumes and fresh avenues for growth,” the report noted.

    Lower tariffs and streamlined regulations are expected to bolster India’s export performance, making its products more price-competitive and therefore more attractive to British buyers. Exporters, who have faced sluggish sales and uncertainty over possible retaliatory US tariffs, may find welcome relief.

    Significant gains are anticipated in automobiles, whisky, industrial machinery and pharmaceuticals, where steep tariff cuts and simplified norms will apply. The agreement is also set to open lucrative prospects for India’s gems-and-jewellery sector by leveraging the UK’s affluent consumer base and mature luxury market.

    Tariffs ranging from 8 per cent to 14 per cent on various electrical and engineering goods will be scrapped, giving Indian manufacturers a clear edge over global rivals, the report added. (IANS)

  • MIL-OSI China: India, Japan notify WTO of possible retaliation against US tariffs

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

    India and Japan have recently notified the World Trade Organization (WTO) of potential retaliatory measures in response to U.S. tariffs on steel and aluminum.

    The European Union(EU) and Britain had submitted similar notifications to the WTO earlier.

    WTO documents show that both India and Japan argue that the U.S. tariffs, imposed since March 2018, constitute safeguard measures under the WTO Agreement on Safeguards, although they were not officially notified by the United States to the WTO. In line with this agreement, the two countries, respectively, stated that they reserve the right to suspend concessions and other obligations by imposing additional tariffs on selected U.S. imports.

    India estimates that the tariffs will affect 7.6 billion U.S. dollars worth of its relevant exports to the United States, generating 1.91 billion dollars in duties. India has vowed to impose “an equivalent amount of duty collected from products originating in the United States” as part of its proposed suspension of concessions.

    Japan’s WTO notification reveals that its retaliatory measures will target not only U.S. steel and aluminum tariffs, but also American import restrictions on automobiles and auto parts.

    The proposed suspension of concessions will take the form of an equivalent increase in duties on selected U.S. products, said the notification, adding that the details, based on the most recent export data, will be provided to the WTO prior to the implementation.

    The United States began imposing 25 percent tariffs on steel and 10 percent on aluminum imports in March 2018 under Section 232 of the 1962 Trade Expansion Act, citing “national security concerns.”

    In February 2020, these tariffs were extended to derivative steel and aluminum products.

    Starting from March 12, 2025, the Trump administration raised tariffs on aluminum from 10 percent to 25 percent and ended duty-free quotas, exemptions and exclusions for steel and aluminum tariffs.

    These measures have triggered widespread condemnation and opposition. The EU and Britain have also notified the WTO that they reserve the right to suspend the substantially equivalent concessions. 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Land registration fees revised

    Source: Hong Kong Information Services

    The Government will increase fees for five types of land registration services in three phases through the 2025-26 to 2027-28 financial years, with the increases ranging from around 15% to 35% in each phase.

    The scope of fee adjustments will cover registration of instruments, including assignment and mortgage; registration of agreement for sale and purchase; lease registration, agreement, renewal and surrender; registration of other instruments; and registration of instruments whereby any charge or mortgage on any share or interest in a property is assigned or transferred.

    The Government explained that these five types of fees for services provided by the Land Registry Trading Fund have not been adjusted for almost 30 years.

    The fees were reviewed and adjusted in accordance with an established mechanism and the “user pays” principle, and have been set at levels considered generally adequate for recovering the full costs of providing the services.

    The amendment regulation was published in the Government Gazette today and will be tabled in the Legislative Council next Wednesday for its approval by negative vetting.

    Thereafter, the revised fees will come into effect in three phases from July 16 of this year, July 1 in 2026, and July 1 in 2027.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China Smart Industry Trade Exhibition adds value to Malaysia’s development aspirations: official

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

    Guests attend the opening ceremony of the 2025 China Smart Industry Trade Exhibition (2025 CSITE) in Kuala Lumpur, Malaysia, May 15, 2025. The 2025 CSITE, together with Chinese technology expositions, is adding momentum to Malaysia’s development aspirations, especially in the adoption of new technologies and digitalization, Deputy Communications Minister Teo Nie Ching said here on Thursday. [Photo/Xinhua]

    The 2025 China Smart Industry Trade Exhibition (2025 CSITE), together with Chinese technology expositions, is adding momentum to Malaysia’s development aspirations, especially in the adoption of new technologies and digitalization, Deputy Communications Minister Teo Nie Ching said here on Thursday.

    Coming at a time when Malaysia, as 2025 chair of the Association of Southeast Asian Nations (ASEAN) grouping, is advocating for greater cooperation and regional integration, the exhibition reinforces efforts to improve connectivity in trade, tourism, education, and cultural diplomacy, Teo said in her remarks at the exhibition’s launch.

    “I am heartened to see the participation of nearly 100 companies from China, Malaysia, and around the region. Your presence here speaks volumes about the potential for partnerships that can help shape a smarter, safer, and more connected ASEAN,” she said.

    “China has remained Malaysia’s largest trading partner for 16 consecutive years… What these enormous figures tell us is that there is strong trust, shared aspirations, and a readiness to innovate together. In addition to growing trade and investment links, people-to-people ties between our nations continue to deepen,” she added.

    This year marks the 5th edition of the expo with the theme of “Smart Technology, Digitalization, and Education.” The event also coincides with the 10th anniversary of the China Entrepreneurs Association in Malaysia (PUCM).

    Teo noted PUCM’s key role in building mutual understanding, business collaboration, and cultural exchange between Malaysia and China. “Your dedication has helped develop strong and lasting partnerships across a range of sectors, from technology and telecommunications to culture and education,” she said.

    Meanwhile, Minister of the Chinese Embassy in Malaysia Zheng Xuefang said the cooperation potential and prospects between China and Malaysia in the field of artificial intelligence (AI) are immense and promising.

    “China is now a global AI powerhouse with advanced technology, strong government backing and a huge market, while Malaysia is an emerging player aimed to achieve economic growth and regional competitiveness via AI development. There is great potential in cooperation for both countries,” he said.

    For his part, PUCM president Keith Li said that the 2025 CSITE has emerged as a major platform, serving as a vital bridge, linking Chinese innovation with Malaysian opportunities and continuing its mission to strengthen partnerships between Chinese and Malaysian entrepreneurs.

    “Beyond business, we have cultivated strong people-to-people connections through exhibitions, cultural videos, forums, and outreach efforts. PUCM remains proud to be a trusted platform that advances both commercial ties and community engagement,” he said. 

    MIL OSI China News –

  • MIL-OSI China: China-Vietnam ties develop steadily with closer cooperation, exchanges

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

    In Pingxiang, a border county in south China’s Chongzuo city, Guangxi Zhuang Autonomous Region, flat-bed and container trucks carrying fruits, building materials and industrial equipment are lining up to cross the China-Vietnam border.

    The county, home to around 130,000 people, has witnessed the rapidly growing trade and even closer practical cooperation between the two neighboring countries in recent years, which also gave a strong boost to local trade and economic development and brought more benefits to the people of both countries.

    After China and Vietnam normalized their relationship over 30 years ago, they forged a comprehensive strategic cooperative partnership in 2008, and the two countries have been maintaining communication at all levels, and working together to step up synergy in development strategies, facilitate practical cooperation, promote cultural and people-to-people exchanges and advance regional connectivity.

    With joint efforts, the two countries’ cooperation has been advancing steadily. China has remained Vietnam’s biggest trading partner and the second largest export destination, while Vietnam has continued to be China’s biggest trading partner in the Association of Southeast Asian Nations. Bilateral cooperation in such areas as investment, infrastructure and green energy has also flourished.

    Statistics of China’s customs showed that the two countries’ trade increased by 19.7 percent to 230.2 billion U.S. dollars in 2021, the first time in history surpassing the 200-billion mark. It is a hard-won achievement amid the impacts of the COVID-19 pandemic and the staggering global economy.

    The booming cross-border fruit trade has been one of the new highlights of bilateral trade in recent years. Thanks to fast transportation, cold chain logistics and the development of e-commerce, Vietnam’s fruit exports to China have increased rapidly year by year, and the China-Vietnam border city Chongzuo has become the largest city for import and export of border fruits trade in China.

    In the third quarter this year, the foreign trade volume of Chongzuo jumped to 78.12 billion yuan (10.6 billion dollars) with a surge of nearly 50 percent year-on-year.

    On Sept. 19, after years of small-scale trade around the border areas, fresh durians from Vietnam were officially exported to China for the first time, offering new opportunities to durian growers, packers and producers in the country.

    Eyeing the huge potential of China’s market with over 1.4 billion consumers, Rang Dong Agricultural Product Import-Export Company in Vietnam’s southern Long An province hopes to deliver more fresh and processed fruits to China, especially after the Regional Comprehensive Economic Partnership came into effect on Jan. 1.

    Nguyen Tat Quyen, the company’s director, said that besides the gigantic size, the Chinese market has another big advantage, namely being close to Vietnam, and convenient for road, sea and air transport.

    During the 14th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation in July, the two sides agreed to bolster their Belt and Road cooperation, work together to build a mechanism for ensuring and promoting the stability of industrial and supply chains, strengthen port construction and facilitate customs clearance.

    As a flagship project of Belt and Road cooperation, the China-constructed Cat Linh-Ha Dong metro line project in Hanoi, the first of this type in the Southeast Asian country, has transported millions of Vietnamese since its commercial operation in November last year.

    The metro project has greatly facilitated the travel of residents along the route. Many residents have begun to abandon the traditional travel mode of motorcycles and choose to take the metro.

    “Taking these trains, I will no longer have to worry about congestion every morning while going to work,” said Hoang Thi Huong, a 30-year-old passenger from Hanoi’s Thanh Xuan district, hoping that more urban railway projects will be constructed to ease transportation in the city.

    The past years have also witnessed growing friendship and mutual understanding between the people of the two countries. An increasing number of Chinese films and TV series have gained popularity in Vietnam, while the flourishing bilateral ties have attracted more and more Vietnamese students to study and work in China.

    “As a Vietnamese student in China, I’m familiar with both countries, and I hope to help promote exchanges and make the two countries better understand each other,” said Nguyen Huyen Trang, a medical student at Guangxi University in China.

    Seeing the bright development prospect of China, Nguyen said he plans to find a job related to China-Vietnam medical cooperation and stay in Guangxi. “The experience of studying in China will give me more advantages in this regard,” he added.

    MIL OSI China News –

  • MIL-OSI USA: 100 Days: Keynote Address by Acting Chairman Caroline D. Pham, 39th ISDA Annual General Meeting

    Source: US Commodity Futures Trading Commission

    Thank you to Scott and the entire ISDA team for the invitation to speak today at the 39th ISDA Annual General Meeting (AGM) in Amsterdam.  It’s a real pleasure to see so many friends and colleagues in the room. 
    This year not only marks the 50th anniversary of the CFTC, but it also is the 40th anniversary of ISDA.  That is an impressive milestone, outlasting a few key benchmark rates along the way.  But beyond the longevity is a legacy of real significance, reflected in the documentation and standards that underpin the global derivatives markets. 
    The centerpiece of ISDA’s transformation of derivatives markets is, of course, the ISDA Master Agreement.  The years 1992 and 2002 need no introduction—if you know, you know.  The ISDA Master is the legal and operational foundation for trillions of dollars in transactions each day.  It is no exaggeration to say that standardized ISDA documentation is one of the most important innovations in modern finance. The ISDA Master even made it to Hollywood in the movie The Big Short, featured alongside famous movie stars. 
    Even though the $700 trillion notional derivatives markets are the largest financial markets in the world, the derivatives community is relatively small and close-knit to this day.  That sense of community also brings with it a sense of responsibility, and I believe that is why the derivatives markets have always been characterized by proactive efforts to create industry standards. 
    The scale and reach of ISDA cannot be overstated.  I know from personal experience in the private sector that ISDA has around 150 committees, working groups, and forums to address every product, asset class, and process associated with a swap, in every region around the world, because not only did I personally approve each of the hundreds of firm employees who participated in ISDA, I joined many of these calls myself.  
    So on behalf of the CFTC, I want to thank each of you for the countless hours and wealth of expertise that you contribute to making our markets safer and more efficient.  You create the standard for industry best practices, and then you keep raising that standard and innovating.  I commend all of ISDA’s leaders over the decades for making ISDA what it is today, but I especially want to congratulate ISDA CEO Scott O’Malia for all your success and the tremendous growth in ISDA initiatives and solutions—and not just because you’re my old boss.
    Let me now tell you about the first 100 days of this Administration and all we’ve done at the CFTC to deliver results for not just the American people, but also for all stakeholders in our global markets. 
    Improving Efficiency and Effectiveness
    Cost Savings
    First, pursuant to the President’s executive orders, General Services Administration (GSA) guidance, and at my direction, the CFTC’s Division of Administration has achieved significant cost savings for our agency.  By conducting a comprehensive review of all CFTC contracts and procurement, and then applying basic cost management principles, the CFTC has saved nearly $20 million dollars without compromising CFTC operations or services.
    On an annualized basis, after including other reductions to costs including leasing, the CFTC is on track to save about $50 million dollars.  That is a cost savings of roughly 14% of the CFTC’s appropriated budget, which was $365 million dollars for fiscal year 2025. 
    No magic was involved in achieving these significant savings for the American taxpayer—just prudent and experienced management. 
    Transformation and Optimization 
    We’ve also completed organizational changes to the CFTC’s divisions and offices to break down silos, enhance coordination, and minimize duplication.  It was not necessary to create or eliminate any agency components—instead, we looked at what CFTC organizational structure has been proven to work in the past over many decades. 
    These changes help the CFTC to return to regular order and are expected to generate short-term and long-term improvements to agency operations and other efficiencies.  And, various sections have been realigned within divisions into functional units to enhance operational efficiency and effectiveness.

    The Market Surveillance Section has returned to the Division of Market Oversight (DMO), where it had historically been located, from the Division of Enforcement (DOE).  The Office of the Chief Economist has also moved to DMO and was renamed the Economic Research Section to further enhance the CFTC’s market analysis capabilities. Both of these sections are within DMO’s Product and Market Analytics Branch.
    In addition to the above changes, DMO now has a DCM, SEF, and SDR Branch that includes a Data Reporting Section and a Market Review Section.
    The Market Participants Division (MPD) is now organized into the Examinations Branch; Financial Requirements Branch with a Financial Resources Section and Financial Risk Management Section; and Registration and Compliance Branch with a Registration and Swaps Oversight Section and a Managed Funds and Intermediaries Section.
    The Office of Proceedings and the Whistleblower Office have moved to the Office of the General Counsel to better reflect their adjudicatory functions and minimize conflicts of interest. 

    CFTC FY 2026 Annual Performance Plan
    For the first time since fiscal year (FY) 2018–eight years ago—the CFTC has updated its Annual Performance Plan with key performance indicators (KPIs) that is submitted to the Office of Management and Budget (OMB). The Annual Performance Plan is the key tool used to measure the CFTC’s performance results against the CFTC’s mission and 5-year strategic plan. 
    The goals included in the FY 2026 Annual Performance Plan prioritize improving market integrity and transparency, promoting derivatives markets’ financial integrity and avoiding systemic risk, promoting smart enforcement, and engaging in robust domestic and international cooperation. Together, the goals and KPIs prepare the CFTC to execute the President’s agenda and measure our success in doing so.
    Importantly, a major change to the CFTC’s approach to KPIs is to measure the CFTC’s efficiency in executing the agency’s core functions by establishing baseline expectations for timeliness of activities such as processing registrations, other applications, or rule submissions; performing examinations; conducting investigations; and other oversight activities. 
    Aging dashboards will be established and routinely monitored so that agency underperformance can be detected and promptly addressed. Appropriate KPIs enable American taxpayers to better assess the value provided by the CFTC and ensure accountability in the use of public funds. 
    Delivering Results
    I want to highlight some of the key accomplishments that the CFTC has achieved in just 100 days, in addition to our day-to-day work.  I’m proud to say we have completed all items that were prioritized based on the inventory of open matters that was identified at the beginning of my chairmanship, and I thank my directors and their teams who have been working so hard these past five months to deliver these results.  Most of these initiatives address proposals or concerns I raised as a Commissioner. 
    Swaps Market and Reducing Regulatory Burdens

    MPD and DMO issued an interpretative letter that FX window forwards and package FX spot transactions are not swaps.  This lack of regulatory clarity has resulted in uncertainty and disruption to the FX market for nearly 10 years.
    MPD issued an interpretative letter providing that swap dealers could post and collect shares of certain U.S. Treasury ETFs as eligible margin collateral for uncleared swap transactions.  This was a recommendation from the CFTC’s Global Markets Advisory Committee (GMAC) and its Global Market Structure Subcommittee to enhance market liquidity and efficiency.
    MPD issued a no-action letter providing relief to swap dealers from the pre-trade mid-market mark disclosure requirement to reduce regulatory burden.  The CFTC has provided such relief for certain swaps since 2012. Notably, the CFTC has never rescinded no-action letters that address unworkable or overly burdensome Dodd-Frank requirements.
    The Division of Clearing and Risk (DCR) and MPD circulated for a Commission vote an amended order to permit an exempt derivatives clearing organization (DCO) to clear certain swaps for U.S. customers through a non-U.S. clearing member affiliate of a futures commission merchant (FCM) to mitigate systemic risk and promote market liquidity.
    DMO withdrew an advisory that created regulatory uncertainty regarding whether certain entities are required to register as swap execution facilities (SEFs).
    The CFTC and SEC adopted a joint final rule extending the compliance date for amendments to Form PF because the original implementation timeframe was unworkable.
    DCR and MPD issued a no-action letter which permits DCOs and FCMs to retain current separate account treatment up to the compliance date for the final rule to reduce regulatory burden.
    DCR and DMO issued a no-action letter from swap data reporting and recordkeeping regulations to reduce regulatory burden.
    MPD and DCR issued a no-action letter which allows a non-U.S. swap dealer to retain exemptions to uncleared margin and clearing mandate requirements for its legacy swap portfolio in connection with an acquisition of another entity.
    DMO issued a no-action letter in connection with KRX’s KOSPI.
    MPD issued an interpretative letter to allow non-U.S. swap dealers domiciled in Japan that elect substituted compliance for capital and financial reporting to file only certain defined schedules of the home country Japanese Annual Business Report to eliminate overly burdensome reporting requirements.

    Innovation and Market Structure

    The CFTC hosted a first-ever Crypto CEO Forum of industry-leading firms to discuss the launch of the CFTC’s digital asset markets pilot program for tokenized non-cash collateral such as stablecoins.  The CFTC’s GMAC and its Digital Asset Markets Subcommittee previously made a recommendation.
    The CFTC will soon participate as an observer in industry tokenization pilot programs.
    DCR and DMO withdrew two advisories relating to virtual currency derivative product listings and clearing that were no longer needed given additional staff experience and increasing digital asset market growth and maturity.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading and clearing of perpetual derivatives contracts in CFTC-regulated markets.
    DCR, DMO, and MPD issued a request for comment on the potential uses, benefits, and risks of trading on a 24/7 basis in derivatives markets and associated clearing risk management.
    MPD will soon issue an interpretative letter regarding the circumstances for which a person that has a place of organization, and the location where its high-level officers primarily direct, control, and coordinate such person’s activities, is in a foreign jurisdiction, that such person is not a “person located in the United States” for purposes of the “foreign futures or foreign options customer” definition in CFTC regulation 30.1(c); is not a “participant located in the United States” for purposes of CFTC regulation 48.2(c); is a “foreign located person” for purposes of CFTC regulation 3.10(c)(1)(ii); and is a “non-U.S. person” as defined in CFTC regulation 23.23(a) and the CFTC’s 2013 cross-border swaps activity guidance, among other things.  The CFTC’s regulation by enforcement approach to crypto and novel interpretations that contravene decades of CFTC precedent have created regulatory uncertainty and disruption to the global derivatives markets, as I predicted in my prior public statement in a CFTC enforcement action.
    DCR and DMO will soon issue an advisory on the benefits of and associated considerations for exchange volatility controls.  This was a recommendation from the CFTC’s GMAC and its Global Market Structure Subcommittee to mitigate systemic risk and promote market resiliency.
    MPD will soon issue a FAQ to remind the public of the significant regulatory obligations associated with registering and operating an FCM.

    Enforcement and Compliance

    DOE dispositioned 50% (representing several hundreds) of its open enforcement matters, including preliminary investigations, investigations, and litigation.  Of these resolved matters, over a dozen had been open for over 15 years and over three dozen had been open for over 10 years.  Resolving this backlog will enable DOE to focus its resources on catching fraudsters and scammers and helping victims.
    DOE issued an advisory on self-reporting, cooperation, and remediation with a first-ever matrix for mitigation credit to provide fair notice to the public and guidance that is designed to ensure due process in DOE’s investigations and enforcement actions.  The advisory provides transparency, predictability, returns to decades of prior CFTC policy on self-reporting, and is aligned with best practices for assessing penalties followed by the Department of Justice and other U.S. financial regulators.  This advisory implements my proposals as a Commissioner.
    DOE launched a 30-day compliance and remediation initiative, or enforcement sprint, in March to expeditiously resolve outstanding investigations and enforcement matters regarding compliance violations without customer harm or market abuse.  Of approximately two dozen firms that expressed interest in participating in the enforcement sprint, over five matters are, or will soon be, in circulation for a Commission vote on administrative settlement orders.  These proposed settlement orders resolve years of investigation, apply the new DOE advisory regarding mitigation credit, and have civil monetary penalties that are reflective of historical amounts—a fraction of DOE’s previous initial demand amounts that were often disproportionately 10, 20, or 100 times larger than in the past.
    MPD, DCR, DMO, and DOE issued a joint advisory on the materiality or other criteria that the operating divisions will use to determine whether to make a referral to DOE for self-reported violations, or supervision or non-compliance issues.  This advisory implements my proposals as a Commissioner.
    MPD and DOE issued a CFTC internal memorandum that establishes the procedures MPD and DOE will follow when non-U.S. swap dealers are suspected of violating foreign comparable standards when relying on substituted compliance.  Any inquiry involving substituted compliance will be handled by MPD, unless MPD determines that a supervision or non-compliance issue is material and makes a referral to DOE pursuant to CFTC Staff Letter 25-13.  Generally, the procedures require CFTC staff to adhere to principles of international comity and deference to the foreign regulator, including that the foreign regulator interprets and applies the home country regulation (not the CFTC), and that MPD and DOE will not pursue an inquiry if the foreign regulator determines that the non-U.S. swap dealer is in compliance with foreign comparable standards, or the foreign regulator is addressing the non-compliance issue through its supervisory process.  This advisory implements my proposals as a Commissioner.
    DOE reorganized its task forces to combat fraud and help victims while ending the practice of regulation by enforcement.  The new task force model allows enforcement attorneys to specialize in categories of cases, thereby enhancing relevant knowledge, practices and mentoring opportunities, and reducing the risk of legal or ethical lapses.  It is also more efficient by enabling staffing assignments irrespective of location in headquarters or regional offices.
    DOE launched a Basic Trial Advocacy Skills training series, with sessions ranging from opening, closing and direct examinations, interactions with jury and opposing counsel, and techniques to avoid creating misimpressions, with more sessions being planned. The sessions offer practical instruction on investigations and litigation as well as opportunities to discuss ethical and discovery dilemmas that can occur in real life litigation scenarios.  These training programs and the following ethical conduct and culture initiatives address concerns I had raised as a Commissioner.
    DOE delivered various ethics training, including ensuring candor and openness in engagement with the Court and defense counsel.  DOE also hosted a training on the American Bar Association’s Model Rules of Professional Conduct as applied to government attorneys, with additional trainings being planned.
    DOE promoted greater transparency with the defense bar by sponsoring open forum discussions with practicing defense attorneys and, where appropriate, providing greater detail about the status of open cases. 

    Recognizing CFTC Staff
    I think we can all agree that based on sheer productivity and impact, these first 100 days have been nothing short of remarkable.  The CFTC has provided an outstanding return on investment for the American taxpayer.  None of this would have been possible if it were not for the unwavering commitment of CFTC staff to our mission and our markets. 
    The work of our dedicated employees—often behind the scenes, but always indispensable—is the bedrock of our balanced, principles-based regulatory framework that promotes market integrity and protects the public from fraud, manipulation, and abuse.  
    It was my great honor to celebrate our core values, recognize the achievements of our talented staff, and commemorate the CFTC’s 50th anniversary last month with special awards for exceptional CFTC employees that exemplify Mission Excellence, Market Excellence, and Mindset Excellence.  We recognized 28 of our staff, some of whom have loyally served the CFTC for over 40 years.
    In addition, we launched a CFTC Leadership Speaker Series, and are working on additional staff development opportunities throughout the year.
    I am especially indebted to my executive management team, especially Harry Jung, acting Chief of Staff; Meghan Tente, acting General Counsel; Brigitte Weyls, Chief Counsel; Taylor Foy, acting Director of Public Affairs; and Nick Elliot, acting Director of Legislative Affairs.  They have each been pulling double duty since January, and their tireless work ethic, positive attitude, collegiality, and genuine care mean so much to me.
    I have been truly lucky to have the benefit of the decades of CFTC leadership by acting MPD Director Tom Smith and acting MPD Deputy Director Frank Fisanich; acting DCR Director Richard Haynes; acting DMO Director Rahul Varma and former acting DMO Director Amanda Olear; DOE Director Brian Young; DOE Deputy Director Paul Hayeck, acting Chief of the Complex Fraud Task Force; DOE Deputy Director Charles Marvine, acting Chief of the Retail Fraud and General Enforcement Task Force; acting Deputy General Counsel Anne Stukes; acting and acting OIA Director Mauricio Melara.  They are the very embodiment of public service, duty, and dedication.
    Conclusion 
    When I became acting Chairman this year, I noted that for the past half century, the CFTC has proudly served our mission to promote market integrity and liquidity in the commodity derivatives markets that are critical to the real economy and global trade—ensuring American growers, producers, merchants and other commercial end-users can mitigate risks to their business and support strong U.S. economic growth. I also said it was time for the CFTC to get back to the basics.  We delivered on that promise.
    It’s a very fitting bookend that I am here today to talk about what the CFTC has accomplished in just 100 days under my leadership as acting Chairman, because three years ago, I was a new Commissioner at the beginning of my term speaking at the ISDA AGM in Madrid.  
    As some of you may have caught on Bloomberg TV last week during my interview at the Milken Institute Global Conference, I have announced that I will be returning to the private sector once Brian Quintenz is confirmed as Chairman.  While I don’t have any specific plans for what’s next for me personally yet, I hope to make some over the next several months. 
    The United States recently celebrated Mother’s Day.  My own mom always told me when I was growing up, that anything is possible if you put your mind to it.  I had a vision of what could be accomplished at the CFTC, the agency where I began as a law student intern, came back for the fourth time as a Commissioner, and will now leave as acting Chairman.  I hope you will agree that I put my mind, heart, body, and soul into this job, and achieved my vision of what was possible.  I hope that this might inspire others to achieve their vision of what is possible too. 
    It has been the honor of a lifetime to serve as a Commissioner and now acting Chairman, and I will leave with deep pride in what we’ve accomplished and great confidence in what the CFTC will continue to achieve in the years ahead.  I am grateful for having had this incredible opportunity to make a difference.  Thank you.

    MIL OSI USA News –

  • MIL-OSI Russia: An art exhibition opened in Beijing to mark the 100th anniversary of Russian public diplomacy and the 15th anniversary of the Russian Cultural Center in Beijing

    Translation. Region: Russian Federal

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

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

    On May 15, 2025, an art exhibition dedicated to the 100th anniversary of Russian public diplomacy and the 15th anniversary of the founding of the Russian Cultural Center in Beijing was ceremoniously opened at the Russian Cultural Center in Beijing. The event was jointly organized by the Russian Cultural Center in Beijing and the website www.pdnet.cn, with the support of the International Exchange Committee of the China Association of Trade in Services. The ceremony was attended by Cultural Counselor of the Russian Embassy in China Maxim Chernyshev, Director of the Serbian Cultural Center Tatyana Soldat, as well as representatives of friendly circles from China, Russia, Serbia, Indonesia, Rwanda and other countries.

    In her welcoming speech, Director of the Russian Cultural Center in Beijing Tatyana Urzhumtseva noted that for 100 years Rossotrudnichestvo has served as a bridge connecting the cultures of Russia and China. Over the past 15 years, the Russian Cultural Center in Beijing has become a platform for dialogue, a keeper of traditions, and a creative laboratory. She emphasized that the centenary of people’s diplomacy is not just a chronological milestone, but a century-long testimony to a sincere dialogue, where humanitarian cooperation and people’s friendship remain a “golden bridge” between the two countries.

    Liu Chunyan, editor-in-chief of www.pdnet.cn and deputy director of the International Exchange Committee of the China Association for Trade in Services, said that people’s friendship is the cornerstone of interstate relations. Over the past 15 years, the Beijing-based Russian Cultural Center has organized many events that have strengthened mutual understanding and laid a solid foundation of people’s support for the development of comprehensive partnership and strategic cooperation in the new era.

    Artist Chen Ruiqi, whose works combine traditional Chinese ink painting with oil painting techniques, shared his sources of inspiration and deep connection with Russian culture, demonstrating an aesthetic dialogue of “unity in diversity” between the two artistic traditions.

    The exhibition presents more than 50 works by Chinese masters, who through a unique artistic optics celebrate Chinese-Russian friendship and explore the possibilities of synthesizing the artistic languages of the two countries. The exhibition will run from May 15 to 17 and is open to the public.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Revisions of fees under Land Registration Ordinance published

    Source: Hong Kong Government special administrative region

    The Government published in the Gazette today (May 16) the Land Registration Fees (Amendment) Regulation 2025 (the Amendment Regulation) to revise the fees for registration services provided by the Land Registry Trading Fund.

    The types of fees to be revised include:
    (i) registration of instruments including assignment and mortgage;
    (ii) registration of agreement for sale and purchase;
    (iii) registration of lease, agreement for a lease, or renewal or surrender of a lease;
    (iv) registration of other instruments; and
    (v) registration of instruments whereby any charge or mortgage on any share or interest in any property is assigned or transferred.

    A Government spokesman said, “The above-mentioned five types of fees have not been adjusted for almost 30 years and are significantly under-recovered. The Government has reviewed and adjusted the relevant fees in accordance with the established mechanism and ‘user pays’ principle. The revised fees are set at levels generally adequate for recovering the full costs of providing the services. In order for the affected parties to adapt to the fee revisions progressively, we propose to increase the above-mentioned fees in three phases in the financial years of 2025-26, 2026-27 and 2027-28 respectively, with the increases ranging from around 15 per cent to around 35 per cent in each phase. Among them, registration fee types (i) and (ii) are related to conveyancing transactions. After the fee revisions, the increase in registration fees is still limited compared with the overall costs involved in a typical property conveyancing transaction including property price, stamp duty, and fees for conveyancing solicitors and estate agents. Regarding the other three types of non-conveyancing related registration fees, the payers are primarily corporate clients and financial institutions. It is anticipated that the impact of the fee revisions will be manageable to them.” The revised fees can be viewed from the Land Registry’s website (www.landreg.gov.hk/en/new/fee.htm).

    The Amendment Regulation was published in the Gazette today and will be tabled at the Legislative Council (LegCo) next Wednesday (May 21). Subject to approval of the Amendment Regulation by the LegCo by negative vetting, the revised fees will come into effect in three phases on July 16, 2025, July 1, 2026, and July 1, 2027, respectively.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Deputy Secretary-General of ASEAN for the ASEAN Economic Community Highlights AI, Sustainable Trade in APEC Ministers Responsible for Trade Meeting

    Source: ASEAN

    Deputy Secretary-General of ASEAN for the ASEAN Economic Community, Satvinder Singh, attended the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea, under the theme: “Building a Sustainable Tomorrow: Connect, Innovate, Prosper.”
     
    Representing the ASEAN Secretariat as an official observer, DSG Satvinder highlighted ASEAN’s initiatives in digital transformation, AI governance, and sustainable trade, among others. He reaffirmed ASEAN’s support for a rules-based multilateral trading system, with the WTO at its core. Looking ahead, he underscored ASEAN’s commitment to deepening cooperation with APEC to advance supply chain resilience and advocate for an inclusive and sustainable development in Asia-Pacific.
     
    Earlier this week, ASEAN Secretariat officials also participated in the Second Senior Officials’ Meeting (SOM2). ASEAN’s active engagement reflects its commitment to deepening regional cooperation with APEC on shared priorities such as supply chain resilience, sustainable trade, and inclusive economic growth.

    Photo Credit: ASEAN Secretariat
    The post Deputy Secretary-General of ASEAN for the ASEAN Economic Community Highlights AI, Sustainable Trade in APEC Ministers Responsible for Trade Meeting appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • Indian stock market opens lower amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Friday amid mixed global cues, with selling pressure seen in the IT, financial services, and pharma sectors during early trade.

    At around 9:29 a.m., the Sensex was trading 231.64 points, or 0.28 per cent, lower at 82,299.10, while the Nifty declined 49.95 points, or 0.20 per cent, to 25,012.15.

    The Nifty Bank index was down 52.40 points, or 0.09 per cent, at 55,303.20. Meanwhile, the Nifty Midcap 100 was trading at 56,700.05, up 169.20 points, or 0.30 per cent. The Nifty Smallcap 100 index stood at 17,318.40, having risen 78.45 points, or 0.46 per cent.

    According to analysts, from a technical perspective, the Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.

    Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.

    Among the Sensex constituents, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech, and M&M were the top losers. On the other hand, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki, and Axis Bank emerged as the top gainers.

    In the broader Asian markets, China, Hong Kong, and Japan were trading in the red, whereas Bangkok, Jakarta, and Seoul were in the green.

    In the previous trading session, the Dow Jones Industrial Average in the U.S. closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93, while the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.

    April’s economic data presented a mixed picture of the U.S. economy. The Producer Price Index (PPI) unexpectedly declined by 0.5 per cent, significantly diverging from economists’ expectations of a 0.2 per cent increase. This drop suggests easing inflationary pressures at the wholesale level, according to experts.

    On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth ₹5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth ₹1,668.47 crore.

    —IANS

  • MIL-OSI China: Walmart warns of price increases as tariffs pressure supply chain

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

    People shop at a Walmart store in Rosemead, California, the United States, on May 15, 2025. Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers. [Photo/Xinhua]

    Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers.

    While the company beat earnings estimates, Walmart CEO Doug McMillon warned that current tariff levels — despite a temporary reduction on Chinese imports — are “still too high” for Walmart or its suppliers to fully absorb.

    “We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon said Thursday on an earnings call. “The higher tariffs will result in higher prices,” he said.

    Walmart’s revenue for the quarter totaled 165.61 billion U.S. dollars, up 2.5 percent from a year ago but slightly below analysts’ expectations of 165.84 billion dollars. Adjusted earnings per share came in at 61 cents, beating the forecast of 58 cents. Net income declined to 4.49 billion from 5.10 billion dollars a year earlier.

    While Walmart achieved its first profitable quarter for its e-commerce operations both in the United States and globally, concerns about future pricing overshadowed the milestone. Tariffs on Chinese imports, particularly in categories like toys and electronics, continue to exert pressure, as do duties on products from countries like Costa Rica, Peru, and Colombia, which have affected prices for items such as coffee, bananas, avocados, and roses.

    “We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Walmart Chief Financial Officer John David Rainey told CNBC. “It’s more than any supplier can absorb. And so I’m concerned that consumers are going to start seeing higher prices.”

    Rainey said the impact would likely start to show toward the end of May and become more noticeable in June. Walmart is working closely with suppliers to maintain value but admitted the speed and scale of cost increases are “a little bit unprecedented.”

    Trade policy remains a significant uncertainty, with about one-third of Walmart’s U.S. merchandise imported from countries including China, Mexico, and Vietnam. While Walmart has not canceled any orders due to tariff concerns, it has scaled back the size of certain shipments to adjust for anticipated changes in consumer demand tied to higher prices. Tariffs have already driven up prices on items like mattresses, toys, and strollers, contributing to higher costs for both businesses and consumers.

    According to the Federal Reserve, tariffs have added approximately 0.3 percent to overall prices this year. In response, some companies are raising prices across their product lines, while others are targeting specific items. Many are choosing to remove high-cost products from their offerings altogether, rather than risk losing sales due to price resistance or being undercut by competitors.

    Despite these challenges, Walmart reported decent performance last quarter. Comparable store sales rose 4.5 percent, largely driven by gains in its grocery segment. The company also reported increased spending from higher-income customers. Walmart maintained its full-year guidance, projecting sales growth of 3.5 percent to 4.5 percent for the current quarter, although it did not provide updated profit forecasts due to the volatility in trade policy. The company’s shares fell slightly in Thursday trading, reflecting investor caution amid the pricing pressures.

    Bank of America analyst Robert Ohmes noted this week that Walmart is “well positioned to manage tariffs,” thanks to its strong supplier relationships and commitment to low prices. Unlike many of its competitors, Walmart sources only about 15 percent of its merchandise from China, reducing its exposure to tariff-related cost spikes. Additionally, roughly 60 percent of Walmart’s inventory consists of groceries, the majority of which are sourced domestically. 

    MIL OSI China News –

  • MIL-OSI Russia: Xinjiang to expand market access for high-quality products from Central Asian countries

    Translation. Region: Russian Federal

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

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

    BEIJING, May 16 (Xinhua) — Northwest China’s Xinjiang Uygur Autonomous Region will actively promote access to its market for high-quality goods from Central Asian countries, the Xinjiang Daily newspaper reported, citing a source at Urumqi Customs.

    This readiness was documented in 18 measures recently released by Urumqi Customs to support the construction of China’s Xinjiang Pilot Free Trade Zone (FTZ).

    Under the new measures, local customs authorities will be required to conduct risk analysis, draft protocols and clarify policies for agricultural products that Central Asian countries intend to export to China. Customs authorities will also speed up the inclusion of more high-quality agricultural products from Central Asian countries in the list of agricultural products approved for import by the General Administration of Customs.

    Efforts will also be made to promote the diversification of sources of import of high-quality food products from Central Asian and neighboring countries, as well as to assist in expanding their range.

    In addition, Urumqi Customs will strengthen technical cooperation and exchanges in inspection and quarantine safety with Central Asian countries, thus providing strong support for promoting high-quality development and high-level opening-up. -0-

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Economy – RBNZ Analytical Notes: Estimating Exchange Rate Pass-through in New Zealand

    Using a range of estimation methods, we find that a 1% appreciation in the Trade Weighted Index (TWI) for the New Zealand dollar exchange rate can lead to a 0.004 to 0.01% decline in ex-fuel tradables prices within one quarter. In the long run, it can lead to a 0.05 to 0.3% decline in ex-fuel tradables prices. These estimates of incomplete pass-through are in line with estimates obtained for inflation-targeting economies in the related literature.  

    Asymmetries in exchange rate pass-through can arise in different economic environments and across time. For example, pass-through tends to be stronger when the output gap is materially positive than when it is materially negative.

    Deriving Indicators of Economic Activity from Traffic Sensor Data: (ref. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=15ef0a1d3b&e=f3c68946f8 )
    Key findings

    We develop monthly indicators of economic activity in New Zealand from granular data measuring traffic counts for both heavy and light traffic. Our indicators are highly correlated with New Zealand’s official measure of aggregate economic activity – Gross Domestic Product.
    Our indicators can be disaggregated into regional components at a daily frequency, highlighting variation that would remain masked in aggregate measures.
    These traffic indices provide an independent check on other high-frequency economic indicators, offer better monitoring of regional disparities in economic activity, and support timely policy advice in response to economic shocks. However, the higher volatility of these traffic indices means that they require careful interpretation, and these traffic indices should be used as part of a broader suite of economic indicators.

    More Information
    Our research and analysis: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=68e4cc931d&e=f3c68946f8

    The Analytical Notes series encompasses a range of background papers prepared by Reserve Bank staff.
    Unless otherwise stated, views expressed are those of the authors, and do not necessarily represent the views of the Reserve Bank.

    Our research programme: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=eae460457c&e=f3c68946f8

    Why we conduct research

    In an ever-changing world, our research into different dimensions of the New Zealand economy is the bedrock enabling us to make well-informed policy decisions.
    The RBNZ plays a central role in the New Zealand economy, setting monetary policy to support price stability, and acting as kaitiaki (guardians) of the financial system. To achieve our mandate, we draw on a comprehensive body of research into the New Zealand economy, which asks big questions ranging from how individual firms set their prices to what the future of money will look like in Aotearoa. Our researchers use advanced statistical techniques and macroeconomic modelling to unravel the intricate relationships between businesses, financial markets, and people that shape the New Zealand economy.
    The insights from our research provide us with the understanding and confidence to make appropriate policy decisions for the benefit of New Zealanders, and also equip us to respond to future shocks.

    MIL OSI New Zealand News –

  • MIL-OSI: Red White & Bloom Brands Provides Update on Status of Management Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO”) by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order (“NP 12-203”).

    On May 1, 2025, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2024 (the “Annual Filings”) beyond the period prescribed under applicable Canadian securities laws (the “Default Announcement”).

    The Company reports that the audit continues to progress and the Company will provide a further update on the timing of its Annual Filings on or about May 30, 2025 if it has not filed prior to this date. The Company is also progressing on completion of its interim financial statements and accompanying management’s discussion and analysis for the first quarter ended March 31, 2025, and will provide a further update on or before May 30, 2025. Further updates on timing will be provided by the Company as necessary.

    During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Company’s chief executive officer, president and chief financial officer will not be able to trade in the Company’s shares.

    Other than as disclosed in this news release, there are no material changes to the information contained in the initial press release associated with the MCTO. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement. These updates will include information regarding the progress of the Annual Filings and any material changes to the Company’s business, if any.

    About Red White & Bloom Brands Inc.

    Red White & Bloom Brands is a multi-jurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. The Company is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and international markets.

    Red White & Bloom Brands Inc.
    Investor and Media Relations
    Edoardo Mattei, CFO
    IR@RedWhiteBloom.com
    947-225-0503
    Visit us on the web: https://www.redwhitebloom.com/.

    Follow us on social media:

    X @rwbbrands

    Facebook @redwhitebloombrands

    Instagram @redwhitebloombrands

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

    FORWARD LOOKING INFORMATION

    Certain information contained in this news release may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by the use of words such as “plans,” “expects,” “may,” “should,” “could,” “will,” “intends,” “anticipates,” “believes,” “estimates,” “forecasts,” or variations of such words and phrases, including the negative forms thereof, as well as terms such as “pro forma” and “scheduled,” and similar expressions that refer to future events or outcomes.

    Forward-looking statements in this release include, without limitation, statements relating to the anticipated timing, review, completion, and filing of the Annual Filings; the expected duration of the MCTO; the Company’s ongoing operations; and the Company’s intention to issue bi-weekly default status updates.

    Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks associated with audit completion processes; regulatory reviews and approvals; market conditions; the Company’s financial condition and liquidity; the ability to achieve the anticipated benefits of the debt restructuring; and the risk that the Company may not be able to complete its Annual Filings within the timeframe currently anticipated.

    There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

    The Company disclaims any obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE COMPANY’S EXPECTATIONS AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

    The MIL Network –

  • MIL-OSI Canada: Saskatchewan Leads the Nation in Housing Starts and Wholesale Trade Growth

    Source: Government of Canada regional news

    Released on May 15, 2025

    Continued Positive Statistics, a Sign of Strong Financial Position 

    According to the latest data, Saskatchewan recorded a third consecutive month of rising wholesale (excluding petroleum, petroleum products, and other hydrocarbons and excluding Oilseed and grain) trade sales with a 20.9 per cent increase year-over-year from March 2024 to March 2025, as well as a month-over-month increase of 10.2 per cent from February 2025 to March 2025. This ranked first in month-over-month and second in year-over-year growth among the provinces in this category. Wholesale trade (excluding petroleum, petroleum products, and other hydrocarbons and excluding Oilseed and grain) reached $4.0 billion in March 2025.

    In the first four months of 2025, urban housing starts in Saskatchewan increased by 93.8 per cent, compared to the same period in 2024. Saskatchewan ranked first among the provinces in percentage change. The province also saw a year-over-year increase of 88.3 per cent from April 2024 to April 2025, which ranks third among the provinces. Single family dwellings increased by 112.9 per cent , and multiple units increased by 81.8 per cent , compared to April 2024 as well. Saskatoon led the way in growth with a 221.9 per cent year-over-year increase and a 124.7 per cent year-to-date increase.

    “The strong performance we are seeing in housing starts and wholesale trade is further evidence that Saskatchewan is one of the fastest-growing economies in Canada,” Trade and Export Development Minister Warren Kaeding said. “These consistent increases reflect the success of our policies, which are driving job creation, investment and growth across all sectors. Saskatchewan remains a destination for opportunity and is open for business.”

    Housing starts refers to the number of housing projects that started that month. While wholesale trade is a measure of the value of goods purchased in large quantities with the intention of being sold to resellers, but not to final consumers.

    The provincial economy continues to see substantial growth. In 2007, the value of Saskatchewan exports was $19.8 billion, which has since climbed to nearly $50 billion on average over the past three years. In 2024, the province’s exports reached 161 countries. The Government of Saskatchewan remains focused on strengthening international relationships to diversify markets and boost exports.

    Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2024 real GDP reached an all-time high of $80.5 billion, increasing by $2.6 billion, or 3.4 per cent. This ranks 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.

    For more information, visit: InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –